Press release
February 18, 2025




2024 annual results
The strategy of Edenred is bearing fruit and positioning the
Group on solid ground to enter 2025 with confidence

Edenred reports another sharp increase in its key financial metrics, reflecting ongoing
success for Benefits & Engagement and Mobility extension offer

- Record earnings per share of €2.07 versus €1.711 in 2023, up 21.1%1

- Total revenue of €2.9 billion, up 12.2%2 as reported and 12.4%2 like-for-like versus 2023

o Operating revenue of €2.6 billion, up 11.4%2 as reported and 11.2%2 like-for-like
o Other revenue of €247 million, up €45 million, thanks to strong growth in business
volumes and a favorable interest-rate environment
- EBITDA of €1,265 million, up 15.7% as reported and 19.0% like-for-like; EBITDA margin of
44.3%, up 1.3 points as reported.
o Operating EBITDA of €1,018 million, up 14.3% as reported; operating EBITDA
margin of 39.1%, up 1.0 point as reported.
- Net profit, Group share of €507 million – a record high
- Funds from operations before other income and expenses (FFO) of €870 million, up
19.2%

Edenred exceeds the 2024 financial targets set in its Beyond 22-25 plan
- 19% like-for-like growth in EBITDA
- Free cash flow/EBITDA conversion rate of 70%3

Increased shareholder returns
- Edenred is proposing a dividend payment of €1.214 per share for 2024, representing a
10% increase on 2023.
- Edenred carried out a €300 million share buyback program in 2024
- In December, Edenred announced it was extending this program by a further amount
of up to €300 million, covering a period of three years5



Solid extra-financial performance
- Further increase in extra-financial performance metrics
- Achievements reflected in the ratings assigned by leading ESG rating agencies, such
as S&P Global, and in Edenred's inclusion in the DJSI Europe and World indices




1 Including the French Antitrust Authority (ADLC) fine of €158 million recognized in 2023, earnings per share for 2023 comes out at
€1.07, giving a 93.5% year-on-year increase in 2024.
2 Based on adjusted figures for 2023 (see the appendices to this press release on pages 19 to 21).
3 Based on constant regulation and method.
4 To be proposed at the General Meeting of May 7, 2025.
5 Ending on November 30, 2027.




www.edenred.com | page 1/28
Edenred entering in 2025 with confidence despite uncertain European economic
conditions
- Drawing on its strong business development over the past few years, Edenred has
begun 2025 in a good position to continue its profitable growth journey
- The intrinsic growth momentum of its two main business lines (Benefits & Engagement
and Mobility) remained buoyant throughout 2024, both for Core solutions (Meal & Food
and Fuel) and Beyond solutions
- High customer loyalty and ramp-up of subscription formulas have given the Group a
more recurring revenue model
- The integration and contribution of recently acquired businesses will help drive growth
in 2025
- Management commitment to optimize operating performance by exercising tighter
control over the cost base increase and implementing specific action plans for a few
businesses within the Group’s portfolio

Edenred confirms its target for 2025, namely:
- Like-for-like EBITDA growth of at least 10%
- Free cash flow/EBITDA conversion rate >70%6

These targets take into account a €60 million negative impact on EBITDA that is expected to occur
as a result the introduction of a cap on merchants in Italy in 2025.



***

Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said: "Edenred
consistently demonstrates its ability to generate sustained and profitable growth year
after year. 2024 has followed this trend, and I want to extend my heartfelt gratitude to
our 12,000 employees for their dedication and hard work. This new record year illustrates
the success of our Beyond strategy and the relevance of the new solutions we offer to
our corporate clients, their employees, and our merchant partners. From a financial
standpoint, we have improved our profitability, increased our earnings per share, and
generated robust cash flow, which we have used for external growth operations and to
increase returns for our shareholders.

Looking ahead to 2025, we have set an ambitious goal to grow our EBITDA by more than
10% organically, despite an uncertain economic environment in Europe. This target takes
into account the introduction of a cap on merchant commissions in Italy. Our confidence
stems from our increasingly recurring, diversified and enriched business model, as well as
the continued solid growth dynamics of both our benefits & engagement and mobility
activities, alongside the anticipated contribution from our recent acquisitions, such as
Spirii, IP, and RB. Furthermore, we are committed to optimizing our operational
performance by enhancing the trajectory of a few activities, exercising stricter control
over expense increases, and conducting a portfolio review for potential rationalization if
necessary."




6 Based on constant regulation and method.




www.edenred.com | page 2/28
2024 ANNUAL RESULTS
At its meeting on February 17, 2025, the Board of Directors reviewed Edenred's consolidated
financial statements for the year ended December 31, 2024. 7

It is specified that the 2023 figures presented in this press release have been adjusted to allow
a better comparison between the 2023 and 2024 fiscal years.
This adjustment minimizes 2024 vs. 2023 operating revenue growth rates and has no impact on
2023 and 2024 EBITDA.

Indeed, in Brazil, since January 1, 2024, Edenred has replaced the discounts granted to clients
with alternative benefits accounted for as operating expenses in accordance with Law No.
1442 of September 2, 2022. The 2023 figures have therefore been restated to reflect this new
practice.
For the sake of transparency, the 2023 data as published are recalled in Appendix p.19 to p.21,
along with the adjusted 2023 data and the variations between the 2023 and 2024 fiscal years
according to these two sets of 2023 data.



Full-year 2024 key financial metrics:

% change
% change
(in € millions) 2024 2023 (like-for-
(reported)
like)

Operating revenue 2,609 2,343 +11.4% +11.2%

Other revenue 247 202 +22.0% +26.2%

Total revenue 2,856 2,545 +12.2% +12.4%

EBITDA 1,265 1,094 +15.7% +19.0%

EBIT 1,040 901 +15.5% +20.8%

Net profit, Group share 507 267 +89.9%

Net profit, Group share excluding the
507 425 +19.3%
ADLC fine8



• Total revenue: €2,856 million

Total revenue for 2024 came to €2,856 million, up 12.2% as reported and 12.4% like-for-like
compared with 2023. Reported growth includes a positive scope effect (+2.5%) and an
unfavorable currency effect (-2.6%).

For the fourth quarter of 2024, total revenue came to €779 million, up 7.5% as reported
compared with fourth-quarter 2023. This year-on-year increase includes a positive scope effect
(+1.8%), and a favorable currency effect (+2.2%) mainly due to Latin American currencies.




