First-Quarter 2019 Revenue

A good start to the year, driven by double-digit growth in all business lines and all regions 

Total revenue up 14.1% like-for-like and 15.3% as reported to €383 million:

  • Strong operating revenue growth of 14.2% like-for-like (+15.6% as reported) to €369 million 
  • Other revenue up 12.0% like-for-like (+7.9% as reported) to €14 million
  • Contribution from acquisitions to total revenue of 4.0%
  • Slightly negative currency effect of 2.8%

Operating revenue:

  • Double-digit organic growth in all regions and all business lines, following on from the solid performance achieved in 2018
  • A positive scope effect of €13 million reflecting the acquisitions of CSI, TRFC, Merits & Benefits and Ekivita, completed in early 2019
  • Negative currency effect of €9 million

Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said: “We have started the year on a path of sustained growth, in line with the performance achieved in 2018. The growth engines that we have put in place continue to produce results quarter after quarter, be it our dynamic sales strategy, notably aimed at winning over SMEs, or our drive to develop innovative products and digital solutions. Double-digit growth has been recorded in all of our business lines and in all of the regions where we operate. The quarter’s revenue also includes several promising, targeted acquisitions that will strengthen our portfolio of solutions in Employee Benefits, Fleet & Mobility Solutions and Corporate Payment Services. This good start to 2019 fills us with confidence as we look to the rest of the year.”

Due to current situation in Venezuela, the like-for-like performance and the currency effect are temporarily calculated excluding the country.

First-quarter 2019 Total Revenue

(in € millions)

First-quarter 2019

First-quarter 2018

% change (reported)

% change 

Operating revenue





Other revenue





Total revenue





  • Total revenue: up 15.3% to €383 million

Total revenue for first-quarter 2019 amounted to €383 million, representing a like-for-like increase of 14.1% on the previous year. Reported growth was 15.3% for the period, including a positive 4.0% scope effect, an unfavorable 2.8% currency effect, and a negative 0.1% impact relating to Venezuela.

  • Operating revenue: up 15.6% to €369 million

Operating revenue for the first three months of the year came in at €369 million, up 14.2% like‑for‑like. Reported operating revenue growth was 15.6% for the period, including a positive 4.1% scope effect, an unfavorable 2.7% currency effect and a negative 0.1% impact relating to Venezuela.

Following on from the results achieved in 2018, Edenred delivered double-digit like-for-like operating revenue growth for the quarter in each of its business lines and in each of the regions in which it operates. This performance illustrates the effectiveness of the actions taken in the areas of digital and product innovation and business excellence, particularly the roll-out of a multi-channel sales strategy focused on SMEs. Capitalizing on its global technology platform, the Group continuously strengthens its portfolio in terms of differentiating factors and regularly adds new solutions, such as employee engagement platforms and business expense management solutions.

  • Operating revenue by business line

(in € millions) 

First-quarter 2019

First-quarter 2018

% change (reported)

% change 

Employee Benefits





Fleet & Mobility Solutions





Complementary Solutions











Operating revenue for the Employee Benefits business line came to €235 million for the first quarter of 2019, representing 64% of the consolidated total and up 14.5% like-for-like (+11.6% as reported). In addition to a solid organic performance, the first quarter was also shaped by the integration of Belgium-based employee engagement platforms Merits & Benefits and Ekivita. Designed to improve employee retention, motivation and purchasing power, these innovative digital solutions open up significant growth and cross-selling opportunities.

In the Fleet & Mobility Solutions business line, which accounts for one-quarter of the Group’s business, like-for-like operating revenue rose by 13.7% during the period (+15.6% as reported) to €92 million. The growth achieved reflects strong sales momentum and Edenred’s significant capacity for innovation, as illustrated by the sustained growth of the corporate expenses solution Empresarial in Latin America and the success of the Group’s light fleet offering in Europe. Edenred’s revenue for the period also included, for the first time, contributions from TRFC in the United Kingdom.

The Complementary Solutions business line, which includes Corporate Payment Services, Incentive & Rewards and Public Social Programs, generated operating revenue of €42 million for the period, versus €29 million for first-quarter 2018. The 44.3% increase reflects organic growth of 13.5%, notably driven by the ramp-up of Corporate Payment Services, and the contribution made by CSI, the US-based firm acquired in early January.

  • Operating revenue by region

(in € millions)

First-quarter 2019

First-quarter 2018

% change (reported)

% change 






Latin America





Rest of the World











In Europe, operating revenue rose by 13.8% like-for-like (+16.4% as reported) to €213 million, representing 58% of consolidated operating revenue for the quarter.

In France, operating revenue amounted to €69 million, an increase of 9.0% like-for-like and as reported. This solid performance was mainly achieved by winning over new clients, including in the SME segment. The Group also starts this quarter to benefit from the 60,000 CM-CIC meal card users who have now migrated to its digital platform. Edenred’s offering is made even more attractive by the various innovations implemented, such as mobile payment and direct payment on meal delivery platforms – features that are now available to more than 875,000 Ticket Restaurant card users.

Operating revenue in Europe excluding France was up 16.3% like-for-like during the period (+20.3% as reported) to €144 million. This sustained growth is due in part to the digitization of solutions and distribution channels in both Employee Benefits and Fleet & Mobility Solutions. The shift to digital is making it easier for Edenred to access the still largely untapped SME segment and drive an improvement in the marketing mix. Performance is also being fueled by the development of new products and services in underdeveloped markets, such as employee engagement platforms and solutions for light fleets. Reported growth also includes the impact of recent acquisitions in the United Kingdom and Belgium in the Group’s two main business lines.

