Slide 1: H1 2025 Results
H1 2025 RESULTS July 23, 2025
Slide 2: Executive Summary (1/2)
EXECUTIVE SUMMARY (1/2) Edenred delivers sustained top-line growth in H1 2025… Operating revenue of €1,339m, up 7.1% like-for-like and up 5.3% as reported, reflecting: • Double-digit growth in Mobility in both Q1 and Q2 2025 • Benefits & Engagement growth acceleration in Q2 2025 vs. Q1 2025 • Doub
Slide 3: Executive Summary (2/2)
EXECUTIVE SUMMARY (2/2) Edenred pursues the roll-out of its Beyond22-25 strategy while optimizing its operating performance Continuously growing our clients base through key clients’ contracts and partnerships Leveraging our digital platform to foster innovation and seize new business opportunit
Slide 4: Agenda
AGENDA 1. H1 2025 key figures & highlights 2. H1 2025 detailed financial performance 3. 2025 outlook 4
Slide 5: Edenred delivers another solid financial performance in H1 2025
EDENRED DELIVERS ANOTHER SOLID FINANCIAL PERFORMANCE IN H1 2025 OPERATING FUNDS FROM EBITDA ADJUSTED EPS1 REVENUE OPERATIONS €1,339m €654m €468m €1.16 +7.1% +14.4% +17.0% +7.4% LFL vs. H1 2024 LFL vs. H1 2024 reported vs. H1 2024 reported vs. H1 2024 1. Excluding PPA and Other income & expenses, aft
Slide 6: Sustained like-for-like operating revenue growth and greater efficiency translate into double-digit LFL EBITDA growth
Sustained like-for-like operating revenue growth and greater efficiency translate into double-digit LFL EBITDA growth 6
Slide 7: Delivering steady like-for-like operating revenue growth
DELIVERING STEADY LIKE-FOR-LIKE OPERATING REVENUE GROWTH… Operating revenue (€m) +7.1% LFL growth +7.1% LFL growth +7.1% LFL growth 1,339 1,271 667 672 646 625 Q1 24 Q1 25 Q2 24 Q2 25 H1 24 H1 25 7
Slide 8: Driven by continued growth in Benefits & Engagement and Mobility
…DRIVEN BY CONTINUED GROWTH IN BENEFITS & ENGAGEMENT AND MOBILITY… Benefits & Engagement Mobility Complementary solutions ▪ Corporate Payment Services % OF H1 2025 GROUP ▪ Incentive OPERATING REVENUE 65% 26% 9% & Rewards ▪ Public Social Programs €867m €347m €125m H1 2025 LIKE-FOR-LIKE OPERATING REVE
Slide 9: Double-digit operating revenue growth in Latin America and Rest of the World
…AND DOUBLE-DIGIT OPERATING REVENUE GROWTH IN LATIN AMERICA AND REST OF THE WORLD Europe +1.7% like-for-like 61% vs. H1 2024 Latin America +15.1% like-for-like 29% vs. H1 2024 Rest of the World +16.6% like-for-like 10% vs. H1 2024 % of H1 2025 Group operating revenue 9
Slide 10: Operating leverage and Fit for Growth lead to strong increase in EBITDA
OPERATING LEVERAGE AND FIRST EFFECTS OF ‘FIT FOR GROWTH’ PROGRAM LEADING TO STRONG INCREASE IN OPERATING EBITDA AND EBITDA Operating EBITDA (€m) EBITDA (€m) +18.4% LFL growth +14.4% LFL growth 654 597 542 473 +2.3pts 45.1% margin 40.5% +3.3pts margin 42.8% margin 37.2% margin H1 2024 H1 2025 H1 2024
Slide 11: H1 2025 business highlights
H1 2025 business highlights 11
Slide 12: Benefits & Engagement: enhancing our offer in Germany
BENEFITS & ENGAGEMENT: ENHANCING OUR OFFER ON A VAST AND UNDERPENETRATED BENEFITS MARKET IN GERMANY Edenred City, a leading benefit offer What’s new? A simple and flexible benefit-in-kind solution, A revamped digital offer giving employees access to a large choice of merchants (e.g. shops, resta
Slide 13: Mobility: good rebound by Edenred Finance
MOBILITY: GOOD REBOUND BY EDENRED FINANCE Edenred Finance1, a best-in-class tax refund services What’s new? #2 tax refund service provider in Europe Activity back in positive territory in June 2025: +14% LFL operating revenue growth 28 countries (vs. June 2024) x2 in revenue since the acquisition
