Slide 1: FY 2024 Results
FY 2024 RESULTS February 18, 2025
Slide 2: Note on the Accounts
NOTE ON THE ACCOUNTS It is specified that the 2023 figures presented in this presentation have been adjusted to allow a better comparison between the 2023 and 2024 fiscal years. Indeed, in Brazil, since January 1, 2024, Edenred has replaced the discounts granted to clients with alternative benefits
Slide 3: Executive Summary (1/2)
EXECUTIVE SUMMARY (1/2) 1 Delivering strong performance in FY 2024 from top to bottom Record EPS in 2024 at €2.07 vs. €1.711 in FY 2023, up 21.1%1 €2,856m Total revenue in FY 2024, up 12.2% as reported and 12.4% like-for-like vs. FY 2023 44.3% EBITDA margin, up 1.3 pts, and 39.1% operating EBI
Slide 4: Executive Summary (2/2)
EXECUTIVE SUMMARY (2/2) 4 Entering 2025 well positioned for further profitable growth, even in uncertain European economic conditions, relying on: An enriched, diversified and increasingly recurring revenue model Robust end-of-2024 underlying growth momentum in Benefits & Engagement and Mobility
Slide 5: Agenda
AGENDA 1. 2024 results 2. FY 2024 detailed financial performance 3. Entering 2025 well positioned for further profitable growth 4. 2025 outlook 5
Slide 6: Edenred Delivered a Strong Financial Performance in 2024
EDENRED DELIVERED A STRONG FINANCIAL PERFORMANCE IN 2024 EBITDA to FCF TOTAL REVENUE EBITDA EPS conversion1 €2,856m €1,265m 70% €2.07 +12.4% +19.0% +21.1 % like-for-like FY 2023 like-for-like vs. FY 2023 reported vs. FY 20232 Guidance >12% >70% like-for-like growth 1. At constant regulation and meth
Slide 7: Delivering strong topline growth in 2024
Delivering strong topline growth in 2024 7
Slide 8: Total Revenue Growth Supported by Double-Digit Operating Revenue Growth
TOTAL REVENUE GROWTH SUPPORTED BY DOUBLE-DIGIT OPERATING REVENUE GROWTH Total Revenue (€m) % LFL % Reported +311 2,856 2,545 247 203 Total revenue 12.4% 12.2% +44 2,609 +267 Other revenue +26.2% +22.0% 2,343 Operating revenue +11.2% +11.4% FY 2023 FY 2024 8
Slide 9: Double-Digit Organic Growth in Benefits & Engagement and Mobility
DOUBLE-DIGIT ORGANIC GROWTH IN BENEFITS & ENGAGEMENT AND MOBILITY… Benefits & Engagement Mobility Complementary Solutions ▪ Corporate Payment Services % OF FY 2024 GROUP ▪ Incentive OPERATING REVENUE 65% 24% 11% & Rewards ▪ Public Social Programs €1,702m €624m €283m FY 2024 LIKE-FOR-LIKE OPERATING R
Slide 10: All Geographies Contributing to the Strong Performance
… WITH ALL GEOGRAPHIES CONTRIBUTING TO THE STRONG PERFORMANCE Europe +7.9% like-for-like vs. FY 2023 61% +10.3% reported vs. FY 2023 Latin America +15.4% like-for-like vs. FY 2023 29% +10.1% reported vs. FY 2023 Rest of the World +19.7% like-for-like vs. FY 2023 10% +22.7% reported vs. FY 2023 10
Slide 11: Top-line growth and operating leverage drove further increase in profitability
Top-line growth and operating leverage drove further increase in profitability 11
Slide 12: Further Gain in Profitability Thanks to Improved Operating Leverage
FURTHER GAIN IN PROFITABILITY THANKS TO IMPROVED OPERATING LEVERAGE Operating EBITDA (€m) EBITDA (€m) 1,265 1,018 1,094 891 +1.3 pts +1.0 pt 44.3% 39.1% 43.0% 38.1% FY 2023 FY 2024 FY 2023 FY 2024 +15.1% like-for-like growth +19.0% like-for-like growth 12
Slide 13: Steady cash generation in 2024
Steady cash generation in 2024 13
Slide 14: A 70% FCF/EBITDA Conversion Rate
A 70% FCF/EBITDA CONVERSION RATE Free Cash Flow (€m) 8811 FCF/EBITDA conversion rate in line with guidance • Driven by a record FFO generation, up 19.2% • Focus on payment terms and cash collection FY 2024 EBITDA to FCF conversion1 70% 1. At constant regulation and methodology 14
