2019 annual results

Edenred announces strong growth in earnings to record levels in the first year of its Next Frontier strategic plan (2019-2022).

Double-digit growth in 2019 earnings, as reported and like-for-like:

Total revenue up 18.0% to €1,626 million (+13.8% like-for-like)
EBIT: up 18.3% (+14.8% like-for-like) to €545 million, in line with the EBIT guidance of between €520 million and €550 million
Net profit, Group share: up 22.9% to €312 million
Proposed dividend: €0.87 per share, up €0.01 versus 2018
Funds from operations of €524 million up 30.9% (+16.5% like-for-like)
Net debt/EBITDA ratio of 1.9x, after €782 million dedicated to acquisitions

Performances for 2019 were in line with the annual financial targets set for the period to 2022 in the Next Frontier strategic plan:

Operating revenue: up 14% like-for-like (annual target: above 8%)
EBITDA: up 14% like-for-like (annual target: above 10%)
Free cash flow/EBITDA conversion rate : 65% (annual target: above 65%)

Edenred is beginning the new year with confidence and confirms the Next Frontier strategic plan’s 2019-2022 targets for 2020.

Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said: “2019, the first year of the Next Frontier 2019-2022 strategic plan, was another record-breaker for Edenred, underpinned by strong momentum in sales and innovation. The Group generated double-digit growth in all business lines and in all regions. Thanks to our unique model, based on a platform for services and payments, we connect close to 50 million employees with 2 million partner merchants via more than 850,000 corporate clients every day. Our 10,000 employees are fully committed to providing digital solutions closely aligned with new consumer trends and to making the world of work a connected ecosystem that is safer, more efficient and more user-friendly. We are beginning 2020 with confidence and expect to meet our financial targets under the Next Frontier strategic plan.”