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Edenred : Earnings Document
Edenred : Earnings
About this update from Edenred Sa
CONSOLIOATEO FINANCIAL STATEMENTS ANO NOTES Consolidated financial statements 3 Notes to the consolidated financial statements 8 Consolidated financial statements Consolidated income statement Consolidated statement of comprehensive income Consolidated statement of financial position Consolidated assets Consolidated equity and liabilities Consolidated statement of cash flows Consolidated statement of changes in equity Consolidated income statement (in € millions) Notes 2025 2024 Operating revenue 4.2 2,732 2,609 Other revenue 4.2 229 247 Total revenue 4.2 2,961 2,856 Operating expenses 4.3 (1,601) (1,591) Depreciation and amortization 5.6 (266) (225) Operating profit before other income and expenses (EBIT) 4.5 1,094 1,040 Share of net profit from equity-accounted companies 5.4 - - Other income and expenses 10.1 (46) (28) Operating profit including share of net profit from equity-accounted companies 1,048 1,012 Net financial expense 6.1 (210) (213) Profit before tax 838 799 Income tax expense 7 (274) (254) Net profit 564 545 Net profit attributable to owners of the parent 521 507 Net profit attributable to non-controlling interests 8.3 43 38 Earnings per share (in €) 8.2 2.18 2.07 Diluted earnings per share (in €) 8.2 2.12 2.01 Consolidated statement of comprehensive income (in € millions) 2025 2024 Net profit 564 545 Other comprehensive income Currency translation adjustment (141) (75) Fair value adjustments to financial instruments and assets at fair value through other comprehensive income 22 (30) Tax on items that may be subsequently reclassified to profit or loss (7) 10 Items that may be subsequently reclassified to profit or loss (126) (95) Actuarial gains and losses on defined-benefit plans - - Tax on items that may not be subsequently reclassified to profit or loss - - Items that may not be subsequently reclassified to profit or loss - - Total other comprehensive income (126) (95) Comprehensive income 438 450 Comprehensive income attributable to owners of the parent 392 427 Comprehensive income attributable to non-controlling interests 46 23 (in € millions) Notes 2025 2024 Goodwill 5.1 3,003 3,262 Intangible assets 5.2 1,358 1,264 Property, plant and equipment 5.3 157 181 Investments in equity-accounted companies 5.4 8 8 Non-current financial assets 6.2 113 116 Deferred tax assets 7.2 74 83 Total non-current assets 4,713 4,914 Trade receivables 4.8 2,849 2,764 Inventories, other receivables and accruals 4.8 760 691 Restricted cash 4.7 1,661 1,866 Current financial assets 6.2 11 17 Other marketable securities 6.3 1,689 1,375 Cash and cash equivalents 6.3 1,885 1,639 Total current assets 8,855 8,352 Total assets 13,568 13,266 Consolidated statement of financial position Consolidated assets Consolidated equity and liabilities (in € millions) Notes 2025 2024 Issued capital 474 484 Additional paid-in capital and consolidated retained earnings (accumulated losses) (710) (810) Currency translation adjustment (636) (499) Treasury shares (50) (83) Equity attributable to owners of the parent (922) (908) Non-controlling interests 104 99 Total equity 8 (818) (809) Non-current debt 6.4/6.5 3,385 3,610 Other non-current financial liabilities 6.4/6.5 169 314 Non-current provisions 10.2 19 19 Deferred tax liabilities 7.2 279 271 Total non-current liabilities 3,852 4,214 Current debt 6.4/6.5 1,122 803 Other current financial liabilities 6.4/6.5 150 110 Current provisions 10.2 13 13 Funds to be redeemed 4.6 6,125 5,722 Trade payables 4.6 1,911 1,793 Current tax liabilities 4.6 39 70 Other payables 4.8 1,174 1,350 Total current liabilities 10,534 9,861 Total equity and liabilities 13,568 13,266 Consolidated statement of cash flows Notes 2025 2024 Net profit attributable to owners of the parent 521 507 Non-controlling interests 43 38 Share of net profit from equity-accounted companies 5.4 - - Depreciation, amortization and changes in operating provisions 289 245 Expenses related to share-based payments 23 28 Non-cash impact of other income and expenses 6 41 Difference between income tax paid and income tax expense (24) (4) Dividends received from equity-accounted companies 5.4 1 5 Funds from operations including other income and expenses 859 860 Other income and expenses (including restructuring costs) 40 10 Funds from operations before other income and expenses (FFO) 899 870 Decrease (increase) in working capital 4.6 239 (68) Recurring decrease (increase) in restricted cash 4.7 171 247 Net cash from (used in) operating activities 1,309 1,049 Other income and expenses (including restructuring costs) received/paid (39) (20) Net cash from (used in) operating activities including other income and expenses (A) 1,270 1,029 Acquisitions of property, plant and equipment and intangible assets (198) (217) Acquisitions of investments (13) (6) External acquisition expenditure, net of cash acquired (16) (504) Proceeds from disposals of assets 15 23 Net cash from (used in) investing activities (B) (212) (704) Capital increase (5) 2 Dividends paid (1) 3.1 (333) (307) (Purchases) sales of