Slides
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1 2025 Capital Markets Day November 4, Paris
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2 Opening Remarks Bertrand Dumazy 1 Amplify25-28 Constance Le Bouar 2 Product & Tech Clément Le Chatelier, Damien Périllat, Constance Le Bouar 3 Benefits & Engagement Arnaud Erulin 4 Mobility Diane Coliche 5 Payment Solutions & New Markets Damien Périllat 6 Finance Virginie Duperat-Vergne 7 Closing Remarks Bertrand Dumazy 9 Wrap-Up8 CONTENTS
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3 Damien Périllat Chief Operating Officer Payment Solutions & New Markets Diane Coliche Chief Operating Officer Mobility Arnaud Erulin Chief Operating Officer Benefits & Engagement Bertrand Dumazy Chairman & CEO Constance Le Bouar Executive Vice President Strategy, Marketing & Transformation Virginie Duperat-Vergne Chief Financial Officer Clément Le Chatelier Group Chief Product Officer TODAY’S SPEAKERS
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4 Notes
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5 1 OPENING REMARKS Bertrand Dumazy Chairman and CEO
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6 1 OPENING REMARKS A unique global leader Driving growth in attractive markets With an increasingly diversified portfolio And a reinforced mission-critical infrastructure Bertrand Dumazy Chairman and CEO
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7 EDENRED GLOBAL LEADERSHIP POSITIONS 1. 2025(c): Consensus Visible Alpha as of 10/10/2025 2. #1 player position in Meal & Food or Fuel markets, 2024 3. From 2022 to 2025(c) Total Revenue in 2025(c)1 €3.0Bn x2.5 Faster revenue growth versus addressed markets3 70% of Operating Revenue generated in countries where we are leader2 Countries 44
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8 69% Operating Revenue 23% Operating Revenue 8% Operating Revenue A UNIQUE AND TRUSTED PRESENCE IN THREE BUSINESSES 2024 figures Benefits & Engagement Mobility Payment Solutions & New Markets 31 countries 28 countries 10 countries
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9 POWERED BY A DISTINCTIVE SPECIFIC- PURPOSE PAYMENT ENGINE AT SCALE 2025(e) estimated figures 99.99% 100+ Platform availability Scheme and payment method connections 9 >€100Bn Volume processed annually
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10 AND SHARING A COMMON VALUE PROPOSITION AND BUSINESS MODEL Solutions for HR Directors: • To provide personalized benefits • To sustain engagement & retain talents Solutions for Fleet Managers: • To manage fleets and optimize TCO1 • To transition to EV2, and reduce CO₂ emissions Mobile-first solutions for users: • Omni-channel & seamless payment experience • Increased purchasing power • Hassle-free drive Merchant revenues boost: • Increased traffic and loyalty • Efficient cost of client acquisition 1. Total Cost of Ownership 2. Electric Vehicle Translating CORPORATE needs... …into USER daily experience… …driving business traffic for MERCHANTS 60m+ Users 2m+ Merchants 1m+ Companies Empowered by Edenred Digital Solutions & Innovations +1 500 features released per year >€500m invested annually in product and technology1 500+ >€500m
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11 11 A proven track record
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1212 Accelerating mix diversification (Beyond Meal & Food + Fuel) Scaling our core (Meal & Food + Fuel) Main acquisitions Benefits & Engagement Mobility Main acquisitions Benefits & Engagement Mobility Payment Solutions & New Markets BEYOND22-25: A JOURNEY OF TRANSFORMATION… in Operating Revenue from Core solutions x1.5 in Operating Revenue from diversification (Beyond solutions) x1.8 in Total Addressable Market size x3 of 2021-2024 Operating Revenue growth coming from acquisitions ~25% From 2021 to 2024
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13 …AND PERFORMANCE Financial performance Extra-financial performance Food users & merchants made aware of balanced nutrition and food waste & Distribution points with alternative to fossil fuels …recognized by leading ESG rating GHG emissions reduction in absolute value on full scope 1&2 Since 2022 Member of the DJSI Europe and World index 71/100 Member of the Sustainability Yearbook Gold medal 77/100 Women among executive positions -18% 72% 38% versus 34% in 2021 2024 EBITDA LFL growth FCF conversion rate Guidance Period average 2022-2025(c) >12% 21% 73% >70%
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14 14 Driving growth in attractive markets
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15 Active population forecast Share of employers struggling to find talent1 SUPPORTING THE FUTURE OF WORK 1. Manpower Global Talent Shortage 2025 2. Gallup State of the Global Workplace 2025 3. WTW, Benefits trends Survey (2021-2025) of Employees are not engaged at work2 of Employers wishing to provide more personalized benefits3 79% 76% 40% 74% 2016 2019 2022 2025 2028 Our conviction 2020 2025 2030F 2035F +0.2% +0.2% +2 pts vs. 2022 38% in 2023 Europe Latin America North America Active population growth stabilizing in our markets… …resulting in a persistent talent shortage… …and an opportunity to reinforce employer/employee connection
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16 Cars, vans & trucks stock1 50% 60% 2015 2017 2020 2023 2026 20292020 2022 2024 2026 2028 2030 ADAPTING TO A NEW ERA OF MOBILITY 1. International Energy Agency 2. T&E: How the EU can unlock the potential of company fleets 3. PHEV (Plug-in Hybrid Electric Vehicle) + BEV (Battery Electric Vehicle) Steady growth of vehicles on the road… …with increasing penetration of B2B fleet… …and management of mixed fleets now a reality +2% +2% Corporate car share in new sales2 Share of Electric Vehicles3 in stock (cars, vans & trucks ) Our conviction 2020 2022 2024 2026 2028 2030 Europe Central & South America ~14% <1.5% Europe Central & South America
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1717 ADDRESSING MERCHANTS’ NEW DIGITAL NEEDS KPMG Restaurant industry trends for 2025 How to increase traffic leveraging online channels? How to increase customer loyalty with digital solutions? How to manage the complexity of multi-payment means acceptation? How to deal with on site, online and delivery consumption? 60% are in the process of upgrading their payment solutions 67% are heavily investing in customer loyalty 2025 restaurants’ trends
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1818 Total Addressable Market1 Addressed market2 Volume – 2025 RESULTING IN A HUGE UNTAPPED MARKET POTENTIAL 1. Potential volume considering 100% penetration on Benefits & Engagement and Mobility markets; excl. the USA and China 2. Volume generated by Edenred and competitors Total Addressable Market >€1,700Bn <40% Penetration in core markets +5-7% Total Addressed Market Growth25-28Vastly underpenetrated market
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1919 AI, ACCELERATING INNOVATION OPPORTUNITIES 1. Mercer MarshAI: A new frontier for benefits management 2. Bridgestone: AI in fleet management Hyper-personalization, adapting Edenred solutions to each employee needs Workflow automation, providing seamless administration Advanced recommendations, enabling notably smart assistants available 24/7 of Employers are currently using or plan to use AI in relation to HR1 85% of Fleet Managers expect to increase their investment in digital over the next five years2 91%
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20 20 A limited & reduced exposure to regulatory rebasing
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21 Group Operating Revenue 68% 24% 8% Benefits & Engagement Mobility Payment Solutions & New Markets 40% Operating revenue Beyond solutions Proforma 2024 figure including the expected €120m negative impact on EBITDA from new regulation in Italy A DIVERSIFIED PORTFOLIO OF SOLUTIONS
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22 Group Operating Revenue 1. Beyond Meal & Food, Beyond Fuel and Payment Solutions & New Markets Proforma 2024 figure including the expected €120m negative impact on EBITDA from new regulation in Italy 41% 17% 27% 7% 22 Benefits & Engagement Meal & Food Beyond Meal & Food Mobility Fuel Beyond Fuel Payment Solutions & New Markets 40%+ Operating Revenue from diversification1 8% A DIVERSIFIED PORTFOLIO OF SOLUTIONS
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23 Group Operating Revenue 1. Proforma 2024 figure including the expected €120m negative impact on EBITDA from new regulations in Italy <10% Operating Revenue1 Largest program (country x solution) <1% Business Volume Largest client Country A Country B Country C 23 Benefits & Engagement Meal & Food Beyond Meal & Food Mobility Fuel Beyond Fuel <2% Redemption Volume Largest merchant Payment Solutions & New Markets Country C Country B A DIVERSIFIED PORTFOLIO OF SOLUTIONS
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24 A MISSION-CRITICAL INFRASTRUCTURE 1. Direct and Indirect jobs 2. Bocconi University study, 2025 3. KBV research, Meal Voucher Market, February 2024 With positive impact on local economy Italy: 220 000 jobs1 supported by the meal voucher sector, also contributing to 0.75% of GDP2 Endorsed by governmental bodies… …and durable positive outlook x2 …supported by more tailwinds than headwinds… Global Meal & Food Benefits market growth 2015-20253 24 Legal face value increase for 2026-2027 • Belgium voted: from €8 to €10 • Italy and Japan in budget discussions • Other countries in advanced discussions (e.g. Romania) Digitalization push (e.g. France)
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25 Group 2024R1 Operating Revenue LIMITED AND REDUCED EXPOSURE TO REGULATORY REBASING 1. Proforma 2024 figure including the expected €120m negative impact on EBITDA from new regulation in Italy 10% Group Regulated Meal & Food 24 countries €2.5Bn Brazil 41% 25 Italy France 9% Law voted Under discussion Law proposed 7% 15%
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26 26 Best positioned to succeed in our markets
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27 EDENRED, THE ONLY GLOBAL AND INTEGRATED PLAYER AT SCALE… Benefits or Engagement competitors Mobility competitors Global Regional Local Point solutions Integrated experience in 2025 in 2028
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28 Increased employees' engagement and operations efficiency Qualified business generation Extended go-to-market Enriched daily experience … IMPLEMENTING AND OPERATING A MISSION-CRITICAL INFRASTRUCTURE… 1m+ Companies 60m+ Users 2m+ Merchants ~120 Solution Partners
