Edenred Sa · EURONEXT:EDEN
Edenred Sa — Investor Day (November 2025)
183 slides from Edenred Sa's investor day presentation, Nov 4, 2025
Slide 1: 2025 Capital Markets Day
2025 Capital Markets Day November 4, Paris 1
Slide 2: Contents
CONTENTS 1 Opening Remarks 5 Mobility Bertrand Dumazy Diane Coliche 2 Amplify25-28 6 Payment Solutions & New Markets Constance Le Bouar Damien Périllat 3 Product & Tech 7 Finance Clément Le Chatelier, Damien Périllat, Virginie Duperat-Vergne Constance Le Bouar 4 Benefits & Engagement 8 Wrap-Up Arnau
Slide 3: Today's Speakers
TODAY’S SPEAKERS Bertrand Dumazy Constance Le Bouar Clément Le Chatelier Arnaud Erulin Chairman & CEO Executive Vice President Group Chief Product Officer Chief Operating Officer Strategy, Marketing Benefits & Engagement & Transformation Diane Coliche Damien Périllat Virginie Duperat-Vergne Chief Op
Slide 4: Notes
Notes 4
Slide 5: Opening Remarks
OPENING 1 REMARKS Bertrand Dumazy Chairman and CEO 5
Slide 6: Opening Remarks
A unique global leader OPENING 1 Driving growth in attractive markets REMARKS With an increasingly diversified portfolio And a reinforced mission-critical infrastructure 6
Slide 7: Edenred Global Leadership Positions
EDENRED GLOBAL LEADERSHIP POSITIONS €3.0Bn Total Revenue in 2025(c)1 44 Countries 70% of Operating Revenue generated in countries where we are leader2 x2.5 Faster revenue growth versus addressed markets3 1. 2025(c): Consensus Visible Alpha as of 10/10/2025 2. #1 player position in Meal & Food or Fue
Slide 8: A Unique and Trusted Presence in Three Businesses
A UNIQUE AND TRUSTED PRESENCE IN THREE BUSINESSES Payment Solutions Benefits & Engagement Mobility & New Markets 69% 23% 8% Operating Operating Operating Revenue Revenue Revenue 31 countries 28 countries 10 countries 2024 figures 8
Slide 9: Powered by a Distinctive Specific-Purpose Payment Engine at Scale
POWERED BY A DISTINCTIVE SPECIFIC- PURPOSE PAYMENT ENGINE AT SCALE >€100Bn Volume processed annually 99.99% Platform availability Scheme and payment 100+ method connections 2025(e) estimated figures 9
Slide 10: Sharing a Common Value Proposition and Business Model
AND SHARING A COMMON VALUE PROPOSITION AND BUSINESS MODEL Translating …into USER …driving business traffic CORPORATE needs... daily experience… for MERCHANTS 1m+ 60m+ 2m+ Companies Users Merchants Solutions for HR Directors: Mobile-first solutions for users: Merchant revenues boost: • To provide per
Slide 11: A proven track record
A proven track record 11
Slide 12: Beyond 22-25: A Journey of Transformation
BEYOND22-25: A JOURNEY OF TRANSFORMATION… x1.5 in Operating Revenue Accelerating from Core solutions mix diversification (Beyond Meal & Food + Fuel) x1.8 in Operating Revenue from diversification Scaling our core Main acquisitions (Beyond solutions) (Meal & Food + Fuel) Benefits Payment Solutions &
Slide 13: …and Performance
…AND PERFORMANCE Financial performance Extra-financial performance 2024 21% 73% Women among executive 38% >70% positions versus 34% in 2021 GHG emissions reduction >12% in absolute value on full scope 1&2 -18% Food users & merchants made aware of balanced nutrition and food waste & Distribution poin
Slide 14: Driving growth in attractive markets
Driving growth in attractive markets 14
Slide 15: Supporting the Future of Work
SUPPORTING THE FUTURE OF WORK Active population growth …resulting in a persistent …and an opportunity to reinforce stabilizing in our markets… talent shortage… employer/employee connection Active population forecast Share of employers struggling to find talent1 of Employees are not +0.2% +0.2% 79% e
Slide 16: Adapting to a New Era of Mobility
ADAPTING TO A NEW ERA OF MOBILITY Steady growth of vehicles …with increasing penetration …and management of mixed on the road… of B2B fleet… fleets now a reality Cars, vans & trucks stock1 Corporate car share Share of Electric Vehicles3 in new sales2 in stock (cars, vans & trucks ) +2% +2% 60% Our c
Slide 17: Addressing Merchants' New Digital Needs
ADDRESSING MERCHANTS’ NEW DIGITAL NEEDS 2025 restaurants’ trends How to increase traffic leveraging online channels? How to increase customer 67% loyalty with digital solutions? are heavily investing in customer loyalty How to manage the complexity of multi-payment means acceptation? 60% are in the
Slide 18: Resulting in a Huge Untapped Market Potential
RESULTING IN A HUGE UNTAPPED MARKET POTENTIAL Volume – 2025 >€1,700Bn Total Addressable Market Total Addressable Market1 +5-7% Total Addressed Vastly Market Growth25-28 underpenetrated market Addressed market2 <40% Penetration in core markets 1. Potential volume considering 100% penetration on Benef
Slide 19: AI, Accelerating Innovation Opportunities
AI, ACCELERATING INNOVATION OPPORTUNITIES 85% of Employers are currently using or plan to use AI in relation to HR1 91% Hyper-personalization, Advanced recommendations, Workflow automation, of Fleet Managers adapting Edenred solutions enabling notably smart assistants providing seamless expect to in
Slide 20: A limited & reduced exposure to regulatory rebasing
A limited & reduced exposure to regulatory rebasing 20
Slide 21: A Diversified Portfolio of Solutions
A DIVERSIFIED PORTFOLIO OF SOLUTIONS Group Operating Revenue Benefits & Engagement Mobility 8% Payment Solutions & New Markets 24% 68% Proforma 2024 figure including the expected €120m negative impact on EBITDA from new regulation in Italy 21
Slide 22: A Diversified Portfolio of Solutions
A DIVERSIFIED PORTFOLIO OF SOLUTIONS Group Operating Revenue Benefits & Engagement Meal & Food 8% Beyond Meal & Food 7% Mobility Fuel Beyond Fuel 40%+ 17% Payment Solutions 41% Operating Revenue from & New Markets diversification1 27% 1. Beyond Meal & Food, Beyond Fuel and Payment Solutions & New Ma
Slide 23: A Diversified Portfolio of Solutions
A DIVERSIFIED PORTFOLIO OF SOLUTIONS Group Operating Revenue Largest program (country x solution) Benefits & Engagement Country A Meal & Food <10% Beyond Meal & Food Operating Revenue1 Mobility Country B Fuel Beyond Fuel Largest client Payment Solutions <1% Country C & New Markets Business Volume La
Slide 24: A Mission-Critical Infrastructure
A MISSION-CRITICAL INFRASTRUCTURE Endorsed by With positive impact on local economy governmental bodies… Italy: 220 000 jobs1 supported by the meal voucher sector, also contributing to 0.75% of GDP2 …supported by Global Meal & Food Benefits more tailwinds x2 market growth 2015-20253 than headwinds…
