Edenred (EDEN) H1 2025 earnings summary

Executive summary

• Achieved 14.4% like-for-like EBITDA growth and confirmed all 2025 objectives, with strong revenue momentum across business lines and geographies, especially in Mobility and Benefits & Engagement.

• Operating revenue reached €1,339 million, up 7.1% like-for-like, with double-digit growth in Mobility and Latin America.

• Total revenue was €1,451 million, up 6.4% like-for-like, and adjusted EPS rose 7.4% to €1.16.

• Robust cash generation with FFO at €468 million (+17% year-over-year); S&P reaffirmed the A- rating in April 2025.

• Continued rollout of the Beyond 22-25 strategy, expanding digital platforms and solutions, and optimizing performance through efficiency programs.

Financial highlights

• Operating revenue up 7.1% like-for-like to €1,339 million; total revenue up 6.4% like-for-like to €1,451 million.

• EBITDA grew 14.4% like-for-like to €654 million; EBITDA margin improved to 45.1%.

• Adjusted EPS at €1.16, up 7.4%; net profit group share stable at €235 million.

• Funds from operations (FFO) at €468 million, up 17% year-over-year.

• Free cash flow for H1 2025 was negative €118 million, reflecting seasonality and working capital changes.

Outlook and guidance

• 2025 targets confirmed: at least 10% like-for-like EBITDA growth (minimum ~€1,340 million) and 70%+ free cash flow to EBITDA conversion.

• Guidance includes a €60 million negative EBITDA impact from Italian regulation starting Q3 2025.

• Confident in achieving full-year targets, with strong H2 free cash flow generation expected.

• Cautious on further macroeconomic deterioration but confident in recurring revenue and cross-selling opportunities.