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29 …WITH UNMATCHED ASSETS TO PURSUE SUSTAINABLE AND PROFITABLE GROWTH 1. Edenred market share over #2 player market share, in Operating Revenue 2. For Small and Medium Enterprise 3. 2024 Benefits & Engagement 29 Leadership position Relative Market Share1 x1.7 x2.3 Benefits & Engagement Mobility Brazil Solutions per Country per Business Line Up to 8 Unique depth of our portfolio Business volume processed internally >90% Distinctive mission- critical infrastructure Invested in Product and Tech over the last 3 years ~€1.5Bn Investment capacity ~12 Most efficient go-to-market Customer Life-Time-Value / Cost of Acquisition2 (versus ~5 industry average) ~104% Resilient & recurring revenue model Net Retention Rate3
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30 30 Our plan for the next 3 years
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31 31
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32 EDENRED GROWTH AMBITION FOR 2030 At current FX rates 1. Indicative Edenred Total Revenue €Bn M&A opportunity1 Organic growth on current scope 2010 2015 2022 2025(c) 2030(e) 2.0 1.1 3.0 1.0 5+ 32
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3333 TRANSLATED INTO 2026-2028 TARGETS 1. At constant regulation and methodology Medium-term annual targets 2026 2027 2028 EBITDA (LFL growth) EBITDA (intrinsic LFL growth) FCF/EBITDA conversion rate1 Corresponding to +2-4% +8-12% +8-12% ≥ 65%
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34 A unique global leader at scale, generating 70% of its Operating Revenue in countries where it is the #1 player A proven growth engine, outpacing market growth A massive growth potential thanks to a successful diversification, playing in a large, growing and still vastly underpenetrated markets (<40%) Orchestrating a mission-critical infrastructure thanks to a distinctive specific-purpose payment engine, with limited and reduced exposure to regulatory rebasing Best positioned to succeed, leveraging its unmatched B2B2C platform at scale to deliver €5Bn+ Total Revenue by 2030 KEY TAKEAWAYS 1 2 3 4 5 34
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35 2 Constance Le Bouar Executive Vice President Strategy, Marketing & Transformation
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36 36 Pursue efficient client acquisition in underpenetrated markets Unlock full potential of cross-sell & upsell Activate audience and deliver new services to merchants Attract Enrich Activate More value per user More users
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37 37 Attract Pursue efficient client acquisition in underpenetrated markets
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38 A UNIQUE SALES MACHINE AND TOP-OF-MIND BRAND 1.LTV: Life-Time Value, in €, CAC: Customer Cost of Acquisition, in € LTV/ CAC ratio benchmark1 SME - 2024 A proven acquisition track record 2x more efficient than industry benchmark Internal FTEs in sales & marketing >4,000 >12 Edenred 3 to 6 Business & Financial services benchmark >700 Contracts signed per day > 6 Years of average contract duration Brand awareness x10 since 2018 38 x2-x3
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3939 UNLOCKING MORE WINS ~800k users acquired in 2025 (+10% versus 2024) 3 out of 4 companies of main stock market indices are Edenred clients on average Global leadership Strong SME Acceleration Iconic logos signed
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40 AMPLIFYING CUSTOMER ACQUISITION OPPORTUNITIES 2025 figures 1. Average total revenue growth by vehicle with 2+ solutions versus fuel only • Multiplied touchpoints in client acquisition journey • Global Account Management • Multi-solution bundled sales, from Day-1 • 100% digital onboarding More clients More value per client More efficient acquisition x2.5 Clients acquired with Beyond Meal & Food & Beyond Fuel solutions Increase in contract value for multi-solution acquisition1 required for a new client onboarding <5min>30%
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41 41 Enrich Unlock full potential of cross-sell & upsell
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421. Including Total Cost of Ownership, CO 2 reduction /offset, inventory management Benefits & Engagement Mobility 3 to 8 solutions per country 4 to 7 solutions per country EV charging Fuel / Alternative fuel Meal & Food Gift Sport & Culture Commuting Health Services Childcare Financial wellbeing VAT Refund services Toll Fleet Maintenance Freight Payment Fleet Management1 Park & Wash Employee communication Rewards & Recognition Savings & Discounts Wellbeing Meal & Food Other Benefits Engagement Fleet Solutions New Core Core THE MOST COMPREHENSIVE INTEGRATED SUITE OF DIGITAL SOLUTIONS
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43 CONTINUOUSLY ENRICHED IN ALL EDENRED COUNTRIES Rolling-out solutions in new countries Distributing new services on Edenred platform ~120 Partners solutions in portfolio Growth in number of partnerships from 2023-2025 Commuting solution for benefits users Home-based fuel consumption management platform ~60% Engagement EV And more to come Already live in 11 countries 8 countries +4 countries +4 countries
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44 Annual Contract Value (ACV) Illustrative UNLOCKING UNTAPPED CROSS-SELL AND UPSELL POTENTIAL 1.5 5+2.5 Average # solutions per client 2025(e) 2028 ambition Full potential Upsell potential ACV from existing customer base Cross-sell potential 44
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45 ENRICHING VALUE PER CLIENT IN A VIRTUOUS CIRCLE OF GROWTH …increase revenue by cross-selling solutions… …as well as our solutions usage …and client retention We acquire clients x2.5 +25% x2.5 Average total revenue by vehicle with 2+ solutions versus fuel only Increase in Fuel revenue by vehicle with 2+ solutions versus fuel only Average contract length for clients equipped with 4 solutions versus fuel only Acquire X-sell Upsell Retain 45 Illustration with Mobility
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4646 Product-led growth, with AI powered hyper-personalization Rebalanced farming / hunting capabilities to push cross-sell Best-in-class marketing solutions REVAMPED PRODUCT & MARKETING A siloed value proposition per solution1 Local sales & marketing tools instances2 Sales teams focused on acquisition3 From… To… Single interface for all solutions Toll Park & Wash EV charging Fleet Maintenance Fuel/Ethanol Fleet management platform
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47 47 Activate Activate audience and deliver new services to merchants
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48 EDENRED AUDIENCE, A KEY ASSET TO BE FURTHER ACTIVATED 1. Prosus and Uber annual report, assuming one order per session 2. In compliance with EU regulation (e.g. GDPR) 60m+ Users 7 Monthly sessions per active user, on top of daily transactions ~50 transactions every second on Edenred platform Blue & White Collar Employees and drivers In all industries & services In Europe, Latam & APAC Working On-site & Remotely Enabling valuable insights2 e.g.,: Advanced user segmentation Purchasing behavior and browsing events Subscriptions and consents 5.2 Compared1 to 4.5 A large user base Generating a qualified traffic More and more engaged 48 2m+ Merchants
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4949 ACTIVATING USERS TO DRIVE MORE VOLUME FROM OUT-OF-POCKET SPEND Illustrative for an equipped user1 budget 1. In France, user equipped with Meal vouchers and Gift 2. INSEE 2024 average spend per person Benefits budget Edenred Engagement savings module Edenred MeyClub marketplace in France Gift voucher Savings platform Food complementary payment Meal & Food and Leisure spend2 ~25% • Culture, holiday, sport, and gifts offers for employees • Spending of Edenred gift cards and work council allowance 60% User additional out- of-pocket spend • Savings and cashback from 900+ top retailers €1.9k Average annual spend per savers Illustrations Top-up features creating leverage beyond employer funding
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5050 ACTIVATING MERCHANTS WITH NEW MARKETING SERVICES Average merchant spend in marketing services Base 100 - Illustrative Retail media Digital loyalty solutions • Loyalty programs directly on the Edenred app • Seamless user redeem experience • Push marketing campaign for merchants Edenred estimates Opportunities to capture a larger share of merchants' marketing budget With digital marketing services capitalizing on Edenred user base ~20% Fees for meal delivery and markeplace volumes in Retail media revenue by 2028 versus 2024x3.5 in Retail media revenue growth in 2025+33% 2% to 10% Fees for voucher volumes (e.g. gift, meal & food) 70% to 80% Other marketing and digital spend (e.g. SaaS, loyalty, media)
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51 51 Pursue efficient client acquisition in underpenetrated markets Unlock full potential of cross-sell & upsell Activate audience and deliver new services to merchants Attract Enrich Activate More value per user More users
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52 Merchants’ services User activation Distributing platform Client set up DRIVING AN ENRICHED REVENUE MODEL PER USER ON EDENRED PLATFORM Business volume Take-up rate … Solution 2 Solution 1 52 Solution-based fees Non-transactional fees New revenue streams Platform subscription Per user / per month driven by # users x amount spent e.g. Retail Media e.g. user out-of-pocket spend e.g. revenue from leads generated Per new user 2025(c) Operating Revenue users 2 €2.8Bn 60m+ 1 2 3 Compared to1: • Payment: €5 to €10 • Peers: €25 to €35 • Meal delivery: €50 to €100 • SaaS B2B2C: €100 to €200 2025(e) ARPU ~€45 From Take-Up Rate… …to Average Revenue Per User (ARPU)
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53 DRIVING AN ENRICHED REVENUE MODEL PER USER ON EDENRED PLATFORM 53 2025(c) Operating Revenue users 1. Estimated based on available data from public companies in each industry 2 €2.8Bn 60m+ Compared to1: • Payment: €5 to €10 • Peers: €25 to €35 • Meal delivery: €50 to €100 • SaaS B2B2C: €100 to €200 2025(e) ARPU ~€45 Merchants’ services User activation Distributing platform Client set up Business volume Take-up rate … Solution 2 Solution 1 Solution-based fees Non-transactional fees New revenue streams Platform subscription Per user / per month driven by # users x amount spent e.g. Retail Media e.g. user out-of-pocket spend e.g. revenue from leads generated Per new user 1 2 3 From Take-Up Rate… …to Average Revenue Per User (ARPU)
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5454 Average Operating Revenue Per User (ARPU) € AN ENRICHED GROWTH EQUATION INCREASING VALUE PER USER 2016 2019 2022 2025 2028 2030 10 20 30 40 50 60 70 ~€45 ~€25 ~€70 • Upsell, notably face value increase • Cross-sell • Solutions mix • Portfolio diversification • M&A ARPU growth drivers
