Edenred Aktie

Welcome to the Edenred Half Year Results 2026 Conference Call. [Operator Instructions] Now I will hand the conference over to the speaker, Bertrand Dumazy, CEO. Please go ahead.

Ladies and gentlemen, good morning. Thank you for being with us today for the H1 2026 Edenred results. I'm pleased to be with Virginie, who is the CFO of Edenred. And together, we will be explaining the H1 results for the next 75 minutes. What I propose is a presentation of about 35 minutes max, and then the remaining 40 minutes plus to answer any questions you may have. I propose that we move to Slide 3 of the deck. And in fact, I have 6 messages that I want to share with you today in this presentation.

Message #1 is 2026 is a reset year for Edenred due to the Meal & Food regulatory change in Italy and in Brazil. Nevertheless, we delivered a sustained commercial performance in Q2, leading to an 8% operating revenue intrinsic growth in H1 2026. Furthermore, Edenred posts a resilient financial performance, demonstrating the strength of Edenred business model. My message #4 is with better-than-expected results in H1 2026, Edenred is able to raise its guidance for the full year 2026. The previous guidance was an EBITDA like-for-like growth between minus 8% and minus 12% for the year 2026, and we are now upgrading this guidance to minus 7%, minus 10%, which is an equivalent in EBITDA of EUR 1.230 billion and EUR 1.270 billion. And we confirm our free cash flow on EBITDA conversion rate of 35% for the full year 2026.

If we are moving to the Page 5, my message #5 is in the first part of the year, Edenred continues to execute its Amplify strategic plan as evidenced by attract, i.e., the ability to grab more users, enrich the ability to generate more revenue per user. And finally, I'll make a point on data and AI because Edenred is and will be the winner of the data and AI revolution. Finally, thanks to these results of H1 2026 and thanks to all the investments that we are doing and the visibility we have, we are happy to confirm the sustainable and profitable growth trajectory for 2027 and 2028, which is an outlook of EBITDA like-for-like growth of between plus 8% and plus 12% in 2027 and 2028 and a free cash flow on EBITDA conversion rate of at least 65%. Those are the 6 messages that now I will go into more details.

If we move to Page 7 of the presentation, I would like to start with a showcase on the benefits of being able to deploy fast some earmarked funded solution. As you know, there was a G7 in France and Edenred was the partner of the government on those events. And basically, what we did is we deployed 2,300 meal card for the G7. We have been able to do that in 2 months from the concept to the deployment, and we have been able to put in place a qualified network of 500 merchants.

What does it demonstrate the ability of Edenred to develop fast some earmarked funds capabilities. Then the second thing that it demonstrates is, is it useful? Is it useful to operate in a closed-loop system with some filtering capabilities -- the showcase of the G7 demonstrates once again the benefits of such solution. First of all, 70% of the loaded funds have been spent in local restaurants, i.e., it demonstrates our ability to earmark the funds and to make sure that the funds are spent where they need to be spent. The second data that I found very interesting is the users, they are briefed. The money is for their lunch and dinner, but still 27% of the transactions, the users are trying to spend the money somewhere else. And thanks to our open -- closed-loop system and filtering system, we are able, in fact, to stop and to reject the transaction when the money is not used, where it should be used. So it is another demonstration of our high filtering capabilities and the ability to generate value for everybody and especially for the merchant network.

Let's go now into our operating revenue growth and performance in H1 2026, and I propose that we move to Page 9. What do you see Page 9 is, in fact, first of all, our operating revenue like-for-like growth. And I would like that we spend a few seconds on what we call the intrinsic growth, i.e., the growth of Edenred excluding the resetting in 2026 due to the Meal & Food regulation in Italy and Brazil, which I repeat, represent 20% of our revenue. What you see is in 2025, this intrinsic growth was 8.3%. And what you see in H1 2026, this intrinsic growth is 8% with plus 8.2% in Q1 and 7.9% growth in Q2.

What does it mean? It means that the underlying trends of Edenred are very vivid. And as you know, due to the Meal & Food regulation, the operating revenue like-for-like growth, which is not the intrinsic growth, in fact, has been growing at 1.5% in H1. The difference between 1.5% and 8% is due, first of all, to the Italian Meal & Food regulatory impact, which is in line with our expectations in H1 2026, and we will have the last residual impact in July and August 2026, the last 2 months of, in fact, this regulation resetting impact. The second thing to explain the delta is the Brazilian Meal & Food regulatory impact stronger in Q2 than in Q1 because we had 3 months impact in Q2 2026 versus 1 month in Q1 2026. So I'm very pleased by the intrinsic growth of Edenred and very pleased by the fact that slowly but surely, we follow up the change of regulation.

When we move to Page 10, now you have the breakdown per business line and per geographical zone or, let's say, geography. My first comment is the fact that the operating revenue is growing at 1.5% like-for-like. But then when we go into detail and we go into the business line or the geographies that are not impacted by this resetting of regulation, you see double-digit growth. Mobility, plus 11% and in rest of the world, plus almost 11% as well, strong, healthy double-digit growth. And then in the business lines and the countries that are impacted by the one-off resetting, basically, you see a growth of Benefits & Engagement, a negative growth of minus 2.2% of the growth in Europe and Latin America impacted by Italy and Brazil, Europe, plus 0.4% and Latin America, plus 0.8%. So this 1.5% operating revenue growth like-for-like in H1 2026 is sustained, thanks to our large portfolio of solution, the double-digit growth in mobility, for example, a broad geographical mix and also the good growth of our Beyond activities that are growing faster than the core as expected in the Amplify plan.

I propose that we move to Page 11, i.e., the bridge between the total revenue growth and the EBITDA growth, growing at 1.5% is leading to a negative growth of EBITDA at minus 4.6%, which is a decrease. That is, in fact, lower than expected. The total EBITDA is made of our operating EBITDA and the other revenue. The other revenue is growing at plus 1.2%. Virginie later will explain, but a few elements. Our BV is growing well, our float is growing well and the interest rates are going down, but going down less than expected. That's why we reached a better performance than expected in our other revenue in H1 2026.

I propose now that we move to the business highlights of Edenred in H1, Page 13. I'm sure you remember our Amplify strategic plan, which is based on a very simple equation, more users times more revenue per user. More users, let's start with, in fact, the driver #1, which is attract, i.e., attract more new users and more new clients within the Edenred family on markets that are growing markets and vastly underpenetrated market. What did we achieve in H1? First of all, we have a strong commercial traction in SME segment. Indeed, our new SME clients signed in H1 2026, both in B&E and mobility has been growing by more than 10%.

How did we achieve that? two main drivers. The first one is in the context of inflationary environment, we launched dedicated marketing campaign to push the attractiveness of Edenred solution and benefits when there is inflation, you need purchasing power, and we have a flexible digital state-of-the-art solutions for you. And in the context of rising fuel prices, you need to better control what's going on or to accelerate your EV revolution. And obviously, at Edenred, we have some solution for your, Mr. client.

The second thing we did is to leverage, in fact, the new capabilities generated by the LLMs and to help us generating more leads, thanks notably to the GEO / GEA. So the revolution from SEA / SEO to GEO / GEA is on its way at Edenred. And in fact, when we look at this commercial traction, even in the country that are under Meal & Food regulatory change, in fact, the underlying trends are growing fast. So if we take a zoom on Italy and Brazil, in fact, in Mobility, we are growing at more than double digits in business volume in H1 2026. And more interestingly, the business volume in B&E growth like-for-like in H1 is at 7%.

So a very robust and healthy commercial traction in H1 2026, which is, in fact, the contributor to the attract pillar, i.e., more users.

If we are moving to the second pillar of the equation, which is more revenue per user. More revenue per user is driven by our innovation, i.e., the ability to propose more services totally integrated on our digital platform. The example we took here is the acquisition of TMH, The Mobility House in Germany. We bought this company and what does it give to us? First of all, we increased by more than 15 our depot and home charging points in Germany and Austria, i.e., a stronger coverage of one of the leading country in the EV transition. The second thing this acquisition brings to our portfolio is new capabilities. First of all, thanks to the expertise of TMH, we are now able to propose turnkey solutions, i.e., a B2B client who has a fleet of vehicles, 100% fuel, wants to move part of the fleet into EV vehicles. And what they need, first of all, is some engineering capabilities for the design, the installation of their infrastructure to recharge. We are now able to do that. In partnership, we do the engineering part.

Then TMH is reinforcing our maintenance capabilities of the charging point. Even more important, what TMH is bringing to the table is the energy management. What does it mean? I have 10 vehicles, 10 charging points. I need to recharge at the same point. Maybe the capacities from an electrical point of view are not enough, and you need to be able to balance, in fact, the charge from one point to another, which is a key element for the fleet manager. Thanks to ChargePilot, we are now able to do that. So to make a long story short, with the acquisition of TMH in the EV revolution, we have now a very well positioned end-to-end value proposition that has been reinforced at work, on depot, on road and at home. So a concrete example of our -- of the deployment of Amplify on enrich, i.e., more value per user.

Now if we move to another element, which is data and AI, Page 15. And you have here a very concrete example of what Edenred is putting in place. First of all, we do everything to make sure that Edenred is and will be the AI winner. To be able to do that, we use AI for personal efficiency, but also to redesign our processes to be able to be stronger, faster and at a lower cost. What does it mean? Let's take the lead to order process for the SME acquisition.

Today, we looked very carefully at the lead to order process. It's about 60 tasks with limited automation. Can we do differently, thanks to the AI? Absolutely. So we redesigned the entire process with, in fact, let's say, 2 series of agents that are able to automatize a good part of the process. The name of the game is very simple. We want to be faster, and we want to be more efficient. So by redesigning the process, integrating AI agent, we are aiming at improving by 20 points our conversion rate and reduce the customer acquisition cost by 30%. Thank you for your attention. It's now time to go more into the details of our financial performance under the leadership of our CFO, Virginie.

Thank you, Bertrand, and good morning, everyone. Let me take you through Edenred H1 2026 detailed financial performance. Our results came ahead of expectations, and this demonstrates the strength of our business model, the benefits of our diversified portfolio and our ability to keep delivering sustained growth despite a significant regulatory reset. So if we look now to our total revenue, total revenue for H1 amounted to EUR 1.5 billion, reflecting a plus 1.5% like-for-like growth. The foreign exchange impact on our H1 operating revenue was a positive plus 0.2% combined with a non-material negative scope effect of minus 0.2%. And all in all, this resulted in a nice published growth of plus 1.5% for the first half of 2026. Overall, it confirms that Edenred continues to deliver sustained growth even after absorbing meaningful regulatory impact in Italy and in Brazil.

Now moving to next slide. The breadth of our portfolio remains a key strength. In the Mobility business line, accounting for 28% of Edenred business, operating revenue came to EUR 373 million in the first half of 2026, up 11.2% like-for-like versus the first half of 2025. This continued double-digit performance over the quarter confirms the relevance of Edenred's Mobility offering despite an uncertain environment. Growth was driven by strong commercial momentum, marginally helped by a limited fuel price tailwind in Q2 2026. In Latin America, we delivered a double-digit growth, notably thanks to the attractiveness of our Beyond Fuel solutions such as toll, maintenance, and freight payment, which grew double digits, underlining the breadth of our offer. In Europe, we recorded a double-digit growth in Germany and a high single-digit growth in Southern Europe. Also worth mentioning the double-digit growth of our EV offers that will further reinforce with the acquisition of Payment Solutions that Bertrand presented earlier. Overall, Mobility continues to demonstrate its resilience and capacity to capture structural growth drivers.

In Benefits & Engagement now, accounting for 65% of Edenred's total operating revenue, we delivered EUR 887 million in first half of 2026, down 2.2% like-for-like versus H1 2025. Adjusted from the regulatory impact in Brazil and Italy, operating revenue grew 7.4% like-for-like. This mainly reflects the robust growth in Southern Europe, like Portugal or Greece, the continued momentum in France and good business volume growth in Brazil. In Beyond Fuel, we registered double-digit growth, notably in Italy with Ticket Shopping and Welfare and in Germany with Ticket City.

In Payment Solutions & New Markets, 7% of Edenred total operating revenue, operating revenue came to EUR 100 million in the first half of 2026, 3.6% like-for-like versus the first half of 2025. The business line delivered strong double-digit growth in our Digital Wallet offering in Taiwan, while the Middle East conflict hampered growth in UAE in the second quarter. In addition, we saw some side effects from the exit of Banking as a Service B2C business.

Moving now to geographical areas. You observe once again a balanced increase in growth between business geographies. In Europe, up 0.4% like-for-like. The performance benefited from a good momentum in Germany, both in Benefits & Engagement and Mobility as well as a high single growth in Southern Europe. Worth to mention the success in Beyond Fuel offer, not only in EV but also in VAT recovery with an acceleration of Edenred Finance in Q2 versus Q1. Adjusted from the impact of the regulatory change in Italy, operating revenue rose by 5.9% like-for-like. Latin America was up 0.8% like-for-like versus the same period in 2025. This was driven by the double-digit growth of mobility, notably by the success of our Beyond Fuel offer, maintenance, store and freight payment.

In Benefits & Engagement, the region posted a sustained growth supported by the solid sales dynamics in Brazil, which contributed to double-digit increase growth in the country. However, this good performance has been offset by a high comparison basis for public social program in Chile and the impact of the implementation of the Brazilian decree late February and then mid-May in Brazil. Adjusted from the Brazilian regulatory impact, Latin America operating revenue grew 11.6% like-for-like. Now in the Rest of the World, which was up 10.6% on a like-for-like basis, the double-digit growth was supported by solid sales performance in Japan, Taiwan and Turkey, offsetting Middle East lower contribution.

Moving now to other revenue which was up 1.2% like-for-like in H1 2026 versus H1 2025. This good performance reflects the higher average volume in float driven by benefits and engagement performance combined to a slower-than-expected interest rate decrease due to the challenging geopolitical context. This has been partly offset by the Brazilian regulatory change and the ongoing BaaS B2C exit. Taking into account H1 performance and sustained interest rate expectations for the second half of the year, we now expect full year 2026 other revenue to reach around EUR 210 million.

Now let's move to the rest of the P&L. Operating EBITDA was EUR 503 million, down minus 5.9% like-for-like, which resulted in an operating EBITDA margin of 47%. EBITDA amounted to EUR 616 million, down 4.6% like-for-like, ahead of our expectation. The decline mainly reflects the impact of regulatory change in Italy and Brazil combined with the deliberate acceleration of strategic investments in data and AI notably such as the redesign of lead-to-order process in maintenance in Brazil as described earlier by Bertrand. In addition, we are also investing in efficiency initiatives such as platform convergence or the standardization of support functions [indiscernible] to profitable growth in '27 and '28. Moving down the P&L, adjusted EPS stood at EUR 1.09, down 6.2% year-on-year broadly in line with the reported EBITDA decline.

Higher level of depreciation, consistent with the start of amortization of our new platforms recently implemented such as Edenred+ in Europe or Ticket Car Plus Mobility in Latam, was partly offset by a lower tax rate, reflecting our current geographic mix and the H1 '25 negative one-off in the positive impact of our ongoing share buyback program. Overall, adjusted EPS sustained by ongoing share buyback program remains context of the regulatory reset and continued investment efforts.

Turning to cash flow on the next slide. Free cash flow was a negative EUR 154 million in H1, reflecting the usual seasonality pattern of our business in the first half, and notably the decrease in [ float versus CRM ]. The underlying cash generation remains solid, with free funds from operation at EUR 432 million, and CapEx well under control 6.7% of total revenue well within our 6% to 8% range. In terms of working capital, negative impact of the regulatory change in Brazil was largely offset by higher flow in Italy coming from the increase in payment delay to merchants and the improved working capital. On that basis, we confirm our objective of at least 35% free cash flow to EBITDA conversion rate for full year 2026.

Next slide, you can see how we illustrate the continued deleveraging of the group. Net debt decreased by around EUR 0.6 billion year-on-year. And this improvement was supported by strong cash generation while we continue to return capital to share and pursue targeted acquisitions. This continued deleveraging gives us significant flexibility to allocate capital dynamically between growth investments, selective M&A and shareholder returns.

Our financial position remain robust. We end H1 with EUR 4.9 billion in cash and restricted funds on the balance sheet, a well-spread debt maturity profile, no financial covenants and a new fully undrawn EUR 900 million revolving credit facility maturing in 2031. Our cost of debt was 3.4%, broadly stable versus year-end 2025 and S&P affirmed our A- rating with a stable outlook earlier in July. This confirms the strength of our balance sheet and the confidence of debt investors in Edenred's financial profile.

On the next slide, we wanted to make a status on the ongoing portfolio rationalization at Edenred. Indeed, part of our strategy is the continuous optimization of our portfolio. Over the past 18 months, we've taken decisive actions to optimize our portfolio of activities and we focus the group on activities offering the best strategic fit growth prospects and profitability potential. This includes the ongoing withdrawal from BaaS B2C operations, the disposal of Edenred Global Rewards encompassing our incentive business in Asia as well as the nearly completed exit from our African food activities. These actions illustrate our disciplined approach to capital allocation and portfolio management and at the same time, enable us to redirect capital resources and management attention towards our core platforms and highest return opportunities. And with this, I thank you for your attention, and I now hand you back to Bertrand for the 2026 outlook.

Thank you very much, Virginie. I propose that we move to Page 28 to conclude before answering any questions you may have. So yes, Edenred is well positioned for sustainable and profitable growth from '27 onwards. First of all, in H1 2026, we sustained commercial traction irrespective of Meal & Food regulatory change. Secondly, yes, Edenred continues to execute its Amplify strategic plan to grow its number of users while generating more revenue per user.

Third, in the meantime, we invest in data, in AI and efficiency measures combined with further portfolio rationalization, as explained by Virginie, and all those things are set to enhance our operating performance. Therefore, following the 2026 Meal & Food regulatory reset, we are able to confirm the resume of sustainable and profitable growth from 2027 onwards. At the same time, our continued deleveraging leaves room for dynamic capital allocation focused on growth investments, organic and M&A, but also -- and also shareholder return.

Page 29, yes, better-than-expected H1 results is leading us to a full year 2026 guidance that is upgraded, moving from minus 8%, minus 12% to minus 7%, minus 10%, which means in EUR 1.230 billion and EUR 1.270 billion, and we confirm as well our conversion rate of free cash flow on EBITDA at least 35%. Finally, and more importantly, beyond the 2026 rebasing year, Edenred will resume this sustainable and profitable growth trajectory from '27 onwards, which means an outlook of EBITDA like-for-like growth in 2027 of plus 8%, plus 12% in 2028, plus 8%, plus 12% as well and the free cash flow on EBITDA conversion rate that will be at least of 65%. Thank you for your attention. And Virginie and myself are now all yours to answer any questions you may have.

[Operator Instructions] the next question comes from Julien Richer from Kepler.

Two questions for me. excluding regulation, the H1 operating revenue was up 8%, broadly in line with last year. Could you please bridge this by component: what is coming from new users, face value, upsell, cross-selling, et cetera? And when looking into H2, should we model a similar intrinsic growth rate than to H1? Or is there any tailwinds or headwinds that will change that?

Second question on Brazil, how are business volumes, client wins, merchant acceptance evolving post the second leg regulation that has been implemented mid-May?

Okay. Julien, thank you for your questions. So first of all, the increasing growth in H1, in fact, when you look at the drivers of growth, they are in line with, in fact, what we shared during the Capital Market Day, i.e., the driver #1 is attract, i.e., more users, which represent, let's say, about 50% of the growth. Once again, we are vastly underpenetrated market and our SME acquisition and middle market acquisition machine is running full blast. And so as I said, 50% of that growth is coming from the acquisition.

Then the second thing, which is more revenue per user, i.e., the attract part and the enrich part. In fact, it's the remaining 50%. So Enrich Activate, sorry, and Enrich, which is, in fact, the cross-selling and the upselling is going as planned, i.e., it represents about 40% of the growth in H1, and it is driven by 2 things. The first one is the face value increase. And you remember, we shared the fact that in many countries, you have a positive face value increase. So let's talk about Japan. We can talk about Romania. We can talk about Bulgaria. You remember about Italy, you remember about Belgium. So the face value increase is one of the contributor of this driver, which is Enrich.

And in fact, the second contributor is our ability to propose additional services and to cross-sell them. And in fact, what is very interesting in the H1 performance is the cross-selling and so the beyond is growing more than the core once again, which is a proof that we are able to bundle more and more, which is a proof that all the investments we are making in the convergence of our platform to be able to propose an integrated app for our users is working well in terms of cross-selling and so more value per user. So that's how the growth equation has played in 2026 H1, i.e., as planned versus what we shared with you in October 2025.

Are we going to have a similar pattern in terms of drivers of growth in H2? Most probably. So it's going to be the same combination of more users, so attract 50% of the growth and enrich about 40% the machine in terms of cross-selling and farming better will continue. Then you had a second question about Brazil. But in fact, where do we -- could you rephrase in fact, your question as to the Brazilian merchants update?

Yes. Just wondering post the second leg regulation that happened mid-May, what do you see in terms of the competitive environment in the country, the merchant acceptance network evolving potentially, client wins, the penetration, et cetera? Have you seen any specific changes?

Yes. Okay. So as you rightly said, there was a second part of the new regulation in Brazil that was about the opening of our arrangement to some acquirers, so let's say, the open loop. In fact, what we see is the following thing. We are compliant with the regulation, i.e., the technical documentation, commercial documentation, everything is ready. But in fact, it takes more time than expected for some acquirers to get connected to our arrangement. And in fact, it's what we shared before, when we see that happening in the banking industry, it took much more than a few months for, let's say, potential players to get connected.

So today, the implementation is according to our plan, i.e., it takes much more time than a presidential decree to make it happen. What does it mean from a competitive point of view? As of today, we didn't see any major change in, let's say, the competitive environment and its dynamic.

The next question comes from Pravin Gondhale, from Barclays.

Firstly, on the full year guidance. I mean, given the H1 top line EBITDA performance strength, the guidance upgrade appears a bit conservative given the bid versus consensus. Could you please explain what is holding you back? Is it the regulatory evolution in Brazil, given we had less than two months of open loop? So we are a bit early there and you want to see how that evolves or anything else? And related to that, has the Brazil regulatory impact so far in line with your expectations, similar to what you suggested for Italy?

Okay. Thank you for your question. So as to the first one, is it conservative? I will say 2 things. First of all, if you look at the bottom range in absolute value, the bottom range of the new guidance is the consensus. It's your consensus. So I don't know if you are conservative or we are conservative. But the range we just gave in absolute numbers is the bottom is at your consensus. The second thing is, as you know, at Edenred, we love being in the first part of the range, let's say, the upper range versus the bottom range.

Finally, as you also know, we have 6 months to go. The second part of the year is also the year of, let's say, the part of the gifting campaign. We are well prepared, but it still needs to be done. So to make a long story short, we are pleased by the upgrading of the guidance. thanks to the good first semester, and we will do everything we can to be in the upper range of that guidance. Your second question was about the Brazilian impact.

Was it in line with what we expected? More or less, yes. But I have to say that things went better on the renegotiation part. As you know, when you have a new regulation, it's a new, in fact, balance to be found between what is paid by the merchants, but also what is paid by the clients. So when you have less from the merchants, it means that the employers have to pay more. And we started the vast majority of our renegotiation campaign in Q2. And I have to say that things went better than expected. So to make a long story short, the Brazilian negative impact, mainly thanks to the renegotiation went better than expected, which is very good, in fact, for the years to come.

The next question comes from Estelle Weingrod from JPM.

I've got two questions as well. I mean the first one on Brazil, it's a similar question than previously, but phrased a bit differently. I mean the adverse impact seems to be more gradual than initially anticipated. As you just mentioned, it's taking more time. And some of us were worried that the better Q2 could have an impact just being pushed back into next year, which is not the case as you confirm '27 guidance. So again, did you just guide maybe a bit conservatively? Or have you just been nicely surprised about something like you just said, a renegotiation campaign?

And another one on Benefits & Engagement. You mentioned a healthy momentum overall driven by Germany and Southern Europe and France a little bit. Can you just provide a bit more color on what you're seeing in France in terms of I know sentiment and what's happening among corporates and so on?

Estelle, thank you for your question. So yes, as you said, it's the same question with different words. Let me try to answer with different words. So the implementation of the regulation takes, let's say, longer than some people imagined in terms of open loop. And at the same time, the renegotiation, which is in our hands, went better than expected. So there is the combination of those two elements. Then what does it mean for the second part of the year? It means that we are able to upgrade our guidance. What does it mean for 2027 and 2028, Maybe, but life is full of good surprises, especially with Edenred. Maybe there will be, let's say, a higher impact in 2027, but we have many other things to compensate for those impacts. due to the resilience of our model and due to the fact that we are in many different geographies and due to the fact as well that even if the unit economics can produce less, but the units in itself, what we call, in fact, the business volume, we still have a lot of traction behind that.

So to make a long story short, maybe it will be pushed further, but we have many other things to compensate. That's why we are happy to confirm the plus 8%, plus 12%. As to B&E and the healthy momentum, what is the sentiment in France? In fact, the dynamic in France is the following one. First of all, you see a rise of the unemployment, i.e., when we look at our portfolio, we serve slightly less people today than we were serving last year because the unemployment rate has increased in France. So it's a negative trend. But the good things that we are seeing in France is, first of all, as you remember, our activity as to the workers' council is cyclical in the sense that when we have election coming, we see a rise. And basically, we started seeing the rise, and we know that -- we already know that 2027 is going to be a good year, thanks to, let's say, the structure of our offer.

So as to the Beyond, things are going well on workers' council. And the other thing as well where we are very pleased is we redesigned, in fact, our offer in CESU, and we have a super good traction. It's the same product, but completely redesigned, completely integrated into our new platform, Edenred+. And so we see the cross-selling, in fact, skyrocketing.

So to make a long story short, the portfolio of the current clients are shrinking a little bit. The churn is well under control. The new sales is working well and the Beyond is tracking well because we have a large, in fact, portfolio of offers, and we are much more integrated today than we were, in fact, yesterday. You know that in France, it's the first country where we deploy our new platform, Edenred+. And I'm also pleased to share with you that by June 30, all our clients are in the tube of the upgrade to Edenred+. They are not 100% now using Edenred+, but they are all in the upgrade and migration process. So very soon, we will get the benefits from a cost point of view, but also we will get the benefits from an upselling and cross-selling point of view.

The next question comes from Justin Forsythe from UBS.

Two from my side. First one, I just wanted to, Virginie, rewalk through the EBITDA guidance range, if you don't mind. I understand that Bertrand's comments around wanting to end up at the higher with a more conservative end over time. But if we could just walk through the components there because you have an other income raise of, I think, EUR 15 million relative to the EUR 195 million that you had guided to previously, some of the changing around Brazil expectations as well as fuel benefit. And so if we just go off the midpoint, I think that's about a EUR 20 million increase to the guide, again, at the midpoint. Maybe you could just parse through whether there's any intrinsic strength flowing through there at the midpoint or if it's all related to other income, Brazil expectations and perhaps fuel?

And maybe you could just briefly touch on the fuel impact as well. And then, Bertrand, just wanted to comment on the commercial strength, specifically in Brazil on an intrinsic basis. I may have missed it. I don't think you commented you gave the BV growth on a like-for-like basis overall at 7% for 1H. We've heard a lot from the newcomers in terms of their growth over the last year, whether it's iFood, as an example, doing a pretty sizable growth number in Brazil. I mean to me, it seems like everybody appears to be growing in the market. Is that just a signal of the strength in the Brazil market? And if so, could you maybe elaborate on some of the dynamics there?

Okay. Justin, thank you for your question. I start with the second one. And so -- and then Virginie will take the first two ones. So yes, there's a good dynamic in terms of business volume on the Brazilian market for many reasons. First of all, the Brazilian economy is growing. The second thing is you have inflation in the Brazilian economy. And so you have many workers who are not equipped yet with those programs. We value, in fact, the addressable market at 40 million employees. And today, you have only 20 million of them that are, in fact, equipped with a Meal & Food Solution. So in fact, it's a healthy market. It's still an unpenetrated market. So there is growth and there is growth for many players. That's why we have a healthy BV growth in Brazil. And I'm not surprised that some of our competitors are leveraging that growth as well.

Thanks, Bertrand. In terms of EBITDA and how we see the rest of the year. So number one, we have delivered EUR 660 million. And generally our second part of the year is a bit heavier than the first part is. Remember that this year, we will get 6 months of impact of Brazil in the second part of the year, while we only had half of that in the H1. So that changes a little bit. The usual balance and the usual pattern that we can have within the 2 semesters. So that's the first element to take into account. On the other side, what we are doing, yes, as Bertrand mentioned earlier probably a bit more progressive impact in terms of open loop.

So yes, you have some open loop impact which was, let's say, anticipated on our side to be more on the second part of the year, we still keep that element in terms of this computation In addition to that, we have a strong traction that we anticipated in Mobility. We have seen that in H1. We still see that as a pattern in H2, that will definitely contribute. You can also have a bit of good or bad surprise on that side. Knowing that, we know that we can be positioned potentially in the higher pace of the range.

And then when it goes to other revenues it's a combination of, yes, the Brazilian impact. On that one, I would also remind that the part is coming from the Brazil we always guide in terms of absolute value. This is what we see as of today based on the FX exchange rate that we have at the moment. Elections are also coming in the second part of the year, and you could see, as we've seen the last 2 years, quite a strong volatility in FX impact in the Brazilian real. Let's say, if you go back the last 2 years, you will get November and December that can be drastically down. So that's also an element that I keep in mind viewing the brackets we put on the table. Finally, in terms of fuel price, the fuel price has been a little bit of a tailwind in Q2. That remains relatively limited.

Number one, we worked a lot to desensitize more or less the business from the fuel price over the year than in the good moments it plays a bit less than also as it does in the bad moments. That's what it means to us. And then obviously there is an [indiscernible]. And finally, we've seen when you look to rest of the world, you know that we grow nicely 10%, but we've been growing also quite a stronger pattern before. All our business are really going well. But Middle East has been starting to suffer from the impact of the conflict in Q2. It's still growing, but not impact. It's not growing as fast and as strongly as it was before. And depending on what's going to happen in the second part of the year, that's also an element that we keep in mind.

But maybe, Virginie, on the fuel price, first of all, why are we less sensitive year after year to fuel price increase is, first of all, the proportion of Beyond is growing and none of our Beyond services is linked to fuel prices. And you remember, Beyond represent more than 30% of the total revenue of the mobility part. The second thing is you have a difference between the pump price and the Brent and it depends per country. So for example, in France, what you saw at the pump, in fact, was much less an increase than the Brent price because some measures were taken by the French government, but it's true everywhere in Europe. But to make a long story short, was it a positive driver in 2026? H1 net, the answer is yes. If you exclude the net fuel price impact from the performance of Mobility, the Mobility is still growing at double digit.

Got it. No, that's really helpful. And I think, Virginia, yes, the point I was trying to get at is, is there upside if intrinsic growth is stronger in 2H, if we're just mostly layering in some of the impacts. But I think you covered it pretty well. Really appreciate that.

The next question comes from Josh Levin from Autonomous Research.

I have two questions. One, Bertrand, you said that following open loop in Brazil, renegotiations have been better than expected. Could you provide more detail there? What specific metrics have you been looking at that tell you that renegotiations are better than expected?

And then the second question is on cash flow. Virginie, I know your predecessor, Julien, had talked about how in late 2023, Edenred locked up some of the European float in 2-, 3- and 4-year term deposits. Now we're in 2H '26. Does that mean that some of these term deposits start to roll off? And how might that affect cash flow?

Joshua, thank you for your question. So renegotiation better than expected. How do we measure that? In fact, we have the portfolio of our clients. We look at the level of take-up rate we have with those clients before the implementation of the new regulation. We set a plan, i.e., how many clients do we visit and what is the objective we have to negotiate with them new take-up rates due to the fact that we are going to get less from, in fact, the merchants. And it's exactly the same process as what we did in Italy, and we call that the rebalancing. So we set some objectives in terms of speed, in terms of volume and in terms of take-up rate.

And basically, what we -- versus our objectives we did better than expected, i.e., the market, which is a growing market is accepting better than expected the rebalancing between the merchants and the employers. At the same time, we are looking carefully at the churn rate to make sure that it's under control. And when I look at all those indicators, I'm able to say that we did better than what we expected in our initial plan.

Virginie for the cash flow?

Yes. On the cash flow, Josh, in fact, these investments that we have in assets are still, in fact, in motion as we speak today, and they won't be expiring before the end of the next 2 to 3 years. So it was a midterm [ deposit ] and then that's 4 to 5 years [ deposit ]. And since then, the rates mid- to long-term renewals has been increasing. So in fact, we do not expect really any difficult effect or anything like this when they expire.

The next question comes from Kate Xiao from BoFA.

My two questions are around the SME growth and efficiency that you've highlighted in the release. Thanks for sharing that color. Can you explain a little bit to us in which countries have you seen better traction in terms of SME penetration? What is the SME mix in your business today? And do you see better economics or margin profile in this business compared to your current portfolio? And secondly, obviously, you mentioned before that you have been approached by investment funds. I just wonder whether this SME growth and penetration is also a key focus area of your discussions with them?

Okay. Thank you for your questions. So I start with the second one. Have we been approached? The answer is yes and for very good reasons. If you look at the cash flow of Edenred and the value of the equity, you take the cash flow, you multiply now by 6, which is to have the value of the equity. It's very rare to have such a ratio. So obviously, many investors are interested in better understanding, in fact, the intrinsic growth of Edenred and the growth potential for the future.

So did we have some conversation with many people who were interested? The answer is yes. Is it to a point where we entered into SME growth? The answer is no. We don't have as of today. And as we said, when there was this rumor, we don't have any material proof of interest of investing into Edenred. Having said that, is the SME and middle market growth a key driver for Edenred? Yes, and it has been the case, in fact, for many years.

