Press release
July 23, 2025




First-half 2025 results
Edenred delivers 14.4% like-for-like growth in EBITDA and
confirms all its objectives for full-year 2025

Edenred reports sustained top-line growth:
- Operating revenue of €1,339 million, up 7.1% like-for-like (up 5.3% as reported) versus
first-half 2024, reflecting:
- Double-digit growth in Mobility in both first- and second-quarter 2025
- An acceleration in growth for Benefits & Engagement in second-quarter 2025 versus
the first quarter of the year
- Double-digit growth in Latin America and the Rest of the World in both first- and
second-quarter 2025
- An acceleration in growth in Europe in second-quarter 2025 versus the first quarter of
the year
- The planned progressive exit from B2C business with fintechs (Banking as a Service)
- Other revenue of €112 million in line with our expectations: confirmation of a floor of other
revenue at €210 million for 2025
- Total revenue of €1,451 million, up 6.4% like-for-like (up 4.0% as reported) versus
first-half 2024


Edenred delivers double-digit like-for-like growth in EBITDA:
- Operating EBITDA of €542 million, up 18.4% like-for-like (up 14.7% as reported) versus
first-half 2024
- EBITDA at €654 million, up 14.4% like-for-like (up 9.6% as reported) versus first-half 2024
- Adjusted earnings per share1 of €1.16, up 7.4% as reported
- Strong cash generation: funds from operations before other income and expenses (FFO) of
€468 million, up sharply by 17.0% as reported
- A- rating reiterated by S&P Global Ratings in April 2025; net debt of €2,351 million at end-
June 2025


Edenred is continuing the successful roll out of its Beyond22-25 strategy:
- By leveraging its digital platform, Edenred continues to innovate to seize new business
opportunities in markets with high growth potential (e.g., Germany and Taiwan)
- By expanding its offerings for HR departments and fleet managers, Edenred is increasing
the proportion of its revenue generated by Beyond Food and Beyond Fuel solutions
- By forging strategic partnerships and capitalizing on its sales efficiency, Edenred is
continually expanding its customer base




1 Excluding purchase price amortization and other income and expenses, after tax




www.edenred.com | page 1/21
At the same time, Edenred is also optimizing its operating performance, by:
- Continuing to benefit from the operating leverage inherent to its platform model
- Benefitting from the first effects of its “Fit for Growth” operating efficiency plan
- Reaping the initial benefits of actions taken in a few activities whose performance was
below the Group’s standards


Edenred confirms all its objectives for 20252:
- Like-for-like EBITDA growth of at least 10%, (equivalent to a minimum of c.€1,340 million
based on exchange rates at end-June 20253)
- Free cash flow/EBITDA conversion rate above 70%4

These targets take into account an expected negative impact of €60 million on EBITDA resulting
from the implementation of a cap on merchants' fees in Italy which will take effect from the third
quarter of 2025.


***

Bertrand Dumazy, Chairman and CEO of Edenred, said: "Edenred reports further sustained
top-line growth, led by robust performances in Latin America and by the rapid expansion of our
Beyond solutions in both Benefits & Engagement and Mobility. These results demonstrate the
relevance of our diversified business model, both in terms of activities and geographical footprint.
In a less buoyant economic environment, we are delivering double-digit organic EBITDA growth. In
addition to the operating leverage generated through business growth, we are demonstrating our
agility in implementing our operational efficiency plan and streamlining our business portfolio.
In this uncertain context, we are reconfirming our target of organic EBITDA growth of over 10% for
full-year 2025. "




2 While remaining vigilant on any further macro-economic deterioration in a disrupted environment
3Calculated based on an assumption of average exchange rates for the second half of 2025 equal to the closing spot rates on
June 30, 2025
4 At constant regulation and methodology




www.edenred.com | page 2/21
FIRST-HALF 2025 RESULTS

At its meeting on July 22, 2025, the Board of Directors reviewed Edenred's interim consolidated
financial statements for the six-months ended June 30, 2025.