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55 A unique global leader at scale, best positioned to succeed in large, growing and underpenetrated markets, thanks to a unique B2B2C platform Amplify25-28 sets Edenred for growth, transformation and stronger returns Boosting client acquisition and number of users on our platform, with efficient and digital-first journeys Accelerating the virtuous cycle of cross-sell and upsell • From 1.5 to ~2.5 solutions per client, with a full potential of 5+ solutions • Driving maximum solution usage, notably leveraging legal Face Value increase • Expanding Customer Lifetime Value, with increased retention Engaging user audience to unlock new revenue streams: capturing out-of-pocket user spend, developing new services for merchants Pursuing Edenred platform transformation • Relentless on convergence, scale and innovation • Unleashing power of Data & AI for efficiency, personalization and value KEY TAKEAWAYS 1 2 3 4 55 Activate Enrich Attract
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56 Clément Le Chatelier Chief Product Officer 3 PRODUCT & TECHNOLOGY Damien Périllat Chief Operating Officer Payment Solutions & New Markets
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57 3 PRODUCT & TECHNOLOGY Edenred product strategy An unmatched platform at scale Innovation for a seamless experience Data & AI everywhere Clément Le Chatelier Chief Product Officer Damien Périllat Chief Operating Officer Payment Solutions & New Markets
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58 EDENRED PRODUCT STRATEGY Mobile First (for users) Curated marketplace Open platform Secured & compliant AI at the core 7 Monthly sessions per active user, on top of daily transactions 120+ Solution partners 500+ API connections with partners 100% Volumes through secured and trusted authorization platforms 1/3 Bot-driven Customer Care interactions
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59 PRAISED BY USERS App Store Google Play >4.0 Rating for 80% of Edenred Benefits & Engagement applications #1 for Edenred+ rating on App Store, versus competition 59
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60 A WELL-MASTERED INFRASTRUCTURE FOR A SEAMLESS EXPERIENCE Monday, 10:00 am Mark registers on Edenred to offer benefits to its employees • Validate company KYB • Create account 10:05 am Mark orders and loads benefits for its employees • Create order • Collect payment • Connect to HRIS1 • Issue user card (physical or virtual) and load on Edenred Payment Platform 10:07 am Anna, Mark's employee, receives an email to activate and setup her Benefits account • Create user account on Edenred+ app 10:10 am Anna, wants to pay with her phone in one transaction (ability to top-up) • Activate virtual card, tokenize card • Provision personal card for top-up in a PCI-DSS vault 12:30 am Anna enjoys a great lunch nearby, paying with her mobile wallet • Capture transaction • Authorize, check card validity, balance and merchant loop • Notify user for a successful transaction 5:30 pm Anna receives a discount voucher and adds her Edenred+ account to her Uber wallet • Manage targeted campaigns for partners • Provision APls within partner ecosystem • Authenticate user to validate service activation Paul, restaurant owner, receives funds from Edenred • Clear daily transactions • Settle transaction • Invoice merchant Key features 1. Human Resources Information System
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6161 AN UNMATCHED PLATFORM AT SCALE Experience API Store & Gateway Core backbone Infrastructure Security & Compliance IT operations Data platform Conversational AIMobile QR codeWeb NFCAPI Core Modules Identity management Valuing & billing CRM Fraud Issuing Processing Acceptance Business Applications Benefits & Engagement platforms Engagement Rewards & Recognition Savings & Discount … Edenred+ Meal & Food Gift …Childcare Mobility platforms Fuel Toll EV Maintenance Freight … Merchants Users Clients AcquiringEnd-to-end Payment Unmatched • Driving convergence on business applications • One of the largest issuers globally (25m+ cards/year) • >€500m invested annually in product & tech Competitive edge • Scale & efficiency • Compliance & Security • Time-to-market & innovation Mission-critical
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62 A RESILIENT AND SECURED CORE BACKBONE FOR A MISSION-CRITICAL INFRASTRUCTURE Geographically-distributed for more resiliency and adaptability to sovereignty concerns Hybrid cloud efficiency aiming -10% hosting cost optimization in 2028 thanks to FinOps and industrialization Infrastructure Security Group platforms certified 27001 1,000 security tests per year on front apps 100% business applications covered by strong authentication 100% top apps with fully tested Disaster Recovery Plans Protect Control Detect & react e.g. PayTech Edenred+ (Global Multi-Benefits platform) Core backbone Payment Core modules Business applications
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6363 Edenred PayTech A PAYMENTS ENGINE ORCHESTRATING ANY TYPE OF SPECIFIC-PURPOSE PROGRAM GLOBALLY 2025 estimate 1. Electronic Money Institution 2. Know-Your-Customer 3. Anti Money Laundering / Transaction Monitoring System 4. Mastercard Digital Enablement Service / Visa Token Service Wallets Issuing Cards/VCN/IBAN ProcessingTokenization MDES / VTS4 / Private Orchestration Fraud AML / TMS3KYC2Compliance EMI1 in UK & EUR Spending rules Tech enablers 1.6Bn Transactions per year 99.99% uptime 25m+ Annually issued physical & virtual cards Benefits & Engagement Mobility Payment Solutions & New Markets Payment Networks Global Scheme Domestic Scheme Banking & Account-to-account Private Core backbone Payment Core modules Business applications 63
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6464 BOOSTING THE EDENRED GROWTH EQUATION Scale and time-to-market -5-10% Below transaction market price Innovation ~10 weeks to launch a new specific- purpose solution Growth opportunities +50% Volume uplift thanks to top-up in Finland with Volt Core backbone Payment Core modules Business applications • End-to-end payment experience • Enriched client and transaction data • Connection to partner ecosystem and innovations • Internalization of transaction costs • Amortization of Technology spend • Accelerated global roll-out • Expanded merchant acceptance • Seamless top-up payment • Value-added services for merchants
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65 Notes
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6666 INNOVATING WITH ONE IDENTITY TO BUILD 360° VIEW OF CLIENTS, USERS AND MERCHANTS’ BEHAVIOR Set of credential #1 Set of credential #2 Unified experience Hyper personalization Cost optimization Innovative • Biometry by design • Agentic + Unique credential, on all Edenred solutions user ≠ user user Embedded within Edenred+ Core backbone Payment Core modules Business applications …ToFrom…
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6767 AN INCREASINGLY SEAMLESS EXPERIENCE DRIVING USER ACTIVATION Core backbone Payment Core modules Business applications Innovation #1 App-to-app biometric onboarding 1 2 3 4 5 6 7 8 0 50 100 150 200 250 Months after onboarding +15pts User onboarding success rate 98.8% Acceptation rate vs. <95% for traditional credit/debit cards +60% Direct uplift in user volume vs. previous experience With app-to-app and one click payment Previous experience Cumulated volume per user on delivery platforms € Innovation #2 Embedded one-click payment experience
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6868 ~120 Solution partners More user activation More acquisition channels Enriched client value proposition Distributing partner solutions on its platform3 Edenred solutions distributed through partners1 Connected to client's core systems (e.g. HRIS, TMS1)2 AN OPEN PLATFORM EXPANDING CONNECTIONS WITH ITS ECOSYSTEM 1. Transportation Management System 100+ Integrations to ease payment management 6 HRIS direct connections under development Continuous expansion of Group API store 500+ API connections with partners Core backbone Payment Core modules Business applications
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69 69 Data & AI everywhere
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7070 DATA, A CORNERSTONE OF EDENRED GROWTH STRATEGY Attract Enrich Activate Clients Improved targeting campaigns Solution affinity score to boost cross-sell Data powered services (e.g. Intelligent Fleet Management) Users Seamless user experience (e.g. 5 minutes onboarding, one-click payment) Hyper-personalization increasing relevance of our solutions Marketing automation campaigns Merchants Insights & analytics on generated traffic and user behavior Services to boost traffic (e.g. loyalty), and ease operations (e.g. invoicing, conversion rate optimization) Retail media on Edenred platform 1 Global data platform, AI-ready Examples of existing data use cases developed for each stakeholder
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71 UNLEASHING THE POWER OF AI Data Foundations Available, ready-to-use and high-quality data New habits Readyto use AI Competitiveadvantage in annual Data & AI investments in 2028 versus 2024 x6 Everyday AI for all Secured GPT and augmented employees Responsible AI & AI “For Good” EU AI-act compliance Behavioral governance & ethics for agents AI-augmented teams AI-enabled functions by persona Data & AI powered revenue streams Retail Media, Intelligent Fleet Management Data & AI augmented processes Balance between incremental and bold end-to-end process redesign Data & AI augmented experience Product-led growth through personalization & marketing automation
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72 INDUSTRIALIZING AI-AUGMENTED TEAMS AND PROCESSES • Engineering team efficiency • Software development assistant • Coding assistant Product OperationsTechnology >25% in contact avoidance -5% Productivity on customer feedback analysis +20% additional tech productivity by 2028 +15% Increase in features production +30% additional operations productivity by 2028 • AI predictive agent • Augmented agent (e.g., augmented look & search, AI-powered answers, post-call summary) • Customer feedback, translated into solution features • Accelerated prototyping and feature launches EVA -2 weeks decrease in features time-to-design by 2028 From incremental to transformational by ‘persona’
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73 DRIVING EDENRED COMPETITIVE ADVANTAGE Hyper-personalization Faster resolution time 24/7 availability Increased self-care and proactivity Virtual HR agent • AI agent to answer all employees’ requests decreasing operational workload for HR Content moderation • AI agent monitoring posts, recognition and comments with automatic notification AI-augmented customer journeys AI-powered solution features EdenHelp on selfcare and chatbot services