Why? First of all, the level of penetration on SME and middle market is, in fact, lower than on the large companies. For a long time, a solution like Ticket Restaurant for Benefits & Engagement was mainly dedicated to large accounts. Thanks to the digital revolution, it becomes more accessible for, in fact, the SMEs, and it becomes more economically performant or economically interesting for us to serve that market. So it's a growing market, an underpenetrated market. That's why going after the middle market and SME is one of the major growth drivers for the attract pillar.

Then which country, which profitability. So we have been doing that for many years. And in fact, we have been growing at double digit on SMEs and middle market for many years. and we are trying to improve the model because it's a very exciting model from an economic point of view if you master it well. So for example, in H1, the growth was strong growth, double-digit growth in Italy, in Germany, in France, in Brazil. So more or less everywhere around the world. And when we were not double digit, Generally speaking, it's because of us, i.e., we need to redesign a little bit our processes or change the leaders because it's just like a factory with an input and an output. So the potential is there.

And when we are not growing double digits, it's because we need to tune our processes and our organization. So that's for the countries. For the business line, double-digit growth in SME acquisition is in Benefits & Engagement, but also in Mobility. That's the second thing. The third thing is the economics. If you maximize well the equation, the economics are very good.

And if you compare that to the large account, what are the pluses and minuses -- the minus is the cost of acquisition is higher because when you have one negotiation for a large account, you have one negotiation for less users. So if you look at the cost of acquisition per user, the cost per acquisition is higher on the middle market and SME than the LMA. That's why we implement more and more the Agentic to decrease the cost of acquisition.

But then the second, let's say, negative things on SMEs and middle market versus the LMA is the churn. In fact, the economic attrition is higher on SMEs and middle market than LMA. So the lifetime value of the user is lower in SMEs and middle market as compared to LMA. Having said that, you have very positive factors which leads to a positive equation in terms of profitability. The first thing is the take-up rate is higher on SMEs, i.e., the negotiation power is smaller.

The second thing is if you want to convert an SME client you have to do it with what we call a hot lead. Hot lead is you need to be able to conclude in 45 minutes. And if you do that well, especially when you are augmented via the AI as to your speech, being able to analyze the answers of the client and having your sales speech that is super, super efficient, you close very quickly and you close at a higher take-up rate on the SME side.

So to make a long story short, it's a science. with an input which is the lead and the cost of the lead. That's why we are moving from SEA / SEO to GEA / GEO. Then it's a process, it's a factory, i.e., the ability to convert the leads into a deal, and it has to be done on time and well coordinated with the lead coming in and the ability to conclude very fast.

And if you do that well, then the total economics of SME and middle market is even better than on the LMA. So that's what we are working on. We have been working on and the technological disruption is a source of being even more efficient in the future.

And finally, when you have your clients, you need to do, in fact, the onboarding. And with our integrated solution, the onboarding at Edenred is now super fast, super easy, and that's why Edenred+ help us. And then the client satisfaction, if you do properly the first phases of the onboarding process, you have less call. As you know, the best customer care is when your users and clients do not need to call you. So that's an equation that is complex, but we love it, and we love it at scale, and we love it for every business line, whether it is B&E, Benefits & Engagement or Mobility and whatever the countries. And it's where having a worldwide base, doing things at scale gives us a very interesting competitive advantage.

The next question comes from Hannes Leitner from Jefferies.

The first question is, you talked about 7% BV like-for-like growth for Italy and Brazil combined. Later in the Latin American section, you talked about strong double-digit growth in B&E. So if you are not taking that -- and then you mentioned also Brazil. So if you take that with Brazil growing around 10%, 12%, the 7% would almost like imply that Italy was only in low single digit. Maybe you can help us square that.

I know you reduced your concept allocation or how much you want there. So maybe you can give there some dynamic around the B&E in Italy, the business. And then maybe just in the Beyond strategy, I was missing any comments around the Reward Gateway. Maybe you can give us an update. You initially talked at the time of the acquisition around 6 markets you plan to enter. I think you were only entering 3 so far and it's a couple of years back. So maybe you can give us there an update how that asset performed? And then maybe just like one thing is around the OpEx it seems like OpEx has been growing a little bit faster than expected. Maybe you can talk there where the moving parts were.

Okay. Hannes, thank you for your questions. I will answer the last 2 ones and leave Virginie for the first one. So first of all, Reward Gateway, the engagement. So where do we stand? In fact, we are continuing the deployment in France, in Italy and in fact, in Belgium. And we are contemplating the second wave with countries like Spain and Romania. So the deployment is on its way. And as you know, Reward Gateway is part of what we call the Beyond and the Beyond Food. And as I said before, the Beyond is growing faster than the core of our activity, which is the Meal & Food representing 40% of our total revenue. So it's part of this league.

Having said that, due to the macroeconomic condition, the growth we have today in Reward Gateway is slightly less, in fact, as compared to what we had last year. So it's still a robust growth, but less than last year. This activity is not 100% recession proof. But we are working hard on the deployment. And we are, in fact, very enthused and positive for the future of the engagement. Once again, the equation we try to solve with our clients that are HR people is how to better attract, how to better engage and how to better retain. It's a question of benefits that can be implemented easily in a flexible manner and totally digital and integrated, but it's also a question of engagement solutions.

As to the OpEx, no, the OpEx grew as planned. And as we said, in fact, in the presentation of our 2025 results. And you have to look at the OpEx the following way. First of all, you have the cost of sales. The cost of sales are directly linked, in fact, to your business volume, i.e., the units. Maybe a unit in Italy is bringing less revenue today than before the regulation, but unit is a unit. So when you have a BV growing, for example, at 10%, your cost of sales are going to grow at 10%. The second aspect is part of the growth is also our ability to use more the indirect distribution channel. And in the indirect distribution channel, in fact, you see the margin you need to give them into your cost of sales.

So as of today, the cost of sales are about 15% of our OpEx, and they are growing in line with the growth of the BV and the higher proportion of indirect sales. Then you have the payroll, which is more or less 50% of our OpEx. And this payroll is growing much less than the business volume.

Why? Because, in fact, that's something we control very carefully, and we are very much on the efficiency of our people. And then you have the other costs that are 35%. Other costs are everything that we invest in data and AI, for example, in the platform convergence plus all our tech spending plus the lead generation, let's say, the sales and marketing to fuel the growth. So to make a long story short, the growth of our OpEx in H1 2026, which is about 6.6% is in line with what we said, i.e., fuel the growth, prepare for the future by implementing our efficiency program and accelerate on our convergence and accelerate on data and AI. Then you had a question on the 7% BV.

Yes, 7% to be more or less being put in relation, if I understand well, with the metrics that we have been giving in operating revenue. Italy and Brazil maybe.

No. You gave BVI combined for Italy and Brazil, isn't it? In one of your...

Yes, I gave BV for Italy and Brazil, and you compare that to the comment I made on the growth of operating revenue, I think, in Brazil and Italy later on when I was giving the increased growth, which was on operating revenue because I was comparing operating revenue increasing growth and operating revenue like-for-like growth.

What I propose on this one, maybe Hannes...

Sorry, you on Page 19, you talk about Benefits & Engagement for Latin America, double-digit intrinsic growth, that's revenue, notable driven by business volume growth in Brazil. Now we know the regulatory headwinds -- so like that's why I'm asking. So it feels like Brazil, double-digit intrinsic growth, notable with business volume in Brazil. It should be easily growing 10%, which is in line with your Q1 comment. I'm focusing on Italy because Italy feels to still be in a good unemployment market compared to France. But then you had some moving parts with Consip rolling off, the regulatory headwinds, but you confirm that you don't see competitive pressure there or changes in the market. So can you talk us through here, specifically Italy since Brazil is less of a problem?

I understand that. I just wanted to start with Brazil because the double digit refers to operating revenue growth, strong business volume, but I don't mean that exactly it is double-digit business volume growth in Brazil, just to make that clear. Then if we go back to what we have and what has been fueling the growth both in Italy and Brazil, you have at the end of the year quite a strong business volume that has been acquired just before year-end in Brazil and maybe probably a bit less in Italy.

And in Italy, what has been fueling the growth, which really brings a strong business volume growth in H1 is also ticket shopping. And that has been probably March, April and May. And as we speak, all that is not something which has been fully redeemed and you will get further operating revenue growth coming from the redemption when people will be using that -- so you have a timing difference a little bit in the growth of business volume and what you get in terms of operating revenue growth that we see in that. So there is less difference, I think, between Italy and Brazil than what you're assuming maybe by the unclear comments I've been making earlier, and I apologize for that.

Hannes if you need more conversation, we will be pleased to answer you. Maybe one last question.

The next question comes from Zachariah Al-Qaryooti from Morgan Stanley.

Two questions, please. Firstly, on the capital allocation. Given the continued delevering, how are you thinking about capital allocation over the next kind of 12 to 18 months about where you're going to prioritize between further buybacks, bolt-ons, more delevering and the investment in the Amplify plan? And then secondly, just on Payment Solutions, obviously, it was a little bit softer on the Middle East impact. Is there any opportunity to catch up any of that business over the remainder of the year? And then separately, do you think there's any midterm opportunity there to kind of capitalize on the rebuild in that region?

Thank you, Zach, for your questions. So I'll start with the second one, Payment Solutions. Yes, you are right. In Payment Solutions, part of our activity is in the Middle East. And in fact, we are based in Dubai. And unfortunately, with the never-ending war and rebounds of the war in the Middle East, when we look at the growth for Q1, it was a strong double-digit growth as it has been the case, in fact, for many years in Dubai because our solutions of salary payment plus value-added services. So for example, we sell on top of the salary payment, some insurances, some phone units for the people to call back home, an entire portfolio of value-added services.

We have been growing at strong double digit, which is, in fact, the proof well in advance that when you have a platform with a core product and the ability to bring every day additional digital services, you have, in fact, a very positive effect on growth. Since the beginning of the war, so we saw it in Q2 2026. Unfortunately, you have less employed people in Dubai. Some people went back home. And you have for the people who stay the beginning of, let's say, temporary unemployment. So I used to work 6 days a week, I now work 5 days a week.

So in our system, the volume of salary, in fact, has decreased. What does it mean? It means that we are still growing in Dubai, but the growth was much lower in Q2 than in Q1. Then the reconstruction of the country or the -- we are still very positive on the Middle East. As soon as, in fact, the war is over, we believe that we will go back to, let's say, normal and normal is a strong double-digit growth in UAE. So that's why you saw, in fact, the PS&NM growth in Q2, but was, in fact, lower than in Q1. But we are positive on the underlying trends of that business.

Your first question was capital allocation. So yes, we are generating a healthy level of cash. What do we intend to do with that? First of all, we are in business for sustainable and profitable growth. So the allocation of this cash first is to fuel the growth to prepare for the future. So that's organic growth, but also growth by acquisition.

As you see, we bought TMH a few weeks ago. So any acquisition reasonable that will allow us to accelerate, in fact, the more revenue per user or to accelerate the answer to the needs of our clients. So capital allocation number one is, in fact, to develop the business because we have very good perspective organically and acquisition. And obviously, return to shareholders, as you know, we have a progressive dividend policy. So -- and we committed to continue on that. And then if there is some remaining let's say, cash flows, obviously, we could give back via share buyback. But we are still in our program of share buyback that was, in fact, presented EUR 300 million by the end of 2027. And as of today, we did EUR 200 million. So there's still EUR 100 million to go before we take any decision on a new program.

The next question comes from Andre Juillard from Deutsche Bank.

Congratulations for the solid results and improving perspective. Two short ones for me. First one is about the calendarization of the second half of the year. Correct me if I'm wrong, that Q2 should be in a certain sense, relatively comparable -- sorry, Q3 should be relatively comparable to Q2. And should we reasonably expect an acceleration in Q4, considering that Italy should be behind us and then a progressive acceleration beginning of -- in '27, sorry. And last, coming back to the former question about capital allocation. Your leverage should be around 1x at the end of this year, if I'm right.

I perfectly understand your message about first, focus on growth and then return to shareholders if there is some margin of maneuver. Do you see any acceleration in the potential consolidation in Brazil due to the fact that some smaller players could be at pain because of the new regulation and especially the acceleration of the reimbursement delay?

Andre, thank you for your 2 questions. So first of all, in terms of capital allocation and the leverage, yes, your computation is right. We think we're going to finish the year between 1 and 1.2. So we'll see how it goes, and it's going to depend also on some potential small acquisitions we can make by the end of the year. But yes, it is in that range. So as to targets, you saw what we did with TMH. And you say what about Brazil and consolidation.

In fact, yes, we have some rumors on small players for whom it's more difficult. We were contacted by some investment banks as to strategic options that could be contemplated. There is -- I would say it's going to happen, but there is nothing serious on the table today. So that's my view on Benefits & Engagement in Brazil. But it is true that when the market conditions, not as to the business volume, but as to the operating revenue are more difficult, especially for the ones who were living only on the float will have to reconsider their options. And at that time, we'll see what we could do.

As to the calendarization, Q3 and Q4, no, in fact, we have a slightly different view because, in fact, in Q3, you have the full impact of Brazil and you still have an impact, in fact, of Italy. So if you think about the calendarization, Q3 is going to be probably, let's say, more difficult than H1 due to Italy and Brazil, 2 months of Italy and 3 months of Brazil. So it's going to be, let's say, the worst quarter in terms of regulation resetting. But after that in Q4, no more Italy which is going to be helpful in Benefits & Engagement. So we have a different view than your view on calendarization. Q3 that's going to be, let's say, from a regulatory point of view, the worst in 2026 and then better in Q4 because only Brazil.

Sorry, if I may, Andre, because you have 3 months in Q2, I agree. But in Q3, we had last year this effect that preparing for the regulation to come, we had quite a number of clients putting a lot of orders. And if you remember, Italy has been quite strong in Q3 last year. So then that regulatory effect will be even if we have 2 months on the paper, we have this effect of the sort of abnormal volume of orders that came in last year in Q3.

I'm not clear, but yes, my question was Q3 still very difficult comparable to Q2 and then reacceleration in Q4.

Exactly, okay. So we misunderstood you. Sorry.

And beginning of 2027, maybe could you give us some more color?

Well, Andre, the color of 2027 is the color of the plus 8%, plus 12%. As to the calendarization of Q1, I don't know yet. We didn't start it yet, the budget process. It's going to be November. Okay. So -- but Andre, we had the chance to have you as an analyst, at least for me for the last 10 years. And if I understand correctly, you're going to move to some other industrial sectors. And so from the bottom of my heart, I wanted to thank you for those 10 years who have been 10 years of questions, but made us think twice about our business. And so thank you for all those moments together.

Thank you very much as well. They've been fantastic years, and I wish you all the very best.

Thank you, Andre. Thank you all. So once again, yes, 2026 is a resetting year. Having said that, whatever the meal and food regulation reset, the underlying trends are good for Edenred, and we are able to limit the financial impact of this reset. And when we look at what we have in our hands, especially our ability to deploy the Amplify plan, attract more users, enrich activate more value per users we are able, first of all, to upgrade our guidance for 2026, i.e., the bottom range is at the level of the consensus today.

And then we will be, let's say, delighted to work hard to make sure that we are in the first part of the range versus the second one. And it's, let's say, a good first start of the year for the 2027 and 2028 sustainable and profitable growth. Thank you for your attention. Thank you for your questions, and I wish you a fantastic day. Bye-bye.

Ladies and gentlemen, dear shareholders, I'm very pleased to welcome you at Edenred Shareholders Meeting. Once again being held at Comet Bourse in Paris. Second [indiscernible] of my side Virginie who is the CFO of our group of your house and Philippe Relland-Bernard, our Legal Counsel of Edenred; and Secretary of our Board, [indiscernible] also present in order to ensure the smooth running of proceedings. I'd also like to thank members of the Board who are attending this meeting.

I'd also like to acknowledge the presence of [indiscernible], and Mr. Nicolas [indiscernible] Ernst & Young, our auditors; and Mr. [indiscernible] our auditors from Deloitte. In order to form the bureau, I would call as scrutinies, [indiscernible] holds 223,000 shares and votes. DNCA represented by [indiscernible] holding 3,932,000 shares and voting rights. My heartfelt thanks to them for agreeing to undertake this duty and to be with us.

With the agreement of scrutineers I propose that we appoint Philippe Relland-Bernard as meeting Secretary. Over to you.

Thank you, Bertrand. Ladies and gentlemen, good morning. We will now undertake the formalities prior to opening. It was convened by the Board on 23rd of February 2026 all formalities for the regularity were implemented in accordance with prevailing legislation order to take valid decisions. The quorum must be [indiscernible] of voting shares for the ordinary business and the quarter for the extraordinary. The attendance sheet is currently being checked, but provisionally, I can already indicate that 4,059 shareholders are present or voted by product with 180 million shares and voting rights, that 77%, 83% of voting [indiscernible].

On the desk are all the documents required by law, the advise of notice of meetings of the 27th of March and 17th of April and in [indiscernible] the 17th of April this year, the full list is set out in the minutes. All documents were made available to company shareholders prior to this AGM in accordance with applicable rules to facilitate the vote on resolutions and to displace [indiscernible] the results. An electronic voting system will be used by this meeting. You'll have received voting tablets as you entered. I'd ask you to return them as you leave.

Thank you, Philippe. So I'm now in a position to declare open the combined general meeting of Edenred. Very good. So the setup for your general meeting. Firstly, this meeting is broadcast live in French and English and your documents are, of course, available on our website, edenred.com.

The year 2025 was marked by sustained shareholder dialogue. Firstly, meetings with institutional shareholders, we made over 1,000 investors taking part in 11 roadshows and conferences throughout the year. This year, as I promised you last year, particular focus was given to individual shareholders, to shareholders meeting in Lyon [indiscernible] the shareholders' breakfast at our head office, shareholders, newsletters, also the Paris Investor Week fairer where we were able to reach out to 5,000 individual shareholders. All these efforts paid of my engagement last year, Edenred never topped the 5% mark of individual shareholders. We crossed that in 2025. We're above 5,000 shareholders.

I'm pleased to announce that individual shareholders is nearing the 7% mark. So all the efforts of [indiscernible] and under the leadership of Cedric Appert, they paid off in 2025. You can count on us to continue to strengthen or contribute to strengthening individual shareholdership.

Our investor base is very international. On the left, you see institutional investors represent 91.11%. On the right, you see the majority shareholding is [indiscernible] and the U.S. and the U.K. accounting for 60% of our shareholders, French shareholders, representing 11%. The 2 main Edenred shareholders, Bailey Gifford holding about 8.5% and Capital World Investors that hold 6.7%, so every international and institutional shareholders base for Edenred.

In the 2.5 hours we'll be spending together, we'll give you a strategic update on who we are and our new strategic plan and [indiscernible] will talk to you about the Edenred Dream team, solid set of results in 2025. We're focused both on financial and nonfinancial performance. And you see that 2025 was a very good year. And then we'll move into Part 2 focusing on Edenred governance. The statutory auditors will deliver their reports and then there'll be some 45, 50 minutes devoted to Q&A, during which you'll be able to interact with us and will answer all your questions before we present and vote on the proposed resolutions.

Yes, Edenred is the global leader in growth markets, presence in 44 countries, total revenue in 2025, EUR 3 billion, 70% of operating revenue generated in countries where we are a leader. And the growth rate in 2025 is 2.55x the addressable target markets on which we operate.

We operate with 3 business line benefits and engagement, mobility, payment solutions, a new market. The first line accounts for 60%; the second, 26%; the third, 8% of our pro forma operating income in 2025. We recall that Edenred, your house is one of the first leading digital platform serving 60 million users, 2 million partner merchants and 1 million client companies and our business is to offer each of these stakeholders and enriched value propositions.

The markets in which we operate a large markets that account to EUR 1.7 billion. That's the total addressable market. The addressed market is of the order of 40% of that, which means that for Edenred, there are significant growth horizons in terms of core market penetration. These markets are growing 5% to 7%. That's what we're expecting from the natural growth of the market that in no way [indiscernible] the outperformed growth in Edenred. But on these markets, we growth of between 5% and 7% between 25% and 28%. So Edenred is operating across vast largely, under-penetrated market and growing structurally.

What have we achieved together? You see here the performance of Edenred since 2015, be it in total revenue on the left or operating revenue or EBITDA, you see our total revenue since 2015 has grown times 3 and EBITDA has grown times 3.4. So this is profitable and sustainable growth. An important point is our last strategic plan beyond from 2022, 2025, you see accelerating growth because our revenue was increased 1.5x and an EBITDA of EUR 1.6 million over the period 2022 to 2025.

Now this growth is made possible, thanks to a unique portfolio of unparalleled solutions. Yes, we have diversified portfolio solutions with benefits and engagement, mobility and payment solutions and new markets representing 60%, 26% and 8% of our pro forma group operating revenue in 2025. If we dive deeper into this equation, disaggregation of revenue sees the group has diversified these past few years. That's to say the historical core products of Edenred, the meal voucher on the one hand, meal and food and the fuel cards that is mobility and fuel account now for less than 60% of our total revenue. And 40% and more of our revenue is generated by adjacent activity to these core and legacy activities.

This diversification is even stronger when we split it by customers, merchants or program at Edenred. No single customer represents over 1% of group volume. At Edenred, not 1 merchant represents 2% of the reimbursement volume. But Edenred not 1 country that is a country times a solution accounts for over 10% of our operating revenue, which accounts for the considerable resilience of Edenred in economic situations that becoming strained as was the case in 2025 will also be the case in 2026. Thanks to the structure of our portfolio, geographic diversification and product diverse you can count on the considerable resilience of Edenred Group.

And in fact, if you look at the changes in adjacent products on our 2 product lines, benefits and mobility, you'll see we've come a long way because the weight of these additional adjacent solutions has increased considerably between 2022 and 2025 as part of the Beyond plan because for employee benefit solutions beyond that is beyond food grew from 26% to 37% and in mobility from 28% to 33% [indiscernible] than words, images. Let's look in images, what diversification of our business lines means at Edenred.

Employee benefits, strengthening the appeal of companies, motivating employees, supporting partner merchants, clients, users, merchants, the power to ensure loyalty, managed benefits in a single interface, smooth connection with HR tools, smooth inclusion of new clients, gift mobility, meals, clients, users, merchants, the power to boost purchasing power, power to feel valued, appreciated, gifts, food, sports and culture, rewards and recognition, discounts, clients uses merchants, the power to stimulate traffic, the power to promote your brand with a specific audience in a single platform, your transactions, your indicators, your campaigns, clients users, merchants and ecosystem shared value lasting sustainable commitment, the commitment of your employees launching a discount campaign, promotion campaign, even red holder of a loyalty card. You've just saved EUR 5. A single platform dedicated to benefit and the commitment of employees rolled out across countries, employee benefits, Edenred.

As you can see, the group is diversifying and intends to broaden its diversification and Constance is going to explain this in a few moments.

Looking at our food and meals program, we have had an agitated year -- turbulent year in regulatory terms. However, things are becoming clearer. Italy, which accounts for approximately 10% of our pro forma operating revenue of 2025 has gone through regulatory change with a 5% cap on merchant fees. This is now behind us, and the Italian market can now go back to double-digit growth after this recalibration. In Brazil, the situation has clarified with a 3.6% capital merchant fees, a decrease to 15 days of merchant reimbursement. There's a last part of the presidential decree, which has to be implemented, namely a qualified open loop system for payment once the new rules have been set in this clearer situation. This will enable Edenred to reinvent and redeploy with these new market rules in France, which accounts for 7% of the group's rather than new proforma operating revenue changes, I mean regulation lie ahead.

The Minister has come out with a statement saying that the reform will be made soon, but this concerns 2 major points. First, full digitalization of meal vouchers from the first of January '28. And then of a hard copy, vouchers, everything will be digitalized in my own office behind a [indiscernible] screen. I have the last hard copy voucher from Brazil, which was done in [ 201 ]6. And we're going to get them in France. We hope on the first of January 2028. The second aspect of the reform is the end of rebates for customers. The major aspects of this reform are good for all the stakeholders, very good for the issues. And this reform is expected. And we -- there's no doubt on the commitment of the minister, so that this reform is implemented as soon as possible in 2026.

These regulatory changes have taken -- have had a significant impact on our share price in 2025. And what I would like to show is the events that marked the share price in 2025, the green spot show the time when the share price valid. And these green points always reflects regulatory clarification or the release of Edenred results. So you can see that at the end of February 2025, the presentation of results for 2024, you can see the share price going up again. In June, it was a clarification by the minister on the time line for reforms in France. And in October, you had the results of the release of Q3 results.

In other words, every time we have clarification and a clear time frame on regulation, the share price goes up. Every time, Edenred announced its results, the shareholders are reassured as to the resilience of Edenred, whatever the regulatory change may be. Unfortunately, there are also events that account for the decline in the share price in 2025 and we've shown them in red here on the chart. These are always eventually linked to arriving from rumors or regulatory change. The market takes a little time to absorb. And for example, in April 2025, it was the rumor of digitalized payment via [indiscernible] Brazil. The second red spot is the rumor of an 8% tax on employee benefits. This did not materialize and it shows that all the politicians from far left to far right were against the government's proposals. So the idea was shelled.

And the fourth -- third red spot is Brazil, which has still not clarified the situation. The clarification in Brazil is underway. So all of these events clearly show the unfortunate in the moves in the share price of the Edenred shares in 2025. Unfortunately, we are on an upward trend in 2026, since the Edenred share has outperformed the [indiscernible] since the first of January. And on the chart, you can see the economic financial results of Edenred have an impact. And also, you have the clarification in France, where we now have clarity on the reform of the meal voucher law in France, which is good for all the stakeholders and good for the issues of those factors.

So Edenred is best positioned to succeed across all markets. We have strongly differentiating competitive strengths. Number one, we are lead market leaders. We are 1.7x bigger than the #2. And in Brazil, 2.3x as big as our second competitor. So we have the capacity to process internally payment volumes since over 90% of our business volume is processed internally.

We have 8 solutions per country. You saw an example of this on the employee benefit business line. And we are those an industry who can invest the most and the investments are EUR 1.5 billion over the past 3 years, and we intend to step up our investment to drive the growth of the group. And let's not forget the revenue model is both resilient and recurring at Edenred. Taking the two 1st strengths, leadership position and distinctive mission-critical infrastructure. Here, you see our competitors a global, local and regional level. And you see our capacity to offer corporate clients the most complete and integrated solution. And Edenred is on the top right of the chart. So we're the most global player in our industry, and we are the most integrated in the amplified plan that Constance will be presenting [indiscernible], which is to strengthen the competitive strengths versus our partners and competitors.

Second, what does this mean in what sense do we have a unique competitive strength versus the competition. Let's have a look at this with the video. PayTech, payments, [indiscernible] payments, integrated payments, payments anywhere at any time, unique competitive advantage in the sector, Edenred PayTech. Our payment driver with specific internal uses for our solutions, cutting-edge technologies, our specific features, cutting-end technology, immediate emission of car, issuance of cards, mobile, contract repayments, integrated digital accounts. At any time, 99.99% availability, secure and compliant. Before the transaction, payment authorization rules, verification of the payer, check on transactions in real-time authorization. This is all during the transaction.

After the transaction, AI-assisted checks reliable and certified, large-scale. 2025, EUR 1.6 billion in transactions in over 30 countries, 25,000 cards issued -- 25 million cards issued, connecting new national program rollout of Edenred in Bulgaria, digital account for vehicle -- electric vehicle charging in Europe. Edenred, the driver of specific -- payments for specific uses for reliable, fast deployment on a large scale for Edenred, enrich connections.

So I will now hand over to Constance, who is our Director for Strategy and Transformation, who will explain after the Beyond plan that ended in 2025, the Amplify plan which is our new strategic plan. Constance will explain artificial intelligence at Edenred and also the transformation of our platform. And the potential in retail media. Constance, over to you. We're all ears.

Thank you, Bertrand. Good morning, everyone. I'm very happy to be with you today to tell you about our Amplify plan, which is already underway. We presented it in November 2025. It's a profitable and sustainable plan based on a simple plan, which is more used on the platform and more value per user. As Bertrand has emphasized previously, we have unique tools, which enables us to activate 3 growth drivers. The first one is attract, which will continue to attract -- contribute to 50% to 60% of revenue from 2025 to 2028. We'll amplify the acquisition of new clients and increase the number of users on our platform.

Next, enrich which will contribute 30% to 40% of organic growth in revenue in the next 3 years. It will involve -- it's fully exploiting cross sell and upsell. And the third pillar, which will enable us to fully operate our B2B and B2C base. It will enable us to activate audience and deliver new services to partner merchants.

Let's start off with the first pillar, which is attract through our successful diversification under the Beyond plan combined with our digital transformation, we are amplifying our customer acquisition opportunities. In markets, as Bertrand explained that our growth markets, but also very much underpenetrated very specifically. This has enabled us to continue accelerating client acquisition in 2025 with over 700,000 new SME users of our solutions through the amplified digital lead generation, AI automation for sales processes and seamless customer onboarding of users on our platform. It also involves extending customer reach through new distribution channels with 30 new partners, we are distributing our solution through the -- our platform, thereby strengthening our position as a distributor platform. This also concerns mobility with new partners such as Daimler, Shell and Arval and [indiscernible].

Moving on to the next pillar, which is enrich. We are attracting new clients, new users on our platform within which, we will unlock the full potential of cross-sales and upsell. We are the only player in our industry to propose a full suite of digital solutions that we can sell to our clients.

For employee benefits, we have established a unique portfolio of [indiscernible] solutions per country, going from meal vouchers to food with other benefits such as gifts, health services, child care, supporting culture with a full integrated suite of commitment solution that is unparalleled. This is also close to mobility with 360-degree mobility including [indiscernible] to some solutions with fuel, EV charging. And here's a short video to illustrate.

Clients, users, merchants, a unique interface to manage mobility services, drivers and vehicles, data, optimize your management with customized solutions. Energy costs, credit limit use of charging points, a full offering in electric mobility establishment of charging points on the workplace. Fleet management augmented through AI, intelligent co-piloting for day-to-day management, client uses merchants, manage driver, sharing the itinerary, [indiscernible] itinerary, fuel price showing the itinerary. Edenred, new [indiscernible] AI assistance to guide your trips. Where's the nearest garage? Sharing with the fleet manager in smart iteneries. On-road services connected to the fleet management at all times. Edenred transaction authorized, secure food purchase clients, users merchants.

[indiscernible] offices, performance monitoring, comparison with peers, express refunds [indiscernible] commercial information, client users and merchants. A more efficient ecosystem, reliable, durable, sustainable, efficient, Edenred.

Enrich connections is at the heart of a virtuous growth cycle strengthening value delivered to clients and users and to grow the revenue that we generate per use on the one hand, cross-selling by enriching our value proposition. That's the case, for example, in Brazil, where we acquired [indiscernible] to strengthen our value proposition and be the leader of the transport [indiscernible] Brazil are the total revenue growth in 2025 plus 60% over 2024. It's also the case with additional sales that is converting the maximum legal phase value increase into users benefits with Edenred solution. 2025, 40% of meal and food business volume concerned by a maximum legal phase value increase. In 2026, that number exceeds 50% in Italy, plus 25% in Belgium and Romania. Growth plan of 12.5%.

Let's move now to Pillar 3 of Amplify that also contributes to increasing ARPU, activate our users enricher audience and deliver more services for our partner merchants. We have a unique asset, which is 60 million users of Edenred solutions. These users are worldwide, 44 countries, all sectors and all functions combined the users over 96% digitized, increasingly engaged with our solution and active users connecting to our App on average up to 7x a month in addition to the daily transactions with our solutions with our 2 million merchant partners generating highly qualified traffic. This audience were already activating with our partner merchant through developing our retail media business up 30% in 2025.

So in summary, with Amplify, Edenred is committed to continuing its growth and transformation trend through more users and more revenue per user, as we've shown in the past, from going for EUR 25 per user in 2016 to EUR 45 today, our ambition is to reach EUR 70 in 2030 and beyond through our organic pillars, enrich an active and continuing our portfolio diversification and our M&A policy.

At the heart of amplifying supporting all pillars, data and AI, it's a virtuous transformation for Edenred resting on 3 pillars and aims on the one hand, to increase each of our employees through their benefits and to redesign our critical processes to make them more impactful and more importantly, considerably strengthen our competitive advantage, all is resting on a data foundation, high-quality data available and ready to use.

Pillar 1 enhanced employee benefits, which is Pillar 1 of our transformation plan. We've developed an internal tool Eden Chat that each employee has with a sustained training plan to support the use. And there are over 6 million monthly active users connected to the best market model, ChatGPT [indiscernible] secure data management. And the last active use of the control cost, the cost of a solution for our employees is EUR 1.5 per employee per month to be compared with market solutions of the orders in EUR 25 to EUR 30 a month.

Second part, obviously, rethinking the critical process for end-to-end, that's part of the personalized customer relationship to leverage AI, to enrich customer pathway and offer personalize the real-time support with 24/7 availability, better quality of service and greater efficiency of the full process. Also the case for developing products where we use the benchmark market solutions to grow and to review the process going from analyzing customer feedback, accelerating prototyping and launch of new [indiscernible] boost the productivity of the tech team of over 20% over the next 3 years.

Lastly, [indiscernible] strengthen product competitiveness. AI allows us to fully rethink certain of our office offers and business models to boost our competitiveness. It's the case of our B2B fleet management in Brazil. We're #1 in that market with over 30,000 repair shops, 550,000 vehicles that use our solution, thanks to AI. We can review the full product offering, the maintenance detection service scheduling vehicle diagnosis, service order, approval vehicle maintenance, lastly, invoicing and [indiscernible] by revamping the full offer with AI. It's a reduction of human intervention during the process by 40% and an automatic acceptance rate times to better quality of service and better efficiency for Edenred.