First-half 2025 key financial metrics:

% change % change
(in € million) First-half 2025 First-half 2024
(reported) (like-for-like)

Operating revenue 1,339 1,271 +5.3% +7.1%

Other revenue 112 124 -9.7% -0.6%

Total revenue 1,451 1,395 +4.0% +6.4%

EBITDA 654 597 +9.6% +14.4%

EBIT 522 488 +6.9% +13.6%

Net profit, Group share 235 235 +0.3%


Adjusted net profit, Group share 279 268

Number of shares used to calculate basic 240,187 247,751
earnings per share (in thousands)

Adjusted earnings per share, Group share 1.16 1.08 +7.4%
(adjusted EPS) (in €)



• Total revenue: €1,451 million

For first-half 2025, total revenue came to €1,451 million, up 6.4% like-for-like compared with first-
half 2024. Total revenue as reported grew by 4.0%, reflecting a positive 3.3% scope effect from
acquisitions carried out in 2024 (primarily Spirii in Denmark, RB in Brazil and the IP "energy cards"
activity in Italy) and a 5.7% unfavorable currency effect mainly related to currencies in Latin
America.
Total revenue for the second quarter of 2025 was up 6.2% as reported and up 2.4% like-for-like
compared with the second quarter of 2024. The scope effect was a positive 2.9%, while the
currency effect was an unfavorable 6.7%.



o Operating revenue: €1,339 million

Operating revenue amounted to €1,339 million in the first half of 2025, up 7.1% like-for-like versus
the same year-ago period. Based on reported figures, operating revenue rose by 5.3%, taking
into account the positive 3.6% scope effect, offset by an unfavorable 5.4% currency effect.

Growth in the second quarter of 2025 is identical to that of first-quarter 2025. Edenred continues
to increase market penetration and roll out its Beyond Food and Beyond Fuel solutions, which
are attracting a large number of new customers in the different countries in which the Group
operates.




www.edenred.com | page 3/21
In second-quarter 2025, operating revenue amounted to €672 million, a rise of 7.1% like-for-like
(up 4.0% as reported). This increase includes a positive 3.2% scope effect as well as an
unfavorable 6.3% currency effect.



• Operating revenue by business lines

% change
First-half First-half % change
(in € million) (like-for-
2025 2024 (reported)
like)

Benefits & Engagement 867 821 +8.1% +5.6%

Mobility 347 311 +10.9% +11.6%

Complementary Solutions 125 139 -7.6% -10.3%

Total 1,339 1,271 +7.1% +5.3%


Operating revenue of the Benefits & Engagement business line, accounting for 65% of the
Group's total operating revenue, amounted to €867 million in first-half 2025, up 8.1% like-for-like
year-on-year (up 5.6% as reported).
This growth reflects the enduring success of the digital Ticket Restaurant® offering among many
businesses from SMEs to large players, despite a more challenging macro-economic
environment in Europe. In addition to meal vouchers, the performance was also driven by the
growing appeal of ever-more innovative Beyond Food solutions aligned with the needs of HR
clients. In the first half of 2025, for example, Edenred accelerated its growth in Germany, a
largely under-penetrated Benefits & Engagement market. Thanks to a complete revamp of its
digital offering, Edenred has cut customer onboarding time four-fold and has doubled the
monetization of its 2 million users.
In the second quarter, operating revenue for the Benefits & Engagement business line
accelerated, reaching 8.7% like-for-like to €435 million (up 5.5% as reported) compared with
the second quarter of 2024.

In the Mobility business line, accounting for 26% of the Group's operating revenue, first-half 2025
operating revenue came to €347 million, up 10.9% like-for-like (up 11.6% as reported) versus the
first-half 2024.
The Group continues to enjoy good momentum in its historical fuel card business, particularly
in Europe, with solid growth in the number of liters sold. The steady performance of the Mobility
business line was also driven by the success of the Beyond Fuel strategy in maintenance, tolls
and freight management, as well as by the gradual roll-out of electric vehicle charging offering
throughout Europe. Beyond Fuel solutions account for an increasing share of business,
representing 32% of Mobility operating revenue in first-half 2025, compared with 30% in first-half
2024.
In the second quarter, Mobility business line operating revenue came to €175 million, up 10.2%
like-for-like (up 8.4% as reported) compared with the same period in 2024.