treasury shares (125) (359) Increase in non-current debt 6.5 756 505 Decrease in non-current debt 6.5 (6) - Change in current debt net of change in short-term investments (958) 120 Net cash from (used in) financing activities (C) (671) (39) Net foreign exchange differences (D) (76) (73) Net increase (decrease) in cash and cash equivalents (E) = (A) + (B) + (C) + (D) 311 213 Cash and cash equivalents at beginning of period 1,540 1,327 Cash and cash equivalents at end of period 1,851 1,540 Net increase (decrease) in cash and cash equivalents 311 213 Including cash dividends paid to owners of the parent for €289 million (€1.21 per share) and cash dividends paid to non-controlling interests for €44 million. Net cash and cash equivalents at the end of the period can be analyzed as follows: Notes 2025 2024 Cash and cash equivalents 6.3 1,885 1,639 Bank overdrafts 6.5 (34) (99) Net cash and cash equivalents 1,851 1,540 Consolidated statement of changes in equity Consolidated Cumulative fair Equity attributable to owners of the parent Total non-controlling interests Total equity Cumulative retained Cumulative value actuarial gains Cumulative Net profit earnings compensation adjustments to (losses) on currency attributable to Issued Additional paid- (accumulated costs - share- financial defined-benefit translation owners of the (in € millions) Notes capital in capital Treasury shares losses) based payments instruments plans adjustment parent Notes 8 1.5 2023 499 1,036 (73) (2,178) 194 7 4 (435) 267 (679) 110 (569) Appropriation of 2023 net profit - - - 267 - - - - (267) - - - Increase (decrease) in share capital - in cash - - - - - - - - - - 2 2 - cancellation of treasury shares (15) (281) - - - - - - - (296) - (296) - options exercised - - - - - - - - - - - - - dividends reinvested in new shares - - - - - - - - - - - - Dividends paid - - - (271) - - - - - (271) (36) (307) Changes in consolidation scope - - - (32) - - - (2) - (34) 2 (32) Compensation costs - share-based payments - - - - 28 - - - - 28 - 28 (Acquisitions) disposals of treasury shares - - (10) (55) - - - - - (65) - (65) Other - - - (11) (6) (1) - - - (18) (2) (20) Other comprehensive income - - - - - (18) - (62) - (80) (15) (95) Net profit for the period - - - - - - - - 507 507 38 545 Total comprehensive income - - - - - (18) - (62) 507 427 23 450 2024 484 755 (83) (2,280) 216 (12) 4 (499) 507 (908) 99 (809) Appropriation of 2024 net profit - - - 507 - - - - (507) - - - Increase (decrease) in share capital - in cash - - - (6) - - - - - (6) 1 (5) - cancellation of treasury shares (10) (136) - - - - - - - (146) - (146) - options exercised - - - - - - - - - - - - - dividends reinvested in new shares - - - - - - - - - - - - Dividends paid 3.2 - - - (289) - - - - - (289) (44) (333) Changes in consolidation scope 2 - - - 1 - - - - - 1 3 4 Compensation costs - share-based payments - - - - 23 - - - - 23 - 23 (Acquisitions) disposals of treasury shares - - 33 (14) - - - - - 19 - 19 Other - - - (14) - - - 6 - (8) (1) (9) Other comprehensive income - - - - - 14 - (143) - (129) 3 (126) Net profit for the period - - - - - - - - 521 521 43 564 Total comprehensive income - - - - - 14 - (143) 521 392 46 438 2025 474 619 (50) (2,095) 239 2 4 (636) 521 (922) 104 (818) The line "Other" corresponds mainly to the impact, on consolidated retained earnings, of the liability relating to the options over the non-controlling interests ( see Note 6.5 "Net debt and net cash" ). Notes to the consolidated financial statements NOTE 1 Presentation of the Group and basis of preparation of the consolidated financial statements NOTE 2 Acquisitions, development projects and disposals NOTE 8 Equity NOTE 9 Employee benefits NOTE 10 Other provisions, income and expenses NOTE 3 Significant events NOTE 11 Additional information NOTE 4 Operating activity NOTE 12 List of consolidated companies at December 31, 2025 NOTE 5 Non-current assets NOTE 13 Subsequent events NOTE 6 Financial items NOTE 14 Glossary NOTE 7 Income tax - effective tax rate NOTE 1 Presentation of the Group and basis of preparation of the consolidated financial statements Business overview Edenred is the leading digital corporate services platform for employee benefits and engagement, professional mobility solutions and corporate payments. Operating in 44 countries, it connects more than 60 million users and more than 2 million partner merchants via more than 1 million corporate clients. Edenred offers solutions dedicated to employee engagement (meal vouchers, transport, gift cards, well-being, rewards and access to reduced-rate offers to supplement purchasing power), mobility (multi-energy supply, including EV recharging, fleet management services, maintenance, tolls and parking) and corporate payments (virtual cards). In addition to its own solutions, Edenred also distributes offers from over 120 partners on its platform. True to the Group's purpose, "Enrich connections. For good.", these solutions enhance users' well-being and purchasing power, and simplify the lives of company vehicle drivers, while promoting access to healthier food, more environmentally-friendly products and more sustainable mobility. They