Edenred (EDEN) H2 2024 earnings summary

Executive summary

• Achieved record 2024 performance, exceeding guidance with double-digit growth in revenue, EBITDA, and EPS, and robust cash generation.

• EPS reached €2.07, up 21.1%, and net profit group share rose to €507 million.

• Shareholder returns increased to €664 million, including a 10% higher dividend and €300 million share buyback, with a further €300 million extension announced.

• Enhanced ESG performance, recognized by inclusion in DJSI indices and improved S&P Global rating.

• Entering 2025 well positioned for further profitable growth despite economic and regulatory headwinds in Europe and Italy.

Financial highlights

• Total revenue reached €2.9 billion, up 12.2% reported and 12.4% like-for-like; operating revenue grew 11.4%.

• EBITDA at €1,265 million, up 19% like-for-like, with a 44.3% margin (+1.3 pts); free cash flow at €881 million and 70% EBITDA-to-cash conversion.

• Net profit group share up 19.3%; operating EBITDA margin improved by 1.0 pt to 39.1%.

• Net debt increased to €1,806 million, mainly due to €510 million in acquisitions and €664 million in shareholder returns.

• Capital expenditure was €217 million (7.6% of total revenue); cost of debt stable at 3.5%.

Outlook and guidance

• 2025 guidance: at least 10% like-for-like EBITDA growth and cash conversion above 70%, despite a €60 million EBITDA impact from the Italian fee cap.

• High single-digit operating revenue growth and margin improvement expected.

• Minimum €210 million in other revenue expected for 2025 (vs. €247 million in 2024).

• New strategic plan to be presented at Capital Markets Day in November 2025.

• Committed to further operating margin gains through efficiency and cost control.