Earnings Document

CONSOLIOATEO FINANCIAL STATEMENTS

ANO NOTES

1. Consolidated financial statements 3
2. Notes to the consolidated financial statements

8

1. Consolidated financial statements
   
   
   1. Consolidated income statement
   2. Consolidated statement of comprehensive income
   3. Consolidated statement of financial position Consolidated assets Consolidated equity and liabilities
   4. Consolidated statement of cash flows
   5. Consolidated statement of changes in equity

      1. 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

      2. 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

      3. 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

      4. 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

         1. 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

      5. 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 1 Presentation of the Group and basis of preparation of the consolidated financial statements

Standards, amendments and interpretations effective for reporting periods beginning on or after January 1, 2025

Standards, amendments and interpretations

Amendments to IAS 21 - Lack of Exchangeability.

Published standards, amendments and interpretations not effective at December 31, 2025

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

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:

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.

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

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

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)

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

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:

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).

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:

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:

Trade receivables

Inventories, other receivables and accruals

For Edenred, inventories mainly include ticket inventories sold through online platforms such as Meyclub, as well as cards and paper for printing vouchers.

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

"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.