Slide 25: Limited and Reduced Exposure to Regulatory Rebasing
LIMITED AND REDUCED EXPOSURE TO REGULATORY REBASING Group 2024R1 Operating Revenue €2.5Bn 41% 15% 9% 7% 10% Group Regulated 24 Italy France Brazil Meal & Food countries Law Law Under voted proposed discussion 1. Proforma 2024 figure including the expected €120m negative impact on EBITDA from new reg
Slide 26: Best positioned to succeed in our markets
Best positioned to succeed in our markets 26
Slide 27: Edenred, the Only Global and Integrated Player at Scale
EDENRED, THE ONLY GLOBAL AND INTEGRATED PLAYER AT SCALE… Global in 2028 in 2025 Regional Local Point solutions Integrated experience Benefits or Engagement competitors Mobility competitors 27
Slide 28: Implementing and Operating a Mission-Critical Infrastructure
… IMPLEMENTING AND 60m+ OPERATING A MISSION-CRITICAL Users INFRASTRUCTURE… Enriched daily experience 1m+ 2m+ Companies Merchants Increased employees' Qualified engagement business generation and operations efficiency ~120 Solution Partners Extended go-to-market 28
Slide 29: With Unmatched Assets to Pursue Sustainable and Profitable Growth
…WITH UNMATCHED ASSETS TO PURSUE SUSTAINABLE AND PROFITABLE GROWTH Leadership Distinctive mission- Most efficient position critical infrastructure go-to-market Relative Market Share1 >90% ~12 x1.7 x2.3 Business volume Customer Life-Time-Value / Benefits & Mobility processed internally Cost of Acquis
Slide 30: Our plan for the next 3 years
Our plan for the next 3 years 30
Slide 31: 31
31
Slide 32: Edenred Growth Ambition for 2030
EDENRED GROWTH AMBITION FOR 2030 Edenred Total Revenue €Bn 5+ M&A opportunity1 3.0 2.0 Organic growth on current scope 1.0 1.1 2010 2015 2022 2025(c) 2030(e) At current FX rates 1. Indicative 32
Slide 33: Translated into 2026-2028 Targets
TRANSLATED INTO 2026-2028 TARGETS 2026 2027 2028 EBITDA (LFL growth) +2-4% +8-12% Corresponding to EBITDA +8-12% Medium-term (intrinsic LFL growth) annual targets FCF/EBITDA ≥ 65% conversion rate1 1. At constant regulation and methodology 33
Slide 34: Key Takeaways
KEY TAKEAWAYS 1 A unique global leader at scale, generating 70% of its Operating Revenue in countries where it is the #1 player 2 A proven growth engine, outpacing market growth 3 A massive growth potential thanks to a successful diversification, playing in a large, growing and still vastly underpen
Slide 35: Constance Le Bouar
2 Constance Le Bouar Executive Vice President Strategy, Marketing & Transformation 35
Slide 36: Attract Enrich Activate
Attract Enrich Activate Pursue efficient client Unlock full potential Activate audience and acquisition in of cross-sell & upsell deliver new services to underpenetrated markets merchants More users More value per user 36
Slide 37: Attract
Attract Pursue efficient client acquisition in underpenetrated markets 37
Slide 38: A Unique Sales Machine and Top-of-Mind Brand
A UNIQUE SALES MACHINE AND TOP-OF-MIND BRAND A proven acquisition 2x more efficient track record than industry benchmark LTV / CAC ratio benchmark1 >4,000 SME - 2024 Internal FTEs in x2-x3 sales & marketing >12 >700 >6 3 to 6 Contracts Years of average signed per day contract duration Business & Ede
Slide 39: Unlocking More Wins
UNLOCKING MORE WINS Global leadership 3 out of 4 companies of main stock market indices are Edenred clients on average Iconic logos signed Strong SME Acceleration ~800k users acquired in 2025 (+10% versus 2024) 39
Slide 40: Amplifying Customer Acquisition Opportunities
AMPLIFYING CUSTOMER ACQUISITION OPPORTUNITIES More value More efficient More clients per client acquisition • Multiplied touchpoints in • Multi-solution bundled • 100% digital onboarding client acquisition journey sales, from Day-1 • Global Account Management >30% x2.5 <5min Clients acquired with In
Slide 41: Enrich
Enrich Unlock full potential of cross-sell & upsell 41
Slide 42: The Most Comprehensive Integrated Suite of Digital Solutions
THE MOST COMPREHENSIVE INTEGRATED SUITE OF DIGITAL SOLUTIONS Benefits & Engagement Mobility Meal & Food Core Meal Fuel / & Food Alternative fuel Other Benefits New Core Gift Commuting Health Services Childcare EV charging Fleet Solutions Sport & Culture Financial wellbeing Toll Freight Fleet Fleet P
Slide 43: Continuously Enriched in All Edenred Countries
CONTINUOUSLY ENRICHED IN ALL EDENRED COUNTRIES Rolling-out solutions in new countries Distributing new services on Edenred platform Engagement EV ~120 Partners solutions Already live in in portfolio 11 countries 8 countries ~60% Growth in number of partnerships from 2023-2025 And more to come Commut
Slide 44: Unlocking Untapped Cross-Sell and Upsell Potential
UNLOCKING UNTAPPED CROSS-SELL AND UPSELL POTENTIAL Annual Contract Value (ACV) Illustrative 1.5 2.5 5+ Average # solutions per client Upsell potential Cross-sell potential ACV from existing customer base 2025(e) 2028 ambition Full potential 44
Slide 45: Enriching Value per Client in a Virtuous Circle of Growth
ENRICHING VALUE PER CLIENT IN A VIRTUOUS CIRCLE OF GROWTH Illustration with Mobility We acquire clients Acquire …increase revenue by cross-selling solutions… Average total revenue by vehicle with X-sell x2.5 2+ solutions versus fuel only …as well as our solutions usage Upsell Increase in Fuel revenu
Slide 46: Revamped Product & Marketing
REVAMPED PRODUCT & MARKETING Single interface From… To… for all solutions Fleet management platform A siloed value Product-led growth, with AI 1 proposition powered hyper-personalization per solution Local sales Best-in-class 2 & marketing tools instances marketing solutions Sales teams Rebalanced f
Slide 47: Activate
Activate Activate audience and deliver new services to merchants 47
Slide 48: Edenred Audience, a Key Asset to Be Further Activated
EDENRED AUDIENCE, A KEY ASSET TO BE FURTHER ACTIVATED More and more Generating A large user base engaged a qualified traffic 60m+ 7 2m+ Users Monthly sessions Merchants per active user, on top of daily transactions ~50 Blue & White Collar transactions every Employees and drivers Compared1 to second
Slide 49: Activating Users to Drive More Volume from Out-of-Pocket Spend
