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, especially in Mobility and Benefits & Engagement.

• Operating revenue reached €1,339 million, up 7.1% like-for-like, with double-digit growth in Mobility and Latin America.

• Total revenue was €1,451 million, up 6.4% like-for-like, and adjusted EPS rose 7.4% to €1.16.

• Robust cash generation with FFO at €468 million (+17% year-over-year), and S&P reaffirmed the A- rating in April 2025.

• Continued rollout of the Beyond 22-25 strategy, expanding digital platforms, client base, and strategic partnerships, with notable progress in Germany and Taiwan.

Financial highlights

• Operating revenue up 7.1% like-for-like to €1,339 million; total revenue up 6.4% like-for-like to €1,451 million compared to H1 2024.

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

• Adjusted EPS at €1.16, up 7.4%; net profit group share was €235 million, up 0.3% year-over-year.

• Funds from operations (FFO) at €468 million, up 17% year-over-year.

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

Outlook and guidance

• 2025 guidance confirmed: at least 10% like-for-like EBITDA growth (minimum ~€1,340 million) and free cash flow/EBITDA conversion above 70%.

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

• Expect strong H2 free cash flow generation to meet full-year targets, with vigilance on macroeconomic and regulatory risks.