First-half 2022 results

Accelerated growth in the second quarter on the back of the very good performance for the first quarter, leading to record results

• Total revenue of €922 million in first-half 2022, up 21.7% as reported (+18.1% like-for-like) versus first-half 2021
  • Operating revenue of €891 million, up 20.9% as reported (+17.3% like-for-like)
  • In the second quarter, operating revenue rose by 24.5% as reported (+19.2% like-for-like)
  • Other revenue of €31 million, up €10 million on first-half 2021, driven by business volume growth and higher interest rates outside the euro zone
• EBITDA of €365 million, up 23.6% as reported (+22.0% like-for-like)
  • EBITDA margin of 39.6%, up 1.3 percentage points like-for-like 
• Net profit, Group share of €170 million, up 27.5% 
• Strong increase in cash flow generation, with funds from operations before other income and expenses (FFO) of €299 million, up 17.5%
• Net debt: €1.06 billion, significantly lower than the end-June 2021 figure of €1.45 billion

Edenred confirmed its capacity to leverage the scale effect deriving from the power, technology and agility of its digital platform 

• Continued deployment of the Beyond Food strategy in Employee Benefits, with, in particular, the rapid expansion of the multi-benefit offering in France (including Kadéos, ProwebCE and Ticket Mobilité) integrated into the MyEdenred mobile app.
• Ongoing success of the Beyond Fuel offering, notably driven by fully digital maintenance management solutions, giving fleet managers access to a wide portfolio of services.
• Product and technology innovation for an enriched omnichannel user experience, with, for example, the launch of UTA EasyFuel® for mobile pay-at-the-pump transactions.
• Sustained momentum for new contract wins in largely underpenetrated markets, such as the SME markets in France and Germany, propelled by the deployment of carefully tailored sales channels, as notably demonstrated by the success of the online sales platforms now available in 14 countries.
• An ambitious ESG policy, with non-financial indicators in line with the 2022-2030 targets.
• Solutions contributing to a better world, as illustrated by the new global Move for Good program designed to accompany fleet and mobility clients on their green transition.

Edenred is better poised than ever to generate sustainable and profitable growth in a new macro-economic context

• Drawing on its strong sales momentum and a platform that is ever-more attractive thanks to technology investments, Edenred is ready to capture opportunities from structural trends, such as more widespread digitalization and radical changes in the working world.
• Edenred should also benefit from a favorable macro-economic context, with rising inflation making its solutions even more attractive and driving additional revenue for the Group, notably due to higher interest rates. 
• In view of these factors, the Group is targeting record-high EBITDA of between €770 million and €820 million for full-year 2022 , versus €670 million in 2021.

Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said: "Thanks to very tangible growth momentum in the second quarter, Edenred delivered a record performance in the first half of 2022, with a strong increase in earnings. Operating revenue grew by double digits across all of the Group’s business lines and regions, and EBITDA came in at an all-time high for a first half. These results show how Edenred is leveraging the unique benefits of its digital platform to continue its market penetration in a new macro-economic environment. The solutions the Group offers are attracting more and more clients who view them as an opportunity to increase their employees’ purchasing power, encourage more responsible behaviors or tighten their cost control. Edenred is now better poised than ever to pursue its sustainable and profitable growth trajectory in the second half of the year and beyond. The Group is continuing to step up its technology investments, which have made it the leading innovator in its markets. In light of these achievements, we are confident in our prospects for the second half of 2022 and are targeting record-high EBITDA of between €770 million and €820 million for the full year."

Read the press release