improve companies' attractiveness and efficiency, and vitalize the employment market and the local economy. Edenred's 12,000 employees are committed to making the world of work a connected ecosystem that is safer, more efficient and more responsible every day. In 2025, thanks to its global technology assets, the Group generated close to €49 billion in business volume, primarily via mobile applications, online platforms and cards. Edenred is listed on the Euronext Paris stock exchange and included in the following indices: CAC Next 20, CAC Large 60, Euronext 100, Euronext Tech Leaders, FTSE4Good, DJSI Europe Index and DJSI World Index, and MSCI Europe. Management of the Group's capital structure Edenred's main objective is to maintain a balanced capital structure that maximizes value for shareholders and is compatible with a "Strong Investment Grade" rating, enabling it to access capital markets on favorable terms. This financial policy requires rigorous monitoring of debt and capital ratios when determining investment, acquisition and shareholder return policies. The Group may adjust its dividend policy, return capital to shareholders or issue new shares to optimize its capital structure. Information about the parent company Edenred SE is a European company with a Board of Directors and is the parent company of the Edenred group. Its registered office is located at 14-16, boulevard Garibaldi, 92130 Issy-les-Moulineaux, France. The Company is governed by applicable European Union law and French law provisions, and by its bylaws. It has share capital of €473,949,166 and is registered in France on the Nanterre Trade and Companies Register under No. 493 322 978, NAF code: 7010Z. Edenred SE is responsible for the management and coordination of all its subsidiaries and provides them with management assistance, particularly in legal, financial and tax matters and with regard to information systems. These consolidated financial statements for the year ended December 31, 2025 were approved for publication by the Board of Directors of Edenred on February 23, 2026. They will be submitted for shareholders' approval during the General Meeting on May 7, 2026. Basis of preparation of the consolidated financial statements Pursuant to European Regulation (EC) 1606/2002 of July 19, 2002, the Edenred consolidated financial statements for the year ended December 31, 2025 have been prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the European Union as of that date. They include comparative financial information for 2025, prepared in accordance with the same principles and conventions and the same standards. Based on the Group's performance, cash flows and net assets, the consolidated financial statements have been prepared on a going concern basis. The financial statements are presented in million Euros, rounded to the nearest million. In some cases, rounding may lead to non-material differences between reported totals and the sum of the reported amounts. The accounting policies used by the Group to prepare the 2025 consolidated financial statements are the same as those applied to prepare the 2024 consolidated financial statements, with the exception of the standards, amendments and interpretations effective for annual reporting periods beginning on or after January 1, 2025. Standards, amendments and interpretations effective for reporting periods beginning on or after January 1, 2025 Impact on the consolidated financial statements Not material Standards, amendments and interpretations Amendments to IAS 21 - Lack of Exchangeability. Published standards, amendments and interpretations not effective at December 31, 2025 Application date January 1, 2026 January 1, 2026 January 1, 2026 January 1, 2027 January 1, 2027* January 1, 2027* Standards, amendments and interpretations Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity. Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments. Amendments related to the Annual Improvements to IFRS Accounting Standards - Volume 11. IFRS 18 - Presentation and Disclosure in Financial Statements. IFRS 19 - Subsidiaries without Public Accountability: Disclosures. Amendments to IAS 21 - "Translation to a hyperinflationary presentation currency" * Subject to adoption by the European Union The Group has not early adopted any of these standards, amendments or interpretations, which come into force after December 31, 2025. The assessment of the future impacts of IFRS 18 is ongoing. 