2.1 Consolidated results

2.1.1 Introduction

Record earnings and growth in 2021

  • Record total revenue of €1,627 million, up 14% like-for-like (+11% as reported) versus 2020, in a year still impacted by the Covid-19 pandemic.

    • Operating revenue also up 14% like-for-like, with double-digit organic growth across all business lines and all regions;
    • Operating revenue up 11% like-for-like versus 2019 (pre-Covid).
  • Record EBITDA of €670 million, i.e., at the upper end of the announced target range, representing a rise of 18% like-for-like (+15% as reported) versus 2020.
    • EBITDA margin up 1.6 percentage points, back to its pre-Covid level (41.1%).
  • Net profit, Group share up 31% to an all-time high of €313 million.
  • Record cash flow generation, with FFO(1) of €556 million, up 20% like-for-like.
    • Decrease in the net debt/EBITDA ratio, to 1.2x (vs. 1.9x at end-2020), with net debt of €816 million.
  • Dividend of €0.90 per share proposed, up 20%(2).


A year full of product, technology and sales developments

  • Expansion of the multi-benefit offering in Employee Benefits, with the launch of Ticket SuperFlex in Brazil, for example.
  • Success of the Beyond Fuel offering, as notably seen with the rollout of fleet maintenance management solutions in Latin America.
  • Shift to fully digital solutions (paperless and plasticless) in nine countries, and launch of an in-app pay-at-table service (via QR code).
  • API connection to almost 200 meal delivery platforms in 23 countries worldwide.
  • Sales wins, notably with a 20% increase in new contracts signed in the SME segment.
  • Strong progress in ESG indicators in line with the targets of our 2022-2030 CSR policy, and issuance of a €400 million sustainability-linked convertible bond.


Edenred confirms its Next Frontier (2019-2022) plan targets for 2022

  • Building on its capacity to roll out new services and solutions on its global platform and expand its client base, Edenred intends to keep delivering sustained organic growth across all of its regions and all of its business lines.
  • Edenred should also benefit from economic tailwinds such as higher inflation, rising interest rates and lower unemployment.
  • As a result, for 2022, the Group is confirming the annual minimum targets set in its Next Frontier (2019-2022) plan:
    • like-for-like operating revenue growth of more than 8%;
    • like-for-like EBITDA growth of more than 10%;
    • free cash flow/EBITDA conversion rate of more than 65%(3).

The consolidated financial statements(4) for 2021 were approved for publication by the Board of Directors on February 21, 2022.


(1) Funds from operations before other income and expenses.
(2) To be proposed at the General Meeting scheduled for May 11, 2022.
(3) Based on constant regulations and methods.
(4) The audit has been completed and the auditors issued their opinion after having finalized the review of the Management Report and the due diligence procedures on the ESEF electronic format of the 2020 financial statements.