Edenred Sa · EURONEXT:EDEN
Edenred Sa — Investor Presentation (September 2026)
48 slides from Edenred Sa's investor presentation, September 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION September 2026
Slide 2: Contents
CONTENTS 1. A unique global leader 2. Amplify25-28, a new strategic plan already live 3. Edenred demonstrated the strength of its diversified model in H1 2026 4. An enhanced sustainable development policy 5. Outlook 2
Slide 3: A unique global leader
1 A unique global leader 3
Slide 4: The global leader in growth markets
The global leader in growth markets 4
Slide 5: A Global Presence
A GLOBAL PRESENCE €3Bn Total Revenue in 2025 44 Countries 70% of Operating Revenue generated in countries where we are leader1 x2.5 Faster revenue growth versus addressed markets2 1. Meal & Food and multi energy cards markets in 2025 2. From 2022 to 2025 5
Slide 6: Three Business Lines
THREE BUSINESS LINES Payment Solutions Benefits & Engagement Mobility & New Markets Weight of proforma 2025 66% 26% 8% operating revenue1 31 countries 28 countries 10 countries 1. Including the impact of the regulatory change in Italy 6
Slide 7: A Distinctive Value Proposition for Our Stakeholders
A DISTINCTIVE VALUE PROPOSITION FOR OUR STAKEHOLDERS Translating …into USER …driving business traffic CORPORATE needs... daily experience… for PARTNER MERCHANTS 1m+ Companies 60m+ Users 2m+ Partner merchants Solutions for HR Directors: Mobile-first solutions for users: Partner merchants revenues boo
Slide 8: Large, Growing, and Largely Underpenetrated Markets
LARGE, GROWING, AND LARGELY UNDERPENETRATED MARKETS Business Volume – 2025 >€1,700Bn Total Addressable Market Total Addressable Market1 +5-7% Total Expected Addressed Vastly Market Growth25-28 underpenetrated market Addressed market2 <40% Penetration in core markets 1. Potential volume considering 1
Slide 9: Sustainable, Sustained, and Profitable Growth
SUSTAINABLE, SUSTAINED, AND PROFITABLE GROWTH Total Revenue EBITDA €Bn €Bn x2.8 x3.4 x1.5 x1.6 3.0 1.4 2.0 0.8 1.6 0.7 1.1 0.4 2015 2019 2022 2025 2015 2019 2022 2025 9
Slide 10: A unique portfolio of solutions
A unique portfolio of solutions 10
Slide 11: A Diversified Portfolio of Solutions
A DIVERSIFIED PORTFOLIO OF SOLUTIONS 2025 proforma Group Operating Revenue Benefits & Engagement 8% Mobility Payment Solutions & New markets 26% 66% 11
Slide 12: A Diversified Portfolio of Solutions
A DIVERSIFIED PORTFOLIO OF SOLUTIONS 2025 proforma Group Operating Revenue Benefits & Engagement Meal & Food 8% Beyond Meal & Food 9% Mobility High diversification Fuel Beyond Fuel 40%+ Payment Solutions 42% Operating Revenue outside & New markets 17% Core activities (Meal & Food and Fuel) 24% 12
Slide 13: A Diversified Portfolio of Solutions
A DIVERSIFIED PORTFOLIO OF SOLUTIONS 2025 proforma Group Operating Revenue Largest client Benefits & Engagement ~10% <1% Meal & Food Brazil Business Volume Beyond Meal & Food Mobility 8% Italy ~10% Fuel 9% Largest merchant Beyond Fuel <2% Payment Solutions 17% 42% France ~7% Redemption Volume & New
Slide 14: The Increasing Weight of Beyond Solutions in Operating Revenue
THE INCREASING WEIGHT OF BEYOND SOLUTIONS IN EDENRED OPERATING REVENUE Benefits & Engagement Mobility Share of Beyond Food Share of Beyond Fuel +11pts +5pts 37% Beyond Food 33% Beyond Fuel 26% $ 63% Meal & Food 28% $ 67% Core Fuel 67% 74% 74% $ 69% $ 74% 72% 72% 2022 20251 2022 2025 1. Proforma 14
Slide 15: Best positioned to succeed across all markets
Best positioned to succeed across all markets 15
Slide 16: Edenred Has Unmatched Assets
EDENRED HAS UNMATCHED ASSETS Illustration next slide Leadership Distinctive mission- Most efficient position critical infrastructure go-to-market Relative Market Share1 >90% ~12x x1.7 x2.3 Business volume Customer Life-Time-Value / Benefits & Engagement Mobility processed internally Cost of Acquisit
Slide 17: The Global Player Offering the Most Complete and Integrated Solution
EDENRED, THE GLOBAL PLAYER OFFERING THE MOST COMPLETE AND INTEGRATED SOLUTION Global in 2028 in 2025 Local Integrated experience Benefits & Engagement competitors Mobility competitors 17
Slide 18: A new strategic plan already live
