Half Year 2025 Edenred SE Earnings Call Transcript
Key Points
- Edenred SE (EDNMF) confirmed all its targets for full year 2025, including a minimum of 10% like-for-like EBITDA growth and a 70% free cash flow on EBITDA conversion rate.
- The company reported a steady top line growth with double-digit growth in Mobility and Benefits & Engagement, particularly in Latin America and the Rest of the World.
- Operating EBITDA grew by 18.4% in H1 2025, showcasing strong operating leverage and effective management actions.
- Edenred SE (EDNMF) continues to expand its Beyond strategy, increasing the proportion of Fuel Beyond in Mobility from 30% to 32% in H1 2025.
- The company achieved a 7.1% growth in operating revenue in H1 2025, with an adjusted EPS increase of 7.4% to EUR1.16.
- Complementary Solutions posted a negative growth of 7.6% in H1 2025, impacted by the planned exit from Banking-as-a-Service B2C and the non-renewal of a large public social program in Romania.
- Europe showed a soft growth of 1.7% like-for-like, with France experiencing a stable operating revenue year-on-year.
- The company faces economic uncertainties in Europe, with specific challenges in France and Germany affecting growth.
- Edenred SE (EDNMF) anticipates a EUR60 million impact from regulatory changes in Italy, affecting Q4 2025 results.
- The company reported a negative free cash flow of EUR118 million in H1 2025, consistent with its usual seasonality pattern.
Hello, and welcome to the Edenred half-year 2025 call. Please note, this call is being recorded. (Operator Instructions)
I will now hand you over to your host, Bertrand Dumazy, CEO; and Virginie Duperat-Vergne, CFO, to begin today's conference. Thank you.
Ladies and gentlemen, good morning. Thank you for being with us for the H1 2025 results of Edenred. I am with our new CFO, Virginie, who joined Edenred two months ago. And we are together for the next 75 minutes, a presentation of about 35 minutes, and then a Q&A session of 40 minutes.
I propose that we move to page 2 of the presentation, and there are four messages that I want to convey today. First of all, we confirm all our targets for full year 2025 despite economic uncertainties. Target number one, a minimum of 10% like-for-like EBITDA growth for 2025. Target number two, 70% free cash flow on EBITDA conversion rate. The 10% like-for-like EBITDA growth due to the situation
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