7 The audit procedures on the consolidated accounts have been carried out, and the certification report will be issued after the
completion of the verification of the management report and the due diligence related to the electronic ESEF format of the 2024
accounts
8 Amounting to €158 million, recognized in 2023




www.edenred.com | page 3/28
o Operating revenue: €2,609 million

Operating revenue rose 11.4% in 2024 on a reported basis, reflecting an 11.2% like-for-like
increase, a positive scope effect (+2.7%) and an unfavorable currency effect (-2.5%) stemming
mainly from Brazil, Mexico and Argentina. Excluding the contribution of Argentina
hyperinflation, like-for-like growth was +10.4%.

For the fourth quarter of 2024, operating revenue totaled €719 million, up 8.5% year on year as
reported. The scope effect was a positive 2.0 % and the currency effect was a positive 1.9%.
Excluding the contribution of Argentina hyperinflation, like-for-like growth was +7.9%.

Due to the devaluation of the Argentine peso in December 2023 9, the impact of hyperinflation
in Argentina on like-for-like growth in the Group's operating revenue was not linear during 2024.
This hyperinflation had a positive impact of 0.7% on like-for-like growth in operating revenue
over the year as a whole, but a negative 3.3% impact for the fourth quarter on its own.

The December 2023 devaluation of the Argentine peso resulted in a strongly positive currency
effect of €34.9 million in fourth-quarter 2024, accounted for in accordance with IFRS Standards,
which led to a cumulative negative currency effect of €6.1 million over the full year.

It is specified that Argentina only contributes for around 1% of the Group's total revenue.



• Operating revenue by business line


% change
% change
(in € millions) 2024 2023 (like-for-
(reported)
like)

Benefits & Engagement 1,702 1,481 +14.9% +13.1%

Mobility 624 577 +8.2% +11.3%

Complementary Solutions 283 285 -0.6% +0.7%

Total 2,609 2,343 +11.4% +11.2%




% change
% change
Fourth- Fourth- % change (like-for- like)
(in € millions) (like-for-
quarter 2024 quarter 2023 (reported) excl. Argentina
like)
hyperinflation

Benefits & Engagement 483 438 +10.4% +10.6% +10.8%

Mobility 161 147 +9.4% -9.2% +5.0%

Complementary Solutions 75 79 -3.5% -3.1% -3.0%

Total 719 664 +8.5% +4.6% +7.9%




9Taking into account the devaluation of the Argentine peso in December 2023, the resulting average EUR/ARS exchange rate used in
Q4 2023 was 2,435.00 pursuant to IAS 29 (Financial Reporting in Hyperinflationary Economies)




www.edenred.com | page 4/28
Operating revenue for the Benefits & Engagement business line, accounting for 65% of the
Group's total operating revenue, amounted to €1,702 million in 2024, up 14.9% year-on-year as
reported (up 13.1% like-for-like) in comparison with 2023.

This solid growth highlights the ongoing success of the digital Ticket Restaurant ® offering, which
is attracting a growing number of companies across both large corporates and SMEs. In
addition to meal vouchers, the performance of the Benefits & Engagement business line has
been bolstered by the strong appeal of Beyond Food solutions. The Reward Gateway offer –
which provides an effective way for companies to boost employee engagement, especially
in today’s corporate landscape marked by the war for talent – is proving increasingly successful
in its core markets (the UK, Australia and the USA), and has yielded promising results following
its launch in France, Italy and Belgium.

However, Benefits & Engagement performance was weighed down – particularly towards the
end of the year – by the non-renewal of the "consumption vouchers" program (temporary
purchasing power bonus). The performance of the business line was also hindered by a high
basis of comparison for the fourth quarter of 2023 for the gift cards business, particularly in
France.

In the fourth quarter of 2024, Benefits & Engagement operating revenue came to €483 million,
up 10.4% as reported (+10.6% like-for-like) compared with fourth-quarter 2023. Excluding the
"consumption vouchers" program in Belgium and gift card solutions, the increase in operating
revenue in fourth-quarter 2024 for this business line was 13.7% on a like-for-like basis, outstripping
growth for the previous two quarters and also coming in higher than the full-year growth figure
of 13.1%.

In Mobility, which represents 24% of the Group’s total operating revenue, 2024 operating
revenue amounted to €624 million, up 8.2% as reported (+11.3% like-for-like) versus 2023.

Operating revenue for fuel cards rose 7.5% like-for-like in 2024 (excluding the impact of
hyperinflation in Argentina), representing a 2.7 point increase compared with the growth figure
for 2023. One of the key drivers of this faster pace of growth was stronger penetration of the
SME segment. In 2024 towards the end of the year, Edenred strenghtened its fuel cards offering
in Europe through the acquisition of IP's energy cards business in Italy, which has propelled
Edenred from sixth position in the Italian market to number two.

Simultaneously, the Group's Beyond Fuel strategy is proving effective as there is a growing
adoption of these solutions in Brazil, Mexico and Europe. Additionally, with the acquisition of
Spirii in May 2024, Edenred is now able to offer its customers eMobility solutions, which have
already been rolled out in France and Germany through partnerships with key accounts such
as Audi and Daimler. Overall, operating revenue for Beyond Fuel solutions grew by 14.9% 10 on
a like-for-like basis in 2024 (excluding the impact of hyperinflation in Argentina), i.e., 4.5 points
higher than in 2023. This growth figure excludes the European VAT refund services business
managed by EBV Finance (renamed Edenred Finance), which reported an operating revenue
growth below Edenred standards in 2024.

In the fourth quarter of 2024, operating revenue for the Mobility business line totalled
€161 million, up 9.4% on a reported basis (down 9.2% like-for-like) compared with fourth-quarter

10 Excluding EBV Finance (renamed Edenred Finance) - Mobility VAT recovery business in Europe




www.edenred.com | page 5/28
2023. Like-for-like performance in the fourth quarter of 2024 was heavily impacted by the
devaluation of the Argentine peso in December 2023 11 and the hyperinflationary environment
in Argentina, the effects of which were accounted for in accordance with IFRS Standards.

The Complementary Solutions business line, which includes Corporate Payment Services,
Incentive & Rewards and Public Social Programs, generated operating revenue of €283 million
in 2024, accounting for 11% of the Group total. This was 0.6% lower than in 2023 as reported
(but 0.7% higher like-for-like), with the reported decrease due to a disappointing performance
for Edenred Pay North America (formerly CSI), a contraction in Incentive & Rewards business,
and a high basis of comparison for Public Social Programs in Europe.