ACTIVATING USERS TO DRIVE MORE VOLUME FROM OUT-OF-POCKET SPEND Top-up features creating leverage Illustrations beyond employer funding Illustrative for an equipped user1 budget Edenred MeyClub marketplace in France • Culture, holiday, sport, and gifts offers for employees Gift voucher • Spending of
Slide 50: Activating Merchants with New Marketing Services
ACTIVATING MERCHANTS WITH NEW MARKETING SERVICES Opportunities to capture a larger share With digital marketing services of merchants' marketing budget capitalizing on Edenred user base Average merchant spend in marketing services Retail media Base 100 - Illustrative in Retail media revenue 2% to 10
Slide 51: Attract Enrich Activate
Attract Enrich Activate Pursue efficient client Unlock full potential Activate audience and acquisition in of cross-sell & upsell deliver new services to underpenetrated markets merchants More users More value per user 51
Slide 52: Driving an Enriched Revenue Model per User
DRIVING AN ENRICHED REVENUE MODEL PER USER ON EDENRED PLATFORM From Take-Up Rate… …to Average Revenue Per User (ARPU) 1 Solution-based fees €2.8Bn Business volume … driven by # users x Solution 2 amount spent 2025(c) Solution 1 Operating Revenue 2 Non-transactional fees Take-up rate Platform subscri
Slide 53: Driving an Enriched Revenue Model per User on Edenred Platform
DRIVING AN ENRICHED REVENUE MODEL PER USER ON EDENRED PLATFORM €2.8Bn 2025(c) Operating Revenue 2 ~€45 2025(e) ARPU Compared to1: 60m+ • Payment: €5 to €10 • Peers: €25 to €35 users • Meal delivery: €50 to €100 • SaaS B2B2C: €100 to €200 1. Estimated based on available data from public companies in
Slide 54: An Enriched Growth Equation Increasing Value per User
AN ENRICHED GROWTH EQUATION INCREASING VALUE PER USER Average Operating Revenue Per User (ARPU) € ~€70 70 ARPU growth drivers 60 • Upsell, notably face value increase 50 • Cross-sell ~€45 • Solutions mix 40 • Portfolio diversification 30 ~€25 • M&A 20 10 2016 2019 2022 2025 2028 2030 54
Slide 55: Key Takeaways
KEY TAKEAWAYS A unique global leader at scale, best positioned to succeed in large, growing and underpenetrated markets, thanks to a unique B2B2C platform Amplify25-28 sets Edenred for growth, transformation and stronger returns 1 Attract Boosting client acquisition and number of users on our platfo
Slide 56: Product & Technology
PRODUCT 3 & TECHNOLOGY Clément Le Chatelier Chief Product Officer Damien Périllat Chief Operating Officer Payment Solutions & New Markets 56
Slide 57: Product & Technology
Edenred product PRODUCT 3 strategy & TECHNOLOGY An unmatched platform at scale Innovation for a seamless experience Data & AI everywhere 57
Slide 58: Edenred Product Strategy
EDENRED PRODUCT STRATEGY Mobile First Curated Open Secured & AI (for users) marketplace platform compliant at the core 7 120+ 500+ 100% 1/3 Monthly sessions per Solution API connections Volumes through Bot-driven active user, on top of partners with partners secured and trusted Customer Care daily t
Slide 59: Praised by Users
PRAISED BY USERS App Store Google Play >4.0 Rating for 80% of Edenred Benefits & Engagement applications #1 for Edenred+ rating on App Store, versus competition 59
Slide 60: A Well-Mastered Infrastructure for a Seamless Experience
A WELL-MASTERED INFRASTRUCTURE FOR A SEAMLESS EXPERIENCE Monday, 10:00 am 10:05 am 10:07 am 10:10 am 12:30 am 5:30 pm Mark registers on Mark orders and loads Anna, Mark's Anna, wants to pay Anna enjoys a great Anna receives a Paul, restaurant Edenred to offer benefits for its employee, receives an w
Slide 61: An Unmatched Platform at Scale
AN UNMATCHED PLATFORM AT SCALE Clients Users Merchants Experience Mobile Web API NFC QR code Conversational AI Mission-critical Unmatched • Driving convergence on business applications Business Benefits Edenred+ Meal & Food Gift Childcare … • One of the largest issuers Applications & Engagement glob
Slide 62: A Resilient and Secured Core Backbone
Core backbone Payment Core modules Business applications A RESILIENT AND SECURED CORE BACKBONE FOR A MISSION-CRITICAL INFRASTRUCTURE Infrastructure Security Protect 1,000 security tests per year on front apps Control 100% business applications covered by strong authentication Detect & react 100% top
Slide 63: A Payments Engine Orchestrating Any Type of Specific-Purpose Program
Core backbone Payment Core modules Business applications A PAYMENTS ENGINE ORCHESTRATING ANY TYPE OF SPECIFIC-PURPOSE PROGRAM GLOBALLY Benefits & Payment Solutions Engagement Mobility & New Markets Wallets Tech enablers 1.6Bn Edenred PayTech Transactions Compliance KYC2 Spending rules Fraud per year
Slide 64: Boosting the Edenred Growth Equation
Core backbone Payment Core modules Business applications BOOSTING THE EDENRED GROWTH EQUATION • Internalization of transaction costs -5-10% Scale and • Amortization of Technology spend time-to-market Below transaction • Accelerated global roll-out market price • End-to-end payment experience ~10 wee
Slide 65: Notes
Notes 65
Slide 66: Innovating with One Identity to Build 360° View
Core backbone Payment Core modules Business applications INNOVATING WITH ONE IDENTITY TO BUILD 360° VIEW OF CLIENTS, USERS AND MERCHANTS’ BEHAVIOR From… …To user user user Unified experience Hyper personalization + Cost optimization Innovative • Biometry by design • Agentic Embedded within Edenred+
Slide 67: An Increasingly Seamless Experience Driving User Activation
Core backbone Payment Core modules Business applications AN INCREASINGLY SEAMLESS EXPERIENCE DRIVING USER ACTIVATION Direct uplift in user volume +60% vs. previous experience Innovation #1 App-to-app biometric Cumulated volume per user on delivery platforms onboarding € +15pts 250 User onboarding 20
Slide 68: An Open Platform Expanding Connections with Its Ecosystem
Core backbone Payment Core modules Business applications AN OPEN PLATFORM EXPANDING CONNECTIONS WITH ITS ECOSYSTEM Edenred solutions More acquisition 1 distributed through partners channels Integrations to ease Connected to client's core 100+ payment management 2 Enriched client systems (e.g. HRIS,
Slide 69: Data & AI everywhere
Data & AI everywhere 69
Slide 70: Data, a Cornerstone of Edenred Growth Strategy
