Responsibility, the key to
sustainable and profitable growth

For Edenred, 2022 was synonymous with accelerated growth and record performance across all business lines and all regions. It was also a year of outstanding non-financial performance.

New records in 2022

Edenred’s business volume reached €38 billion, with a total revenue exceeding the symbolic €2 billion mark for the first time, advancing by nearly 25% as reported year on year.

Operating revenue rose by 19.2% like-for-like versus 2021, with double-digit growth across all business lines and all regions.

Key financial indicators (in € millions)
2022 2021 Reported change Like-for-like change
Total revenue 2,031 1,627 +24.8% +21.2%
EBITDA 836 670 +24.9% +23.3%
EBITDA margin 41.2% 41.1% +0.7pts
Net profit, Group share 386 313 +23.3%

Free cash flow totaled €881 million in 2022, lifted in part by the good fourth-quarter performance, leading to a free cash flow/EBITDA conversion rate of 85%.

As a result, the Group’s net debt/EBITDA ratio decreased significantly to 0.4x in 2022, versus 1.2x in 2021.

Key financial indicators (in € millions)
2022 2021
Free cash-flow 881 518
Net debt 307 816
EBITDA 836 670
Net debt/EBITDA 0.4x 1.2x

Recognized non-financial performance

In September 2022, Edenred joined the CAC 40 ESG index, which brings together the top 40 ESG performers among the 60 largest companies by market capitalization on the Paris stock exchange. It is major recognition of our efforts to advance sustainability.

This commitment is embodied in our ambitious “Ideal” CSR policy, our portfolio of digital solutions enabling more responsible behaviors and our purpose, “Enrich connections. For good.”

Edenred was named an Industry Mover in the 2022 S&P Global Sustainability Yearbook. This distinction ranks Edenred in the top 15% of companies in the industry in terms of environmental, social and governance performance.

Edenred, a responsible Group

Confirmed financial strength

Edenred has enjoyed a Strong Investment Grade BBB+ rating since its 2010 IPO, as confirmed by Standard & Poor’s in April 2022, with an outlook upgraded from “stable” to “positive”. This rating is based on an analysis of multiple criteria, assessing the Group’s operating profile and financial position.

* This dividend will be submitted to shareholders for approval at Edenred’s Combined General Meeting on May 11, 2023.
2019 2020 2021 2022
Proposed dividend per share (in euros) 0.70 0.75 0.90 1.00*

Transparent and regular communications with the financial community

A highlight of 2022 was Edenred’s Capital Markets Day in London on October 25, where we unveiled our strategic plan for 2022-2025, Beyond.

We maintained open dialogue with the financial community throughout the year. Whether in person or virtually, we met with close to a thousand investors representing over 300 international financial institutions, held 11 virtual roadshows and took part in 13 industry events.

In addition, Edenred was once again honored at the 2022 Best Shareholder Relations Awards held by French investment weekly Le Revenu. The Group received the special jury’s prize in the CAC Next 20 category, in recognition of the various initiatives taken by Edenred for individual shareholders in 2022 and the resources provided to them.

We notably resumed in-person meetings in 2022, after a two-year suspension due to the health crisis. This enabled more than 350 participants in Lille, Lyon and Bordeaux to learn about the Group’s latest financial and non-financial news and our Beyond22-25 strategy. Shareholders also receive a dedicated newsletter twice a year.