In the fourth quarter of 2024, operating revenue for Complementary Solutions amounted to
€75 million, down 3.5% on a reported basis (-3.1% like-for-like) compared with the fourth quarter
of 2023, as the above-mentioned effects were more pronounced in the fourth quarter than in
the previous quarters.



• Operating revenue by region


% change
% change
(in € millions) 2024 2023 (like-for-
(reported)
like)

Europe 1,582 1,434 +10.3% +7.9%

Latin America 769 699 +10.1% +15.4%

Rest of the World 258 210 +22.7% +19.7%

Total 2,609 2,343 +11.4% +11.2%




% change (like-
% change
Fourth- Fourth- % change for- like)
(in € millions) (like-for-
quarter 2024 quarter 2023 (reported) excl. Argentina
like)
hyperinflation

Europe 441 415 +6.3% +4.2% +4.2%

Latin America 207 190 +9.6% +2.7% +14.3%

Rest of the World 71 59 +20.8% +13.1% +13.1%

Total 719 664 +8.5% +4.6% +7.9%




In Europe, operating revenue totaled €1,582 million in 2024, a year-on-year increase of 10.3%
as reported and 7.9% like-for-like. Europe represented 61% of Group operating revenue.

Fourth-quarter 2024 operating revenue in Europe was €441 million, up 6.3% as reported (+4.2%
like-for-like) versus the same period of 2023. The slowdown in growth in the fourth quarter was

11 See page 4 for details about the Group's fourth-quarter performance




www.edenred.com | page 6/28
mainly due to the non-renewal of the one-off "consumption vouchers" program in Belgium, a
high basis of comparison for the gift cards business, particularly in France, and within the
Mobility business line, the performance of EBV Finance (renamed Edenred Finance).

In France, operating revenue totaled €361 million for the year, up 3.9% as reported
(+5.7% like-for-like). This reflects a robust performance from the Benefits & Engagement
business line, spurred by the commercial success of the Ticket Restaurant® offering and
the solutions for work councils in France. However, the uncertain political context
resulted in slower decision-making by some prospects in the second half of the year,
particularly SMEs. Also, the high basis of comparison arising from the successful gift card
campaign in the fourth quarter of 2023 weighed on growth towards the end of 2024.
Mobility solutions continue to enjoy strong demand, thanks to the business line's
unparalleled range of energy cards providing access to a unique network of service
stations across the country. Performance in France was also hindered by the
discontinuation of the CESU social services, and a disappointing performance of the
Incentive activity aimed at the sales forces of Edenred’s clients.
In the fourth quarter, operating revenue in France reached €105 million, up 3.5% on the
same period of 2023, both as reported and like-for-like. Year-on-year growth for fourth-
quarter 2024 was hindered by a high basis of comparison for the gift cards business.

Operating revenue in Europe (excluding France) totaled €1,221 million in 2024,
representing a year-on-year increase of 12.4% as reported (+8.6% like-for-like), driven by
the acquisitions of Reward Gateway and Spirii in May 2023 and May 2024 respectively.
This growth reflects strong sales momentum for Benefits & Engagement solutions, both
for the Ticket Restaurant® digital offering and for employee engagement solutions.
Reward Gateway recorded solid growth, and the offering was extended during the
year to Belgium and Italy (on top of France), where initial take-up has been
encouraging. However, the high basis of comparison due to the non-renewal of the
"consumption vouchers" program in Belgium weighed on growth at the end of 2024.
The Mobility business line saw good momentum for its multi-energy card offering, and
Beyond Fuel solutions continued to prove successful, apart from the VAT refund services.
Fourth-quarter 2024 operating revenue in Europe excluding France came in at
€336 million, up 7.1% as reported (+4.4% like-for-like) compared with the fourth quarter
of 2023. While the Group's activities once again fared well in Southern Europe, growth
was lower in Northern Europe due to this region's weaker economic environment,
particularly in Germany. Fourth-quarter performance was also affected by the high
basis of comparison stemming from the non-renewal of the "consumption vouchers"
program in Belgium and the impact of EBV Finance’s (renamed Edenred Finance) lower
operating revenue. Excluding the impact of “consumption vouchers” program in
Belgium and EBV Finance, like-for-like growth was +6.5%.

In Latin America, operating revenue totaled €769 million in 2024, up 10.1% as reported (+15.4%
like-for-like) compared with 2023. Excluding the contribution of Argentina hyperinflation, like-
for-like growth compared with 2023 was +12.9%. Latin America represented 29% of total
consolidated operating revenue in 2024.

In the fourth quarter, the region’s operating revenue came to €207 million, up 9.6% as reported
(+2.7% like-for-like) versus fourth-quarter 2023. Excluding the impact of hyperinflation in
Argentina, like-for-like growth compared with fourth-quarter 2023 would have been +14.3%,
indicating a growth acceleration compared to previous quarters.




www.edenred.com | page 7/28
In Brazil, operating revenue rose by 9.8% like-for-like in 2024 versus 2023. Benefits &
Engagement recorded double-digit growth led by the robust sales performance of meal
vouchers in both the large corporates and SME segments, propelled by the growing
revenue contribution from the partnership with Itaú Unibanco. In addition, the Beyond
Food solutions offering was expanded during the year with the acquisition of RB, allowing
Edenred to become the leader on the employee transport benefits market.
The Mobility business line also contributed to Brazil's good performance, driven by the
strong results of Beyond Fuel solutions (maintenance management, e-toll solutions and
freight payment).
In the fourth quarter of 2024, operating revenue grew by 10.0% overall in Brazil versus the
same period of 2023.

In Hispanic Latin America, operating revenue advanced 28.4% on a like-for-like basis,
reflecting a steady performance in Mexico in all three business lines, as well as the
contribution of a public contract won in Chile.
In the fourth quarter, operating revenue for Hispanic Latin America contracted by 16.3%
like-for-like versus fourth-quarter 2023, but excluding the impact of hyperinflation in
Argentina, it would have risen by 24.9%.

Operating revenue in the Rest of the World, which accounts for 10% of the Group total,
amounted to €258 million in 2024, representing a year-on-year increase of 22.7% as reported
and 19.7% like-for-like. This performance was driven in particular by robust momentum in the
United Arab Emirates and a good performance by Reward Gateway in Australia.
Fourth-quarter 2024 operating revenue for the Rest of the World advanced 20.8% as reported,
and 13.1% like-for-like, to €71 million.



o Other revenue: €247 million

Other revenue represented €247 million in 2024, a rise of 22.0% as reported (up 26.2% like-for-
like). This sharp increase was due to the impact of the Group's business growth on the float 12,
as well as higher average interest rates than the previous year.
In the fourth quarter of 2024, other revenue totaled €60 million, down 3.0% as reported (-8.0%
like-for-like), reflecting the impact of interest rate cuts observed in the eurozone.



