Edenred (EDEN) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 revenue reached €724 million, up 6.7% like-for-like and 5.7% as reported, driven by strong performance in Latin America and Mobility, and double-digit growth in Beyond Food and Beyond Fuel solutions.

• Operating revenue was €667 million, up 7.1% like-for-like, with continued execution of the Beyond strategy and digital platform expansion.

• Full-year 2025 guidance confirmed: at least 10% EBITDA like-for-like growth and cash conversion above 70%.

• Ongoing cost efficiency initiatives and product improvement plans, including portfolio rationalization and exit from B2C bus activities.

• New face value increases in Benefits & Engagement and expansion in Mobility and Public Social Programs.

Financial highlights

• Operating revenue rose from €625 million to €667 million (+7.1% like-for-like); total revenue reached €724 million (+6.7% like-for-like).

• Other revenue for Q1 2025 was €57 million, up 1.9% like-for-like, with a confirmed annual floor of €210 million.

• Latin America posted 16.3% like-for-like growth, representing €196 million and 30% of operating revenue.

• Mobility business grew 11.8% like-for-like, while Benefits & Engagement grew 7.6%.

• Rest of the World operating revenue up 16.7% like-for-like year-over-year.

Outlook and guidance

• 2025 guidance reaffirmed: at least 10% EBITDA like-for-like growth and cash conversion above 70%.

• Growth to be driven by recurring revenues, diversified business mix, and Beyond strategy acceleration.

• Management remains vigilant on macroeconomic risks, with a €60 million negative EBITDA impact expected from the Italian fee cap in H2 2025.

• Anticipated headwinds include regulatory changes, currency effects, and a drop in other revenue, but with a set floor.