Edenred (EDEN) AGM 2026 summary

Opening remarks and agenda

• The meeting was held in Paris, chaired by Bertrand Dumazy, with strong board, auditor, and shareholder presence, and was broadcast in French and English.

• The agenda included strategic updates, financial and non-financial performance review, governance, auditor reports, Q&A, and voting on resolutions.

• Shareholder engagement increased, with individual shareholders nearing 7% of the base.

Financial performance review

• 2025 operating revenue rose 6.2% like-for-like to €2,732m, EBITDA up 11.2% to €1,360m, and adjusted EPS increased 10% to €2.59.

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

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

• Share price declined in 2025 due to regulatory changes but began recovering in early 2026.

• 2026 guidance anticipates a temporary organic growth decline of -8% to -12% due to regulatory changes, with EBITDA growth targets of 8%-12%.

Board and executive committee updates

• Board renewal included new directors with strong tech and international backgrounds, maintaining high independence and gender diversity.

• Committees were restructured, with additional training on AI and cybersecurity for board members.

• Succession planning and annual board assessments were emphasized, with external evaluation in 2025 confirming board effectiveness.

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