• Record EBITDA: €1,265 million

Buoyed by the strong growth in total revenue, EBITDA reached a record high of €1,265 million
in 2024, corresponding to the middle of the guidance range announced in July 202413 and this,
despite less favorable exchange rates than the assumptions made at that time. EBITDA shows
a growth of 15.7% as reported and 19.0% like-for-like. The EBITDA margin was 44.3%, up 1.3
points as reported (+2.5 points like-for-like) versus 2023.

The year-on-year increase in EBITDA margin was driven by a 1.0 point rise in operating EBITDA
margin (up 1.3 points like-for-like) to 39.1%, reflecting the operating leverage inherent in
Edenred's platform model.



12The float corresponds to a portion of the operating working capital from the preloading of funds by corporate clients.
13 In the presentation of its half-year results in July 2024, the Group announced an EBITDA target range of between €1,230 million and
€1,300 million




www.edenred.com | page 8/28
• Record net profit, Group share: €507 million

Net profit, Group share, came in at a record high of €507 million for 2024, up 19.3% on the 2023
figure of €425 million (excluding the French Antitrust Authority fine).
The 2024 figure includes €213 million in net financial expense (versus a €172 million net expense
in 2023). This €41 million year-on-year increase was attributable to the rise in interest rates, which
impacted the cost of debt.
Net profit for 2024 also included other income and expenses representing a net expense of €28
million (versus a €37 million net expense in 2023 excluding the French Antitrust Authority fine),
an income tax expense of €254 million (versus a €226 million expense in 2023), and €38 million
attributable to non‑controlling interests (versus €41 million in 2023).


• Strong cash flow generation

Edenred delivered a record-high €870 million in funds from operations before other income and
expenses (FFO) in 2024, an increase of 19.2%.

The increase in the float, driven by the growth momentum recorded by the Benefits &
Engagement business line, also contributed to cash generation over the year.

In 2024, Edenred continued to invest in its platform to fuel the Group's sustainable and profitable
growth and lengthen its technology lead. Capital expenditure therefore amounted to
€217 million, or 7.6% of Group total revenue.

In all, free cash flow was €881 million in 2024 14, reflecting a free cash flow/EBITDA conversion
rate of 70%. Including the negative impacts on free cash flow generation of €32 million due to
a change in regulations that affected the freight payment business in Brazil, and €17 million
related to Spirii's business, free cash flow came to €832 million.



• A solid financial position

At December 31, 2024, Edenred had net debt of €1,806 million, versus €1,100 million at end-
December 2023. The year-on-year increase includes the impact of the acquisitions carried out
by Edenred in 2024 for a total of €510 million to safeguard its growth and expand its Beyond
Food and Beyond Fuel activities. It also takes into account €664 million in shareholder returns,
a €224 million unfavorable currency effect, and unfavorable non-recurring items (including the
impact of IFRS 16) totaling 120 million euros.

Edenred enjoys a robust financial position with a high level of liquidity and a solid balance
sheet. In December 2024, Standard & Poor's affirmed the Group's rating of A- (Strong
Investment Grade) with a stable outlook.

At the end of 2024, the Group's cost of debt stands at 3.5%, compared to 3.4% in 2023.
• Commitment to ESG and extra-financial performance




14 Based on constant regulation and scope of consolidation




www.edenred.com | page 9/28
Throughout 2024, Edenred continued to implement its corporate social responsibility policy,
“Ideal”, which is aimed at improving quality of life (People), protecting the environment
(Planet) and creating value ethically and responsibly (Progress). The Group once again
progressed in its key extra-financial performance metrics in 2024. Under the People
component, for example, 38% of executive positions are now held by women. Regarding its
Planet goals, Scopes 1 and 215 greenhouse gas emissions intensity has been reduced by 71%
since 2013. Lastly, regarding the Progress pilar, 72% of users and merchants have now been
made aware of sustainable nutrition or have access to alternative mobility solutions.

This good set of results mean that the Group is gaining increasing recognition for its
commitment to environmental, social and governance (ESG) practices. Thus, Edenred has
been included in the Dow Jones Sustainability Index (DJSI) for Europe and the World, and is
part of the S&P Global Sustainability Yearbook for the fourth consecutive year.
Lastly, SBTI16 approved Edenred's carbon reduction targets in 2024, aiming to achieve its
ambition of being net-zero carbon by 2050, marking a new milestone in the Group’s ESG
strategy.



• Return to shareholders

o €1.21 dividend proposed for 2024

Edenred is proposing a dividend of €1.21 per share for 2024, representing a 10% increase
compared with the prior year, in line with the Group’s policy of progressive dividend growth.
This dividend will be submitted to shareholders for approval at Edenred’s Combined General
Meeting on May 7, 2025. Payment of the dividend will be made solely in cash.

Dividend payment schedule:
- June 10, 2025: Ex-date.
- June 11, 2025: Record date.
- June 12, 2025: Dividend payment date.



o Share buyback program

In March 2024, Edenred announced that it was launching a share buyback program
representing a maximum amount of €300 million over a period of three years. Having used this
program in full in 2024, and in view of its strong cash generation, Edenred announced in
December 2024 that it was extending its share buyback program by a further amount of up to
€300 million17 over another three-year period, with the aim of canceling the shares bought
back.

This decision is in line with the Group's capital allocation policy, which aims to strike a balance
between a continued high level of investment in technology, bolt-on acquisitions and
attractive shareholder returns.
OUTLOOK


15 Point sources
16 The Science Based Targets initiative (SBTi) defines and promotes best practices in science-based target setting, and independently
assesses corporate targets
17 The share buyback program is described in further detail in section 7.2.4 of the 2023 Universal Registration Document




www.edenred.com | page 10/28
Based on its strengthened business model, the intrinsic robust momentum of its two main
business lines (Benefits & Engagement and Mobility), and the expected contribution of the
acquisitions carried out during 2024, Edenred enters in 2025 with confidence, despite uncertain
European economic conditions.

Thanks to a high retention rate and additional revenue layers such as customers' subscriptions
to its platform, Edenred’s customer base gives it a very strong recurring revenue profile. Going
forward, in order to continue growing its operating revenue, Edenred will be able to leverage
its broader and more diversified business model, which will enable it to increase both its
customer base and its revenue per customer.

