Edenred (EDEN) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 operating revenue reached €667 million, up 8.2% like-for-like and 7.8% as reported, with sequential acceleration across all business lines and geographies compared to H1 2025.

• Total Q3 revenue was €726 million, up 7.3% like-for-like and 6.5% as reported; nine-month revenue at €2,176 million, up 6.7% like-for-like.

• Strategic partnerships were signed with Esso in Italy, another major oil company in Europe, and Visa, enhancing Mobility and payment platform capabilities.

• Strong commercial traction in meal vouchers and innovation through new partnerships supported growth.

Financial highlights

• Q3 2025 operating revenue: €667 million (+8.2% like-for-like, +7.8% reported); total revenue: €726 million (+7.3% like-for-like, +6.5% reported); other revenue: €59 million.

• Nine-month operating revenue: €2,005 million (+7.5% like-for-like, +6.1% reported); nine-month total revenue: €2,176 million (+6.7% like-for-like).

• Other revenue for full-year 2025 now expected at ~€220 million, above initial floor.

• Foreign exchange headwinds, especially in Latin America, partially offset growth; positive scope effects from acquisitions.

• As-published Q3 operating revenue growth: 7.8%.

Outlook and guidance

• 2025 targets reaffirmed: 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 in H2 2025 from new merchant commission rules in Italy.

• Business tailwinds expected to remain positive into Q4, with regulatory headwinds in Italy to weigh more heavily.

• New strategic plan to be unveiled at Capital Markets Day on November 4, 2025.

• Continued focus on contract wins in underpenetrated markets and cross-selling of Beyond Food and Beyond Fuel solutions.