Press release
October 21, 2025


Third-quarter 2025 revenue


Edenred reports higher growth in its activity in the third
quarter of 2025 compared to the first half of the year

Edenred posts higher revenue growth in third quarter 2025 than in the first half of the year:

- Operating revenue of €667 million, up 8.2% like-for-like (up 7.8% as reported) versus third-
quarter 2024, reflecting:
- An acceleration in growth for all business lines versus the first two quarters of the
year
- Improved third-quarter performance in Europe
- Double-digit growth in Latin America and the Rest of the World

- Other revenue amounted to €59 million, an increase compared to the previous two
quarters
- Target of around €220 million for full-year 20251

- Total revenue of €726 million, up 7.3% like-for-like (up 6.5% as reported)

- For the nine months ended September 30, 2025, the Group’s total revenue stood at
€2,176 million, up 6.7% like-for-like (up 4.8% as reported) versus the same period in 2024


Edenred is seizing new growth opportunities across all business lines:
- In meal vouchers, in addition to good commercial traction, Edenred continues to benefit
from further increases in maximum face values, which will help generate additional like-for-
like growth in the coming quarters
- In Mobility, Edenred signed two new strategic partnerships with leading fuel distributors,
one strengthening its offer in Italy and the other its VAT refund services business in Europe
- Edenred strengthens its platform through a strategic partnership with Visa


Edenred therefore confirms 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 objectives take into account a €60 million negative impact on EBITDA in the second half of
2025 resulting from the new merchants' commission rules in Italy.


***




1Versus a floor initially announced at €210 million
2 While remaining vigilant of any further macroeconomic deterioration in a disrupted environment
3 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
4 Based on comparable regulations and methodology




www.edenred.com | page 1/13
Bertrand Dumazy, Chairman and CEO of Edenred, said: “This quarter, Edenred once again
confirms the strength of its business model in more than 40 countries. We achieved an
8.2% organic growth in operating revenue, driven by improved performance across all
our business lines. Our Beyond22-25 strategy is bearing fruit, thanks to the relevance of our
offerings and our ability to market them.
Further increases in the face value of meal vouchers, combined with the roll-out of our
employee engagement solutions and the strengthening of our Mobility offering, will
continue to boost Edenred’s growth over the coming quarters.
In the short term, our disciplined approach to implementation and our operational
excellence mean that we are reconfirming our 2025 objectives. We are confident in our
ability to deliver at least 10% organic EBITDA growth, despite the impact of regulatory
changes in Italy, and a free cash flow/EBITDA conversion rate above 70%. Edenred’s
teams, whom I thank, are as always, fully mobilized to seize new opportunities and
navigate through a complex macroeconomic environment.”




www.edenred.com | page 2/13
THIRD-QUARTER 2025 TOTAL REVENUE

% change
Third-quarter Third-quarter % change
(in € millions) (like-for-
2025 2024 (reported)
like)

Operating revenue 667 619 +8.2% +7.8%

Other revenue 59 63 -1.7% -6.4%

Total revenue 726 682 +7.3% +6.5%




% change
First nine First nine % change
(in € millions) (like-for-
months 2025 months 2024 (reported)
like)

Operating revenue 2,005 1,889 +7.5% +6.1%

Other revenue 171 187 -1.0% -8.6%

Total revenue 2,176 2,076 +6.7% +4.8%




• Total revenue: €726 million

For third-quarter 2025, total revenue came to €726 million, up 7.3% like-for-like compared with
third-quarter 2024. Total revenue as reported grew by 6.5%, reflecting a positive 2.3% scope
effect from acquisitions carried out in 2024 (primarily RB in Brazil and the IP energy cards activity
in Italy) and a 3.2% unfavorable currency effect mainly related to currencies in Latin America.

For the first nine months of the year total revenue came to €2,176 million, up 6.7% like-for-like
and up 4.8% as reported compared with the same period in 2024. Reported growth includes a
positive scope effect of 3.0% while the currency effect was an unfavorable -4.9%.



o Operating revenue: €667 million

Operating revenue amounted to €667 million in the third quarter of 2025, up 8.2% like-for-like
versus the third quarter of 2024 and marking an acceleration compared to the previous two
quarters. Based on reported figures, operating revenue rose by 7.8%, taking into account the
positive 2.6% scope effect, offset by an unfavorable 3.0% currency effect.