The Complementary Solutions business line, which includes Corporate Payment Services,
Incentive & Rewards and Public Social Programs, generated operating revenue of €125 million
in first-half 2025, accounting for 9% of Edenred's total operating revenue, and down by 7.6% on
a like-for-like basis (down 10.3% as reported) compared with first-half 2024.




www.edenred.com | page 4/21
The business line benefited from the strong growth of Edenred C3Pay in the United Arab
Emirates, but was affected by Edenred's planned exit from B2C business with fintechs (Banking
as a Service) and by a lower performance of Edenred Pay North America (formerly CSI), where
targeted action plans are being deployed to rectify the situation. The Complementary
Solutions business line was also impacted by the non-renewal, as of today, of a Public Social
Program contract in Romania and by the return to a more balanced distribution between
Edenred and its competitors in another program in Chile.
In the second quarter, the Complementary Solutions business line generated operating
revenue of €62 million, down 9.2% like-for-like (down 14.0% as reported) compared with the
same year-ago period.



• Operating revenue by region

First-half First-half % change % change
(in € million)
2025 2024 (like-for-like) (reported)

Europe 811 774 +1.7% +4.9%

Latin America 393 373 +15.1% +5.4%

Rest of the world 135 124 +16.6% +8.3%

Total 1,339 1,271 +7.1% +5.3%



In first-half 2025, Europe recorded operating revenue of €811 million, up 1.7% like-for- like versus
first-half 2024. Growth was up 4.9% as reported, on the back of the integration of Spirii and IP's
"energy cards" activity. Europe represents 61% of the Group's operating revenue in the first half
of 2025.
Growth rebounded in the second quarter, at 2.2% on a like-for-like basis and 4.8% on a reported
basis.

In France, operating revenue totaled €177 million in first-half 2025, stable on a like-for-like
and as-reported basis versus first-half 2024. The commercial traction in France for the
Ticket Restaurant offering was partly affected by the impacts of an unfavorable
economic climate, which led some customers to reduce their order volumes as a result
of downsizing in several sectors. The performance of Benefits & Engagement business line
was also penalized by a cyclical downturn in sales to works councils of software
dedicated to the management of their benefits programs, while in Mobility, double-digit
revenue growth confirmed the success of Edenred’s offering.
In the second quarter, growth was at -0.3% on a like-for-like and as-reported basis.

Operating revenue in Europe (excluding France) totaled €634 million in first-half 2025. This
represents an increase of 2.2% like-for-like (up 6.3% as reported) compared with first-half
2024. The difference between reported and like-for-like figures is mainly thanks to the
contribution of companies acquired in 2024: Spirii and IP "energy cards" business.
Growth in the Benefits & Engagement business line accelerated in the second quarter,
on the back of strong sales momentum led by Southern Europe. In Mobility, growth was
driven by both multi-energy cards and Beyond Fuel solutions. In this segment, e-Charge
solutions give access to 925,000 charging points in 28 countries. Growth in Beyond Fuel
solutions was also driven by the toll solutions offered by Edenred UTA, but continued to



www.edenred.com | page 5/21
be affected by the decline in business at Edenred Finance owing to the economic
difficulties encountered by one of its main clients. Edenred Finance revenue nevertheless
returned to positive territory in June, with operating revenue up 14% compared to June
2024. Its growth perspectives has been strengthened thanks to good commercial traction
and a solid pipeline of customers. Growth in Europe (excluding France) was affected by
a downturn in operating revenue for Complementary Solutions, reflecting the cumulative
impact of the planned exit from B2C activities with fintechs and the non-renewal, as of
today, of a Public Social Program contract in Romania.
In the second quarter, growth was at 2.9% on a like-for-like basis and 6.2% on a reported
basis.

In Latin America, operating revenue amounted to €393 million in the first half of 2025, up 15.1%
like-for-like (up 5.4% as reported) on first-half 2024. The lower growth in reported figures is mainly
due to strongly negative currency effects related to the depreciation of Brazilian and Mexican
currencies against the euro. Latin America represented 29% of the Group's operating revenue
in first-half 2025.
In the second quarter, growth was at 13.9% on a like-for-like basis and 3.0% on a reported basis.

