Edenred Reports Strong Growth in Q1 2024, Aided by Strategic Acquisitions and Digital Offerings

Edenred has reported a significant increase in revenue for the first quarter of 2024, with total revenue reaching €685 million, a 21.4% increase compared to the same period last year. This growth includes a strong performance across all geographical regions and business lines, particularly in the Benefits & Engagement and Mobility sectors. Such success stems partly from strategic acquisitions and the expansion of digital platform offerings.

The company's operating revenue stood at €625 million, marking an 18.8% rise from the first quarter of 2023. The increase is attributed to organic growth and recent strategic acquisitions like Reward Gateway and Spirii, which have broadened Edenred's service portfolio in digital employee engagement and electric vehicle (EV) charging solutions, respectively. Additionally, Edenred has solidified its market presence in Italy and Brazil through the acquisition of IP's energy card business and RB, a platform specializing in employee transport benefits.

Edenred's dedication to implementing its Beyond22-25 strategic plan appears to be paying dividends, allowing the company to capitalize on new growth opportunities and further penetrate its existing markets. The company remains confident in maintaining strong growth and has reaffirmed its financial targets for 2024, aiming for a like-for-like EBITDA growth of over 12% and a free cash flow to EBITDA conversion rate of over 70%.