2 a new strategic plan already live 18
Slide 19: A Powerful Equation for Sustainable and Profitable Growth
A POWERFUL EQUATION FOR SUSTAINABLE AND PROFITABLE GROWTH More users More value per user (ARPU1) Boosting client acquisition Unlock full potential Activate audience and and number of users on of cross-sell & upsell deliver new services to our platform partner merchants Attract Enrich Activate 50-60%
Slide 20: Attract
Attract Amplify customer acquisition in under-penetrated markets 20
Slide 21: A Robust and Healthy Commercial Traction in H1 2026
Attract Enrich Activate A ROBUST AND HEALTHY COMMERCIAL TRACTION IN H1 2026 Strong commercial traction in SME … supporting a solid business volume segment… growth (even in countries under M&F regulatory change) Tackling the potential of GEO / GEA1 to boost Edenred visibility by LLMs and increase l
Slide 22: Enrich
Enrich Unlock full potential of cross-sell & upsell 22
Slide 23: The Most Comprehensive Integrated Suite of Digital Solutions
Attract Enrich Activate 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 Childcare EV charging Services Fleet Solutions Sport & Financial Culture wellbeing To
Slide 24: Strengthening Value Delivered to Clients & Users
Attract Enrich Activate STRENGTHENING VALUE DELIVERED TO CLIENTS & USERS Cross-sell Upsell Enhancing multi-benefits offering Leveraging maximum face value increases • Reinforcing value proposition with transport • Translating maximum legal Face Value increase into vouchers offer in Brazil through RB
Slide 25: Strengthening EV Charging Offering with Acquisition of TMH Solutions
Attract Enrich Activate STRENGTHENING EDENRED’S EV1 CHARGING OFFERING WITH THE ACQUISITION OF TMH SOLUTIONS A German leader in charging services for EV B2B fleets… 5k clients c.23k charging points 2.5k fleet depots under active management …to extend Edenred’s Mobility value proposition along the EV
Slide 26: Activate
Activate Monetize audience and deliver new services to partner merchants 26
Slide 27: Edenred Audience, a Key Asset to Be Fully Activated
Attract Enrich Activate EDENRED AUDIENCE, A KEY ASSET TO BE FULLY ACTIVATED WIP snowball effect …more and more …generating A large user base… engaged… a qualified traffic… 60m+ 7 2m+ Users Monthly sessions Partner per active user merchants (on top of daily transactions) ~50 Compared to transactions
Slide 28: An Enriched Growth Equation Increasing Value per User
AN ENRICHED GROWTH EQUATION INCREASING VALUE PER USER Average Operating Revenue Per User (ARPU) € ~€70 ARPU growth drivers 70 • Enrich: 60 – Upsell (e.g.: maximum legal face value increase) 50 ~€45 – Cross-sell 40 • Activate: – Audience monetization 30 – deliver new services to ~€25 partner merchant
Slide 29: Data & AI
Data & AI 29
Slide 30: Edenred, an AI-Winner
EDENRED, AN AI-WINNER ed Critical Proc edesign ess R Str s en efit gt he en n b ed ee co loy mp mp >x6 eti ed e tive Enhanc in annual Data & AI advan investments in 2028 versus 2024 tage Data Foundations High-quality data, available and ready-to-use 30
Slide 31: Enhanced Employee Benefits
1 ENHANCED EMPLOYEE BENEFITS EdenChat: a unified and secured tool 6,000+ Monthly active users Average cost per user per month 1.5€ (vs. €25-30 market solution) • Access to best models >20 Productivity applications available for employees according to use cases • Secure data management • Intensive tr
Slide 32: Augmented Critical Processes
2 AUGMENTED CRITICAL PROCESSES Example: reinventing ‘Lead-to-order’ process with Agentic AI Edenred ‘lead-to-order’ process… …reinvented with AI automation… 5% human tasks Lead-to-order 45% fully automated (e.g: generate a renewal contract) • Lead generation 20% with autonomous • Quote agent executi
Slide 33: Strengthened Product Competitiveness
3 STRENGTHENED PRODUCT COMPETITIVENESS Example: AI-powered B2B fleet maintenance Maintenance Invoicing & payment detection Maintenance Invoicing & payment detection Human interactions ~-40% decrease alongside the workflow #1 player Vehicle Service maintenance 550,000 vehicles scheduling +38% Edenred
Slide 34: Edenred demonstrated the strength of its diversified model in H1 2026
Edenred 3 demonstrated the strength of its diversified model in H1 2026 34