Slide 15: Net Debt and Leverage Well Under Control
NET DEBT AND LEVERAGE WELL UNDER CONTROL Net Debt (€m) 2024 strong free cash flow generation 1,806 fueling: • 2024 acquisitions for €510m 1,100 • increased shareholder return to a total of 1.4x1 €664m (dividends and share buyback) 1.0x1 Net debt increased by €706m, of which €224m of FX effects a
Slide 16: Also delivering good extra-financial performance
Also delivering good extra-financial performance 16
Slide 17: Further Delivery in ESG in 2024
FURTHER DELIVERY IN ESG IN 2024 Progress in ESG … …recognized by leading ESG ratings 2023 2024 65/100 +7 pts vs. 2023 Member of the % of women among 2025 Sustainability Yearbook executive positions 37% 38% (for the 4th year in a row) 2024 for the second year % GHG emissions intensity reduction -61%
Slide 18: Agenda
AGENDA 1. 2024 results 2. FY 2024 detailed financial performance 3. Entering 2025 well positioned for further profitable growth 4. 2025 outlook 18
Slide 19: A Solid Performance in FY 2024
FY 2024 top-line A SOLID PERFORMANCE IN FY 2024 LFL growth LFL Reported FY 2024 FY 2023 Scope FX Excl. Argentina hyperinflation growth growth Operating revenue €2,609m €2,343m +10.4% +11.2% +11.4% +2.7% -2.5% Other revenue €247m €203m +26.9% +26.2% +22.0% +0.1% -4.2% Total revenue €2,856m €2,545m +1
Slide 20: Lower Growth in Q4 Amplified by Hyperinflation in Argentina
Q4 2024 top-line LOWER GROWTH IN Q4 AMPLIFIED BY THE IMPACT OF HYPERINFLATION IN ARGENTINA… LFL growth LFL Reported Q4 2024 Q4 2023 Scope FX Excl. Argentina hyperinflation growth growth Operating revenue €719m €664m +7.9% +4.6% +8.5% +2.0% +1.9% Other revenue €60m €62m -5.4% -8.0% -3.0% -0.1% +5.0%
Slide 21: …Which Has Not Been Linear Throughout the Year
FY 2024 top-line …WHICH HAS NOT BEEN LINEAR TROUGHOUT THE YEAR A 3.3% negative contribution due to … but a strong positive FX impact in Q4 Argentinian hyperinflation in Q4 2024… 2024 due to ARS1 devaluation in Q4 2023 FY 2024: +0.7% contribution of hyperinflation in Argentina FY 2024: €-6.1m FX impa
Slide 22: Good Underlying Performance in Europe
Q4 & FY 2024 operating revenue – Europe GOOD UNDERLYING PERFORMANCE IN EUROPE Q4 comments OPERATING REVENUE vs. FY 2023 France +10.3% Benefits & Engagement: sustained mid-single digit growth despite €1,582m as reported low performance in Gift, notably due to high comparison basis 61% in FY 2024 +7
Slide 23: Accelerated Growth in Latin America in Q4 2024
Q4 & FY 2024 operating revenue – Latin America ACCELERATED GROWTH IN LATIN AMERICA IN Q4 2024 Q4 comments OPERATING REVENUE vs. FY 2023 Brazil +10.1% €769m as reported Solid growth in Benefits & Engagement, with double-digit LFL growth both in Meal & Food and Beyond Food solutions 29% in FY 2024 +
Slide 24: Another Year of Significant Increase in Other Revenue
FY 2024 Other revenue ANOTHER YEAR OF SIGNIFICANT INCREASE IN OTHER REVENUE LFL Other revenue in €m FY 2024 FY 2023 change Other revenue up 26.2% LFL thanks to increase in float In Q4 2024, despite float increase, Europe 127 116 +9.2% Other revenue stands at €60m vs. €62m in Q4 2023 reflecting:
Slide 25: Total Revenue Growth Translates into Faster EBITDA Growth
From revenue to EBITDA TOTAL REVENUE GROWTH TRANSLATE INTO FASTER EBITDA GROWTH AT +19% LFL LFL Reported In € millions FY 2024 FY 2023 change change Operating revenue 2,609 2,343 +11.2% +11.4% Good control of operating expenses, while further investing in tech stacks Other revenue 247 203 +26.2% +
Slide 26: Record Year in Net Profit
