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March 02, 2021

2020 Annual Results

After a strong rebound in the second half of 2020, and with its development potential intact, Edenred is back on track to deliver sustainable and profitable growth.

Edenred, a unique intermediation platform, has demonstrated its resilience in the face of the health crisis and returned to growth in second-half 2020


  • Operating revenue of €1,423 million, down just 1.6% like-for-like from the previous year, with Europe up 1.3%
  • Like-for-like growth in operating revenue of 1.1% in the second half of the year (+1.2% in the fourth quarter) 
  • Total revenue of €1,465 million, down 2.0% like-for-like and 9.9% as reported, reflecting unfavorable currency effects


Edenred recorded a solid financial performance despite the global situation and unfavorable currency effects, demonstrating its agility and the robustness of its business model 

  • EBITDA of €580 million, down 4.6% like-for-like (-13.2% as reported) in 2020, in line with guidance (€550 million-€600 million) and up 2.5% like-for-like in the second half of the year
  • EBITDA margin maintained at 39.6%, down 1.1 points like-for-like for the full year and up 0.8 points for the second half
  • Net profit, Group share of €238 million, down €74 million from the previous year, in line with the decrease in EBITDA
  • Strong free cash flow generation of €640 million, driven by the rebound in business in the second half, careful cash management and longer retention time for user-allocated funds as a consequence of the health crisis
  • Net debt/EBITDA ratio stable at 1.9x
  • Proposed dividend: €0.75 per share, an increase of 7.1%


Edenred was able to rebound in 2020 and prepare for 2021, by increasing its investments and leveraging its agility and its strong sales momentum

  • Faster digitalization of Employee Benefits in Europe (+9 points vs 2019), driven notably by more widespread use of remote working
  • Development of earmarked funds solutions to provide targeted support to sectors hard hit by the crisis, such as restaurants and tourism
  • Launch and ramp-up of new offers (e.g., fleet maintenance in Brazil, Ticket Mobilité in France and Ticket Restaurant in the United States)
  • Acceleration of the corporate social responsibility policy, with improvements in key indicators in the three areas: “People, Planet, Progress


Edenred has all the assets necessary – innovation, business excellence and targeted M&A firepower – to step up the pace and generate sustainable and profitable growth in a post-Covid world

  • Edenred is particularly well positioned to seize the opportunities created by a number of macro trends in the world of work, which have been accelerated by the health crisis:
    • A more connected, digital and mobile-first world
    • A more remote-working world
    • A world seeking socially and environmentally responsible solutions
    • A world where B2B payments are increasingly automated and digital
  • While the first half of 2021 is likely to still be impacted by health restrictions, weighing on the Group’s growth, the situation is expected to improve in the second half, supporting Edenred’s growth
  • Despite the uncertain health situation, Edenred intends to achieve like-for-like EBITDA growth in 2021 of minimum 6%



Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said: "First and foremost, I want to give my warmest thanks to all our teams, who showed an exemplary level of commitment and community spirit during this unprecedented year. The Group’s 10,000 employees leveraged all their energy and passion to continue to serve our clients, users and partner merchants in the 46 countries in which we operate. As a result, we were able to limit the impact of the health crisis in the first half, return to growth as early as the third quarter and, on the whole, post solid financial performances for the year.

In addition, thanks to our unique digital platform, our capacity to offer specific-purpose payment solutions proved particularly effective for developing and deploying, in record time, new earmarked funds programs adapted to the health crisis. More than ever, this attention to people’s essential, day-to-day needs, combined with a dynamic sales organization, will help us continue to develop our businesses in underpenetrated markets. 

Our solutions, which are increasingly digital, increasingly connected and enabling increasingly responsible behavior, provide the perfect response to key issues in today’s society that have been amplified by the pandemic, such as the sustainable shift to remote working. As illustrated by our rebound in the second half of the year, our value-creation potential is intact. We are fully confident in Edenred’s ability to generate sustainable and profitable growth in the years ahead."


Relive Edenred's highlights in 2020


Upcoming events

  • April 22, 2021: First-quarter 2021 revenue
  • May 11, 2021: Annual General Meeting
  • July 27, 2021: First-half 2021 results
  • October 21, 2021: Third-quarter 2021 revenue


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