Slide 14: Complementary solutions: seizing new opportunities in Taiwan
COMPLEMENTARY SOLUTIONS: SEIZING NEW OPPORTUNITIES IN TAIWAN Ticket Xpress, a digital gift voucher What’s new? Simple and flexible vouchers for incentive and rewards New partnership with monthly redeemed vouchers Ticket Xpress seamlessly embedded ~3.5m (in June 2025) in the Metro Taipei app to
Slide 15: Agenda
AGENDA 1. H1 2025 key figures & highlights 2. H1 2025 detailed financial performance 3. 2025 outlook 15
Slide 16: Total revenue up 6.4% LFL in H1 2025, partially offset by FX headwinds
H1 2025 top-line TOTAL REVENUE UP 6.4% LFL IN H1 2025, PARTIALLY OFFSET BY FX HEADWINDS Operating revenue + Other revenue = Total revenue +5.3% reported growth -9.7% reported growth +4.0% reported growth +6.4% +3.3% €1,451m +3.6% +7.1% -5.7% €1,339m €1,395m €1,271m -5.4% €124m 0.0% €112m -0.6% -9.1%
Slide 17: Double-digit LFL growth in Brazil and Hispanic Latin America
Q2 & H1 2025 operating revenue – Latin America DELIVERING DOUBLE-DIGIT LFL GROWTH IN H1 2025 IN BOTH BRAZIL AND HISPANIC LATIN AMERICA Q2 comments OPERATING REVENUE vs. H1 2024 Brazil Double digit growth in Benefits & Engagement with a +15.1% €393m LFL strong contribution from both Meal & Food vou
Slide 18: Stronger growth in Q2 than Q1 in Europe
Q2 & H1 2025 operating revenue – Europe STRONGER GROWTH IN Q2 THAN IN Q1 IN EUROPE IN A CONTEXT OF AN UNCERTAIN MACRO-ECONOMIC ENVIRONMENT OPERATING REVENUE Q2 comments vs. H1 2024 Rest of Europe +4.9% €811m as reported Benefits & Engagement: acceleration of the growth 61% in H1 25 across all majo
Slide 19: Other revenue almost flat on LFL basis
H1 2025 other revenue OTHER REVENUE ALMOST FLAT ON LFL BASIS, NEGATIVELY IMPACTED BY FX EFFECT Other revenue LFL Reported H1 2025 H1 2024 change change (in €m) Europe 52 65 -20.7% -20.5% Upward trend in Brazilian interest rates Higher float Latin America 40 40 +16.6% +0.5% Rest of the World 20 19 +3
Slide 20: A growing adjusted EPS
H1 2025 net profit A GROWING ADJUSTED EPS Reported LFL H1 2025 H1 2024 change change In € millions Total Revenue 1,451 1,395 +4.0% +6.4% Operating Expenses (797) (798) +0.2% -0.4% EBITDA 654 597 +9.6% +14.4% Operating EBITDA up 18.4% EBITDA margin +45.1% +42.8% +232 bps +323 bps and operating EBIT
Slide 21: Confirming 70% free cash flow/EBITDA conversion rate for FY 2025
CONFIRMING 70% FREE CASH FLOW/EBITDA CONVERSION RATE FOR FY 2025 H1 2025 H1 2024 In € millions EBITDA 654 597 Funds from operations (FFO) 468 400 Strong FFO generation at €468m, up 17.0% benefiting from EBITDA growth partially (Decrease)/Increase in cash linked to changes in float (281) (121) offs
Slide 22: Net debt year-on-year
Net debt as of June 30, 2025 NET DEBT YEAR-ON-YEAR Currency effects June 30, 2024 June 30, 2025 Free cash flow Acquisitions Shareholder return and other non- Net debt position Net debt position recurring items €(1,880)m Notably including: • Dividends paid to Edenred SE shareholders: €(289)m €(2,351)
Slide 23: Agenda
AGENDA 1. H1 2025 key figures & highlights 2. H1 2025 detailed financial performance 3. 2025 outlook 23
Slide 24: Delivering further topline growth in 2025 with higher operating profitability
DELIVERING FURTHER TOPLINE GROWTH IN 2025 WITH HIGHER OPERATING PROFITABILITY 1 A multi-local footprint and diversified business mix bringing highly recurring revenues Benefits & Engagement and Mobility providing powerful 2 growth opportunities Acceleration of Beyond Food and Beyond Fuel solutions 3
Slide 25: Edenred confirms its targets for FY 2025
GENERATING SUSTAINABLE AND PROFITABLE GROWTH, EDENRED CONFIRMS ITS TARGETS FOR FY 20251 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 deteriorat