2025 2024 Presentation currency and foreign currencies In accordance with IAS 21 - The Effects of Changes in Foreign Exchange Rates, and for consolidation needs, balance sheet items expressed in a functional currency other than the € (the currency in which the Group's financial statements are presented) are translated into Euros at the exchange rate on the balance sheet closing date (closing exchange rate). Income statements expressed in a functional currency other than the € are translated at the average rate for the period. Differences arising from translation are recorded as a separate component of equity and recognized in profit or loss on disposal or closing of the business. Closing rate at Dec. 31, 2025 Average rate Closing rate at Dec. 31, 2024 Average rate ISO code Currency Country EUR 1 = EUR 1 = EUR 1 = EUR 1 = ARS Peso ARGENTINA 1,705.66 1,705.66 1,071.09 1,071.09 BRL Real BRAZIL 6.44 6.31 6.43 5.83 AED Dirham UNITED ARAB EMIRATES 4.32 4.15 3.82 3.97 USD US dollar UNITED STATES 1.18 1.13 1.04 1.08 MXN Peso MEXICO 21.12 21.68 21.55 19.82 CZK Koruna CZECH REPUBLIC 24.24 24.69 25.19 25.12 RON Leu ROMANIA 5.10 5.04 4.97 4.97 GBP Pound sterling UNITED KINGDOM 0.87 0.86 0.83 0.85 SEK Krona SWEDEN 10.82 11.07 11.46 11.44 TWD Taiwan dollar TAIWAN 36.91 35.18 34.07 34.74 TRY Lira TURKEY 50.48 50.48 36.74 36.74 VES Bolivar VENEZUELA 347.80 148.34 53.97 41.55 The impact on attributable consolidated equity of currency translation adjustments was a negative €143 million between December 31, 2024 and December 31, 2025. The difference mainly reflects the impact of hyperinflation (see paragraph below) and translation adjustments on the following currencies: ISO code Currency Country 2025 BRL Real BRAZIL (3) USD US dollar UNITED STATES (66) MXN Peso MEXICO 6 GBP Pound sterling UNITED KINGDOM (60) The €636 million negative translation reserve attributable to owners of the parent corresponds mainly to translation adjustments arising from changes in exchange rates for the Brazilian real for a negative €418 million, the Venezuelan bolivar for a negative €130 million, the Argentine peso for a negative €56 million, the Turkish lira for a negative €35 million, Pound sterling for a positive €17 million and the US dollar for a positive €8 million, as well as the impact of hyperinflation in Argentina for €43 million and in Turkey for €32 million. Hyperinflation in Argentina and Turkey Argentina and Turkey have been qualified as hyperinflationary economies since July 1, 2018 and January 1, 2022, respectively. The Group applies IAS 29 - Financial Reporting in Hyperinflationary Economies to its operations in these countries. A EUR/ARS exchange rate of 1,075.66 and a EUR/TRY exchange rate of 50.48 have been used. Non-monetary items have been adjusted using Argentina's IPC consumer price index, published by national statistics institute INDEC, and Turkey's TÜFE consumer price index, respectively. The application of hyperinflationary accounting to Argentina and Turkey had a €16 million negative impact on net profit attributable to owners of the parent, and a €17 million positive impact on consolidated equity. Use of judgments and estimates The preparation of financial statements requires the use of estimates and assumptions to determine the reported amount of certain assets, liabilities, income and expenses, and to take into account the potential positive or negative effect of uncertainties existing at the reporting date, based on information available at the end of the reporting period. Due to changes in the assumptions used and economic conditions different from those existing at the balance sheet date, the amounts in the Group's future financial statements could be materially different from current estimates. In particular, the Group used judgments and estimates in assessing the recoverable amount of goodwill and intangible assets (see Note 5.5 "Impairment tests") ; in measuring assets acquired in business combinations at fair value (see Note 5.1 "Goodwill") ; in measuring provisions for contingencies and charges (see Note 10.2 "Provisions") ; and in measuring deferred tax assets arising from tax loss carryforwards (see Note 7.2 "Deferred taxes") . Assessing the impact of climate change on financial statements The Group exercised its judgment in assessing the risks and impacts of climate change on its financial statements. The significant risks identified and their impact are as follows: The shift towards a low-carbon economy and the introduction of carbon tax policies to regulate emissions could impact the Group's fleet and mobility solutions in the long run. In the light of climate change and the evolving electric vehicle market, there is a new risk posed by competitors specializing in electric vehicle recharging. Fuel card revenues could also be impacted by the growing share of electric vehicles in new vehicle sales, as statistically, these vehicles are less likely to be recharged at recharging stations than at home or at the workplace. Management factored these considerations into the growth and development assumptions used for impairment tests conducted on property, plant and equipment and intangible assets. The Group has not identified any impairment losses on its assets in this respect. The above-mentioned climate issues have not affected the useful lives of the Group's assets, and depreciation/amortization schedules have been maintained. In addition, a growing proportion of the Group's activities is based on processing IT transactions, leading to a dependence on the elements that make up network infrastructures, such as the sources of electricity used, the smooth running of the Internet network or the availability of data centers. Most of the scenarios drawn up by specialist observers predict an increase in the frequency and intensity of extreme weather events, which could lead to flooding or power cuts. For