First-half 2022 results

uploaded on 26 July 2022

First-half 2022 results

Edenred reports record first-half results, driven by the enhanced attractiveness of its digital solutions and by its innovation policy

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.”

First-half 2022 results

At its meeting on July 25, 2022, the Board of Directors reviewed the Group’s interim consolidated financial statements for the six months ended June 30, 2022.

First-half 2022 key financial metrics:

(in € millions)

First-half 2022

First-half 2021

% change (reported)

% change

Operating revenue





Other revenue (A)





Total revenue










Operating EBIT (B)





EBIT (A + B)





Net profit, Group share






  • Total revenue of €922 million

Total revenue for first-half 2022 amounted to €922 million, up 21.7% as reported compared with first-half 2021. This year-on-year increase includes a favorable 4.0% currency effect and a slightly negative 0.4% scope effect. On a like-for-like basis, total revenue was up 18.1%.

In the second quarter, total revenue rose by 25.7% as reported and by 20.4% like-for-like, with growth accelerating versus the first quarter of the year, when total revenue increased by 17.6% as reported and by 15.7% like-for-like.

  • Operating revenue: €891 million

Operating revenue for the first six months of 2022 came to €891 million, up 20.9% as reported. The currency effect was a favorable 4.1% and the scope effect was a slightly negative 0.5%. On a like-for-like basis, the increase in operating revenue was 17.3% year on year.
Second-quarter operating revenue totaled €465 million, up 24.5% as reported and 19.2% like-for-like.

This solid performance came on the back of an excellent start to the year and strong growth in operating revenue during the first quarter. It clearly shows the Group’s ability to keep up a sustained pace of growth, with double-digit growth figures recorded across all of its business lines and regions. By fully leveraging its digital platform, the Group has continued to penetrate its markets by capitalizing on its stand-out technology assets and sales expertise. For example, thanks to the online sales platforms it has developed in 14 countries, the Group saw a more-than 50% increase in the number of new contracts it won with SMEs in the first half of 2022 versus the first six months of 2021.

Edenred’s first-half 2022 performance was also boosted by a favorable macro-economic environment, notably the current high rates of inflation. This has made the Group’s solutions even more attractive, as clients see them as a way of increasing their employees’ purchasing power, through the Employee Benefits offering, and tightening control of their fleet management costs, through Fleet & Mobility Solutions.

  • Operating revenue by business line

(in € millions)

First-half 2022

First-half 2021

% change (reported)

% change

Employee Benefits





Fleet & Mobility Solutions





Complementary Solutions











The Employee Benefits business line generated €528 million in operating revenue in first-half 2022, representing an increase of 17.7% as reported (+15.7% like-for-like) and accounting for 59% of the consolidated total.

The Group continued to penetrate its markets during the period, fueled by strong sales activity, both with key accounts and in the particularly fast-growing SME segment. Drawing on a broader portfolio of solutions resulting from its Beyond Food strategy, and amid radical changes in the working world, Edenred is fully meeting the needs of its clients, who are seeking to strengthen their employer brand and employee engagement. In France, for example, the Group has a comprehensive range of digital solutions for food, incentives and mobility, with 7 million employees benefiting from them. These solutions provide employers with an effective means to boost each employee’s purchasing power by up to €5,000 per year, while adapting to new consumption patterns, which have become more digital and more responsible.

This momentum has led to an increase in the benefits granted to employees, particularly in countries where the public authorities have raised the statutory maximum face value of benefits, such as in Romania and Turkey for meal benefits.

In the Fleet & Mobility Solutions business line, which accounted for 28% of the Group’s business, operating revenue came to €252 million in the first half of the year, up 32.3% as reported over the period (+24.0% like-for-like).

This strong year-on-year growth reflects brisk sales momentum, especially in the vastly underpenetrated SME segment. It also reflects the successful deployment of the Beyond Fuel strategy, notably through the maintenance management solution in Latin America. Thanks to this fully digital offering, with a broad portfolio of services such as dashboards, customized maintenance plans and dedicated mobile apps, Edenred provides a first-class user experience for fleet managers, drivers and repair shops in the network. In light of the success of this offering in Brazil (more than 400,000 vehicles managed and orders up by over 20% in the first half of 2022), Edenred has begun to roll it out to Mexico and Argentina as well.

The Complementary Solutions business line, which includes Corporate Payment Services, Incentive & Rewards and Public Social Programs, generated operating revenue of €111 million in first-half 2022, representing 13% of the Group total. This figure was up 13.6% year on year as reported (+11.4% like-for-like), despite a high basis of comparison for the first quarter due to the specific earmarked funds programs set up during the first quarter of 2021 amid the health crisis.

Growth for this business line reflects the good performance of Corporate Payment Services in North America, operated through CSI, driven by new contracts won through its direct and indirect sales channels, and the continued recovery in sales volumes generated by clients in the media and hospitality segments.