Operating revenue amounted to €2,005 million for the nine months ended September 30, 2025,
an increase of 7.5% like-for-like (up 6.1% as reported). This increase includes a positive 3.3%
scope effect as well as an unfavorable 4.6% currency effect.




www.edenred.com | page 3/13
• Operating revenue by business line


% change
Third-quarter Third-quarter % change
(in € millions) (like-for-
2025 2024 (reported)
like)

Benefits & Engagement 426 398 +7.1% +8.7%

Mobility 179 152 +17.7% +13.5%

Complementary Solutions 62 69 -10.5% -6.6%

Total 667 619 +7.8% +8.2%




% change
First nine First nine % change
(in € millions) (like-for-
months 2025 months 2024 (reported)
like)

Benefits & Engagement 1,294 1,219 +6.1% +8.3%

Mobility 526 463 +13.6% +11.8%

Complementary Solutions 186 208 -10.4% -7.3%

Total 2,005 1,889 +6.1% +7.5%




Operating revenue for Benefits & Engagement, accounting for 64% of Edenred’s total
operating revenue, amounted to €426 million in third-quarter 2025, up 8.7% like-for-like (up 7.1%
as reported) versus third-quarter 2024.
This level of growth represents an acceleration compared to the previous two quarters of 2025,
driven by solid momentum in Latin America as well as in Germany and Southern Europe. In
particular, it reflects the good business momentum in the Ticket Restaurant ® offering, fueled by
numerous client wins, notably in the SME segment. Growth in this activity also benefited from
regulatory decisions made since the beginning of the year, increasing the maximum face
value of meal vouchers in eight countries where Edenred operates. These changes mean that
companies wishing to support their employees’ purchasing power can increase the value of
the benefits granted. This type of regulatory change, such as the Belgian government’s recent
decision to raise the maximum face value by 25% as of January 1, 2026, will continue to fuel
business growth in the coming quarters. Other increases are currently at an advanced stage
of discussion in several countries.
For the nine months ended September 30, 2025, operating revenue for Benefits & Engagement
came to €1,294 million, up 8.3% like-for-like (up 6.1% as reported) compared to the same period
in 2024.

In the Mobility business line, accounting for 27% of Edenred’s business, third-quarter 2025
operating revenue came to €179 million, up 13.5% like-for-like (up 17.7% as reported) versus the
third quarter of 2024.
Mobility maintained double-digit growth for the third consecutive quarter. This performance
was driven in Latin America by the success of the Beyond Fuel strategy in maintenance, tolls
and freight management. In Europe, the sustained rise in the number of kilometers traveled by




www.edenred.com | page 4/13
Edenred clients' fleets and the confirmed rebound of Edenred Finance contributed to double-
digit growth in revenue. The outlook remains favorable, thanks in particular to recently signed
strategic partnerships. In Italy, after rising to the number two in the local market thanks to the
acquisition of IP’s energy cards, Edenred further strengthened this position by joining forces with
Esso to become the issuer and manager of its energy cards. Edenred also continues to
strengthen its Beyond Fuel offering, becoming the preferred provider of VAT refund services to
energy card clients of a major Oil & Gas player in Europe. With this partnership, Edenred
Finance consolidates its leading position in the VAT refund European market.
For the nine months ended September 30, 2025, operating revenue for the Mobility business
line came to €526 million, up 11.8% like-for-like (up 13.6% 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 €62 million
in third-quarter 2025, accounting for 9% of the Group’s total operating revenue, and down by
6.6% on a like-for-like basis (down 10.5% as reported) compared with third-quarter 2024.
The business line benefited from the strong growth of Edenred C3Pay in the United Arab
Emirates, but was affected by the planned exit from B2C BaaS (Banking as a Service) activities
with fintechs and by the return to a more balanced distribution between Edenred and its
competitors in a Public Social Program in Chile. Lastly, the targeted action plans deployed by
Edenred Pay North America (formerly CSI) over the last few quarters seem to be producing
initial positive results.
For the nine months ended September 30, 2025, revenue for Complementary Solutions came
to €186 million, down by 7.3% like-for-like (down 10.4% as reported) compared with the same
period in 2024.

