Edenred Sa · EURONEXT:EDEN
Edenred Sa — Q1 2022 Earnings Presentation
28 slides from Edenred Sa's earnings presentation, Apr 21, 2022
Slide 1: Q1 2022 Revenue
Q1 2022 REVENUE April 21, 2022
Slide 2: Executive Summary
EXECUTIVE SUMMARY Excellent start to the year with continued strong momentum in Q1 after a record year in 2021 Operating revenue of €426m, up +15.3% like-for-like and +17.3% as reported vs. Q1 2021 ▪ Solid double-digit like-for-like growth in both Employee Benefits and Fleet & Mobility Solutions ▪
Slide 3: Agenda
Agenda 1. Q1 2022 highlights 2. Q1 2022 revenue 3. Outlook 3
Slide 4: Excellent start to the year with strong double-digit growth
EXCELLENT START TO THE YEAR WITH STRONG DOUBLE-DIGIT GROWTH Strong commercial dynamism with new iconic client Q1 2021 wins (e.g., Google, Generali) and continuous penetration in SM E market Operating revenue €363m LIKE-FOR-LIKE +15.3% Product innovation to continue to extend our offer: ▪ Extendi
Slide 5: Double-digit L/L growth in Employee Benefits and Fleet & Mobility
DOUBLE-DIGIT L/L GROWTH IN EMPLOYEE BENEFITS AND FLEET & MOBILITY EMPLOYEE FLEET & MOBILITY COMPLEMENTARY BENEFITS SOLUTIONS SOLUTIONS Corporate Payment Services % OF Q1 2022 GROUP OPERATING REVENUE 60% 27% 13% Incentive & Rewards Public Social Programs €256m €117m €53m Q1 2022 LIKE-FOR-LIKE O
Slide 6: Double-digit L/L growth across all geographies
DOUBLE-DIGIT L/L GROWTH ACROSS ALL GEOGRAPHIES EUROPE REST OF THE WORLD +13.4% like-for-like +26.0% like-for-like 63% 8% +13.8% reported +14.3% reported vs. Q1 2021 vs. Q1 2021 LATIN AMERICA +16.5% like-for-like 29% +26.5% reported vs. Q1 2021 % of Q1 2022 Group operating revenue 6
Slide 7: Benefiting from the advantage of being a truly unique, global and powerful platform
BENEFITING FROM THE ADVANTAGE OF BEING A TRULY UNIQUE, GLOBAL AND POWERFUL PLATFORM Expanding our portfolio of Beyond Leveraging our assets to 1 Food and Beyond Fuel solutions to broaden our value proposition foster cross-selling Delivering an enriched Thanks to API proprietary 2 omni-channel digita
Slide 8: Beyond Food: further extension of our multi-benefits offering
BROADENING OUR VALUE PROPOSITION 1 BEYOND FOOD: FURTHER EXTENSION OF OUR MULTI-BENEFITS OFFERING Offering flexibility to end-users through Supporting the shift to new ways of digital multi-benefits solutions working Providing access to multi-benefits solutions in various universes : Food, Restaura
Slide 9: Beyond Fuel: further development of our strategy
BROADENING OUR VALUE PROPOSITION 1 BEYOND FUEL: FURTHER DEVELOPMENT OF OUR STRATEGY Beyond Fuel strategy, a full …Enriched by the acquisition of connected ecosystem… Greenpass in Brazil MAINTENANCE MANAGEMENT Electronic toll collection tags to pay Roll-out in Mexico and Argentina seamlessly at tol
Slide 10: Supporting the progressive shift to electric vehicles
BROADENING OUR VALUE PROPOSITION 1 SUPPORTING THE PROGRESSIVE SHIFT TO ELECTRIC VEHICLES Partnership with ChargePoint in Europe to facilitate smooth transition to EVs Partnering with a leading global EV charging network provider to encourage and support the adoption of EVs in customers’ fleets 240,0
Slide 11: An enriched omni-channel digital user experience
LEVERAGING OUR TECHNOLOGY 2 AN ENRICHED OMNI-CHANNEL DIGITAL USER EXPERIENCE Mobile payment In-app/online Pay@table Exponential increase in the Connected with more than 200 QR code in-app payment with number of mobile transactions Sunday delivery partners in 23 countries x2 in Q1 2022 vs. Q1 2
Slide 12: A strong sales machine coupled with a segmented go-to-market
GO-TO-MARKET 3 A STRONG SALES MACHINE COUPLED WITH A SEGMENTED GO-TO-MARKET New iconic client wins Further accelerating in Leveraging selective over Q1 SMEs distribution partners Strong double-digit Continuous ramp-up growth in new SME of the partnership contracts signed in Q1 2022 vs. Q1 2021 x3 co
Slide 13: ESG embedded in Edenred's DNA