The sharp rise in Complementary Services operating revenue is also the result of Edenred’s ability to develop new value-added services for its stakeholders, such as in the United Arab Emirates, where the salary advance offering is meeting the growing needs of the 500,000 users of the C3Pay mobile app.

  • Operating revenue by region

(in € millions)

First-half 2022

First-half 2021

% change (reported)

% change






Latin America





Rest of the World











In Europe, operating revenue amounted to €551 million in first-half 2022, an increase of 16.0% as reported and of 15.7% like-for-like. In the second quarter, operating revenue was up 18.1% as reported and 18.0% like-for-like. Europe represented 62% of Group operating revenue.

In France, operating revenue amounted to €150 million, representing an increase of 11.2% both as reported and like-for-like. In the second quarter, operating revenue growth was 12.2% as reported and like-for-like. This performance was notably led by robust growth for Employee Benefits solutions, fueled by contract wins for the Ticket Restaurant® offering – the market’s digital leader with a market share of over 40% – as well as the broader range of solutions integrated into the MyEdenred mobile app. Fleet & Mobility Solutions also drove up operating revenue, propelled by ongoing high demand, notably in the SME segment.

Operating revenue in Europe excluding France totaled €401 million in first-half 2022, up 17.8% as reported (+17.5% like-for-like). Second-quarter operating revenue rose by 20.3% as reported (+20.2% like-for-like). This sustained growth is the result of the growing attractiveness of the solutions offered by the Group in its various business lines. In Employee Benefits, Ticket Restaurant® meal benefits once again delivered robust growth, boosted by an increase in face values introduced by clients in the current inflationary context, and the Beyond Food strategy continued to be a success. Performance for the Fleet & Mobility Solutions business line was driven by strong sales momentum in the SME segment.

Operating revenue in Latin America amounted to €270 million, up 32.5% as reported in the first half (+16.9% like-for-like), with a 38.0% reported increase in the second quarter (+17.2% like-for-like). The region represented 30% of total consolidated operating revenue in first-half 2022.

In Brazil, operating revenue growth came to 17.1% like-for-like in the first six months of the year, including a 17.7% increase in the second quarter. This robust year-on-year growth reflects the strong momentum of the Fleet & Mobility Solutions business, led notably by the success of the Beyond Fuel offering, which was underpinned by a sharp increase in demand for maintenance and toll management solutions. Employee Benefits also contributed to growth in Brazil, spurred by the ongoing success of the partnership with Itaú Unibanco and the rollout of the multi-benefit offering.

In Hispanic Latin America, operating revenue rose by 16.4% like-for-like, with a 16.3% increase in the second quarter. The recovery in the Employee Benefits business continued in the region in the second quarter, while in Fleet & Mobility Solutions growth was driven by the gradual rollout of the Beyond Fuel offering with its toll solutions.

In the Rest of the World, operating revenue amounted to €70 million, up 20.5% as reported and 31.3% like-for-like over the period. Second-quarter operating revenue rose by 26.9% as reported (+36.7% like-for-like).

This performance was notably driven by the success of digital solutions proposed in countries such as the United Arab Emirates and Taiwan. In North America, CSI’s Corporate Payment Services business saw strong sales momentum, notably buoyed by a recovery in volumes for its historical portfolio, as well as the ramp-up of distribution partnerships entered into with several banks.


  • Other revenue: €31 million

For the six months ended June 30, 2022, other revenue came to €31 million, representing an increase of 49.1% as reported and of 46.5% like-for-like. This solid growth notably reflects the continued increase in float, resulting from the high level of business during the first half of the year. Other revenue also benefited from the rise in interest rates compared with first-half 2021, notably in Latin America and in European countries outside the euro zone.

  • EBITDA: €365 million

In first-half 2022, EBITDA amounted to €365 million, up 23.6% as reported and 22.0% like-for-like.

The EBITDA margin came in at 39.6%, up 0.6 of a percentage point compared with first-half 2021. On a like-for-like basis, the EBITDA margin was 1.3 percentage points higher year on year, demonstrating Edenred’s ability to capitalize on its operating leverage while continuing to invest in technology and innovation to help drive the Group’s growth.

  • Net profit: €170 million

Net profit, Group share amounted to €170 million versus €133 million in first-half 2021, a 27.5% increase primarily driven by growth in EBITDA.

Net profit takes into account other income and expenses for a net expense of €9 million (versus a net expense of €7 million in first-half 2021), a net financial expense of €17 million (versus €9 million in 2021)[1], a net income tax expense of €84 million (versus €73 million in 2021), and €(16) million attributable to non-controlling interests (versus €(14) million in 2021).