the Group, business interruptions resulting from extreme weather events may lead to extra expenses for the repair of offices or facilities used by Edenred, as well as risks of revenue loss. Finally, during the risk analyses carried out by the legal department, the Group concluded that it is not exposed to any significant legal risk related to climate change. The Group has not recognized any provisions for contingencies and charges in this respect. NOTE 2 Acquisitions, development projects and disposals in 2025 In accordance with IFRS 10 - Consolidated Financial Statements, control over an entity is determined based on a review of the criteria specified in the standard, which is not limited to the percentage of control (more than 50%); an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In the year following the acquisition of a consolidated company, fair value adjustments are made to identifiable elements (acquired assets and assumed liabilities). For this purpose, fair values are determined in the new subsidiary's local currency. In accordance with IFRS 11 - Joint Arrangements, companies over which the Group exercises significant influence, either directly or indirectly, are accounted for by the equity method. Under the equity method, investments in associates and joint ventures are initially recognized at cost and adjusted thereafter for the post-acquisition change in the investor's share of the investee's net assets. The Group accounts for business combinations and changes in ownership interest that do not result in a loss of control in accordance with IFRS 3 - Business Combinations and IFRS 10 - Consolidated Financial Statements, respectively. As part of certain acquisitions and/or business combinations, the Group grants commitments to buy back minority shareholders' interests. The exercise price of these options can be fixed or calculated using a predefined formula, and they can be exercised at any time or at a set date. The Group records a financial liability at the present value of the exercise price of the options granted to minority shareholders of the entities concerned. Subsequent changes to the commitment's value are recognized with adjustments to the equity. All equity security transactions between controlling and non-controlling shareholders not involving a loss of control must be recognized directly in equity. Acquisitions, development projects and disposals in 2025 Spirii On April 30, 2024, Edenred acquired 87.6% of the Danish company Spirii, a European SaaS platform dedicated to electric vehicle charging and signed a purchase option agreement for the remaining 12.4%, the terms of which were revised by an amendment dated June 2, 2025, and which was exercised in the first half of 2025. The final purchase price allocation led to the recognition of brands for €14 million, customer relationships for €14 million, technology for an additional €5 million and goodwill for €113 million. RB On August 1, 2024, Edenred acquired 100% of RB, a best-in-class platform in employee transport benefits in Brazil. In addition to issuing transport cards, RB distributes third - party meal & food benefits. The final purchase price allocation led to the recognition of customer relationships for €27 million, technology for €5 million, brands for €3 million and goodwill for €67.5 million. IP Plus On December 2, 2024, Edenred acquired 100% of the Italian company IP Plus's energy card business. The provisional purchase price allocation primarily led to the recognition of customer relationships for €96 million, and goodwill for €167 million. NOTE 3 Significant events Payment of the 2024 dividend At the Combined General Meeting on May 7, 2025, Edenred shareholders approved a dividend of €1.21 per share in respect of 2024. The total dividend amounted to €289 million and was paid in cash to Group shareholders on June 12, 2025. Litigation in Brazil On November 11, 2025, the Brazilian government issued a decree modifying the Workers' Food Program (PAT), imposing restrictions on the commissions charged by meal voucher issuers and making the use of open payment networks mandatory. In response, Edenred filed a request for provisional suspension of this decree on January 15, 2026, asserting its unconstitutionality, since the major changes to the PAT scheme should be legislated and not amended by decree. On January 20, 2026, the first instance court ruled in Edenred's favor, temporarily suspending application of the decree. This ruling has since been used by other meal voucher issuers who have initiated similar legal proceedings. The government can appeal this decision until March 18, 2026, which will lead to a review by a panel of three judges who must determine, within three to six months, whether to maintain the suspension during the appeal process. At the same time, on February 10, 2026, the government applied to the TRF3 (Tribunal Regional Federal da Terceira Região) to suspend the first instance ruling. This ruling, which is not subject to a mandatory legal time limit, may be appealed within one month of being handed down, and will not have a suspensive effect. It will take time to fully resolve this