DATA, A CORNERSTONE OF EDENRED GROWTH STRATEGY Attract Enrich Activate Examples of existing data use cases developed for each stakeholder Clients Improved targeting Solution affinity score Data powered services campaigns to boost cross-sell (e.g. Intelligent Fleet Management) 1 Users Global data pla
Slide 71: Unleashing the Power of AI
UNLEASHING THE POWER OF AI Data & AI augmented Data & AI augmented processes experience Balance between incremental and Product-led growth through personalization I se A bold end-to-end process redesign & marketing automation u Co y to mp AI-augmented teams et Data & AI powered ead iti AI-enabled fu
Slide 72: Industrializing AI-Augmented Teams and Processes
INDUSTRIALIZING AI-AUGMENTED TEAMS AND PROCESSES Product Technology Operations • Customer feedback, translated • Engineering team • AI predictive into solution features efficiency agent EVA • Accelerated prototyping and • Software development • Augmented agent feature launches assistant (e.g., augme
Slide 73: Driving Edenred Competitive Advantage
DRIVING EDENRED COMPETITIVE ADVANTAGE AI-augmented customer journeys AI-powered solution features Hyper-personalization Faster resolution time 24/7 availability Virtual HR agent Increased self-care • AI agent to answer all employees’ and proactivity requests decreasing operational workload for HR Co
Slide 74: Product & Tech Investment Priorities
PRODUCT & TECH INVESTMENT PRIORITIES Platform Global platform convergence, acquisitions’ 1 scale integration and scale on payment engine ~€1.8Bn Investment Product and Enriched solution features and payment over the plan 2 payment experience, coupled with new services innovation x6 From incremental
Slide 75: Key Takeaways
KEY TAKEAWAYS 1.1 Relentless on customer centricity to deliver Amplify25-28 • Global business applications, unlocking digital acquisition and product-led diversification • Best-in-class customer journeys and payment experience, maximizing activation of our solutions 2.2 Supported by an unmatched pla
Slide 76: Benefits & Engagement
BENEFITS 4 & ENGAGEMENT Arnaud Erulin Chief Operating Officer Benefits & Engagement 76
Slide 77: Benefits & Engagement
Edenred Benefits BENEFITS 4 & Engagement in 2025 & ENGAGEMENT How we succeed in our markets Amplify25-28 for Benefits & Engagement 77
Slide 78: Powering the refreshing daily lifts that make work & life more enjoyable
Powering the refreshing daily lifts that make work & life more enjoyable 78
Slide 79: #1 Global Platform for Benefits & Engagement
#1 GLOBAL PLATFORM FOR BENEFITS & ENGAGEMENT €1.8Bn Operating Revenue in 2024 (x1.7 from 2021 to 2024) x2.5 Faster revenue growth versus addressed markets1 31 Countries 1. From 2022 to 2025(c) 79
Slide 80: In an Industry Where Scale Matters
IN AN INDUSTRY WHERE SCALE MATTERS Operating Revenue of key Benefits & Engagement players 2024 x1.7 Relative Market Share versus peer #2 Long tail of players Estimated on Benefit and Engagement scope 80
Slide 81: Meal & Food Benefits, a Mission-Critical Infrastructure
MEAL & FOOD BENEFITS, A MISSION-CRITICAL INFRASTRUCTURE Financially attractive for employers and employees… …and enabling a virtuous ecosystem for all Cost comparison meal voucher ~€3-5 versus salary1 Human Attract and retain employees Metrics adjusted to base 100 ROI of every 1€ invested in Resourc
Slide 82: Most Efficient Business Provider for Merchants
MOST EFFICIENT BUSINESS PROVIDER FOR MERCHANTS Amplified business generation… Most efficient business provider 0% 5% Pay@table Cost for merchants2 Meal benefits 10% 1€ 2.7€ 15% Delivery Loaded Additional income 20% platforms on meal voucher for local economy1 25% Booking platforms 30% 0% 25% 50% 75%
Slide 83: Notes
Notes 83
Slide 84: A Diversified Portfolio and Business Model
A DIVERSIFIED PORTFOLIO AND BUSINESS MODEL Beyond solutions (diversification) Other benefits Catering for all types of companies Gift Commuting Sport & Culture Core benefits ~64% ~36% Share of Small Medium Large Business Line Health Childcare Financial Across all industries operating Services wellbe
Slide 85: A Holistic Value Proposition for HR
A HOLISTIC VALUE PROPOSITION FOR HR Benefits Fulfillment Engagement Gifting Self Esteem Rewards Flex benefits Recognition & Rewards Recognition Sport & Culture Love and Belonging Communication Culture & Connection Survey Childcare Health services Safety and Security Wellbeing Balanced life and Finan
Slide 86: Notes
Notes 86
Slide 87: A Market in Evolution, Unlocking New Opportunities
A MARKET IN EVOLUTION, UNLOCKING NEW OPPORTUNITIES Volume 2025 Key Market Trends Extended engagement >€1,100bn Nimbler opportunities Total Addressable • Hybrid and flexible work Market • Personalization expectations Total Addressable Market Sharper +5-7% Total Addressed • Talent shortage Addressed M
Slide 88: What Sets Us Apart
WHAT SETS US APART Unmatched global leadership Sustainable Business Model 75% ~104% of our Operating Revenue Net Retention Rate generated in countries where we are leader1 Robust global platforms Highest client satisfaction 2 4+/5 integrated platforms Rating on Google at scale with Edenred+ My Busin
Slide 89: Deploying Amplify25-28 for Benefits & Engagement
DEPLOYING Amplify25-28 FOR BENEFITS & ENGAGEMENT Attract Enrich Activate More employees More revenue More qualified traffic per employee for merchants • Growth in underpenetrated • Non-Meal & Food Benefits • Enhanced merchant digital markets cross-sell journey and relationship • Multiplied acquisiti
Slide 90: Ample Room for Further Penetration
Attract Enrich Activate AMPLE ROOM FOR FURTHER PENETRATION Penetration remains below 35% …with significant opportunities in most of our geographies… in the SME segment Market penetration by geography Market penetration by geography Meal & Food, % of BV, 2025(e) Meal & Food, SME segment, % of enterpr
Slide 91: Accelerating on Acquisition
Attract Enrich Activate ACCELERATING ON ACQUISITION • Amplified digital lead generation Strong digital (e.g., Leadgen Hub, Marketing Automation, GEO) >500k New SME users in 2025(e) 1 acquisition • Industrialized telesales processes required for client muscle with more automation & AI <5 min onboardi
Slide 92: Unlocking a Virtuous Cycle of Cross-Sell and Upsell
Attract Enrich Activate UNLOCKING A VIRTUOUS CYCLE OF CROSS-SELL AND UPSELL ARPU illustration (base 100) 100 New customers Acquire with Meal and Food solution Meal & Food Total revenue per user 100 45 X-sell +45% with Meal & Food and 2 other solutions1 Meal & Food + Gift and Childcare 125 Face value
