Edenred SE (EDNMY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody. Thanks for being with Virginie, the Eden Red CFO, and myself for the Eden Red 2025 results. We are together for the next 90 minutes, so first part is the presentation of our results. The second part, we will be pleased to answer any question you may have. In the executive summary, there are five messages I want to share with you. First of all, yes, 2025 was a year of strong commercial and operating performance. Second message, we exceeded the guidance 2025 in terms of like for like EBITDA growth and free cash flow generation and free cash flow conversion. Third, yes, thanks to those results, we are able to post some strong shareholders return. My fourth message is, you know the Eden Red growth equation. It's a very simple equation. We are looking for more users and more value per users. Finally, 2026 will be a rebasing year before renewed sustainable and profitable growth in 2027 and 2028 with a growth of between 8% and 12% of our EBITDA like for like for 2027 and 2028. With those four messages, now let's go into the details, and I propose that we move directly to slide six. Eden Red delivered a strong operating and financial performance in 2025. Our operator rating revenue has been growing at 6.2% like-for-like versus 2024. Our EBITDA has been growing at 11.2% like-for-like versus 2024, which is above our guidance set at more than 10% growth like-for-like. Our EBITDA to Free Cash Flow conversion has reached 82%, which is an increase of 12 points as compared to 2024, and which is vastly above our guidance of more than 70%. Finally, our adjusted EPS is reaching 2.59 euros, and it means an increase of 10% versus 2024. So now let's look at the breakdown of this growth in terms of operating revenue. As you see on the left part of the chart, we ha...