issue, as the final judgment on the merits of the case is not expected for another 12 months, and could be followed by further appeals that would extend the timeframe even further. NOTE 4 Operating activity Operating segments IFRS 8 requires companies to present financial information aggregated into "operating segments". These segments are defined on the basis of components monitored internally by the Group's Chief operating decision maker to assess performance and allocate resources. Disclosures required include the main earnings indicators, as well as additional data on assets and liabilities. From 2025 and in line with the ambitions in the Amplify plan presented at the Capital Markets Day in November 2025, the Group has reviewed the definition of its operating segments. This change is intended to reflect the way in which the Chief Operating Decision Maker (CODM) now allocates resources to Group activities and assesses their performance. Until the prior financial year, operating segments were defined and presented on the basis of segmentation by geographical area. The Group will now present a segmentation by business lines, reflecting its business model/internal organization. In accordance with IFRS 8, comparative segment information has been restated to take account of this change. Chief operating decision maker Edenred's chief operating decision maker is the Chief Executive Officer assisted by the Executive Committee (or "executive management"), which makes decisions about resource allocation to the operating segments and assesses their performance. Executive management decisions are based on data produced by the Group's internal reporting system. This internal reporting presents data by business line, at the level at which operational decisions are taken and which constitute operating segments and reportable segments within the meaning of IFRS 8. The Group's activities are organized into three business lines: Benefits & Engagement Mobility Payment Solutions & New Markets Transactions between segments are not material. Condensed financial information Executive management uses the following indicators to track business performance: total revenue EBITDA EBIT. Total revenue from operating segments (including inter-segment revenue) 683 224 Benefits & Engagement 601 242 Benefits & Engagement Mobility Mobility Payment Solutions & 2,054 New Markets 2,013 Payment Solutions & New Markets 2025 2024 TOTAL: 2961 TOTAL 2856 EBITDA 80 271 Benefits & Engagement 74 223 Benefits & Engagement Mobility Mobility 1,009 Payment Solutions & New Markets 968 Payment Solutions & New Markets 2025 2024 TOTAL 1,360 TOTAL 1,265 Reconciliation of EBITDA (in € millions) (in € millions) Benefits & Engagement Mobility Payment Solutions & New Markets Total Total revenue 2,054 683 224 2,961 Operating expenses (1,045) (412) (144) (1,601) EBITDA - 2025 1,009 271 80 1,360 EBITDA - 2024 968 223 74 1,265 EBIT 41 206 Benefits & Engagement 36 177 827 Benefits & Engagement Mobility Mobility 847 Payment Solutions & New Markets Payment Solutions & New Markets 2025 2024 TOTAL 1,094 TOTAL 1,040 Revenue In accordance with IFRS 15, revenue is recognized upon the transfer of control to the customer. As the Group acts almost exclusively as an agent in its main activities, only an agency commission is recognized in revenue. For any other transactions in which the Group acts as the principal, revenue is recognized in full. Operating revenue therefore corresponds mainly to: commissions received from corporate clients; recognized when vouchers are issued to clients; commissions received from partner merchants, recognized upon presentation of the vouchers for reimbursement following their use by the beneficiary; profits on vouchers that expire without being reimbursed, recognized in income after the expiry date of the reimbursement rights or using a statistical model; royalties received from corporate clients for use of the Group's platforms, recognized on a straight-line basis over the periods of use. Other revenue is the interest generated by investing cash over the period between: the issuance date and the reimbursement date for prepaid vouchers; and the loading date and the redeeming date for prepaid cards. As explained in Note 14 "Glossary" , like-for-like or organic growth corresponds to comparable data, that is, at constant scope of consolidation and exchange rates. This indicator reflects the Group's business performance. Changes in revenue between 2025 and 2024 break down as follows: 2024 Organic growth Changes in consolidation scope Currency effect Total change 2025 In €m As a % In €m As a % In €m As a % In €m As a % Operating revenue 2,732 2,609 161 +6% 74 +3% (112) (4)% 123 +5% Other revenue 229 247 2 +1% - +0% (20) (8)% (18) (7)% Total revenue 2,961 2,856 +163 +6% +74 +3% (132) (5)% +105 +4% Revenue by operating segment Total revenue by business line Total revenue is made up of operating revenue and other revenue. (in € millions) Benefits & Engagement Mobility Payment Solutions & New Markets Total Total revenue - 2025 2,054 683 224 2,961 Total revenue - 2024 2,013 601 242 2,856 Change +41 +82 (18) +105 % change +2% +14% (7)% +4% Like-for-like