Edenred Sa · EURONEXT:EDEN
Edenred Sa — Q1 2025 Earnings Presentation
30 slides from Edenred Sa's earnings presentation, Apr 16, 2025
Slide 1: Q1 2025 Revenue
Q1 2025 REVENUE April 16, 2025
Slide 2: Executive Summary (1/2)
EXECUTIVE SUMMARY (1/2) Edenred delivers top-line growth in line with its expectations in Q1 2025, despite tougher macro-environment in Europe Operating revenue of €667m, up 7.1% like-for-like and 6.7% as reported vs. Q1 2024 • Good performance in Latin America and in Mobility, demonstrating the r
Slide 3: Executive Summary (2/2)
EXECUTIVE SUMMARY (2/2) Edenred confirms its targets for FY 20251, to be led by operating performance optimization Cost efficiency with the Fit for Growth plan Product improvement plan for a few businesses performing below Edenred’s standards Rationalization of B2C BaaS activities EBITDA Cash
Slide 4: Agenda
AGENDA 1. Q1 2025 highlights 2. Q1 2025 revenue 3. 2025 outlook 4
Slide 5: Delivering high single-digit growth in operating revenue in Q1 2025
Delivering high single-digit growth in operating revenue in Q1 2025, in line with Edenred’s expectations 5
Slide 6: First quarter growth in line with Edenred's expectations
FIRST QUARTER GROWTH IN LINE WITH EDENRED’S EXPECTATIONS… Operating Revenue in €m +42 667 Continued success of Edenred Core and 625 Beyond solutions, driving further market penetration despite: • Economic slowdown in Europe, especially in France and Germany • High basis of comparison (Q1 2024 vs Q
Slide 7: 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 Q1 2025 GROUP OPERATING REVENUE 65% 26% 9% ▪ Incentive & Rewards ▪ Public Social Programs €432m €172m €63m Q1 2025 LIKE-FOR-LIKE OPERATING REVEN
Slide 8: 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 +1.2% like-for-like vs. Q1 2024 60% +5.0% reported vs. Q1 2024 Latin America +16.3% like-for-like vs.Q1 2024 30% +7.8% reported vs.Q1 2024 Rest of the World +16.7% like-for-like vs. Q1 2024 10% +14.2% reported v
Slide 9: Acceleration of double-digit growth in Beyond Food and high single-digit growth for core Meal & Food
ACCELERATION OF DOUBLE-DIGIT GROWTH IN BEYOND FOOD AND HIGH SINGLE-DIGIT GROWTH FOR CORE BUSINESSES IN MEAL & FOOD 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 +1
Slide 10: Acceleration in both Fuel and Beyond Fuel businesses
ACCELERATION IN BOTH FUEL AND BEYOND FUEL BUSINESSES Fuel Beyond Fuel LFL operating revenue growth – Fuel1 LFL operating revenue growth – Beyond Fuel1 +15.1% +7.7% +7.5% +10.5% FY 24 Q1 25 FY 24 Q1 25 10 1. Without hyperinflation in Argentina
Slide 11: Q1 2025 highlights
Q1 2025 highlights 11
Slide 12: Benefits & Engagement: further organic growth expected from face value increases
BENEFITS & ENGAGEMENT: FURTHER ORGANIC GROWTH EXPECTED FROM FACE VALUE INCREASES New maximum legal face value increases in …fueling progressive rise of face value Q1 2025 following 2024 increases… usage in future Illustration: face value usage ramp-up Maximum legal Countries increased their 10 face
Slide 13: Mobility: traction in core (fuel) and Beyond (e-mobility)
MOBILITY: TRACTION IN CORE (FUEL) AND BEYOND (E-MOBILITY) THANKS TO UPSELLING AND CROSS-SELLING Edenred becoming the exclusive fuel Electromobility partnership’s expansion provider for Mexican central administration with x 25y partnership Fuel network ~75,000 Vehicles Initially (68,000 fuel stations
Slide 14: Complementary Solutions: pursuing new opportunities in Public Social Programs