  • Strong cash flow generation

Edenred’s business model generates significant cash flows, delivering funds from operations before other income and expenses (FFO) of €299 million in first-half 2022, up 17.5% as reported.

At June 30, 2022, Edenred had net debt of €1.06 billion, versus €1.45 billion at end-June 2021. This sharp year-on-year decrease in net debt notably reflects free cash flow generation of €767 million over the twelve months ended June 30, 2022, €269 million returned to shareholders, and a negative €45 million impact of currency effects and non-recurring items.

  • Robust financial position

Edenred therefore enjoys a robust financial position with a high level of liquidity and a solid balance sheet. In April 2022, Standard & Poor’s reaffirmed the Group’s BBB+ Strong Investment Grade rating and upgraded its outlook from stable to positive.

  • Ongoing commitment to ESG and non-financial performance

In the first half of 2022, Edenred continued to put its commitment to corporate social responsibility (CSR) into practice.

One of the ways it does this is by deploying solutions that encourage more responsible behaviors. For example, in June, the Group launched “Move for Good”, a global green and sustainable mobility program for its clients in the transportation and mobility sector, which is based on four pillars: awareness, reduction and avoidance, offsetting, and preservation. Also, in the first half of the year, the Group rolled out its Agri digital solution in Cameroon to support local agriculture – serving 600,000 farmers – and broadened its range of value-added services that support financial inclusion in the United Arab Emirates, including a salary advance system.

At the same time, the Group continued to implement its “Ideal” CSR policy through the policy’s three main components, “People, Planet and Progress”, and is well on the way to achieving its targets for 2030. In April, Edenred’s commitment to CSR was recognized once again, when it was assigned a rating of 79 out of 100 by S&P Global Ratings, well above the global average for the other companies assessed. This rating notably highlights how the Group’s ESG goals are underpinned by a strong corporate culture and effective strategic planning and decision-making processes.

Edenred will further strengthen its CSR commitments, notably those related to the climate, at the Capital Markets Day to be held in October 2022.



In the first half of 2022, Edenred once again proved its capacity to leverage the benefits of its digital platform, thanks to its ongoing strong sales and innovation momentum.

In an environment accelerating new structural trends, such as increased digitalization among stakeholders (clients, partner merchants and users), radical transformations in the working world and the beginning of a new era of greener mobility, Edenred is ideally positioned to seize the opportunities arising from these changes.

At the same time, the Group expects to continue benefiting from a favorable macro-economic context that is further enhancing the attractiveness of its offerings. This can be seen both in Employee Benefits, against a backdrop of “talent wars” for employers and a desire by both governments and companies to protect workers’ purchasing power, and in Fleet & Mobility Solutions, where fleet managers are looking to tighten control over their expenses.

Edenred is therefore better poised than ever to generate sustainable and profitable growth. The Group is targeting full-year EBITDA of between €770 million and €820 million[2] for 2022, versus €670 million in 2021.

In addition, Edenred has an investment capacity of between €1.5 billion and €2.0 billion to be able to carry out any external growth transactions.


Significant events since the beginning of the year

  • Edenred strengthens its toll offering in Brazil with the acquisition of Greenpass

On February 22, Edenred announced that it had acquired a 51% controlling interest in Greenpass, an issuer of electronic toll solutions in Brazil. The deal strengthens Edenred’s position in this business as well as its technology and sales capabilities in an attractive market offering significant cross-selling potential with its client base. It is fully in line with the Group’s Beyond Fuel strategy to develop new non-fuel fleet and mobility services, enhancing its value proposition for fleet managers and expanding its addressable market.


  • UTA Edenred partners with ChargePoint

On April 5, Edenred announced a partnership with ChargePoint, a leading electric vehicle charging network provider in Europe and in the USA. This partnership enables customers of UTA Edenred, a leading mobility service provider in Europe, to access over 240,000 public electric charge points across 32 European countries. Edenred supports fleet managers in the transition towards electric vehicle usage, notably through the introduction of an all-in-one, fully integrated solution that combines an electric vehicle charging solution with UTA Edenred’s proven energy, toll and maintenance services.

  • Edenred launches “Move for Good”, a global program that accompanies its clients on their green transition

On June 15, Edenred launched “Move for Good”, a global sustainability program enabling its transportation and mobility clients to mitigate their environmental impact, while promoting biodiversity preservation. Already operational in some European and Latin American countries, this program will be deployed by Edenred globally.


Upcoming events

October 20, 2022: Third-quarter 2022 revenue

October 25, 2022: Capital Markets Day in London




[1] The net financial expense in first-half 2021 included the positive impact of the increase in the fair value of Edenred’s investments in the Partech funds.

[2] Calculated based on an assumption of an average euro/ Brazilian real exchange rate for the second half of 2022 equal to the closing spot rate on June 30, 2022.

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