Slide 1: FY 2025 Results
FY 2025 RESULTS February 24, 2026
Slide 2: Executive Summary (1/2)
EXECUTIVE SUMMARY (1/2) 1 Strong commercial & operating performance translating into record year across all metrics Robust commercial traction: • FY 2025 operating revenue growth of +6.2% like-for-like vs. FY 2024 (+8.3% excluding a regulatory change in Italy) • Q4 2025 acceleration of operating r
Slide 3: Executive Summary (2/2)
EXECUTIVE SUMMARY (2/2) 4 Edenred’s growth equation (Amplify25-28 plan): More users Attract 50-60% → Pursue client acquisition in large, growing and still vastly underpenetrated markets More value per user (ARPU) More value Enrich 30-40% → Unlock full potential of cross-sell & upsell opportunities p
Slide 4: Agenda
AGENDA 1. 2025 results highlights 2. Amplify25-28 : a new strategic plan already live 3. FY 2025 detailed financial performance 4. 2026 outlook & beyond 4
Slide 5: Delivering a record set of results in 2025
Delivering a record set of results in 2025 5
Slide 6: Edenred delivered a strong operating and financial performance in 2025
EDENRED DELIVERED A STRONG OPERATING AND FINANCIAL PERFORMANCE IN 2025 Operating EBITDA to FCF EBITDA Adjusted EPS2 Revenue conversion1 €2,732m €1,360m 82% €2.59 +6.2% +11.2% +12 pts +10.0% like-for-like vs. FY 2024 like-for-like vs. FY 2024 vs. FY 2024 vs. FY 2024 Guidance >10% >70% like-for-like g
Slide 7: Sustained operating revenue growth
SUSTAINED OPERATING REVENUE GROWTH Operating Revenue Operating Revenue per business line (€m) per geography (€m) +6.2% +6.2% 2,732 2,609 2,732 2,609 259 258 270 283 -4.6% +16.8% 826 624 710 769 +13.2% +11.7% 1,702 1,763 1,582 +1.0% 1,636 +5.9% FY 2024 FY 2025 FY 2024 FY 2025 Benefits & Engagement Mo
Slide 8: Solid revenue and EBITDA growth…
SOLID REVENUE AND EBITDA GROWTH… Total Revenue (€m) EBITDA (€m) +5.7% +11.2% 2,961 1,360 2,856 1,265 1400 229 229 247 +1.0% 247 +1.0% 1200 2,732 1,131 1000 +6.2% +13.7% 2,609 1,018 800 600 400 200 0 FY 2024 FY 2025 FY 2024 FY 2025 Operating revenue Other revenue Operating EBITDA Other revenue % like
Slide 9: …translating into enhanced profitability
…TRANSLATING INTO ENHANCED PROFITABILITY Operating EBITDA margin (%) EBITDA margin (%) +2.8% LFL +2.3% LFL 45,9% 41,4% 39.1% 44.3% FY 2024 FY 2025 FY 2024 FY 2025 9
Slide 10: Acceleration of intrinsic operating revenue growth in H2…
ACCELERATION OF INTRINSIC OPERATING REVENUE GROWTH IN H2… Operating revenue LFL growth (%) +9.7% +9.0% +8.3% +7.1% +7.1% +8.2% +6.2% +2.7% Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Operating revenue LFL growth excluding Operating revenue LFL growth (%) impact from regulatory change in Italy (%) 10
Slide 11: …as well as intrinsic EBITDA growth
…AS WELL AS INTRINSIC EBITDA GROWTH EBITDA LFL growth (%) +14.4% +16.5% +15.6% +11.2% +8.3% H1 25 H2 25 FY 25 EBITDA LFL growth excluding impact EBITDA LFL growth (%) from regulatory change in Italy (%) 11
Slide 12: First results of cost management actions in 2025…
FIRST RESULTS OF COST MANAGEMENT ACTIONS IN 2025… Fit for Growth Program to enhance agility and efficiency ▪ Set up & launch of the Fit for Growth program Phase 1 (end-2024 & ▪ Quick wins +1.3% 2025) (e.g. workforce efficiency, supplier and distributor 2025 LFL Opex growth renegotiations, IT interna
Slide 13: …combined with a successful 2025 performance improvement plan
…COMBINED WITH A SUCCESSFUL 2025 PERFORMANCE IMPROVEMENT PLAN Performance/Product improvement Plan 2025 Results New product launch European Gift business volume Gift c. +10% (Edenred digital gift voucher) LFL growth in Q4 2025 vs. Q4 2024 Leverage unique positioning Operating revenue LFL growth Eden
Slide 14: Confirmed fast deleveraging profile
