Edenred 2021 Annual Results

Edenred 2021 Annual Results

Record growth takes earnings to all-time highs

Key insights

Record earnings and growth in 2021

  • Record total revenue of €1,627 million, up 14% like-for-like (+11% as reported) versus 2020, in a year still impacted by the Covid-19 pandemic
    • Operating revenue also up 14% like-for-like, with double-digit organic growth across all business lines and all regions
    • Operating revenue up 11% like-for-like versus 2019 (pre-Covid)


  • Record EBITDA of €670 million, i.e., at the upper end of the announced target range, representing a rise of 18% like-for-like (+15% as reported) versus 2020
    • EBITDA margin up 1.6 percentage points, back to its pre-Covid level (41.1%)


  • Net profit, Group share up 31% to an all-time high of €313 million
  • Record cash flow generation, with FFO of €556 million, up 20% like-for-like
    • Decrease in the net debt/EBITDA ratio, to 1.2x (vs. 1.9x at end-2020), with net debt of €816 million


  • Dividend of €0.90 per share proposed, up 20%



A year full of product, technology and sales developments

  • Expansion of the multi-benefit offering in Employee Benefits, with the launch of Ticket SuperFlex in Brazil, for example
  • Success of the Beyond Fuel offering, as notably seen with the rollout of fleet maintenance management solutions in Latin America
  • Shift to fully digital solutions (paperless and plasticless) in nine countries, and launch of an in-app pay-at-table service (via QR code)
  • API connection to almost 200 meal delivery platforms in 23 countries worldwide 
  • Sales wins, notably with a 20% increase in new contracts signed in the SME segment
  • Strong progress in ESG indicators in line with the targets of our 2022-2030 ESG policy, and issuance of a €400 million sustainability-linked convertible bond


Edenred confirms its Next Frontier (2019-2022) plan targets for 2022

  • Building on its capacity to roll out new services and solutions on its global platform and expand its client base, Edenred intends to keep delivering sustained organic growth across all of its regions and all of its business lines.
  • Edenred should also benefit from economic tailwinds such as higher inflation, rising interest rates and lower unemployment.
  • As a result, for 2022, the Group is confirming the annual minimum targets set in its Next Frontier (2019-2022) plan:
    • like-for-like operating revenue growth of more than 8%;
    • like-for-like EBITDA growth of more than 10%;
    • free cash flow/EBITDA conversion rate of more than 65%.


bertrand dumazy Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said: “First of all, I’d like to warmly thank our 10,000 employees for their energy and commitment, which allowed Edenred to achieve a historic performance in 2021. Record growth drove revenue, EBITDA and net profit to new heights, with these excellent results the product of our transformation in recent years. By investing heavily in technology assets since 2016, not only has Edenred disrupted its business model, but it has also established itself as the leader in digital innovation in the markets it serves.
Today, Edenred connects over 50 million employees and 2 million partner merchants via roughly 900,000 corporate clients in a virtuous circle. For example, with a fully digital, flexible and omnichannel solution, we enable HR departments to attract top talent and boost employee engagement through solutions adapted to today’s workplace and notably remote working, which has become a permanent feature. What’s more, the range of Beyond Fuel services integrated into our Fleet & Mobility Solutions offering is meeting with growing success in Europe and Latin America, where we’ve recently consolidated our position in the particularly dynamic electronic toll tag market with the acquisition of Greenpass.

Thanks to a record level of cash generation in 2021, we’ve strengthened our financial profile and are able to propose a higher dividend than before the pandemic, while maintaining an ambitious M&A strategy. On the strength of this momentum and our solid fundamentals, we’re confident as we move into 2022, and intend to continue generating sustainable and profitable growth in line with the financial and non-financial targets in our Next Frontier strategic plan.”