Slide 35: Consistently Delivering High-Single-Digit Intrinsic Operating Revenue LFL Growth
CONSISTENTLY DELIVERING HIGH-SINGLE-DIGIT INTRINSIC¹ OPERATING REVENUE LFL GROWTH QUARTER AFTER QUARTER Operating revenue LFL growth (%) +8.3% +8.2% +8.0% +7.9% Impact of Meal & Food regulatory change on operating revenue LFL growth amounted +6.2% to 6.5 pts in H1 2026: ▪ Italian M&F regulatory im
Slide 36: Sustained Operating Revenue Growth Offsets Meal & Food Regulatory Change
SUSTAINED OPERATING REVENUE GROWTH HAS MORE THAN OFFSET THE IMPACT OF MEAL & FOOD REGULATORY CHANGE Operating Revenue per business line and geography (€m) +1.5% +1.5% 1,360 1,339 1,360 1,339 9% +3.6% 7% 10% +10.6% 10% Sustained operating revenue 26% +11.1% 28% 29% +0.8% 30% growth thanks to: ▪ Lar
Slide 37: Meal & Food Regulatory Reset Translates into Temporary EBITDA Decline
MEAL & FOOD REGULATORY RESET COMBINED WITH STRATEGIC AND EFFICIENCY INVESTMENTS¹ TRANSLATE INTO TEMPORARY EBITDA DECLINE Total Revenue (€m) EBITDA (€m) +1.5% -4.6% 1,451 1,473 654 616 112 +1.2% 113 112 +1.2% 113 542 -5.9% 503 1,339 +1.5% 1,360 H1 2025 H1 2026 H1 2025 H1 2026 Operating revenue Other
Slide 38: Portfolio Rationalization to Refocus on Profitable Growth
PORTFOLIO RATIONALIZATION TO REFOCUS ON BUSINESSES GENERATING SUSTAINABLE AND PROFITABLE GROWTH Country Business activity Rationale Status Cloud-based automated solution Refocus on Edenred’s core Sell of 40% stake2 EPNA1 activities and geographies United States for accounts payable Edenred Global Di
Slide 39: A Continued Deleveraging Trajectory
Net debt as of June 30, 2026 A CONTINUED DELEVERAGING TRAJECTORY June 30, 2025 Currency effects and June 30, 2026 Free cash flow Acquisitions Shareholder return Net debt position other non-recurring items Net debt position €(2,351) m €(1,764) m €1,075 m €(42) m €(520) m €74 m • Dividends paid to Ede
Slide 40: A Robust Financial Position
A ROBUST FINANCIAL POSITION Average bond debt maturity of 3.6 years High liquidity level and strong balance sheet High liquidity position at end-H1 2026: ▪ €4.9bn in cash1 and restricted funds on balance sheet ▪ Newly signed revolving credit facility of €900m (fully undrawn – maturity 2031) 35% 31
Slide 41: Flexible Capital Allocation
FLEXIBLE CAPITAL ALLOCATION A capital allocation focused on growth 2025 dividend (per share) and shareholders return 1 Organic growth fueled by significant investments in our businesses €1.33 2 Focused M&A strategy: +10% vs. 2024 ▪ Further consolidation and/or Beyond acceleration, with strong pote
Slide 42: An enhanced sustainable development policy
An enhanced 4 sustainable development policy 42
Slide 43: An Excellent Extra-Financial Performance
AN EXCELLENT EXTRA-FINANCIAL PERFORMANCE CSR progress… …recognized by leading ESG rating agencies 71/100 +6 pts vs. 2024 2025 Member of the Sustainability Yearbook % of women among executive positions 38% (for the 5th year in a row) Top 4% A % GHG1 emissions Leader vs. peers reduction on scope 1 and
Slide 44: Edenred Obtains 'A' Rating from CDP
EDENRED OBTAINS ‘A’ RATING FROM CDP1 2024 2025 rating B A Relative ranking2 ~Top 25% Top 4% Vs. Peers In line Leader 1 Recognition of Edenred’s strong commitment into climate action 2 Key competitive advantage in RFPs 1. CDP: Carbon Disclosure Project 2. Out of 22,100 worldwide assessed companies
Slide 45: Outlook
5 Outlook 45
Slide 46: Well Positioned for Sustainable and Profitable Growth from 2027 Onwards
EDENRED WELL POSITIONED FOR SUSTAINABLE AND PROFITABLE GROWTH FROM 2027 ONWARDS Sustained commercial traction, irrespective of Meal & Food regulatory 1 change, demonstrates the unique strength of Edenred’s value proposition Edenred continues to execute its Amplify25-28 strategic plan to grow its 2 n
Slide 47: A Rebasing Year in 2026 Before Resuming Profitable Growth in 2027
A REBASING YEAR IN 2026 BEFORE RESUMING TO SUSTAINABLE AND PROFITABLE GROWTH IN 2027 ONWARDS With better-than-expected results in H1 2026, Edenred raises its guidance for FY 2026: EBITDA FCF/EBITDA FY 2026 (LFL growth) conversion rate -7% / -10%1 ≥ 35%1 New guidance (equivalent to between ~€1,230m a
Slide 48: Enrich
Enrich connections. FOF QOOd