CONFIRMED FAST DELEVERAGING PROFILE Free cash flow (€m) Net debt (€m) +34% -31% 1,806 1,111 832 1,241 FY 2024 FY 2025 Dec 31, 2024 Dec 31, 2025 • Record FFO generation • Increased FCF • Float increase • Strong return to shareholders through dividends • Cash collection discipline and share buybacks (
Slide 15: Extra-financial performance as key commercial differentiator
EXTRA-FINANCIAL PERFORMANCE AS KEY COMMERCIAL DIFFERENTIATOR ESG progress… …recognized by leading ESG ratings 71/100 +6 pts vs. 2024 2025 Member of the % of women among 2026 Sustainability Yearbook executive positions ~38% (for the 5th year in a row) Member of the DJSI Europe 2025 and World index %
Slide 16: Agenda
AGENDA 1. 2025 results highlights 2. Amplify25-28 : a new strategic plan already live 3. FY 2025 detailed financial performance 4. 2026 outlook & beyond 16
Slide 17: A strong and unique value proposition…
A STRONG AND UNIQUE VALUE PROPOSITION… Translating …into USER …driving business traffic CORPORATE needs... daily experience… for MERCHANTS 1m+ Companies 60m+ Users 2m+ Merchants Solutions for HR Directors: Mobile-first solutions for users: Merchant revenues boost: To provide personalized benefits
Slide 18: …with unrivaled assets to pursue growth
…WITH UNRIVALED ASSETS TO PURSUE 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 Acquisition2 Engagement Brazil (v
Slide 19: A diversified portfolio of solutions
A DIVERSIFIED PORTFOLIO OF SOLUTIONS 2025 Group Operating Revenue1 Benefits & Engagement Mobility 10% Complementary Solutions 26% 64% 1. Proforma figure including the negative EBITDA impact from new regulations in Italy on a full year basis 19
Slide 20: A diversified portfolio of solutions
A DIVERSIFIED PORTFOLIO OF SOLUTIONS 2025 Group Operating Revenue1 Benefits & Engagement Meal & Food 10% Beyond Meal & Food Mobility 9% High diversification Fuel Beyond Fuel 40%+ Complementary 42% Operating Revenue outside Solutions Core (Meal & Food and Fuel) 17% 22% 1. Proforma figure including th
Slide 21: A diversified portfolio of solutions…
A DIVERSIFIED PORTFOLIO OF SOLUTIONS… Largest client <1% 2025 Group Operating Revenue1 Business Volume Benefits & Engagement ~10% Meal & Food Brazil Largest merchant Beyond Meal & Food <2% Mobility 10% Italy ~10% Redemption Volume Fuel 9% Beyond Fuel High diversification Complementary 17% Solutions
Slide 22: …with an increasing weight of Beyond solutions in 2025
…WITH AN INCREASING WEIGHT OF BEYOND SOLUTIONS IN 2025 Benefits & Engagement Mobility Share of Beyond Food Share of Beyond Fuel +1pt +2pts 34% Beyond Food 33% Beyond Fuel 33% 31% 26% $ $ $ $ 70% 67% 66% Meal & Food 69% 67% Core Fuel 72% 69% 2024 20251 2024 2025 22 1. Proforma figure including the ne
Slide 23: Update on the Presidential Decree modifying the PAT
UPDATE ON THE PRESIDENTIAL DECREE MODIFYING THE PAT1 Potential appeal Potential appeal on Summary decision proceedings ~Q2 2026 / Q3 2026 Decree Summary Legal action from suspended in proceedings Government first instance For Edenred and other issuers President of the First instance Potential appeal
Slide 24: A powerful growth equation
A POWERFUL GROWTH EQUATION More users More value per user (ARPU) Boosting client acquisition and Unlock full potential Activate audience and deliver new number of users on our platform, of cross-sell & upsell: services to merchants: with efficient and digital-first journeys • From 1.5 to ~2.5 soluti
Slide 25: Accelerating on client acquisition in 2025
Attract Enrich Activate ACCELERATING ON CLIENT ACQUISITION IN 2025 Reinforcing digital acquisition Extending customer reach • Amplified digital lead generation • New B2B2B distribution partners (e.g. OEMs, leasers, oil cos) • AI automation for sales processes • Seamless customer onboarding • New B2B
Slide 26: Strengthening value delivered to clients & users in 2025