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7474 10% of Tech cash-out dedicated to security x6 Data & AI annual investment PRODUCT & TECH INVESTMENT PRIORITIES Platform scale1 Global platform convergence, acquisitions’ integration and scale on payment engine Security & compliance4 Trust as a competitive advantage Data & AI3 From incremental to transformation, leveraging Data, AI and Agentic Product and payment innovation2 Enriched solution features and payment experience, coupled with new services ~€1.8Bn Investment over the plan
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75 1. Relentless on customer centricity to deliver Amplify25-28 • Global business applications, unlocking digital acquisition and product-led diversification • Best-in-class customer journeys and payment experience, maximizing activation of our solutions 2. Supported by an unmatched platform at scale, with convergence, agility, and innovation as an obsession 3. An open platform, expanding connections with our ecosystem: distributing 3rd party solutions and distributed by others 4. A distinctive specific-purpose payment engine, supporting a mission- critical infrastructure, secured and compliant by design 5. Unleashing the power of Data & AI, moving from incremental to transformational 6. A unique capacity to invest around €1.8Bn over the next 3 years KEY TAKEAWAYS 1 2 3 4 75 5 6
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76 4 BENEFITS & ENGAGEMENT Arnaud Erulin Chief Operating Officer Benefits & Engagement
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77 4 BENEFITS & ENGAGEMENT Edenred Benefits & Engagement in 2025 How we succeed in our markets Amplify25-28 for Benefits & Engagement Arnaud Erulin Chief Operating Officer Benefits & Engagement
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7878 Powering the refreshing daily lifts that make work & life more enjoyable 78
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79 #1 GLOBAL PLATFORM FOR BENEFITS & ENGAGEMENT 1. From 2022 to 2025(c) Operating Revenue in 2024 (x1.7 from 2021 to 2024) Faster revenue growth versus addressed markets1 Countries €1.8Bn x2.5 31
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80 IN AN INDUSTRY WHERE SCALE MATTERS Operating Revenue of key Benefits & Engagement players 2024 Estimated on Benefit and Engagement scope Long tail of players Relative Market Share versus peer #2 x1.7
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8181 MEAL & FOOD BENEFITS, A MISSION-CRITICAL INFRASTRUCTURE 1. Illustrative as may vary based on several factors (e.g., regulatory framework) Sources: Commission Nationale des Titres Restaurants; Nielsen; Bocconi University; European Network for Workplace Health Promotion Enhance purchasing power Support wellbeing Attract and retain employees Promote healthier habits Human Resources Employees Formalize the economy Create local jobs Boost traffic Increase loyaltyMerchants Governments euros injected in domestic consumption for each euro of public investment in vouchers in Mexico more spent when paying with meal vouchers vs. cash in Italy Cost of salary for employer 100 Cost of meal voucher 135 Salary (gross) Employer social contributions of Romanian users would reduce their food budget if they no longer received Meal Vouchers ROI of every 1€ invested in workplace health promotion, due to reduction in absenteeism +35% Financially attractive for employers and employees… …and enabling a virtuous ecosystem for all 75 Salary (net) for employee -25%Employee social contributions and Income tax Cost comparison meal voucher versus salary1 Metrics adjusted to base 100 ~€3-5 73% 30% ~€2.5
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8282 Cost for merchants2 Incremental business for merchants2 Pay@table Meal benefits Booking platforms Delivery platforms 15% 30% 0% 5% 10% 20% 25% 0% 50% 100%75%25% MOST EFFICIENT BUSINESS PROVIDER FOR MERCHANTS 1. In France in 2024 CNTR 2024, Roland Berger 2022 - The French restaurant industry at the dawn of the digital revolution, Edenred estimates Amplified business generation… Most efficient business provider 7 times less costly than meal delivery platforms Loaded on meal voucher 1€ Additional income for local economy1 2.7€
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83 Notes
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8484 ~64% Share of Business Line operating revenue A DIVERSIFIED PORTFOLIO AND BUSINESS MODEL 2025(e) Meal & Food Commuting Gift Sport & Culture Childcare Health Services Financial wellbeing Employee communication Rewards & Recognition Savings & Discounts Wellbeing Share of non-transactional revenue 20%+ Catering for all types of companies Core benefits Other benefits Engagement ~36% Small LargeMedium Across all industries Beyond solutions (diversification)
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85 A HOLISTIC VALUE PROPOSITION FOR HR Maslow’s Hierarchy of Needs Meal & Food Commuting Savings Engagement analytics Sport & Culture Communication Survey Childcare Health services Financial wellbeing Wellbeing Gifting Flex benefits Rewards Recognition Benefits EngagementFulfillment Self Esteem Recognition & Rewards Love and Belonging Culture & Connection Safety and Security Balanced life and Financial Wellbeing Physiological Daily Benefits and Savings
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86 Notes
Page 87
8787 Volume 2025 A MARKET IN EVOLUTION, UNLOCKING NEW OPPORTUNITIES 1. Volume generated by Edenred and competitors Total Addressable Market Addressed market1 Total Addressable Market >€1,100bn ~35% Penetration in core markets +5-7% Total Addressed Market Growth25-28 Nimbler • Hybrid and flexible work • Personalization expectations Sharper • Talent shortage • Low Employee Engagement • Focus on wellbeing Extended engagement opportunities Key Market Trends
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88 WHAT SETS US APART 1. #1 player position in Meal & Food markets, 2024 2. Average between Italy, France, Brazil and Romania Unmatched global leadership Sustainable Business Model Robust global platforms Highest client satisfaction Rating on Google My Business2 4+/5 integrated platforms at scale with Edenred+ and Edenred Engagement 2 of our Operating Revenue generated in countries where we are leader1 75% ~104% 88 Net Retention Rate
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89 89 Attract Enrich Activate More employees More revenue per employee More qualified traffic for merchants • Growth in underpenetrated markets • Multiplied acquisition touchpoints in the HR journey • Digital acquisition • Non-Meal & Food Benefits cross-sell • Engagement roll-out & scale • Face Value upsell • Enhanced merchant digital journey and relationship • User out-of-pocket monetization • New merchant value-added services (e.g., retail media) DEPLOYING Amplify25-28 FOR BENEFITS & ENGAGEMENT
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90 AMPLE ROOM FOR FURTHER PENETRATION Market penetration by geography Meal & Food, % of BV, 2025(e) Market penetration by geography Meal & Food, SME segment, % of enterprise, 2025(e) Penetration remains below 35% in most of our geographies… …with significant opportunities in the SME segment Attract Enrich Activate Brazil Italy France ~20% ~5% ~10% Brazil Italy France Turkey Poland Austria ~55% ~ 34% ~ 30% ~ 30% ~ 11% ~ 4%
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9191 ACCELERATING ON ACQUISITION acquired clients on digital childcare vouchers in France are “new” clients (not previously equipped with an Edenred solution) Strong digital acquisition muscle 1 • Amplified digital lead generation (e.g., Leadgen Hub, Marketing Automation, GEO) • Industrialized telesales processes with more automation & AI • Seamless onboarding with Edenred+ >500k New SME users in 2025(e) Diversified entry points2 • Multiplied HR touchpoints opening the door to new acquisition opportunities <5 min required for client onboarding Attract Enrich Activate 9 out of 10
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9292 UNLOCKING A VIRTUOUS CYCLE OF CROSS-SELL AND UPSELL 1. Illustrative, other solutions assumed Gift and Childcare Attract Enrich Activate Acquire X-sell Upsell Retain Meal & Food 100 +Meal & Food 100 Gift and Childcare 45 +Meal & Food 125 Gift and Childcare 45 +Meal & Food Gift and Childcare ARPU illustration (base 100) +45% with Meal & Food and 2 other solutions1 Total revenue per user New customers with Meal and Food solution +25% Average increase over last 3 years Face value increase x2.5 with 2+ solutions versus Meal and Food only Customer lifetime 125 45
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9393 LEVERAGING OUR ENRICHED PLATFORM TO DRIVE CROSS-SELL Average # solutions per client 1. >€6,000 from Benefits solutions and >€1,000 from Engagement solutions Cross-sell ambition: up to 2.5 solutions per client by 2028 To be delivered through our multi-solution platform at scale Attract Enrich Activate 2025 2028 ambition Full potential 1.5 5+2.5 annual gain in purchasing power an employee can obtain combining all solutions provided by Edenred >€7,0001 Impact on end-users Meal & Food Gift Childcare Distributed solutions on our platforms70+ Commuting Sport & Culture Health Services A unique B2B2C curated marketplace Health Services Sport & Culture Financial wellbeing Commuting Partnership illustration
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94 Notes
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9595 Romania – Average maximum Face Value evolution 2021-2024, January ended, in RON and % of Maximum Face Value SUCCESSFULLY TRANSLATING REGULATORY UPSIDES IN UPSELL OPPORTUNITIES ~85% of new maximum legal face value reached in 18-24 months driven by commercial excellence Edenred Average Face Value Max legal Face Value ~20 ~25 ~32 ~40 ~17 ~20 ~26 ~32 2021 2022 2023 2024 Attract Enrich Activate Legal face value increase voted in Belgium Legal face value increase in budget discussions in Italy and Japan Other countries in advanced discussions (e.g. Romania) Positive outlook Maximum Face Value increases across 15 countries from 2022 to 2024 (3.5 increases per country on average) ~50
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96 96 REINFORCING OUR MERCHANT VALUE PROPOSITION Share of Operating Revenue, 2024 Attract Enrich Activate A very diversified merchant ecosystem … With specific digital needs Retail Small retail (e.g. grocery and bakery stores) to large retail E-commerce E-commerce brands (e.g. Tech, Holidays) Restaurants From small restaurants to large food chains and delivery platforms Engage customers Streamlined Operations Loyalty programs Rewards programs Boost traffic Advertising and marketing services (e.g., retail media) Fast digital onboarding Sales analytics Seamless payment Acceptance of all payment means Ease of integration Benefits & Engagement merchants (Meal & Food, Gift, Savings)
