Edenred (EDEN) AGM 2025 summary

Opening remarks and agenda

• AGM held on May 7, 2025, in Paris, chaired by Bertrand Dumazy, with introductions of key executives, board members, and statutory auditors, confirming legal compliance and quorum at 85.89% of voting rights.

• Voting tablets distributed for electronic voting; meeting broadcast live in French and English, with all required documents available to shareholders online.

• Agenda included review of the Beyond 22-25 strategic plan, business model evolution, ESG policy, financial results, governance, auditor reports, Q&A, and voting.

Financial performance review

• 2024 revenue reached EUR 2.9 billion, with organic growth of 12.4% and EBITDA at EUR 1.265 billion, up 19%.

• Free cash flow conversion rate at 70%, net profit group share up 19.3% to EUR 507 million, and EPS at EUR 2.07 (+21%).

• Net debt at EUR 1.806 billion, leverage ratio 1.4x, with strong cash flow supporting EUR 510 million in acquisitions and EUR 664 million in shareholder payouts.

• Double-digit organic growth in Benefits & Engagement (+13.1%) and Mobility (+11.3%), with all geographies contributing: Latin America +15.4%, Europe +7.9%, Rest of World +19.7%.

• Share price volatility attributed to regulatory uncertainty, especially in Brazil and France, but analysts' consensus target is 50% above current price.

Board and executive committee updates

• Board consists of 12 members, 90% independent, 50% women; four directors renewed and two new appointments (Thierry Delaporte and Kristell Rivaille) approved.

• Committees include audit and risk, compensation/CSR/nominations, and engagement, with regular strategic seminars and succession planning.

• Succession planning and board assessments conducted regularly, with a focus on increasing international profiles.