Attract Enrich Activate STRENGTHENING VALUE DELIVERED TO CLIENTS & USERS IN 2025 Enhancing multi-benefits offering Leveraging maximum Face Value increases (Cross-sell) (Upsell) • Reinforcing value proposition with transport • Translating maximum legal Face Value increase into users’ vouchers offer i
Slide 27: Amplifying merchant value proposition with new services in 2025
Attract Enrich Activate AMPLIFYING MERCHANT VALUE PROPOSITION WITH NEW SERVICES IN 2025 Illustration of retail media campaign Teaser push Personalized Usage of user Order notification offer feed in app discount code confirmation >+30% in retail media revenue growth in 2025 DISCOUN T 27
Slide 28: Multiple revenue streams to keep increasing value per user
MULTIPLE REVENUE STREAMS TO KEEP INCREASING VALUE PER USER IN THE COMING YEARS An enriched revenue model Average Revenue Per User (ARPU in €) 1 Solution-based fees ~€70 70 … Solution 2 Driven by # users x amount spent 60 Solution 1 2 Non-transactional fees 50 Platform subscription Per user/per month
Slide 29: Data & AI-augmented experience as a competitive advantage
DATA & AI-AUGMENTED EXPERIENCE AS A COMPETITIVE ADVANTAGE AI-augmented customer journeys (EdenHelp) AI-powered solution features (GOintegro) Powered by and Zaion Hyper-personalization Present in 5 countries Faster resolution time 24/7 availability Virtual HR agent • AI agent to answer all
Slide 30: Agenda
AGENDA 1. 2025 results highlights 2. Amplify25-28 : a new strategic plan already live 3. FY 2025 detailed financial performance 4. 2026 outlook & beyond 30
Slide 31: Solid revenue growth in FY 2025
FY 2025 top-line SOLID REVENUE GROWTH IN FY 2025 LFL growth LFL Reported FY 2025 FY 2024 Scope FX excl. Italian impact growth growth Operating €2,732m €2,609m +8.3% +6.2% +2.9% -4.3% +4.7% revenue Other revenue €229m €247m +1.0% +1.0% +0.0% -8.1% -7.1% Total revenue €2,961m €2,856m +7.6% +5.7% +2.6%
Slide 32: Sustained underlying performance in Europe
Q4 & FY 2025 operating revenue – Europe SUSTAINED UNDERLYING PERFORMANCE IN EUROPE Q4 comments vs. FY 2024 France +1.0% Benefits & Engagement: growth in Meal & Food and good end-of-year €1,636m LFL Gift campaign, offset by a lower activity on a cyclical software business 60% in FY 2025 +3.4% dedic
Slide 33: Double-digit LFL growth in Latin America
Q4 & FY 2025 operating revenue – Latin America DOUBLE-DIGIT LFL GROWTH IN LATIN AMERICA vs. FY 2024 Q4 comments +13.2% €826m LFL Brazil 30% in FY 2025 +7.5% Benefits & Engagement: solid LFL growth both in Meal & Food and as reported Beyond Food (e.g. Ticket transport) Mobility: double-digit LFL
Slide 34: Other revenue better than anticipated, reaching €229m
FY 2025 other revenue OTHER REVENUE BETTER THAN ANTICIPATED, REACHING €229M1 LFL Other revenue (€m) FY 2025 FY 2024 change Europe 100 127 -21.0% Latin America 90 78 +26.3% Float increase Interest rates better than expected in Q4 2025 Rest of the World 39 42 +20.2% Total €229m 247 +1.0% 1. Versus
Slide 35: Further gain in profitability thanks to scale effect and cost efficiency
From revenue to EBITDA FURTHER GAIN IN PROFITABILITY THANKS TO SCALE EFFECT AND COST EFFICIENCY Reported (€m) FY 2025 FY 2024 LFL change change Operating revenue 2,732 2,609 +6.2% +4.7% Operating expenses (1,601) (1,591) +1.3% +0.7% Operating EBITDA 1,131 1,018 +13.7% +11.0% Scale effect combined
Slide 36: Double-digit growth in adjusted EPS
FY 2025 net profit DOUBLE-DIGIT GROWTH IN ADJUSTED EPS (€m) FY 2025 FY 2024 2025 comments EBITDA 1,360 1,265 D&A excluding PPA (174) (152) D&A increase reflecting past and PPA (92) (73) current capex level EBIT 1,094 1,040 PPA increase due to full-year Share of net profit from equity-accounted c
Slide 37: Record free cash flow generation
EBITDA to FCF RECORD FREE CASH FLOW GENERATION FY 2025 FY 2024 2025 comments (€m) EBITDA 1,360 1,265 Funds from operations (FFO) 899 870 Record FFO generation, representing mmm 81% of FCF Increase in cash linked to changes in float +345 +211 Decrease/(Increase) in WCR, excl. float (106) (279) Decr
