Peer group of listed companies



1.1.5 An attractive financial profile

Thanks to Edenred’s sustainable and profitable growth profile, the Group’s business model can combine the characteristics of a growth company with those of a group that has a solid financial position. Edenred enjoys major operating leverage, low capital intensity and a structurally cash-generative business model thanks to its negative working capital requirement, since a large proportion of Edenred solutions are prepaid.

Edenred’s financial model is set out in the diagram below:

  • total revenue, which came to €1.6 billion in 2021, is made up of operating revenue and other revenue.

The most relevant indicator for measuring the Group’s performance is operating revenue, part of which relates to the business volume managed by Edenred;

  • EBITDA corresponds to total income less operating expenses (excluding depreciation, amortization and provisions). It stood at €670 million for 2021;
  • EBIT corresponds to operating profit before other income and expenses, and includes:
  • operating EBIT, which corresponds to EBIT before other revenue,
  • other revenue.




(1) Some of the Fleet & Mobility Solutions and Complementary Solutions are pre-loaded and also generate issue volume.
(2) Complementary Solutions primarily comprise:

- Incentive & Rewards solutions, whose key indicator is generally issue volume;
- Public Social Programs, whose key indicator is generally issue volume;
- Corporate Payment Services.
(3) For example, maintenance and installation costs and periodic subscription fees.