In Brazil, operating revenue rose by 16.3% like-for-like in first-half 2025 versus first-half 2024.
Benefits & Engagement recorded double-digit growth driven by the good performance
of all its solutions. The Mobility business line also delivered double-digit growth, driven by
strong sales of its fuel card offering and a robust commercial performance of Beyond
Fuel solutions (maintenance management, e-toll solutions and freight payment), which
are very popular with the Group's customers.
Second-quarter operating revenue increased 17.0% like-for-like.

In Hispanic Latin America, operating revenue advanced 12.8% on a like-for-like basis,
reflecting a very good performance in Mexico in the two core businesses, Benefits &
Engagement and Mobility.
In the second quarter, like-for-like growth was 8.3%, with the slowdown compared with
the first quarter explained by the return, starting from April, to a lower share of Edenred in
the management of a Public Social Program in Chile.

Operating revenue in the Rest of the World, which accounts 10% of the Group total, reached
€135 million in the first half of 2025, an increase of 16.6% on a like-for-like basis (up 8.3% based
on reported figures) compared with the first half of 2024. This performance was driven in
particular by robust momentum in the United Arab Emirates and Turkey, and the success of
Reward Gateway engagement solutions in Australia.
In the second quarter, growth was at 16.5% on a like-for-like basis and 2.6% on a reported basis.



o Other revenue: €112 million

In first-half 2025, other revenue amounted to €112 million, down 0.6% on a like-for-like basis
(compared to €124 million in first-half 2024), reflecting higher interest rates in Brazil compared
to first-half 2024 and offset by lower interest rates in the eurozone. Growth in other revenue as
reported reflects the negative impact of exchange rates, mainly the Brazilian real and Mexican
peso.
Edenred confirms a floor of other revenue at €210 million for 2025.




www.edenred.com | page 6/21
o EBITDA: €654 million

EBITDA in first-half 2025 came to €654 million, up 14.4% like-for-like and up 9.6% as reported
compared with the same period in 2024.
Operating EBITDA (which excludes other revenue) was up 18.4% on a like-for-like basis (up 14.7%
as reported).
The EBITDA margin was 45.1%, up 3.2 points like-for-like and up 2.3 points as reported, while the
operating EBITDA margin was 40.5%, up 3.9 points like-for-like and 3.3 points as reported.
This increase is the result of the operating leverage inherent to Edenred's platform model, the
first effects of “Fit for Growth” operating efficiency program and the specific performance
improvement plans rolled out for certain activities whose performance was below Group’s
standards. As a result, operating expenses were contained in the first half of 2025, falling very
slightly on a like-for-like basis compared with first-half 2024 and remaining almost stable on an
as-reported basis.



o Net profit, Group share: €235 million

Net profit, Group share came in 0.3% higher at €235 million for first-half 2025.
Net profit takes into account other income and expenses for a net expense of €15 million (net
expense of €13 million in first-half 2024). It also includes a net financial expense of €113 million
versus a net financial expense of €98 million in first-half 2024, an increase linked to the rise in net
borrowing costs and a greater negative currency effect than last year. Lastly, net profit takes
into account an income tax expense of €140 million (income tax expense of €124 million in first-
half 2024), and non-controlling interests for a negative €19 million (negative €18 million in first-
half 2024).

Adjusted for non-recurring items, adjusted net profit, Group share, came to €279 million,
compared with €268 million in first-half 2024. Taking into account the fall in the weighted
average number of shares from the first half of 2024, related to the €300 million share buyback
program set up in April 2024 and extended by a further €300 million in December 2024, adjusted
earnings per share, Group share (adjusted EPS), came out at €1.16 per share, up 7.4% on the
€1.08 per share in first-half 2024.



o Strong cash flow generation

In first-half 2025, thanks to its strongly cash-generative business model, Edenred delivered
record-high funds from operations before other income and expenses (FFO) of €468 million,
compared to €400 million in first-half 2024. This 17.0% increase was mainly due to strong EBITDA
growth over the first half of the year.