Edenred also announced accelerated innovation for its various business lines thanks to a
strategic partnership signed with Visa. Through this partnership, Edenred will benefit from Visa’s
operational excellence and unrivalled global network to continually enrich its value proposition
for customers and merchants.


• Operating revenue by region


Third-quarter Third-quarter % change % change
(in € millions)
2025 2024 (reported) (like-for-like)

Europe 392 367 +6.7% +4.7%

Latin America 208 189 +9.9% +12.1%

Rest of the World 67 63 +7.3% +16.3%

Total 667 619 +7.8% +8.2%




www.edenred.com | page 5/13
First nine First nine % change % change
(in € millions)
months 2025 months 2024 (reported) (like-for-like)

Europe 1,204 1,141 +5.5% +2.7%

Latin America 600 562 +6.9% +14.1%

Rest of the World 202 187 +7.9% +16.5%

Total 2,005 1,889 +6.1% +7.5%




In third-quarter 2025, Europe recorded operating revenue of €392 million, up 4.7% like-for-like
versus third-quarter 2024, confirming the improvement already seen in the second quarter.
Growth was up 6.7% as reported, on the back of the integration of IP’s energy cards activity.
Europe represents 59% of the Group’s operating revenue in the third quarter of 2025.
For the nine months ended September 30, 2025, growth was at 2.7% on a like-for-like basis and
5.5% on a reported basis.

o In France, operating revenue totaled €81 million in third-quarter 2025. This represents an
increase of 2.4% on a like-for-like and as-reported basis compared to the third quarter of
2024. This performance was driven in particular by double-digit growth in Mobility on the
back of strong sales momentum, underpinned by increased demand for electric vehicle
charging solutions. In the Benefits & Engagement business line, the Ticket Restaurant®
offering posted steady growth, in line with previous quarters, offset by the ongoing
cyclical downturn in sales of software solutions to works councils.
For the nine months ended September 30, 2025, growth was at 0.8% on a like-for-like and
as-reported basis.

Operating revenue in Europe (excluding France) totaled €311 million in third-quarter
2025. This represents an increase of 5.4% like-for-like (up 8.0% as reported) compared with
third-quarter 2024. The difference between reported and like-for-like figures is mainly due
to the contribution of IP's energy cards business, acquired in 2024.
Growth in the Benefits & Engagement business line confirms the positive momentum
already seen in the second quarter. This growth was achieved across all regions and was
driven by favorable sales momentum, particularly in Southern Europe and Germany.
Double-digit growth in the Mobility business line was driven by the solid performance by
Edenred UTA, for both energy cards and tolls, and the confirmed rebound of Edenred
Finance. However, the development of the Complementary Solutions business line
continues to be impacted by the gradual exit from the B2C BaaS business.
For the nine months ended September 30, 2025, growth reached 3.3% on a like-for-like
basis and 6.8% on an as-reported basis.

In Latin America, operating revenue amounted to €208 million in the third quarter of 2025, up
12.1% like-for-like (up 9.9% as reported) on third quarter 2024. Latin America represented 31%
of the Group's operating revenue in third-quarter 2025.
For the first nine months of the year, growth was up 14.1% like-for-like and up 6.9% as reported,
after taking account of the strong negative currency effects related to the depreciation of
Brazilian and Mexican currencies against the euro.




www.edenred.com | page 6/13
In Brazil, operating revenue rose by 15.2% like-for-like in third-quarter 2025 versus third-
quarter 2024. The Benefits & Engagement business line continued its solid double-digit
growth trajectory, underpinned by strong momentum in food and catering. The Mobility
business line also saw double-digit growth, with increased demand for energy cards and
strong commercial traction for Beyond Fuel solutions, including maintenance
management, e-toll solutions and freight payment, which continue to enjoy growing
popularity with customers.
Over the first nine months of the year, operating revenue advanced 15.9% on a like-for-
like basis, and 12.3% on a reported basis.

