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July 27, 2021

First-half 2021 results

With a strong increase in business in the first half of the year, Edenred resumes its pre-crisis growth trajectory.

Edenred has much more than recovered the ground lost in revenue in first-half 2020, with like-for-like growth of nearly 10% versus 2019 


  • +31%: like-for-like operating revenue growth in second-quarter 2021 versus second-quarter 2020
  • +15%: like-for-like operating revenue growth in first-half 2021 versus first-half 2020, with gains of more than 10% across all business lines and regions
  • +10%: like-for-like operating revenue growth in first-half 2021 versus first-half 2019


Margin improvement and strong cash generation

  • Total revenue: €757 million, up 15% like-for-like versus first-half 2020 (+9% as reported)
  • EBITDA: €295 million, up 21% like-for-like (+16% as reported), driving the EBITDA margin up 2 points, to 39%
  • Net profit, Group share of €133 million, up 33%
  • Strong cash generation, with funds from operations before other income and expenses (FFO) of €254 million, up 23%
  • Net debt: €1.45 billion, down slightly from June 30, 2020


Edenred upgrades its guidance for minimum like-for-like EBITDA growth in 2021 by 3 points

  • Thanks to the relevance of its solutions and the strength of its sales dynamic, Edenred will continue to capitalize on the opportunities created by changes in the world of work and to further penetrate its markets
  • In certain regions still impacted by health restrictions in the second quarter (France and Latin America), the Employee Benefits business line is expected to gradually get back to pre crisis levels
  • As a result, despite the uncertainties related to the development of the pandemic and the exit timing of the health crisis, Edenred is upgrading its guidance for like-for-like EBITDA growth to minimum 9% versus 6% previously
  • Edenred therefore intends to generate 2021 EBITDA of between €620 million and €670 million  


Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said: “After getting back to like-for-like growth across all business lines and all regions in first-quarter 2021, Edenred succeeded in maintaining this momentum in the second quarter. With growth of nearly 10% compared with the first half of 2019, we have much more than recovered the ground lost in 2020. This shows that Edenred is returning to its pre-crisis trajectory of sustainable and profitable growth, which is why we are upgrading our minimum EBITDA growth guidance for the year. To continue on this path, our teams will leverage a comprehensive and innovative range of solutions in our three business lines to win over new clients of all sizes. By targeting underpenetrated markets and developing solutions that are particularly relevant to the world of work – which is increasingly centered around digital technology, automation and flexibility – Edenred will be able to harness its huge growth potential in the coming years.

Read the press release

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