The data AI transformation plan is complete, covers all the pillars that attract enrich activate, a growth and transformation plan resting on data and AI, and that is carried by our 12,000 employees group. I'm going to call out Jacques to talk to us about the Edenred Green team that supports the Amplify plan.

Ladies and gentlemen, good morning. Dear shareholders, what makes us so confident in the future of Edenred. We are confident because behind every figure, every solution, every customer serve, there are men and women that are engaged daily throughout the world. Edenred is a large family of 12,000 employees, 94 different nationalities with an average age of 37. We call it our dream team. But over and above the numbers that Edenred Dream team is first of all, a mindset, not a culture that is imposed from above, but a culture that is lived daily and is shared that we recognized through attitude, decisions and especially in moments that really count.

I'd like to share with you 3 very tangible illustrations of what the Edenred culture is. Firstly, in Dubai in the context of strong regional tension we secured our local teams whilst ensuring service continuity. And thanks to them over 2 million users, such as those shown on the screen, we're able to continue to receive their salary without delay. That's the customer passion to deliver on our promises, to be true to our commitments even when times get challenging.

And then an AI Hackathon organized group-wide, bringing together for 2 days, Edenred teams from around the world, device record solutions. It's smart AI product, design support or commercial decision-making support. These are decisions that represent the entrepreneurial mindset and innovation [indiscernible] Edenred, we have our destiny in our hands.

And in Brazil, call after call, our teams that customer service are committed to support companies and their employees and discrete constant key commitment and profoundly aligned with our values, customer passion, and simplicity, a very different context for 1 culture, a dream team that is therefore its partners and partner merchants innovating tirelessly. Our responsibility is clear, preserve and reinforce and grow these precious assets, give our teams the means, the confidence and the desire to deliver their best daily. That's how we're building today's performance and confidence in the future of Edenred.

And now over to Virginie, to talk to us about financial performance in 2025.

Good morning, ladies and gentlemen. Dear shareholders, very happy to be with you for my first AGM as the CFO of Edenred. I'll dwell on the excellent results of your group in 2025. First of all, in 2025, Edenred delivered excellent operating and financial performance. Operating revenue was up 6.2% on like-for-like, EBITDA 11.2%. And our goal was to have 10% growth. As a reminder, EBITDA to free cash flow at 82%, plus [ 12 points ] up on 2025. And finally, adjusted EPS, dividend per share stands at EUR 2.59, up 10% on the year.

Now looking at the breakdown, we had operating revenue per business line at plus 6.2%, which is 8.3%, excluding the impact of regulatory change in Italy. This growth is driven by mobility, up 11.7% and benefits up 0.59%. Complementary solutions were down 4.6% effecting our diversification. Now per geography. Europe, up plus 1%, 4.5% if you remove excluding the regulatory change in Italy where Latin America and the rest of the world showed double growth, 13.2% and 16.8%, respectively.

In terms of intrinsic EBITDA growth, we delivered EBITDA growth of 8.3% and by intrinsic growth means on a comparable like-for-like basis, excluding regulatory impacts of changes regarding new launches in Italy, we've generated 11.2% growth in EBITDA, and this reflects intrinsic growth of 15.6%, notwithstanding regulatory change. Edenred has continued to show its resilience.

Moving on now to cash flow. Free cash flow was up 34%, driven by the growth of EBITDA and the increase of our fleet. The conversion rate of EBITDA to free cash flow was up. This strong cash flow enables the group to boost in shareholder return to reduce the debt load. And as you can see, we have reduced our leverage to 0.9% from 1.4% and to finance the necessary investments for our strategic plan that Constance has just presented.

We're closing the year of net debt of EUR 1.2 billion, down 31% with a leverage of 0.9%, of which provides a very good financial flexibility.

Coming to capital allocation. It seeks to combine growth and heightened shareholder return. First, organic growth is the priority. We plan to invest and explore organic growth opportunities in order to roll out our Amplify plan. Next, we want to use our balance sheet strength to exploit external growth opportunities while applying rigorous financial and strategic discipline.

In terms of shareholder return, we will be submitting tabling to the vote, a payout of EUR 1.33 dividend per share for 2025, and we can offer -- this is a -- this is up 10% from 2024. This is fully part of our gradual increase in dividend payments, reflecting the confidence of our group in generating sustainable, profitable growth over the long term. Moreover, we're continuing to execute our share buyback program for EUR 3.3 billion.

And finally, we want to maintain strong investment-grade rating from the rating agencies. S&P has confirmed our A- rating at the end of 2025.

In terms of financial targets, we confirmed our guidance for 2026 and beyond. 2026 will a year of rebasing before returning to profitable and sustainable growth from [indiscernible] onwards and for 2026, given the impact of regulatory change in Brazil and Italy. We are aiming for a decline of organic growth of minus 8% to minus 12%, with an impact on our cash flow of 35%. This goal reflects EBITDA growth targets of 8% to 12% with a conversion of EBITDA to free cash flow of less than 65%, which are the goals under our Amplify plan.

Now, let's look at Q1 2026 revenue that we released 10 days ago. And looking at the beginning of 2026, we have recorded Q1 performance, which [indiscernible] for 2026 and beyond. Indeed, we started 2026 with the same level of intrinsic growth as in 2025, plus 8.2% in Q1 '26 versus 8.3% increase in -- for 2025. The impact of regulatory change in Italy was consistent with our forecast. And for Brazil, that's only weighed on March. These reforms have changed the financial conditions for issues of vouchers. The volume of the issuance is continuing to grow both in Brazil and in Italy.

Operating revenue stands at EUR 446 million in the first quarter, up 0.2% on a like-for-like basis, notwithstanding the impact of regulatory change in Brazil and Italy and the growth of -- excluding this, the growth would have been 7.8%. Operating income from mobility was up 10% on like-for-like, reflecting the [indiscernible] Edenred's offering and operating revenue of our third business, which is new market stood at EUR 51 million, up 6.2%, reflecting solid growth.

Our total revenues, you can see was up 3.1% on like-for-like, which is up 0.8% on a published basis and 8.2% in '26. Total revenue stands at EUR 730 million in the first quarter, as you can see. Your group places great emphasis on delivering financial performance, but also extra financial. And I will now hand over to Flore Cholley, who will talk to you about extra financial performance. Thank you very much.

Good morning, everyone. Indeed, in addition to financial performance, Edenred is also recognized for its actual financial performance through its 3-pillar strategy. First of all, Edenred promotes diversion inclusion in all its geographies, 38% women were among executive positions, we had 38% held by women. On the environment, Edenred's committed to a 0 net carbon emission by 2050, which has been approved by the relevant agencies. As part of this, Edenred is continuing to reduce CO2 emissions at GHD in 2025 [indiscernible].

Looking at progress, Edenred wishes to continue to support this client on CSR and is promoting sustainable food and access to sustainable mobility. This is recognized by leading EcoVadis for the first time in its history, Edenred was awarded the gold medal by EcoVadis with 77 out of 100, up 5 points on last year. This performance -- this is important for Edenred. The EcoVadis performance of the group is important and enables us in our -- during our tenders to improve the [indiscernible] Edenred's performance.

The second point on the S&P indicator. Edenred was up 6 points in 2025 and is in the top 3% of this key indicator. And finally, for the first time in its history, Edenred is proud to have achieved an A rating for CDP, which is a key indicator on [indiscernible] performance in 2025 is comparable to the average, which you see on this indicator. By obtaining an A rating through CDP, Edenred is in the top 4% among the 22,000 companies who are committed on this indicator. This is very strong recognition for Edenred on its climate action and it's strong competitive advantage.

To summarize, Edenred is continuing to better serve its clients in its 44 countries. And to continue, I will call on Bertrand to take over.

Thank you, Flore, so moving to Part 2 of our meeting. Around the governance of your fine company, Edenred, firstly, the Board, this Board of Directors response to the governance principle of asset method articulation of 13 members, high attendance ratio, 82% and gender quality respected 46% women amongst the directors appointed by the AGM. Motor governance revolves around 3 committees to prepare fully, the Board Risk and Nomination CSR and Engagement Committee. The current composition of your Board of Directors, you have about 82% of directors who are qualified as independent.

This Board of Directors is undergoing renewal. Maelle Gavet and Jean-Romain Lhomme are leaving after 12 years and 13 years, are effective in their independence, and they will, therefore, be replaced by the following persons who will come and introduce themselves. Kelly, Augustin proposed to your approval, also the renewal of Bernardo. Lastly, we're very pleased to welcome to the Board, Fanny Mitre will also come and introduce herself. And she is the Employee Representative Director. Employees selected Fanny to become a Director of Edenred Group.

If we secure your approval following the AGM in 2026, then the Board will comprise 11 members with over close on 89% directors qualified as independent. These 11 members, as you can see, represent the right combination to cover all the group's business activities and its future. For example, it's a very international Board, a Board that is highly digital, a Board with an in-depth knowledge of B2B2C platforms at the heart of Edenred's business.

I now will ask Kelly to come and introduce herself.

Thank you. Delighted to be here before you today. I'll give a brief introduction. I'm Swiss, British and South African in nationality. I started out as an entrepreneur after studying in INSEAD, and MBA 25 years ago INSEAD in Fontainebleau here in France. I began as an entrepreneur by co-founding A4Vision, active in biometrics and identity management after several acquisitions by diverse U.S. companies and Canadian. Our solution is still used by a French company here.

After that, I embarked in a career in cybersecurity in quantum cryptographics that is now the global standard in the face of vulnerabilities introduced by future quantum computers. And now it's a standard in cryptography of European companies. Then I embarked on the blockchain adventure, a global payment system that is open, introduced by Meta and based on the stablecoin in the blockchain.

Now I hold several positions on boards linked to technological intelligence in highly regulated SandboxAQ, a spin-off of Google active in AI and cybersecurity, especially with the impact of Agentic AI and cybersecurity. I'm also active in the venture capital firm Amadeus Capital Partners, where we invest in cybersecurity, quantum and AI company. Lastly, with several directorships linked to tech innovation and the cybersecurity and operational risk. With also a health insurance company in Switzerland, a start-up in the U.K. where I chair Pimloc, a company active in the field of personal data protection and AI. I'm also delighted to support the tech vision of Edenred going forward as part of our Amplify strategic plan.

Thank you for your attention today.

Ladies and gentlemen, good morning, Augustin de Romanet. I had 5 lives. My life today is 1/3 in charge of various association. The first is Paris Europlace to promote Paris as a financial center, 2/3 is business adviser since I have no operational activity.

My other lives, the first was to be senior official at the Budget Ministry, where I principally was in charge of the French or European budget for some 10 years. Second life was adviser of political authorities, adviser of Finance Minister, another for social cohesion of Prime Minister Jean-Pierre Raffarin, Deputy Chief of Staff for Jacques Chirac.

Third life in private company for 3 years. I was partner ODDO for IPOs and M&A, and I was briefly Deputy CFO of Credit Agricole. Lastly, my last life that was the longest the last 70 years, I headed up CDC for 5 years and ADP for 12 years. Thank you.

Good morning. Delighted to be with you. Fanny Mitre, Tax Director of Edenred for some 5.5 years. I started out my career as a tax lawyer in French firms, and then I joined Thales as tax adviser and headed up a group specialized in airport services held by an LBO for 5 years.

Now I've been in the Edenred team, and I'd like to thank the Social and Economic Committee for displaying a lot of trust in the employee director representing employees. I hope to be able to promote and amplify performance growth, sustainable growth and also employee well-being. Thank you.

Thank you, Kelly. Thank you, Augustin. Thank you, Fanny. Welcome aboard for the exciting growth ventures of Edenred. As you can see, the selection process for directors is a rigorous process that follows 5 stages. Firstly, determining skills and competencies necessary for the future candidate and the assistance of a consultant to draw up a short list of candidates based on the determined profile, and then many interviews with candidates prior to selection, and then the selection phase led by the appointments, nominations and CSR Committee, presentation of the candidate to the Board and proposal of your Board of Directors to the AGM for the submission of these candidacies.

Your Board had a lot of work in 2025 of work on recurring matters such as approving the financial statements, strategic goals, tracking share ownership or the implementation of people, planet progress, CSR policy-specific issues addressed 2025. I'd cite the new strategic plan amplifying and preparing the Capital Market Day. Of course, stock price evolution, launch and monitoring of the Fit for Growth plan or continuing regulatory developments in Italy and Brazil.

Dialogue is important between the Board and the Executive Committee, notably during the annual strategic seminar over 2 days, but also at each Board meeting on current issue where ExCo members are invited to explain matters and to discuss that with the Board and all that's integrated in the group's processes. In fact, the satisfaction rate is high on the Executive Committee participation reported in the Board's annual assessment.

The leaders of your group also undergo a succession process that is extensive and regular extensive. It continues. It involves the 25 group key managers, and the succession plans are reviewed by nominations, appointments and CSR committee. All situations are addressed, emergency succession, short-term succession, as well as long-term succession. And if you would like further information, you'll find them on Pages 328 of the URD.

The Board undergoes an annual assessment, which is a self-assessment. And every 3 years, an assessment is conducted by a legal external firm. The external evaluation was undertaken in 2025. The main lessons are as follows: firstly, satisfactory scores on operations, recent improvement initiatives, and we can say the Board remains an efficient and action-oriented body with a commitment -- committed and invested individuals.

There were identified areas of improvement which we seek to implement. Firstly, enhanced strategic discussions amongst us facing an environment, about which the least can be said is that it's full of surprises and to strengthen for each Board member control over technical challenges. Edenred is increasingly a tech company, and good control of these technological issues to be able to take proper decisions with the relevant hindsight of the Board.

In 2026, additional training sessions were organized for Board members on AI and what it represents for Edenred. Cybersecurity matters, we have about EUR 100 billion in volume that transits by our planet. And then the revolution of electromobility, which is a rapidly changing sector with many players moving in, and it's key to continue to be trained on these matters.

Following the AGM and subject to your approval, the composition of the 3 committees of the Board would be as follows: Audit and Risk Committee chaired by Bernardo with the arrival of Kelly on this Audit and Risk Committee, a Compensation Appointments and CSR Committee chaired by Dominique. And lastly, a Commitment committee where [ Philippe Vale ] will assume the Chair of this committee, welcoming Kristell as Committee member.

It's now time for me to hand over to Bernardo, who will report to you on the work of the Audit and Risk Committee in 2025.

Ladies and gentlemen, good morning. I'd like to present to you the work of the Audit and Risk Committee of this year. As you know, the Audit Risk Committee is comprised of 4 individuals up until today. Bertrand just presented the probable change as of the next session.

So we have 4 directors comprising the committee, all independent. We met on 4 occasions in 2025 with an attendance rate of 93%. The prime mission of the Audit and Risk Committee is to ensure with the statutory auditors that the accounting policies are appropriate and applied consistently and to monitor the process for the preparation of financial information concerning the group's activities to make sure they fairly and specifically reflect performance and achieving the financial and strategic goals. Since 2024, the committee is also in charge of monitoring implementation of sustainability information.

During meetings in 2025, we undertook the presented tasks. We devoted 2 of our 4 meetings to reviewing the full parent company financial statements and the implementation of accounting principle and training in terms of sustainability. Furthermore, the Audit and Risk Committee assesses the control of the group's risk exposure. This is done with a risk map that represents all the risks with which we are confronted. This mapping is updated on an annual basis. And for each risk category, we ensure there's an action plan and an individual or a team in charge of tracking the risks and risk remediation.

This year, we include improved transaction security given the very considerable volume of transactions processed on our platforms. And that through the certification of the group's strategic platforms and with the help of digitization and automation of identification of risk tracking procedures. Lastly, the group was very attentive to making sure that all employees were trained and fully involved on compliance issues, essentially antitrust. Thank you.

Good morning, ladies and gentlemen. I'm [ Dominique D'Hinnin ]. I'm the Chair of the Remunerations, Appointments and CSR Committee. This committee includes 3 directors, 2 are independent, 1 from the employee representatives, consistent with the AFEP-MEDEF code, which requires that we have employee representative, in particular, regarding remuneration.

We met on 4 occasions in 2025. The attendance rate was at 100%. And I can assure you that the meetings keep us very busy. The first of our duties regards remuneration of corporate officers, in particular, that of the CEO and that of the directors, which were previously called attendance fees.

Regarding appointments in 2025, we recommended to you that you renew the term of office of Bertrand Dumazy and that you elect new members to the Board who have introduced themselves today. This also concerns the in-depth review of succession plans. In other words, who are the future senior management members of the group in the event of a departure of accident. And finally, we examine the performance of your group regarding its social responsibility, CSR. We meet [indiscernible] on a regular basis, and you have been able to see the very good work that has been done in this area.

Now regarding remuneration policy of the CEO, this is based on 4 key principles. First, continuity in the remuneration, the compensation structure. And in 2025, the compensation structure was identical to that of the previous year. And what we -- you will be called upon to vote today for 2026 does not involve any structural change on 2025.

The second key point is compliance with legal and regulatory requirements and the recommendations of the AFEP-MEDEF code, and this is being done. Third, comparability. In other words, we check that compensation on which you vote is consistent with market practice in France for comparable companies comparable to Edenred in terms of size and performance.

And fourth, and this is a specific point. It's the weight of performance indicators as part of the compensation package of the CEO and of the senior management team. These performance indicators represent 82% of the target total compensation, which is an increasing proportion. And to compare other companies of the same size and performance of Edenred, it's higher than them. And this reflects the importance we place on growth and results in the group.

The breakdown of the remuneration compensation package of the Chairman and CEO. The gross annual fixed is EUR 1,133,000, up 10% on the previous year. Why 10%? Well, we are talking about the renewal of the term of office for 4 years to the senior management. So this 10% increase is not an annual, although it's done on a single year, but it will be valid for the 4 years that lie ahead. So you have to divide by just over 4 in order to have a comparable increase per annum.

Next is gross annual variable compensation, which accounts for 120% of fixed compensation if all the targets are reached and which can go up to 180% if -- in the event of outperformance. And finally, long-term compensation will be proposed in the form of free allocation of what we call performance shares. So the allocation is governed by the attainment of quantified targets over the next 3 years. So that's what is being recommended for 2026.

Looking at 2025, there was fixed remuneration of EUR 1,030,000, annual variation -- variable compensation of EUR 1,726,000, taking into account the operational performance of the company. You've seen the figures that have been presented by Virginie. Few companies can display such resilience in their results, notwithstanding a very challenging international environment.

And finally, the performance of the company has led us to allocate to Mr. Dumazy, 136,000 performance shares representing EUR 3.1 million. This is based purely on quantitative performance. There's no qualitative indicator for this allocation. So this is completely objective for 2025. Thank you.

Briefly, you will also be called upon to vote on the compensation of the directors as a whole. So you will see the figures. Of course, these figures can be consulted in the documents.

Thank you very much, Dominique. Thank you, Philippe. Now we should move on to the statutory auditor's report, and Guillaume Crunelle is here representing Deloitte.

Ladies and gentlemen, good morning. On behalf of the college of statutory auditors, EY and Deloitte, I'm going to give an opinion on the financial statements of 2025. Our work was to ensure reasonable assurance on the true and fair view of the financial position of the company based on the company financial statements for 2025 and to ensure that there were no significant anomalies.

Our companies examined all the significant entities of the group. International coordination audit was done in such a way to ensure that we were able to deliver a qualified opinion. No significant change in IFRS standards occurred during the year. We took into account the specific features of the group in terms of businesses, regulation, risks, organizational structure, IT systems and internal control.

The detailed conclusions of our work were presented to the Audit Committee and the Board of Directors. So I won't read out fully our report, which can be found in the documents, but I will simply highlight the key points as follows. First of all, our report on -- includes 3 key audit points for 2025, namely the evaluation of goodwill, the accounting on funds to be refunded and the evaluation of disputes, our report on the annual accounts on the universal registration document.

Regarding the Edenred financial statements, we have one key point which concerns the evaluation of participation securities and attendant amounts owed. And we examined the main evaluations, their sensitivity to structural assumptions, and we ensured that we had the proper quality of financial information. Our report has a technical evaluation regarding A and C regulation, the impact of which is to be found in the appendix. We recommend specific due diligence consistent with the [indiscernible]. This is part of our audit approach for the corporate financial statements. It enables us to form an opinion and deliver unqualified approval of the financial statements for -- of your group.

Consistent with rules, we have issued an opinion on the related party reports on which you will be required to vote, and also a report on capital transactions that do not call for any comment to be found on Pages 427 to 430 of the registration document and concern resolutions 14, 20 and 22, on which you will be voting. We also issued statements on sponsoring without any resolution for voting. No particular report -- no particular comment here.

And without there being any resolution here, we certified the report on sustainable development prepared according to the ESRS norms on CSR. The report is to be found on Pages 137 to 139 of the registration document. The legal mission that the -- is for certification on the basis of limited assurance. The extent and scope of the report is less than what is required to obtain reasonable assurance. Our certification is being done on the second year of implementation of CSRD.

With gradual strengthening of internal control, the conclusions of our limited assurance report have been submitted to the Board and to the Audit Committee. They concern 3 main areas: compliance with ESRS, process of defining the information and sustainable development assurances consistent with the code of [ comments ] and the ESRS and finally, compliant with the release of information under Article 8 of the EU Rule 2020/852 on taxonomy. On the basis of the checks that we conducted, we did not find any inconsistencies or errors.

This concludes our statement. Ladies and gentlemen, dear shareholders, thank you very much.

Thank you, Guillaume, for all that work and for your report. Before we move into our Q&A session, I'd like to take this opportunity to pay tribute to Maelle Gavet and Jean-Romain Lhomme, who are attending their last Edenred AGM as director. On your behalf, shareholders, but also on behalf of the 12,000 employees at Edenred, I'd like to thank them warmly. Their wisdom, their intelligence and their loyalty contributed greatly to the success of our shared common house, Edenred, these past 12, 13 years. Maelle, Jean-Romain, a heartfelt thanks to you.

So let me remind you the Q&A session. [Operator Instructions]

Right. Thank you. [ Claude ]. Question pertaining to the share price. In a recent interview, Chairman, you described the year 2025 for Edenred as a [ Chirac ] in nature. It's true that [ Chuvuon ] was interviewed, you citing 2 sentences that have been spoken by Jacques Chirac. Problems always come in droves, or regarding the share price, don't take account of the ups and downs.

The main problem was when Edenred exited the CAT 41.5 years after it joined. But when it joined the Paris benchmark in June 2023, all lights were green, driven by meal vouchers. The Edenred share price increased between -- about 70% between February and June 2023. But since then, the momentum has clearly gone into a reverse. The share is listed at EUR 21 as against EUR 62 3 years ago.

Aside from exiting the CAT 40, Edenred has had increased bad news. In Italy, suspicion of dominant position, we're at the beginning of an investigation that will run for at least 5 years, cost us EUR 120 million. Secondly, Brazil, a meal workers' program that was imbalanced, that will cost between EUR 150 million to EUR 170 million to put things to right. Thirdly, in France, reform under discussion for 2 years, end of paper, but also rebalancing the system when your peer is digitizing his vouchers for some 3 years.

As long as these problems have not been resolved, the share price will continue to stagnate. Proof of that is opportunist funds are taking short positions in our share capital. Chairman, do you believe -- and I come now to my that reintegration in the CAC 40 benchmark index will restore the market's confidence and restore the colors to the share price? And what are the means you're going to implement to achieve that?

Well, thank you for the quality of your presentation and your question. Well, first of all, it's true that there's a significant disconnect for some 2 years now between the share price and Edenred's economic performance. The '25 financials attest to that a group that's deleveraged that has a historic cash generation continues its growth from top to bottom of the P&L, but also a very ambitious group if you look at the Amplify plan presented earlier by Constance.

I think there's a first category that is being purged, which is the regulatory. That's to say you have 2 markets in the world that have been unbalanced from their origin that is for 40 and 50 years ago. Italy and Brazil, where the employer didn't even pay the amount due to the employee. That's to say, I'm an employer. I owe you 100 in meal vouchers, and I pay to the issuer less than 100. So it's the merchant who pays the difference, plus the Edenred margin, 2 countries in the world where it was structurally the case.

Italy and Brazil, the Italians said employers must pay more. The only way of getting them to pay more is to cap merchant commissions at 5%. That's what the market is doing. All the market players are currently rebalancing what was paid previously by the merchants to make that a bit more paid by the employer. And the Italian market is a market that will probably allow us to achieve double-digit growth because at the same time, the regulator said that we want more meal vouchers and we want more users with a higher unit.

That is to say at the same time, the Italian regulator has increased by 25%, the face value. At the same time, the Italian regulator increased another Edenred product line, Welfare, where you had an amount that has increased fourfold in a year. What does that mean? It means that it's very painful to overhaul and revamp the rules, but it's very encouraging because now it's done. We're now in a stable and sustainable framework for many years.

In Brazil, we're still in the midst of the dust that is still settling after the sudden regulatory, rather abrupt and more incisive measures taken. On the commissions, it's settled. On payment terms, it's settled. Now we need an open and qualified system. Once that's in place, Edenred will be able to redeploy.

On the amount you cited, I clearly explained that not knowing what was going to emerge from that. I put the clock back to 0 in Brazil in terms of input. And so we're open to the opportunities there. The good news is now the market has been redefined. We're going to redeploy in Brazil and return our share of voice. And if the fat slim, then the small players die, which will probably happen. Yes, the year was very intense in terms of redefining the regulatory landscape in past. We have to swallow what it costs us, but it's up to us to redeploy. And it's clearly what is presented in the Amplify plan.

So in answer to your question, yes. What are we going to do to be more convincing for the markets? First thing we're going to do is to continue to deliver quarter after quarter and preferably beyond the consensus that is formed. You see it in Q1 2025, we're delivering more than the market expects with the share price sharply up and is still ahead of the SBF 120 by 14%. So the first imperative is to continue to deliver.

Second imperative is to continue to invest because we're on markets that are largely underpenetrated growth and vast where Edenred is a leader. Third thing we're going to do is to accelerate in data and AI. Why? Because we're convinced that the technological breakthrough of AI will allow Edenred to recreate a very considerable competitive gap as we did 10 years ago by going flat out in a disciplined manner with massive investment to distance ourselves from our competition. With what we've done, we will do it even further higher with this tech breakthrough.

If we do that and if we continue to grow the company's results, then the market will gradually return to like this model. It's not a consolation, but in fact, it's the whole of our industry was hurt in the markets. If you look at our performance of Pluxee, which is our only peer, comparable peer, Pluxee has been hurt more than we have since its introduction. If we deliver what I've just said, then the resilience and sustainable growth of Edenred will become more attractive, both in absolute and relative terms. And if we do that well, then the consequence might be a reintegration of the CAC 40, but it will come as a consequence and not as a course.

In ending, I'd add a couple of additional points to your very clear presentation of the situation. Swile is digitizing, but so in fact, the proportion of paper in the customers that we serve is the order of about 10%, whereas we were 100% 10 years ago. So in fact, the big player in digitization was the market leader in France, that is Edenred. Just as a small clarification.

Having said that, it's the past, what we're interested in is today and tomorrow. We're accelerating our CapEx. We're incorporating AI at pace with pleasure to recreate a competitive edge. I'll give you an example today. In Brazil, if you want to enter the Edenred platforms, you can do that henceforth with WhatsApp and simply through voice and an agent. You don't have to type if you're a driver. And if you have the digital virtual assistant of [ Edenred Ted ], we'll show you the optimum route to find you to get a filling station by optimizing your CO2, that's Edenred integrated with AI. Thank you for the quality of your presentation and your question.

Well, there are tablets around. Yes, if you can move around with the microphones. And now the gentleman is #1.

Mr. Dumazy, congratulations because I've been following you since your appointment in 2015. I greatly appreciate your presentations by yourself and by your members of your team, all very clear. And I thought your answers to the first question were very pertinent and very full answers. Now notwithstanding these headwinds, I think that you are counting the steering strong course here, sticking to your course.

Now a question on PayTech versus the banking world. What are the interactions? And I find it difficult to understand because you are -- you collect relatively large amounts, and this is perhaps an obstacle in relation to everything that you've explained. And congratulations again.

Thank you very much for your encouraging words. It's a great honor to hear that. It confers even more responsibility on this. I'll try to keep things simple because PayTech is a technology. It's a whole factory. It's not very easy to understand.

And to give you some simple explanations, one of the competitive strengths of Edenred is to have defined the assets that we wanted to keep as core skills because we feel that one of the core skills of Edenred is the capacity to be an issuer. So we issue and sell a program to corporates, but also the scheme, which is the whole system for acquiring the system, whereby you go to a merchant, you pay using the terminal payment. The transaction goes into a pipeline, which is a scheme. It can be Visa, Mastercard. It can also be Edenred. And the last part is the body that takes the transaction and will clear the transaction and will pay it.

So when you use a credit card in France, a Visa card, you may have a Credit Lyonnais account. I'm not doing any -- no advertising intended here. Then you go to sushi shop and the payment terminal at sushi shop may be run, for example, by Credit Mutuel. So what happens here? You pay with your card. So there's a transaction between your bank, which is Credit Lyonnais, to take that example. And your bank, which is Credit Mutuel, which will take that transaction. Now there's a pipeline in the middle, which is the Visa card. Credit Mutuel takes the transaction. Once it's been cleared, it will credit the account of the merchant. That's the banking sector on universal transactions.

When you're in an Edenred transaction, the issuer, in the event Credit Lyonnais for the universal transaction, it becomes Edenred. In other words, we manage the account into which the -- from which the money will be drawn. The transaction goes into the pipeline. And on a large scale, it's an Edenred pipeline. We've built, in other words, our own payment structure. When it's on a smaller scale, we use -- we rent the capacity of big schemes such as [ Capteblu ], which has a network, a scheme that we use. In other countries, it can be Mastercard, Visa. In Brazil, we use Brazilian players. In Turkey, Turkish player.

And then there's the acquisition of the transaction, but what we have is these are targeted funds. We're saying that it's Mr. so and so who wants to spend EUR 22. Is the current account credited with EUR 22? Yes or no. If it's yes, then the transaction is accepted. With us, it's much more complicated because this is -- these are targeted funds. So in other words, does the specific Edenred account, is it credited with the EUR 22? Is this the right day? Is he allowed to spend on this particular day? Is it the right merchant? If it's a meal voucher, it can't -- the amount can't be spent at a merchant who has not been accredited in the Edenred network to sell food. So is it the right day, the right merchant and are the right products being purchased.

So when you have a filter process per article, you can go to a food shop and buy a magazine. But in that case, the transaction will be rejected. So the filtering of the transaction is much more complex in the system such as our own versus universal transaction systems such as that of the bank. So all of these capacities have been internalized at Edenred, and we can do this on a large scale with a transaction time which is reliable to 99.99% with all cybersecurity, et cetera.

But you can see that the systems are different. There are parallels, but there's greater complexity on know-how internal with targeted financial flows. Why did we decide to internalize this? Quite simply because the payment universe is changing very rapidly, and we don't want to be left behind the major North American players who dominate the payment universe. We want to keep these skills in-house in order to be able to supervise everything.

Sometimes there's a mistaken vision of Edenred where people say there's a new [ PIX ] digital payment system. This is going to spell the demise of Edenred. No, [ PIX ] is like a card or a mobile phone or a barcode. It's a new form of payment. Of course, we'll include this in our plan, which is based on acquisition of schemes and on initial emissions issuance.

So by keeping these skills in-house, it means we preserve our technological agility in order to include all the new payment methods, which does -- what doesn't change is our capacity on a fully secured basis to acquire transactions and to filter the transactions. I'll give you an example in Brazil, a new player, a fintech. So by definition, this is great. Well, the fintech left with EUR 1 billion worth of transactions. Why? Because it's not regulated or not properly regulated. And that new -- because new activities can attract very dishonest players.

That will never happen at Edenred. And this is very important for our corporate clients or employees because this is money that the employees need every day in order to be able to feed themselves or to conduct their professional activity in mobility. So does what I've said help you to better understand PayTech? Has that been helpful? Good. Thank you.

Right. Next question. What number? I'm a bit lost. Number two? We have time to take all your questions, but what would be a good thing? We give people who've identified themselves to give them the panel, so they know they can ask a question. Yes. By all means, sir, it's our meeting.

Good morning, Chairman. You really are convincing. I was very angry this morning. We were shoddily welcomed our individual shareholders, dry biscuit, no more than one. But it's going to be better after this AGM. So this company is really in poor shape. There's no margin, no means, nothing. But when I listen to you, you're able to convince me, and I'm going to remain an Edenred shareholder. So well my family.

Edenred is lucky to have you. You're very convincing. You say there's going to be a cocktail reception. It's not what I heard. I like it when people say I like individual investors. AGM is a privilege forum for discussion. As we do -- as you do every year, we could -- you attend the cocktail reception. We can talk to you, and you can kind of test the waters with people that don't necessarily take the floor in public. So I expect a lot from you in the coming years regarding the -- an AGM, which in terms of the style could be better welcome.

You are a director at Air Liquide. You talk about best practices, market solution, all your fine words. Air Liquide distributes a director's fee. You could perhaps distribute meal voucher. You're entitled to do that. You are -- you could do something instead of throwing us out in the street at 12:30. We like -- we need meal vouchers, but no more than that.

Air Liquide, what do you derive from that shareholders' meeting? For Edenred, they have bonus shares. The share price isn't plummeting. They talk to the analysts. You're struggling to engage the analysts. Thanks for your answer.

Okay. I'm going to address those points in turn. I can confirm that at the end of the Q&A session, votes on a buffet will be served. The number of waiters has been increased to 4 after your feedback from last year. So things should go better this year than they did last year, and we've made sure of that. So that's the first point.