COMPLEMENTARY SOLUTIONS: PURSUING NEW OPPORTUNITIES IN PUBLIC SOCIAL PROGRAMS Tarjeta Rosa, a new public social program in the state of Guanajuato Mothers (cardholders) benefitting from health services and additional 580k purchasing power through Edenred specific-purpose payment solutions 5% of Mexi
Slide 15: Agenda
AGENDA 1. Q1 2025 highlights 2. Q1 2025 revenue 3. 2025 outlook 15
Slide 16: Q1 2025 Operating Revenue
Q1 2025 OPERATING REVENUE Q1 2024 Operating revenue €625m LIKE-FOR-LIKE +7.1% Scope +4.0% Currency -4.5% REPORTED +6.7% €667m Q1 2025 16
Slide 17: Double-digit LFL growth in Latin America
Q1 2025 operating revenue – Latin America DOUBLE-DIGIT LFL GROWTH IN LATIN AMERICA OPERATING REVENUE Q1 comments vs. Q1 2024 Brazil €196m +16.3% 30% LFL Benefits & Engagement: double-digit LFL growth in in Q1 25 +7.8% both Meal & Food and Beyond Food solutions as reported Dynamic growth in Mobil
Slide 18: A soft start to the year in Europe, as expected
Q1 2025 operating revenue – Europe A SOFT START TO THE YEAR IN EUROPE, AS EXPECTED Q1 comments OPERATING REVENUE vs. Q1 2024 Single-digit growth, in line with expectations, in a context of macro-economic slowdown and €401m +1.2% a high basis of comparison 60% in Q1 25 LFL +5.0% France as reported
Slide 19: Confirmation of other revenue floor at €210m for 2025
Q1 2025 other revenue CONFIRMATION OF OTHER REVENUE FLOOR AT €210M FOR 2025 Float increase OTHER REVENUE Upward trend in Brazilian interest rates €44m €57m in Q1 25 Downward trend in eurozone interest rates vs. 60m in Q1 24 Negative forex impact LFL Reported Other revenue in €m Q1 2024 Q1 2025 chang
Slide 20: Q1 2025 Total Revenue
Q1 2025 TOTAL REVENUE Q1 2024 Total revenue €685m LIKE-FOR-LIKE +6.7% Scope +3.7% Currency -4.7% REPORTED +5.7% €724m Q1 2025 20
Slide 21: Agenda
AGENDA 1. Q1 2025 highlights 2. Q1 2025 revenue 3. 2025 outlook 21
Slide 22: Edenred confirms its full year 2025 guidance
EDENRED CONFIRMS ITS FULL YEAR 2025 GUIDANCE Despite a challenging macro-environment and the impact of the fee cap in Italy, which will take effect from Q3 onward, Edenred confirms its FY 2025 guidance1 Cash >70% EBITDA >+10% conversion EBITDA to FCF Like-for-like growth2 conversion rate3 Edenred wi
Slide 23: Committing to a minimum of +10% LFL EBITDA growth in 2025
COMMITTING TO A MINIMUM OF +10% LFL EBITDA GROWTH IN 20251, 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 integ
Slide 24: 2025 Capital Markets Day
SAVE THE DATE 2025 Capital Markets Day Paris, November 4th 24
Slide 25: Enrich connections
Enrich connections. FOF QOOd
Slide 26: Appendices
APPENDICES
Slide 27: Revenue by region
REVENUE BY REGION Q1 Q1 Q1 In € millions 2025 2024 In € millions 2025 2024 In € millions 2025 2024 Europe 401 383 Europe 26 32 Europe 428 415 France 91 91 France 7 8 France 98 98 Rest of Europe 310 292 Rest of Europe 19 25 Rest of Europe 330 317 Latin America 196 182 Latin America 20 20 Latin Americ
Slide 28: Average exchange rate
AVERAGE EXCHANGE RATE Average rates Average rates Spot rate as Spot rate as 2025 vs. 2024 of €1 = X foreign currency Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 YTD 2024 of 31.03.2024 Change (in %) 31.03.2025 Brazilian real (BRL) 6.17 5.38 -12.8% 5.61 6.09 6.22 5.83 6.22 5.40 Mexican Peso (MXN) 21.48 18
Slide 29: 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) 29
Slide 30: Limited impact of hyperinflation in Argentina in 2025
LIMITED IMPACT OF HYPERINFLATION IN ARGENTINA IN 2025 Impact of hyperinflation in Argentina on LFL quarterly operating revenue growth [%] +0.7% in 2024 c.+0.5% in 2025E1 +3.7% +2.6% +1.0% +0.4% ~+0.5% ~+0.5% +~0.5% -3.3% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 A lower impact1 from hyperinf