In first-half 2025, Edenred continued to invest in its platform to fuel the Group's sustainable and
profitable growth and lengthen its technology lead. As a proportion of total Group revenue,
capital expenditure represented 6.5%, compared with 7.0% in the first half of 2024.




www.edenred.com | page 7/21
Taking account of the decrease in the float in the first half typically due to the seasonal nature
of the gift card business, as well as the change in working capital excluding the float, the
Group’s free cash flow represented a negative €118 million for the first half of 2025.
In addition to seasonal effects, this amount reflects the delayed payments from two public
clients in Latin America, as well as the impact on working capital from acquisitions, particularly
the 'energy cards' activity of IP.
The Group confirms its annual target for full-year 2025 of a free cash flow/EBITDA conversion
rate of more than 70%5.



o A solid financial position

At June 30, 2025, Edenred's net debt stood at €2,351 million, up from end-June 2024
(€1,880 million) owing to the acquisitions carried out during the second half of 2024 (RB in Brazil
and IP’s energy card business in Italy), while the Group returned €568 million to shareholders, in
particular through dividend payments for 2024 and the share buyback plan set up in April 2024.

Edenred enjoys a robust financial position, with no loan repayments due by the end of the year,
a high level of liquidity and a solid balance sheet. In April 2025, S&P Global Ratings reiterated
the Group’s rating to A- with a stable outlook.



OUTLOOK

In a less buoyant macroeconomic environment, particularly in Europe, Edenred confirms the
good intrinsic impetus of its two main business lines (Benefits & Engagement and Mobility), and
demonstrates the relevance of its Beyond strategy based on the diversity of its activities and its
multi-local footprint.

Relying on the strength of its business model, characterized by recurring revenue, and the
deployment of its Beyond22-25 strategic plan, providing significant cross-selling opportunities,
Edenred will continue to deliver profitable growth in 2025.

In addition to the operating leverage inherent to its platform model, Edenred is working to
improve its operating efficiency through its "Fit for Growth" program aimed at optimizing its
operating costs, and will continue to benefit from the effects of the specific action plans for
some of the businesses in its portfolio, that have been rolled out gradually since the beginning
of the year.

Edenred confirms all its annual targets set for 2025 6, namely:
- Like-for-like EBITDA growth > 10%7 (equivalent to a minimum of c.€1,340 million based
on exchange rates at end-June 20258)
- Free cash flow/EBITDA conversion rate > 70%5



5 At constant regulation and methodology
6 While remaining vigilant on any further macro-economic deterioration in a disrupted environment
7 Including the expected €60 million negative impact related to the implementation of a cap on merchants' fees in Italy starting from

the third quarter of 2025
8 Calculated based on an assumption of average exchange rates for the second half of 2025 equal to the closing spot rates on June

30, 2025




www.edenred.com | page 8/21
SIGNIFICANT EVENTS IN THE SECOND QUARTER

• Share capital decrease by way of treasury shares cancellation

On May 7, 2025, Edenred announced that the Board of Directors, and upon authorization of
the General Meeting, unanimously decided, with immediate effect (after market), to decrease
the share capital of Edenred SE by canceling 1,635,606 treasury shares representing 0.68% of
the share capital. These shares were repurchased between February 20 and April 25, 2025
inclusive, as part of the share buyback program announced on March 8, 2024.
Following this cancellation of shares, the share capital of Edenred SE amounts to 479,782,128
euros divided into 239,891,064 shares with a par value of €2.



• Share buyback mandate

On June 20, 2025, as part of the extension of its share buyback operation, announced on
December 3, 2024, for a total amount of up to €600 million until November 2027, Edenred
announced it has entered into a new share buyback agreement with an investment services
provider (ISP)..

This mandate, for an initial total maximum amount of €25 million, will run until July 31, 2025, with
the intention of extending it until November 30, 2027 for an amount corresponding to
€250 million less the amount actually bought back under the terms of this mandate.

As of June 20, 2025, 9.7 million shares were purchased as part of this operation, announced in
March 2024, for a total consideration of €350 million.

On an indicative basis, €25 million would correspond to a total volume of 1.0 million shares (i.e.,
0.43% of the share capital), at the closing price on June 20.

Any shares bought back will be canceled, as announced on March 8, 2024.



• Meal voucher reform in France

On June 26, 2025, Edenred announced that Véronique Louwagie, Minister Delegate for Trade,
Small Businesses, and the Social and Solidarity Economy, had presented the reform of the meal
voucher system the previous evening.