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9797 ENHANCING EXPERIENCE AT EVERY POINT OF THE MERCHANT JOURNEY Self-affiliation less than 5 minutes to accept first transactions Performance overview by email and SMS Value-added data revenue generation & customer growth Invoices & transactions Easy access through merchant portal ~5min ~2h Affiliation time /24 x2 Affiliation NPS Day-to-Day managementAffiliation Business Development Attract Enrich Activate Turkey illustration
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9898 Illustration of retail media campaign AMPLIFYING MERCHANT VALUE PROPOSITION WITH NEW SERVICES Teaser push notification Personalized offer feed in app Usage of user discount code Order confirmation in annual retail media revenue by 2028 versus 2024 x3.5 Attract Enrich Activate in retail media revenue growth in 2025 ~33% DISCOUNT
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99 99 More employees More revenue per employee More qualified traffic for Merchants Attract Enrich Activate new SME users on our platform >1.5m Solutions per client ~2.5 In retail media revenue versus 2024 x3.5 2028 Ambition Amplify25-28 BENEFITS & ENGAGEMENT AMBITION
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100 1. The leading global Benefits & Engagement player, in an industry where scale matters 2. In a large and growing market (+5-7%), still highly underpenetrated (35%) 3. Having built a mission-critical infrastructure starting from meal & food, with positive outlook… 4. … and successfully diversified beyond Meal & Food, with a unique value proposition for Human Resources to attract, retain and engage 5. Set to deliver Amplify25-28 topline growth over 2025 – 2028 • Accelerating digital acquisition in vastly underpenetrated markets • Increasing Average Revenue Per User: – Accelerating cross-sell, thanks to an integrated suite of benefits and engagement solutions – And upsell, notably with significant face value growth potential – Leveraging user audience to deliver new value-added services to merchants KEY TAKEAWAYS 100 5 Attract Enrich Activate 1 2 3 4
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101 Notes
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102 5 MOBILITY Diane Coliche Chief Operating Officer Mobility
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103 5 MOBILITY Edenred Mobility in 2025 How we succeed in our markets Amplify25-28 for Mobility Diane Coliche Chief Operating Officer Mobility
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104104 Reliable, sustainable, efficient. The Mobility partner you deserve 104
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105 AN INTERNATIONAL LEADER IN MOBILITY 1. From 2022 to 2025(c) 2. Among independents players on the Fuel, Toll & Tax markets Leadership positions Faster revenue growth versus addressed markets1 x2 Countries 28 €0.6Bn Operating Revenue in 2024 (x1.6 from 2021 to 2024) #1 #4 2
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106106 A DIVERSIFIED PORTFOLIO AND BUSINESS MODEL 2025(e) Lower dependency to fuel price % revenue Catering for all types of B2B fleets ~67% Share of Business Line operating revenueFuel / Alternative fuel EV charging Core New Core Fleet Solutions Fleet maintenance Toll VAT refund services Freight payment Fleet Management Road services (Park, Wash and others) ~33%+ 2022 H1 2025 ~40% ~30% Cars Vans Trucks Beyond solutions (diversification)
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107 FLEET ELECTRIFICATION RAISING OPPORTUNITIES… Share of Battery EVs (BEV) in B2B fleet stock in Europe1 Thermal vehicle (ICE) vs. BEV revenue2 €/vehicle/month, 2025, Fleet solutions revenue excluded 1. Source: European Alternative Fuels Observatory, ACEA, Edenred analysis 2. All EV related revenue including energy transaction fees, installation & maintenance fees and software fees for chargers' sup ervision Steady penetration of EV within B2B fleets Amplified revenue model with EV Road Work / Depot Home Thermal vehicle Battery electric vehicle average revenue per vehicle for BEV compared to ICE x1 to 2 6% 2%1% 2025 ~20% ~10% ~5% 2030e Cars Vans Trucks
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108108 …ADDRESSED BY OUR 360° ELECTROMOBILITY OFFER 1. eMSP = eMobility Service Provider Deploy charging Infrastructure Charge everywhere Manage fleets (mixed or 100% EV) Extended customer reach Charge Point Operators Original Equipment Manufacturers Site owners Aggregator of turnkey services eMSP1 platform 98% of public chargers in Europe Work / Depot Home Road EV Fleet Management Portal Supervision, integrated billing and fleet management Driver App Navigation & payment Charge Point Management System (CPMS) Chargers’ control, billing, smart charging B2B fleets French State’s procurement dpt.
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109 Notes
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110110 Market size in volume – 2025 A MARKET IN EVOLUTION, UNLOCKING NEW POTENTIAL 1. Fuel, Toll, Maintenance, VAT refund, EV and Fleet Management software markets in our relevant geographies 2. Volume generated by Edenred and competitors Total Addressable Market1 Addressed market2 Total Addressable Market1 ~€600bn ~45% Penetration in core markets ~6-7% Total Addressed Market Growth25-28 Market extension through EV Smarter • Digitalization • Connected vehicles • AI for automation and smart recommendation Greener • Fleet electrification • CO2 regulations • Energy management Key Market Trends
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111 WHAT SETS US APART 1. Net Promoter Score, versus pre -platform revamping +15 pts Multiple 111 Comprehensive portfolio of solutions Wide and multi-energy network Powerful suite of digital tools Best customer support Awards received every year for our support of NPS1 from customers using our new platform Solutions per country 4 to 7 Fuel stations and repair shops 125k Chargepoints for EVs 1m
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112 112 Attract Enrich Activate More vehicles More revenue per vehicle More merchant engagement • SMEs focus • Bundled offering • Indirect sales • EV & fleet management • Toll and Maintenance • Value Added Services • Premium networks • Best digital experience DEPLOYING Amplify25-28 FOR MOBILITY
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113113 OUR PLAN TO AMPLIFY NEW SALES Segment: SME focus1 Accelerated websales, thanks to 100% digital acquisition process Product: Bundled solutions2 Bundled offers: Fuel + EV, Fuel + Tax, Fuel + Toll Channel: Distributed platform3 Indirect sales through B2B and B2C App partners +33% In new SME vehicles (H1 2024 vs. H1 2025) ~85% New EV customers also subscribing to Fuel 60+ # of indirect partners Attract Enrich Activate
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114 EXPANDED REACH THROUGH PARTNERS Our solutions sold through partner’s distribution channels B2C Mobility services through B2C Apps B2B2B partners B2B2C partners Attract Enrich LeasersOEMs Oil Cos Banking Strong product offer Scalable APIs Robust payment engine Fully digital customer journeys Activate Strong distributed platform (60+ partners)
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115115 CROSS-SELL AND UPSELL VIRTUOUS CYCLE Note: Average for Mobility customers in Brazil and Europe (UTA, Transportation customers only) Acquire X-sell Upsell Retain Attract Enrich Activate x2.5 with 2+ solutions versus Fuel only Total revenue per vehicle Fuel / EV 100 +Fuel / EV 100 Other solutions 150 +Fuel / EV 125 Other solutions 150 +Fuel / EV 125 Other solutions 150 ARPU illustration (base 100) New customers on Core / New Core +25% with 2+ solutions versus Fuel only Fuel revenue per vehicle x2.5 with 4 solutions versus Fuel only Client lifetime
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116116 Toll Park & Wash EV charging Fleet Maintenance Fuel/Ethanol Average # solutions per B2B client THE RIGHT INGREDIENTS TO ACCELERATE Expanded and reorganized sales force 360° Fuel & EV offer Multi-solution platforms, boosted by Data & AI Attract Enrich Activate Go-to-market Value proposition Platform How we will accelerate 2024 2028 target 1.7 ~2.5 x1.5 ~4+ Full potential
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117 Notes
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118 ACTIVATING FURTHER MERCHANTS CASE STUDY: PREMIUM NETWORKS IN MAINTENANCE Attract Enrich Activate Customers Repair shops 118 Quality+ Cost- Transparency+ Parts pre-negotiation Smart & automatic repair services booking and others… ~2,000 Premium workshops in 2028 (~700 today) ~40% Business Volume from premium workshops in 2028 Traffic+ Margin+ Admin efficiency+
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119 119 More vehicles More revenue per vehicle More merchant engagement Total additional vehicles in our base >800k Solutions per client ~2.5 of Maintenance Business Volume within addressable premium workshops ~40% 2028 Ambition Amplify25-28 MOBILITY AMBITION Attract Enrich Activate
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120 1. A worldwide leader in Mobility. Reliable, sustainable, efficient 2. In an attractive and growing market (6-7%), still underpenetrated (45%) 3. Smarter & Greener mobility creating new opportunities that Edenred is ready to seize with an enriched portfolio: • Revamped suite of digital solutions, enabling Data & AI to amplify Fleet Management • 360° electromobility offer, to address all fleets (i.e. fuel, alternative fuel, EV , mixed-energy) 4. Set to deliver Amplify25-28 topline growth over 2025 – 2028 • Increasing number of vehicles, accelerating direct and indirect acquisition in underpenetrated market and segments • Increasing Average Revenue Per Vehicle − Leveraging cross-sell virtuous cycle: rising number of solutions per client, − Increased upsell, i.e. the usage of our core solutions − Activating further merchant network KEY TAKEAWAYS Attract Enrich Activate 120 1 2 4 3
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121 6 PAYMENT SOLUTIONS & NEW MARKETS Damien Périllat Chief Operating Officer Payment Solutions and New Markets
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122 6 PAYMENT SOLUTIONS & NEW MARKETS Edenred Payment Solutions & New Markets in 2025 Damien Périllat Chief Operating Officer Payment Solutions and New Markets Bringing innovation, synergies and new markets outposts to Edenred
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123123 Unlocking growth opportunities: nurturing innovative solutions in fast growing geographies 123
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124 A GLOBAL PORTFOLIO OF INNOVATIVE SOLUTIONS & NEW MARKETS Operating Revenue in 2024 €0.2Bn Operating Revenue growth from 2021 to 2024 x1.5 Countries 10
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125 LEVERAGING EDENRED UNIQUE PAYMENT CAPABILITIES 125 Acquiring Point of Sales acquiring Invoice- to-pay Digital Wallets Issuing ProcessingUsers Merchant Edenred Payment capabilities Segment-specific use cases Embedded finance Corporate expenses PuntoEdenred Pay North America Edenred UAE Edenred Taiwan Edenred Payment Solutions Edenred Pay Latam
