Edenred achieves all its operating and financial targets, and marks a record year in 2025

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Edenred achieves all its operating and financial targets, and marks a record year in 2025

• Organic EBITDA growth of 11.2% in 2025 (versus a target of more than 10%)
• Free cash flow/EBITDA conversion rate of 82%1 (versus a target of above 70%)

Edenred delivers a solid commercial and operating performance, and posts record results in 2025:

• Total revenue of €3.0 billion, up 5.7% like-for-like and 3.7% as reported versus 2024: 

• Operating revenue of €2,732 million, up 6.2% like-for-like and 4.7% as reported, despite the impact of the regulatory change in Italy 
• Acceleration of operational revenue in the fourth quarter of 2025, with a growth of 9.7% on a comparable basis versus fourth quarter of 2024, excluding the impact of the regulatory change in Italy 
• Other revenue of €229 million, up 1.0% like-for-like, buoyed by the increase in the float

• EBITDA of €1,360 million, up 11.2% like-for-like and 7.5% as reported, reflecting the combined effect of revenue growth and the first efficiency gains generated by “Fit for Growth” program; 
  
  • EBITDA margin of 45.9%, up 2.3 points like-for-like 
  • Operating EBITDA of €1,131 million, up 13.7% like-for-like; operating margin of 41.4%, up

• Net profit, Group share up 2.8% to €521 million
• Record adjusted earnings per share2 of €2.59 versus €2.35 in 2024, up 10.0%
• Free cash flow up 34% to €1,111 million
• Net debt down 31%, reducing the net debt/EBITDA ratio to 0.9x EBITDA at the end of 2025 

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Increased shareholder returns

• Edenred bought back €125 million worth of its own shares in 2025
• Edenred is proposing a dividend payment of €1.333 per share for 2025, a rise of 10% 

Solid extra-financial performance

• Further increase in extra-financial performance metrics
• Industry-leading ESG ratings from the main non-financial rating agencies, including a six-point improvement in the S&P Global rating and a Gold medal from EcoVadis, illustrating Edenred's strong commitment 

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Edenred enters 2026 well-placed to execute its strategic plan Amplify25-28

• A virtuous growth model based on an increase in the number of users combined with higher average revenue per user (ARPU)
• Three strategic pillars already in place in 2025: 
  
  • Attract, to pursue efficient client acquisition in vast, growing and still largely underpenetrated markets 
  • Enrich, to maximize cross-sell and upsell opportunities by leveraging the unique richness of its solutions portfolio 
  • Activate, to increase the use of solutions, monetize the audience of over 60 million users of its platform, notably by developing new services to partner merchants 

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The targets set for 2026 take into account the impact of regulatory changes in Italy and Brazil:

• Edenred confirms a decline in EBITDA of between 8% and 12% like-for-like, corresponding to an intrinsic EBITDA growth of between 8% and 12%, the level expected for 2027 and 2028
• Edenred is targeting a free cash flow/EBITDA conversion rate of ≥ 35%, corresponding to an intrinsic conversion rate of ≥ 65%4, which is the level expected for 2027 and 2028, confirming the Group's ability to maintain robust cash generation. 

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"We achieved all our operational and financial objectives in 2025 and recorded record results once again. I would like to thank our 12,000 employees for their commitment and unwavering determination. These strong performances demonstrate that Edenred is performing well in consistently promising markets. We continue to acquire new clients, who are adopting both our employee benefits solutions and those that promote workplace engagement, as well as our offerings dedicated to optimizing and simplifying corporate fleet management. While the size and diversity of our portfolio of solutions will help us mitigate the impact of ongoing regulatory changes in Italy and Brazil, these changes will still affect our performance in 2026. Nevertheless, we are confident in our ability to quickly resume our trajectory of profitable and sustainable growth, particularly relying on the deployment of our strategic plan, Amplify. We will be able to rely on our commercial traction, the relevance of our products, and our technological leadership to grow both the number of our users and the average revenue per user. Finally, our robust financial position gives us flexibility to invest in the tools for our own growth, particularly in Data & AI, and to seize potential acquisition opportunities while continuing our shareholder return policy.” - Bertrand Dumazy, Chairman and CEO of Edenred

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Read the full press release here.