Edenred First Half Results 2022
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
- Operating revenue up 20.9% as reported (+17.3% like-for-like) totaling €891 million
- In the second quarter, operating revenue rose by 24.5% as reported (+19.2% like-for-like)
- Driven by business volume growth and higher interest rates outside the euro zone, other revenue of €31 million up €10 million from first-half of 2021
- EBITDA of €365 million, up 23.6% as reported (+22.0% like-for-like) with an 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%
- Total revenue of €922 million in first-half 2022, up 21.7% as reported (+18.1% like-for-like)
Edenred confirmed its capacity to leverage the scale effect deriving from the power, technology, and agility of its digital platform
- 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
- Product and technology innovation for an enriched omnichannel user experience
- Ongoing success of the Beyond Fuel offering with fully digital maintenance management solutions, giving fleet managers access to a wide portfolio of services.
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 technology investments-based platform, 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 Edenred Group is confident in its prospects for the second half of 2022 and 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.|