Edenred's future performance will continue to rely on the Benefits & Engagement and Mobility
business lines, which are both powerful growth drivers for the Group. Edenred has stepped into
2025 on a strong growth path for these two business lines, both for core activities (meal
vouchers and fuel cards) and the extended offerings of Beyond Food and Beyond Fuel
solutions.

The acquisitions carried out in 2024 (RB in Brazil, Spirii in Europe and IP's energy card business in
Italy), as well as the strategic move of combining Edenred's assets in the Brazilian freight
payment market with those of PagBem, will be additional sources of growth for the Group in
2025 and beyond.
In particular, the acquisition of Spirii, a leading European SaaS electric vehicle charging
platform, has broadened Edenred's value proposition in hybrid and full-electric fleet
management, rounding out the Group's Beyond Fuel offering. Spirii's technology and services
are already up and running in France and Germany, having been rolled out in May 2024, and
new partnerships with automakers such as Audi and Daimler have recently been signed.
The acquisition of IP's energy card business, which includes a portfolio of around 50,000 B2B
customers, means that Edenred is now the second-largest player in the Italian market. The
integration of IP's energy card customers into the Edenred UTA digital platform will generate
significant cross-selling opportunities and business synergies from 2025.

Beyond these growth levers, Edenred has put in place a plan to improve the performance of
some of its businesses whose growth was below the Group's standards in 2024. Edenred intends
to launch a new gift solution in France in 2025, based on its Edenred+ platform, in order to
strenghten its Benefits & Engagement portfolio. Edenred also plans to revamp its incentive
offering within Complementary Solutions.

Futhermore, following a disappointing performance in 2024 from its B2B payment solutions
business in the United States, the Group made executive changes at Edenred Pay North
America (formerly Edenred CSI), and introduced a roadmap focused on operational
excellence and the redesign of its product offering, in order to capture the potential that this
market has to offer.
Finally, Edenred has begun a rationalization of its business portfolio, which has already led to
the decision to gradually exit part of Edenred Paytech's B2C activities with fintechs (Banking as
a Service), while the activities related to Public Social Programs in Europe will be carefully
reviewed.

Determined to further optimize its cost base, Edenred has launched a program called "Fit for
Growth" aimed at slowing the increase in its operating expenses. As part of this program,




www.edenred.com | page 11/28
measures will be put in place to improve the operating efficiency of processes, and shared
services centers will be set up for support functions.

Based on a combination of revenue growth and a higher operating margin, Edenred confirms
its full-year 2025 target of achieving at least a 10% increase in EBTIDA on a like-for-like basis,
despite uncertain European economic conditions. This target takes into account the expected
€60 million negative impact on EBITDA related to the implementation of a cap of 5% on the
commissions for meal vouchers paid by merchants in the private sector in Italy 18.
The Group is also standing by its target of an EBITDA to free cash flow conversion rate of over
70%19.




18 Based on the assumption that this cap will be introduced as from the second half of 2025
19 Based on constant regulations and methods




www.edenred.com | page 12/28
SIGNIFICANT EVENTS IN THE FOURTH QUARTER

• Edenred invests in the Shift4Good fund to support the emergence of smarter,
more responsible mobility

On October 8, 2024, the Group announced that it was stepping up its open innovation
approach in the mobility sector by investing in the Shift4Good fund. This investment is part of
Edenred’s Beyond Fuel strategy, which aims at developing new solutions to become the
benchmark platform for sustainable professional mobility.


• The SBTi approves Edenred's 2030 and 2050 carbon emission reduction targets

On October 10, 2024, the Group’s targets for reducing greenhouse gas emissions were
approved by the Science Based Targets initiative. These ambitious targets put Edenred on a
trajectory in line with the Paris Agreement objective of limiting global warming to +1.5°C above
pre-industrial levels.


• Share capital decrease by way of treasury shares cancellation

On October 21, 2024, the Group announced that during the meeting on October 18, 2024, the
Board of Directors, upon authorization of the General Meeting of May 7, 2024, unanimously
decided to decrease the share capital of Edenred SE by canceling 1,075,011 treasury shares,
representing 0.44% of the share capital. Following this cancellation of shares, the number of
shares of Edenred SE is 244,010,586 shares with a par value of €2.


• Edenred completes the acquisition of IP's energy cards business, becoming a
leader in B2B Mobility services in Italy

On December 3, 2024, Edenred successfully finalized the acquisition of IP's energy cards
business, encompassing a portfolio of around 50,000 B2B customers. The acquisition project was
originally announced on March 26, 2024 and the transaction also includes a long-term
agreement with IP regarding the supply of fuel products. This partnership with Italy’s largest fuel
retailer is a game changer for Edenred’s Mobility business in the country, Edenred becomes
the number two in the B2B market for mobility solutions, positioning itself favorably to harness
the transition to electric vehicles.


• Share capital decrease by way of treasury shares cancellation

On December 19, 2024, the Group announced that during the meeting on December 19, 2024,
the Board of Directors, upon authorization of the General Meeting of May 7, 2024, unanimously
decided to decrease the share capital of Edenred SE by canceling 2,036,606 treasury shares,
representing 0.83% of the share capital. Following this cancellation of shares, the number of
shares of Edenred SE is 241,973,980 shares with a par value of €2.




www.edenred.com | page 13/28
• Edenred joins the Dow Jones Sustainability Index (DJSI), celebrating a major
sustainability milestone

On December 23, 2024, Edenred announced its inclusion in the prestigious Dow Jones
Sustainability Index (DJSI) for Europe and the World, marking a significant achievement in the
Group's commitment to sustainability.



SUBSEQUENT EVENTS

• Appointment to Edenred’s Executive Committee

On January 13, 2025, Philippe Doublet was appointed Edenred's Executive Vice President,
Technology, succeeding Dave Ubachs. He took up his position and joined the Group’s
Executive Committee on January 15, 2025.


• Share buyback mandate

On January 17, 2025, Edenred announced that it has entered into a new share buyback
agreement with an investment services provider (ISP) as part of the extension of its share
buyback operation announced on December 3, 2024 for a maximum amount of €600 million
until March 2027.
This mandate, for an initial total maximum amount of €50 million, will run until May 15, 2025, with
the intention of extending it until November 30, 2027 for an amount corresponding to €300
million less the amount actually bought back under the terms of this mandate.
As of January 17, 2025, 8.1 million shares had already been bought back under the share
buyback program, for a total consideration of €300 million.


