Summary of Edenred's 2025 Capital Markets Day Company Overview - **Company**: Edenred (OTCPK:EDNM.Y) - **Event**: 2025 Capital Markets Day held on November 04, 2025 - **Expected Revenue**: Total revenue projected to reach €3 billion in 2025, which is 2.8 times the revenue in 2015 [3][4] Industry Position - **Market Leadership**: Edenred holds a number one position in over 70% of its operating revenue markets, outperforming market growth by a ratio of 2.5 times [4] - **Global Presence**: Operates in 44 countries across Europe, Latin America, North America, and Asia-Pacific [3] Business Lines - **Business Segments**: - **Benefits and Engagement**: Represents 69% of operating revenue, offering meal vouchers and employee benefits [4] - **Mobility**: Accounts for approximately 25% of operating revenue, providing solutions like energy cards and fleet management [5] - **Payment Solutions**: Comprises 8% of total operating revenue, focusing on new markets [5] Financial Performance - **EBITDA Growth**: Achieved an average 21% EBITDA growth like-for-like over the last three years [8] - **Free Cash Flow**: 73% free cash flow conversion in the last three years [8] - **Investment in Innovation**: Over €500 million invested annually in product improvements, resulting in 30 new user-centric features launched weekly [7] Market Trends and Opportunities - **Future of Work**: Persistent talent shortages create opportunities for employee engagement solutions [9] - **Employee Engagement**: 79% of employees are not engaged at work, and 76% of employers wish to provide more personalized benefits [10] - **Mobility Growth**: Low but steady growth in vehicle circulation at around 2% per year, with increasing EV adoption [11] Regulatory Environment - **Resilience to Regulation**: Improved resilience to regulatory changes, with diversified revenue streams limiting exposure [14][16] - **Regulatory Changes in Key Markets**: - Italy: Expected annual revenue impact of €120 million due to regulatory changes [18] - France: Proposed laws for digitalization not yet voted but current laws remain positive for growth [18] - Brazil: Ongoing discussions with authorities regarding meal and food programs [19] Strategic Plan: Amplify 2025-2028 - **Growth Ambition**: Targeting over €5 billion in total revenue by 2030, with sustainable EBITDA growth of 8%-12% [25] - **Three Pillars of Growth**: - **Attract**: Boost client acquisition through a unique sales and marketing machine [30] - **Enrich**: Increase contract value through cross-selling and upselling [33] - **Activate**: Engage users and merchants to unlock new revenue streams [41] Technology and Innovation - **Paytech**: Unique payment engine that processes over €100 billion in payment volumes annually, providing a competitive edge [6] - **AI Integration**: AI is embedded across products to enhance user experience and operational efficiency [60][62] - **Mobile-First Strategy**: Mobile is the primary interface for users, with over 50% of transactions occurring on mobile in certain markets [46] Conclusion - **Market Position**: Edenred is positioned as a unique integrated global leader with unmatched scale and a diversified portfolio, ready to capture growth opportunities in under-penetrated markets [24][27] - **Future Outlook**: The company is confident in its ability to deliver strong financial performance and growth through its strategic initiatives and market leadership [27][44]