Half Year 2026 Edenred SE Earnings Call Transcript
Key Points
- Edenred SE (EDNMF) delivered an 8% operating revenue intrinsic growth in H1 2026, demonstrating strong commercial performance despite regulatory changes.
- The company raised its full-year 2026 EBITDA guidance from a decline of 8-12% to a decline of 7-10%, indicating better-than-expected financial performance.
- Edenred SE (EDNMF) continues to execute its Amplify strategic plan, focusing on attracting more users and generating more revenue per user.
- The acquisition of The Mobility House in Germany has strengthened Edenred SE (EDNMF)'s position in the EV transition, enhancing its service offerings.
- The company maintains a robust financial position with a confirmed free cash flow on EBITDA conversion rate of at least 35% for 2026.
- Regulatory changes in Italy and Brazil have negatively impacted Edenred SE (EDNMF)'s operating revenue growth, with a like-for-like growth of only 1.5% in H1 2026.
- EBITDA experienced a decline of 4.6% like-for-like, primarily due to regulatory impacts and strategic investments in data and AI.
- The company's benefits and engagement segment saw a 2.2% decline in operating revenue, adjusted for regulatory impacts.
- The Middle East conflict has hampered growth in the UAE, affecting the Payment Solutions and New Markets segment.
- Edenred SE (EDNMF) faces challenges in maintaining growth momentum in the face of regulatory changes and geopolitical uncertainties.
Welcome to the Edenred Half-Year Results 2026 conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, cell-side analysts are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to the speaker, Bertrand Dumazy, CEO. Please go ahead.
Ladies and gentlemen, good morning.
Thank you for being with us today for the H1 2026 Edenred results.
I'm pleased to be with Virginie, who is the CFO of Edenred, and together we will be explaining the H1 results for the next 75 minutes. What I propose is a presentation of about 35 minutes max, and then the remaining 40 minutes plus to answer any question you may have.
I propose that we move to slide 3 of the deck, and in fact, I have six messages that I want to share with you today in this presentation. Message number one is 2026 is a reset year for
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