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First-quarter 2024 revenue: Buoyed by the successful rollout of its Beyond 22-25 strategic plan, Edenred continues its strong growth momentum with an excellent start to the year

uploaded on 18 April 2024

It's been a strong start to 2024 for Edenred. In our latest press release we reveal our figures and some analysis behind them.

Edenred begins 2024 with further strong growth momentum

  • Total revenue of €685 million in first-quarter 2024, up 21.4% as reported1
    (+20.5% like-for-like[1]) versus first-quarter 2023
  • Operating revenue of €625 million, up 18.8% as reported1 (+16.9% like-for-like1) versus
    first-quarter 2023
  • Double-digit like-for-like revenue growth across all geographies and for the
    Benefits & Engagement and Mobility business lines
  • Other revenue boosted by strong business volume and higher interest rates in Europe, rising to €60 million from €38 million in first-quarter 2023

 

By continuing to successfully implement the Beyond 23-25 strategic plan, Edenred has been able to seize new growth opportunities – both organic and external

  • With the Beyond22-25 plan’s Scale the Core lever, Edenred is continuing to penetrate its existing markets and strengthen its leadership positions
    • Edenred becomes a leader in B2B mobility services in Italy with the acquisition of IP's energy cards business
  • Edenred continues to expand its portfolio of Beyond solutions, leveraging new growth opportunities for its Beyond Food and Beyond Fuel offerings
    • The integration of Reward Gateway is on track and the platform will be rolled out in Belgium, France and Italy in the second quarter of 2024
    • Edenred accelerates in eMobility with the acquisition of Spirii, a European SaaS[2] platform dedicated to EV charging solutions
    • Edenred strengthens its Benefits and Engagement portfolio in Brazil with the acquisition of RB, a best-in-class platform in employee transport benefits

 

Edenred confirms its targets for 2024:

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

 

1 Based on adjusted 2023 figures that reflect the reclassification to operating expenses of customer rebates in Brazil, recognized as a

decrease in revenue in 2023. The published and adjusted 2023 figures are available in the appendices, page 12.

2 Software as a service.

3 Based on constant regulations and methods.

***

 

Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said: “With revenue up by more than 20%, Edenred has had another very positive quarter, in line with the performance recorded over the last two years. This growth is the result of continued market penetration, particularly in the SME segment, and reflects the relevance of our employee benefit solutions and our new employee engagement offering, which enable companies to enhance their capacity to attract and retain top talent. The strong performance of Reward Gateway, our new employee engagement platform, leaves us with no doubt that the platform will be successfully rolled out in Belgium, France and Italy. In Mobility, the acquisition of Spirii will enhance our Beyond Fuel offering, enabling us to provide even more effective support to fleet managers, particularly as they oversee the transition to electric vehicles. Thanks to this excellent start to the year and to Edenred’s capacity to fully leverage the power of its digital platform, we are very optimistic about the rest of the year to come.”

 

[1] Based on adjusted 2023 figures that reflect the reclassification to operating expenses of customer rebates in Brazil, recognized as a decrease in revenue in 2023. The published and adjusted 2023 figures are available in the appendices, page 12.

[2] Software as a service.

[3] Based on constant regulations and methods.

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