Slide 93: Leveraging Our Enriched Platform to Drive Cross-Sell
Attract Enrich Activate LEVERAGING OUR ENRICHED PLATFORM TO DRIVE CROSS-SELL Cross-sell ambition: To be delivered through our multi-solution up to 2.5 solutions per client by 2028 platform at scale Average # solutions per client 1.5 2.5 5+ Health Gift Services 2025 2028 ambition Full potential Meal
Slide 94: Notes
Notes 94
Slide 95: Successfully Translating Regulatory Upsides in Upsell Opportunities
Attract Enrich Activate SUCCESSFULLY TRANSLATING REGULATORY UPSIDES IN UPSELL OPPORTUNITIES Romania – Average maximum Face Value evolution 2021-2024, January ended, in RON and % of Maximum Face Value ~50 ~40 Maximum Face Value increases across 15 countries from 2022 to 2024 ~32 (3.5 increases per co
Slide 96: Reinforcing Our Merchant Value Proposition
Attract Enrich Activate REINFORCING OUR MERCHANT VALUE PROPOSITION A very diversified merchant ecosystem … With specific digital needs Benefits & Engagement merchants (Meal & Food, Gift, Savings) Streamlined Operations Seamless payment Retail Fast digital onboarding Acceptance of all payment means S
Slide 97: Enhancing Experience at Every Point of the Merchant Journey
Attract Enrich Activate ENHANCING EXPERIENCE AT EVERY POINT Turkey illustration OF THE MERCHANT JOURNEY Day-to-Day Business Affiliation management Development Affiliation time ~2h /24 ~5min Affiliation NPS Self-affiliation Invoices & Performance Value-added data less than 5 minutes transactions over
Slide 98: Amplifying Merchant Value Proposition with New Services
Attract Enrich Activate AMPLIFYING MERCHANT VALUE PROPOSITION WITH NEW SERVICES Illustration of retail media campaign Teaser push Personalized Usage of user Order notification offer feed in app discount code confirmation ~33% in retail media revenue growth in 2025 x3.5 DISCOUNT in annual retail medi
Slide 99: Benefits & Engagement Ambition
Amplify25-28 BENEFITS & ENGAGEMENT AMBITION Attract Enrich Activate More employees More revenue More qualified traffic per employee for Merchants 2028 Ambition >1.5m ~2.5 x3.5 new SME users Solutions In retail media on our platform per client revenue versus 2024 99
Slide 100: Key Takeaways
KEY TAKEAWAYS 1.1 The leading global Benefits & Engagement player, in an industry where scale matters 2.2 In a large and growing market (+5-7%), still highly underpenetrated (35%) 3.3 Having built a mission-critical infrastructure starting from meal & food, with positive outlook… 4.4 … and successfu
Slide 101: Notes
Notes 101
Slide 102: Mobility
5 MOBILITY Diane Coliche Chief Operating Officer Mobility 102
Slide 103: Mobility
Edenred Mobility in 2025 5 MOBILITY How we succeed in our markets Amplify25-28 for Mobility 103
Slide 104: Reliable, sustainable, efficient. The Mobility partner you deserve
Reliable, sustainable, efficient. The Mobility partner you deserve 104
Slide 105: An International Leader in Mobility
AN INTERNATIONAL LEADER IN MOBILITY Leadership positions €0.6Bn Operating Revenue in 2024 (x1.6 from 2021 to 2024) #1 #42 x2 Faster revenue growth versus addressed markets1 28 Countries 1. From 2022 to 2025(c) 2. Among independents players on the Fuel, Toll & Tax markets 105
Slide 106: A Diversified Portfolio and Business Model
A DIVERSIFIED PORTFOLIO AND BUSINESS MODEL Beyond solutions (diversification) New Core + Fleet Solutions ~33% Catering for all types of B2B fleets EV charging Toll Fleet maintenance Core ~67% Share of Cars Vans Trucks Business Line operating VAT refund Freight Lower dependency to fuel price Fuel / r
Slide 107: Fleet Electrification Raising Opportunities
FLEET ELECTRIFICATION RAISING OPPORTUNITIES… Steady penetration of EV within B2B fleets Amplified revenue model with EV Share of Battery EVs (BEV) in B2B fleet stock in Europe1 Thermal vehicle (ICE) vs. BEV revenue2 €/vehicle/month, 2025, Fleet solutions revenue excluded x1 to 2 average revenue per
Slide 108: Addressed by Our 360° Electromobility Offer
…ADDRESSED BY OUR 360° ELECTROMOBILITY OFFER Work / Depot Home Road Extended customer reach Site owners Deploy charging Aggregator of turnkey services Infrastructure Charge Charge Point Operators Charge Point Management System eMSP1 platform everywhere (CPMS) 98% of public Chargers’ control, billing
Slide 109: Notes
Notes 109
Slide 110: A Market in Evolution, Unlocking New Potential
A MARKET IN EVOLUTION, UNLOCKING NEW POTENTIAL Market size in volume – 2025 Key Market Trends Market extension through EV ~€600bn Smarter Total Addressable • Digitalization Market1 • Connected vehicles Total • AI for automation and smart Addressable Market1 recommendation ~6-7% Total Addressed Green
Slide 111: What Sets Us Apart
WHAT SETS US APART Comprehensive portfolio Wide and multi-energy of solutions network 4 to 7 125k 1m Solutions per country Fuel stations and Chargepoints repair shops for EVs Powerful suite of digital tools Best customer support +15 pts Multiple of NPS1 from customers Awards received using our new p
Slide 112: Deploying Amplify25-28 for Mobility
DEPLOYING Amplify25-28 FOR MOBILITY Attract Enrich Activate More vehicles More revenue More merchant per vehicle engagement • SMEs focus • EV & fleet management • Premium networks • Bundled offering • Toll and Maintenance • Best digital experience • Indirect sales • Value Added Services 112
Slide 113: Our Plan to Amplify New Sales
Attract Enrich Activate OUR PLAN TO AMPLIFY NEW SALES Segment: Accelerated websales, thanks to 100% digital In new SME vehicles 1 SME focus acquisition process +33% (H1 2024 vs. H1 2025) Product: New EV customers also Bundled offers: 2 Bundled Fuel + EV, Fuel + Tax, Fuel + Toll ~85% subscribing to F
Slide 114: Expanded Reach Through Partners
Attract Enrich Activate EXPANDED REACH THROUGH PARTNERS B2B2B partners B2B2C partners Our solutions sold through partner’s distribution channels B2C Mobility services through B2C Apps OEMs Leasers Oil Cos Banking Strong Fully digital Scalable Robust product offer customer journeys APIs payment engin
Slide 115: Cross-Sell and Upsell Virtuous Cycle
Attract Enrich Activate CROSS-SELL AND UPSELL VIRTUOUS CYCLE ARPU illustration (base 100) 100 New customers Acquire on Core / New Core Fuel / EV Total revenue per vehicle 100 150 X-sell x2.5 with 2+ solutions versus Fuel only Fuel / EV + Other solutions Fuel revenue per vehicle 125 150 Upsell +25% w