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126126 AN ACTIVE PORTFOLIO MANAGEMENT 1. Banking as a Service 2. Point Of Sale Edenred UAE • Leading position • Fast growing • At the forefront of user value-added services Refocused on most promising use cases Edenred Payment Solutions: B2B BaaS1 and Embedded Finance Punto: POS2 acquiring for Mobility Merchants Edenred Pay North America: Invoice-to-pay and core verticals Edenred Pay Latam: Corporate expenses Edenred Taiwan • Leading position • Fast growing • Best-in-class digital solutions Nurturing promising businesses in attractive markets Arbitrating on selected businesses
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127 BRINGING VALUE TO EDENRED • Local payment schemes integration (e.g PIX , Jaywan ) • New form factors integration (e.g. QR code , Tag payment ) • Extending card issuing capabilities (e.g. dual Visa / Mastercard certification) • Scaling Edenred payment capabilities with external volumes • Supporting Mobility merchants with POS acquiring capabilities • Increasing B2B clients offering with corporate expenses solutions • Penetrating large and fast-growing geographies: USA, APAC, UAE • Developing adjacent markets: payroll solutions, Invoice-to-Pay • Industrializing new strategies: e.g., user value-added services and B2C monetization Innovation Synergies New markets outposts
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128 EDENRED PAY: FROM ACCOUNTS PAYABLE TO A COMPREHENSIVE “INVOICE-TO-PAY” OFFERING 1. Versus clients equipped with only payment automation 50% of new sales being full "invoice-to-pay" offering >30% Uplift in revenue per client1 40% Churn reduction for multi-equipped clients1 Invoice automation solution enhancing our value proposition and accelerating our cross-sell strategy Our client-to-supplier value chain 128 Client ERP Payment agnostic Invoice automation Multiple Suppliers Edenred platform
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129129 EDENRED TAIWAN: RESHAPING THE WAY TO OPERATE MULTI-BENEFITS IN APAC Note: all metrics referring to Taiwan Issuing vouchers to anonymous users Connecting 1m registered users Reaching 1 out of 3 workers by 2028 x5 In Total Addressed Market in 2028 + + From an Incentive & Rewards leader… Expanding to Gift as Benefits… To an everyday super-app Key revenue sources • Product marketers • eCommerce • Points programs Additional revenue sources • Work councils • Human Resources Additional revenue sources • Application users ~40% Market share ~30% Volume growth in 2024
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130 EDENRED UAE: BUILDING A LEADING SUPER-APP FOR BLUE-COLLARS IN MIDDLE-EAST Note: all metrics referring to UAE 10+ user services, including: • Money transfer • Salary advance • Insurance • Mobile top-up And unlocking new services every year Fast growing #1 payroll card provider Further opportunities to enrich services for blue collars >40% Market share +50% # of cards since 2022 >1.5m Active users >45% Share of user value added services in Operating Revenue 130
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131 Edenred Payment Solutions & New Markets Driving innovation and payment expertise across the Group Unlocking synergies with group assets and other businesses • Scaling payment capabilities • Boosting Benefits & Engagement and Mobility with synergetic solutions Setting-up outposts in fast growing geographies and segments • Trailblazing new value propositions and user monetization • Establishing leadership positions in fast growing markets KEY TAKEAWAYS 1 2 3 131
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132 7 FINANCE Virginie Duperat-Vergne Chief Financial Officer
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133 A NEW REPORTING STRUCTURE BY BUSINESS LINE STARTING IN 2026 (1/2) 2026 Edenred new reporting structure Per Business Line Per Region Frequency Operating Revenue Quarterly Other Revenue Quarterly Total Revenue Quarterly Operating EBITDA Bi-annually EBITDA Bi-annually Depreciation and Amortization Bi-annually Capital Expenditure Bi-annually
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134 A NEW REPORTING STRUCTURE BY BUSINESS LINE STARTING IN 2026 (2/2) 1. Includes the transfer of Public Social Programs and Incentive & Rewards from Payments Solutions & New Markets to Benefits & E ngagement (see details in Appendix) In €m Benefits & Engagement1 Mobility Payment Solutions & New Markets1 Total Group Operating revenue 905 334 100 1,339 Operating EBITDA 380 132 30 542 Operating EBITDA margin 42% 40% 30% 40% Segment presentation per Business Line (H1 2025)
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135 BEYOND22-25 TARGETS OUTPERFORMED (g) 2025 guidance confirmed 1. 2025 EBITDA guidance restated, excluding the €60m estimated impact from the implementation of a merchant fee cap in Italy 2. At constant regulation and methodology Beyond22-25 annual targets 2022 2023 2024 2025(g) 2025(r) EBITDA (LFL growth) >+12% +23.3% +33.9% +19.0% >+10.0% >+14.7%1 FCF/EBITDA conversion rate2 >70% 85% 83% 70% >70%
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136 AMPLIFY25-28 STRATEGIC PLAN TO FUEL SUSTAINABLE AND PROFITABLE GROWTH Group EBITDA LFL evolution Illustrative 1. Strategic investments in Sales & Marketing, Fit -for-Growth efficiency program, and investments in Data & AI 2025 2028Impact from regulatory change in Italy and portfolio optimization Attract Enrich Activate Management actions1 Total Revenue growth EBITDA margin expansion Structural operating leverage Other revenue
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137 137 Operating Revenue growth pillars Illustrative THREE STRATEGIC PILLARS TO DRIVE SUSTAINED ORGANIC OPERATING REVENUE GROWTH… Total Revenue growth EBITDA margin expansion X%-Y% Share of 25-28 LFL Operating Revenue growth Enrich Attract Activate • More cross-sell and upsell opportunities • Enriched value proposition• More clients • More efficient client acquisition • Increased audience engagement • New merchant services More Users More value per user (ARPU) 50-60% 2025 2028 30-40% 10-20% x Indicative LFL year-on- year Operating Revenue growth High-single digit
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138 138 …AND FUELLING OTHER REVENUE GROWTH… 1. Float corresponds to the portion of the negative operating working capital from the preloading of funds by clients 2. Issue volume: Business volume for preloaded solutions which corresponds to total face value of the funds preloaded Total Revenue growth EBITDA margin expansion Issue volume growth2 Stable retention time > 7 weeks (Benefits & Engagement) Deposit rates forecasts % Source: Central Banks Futures rates Other Revenue evolution Illustrative ~€220m 2025(e) 2026(e) 2027(e) 2028(e) €210m floor Float value increase1 Stabilizing interest rates above pre-Covid level 2,0% 10,3% 3,0% 3,3% 6,3% -2% 2% 6% 10% 14% Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 Dec-28 Europe (ECB Deposit rate) Brazil (CDI-CETIP Rate) US (Fed Funds lower bound) UK (BoE rate) Futures ratesDeposit rates forecasts % Source: Central Banks
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139 … SUPPORTED BY A DISCIPLINED FINANCIAL POLICY No capital risk → bank term deposits Centralized cash management Natural hedge → no float transfer between currencies Maturity optimization → differentiated maturities between non-restricted and restricted cash Interest rates hedging policy 1. Based on gross debt as of 30/06/2025 Strict financial policy A float mainly generated in Europe Total Revenue growth EBITDA margin expansion Europe ~70% Rest of the World ~10% Latin America ~20% Sensitivity to +1pp in interest rates1 Edenred benefits from a natural hedge against interest rates variation Other Revenue ~€30m Financial expenses ~€(20)m Profit before tax impact ~€10m
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140 140 THREE STRATEGIC LEVERS TO BOOST EBITDA MARGIN Total Revenue growth EBITDA margin expansion Platform scale effect (lower unit cost per transaction, shared technology applications, global contracts renegotiation) High recurring revenue and low churn in all business lines Management actions Structural operating leverage Edenred OpEx split ~60% fixed costs Optimize Edenred global operating model Support functions standardization and streamlining (e.g. shared service centres) Accelerate convergence (products, mutualization across business lines) Continuous portfolio optimizationPortfolio optimization Strategic investments 1 2 3 Fit-for- Growth ~40% variable costs Specific additional investments in Sales & Marketing and Data & AI supporting long-term efficiency and growth (e.g., innovation and personalization)
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141 FIT-FOR-GROWTH: AN OPTIMIZED TARGET OPERATING MODEL Hispanic America EMEA Product Innovation hub Global Technology Regional support functions shared services Brazil EBITDA margin expansionTotal Revenue growth LOCAL Go-to-market (direct/indirect) Client proximity Time to market Regulation expertise Partners environment Technology and support functions Scale Synergies Harmonized processes Global standards GLOBAL
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142 Edenred Total Revenue €Bn EDENRED GROWTH AMBITION FOR 2030 1. At current FX rates 2. Indicative Organic growth on current scope 2010 2015 2022 2025(c) 2030(e) 2.0 1.1 3.0 1.0 5+ ~+10-11% indicative CAGR (incl. M&A) from 2025 to 20301 M&A opportunity2
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143 AMPLIFY25-28 EBITDA GROWTH TRAJECTORY 2026 2027 2028 EBITDA (LFL growth) EBITDA (intrinsic LFL growth) +2-4% +8-12% Corresponding to +8-12%
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144 Group EBITDA LFL evolution Illustrative 2026: A REBASING YEAR 1. Notably Fit-for-Growth and Data & AI +2-4% LFL growth +8-12% LFL growth Structural operating leverage Total Revenue Growth 2026 Intrinsic EBITDA Impact of regulatory change in Italy 2025 EBITDA 2026 EBITDA +2-4% EBITDA LFL growth in 2026 Cost to achieve management actions1 & Portfolio optimization Corresponding to +8-12% EBITDA intrinsic LFL growth Other revenue decrease (floor at €210m)
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145 Group EBITDA LFL evolution Illustrative 2027 AND 2028: EDENRED TO FULLY BENEFIT FROM THE AMPLIFY25-28 STRATEGIC PLAN +8-12% Annual LFL EBITDA growth in 2027 and 2028 Total Revenue growth EBITDA margin expansion EnrichAttract Management actions Activate Structural Operating leverage 2026 EBITDA 2028 EBITDA Other revenue +8-12% LFL growth
