Edenred

Latest Results (12.05.2026):

Edenred — Q1 2026: The Group reported total revenue of €730 million in the first quarter of 2026, up +3.1% like‑for‑like (+0.8% reported). Operating revenue was €673 million (+3.1% like‑for‑like, +0.9% reported) and, adjusted for regulatory changes in Italy and Brazil, Edenred achieved intrinsic operating revenue growth of +8.2%. By business line, Mobility grew +10.0% like‑for‑like, Benefits & Engagement rose +7.8% like‑for‑like on an adjusted basis, and Payment Solutions & New Markets advanced +6.2% like‑for‑like. Other revenue reached €57 million (+3.2% like‑for‑like). Edenred also secured an ‘A’ CDP rating and confirmed its FY‑2026 objectives: an EBITDA decline of 8–12% like‑for‑like (corresponding to intrinsic EBITDA growth of 8–12%) and a free cash flow/EBITDA conversion ≥35% (intrinsic ≥65%).

Topline details

Total revenue Q1 2026: €730m (+3.1% like‑for‑like; +0.8% reported). Reported figures were affected by a -0.4% scope impact and -1.8% currency headwind. Operating revenue: €673m (+3.1% like‑for‑like; +0.9% reported).

Intrinsic growth vs. regulatory headwinds

Adjusted for the new regulatory framework in Italy and the late‑February decree in Brazil, Edenred’s operating revenue growth was +8.2% like‑for‑like in Q1 2026, showing the underlying sales momentum despite regulatory pressure on Meal & Food activities.

Business‑line performance

Benefits & Engagement (66% of operating revenue): €446m — reported -1.0% but +7.8% like‑for‑like adjusted. Mobility (26%): €176m — +10.0% like‑for‑like (double‑digit growth). Payment Solutions & New Markets (8%): €51m — +6.2% like‑for‑like. Highlights include stronger cross‑sell in Italy and Mobility initiatives (e.g., EnBW partnership) plus Data & AI deployments (fleet maintenance, fraud prevention).

Regional performance

Europe: €400m (+0.6% like‑for‑like; +6.2% adjusted excluding Italy regulatory impact). Latin America: €204m (+4.7% like‑for‑like; +10.7% adjusted excluding Brazil decree). Rest of World: €69m (+12.6% like‑for‑like), led by Japan, Turkey and UAE.

Other revenue & cash metrics

Other revenue totalled €57m in Q1 2026 (+3.2% like‑for‑like). Growth was driven by float increases in Benefits & Engagement, partly offset by falling interest rates. Edenred confirms a target FCF/EBITDA conversion ≥35% for 2026 (intrinsic ≥65%).

ESG recognition

Edenred received an ‘A’ rating from CDP (first time), placing it in the top ~4% of companies assessed for climate action — a material endorsement of its ESG positioning and competitive advantage.

Guidance & outlook

Edenred reconfirms FY‑2026 guidance while calling 2026 a “rebasing” year: EBITDA expected to decline 8–12% like‑for‑like (equivalent to intrinsic EBITDA growth of 8–12%), with conversion and profitability metrics expected to normalize and improve in 2027–2028.

Significant events & regulatory items

Q1 notable items: €500m bond issue (7‑year, 3.75% coupon) in January; Brazilian court communication (Feb 25) applying the November 2025 decree to voucher issuers; and an AGCM investigation in Italy opened in late March. These events drive near‑term regulatory and legal uncertainty affecting Meal & Food activities.