Since your asking about the comparison with Air Liquide. Air Liquide gives nothing on arrival or as you leave here, you get a little something when you arrive, but above all, a big something when you leave. I'm talking about the food. For the meal voucher here, I need your help here. Christ is a competing brand of Edenred. So I'll never give you a restaurant check. If I were to give you something, it would be a restaurant ticket TK restaurant, of course, and unfortunately, I can't do that because French law requires that it can only be given to a certain category of employee for that.

I think one of you this morning because the feedback got to me, we're very responsive. One of you asked how come we as retirees, we don't have access to the restaurant tickets. Well, here, I need your help. That's to say, let's put that idea to the government. Let's go for it. Let's ask and we'll be delighted to serve you.

Next, on analyst interaction. I'll share with you a few points. Firstly, the majority of analysts buy for Edenred. That's the majority. The price, secondly, the target price set by analysts today is 26% higher than the current share price. So they're convinced. And they see initially an improvement potential in the order of 26%. The share price interaction is tough because capitalism doesn't really like regulatory uncertainty. Things need to be resolved as the minister promised to do. The dust must settle final discussions with the Brazilian government to have a stable framework with Virginie. We see hundreds of investors.

The feedback we're getting is the valuation of Edenred doesn't make sense as compared to its cash flow generation. We're prepared to resume Edenred, but the regulatory front must be stabilized so that we have some visibility.

And thank you once again. I'm an individual shareholder. First of all, congratulations on this excellent interesting presentation. Good results, but unfortunately, not reflected in the share price because over the past 5 years, we -- the share price has virtually halved. Three questions to gain a better understanding. Number one, on the consolidated shareholders' equity, which is increasingly negative, I see minus EUR 569 million in 2023 and EUR 818 million in 2025. How far are you going to go in the deficit of shareholders' equity? How are you going to continue lenders to support you, notwithstanding what you've said about the cash flow?

Second, Edenred is facing a significant risk. What would be your safety margin in the event of contingencies when you have so much negative shareholders' equity, for example, a new virus, unthinkable situations, but that could nevertheless, unfortunately happen. And thirdly, on the risk of destruction said that we're increasing -- you're an increasingly technological company. What do you think of the risk of destruction that could be very expensive for the company in the event of more efficient technologies or more agile technologies?

Thank you, for asking these questions. I suggest that Virginie intervene on shareholder equity, and then we'll talk about the risk of destruction in a general sense. Thank you Well, regarding shareholders' equity, in technical terms, it's from -- you have the Edenred SE entity, but the Edenred SE entity is the entity that enables us to build up shareholders' equity. Historically, Edenred rose from a debt spin-off, which created the initial situation which is a little bit complicated to address Edenred's choice and Edenred generates very strong cash flow, up 82% on in 2025 is to have a shareholder -- strong shareholder return policy.

So if you look at the annual financial statements of Edenred, you'll see that the dividend amount that's paid out as shareholder return uses up the major part of Edenred's annual result, and that's how we gradually reestablish shareholders' equity. Now in terms of cash flow and debt, we have the resources to manage this. We don't use our shareholders' equity to run our operating activity. So we would have to drastically cut back on shareholder remuneration if we were to adopt a different method or create profit within Edenred SE, but Edenred SE is not the operating entity. It's our Brazilian or Italian entities or our French entity that are going to generate the profit one after the other.

And another way of putting it, when we have the split between Acro and Edenred, the divorce present to Edenred was to hand over a large amount of debt and therefore, negative shareholder equity. And the second thing is, how are you able to convince people with negative shareholder equity? Well, as the Brits say, the proof is in the pudding. In other words, Edenred has an A- rating, strong investment grade. And in the A- rating, there is not there's no smaller company than Edenred. We're the smallest company in the A- category.

There's never been such a small company rated A-. So those who look at the balance sheet have no doubt as to the strength of Edenred and the strength of our management. And as Virginie put it very well, our priority is, first and foremost, to ensure shareholder return. So when this negative shareholder equity is properly explained, it's not a weakness vis-a-vis the debt market and our clients, then the priority becomes shareholder remuneration. Now of course, on the amounts, you have currency impact because all this is calculated at 31st of December. So negative shareholder equity does not increase.

What you need to do is take into account currency impact of the 31st of December. Yes, and indeed, with a strong impact in 2025. Two other questions on the destruction risk and the black swan. So we had the pandemic. I didn't -- hadn't expected it. when the pandemic spread in Italy, I thought, well, that's due to Italian management, and it won't happen, a bit like the [ chernable cloud ], which stopped at the frontier of Europe. And I should have paid -- that was my mistake. I should have paid closer attention to what the Press Chair of SCOR said, which is that the pandemic is underway.

So Edenred was confronted with this. And as I explained to my children, I said, imagine that I were to tell grandmother I'm working at Edenred. She would have been terrified during COVID. She would said, the company will collapse. Your job is food at work and mobility and you're under lockdown and that the company will collapse. Well, no, the revenue was down 4%. We found other solutions. We fed isolated persons in Romania. We fed people, kids who no longer had access to canteens. And all the employees of Edenred continued to work remotely. And for example, look at Dubai, who could have imagined that the Iranians would bomb or fight drones at Dubai, Nobody. And yet Edenred continues to serve the 2,000 cardholders in war time.

So regarding the black signs, black swan, what I look at is geographical activity per merchant per client. And second, the fact that we are serving key needs and the cyber attacks that we had or COVID 7 years ago, my feeling is that the way we're organized, if I were to give an analogy, we're a school of fish. So in the ocean, very agile. But when you look at it more closely, it's a [indiscernible] of small fish, each of which has its own solution and moves ahead, but they're individually very agile in terms of their features and the currents that are driving them forward.

So my feeling is that with the human wealth of Edenred, its enthusiasm, its youth, the red blood flowing at Edenred I think that we'll be able to rise to the challenges. As for the risk of disruption, what I want at Edenred with all of our employees is that the term disruption no longer exists. What I want is constant transformation. And if we have that, then massive disruption becomes easy to absorb the disruption arising from AI that immediately brings work. We train the employees. They immediately have access to solutions.

We do it for Edenred, but we do it for them because we want them to be able to go home to tell their families, their kids, their family to say, wow, we're in a company where we didn't hang about coming to -- when it comes to AI. We do it for our clients. We have a client in a country who's just arrived, who doesn't speak the language of the country. If you give him the resources to communicate orally with simultaneous interpretation, you simplify the life of the employee. And so you have to deal with these waves, surges of technology, and this is what's making sense of all this. So what greater disruption could there be than digital vouchers.

If you take these vouchers in a disciplined way with the required investments, which are significant, but controlled, those who are able to deal with this always do better than the others. We did this on digital transformation. We did it on payment regulation, and we'll do it on AI. So are there disruptions? Yes, is this new? No. Are we doing everything to avoid missing them and to continue to move ahead? Yes.

And being modest about it individually, can one imagine not being able to rise to this? Well, yes, and that's why we want to have the right people around us. That's why we've got -- want Kelly on the Board because she won't disappoint us on quantum science, crypto. -- you saw this, if I'm going to get a kick up the backside if we -- I don't ensure that all this works.

Next question Chairman. I'll start by saying that I really appreciate your courtesy even if I'm not necessarily going to say pleasant things to you. Let's hear it because year after year, you're always reassuring in what -- I like the image of dust because it's a bit as though we don't see things happening. We see the sun rising and the grass greening. So year after year, I'm increasingly worried. I'm wondering if the share price is going to pick up. I'm a loyal shareholder. I like there being a reception afterwards that the dividend increases.

But at the same time, I'm worried because the dividend, if it increases, it is because we're taking from the retained earnings. I think the financial markets are not in any way fed by this. It doesn't really reassure me. So that's my first point. Second point is that I clearly saw your chart earlier where you were presenting the peers, and I saw one in the same sector. You know who I'm referring to, it's blocky. Yes, you're leader, but you're a target at the same time. And I've got a few examples of this competing company that is canvassing your customers, your clients to take market share. Given the difficulties that the company is currently facing, isn't there a cause for concern? That's what I wanted to say.

Okay. I'll begin with the competition and maybe hand over to Virginie about the retained earnings. We've always been in highly competitive sectors. That is the competitive intensity is perhaps greater today, but we've always been under strong competitive pressure. Secondly, the churn rate, that is the loss of customers, either the economic churn, customers who go bankrupt because they go working for one of our competitors. When you look at the churn in our industry, -- it's a pretty low churn rate. That is the level of -- when I say quite low, it's under 5% the churn rate.

When you compare that to loans of other industry, a churn rate of 5% and below is a good quality churn rate. It's the work we're doing in terms of customer satisfaction, pretty good. Does it mean that it's enough? No, we must continue to make progress. We're all contributing tech investment, training and level of exacting standards and the leadership must show the example every week, I receive an e-mail from a dissatisfied customer. It's very easy to say, well, I'm going to send off an e-mail to [indiscernible]. I've always answered him before the end of the day with copies to [indiscernible], my Chief of Staff. And when I have a phone number in the e-mail, I call that number, which helps me to understand what's happening in our operation.

Today, for the 11th consecutive year, we were best customer service of the year in our category. If you look at the Edenred application, Edenred Plus, where all customers will migrate by the end of '26. You look on Google, the score, and you see that we have the best rating of the industry. Is that -- are we home and dry? No, we must continue to invest and continue to call ourselves into question every day. Yes, competitive pressure, there's always been. We have competitors who are trying to filter our customers. No, they can't -- they're not really doing that because when we look at our churn rate, it's low. And we continue to invest.

As I say, hope for the best, plan for the worst. I'm worried every day. If I wasn't worried, I wouldn't be able to answer a customer at 11:00 p.m., an unsatisfied customer. But of course, and it must be a positive concern that is an incentive to do better. But if you look at the history, things are well under control. That was about the competitive landscape.

Next, on the share price performance, I'll say it from the bottom of my heart, I'm a shareholder as you are, so I'm punished as you are. So every day, every day that passes with the teams that are wonderful. You've seen them, and we wanted to showcase them. We're fighting to continue to grow the company. And you see that the company is growing economically, but also extra economically, but the share price performance isn't good.

Is the situation going to reverse? Yes, I'm before you're presenting our plan is that this company deserves better than to be valued at 21 and a bit, and that's what the analysts say, and that's what the people we meet, say, who are prepared to reinvest, the regulatory landscape needs to be stabilized to give the good visibility so that we can redeploy. And it makes even more paramount the Amplify plan.

The Amplify, what does it say? Basically that we have a unique asset, 60 million users, 1 million corporate customers, and we can do a lot better that. We can offer more services. We can better monetize our audience. Imagine a qualified audience of 60 million people, we must invest for that to happen. If we do it, the profile of the company will change. The perception of analysts will change. For 8 years now, this company has generated more and more operating profit.

We moved from EUR 360 million to EUR 1.360 billion. We have a rebasing and we'll kick started again. We're investing. We're preparing the future. There'll be problems along the way. We'll manage them with prudence. That's why you see our balance sheet. We're totally deleveraged because we know in this company that worrisome things happen when there's too much debt. You see year after year an expansion development and no over indebtedness, which means that we can maneuver to invest. If we do that, things can only improve from the stock market standpoint.

On the dividend, it's our commitment, a progressive dividend increasing by 10% as our net earnings per share are increasing. So it appeared logical to the Board to submit this proposal plus 10, plus 10. And you, as a shareholder, the year 2025 is not a good year. So we owe it to you to look after you in terms of the dividend. It's the absolute minimum that can be done given the company's economic performance.

Secondly, this -- does this dividend amount, does it weigh on our future expansion? I'll let Virginie put the figures behind be sure of one thing. Your Board would never allow that to happen never. So if we look for the dividend payout and refer to Page 249 of the -- you have the shift of the equity of Edenred SE that will pay out the dividend and you have an allocation of the carryforward about 1% this year because we haven't distributed all the earnings.

Moving -- I'm told that I need to be more concise. So please don't [indiscernible] me that.

The group is becoming more and more international, more and more digitalized. We see there's an increasing number of cyber attacks that are affecting companies, public state-owned companies, even the state. Now your group that has an increasing amount of data you have a system. Now given the data capture, is there not a small dysfunctioning or there's not some weaknesses in cybersecurity. So you may be vulnerable to attack.

Thank you. You're right. Cybersecurity is a key preoccupation. And through Edenred systems in 44 countries, you have approximately EUR 100 billion flowing through. So we have to be very efficient indeed in cybersecurity. Cybersecurity is increasingly important because agent is being used by terrorists, and I could talk about attempts that we fed with increasingly, how should I put it, imaginative creative systems of defense.

So number one, it's a priority. Number two, we have to put money into this. That's approximately 5% of our IT budget devoted to cybersecurity each year. And there's an agreement in the group that cybersecurity cannot be cut back on whatever may be the economic environment, we will never compromise on that. And is this increasingly sophisticated? The answer there is yes. And we ourselves, therefore, have to be increasingly sophisticated.

Two last questions. I'm a private shareholder -- individual shareholder. Three questions. First, Brazil. What is the most adverse scenario in terms of regulation? What is the potential impact in this specific case on revenue? And Edenred Payment Solution, Edenred has a fintech. Can you give us the targets for this promising division? And how is the Reward Getaway integration going? Thank you for the 3 questions. I'll be brief. We'll speak at greater length at the cocktail. The maximum impact of Brazil is what we announced during the presidential degree, EUR 150 million to EUR 170 million.

Are we going to do better than that? Yes. But at what level, we don't know. Everything will depend on how the dust settles and on how we redeploy under these new rules. Second, earnings per share. Yes, this is EPS. EPS. EPS is one of the fintech subsidiaries. It's part of the B2C banking as a service for end users, and we're in the B2B base. So what are we doing? For example, when you go to pay at a merchant and you pay in several installments, what the Brits call buy now, pay later. There's a technology that underpins that, Edenred technology.

Next, we're working with insurance companies. If you have a water damage, you call the insurance company, the plumber has to come along. The plumber may not be available and you see your house or apartment suffering damage. The Edenred solution would be to immediately pay money onto your digital account. And there, that would enable you to call on whatever plumber you want, but this is under strict and c of the flows. So this is Banking as a Service, B2B, being developed by this EPS subsidiary, which has -- because 80% of its initial business was the B2B base. Why did we decide to stop the B2B? It was the explosion in the cost of compliance and a less promising market. This is part of Edenred's agility, which whereby we can just stop if we don't see any good growth prospects over the next 5 to 10 years. And your last question is get away.

Is the society -- is the company growing? Yes. And the strongest growth is in Australia, Belgium, Italy. Last year, we were not very good on Reward Gateway because the teams were working on implementation of the new regulatory environment. So 2026 will start over again for Reward Getaway in France is on the growing every year. And in the U.K., it's growing. But as you can have seen yourself, the U.K. economy is not performing very well. But overall, Reward Getaway is on a growth path and will remain on a growth path in 2026.

One very last question. There was a time I read in the press, there was a lot of money laundering on hard copy meal vouchers. Does this still exist? Or is this just a rumor from journalists. Second, if I look at the annual report placed 353, the information on compensation ratios for the CEO and average rem compensation, we can see that historically, your compensation was approximately 30x that of average employees up to times 40 in 2025 versus average employees. The median was at 50, 55. It's gone to 62.

The Compensation Committee recommends an increase in 10%. My impression is one, your compensation is one of the 20 top compensation packages for CAC 40 CEOs. If you have a 10% increase on fixed remuneration, approximately EUR 1 million in fixed and EUR 1.7 million in variable with a 10% increase, this is a EUR 260,000 increase. That means we're at EUR 3 million. I've understood that it's, of course, 10% spread over 4 years. But I'm just a little bit surprised. Well, I'll hand over to Philippe for the epi phenomenon of the bad use, improper use of meal vouchers.

Thank you, Bertrand. Thank you for the question. On money laundering and fraud, your question refers to the shift from hard copy to digital. The digital enables us to certify our platforms and to strengthen our security. So this is important. We're very watchful. Fraudsters are technically speaking, quite efficient. We invest a great deal in this. and Bertrand referred to this. These are budgets on which we have strong investment. I cannot guarantee that there's no fraud on our vouchers, but the figures are down. We're working on this, and we're setting up a whole set of actions, very smart fraudster and very smart technologically, we'll probably spend time on other areas rather than meal vouchers.

And the second question, I will hand over to Dominique, if I may. But on the first point, which is ratio comparisons, what you're saying is correct, but there is a footnote explanation, which is the scope of comparison is not the same because the ratios before 2025 did not include acquisitions in France, where the salary level compared to Edenred's legacy activity is much lower. So the figures that you're quoting are correct. The comparability is not. But for 2025, 2026 will be a better indicator in terms of comparability.

Dominique, on the increase of 2.5% per year rather than 10 all at once. It's a recommendation of the AFEP code. So we implement an increase at the end of the term of office. We're following the marketplace recommendations. To respond to your comment, when I referred to comparability, we tried to situate Bertrand dumais's compensation versus other companies in Paris. And we selected as the benchmark, not the CAC 40, but a whole group comprising smaller companies than the CAC 40. In other words, apart from Total or LVMH and the 20 smallest ones after the CAC 40, which was corresponded to Edenred's positioning.

And there, the package including the plus 10% increase is just -- is right on the average of that particular group, that cohort as it were. So there's no reason to depart from that. Again, this is valid for 4 years. We did -- we ran a final check. We thought it was important. And to respond to your very pertinent remark, we checked whether this increase of 2.5% -- a bit less than 2.5% per year was consistent with what the employees have had in France. I'm not going to talk about Argentina. They have 30% plus every year because they're in a hyperinflationary environment.

So we just checked the increase that's being recommended for Bertrand -- and it's slightly lower for the CEO than it was during the recent period for the French employees of Edenred. So that's how we reason. That's how we approach the issue. Right. Well, time march is on. So for the next questions, I suggest I'll be with you as I am easier, and I'll be happy to continue the dialogue.

Thank you very much for this very full demanding dialogue, which is really to your -- fully to your credit. So over to the votes, over to you, Philippe.

Right. We're going to vote to the agenda of this meeting on the Page 7 of the convening noted. As per law, it was delivered to you as you entered the Board of Auditors report with the resolution to be found in the URD also the convening notice. Before we vote, I'd ask you to look at the film as to the use of your tablets. It'd be quite short. I think you're familiar with it. vote on the resolutions of the AGM. You'll have received a tablet. It's strictly personal and can only be used at this AGM. When the vote on a resolution is announced, the vote window appears automatically on your tablet even if it's in watch mode.

To vote is very simple. Just press the button corresponding to your choice in favor, abstention or against. Press okay to validate your choice before the closure of the vote. Once your vote validated, you can no longer amend it. Thank you for returning your device as you leave the room.

Right. Let me just indicate before we move to the first the attendance sheet has been finalized. We have a quorum of 4,114 shareholders present with 189 million votes and the quorum is 77.90%. We're now going to vote on the first resolution approval of the company's financial statements for FY ended December 31, 2025. Vote is open. No more voting. Resolution is approved. We now go to the second resolution, approval of the consolidated financial statements for FY ended December 31. Please vote Resolution adopted. Third resolution, appropriation of profit for FY ended December 31 dividend of $1.33 per share. Please vote.

[Voting]

Resolution adopted. Fourth resolution, renewal of Mr. Bertrand Dumazy as Director. Vote is open. Resolutions adopted. Fifth resolution, renewal of Mr. Bernardo Sanchez Director. Vote is open. Resolution adopted. Sixth resolution, ratification of [indiscernible]. Vote is open.

[Voting]

Vote is closed. Resolution is adopted. Seventh resolution, ratification of the Mr. [indiscernible] as a Director. Vote is open.

[Voting]

Vote is closed. Resolution is Adopted. Eighth resolution, approval of the compensation policy for the Chairman and CEO. Vote is open.

[Voting]

Vote closed. Resolution is adopted. Ninth resolution, approval of compensation policy for members of the Board of Directors, excluding Chairman and CEO. Please vote.

[Voting]

No more voting. Resolution is adopted. 10th resolution, approval of the report on 2025 compensation for corporate officers, global vote. Vote is open.

[Voting]

Vote closed and resolution is adopted. 11th resolution, approval of the 2025 fixed variable exceptional compensation for Mr. Bertrand Dumazy, specific [ exposed ] vote. Vote is open.

[Voting]

Vote closed. Resolution is adopted. 12th resolution, approval of statutory audit special report on the related party agreements. Vote is open.

[Voting]

Vote closed. 13th resolution, authorization granted to the Board to trade in the company's shares. In conditions provided by law, please vote.

[Voting]

Vote closed. Resolution is adopted. 14th resolution and subsequent, we move to the extraordinary part of this AGM, and this resolution grants to the Board authority to reduce the company's share capital by canceling shares. Please vote now.

[Voting]

Voting closed. Resolution adopted. 15th resolution, delegation granted to the Board of Directors to increase the share capital with preemptive subscription rights. Voting open.

[Voting]

Voting closed. Resolution is adopted. 16th resolution, delegation granted to the Board of Directors to increase the share capital with cancellation of preemptive subscription rights as part of a public offer. Voting open.

[Voting]

Voting closed. Resolution adopted. 17th resolution, delegation granted to the Board of Directors to increase the share capital with cancellation of preemptive subscription rights through a public offer addressed to qualified investors. Voting open.

[Voting]

Voting closed. Resolution adopted. Resolution 18, authorization granted to the Board of Directors to increase the number of issues with or without preemptive subscription rights. The greenshoe principle Voting open.

[Voting]

Voting closed. Resolution adopted. 19th resolution, delegation granted to the Board of Directors to increase the share capital without preemptive subscription rights as consideration for contributions in kind made to the company. Voting open.

[Voting]

Voting closed. Resolution adopted. 20th resolution, delegation granted to the Board of Directors to increase the share capital with cancellation of preemptive subscription rights through the issuance restricted named persons. Voting open.

[Voting]

Voting closed. Resolution adopted. 21st resolution, delegation granted to the Board of Directors to increase the share capital through capitalization of reserves, profit premiums or other eligible items.

[Voting]

Voting closed. Resolution adopted. Moving on to Resolution 22 which is to increase the share capital. Voting open.

[Voting]

Voting closed. Resolution adopted. And ultimate resolution #23, ratification of the amendment to Article 23 of the bylaws regarding the convening of general meetings made by the Board of Directors further to changes in legislation, voting open.

[Voting]

Voting closed. Resolution adopted. Last resolution, Powers to carry out formalities. Resolution 24, voting open.

[Voting]

Voting closed. Resolution adopted. Thank you. Bertrand, over to you for concluding remarks.

3 things. Thank you so much for your faith in us through these votes. Secondly, on your behalf, I wish to thank all the employees of Edenred. There are 12,000 of them around the world. They have swerving faith, and we owe them so much for what was done in 2025 and what will be done in the years ahead. So let's get together at the buffet, and we can continue our dialogue. And it will be more pleasant than this giant screen.

I feel like Usman [indiscernible] coming out of the PSG by a Munich game yesterday. So see you in just a few moments. Thank you.

Construction of Ocean 50 Edenred. The target of speed, power, performance and working in a mature professional class committed to environmental and climate challenges were the 3 pillars of our analysis and commitment.

Launch of Edenred. There's no other word but magic for this. I really don't think that there's any other possible word to describe this. First race, 24 hours, Altin. First race, first victory, we see that this boat works really well. I agreed to become the godfather of the team. boldness, commitment, and I think there's resilience. The main thing is to always stay on track. It's a boat that combines aesthetic qualities, performance. It's also a source of pride to be able to display this. Well, it's brand new. It looks great like Edenred, you can always renew always at Edenred, we're ambitious, bold and committed. I spent a wonderful time with all of our employees. Departure of the Transact Cafe. Transatlantic race.

Well, the Ferrari is on the road. The head of the ocean 50 fleet, first to reach the Canary Islands. Going through [indiscernible] Verde 3 days before arrival, we had a problem with the tail mute, which holds the main sheet. Well, I mean it's down basically. So it took 2 hours to fix it. The problem is we won't be able to use the big [indiscernible] at a specific speed when we are on Starboard Tack. Fifth, we came fifth in the transatlantic race. Over 3 million views on our social media. And over 250 quotes in the media for the Transat [indiscernible] race. So board with us for 2026.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

Welcome to the Edenred Q1 2026 Revenue Conference Call. [Operator Instructions]

Now I will hand the conference over to the speaker, Virginie Duperat-Vergne, Chief Financial Officer. Please go ahead.

Thank you. Good morning, everyone, and welcome to Edenred's Q1 2026 Revenue Presentation. I am Virginie Duperat-Vergne, Edenred's CFO, and I'm today with Cedric Appert, Investor Relations Director. I will start by covering the quarter's key highlights, then walk you through our revenue performance by business line and geography and conclude on 2026 outlook before opening the line to Q&A.

As you will see, we had a good start to the year, which bodes well for the fiscal year 2026 and for the fulfillment of the objectives of our 3-year plan Amplify. Now starting with Slide 7. Edenred maintained its upward trajectory and delivered sustained top line growth in line with our expectations in the first quarter of 2026 despite a more uncertain environment. Overall, demonstrating the strength of our diversified model, operating revenue reached EUR 673 million, up 3.1% like-for-like.

By business line, on the left-hand side, Benefits & Engagement delivered EUR 446 million, growing 0.2% like-for-like in spite of the regulatory changes in Italy and Brazil. Adjusted from these impacts, the Benefits & Engagement operating revenue growth would have been 7.8%. Mobility amounted to EUR 176 million, a 10% like-for-like growth, reflecting the relevance of Edenred's offers. And Payment Solutions & New Markets amounted to EUR 51 million, up 6.2% like-for-like and back to robust growth.

By geography on the right-hand side, Europe is slightly positive, growing 0.6% like-for-like on the back of a good performance in Southern Europe, offset by the impact of the new Italian regulation. Adjusted from the Italian regulatory impact, growth would have been 6.1% like-for-like for the quarter. In Latin America, operating revenue grew 4.7% like-for-like, thanks to a robust commercial traction, which has been offset by the new regulation in Brazil since end of February. Again, adjusted from this impact, the growth would have reached 10.7% for LatAm. In Rest of the World, operating revenue grew 12.8% (sic) [ 12.6 ] like-for-like, a double-digit performance driven by a strong commercial traction in Turkey, UAE or Japan.

Moving to Slide 8. You can see the performance of the group this quarter with and without the impact of regulatory changes. With an intrinsic growth of 8.2% like-for-like in Q1 2026 at group level, Edenred delivered an underlying performance fully in line with full year 2025 performance. It demonstrates the diversity of our portfolio, the attractiveness of our solutions and the continued good commercial traction. Overall, regulatory impacts amounted to 5.1 points in the quarter. In Italy, the impact was in line with our expectations, and we reconfirm the EUR 60 million impact of the regulatory change in full year 2026.

In Brazil, the presidential decree was enforced late February and started to weigh on performance since then. Thus, another way to read this slide is that our growth drivers remain as powerful as last year despite the challenging environment. In particular, from a business standpoint, the momentum in Brazil and Italy remains strong, notwithstanding the purely financial impact of the new regulations on our economic model.

Let's turn to Slide 9. Edenred obtained an A rating from CDP, Carbon Disclosure Project, ranking the group among the top 4% of more than 22,000 assessed companies worldwide. This sets Edenred as an ESG leader within its industry. This rating is not only the recognition of our strong commitment to ESG, but it also reinforces Edenred's competitive advantage as a partner of choice to support its clients through their environmental transition. Amplify '25-'28 is in motion, with concrete achievements across our strategic pillars, Attract and Enrich and also in Data & AI.

And please let me illustrate this in the next slide with recent concrete examples. If we start Slide 11 with Attract. In mobility, we are happy to announce a promising partnership with EnBW, one of the biggest energy companies in Germany. We have an extensive offer for fleet managers in Germany, including fuel and EV solutions, but also a range of additional services such as toll or VAT refund services. ENBW, on the other hand, has the largest fast charging network in the country. Our client base, which represents around 70,000 vehicles already had access to EnBW 8,000 fast-charging points. However, with this new partnership, our clients can now benefit from preferential rates, which is making our offer all the more attractive.

Meanwhile, this partnership now includes the distribution of Edenred Mobility services by EnBW in Germany. This represents huge commercial opportunities for us. Indeed, this unlocks the potential to triple the number of vehicles using our services and attracting more users is the first pillar of our strategic plan.

Let's continue on Slide 12 with Enrich. In Benefits & Engagement, Italy is a key market for us where we are the leader with more than 3 million users, 100,000 corporate clients and 150,000 merchants in our network. In Meal & Food, which represents around 2/3 of our operating revenue in Italy, following the 25% maximum legal face value increase decided by the government early January, we have started pushing our clients to raise the value of the meal voucher they are granting their employees.

In Beyond Food, which represents around 1/3 of our B&E operating revenue in Italy, we offer several solutions such as Ticket Shopping, Welfare services and Engagement solutions. These solutions work as tailwinds on the Italian market, growing over 20% like-for-like in Q1, thanks to an excellent commercial traction with new sales as well as strong cross-selling among our existing Meal & Food clients. We currently have a 35% cross-sell rate, meaning that 1/3 of our Meal & Food clients also use at least one of our Beyond solutions. Amplify aims at growing this ratio to further increase the value per user while reducing the administrative burden for HR managers with a one-stop shop benefits and engagement service provider.

Let's move now to Slide 13. AI is a key priority for Edenred. We are fully embarked in this exciting journey to seize all opportunities AI can offer. We are reviewing every day our processes to identify optimization and efficiencies that AI can bring. Amongst all the use cases we are currently working on, we have chosen to share with you what we are developing in our maintenance business in Mobility Brazil. Maintenance in Brazil currently represents 0.5 million vehicles for Edenred, and we have a network of more than 30,000 repair shops.

Maintenance is a relatively complex BPO business involving many stakeholders and many different steps, as you can see on the wheel on the left-hand side of the slide. With AI implementation, we have already made significant progress that benefit fleet managers with better matching, benefit drivers with less interactions required and benefit Edenred with productivity gains on the management of the end-to-end process.

Let me now turn to Q1 '26 revenue in more detail in Slide 15. Operating revenue amounted to EUR 673 million, reflecting a 3.1% like-for-like growth and 8.2% [ one ] excluding to the Italian regulation is a negative foreign exchange impact of minus 1.7% and a slightly negative scope effect of minus 0.5%. This resulted in a non-published growth of 0.9% for the first quarter 2026.

Moving now to Slide 15 (sic) [ 16 ]. We will observe a balanced intrinsic growth between business lines. In Benefits & Engagement, accounting for 66% of Edenred's total operating revenue, we delivered EUR 446 million in first quarter 2026, up 0.2% like-for-like versus Q1 2025. Adjusted from the regulatory impact in Brazil and Italy, operating revenue grew 7.8% like-for-like. This mainly reflects continued momentum in France, combined to a robust growth in Brazil and in Southern Europe, especially in Greece and Portugal and the general upselling effect on the back of face value increase that started in Q1. In Beyond Food, we registered a solid growth, notably in Italy with Ticket Shopping and Welfare or in Germany with Ticket City.

In the Mobility business line, accounting for 26% of Edenred's business, operating revenue came to EUR 176 million in the first quarter of 2026, up 10% like-for-like versus first quarter of '25. This continued double-digit performance confirms the relevance of Edenred's Mobility offering despite an uncertain environment. Growth was driven by strong momentum in Latin America, notably in Brazil and Mexico, supported by the continued traction of Beyond Fuel solutions such as toll and maintenance services. In Europe, growth benefited from a solid performance in France and Spain, underpinned by increased fleet activity and sustained commercial traction. Overall, Mobility continues to demonstrate its resilience and capacity to capture structural growth drivers.

Payment Solutions & New Markets, 8% of Edenred total operating revenue returned to a robust growth with 6.2% on a like-for-like basis compared with the first quarter of 2025. The business line delivered strong double-digit growth in our digital wallet offering in the UAE and Taiwan, offset by the tail effect of the exit from the Banking-as-a-Service B2C business.

Moving on Slide 17 to geographical areas. You'll observe once again a balanced intrinsic growth between business geographies. In Europe, up 0.6% like-for-like. The performance benefited from a positive momentum in France, both in Benefits & Engagement and Mobility as well as a double-digit growth in Germany and Southern Europe. Adjusted from the impact of the regulatory change in Italy, operating revenue rose by 6.1% like-for-like. Latin America was up 4.7% like-for-like versus the same period 1 year ago. This is driven by the double-digit growth of Mobility, notably by the success of our Beyond Fuel offer, maintenance, toll and freight payment.

In Benefits & Engagement, the region posted high single-digit growth supported by the sustained sales dynamic in Brazil, which contributed to double-digit intrinsic growth in the country. However, this good performance has been offset by a high comparison basis for a public social program in Chile and the impact of the implementation of the Brazilian decree late February in Brazil. Adjusted from the decree impact, Latin America operating revenue was 10.7% like-for-like. In the Rest of the World, up 12.6% on a like-for-like basis. The double-digit growth was supported by solid sales performance in Japan, Turkey and the UAE.

Moving now to other revenue on Slide 17 (sic) [ 18 ]. Other revenue is up 3.2% like-for-like in Q1 2026 versus Q1 '25. This performance reflects the higher volume in float driven by Benefits & Engagement performance and a slower-than-expected interest rate decrease due to the challenging geopolitical context. We remain confident with the EUR 210 million flow we gave you at the Capital Market Day for full year 2026, acknowledging that the Brazilian decrease needs to be taken into account as an additional computation in that figure.

Overall, on Page 19, total revenue amounted to EUR 724 million, reflecting a 3.1% like-for-like growth. The foreign exchange impact on our Q1 operating revenue was a negative minus 1.8% to be added to a slightly negative scope effect of minus 0.4%. All in all, this resulted in a published growth of [ 0.8% ] for the first quarter 2026.