Slide 26: Enrich connections
Enrich connections. FOF QOOd
Slide 27: Appendices
APPENDICES
Slide 28: Operating revenue by region
OPERATING REVENUE BY REGION Q1 Q2 HY In € millions 2025 2024 2025 2024 2025 2024 Europe 401 383 410 391 811 774 France 91 91 86 86 177 177 Rest of Europe 310 292 324 305 634 597 Latin America 196 182 197 191 393 373 Rest of the world 70 61 65 63 135 124 Operating revenue 667 625 672 646 1,339 1,271
Slide 29: Operating revenue by business line
OPERATING REVENUE BY BUSINESS LINE Q1 Q2 HY In € millions 2025 2024 2025 2024 2025 2024 Benefits & Engagement 432 408 435 413 867 821 Mobility 172 150 175 161 347 311 Complementary Solutions 63 67 62 72 125 139 Operating revenue 667 625 672 646 1,339 1,271 Q1 Q2 HY Like-for- Like-for- Like-for- In %
Slide 30: Other revenue
OTHER REVENUE Q1 Q2 HY In € millions 2025 2024 2025 2024 2025 2024 Europe 26 32 26 33 52 65 France 7 8 8 8 15 16 Rest of Europe 19 25 18 24 37 49 Latin America 20 20 20 20 40 40 Rest of the world 11 8 9 11 20 19 Other revenue 57 60 55 64 112 124 Q1 Q2 HY Like-for- Like-for- Like-for- In % Reported R
Slide 31: Total revenue
TOTAL REVENUE Q1 Q2 HY In € millions 2025 2024 2025 2024 2025 2024 Europe 428 415 435 424 863 839 France 98 98 94 95 192 193 Rest of Europe 330 317 341 329 671 646 Latin America 216 202 217 211 433 413 Rest of the world 80 69 75 74 155 143 Total revenue 724 685 727 710 1,451 1,395 Q1 Q2 HY Like-for-
Slide 32: Total revenue up 6.2% in Q2 2025
Q2 2025 top-line TOTAL REVENUE UP 6.2% IN Q2 2025 SUPPORTED BY STEADY GROWTH IN OPERATING REVENUE LFL Reported Q2 2025 Q2 2024 Scope FX growth growth Operating revenue €672m €646m 562 +7.1% +4.0% +3.2% -6.3% Other revenue €55m €64m -3.0% -14.0% +0.0% -11.0% Total revenue €727m €710m +6.2% +2.4% +2.9
Slide 33: EBITDA & EBIT
EBITDA & EBIT In € millions H1 2025 H1 2024 Reported Like-for-like In € millions H1 2025 H1 2024 Reported Like-for-like Europe 400 384 +4.1% +3.4% Europe 323 324 -0.1% +0.3% France 64 72 -10.6% -10.6% France 50 58 -13.9% -13.9% Rest of Europe 336 312 +7.5% +6.6% Rest of Europe 273 266 +2.9% +3.4% La
Slide 34: 2025 Free cash flow
2025 FREE CASH FLOW In € millions H1 2025 H1 2024 Net profit attributable to owners of the parent 235 235 Non-controlling interests 19 18 Dividends received from equity-accounted companies (1) 3 Difference between income tax paid and income tax expense 40 - Non-cash income and expenses 175 144 = Fun
Slide 35: Summarized balance sheet
SUMMARIZED BALANCE SHEET June 30, June 30, June 30, June 30, In € millions Dec 24 In € millions Dec 24 2025 2024 2025 2024 Goodwill 3,027 3,262 2,929 Total equity (1,046) (809) (825) Intangible assets 1,369 1,264 1,266 Property, plant & equipment 173 181 174 Gross debt and other financial Investment
Slide 36: A robust financial position
A ROBUST FINANCIAL POSITION Average bond debt maturity of 3.8 years H1 takeaways No repayment scheduled in H2 2025 €750m undrawn committed 31% 35% Revolving Credit Facility maturing in February 2027 50% 1,000 65% 69% 750 No financial covenants 700 500 600 500 50% 400 0 A- rating reiterated b
Slide 37: Average exchange rate
AVERAGE EXCHANGE RATE Average rates Average rates Spot rate as Spot rate as 2025 vs. 2024 2025 vs. 2024 of €1 = X foreign currency Q1 2025 Q1 2024 Q2 2025 Q2 2024 Q3 2024 Q4 2024 YTD 2024 of 30.06.2024 Change (in %) Change (in %) 30.06.2025 Brazilian real (BRL) 6.17 5.38 -12.8% 6.42 5.61 -12.7% 6.09
Slide 38: 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) 38
Slide 39: 2025 Capital Markets Day
SAVE THE DATE 2025 Capital Markets Day Paris, November 4th 39