Edenred’s First-Half 2023 Results
The sound execution of its Beyond22-25 plan confirms strong growth momentum for Edenred
Edenred reports a strong increase in earnings compared with first-half 2022.
- Total revenue of €1,163 million in first-half 2023, up 26.1% as reported (+25.5% like-for-like)
- Operating revenue of €1,081 million, up 20.0% on a like-for-like basis, including a 19.6% rise in the second quarter
- EBITDA of €483 million, up 32.5% as reported (+35.2% like-for-like)
- Net profit, Group share of €202 million, up 18.8%
- Strong cash generation: funds from operations before other income and expenses (FFO) of €338 million, up 12,9%
- Net debt: €1.85 billion at end-June 2023 after the acquisition of Reward Gateway in May 2023 for approximately €1.3 billion
Edenred has significantly strengthened its range of employee engagement solutions with two acquisitions.
- Reward Gateway, a fast-growing platform, leader in the United Kingdom, Australia, and also present in the United States, with the aim of rolling out the offering in another six major countries in Continental Europe
- GOintegro, a leading platform in Latin America, active in seven countries
By continuing to roll out its Beyond22-25 strategic plan, Edenred expects to achieve new record results in 2023.
- EBITDA expected to total between €1,020 million and €1,090 million for the full year of 2023 €836 million for the full year of 2022.
|Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said: “The robust growth Edenred has seen in recent periods continued apace in first-half 2023. Thanks to the hard work and talent of our 12,000 employees, this growth is proving ever more profitable, while we continue investing in our technology assets. We are pressing ahead with our Beyond22-25 strategic plan to further penetrate our markets, enhance the experience of our clients, partner merchants and users, and enrich our offering of increasingly relevant solutions.
During the first half, we notably strengthened our position as the most trusted global Employee Benefits platform by acquiring Reward Gateway, which operates in the UK, Australia, and the US, and GOintegro in Latin America. The acquisition of these two leading employee engagement platforms will enable us to provide HR departments with an even more comprehensive range of solutions, making their organizations more attractive so they can attract and retain top talent. We also plan to expand Reward Gateway’s coverage to a selection of key countries in Continental Europe.
Lastly, thanks to the agility of our platform, we are starting to distribute third-party services, such as salary advance solutions, to better meet the expectations of a fast-changing world of work.
After this strong first half, our outlook for the second half of the year is just as promising, as we target EBITDA of between €1,020 million and €1,090 million for full-year 2023.”