Slide 1: Q1 2026 Revenue
Q1 2026 REVENUE April 23, 2026
Slide 2: 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,
Slide 3: Executive Summary (1/2)
EXECUTIVE SUMMARY (1/2) Edenred records sustained top-line intrinsic1 growth of +8.2% in Q1 2026, in line with the FY 2025: Double-digit growth in Mobility (+10.0%) High-single digit intrinsic growth1 in Benefits & Engagement (+7.8%) Back to robust growth in Payment Solutions & New Markets (+6
Slide 4: Executive Summary (2/2)
EXECUTIVE SUMMARY (2/2) Edenred confirms its guidance for FY 2026 and beyond: Q1 2026 results paving the way for robust intrinsic topline growth Thorough execution of its strategic plan (Amplify25-28) and efficiency initiatives (Fit-For-Growth) Guidance EBITDA FCF conversion rate 2026 -8%/-12%1
Slide 5: Agenda
AGENDA 1. Q1 2026 highlights 2. Q1 2026 revenue 3. 2026 outlook 5
Slide 6: Edenred demonstrates the strength of its diversified model
Edenred demonstrates the strength of its diversified model 6
Slide 7: Resilient performance despite regulatory changes
RESILIENT PERFORMANCE DESPITE REGULATORY CHANGES Operating Revenue Operating Revenue per business line (€m) per geography (€m) +3.1% +3.1% 667 673 667 673 52 +6.2% 51 70 +12.6% 69 165 +10.0% 176 196 204 +4.7% 450 +0.2% 446 401 +0.6% 400 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Benefits & Engagement1 Mobility
Slide 8: Sustained intrinsic operating revenue growth
SUSTAINED INTRINSIC OPERATING REVENUE GROWTH Operating revenue LFL growth (%) Continued high-single digit intrinsic growth, demonstrating the attractiveness of Edenred +8,3% +8,2% comprehensive portfolio of solutions Regulatory change impact amounted to 5.1 pts in +6,2% Q1 2026: ▪ Italian regula
Slide 9: 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 Edenred further recognized for its strong commitment into climate action as ESG industry leader , providing a key competitive advantage in RFPs 1. CDP: Carbon Disclosure Project 2. Ou
Slide 10: Amplify25-28 in motion in Q1 2026
Amplify25-28 in motion in Q1 2026 10
Slide 11: Mobility – Expanding Edenred reach in Europe
Attract Enrich Data & AI MOBILITY – EXPANDING EDENRED REACH IN EUROPE Largest digital platform of value-added services for fleet managers x #1 fast-charging network in Germany Energy Toll Maintenance services Fleet Management VAT Refund services Car wash >8,000 fast-charging stations 2023-2025 ▪ Pub
Slide 12: Benefits and Engagement – Leveraging upsell and cross-sell in Italy
Attract Enrich Data & AI BENEFITS AND ENGAGEMENT – LEVERAGING UPSELL AND CROSS-SELL IN ITALY WIP snowball effect #1 player 3m users 100k+ clients 150k+ partner merchants Upselling in Meal & 66% +25% Legal face value increase1 Food Cross-selling Beyond Food Operating revenue in Beyond 34% >+20% LFL g
Slide 13: Mobility – Revamping B2B fleet maintenance with AI
Attract Enrich Data & AI MOBILITY – REVAMPING B2B FLEET MAINTENANCE WITH AI Edenred Maintenance platform… …boosted with AI to enhance service offering Invoicing & Maintenance payment Invoicing & detection Maintenance End-to-end process supervision payment detection +38% Edenred productivity on the e
Slide 14: Agenda
AGENDA 1. Q1 2026 highlights 2. Q1 2026 revenue 3. 2026 outlook 14
Slide 15: Q1 2026 Operating Revenue
Q1 2026 OPERATING REVENUE Q1 2025 Operating revenue €667m LIKE-FOR-LIKE +3.1% Scope -0.5% Currency -1.7% REPORTED +0.9% €673m Q1 2026 15
Slide 16: Sustained intrinsic growth across all business lines
Q1 2026 operating revenue – by business lines SUSTAINED INTRISIC GROWTH ACROSS ALL BUSINESS LINES… Operating revenue Q1 comments 8% Benefits & Engagement Benefits & Engagement 66% Mobility Good intrinsic performance in Meal & Food thanks to: 26% Payment Solutions & o Continued momentum in France N
Slide 17: …as well as geographies
Q1 2026 operating revenue – by geography …AS WELL AS GEOGRAPHIES Operating revenue Q1 comments 10% Europe Europe Good performance in Benefits & Engagement : Latin America o Double-digit growth in Germany and Southern Europe 30% 60% o Offset by the remaining impact of the regulatory change in Italy
Slide 18: Other revenue increase in line with operating revenue growth