Let me now conclude with a view on our '26 full year outlook. With high single-digit intrinsic growth generated in the first quarter, Edenred looks ahead to 2026 with confidence despite the expected financial impact of regulatory changes in Italy and Brazil. The diversity of its activities and its multi-local footprint provide Edenred with multiple growth levers, whilst the highly recurring nature of its B2B2C platform business model offers robustness and resilience, even in an uncertain environment. By executing Amplify plan, Edenred is leveraging its comprehensive portfolio of relevant solutions to seize additional opportunities in large, vastly underpenetrated and growing markets.

Third, Edenred maintains strong focus on executing management actions to extract efficiencies and generate additional operating leverage. Lastly, the strategic investments already made in Data & AI also enables the group to enhance its value proposition for clients and merchants while maximizing user engagement.

Let's now go back for one second to Edenred growth equation, which is quite simple. More users combined to more value per user. More users, this means attracting more clients and so more users on the Edenred platform, which we estimate should be 50% to 60% of our growth in the coming years. More value per user with 2 levers: enrich and activate. Enrich should deliver between 30% to 40% of our growth on the back of upselling and cross-selling of our solutions. Activate, this lever should represent 10% to 20% of Edenred growth and activation is really the monetization of our very qualified user base, but also introduction of new services for the merchants.

Moving to our last slide, the outlook. 2026 is a rebasing year for Edenred. Intrinsically, EBITDA will grow between 8% and 12% like-for-like, powered by the combination of our total revenue growth and the structural operating leverage we generate, notably thanks to our specific purpose placement platform. However, in 2026, the absorptions of the impacts of the change in Meal & Food regulations in Italy and Brazil will create a rebasing effect, which is going to negatively impact our EBITDA '26 growth as well as the free cash flow conversion rate.

In addition, we continue to accelerate our strategic investments, execute disciplined management actions and portfolio optimization. All in all, we confirm our full year '26 objectives, a decline in EBITDA of between minus 8% to minus 12% like-for-like, corresponding to an increasing EBITDA growth of 8% to 12%, in line with the target set for 2027 and 2028. And a free cash flow to EBITDA conversion rate of at least 35%, representing an intrinsic conversion rate of at least 65% at comparable regulations and methodology in line with the target we have set for '27 and '28, confirming the group's ability to maintain robust cash generation.

This concludes today's presentation, and I really thank you for your attention. We'll now open the line for the Q&A session, and I will hand you back to the operator.

[Operator Instructions] The next question comes from Estelle Weingrod from JPMorgan.

The first one on Brazil. We're now 2 months post implementation of the new regulation. Could you share some color on the market dynamics and where you stand on the ongoing discussions with the government? More precisely, can we still hope for a sort of compromise at the end or not?

Second question, you mentioned a good dynamic in both France and Germany. Could you also give us more color on what you're seeing over there? I mean, is your performance somewhat related to easy comps or have the 2 countries proved to demonstrate a sound underlying momentum?

And just a last quick one on UAE. It continues to perform well. You mentioned double-digit growth in Q1. Given the ongoing conflict in the region, how should we look at Q2? How impacted is the business? And how should we quantify?

Thanks, Estelle So let me start with Brazil. Yes, we are 2 months now into the application of the new system. I'm not sure we have really much more than what I think you heard this full year and also from complex last week. What we see today is that it remains a market which works in terms of business volume, and we have a lot of traction on that front. We apply the new decree as it has been set. Yes, there's a lot of technical conversations which are happening with the government and especially to get more precise on how all the issuers will be ready for the next step, which is coming in May with the opening of the open loop. As you imagine, all these discussions go through the various associations that represent the issuers and then there is quite a number of back and forth. So for the moment, I would say that we focus a lot also on remediation action, discussions with clients and things like it.

In France and Germany, market dynamics, maybe starting with Mobility. In mobility, we have seen strong dynamics really in France, a bit more in France in Germany, I would say, over the quarter, while in Germany, there was quite a good push on the Beyond Fuel solutions. On the Benefits & Engagement side, the dynamics is a bit different. The existing maybe portfolio of our benefits remain the same or shrinking a little bit, but we have very good penetration in terms of new sales on the quarter.

And we have seen quite a nice performance of our Ticket City in Germany. I think it's also worth to mention that compared to last year. We had last year, if you remember, an impact in France on our business linked to the software of our consult and that is ending this quarter. So that's also pushing the performance.

And finally, in UAE, yes, there is the war. But for the moment, what we see is that, number one, we have the ability to operate a bit remotely even if the teams have limited access, I would say, to the offices as of today. So we are still working. And we are luckily operating in quite a number of business sectors that may not be the first one to be it on an economic standpoint.

The next question comes from Pravin Gondhale from Barclays.

Firstly, can you just talk about the underlying operating growth impact expectations -- sorry, underlying growth, operating growth expectations, excluding regulatory impacts and cadence of the same for rest of the year? Given you had a really strong Q1 and underlying momentum appears really healthy here.

And then secondly, I appreciate you maintained your full year guidance for EBITDA, but inflationary and macro backdrop has evolved since your FY results given the geopolitics. So can you please let us know what this means for Edenred's cost base outlook for rest of the year?

Thanks, Pravin. Let me start with the underlying growth for the rest of the year. What we've seen is really the same dynamic that we've seen towards the end of last year. So really our intrinsic growth, you've seen it's 8.2% this quarter, really in line with the 8.3% that we've been able to deliver last year. And if we look ahead for the next quarter, we have in mind the same type of drivers.

Obviously, Brazil and Italy will go on heating, so probably even [ more ] Q2 and Q3 than Q1 and Q4. So maybe that's to be kept in mind when you think to the dynamic of the rest of the year.

And I would say that for the underlying business, yes, you can -- it's very difficult, and I have no crystal ball. No one has crystal ball in terms of what will happen in terms of geopolitics and the rest of the year. But if we take into consideration what we see today, we have quite a number of positive tailwinds that should go on pushing us. And in some respects, some of the uncertainty are compensated by other types of benefits. Think to the interest rate, for example, interest rates, we were expecting them to go on decreasing. What we've seen as of today is that in this environment, they decrease less or they even start to increase again a little bit in advance. So that compensates a little bit.

And if inflation comes back a little bit, you know that Forex can be also some sort of tailwind. So then all in all, that might help if there is a little bit on pressure on volume. That's why, as we say, what we see in this type of environment is that our model is quite robust, quite diversified and quite resilient.

And then what does it mean for the guidance for the rest of the year? Based on what you say, you understand that we really feel that we are very well in the guidance we have given. We are pushing a lot in terms of our strategic investments, and we want to be ahead of the curve as we did 10 years ago with the digitalization. And at the moment, we push a lot on Data & AI to really be ready to deliver our Amplify plan and come back as strong as we can in '27 and '28.

The next question comes from Hannes Leitner from Jefferies.

Maybe you can clarify the negative scope effects you have called out in the report and in your remarks. And then the second question is about the other revenue line. I was not sure now you mentioned the EUR 210 million baseline, but then clearly, Brazil will have an impact. Maybe you can steer us there in the direction given the moving parts of higher interest rates and also the float increases you called out.

Thanks, Hannes. Let me start with the negative scope effect. You start to know me now, I love a little bit figures. So I want to be precise. We restate in scope figures to have comparability basis. So there's a small -- number one, it's a very slight effect, but there's a small accounting effect on the back of the fact that we integrated acquisitions last year very -- that were done very late in '24 and that has a little bit of more than a quarter effect. So that's what it is.

And in terms of other revenue, yes, the EUR 210 million flow is really what we see. We have taken that. And then remember, when we came back with what happened in Brazil, we made a rough estimate of what it could be. And when we've done the math together, we ended up saying all in all, with the impact that we see on the float, we might lose something around EUR 25 million to EUR 30 million in terms of additional elements. So this EUR 210 million in the new world, we might want to requalify it around EUR 195 million, it's more simple for all of us that I think this is about.

But the -- really the intrinsic elements that pushed us to the EUR 210 million are the ones that we go on seeing. And on the other side, in terms of float, we closed the year quite high in terms of volume of cash and float generated and that has pushed us around the quarter. You've seen quite a strong intrinsic dynamics. So then we still have quite a nice float as we speak.

And in parallel, even if H1 is a moment where we generally consume cash, that has been quite helpful. And then we generate a bit more other revenue on this back this quarter. In terms of interest rate, I think what we see with the banks today is that we'll still see for the rest of the year a decrease, notably in Latin America, but slower than we expected it to happen. And then that will support a little bit on that front. And in Europe, as we say, we expected rates to come back in '27. They might come back a bit earlier. We'll see.

And maybe just a follow-up. Looking at like the impact from Brazil, for example, which only really started as of March, given your -- the court case. Can you talk maybe a little bit about 2027 because you have there the guidance basically not adjusted. Should we expect that there is something or you have there so many mitigation effects in place that you can confirm the 2027 recovering growth?

Yes. Thank you, Hannes. We have quite a large bracket also in '27. So that encompasses more or less some calendar variances, I would say, that we might see in the application or in the registration of the various effects coming from the change in Brazil. And the pluses and minuses that we see should rather neutralize. So the plus 8% to plus 12% increase in EBITDA in '27 that we have announced, that absolutely where we are today and what we see coming.

The next question comes from Andre Juillard from Deutsche Bank.

First one about regulation and the antitrust issue in Italy. Could you give us some more color about what is going on and some elements about timing and potential risk?

Second issue on the regulation. Do you have any more visibility or any discussion ongoing with the French government? And could you just, as a follow-up, remind us the sensibility to the oil price on your results?

Thank you, Andre. Antitrust at first, probably nothing really new compared to what we discussed when we pushed our press release earlier end of March, I guess, when it happens. In antitrust, it will be a long process as this process generally are. What we expect is to see the authorities coming back after 18 months, something like this in September 2027 as we indicated.

And in the meantime, you have several things that could happen. First one would be a potential decision to go for settlement on our side or for any reason, the authorities deciding that they cut the investigation in between. So that's a very long process as we have seen others, and we see no reason to see that happening on a different matter than that.

And in terms of -- [ the platform ] in terms of timing. In terms of risk, as of today, we have not even had the first discussion with the audience and judge. So very difficult to give you any flavor on that part. But as we said, it's a commercial, more or less litigation or commercial discussion on the Italian market, which is happening at the moment. But the market in Italy is going well, and we have had a strong quarter in Italy, as you may have seen reading our press release this morning.

In terms of regulation in France, the minister came back indicating that there should be something to be before the summer. So we are waiting for that to happen. What we see that in what has been announced by the government, it's more or less taking back the main points that were already on the table in the last 2 or 3 projects that we've been discussing for a while and the most salient ones that we find interesting are definitely the full digitalization, which is the opportunity to decommission the paper system for us.

And secondly, the end of the commercial rebates, which is protecting the meal voucher system in France on the long run. So that's what we have on that point. And finally, oil price. We've been quite diligent over the last few years to really work on getting less sensitivity into oil price. So obviously, fuel price may have a slightly positive impact on our operating revenue because we still have a few contracts where the rate where we take is based on the price, but we also have quite a number of contracts where it's rather based on volume of liters.

And in addition, it's very important to remind that based on how the government manage things today, you really need to not create a correlation between the [ Brent ] and exactly the pump price because there are a lot of mechanisms which are happening, and there is, number one, a timing effect. And number two, some mechanism to decorrelate it, which, for example, in Mexico or in other countries like this can be very highly, highly sensitive. And we started seeing those type of things also on the Europe element. But all in all, price increasing has no effect on a positive one for us.

The next question comes from Justin Forsythe from UBS.

Just a few questions from my end, if I might. First, just on the overall revenue growth here, looking on that normalized ex regulation basis, I'm seeing, I think, slightly more than 1 point deceleration from 4Q to 1Q, but also some tailwinds that we had during the quarter.

So you flagged face value increases across 3 different countries. And also, you had the tailwind from fuel, which was also flagged. So maybe you could just help us understand if there is truly an intrinsic deceleration. Is there anything to do with macro impacts? I know your peer flagged some of that or anything else that you could more discretely flag to us?

And then specifically on Italy, I just wanted to understand a little bit better the phasing because you reiterated that EUR 60 million of impact. I'm calculating around EUR 22 million impact in the first quarter. But my understanding was that the impact of Italy would ease throughout the year. It seems like you're implying basically an equal weight in 1Q, 2Q and 3Q. And then to be very clear on the fuel benefit, I mean, I guess you really have mostly a 1-month benefit. And as you say, a lag effect in 1Q, I would expect quite a meaningful benefit in 2Q as it relates to fuel. So maybe you could just be a little bit more detailed on that point.

Thank you, Justin. So in terms of revenue dynamics, no. Really, if we think about the fundamental tailwinds that we need to think about, they are there. You can have had some small events here and there. In January, there was a little bit of bad weather, in Europe with a bit less traffic or things like this, but it's not something that has a fundamental impact on the long-term tailwinds. They are really there, and we see that both in Mobility, but also in Benefits & Engagement.

In Benefits & Engagement, there is an effect on the existing portfolio. We have quite a number of countries where it's rather remains stable or shrinks a little bit. That is something that we perceive. But in parallel, we have a good traction in terms of new sales, especially in the SME area, and we have a good traction on the Beyond solutions. And then as you know, we work a lot on cross-sell, upsell and that works.

On face value increases, if we really go one country to the other and we more or less try to take into account what we could expect as an impact for the first quarter. We see that coming in. But remember, it takes quite a long time, less for an impatient CFO, 18 months to 2 years to see that coming into our P&L. So we are on track. And in some countries also, like in Belgium, for example, you need to go through some sort of branch discussions and agreements before really the companies will implement them into their contract and then will benefit for it.

So then there is really a start, which can be quite progressive, and we see that. Remember, we also had quite a sizable number of face value increase in '25. We said it last time, we have 40% of our portfolio which was really impacted by face value increase in '25, and it's more than 50% in '26. So yes, there is a bit more. But hence, there was quite a nice push also last year, and that's fueling us and will go on fueling us for the rest of the year, reason why we are also confident on the traction for the rest of 2026.

And in Italy, yes, I quite support your estimate and your calculation, I would say. We have had quite a number of negotiations with our clients that get into motion [indiscernible]. So yes, I agree it's a little bit of a regular basis that flows in. And you might have some different effects because of volume varying from one kind to the other in some quarter. But more or less, this simplification of the math works relatively well.

And Q3 will be a bit less than Q2, obviously, as it will end of August in terms of comparison basis. So that's what you have there. And then in fuel, you're absolutely right. We have 1 month in the P&L and not more. And the positive traction should be bigger in the rest of the year. Then we'll have to see how it impact. As we said, there is not a direct correlation between [ Brent ] and the pump price.

Got it. Just one quick follow-up there, and that was super, super helpful detail. On the face value, totally appreciate the lag effect, which is why I was almost interested that you flagged specifically Italy in that. Like my understanding was actually it might be challenging to go back to the Italian corporates and ask them after you just went through an entire renegotiation phase or are still going through renegotiations to uptick the face value. Is that still one that might take perhaps longer than that 18 to 24 months to come through?

That's not really what we see today when we observe the Italian activity of Q1, the face value increase was really something very well agreed on the market. They come from EUR 8. And with EUR 8, it's not very easy to get a proper meal on an everyday basis. So the EUR 8 to EUR 10 was really something which was desired by the entire market. And then I'm not saying it's going to change in one day to the other.

But what we need to keep in mind that they had no increase over the last 5 years. And during that period, as we all know, inflation has been quite strong. So yes, I understand what you say. But if we just go back to the day-to-day life on the market, that is something which was really demanded on the side of the employees, the employers and the market.

The next question comes from Josh Levin from Autonomous Research.

I wanted to ask a follow-up question about the war and Mobility. You've talked about the impact of higher oil prices. What about the impact of kilometers driven? Are you seeing any slowdown in economic growth that's sort of translating into lower kilometers driven?

And then on the Brazil, you spoke about the Brazil regulations, and I think you referred to it as a pure financial impact. Does that mean you are not seeing changes in the competitive landscape? I asked because some of the smaller companies like Swile and Caju were out last week saying that their pipelines have increased quite a bit in recent months.

Thanks, Josh. In terms of the war impact, probably we need to think of 2 effects, direct war impact, what we have seen or what we hear on the market is, number one, there is some type of trend to have a little bit less of [ health ] traffic. So then if things are being shipped by the sea, then you have a bit more of last milestone to cover in terms of kilometers, which is something that the mobility team has been observing during the month of March. So that's number one point.

So yes, people could be tempted to do a bit less kilometer, but some more kilometers can be needed in some cases. And then whatever, that's also why I've been cautious in the answer about the impact of fuel price, but then kilometers are generally compensated by fuel price and vice versa. So this dual effect of having some contracts on volume, some contracts in fuel price is a little bit the ability to derisk and to compensate to moving parts.

And then we have the Beyond, which is quite sensitive in Mobility. And we see a good traction into that, be it toll maintenance or freight payment in Latin America. In Latin America, there is no real alternate. So then the kilometers we stay there and the government are putting quite a lot of effort on maintaining the pump price to a level which helps the drivers and the economy to go on using transport. So all in all, that's why we say we see the tailwinds being for us on the rest of the year.

And then I guess your other question was on Brazil and market dynamics and what [ Swile and Caju say ]. What we've seen in the quarter is really a double-digit in printing growth. So then we have seen a strong growth both in Mobility and in Benefits & Engagement in Meal & Food and Beyond. So yes, I understand that they say that there is a traction on the market because we've all seen it.

The next question comes from Sabrina Blanc from Bernstein.

The next question comes from Julien Richer from Kepler.

Two questions, please. The first one on EnBW, the partnership you mentioned. Could you please give us a little bit more detailed color on the potential impact on growth for the Mobility division? And the second one, any update on the operating performance of CSI in Q1 and how you see the entire 2026?

Julien. And really, sorry, Sabrina, I hope you managed to come back. On EnW (sic) [ EnBW ], maybe the first thing I'd like to mention, Julien, is really we took a few examples to illustrate what's happening in Mobility, but this is not the only partnership or the only good commercial traction that we have had over the last months.

So this is rather here to have an example value than really to have to put out an additional potential impact in the traction. Definitely, we have a platform business. And then one way of going is distributing more through our platforms, what we are doing, but there is fantastic potential in being distributed by others. And that's what we are aiming at. And the example of working with EnBW is also the ability to demonstrate, as Bertrand love saying it, that leaders work with leaders, and that's exactly what we are doing in this partnership.

So I have personally not computed a lot of things in addition to that one, but this is really unlocking potential, and this is creating additional opportunities for additional partnership to come on top. And over the last year, we also added nice new names working with us. That's the dynamic which is in motion as we speak. And then -- sorry, the second one point...

Regarding operating performance of CSI...

Not spent a lot on that. CSI in the first quarter has been going on, on the same type of dynamics that we observed end of last year, not really accelerating, I would say, but it's working well.

There are no more questions at this time. So I hand the conference back to the speaker for any closing comments.

So really thank you for attending this call and for all the questions you raised to us today. If I may give just a few comments on what we said. Really, what we would love you to go out from this call is to keep in mind that what we see with this Q1 is that in the uncertain environment we are in and that might go on for the rest of the year, we've been able to maintain our upward trajectory and deliver sustained top line growth. And this is really demonstrating the strength of our diversified and resilient model. Thank you for that.

Good morning, everybody. Thanks for being with Virginie, the Edenred CFO and myself for the Edenred 2025 results. We are together for the next 90 minutes. So first part is the presentation of our results. The second part, we will be pleased to answer any questions you may have.

In the executive summary, there are 5 message I want to share with you. First of all, yes, 2025 was a year of strong commercial and operating performance.

Second message, we exceeded the guidance 2025 in terms of like-for-like EBITDA growth and free cash flow generation and free cash flow conversion.

Third, yes, thanks to those results, we are able to post some strong shareholders' return.

My fourth message is you know the Edenred growth equation. It's a very simple equation. We are looking for more users and more value per user.

Finally, 2026 will be a rebasing year before renewed sustainable and profitable growth in 2027 and 2028 with a growth of between 8% and 12% of our EBITDA like-for-like for 2027 and 2028.

With those 4 messages, now let's go into the details, and I propose that we move directly to Slide 6.

Edenred delivered a strong operating and financial performance in 2025. Our operating revenue has been growing at 6.2% like-for-like versus 2024. Our EBITDA has been growing at 11.2% like-for-like versus 2024, which is above our guidance set at more than 10% growth like-for-like. Our EBITDA to free cash flow conversion has reached 82%, which is an increase of 12 points as compared to 2024 and which is vastly above our guidance of more than 70%. Finally, our adjusted EPS is reaching EUR 2.59, and it means an increase of 10% versus 2024.

So now let's look at the breakdown of this growth in terms of operating revenue. As you see on the left part of the chart, we have been growing at 6.2% like-for-like. And in fact, if you exclude the impact of the Italian regulation, the 6.2% would have been 9.1%.

Where does the growth come from? First of all, in Mobility, representing about 26% of our operating revenue, we have been growing at double digit, 11.7%. In Benefits & Engagement, which represents 64% of our operating revenue, we have been growing at 5.9%. And finally, in Complementary Solutions, with all the work we have been doing on the portfolio, we have a negative growth of 4.6% in 2025 versus 2024.

Now if we look at the breakdown of the operating revenue per geography, Europe representing 60% of our operating revenue has been growing at 1%. In fact, if you exclude the Italian regulation impact, the growth would have been 4.5%. Mobility -- sorry, Lat Am has been growing double digit at 13.2%. And finally, the Rest of the World has been also growing at double digit at 16.8%, the Rest of the World representing about 30% of our operating revenue. In fact, this strong commercial performance is translating into solid revenue and EBITDA growth. So the total revenue has been growing at 5.7% because of the Other revenue that has been growing at 1%. And finally, in terms of EBITDA, the growth of EBITDA in 2025 is 11.2% like-for-like without the impact of the Italian regulation, this growth would have been around 16%.

So what does it mean in terms of profitability? What you see on the 2 charts on the left, first of all, we have been increasing our operating EBITDA margin significantly by 280 basis points, moving from 39.1% to 41.4%. And as to the EBITDA margin, once again, the same story, i.e., a strong increase of our EBITDA margin by 230 basis points, reaching 45.9% in 2025.

Another point to notice, we have an acceleration of our intrinsic operating revenue growth in H2. When you look at the graph in red, what you see is the first half of the year, a growth of 7.1%. The second part of the year, acceleration in Q3 at 8.2%. And then due to the Italian regulation, a growth at 2.7%, leading to a full year at 6.2%.

There is another way to read it to understand the intrinsic growth of Edenred. Without the Italian regulation, the growth in Q3 would have been 9% and the growth in Q4 would have been 9.7%. That's why we are saying that we see an acceleration of the intrinsic revenue growth of Edenred, which is, in fact, a very good sign for 2026, but also for the years after.

Then if we move to the EBITDA growth, you see also an intrinsic acceleration of the EBITDA growth. So when you read it, 14.4% in H1, 8.3% in H2, leading to 11.2% for the full year. If you exclude, in fact, the Italian regulation, the growth would have been 16.5%, so for the entire year, 15.6%.

So now let's move to how did we reach this level of EBITDA and this level of EBITDA margin. In fact, part of the answer is into our Fit for Growth program. You remember, we shared that with you. It's a program that is in 2 phases. The Phase 1 was between the end of 2024 and 2025. In fact, we launched and we set up the Fit for Growth program, and we got some quick wins in 2025. So we have more workforce efficiency. We have been renegotiating the suppliers and distributors contract, and we did some IT internalization, which creates, in fact, more efficiencies. That's why you see our level of OpEx like-for-like growth at plus 1.3% in 2025.

Then the question is what does it mean for 2026 and beyond. In fact, based on the acceleration of our growth, we are totally convinced that Edenred is set for the future. That's why we will accelerate our strategic investments, especially in sales and marketing and data and AI because AI for Edenred is a plus and only a plus. That's why we want to accelerate our investments.

And the second thing is to generate some efficiencies in 2027 and 2028, we will accelerate our platform convergence that is going to give us scale, but also best-in-class customer journeys.

The second thing we will do in 2026 is the standardization and the streamlining of our support function. So after a growth of 1.3% in terms of OpEx like-for-like, we're going to accelerate our OpEx level in 2026 to prepare for the next 3 years in terms of EBITDA generation.

The other thing we shared with you as to what we will -- what we wanted to put in place in 2025 is, in fact, what we call a performance and product improvement plan. This plan is made of 6 key actions: 4 to improve the top line growth; and 2, which are about the portfolio review.

If I start by the first 4 to improve the top line growth, first of all, we said we want to revamp our offer in terms of gifting, especially with the Edenred Plus new platform. And in fact, we did it and it works because when we look at the results of the European gift business volume, we have a growth of circa 10% in Q4 2025 versus Q4 2024. Why Q4? Because it's the peak season of the gifting for Edenred.

The second thing we shared with you is Edenred Finance. You remember that we lost a big client in Romania, but we have a unique position. So we revamped our offer. We accelerated our investment from a sales and marketing point of view, and it works because, first of all, we are very pleased to share with you again the signature of our partnership with Shell in Q3 2025. And when you look at the growth in Q4, the growth has been more than 20%.

The third action in terms of improving the top line is to work on CSI. CSI, which is our corporate payment solutions in the U.S. We decided to refocus on key verticals and business excellence, and we start seeing the benefits of these focuses in the last month of December with a growth that was between 5% and 10%.

Finally, in terms of incentive, it was time for us to revamp our digital offer. We did it. And in fact, in Europe, we see a growth now on this product line of more than 10%.

The second part of the plan is our portfolio review. 2025 was a unique occasion to question ourselves on where do we want to accelerate and where do we want to, in fact, to stop or work differently. As to the PSP, so the public social program, we review our entire European portfolio. It's completed, and we are now focused on the most profitable programs.

As to the BaaS B2C, BaaS, meaning Banking as a Service, we decided to leave that segment, the B2C one to be focused on the B2B one. And for us, it's a derisking through this progressive exit, and it's done. We are on target. We still have a few things to do for the first half of 2026. But we can consider that the effort is behind us, and it's going to have a positive impact on the profitability and the derisking profile of the group.

So based on all those elements, a solid growth on the top, a very good control of our OpEx. We -- and so a good generation of EBITDA. The impact on the free cash flow is an increase of 34% in 2025. So it's based on the record FFO generation, funds from operation. So it comes directly from the EBITDA, but also our activity in benefits is working well. So we have a float increase. And thanks to Virginie and her team, we increased our discipline in cash collection. That's why you see the EBITDA to free cash flow conversion rate moving from 70% to 82%. Based on this strong generation of free cash flow plus a strong return to shareholders through dividends and share buyback for a total in 2025 of EUR 463 million, we are able, in fact, to decrease significantly our net debt. The net debt has decreased by 31%. That's why our leverage ratio has moved from 1.4x to 0.9x.

At Edenred, not only we are working on the economic performance, but also the extra economic performance, and we are very pleased to post excellent results on that on our 3 pillars: People, planet and progress. Just to take one of them, our greenhouse gas emission reduction on Scope 1 and 2 versus the point of departure 2019 has been now reduced by 31%. And in fact, all those efforts have been recognized by leading ESG ratings. To name a few, we received the gold medal for the first time with a 5-point increase by EcoVadis. Or if you think about the S&P Global, we increased our score by 6 points, and we are now a member of the Sustainability Yearbook. When I say now, in fact, for the fifth year in a row.

So after having gone through the results of 2025, economic and extra economic. I propose that I share with you a quick update on our new strategic plan called Amplify, Where do we stand on that? You remember, Edenred has a strong and unique value proposition. We are serving 1 million corporate companies. We have 60 million users, and we are driving business traffic for merchants via 2 million merchants. What does it mean? 1 million companies. It means that on Benefits & Engagement, we propose solution for HR directors to answer the equation, attract, engage and retain, but also solutions for fleet manager to manage their fleet and optimize their TCO, but also to organize the transition to electrical vehicles and reduce the CO2 emissions.

As to the 60 million users, we propose mobile-first solutions for those users to increase their purchasing power and to have in mobility hassle-free drive. As to the merchant, 2 million of them, we increased traffic and loyalty, and we propose to them a very efficient cost of client acquisition. So that's our strong and unique value proposition. And to be able to do that and to amplify that, we have, in fact, a very unique and unrivaled asset to pursue the growth.

First of all, remember that we are the leaders of our industry and our relative market share is very high. Second thing, we have the deeper portfolio on earth as to benefits and engagement, but also mobility. Third, we are the only player who is able to process internally the business volume with more than 90%. So this mission-critical infrastructure is very distinctive versus the competition. We are the best orchestrator you can find on our EBITDA growth. And we are also the biggest player as the leader. So our investment capacity are very strong. In tech, OpEx and CapEx, we're able to invest more than EUR 500 million per year to prepare and to amplify the growth. We are very efficient in terms of go-to-market. And also, we have a very resilient and recurring revenue model. Only one number, our net retention rate in Benefits and Engagement in 2025 is at 104%.

So with those assets, we also have a very diversified portfolio of solution. As you can see, Benefits & Engagement, 64%; Mobility, 26%; Complementary Solution, 10% of our total operating revenue. In this diversified portfolio of solution, as you can see, what is, in fact, beyond the core, which is the core fuel and the core meal and food, it represents now 42% of our total revenue, i.e., the diversification of Edenred is well in place and is amplifying.

Then if we go even deeper, you realize that the largest client we have represent less than 1% of our business volume. The largest merchant represent less than 2% of the redemption volume and the largest program we have, i.e., a country and a solution. So the combination of both represents about 10% of our operating revenue. So it's a super diversified portfolio of solution.

If we focus once again on meal and food, as you can see, Brazil, Italy and France represent 27% of the total group operating revenue and the rest of the meal and food represent, in fact, 15% of our total revenue, but spread out of 24 countries. As I said, the diversification of Edenred is amplifying.

Another way to look at it is beyond the core meal and food and the core fuel, what is the percentage of the total operating revenue it represents. In fact, Beyond Food has moved to 34%, increasing by 1 point and Beyond Fuel has increased by 2 points, moving from 31% to 33%.

Now if I take, in fact, one second on the situation in Brazil as to the presidential decree. Here, you have a chart explaining, in fact, the legal track to help you reading this chart and to make it very clear. First of all, a presidential decree was, in fact, signed on the 11th of November. As we said, Edenred went for a legal action and Edenred won the first legal action. And so the presidential decree is suspended. As expected, the government went for an appeal in front of the Federal Tribunal, and we are waiting for the answer of the Federal Tribunal.

Here, there are 2 options. If Edenred wins, the government has many opportunities to go for an appeal, an appeal that could be suspensive or not of the presidential decree. But if Edenred is losing in front of the federal tribunal, then the appeals of Edenred will not be suspensive, and we will wait for the second legal track, which is the judgment on the merits and the judgment on the merits will not happen before the end of 2026.

What does it mean? It means that, in fact, we will know better by the end of the year at best. And in between, many things can happen in terms of implementation or not of the presidential decree. That's why our guidance 2026 is based on a worst-case legal scenario. Another way to say it, the minus 8% to minus 12% for 2026 is based on the fact that the President of the Federal Tribunal is asking for the implementation of the presidential decree. And to stop the implementation, we will know it only by the end of the year.

So as I said, many things can happen. Today, the decree is suspended. It could be reinitiated or not. And whatever they or not, the final decision will be by the end of 2026 at best.

So let's go back to our growth equation. Our growth equation is very simple, more users and more value per user. More user, it means attract more clients and users on the Edenred platform, 50% to 60% of our growth for the coming years. More value per user, 2 levers, enrich and activate, enrich between 30% and 40%. Behind enrich, 2 levers, upselling and cross-selling. As to activate, that will represent between 10% and 20% of Edenred growth, activation is really the monetization of our very qualified user base, but also new services for the merchants. That's the very simple and magic growth equation for Edenred.

So now if we go into the details of those 3 levers, and we start with attract, which is about 50% of the future growth of Edenred. Yes, we have been able to accelerate our client acquisition in 2025. How did we do it? First of all, we reinforced our digital acquisition. So we have more and more digital lead generation and AI automation for sales processes. What does it mean? Our level of SME users in 2025 has increased by more than 700,000. So the engine is in place and the engine is amplifying week after week.

The second example I would like to share with you is the ability to extend our customer reach. What does it mean? Edenred is selling directly its solution via the very unique platform, but is also now using more and more distribution partner. So I take the example in mobility. Now our solutions are distributed by Daimler, by Man, by Shell for the financial services or by Arval, a leasing company for the maintenance services. What is true in mobility is also true, in fact, in benefits. Here, we take the example of Brazil, where our solutions for toll payment, in fact, are now, in fact, distributed by Nubank, the first e-bank in the world, but also some other banks, in fact, in Brazil, like Ater, CCredit or CCOB.

To make a long story short, our network of indirect distribution partners has increased by 30 in 2025 versus 2024. So we amplify our extension of the customer reach, and there will be more to come in the next years.

The second lever of Amplify is enrich, enrich with 2 levers. The first one is cross-selling. The second one is upselling. Here, you have the example of what we did in Brazil. You remember, we made the acquisition of RB. RB is a ticket transport provider. The offer of RB is now integrated on the Edenred platform, and this integration has allowed for more cross-selling on our customer base. And so the RB total revenue growth in 2025 has been circa 60%. It's an example of what we can do in cross-selling.