The proposed measures, resulting from the consultations, will contribute to modernize a system
that is widely recognized as the French people's favorite social benefit. In particular, the
proposal to fully digitalize the sector, at the latest on January 1, 2027, will significantly simplify
the management of meal vouchers, especially for restaurant owners.

As is stands, this reform reflects the common desire of all stakeholders to continue developing
the meal voucher system.




www.edenred.com | page 9/21
Its modernization should help strengthen support for the local economy and job creation,
particularly in the restaurant industry, while taking into account changing consumption
patterns.

Now that the legislative process can begin, Edenred France firmly believes that the
modernization of the system introduced by the text that will be voted on will enable more
employees to benefit from it.

▬▬

UPCOMING EVENTS

October 21, 2025: Third-quarter 2025 revenue
November 4, 2025: Capital Markets Day in Paris



▬▬

About Edenred

Edenred is a leading digital platform for services and specific purpose 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 digital services 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.




www.edenred.com | page 10/21
▬▬

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 11/21
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 12/21
b) Alternative performance measurement indicators included in the June 30, 2025
Interim Financial Report


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


Reference note in Edenred interim consolidated financial statements
Indicator for the six-months ended June 30, 2025.

Operating revenue corresponds to:
• operating revenue generated by prepaid vouchers
managed by Edenred,
• and operating revenue from value-added services such as
Operating
incentive programs, human services and event-related services.
revenue
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
prepaid vouchers,
Other revenue • and the loading date and the redeeming date for
prepaid cards.
The interest represents a component of operating revenue and is
combined with operating revenue to determine 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
EBIT acquired 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 See Note 10.1 of consolidated financial statements
and expenses




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Adjusted net profit, Group share, corresponds to net profit before
the following non-recurring items:
• amortization of intangible assets arising on acquisitions,
Adjusted net • other income and expenses.
profit, Group
share Adjusted net profit, Group share, is calculated net of the tax
effect on adjustment items.



Adjusted earnings per share, Group share, or adjusted earnings
Adjusted
per share (adjusted EPS), corresponds to adjusted net profit,
earnings per
Group share, divided by the weighted average number of
share, Group
ordinary shares outstanding during the period, excluding treasury
share
shares held by the Group.


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




www.edenred.com | page 14/21
c) Alternative performance measurement indicators not included in the June 30,
2025 Interim Financial Report



Definitions and reconciliations with Edenred interim consolidated
Indicator
financial statements for the six-months ended June 30, 2025.


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




www.edenred.com | page 15/21
Operating revenue


Q1 Q2 H1



In € millions 2025 2024 2025 2024 2025 2024




Europe 401 383 410 391 811 774
France 91 91 86 86 177 177
Rest of Europe 310 292 324 305 634 597
Latin America 196 182 197 191 393 373
Rest of the world 70 61 65 63 135 124



Total 667 625 672 646 1,339 1,271



Q1 Q2 H1


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



Europe +5.0% +1.2% +4.8% +2.2% +4.9% +1.7%
France +0.4% +0.4% -0.3% -0.3% +0.0% +0.0%
Rest of Europe +6.4% +1.5% +6.2% +2.9% +6.3% +2.2%
Latin America +7.8% +16.3% +3.0% +13.9% +5.4% +15.1%
Rest of the world +14.2% +16.7% +2.6% +16.5% +8.3% +16.6%



Total +6.7% +7.1% +4.0% +7.1% +5.3% +7.1%




www.edenred.com | page 16/21
Other revenue




Q1 Q2 H1



In € millions 2025 2024 2025 2024 2025 2024




Europe 26 32 26 33 52 65
France 7 8 8 8 15 16
Rest of Europe 19 25 18 24 37 49
Latin America 20 20 20 20 40 40
Rest of the world 11 8 9 11 20 19



Total 57 60 55 64 112 124



Q1 Q2 H1


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




Europe -18.3% -18.6% -22.7% -22.7% -20.5% -20.7%
France -3.8% -3.8% -15.1% -15.1% -9.6% -9.6%
Rest of Europe -22.6% -23.1% -25.1% -25.2% -23.9% -24.1%
Latin America +1.5% +16.8% -0.4% +16.3% +0.5% +16.6%
Rest of the world +31.6% +48.2% -13.9% +18.4% +5.1% +30.9%



