Earnings release
Page 1
Edenred Press release July 27 , 2021 First - half 2021 results With a strong increase in business in the first half of the year , Edenred resumes its pre - crisis growth trajectory Edenred has much more than recovered the ground lost in revenue in first - half 2020 , with like - for - like growth of nearly 10 % versus 2019 + 31 % : like - for - like operating revenue growth in second - quarter 2021 versus second- quarter 2020 + 15 % : like - for - like operating revenue growth in first - half 2021 versus first - half 2020 , with gains of more than 10 % across all business lines and regions + 10 % : like - for - like operating revenue growth in first - half 2021 versus first - half 2019 Margin improvement and strong cash generation Total revenue : € 757 million , up 15 % like - for - like versus first - half 2020 ( + 9 % as reported ) EBITDA : € 295 million , up 21 % like - for - like ( + 16 % as reported ) , driving the EBITDA margin up 2 points , to 39 % Net profit , Group share of € 133 million , up 33 % Strong cash generation , with funds from operations before other income and expenses ( FFO ) of € 254 million , up 23 % Net debt : € 1.45 billion , down slightly from June 30 , 2020 Edenred upgrades its guidance for minimum like - for - like EBITDA growth in 2021 by 3 points Thanks to the relevance of its solutions and the strength of its sales dynamic , Edenred will continue to capitalize on the opportunities created by changes in the world of work and to further penetrate its markets In certain regions still impacted by health restrictions in the second quarter ( France and Latin America ) , the Employee Benefits business line is expected to gradually get back to pre - crisis levels As a result , despite the uncertainties related to the development of the pandemic and the exit timing of the health crisis , Edenred is upgrading its guidance for like - for- like EBITDA growth to minimum 9 % versus 6 % previously Edenred therefore intends to generate 2021 EBITDA of between € 620 million and € 670 million¹ *** 1 Based on the assumption of an average Brazilian real / euro exchange rate for 2021 equal to 6.35 . www.edenred.com | page 1/19