The other lever we have is upselling. Upselling, what does it mean? It's to translate the maximum legal face value increase into users' benefits. What has happened in 2025, if we look at portfolio of ticket restaurants around the world, we had more than 40% of the business volume that has been positively concerned by a face value increase. And in fact, this momentum is going to accelerate in 2026 because as of today, the ratio is not more than 40%, but the ratio is more than 50%. And to give a few examples, in Italy, the Italian government decided to increase the face value by 25%. It has not happened for the last 6 years. In Belgium, the government has decided to increase the legal face value by 25%. Nothing has happened on the legal face value in Belgium for the last 10 years. And in Romania, the government decided to increase the legal face value by 12.5%.

So as you can see, the upselling engine of Edenred based on face value increase, notably is going to work well for the years to come because it takes about 2 years to benefit from 85% of the legal face value increase. So we know that this growth engine will amplify in the coming years.

Finally, the last lever is activate. So the idea is provide more services to our merchants and better monetization of our very qualified user base. You have an example of a retail media campaign that has been done by Reward Gateway, the engagement solution of Edenred. And we see the first very encouraging results. Our retail media revenue has been growing by more than 30% in 2025.

So to conclude, we can count on an enrich revenue model because, in fact, our model is based on solution-based fees, but also nontransactional fees and some new revenue streams that are coming from our platform for our user activation and our merchant services. The combination of this enrich revenue model with, in fact, the 3 levers I shared with you before, is putting Edenred on its way to increase the average revenue per user, which is at EUR 45 in 2025, up to EUR 70 in 2030. And as a reminder, what are the growth drivers of this average revenue per user. It's going to be upsell, it's going to be cross-sell. It's going to be our mix of solution, our portfolio diversification, but also some M&A that we can do. A good example was the RB acquisition in ticket transport, another benefit for the Brazilian worker.

Finally, a quick point on data and AI. Data and AI is only a plus for Edenred. And because it's only a plus for Edenred, we're going to increase our investment in data and AI by multiplying by 6 our annual data and AI investments during the course of the Amplify plan. Here, you have 2 examples of a concrete application of the AI at Edenred, concrete application within the services we propose to our clients and our users. On the left part, now we are able to propose an AI augmented customer journey. It's called EdenHelp. It's powered by, in fact, the leaders of AI in the world like Agentforce and Zion. And it allows us and the user to benefit from hyper personalization and an unrivaled customer service. And by the way, we won, in fact, an award on self-care and chatbot services in 2025.

Another example is our engagement solution in Latin America in 5 countries. It's called GOintegro. Now if you are a user of GOintegro, you will not be alone. You will have your everyday companion. It's a virtual HR agent, but you will also have an AI agent to help you in the content moderation. So the AI revolution is on its way at Edenred. And as I said, it's only a plus for our clients and users. That's why we increased our level of investments.

Thank you for your attention. It's now time to go into the detail of our 2025 financial performance under the leadership of Virginie.

Thank you so much, Bertrand, and good morning, everyone. Let's dive into our Edenred '25 detailed financial performance.

So first, starting here, you can see that we delivered EUR 2.961 billion of total revenue in '25, growing 7.6% like-for-like if we exclude Italian change of regulation impact. All in all, with a negative foreign exchange impact of minus 4.6% weighing on our total revenue growth, reported growth is at plus 3.7%. Operating revenue amounted to EUR 2.7 billion and reflects 8% like-for-like growth when we exclude the Italian new regulation. Foreign exchange impact on our 2025 operating revenue was a negative minus 4.3% offsetting a positive scope effect of plus 2.9%, which reflects the contributions of the recently acquired activities, mainly Transport voucher in Brazil, the IP Fuelcard energy activity in Italy. And all in all, this resulted in an as published growth of plus 4.7% for the year '25.

Now regarding other revenue, we recorded EUR 229 million in '25, showing a minus 7.1% in reported figures, but this is a 1% growth in like-for-like. Foreign exchange effect was a negative minus 8.1%, and it reflects mainly the evolution of Latin American currencies on our other revenue.

Now in Europe, overall, on this page, you can see that operating revenue in Europe amounts at EUR 1.6 billion, and it represents 60% of the group operating revenue. In '25, operating revenue in Europe grew 3.4% as reported and 1% like-for-like, benefiting from a positive scope effect due to the contribution of the acquired IP Energy Cards business in Italy.

Zooming on Q4, Europe operating revenue was at EUR 433 million and decreased minus 3.4% on a like-for-like basis. that reflects mainly the impact of the Italian meal voucher regulatory changes. Excluding this impact, European performance would have been an 8% like-for-like growth, confirming the improvement observed since the second quarter of '25.

Zooming in France, we delivered EUR 363 million of operating revenue in '25, up 0.5% like-for-like on a full year basis. In the fourth quarter, operating revenue was stable, down minus 0.2% like-for-like. Mobility confirmed its strong sales momentum with double-digit growth over the quarter, led by rising demand for electric vehicle charging solutions. Meal & Food delivered steady growth with good commercial development in challenging macroeconomic conditions and the year-end gift campaign was boosted by the new digital offering.

Meanwhile, this performance was offset by the tail end of the cyclical downturns in software solutions. In rest of Europe, Edenred delivered 8% growth in 4Q '25, excluding the new regulation in Italy on the back of a good performance in Southern countries and in Germany with the Ticket City solution. Mobility also benefited from a good commercial traction in Italy with IP and with Beyond Food solutions with Edenred Finance, for example. Our recent partnership between Spirii and Daimler on electric vehicle demonstrates the relevance of our solutions.

Then finally, as regards to complementary solutions, we had lower revenues on Romanian public social programs and the ongoing exit of Banking-as-a-Service B2C activity that Bertrand mentioned earlier is still in our like-for-like computations and continue to weigh negatively on the growth.

In Latin America now, if we dig into our performance, we see operating revenue up to EUR 826 million in '25, representing 30% of the group operating revenue. This Edenred region has been robust and resilient all year long, delivering double-digit growth both in 4Q and in full year. Brazil delivered good level of growth in meal and food, but it's worth to mention that our Beyond Food activities also propelled this good performance with our employee ticket transport solutions, for instance, RB, that delivered 60% total revenue growth in 2025.

On Mobility, both Fuel and Beyond Fuel solutions delivered solid level of growth in Brazil and emphasize the relevance of Edenred diversification in the country. Hispanic Latin America delivered a lower growth with 2.3% like-for-like in Q4 on the back of a high comparison basis in Benefits and Engagement due to strong Mexican performance last year. In the regions, the performance remained strong, supported by favorable dynamics in mobility, growing double digit as demand remains robust for Beyond Fuel solutions, notably in Argentina and in Mexico.

Other revenue. Now other revenue was better than anticipated. We can see that we started the quarter with a boosted higher volume in float, interest rates remaining higher for longer, and we faced a less detrimental effect of currency translation. And overall, we delivered EUR 229 million of other revenue, which is slightly above our latest expectation of around EUR 220 million. Indeed, with higher business volume in Latin America and interest rates, notably in Brazil, all this led to a 7.2% like-for-like growth in 4Q versus last year. Overall, despite a less favorable interest rate environment, especially in Europe, where most of the float is located, other revenue are up 1% like-for-like. This performance reflects the group float increase generated by higher issue volume.

What does it mean for '26? For '26, we expect other revenue to have lower dynamic because of interest rate decrease and just notably in Europe. We remain though confident with the EUR 210 million floor that we gave you at the Capital Market Day, knowing that the Brazilian decree needs to be taken into account as an additional computation to that number.

Now a little bit of view on our P&L. That illustrates the increase in profitability that Edenred achieved in '25. Operating expenses growth remained really contained at 1.3%. Indeed, scale effect of our per platform and the first milestones of our Fit for Growth program that Bertrand talked about previously, have been instrumental to enhance the group profitability. The group delivered an operating EBITDA of EUR 1.131 billion, corresponding to an operating EBITDA margin of 41.4%, increasing 2.8 points like-for-like in '25. EBITDA was EUR 1.360 billion, and EBITDA margin was at 45.9%, increases by 2.3 points versus last year.

Now on this page, you have a detailed view of our P&L that led us to the solid increase of the adjusted EPS by 10% in '25. And if I comment quickly on each line to give you a little bit more color. First, on D&A, you can see an increase, which is in line with our CapEx regular increase. And moving forward, you'll see D&A continue to increase in line with CapEx growth.

PPA-related D&A increased in '25 due to the finalization of the purchase price allocation exercises relating to Spirii, RB and IP acquisitions that we acquired in '24. As the group has not made any additional big acquisition in '25, this amount should remain relatively stable year-on-year.

In terms of other income and expenses, we were at EUR 46 million this year, and that merely reflects the restructuring cost that we incurred, notably on the back of our portfolio optimization actions. On the tax rate, tax rate was up in '25 as our normative tax rate reflects our geographic mix with a higher share of Brazil, offsetting a lower Italian contribution. We do not expect Brazilian contribution to significantly lower next year as a lower contribution will be partly offset by the expected tax rate increase in that country.

Number of shares continue to decrease in line with the execution of our share buyback, and we bought back EUR 125 million over the year. Minorities interest are growing in line with the increase of profitability of the group, and our EPS is EUR 2.18 for '25, growing 5.7%, while our adjusted EPS stands at EUR 2.59, growing 10% year-on-year.

Record cash flow generation. Our cash flow was EUR 1.111 billion, up 34% versus last year. And if we look to how our cash flow is built, you'll observe once again that the EBITDA to free funds from operation conversion rates remains the main and constant constituent to the free cash flow generation of Edenred. Looking to balance sheet movements. The material improvement on working capital variation is coming from the increase in float, reflecting higher business volume in Q4, especially in Latin America.

Our other working capital benefited from cash collection discipline in mobility, a good momentum in VAT reimbursements coming from the European tax administrations as well as the positive effects coming from the portfolio optimization actions we undertook last year and notably some public social programs not weighing anymore on our balance sheet. CapEx are at EUR 198 million for the year '25, down EUR 20 million year-on-year, thanks to our technology cost renegotiation efforts.

And overall, CapEx represented 6.7% of our total revenue, well within our 6% to 8% range. As a result, free cash flow to EBITDA conversion rate was a strong 82% for '25, up 12 points versus last year. Let's have a look now on our net debt position. We started '25 with EUR 1.8 billion net debt and the leverage ratio, which has been now lowered from 1.4x end of '24 to 0.9x end of '25. This leverage improvement results from the strong cash generation, slightly offset by the shareholders' return, which amounts to EUR 463 million in '25.

We then closed the year with a net debt position of EUR 1.2 billion. This gives us full flexibility on our capital allocation and illustrates our fast deleveraging profile. Now moving to our robust financial position. We do have a strong liquidity position with EUR 5.2 billion as current financial assets, a debt well spread over the years and the access to an undrawn credit facility of EUR 750 million. Moreover, our A- rating with stable outlook has been confirmed by S&P at the end of November '25 again.

As you may have seen, we successfully issued a EUR 500 million bond earlier this year with a 7-year maturity, a coupon of 3.75% and an order book more than 3x subscribed, showing the confidence of bond investors into Edenred's credit quality. This refinancing increases our average bond maturity to 4.1 years. Overall, we decreased the cost of debt down to 3.3%. If we move now to capital allocation, which is focused on both growth and shareholder returns.

First, growth remains our top priority. We plan to invest and pursue organic growth initiatives to deliver the Amplify plan with annual CapEx between 6% to 8% of our total revenue. Second, we want to take advantage of our solid balance sheet to seize value-accretive M&A deals and be opportunistic while maintaining strong focus on strategic and financial discipline. We focus on key deal considerations such as further consolidation, opportunities to accelerate our Beyond strategy and further diversify, strong potential for revenue synergies as well as sustainable business models.

Now in terms of shareholders' return, we will propose to the shareholders a dividend on EUR 1.33 per share for 2025, which is a 10% increase compared to '24. This material increase is in line with our progressive dividend policy and reflects Edenred's confidence to continue to deliver sustainable and profitable growth in the long run.

We continue to execute our current share buyback extension program of EUR 300 million, out of which EUR 125 million have been already executed during the year '25. And finally, we remain committed to maintain a strong investment-grade rating with our A- S&P rating reaffirmed in April and November last year.

Last page for me, I want to show you the Edenred 2025 performance presented under the new reporting structure by business line that we announced during our Capital Market Day and which we will fully use starting 1Q '26. This enhanced reporting structure will provide operating revenue, operating EBITDA margins for each business line. And as a consequence, business lines become our prime segment reporting geographies moving to the secondary dimension. This change also includes limited scope adjustments between business lines that you can track in the appendix of the presentation.

As shown on the page, Benefits and Engagement and Mobility have similar operating EBITDA margin at 43% and 40%, respectively. And these are both in progression compared to 2024. As for Payment Solutions and New Markets, operating EBITDA margin is at 29%, up 9 points versus last year on the back of all management actions that have been undertaken in '25.

I'd like to thank you for your attention, and I now hand you back to Bertrand for the '26 outlook.

Thank you, Virginie. So a few words of conclusion as to the outlook for 2026 and beyond. So first of all, yes, 2026 is a rebasing year for Edenred. Intrinsically, the EBITDA growth will be between 8% and 12% like-for-like, and it's going to be powered by 2 engines. The first one is the total revenue growth, but also the structural operating leverage we are able to generate, thanks to the platform. However, in 2026, we have to rebase based on one thing, which is the impact of the regulation change in Italy and Brazil.

It's going to impact negatively in 2026, our EBITDA growth. Then we are going to accelerate our investments to achieve, in fact, the management actions and the portfolio optimization we talked about. And finally, as explained by Virginie, our overall revenue will decrease slightly outside the regulatory change in Brazil, and it's going to be probably the last year because our float is increasing, and we are moving towards a stabilization of the interest rates.

The combination of all those elements, an interesting growth of 8% to 12% plus the regulatory change will lead to a guidance for 2026 between minus 8% and minus 12% like-for-like. Once again, as to the Brazilian impact, we took the worst legal case, i.e., an implementation of the presidential decree. Then based on that, what does it mean for beyond, i.e., 2027 and 2028, back to the growth of Edenred between 8% and 12% starting in 2027 for the EBITDA like-for-like growth and the free cash flow to EBITDA conversion rate after the regulation impact in 2026, we are back to the 65% and more in 2027.

To make a long story short, what are the key takeaways of the 2025 results, our Amplify plan, 4 messages. First of all, 2025 was a year where we are able to post a new set of record results from the top line to the EPS. Yes, we are able to generate sustained revenue growth with an acceleration in the second part of the year, which is a very good sign for 2026, but we are also benefiting from our structural operating leverage. We are a platform business. It's the scale business. The more we grow, the more we are able to generate increased margin.

The second thing is, yes, we see in 2025, the first effects of our performance and product improvement plan and all the efficiency measures we took, the constraints creates the talent. Finally, we are a highly cash-generative business, and that's why we have been able to post strong cash generation in 2025.

What does it mean? It means that based on all those elements, 2026 is a rebasing year before we resume sustainable and profitable growth trajectory starting in 2027. We will mitigate the impact of the regulatory step back, thanks to our very diversified portfolio. We will continue and amplify our management actions to deliver further efficiencies.

And finally, we know that we can count on our product and tech leadership in large to continue to grow on vastly underpenetrated markets. Based on our results in 2025, we have been able to reinforce our fast deleveraging profile. And so we have a very strong balance sheet that leaves Edenred ample room for organic growth investments, especially in data and AI, but not only, also focused M&A opportunities while continuing our high level of shareholder returns in terms of dividends, but also share buyback. Based on that, we also have a long-term vision. This long-term vision is called Amplify with a magic growth equation that is simple, i.e., to increase the number of users and to increase the average revenue per user. And all those elements allow us to reiterate our ambition to reach EUR 5 billion of total revenue in 2030.

Thanks a lot for having listened to us. And Virginie and myself, we are all yours to answer any questions you may have.

[Operator Instructions] The next question comes from Estelle Weingrod from JPMorgan.

To start with, can I just ask on Brazil. So thanks for the slide regarding the legal process ongoing. I just wanted to clarify a couple of things. So do we know how long it will take to hear back from the government's appeal? And in the meantime, the decree is suspended, so you are not implementing the decree, which should on paper start now. Is that correct? So that's the first question.

And the second question -- sorry, there's 2 in 1, but then the second question, on CSI, you mentioned a good growth of 5% to 10% in December. What are you expecting in '26? And should we expect Complementary Solutions to remain in positive growth territory? Or we would still see some impacts from the actions you took last year?

Okay. Estelle, thank you for your questions. I will take all of them. So first of all, the decision or, let's say, the decision of the federal body or legal body can happen any time now. So it can be tomorrow, it can be in a few weeks. So we are waiting the answer and the answer can be as early as tomorrow. In between, there is a suspension of the decree for Edenred and I think for 9 other issuers in Brazil. So we did not implement the decree. We are ready to implement it if the decision of the federal jury goes against the suspension.

Your second question is as to CSI, yes, we start seeing a good dynamic, and we start seeing it as well for all the complementary solutions because 2025 was also a year of, let's say, cleaning our portfolio, especially in the BaaS B2C to derisk from this activity. So you can expect complementary solution to grow, in fact, in 2026. So I remind that in 2025, we are at minus 4.6% in terms of operating revenue. You will see some good growth in complementary solution in 2026.

The next question comes from Sabrina Blanc from Bernstein.

Yes. I have 2 questions for my part. The first one is regarding the cost efficiency. Can you provide more details about the 200-something improvement, if we could have more color by segment or by areas.

And the second question is regarding the environment in France. We see that the growth was almost stable in Q4. But in the same time, you have mentioned that the gift campaign was very good in Europe. So just to understand what's happened in France and notably in terms of economic environment.

Sabrina, thank you for your 2 questions. First of all, as to the cost efficiency, so OpEx growth of 1.3% in 2025, where does it come from? If you look at the, let's say, the OpEx structure of Edenred, 50% of our OpEx are payroll. And in fact, the payroll is the combination of the total number of people and the average increase. In fact, in 2025, we employed less people at Edenred than in 2024. And we worked on, let's say, salary moderation in 2025. But in fact, behind that, when we say we employ less people, in fact, around 30% to 40% of less people is coming from the synergies coming from the acquisition. So we talked, for example, about RB, Ticket Transporte in Brazil.

We have a platform. They have a platform in Ticket Transporte. Obviously, there is cost synergies, and we implemented those cost synergies. And unfortunately, people that you employ are part of those synergies. So in fact, you have between 30% and 40% that are coming from the synergies. Then you have what we call portfolio rationalization. So for example, when you progressively exit from BaaS B2C. In fact, at the end of the day, in this division, you employ less people because we are exiting this activity.

So let's say, between 15% and 20% of, in fact, those payroll stabilization is coming from what we call the portfolio rationalization. And then the entire Edenreders, so the employees of Edenred, we all made some efficiencies for everybody everywhere. It has been well balanced. And as I said, the constraint creates the talent. So 50% was, in fact, a work on our payroll coming mainly from the total number of people with the #1 driver, which is synergies coming from the acquisition and efficiencies and portfolio rationalization.

Then you have, in fact, what we call the cost of sales. And in fact, cost of sales is about 15% of our OpEx. And basically, we renegotiated with some of our distributors new formula, but we also sold less hardware at Spirii that are, let's say, impacting in terms of cost of sales. So that's the reason why the cost of sales in percentage of our operating revenue has slightly decreased. And then you have the other charges. And here, the other charges are representing 35% of the total. The other charges in percentage versus the operating revenue went down. Why? Because we sat down with all our suppliers and we renegotiated with them or we readjusted our needs. When you think about our tech investments, we are buying a lot of tech from everybody around the world. And sometimes we have not been efficient enough in the past in terms of what do we need exactly, how do we use it? So we sat down, we reviewed the way we were working, and we have been able to renegotiate.

So to make a long story short, 2025 was a very good year to work on our efficiency, whether on the payroll, the cost of sales, but also the other charges.

Then you had the second question as to the environment in France. In fact, in France, everything goes well at the exception, as we said, of the software sales for the workers' council. So the ticket restaurant in France is doing well. The gift is doing well. The only blow we have in 2025, and we explained that in the past is we have a negative growth in software sales. And in fact, why? Because now you have a new, let's say, elective process in France, it's every 4 years. And it means that the year before the election, you will see, in fact, a huge increase of our software sales. And in between, it's more slow. So we expect the activity to rebound sharply in 2026 and even sharply in 2027. So for France, everything goes well, Ticket Restaurant, gifting, to name a few, but a big blow on software sales, but we will back on track. We will be back on track very soon and the rebound will start in 2026.

The next question comes from Hannes Leitner from Jefferies.

Yes. I got 2 questions. So you called out that business volume exposure, meal and food are over 50% experiencing a face value increase led by Italy, Belgium and Romania. Can you maybe square that why shouldn't that give more confidence in '27, '28 targets given that those face value increases were only pending at the CMD.

And then the second question is, if we calculate the Italian headwinds, they come up to EUR 10 million in Q3 and EUR 44 million in Q4. So slightly below your EUR 60 million indications. Should we expect that the balance now to the EUR 120 million is coming in 2026? Or should we just think that the same thing will be replicated?

Hannes, thank you for your 2 questions. So first of all, as to the face value increase, yes, it gives us a lot of confidence in terms of upselling. And that's why there is a bracket between 8 and 12, the bracket was the same at the Capital Market Day. Then it depends on where we are going to be on the bracket. But it's true that, thanks to, in fact, those very good news in terms of upselling, it will have a positive impact on our guidance, but let's do 1 year after another. As to Italy, yes, we confirm that the total impact for the Italian regulation is EUR 120 million. And what I can confirm as well is as soon as it is swallowed, you will see double-digit growth in Italy in 2027 and in 2028.

The next question comes from Julien Richer from Kepler.

Two ones for me, please. The first one on Reward Gateway. Could you please give us some details on its deployment and the impact of that deployment on the number of solutions per head and ARPU. And the second one on your dividend policy. If you look to 2026, let's assume a worst-case scenario where your reported earnings will be down, let's say, 10%. Do you still expect your dividend to grow in absolute terms in '26?

Julien, thank you for your 2 questions. So I start with the dividend. We commit -- we have been committing for the -- for many years into progressive dividend policy. So you will see the dividend growing, in, in fact, 2026 paid in 2027. Now the question is the intensity of the growth, and it's a debate that we are going to have with the board and the proposal to the shareholders. But we are committed to a progressive dividend policy. So by definition, in absolute value, the dividend is going to progress in 2026. By the way, can we do it? Yes, we are a cash-generative company. We are fully deleveraged with a ratio of 0.9, and we are strongly confident in our ability to generate between 8% and 12% EBITDA growth like-for-like starting 2027. So that's why I'm able to answer like that.

Then Reward Gateway, the deployment. The deployment is going to accelerate in France, Italy and we said France, Italy and Belgium. As I said, in 2025, we had very good successes in Belgium. In Italy, 2025 was a pause because we had to renegotiate 14,000 contracts in a few months. So when you do that, and I'm a great believer in the focus, when you do that, you have to make some choices. So 2026 is going to be the year of the extension of our engagement solutions in Italy.

And in fact, in France, we have been pleased by the signature in the second part of the world of a few, let's say, large contracts with very well-known French companies. So we will see an amplification in 2026 on those 3 countries.

What is the impact on ARPU? The impact, in fact, is going to be positive and also in terms of number of users because it's another point of entry to have access to Edenred solution. It goes one way and the other. You are currently an Edenred user and client and in fact, engagement is going to increase the cross-selling. So that's one way. Or the other way is you are not a user of Edenred solution and you enter into the Edenred world via the engagement solutions. And our goal is to satisfy you so much that, in fact, you will beg for the other solutions of Edenred on your digital application. So Reward Gateway, amplification of the deployment in France, Italy, Belgium with a specific focus on Italy and France because Belgium is well launched. And probably, we're going to also accelerate the deployment in Spain and in India in 2026.

The next question comes from Justin Forsythe from UBS.

A few questions from me here. So thank you for the detail on Brazil. That was super helpful. Just wondering, is there a potential third avenue, which might be you settling out of court with the government. Are there any terms that you might find attractive, whether that's like a phased interchange cap, maybe not a day 1 move to this 3.6% or the 2% or anything else that would be attractive to you. It may be a delay in the 15-day settlement requirement or something of that nature that you might be interested in.

Virginie, I wanted to ask a little bit about the free cash flow guidance. The 35% conversion. I think that at least by my math, implies over 60% decline compared to where you reported in '25. Now I understand that's inclusive of the Brazil regulation. So maybe that has something to do with your expectations around float in concert with the overall drop in EBITDA. But maybe you could dig into that a little bit. And just wanted to give you guys credit because RB seems like it's doing really, really well in Brazil. Maybe you could talk a little bit about how you expect penetration of that solution to go. Are you expecting higher attach rates with your corporate customers? Could you get to maybe close to 100% of those that are using a voucher solution in Brazil?

Sorry, Justin, your last question was about what?

RB.

About RB. Okay.

RB. Yes.

So I propose that I take the #1 and #3 and then Virginie, the #2 as to the free cash flow. First of all, is there a third avenue? Yes, there is a third avenue. That's why we were pushed to go for legal action, but the industry is willing to discuss with the Ministry of Labor, the Ministry of Economy with open arms to try to find a solution because at the end of the day, what is good for the workers is good for the industry. And what is good for the workers is 2 things.

First of all, you have 20 million users of the PAT, so in Brazil. And in fact, when you look at the full potential, the full potential should be 40 million users. So what can we do together hand-in-hand with the government to accelerate the development of those solutions in Brazil. By the way, the main target is probably the SMEs. And when you look at our growth in Brazil in 2025, we have been growing at almost 15%, in fact, in benefits in Brazil. It is, in fact, the proof in the pudding that there's still a long way to go in terms of penetration, especially for the SME users in Brazil. Once again, we consider that full potential, there should be 20 million more. So based on this potential, yes, there is a third avenue to discuss because we want more users of the PAT in Brazil and the government has exactly the same, let's say, willingness.

And the second thing is for the program to be sustainable, it has to be well filtered. And so well filtered, it's not possible at all with an open-loop solution. And it's complex. It takes time to explain. We need to reinforce our explanation, and it's part of the third avenue. So you are right, Justin. On one side, there is legal action. And on the other side, as usual, with Edenred, open arms to sit down and to say, okay, what is best for the workers, what is best for the program and how can we find a compromise.

Your second question was about RB. Yes, Ticket Transporte is doing well and the level of cross-selling is still, in fact, below, let's say, 40%. So there's still a long way to go, knowing that Ticket Transporte is a mandatory benefit, in fact, in Brazil. So it has to be given by the employer. And we still have many employers who are giving this benefit, but not using yet the Edenred platform. That's why all our commercial efforts in terms of cross-selling will amplify because the potential is there.

As to the free cash flow guidance, Virginie?

Thank you, Bertrand. So thank you, Justin, for the question. So sorry to do a little bit of mathematics guys, but maybe that helps. It's a ratio. So we have to look to both parts, the numerator and the denominator. And number one, you have one element which is touching numerator and the denominator at the same time, which is that next year, we will be impacted by some lack of revenue and then EBITDA, obviously, in -- coming from Brazil and from Italy. But in addition to that, and that's not helping the ratio, definitely, our numerator is even more hit than the denominator is because of the elements coming from working capital variations and the lack of float effectively, as you noticed, Justin, that will be hitting us.

And that has an impact quite sensitive on the calculation of the ratio. So to help you a little bit on that, as we said, we are moving from a guidance to 2% to 4% before the announcement of our new decree in Brazil down to minus 8%, minus 12%. That gives you an idea of the magnitude of the impact on the Brazilian regulation on our EBITDA.

Bertrand stated it again based on the worst legal case scenario, that's the one that we reinstate for '26. And then that's the way we compute what will happen to our free cash flow. So on that part, we said it in November. We estimate that more or less 85% is operating revenue and the rest is coming from the other revenue.

So then if I compute the float, which is touched the other way around, knowing that our interest rates are around 12%, a little bit more in Brazil, you'll be able to go to quite a sensitive amount in terms of missing float that we will lose from Brazil. Another way to look at it is to start from the volume of float that we have in Brazil. In Brazil, remember, that 20% is coming from Latin America of our float and Brazil is 3/4 of that.

And then we have a bit of a big part of it, which is on the merchant side because Brazilian people used to consume their vouchers a bit faster than it is happening in Europe. And then the vast majority of our float is based on the merchant delay. So then you cut that by half of it and you'll compute almost the same figure, which is going really to hit us. So that has an impact. And obviously, as we said, on free cash flow, you will lose both the EBITDA part and that float part.

And remember also that what we stated to Capital Market Day is that mobility growing and mobility having a very slightly negative working cap position. Then on average, we expect it to go to 65%, meaning that the starting point that we expect to see also for next year is also touched by that. That being reinforced by a mix where you have less benefits and engagement and more mobility, mobility has no impact of Brazilian and Italy regulation.

So that's what it did. Just maybe to help everyone call on that, it's a 1-year effect. You will have to suffer into brackets the working capital variance once. And after that, we'll go back to a usual cash generation ratio. And that's what we reinstate with our guidance, what we see for '27 and '28, assuming '26 is taking the impact is that we go back to the 65% cash generation ratio because we won't have to absorb twice working cap variance.

The next question comes from Kate Xiao from Bank of America.

My first question is still Brazil. I guess if my understanding is correct, if there's going to be an unfavorable ruling at the end of the day, that decision is only going to come towards end of 2026. Then why are you still holding your 2026 guide of the full impact? Is it because if there is a more negative decision, it could be applied retrospectively to the full year of 2026?

And my second question is, I noticed you used to disclose the benefits and engagement section take-up rate. It was 5.6% in 2024. Just wondering what the latest rate is for 2025. And obviously, let's say, in 2026, there's still going to be some impact from the full impact of Italy and Brazil. If we assume both markets, it's fully -- the impact fully happens and it's fully derisked, what would that take-up rate look like in that normalized environment?

Okay. So let me take those 2 questions. Yes, your understanding is not correct. So let me repeat it. Today, the presidential decree is not applied, and it was supposed to be applied starting February 11. It's not applied as of today. Why? Because we won the first part of the legal battle, and we are not the only one because out of 12 issuers that went into court, 9 of them won and the other ones are waiting for their appeal. So it is not applied.

The government has made an appeal with a federal judge. The answer of the federal judge can come as soon as today or tomorrow or even 1 month. So waiting for the answer of the judge, the decree is not applied. But if the judge is giving reason to the State, then we will have to implement the decree. But if the judge doesn't give right to the State, the State has multiple ways to go for an appeal and the appeal could be suspensive, i.e., the implementation -- the decree would have to be implemented.

So to make a long story short, as long as we don't have the answer of the federal judge, the decree is suspended. As soon as the decree might not be suspended, then the next step for us is an answer on the merits of the decree, and it's going to happen by the end of 2026. That's why we don't know. And because we don't know, every day that goes without the implementation of the decree is a good news. So you will see us probably if it takes longer, you will see us more on the top of the bracket than on the bottom.

So that's how it works. And I hope my clarification is helping you. Your second question is as to, in fact, the take-up rate. In fact, the take-up rate is a notion that makes less and less sense for Edenred as we explained during the Capital Market Day. Why? Because the take-up rate is a percentage on the transaction. And as you can see, we are providing more and more services that do not have anything to do with the amount of the transaction. So if you think about engagement, it has nothing to do with the amount of transaction.

If you think, in fact, in terms of maintenance services in mobility or telematics, it doesn't have anything to do. So when you look at the Beyond part, which represents more than 40% of our total revenue today, the vast majority of Beyond is decorrelated from, in fact, the value of the transaction. That's why we are moving to measurement that are much more the average revenue per user and the number of users. Having said that, to make the link between the old Edenred and the new Edenred without the impact of Italy, the take-up rate would have increased in 2025 at Edenred.

The next question comes from Pravin Gondhale from Barclays.

My first question is on free cash flow. The 2025 free cash flow conversion was very strong, and you sort of flagged that you benefited from the stronger float position at the year-end. Do you expect a part of that to reverse in 2026 and hence, the guidance of greater than 65% FCF conversion, excluding Brazil regulations is kept unchanged? What are the dynamics here?

And then secondly, on the operating EBITDA margins, they were quite strong in 2025. Can you help us understand the moving parts of that margin progression between what's recurring and you expect that to happen in 2026? And what is -- what was -- what were sort of the one-off majors in 2025?

Pravin, thank you for your question. I start with the margin, and I'll let you work on the free cash flow, unless you want to do the margin, Virginie. Okay. So I go for the margin. So first of all, in 2026, our operating EBITDA margin and so our EBITDA margin will go down. Why? Because we have to swallow the EUR 60 million, the remaining part of Italy, plus for now, the worst-case legal scenario in Brazil. So our EBITDA and operating EBITDA margin will go down in 2026.

After that, you will see both margins going up. Why? First of all, this business is a scale business, i.e., the more you grow, the more you are able to dilute your fixed costs on the revenue that you generate. So you will see the margins going up based on the current plan we have in 2027 and after. So that's how I see the evolution of the EBITDA margin and the operating EBITDA margin. The scale effect is a powerful engine for us to increase our margin.

The second thing you will see as a powerful engine is the efficiency program that we put in place. As I said, it's called Fit for Growth. We are now in the Phase 2 of Fit for Growth. And so we have a plan. We have a plan in terms of efficiencies. We have a plan in terms of streamlining certain functions. We have a plan in terms of convergence of platform. I give you one very simple example. By the end of 2026, 100% of our users will be upgraded to our new platform in France.

It's a very good news. First of all, from a cost point of view, we will stop the historical platform. So we're going to run with one platform. And if the law is voted in France, there will be no more paper. So today, I'm running with 3 different systems, the paper system, the Edenred platform and the Edenred Plus, the new platform. By the end of 2026, there will be most probably only one platform. So not only it's good for our cost base in France, but it's also excellent in terms of user satisfaction because if you go on the web and you look at the ratings we have on this new platform, you will see that they are absolutely outstanding.

