Edenred Sa · EURONEXT:EDEN
Edenred Sa — Investor Presentation (December 2025)
37 slides from Edenred Sa's investor presentation, December 2025
Slide 1: Investors Presentation
INVESTORS PRESENTATION December 2025
Slide 2: Edenred in a Nutshell (1/2)
EDENRED IN A NUTSHELL (1/2) 1.1 With a unique and trusted presence in 3 businesses (Benefits & Engagement, Mobility, Payment Solutions & New Markets), Edenred almost tripled its total revenue and more than tripled its EBITDA since 2015, delivering strong sustainable and profitable growth. 2.2 Today,
Slide 3: Edenred in a Nutshell (2/2)
EDENRED IN A NUTSHELL (2/2) 1.5 With Amplify, Edenred affirms its 2030 growth ambition of more than €5bn in total revenue. This translates into new medium term financial targets for Amplify25–28 : a sustainable and profitable EBITDA LFL growth in the range of +8%/+12% over the plan ▪ In 2026 (rebasi
Slide 4: A unique and trusted presence in three businesses
1 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 4
Slide 5: A strong track record of sustainable and profitable growth
1 …WITH A STRONG TRACK RECORD OF DELIVERING SUSTAINABLE AND PROFITABLE 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) 5
Slide 6: The only global and integrated player at scale
2 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 6
Slide 7: With global leadership positions
2 …WITH 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: Operating in large, growing and vastly underpenetrated markets
2 OPERATING IN LARGE, GROWING AND VASTLY UNDERPENETRATED MARKETS… 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%
Slide 9: With limited and reduced exposure to regulatory rebasing
2 …WITH 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 Presidential voted proposed decree 1. Proforma 2024 figure including the expected €120m negative impact on EBITDA f
Slide 10: Orchestrating a mission-critical infrastructure
2 ORCHESTRATING A MISSION- 60m+ CRITICAL INFRASTRUCTURE… Users Enriched daily experience 1m+ 2m+ Companies Merchants Increased employees' Qualified engagement business generation and operations efficiency ~120 Solution Partners Extended go-to-market 10
Slide 11: Powered by a unique in-house specific-purpose payment engine
2 …POWERED BY A UNIQUE IN-HOUSE SPECIFIC-PURPOSE PAYMENT ENGINE >€100Bn Volume processed annually 99.99% Platform availability 25m+ Annually issued physical & virtual cards 30+ countries Scheme and payment 100+ method connections 2025(e) estimated figures 11
Slide 12: The most comprehensive integrated suite of digital solutions
2 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
Slide 13: Edenred unmatched assets to pursue sustainable and profitable growth
2 EDENRED 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 Ac
Slide 14: Building over the foundations laid during the last 3 strategic cycles
3 BUILDING OVER THE FOUNDATIONS LAID DURING THE LAST 3 STRATEGIC CYCLES… Beyond Diversify 40% Operating Revenue beyond Meal & Food and Fuel 2022-2025 + NextFrontier Increase market +140k New SME contracts penetration in 2024 2019-2022 + FastForward Digitalize 96% Digital business volume 2016-2019 14
Slide 15: Edenred is best positioned to successfully deliver its new growth plan
…Edenred is best positioned to successfully deliver its new growth plan 15
Slide 16: 16
16
Slide 17: Attract Enrich Activate
4 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 17
Slide 18: Attract: amplifying customer acquisition opportunities
4 ATTRACT: 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 acqui
Slide 19: Enrich: unlocking the untapped cross-sell and upsell potential
4 ENRICH: UNLOCKING THE UNTAPPED CROSS-SELL AND UPSELL POTENTIAL ARPU illustration (base 100) 100 New customers Acquire on Core solution Core solution Increase of total revenue per user 100 50 X-sell ~2.5 Average # solutions per client by 2028 Core + Diversified solution solution 125 Increase of rev
Slide 20: Activate: leveraging Edenred unique intimacy with its 60m+ users
4 ACTIVATE: LEVERAGING EDENRED UNIQUE INTIMACY WITH ITS 60M+ USERS’ AUDIENCE 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 drive
Slide 21: Amplify25-28: an enriched revenue model per user
4 AMPLIFY25-28: AN ENRICHED REVENUE MODEL PER USER From Take-Up Rate… …to Average Revenue Per User (ARPU) €2.8Bn 1 Solution-based fees 2025(c) Operating Revenue Business volume … driven by # users x Solution 2 amount spent Solution 1 2 Non-transactional fees 60m+ Take-up rate Platform subscription P
Slide 22: An enriched growth equation increasing value per user
4 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 22
Slide 23: Product & Tech strategy: an unmatched platform at scale
4 PRODUCT & TECH STRATEGY: AN UNMATCHED PLATFORM AT SCALE Clients Users Merchants Experience Mobile Web API NFC QR code Conversational AI Product & Tech investment priorities ▪ Platform scale ▪ Product and payment Business Benefits Edenred+ Meal & Food Gift Childcare … Innovation Applications & Enga
Slide 24: Data, a cornerstone of Edenred growth strategy
4 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 1 campaigns to boost cross-sell (e.g. Intelligent Fleet Management) Global data platfor
Slide 25: Unleashing the power of AI
4 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
Slide 26: Amplify25-28 strategic plan to fuel sustainable and profitable growth
5 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 Brazil and portfolio optimization Total Revenu
Slide 27: Three strategic pillars to drive organic operating revenue growth
5 …WITH ITS 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 and upsell opportunities digit • En
Slide 28: Edenred growth ambition for 2030
5 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 28
Slide 29: Translated into 2026-2028 targets
5 TRANSLATED INTO 2026-2028 TARGETS 2026 2027 2028 EBITDA (LFL growth) -8%/-12% +8%/+12% Corresponding to Medium-term EBITDA +8%/+12% (intrinsic LFL growth) annual targets FCF/EBITDA ≥ 65% conversion rate1 1. At constant regulation and methodology 29
Slide 30: 2026: a rebasing year
2026: A REBASING YEAR Group EBITDA LFL evolution Illustrative -8%/-12% LFL decline +8%/+12% LFL growth -8%/-12% EBITDA LFL decline 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
Slide 31: 2027 and 2028: Edenred to fully benefit from the Amplify25-28 plan
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 T
Slide 32: High and predictable cash generation and conversion
6 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. A
Slide 33: A capital allocation framework focused on growth and shareholder return
7 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
Slide 34: A fast-deleveraging balance sheet leaving ample headroom for M&A
7 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 equivalents Other current 1,392 financial assets (4,8
Slide 35: 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 36: Enrich
Enrich connections. FOF QOOd
Slide 37: 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,