Rating, debt and invested funds

Rating

Edenred is rated A- Outlook Stable, i.e. “Strong Investment Grade” by Standard & Poor’s. The rating has been affirmed by Standard & Poor’s in November 2025.

This rating is based on a multi-criteria analysis, appraising:

• the business profile of the Group, rated “Strong”, reflecting its leading services and payments platform and the everyday companion for people at work;

• its financial position, rated “Modest”, in respect of Edenred’s sustainable financial position and its cash-flows generating business model.

Sustainable finance

True to its purpose “Enrich connections. For good.”, Edenred has issued a Sustainability‐Linked Bond Framework to further integrate sustainable development into its economic performance.

This framework aims at aligning Edenred’s business and financing with its commitments and values, by creating a direct link between its sustainability strategy and the funding strategy after having already included environmental and social KPIs in its 2020 Revolving Credit Facility.

The Framework has been established in accordance with the Sustainability-Linked Bond Principles (SLBP) administered by ICMA and reviewed by EthiFinance who provided a Second Party Opinion.

• Sustainability‐Linked Bond Framework (PDF, 2.3 MB)
• Second Party Opinion by EthiFinance, June 2021 (PDF, 1 MB)

Debt structure as of December 31st, 2025

Gross debt cost as of December 31st, 2025

Confirmed lines of credit

As of December 31^st, 2025, Edenred had a €750 million undrawn confirmed line of credit, expiring at the end of February 2027. This facility will be used for general corporate purposes.

Liquidity

As of December 31^st, 2025, the group holds 5.2 billion euros in cash, cash equivalents, other financial assets, and restricted funds.

A cautious investment policy

To manage its treasury, the Group’s market risk management policy is designed to mitigate the capital, the liquidity and the counterparty risks.

Hence, most of the financial investments are made in monetary instruments (fixed-rate time deposits, term accounts, retail certificates of deposit or interest-bearing demand deposits).

Exposure to counterparty risk is reduced by:

• dealing only with leading counterparties according to correlated country risks;
• using a wide range of counterparties;
• setting exposure limits by counterparty;
• using a monthly reporting procedure to track the concentration of counterparty risk and the credit quality of the various counterparties (based on their credit ratings).

The majority of the Group’s available cash is managed under a centralized cash-management scheme enabling to reduce the Group’s risk exposure thanks to a centralized and regular monitoring.

2026

• Notice to Bondholders with Sustainability-linked Senior Unsecured Bonds Convertible into New Shares and/or Exchangeable for Existing Shares (OCEANEs) due 2028 (PDF, 291 KB)

2023

• Notice to Bondholders with Sustainability-linked Senior Unsecured Bonds Convertible into New Shares and/or Exchangeable for Existing Shares (OCEANEs) due 2028 (PDF, 161 KB)

2024

• Notice to Bondholders with Sustainability-linked Senior Unsecured Bonds Convertible into New Shares and/or Exchangeable for Existing Shares (OCEANEs) due 2028 (PDF, 137 KB)

2025

• Notice to Bondholders with Sustainability-linked Senior Unsecured Bonds Convertible into New Shares and/or Exchangeable for Existing Shares (OCEANEs) due 2028 (PDF, 174 KB)