FY 2024 net profit RECORD YEAR IN NET PROFIT FY 2024 FY 20231 Reported In € millions Excl. ADLC fine change EBITDA 1,265 1,094 +15.7% D&A excluding PPA (152) (131) PPA (73) (62) EBIT 1,040 901 +15.5% Share of net profit from equity-accounted companies 0 0 Other income and expenses (28) (37) Operatin
Slide 27: Record Funds from Operations (FFO) Generation
EBITDA to FCF RECORD FUNDS FROM OPERATIONS (FFO) GENERATION FY 2024 FY 2023 2024 comments In € millions EBITDA 1,265 1,094 Funds from operations (FFO) 870 730 Record FFO generation at €870m Increase in cash linked to changes in float +211 +240 Another strong increase in float Decrease/(Increase)
Slide 28: Net Debt Year-on-Year
Net debt as of December 31, 2024 NET DEBT YEAR-ON-YEAR Currency effects December 31, 2023 December 31, 2024 Free cash flow Acquisitions Shareholder return and other non- Net debt position Net debt position recurring items €(510)m €832m €(1,100)m €(1,806)m €(664)m Before constant regulation and metho
Slide 29: A Robust Financial Position
A ROBUST FINANCIAL POSITION Average bond debt maturity of 3.7 years High level of liquidity and solid balance sheet €4.9bn in cash1 and restricted funds on balance sheet 500 Undrawn revolving credit 35% 31% facility of €750m 700 Access 50% to €750m program for short-term Neu CP 600 500 500 500
Slide 30: Capital Allocation
CAPITAL ALLOCATION Proposed1 2024 dividend (per share) Well-balanced capital deployment Fund organic growth initiatives, through investments in core capabilities €1.21 +10% vs. 2023 Refocus M&A strategy on opportunistic bolt-on targets 1.21 Increase shareholder return: 1.10 ▪ Dividend growth i
Slide 31: Agenda
AGENDA 1. 2024 results 2. FY 2024 detailed financial performance 3. Entering 2025 well positioned for further profitable growth 4. 2025 outlook 31
Slide 32: Edenred relies on an enriched, diversified and increasingly recurring revenue model
Edenred relies on an enriched, diversified and increasingly recurring revenue model 32
Slide 33: Edenred Platform Serves a Significant and Growing Customer Base
EDENRED PLATFORM SERVES A SIGNIFICANT AND GROWING CUSTOMER BASE… 2024 Users 60m+ c. 90m1 Clients 1m Merchants 2m+ 1m+ Business Volume €45bn $68bn 33 1. Monthly active users | Sources: Statista, Uber Eats corporate website
Slide 34: Still Significant Headroom to Reach Full Potential
…WITH STILL SIGNIFICANT HEADROOM TO REACH “FULL POTENTIAL” A B C Capture full potential within Accelerate on existing client base thanks to Optimize pricing levers client acquisition upselling and cross-selling Focus next slide ~80% ~104% 5% Operating Revenue Net Retention Rate1 of BUs with advanced
Slide 35: A Net Retention Rate with Some Upside Potential
A NET RETENTION RATE WITH SOME UPSIDE POTENTIAL <5% Attrition rate in Business Volume Business Volumen-1 – Attritionn + Portfolio Expansionn = Net Retention Raten Business Volumen-1 Illustrations of potential ~104% Net Retention Rate1 123% 118% 116% (2024 weighted average) 35 1. Benefits & Engagemen
Slide 36: Enriched, Diversified and Increasingly Recurring Revenue Model
ENRICHED, DIVERSIFIED AND INCREASINGLY RECURRING REVENUE MODEL Contribution to FY 2024 78% operating revenue 6% 16% Per solution used on the platform Client set-up fees + subscription Platform fees + Business Volume Take-up rate = Operating revenue +3% +16% +11% +10bps +11.2% Operating Operating Bus
Slide 37: Robust end-of-2024 underlying growth momentum in Benefits & Engagement and Mobility
Robust end-of-2024 underlying growth momentum in Benefits & Engagement and Mobility with additional contribution expected from recently acquired businesses 37
Slide 38: Strong Underlying Business Momentum in Benefits & Engagement