Q1 2026 other revenue OTHER REVENUE INCREASE IN LINE WITH OPERATING REVENUE GROWTH LFL Other revenue (in €m) Q1 2026 Q1 2025 change Benefits & Engagement 52 51 +5.4% Mobility 1 1 n.m Continued float increase in Benefits & Engagement Product Solutions Slower than expected interest rates’ decrease
Slide 19: Q1 2026 Total Revenue
Q1 2026 TOTAL REVENUE Q1 2025 Total revenue €724m LIKE-FOR-LIKE +3.1% Scope -0.4% Currency -1.8% REPORTED +0.8% €730m Q1 2026 19
Slide 20: Agenda
AGENDA 1. Q1 2026 highlights 2. Q1 2026 revenue 3. 2026 outlook 20
Slide 21: Delivering further intrinsic topline growth in 2026 uncertain environment
DELIVERING FURTHER INTRINSIC TOPLINE GROWTH IN 2026 UNCERTAIN ENVIRONMENT 1 A multi-local footprint and diversified business mix generating highly recurring revenues 2 Product and tech leadership in large, growing and still vastly underpenetrated markets 3 Ongoing disciplined management actions (e.g
Slide 22: Edenred powerful growth equation
EDENRED POWERFUL GROWTH EQUATION More users More value per user (ARPU) Boosting client acquisition and Unlock full potential Activate audience and deliver new number of users on our platform, of cross-sell & upsell: services to merchants: with efficient and digital-first journeys • From 1.5 to ~2.5
Slide 23: 2026, a rebasing year before resuming sustainable and profitable growth
2026, A REBASING YEAR BEFORE RESUMING SUSTAINABLE AND PROFITABLE GROWTH TRAJECTORY EBITDA FCF/EBITDA Guidance (LFL growth) conversion rate 2026 -8%/-12%1 ≥ 35%1 Corresponding to 2026 intrinsic +8%/+12% ≥ 65%2 2027 & 2028 +8%/+12% ≥ 65%2 1. Including a regulatory change in Brazil and Italy 2. At cons
Slide 24: Appendices
APPENDICES 24
Slide 25: Revenue by business line
REVENUE BY BUSINESS LINE Q1 Q1 Q1 In € millions 2026 2025 In € millions 2026 2025 In € millions 2026 2025 Benefits & Engagement 446 450 Benefits & Engagement 52 51 Benefits & Engagement 498 501 Mobility 176 165 Mobility 1 1 Mobility 176 166 Payment Solutions and New Markets 51 52 Payment Solutions a
Slide 26: Average exchange rates
AVERAGE EXCHANGE RATES Average rates Average rates Spot rate as Spot rate as 2026 vs. 2025 €1 = X foreign currency Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 YTD 2025 of 31.03.2026 of 31.03.2025 Change (in %) Brazilian real (BRL) 6,16 6,17 0,0% 6,42 6,38 6,28 6,31 6,05 6,22 Mexican Peso (MXN) 20,55 21,
Slide 27: 2026 expected calendar effects
2026 EXPECTED CALENDAR EFFECTS Q1 Q2 Q3 Q4 2026 Working days Nb of days Nb of days Nb of days Nb of days Nb of days Europe 0 0 1 0 1 Latin America 0 0 -1 -2 -3 Rest of the world 0 0 0 0 0 TOTAL 0 0 0 -1 0 27
Slide 28: Change in breakdown of solutions per business line under new reporting structure
CHANGE IN BREAKDOWN OF SOLUTIONS PER BUSINESS LINE AS PER NEW REPORTING STRUCTURE Payments Solutions Benefits & Engagement 68%1 Mobility 25%1 & New Markets2 7%1 Meal & Food Gift Engagement Fuel / EV3 charging Fleet Maintenance Invoice-to-pay Embedded finance Issuing, processing Alternative fuel Spor
Slide 29: 2025 operating revenue by business line (new reporting structure)
2025 OPERATING REVENUE BY BUSINESS LINE (NEW REPORTING STRUCTURE) Q1 Q2 Q3 Q4 FY In € millions 2025 2025 2025 2025 2025 Benefits & Engagement 450 455 445 496 1,846 Mobility 165 169 173 175 682 Payment Solutions and New Markets 52 48 49 55 204 Operating revenue 667 672 667 726 2,732 29
Slide 30: 2025 other revenue by business line (new reporting structure)
2025 OTHER REVENUE BY BUSINESS LINE (NEW REPORTING STRUCTURE) Q1 Q2 Q3 Q4 FY In € millions 2025 2025 2025 2025 2025 Benefits & Engagement 51 50 54 53 208 Mobility 1 - - - 1 Payment Solutions and New Markets 5 5 5 5 20 Other Revenue 57 55 59 58 229 30
Slide 31: 2025 total revenue by business line (new reporting structure)
2025 TOTAL REVENUE BY BUSINESS LINE (NEW REPORTING STRUCTURE) Q1 Q2 Q3 Q4 FY In € millions 2025 2025 2025 2025 2025 Benefits & Engagement 501 505 499 549 2,054 Mobility 166 169 173 175 683 Payment Solutions and New Markets 57 53 54 60 224 Total revenue 724 727 726 784 2,961 31
Slide 32: Enrich connections.
Enrich connections. FOF QOOd