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146 From EBITDA to FCF €m HIGH AND PREDICTABLE CASH GENERATION AND CONVERSION 1. At constant regulation and methodology ≥ 65% Annual FCF/EBITDA conversion rate1 2023 2024 2025(g) EBITDA 1,094 1,265 1,340 Funds from Operations (FFO) 730 870 FFO/EBITDA 67% 69% Free cash flow (FCF) 905 881 > 938 FCF/EBITDA 83% 70% > 70% 905 881 > 938 870730
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147 147 A CAPITAL ALLOCATION FRAMEWORK FOCUSED ON GROWTH AND SHAREHOLDER RETURN Pursue organic growth initiatives to deploy Amplify25-28 Leverage reduced debt profile for growth-accretive M&A Deliver enhanced shareholder return Maintain a strong and efficient balance sheet Growth investments Shareholder return Balance sheet1 32 6-8% Annual CapEx as % of Total Revenue Strategic M&A to reinforce growth potential Progressive dividend policy (in absolute terms year-on-year) + Share Buyback program Retain strong investment grade rating
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148 148 CapEx as a % of Total Revenue €m A GROWTH-ORIENTED CAPEX POLICY … 6-8% Annual CapEx as % of Total Revenue Growth investments Balance sheetShareholder return ~90% Annual CapEx dedicated to Product & Technology 2020 2021 2022 2023 2024 151 190 217 114104 2028(e) 6% 8% 7.1% 7.0% 7.4% 7.6% 7.6%
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149 149 …AMPLIFYING INNOVATION AND ENABLING DATA & AI TRANSFORMATION Growth investments Balance sheetShareholder return Annual Data & AI investments (in 2028 versus 2024) x6 ~€1.5bn Product & Tech investments cumulative in 2023-2025(e) Product & Tech investments cumulative in 2026(e)-2028(e) Product & technology OpEx Product & technology CapEx 35-37%63-65% 33-31%67-69% ~€1.8bn
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150 150 ACCELERATE GROWTH AND DIVERSIFICATION THROUGH GROWTH-ACCRETIVE M&A Growth investments Balance sheetShareholder return Acquisitions • Scale further and reinforce leadership in Core activities • Product diversification to extend and/or strengthen Edenred value proposition Key priorities Disciplined approach • Strong potential for revenue synergies (e.g., cross-selling opportunities) • Strong long-term growth potential in underpenetrated market • Scalable and sustainable business model • Identifiable cost synergy opportunities • Stringent financial discipline (e.g., ROI > WACC)
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151 151 STRONG COMMITMENT TO MAXIMIZE SHAREHOLDER RETURN (Dividend year-on year growth in absolute terms ) Growth investments Balance sheetShareholder return Progressive dividend policy In € Share buyback program 2024 • €300m executed 2025 - 2027 • €300m authorized • ~€100m executed by the end of 2025 2021 2022 2023 2024 0.9 1.0 1.1 1.21 Progressive dividend policy Share buyback program
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152 152 Leverage ratio Net Debt / EBITDA A FAST-DELEVERAGING BALANCE SHEET LEAVING AMPLE HEADROOM FOR M&A WHILE MAINTAINING STRONG INVESTMENT GRADE RATING (e) 2025 estimates 1. S&P rating since April 2023, reaffirmed April 2025 1.9 1.9 1.2 0.4 1.0 1.4 ~1.2 Net debt position €m, end-2024 BBB+ S&P rating A- S&P rating1 1,866 (1,806) Net debt (Excluding restricted cash) 1,392 Gross debt Cash and cash equivalents Other current financial assets Restricted cash Cash position 1,639 (4,837) Growth investments Balance sheetShareholder return 2019 2020 2021 2022 2023 2024 2025(e)
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153 1531. At constant regulation and methodology Medium-term annual targets 2026 2027 2028 EBITDA (LFL growth) EBITDA (intrinsic LFL growth) FCF/EBITDA conversion rate1 Corresponding to +2-4% +8-12% +8-12% ≥ 65%
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154 3 Amplify25-28 to drive Total Revenue growth in large, growing and underpenetrated markets • Three strategic pillars to fuel organic Operating Revenue growth: Attract, Enrich, Activate • A winning growth equation expanding both the user base and the ARPU • Fuelled by Other Revenue and M&A, with the ambition to deliver €5bn+ Total Revenue in 2030 Delivering sustainable and profitable EBITDA LFL growth of +8-12% • 2026 EBITDA LFL growth of +2-4%, corresponding to an intrinsic +8-12% EBITDA LFL growth – 2026 as a rebasing year, with the impact of regulatory change in Italy on top of implementation of management actions, portfolio optimization and decrease in other revenue – Management actions (Fit-For-Growth efficiency program, increased investments in Data & AI) driving long-term growth and EBITDA margin expansion on top of structural operating leverage • +8-12% annual EBITDA LFL growth in 2027 and 2028 High and predictable cash generation and conversion • Funds from Operations as the main contributor to Free Cash Flow generation • Target of ≥ 65% annual FCF/EBITDA conversion rate1 Maintaining a capital allocation framework focused on growth investments (organic and M&A) and shareholder return (progressive dividend policy and share buyback) while retaining strong investment grade rating KEY TAKEAWAYS 1 2 4 1. At constant regulation and methodology
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155 8 WRAP-UP Bertrand Dumazy Chaiman and CEO
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156 WRAP-UP 156 A unique global leader at scale, best positioned to succeed in large, growing and underpenetrated markets, thanks to a unique B2B2C platform Amplify25-28 sets Edenred for growth, transformation and stronger returns Boosting client acquisition and number of users on our platform, with efficient and digital-first journeys Accelerating the virtuous cycle of cross-sell and upsell • From 1.5 to ~2.5 solutions per client, with a full potential of 5+ solutions • Driving maximum solution usage, notably leveraging legal Face Value increase • Expanding Customer Lifetime Value, with increased retention Engaging user audience to unlock new revenue streams: capturing out-of-pocket user spend, developing new services for merchants Pursuing Edenred platform transformation • Relentless on convergence, scale and innovation • Unleashing power of Data & AI for efficiency, personalization and value 1 2 3 4 Activate Enrich Attract
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157 Notes
Page 158
158 Notes
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159 9 CLOSING REMARKS Bertrand Dumazy Chaiman and CEO
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160 A STRONG TRACK RECORD OF GROWTH Total Revenue €Bn EBITDA €Bn 160 2015 2019 2022 2025(c) 1.1 1.6 2.0 ~3.0 ~x2.8 2015 2019 2022 2025(c) 0.4 0.7 0.8 ~1.3 ~x3.4
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161 WITH UNMATCHED ASSETS 1. Edenred market share over #2 player market share, in Operating Revenue 2. For Small and Medium Enterprise 3. 2024 Benefits & Engagement 161 Leadership position Relative Market Share1 x1.7 x2.3 Benefits & Engagement Mobility Brazil Solutions per Country per Business Line Up to 8 Unique depth of our portfolio Business volume processed internally >90% Distinctive mission- critical infrastructure Invested in Product and Tech over the last 3 years ~€1.5Bn Investment capacity ~13 Most efficient go-to-market Customer Life-Time-Value / Cost of Acquisition2 (versus ~5 industry average) ~104% Resilient & recurring revenue model Net Retention Rate3
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162 AND COMPETITIVE EDGE: THE ONLY GLOBAL AND INTEGRATED PLAYER AT SCALE Benefits or Engagement competitors Mobility competitors Global Regional Local Point solutions Integrated experience in 2025 in 2028
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163 163 Pursue efficient client acquisition in underpenetrated markets Unlock full potential of cross-sell & upsell Activate audience and deliver new services to merchants Attract Enrich Activate More value per user More users
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164 EDENRED PRIORITIES FOR AMPLIFY25-28 Product-led growth B2B2C acceleration Data & AI at the core Operating leverage Dynamic capital allocation
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165165
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166 Notes
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167 167 Appendix Glossary
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168 GLOSSARY • AI: Artificial Intelligence • AML: Anti Money Laundering • ACV: Annual Contract Value • API: Application Programming Interface • ARPU: Average Revenue Per User, in Operating Revenue per year • BaaS: Banking as a Service • BEV: Battery Electric Vehicle • Beyond: Product diversification beyond core Meal and Food and Fuel solutions, including Payment Solutions & New Markets solutions • BV: Business Volume • CLV: Customer Lifetime Value • CAC: Cost of Acquisition • CPMS: Charge Point Management System • CPO: Charge Point Operator • DJSI: Dow Jones Sustainability Indices • eMSP: e-Mobility Service Provider • EBITDA: Earnings before interest, taxes, depreciation and amortization • ESG: Environmental, Social, and Governance • EV: Electric Vehicle • FFO: Funds From Operations • Float: portion of the negative operating working capital from the preloading of funds by clients • FX Rates: Foreign Exchange Rates • GDP: Gross domestic product • GDPR: General Data Protection Regulation • GHGs: Greenhouse gases • HRIS: Human Resources Information System • Issued volume: Business Volume for preloaded solutions, corresponding to the total Face Value of the funds preloaded • KYC: Know-Your-Customer • LFL: Like-for-like • M&A: Mergers and Acquisitions • MDES: Mastercard Digital Enablement Service • NPS: Net Promoter Score • NRR: Net Retention Rate, in Business Volume • PCI-DSS: Payment Card Industry Data Security Standard • PHEV: Plug-in Hybrid Electric Vehicle • POS: Point of Sale • Redemption volume: total quantity of rewards redeemed by customers • SME: Small and Medium sized Enterprises • Take-up Rate: Operating Revenue divided by Business Volume • TAM: Total Addressable Market: total revenue opportunity for a product or service assuming 100% equipment rate • TMS: Transaction Monitoring System • T&E: European Federation for Transport and Environment • TCO: Total Cost of Ownership • VTS: Visa Token Service
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169 169 Appendix Finance
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170 DELIVERING SUSTAINABLE ADJUSTED EPS GROWTH 1. Excluding PPA and Other income & expenses, after taxes In €m 2026-2028 indicative trend Rationale EBITDA (LFL Growth) 2-4% in 2026 (corresponding to intrinsic 8-12%) , 8- 12% in 2027 & 2028 D&A Capex to be in the range of 6-8% as Total Revenue Other income and expenses Efficiency program resulting in further restructuring initiatives Net financial expenses Rising as a direct result of company growth Income tax expense Rising as a direct result of company growth, with a normative tax rate around 32% at constant tax legal framework Minority interests Rising as a direct result of company growth Net profit, Group share Net weighted average number of shares outstanding (in thousands) Share buyback program EPS, Group Share (in €) Adjusted EPS (in €)1
