2.1 Consolidated results

2.1.1 Introduction

Edenred, a unique intermediation platform, has demonstrated its resilience in the face of the health crisis and returned to growth in second-half 2020
  • Operating revenue of €1,423 million, down just 1.6% like-for-like from the previous year, with Europe up 1.3%.
  • Like-for-like growth in operating revenue of 1.1% in the second half of the year (+1.2% in the fourth quarter).
  • Total revenue of €1,465 million, down 2.0% like-for-like and 9.9% as reported, reflecting unfavourable currency effects.


Edenred recorded a solid financial performance despite the global situation and unfavourable currency effects, demonstrating its agility and the robustness of its business model
  • EBITDA of €580 million, down 4.6% like-for-like (-13.2% as reported) in 2020, in line with guidance (€550 million-€600 million) and up 2.5% like-for-like in the second half of the year
  • EBITDA margin maintained at 39.6%, down 1.1 points like-for-like for the full year and up 0.8 points for the second half.
  • Net profit, Group share of €238 million, down €74 million from the previous year, in line with the decrease in EBITDA.
  • Strong free cash flow generation of €640 million, driven by the rebound in business in the second half, careful cash management and longer retention time for user-allocated funds as a consequence of the health crisis.
  • Net debt/EBITDA ratio stable at 1.9x.
  • Proposed dividend: €0.75 per share, an increase of 7.1%.


Edenred was able to rebound in 2020 and prepare for 2021, by increasing its investments and leveraging its agility and its strong sales momentum
  • Faster digitalization of Employee Benefits in Europe (+9 points vs. 2019), driven notably by more widespread use of remote working.
  • Development of earmarked funds solutions to provide targeted support to sectors hard hit by the crisis, such as restaurants and tourism.
  • Launch and ramp-up of new offers (e.g., fleet maintenance in Brazil, Ticket Mobilité in France and Ticket Restaurant in the United States).
  • Acceleration of the Corporate Social Responsibility policy, with improvements in key indicators in the three areas: “People, Planet, Progress”.


Edenred has all the assets necessary – innovation, business excellence and targeted M&A firepower – to step up the pace and generate sustainable and profitable growth in a post-Covid world


  • Edenred is particularly well positioned to seize the opportunities created by a number of macro trends in the world of work, which have been accelerated by the health crisis:

    • a more connected, digital and mobile-first world,
    • amore remote-working world,
    • a world seeking socially and environmentally responsible solutions,
    • a world where B2B payments are increasingly automated and digital;
  • While the first half of 2021 is likely to still be impacted by health restrictions, weighing on the Group’s growth, the situation is expected to improve in the second half, supporting Edenred’s growth.

Despite the uncertain health situation, Edenred intends to achieve like-for-like EBITDA growth in 2021 of minimum 6%.

The consolidated financial statements[1] for 2020 were approved for publication by the Board of Directors on March 1, 2021.


[1] The audit has been completed and the auditors issued their opinion after having finalized the review of the management report and the due diligences on 2020 financial statements related to the ESEF electronic format.