A PLATFORM FOR GOOD 4 ESG EMBEDDED IN EDENRED’S DNA 79/100 ESG valuation Recognized ESG leadership 7th French listed company to be rated +11 pts vs. average rating worldwide Edenred has a unique role in improving working conditions of clients’ employees Effective strategic planning and decision-
Slide 14: Seizing growth opportunities in a post-Covid era
A POST-COVID AND INFLATION WINNER 5 SEIZING GROWTH OPPORTUNITIES IN A POST-COVID ERA Post-Covid A more remote- A world seeking Payment Need for Higher drivers working world more responsible digitalization transparency, safety inflation behavior and control Edenred is leveraging post-Covid
Slide 15: Agenda
Agenda 1. Q1 2022 highlights 2. Q1 2022 revenue 3. Outlook 15
Slide 16: Mid-teens growth in both reported and organic figures
Q1 2022 total revenue MID-TEENS GROWTH IN BOTH REPORTED AND ORGANIC FIGURES Q1 2021 Total revenue €373m Total revenue breakdown (in €m) LIKE-FOR-LIKE +15.7% L/L Reported Q1 22 Q1 21 change change Scope -0.5% Operating revenue 426 363 +15.3% +17.3% Other revenue 13 10 +29.7% +28.9% Currency +2.4% Tot
Slide 17: Double-digit organic growth across the board (Europe)
Q1 2022 operating revenue – Europe DOUBLE-DIGIT ORGANIC GROWTH ACROSS THE BOARD OPERATING REVENUE France vs. Q1 2021 Continued positive commercial momentum with new iconic key accounts and positive trend in the SME €270m +13.4% L/L segment 63% in Q1 22 +13.8% Strong growth in Employee Benefits s
Slide 18: Robust performance across the region in line with Q4 2021 trend
Q1 2022 operating revenue – Latin America ROBUST PERFORMANCE ACROSS THE REGION IN LINE WITH Q4 2021 TREND OPERATING REVENUE vs. Q1 2021 Brazil €123m +16.5% L/L Employee Benefits growth supported notably by the increasing contribution of the Itaù Unibanco partnership 29% in Q1 22 +26.5% Strong pe
Slide 19: High-twenties increase both in organic and reported figures
Q1 2022 other revenue HIGH-TWENTIES INCREASE BOTH IN ORGANIC AND REPORTED FIGURES Other revenue boosted by: OTHER REVENUE Strong business momentum positively €13m in Q1 22 impacting the float vs. €10m in Q1 21 Positive impact from higher rates outside the eurozone Reported Other revenue, in €m Q
Slide 20: Agenda
Agenda 1. Q1 2022 highlights 2. Q1 2022 revenue 3. Outlook 20
Slide 21: A disruptive leader generating sustainable and profitable growth
A DISRUPTIVE LEADER GENERATING SUSTAINABLE AND PROFITABLE GROWTH Since 2016, Edenred has been disrupting itself and consequently leading the transformation of its markets, operating a global B2B2C digital, data-enriched #1 platform, true to its purpose “Enrich connections. For good.” Edenred connect
Slide 22: Reaffirming Next Frontier strategic plan targets for 2022
REAFFIRMING NEXT FRONTIER STRATEGIC PLAN TARGETS FOR 2022 L/L ANNUAL OPERATING REVENUE GROWTH >+8% L/L ANNUAL EBITDA GROWTH >+10% ANNUAL FCF/EBITDA CONVERSION RATE1 >65% 1. At constant regulation and methodologies 22
Slide 23: Save the date: 2022 Capital Markets Day
SAVE THE DATE 2022 CAPITAL MARKETS DAY London, October 25
Slide 24: Appendices
APPENDICES S~
Slide 25: Revenue by region
REVENUE BY REGION Q1 Q1 Q1 In € millions 2022 2021 In € millions 2022 2021 In € millions 2022 2021 Europe 270 237 Europe 5 3 Europe 275 240 France 76 69 France 2 1 France 78 70 Rest of Europe 194 168 Rest of Europe 3 2 Rest of Europe 197 170 Latin America 123 97 Latin America 7 6 Latin America 130 1
Slide 26: Average exchange rate
AVERAGE EXCHANGE RATE Average rates Average rates Spot rate as Spot rate as 2022 vs. 2021 of 31.03.2022 of 31.03.2021 €1 = X foreign currency Q1 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Change (in %) Brazilian real (BRL) 5.92 6.59 11.3% 6.41 6.15 6.38 6.38 5.31 6.70 Mexican Peso (MXN) 23.07 24.5
Slide 27: 2022 expected calendar effects
2022 EXPECTED CALENDAR EFFECTS Q1 Q2 Q3 Q4 2022 Nb of Nb of Nb of Nb of Nb of Working days days days days days days Europe 1 (0) (1) (2) (2) Latin America 1 (0) 0 (1) (0) Rest of the world 1 0 0 (0) 1 TOTAL 1 (0) (0) (1) (1) 27
Slide 28: Slide 28