STRONG UNDERLYING BUSINESS MOMENTUM IN BENEFITS & ENGAGEMENT… 59% Benefits & Engagement operating revenue LFL growth Excluding one-off Consumption Vouchers in Belgium and Gift solutions FY 24: +13.1% Operating revenue growth shows an acceleration in Q4 2024, excluding: 16.7% ▪ Consumption Vouchers
Slide 39: In Both Meal & Food and Beyond Food Solutions
…IN BOTH MEAL & FOOD AND BEYOND FOOD SOLUTIONS Meal & Food Beyond Food Business volume LFL growth - Meal & Food Operating revenue LFL growth - Beyond Food Excluding one-off Consumption Vouchers in Belgium) Excluding Gift solutions FY 24: +12.3% FY 24: +13.5% 15.7% 14.0% 13.2% 13.1% 13.1% 12.6% 11.2%
Slide 40: Acceleration in FY 2024 in Fuel and Beyond Fuel Businesses
ACCELERATION IN FY 2024 BOTH IN FUEL AND BEYOND FUEL BUSINESSES Fuel Beyond Fuel LFL operating revenue growth – Fuel1 LFL operating revenue growth – Beyond Fuel1 Excluding EBV Finance2 +4.5pts 14.9% +2.7pts 10.4% 7.5% 4.8% FY 2023 FY 2024 FY 2023 FY 2024 1. Without hyperinflation in Argentina 2. EBV
Slide 41: Strengthening Leading Positions and Enlarging Addressable Market Through Acquisitions
STRENGTHENING EDENRED LEADING POSITIONS AND ENLARGING TOTAL ADDRESSABLE MARKET THANKS TO RECENTLY ACQUIRED BUSINESSES Company Countries Vision Growth levers Build an unrivaled offer with the combination Synergies / Cross-selling / of Edenred Country roll-out Engagement Benefits & Create a leader in
Slide 42: Strong management commitment to optimize operating performance
Strong management commitment to optimize operating performance 42
Slide 43: Dedicated Action Plans for Businesses Performing Below Standards
DEDICATED ACTION PLANS FOR A FEW BUSINESSES PERFORMING BELOW EDENRED’S STANDARDS Performance/Product Improvement Plan 12% Portfolio Review 3% Gift EBV Finance1 CSI2 Incentive PSP3 BaaS4 2025 Action plan ▪ New products’ ▪ Leverage EBV ▪ Refocus on ▪ Digital offer ▪ Review of ▪ Rationalization launch
Slide 44: Focus on Cost Efficiency to Further Improve Operating EBITDA Margin
FOCUS ON COST EFFICIENCY TO FURTHER IMPROVE OPERATING EBITDA MARGIN Launch of Fit for Growth plan: tight control on operating expenses growth €1.6bn in 2024 ▪ Platform scale effect (lower unit cost per transaction) Variable ▪ Supplier contracts renegociation costs ▪ Go to market efficiencies Fixed ▪
Slide 45: Agenda
AGENDA 1. 2024 results 2. FY 2024 detailed financial performance 3. Entering 2025 well positioned for further profitable growth 4. 2025 outlook 45
Slide 46: Further Sustainable and Profitable Growth in 2025
FURTHER SUSTAINABLE AND PROFITABLE GROWTH IN 2025, IN A YEAR OF EUROPEAN ECONOMIC UNCERTAINTY Cash EBITDA conversion > +10% > 70% Like-for-like growth EBITDA to FCF conversion rate1 46 1. At constant regulation and methodology
Slide 47: Committing to a Minimum +10% LFL EBITDA Growth in 2025
COMMITTING TO A MINIMUM +10% LFL EBITDA GROWTH IN 2025, DESPITE THE IMPLEMENTATION OF A FEE CAP IN ITALY Illustration > +10% LFL growth Minimum expected at €210m (vs €247m in 2024) €1,265m Fit for Growth €60m Product/performance impact expected Portfolio review Core growth Beyond growth M&A integrat
Slide 48: Ambition to Maintain Solid Top Line Growth and Improve Operating Margin
AN AMBITION TO MAINTAIN SOLID TOP LINE GROWTH AND FURTHER IMPROVE OPERATING MARGIN IN 2025 1 With high customer loyalty and net retention rate, Edenred business model provides both high predictability and further growth potential 2 With Benefits & Engagement and Mobility delivering solid underlying
Slide 49: 2025 Capital Markets Day
SAVE THE DATE 2025 Capital Markets Day Paris, November 4th 49
Slide 50: Enrich connections.
