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Edenred (EDEN) investor relations material
Edenred Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q3 2025 operating revenue reached €667 million, up 8.2% like-for-like and 7.8% as reported, with sequential acceleration across all business lines and geographies compared to H1 2025.
Total Q3 revenue was €726 million, up 7.3% like-for-like and 6.5% as reported; nine-month revenue at €2,176 million, up 6.7% like-for-like.
Strategic partnerships were signed with Esso in Italy, another major oil company in Europe, and Visa, enhancing Mobility and payment platform capabilities.
Strong commercial traction in meal vouchers and innovation through new partnerships supported growth.
Financial highlights
Q3 2025 operating revenue: €667 million (+8.2% like-for-like, +7.8% reported); total revenue: €726 million (+7.3% like-for-like, +6.5% reported); other revenue: €59 million.
9M 2025 total revenue: €2,176 million, up 6.7% like-for-like; operating revenue: €2,005 million (+7.5% like-for-like).
Positive scope effects from acquisitions, but currency headwinds, especially in Latin America, partially offset growth.
Other revenue for full-year 2025 now expected at ~€220 million, above initial floor.
Outlook and guidance
2025 targets reaffirmed: at least 10% like-for-like EBITDA growth (minimum ~€1,340 million) and free cash flow/EBITDA conversion above 70%.
Guidance incorporates a €60 million negative EBITDA impact from new Italian regulation in H2 2025.
Business tailwinds expected to remain positive into Q4, with regulatory headwinds in Italy to weigh more heavily.
New strategic plan to be unveiled at Capital Markets Day on November 4, 2025.
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