Edenred (EDEN) investor relations material

Opening remarks and agenda

• Meeting held at Comet Bourse, Paris, chaired by Bertrand Dumazy, with board members, auditors, and scrutineers present; quorum confirmed at 77.83% of voting rights.

• Agenda included strategic updates, financial review, governance, auditor reports, Q&A, and voting on resolutions.

Financial performance review

• 2025 operating revenue reached €2,732m (+6.2% like-for-like), EBITDA at €1,360m (+11.2%), and adjusted EPS at €2.59 (+10%).

• Free cash flow increased by 34% to €1,111m, leverage reduced to 0.9x, and net debt down 31% to €1,241m.

• Mobility revenue grew 11.7%, Benefits 5.9%, while Complementary Solutions declined 4.6%.

• Dividend payout proposed at €1.33 per share, up 10% from 2024, with continued share buyback program.

• 2026 guidance: organic growth expected to decline -8% to -12% due to regulatory changes, with EBITDA to free cash flow conversion below 65%.

Board and executive committee updates

• Board renewal with new directors, maintaining 88.9% independence and 46% women; renewals and co-options ratified.

• Committees restructured: Audit and Risk, Compensation/Appointments/CSR, and Commitments, with new members and chairs.

• Succession planning and annual board assessments conducted, focusing on diversity, expertise, and strategic/technical training, especially in AI and cybersecurity.

• Executive committee and board maintained ongoing dialogue and strategic alignment.