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171 STRONG CASH GENERATION DRIVEN BY STRUCTURAL NEGATIVE WORKING CAPITAL Client funds received ...held as Edenred assets (float) …and as a liability to Edenred clients Contribution to negative WC Growth dynamic Cash regulated solutions Cash non-regulated solutions Restricted cash Cash & equivalents All solutions Cash & equivalents All solutions Cash & equivalents Float Working Capital excl. Float Working Capital excl. Float Benefits & Engagement Mobility Payment Solutions & New Markets
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172 A NEW REPORTING STRUCTURE BY BUSINESS LINE STARTING IN 2026 1. Includes the transfer of Public Social Programs and Incentive & Rewards from Payments Solutions & New Markets to Benefits & E ngagement (see details in next page) In €m Benefits & Engagement1 Mobility Payment Solutions & New Markets1 Total Group Operating Revenue 905 334 100 1,339 Other Revenue 101 1 10 112 Total revenue 1,006 335 110 1,451 Operating expenses (525) (202) (70) (797) Operating EBITDA Operating EBITDA margin 380 42% 132 40% 30 30% 542 40% EBITDA EBITDA margin 481 48% 133 40% 40 36% 654 45% Segment presentation per business line (H1 2025)
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173 CHANGE IN BREAKDOWN OF SOLUTIONS PER BUSINESS LINE 1. Share of 2024 Group Operating Revenue under new reporting organization 2. Formerly Complementary Solutions 3. Electric Vehicle Benefits & Engagement Mobility Payments Solutions & New Markets2 Public Social Programs and Incentive & Rewards to be reported in Benefits & Engagement VAT Refund services Toll EV3 charging Fleet Maintenance Fuel / Alternative fuel Freight Payment Invoice-to-pay Point of Sales & Acquiring Meal & Food Gift Sport & Culture Commuting Digital Wallets Incentive & Reward Public Social Programs Incentive & Reward Public Social Programs Engagement3 Health Services – – + Childcare Financial wellbeing + Fleet Management Park & Wash Corporate expense Embedded finance 3%1 2024 Operating Revenue 69%1 23%1 8%1 Issuing, processing
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174 DISCLAIMER This presentation contains forward-looking statements regarding the prospects and growth strategies of Edenred and its subsidiaries (the “Group”). These statements include statements relating to the Group’s intentions, strategies, growth prospects, and trends in its results of operations, financial situation and liquidity. Although such statements are based on data, assumptions and estimates that the Group considers reasonable, they are subject to known and unknown risks and uncertainties and actual results could differ materially from those expressed or implied in such statements due to a variety of factors, including those discussed in the Group’s filings with the French Autorité des Marchés Financiers (AMF) which are available on the website of Edenred (www.edenred.com). Prospective information contained in this presentation is given only as of the date hereof. Other than as required by law, the Group expressly disclaims any obligation to update its forward-looking statements in light of new information or future developments. No information provided in the presentation constitutes or should be used or considered as an offer to sell or a solicitation of any offer to buy the securities or services of Edenred or any other issuer in any jurisdiction whatsoever. None of Edenred or any of its subsidiaries, advisors or representatives shall have any liability whatsoever for any loss howsoever arising from any use of this presentation or its content or otherwise arising in connection with this presentation.
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175 175 Appendix Speaker’ biographies
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176176 Bertrand Dumazy is a graduate of ESCP Business School and holds an MBA with distinction from Harvard Business School. He started his career in 1994 as a consultant with Bain & Company, first in Paris and later in Los Angeles. He then worked as an Investment Director of BC Partners in 1999. In 2002, he joined the Neopost group. Initially Chief Marketing and Strategy Officer, he was appointed Chairman and Chief Executive Officer (CEO) of Neopost France in 2005 and then Chief Financial Officer (CFO) for the Neopost Group in 2008. In 2011, he became President and CEO of Deutsch, a world leader in high performance connectors, a position he held until the group was acquired by TE Connectivity. In 2012, he joined Materis as Executive Vice-President then CEO and eventually President and CEO of the group, renamed Cromology. In October 2015, he was appointed Chairman and CEO of the Edenred Group. Bertrand Dumazy is also a Board member of Air Liquide, and Chairman of the ESCP Alumni Association. BERTRAND DUMAZY CHAIRMAN & CEO
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177177 A graduate of Toulouse Business School and holder of a DESCF (French diploma in accounting and finance), Virginie Duperat-Vergne began her career as an auditor at Arthur Andersen and then Ernst & Young. In 2007, she joined Canal+ where she was in charge of accounting standards, then Technip where she held various positions within the finance department for 7 years before becoming deputy CFO of the group. In 2017, she joined Gemalto as Chief Financial Officer. Since 2020, she has been Executive Board Member and CFO of Arcadis, an engineering and consulting firm based in Amsterdam and listed on Euronext. She thoroughly remodeled the finance function. Finally, under her leadership, Arcadis successfully made several acquisitions, thus redesigning the group's presence in its market. Virginie was also a member of the Board of Directors and Chair of the Audit Committee of EliorGroup between 2018 and 2024. She was appointed Chief Financial Officer (CFO) in 2025, joining the Group Executive Committee. VIRGINIE DUPERAT-VERGNE CHIEF FINANCIAL OFFICER
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178178 A graduate of HEC Paris, Constance Le Bouar started her career as a strategy consultant at Bain & Company France in 2008. In 2013, she joined ADP Group (Aéroports de Paris) where she took part in the development of travel retail activities, both internationally and in Paris airports, notably through a joint venture with Lagardère. In 2017, she became Strategy and M&A Director at Pernod Ricard in New York (USA) leading Go-to-Market transformation projects, as well as M&A to enrich product portfolio and strengthen competitive positioning. In 2021, Constance Le Bouar joined Edenred, as Strategy & Business Development Director for the Benefits & Engagement Business Line. In 2023, she was appointed Executive Vice President, Strategy, Marketing & Transformation, joining the Group Executive Committee. CONSTANCE LE BOUAR EXECUTIVE VICE PRESIDENT STRATEGY , MARKETING & TRANSFORMATION
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179179 Arnaud Erulin is a graduate of European Business School and has an MBA from ESCP Europe. He started his career with Ticket Restaurant® France in 1993. He then held various management positions and, in 2003, became Director of International Marketing and Corporate Communications for Accor Services. In 2004, he was appointed Managing Director of Accor Services, Hungary. In 2009, he took charge of the Group's Central Europe and Scandinavia region and joined the Executive Committee of Accor Services, which became Edenred in 2010. Between 2014 and 2016, he was also responsible for overseeing operating synergies with UTA. He was appointed Chief Operating Officer, Northern Europe, Central Europe, France and Belgium in 2016, Chief Operating Officer Europe in 2018, and Chief Operating Officer Europe, Middle-East and Africa (EMEA) in 2019. Arnaud was appointed Chief Operating Officer, Employee Benefits Solutions in 2022. ARNAUD ERULIN CHIEF OPERATING OFFICER, BENEFITS AND ENGAGEMENT
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180180 Diane Coliche is a graduate of ESSEC Business School and holds a master’s degree in business law from Panthéon-Assas University – Paris II. She began her career in 2000 as an investment banking analyst at Morgan Stanley, where she spent ten years between Paris and London advising clients on mergers & acquisitions and capital market transactions. In 2010, Diane joined the Casino Group as Director of Corporate Development and Mergers & Acquisitions, where she helped develop the Group’s business in Columbia and Uruguay. Diane became Chief Financial Officer of the Monoprix Group in 2017, before being appointed Chief Executive Officer in 2019. In this position until 2022, Diane led a deep transformation of the omnichannel strategy of various Monoprix brands (Monoprix, Naturalia, Sarenza), before joining Edenred in 2023. Diane Coliche has also been a Board Member of Rocher Participations (Yves Rocher Group) since 2019. DIANE COLICHE CHIEF OPERATING OFFICER MOBILITY
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181181 Damien Périllat started his career with GE Money in Europe and Asia and worked as a consultant in France for Eurogroup. In 2008, he joined PayPal where he spent nearly 12 years in various management positions, including Managing Director for Western Europe and Country Manager for France. In 2020, he joined Worldline as Senior Vice President to lead the Digital Commerce division dedicated to serving global e-commerce merchants. From 2022, Damien Périllat was the Chief Commercial Officer at Billie, a fast-growing European fintech providing a “Buy Now, Pay Later” solution for B2B commerce, where he led the go-to-market strategy and internationalization of the business. In 2024, he was appointed Chief Operating Officer, Payment Solutions & New Markets of Edenred, joining the Group Executive Committee. Damien Périllat holds an MBA from IESE and a degree from ESC Toulouse. DAMIEN PÉRILLAT CHIEF OPERATING OFFICER PAYMENT SOLUTIONS
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182182 Clément Le Chatelier is a graduate of École Centrale Paris with a Master of Science, specializing in process engineering and strategy. He began his career in 2005 as a consultant with Roland Berger Strategy Consultants in Paris. In 2008, he co-founded an online marketplace, where he led product and operations until 2012. He returned to Roland Berger in 2012 as Senior Project Manager in the Consumer Goods & Retail practice. In early 2017, he joined Edenred as Group Strategy Director. Since 2022, he has contributed to Product and Innovation, and in January 2024, was appointed Edenred Group Chief Product Officer. CLÉMENT LE CHATELIER GROUP CHIEF PRODUCT OFFICER