Operating revenue amounted to €128 million in Latin America, up 13.9% like-for-like (+7.3% as reported). The region accounted for 34% of the Group’s operating revenue in first-quarter 2019.

In Brazil, operating revenue rose by 11.7% like-for-like in the first quarter (+4.2% as reported). The country’s performance confirmed the steady recovery in Employee Benefits observed since second quarter 2018, despite persistently high unemployment. It also reflected sales growth in Fleet & Mobility Solutions and the launch of new product initiatives.

In Hispanic Latin America, operating revenue climbed 19.7% like-for-like in first-quarter 2019 (+15.1% as reported). The Group recorded sustained growth in the region by winning over new clients, notably in the SME segment, in both Employee Benefits and Fleet & Mobility Solutions. The rapid and successful development of new solutions such as Empresarial, in the region’s various countries also contributed to this performance.

In the Rest of the World, operating revenue amounted to €28 million, up 64.1% as reported, driven by organic growth of 20.9% during the period and the integration of CSI in North America. The like-for-like increase notably reflects a solid performance from Complementary Solutions in the United Arab Emirates and Taiwan.

  • Other revenue: €14 million

 Other revenue came to €14 million, up 12.0% like-for-like and up 7.9% as reported. Edenred benefited from the dynamic growth momentum in its diverse businesses, and from a slight rise in interest rates in certain European countries outside the Eurozone during the quarter. Finally, as expected, the basis of comparison has become more favorable in 2019.

Significant events since the beginning of the year

  • Edenred completes the acquisition of CSI and that of TRFC

Edenred completed, early January, its acquisition of Corporate Spending Innovations (“CSI”), one of the leading providers of automated corporate payment software in North America. The Group also announced that it had finalized the acquisition of 80% of the share capital of The Right Fuelcard Company (“TRFC”) group, the number four fuel card program manager in the United Kingdom.

Both transactions have been approved by the relevant competition authorities and completed in accordance with the agreements signed between the parties and announced on November 8 and November 27, 2018, respectively. The two companies have been fully consolidated in Edenred's financial statements since January 1, 2019.

  • Edenred expands its Employee Benefits offering in Belgium

In late January 2019, Edenred carried out the dual acquisition of Merits & Benefits and Ekivita. Market leaders in employee engagement platforms in Belgium, these companies offer innovative digital solutions to improve employee retention, motivation and purchasing power.

Following on from the success of ProwebCE in France and Ticket Welfare in Italy, the acquisitions will strengthen the Group’s Employee Benefits offering and open up significant cross-selling opportunities for Edenred in Belgium.

The acquisition of the two companies will be accretive to EBITDA and net profit, Group share from 2019.

2019 outlook

Backed by a sustained first-quarter performance, Edenred reiterates its confidence in the year ahead and confirms the Fast Forward strategy’s medium-term targets for 2019, namely:

-       like-for-like growth in operating revenue of more than 7%;

-       like-for-like growth in operating EBIT of more than 9%;

-       like-for-like growth in funds from operations before other income and expenses (FFO) of more than 10%.

In the next nine months of the year, the Group expects to see sustained strong business growth in all regions and all business lines.

Operating in under-penetrated markets, Edenred will continue to strive for constant innovation, fueling the shift to digital and launching new products and services that meet growing needs in the working world.

All throughout the year, the Group will also reap rewards from the integration and ramp-up of acquisitions and partnerships finalized in 2018, with employee engagement platforms and indirect distribution channels to accelerate growth in Employee Benefits, an expansion of the multi-brand offering in Fleet & Mobility Solutions in Europe, and entering the North American Corporate Payment market, which is undergoing a digital transition.

Leveraging its global technology platform, business excellence and digital innovation capabilities to improve the experience of employees, corporate clients and partner merchants, Edenred is pushing ahead with its strategy of generating profitable and sustainable growth.

Upcoming events

May 14, 2019: Annual Shareholders Meeting

July 23, 2019: First-half 2019 results

October 18, 2019: Third-quarter 2019 revenue

October 23, 2019: Investor Day in London


Edenred, the global leader in payment solutions for the working world, connects 830,000 corporate clients, 47 million employee users and 1.7 million partner merchants across 46 countries. Thanks to its global technology platform, the Group managed 2.5 billion transactions in 2018, primarily carried out via mobile applications, online platforms and cards, and representing more than €28 billion in business volume.

Edenred’s 8,500 staff are driven by a commitment to improving employees’ quality of life, increasing companies’ efficiency and boosting merchants’ revenues. They achieve this through three business lines:

-       Employee Benefits (food, meals, well-being, leisure, culture and human services)

-       Fleet & Mobility Solutions (fuel, tolls, maintenance and business travel)

-       Complementary solutions, including Corporate Payment Services (virtual payment cards, identified wire transfers and supplier payments), Incentives & Rewards (gift cards and platforms, and incentive programs), and Public Social Programs.

Edenred is listed on the Euronext Paris stock exchange and included in the following indices: CAC Next 20, FTSE4Good, DJSI Europe and MSCI Europe.

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