Slide 1: Q3 2025 Revenue
Q3 2025 REVENUE October 21, 2025
Slide 2: Executive Summary
EXECUTIVE SUMMARY Edenred delivers stronger top-line growth in Q3 vs. H1 2025 Operating revenue of €667m, up 8.2% like-for-like and up 7.8% as reported, reflecting: • Acceleration in all business lines in Q3 vs. H1 2025 • Acceleration in Europe in Q3 2025 • Sustained double-digit growth both in La
Slide 3: Agenda
AGENDA 1. Key highlights 2. Q3 2025 revenue 3. 2025 outlook 3
Slide 4: Benefits & Engagement: sustained organic growth fueled by face value increases
BENEFITS & ENGAGEMENT: SUSTAINED ORGANIC GROWTH NOTABLY FUELED BY FACE VALUE INCREASES Frequent legal face value increases in all geographies… … fueling future upsell on customer base Face value usage ramp-up after a maximum legal face value increase Countries have already increased Illustrative 202
Slide 5: Mobility: Edenred partnering with best-in-class fuel players
MOBILITY: EDENRED PARTNERING WITH BEST-IN-CLASS FUEL PLAYERS TO EXPAND ITS CUSTOMER BASE Reinforcing our Fuel card offering… …and seizing Beyond Fuel opportunities #2 Fuel card provider in Italy Edenred #2 Tax refund service (vs. #6 before IP acquisition in 2024) Finance provider in Europe, operatin
Slide 6: Reinforcing Edenred unique global platform
REINFORCING EDENRED UNIQUE GLOBAL PLATFORM Edenred Specific Purpose Payment Engine… …. reinforced by a strategic partnership Benefits & Wallets Engagement Edenred PayTech Mobility Payment Tech + enablers Compliance KYC Spending rules Fraud EML in UK & EUR AML / TMS New strategic partnership Tokeni
Slide 7: Agenda
AGENDA 1. Key highlights 2. Q3 2025 revenue 3. 2025 outlook 7
Slide 8: Quarter on quarter, stronger operating revenue organic growth
QUARTER ON QUARTER, STRONGER OPERATING REVENUE ORGANIC GROWTH Operating revenue (€m) Q1 25 Q2 25 Q3 25 9M 25 +7.1% LFL growth +7.1% LFL growth +8.2% LFL growth +7.5% LFL growth 2,005 1,889 667 672 667 646 619 625 Q1 24 Q1 25 Q2 24 Q2 25 Q3 24 Q3 25 9M 24 9M 25 8
Slide 9: Acceleration in all business lines in Q3 2025 vs H1 2025
ACCELERATION IN ALL BUSINESS LINES IN Q3 2025 VS H1 2025 Benefits & Engagement Mobility Complementary Solutions ▪ Corporate Payment Services % OF Q3 2025 GROUP OPERATING REVENUE 64% 27% 9% ▪ Incentive & Rewards ▪ Public Social Programs Q3 2025 OPERATING REVENUE €426m €179m €62m Q3 2025 LIKE-FOR-LIKE
Slide 10: Acceleration in Europe
ACCELERATION IN EUROPE Europe +4.7% LFL vs. Q3 2024 59% +2.7% LFL vs. 9M 2024 Latin America +12.1% LFL vs. Q3 2024 31% +14.1% LFL vs. 9M 2024 Rest of the World +16.3% LFL vs. Q3 2024 % of Q3 2025 Group operating revenue 10% +16.5% LFL vs. 9M 2024 10
Slide 11: Higher performance in Q3 2025 both in France and Rest of Europe
Q3 2025 operating revenue – Europe HIGHER PERFORMANCE IN Q3 2025 BOTH IN FRANCE AND REST OF EUROPE OPERATING REVENUE Q3 comments vs. Q3 2024 +4.7% Rest of Europe €392m LFL Benefits & Engagement: confirmed acceleration of growth 59% in Q3 25 across all major geographies, driven by Southern Europe a
Slide 12: Continued double-digit LFL growth in Latin America
Q3 2025 operating revenue – Latin America CONTINUED DOUBLE-DIGIT LFL GROWTH IN LATIN AMERICA OPERATING REVENUE Q3 comments vs. Q3 2024 +9.9% Brazil €208m as reported Double-digit growth in Benefits & Engagement driven 31% in Q3 25 +12.1% notably by a solid business momentum in Meal & Food LFL Do
Slide 13: Other revenue: from a €210m floor to c.€220m in FY2025
