2023 annual results: Edenred reports record results once again, driven by the successful rollout of its Beyond22-25 strategic plan

uploaded on 27 February 2024

Thanks to strong sales momentum and the scale effect of its platform, Edenred’s full-year 2023 performance reaches record levels

  • Total revenue of over €2.5 billion, up 23.7% as reported versus 2022, including growth of 18.7% as reported in the fourth quarter

- Operating revenue up 18.8% as reported to €2.3 billion
- Other revenue up more than twofold to €203 million, driven by strong business volume growth and higher interest rates

  • EBITDA of €1,094 million, up 30.7% as reported, EBITDA margin of 43.5%, up 2.3 points as reported
  • Net profit, Group Share of €425 million1
  • Free cash flow of €905 million, while accelerating technology investments
  • Net debt/EBITDA ratio back to 1.0x following the acquisition of Reward Gateway for €1.3 billion in 2023
  • Proposed dividend of €1.10 per share2, up 10%


Solid extra-financial performance in 2023
  • Further improvement in key extra-financial performance indicators
  • Edenred included in the Euronext CAC 40 ESG index for the second year in a row
  • Top ESG ratings, reflecting Edenred's strong commitment


Fully leveraging its platform, Edenred expands its target markets while enriching its business model
  • Further investments to strengthen its flexible and connected technological platform, a leader in its field
  • Increased penetration of the Group's markets, while expanding the Beyond Food, Beyond Fuel and Beyond Payment offers
  • Aggregation, orchestration and distribution of a growing number of B2B2C solutions and development of distribution partnerships with other platforms, such as Nubank in Brazil
  • Optimization and diversification of revenue sources by acquiring new clients, enhancing engagement with users and increasing monetization of services
  • Organizational efficiency thanks in particular to the pooling of its capacities to process millions of specific-purpose transactions every day


Solid prospects for profitable, sustainable growth in 2024 and beyond
  • Drawing on its leading assets and strong momentum, Edenred will pursue the development of its platform, following its virtuous business model
  • Edenred continues to roll out its pioneering vision, allowing the Group to set new standards in its industry: an integrated offering dedicated to employee benefits and engagement, mobility solutions adapted to the transition to electric vehicles, and tools to fully harness the potential of data and artificial intelligence
  • Edenred thus confirms its Beyond22-25 targets for 2024:

- Like-for-like EBITDA growth >+12%
- Free cash flow/EBITDA conversion rate >70%3

  • Moreover, thanks to its strong balance sheet and powerful cash flow generative model, Edenred has the potential to seize new opportunities for external growth




Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said:

Edenred reports a record year once again, driven by the effective rollout of its Beyond22-25 strategic plan. I would like to thank and congratulate our 12,000 employees for their incredible contribution. Year after year, our virtuous dynamic of sustainable and profitable growth brings us ever more opportunities to consolidate our leadership position and broaden the scope of our businesses. Our excellent financial performance enables us in particular to invest heavily in our technology. Our connected digital platform is at the heart of our business model. It enables us to offer our stakeholders more efficient, customizable and easy-to-use solutions. Furthermore, by ramping up its performance and flexibility, our platform becomes both more efficient and more attractive. This notably allows us to distribute third-party solutions and, in doing so, broaden our value proposition, but also to have our solutions distributed by partners.

Our strong cash flow generation also enables us to seize opportunities for external growth, while maintaining a very robust financial position. 2023 will have been strong year for M&A, notably in the field of employee engagement with the acquisitions of Reward Gateway and GOintegro, but also in the freight payment market in Brazil with PagBem. On the strength of this positive momentum, we are highly confident in our prospects for 2024 and beyond”.


Download the full press release here

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