In the third quarter of 2025, operating revenue for Hispanic Latin America rose by 5.8%
like-for-like, reflecting the robust performance of the Benefits & Engagement business line
and double-digit growth in the Mobility business line across the region, driven by the
success of Beyond Fuel solutions. Despite this, growth in the region was mitigated by a
high basis of comparison linked to the reallocation to Edenred of a smaller share in the
management of a Public Social Program in Chile.
For the nine months ended September 30, 2025, like-for-like growth was 10.5%.

Operating revenue in the Rest of the World, which accounts 10% of the Group total, reached
€67 million in the third quarter of 2025, an increase of 16.3% on a like-for-like basis (up 7.3%
based on reported figures) compared with the third quarter of 2024. This performance was
driven in particular by the robust momentum of Benefits & Engagement in Turkey and Asia, and
by the success of value-added services deployed in the United Arab Emirates, such as money
transfer solutions and insurance in case of loss of employment.
For the nine months ended September 30, 2025, growth was at 16.5% on a like-for-like basis and
+7.9% on a reported basis.



o Other revenue: €59 million

In the third quarter of 2025, other revenue amounted to €59 million, an increase compared to
the previous two quarters. Compared to the third quarter of 2024, other revenue decreased by
1.7% like-for-like (down 6.4% as reported), reflecting a fall in interest rates in Brazil and the
eurozone.
Edenred had indicated a minimum of €210 million in other revenue for full-year 2025 and now
estimates that it will be able to achieve around €220 million.




www.edenred.com | page 7/13
OUTLOOK

In a global environment marked by persistent macroeconomic challenges, Edenred confirms
the robustness and relevance of its resilient and geographically diversified business model.

Backed by its solid performance, Edenred also confirms its ability to generate profitable growth
through the continued roll out of its Beyond22-25 strategy. This is also based in particular on
contract wins in largely underpenetrated markets, especially in the SME segment, and on the
development of Beyond Food and Beyond Fuel solutions, providing cross-selling opportunities.

Edenred confirms its annual targets for 2025 5, namely:
- Organic EBITDA growth of more than 10%6, equivalent to a minimum of €1,340 million
(based on exchange rates at end-June 20257)
- Free cash flow/EBITDA conversion rate above 70%8




5 While remaining vigilant of any further macroeconomic deterioration in a disrupted environment
6 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
7 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
8 Based on comparable regulations and methodology




www.edenred.com | page 8/13
SIGNIFICANT EVENTS IN THE THIRD QUARTER

• Change in the composition of the Board of Directors

On October 9, 2025, the Group announced that, following his appointment as Chief Executive
Officer of Sodexo, Thierry Delaporte presented to the Edenred Board of Directors his resignation
from his duties as director, with immediate effect.
The Board of Directors reserves the right to co-opt a new director in the coming weeks. If this
were the case, the ratification of this co-optation for the remaining term of Thierry Delaporte's
term, i.e., until the close of the General Meeting to be held in 2028, would be submitted to the
General Meeting on May 7, 2026.



• Share buyback mandate

On October 3, 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 had 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 December 31,
2025, with the intention of extending it until November 30, 2027 for an amount corresponding
to €225 million less the amount actually bought back under the terms of this mandate.
As of October 3, 2025, 10.6 million shares had already been bought back under this program,
for a total consideration of €375 million.



• Nomination of Kelly Richdale

On September 16, 2025, the Group announced that, following the resignation of Monica
Mondardini, Edenred’s Board of Directors decided to co-opt Kelly Richdale as a director, on
the recommendation of the Compensation, Appointments and CSR Committee.
Kelly Richdale brings to the Board her in-depth sector expertise in cutting-edge technologies
(artificial intelligence, quantum computing, digital identity management and blockchain) and
operational risk management.
The ratification of Kelly Richdale’s co-option for the remainder of Monica Mondardini’s term of
office, i.e., until the close of the General Meeting to be held in 2029, will be submitted to the
General Meeting of May 7, 2026.



▬▬

UPCOMING EVENTS

November 4, 2025: Capital Markets Day in Paris
February 24, 2026: Full-year 2025 results
April 23, 2026: First-quarter 2026 revenue
May 7, 2026: General Meeting




www.edenred.com | page 9/13
▬▬

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.