Slide 38: Fast deleveraging with net debt decreased by 31%
Net debt as of December 31, 2025 FAST DELEVERAGING WITH NET DEBT DECREASED BY 31% Currency effects 31/12/2024 Shareholders (and other non- 31/12/2025 Free cash flow Acquisitions Net debt position return recurring items) Net debt position €(29)m €(1,806)m €(463)m €(1,241)m €(54)m €1,111m Including: •
Slide 39: A robust financial position
A ROBUST FINANCIAL POSITION Average bond debt maturity of 3.3yrs at end-2025 High level of liquidity and solid balance sheet Strong liquidity position at end-2025: ▪ €5.2bn in cash1 and restricted funds on balance sheet 500 ▪ Undrawn confirmed revolving credit 35% facility of €750m 31% ▪ Access to
Slide 40: Flexible capital allocation
FLEXIBLE CAPITAL ALLOCATION A capital allocation focused on growth Proposed1 2025 dividend (per share) and shareholders return 1 Organic growth initiatives through investments in core capabilities €1.33 2 Focused M&A strategy: +10% vs. 2024 ▪ Further consolidation and/or Beyond acceleration with s
Slide 41: 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 (FY 2025) Payment Benefits & Solutions In €m Engagement1 Mobility & New Markets1 Total Group Operating Revenue 1,846 682 204 2,732 Other Revenue 208 1 20 229 Total revenue 2,054 683 224 2,961 Operating
Slide 42: Agenda
AGENDA 1. 2025 results highlights 2. Amplify25-28 : a new strategic plan already live 3. FY 2025 detailed financial performance 4. 2026 outlook & beyond 42
Slide 43: A rebasing year in 2026…
A REBASING YEAR IN 2026… Illustrative -8%/-12% LFL +8%/+12% LFL growth 2025 Total Structural 2026 EBITDA impact of Cost to achieve Other revenue 2026 EBITDA Revenue operating Intrinsic regulatory change in management decrease (excl. Growth leverage Italy and Brazil actions1 regulatory EBITDA EBITDA
Slide 44: …before renewed sustainable and profitable growth in 2027 & 2028
…BEFORE RENEWED SUSTAINABLE AND PROFITABLE GROWTH IN 2027 & 2028 EBITDA FCF/EBITDA Guidance (LFL growth) conversion rate 2026 -8%/-12%1 ≥ 35%1 Corresponding to 2026 intrinsic +8%/+12% ≥ 65%2 2027 & 2028 +8%/+12% ≥ 65%2 1. Including a regulatory change in Brazil and Italy 2. At constant regulation an
Slide 45: Key takeaways
KEY TAKEWAYS 1 2025, a new set of record results, from topline to EPS • Sustained revenue growth and structural operating leverage • Effects of performance improvement plan and efficiency measures • Strong cash generation 2 2026, a rebasing year before resuming sustainable and profitable growth traj
Slide 46: Appendices
APPENDICES 46
Slide 47: Operating revenue by region (current reporting structure)
OPERATING REVENUE BY REGION (CURRENT REPORTING STRUCTURE) Q1 Q2 Q3 Q4 FY In € millions 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Europe 401 383 410 391 392 367 433 441 1,636 1,582 France 91 91 86 86 81 79 105 105 363 361 Rest of Europe 310 292 324 305 311 288 328 336 1,273 1,221 Latin Americ
Slide 48: Operating revenue by business line (current reporting structure)
OPERATING REVENUE BY BUSINESS LINE (CURRENT REPORTING STRUCTURE) Q1 Q2 Q3 Q4 FY In € millions 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Benefits & Engagement 432 408 435 413 426 398 469 483 1,763 1,702 Mobility 172 150 175 161 179 152 184 161 710 624 Complementary Solutions 63 67 62 72 62 69
Slide 49: Other revenue by region (current reporting structure)
OTHER REVENUE BY REGION (CURRENT REPORTING STRUCTURE) Q1 Q2 Q3 Q4 FY In € millions 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Europe 26 32 26 33 25 33 23 29 100 127 France 7 8 8 8 7 8 6 7 28 31 Rest of Europe 19 25 18 24 18 24 17 23 72 96 Latin America 20 20 20 20 24 20 26 18 90 78 Rest of th
