Edenred (EDEN) H1 2026 earnings summary

Executive summary

• H1 2026 was marked by regulatory resets in Italy and Brazil, but operating revenue grew 1.5% like-for-like to €1,360 million, with double-digit Mobility growth and high single-digit intrinsic Benefits & Engagement growth.

• Total revenue reached €1,473 million, up 1.5%–2% year-over-year, while EBITDA declined 4.6%–6% like-for-like to €616 million, and net profit attributable to owners was €214 million, down 9%.

• Strong cash generation (FFO €432 million) and continued deleveraging reduced net debt by €0.6 billion year-over-year to €1,764 million; S&P A- rating affirmed.

• The Amplify strategic plan and investments in data, AI, and efficiency supported user acquisition and revenue per user growth.

• Dividend of €1.33 per share was paid in June 2026 for the 2025 fiscal year.

Financial highlights

• Operating revenue: €1,360 million (+1.5% LFL); total revenue: €1,473 million (+1.5%–2% LFL); other revenue: €113 million (+1.2% LFL).

• EBITDA: €616 million (-4.6% to -6% LFL), EBITDA margin: 41.8% (down 3.3 pts YoY); EBIT: €474 million, down 7.4% LFL.

• Adjusted EPS: €1.09, down 6.2% year-over-year; net profit, group share: €214 million (-9% YoY).

• Free cash flow was negative €154–164 million in H1 due to seasonality and regulatory impacts, but FFO was €432 million.

• Capex at 6.7% of revenue; cost of debt stable at 3.4%.

Outlook and guidance

• FY 2026 EBITDA guidance upgraded to -7% to -10% like-for-like (€1,230–1,270 million); FCF/EBITDA conversion rate confirmed at ≥35%.

• 2027 and 2028 outlook: EBITDA growth of +8% to +12% and FCF/EBITDA conversion rate of at least 65%.

• The company continues to monitor regulatory and market changes, especially in Brazil and the UAE.