Enrich connections. FOF QOOd
Slide 51: Appendices
APPENDICES
Slide 52: 2023 Published and Adjusted Figures
2023 PUBLISHED AND ADJUSTED1 FIGURES (in € millions) Edenred - Operating Revenue Q1 Q2 Q3 Q4 FY Published 2023 519 562 575 655 2 311 Adjusted 2023 526 569 583 664 2 343 Edenred - EBITDA H1 H2 FY Published 2023 483 611 1 094 Adjusted 2023 483 611 1 094 Edenred - EBITDA margin H1 H2 FY 2023 reported 4
Slide 53: Operating Revenue by Region
OPERATING REVENUE BY REGION Published Figures Adjusted Figures Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY 1 1 1 1 1 In € millions 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Europe 383 324 391 353 367 342 441 415 1,582 1,434 383 324 391 353 367 342 441 415
Slide 54: Operating Revenue by Business Line
OPERATING REVENUE BY BUSINESS LINE Published Figures Adjusted Figures Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY In € millions 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 1 2024 2023 1 2024 2023 1 2024 2023 1 2024 2023 1 Benefits & Engagement 408 317 413 345 398 358 483 429 1,702 1,449 408 325 41
Slide 55: Other Revenue
OTHER REVENUE Q1 Q2 Q3 Q4 FY In € millions 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Europe 32 22 33 27 33 32 29 35 127 116 France 8 4 8 5 8 6 7 9 31 24 Rest of Europe 25 19 24 21 24 26 23 26 96 92 Latin America 20 12 20 12 20 20 18 21 78 65 Rest of the world 8 4 11 5 10 7 13 6 42 22 Other r
Slide 56: Total Revenue
TOTAL REVENUE Published Figures Adjusted Figures Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY 1 1 1 1 1 In € millions 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Europe 415 346 424 380 400 374 470 450 1,709 1,550 415 346 424 380 400 374 470 450 1,709 1,550 Fr
Slide 57: EBITDA & EBIT
EBITDA & EBIT In € millions 2024 2023 Reported Like-for-like In € millions 2024 2023 Reported Like-for-like Europe 800 736 +8.8% +8.5% Europe 670 630 +6.2% +7.7% France 153 141 +8.8% +11.2% France 121 113 +6.2% +9.2% Rest of Europe 647 595 +8.8% +7.9% Rest of Europe 549 517 +6.2% +7.4% Latin America
Slide 58: 2023 Revenue and EBITDA Margin as Published
2023 REVENUE AND EBITDA MARGIN AS PUBLISHED LFL Reported In € millions FY 2024 FY 2023 change change Operating revenue 2,609 2,311 +12.7% +12.9% Other revenue 247 203 +26.2% +22.0% Total revenue 2,856 2,514 +13.8% +13.6% Operating expenses (1,591) (1,420) -9.8% -12.1% EBITDA 1,265 1,094 +19.0% +15.7
Slide 59: P&L
P&L1 Reported FY 2024 FY 2023 change In € millions EBITDA 1,265 1,094 +15.7% D&A excluding PPA (152) (131) PPA (73) (62) EBIT 1,040 901 +15.5% Share of net profit from equity-accounted companies 0 0 Other income and expenses (28) (195) Operating profit including share of net profit from equity accou
Slide 60: 2024 Free Cash Flow
2024 FREE CASH FLOW In € millions FY 2024 FY 2023 Net profit attributable to owners of the parent 507 267 Non-controlling interests 38 41 Dividends received from equity-accounted companies 5 3 Difference between income tax paid and income tax expense (4) 28 Non-cash income and expenses 324 391 = Fun
Slide 61: Summarized Balance Sheet
SUMMARIZED BALANCE SHEET In € millions Dec 24 Dec 23 In € millions Dec 24 Dec 23 Goodwill 3,262 2,779 Total equity (809) (569) Intangible assets 1,264 1,253 Property, plant & equipment 181 160 Gross debt and other financial Investments in associates 8 18 4,837 4,470 liabilities Non-current derivativ
Slide 62: Average Exchange Rate
AVERAGE EXCHANGE RATE Average rates Spot rate as Spot rate as 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 of €1 = X foreign currency Q1 2024 Q1 2023 Q2 2024 Q2 2023 Q3 2024 Q3 2023 Q4 2024 Q4 2023 YTD 2024 YTD 2023 of 12.31.2023 Change (in %) Change (in %) Change (in %) Cha
Slide 63: 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) 63