▬▬

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 10/13
Operating revenue



Q1 Q2 Q3 9 months



In € millions 2025 2024 2025 2024 2025 2024 2025 2024




Europe 401 383 410 391 392 367 1,204 1,141

France 91 91 86 86 81 79 258 256

Rest of Europe 310 292 324 305 311 288 945 885

Latin America 196 182 197 191 208 189 600 562

Rest of the World 70 61 65 63 67 63 202 187



Total 667 625 672 646 667 619 2,005 1,889



Q1 Q2 Q3 9 months


Change Change (like- Change Change (like- Change Change (like- Change Change (like-
In %
(reported) for-like) (reported) for-like) (reported) for-like) (reported) for-like)




Europe +5.0% +1.2% +4.8% +2.2% +6.7% +4.7% +5.5% +2.7%

France +0.4% +0.4% -0.3% -0.3% +2.4% +2.4% +0.8% +0.8%

Rest of Europe +6.4% +1.5% +6.2% +2.9% +8.0% +5.4% +6.8% +3.3%

Latin America +7.8% +16.3% +3.0% +13.9% +9.9% +12.1% +6.9% +14.1%

Rest of the World +14.2% +16.7% +2.6% +16.5% +7.3% +16.3% +7.9% +16.5%




Total +6.7% +7.1% +4.0% +7.1% +7.8% +8.2% +6.1% +7.5%




www.edenred.com | page 11/13
Other revenue




Q1 Q2 Q3 9 months



In € millions 2025 2024 2025 2024 2025 2024 2025 2024




Europe 26 32 26 33 25 33 76 97

France 7 8 8 8 7 8 21 24

Rest of Europe 19 25 18 24 18 24 55 74

Latin America 20 20 20 20 24 20 65 61

Rest of the World 11 8 9 11 10 10 30 29



Total 57 60 55 64 59 63 171 187



Q1 Q2 Q3 9 months


Change Change (like- Change Change (like- Change Change (like- Change Change (like-
In %
(reported) for-like) (reported) for-like) (reported) for-like) (reported) for-like)




Europe -18.3% -18.6% -22.7% -22.7% -24.3% -23.9% -21.7% -21.8%

France -3.8% -3.8% -15.1% -15.1% -14.3% -14.3% -11.2% -11.2%

Rest of Europe -22.6% -23.1% -25.1% -25.2% -27.7% -27.2% -25.1% -25.1%

Latin America +1.5% +16.8% -0.4% +16.3% +18.4% +25.3% +6.6% +19.5%

Rest of the World +31.6% +48.2% -13.9% +18.4% +0.6% +15.4% +3.6% +25.5%



Total -5.2% +1.9% -14.0% -3.0% -6.4% -1.7% -8.6% -1.0%




www.edenred.com | page 12/13
Total revenue



Q1 Q2 Q3 9 months



In € millions 2025 2024 2025 2024 2025 2024 2025 2024




Europe 428 415 435 424 416 400 1,280 1,238

France 98 98 94 95 88 88 279 280

Rest of Europe 330 317 341 329 328 312 1,001 959

Latin America 216 202 217 211 232 210 665 622

Rest of the World 80 69 75 74 77 73 232 216



Total 724 685 727 710 726 682 2,176 2,076



Q1 Q2 Q3 9 months


Change Change (like- Change Change (like- Change Change (like- Change Change (like-
In %
(reported) for-like) (reported) for-like) (reported) for-like) (reported) for-like)




Europe +3.1% -0.3% +2.7% +0.3% +4.2% +2.4% +3.3% +0.8%

France +0.1% +0.1% -1.5% -1.5% +0.8% +0.8% -0.3% -0.3%

Rest of Europe +4.1% -0.4% +3.9% +0.9% +5.2% +2.9% +4.4% +1.1%

Latin America +7.2% +16.4% +2.7% +14.2% +10.8% +13.4% +6.9% +14.6%

Rest of the World +16.2% +20.4% +0.1% +16.8% +6.3% +16.2% +7.4% +17.7%




Total +5.7% +6.7% +2.4% +6.2% +6.5% +7.3% +4.8% +6.7%




www.edenred.com | page 13/13