Q3 2025 other revenue OTHER REVENUE: FROM A €210M FLOOR TO C.€220M IN FY2025 Other revenue Reported Reported Q3 2025 Q3 2024 9M 2025 9M 2024 (in €m) change change Europe 25 33 -24.3% 76 97 -21.7% Latin America 24 20 +18.4% 65 61 +6.6% Rest of the 10 10 +0.6% 30 29 +3.6% World Total €59m 63 -6.4% €17
Slide 14: Improved operating revenue organic growth in Q3 2025, partially offset by other revenue trend and FX
Q3 2025 top-line IMPROVED OPERATING REVENUE ORGANIC GROWTH IN Q3 2025, PARTIALLY OFFSET BY OTHER REVENUE TREND AND FX Operating revenue + Other revenue = Total revenue +7.8% reported growth -6.4% reported growth +6.5% reported growth +7.3% +2.3% €726m €682m +8.2% +2.6% €667m -3.2% €619m - 3.0% €63m
Slide 15: Agenda
AGENDA 1. Key highlights 2. Q3 2025 revenue 3. 2025 outlook 15
Slide 16: Edenred confirms its FY 2025 targets
EDENRED CONFIRMS ITS FY 20251 TARGETS EBITDA Free cash flow/EBITDA conversion rate3 > +10% LFL growth > 70% (equivalent to a minimum ~€1,340m based on FX rates as of June 30, 20252) 1. While remaining vigilant on any further macro-economic deterioration in a disrupted environment, and taking into ac
Slide 17: Save the date
SAVE THE DATE Capital Webcast starting at 2pm (CET) Markets Day Registration here November 4, 2025 17
Slide 18: Appendices
APPENDICES
Slide 19: Total revenue up 6.7% LFL in 9M 2025, partially offset by FX headwinds
9M 2025 top-line TOTAL REVENUE UP 6.7% LFL IN 9M 2025, PARTIALLY OFFSET BY FX HEADWINDS Operating revenue + Other revenue = Total revenue +6.1% reported growth -8.6% reported growth +4.8% reported growth +6.7% +3.0% €2,176m €2,076m +7.5% +3.3% €2,005m -4.9% €1,889m - 4.6% €187m 0.0% €171m -1.0% -7.6
Slide 20: Operating revenue by business line
OPERATING REVENUE BY BUSINESS LINE Q1 Q2 Q3 9M In € millions 2025 2024 2025 2024 2025 2024 2025 2024 Benefits & Engagement 432 408 435 413 426 398 1,294 1,219 Mobility 172 150 175 161 179 152 526 463 Complementary Solutions 63 67 62 72 62 69 186 208 Operating revenue 667 625 672 646 667 619 2,005 1,
Slide 21: Operating revenue by region
OPERATING REVENUE BY REGION Q1 Q2 Q3 9M In € millions 2025 2024 2025 2024 2025 2024 2025 2024 Europe 401 383 410 391 392 367 1,204 1,141 France 91 91 86 86 81 79 258 256 Rest of Europe 310 292 324 305 311 288 945 885 Latin America 196 182 197 191 208 189 600 562 Rest of the world 70 61 65 63 67 63 2
Slide 22: Other revenue by region
OTHER REVENUE BY REGION Q1 Q2 Q3 9M In € millions 2025 2024 2025 2024 2025 2024 2025 2024 Europe 26 32 26 33 25 33 76 97 France 7 8 8 8 7 8 21 24 Rest of Europe 19 25 18 24 18 24 55 74 Latin America 20 20 20 20 24 20 65 61 Rest of the world 11 8 9 11 10 10 30 29 Other revenue 57 60 55 64 59 63 171 1
Slide 23: Total revenue by region
TOTAL REVENUE BY REGION Q1 Q2 Q3 9M In € millions 2025 2024 2025 2024 2025 2024 2025 2024 Europe 428 415 435 424 416 400 1,280 1,238 France 98 98 94 95 88 88 279 280 Rest of Europe 330 317 341 329 328 312 1,001 959 Latin America 216 202 217 211 232 210 665 622 Rest of the world 80 69 75 74 77 73 232
Slide 24: Average exchange rate
AVERAGE EXCHANGE RATE Average rates Average rates Spot rate as Spot rate as 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 2024 YTD 2024 of 30.09.2024 Change (in %) Change (in %) Change (in %) 30.09.2025 Brazilian real (BRL) 6.
Slide 25: 2025 expected calendar effects
2025 EXPECTED CALENDAR EFFECTS Q1 Q2 Q3 Q4 2025 Nb of Nb of Nb of Nb of Nb of Working days days days days days days Europe (1) (1) (0) 0 (2) Latin America 0 (2) (0) (0) (3) Rest of the world (1) 3 1 0 3 TOTAL (1) (1) (0) 0 (1) 25
Slide 26: Enrich
Enrich connections. FOF QOOd