change +102 +67 (6) +163 Like-for-like change as a % +5% +11% (2)% +6% Operating revenue by business line Changes in operating revenue between 2025 and 2024 break down by business line as follows: (in € millions) Benefits & Engagement Mobility Payment Solutions & New Markets Total Operating revenue - 2025 1,846 682 204 2,732 Operating revenue - 2024 1,800 599 210 2,609 Change +46 +83 (6) +123 % change +3% +14% (3)% +5% Like-for-like change +89 +68 +4 +161 Like-for-like change as a % +5% +11% +2% +6% Other revenue by business line (in € millions) Benefits & Engagement Mobility Payment Solutions & New Markets Total Other revenue - 2025 208 1 20 229 Other revenue - 2024 213 2 32 247 Change (5) (1) (12) (18) % change (3)% (49)% (36)% (7)% Like-for-like change +13 (1) (10) +2 Like-for-like change as a % +6% (30)% (31)% +1% Operating revenue by region In accordance with IFRS 8, the Group is required to present a breakdown of revenue by geographical area where this is relevant to understanding the financial performance and economic risks associated with its activities. (in € millions) France Europe (excl. France) Latin America Rest of the World Total Operating revenue - 2025 363 1,273 826 270 2,732 Operating revenue - 2024 361 1,221 769 258 2,609 Change +2 +52 +57 +12 +123 % change +0% +4% +7% +5% +5% Like-for-like change +2 +15 +101 +43 +161 Like-for-like change as a % +0% +1% +13% +17% +6% No single customer individually accounts for more than 10% of the Group's operating revenue. In 2025, operating revenue for Brazil stood at €576 million (€507 million in 2024) and operating revenue for Italy stood at €503 million (€464 million in 2024). Operating expenses (in € millions) 2025 2024 Employee benefit expense (778) (781) Costs of sales (256) (252) Business taxes (65) (59) Other operating expenses (502) (499) Total operating expenses (1,601) (1,591) Other operating expenses mainly comprise IT expenses, external fees, marketing and advertising expenses, additions to and reversals of impairment of current assets, and uncapitalized development expenses. EBITDA Changes in EBITDA between 2025 and 2024 break down as follows: 2025 Organic growth Changes in consolidation scope Currency effect Total change (in € millions) 2024 In €m As a % In €m As a % In €m As a % In €m As a % EBITDA 1,360 1,265 +142 +11% +24 +2% (71) (6)% +95 +7% EBITDA is analyzed by operating segment in the table below: (in € millions) Benefits & Engagement Mobility Payment Solutions & New Markets Total EBITDA - 2025 1,009 271 80 1,360 EBITDA - 2026 968 223 74 1,265 Change +41 +48 +6 +95 % change +4% +22% +9% +7% Like-for-like change +81 +51 +10 +142 Like-for-like change as a % +8% +23% +14% +11% EBIT Changes in EBIT between 2025 and 2024 break down as follows: 2025 Organic growth Changes in consolidation scope Currency effect Total change (in € millions) 2024 In €m As a % In €m As a % In €m As a % In €m As a % EBIT 1,094 1,040 +106 +10% +12 +1% (64) (6)% +54 +5% EBIT is analyzed by operating segment in the table below: (in € millions) Benefits & Engagement Mobility Payment Solutions & New Markets Total EBIT - 2025 847 206 41 1,094 EBIT - 2024 827 177 36 1,040 Change +20 +29 +5 +54 % change +2% +16% +13% +5% Like-for-like change +61 +38 +7 +106 Like-for-like change as a % +7% +22% +19% +10% Change in working capital and funds to be redeemed Funds to be redeemed correspond to the face value of all vouchers in circulation and funds loaded on cards but not yet used. They derive from multiple transactions: on the one hand, with customers to whom vouchers have been issued or whose cards have been loaded, with a corresponding inflow recognized either in available cash or - depending on applicable regulations - in restricted cash (mainly in France, Belgium, the United States, the United Kingdom, Brazil, Romania and Mexico); on the other hand, with merchants that are reimbursed by Edenred with respect to the vouchers and cards used by employees in their establishments. Given the nature of Edenred's business, funds to be redeemed are a key indicator in managing the Group's operations, in the same way as restricted cash (see Note 4.7 "Change in restricted cash") . Funds to be redeemed are recognized in current liabilities. Working capital requirement (WCR) items are as follows: (in € millions) 2025 2024 Change Inventories, net 54 62 (8) Trade receivables, net, linked to funds to be redeemed 1,423 1,320 103 Trade receivables, net, not linked to funds to be redeemed 1,426 1,444 (18) Other receivables, net 706 629 77 Working capital - assets 3,609 3,455 154 Trade payables (1,911) (1,793) (118) Other payables (1,174) (1,350) 176 Funds to be redeemed (6,125) (5,722) (403) Working capital - liabilities (9,210) (8,865) (345) Negative w orking capital (5,601) (5,410) (191) Current tax liabilities (39) (70) 31 Net negative w orking capital (incl. corporate income tax liabilities) (5,640) (5,480) (160) At December 31, 2025, working capital stood at negative €5,640 million versus negative €5,480 million at December 31, 2024. The difference in working capital (excluding corporate income tax liabilities) is mainly attributable to: An increase in funds to be