So it's a very good thing for, in fact, the churn and a very good thing for the profitability of the business. So based on the scale effect that are natural in our business, plus all the product and performance improvement plan part 2 of Edenred, you will see the EBITDA margin going up after a drop in 2026.

Maybe I jump on free cash flow. On free cash flow '25, you're right, Pravin, was strong because you have a big movement on working capital element. If you look to free funds from operation, the conversion is very much in line with what we have every year and which is fully in line with our anticipation of a cash conversion rate of 70%. Why do we do not only 70%, but 82% this year in addition to the good EBITDA performance and obviously, a big numerator and denominator at the same time is nurturing your free cash flow is that we have this movement on working cap element, which is an increase in float.

So an average increase on volume in float just because we had bigger business volume to start with during the year. In addition, some other elements and especially in Latin America with additional volumes of orders by the end of the year, which pushed the cash up. And also, as I said, some elements around the rest of the portfolio, which is namely the -- what we call other working capital variance and refers to the rest of our business, mobility, for example, or also the headquarter and so on.

Bertrand just referred to all our efforts also in terms of negotiation on suppliers and so on. So that has a direct impact on the supplier debt that you have on the face of the balance sheet. But we also have very good cash collections on the side on mobility. Remember, we talked about some missing elements when we disclosed the H1 free cash flow and some cash collection that needed to be back in, and that has been done since then, obviously. So that's definitely helping.

And then we have a lot of receivables in various countries in terms of VAT credits to be reimbursed. Here also, you can see that the tax administration in each and every country are progressively digitalizing themselves. And then they become more efficient and then we get reimbursement a bit more in advance. I cannot predict or anticipate whether it will be exactly the same next year in that respect. But part of the positive, depending the way you take the photography at year-end can move one way or the other, and then you might have a slightly better or a slightly lower variance in working cap next year to take into account in the computation of the free cash flow.

But really, the guidance on '26 is the elements I described earlier to Justin and the fact that we'll be missing quite a significant volume of float and this volume of float missing will create a decrease -- a strong decrease and movement in our working cap variance that will negatively impact the absolute value of the free cash flow.

The cash flow management is well under control at Edenred.

The next question comes from Andre Juillard from Deutsche Bank.

Two follow-up questions, if I may. First one about Mexico. You didn't talk about this market. And could you give us some more color about the trend? And do you have any fears with the actual events? Second question about the leverage. Your leverage is quite low at the moment, 0.9x net debt on EBITDA. Do you have a target in mind just to help us to manage the anticipation that we could have in terms of reinvestment return to shareholders and so on?

Andre, thank you for your question. First of all, as to what's going on right now in Mexico, no, we don't have fears. That's part of life. We are in 44 countries. The trends in Mexico are good for Edenred. So in mobility, we have a sustained growth in 2025 and very good prospect, in fact, in 2026. And I'm very pleased by the performance of the new CEO of Edenred Mexico in Mobility.

As to benefits, we also have very good perspective with the success of the deployment of Edenred Plus in France. In fact, we started a few weeks ago the deployment of Edenred Plus in Mexico. And so we'll come with a new offer, totally renewed, revamped. And based on the good results we have in France, we are very positive for what it's going to mean for Mexico in the coming years.

As to the leverage, so yes, we are at 0.9. Do we have a target? No, we don't have a target. We know the maximum. We want to stay strong investment grade. So we know that to stay strong investment grade, you need to be in a normative band that is no more than 2, 2.5. Then you have a period of grace depending on the acquisitions of 18 months. So more or less, we are well, let's say, capped on the maximum.

As to -- in between, in fact, it's a very good news for Edenred to be at 0.9 because it gives us all the flexibility to accelerate our investment for the future growth of Edenred. It gives us a lot of flexibility to continue acquiring some companies in buildup or bolt-on with the same financial discipline in terms of strategy, but also in terms of return on investment. It gives us flexibility, for example, in EV, it's a growing trend in Europe. We have some successes. We started with the acquisition of Spirii. The market is moving fast. We are seeing opportunities every day.

So maybe that's another thing where we could continue to invest. So we love the idea that we are very well deleveraged because we can fuel the organic growth, but also the very targeted growth in M&A to enrich our offer and consolidate our leadership position. Finally, we want to continue to have the progressive dividend policy and share buyback. So with the balance sheet we have, Edenred is well in order to accelerate the growth to go over the year 2026 for 2027 and 2028.

Just maybe one follow-up on France.

It's really the last one, Andre because...

Did you have recent discussion with the government about regulation in France or nothing.

Okay. Very quickly, the association of the issuers obviously met the ministers in charge. Their willingness is to push for a law voted in 2026. They have a preference for the first half of the year, but it's going to depend on the calendar.

So to make a long story short, the current government is exactly on the same page as the previous ones. They want the reform to be voted because we think it's a good thing for all the workers in France to have, first of all, the end of paper and second thing to have a clarification on the usage. So we have today ministers who want more Ticket Restaurant in France. Once again, the penetration in France is only 28%. So as compared to many other countries, the penetration is not that high in France. So they all want more Ticket Restaurant solutions in France, and they want the law to be voted along the lines I just shared with you. Thank you, Andre.

Thanks a lot for all your questions, and I wish you a very good day.

Hello, everyone, and welcome to our 2025 Capital Markets Day. I'm super glad to be with you today here in Paris, but also online and to share with you our exciting growth journey that lie ahead of us. For those who more recently joined the Edenred investors community, be welcomed. This is the occasion to better grasp the variety of activities we have at Edenred and all the key assets that make us truly unique on the market.

Today, I will guide you through what makes Edenred a global unique leader, positioned to drive growth in highly attractive markets with a diversified portfolio of activities that multiplies our opportunities and limit our exposure to regulation rebasing, while reinforcing the value proposition we bring to our ecosystem and hence, the mission-critical infrastructure we orchestrate. To start, you see a snapshot on where Edenred stands today. We have global position with total revenue expected to reach EUR 3 billion in 2025, 2.8x Edenred total revenue in 2015. We operate in 44 countries across Europe, Latin America, North America and Asia Pacific.

More importantly, where we operate, we are a market leader with over 70% of our operating revenue coming from markets where we hold the #1 position. And we have continuously reinforced this leadership. Indeed, we outperformed our addressed markets growth by a ratio of 2.5x, gaining hence, market shares. As most of you will know, Edenred encompasses 3 strong and trusted business lines. This makes us unique, bringing scale and operating leverage, thanks to a shared business model and a common embedded tech stack underneath.

The largest business line is Benefits & Engagement with a broad range of solutions from core meal and food vouchers to other employees' benefits and engagement solutions. It represents 69% of our operating revenue. The next business line is mobility. It represents around 1/4 of our operating revenue. We are offering solutions, including energy cards, fleet management systems, maintenance, toll and EV solutions, an area where we significantly increased our presence.

And finally, Payment Solutions and New Markets, which represents 8% of our total operating revenue. You will hear from Arnaud, Diane and Damien later today who will provide you with a deep dive on each of these businesses and our unmatched value proposition. The three business lines are supported by PayTech. It's our distinctive specific purpose payment engine at scale. Nobody else has this kind of capabilities. We are the only player in our sector to process payments internally in an integrated platform, giving us a unique competitive edge to deliver unmatched efficiency, scale, compliance and security, while enabling time to market, superiority for new products and payment innovation.

Today, we process over EUR 100 billion in payment volumes every year, which means we are the largest in our industry, and of similar volumes to a generalist payment processor. You will hear later today from Clément and Damien how PayTech is a core component of our unique platform. What is common to our three business lines? They all share a common value proposition and business model, translating corporate needs into tailored daily user experiences, which eventually drive incremental traffic to our merchant partners.

Let me take the example of mobility. Fleet managers are constantly looking to improve the efficiency of their fleet, including fuel consumption, maintenance costs and operations control. We put into the hand of their drivers connected solution that ensure them hassle-free rides and drive traffic towards a qualified network of merchants. We have built a strong ecosystem of 1 million clients around the globe, representing 60 million users connected to our applications and more than 2 million merchants served. Thanks to our scale, we can invest more than EUR 500 million annually to improve our product, resulting in 30 new user-centric features launched every week. The richness of our application is a key entry barrier for new entrants.

At Edenred, we have demonstrated our success through a consistent and reliable performance with a proven track record. At each strategic cycle, we say what we do, and we do what we say. Let us look at beyond 2022-2025 plan. It has been a journey of transformation and growth. We have scaled our core business and multiplied our operating revenue from meal and food and fuel solutions by 1.5, while accelerating our diversification beyond these core solutions at even a higher pace of 1.8x. This allowed us to drastically extend our total addressable market, which is now 3x larger providing much more runway for growth.

Finally, acquisitions contributed to 1/4 of our growth, extending our activities, notably to engagement and EV solutions that are among the most attractive markets for the years to come. This contributed to Edenred outperforming the financial targets set as part of the previous Beyond plan with an average 21% EBITDA like-for-like growth and 73% in free cash flow conversion in the last three years.

Regarding extra financial performance. And at Edenred, we believe that we can do both being financially efficient, but also being super efficient on extra financial indicators. Our ESG achievements, in fact, have been recognized by all the rating agencies. 2024 was a decisive year for our commitment to the society with SBTi initiative approving our net zero carbon emission plan for 2050. Let me now dive deeper into what makes the markets we operate in so attractive and what gives me a lot of confidence about Edenred growth prospects for the coming years. First, let's talk about the future of work. We have been growing historically in benefits and engagement despite a stabilized active population in our markets, and this trend will not change.

Why is it an opportunity for us? It actually drives a persistent talent shortage with today more than 2/3 of employers struggling to find talent. In this new paradigm, we have an opportunity to reinforce the connection between the employer and his employees. Employee engagement has never been so low. An interesting figure from the recent Gallup survey suggests that 79% of employees are not engaged at work, up by 2 points since 2022.

This study also suggests that 76% of employers wish to provide more personalized benefits for their employees, doubling since 2023 -- doubling since 2023. It is a unique opportunity for Edenred to support our clients in reshaping the future of work with our solutions. What is true for benefits and engagement is also true for mobility. We see a low yet steady growth in the number of vehicles in circulation at around 2% per year. The interesting trend on top of what is the growth in B2B share, which is notably driven by the EV adoption.

In B2B fleet managers are facing a surge in complexity as they now have to deal with mixed fleet fuel, hybrid and EV, and they will face that for a long time. On that field, we have a huge opportunity to reinforce our position as we can address fuel, EV and the management of both as well as telematics services. Diane will present to you our latest 360-degree electromobility offer, which bears many promises. On the other side of our ecosystem, merchants. Merchants are also facing new digital needs.

When we listen to the merchants, they have the following concerns. How can I cope with online channels or increase customer loyalty, thanks to digital solutions. Actually, 2/3 of them are planning to invest in that field in the years to come. Another question, how can I navigate in the ocean of new payment means from cash to card to mobile payment and lately tap to pay and instant payments.

Similarly, 60% of them will invest to upgrade their payment equipments. Our digital solutions, combined with our role as a key business provider for merchants open up opportunity to address those new digital needs. These trends sustain a large addressable market with our TAM exceeding EUR 1,700 billion. We continue to operate on markets that are vastly underpenetrated, especially within the SMEs with an average penetration below 40%.

This will drive the growth of the address market at about 5% to 7% per year until 2030. On top, AI is opening new opportunities to better serve our clients, both in terms of hyper-personalized recommendations for employees as well as workflow automation and advanced recommendations for fleet managers. More than 85% of both HR clients and fleet managers will focus their next investments on AI to further boost their activities. To make a long story short, our markets are huge, still highly under-penetrated, full of innovation reinforced by AI and growing at a high pace for the future.

Both Arnaud and Diane will comment further on it in their respective section. One important feature and advantage of our market is that they are partially regulated. So let's discuss briefly where we stand on that front. First of all, thanks to our successful diversification strategy and despite regulatory challenges over the past 2 years, we have improved our resilience to any regulatory rebasing, limiting exposure at a reduced level versus what it was 5 to 10 years ago. When you look at the group, you see three business line. But what is important is actually what is underneath. As we zoom in, you can see the diversification in action within each business line with a portfolio split between core solutions, meal and food and fuel vouchers, but also what we call Beyond solutions diversification that are reaching 40% of our operating revenue, represented here on the chart in the darker pink, green and blue.

Then if you go even a step deeper, you can really grasp the diversification. In fact, the largest program, i.e., a dedicated solution in a specific country represents less than 10% of the group operating revenue. Same applies for the largest client and merchant, which respectively, represent less than 1% or 2% of our volumes. So yes, like any businesses, we can have from time to time some headwinds and regulatory changes. But the good news is, given our level of diversification, both geographically and by solution, no headwinds would prevent us from maintaining our long-term profitable growth journey.

The diversified portfolio limits the impact at group level of any potential disruption coming from either a client, a merchant or the regulator. Moreover, public authorities have actually shown a strong support of our activity, not only by perpetuating our programs, but also by strengthening and improving them.

Our purpose is to operate a mission-critical infrastructure endorsed by governments and well recognized for its positive impact on local economies. If you take a larger stand, at the meal and food benefits market, they nearly doubled in size between 2015 and 2025. And we expect to benefit from many more positive outlooks with governments continuing to announce face value increases.

Arnaud will show you later on how we succeed in translating these face value increases into upsell potential for Edenred. Hence, the value of our program does not need to be demonstrated anymore. As a matter of fact, since inflation crisis, many businesses, including the employee benefits industry, contributed to a global effort to enhance people's purchasing power, regulated meal and food accounted in 2024 for only 41% of our operating revenue. This encompasses two distinct realities. On the one hand, a long tail of 24 countries, representing 15% of our operating revenue, not under regulatory reviews.

And on the other hand, three countries where discussions are either cleared or ongoing. If I start with Italy, Italy regulation resetting has been voted last year and will impact Edenred revenue in '25 and '26. We know the cost EUR 120 million annually after mitigation with strong management actions. It is very important to notice that in the same time as the Italian government is resetting the rules of the game, i.e., the merchants are paying less, the employer have to pay more, the same government reinforce the criticality of the meal voucher system and are in budget discussion to increase the face value of the ticket restaurant by 25% in 2026.

If I move now to France. In France, a law has been proposed three times with the same content. I repeat, three times with the same content, including a switch to a full digitalization. Unfortunately, not voted yet. The previous law is positive. This one will be even more positive for the ecosystem, including the issuers. But what I want to say is it's not because it's not voted that the business is stopping. We are growing in France and the current law is a good one. The only thing is the new one will be even better, but not voted yet. Then if I move to Brazil. Only Brazil remains under discussion, representing 10% of our operating revenue.

The industry is currently discussing with the Brazilian authorities to find the right equilibrium of the PAT, the Brazilian meal and food program to make it sustainable for the years to come. Hence, the impact of remaining regulatory rebasing is very limited. Let me now share with you why I strongly believe we are the best positioned to capture growth and lead in every market we serve.

This graphic gives you a very good snapshot of where we are today and where we want to be in 2028. We are currently the only player to provide an integrated experience at a global scale in the markets we are operating in, combining Benefits & Engagement as well as mobility. It means that none, and I repeat, none of the recent local challenger in benefits have succeeded in getting out of their home country, including the most recent and digitalized ones. It proves how difficult it is to adapt products to many distinct local regulatory frameworks and customs.

We are the only one with the sufficient scale, the global product platform and investment capacity to succeed to do so. And we will continue to push for more in the next years. We are not standing still. We want to provide our customers with an even more integrated experience and do so at an even greater scale. Let me share with you the essence of what we do. We implement and operate a mission-critical infrastructure, connecting a 4-party ecosystem. We increase employees' engagement and operational efficiency of 1 million companies. We do so by enriching the daily experience of over 60 million users who generate qualified business for over 2 million merchants.

And we distribute over 120 solutions through partners or solution partners through our extended go-to-market. This is the Edenred vision, being at the heart of the ecosystem and in a nutshell enrich connections for good. And we do that with unmatched asset to pursue a sustainable and profitable growth. First of all, we operate in markets where we are by far the leader globally for Benefits & Engagement as we are almost twice the size of the next player -- twice the size of the next player. And also, for example, in Brazil with mobility. This gives us a significant edge in industries where scale matters.

We complemented this leadership with an unmatched depth of solution, up to 8 solutions per country in every business line. These solutions are supported by a distinctive mission-critical payment infrastructure. And we are the only player who has made the investment to develop internally a strong specific purpose payment engine, giving us agility, independence and superior scale.

And we have unmatched capacity to invest in product and tech over EUR 1.5 billion in the last three years. Lastly, we have strengthened along the years a very efficient go-to-market, resulting today in significant acquisition of new users and clients for an average payback on SME client acquisition of around 12x. This is coupled with a resilient and predictable revenue model with a client net retention rate around 104%. All of this taken together is what sets Edenred apart in the industry, what makes us super confident that we are best positioned to capture the growth opportunities in our markets.

To turn that into reality, of course, we have a plan and a road map. This plan is called Amplify 2025, 2028, which will be built over the foundation led during the last three strategic cycles. 96% digital operations, putting us in direct contact with our clients, our users and our merchants, a strong ability to further penetrate the market, especially on SMEs, an extensive portfolio of solutions that we can now fully cross-sell to our user base.

The enriched intimacy we now have with all our stakeholders, thanks to our applications, have opened new doors to Amplify B2B2C model with an increased B2C focus. C like Constance. Constance will shortly lay out with you the pillars behind the Amplify25-28 plan and all the growth avenues we will pursue in the coming years. With Amplify, we affirm our growth potential and our 2030 ambition of more than EUR 5 billion in total revenue, translating into new medium-term financial targets for the Amplify '25/'28 plan with the ambition to deliver sustainable and profitable EBITDA like-for-like growth in the range of plus 8% to 12%. 2026 will be a rebasing year with the expected full impact of the change in regulation in Italy, combined with management actions implementation, portfolio optimization as well as slightly lower other revenue.

We first expect an exceptional 2% to 4% like-for-like growth EBITDA in 2026, but corresponding to an intrinsic 8% to 12% like-for-like growth. In '27 and '28, we will deliver an 8% to 12% like-for-like EBITDA growth. The free cash flow EBITDA conversion rate is expected to remain at or above 65% on the course of the plan, reflecting the diversification of our activities, in particular, in not prepaid activities.

This guidance will be covered by Virginie in more details later and reflect our confidence in a sustained strong performance over the coming years. Before I welcome the C part of the plan, Constance on stage to develop our strategic plan, I want to briefly recap what we just have discussed where Edenred stands today and where Amplify will take us. First of all, we are a unique integrated global leader with an unmatched scale across its key geographies.

Second, we have proven our ability to outpace market growth, thanks to our diversification outside core solutions. We will continue to do so, thanks to our Amplify plan focused on user growth and further value for each stakeholder. Third, we orchestrate a mission-critical infrastructure that we have fully internalized in attractive and underpenetrated markets with significant growth potential. Four, we have reinforced our resilience against any regulatory change, if any, while we are convinced the regulation provides more tailwinds than headwinds in the long term.

All of this ensures that we are best positioned to succeed in delivering over EUR 5 billion total revenue by 2030. I'm super pleased to welcome on stage Constance.

Thank you everyone. So if you listen carefully to Bertrand, I'm Constance, the C of the plan. I'm thrilled to be with you today to dive deeper into our Amplify strategic plan. I joined Edenred in 2021, bringing more than 15 years of experience in Corporate Strategy and Business Development across the U.S. and Europe. I'm passionate about transformation and growth. And the good news is it is exactly my role at Edenred and the purpose of my teams. To start smoothly, why did we call this plan Amplify? Quite simply, as Bertrand just shared, because we have built unique assets, which gives us unmatched scale and leadership, and our plan is now to amplify these assets to deliver even more value and open up new opportunities.

With Amplify, we will attract even more clients on our platform. We will enrich the value delivered to our clients through cross-selling and upselling, and we will activate the C in our unique B2B2C model, further engaging our user audience and delivering new services to our merchant partners. This is what Amplify is about, the strategy of profitable and sustainable growth.

Let's begin with the first pillar, attract. Thanks to our successful diversification and digitalization, we are amplifying our acquisition opportunities. We have an extraordinary asset, which is our unique sales and marketing machine, over 4,000 professionals in sales and marketing are signing more than 700 contracts per day. Thanks to our distinctive B2B2C business model, which means that when we acquire one client, we actually onboard on our platform, 5, 10, 100 or even 1,000 users on our products.

And the power of B2B2C, combined with an average contract duration, which is above six years, allows us to have an acquisition lever, which is more than twice as efficient than industry benchmarks when I compare our cost of acquisition to the customer lifetime value of our clients. Now to illustrate this acquisition track record, these are just a few of the iconic companies that we acquired over the last 3 years, as you can see across all industries and geographies. And today, we can proudly state that we serve with our solutions 3 out of 4 companies from the main stock market indices across our geographies.

And this acquisition track record goes beyond large companies. In 2025, we will have added around 800,000 SME users on our platform, up by more than 10% versus 2024. Now with Amplify, we will boost our acquisition opportunities. First, a broader reach. Our expanded portfolio allows us to acquire more clients but at new touch points. And we now expect more than 30% of new clients to come from solutions beyond meal and food and beyond fuel.

Second, boosting contract value through bundled sales without increasing our acquisition costs. Maybe let me just illustrate these two first points with the recent win in mobility. Earlier this year, we signed a contract with [ Bell ]. And for those who don't know who Bell is, it's a global dairy and snacking group. Bell initially turned to Edenred in their electrification journey. But not only did Bell choose Edenred for EV, but they also ceased the occasion to equip their fleet with Edenred fuel vouchers. Hence, more clients and more value per clients when we do bundled sales. And finally, amplified efficiency.

Our digital journeys reduce acquisition costs and they improve the customer experience. For example, a new client is now able to onboard on our platform in less than 5 minutes. Moving to the second pillar, enrich. With Amplify, we attract more clients on our platform, and now we can unlock their full potential by enriching the value delivered through continuous both cross-sell and upsell. As Bertrand highlighted in his opening remarks, we are the only player in our industry with such a comprehensive integrated suite of solutions of up to 8 -- 7 or 8 solutions by country and business line. And we are continuously enriching this portfolio.

First, by rolling out, in particular, Edenred Engagement and Edenred EV charging solutions in new countries. If I take engagement, it's already live in 11 countries, currently scaling in France and Italy, and we have 4 additional rollouts already planned. Same for EV charging, already live in 8 countries today and soon in 4 additional. Geographic rollout. And second, we are also enriching our value prop, thanks to our open platform. We are enabling connections to third party, acting as a distributing platform, which is, in the end, enriching our customer experience.

Recent examples include home-based fuel value-added services in Latin America or commuting solutions, for example, in Italy. And this gives me confidence in the significant potential for cross-sell and upsell, which we will now amplify in this plan. Our clients are equipped on average with 1.5 Edenred solutions. Our goal through the plan is to reach an average of 2.5 solutions by 2028 versus a full cross-sell potential, which is exceeding 5 solutions. When I combine cross-sell with upsell, upselling, which means that we are increasing the share of wallet within our fuel customers or increasing meal voucher face value, we actually see an opportunity to triple the annual contract value of a given clients.

And this is why Enrich is at the heart of an amplified cycle of growth. First, we acquire clients with our competitive portfolio of solutions. Solutions to drive upsell. And this ultimately leads to higher client satisfaction and retention. Arnaud and Diane will actually detail this virtuous cycle for Benefits & Engagement and Mobility. And we can see the full potential of cross-sell and upsell, thanks to our revamped product platforms who you have may seen during the demonstrations and a revamped marketing strategy.

Indeed, we have really enabled product-led growth supported by hyper personalization and best-in-class sales and marketing automation tools. The Mobility Fleet Management platform that you can see behind me now, now live in Brazil is a great demonstration of product-led growth with all fleet solutions directly available on the same interface as well as the Edenred+ multi-benefits platform for those who went to the booth during the product fair.

And we are also putting management to boost the full potential. So with Amplify, we attract new clients on our platform. We enrich the value delivered to them with cross-sell and upsell. And now it's time to activate the C in our B2B2C growth equation with our third pillar, engaging deeper with our user audience and delivering new services to our merchants.

We have a wonderful asset, which is not just our audience, but more importantly, the level of intimacy that we have built with this audience. You should know the number by now, but there are 60 million users of Edenred solutions across all geographies, sectors, role. These users are now 96% digital, which means that we can directly reach them through our applications. These users are also more and more engaged. On Edenred+, for example, each active user connects on average 7x per month on our application on top of daily transactions.

And this is actually higher than leading B2C platforms like iFood or Uber. Now with 50 transactions processed every second within our network of 2 million merchants, we have access to extremely valuable insights such as purchasing behavior or browsing events. And this intimacy is actually continuously enriched as we multi-equip clients and we increase the usage of our solutions. This asset is what opens up new opportunities to further activate both users and merchants.

Now let's start with further activating our user audience, leveraging the power of employer funding to tap solution, they actually spend EUR 3 on the same product category with their own personal money. In other words, the benefits budget represents only 25% of the total meal and food and leisure budget of an employee. Now thanks to our payment innovation, in particular, what we call top-up features, Edenred can now spend above the daily or monthly limit by adding directly their personal payment method. If I take the example of our leading leisure platform in France for Work Councils, which we call MeyClub and what you have behind me, an impressive 60% of volumes are coming from out-of-pocket spend on top of any company funding.

And this is creating significant leverage for a merchant to capture a larger transaction value beyond the capped benefit portion. Thanks to the diversification, in particular, with Edenred engagement savings module, we can scale this globally by giving access within our applications to more than 900 savings and cashbacks offers from top retailers.

And today, an active saver actually spends close to EUR 2,000 per year on our Edenred engagement module to buy discounted vouchers on our platform with their personal money. Just to give you a sense, EUR 2,000 per year, it's actually more than the average meal voucher budget per year per employee in France, for example. Now let's move to activating our merchants to capture a larger share of their marketing budget. Think about it. When a merchant spends EUR 1 with Edenred to generate traffic to their store with vouchers, they actually spend an additional EUR 4 with other providers, meal delivery platforms, booking platforms, marketing agencies. And we are now developing new and enhanced digital marketing services.

Retail media is one of them. Marketing campaigns can now be directly launched on our applications, hyperpersonalized with a drive to purchase. And Arnaud will give you a good snapshot of how we are developing this in benefits and engagement with the ambition to more than triple the revenue coming from retail media in the coming years. This will amplify the value for both our users with access to personalized recommendations and deals and for our merchants with increased traffic and loyalty. Hence, our journey with marketing services is starting full speed and will strongly extend with Amplify.

Growth equation with more users on our platform and more value per user. And this is driven by an amplified revenue model. We are moving away from take-up rates to drive increased average revenue per user. Indeed, we have diversified our sources of revenues beyond just solution-based fees with nontransactional fees such as subscription or setup fees to our platform, new revenue streams as we activate users and merchants and as we distribute partner solutions on our platform.

The common driver behind each revenue stream is the number of users and our ability to further engage them with our services, which requires scale, innovation, transformational data and AI, all enabled by our unmatched platform, which will be covered in the next section. Today, with an expected operating revenue of EUR 2.8 billion in 2025, and 60 million users of Edenred solutions, we will achieve an average revenue per user of around EUR 45. This puts us above the average for the payment industry, which is below EUR 10 and also above our competitors, which are all below EUR 35. This also highlights the growth potential we have when we compare ourselves to other B2B2C businesses, for example, meal delivery platforms or SaaS platforms.

And this is exactly our ambition, continuously grow the average revenue per user as we have done in the past, but amplified, boosting upsell, pushing cross-sell, enriching our portfolio of solutions and through M&A. By delivering more value to our clients, we will extract more value out of each user, and we are targeting around EUR 70 of ARPU in 2030 and beyond. To wrap up, before welcoming on stage next speakers, here are the few things journey, delivering stronger returns, thanks to 3 key growth pillars.

The first pillar attracts by boosting client acquisition to further increase the number of users on our platforms. Second, Enrich to bring more value per user by creating a virtuous cycle of cross-sell and upsell. Third, activate by engaging more and more with our user audience to unlock new revenue streams. And all of this is amplified by Edenred's continuous platform transformation. And I now have the pleasure to welcome on stage with me Clément Le Chatelier, Group CTO; and Damien Perillat, COO of Payment Solutions, to dive deeper into our payment capabilities embedded in the product and tech platform, which is sustaining Edenred growth strategies. Back to you.

Thank you. Hello, everyone. I'm glad to be here to talk about payments and how it's deeply rooted within our product and tech strategy. My name is Damien Perillat. I joined Edenred last year after having spent most of my career in the payment and Fintech industry, including over a decade with PayPal, where I was heading our Western Europe region. And before joining Edenred, I was with Billie, a VC-backed fintech in the B2B financing space. Clément?

Hello, everyone. My name is Clément Le Chatelier. I've joined Edenred in 2017 as a Strategy Director for the group. And I now serve as Group Chief Product Officer since 2024. I'm delighted to address you today and share an insider's perspective on our product and technology strategy. In this section, we will outline Edenred's product strategy and how it drives superior customer experience and value. Damien will then go deeper into our unique platform delivered at scale across markets with a focus on our distinctive internal payment capabilities. I will share with you some of our latest innovation that put us at the forefront of our industry. And finally, Constance will highlight the central role of data and AI empowering innovation on core principle.

To start, we are mobile first. Mobile is now the primary interface for our users, whether accessing our services or paying with our solution through digital wallets such as Google Pay or Apple Pay. For instance, in certain markets such as Spain or Sweden, more than 50% of transactions now occur on mobile. Second principle, Edenred as a platform ecosystem. As you know, Edenred is much more than a payment method. Our strategy position Edenred at the heart of a complete ecosystem of solution, some of them developed and managed internally, others by third parties.

The Edenred platform is a service marketplace that is both open and integrated within the ecosystem of our clients, users and merchants with already more than 500 live API connection. Third principle, security and compliance by design. At Edenred, we manage payment instruments, credentials and sensitive data for millions of companies, employees and merchants. A rigorous approach to security and compliance is fundamental to our product strategy. And at last, AI-powered innovation. Later today, Constance, the C, will demonstrate how AI capabilities are embedded across all our products powering automation, personalization and insight. Our strategy is supported by a permanent and constant obsession with user experience and continuous feedback.

As a result, our main application consistently achieved rating above 4 with, for instance, Edenred+, our next-generation employee benefit application that maybe you saw in the product fair earlier today. ranking among the leader in this category with an outstanding current rating of 4.8 out of 5 on iOS. But delivering a seamless and intuitive experience is hard. What appears simple to our users, for instance, enabling a company to subscribe and activate an employee within 20 minutes or allowing a merchant to complete a transaction in a fraction of seconds is, in fact, powered by highly orchestrated infrastructure managing thousands of operations that you can see on this chart.

Our end-to-end control of the value chain across 40 countries is a key enabler of this performance. But it's also a key barrier to entry for new entrants with a unique capability to invest over EUR 500 million every year. Damien?

Thank you, Clément. So what is unique about the Edenred platform is that it brings together millions of clients, users and merchants at scale such as payment and identity to leverage our scale as a key competitive edge and ensure sufficient and efficient investment in our technology. Each of our business lines can rely on the strong foundation and enabler to focus on their respective segments and build highly differentiated application, features and experiences. Finally, we are part of the rich and fast-moving ecosystem. And thanks to our open platform, we can easily tap into partner innovation and embed our solution into third-party platform and increase our reach and relevance.

So let's now dive deeper on each layer by looking at some critical differentiators. To deliver on our mission, we have built a geographically distributed hybrid cloud infrastructure. These provide us with a robust, resilient and cost-efficient backbone to run our global operation. Security is at the center of everything we do as a company of all sizes rely on our services to run their businesses. As Clément say, we manage million of sensitive data and payment instruments.

Our security standards are built on the 3 line of defense model. First, we protect through thousands of security tests and book thousands of cyberattack attempt every month. Second, we control through strong multifactor authentication mechanism. And finally, we know to react when needed with rigorous recovery plans. The type of activities we operate requires us to be certified under international standards, such as the payment card industry data security standard. Another key backbone and enabler of the Edenred platform is our in-house specific purpose payment engine, what we call PayTech.

PayTech support our 3 business lines and enable any type of program across more than 30 countries. Payment is at the core of all our product experiences. Over the last year, we moved from paper to plastic and tuck-ins. It's therefore essential for us to control and orchestrate the key stages of this value chain from issuing to authorization and processing. As a long-time professional in the payment industry, I can only highlight the uniqueness of specific purpose payment and the use cases enabled by Edenred. Through PayTech, we're also part of a wider payment ecosystem.

We are connected to hundreds of networks, team, wallets and other tech enablers. And you know that scale matter in our industry. We issue over 25 million cards every year, either physical or tokenized and embedded into our wallets. We authorize around 1.6 billion transactions annually, and we deliver an uptime of [ 4 ] for our users and merchants. Paytech is also a catalyst, catalyst for innovation, being natively integrated within our business line product stack, every new payment product, any new feature, any new a unique global partner for a broader payment ecosystem.

We are convinced that this unique specific purpose payment asset is a key driver of Edenred growth flywheel. First, it's a highly synergistic asset, helping us reduce cost of transaction by around 10% compared to market price and also internalize those spendings. As I will show later in the day, we're also leveraging this capability to serve external clients beyond the Edenred business line, further contributing to the amortization of our tech investment.

Those external clients include B2B fintech or large companies integrating embedded finance solution into their product offering. Second, it allows us to innovate at scale and enriching our product experiences with partner innovation and making our user journey more embedded and seamless. Our recent partnership announcement with Visa is a strong example of our commitment to further amplify our value proposition across our 3 business lines. And finally, it helps us capture future growth opportunities.