▬▬

The consolidated accounts for the fiscal year ending December 31, 2024, have been published
and include the summary statements, notes, and updates on risks. They are available in French
and English on Edenred's website (www.edenred.com) under the investors-
shareholders/financial-results section.

▬▬



UPCOMING EVENTS
April 16, 2025: First-quarter 2025 revenue
May 7, 2025: General Meeting
July 23, 2025: First-half 2025 results
October 14, 2025: Third-quarter 2025 revenue
November 4, 2025: Capital Markets Day in Paris




www.edenred.com | page 14/28
▬▬

About Edenred

Edenred is a leading digital platform for services and payments and the everyday companion for people
at work, connecting more than 60 million users and more than 2 million partner merchants in 45 countries
via 1 million corporate clients.
Edenred offers specific-purpose payment solutions for food (such as meal benefits), engagement (such
as gift cards and engagement platforms), mobility (such as multi-energy solutions, including EV charging,
maintenance, toll and parking) and corporate payments (such as virtual cards).
True to the Group's purpose, "Enrich connections. For good.", these solutions enhance users’ well-being
and purchasing power. They improve companies’ attractiveness and efficiency, and vitalize the
employment market and the local economy. They also foster access to healthier food, more
environmentally friendly products and sustainable mobility.
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 2024, thanks to its global technology assets, the Group managed close to €45 billion in business volume,
primarily carried out via mobile applications, online platforms and cards.
Edenred is listed on the Euronext Paris stock exchange and included in the following indices: CAC 40,
CAC 40 ESG, CAC Large 60, Euronext 100, Euronext Tech Leaders, FTSE4Good, DJSI Europe Index, DJSI
World Index, and MSCI Europe.

The logos and other trademarks mentioned and featured in this press release are registered trademarks of Edenred
S.E., its subsidiaries or third parties. They may not be used for commercial purposes without prior written consent from
their owners.




▬▬

CONTACTS

Communications Department Investor Relations

Emmanuelle Châtelain Cédric Appert
+33 (0)1 86 67 24 36 +33 (0)1 86 67 24 99
emmanuelle.chatelain@edenred.com cedric.appert@edenred.com

Media Relations Noé Del Pino
+33 (0)1 86 67 22 15
Matthieu Santalucia noe.del-pino@edenred.com
+33 (0)1 86 67 22 63
matthieu.santalucia@edenred.com Individual Shareholder Relations

Lucie Morlot
(Toll-free number from France): 0,805,652,662
relations.actionnaires@edenred.com




www.edenred.com | page 15/28
APPENDICES
Glossary and list of references needed
for a proper understanding of financial information



a) Main terms

• Like-for-like, impact of changes in the scope of consolidation, currency effect:

Like-for-like or organic growth corresponds to comparable growth, i.e., growth at constant
exchange rates and scope of consolidation. This indicator reflects the Group's business
performance.

Changes in activity (like-for-like or organic growth) represent changes in amounts between the
current period and the comparative period, adjusted for currency effects and for the impact
of acquisitions and/or disposals.

The impact of acquisitions is eliminated from the amount reported for the current period. The
impact of disposals is eliminated from the amount reported for the comparative period. The
sum of these two amounts is known as the impact of changes in the scope of consolidation or
the scope effect.

The calculation of changes in activity is translated at the exchange rate applicable in the
comparative period and divided by the adjusted amount for the comparative period.

The currency effect is the difference between the amount for the reported period translated
at the exchange rate for the reported period and the amount for the reported period
translated at the exchange rate applicable in the comparative period.

• Business volume:

Business volume comprises total issue volume of Benefits & Engagement solutions, Incentive
and Rewards, Public Social Program solutions and Corporate Payment Services, plus the
transaction volume of Mobility Solutions and other solutions.

• Issue volume:

Issue volume is the total face value of the funds preloaded on all of the payment solutions
issued by Edenred to its corporate and public sector clients.

• Transaction volume:

Transaction volume represents the total value of the transactions paid for with payment
instruments, at the time of the transaction.




www.edenred.com | page 16/28
b) Alternative performance measurement indicators included in the 2024 Financial
Report

The alternative performance measurement indicators outlined below are presented and
reconciled with accounting data in the Annual Financial Report.


Indicator Reference note in Edenred's 2024 consolidated financial statements


Operating revenue corresponds to:
• operating revenue generated by prepaid vouchers managed
by Edenred,
Operating revenue • and operating revenue from value-added services such as
incentive programs, human services and event-related
services. It corresponds to the amount billed to the client
company and is recognized on delivery of the solutions.


Other revenue is interest generated by investing cash over the period
between:
• the issue date and the reimbursement date for vouchers,
Other revenue
• and the loading date and the redeeming date for cards.
The interest represents a component of operating revenue and as such
is included in the determination of total revenue.


This aggregate corresponds to EBITDA, which corresponds to total
revenue (operating revenue and other revenue) less operating
expenses (excluding amortization and provisions). It is used as the
EBITDA
benchmark for determining senior management and other executive
compensation across the Group as it reflects the economic
performance of the business.


This aggregate is the “Operating profit before other income and
expenses”, which corresponds to total revenue (operating revenue
and other revenue) less operating expenses, depreciation,
amortization (mainly intangible assets, internally generated or acquired
EBIT
assets) and non-operating provisions.
EBIT excludes the net profit from equity-accounted companies and
excludes the other income and expenses recognized in "Operating
profit including share of net profit from equity-accounted companies".

Other income and
See Note 10.1 of consolidated financial statements
expenses

Funds from
operations before
See consolidated statement of cash flows (Part 1.4)
other income and
expenses (FFO)



c) Alternative performance measurement indicators not included in the December 31,
2024 Interim Financial Report



www.edenred.com | page 17/28
Definitions and reconciliations with Edenred's 2024 consolidated
Indicator
financial statements


Free cash flow corresponds to cash generated by operating activities
Free cash flow less investments in intangible assets and property, plant and
equipment.




www.edenred.com | page 18/28
2023 figures published and adjusted 20
(in € millions)




Edenred - Operating revenue Q1 Q2 Q3 Q4 FY
Published 2023 519 562 575 655 2,311
Adjusted 2023 526 569 583 664 2,343

Edenred - EBITDA H1 H2 FY
Published 2023 483 611 1,094
Adjusted 2023 483 611 1,094

Edenred - EBITDA margin H1 H2 FY
Published 2023 41.5% 45.2% 43.5%
Adjusted 2023 41.0% 44.7% 43.0%



