Edenred Reports Steady Growth and Confirms 2026 Guidance

For the first nine months of 2026, Edenred achieved operating revenue of €2,027 million, reflecting a 1.1% increase as reported compared to the same period in 2025. Despite challenges from Meal & Food regulatory changes in Italy and Brazil, intrinsic growth stood at 7.6%. The third-quarter 2026 operating revenue remained stable at €667 million. Benefits & Engagement suffered a 2.9% decline due to regulatory impacts but saw a 6.9% intrinsic growth. Meanwhile, the Mobility division posted a 13.4% rise in revenue due to strong growth in fuel card sales and fleet management services.

Edenred reaffirms its full-year guidance for 2026, projecting an EBITDA decline between 7% and 10%, reflecting an adjustment for third-quarter transactions. The firm aims for a free cash flow/EBITDA conversion rate of at least 35% despite current economic conditions.