redeemed, reflecting growth in business volumes, particularly in Latin America and Europe; Partially offset by a decrease in other payables, mainly due to portfolio review of the Banking as a Service business managed by Edenred PayTech; The effect of changes in the exchange rates of the main currencies in which the Group operates (positive €102 million impact). (in € millions) 2025 2024 Working capital at beginning of period (5,410) (5,559) Change in working capital (1) (239) 68 Acquisitions 8 (25) Disposals/liquidations - - Change in impairment of current assets (22) (15) Currency translation adjustment 102 125 Reclassifications to other balance sheet items (40) (4) Net change in working capital (191) 149 Working capital at end of period (5,601) (5,410) (1) See section 1.4 "Consolidated statement of cash flows" The working capital items included in acquisitions are mainly those of RB and IP Plus, acquired in 2024, in Brazil and Italy respectively. The currency translation adjustment mainly corresponds to the Pound sterling, US dollar, Turkish lira, New Taiwan dollar and Venezuelan bolivar. Change in restricted cash Restricted cash corresponds to the funds received when vouchers and cards are issued and is subject to specific regulations in some countries, such as France for the Ticket Restaurant® and Ticket CESU solutions. In particular, use of the funds is restricted and they must be clearly segregated from the Group's other cash. The funds remain Edenred's property and are invested in locally regulated interest-bearing financial instruments. Restricted cash also includes funds relating to Edenred PayTech subsidiary's direct clients in the United Kingdom. Restricted cash corresponds to funds subject to special regulations primarily in: France (€755 million), Belgium (€332 million), the United Kingdom (€195 million), the United States (€109 million), Romania (€92 million), Taiwan (€49 million), Brazil (€39 million), Mexico (€31 million), the United Arab Emirates (€27 million), Bulgaria (€16 million) and Uruguay (€11 million). Given the nature of Edenred's business, restricted cash is a key indicator in managing the Group's operations, in the same way as funds to be redeemed (see Note 4.6 "Change in working capital and funds to be redeemed") . (in € millions) 2025 2024 Restricted cash at beginning of period 1,866 2,073 Change for the period (1) (171) (247) Acquisitions - 18 Currency translation adjustment (36) 20 Other changes 2 2 Net change in restricted cash (205) (207) Restricted cash at end of period 1,661 1,866 (1) See section 1.4 "Consolidated statement of cash flows". Trade and other receivables and payables Trade receivables In accordance with IFRS 9, impairment of trade is measured taking into account expected credit losses as soon as the receivable arises. For receivables with no significant financing component, the Group recognizes them at their transaction price and applies the alternative model, which consists in recognizing a provision equal to the lifetime expected credit losses over the life of the receivables. (in € millions) 2025 2024 Gross carrying amount 2,984 2,882 Impairment losses (135) (118) Trade receivables, net 2,849 2,764 Inventories, other receivables and accruals Inventories are measured at the lower of cost and net realizable value, in accordance with IAS 2 -Inventories. Cost is determined by the weighted average cost method. Cost is determined by the weighted average cost method. For Edenred, inventories mainly include ticket inventories sold through online platforms such as Meyclub, as well as cards and paper for printing vouchers. (in € millions) 2025 2024 Inventories 54 62 Recoverable VAT 201 173 Employee advances and prepaid payroll taxes 10 7 Other prepaid and recoverable taxes 24 26 Prepaid expenses 43 47 Other receivables 586 534 Inventories, other receivables and accruals, gross 918 849 Impairment losses (158) (158) Inventories, other receivables and accruals, net 760 691 At December 31, 2025, "Other receivables" stood at €586 million, versus €534 million at December 31, 2024. This item mainly comprises the asset associated with the payment of the French Antitrust Authority (ADLC) fine amounting to €158 million (see Note 10.3 "Claims, litigation and risk") , and other miscellaneous receivables for €428 million (€375 million at December 31, 2024), including receivables linked to Edenred Finance's activities. Following the decision of the Paris Court of Appeal in November 2023, the asset relating to the payment of the ADLC fine has been written down in full. Other payables and accruals (in € millions) 2025 2024 VAT payable 66 57 Wages, salaries and payroll taxes payable 161 160 Other taxes payable (excl. corporate income tax) 21 16 Deferred income 85 87 Other payables 841 1,030 Total other payables and accruals 1,174 1,350 Corporate income tax liabilities 39 70 Other payables and accruals, net 1,213 1,420 "Other payables" primarily comprises volumes to be issued for €83 million (€34 million at December 31, 2024) and other miscellaneous payables for €758 million (€995 million at December 31, 2024) relating mainly to funds payable by Edenred PayTech to clients.