Press release

Finance 27 July 2020

First-half 2020 results

Edenred shows good resilience in the first half and a strong capacity to rebound thanks to its technological leadership.

Good resilience shown by the Group in the first half and a strong rebound in June, as lockdown measures were gradually lifted in Europe


  • Total revenue: €696 million, down 4.8% like-for-like and 10.4% as reported versus first half 2019
  • Operating revenue down 4.6% like-for-like, reflecting a 6.6% increase in the first quarter and a 15.4% decrease in the second quarter
    • Strong rebound in June: down 9% like-for-like after declines of 19% and 18% in April and May
  • EBITDA of €255 million, down 12.8% on an organic basis and 17.8% as reported
  • Free cash flow generation of €113 million versus a negative €13 million in first half 2019, reflecting a temporary extension of retention times for funds allocated to users, a consequence of the health crisis
  • Net profit, Group share of €100 million


2020 outlook

  • Continued gradual recovery in Europe and a still uncertain environment in the Americas region. The second half is expected to bring a return to year-on-year organic growth in operating revenue, on a monthly basis 
  • Confirmation of the €100 million cost savings plan for 2020 and the selective downward adjustment in intended capital expenditure for the year
  • 2020 EBITDA target of between €540 million and €610 million  
  • Net debt/EBITDA ratio target of under 2.8 at December 31, 2020


Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said: "Throughout the first half of 2020, Edenred demonstrated its ability to generate double-digit growth up to mid-March, then its resilience during the toughest period of the health crisis and finally its strong capacity to rebound following the gradual reopening of Europe’s economies. In this respect, the crisis has highlighted the robustness of our business model and the relevance of our specific-purpose payment solutions. Our agility and digital leadership have enabled us to develop new earmarked funds programs within very short timeframes, thereby helping to provide targeted stimulus to the economy. Edenred is better positioned than ever to help companies, merchants and public authorities transition into the world of tomorrow.


Edenred is a leading digital platform for services and payments and the everyday companion for people at work, connecting more than 52 million users and 2 million partner merchants in 45 countries via close to 1 million corporate clients.

Edenred offers specific-purpose payment solutions for food (such as meal benefits), incentives (such as gift cards, employee engagement platforms), mobility (such as multi-energy, maintenance, toll, parking and commuter solutions) and corporate payments (such as virtual cards). 

True to the Group’s purpose, “Enrich connections. For good.”, these solutions enhance users’ well-being and purchasing power. They improve companies’ attractiveness and efficiency, and vitalize the employment market and the local economy. They also foster access to healthier food, more environmentally friendly products and softer mobility.

Edenred’s 10,000 employees are committed to making the world of work a connected ecosystem that is safer, more efficient and more responsible every day. 
In 2022, thanks to its global technology assets, the Group managed some €38 billion in business volume, primarily carried out via mobile applications, online platforms and cards.

Edenred is listed on the Euronext Paris stock exchange and included in the following indices: CAC 40 ESG, CAC Next 20, CAC Large 60, Euronext 100, FTSE4Good and MSCI Europe.

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