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Edenred Press release October 21 , 2021 Third - quarter 2021 revenue Full - year 2021 outlook upgraded , supported by double- digit like - for - like growth in the third quarter On the back of the success of its innovative solutions and the strong momentum in its direct and indirect sales channels , Edenred's operating revenue in the third quarter was 13 % higher than its 2019 pre - health - crisis baseline year on a like - for - like basis : Operating revenue at € 393 million in the third quarter , up 13.6 % ( + 12.7 % like - for - like ) on third - quarter 2020 , and up 13.0 % like - for - like on third - quarter 20191 Acceleration in like - for - like growth in the third quarter versus third - quarter 2019 in the Group's three main regions , after the good performance already reported in first - half 2021 Double - digit like - for - like growth in all business lines compared to third quarter 2019 For the nine months ended September 30 , 2021 , Edenred recorded operating revenue of € 1,130 million , up 14 % like - for - like on the same period in 2020 and up 11 % on the first nine months of 2019 In light of its year - to - date performance and growth momentum , Edenred is confident in its ability to generate full - year 2021 EBITDA in the upper half of its target range ( between € 620 million and € 670 million² , press release dated July 27 , 2021 ) , providing there are no new major restrictions as a result of the health crisis . Lastly , assuming no major pandemic surge , Edenred is reinstating the objectives set in its " Next Frontier " 2019-2022 strategic plan : - Like - for - like annual operating revenue growth of more than 8 % - Like - for - like annual EBITDA growth of more than 10 % Annual free cash flow / EBITDA conversion rate of more than 65 % ³ *** 1 Like - for - like comparisons with 2019 , the pre - health - crisis baseline year , correspond to the sum in euros of growth for the period in 2020 and 2021 based on constant exchange rates and scope of consolidation . 2 Based on the assumption of an average Brazilian real / euro exchange rate for 2021 equal to 6.35 . 3 Based on constant regulations and methods . www.edenred.com | page 1/12