Slide 116: The Right Ingredients to Accelerate
Attract Enrich Activate THE RIGHT INGREDIENTS TO ACCELERATE Average # solutions per B2B client How we will accelerate ~4+ Go-to-market Expanded and reorganized sales force ~2.5 x1.5 Value proposition 360° Fuel & EV offer 1.7 Multi-solution Platform platforms, boosted by Data & AI 2024 2028 target Fu
Slide 117: Notes
Notes 117
Slide 118: Activating Further Merchants Case Study: Premium Networks in Maintenance
Attract Enrich Activate ACTIVATING FURTHER MERCHANTS CASE STUDY: PREMIUM NETWORKS IN MAINTENANCE Customers Repair shops Quality+ Traffic+ Cost- Parts pre-negotiation Margin+ Transparency+ Admin efficiency+ Smart & automatic repair services booking and others… ~2,000 ~40% Premium workshops Business V
Slide 119: Mobility Ambition
Amplify25-28 MOBILITY AMBITION Attract Enrich Activate More vehicles More revenue More merchant per vehicle engagement 2028 Ambition >800k ~2.5 ~40% Total additional vehicles Solutions of Maintenance Business in our base per client Volume within addressable premium workshops 119
Slide 120: Key Takeaways
KEY TAKEAWAYS 1.1 A worldwide leader in Mobility. Reliable, sustainable, efficient 2.2 In an attractive and growing market (6-7%), still underpenetrated (45%) 3.3 Smarter & Greener mobility creating new opportunities that Edenred is ready to seize with an enriched portfolio: • Revamped suite of digi
Slide 121: Payment Solutions & New Markets
PAYMENT SOLUTIONS 6 & NEW MARKETS Damien Périllat Chief Operating Officer Payment Solutions and New Markets 121
Slide 122: Payment Solutions & New Markets
PAYMENT Edenred Payment SOLUTIONS 6 & NEW MARKETS Solutions & New Markets in 2025 Bringing innovation, synergies and new markets outposts to Edenred 122
Slide 123: Unlocking growth opportunities in fast growing geographies
Unlocking growth opportunities: nurturing innovative solutions in fast growing geographies 123
Slide 124: A Global Portfolio of Innovative Solutions & New Markets
A GLOBAL PORTFOLIO OF INNOVATIVE SOLUTIONS & NEW MARKETS €0.2Bn Operating Revenue in 2024 x1.5 Operating Revenue growth from 2021 to 2024 10 Countries 124
Slide 125: Leveraging Edenred Unique Payment Capabilities
LEVERAGING EDENRED UNIQUE PAYMENT CAPABILITIES Segment-specific use cases Invoice- Corporate Embedded Point of Sales Digital to-pay expenses finance acquiring Wallets Edenred Pay Edenred Pay Edenred Payment Punto Edenred UAE North America Latam Solutions Edenred Taiwan Edenred Payment capabilities U
Slide 126: An Active Portfolio Management
AN ACTIVE PORTFOLIO MANAGEMENT Arbitrating on Nurturing promising businesses selected businesses in attractive markets Refocused on most promising use Edenred Taiwan Edenred UAE cases Edenred Payment Solutions: B2B BaaS1 and Embedded Finance Punto: POS2 acquiring for Mobility Merchants Edenred Pay N
Slide 127: Bringing Value to Edenred
BRINGING VALUE TO EDENRED Innovation Synergies New markets outposts • Local payment schemes integration • Scaling Edenred payment capabilities • Penetrating large and fast-growing (e.g PIX , Jaywan ) with external volumes geographies: USA, APAC, UAE • New form factors integration (e.g. QR • Supporti
Slide 128: Edenred Pay: From Accounts Payable to Invoice-to-Pay
EDENRED PAY: FROM ACCOUNTS PAYABLE TO A COMPREHENSIVE “INVOICE-TO-PAY” OFFERING Our client-to-supplier value chain Client Invoice Edenred Payment Multiple ERP automation platform agnostic Suppliers Invoice automation solution enhancing our value proposition and accelerating our cross-sell strategy 5
Slide 129: Edenred Taiwan: Reshaping Multi-Benefits in APAC
EDENRED TAIWAN: RESHAPING THE WAY TO OPERATE MULTI-BENEFITS IN APAC From an Incentive Expanding to Gift To an everyday & Rewards leader… as Benefits… super-app Issuing vouchers to Connecting 1m Reaching 1 out of 3 x5 anonymous users registered users workers by 2028 In Total Addressed Market in 2028
Slide 130: Edenred UAE: Building a Leading Super-App for Blue-Collars
EDENRED UAE: BUILDING A LEADING SUPER-APP FOR BLUE-COLLARS IN MIDDLE-EAST Fast growing Further opportunities to #1 payroll card provider enrich services for blue collars 10+ user services, including: • Money transfer • Salary advance • Insurance • Mobile top-up And unlocking new services every year
Slide 131: Key Takeaways
KEY TAKEAWAYS Edenred Payment Solutions & New Markets 1 Driving innovation and payment expertise across the Group 2 Unlocking synergies with group assets and other businesses • Scaling payment capabilities • Boosting Benefits & Engagement and Mobility with synergetic solutions 3 Setting-up outposts
Slide 132: Finance
7 FINANCE Virginie Duperat-Vergne Chief Financial Officer 132
Slide 133: A New Reporting Structure by Business Line Starting in 2026 (1/2)
A NEW REPORTING STRUCTURE BY BUSINESS LINE STARTING IN 2026 (1/2) 2026 Edenred new reporting structure Per Business Line Per Region Frequency Operating Revenue Quarterly Other Revenue Quarterly Total Revenue Quarterly Operating EBITDA Bi-annually EBITDA Bi-annually Depreciation and Amortization Bi-a
Slide 134: A New Reporting Structure by Business Line Starting in 2026 (2/2)
A NEW REPORTING STRUCTURE BY BUSINESS LINE STARTING IN 2026 (2/2) Segment presentation per Business Line (H1 2025) Payment Benefits & Solutions In €m Engagement1 Mobility & New Markets1 Total Group Operating revenue 905 334 100 1,339 Operating EBITDA 380 132 30 542 Operating EBITDA margin 42% 40% 30
Slide 135: Beyond22-25 Targets Outperformed
BEYOND22-25 TARGETS OUTPERFORMED Beyond22-25 annual targets 2022 2023 2024 2025(g) 2025(r) EBITDA >+12% +23.3% +33.9% +19.0% >+10.0% >+14.7%1 (LFL growth) FCF/EBITDA >70% 85% 83% 70% >70% conversion rate2 (g) 2025 guidance confirmed 1. 2025 EBITDA guidance restated, excluding the €60m estimated impa
Slide 136: Amplify25-28 Strategic Plan to Fuel Sustainable and Profitable Growth
AMPLIFY25-28 STRATEGIC PLAN TO FUEL SUSTAINABLE AND PROFITABLE GROWTH Group EBITDA LFL evolution Illustrative 2025 Impact from Attract Enrich Activate Other Structural Management 2028 regulatory revenue operating actions1 change in Italy and leverage portfolio optimization Total Revenue growth EBITD
