The strategy of Edenred is bearing fruit and positioning the Group on solid ground to enter 2025 with confidence

Edenred reports another sharp increase in its key financial metrics, reflecting ongoing success for Benefits & Engagement and Mobility extension offer

• Record earnings per share of €2.07 versus €1.711 in 2023, up 21.1%
• Total revenue of €2.9 billion, up 12.2%2 as reported and 12.4%2 like-for-like versus 2023
  
  • Operating revenue of €2.6 billion, up 11.4%2 as reported and 11.2% like-for-like
  • Other revenue of €247 million, up €45 million, thanks to strong growth in business volumes and a favorable interest-rate environment

• EBITDA of €1,265 million, up 15.7% as reported and 19.0% like-for-like; EBITDA margin of 44.3%, up 1.3 points as reported.  
  
  • Operating EBITDA of €1,018 million, up 14.3% as reported; operating EBITDA margin of 39.1%, up 1.0 point as reported.

• Net profit, Group share of €507 million – a record high

• Funds from operations before other income and expenses (FFO) of €870 million, up 19.2%

Edenred exceeds the 2024 financial targets set in its Beyond22-25 plan

19% like-for-like growth in EBITDA

Free cash flow/EBITDA conversion rate of 70%

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Increased shareholder returns

• Edenred is proposing a dividend payment of €1.214 per share for 2024, representing a 10% increase on 2023.
• Edenred carried out a €300 million share buyback program in 2024
• In December, Edenred announced it was extending this program by a further amount of up to €300 million, covering a period of three years

Solid extra-financial performance

• Further increase in extra-financial performance metrics
• Achievements reflected in the ratings assigned by leading ESG rating agencies, such as S&P Global, and in Edenred's inclusion in the DJSI Europe and World indices

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Edenred entering in 2025 with confidence despite uncertain European economic conditions

• Drawing on its strong business development over the past few years, Edenred has begun 2025 in a good position to continue its profitable growth journey
• The intrinsic growth momentum of its two main business lines (Benefits & Engagement and Mobility) remained buoyant throughout 2024, both for Core solutions (Meal & Food and Fuel) and Beyond solutions
• High customer loyalty and ramp-up of subscription formulas have given the Group a more recurring revenue model
• The integration and contribution of recently acquired businesses will help drive growth in 2025
• Management commitment to optimize operating performance by exercising tighter control over the cost base increase and implementing specific action plans for a few businesses within the Group’s portfolio

Edenred confirms its target for 2025, namely:

• Like-for-like EBITDA growth of at least 10%
• Free cash flow/EBITDA conversion rate >70%

These targets take into account a €60 million negative impact on EBITDA that is expected to occur as a result the introduction of a cap on merchants in Italy in 2025.

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"Edenred consistently demonstrates its ability to generate sustained and profitable growth year after year. 2024 has followed this trend, and I want to extend my heartfelt gratitude to our 12,000 employees for their dedication and hard work. This new record year illustrates the success of our Beyond strategy and the relevance of the new solutions we offer to our corporate clients, their employees, and our merchant partners. From a financial standpoint, we have improved our profitability, increased our earnings per share, and generated robust cash flow, which we have used for external growth operations and to increase returns for our shareholders. Looking ahead to 2025, we have set an ambitious goal to grow our EBITDA by more than 10% organically, despite an uncertain economic environment in Europe. This target takes into account the introduction of a cap on merchant commissions in Italy. Our confidence stems from our increasingly recurring, diversified and enriched business model, as well as the continued solid growth dynamics of both our benefits & engagement and mobility activities, alongside the anticipated contribution from our recent acquisitions, such as Spirii, IP, and RB. Furthermore, we are committed to optimizing our operational performance by enhancing the trajectory of a few activities, exercising stricter control over expense increases, and conducting a portfolio review for potential rationalization if necessary."

-Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred

Read the full press release here.