Edenred’s Third Quarter 2023 Results
Edenred confirms its strong growth momentum.
With further growth in the third quarter, Edenred confirms the strong momentum of the last few quarters and benefits from the increasing contribution of other revenue.
- Total revenue of €634 million in third-quarter 2023, up 25.3% as reported (+23.7% like-for-like) versus third-quarter 2022
- Operating revenue of €575 million, up 19.0% as reported (+16.2% like-for-like)
- Continuous business growth and higher interest rates in most regions boosted other revenue to €59 million in third-quarter 2023, up from €23 million in third-quarter 2022
- For the nine months ended September 30, 2023, the Group’s total revenue stood at €1,797 million, up 25.8% as reported (+24.9% like-for-like) versus the same period in 2022
Edenred’s ESG commitment recognized once again.
- AA score reaffirmed by MSCI
- Inclusion in the CAC 40 ESG reiterated
Thanks to its Beyond strategy, Edenred is maintaining its growth momentum on largely underpenetrated markets and successfully expanding its offering of Beyond solutions.
- A relevant range of digital and innovative solutions, made all the more attractive amid today’s reduced purchasing power and talent war
- A powerful go-to-market to effectively tackle the SME segment and maximize the potential of face value increases
- A large portfolio of high value-added Beyond Food and Beyond Fuel solutions for clients, partner merchants and users
- An external growth strategy designed to address new segments and fuel growth, as demonstrated through the acquisitions of Reward Gateway and GOintegro in the field of employee engagement
Thanks to continued solid growth momentum in the third quarter across all its business lines and all its geographies, and the attractiveness of its portfolio of innovative solutions, Edenred is now aiming for the upper half of its 2023 EBITDA target range of between €1,020 million and €1,090 million1 (announced on July 25, 2023).
|Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said: “Edenred once again reported a sharp rise in revenue, confirming the solid and sustainable growth momentum we have enjoyed for many quarters now. Edenred’s innovative digital solutions in every business line and geography are proving increasingly relevant and attractive. This means we can not only increase our revenue per client, but also continue attracting new clients in largely underpenetrated markets, notably in the SME segment.
We are also benefiting from the successful implementation of our Beyond strategy, aimed at fully leveraging our digital platform model. We have notably returned to a policy of external growth – an effective way to expand our portfolio of solutions, as seen with the acquisitions of Reward Gateway and GOintegro in the field of employee engagement. The recently announced merger of Edenred Repom and PagBem operations, meanwhile, will open up new growth opportunities on the Brazilian freight payment market.
Thanks to another quarter of robust growth, we are confident in our prospects and now expect to generate full-year 2023 EBITDA in the upper half of our target range of €1,020 million to €1,090 million.”