Slide 137: Three Strategic Pillars to Drive Organic Operating Revenue Growth
Total Revenue growth EBITDA margin expansion THREE STRATEGIC PILLARS TO DRIVE SUSTAINED ORGANIC OPERATING REVENUE GROWTH… Operating Revenue growth pillars Illustrative Activate 10-20% Enrich 30-40% • Increased audience Attract 50-60% engagement • New merchant services High-single • More cross-sell a
Slide 138: …and Fuelling Other Revenue Growth
Total Revenue growth EBITDA margin expansion …AND FUELLING OTHER REVENUE GROWTH… Stabilizing interest rates Float value increase1 above pre-Covid level Deposit rates forecasts % Deposit Source: rates Central Banksforecasts % Futures rates Other Revenue evolution Source: Central Banks Illustrative 14
Slide 139: …Supported by a Disciplined Financial Policy
Total Revenue growth EBITDA margin expansion … SUPPORTED BY A DISCIPLINED FINANCIAL POLICY Strict financial policy A float mainly generated in Europe No capital risk → bank term deposits Europe Latin America Rest of the World ~70% ~20% ~10% Centralized cash management Natural hedge → no float transf
Slide 140: Three Strategic Levers to Boost EBITDA Margin
Total Revenue growth EBITDA margin expansion THREE STRATEGIC LEVERS TO BOOST EBITDA MARGIN Edenred OpEx split ~60% fixed costs ~40% variable costs Platform scale effect (lower unit cost per transaction, shared Structural technology applications, global contracts renegotiation) 1 operating leverage H
Slide 141: Fit-for-Growth: An Optimized Target Operating Model
Total Revenue growth EBITDA margin expansion FIT-FOR-GROWTH: AN OPTIMIZED TARGET OPERATING MODEL LOCAL GLOBAL Go-to-market EMEA Technology and (direct/indirect) support functions Client proximity Scale Hispanic America Time to market Synergies Brazil Regulation Harmonized expertise processes Partner
Slide 142: Edenred Growth Ambition for 2030
EDENRED GROWTH AMBITION FOR 2030 Edenred Total Revenue ~+10-11% indicative CAGR (incl. M&A) from 2025 to 20301 €Bn 5+ M&A opportunity2 3.0 2.0 Organic growth on current scope 1.0 1.1 2010 2015 2022 2025(c) 2030(e) 1. At current FX rates 2. Indicative 142
Slide 143: Amplify25-28 EBITDA Growth Trajectory
AMPLIFY25-28 EBITDA GROWTH TRAJECTORY 2026 2027 2028 EBITDA (LFL growth) +2-4% +8-12% Corresponding to EBITDA +8-12% (intrinsic LFL growth) 143
Slide 144: 2026: A Rebasing Year
2026: A REBASING YEAR Group EBITDA LFL evolution Illustrative +2-4% LFL growth +8-12% LFL growth +2-4% EBITDA LFL growth in 2026 Corresponding to +8-12% EBITDA intrinsic LFL growth 2025 Total Structural 2026 Impact of Cost to achieve Other revenue 2026 EBITDA Revenue operating Intrinsic regulatory m
Slide 145: 2027 and 2028: Edenred to Fully Benefit from Amplify25-28
2027 AND 2028: EDENRED TO FULLY BENEFIT FROM THE AMPLIFY25-28 STRATEGIC PLAN Group EBITDA LFL evolution Illustrative +8-12% LFL growth +8-12% Annual LFL EBITDA growth in 2027 and 2028 2026 Attract Enrich Activate Other Structural Management 2028 EBITDA revenue Operating actions EBITDA leverage Total
Slide 146: High and Predictable Cash Generation and Conversion
HIGH AND PREDICTABLE CASH GENERATION AND CONVERSION From EBITDA to FCF €m 2023 2024 2025(g) EBITDA 1,094 1,265 1,340 Funds from Operations (FFO) 730 730 870 870 ≥ 65% FFO/EBITDA 67% 69% Annual FCF/EBITDA conversion rate1 Free cash flow (FCF) 905 905 881 881 >> 938 938 FCF/EBITDA 83% 70% > 70% 1. At
Slide 147: A Capital Allocation Framework Focused on Growth and Shareholder Return
A CAPITAL ALLOCATION FRAMEWORK FOCUSED ON GROWTH AND SHAREHOLDER RETURN 1 Growth investments 2 Shareholder return 3 Balance sheet Pursue organic growth initiatives Deliver enhanced shareholder Maintain a strong and efficient to deploy Amplify25-28 return balance sheet Leverage reduced debt profile f
Slide 148: A Growth-Oriented CapEx Policy
Growth investments Shareholder return Balance sheet A GROWTH-ORIENTED CAPEX POLICY… CapEx as a % of Total Revenue €m 8% 7.4% 7.6% 7.6% 7.1% 7.0% 6-8% Annual CapEx 6% as % of Total Revenue 217 190 ~90% 104 114 151 Annual CapEx dedicated to Product & Technology 2020 2021 2022 2023 2024 2028(e) 148
Slide 149: Amplifying Innovation and Enabling Data & AI Transformation
Growth investments Shareholder return Balance sheet …AMPLIFYING INNOVATION AND ENABLING DATA & AI TRANSFORMATION Product & Tech investments Product & Tech investments cumulative in 2023-2025(e) cumulative in 2026(e)-2028(e) 67-69% 33-31% 63-65% 35-37% x6 Annual Data & AI ~€1.5bn ~€1.8bn investments
Slide 150: Accelerate Growth and Diversification Through Growth-Accretive M&A
Growth investments Shareholder return Balance sheet ACCELERATE GROWTH AND DIVERSIFICATION THROUGH GROWTH-ACCRETIVE M&A Key priorities Disciplined approach • Strong potential for revenue synergies (e.g., cross-selling opportunities) Acquisitions • Scale further and reinforce leadership • Strong long-
Slide 151: Strong Commitment to Maximize Shareholder Return
Growth investments Shareholder return Balance sheet STRONG COMMITMENT TO MAXIMIZE SHAREHOLDER RETURN Progressive dividend policy In € 1.21 Progressive 1.1 dividend policy 1.0 (Dividend year-on year growth 0.9 in absolute terms ) 2021 2022 2023 2024 Share buyback program Share buyback 2024 2025 - 202
Slide 152: A Fast-Deleveraging Balance Sheet Leaving Ample Headroom for M&A
Growth investments Shareholder return Balance sheet A FAST-DELEVERAGING BALANCE SHEET LEAVING AMPLE HEADROOM FOR M&A WHILE MAINTAINING STRONG INVESTMENT GRADE RATING Net debt position Leverage ratio €m, end-2024 Net Debt / EBITDA 1.9 1.9 Restricted cash 1,866 1.4 Cash and cash 1.2 ~1.2 1,639 1.0 equ
Slide 153: Medium-term Annual Targets
Medium-term annual targets 2026 2027 2028 EBITDA (LFL growth) +2-4% +8-12% Corresponding to EBITDA +8-12% (intrinsic LFL growth) FCF/EBITDA ≥ 65% conversion rate1 1. At constant regulation and methodology 153
Slide 154: Key Takeaways
KEY TAKEAWAYS 1 Amplify25-28 to drive Total Revenue growth in large, growing and underpenetrated markets • Three strategic pillars to fuel organic Operating Revenue growth: Attract, Enrich, Activate • A winning growth equation expanding both the user base and the ARPU • Fuelled by Other Revenue and
Slide 155: Wrap-Up
8 WRAP-UP Bertrand Dumazy Chaiman and CEO 155
Slide 156: Wrap-Up