Total -5.2% +1.9% -14.0% -3.0% -9.7% -0.6%




www.edenred.com | page 17/21
Total revenue




Q1 Q2 H1



In € millions 2025 2024 2025 2024 2025 2024




Europe 428 415 435 424 863 839
France 98 98 94 95 192 193
Rest of Europe 330 317 341 329 671 646
Latin America 216 202 217 211 433 413
Rest of the world 80 69 75 74 155 143



Total 724 685 727 710 1,451 1,395



Q1 Q2 H1


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




Europe +3.1% -0.3% +2.7% +0.3% +2.9% +0.0%
France +0.1% +0.1% -1.5% -1.5% -0.7% -0.7%
Rest of Europe +4.1% -0.4% +3.9% +0.9% +4.0% +0.2%
Latin America +7.2% +16.4% +2.7% +14.2% +4.9% +15.2%
Rest of the world +16.2% +20.4% +0.1% +16.8% +7.9% +18.5%



Total +5.7% +6.7% +2.4% +6.2% +4.0% +6.4%




www.edenred.com | page 18/21
EBITDA and EBIT




% change % change
In € millions H1 2025 H1 2024
(reported) (like-for-like)




Europe 400 384 +4.1% +3.4%
France 64 72 -10.6% -10.6%
Rest of Europe 336 312 +7.5% +6.6%
Latin America 181 164 +10.5% +26.1%
Rest of the world 50 42 +18.2% +43.5%
Other 23 7 +283.3% +200.9%


EBITDA 654 597 +9.6% +14.4%




% change % change
In € millions H1 2025 H1 2024
(reported) (like-for-like)




Europe 323 324 -0.1% +0.3%
France 50 58 -13.9% -13.9%
Rest of Europe 273 266 +2.9% +3.4%
Latin America 150 136 +10.1% +29.4%
Rest of the world 37 29 +23.1% +56.9%
Other 12 -1 +2,140.6% +1,339.4%


EBIT 522 488 +6.9% +13.6%




www.edenred.com | page 19/21
Summarized balance sheet



In € millions June 30 Dec 31 June 30 In € millions June 30 Dec 31 June 30
ASSETS 2025 2024 2024 LIABILITIES 2025 2024 2024
Equity and non-
Goodwill 3,027 3,262 2,929 controlling interests (1,046) (809) (825)

Intangible assets 1,369 1,264 1,266
Debt and
Property, plant & equipment 173 181 174 5,348 4,837 5,109
other financial liabilities
Investments in equity- Provisions and deferred
9 8 15 329 303 299
accounted companies tax liabilities
Non-current derivatives 5 0 2
Other non-current assets 195 199 199
1,447 Funds to be redeemed
Float (Trade receivables. net) 1,416 1,527 5,480 5,722 5,539
(Float)
Working capital excl. float 2,358 2,039 2,261 Working capital excl. float 3,214 3,213 3,489
Restricted cash 1,750 1,866 2,011
Cash & cash equivalents and
other current financial assets 2,992 3,031 3,227


TOTAL ASSETS 13,325 13,266 13,611 TOTAL LIABILITIES 13,325 13,266 13,611


June 30 Dec 31 June 30
2025 2024 2024
Total working capital 4,889 5,480 5,240
Of which float 4,033 4,306 4,012




www.edenred.com | page 20/21
From Net profit, Group share to Free Cash Flow




In € millions June 30, 2025 June 30, 2024



Net profit, Group share 235 235


Non-controlling interests 19 18


Dividends received from equity-accounted companies -1 3


Difference between income tax paid and income tax expense 40 0


Non-cash impact from other income and expenses 175 144


= Funds from operations before other income and expenses (FFO) 468 400


Decrease (Increase) in working capital -580 -361


Recurring decrease (Increase) in restricted cash 88 76


= Net cash from operating activities -24 115


Recurring capital expenditure -94 -97


=Free Cash flow (FCF) -118 18




www.edenred.com | page 21/21