Edenred: Bad News, Brazilian Federal Court Validates Decree Application to Meal Voucher Issuers
The President of the Brazilian Federal Court has confirmed the applicability of the Presidential Decree of November 12, 2025, concerning the Worker's Food Program (PAT) to issuers of meal and food vouchers. This decision overturns the temporary suspension obtained by Edenred and eight other market players in January 2026.
Edenred was informed through the press about the decision of the President of the Brazilian Federal Court validating the applicability of the Presidential Decree published on November 12, 2025, regarding the regulatory changes to the meal and food voucher system in Brazil (PAT). The company had filed for an injunction on January 15, 2026, and obtained a suspension of the decree's application on January 20, 2026, along with eight other market players. The Brazilian government challenged this suspension by initiating an action in early February 2026 with the President of the Federal Court of Sao Paulo to request the cancellation of these interim decisions.
Preparations to Implement the Decree
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Edenred is preparing to implement the decree upon receiving its official notification, expected in the coming days. Edenred and the professional association ABBT reserve the right to appeal this decision. A substantive action has been initiated by Edenred, with a decision expected no earlier than the end of 2026.
Financial Impact and Outlook
The impact of implementing the decree starting February 2026 had already been incorporated into the EBITDA targets for 2026 communicated by Edenred on November 12, 2025, and confirmed on February 24, 2026: a decrease in EBITDA ranging from -8% to -12% on a comparable basis, corresponding to an intrinsic growth of +8% to +12%. Edenred also confirmed a Free-cash-flow / EBITDA conversion rate target for 2026 ? 35% (intrinsic conversion rate ? 65%). Thus, this court decision does not alter the guidance for 2026, 2027, and 2028. The meal and food voucher business in Brazil accounted for 10% of Edenred's global operational revenue in 2025.
SectorTickets restaurants›Services de traitement des transactions
Context
Period
Period: 3T 2025
Guidance from the release
Edenred confirme la solidité de son modèle économique et réaffirme ses objectifs 2025, visant au moins 10 % de croissance organique de l’EBITDA et un taux de conversion Free-cash-flow/EBITDA supérieur à 70 %.
Croissance organique accélérée au T3 2025 (+8,2 % chiffre d’affaires opérationnel) portée par toutes les lignes de métier, forte dynamique en Amérique latine et amélioration en Europe; Mobilité en croissance à deux chiffres; Solutions complémentaires en repli. Effets de change négatifs et impact réglementaire en Italie (plafonnement commissions) anticipés.
Risks mentioned
Impact négatif attendu de 60 millions d’euros d’EBITDA lié au plafonnement des commissions marchands en Italie
Effets de change défavorables (dépréciation des devises en Amérique latine, notamment réal brésilien et peso mexicain)
Environnement macroéconomique incertain pouvant affecter la consommation et la demande
Opportunities identified
Hausses des valeurs faciales des titres-restaurant dans plusieurs pays (ex. Belgique +25% à partir du 1er janvier 2026) soutenant la croissance organique
Partenariats stratégiques (Visa, Esso, grand distributeur de carburant) renforçant l’offre et l’accès au marché
Déploiement des solutions Beyond Food et Beyond Fuel et conquête du segment PME encore sous-pénétré
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