Edenred (EDEN) H1 2025 earnings summary

Executive summary

• Achieved 14.4% like-for-like EBITDA growth and confirmed all 2025 objectives, with strong top-line momentum across core business lines and geographies.

• Operating revenue rose 7.1% like-for-like to €1,339 million, with double-digit growth in Mobility and Latin America, and acceleration in Benefits & Engagement and Europe in Q2 2025.

• Total revenue for H1 2025 reached €1,451 million, up 6.4% like-for-like and 4% as reported, with positive scope effects and negative currency impacts.

• Continued rollout of the Beyond 22-25 strategy, expanding digital platforms and solutions, and optimizing performance through efficiency programs.

• S&P Global Ratings reaffirmed the A- rating in April 2025.

Financial highlights

• Operating revenue grew 7.1% like-for-like to €1,339 million; total revenue reached €1,451 million, up 6.4% like-for-like year-over-year.

• EBITDA was €654 million, up 14.4% like-for-like and 9.6% as reported; EBITDA margin improved to 45.1%.

• Adjusted EPS increased 7.4% to €1.16 in H1 2025; net profit group share was €235 million, stable year-over-year.

• Funds from Operations (FFO) rose 17% to €468 million.

• Free cash flow for H1 2025 was negative €118 million, reflecting seasonality and working capital changes.

Outlook and guidance

• Reaffirmed 2025 targets: at least 10% like-for-like EBITDA growth (minimum ~€1,340 million) and 70%+ free cash flow to EBITDA conversion.

• Guidance incorporates a €60 million negative EBITDA impact from new Italian regulation starting Q3 2025.

• Cautious on macroeconomic risks but confident in achieving full-year targets, with strong H2 free cash flow generation expected.

• No material impact expected from OECD Pillar 2 tax reforms in 2025.

• No subsequent events reported after June 30, 2025.