Edenred : First-quarter 2026 revenue

About this update from Edenred Sa

Press release April 23, 2026 First-quarter 2026 revenue Edenred records sustained growth in Q1 and confirms its objectives for 2026 and beyond Edenred maintains its upward trajectory in the first quarter of 2026 and delivers top-line intrinsic growth1 of +8.2%, in line with full-year 2025 performance: Double-digit growth in Mobility (+10.0%) High-single digit intrinsic growth 1 in Benefits C Engagement (+7.8%) Back to robust growth in Payment Solutions C New Markets (+6.2%) With the effects of a new regulatory environment (Italy and Brazil), Edenred delivers: Operating revenue of €673 million, up +3.1% like-for-like (up +0.9% as reported) versus first-quarter 2025 Other revenue of €57 million, up +3.2% like-for-like (flat as reported) versus first-quarter 2025 Total revenue of €730 million, up +3.1% like-for-like (up +0.8% as reported) versus the first quarter of 2025 Edenred obtained an 'A' rating from CDP (vs. B previously), reinforcing its ESG leadership within the industry Recognition of Edenred's strong commitment in climate action Further strengthening of competitive advantage Edenred executes with discipline its Amplify 25-28 strategic plan. Selected examples: Attract: Providing the most attractive offer in EV charging and expanding Edenred reach in Mobility with a new partnership with EnBW in Germany Enrich: Augmenting upsell and cross-sell in Benefits C Engagement in Italy Data s AI: Leveraging AI to enhance our maintenance offer in Brazil Edenred confirms its objectives for 2026 and beyond, namely: A decline in EBITDA of between 8% and 12% like-for-like in 2026, corresponding to intrinsic EBITDA growth of between 8% and 12%, which is the level expected for 2027 and 2028 A free cash flow/EBITDA conversion rate of ≥ 35%, corresponding to an intrinsic conversion rate of ≥ 65%2, which is the level expected for 2027 and 2028 *** ‌1 Like-for-like growth, excluding impact from regulatory change in Italy and Brazil ‌2 At constant regulations and methodologies (e.g. excl. impact from regulatory change in Brazil and Italy) Bertrand Dumazy, Chairman and CEO of Edenred , said: "Edenred started 202c by building on its position from 2025, proving its ability to generate intrinsic high single digit growth and mitigate the impact of new regulatory environment for Meal & Food in Brazil and Italy. We succeeded in delivering sustained performance across all business lines and all geographies, illustrating our capacity to leverage both our diversified portfolio of solutions and our multi-local footprint. Against an uncertain environment, we are confidently executing our strategic plan, focusing our marketing and sales efforts on acquiring more clients and generating more value per user, notably thanks to up-selling and cross-selling initiatives. Investments in Data and AI are strengthening our value proposition while providing more opportunities to increase the use of our solutions and monetize the audience of our B2B2C platform. On another note, we are very proud that our commitment to climate action has been recognized with an A rating by CDP. All in all, this good start to the year enables us to reconfirm our 202c financial objectives, bearing in mind that 202c will be a rebasing year before we resume our sustainable and profitable growth trajectory from 2027 onwards." FIRST-QUARTER 2026 TOTAL REVENUE From 202c, the Group presents its revenue and EBITDA by business line, reflecting its internal organization. It should be noted that the Group has slightly modified the scope of the Benefits & Engagement and Complementary Solutions business lines, as well as the name of the Complementary Solutions activity, which is now Payment Solutions & New Markets. Pages 13 to 15 of the appendix present data for 2025 as it would have been published under this new definition of operating segments. (in € million) First-quarter 2026 First-quarter 2025 % change (like-for-like) % change (reported) Operating revenue 673 667 +3.1% +0.9% Other revenue 57 57 +3.2% -0.4% Total revenue 730 724 +3.1% +0.8% Total revenue For the first-quarter of 2026, total revenue amounted to €730 million, up +3.1% like-for-like and up +0.8% as reported compared with first-quarter 2025. It integrates a negative scope impact of -0.4% and unfavorable exchange rate effects of -1.8%. Operating revenue Operating revenue rose to €673 million, up +3.1% like-for-like (up +0.9% as reported) in the first quarter of 2026. This performance includes a negative scope effect of -0.5% as well as a negative -1.7% currency effect. Edenred continues to demonstrate the strength of its diversified model, benefiting from the recurring nature of its business model and the relevance of its portfolio of solutions. Performance during the quarter was, however, hampered by the continued impact of regulatory changes in meal vouchers in Italy and the first impact of the new regulatory framework for the meal and food voucher system in Brazil that started to apply to Edenred from February 25 th . Adjusted to take account of these impacts, operating revenue rose by +8.2% like-for-like, in line with intrinsic operating revenue growth of +8.3% recorded in full-year 2025, reflecting a sustained underlying sales momentum across the Group. Operating revenue by business lines (in € millions) First-quarter 2026 First-quarter 2025 % change (like-for-like) % change (reported) Excluding the impact of regulatory change in Italy and Brazil % change % change (like-for- (reported) like) Benefits C Engagement 446 450 +0.2% -1.0% +7.8% +c.c% Mobility 176 165 +10.0% +6.7% +10.0% +c.7% Payment Solutions C New markets 51 52 +6.2% -1.0% +c.2% -1.0% Total 673 667 +3.1% +0.G% +8.2% +C.1% Operating revenue for Benefits s Engagement , accounting for 66% of Edenred's total operating revenue, amounted to €446 million in first quarter of 2026, up +0.2% like-for-like and down -1.0% as reported versus the first quarter of 2025. This performance was held back by the impact of the merchants' fee caps implemented for the meal vouchers activity as of September 2025 in Italy, and as of end-February 2026 in Brazil. Adjusted to take account of this impact, operating revenue rose by +7.8% like-for-like, demonstrating the underlying strength of Edenred's solutions. Per geography, growth was supported by good momentum across Europe, fueled by solid performance in Southern Europe (such as Greece and Portugal) and in Germany, while being offset by the regulatory impact in Italy. In Latin America, excluding the first impact of the implementation of the Brazilian presidential decree in late February 2026, Brazil delivered double-digit intrinsic growth. The Rest of the World posted double-digit growth, supported notably by a solid performance in Japan and Turkey. In the first quarter, commercial momentum remained solid for the digital Meal and Food offering, with continued penetration of its various markets in all segments. SME acquisition has been particularly dynamic, demonstrating the efficiency of our powerful go-to-market engine, as well as our sales C marketing investments. In addition to client wins, growth was also supported by the increase in the amounts granted by employers to their employees, encouraged by government decisions to raise the maximum legal face values in many countries, notably recently in Italy, Belgium and Romania. This good performance was also supported by the attractiveness and depth of Edenred's portfolio of other benefits and engagement solutions, as the Group is leveraging its large Meal C Food client base to activate more cross-sell opportunities as part of its Amplify 25-28 strategic plan. In Italy, for example, more than 35% of Meal C Food clients are also clients of at least one of Edenred's "Beyond Food" solutions such as Ticket Shopping, Welfare and Edenred Engagement, the revenue of which grew by more than 20% in the first quarter of 2026. In the Mobility business line, accounting for 26% of Edenred's business, operating revenue came to €176 million in the first quarter of 2026, up +10.0% like-for-like (up +6.7% as reported) versus the first quarter of 2025. This continued double-digit growth confirms the relevance of Edenred's Mobility offering and its ability to keep capturing structural growth drivers. This performance was led by strong momentum in Latin America, notably in Brazil and Mexico, supported by the continued traction of Beyond Fuel solutions such as toll, maintenance and freight payment services. In Europe, operating revenue growth benefited from a solid performance in France and Spain, underpinned by increased fleet activity and sustained commercial traction. Growth was also globally supported by a positive fuel price effect . During the first-quarter of 2026, Edenred continued to strengthen its Mobility value proposition through targeted strategic initiatives. The new distribution partnership signed with EnBW in Germany represents a significant step forward, enabling Edenred solutions to be distributed by one of the biggest German energy companies, tripling the potential number of vehicles served by UTA Edenred. It also strengthens Edenred's offer for its 70,000 users with access to EnBW's 8,000 fast-charging stations in Germany at a preferential rate. This partnership reinforces Edenred's positioning as a one-stop-shop partner for fleet electrification and supports the development of scalable growth opportunities. At the beginning of 2026, Edenred made significant steps in deploying Data C AI solutions across its activities to enhance operational efficiency and service quality. In Mobility, for instance, the progressive rollout of AI - powered tools is transforming fleet maintenance into a more automated, predictive and scalable platform, covering areas such as maintenance detection, invoicing, service approval and fraud prevention. These solutions improve the experience for our clients (fleet managers and drivers) with higher fleet availability and cost control, and for third parties (repair shops) through secured volume of activity. This data - driven approach contributes to Edenred's capacity to deliver sustainable growth while continuously enriching its value proposition. Payment Solutions and New Markets generated operating revenue of €51 million in the first quarter of 2026, accounting for 8% of Edenred's total operating revenue. This was up +6.2% on a like-for-like basis (down -1.0% as reported) compared with the first quarter of 2025. Business line performance has been positively impacted by the strong double-digit growth of our Digital Wallets offering in the United Arab Emirates and Taiwan, offset by the tail effect of the exit from the B2C business with fintechs (Banking as a Service). Operating revenue by region (in € millions) First-quarter 2026 First-quarter 2025 % change (like-for-like) % change (reported) Excluding the impact of regulatory change in Italy and Brazil % change % change (like-for-like) (reported) Europe 400 401 +0.6% -0.4% +c.2% +5.2% Latin America 204 196 +4.7% +4.0% +10.7% +10.0% Rest of the world 69 70 +12.6% -0.1% +12.c% -0.1% Total 673 667 +3.1% +0.G% +8.2% +C.1% www.edenred.com | page

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