Full Year 2025 Edenred SE Earnings Call Transcript
Key Points
- Edenred SE (EDNMF) delivered a strong operating and financial performance in 2025, with operating revenue growing at 6.2% like-for-like and EBITDA increasing by 11.2% like-for-like.
- The company exceeded its 2025 guidance for like-for-like EBITDA growth and free cash flow conversion, achieving an EBITDA to free cash flow conversion rate of 82%.
- Edenred SE (EDNMF) reported a significant increase in adjusted EPS, reaching EUR2.59, which represents a 10% increase compared to 2024.
- The company successfully implemented its Fit for Growth program, resulting in improved workforce efficiency, renegotiated supplier contracts, and IT internalization, contributing to a controlled OpEx growth of 1.3%.
- Edenred SE (EDNMF) achieved a strong cash flow generation, with free cash flow increasing by 34% in 2025, and significantly reduced its net debt by 31%, lowering the leverage ratio from 1.4 times to 0.9 times.
- The Italian regulation negatively impacted Edenred SE (EDNMF)'s operating revenue growth, which would have been 9.1% like-for-like without this impact.
- The company experienced a negative growth of 4.6% in its complementary solutions segment in 2025 compared to 2024.
- Edenred SE (EDNMF) anticipates 2026 to be a rebasing year due to regulatory changes in Italy and Brazil, which are expected to negatively impact EBITDA growth.
- The company's operating revenue in Europe grew only by 1% like-for-like, with the Italian regulation significantly affecting performance.
- Edenred SE (EDNMF) faces potential challenges in Brazil due to ongoing legal proceedings regarding a Presidential decree, which could impact future operations and financial performance.
Good morning, everybody. Thanks for being with Virginie, the Edenred CFO; and myself for the Edenred 2025 results. We are together for the next 90 minutes. So the first part is the presentation of our results. The second part, we will be pleased to answer any questions you may have. In the executive summary, there are five messages I want to share with you.
First of all, yes, 2025 was a year of strong commercial and operating performance. Second message, we exceeded the guidance 2025 in terms of like-for-like EBITDA growth and free cash flow generation and free cash flow conversion.
Third, yes, thanks to those results we are able to post some strong shareholders' return. My fourth message is, the Edenred growth equation, it's a very simple equation. We are looking for more users and more value per user.
Finally, 2026 will be a rebasing year before renewed sustainable and profit. Profitable growth in 2027 and 2028 with a growth of between 8% and 12% of our EBITDA like
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