Latin America
Q1 Q2 Q3 Q4 FY
Operating revenue
Published 2023 150 162 174 181 667
Adjusted 2023 157 169 182 190 699



Benefits & Engagement
Q1 Q2 Q3 Q4 FY
Operating revenue
Published 2023 317 345 358 429 1,449
Adjusted 2023 325 352 366 438 1,481




20Law No. 1442 of September 2, 2022 and Decree No. 10854 of November 10, 2021 amended the Brazilian Law on Food Vouchers
and Meal Vouchers in Brazil (Workers’ Food Program – PAT), in particular by prohibiting negative customer commissions since 2023.
Since January 1, 2024, Edenred has replaced the discounts granted to customers by alternative services recognized as operating
expenses.
For ease of comparison between 2024 and 2023 and for illustrative purposes only, the table above shows adjusted 2023 figures in
which discounts granted to customers in Brazil that had been recognized as a decrease in revenue are reclassified as operating
expenses. This reclassification does not result in any changes to Edenred's 2023 financial statements.




www.edenred.com | page 19/28
Adjusted operating revenue21




Q1 Q2 Q3 Q4 FY

In € millions 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023




Europe 383 324 391 353 367 342 441 415 1,582 1,434

France 91 86 86 83 79 78 105 101 361 348

Rest of Europe 292 238 305 270 288 264 336 314 1,221 1,086

Latin America 182 157 191 169 189 182 207 190 769 699

Rest of the World 61 45 63 47 63 59 71 59 258 210



Total 625 526 646 569 619 583 719 664 2,609 2,343




Q1 Q2 Q3 Q4 FY

Change Change Change Change Change Change Change Change Change Change
In % reported Like-for-like reported Like-for-like reported Like-for-like reported Like-for-like reported Like-for-like




Europe +18.0% +12.8% +11.1% +8.8% +7.3% +6.7% +6.3% +4.2% +10.3% +7.9%

France +5.1% +7.9% +4.6% +7.4% +2.2% +4.4% +3.5% +3.5% +3.9% +5.7%

Rest of Europe +22.7% +14.5% +13.0% +9.2% +8.8% +7.4% +7.1% +4.4% +12.4% +8.6%

Latin America +15.7% +22.0% +12.8% +22.2% +3.5% +16.7% +9.6% +2.7% +10.1% +15.4%

Rest of the World +34.9% +28.7% +33.9% +23.6% +6.2% +16.4% +20.8% +13.1% +22.7% +19.7%



Total +18.8% +16.9% +13.5% +14.0% +6.0% +10.8% +8.5% +4.6% +11.4% +11.2%




21For ease of comparison between 2024 and 2023 and for illustrative purposes only, the table above shows adjusted 2023 figures in
which discounts granted to customers in Brazil that had been recognized as a decrease in revenue are reclassified as operating
expenses. The above table also shows adjusted growth figures




www.edenred.com | page 20/28
Adjusted total revenue22

Q1 Q2 Q3 Q4 FY
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
In € millions




Europe 415 346 424 380 400 374 470 450 1,709 1,550

France 98 90 95 88 88 83 111 110 392 372

Rest of Europe 317 256 329 292 312 291 359 340 1,317 1,178

Latin America 202 169 211 181 210 202 224 211 847 764

Rest of the World 69 49 74 52 73 66 84 65 300 232



685 564 710 613 682 642 779 726 2,856 2,545
Total




Q1 Q2 Q3 Q4 FY

Change Change Change Change Change Change Change Change Change Change
In % reported Like-for-like reported Like-for-like reported Like-for-like reported Like-for-like reported Like-for-like




Europe +19.7% +14.7% +11.8% +9.7% +6.9% +6.4% +4.5% +2.6% +10.3% +8.0%

France +9.0% +11.7% +7.9% +10.6% +5.2% +7.2% +0.9% +0.9% +5.5% +7.2%

Rest of Europe +23.5% +15.8% +13.0% +9.5% +7.4% +6.2% +5.7% +3.1% +11.8% +8.2%

Latin America +19.4% +26.4% +16.2% +25.4% +3.1% +16.5% +7.4% +1.1% +11.0% +16.6%

Rest of the World +39.8% +41.2% +43.8% +32.5% +10.8% +24.9% +28.8% +17.6% +29.4% +28.0%



+21.4% +20.5% +15.8% +16.3% +6.1% +11.5% +7.5% +3.5% +12.2% +12.4%
Total




22For ease of comparison between 2024 and 2023 and for illustrative purposes only, the table above shows adjusted 2023 figures in
which discounts granted to customers in Brazil that had been recognized as a decrease in revenue are reclassified as operating
expenses. The above table also shows adjusted growth figures.




www.edenred.com | page 21/28
Operating revenue



Q1 Q2 Q3 Q4 FY

In € millions 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023




Europe 383 324 391 353 367 342 441 415 1,582 1,434

France 91 86 86 83 79 78 105 101 361 348

Rest of Europe 292 238 305 270 288 264 336 314 1,221 1,086

Latin America 182 150 191 162 189 174 207 181 769 667

Rest of the World 61 45 63 47 63 59 71 59 258 210



Total 625 519 646 562 619 575 719 655 2,609 2,311




Q1 Q2 Q3 Q4 FY

Change Change Change Change Change Change Change Change Change Change
In % reported Like-for-like reported Like-for-like reported Like-for-like reported Like-for-like reported Like-for-like




Europe +18.0% +12.8% +11.1% +8.8% +7.3% +6.7% +6.3% +4.2% +10.3% +7.9%

France +5.1% +7.9% +4.6% +7.4% +2.2% +4.4% +3.5% +3.5% +3.9% +5.7%

Rest of Europe +22.7% +14.5% +13.0% +9.2% +8.8% +7.4% +7.1% +4.4% +12.4% +8.6%

Latin America +21.5% +28.2% +17.7% +27.5% +8.4% +22.3% +14.9% +7.7% +15.4% +20.9%

Rest of the World +34.9% +28.7% +33.9% +23.6% +6.2% +16.4% +20.8% +13.1% +22.7% +19.7%



Total +20.5% +18.6% +14.9% +15.4% +7.5% +12.4% +10.0% +5.9% +12.9% +12.7%




www.edenred.com | page 22/28
Operating revenue
(with LFL growth excluding hyperinflation in Argentina)




• Operating revenue by business line

% change (like-for-
% change
% change like)
(in € millions) 2024 2023 (like-for-
(reported) excl. Argentina
like)
hyperinflation