Slide 50: Total revenue by region (current reporting structure)
TOTAL REVENUE BY REGION (CURRENT REPORTING STRUCTURE) Q1 Q2 Q3 Q4 FY In € millions 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Europe 428 415 435 424 416 400 456 470 1,736 1,709 France 98 98 94 95 88 88 111 111 391 392 Rest of Europe 330 317 341 329 328 312 345 359 1,345 1,317 Latin America 21
Slide 51: EBITDA & EBIT by region (current reporting structure)
EBITDA & EBIT BY REGION (CURRENT REPORTING STRUCTURE) In € millions 2025 2024 Reported Like-for-like In € millions 2025 2024 Reported Like-for-like Europe 818 800 +2.2% +1.5% Europe 664 670 -0.8% -0.8% France 142 153 -7.3% -7.3% France 110 121 -8.3% -8.3% Rest of Europe 676 647 +4.4% +3.6% Rest of E
Slide 52: Free cash flow
FREE CASH FLOW In € millions 2025 2024 Net profit attributable to owners of the parent 521 507 Non-controlling interests 43 38 Dividends received from equity-accounted companies 1 5 Difference between income tax paid and income tax expense (24) (4) Non-cash income and expenses 358 324 = Funds from o
Slide 53: Summarized balance sheet
SUMMARIZED BALANCE SHEET In € millions Dec 25 Dec 24 In € millions Dec 25 Dec 24 Goodwill 3,003 3,262 Total equity (818) (809) Intangible assets 1,358 1,264 Property, plant & equipment 157 181 Gross debt and other financial Investments in associates 8 8 4,826 4,837 liabilities Non-current derivative
Slide 54: Average exchange rate
AVERAGE EXCHANGE RATE Average rates Spot rate as Spot rate as 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 of €1 = X foreign currency Q1 2025 Q1 2024 Q2 2025 Q2 2024 Q3 2025 Q3 2024 Q4 2025 Q4 2024 YTD 2025 YTD 2024 of 31.12.2024 Change (in %) Change (in %) Change (in %) Cha
Slide 55: 2026 expected calendar effects
2026 EXPECTED CALENDAR EFFECTS Q1 Q2 Q3 Q4 2026 Nb of Nb of Nb of Nb of Nb of Working days days days days days days Europe 0 0 1 0 1 Latin America 0 0 -1 -2 -3 Rest of the world 0 0 0 0 0 TOTAL 0 0 0 -1 0 55
Slide 56: Change in breakdown of solutions per business line as per new reporting structure
CHANGE IN BREAKDOWN OF SOLUTIONS PER BUSINESS LINE AS PER NEW REPORTING STRUCTURE Payments Solutions Benefits & Engagement 68%1 Mobility 25%1 & New Markets2 7%1 Meal & Food Gift Engagement3 Fuel / EV3 charging Fleet Maintenance Invoice-to-pay Embedded finance Issuing, processing Alternative fuel Spo
Slide 57: A new reporting structure by business line starting in 2026
A NEW REPORTING STRUCTURE BY BUSINESS LINE STARTING IN 2026 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-annuall
Slide 58: Operating revenue by business line (new reporting structure)
OPERATING REVENUE BY BUSINESS LINE (NEW REPORTING STRUCTURE) Q1 Q2 Q3 Q4 FY In € millions 2025 2025 2025 2025 2025 Benefits & Engagement 450 455 445 496 1,846 Mobility 165 169 173 175 682 Payment Solutions and New Markets 52 48 49 55 204 Operating revenue 667 672 667 726 2,732 58
Slide 59: Other revenue by business line (new reporting structure)
OTHER REVENUE BY BUSINESS LINE (NEW REPORTING STRUCTURE) Q1 Q2 Q3 Q4 FY In € millions 2025 2025 2025 2025 2025 Benefits & Engagement 51 50 54 53 208 Mobility 1 - - - 1 Payment Solutions and New Markets 5 5 5 5 20 Other Revenue 57 55 59 58 229 59
Slide 60: Total revenue by business line (new reporting structure)
TOTAL REVENUE BY BUSINESS LINE (NEW REPORTING STRUCTURE) Q1 Q2 Q3 Q4 FY In € millions 2025 2025 2025 2025 2025 Benefits & Engagement 501 505 499 549 2,054 Mobility 166 169 173 175 683 Payment Solutions and New Markets 57 53 54 60 224 Total revenue 724 727 726 784 2,961 60
Slide 61: EBITDA (new reporting structure)
EBITDA (NEW REPORTING STRUCTURE) In € millions H1 2025 FY 2025 Benefits & Engagement 481 1,009 Mobility 133 271 Payment Solutions and New Markets 40 80 Total EBITDA 654 1,360 61
Slide 62: EArichn
EArichn connections. FOr QOOd