WRAP-UP A unique global leader at scale, best positioned to succeed in large, growing and underpenetrated markets, thanks to a unique B2B2C platform Amplify25-28 sets Edenred for growth, transformation and stronger returns 1 Attract Boosting client acquisition and number of users on our platform, wi
Slide 157: Notes
Notes 157
Slide 158: Notes
Notes 158
Slide 159: Closing Remarks
CLOSING 9 REMARKS Bertrand Dumazy Chaiman and CEO 159
Slide 160: A Strong Track Record of Growth
A STRONG TRACK RECORD OF GROWTH Total Revenue EBITDA €Bn €Bn ~x2.8 ~x3.4 ~3.0 ~1.3 2.0 0.8 1.6 0.7 1.1 0.4 2015 2019 2022 2025(c) 2015 2019 2022 2025(c) 160
Slide 161: With Unmatched Assets
WITH UNMATCHED ASSETS Leadership Distinctive mission- Most efficient position critical infrastructure go-to-market Relative Market Share1 >90% ~13 x1.7 x2.3 Business volume Customer Life-Time-Value / Benefits & Mobility processed internally Cost of Acquisition2 Engagement Brazil (versus ~5 industry
Slide 162: And Competitive Edge: The Only Global and Integrated Player at Scale
AND COMPETITIVE EDGE: THE ONLY GLOBAL AND INTEGRATED PLAYER AT SCALE Global in 2028 in 2025 Regional Local Point solutions Integrated experience Benefits or Engagement competitors Mobility competitors 162
Slide 163: Attract Enrich Activate
Attract Enrich Activate Pursue efficient client Unlock full potential Activate audience and acquisition in of cross-sell & upsell deliver new services to underpenetrated markets merchants More users More value per user 163
Slide 164: Edenred Priorities for Amplify25-28
EDENRED PRIORITIES FOR AMPLIFY25-28 Product-led B2B2C Data & AI Operating Dynamic growth acceleration at the core leverage capital allocation 164
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165
Slide 166: Notes
Notes 166
Slide 167: Appendix: Glossary
Appendix Glossary 167
Slide 168: Glossary
GLOSSARY • AI: Artificial Intelligence • GDPR: General Data Protection Regulation • AML: Anti Money Laundering • GHGs: Greenhouse gases • ACV: Annual Contract Value • HRIS: Human Resources Information System • API: Application Programming Interface • Issued volume: Business Volume for preloaded solu
Slide 169: Appendix: Finance
Appendix Finance 169
Slide 170: Delivering Sustainable Adjusted EPS Growth
DELIVERING SUSTAINABLE ADJUSTED EPS GROWTH 2026-2028 In €m indicative trend Rationale EBITDA (LFL Growth) 2-4% in 2026 (corresponding to intrinsic 8-12%) , 8- 12% in 2027 & 2028 D&A Capex to be in the range of 6-8% as Total Revenue Other income and expenses Efficiency program resulting in further re
Slide 171: Strong Cash Generation Driven by Structural Negative Working Capital
STRONG CASH GENERATION DRIVEN BY STRUCTURAL NEGATIVE WORKING CAPITAL Client funds ...held as Edenred …and as a liability Contribution to received assets (float) to Edenred clients negative WC Growth dynamic Cash non-regulated Cash & Benefits & solutions equivalents Float Engagement Cash regulated Re
Slide 172: A New Reporting Structure by Business Line Starting in 2026
A NEW REPORTING STRUCTURE BY BUSINESS LINE STARTING IN 2026 Segment presentation per business line (H1 2025) Payment Benefits & Solutions In €m Engagement1 Mobility & New Markets1 Total Group Operating Revenue 905 334 100 1,339 Other Revenue 101 1 10 112 Total revenue 1,006 335 110 1,451 Operating e
Slide 173: Change in Breakdown of Solutions per Business Line
CHANGE IN BREAKDOWN OF SOLUTIONS PER BUSINESS LINE Payments Solutions Benefits & Engagement 69%1 Mobility 23%1 & New Markets2 8%1 Meal & Food Gift Engagement3 Fuel / EV3 charging Fleet Maintenance Invoice-to-pay Embedded finance Issuing, processing Alternative fuel Sport & Culture Commuting Health S
Slide 174: Disclaimer
DISCLAIMER This presentation contains forward-looking statements regarding the prospects and growth strategies of Edenred and its subsidiaries (the “Group”). These statements include statements relating to the Group’s intentions, strategies, growth prospects, and trends in its results of operations,
Slide 175: Appendix: Speaker Biographies
Appendix Speaker’ biographies 175
Slide 176: Bertrand Dumazy
BERTRAND DUMAZY CHAIRMAN & CEO Bertrand Dumazy is a graduate of ESCP Business School and holds an MBA with distinction from Harvard Business School. He started his career in 1994 as a consultant with Bain & Company, first in Paris and later in Los Angeles. He then worked as an Investment Director of
Slide 177: Virginie Duperat-Vergne
VIRGINIE DUPERAT-VERGNE CHIEF FINANCIAL OFFICER A graduate of Toulouse Business School and holder of a DESCF (French diploma in accounting and finance), Virginie Duperat-Vergne began her career as an auditor at Arthur Andersen and then Ernst & Young. In 2007, she joined Canal+ where she was in charg
Slide 178: Constance Le Bouar
CONSTANCE LE BOUAR EXECUTIVE VICE PRESIDENT STRATEGY, MARKETING & TRANSFORMATION A graduate of HEC Paris, Constance Le Bouar started her career as a strategy consultant at Bain & Company France in 2008. In 2013, she joined ADP Group (Aéroports de Paris) where she took part in the development of trav
Slide 179: Arnaud Erulin
ARNAUD ERULIN CHIEF OPERATING OFFICER, BENEFITS AND ENGAGEMENT Arnaud Erulin is a graduate of European Business School and has an MBA from ESCP Europe. He started his career with Ticket Restaurant® France in 1993. He then held various management positions and, in 2003, became Director of Internation
Slide 180: Diane Coliche
DIANE COLICHE CHIEF OPERATING OFFICER MOBILITY Diane Coliche is a graduate of ESSEC Business School and holds a master’s degree in business law from Panthéon-Assas University – Paris II. She began her career in 2000 as an investment banking analyst at Morgan Stanley, where she spent ten years betwee
Slide 181: Damien Périllat
DAMIEN PÉRILLAT CHIEF OPERATING OFFICER PAYMENT SOLUTIONS Damien Périllat started his career with GE Money in Europe and Asia and worked as a consultant in France for Eurogroup. In 2008, he joined PayPal where he spent nearly 12 years in various management positions, including Managing Director for
Slide 182: Clément Le Chatelier
CLÉMENT LE CHATELIER GROUP CHIEF PRODUCT OFFICER Clément Le Chatelier is a graduate of École Centrale Paris with a Master of Science, specializing in process engineering and strategy. He began his career in 2005 as a consultant with Roland Berger Strategy Consultants in Paris. In 2008, he co-founded
Slide 183: Enrich
Enrich connections. FOF QOOd