Edenred (EDEN) H2 2024 earnings summary

Executive summary

• Achieved record EPS of €2.07 in FY 2024, up 21.1% year-over-year, and net profit of €507 million, with total revenue of €2.9 billion, up 12.2% reported and 12.4% like-for-like.

• EBITDA reached €1,265 million, up 19% like-for-like, with a 44.3% margin (+1.3 pts), and free cash flow/EBITDA conversion rate at 70%.

• Exceeded 2024 guidance on all key metrics, including EBITDA growth and free cash flow conversion, and delivered strong performance across all segments and geographies.

• Shareholder returns increased to €664 million, combining a 10% higher dividend and €300 million share buyback, with a further €300 million extension announced.

• Enhanced ESG performance, recognized by improved S&P Global ratings and inclusion in DJSI Europe and World indices.

Financial highlights

• Total revenue reached €2,856 million, up 12.2% reported and 12.4% like-for-like; operating revenue was €2,609 million, up 11.4% reported and 11.2% like-for-like.

• EBITDA margin improved to 44.3% (+1.3 pts), and operating EBITDA margin to 39.1% (+1.0 pt) year-over-year.

• Free cash flow stood at €881 million, with a 70% EBITDA-to-cash conversion ratio.

• Net profit group share increased 19.3% to €507 million, and EPS rose from €1.71 to €2.07.

• Net debt increased to €1,806 million, mainly due to €510 million in acquisitions and €664 million in shareholder returns.

Outlook and guidance

• 2025 guidance targets over 10% like-for-like EBITDA growth and cash conversion above 70%, despite a €60 million EBITDA impact expected in Italy due to regulatory changes.

• Other revenue expected to decrease from €247 million to a floor of €210 million in 2025.

• High single-digit operating revenue growth anticipated for 2025, with Latin America accelerating and Europe facing headwinds.

• Growth to be driven by recurring revenue, recent acquisitions, and operational efficiency programs.

• New strategic plan to be presented at Capital Markets Day in November 2025.