Benefits & Engagement 1,702 1,481 +14.9% +13.1% +13,2%

Mobility 624 577 +8.2% +11.3% +8,0%

Complementary Solutions 283 285 -0.6% +0.7% +0,7%

Total 2,609 2,343 +11.4% +11.2% +10,4%




• Operating revenue by region



% change (like-for-
% change
% change like)
(in € millions) 2024 2023 (like-for-
(reported) excl. Argentina
like)
hyperinflation

Europe 1,582 1,434 +10.3% +7.9% +7,9%

Latin America 769 699 +10.1% +15.4% +12,9%

Rest of the World 258 210 +22.7% +19.7% +9,7%

Total 2,609 2,343 +11.4% +11.2% +10,4%




www.edenred.com | page 23/28
Other revenue



Q1 Q2 Q3 Q4 FY

In € millions 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023




Europe 32 22 33 27 33 32 29 35 127 116

France 8 4 8 5 8 6 7 9 31 24

Rest of Europe 25 19 24 21 24 26 23 26 96 92

Latin America 20 12 20 12 20 20 18 21 78 65

Rest of the World 8 4 11 5 10 7 13 6 42 22



Total 60 38 64 44 63 59 60 62 247 203




Q1 Q2 Q3 Q4 FY

Change Change Change Change Change Change Change Change Change Change
In % reported Like-for-like reported Like-for-like reported Like-for-like reported Like-for-like reported Like-for-like




Europe +44.4% +43.2% +21.8% +21.9% +2.7% +3.2% -16.1% -16.8% +9.5% +9.2%

France +98.2% +98.2% +64.0% +64.0% +45.7% +45.7% -26.5% -26.5% +28.2% +28.2%

Rest of Europe +33.5% +32.1% +12.4% +12.6% -6.7% -6.1% -12.1% -13.0% +4.5% +4.2%

Latin America +70.1% +87.0% +61.4% +68.6% +0.2% +14.2% -13.7% -13.8% +20.3% +29.1%

Rest of the World +93.2% +177.4% +148.3% +125.9% +50.0% +99.1% +101.8% +58.2% +93.6% +107.5%



Total +57.5% +71.0% +46.3% +46.2% +7.2% +18.0% -3.0% -8.0% +22.0% +26.2%




www.edenred.com | page 24/28
Total revenue



Q1 Q2 Q3 Q4 FY

In € millions 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023




Europe 415 346 424 380 400 374 470 450 1,709 1,550

France 98 90 95 88 88 83 111 111 392 372

Rest of Europe 317 256 329 292 312 291 359 339 1,317 1,178

Latin America 202 161 211 175 210 195 224 201 847 732

Rest of the World 69 49 74 52 73 66 84 65 300 232



685 557 710 606 682 634 779 717 2,856 2,514
Total




Q1 Q2 Q3 Q4 FY

Change Change Change Change Change Change Change Change Change Change
In % reported Like-for-like reported Like-for-like reported Like-for-like reported Like-for-like reported Like-for-like




Europe +19.7% +14.7% +11.8% +9.7% +6.9% +6.4% +4.5% +2.6% +10.3% +8.0%

France +9.0% +11.7% +7.9% +10.6% +5.2% +7.2% +0.9% +0.9% +5.5% +7.2%

Rest of Europe +23.5% +15.8% +13.0% +9.5% +7.4% +6.2% +5.7% +3.1% +11.8% +8.2%

Latin America +25.0% +32.4% +20.8% +30.5% +7.6% +21.5% +12.0% +5.5% +15.8% +21.6%

Rest of the World +39.8% +41.2% +43.8% +32.5% +10.8% +24.9% +28.8% +17.6% +29.4% +28.0%



+23.0% +22.2% +17.1% +17.7% +7.5% +12.9% +8.8% +4.7% +13.6% +13.8%
Total




www.edenred.com | page 25/28
EBITDA and EBIT



Change % change
In € millions 2024 2023 reported (like-for-like)




Europe 800 736 +8.8% +8.5%

France 153 141 +8.8% +11.2%

Rest of Europe 647 595 +8.8% +7.9%

Latin America 356 309 +15.3% +24.0%

Rest of the World 99 58 +69.5% +80.5%

Other 10 (9) +205.9% +252.4%



EBITDA 1,265 1,094 +15.7% +19.0%




Change % change
In € millions 2024 2023 reported (like-for-like)




Europe 670 630 +6.2% +7.7%

France 121 113 +6.2% +9.2%

Rest of Europe 549 517 +6.2% +7.4%

Latin America 303 257 +18.0% +28.0%

Rest of the World 72 36 +102.4% +126.6%

Other (5) (22) +79.8% +100.2%



EBIT 1,040 901 +15.5% +20.8%




www.edenred.com | page 26/28
Summarized balance sheet



In € millions In € millions

Dec. 2024 Dec. 2023 Dec. 2024 Dec. 2023
ASSETS LIABILITIES


Goodwill 3,262 2,779 Total equity (809) (569)

Intangible assets 1,264 1,253

Gross debt and other financial
Property. plant & equipment 181 160 4,837 4,470
liabilities

Investments in associates 8 18 Provisions and deferred tax 303 287

Other non-current assets 199 184

Float (Trade receivables. net) 1,416 1,444 Vouchers in circulation (Float) 5,722 5,690

Working capital excl. float 2,039 2,022 Working capital excl. float 3,213 3,417

Restricted cash 1,866 2,073

Cash & cash equivalents and other
3,031 3,362
current financial assets
TOTAL ASSETS 13,266 13,295 TOTAL LIABILITIES 13,266 13,295


Dec. 2024 Dec. 2023
Total working capital 5,480 5,641
Of which float 4,306 4,246




www.edenred.com | page 27/28
From Net profit, Group share to Free Cash Flow




In € millions 2024 2023


Net profit, Group share 507 267

Non-controlling interests 38 41

Dividends received from equity-accounted companies 5 3

Difference between income tax paid and income tax expense (4) 28

Non-cash impact from other income and expenses 324 391

= Funds from operations before other income and expenses (FFO) 870 730

Decrease (Increase) in working capital (68) 300

Recurring decrease (Increase) in restricted cash 247 65

= Net cash from operating activities 1 049 1 095

Recurring capital expenditure (217) (190)

= Free cash flows (FCF) before constant regulation and methodology adjustment 832 905

Constant regulation and methodology adjustment23 49 0

=Free Cash flow (FCF) 881 905




23 Impact of a change of regulation in Brazil for €32m and Spirii for €17m




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