Edenred Raises EBITDA 2026 Forecasts After Strong H1 Performance
On July 23, 2026, Edenred reported first-half results that exceeded expectations, with an intrinsic operational revenue growth of 8.0%. Despite the impact of regulatory changes on meal vouchers in Italy and Brazil, the group has raised its EBITDA forecasts for 2026 and confirmed a sustainable growth trajectory of 8% to 12% in comparable data for 2027-2028. This resilience to regulatory shocks reveals the strength of Edenred's business model and diversified portfolio, reassuring investors about the group's ability to navigate a transition year while preparing for a growth recovery.
8.0% Half-Year Growth Driven by Mobility and Diversified Portfolio
Edenred generated an intrinsic growth of its operational revenue by 8.0% in the first half of 2026, driven by strong commercial performance in the second quarter across all its solutions and geographical areas. The group notably recorded double-digit growth in its Mobility business, reflecting strong commercial dynamics. This expansion occurred in a context marked by major regulatory changes concerning meal vouchers in Brazil and Italy, which weighed on the results. The diversity of the portfolio and the extensive geographical presence allowed the group to maintain its trajectory despite these sectoral obstacles. The financial performance remains resilient: EBITDA shows only a limited decline despite the regulatory impact, while cash generation remains robust and debt reduction continues. This financial stability gives the group the latitude to allocate its capital towards growth investments and returns to shareholders.
Amplify 25-28 Plan: Investments in Data and AI
The group continues to successfully deploy its strategic Amplify 25-28 plan, based on investments in data and artificial intelligence, as well as efficiency measures and portfolio rationalization. These levers aim to boost the group's future performance. Bertrand Dumazy, CEO, emphasized that 'even in countries where regulations are evolving, we have recorded solid business volume growth, demonstrating the strength of Edenred's value proposition.' This resistance to regulatory changes illustrates the group's ability to preserve its volumes despite external constraints. The management's confidence in the strategic plan is reflected by the raised EBITDA outlook for 2026, a year the group describes as a 're-basing' due to these regulatory changes.
Return to Normal Growth in 2027-2028
Edenred anticipates a return to its trajectory of sustainable and profitable growth once the effects of the new regulatory frameworks are integrated. The group confirms its organic EBITDA growth outlook of 8% to 12% in comparable data for 2027 and 2028, reflecting its confidence in the continuation of its commercial momentum beyond 2026. This medium-term visibility offers investors clarity on the normalization of growth post-regulation.