For instance, by adding complementary funding sources to Edenred transaction as we already do in our Benefit & Engagement business line, therefore, bringing higher transaction value to merchants or by expanding our merchant reach through payments through partnership with payment service providers such as Money [ auctions ] or finally, through new value-added services for merchants like cash [ advance ], which we already offer in Spain and Brazil. To bring our Paytech platform to life, let me share a short video that highlights its capabilities and impact.

[Presentation]

So let's now deep dive in another fundamental module of the Edenred platform, Identity Management. Identity Management is central to our strategy. As Constance and Bertrand have indicated across our business line, we provide between 3 and 7 services per country. So obviously, by deploying a unified global technology core and a common country-level identity framework, we gain significant benefits in security, scalability, cost efficiency. But the real advantage is top line.

First, unified identity help us to deliver a consistent and seamless experience across our services. For example, in France, user can seamlessly navigate between Edenred our employee benefits application and [ Makelub ], our workshop for work conceals with the same credentials and the SKU or maintenance module with a unified identity and role-based access.

Second, beyond journey simplification, this unified identity help us to build a 360-degree view for each of our user. This is critical for retail media opportunities that Arnaud will further detail in the Benefits & Engagement section. But this also gives us a runway to evolve into an Agentic ecosystem. As Clément described, our modern payment engine is a key asset and differentiator. At Edenred, for instance, we have developed our own payment API hub, which powers connection with leading delivery application, payment service provider and payable services.

In the latest Edenred release by tightly combining app-to-app biometric authentication and optimized payment APIs, we have, first, improved user onboarding by nearly 50 points on platform partners such as Uber Eats. Second, we have achieved conversion rate above 98.8%, significantly outperforming traditional card payments, which remain around 90%. This translates into an overall partner business volume up by 60% compared to prior integrations.

Turning back to our business applications. As we said, Edenred sits at the heart of a broad and dynamic ecosystem. We continuously build new partnership to broaden our go-to-market reach, such as the partnership we have with Itaú and Nubank in Brazil. Second, embed our solution directly into partner ecosystem, notably HRIS, our transportation management system for mobility. And third, integrate third-party offer with already more than 120 solution partners distributed through our platform enriching our value proposition. Our teams are focused on enhancing and standardizing hundreds of connectors and APIs, ensuring technology that is open, interoperable and scalable. So now let's welcome Constance to talk about our data and AI.

Thank you, Damien. So let us now zoom in how data and AI and AI are at the core of Edenred's growth strategy, supporting every pillar of Amplify, thanks to a global and AI-ready data platform. For clients, for example, we reduce acquisition costs and boost cross-sell with solution affinity scoring. For users, we enable hyper-personalization and marketing automation, which drives activation. And for merchants, for example, we provide actionable insights to then deliver value-added services.

Now to deliver that, we have a threefold AI strategy in order to really unleash the full power of data and AI. Number one, AI culturation is a must-do, equipping our teams with secure GPTs and driving new day-to-day habits in the workplace exactly as our employees do in their personal life. Regarding data and AI augmented teams and processes, which is the second pillar, I will showcase right after how we are entering a phase of industrialization with a persona-led approach, which means that we are prioritizing functions and processes to drive efficiency and change.

But most importantly, my conviction is that data and AI are a fantastic opportunity for Edenred to reinforce its competitive advantage by further augmenting and improving our stakeholders' experience as well as developing new features to address the needs of our clients with trust obviously remaining a strong competitive advantage, which we address through responsible AI embedded policies in our platform. Now regarding teams and processes, we have many proof points of incremental productivity by function. And now we are moving from incremental to transformational with specific tools and trainings per persona rather than a generalist approach.

We're focusing on the target outcome rather than simple task optimization. Just to illustrate on the product development cycle. For product specification, AI tools are increasing velocity between customer feedback we receive and prototyping for faster feature launches with a target 2 weeks decrease in feature time to design, which is more or less equal to one agile sprint for product. Now for product engineering, AI tools bring efficiency with coding assistance and development platforms of 20%.

As you can see, these transformations translate into both faster time to market and innovation, but also higher operational efficiency. Now as shared by Bertrand in his opening remarks, we see an even greater opportunity with AI to accelerate innovation and improve the experience of our stakeholders. First, we are leveraging AI to augment our customer journeys and provide real-time personalized and available 24/7 customer support. For example, for our merchant partners in France, Agent force provides instant answers through AI-powered chatbots and resolving with the ability to resolve queries directly. On the product side, we are also releasing AI-enabled features. For example, in our engagement platform in Latin America, we have introduced a virtual HR agent that can manage employee requests, therefore, reducing the operational workload for HR teams. AI also powers content moderation, automatically monitoring posts and comments to ensure a safe and engaging environment. Now Diane will showcase in the mobility section how AI is also at the core of our Intelligent Fleet Management platform and obviously, product-led growth.

Now we have an unmatched capacity to continue to invest in our platform with 4 priorities: one, scale through convergence; two, innovation with enriched product features and payment experience; three, data and AI to move from incremental to transformation and security and compliance with trust as a strong competitive advantage.

That total product and tech cash out will total around EUR 1.8 billion over the next 3 years. This includes a sixfold increase of our annual data and AI investments and 10% of our costs, which will remain dedicated to security. We strongly believe that the ability to scale in product and tech have never been so critical in our industry, and we will win the next phase through data and AI just as we did through digitalization. Now to wrap up on our product and technology platform, here are the most important elements of our plan.

First, being relentless on customer centricity, building, opening up our platform within an ecosystem of partners to distribute and be distributed, powering our platform with distinct -- distinctive specific payment engine, which is PayTech and as I said, unleashing the power of data and AI for efficiency, personalization and value with an unmatched capacity to invest more than EUR 1.8 billion over the plan in product and technology.

I will now hand over to Arnaud, COO of the Benefits & Engagement business line.

Good afternoon. I am Arnaud Erulin, Chief Operating Officer for Benefits & Engagement at Edenred. I have been part of Edenred for more than 30 years. It gives me a good sense of how the industry has evolved and grown over the past few years. I am delighted to be here with you today to share our progress and ambition and how our amplified strategy translate in sustainable and profitable growth. First, I will outline our 2025 starting point, highlighting our leadership position and the unique assets that will continue to drive our success. Then I will highlight insight on our markets. And last, I will present what our amplify strategy concretely means for our business line over the next 3 years.

Our mission is to create joy, joy for all our stakeholders, employees, clients and merchants. The joy of sharing a meal with colleagues and friends, the joy of making your employees happy and engaged, the joy of experiencing boosted traffic to your store. At Edenred, we power the refreshing daily lift that make work and life more enjoyable. Edenred is the #1 global platform for benefits and engagement.

We are present in 31 countries and have the leading position in key geographies such as Europe and Latin America. Benefits into the broader engagement space enriching our solution and diversifying our revenue model. We will discuss this in more detail later. The business line has operating revenue of EUR 1.8 billion, growing approximately 20% per year since 2021.

Our revenue growth continues to outperform the market. Indeed, B&E is growing 2.5x faster than our addressed markets. This slide highlights Edenred clear global leadership within the B&E industry. It illustrates as well that we stand far ahead of competitors, close to double even nest in line competitor. While many new entrants have appeared in recent years, their global presence remain limited despite significant marketing efforts.

On top, many of those new entrants remain largely unprofitable. Indeed, Benefits & Engagement is an industry where scale matters. It is scale that enables us to sustain the level of investment required in product and technology for innovation, compliance and security. We are key to be the worldwide leader of meal and food voucher, a product that provides a mission-critical infrastructure for all our stakeholders, HR, merchants, employees and governments. It is important to remind that vouchers are particularly attractive for both employers and employees.

For instance, when an employer finance EUR 100 mean voucher, the employee gets EUR 100 of net value. In comparison, an employer has to pay in salary EUR 135 for his employee to get all our stakeholders. For HR, they help to attract and retain employees. For employees, meal voucher enhance their purchasing power and give them access to a proper lunch break.

For merchants, meal voucher boost traffic and increase. If we take a look at Italy, a study with Nielsen demonstrated that shoppers spend 30% more at a merchant when paying with meal vouchers compared to cash. And lastly, for governments, meal voucher formalize the economy, create jobs and encourage local consumption. I would like to insist on our role as business provider for merchants.

The meal and food voucher serve as a powerful multiplier. For every [indiscernible] on the employee meal voucher account, an impressive EUR 2.7 is spent in our merchant network, driving substantial incremental business for them. In addition, we are around 7x less expensive than delivery platforms while generating a similar level of incremental business. This positions Edenred as the most efficient business provider for merchants with the best value for money. To bring those positive values to life, let's hear directly from merchant association in France and in Brazil.

[Presentation]

Let's now focus on our product portfolio. If we zoom out, our portfolio has evolved beyond meal vouchers, which now represents 64% of the operating revenue of the business line. We have diversified in both other benefits covering, for instance, gifting or Sport & Culture and engagement platforms after the acquisition of Reward Gateway. This diversification has as well enriched our business model with more than 20% of our operating revenue coming from SaaS-based fees.

And importantly, our solutions target all type of companies from the largest international corporates to small SMEs, even those starting with just one employee. But we target as well all type of industries, allowing Edenred to perform regardless of industry shifts. Edenred is the only player in the market with a truly set of the employee expectations from purchasing power to personal fulfillment. With such unique offers, we address the full spectrum of HR priorities, helping companies to attract and retain their talents and to keep a high level of engagement in their workforce.

This position us as a strategic partner for all HR leaders, extending beyond just compensation and benefits managers. As an example, next week, I will be in London with my teams for the appreciation Awards organized by Edenred.

This event organized every year will gather more than 50 HR directors representing 180,000 employees and will reward the best engagement initiatives. This holistic approach is brought to life through our 2 global platforms, Edenred+ and Edenred Engagement.

I will now play a short video so you can see what those 2 platforms bring to our ecosystem.

[Presentation]

In which market we operate? B&E market is large and remains attractive as it keeps growing is expected to expand by plus 5% to 7% per year through 2028, and it is still largely underpenetrated with only 35% penetration in average. On top, we have significantly increased our total addressable market, which is now over EUR 1,100 billion, thanks to our diversification in the engagement space.

As mentioned by Bertrand, the key underlying trends include persistent talent shortage, hybrid work, low employee engagement and rising personalization expectations. Those trends are all driving strong demand for our solutions. In that context, what sets us apart? Keep in mind that Edenred stands out through 4 key where we are market leader, for instance, in France, Italy or Mexico.

Second, our sustainable business model with a net retention rate at 104%. Once adopted, our solutions become an integral part of the compensation and benefit policy of a company for which there is very good churn. Third, our unique global platforms, Edenred+ and Edenred Engagement with a broad range of offering unmatched by peers.

Lastly, the high client satisfaction with an average score on Google My Business of more than 4 out of 5 in 2024, a key indicator I am monitoring on a regular basis with my teams to ensure we consistently meet client expectations. As presented earlier by our Constance Amplify25-28 strategy for B&E is anchored on 3 core pillars: attract by bringing more employees onto our platform and reach by increasing revenue per employee, activate by driving more qualified traffic to our merchants.

Let's start with Attract, how will we bring more clients on our platform. As I mentioned, ample room remains for further penetration in our markets. This opportunity is especially significant in the SME segment where penetration is notably lower, around 10% in France or 5% in Italy, for instance. Regarding customer acquisition since our last strategic plan, digitalization and diversification have unlocked new acquisition opportunities and increase our confidence in future growth.

Client acquisition is now fully digital. Thanks to best-in-class regeneration and automated onboarding, we are now adding around 500,000 new SME users per year and the outlook is promising. In parallel, we have multiplied these opening doors to new acquisition opportunities and differentiating us from competitors.

Having covered acquisition, let's now discuss Enrich. How will we increase average revenue per user? We are unlocking a virtuous cycle of cross-sell and upsell across our very large client base. First, we acquire clients with our strong sales machines and discipline of execution. Then we cross-sell our full portfolio of solutions and increase the share of customers equipped with multiple solutions.

In parallel, we continuously maximize upsell. For instance, the average daily face value of new vouchers increased by plus 25% in the last 3 years. This virtuous cycle leads to higher net client retention with an average customer lifetime multiplied by 2.5 for multi-equipped clients versus single equipped.

As mentioned, a key pillar of Edenred is our ability to maximize cross-sell. Today, clients use an average of 1.5 Edenred solutions. Our ambition is to reach 2.5 solutions by 2028 with a long-term potential of 5 or more solutions per client. This is now achievable because, first, our portfolio is enriched across key countries, enabling us to offer more and more solutions.

Second, Edenred+, our Edenred solution platform is progressively rolled out in major markets, allowing us to push better cross-sell opportunities to our clients. For end users, the impact is Edenred solution. Now let's hear from [ Telenet ] Belgium as no one will speak better about our unique value proposition than one of our customers.

[Presentation]

[indiscernible] face value increase into upselling opportunities. Those face value increase is decided by governments to kick pass with food basket inflation and enhance employees' purchasing power. For instance, in Europe, while overall inflation stands at around 2%, food basket inflation is more than 50% higher.

Since 2022, we have seen 50 increases in maximum face value across 15 countries, which we have successfully translated in organic portfolio growth. Looking ahead, further face value increases are expected in our core markets between '26 and '27. It did already happen in Belgium with an increase from EUR 8 to EUR 10 per day starting from January 1, and it is under discussion, for instance, in Italy.

On top, additional countries are in advanced discussion for future increases. We successfully convert regulatory face value increase into client face value increases to our large commercial workforce and our systematic data-driven approach to track face value adoption.

In Romania, as an example, there have been several face value increases since 2021, and we have maintained an impressive 80% to 85% face value adoption year-on-year.

Moving to our third pillar, Activate. This pillar is focused on leveraging Edenred unique audience to enhance our merchant value proposition. Our merchant ecosystem is highly diversified with merchant partners, including restaurants as well as retail and e-commerce players. Our understanding of merchant-specific digital needs allow us to deliver tailored solutions, altogether traffic and customer loyalty.

As part of Activate, we offer through Edenred global platform, a range of services to merchants that enhance their experience at every stage of the journey. Self-affirmation for merchant is fast and simple. Merchants can start accepting transactions in less than 5 minutes. Day-to-day management is streamlined with easy access to invoices and transactions.

We provide value-added data to help merchants in growing their business. As an example, those improvements have reduced affiliation time from 2 hours to just a few minutes in Turkey and doubled merchant Net Promoter Scores, reinforcing our value as business provider.

Reinforced relationship with merchants unlocks a key pillar of Amplify activating merchants through new value-added services, starting with retail media. Our digital solutions will enable hyperpersonalization retail media campaigns fully integrated within our apps. For example, on Edenred engagement, merchants can push tailored offer on promotions directly to users. Those promotions can be converted into discounted vouchers redeemable both online and in-store, all designed to increase merchant traffic and revenue.

In fact, Edenred Retail Media revenues have already grown by 33% in 2025, and we aim to more than triple those revenues by 2028. As a conclusion, our Amplify equation for Benefits & Engagement is built on 3 ambitions: at heart by bringing in more employees with more than 1.5 million of additional SME users on our platform by 2028 and reach by increasing revenue per employee.

Our goal is to deploy an average of 2 -- generating more qualified traffic for merchants, multiplying our retail media revenue by 3.5 between '25 and '28. I would like you to remember 5 key elements out of my presentation today. We are the only at-scale player in benefits and engagement, and we are 2x bigger than our closest peer.

We play in a large and growing market that are still largely under penetrated. We have built mission-critical infrastructure around meals and food with promising outlook. We have successfully expanded our offering to provide HR with a unique value proposition to attract, retain and engage their talents. With our amplified strategy, we are confident in our ability to deliver sustainable and profitable growth over '25, '28. Thank you for your attention. We will now take a 15-minute break during which you are invited to see and test our product. After the break, Diane will join us on stage to present our ambition in the Mobility business line. Thank you.

[Break]

Good afternoon. Good morning, everyone. I'm very happy to be here to talk about our mobility business at Edenred. My name is Diane Coliche. A few words to introduce myself. After the first part of my career in the financial industry, I've held executive roles in international retail, including serving as General Manager of Monoprix Group.

I joined Edenred 3 years ago as Chief Operating Officer of Mobility. We will spend the next 20 minutes together to discuss our mobility business, how we differentiate in our markets and our amplified plan.

To start, I would like to share with you our mission. We want to be the most reliable, sustainable and efficient partner for our B2B fleet customers. So why those 3 words are so important to us? Reliable because our clients operate vehicles on the road every day for business-critical purposes. So we must keep their vehicles going. Sustainable because our customers are facing the huge challenge of decarbonation and efficient as they need us to achieve savings on their fleet costs.

And we are doing that through our 360-degree mobility platform that in 2024, operating in 2 regions. We have market-leading position in Latin America, Brazil, Mexico and Argentina. And we are present in 20 countries in Europe. Since 2021, we achieved strong growth, both organically and through acquisition, 3 of them closed over the last 2 years, which were mentioned earlier by Bertrand.

IT Group, the fuel card business in Italy; [indiscernible] in Brazil, making us the Brazilian leader in freight payments and [ Spirit ] in Denmark for EV charging. Let me walk you through our unique portfolio of solutions. Our core business, you know it is fuel. We enable the safe purchase of fuel and biofuels at the best prices by leveraging our extensive network of stations. EV charging is our future core since it's gradually taking over fuel on some mobility cases, and we will deep dive on this topic later.

Then the fleet solutions are what truly makes us a one-stop shop for B2B fleet, starting with toll, providing toll boxes for domestic and international travel. It's a very dynamic market, and it will continue to grow with the development of digital payments as well as to support efficiency and sustainability goals.

Maintenance, which is an important business for us in Latin America, and it's about supporting fleets in administrating the maintenance of their vehicles in our network of repair shops. This business has huge potential for automation and optimization through data and AI.

Then we have other services like VAT refund services, freight payment for independent truck drivers in Brazil, road services like parking, vehicle wash and so on. And finally, fleet management is about combining all the data from the different mobility services into a single platform to help fleet managers optimize their fleet and be more efficient. So new core and fleet solution represent around 35%. This diversified portfolio enables us to serve all type of customers, industries and fleets from big consumer goods company like Coca-Cola or Pepsi in Mexico with thousands of trucks to SME clients with a few vans or cars. It also allowed us to reduce our dependency to fuel price by 10 percentage points since 2022.

Now let's make a deep dive in the hot topic of EV, and I'm going to explain you why the rise of electromobility is a great news to us. Currently, the share of battery electric vehicle in the stock of B2B cars is still relatively modest. It's around 6% in Europe. And we expect the share of battery electric cars in B2B fleet to pick up to around 20% by 2030. Regarding vans and trucks, market experts also indicate that battery will be the winning technology, and we are actually seeing now as we speak, sales increasing quite strongly. Having said that, the graph on the left shows that fleets will remain mixed for a long time.

And this is a key advantage for us as we are agnostic in the energy used, and we give the fleet owner of mixed fleet a full vision of its fleet in one single place. Also, the good news is that we will earn higher revenue per vehicle with EVs, up to 2x the revenue we extract on fuel vehicles. This is because EV needs to access energy on the road but also at work at the depots and at home. And we are providing services for each of the use case with our 360 e-mobility offer, which I'm going to describe now.

So our objective is to help fleets electrify from day 1. First, we equip them with chargers, overseas installation and maintenance via a network of partners. Then we enable to charge vehicles everywhere and compile it into a single invoice. This is the core of our offer. For that, we have 2 software solutions, an EMSP platform, which enables to charge in almost any charge point on the road in Europe. We -- management system called CPMS for charger supervision and billing of sessions, but also value-added services like the reimbursement of energy consumed at home by employees of smart charging. And finally, we provide the digital tools to enable our clients to operate mixed fleet efficiently, meaning a fleet manager portal and a driver app.

This offer is live in Western Europe and in the Nordics, and our ambition is to deploy it by 2028 in the rest of Europe and be a market pioneer in LatAm, where we are launching the solution as we speak, as you will see later in the testimonial of Vivo, a Brazilian client. This offer is, of course, first -- at our B2B fleet customers like Procter & Gamble or [ Group B ] mentioned by Constance earlier. And we also can reach new customers like site owners, logistics, parking operators, gas stations like Circle K, for example, or OEMs. This is another opportunity that EV is opening for us.

Now let's watch a short video illustrating our solution portfolio and our product vision.

[Presentation]

So now let's talk about our markets. Our total addressable market stands at EUR 600 billion in '25 and is expected to grow at around 6%, 7% per annum in vastly underpenetrated markets, especially in the Beyond products. Two main disruptions will keep driving our markets, a smarter mobility with digitalization, connected vehicle and AI that will bring fleet management to the next level. As you have seen in the video, our new product platform has been designed to deliver all those innovations. And then a greener mobility with decarbonization, thanks to electrification and alternative fuels as well as energy management, which will become a key topic as energy consume will increase. And energy management features are natively embarked in our CPMS.

What sets us apart as a global provider? First, our unique portfolio of solutions, which I described earlier. We also have a leading network of merchants, fuel and stations and repair shops, sorry, 1 million charge points and dozens of partners delivering our road services. We have been building this network over decades, and it's really a key selling argument for us. Also, we've been very busy over the last years, revamping our suite of digital solutions for fleet managers, driver and merchants.

We are currently in the process of migrating our customers, and we already see a sharp increase in our NPS with those customers. Finally, we are recognized for our exceptional customer care, largely automatized or in the process to be. In Brazil, for example, 98% of the contacts with drivers are performed through our chatbot called EVA, which is powered by data and AI with no human intervention.

So what does the Amplify plan mean for mobility? I will take you through each of the 3 pillars of our strategy: attract, how we bring more vehicles on the platform: Enrich; how we will grow revenue per vehicle: And activate. First, to keep filling on our commercial pipeline, we will continue to target SMEs as it's still an underpenetrated segment. We recently implemented a 100% digital acquisition process in Europe that will continue to drive our growth. Second, we will further push bundled offers. Fuel and EV is a natural one. For example, in France and Germany, 85% of our customers onboarding on EV are also taking the fuel offer. And we are also rolling out other bundles like fuel and toll or fuel and tax, for example. Third, we'll maximize our reach through indirect partners.

I'll just deep dive into this topic on the next page. So on the left, we have our B2B2B partners. Those are mobility players with large B2B client base willing to complement their offer. So we use their channels to distribute our solution. We actually, in the last 2 weeks, signed 2 major partnerships in Europe, a partnership with Shell, which will offer our tax refund services to their B2B fuel clients in Europe. And then an extended partnership with Daimler Group, which will, on top of our fuel cards, also distribute our full EV truck solution to their EV truck clients in Europe. We also have partnership with large lasers in Latin America like Ayvens, ARVAL or Unidas. That's for the B2B2B. The B2B2C model is different. We sell toll tax to the B2C customer base of big financial institutions through their banking apps.

As mentioned earlier by Clément, Nubank, the largest digital bank in Latin America is one of them. And we are expanding this model to other services like sign payment, for example. This enables us to increase tenfold our addressable base. In just a few years, we have activated more than 1.5 million toll tax in Brazil and our scalable and open platforms.

Moving now to the second pillar of our plan, Enrich. So let me tell you how the virtuous cycle plays also for mobility. In most cases, when you sign a client in mobility, you sign it on one product, historically fuel, now also EV. Then we cross-sell with other solutions like toll or maintenance, increasing our revenue per vehicle. And that's where the cycle comes into play as illustrated on the right.

The customer with multiple solutions will use our fuel cards more so we capture a higher revenue per vehicle on fuel. And at the same time, will be more loyal to us and stay much longer with us, 2.5x longer with 4 products than with one. Our goal for the next 3 years will be to accelerate cross-sell from an average number of solutions per customer of 1.7 as of today to 2.5 in 2028.

And why are we ready to accelerate? Well, we invested in our sales force by 15% last year, reorganized the team, boosted cross-selling incentives. Second, we know our tailored offer for mixed fleet will naturally drive cross-sell, as I mentioned earlier, on fuel and EV. Third, our revamped digital tools will be a strong accelerator. Our new platform have all mobility solutions embedded in them like you saw on GoHub for those who visited it in the product fair. They are also empowered with data AI features allowing for smart recommendation. So this will foster the use of our full product suite.

Let's hear it directly from one of our long-standing major clients in Brazil, Vivo, who has implemented the full suite of solution.

[Presentation]

And I want to illustrate our last pillar, Activate, with an example from our maintenance business in Brazil. As you can imagine, maintaining the quality of service within our repair shop is a top priority. We, therefore, created our premium network model. The idea is to direct volumes towards repair shops who respect a certain level of service while also bringing them value-added features to make them succeed. For example, we leverage our scale to negotiate better spare part prices for the shops. And we use data and AI to automate repair bookings, reducing admin tasks for the repair shop and boosting efficiency.

Again, here, it's a win-win-win; win for the merchants who get higher business volume, win for our customers and drivers who benefit from a higher quality of service, and win for us as we benefit from increased client retention and monetization of our value-added services to merchants. Notably, client's NPS for those using the premium repair shops is 20 points higher than for other clients. That's why we aim to have 40% of our maintenance volumes within our premium repair shop by 2028.

So where will Amplify bring us in 2028? By 2028, we want to have more than 800,000 vehicles to our base versus 4 million today. As explained already, we want to bring the number of solutions per client to 2.5.

Finally to conclude, I would like to say that we are ready to seize the opportunity of a smarter and greener mobility in attractive and underpenetrated markets, thanks to our revamped digital platform powered by data and AI as well as our 360 e-mobility offer. This will allow us to increase number of vehicles on the platform, accelerate on cross-sell with increased revenue per vehicle and enrich connections between customer, merchants and driver through value-added services. So we are ready to embark in the Amplify journey. Thank you very much.

I will now let the floor to Damien Perillat to present our Payment Solutions and New Markets business. Thank you.

Hello again. I'm excited to be back on stage to share with you today the latest development and strategic priorities for our Payment Solutions and New Market business line.

In this section, I will provide you with an overview of our portfolio capabilities, and I will then share insight and example on how we create value for Edenred and build outpost in new geographies and market segments. So Payment Solutions and New Markets is a newly redefined and refocused business line. Virginie will share more details in her part. Our mission is to unlock growth opportunities by nurturing innovative payment solution in fast geographies and segments.

Our business line also aims to provide optionality and new growth avenues for Edenred. We have recorded operating revenue of $210 million in 2024, reflecting a solid 50% growth over the past 3 years, while repositioning our portfolio and exiting some of our activities. We currently operate in 10 countries, combining adjacent solution in core Edenred geographies and new presence in fast-moving markets such as the Middle East or Asia. A key enabler of this growth has been our in-house payment engine, PayTech that I presented earlier and its full stack capabilities.

As a reminder, the Edenred payment engine encompasses a comprehensive issuing and processing platform connected to a large network of payment schemes and partner across the globe. Having such an in-house platforms mean that we are able to roll out segment-specific payment solution that will speed to market. Being an agile business line centered on new opportunities requires a strong portfolio management. We are constantly reassessing our market positioning and allocation of our capital and resources to ensure delivery of sustainable and profitable growth.

Our strategy also requires us to move fast to nurture promising businesses in attractive market. This is what, for instance, we have achieved in Taiwan and the UAE by creating market leader in their respective space. Why does it matter to expand into Payment Solution and New Market? What does it bring to Edenred? We have a clear answer to that. First, innovation; second, synergies; three, new market innovation.

By serving both internal and external clients with our payment engine, we are at the forefront of new market trends. A good example, our recent partnership with Visa, providing us with dual issuing capabilities to continue expanding our reach and unlock new B2B payment use cases. Synergies Scale matters in our industry. By leveraging our internal capabilities to serve external clients beyond the Edenred ecosystem, we are able to significantly increase the volume process on our in-house payment engine. This generates large cost synergies, better economics with our payment ecosystem and therefore, strengthen our ability to invest on our proprietary platforms. Finally, we are the post of Edenred in fast-growing geographies and market segments, where we can blaze a trend for future Edenred use cases expansion.

So let's now dive deeper into some of those at best use cases from our portfolio. First, starting with the U.S., where we have transformed our account payable business into a comprehensive end-to-end invoice-to-pay solution. We enable clients to pay their suppliers fully digitally embedded into their ERPs and banking system and through multiple payment method. Also, we have combined these capabilities with a best-in-class invoice automation platform to create a complete invoice to pay offering. By doing so, we have significantly accelerated our cross-sell strategy. Half of our new sales are now invoice and pay bundles, and those bundles offer have enabled us to cut by 40% of our client churn and increase by more than 30% our revenue per client.

Moving to Taiwan, where through our Ticket Xpress platform, we are reshaping the way we operate multi-benefit in the region. From a market-leading position in B2B gifting, what we call incentive and reward, we have successfully expanded into Gift as Benefit to address business to employee use cases, full fledged multi-benefit and everyday app, aiming to reach 1 out of 3 workers in Taiwan by 2028. With more than 40% market share, we are diversifying our revenue streams and increasing our total addressable market by 5x.

Finally, turning to the UAE, where we're operating the leading super app for blue-collar workers. Building on our leading position as a payroll card provider in the country with over 40% market share, we have built an app actively used by 1.5 million workers, providing dozens of value-added services from money transfer to salary advance and mobile top-up. Those services are offered in partnership with leading players in the region to ensure we can deliver the best solution and value to our user base. Our app user experience is fully curated for these specific agents. As a result, almost half of our operating revenue is now coming from those value-added services, greatly diversifying our revenue mix and adding new push across.

To recap, our growth story for Payment Solutions and New Market is built on 3 fundamentals: First, driving innovation and payment expertise across Edenred; second, unlocking synergies with group platform and other business line; and third, setting up Outpost in fast-growing geographies and adjacent segments. We are very excited by the many growth opportunities lying ahead in our business line and the clear playbook that we have developed to tackle them. Thank you for your attention.

I would now like to invite our Chief Financial Officer, Virginie, to present the group financial overview. Virginie.

Good morning, and good afternoon, everyone. I'm Virginie Vergne. I'm the Edenred CFO, and I joined 5 months ago, as you know, and I'll take you now through the finance section today.

So before we get into the details of our financial performance and outlook, I'd like to highlight a reporting evolution that which will formally start to apply from 2026 onwards. We are introducing a new reporting structure, providing operating revenue, operating -- and geographies will move to secondary dimension. You have a recap here of the frequency and granularity of financial disclosures. And going forward, you will go with this new change. That really remains in line with what you've been used to with our reporting per geographies, but is now really by BL, okay? This change also includes limited scope adjustment between business lines that you can track in the appendix of the presentation that you have in your hand.

I will not spend too long on that slide. It shows you how it will look like more or less. And as you can see on this slide, Benefits & Engagement and Mobility have similar operating EBITDA margins at 42% and 40%, respectively, and Payment Solutions and New Market is slightly lower at 30%.

Edenred has successfully delivered the Beyond plan, consistently outperforming its financial targets. Through 2022, 2023, 2024, we significantly exceeded our targeted level of EBITDA growth. In 2025, we expect to achieve 10% EBITDA like-for-like growth, including the estimated EUR 60 million impact of regulatory changes in Italy. In a comparable business framework, taking out this impact, Edenred's performance would have been around 15%. As for free cash flow conversion, we remain above our 70% target, demonstrating strong cash generation and disciplined management. These results confirm Edenred's ability to deliver sustainable growth and resilience.

Looking ahead, the Amplify plan leverages all our strategic levers to drive growth throughout the period. First, increasing our total revenue with both organic growth and other revenue, which I will address in more detail in the following slides. Then we have various levers to further enhance EBITDA margins. First, structural operating leverage, thanks to our platform and the scale effect inherent to our business model. The more users we have, and you heard Constance and all the business leaders before and the more volume we get, and so the more our transaction costs are lowered, as you can expect. Second, management actions, and I will also come back to this in detail later in the medium term.

Now zooming into our organic growth pillars as outlined by Constance. These 3 pillars consist of attract, which means acquiring more clients in our underpenetrated markets and improving client acquisition efficiency, especially acquiring them faster. Enrich, which is about cross-selling more solutions per user, upselling and expanding our value proposition; and Activate, which focuses on monetizing our user audience for merchants and capturing additional proceeds coming directly from users beyond those financed by the employers. In a nutshell, we target more users and more value per user.

The relative contribution of each lever reflects their natural phasing across the cycle. Attract and enriched pillars immediately start fueling our P&L, whereas contribution from the Activate pillar will be more and more sizable across the cycle and continue to fuel growth potential in the longer term. At group level, this should convert into an indicative high single-digit like-for-like annual operating revenue growth throughout the plan.

Beyond operating revenue, Edenred generates other revenue, which refers to the financial income we generate from the float, mainly driven by our negative working capital profile in Benefits & Engagements. Other revenue is, therefore, inherent to our B&E business model, and it's part of Edenred's growth. Other revenue is determined by the size of our float multiplied by interest rates. On the float side, we expect continued growth, supported by an increase in business volume and stabilizing retention times from our largely digital user base. On the interest rate side, rates are stabilizing and are expected to remain higher for longer term.

As a result, we expect other revenue to remain resilient and predictable with an expected value of approximately EUR 220 million in 2025. [Audio Gap] growth in '27 and '28. Then Edenred consistently applies a disciplined financial policy in managing the float. We use short- to medium-term deposits. We invest the float in the country where it is generated in its original currency, ensuring natural hedge. We operate centralized cash management. We optimize maturities by differentiating between nonrestricted and restricted cash.

And finally, we apply an interest rate hedging policy whenever needed and specifically in Latin America. In terms of sensitivity to interest rates and to give further color on our P&L, an additional percentage point in interest rates would roughly lead to an additional EUR 30 million of other revenue and EBITDA and is partly offset by an additional EUR 20 million of lower financial expenses, resulting in a profit before tax impact of around EUR 10 million.

In summary, thanks to our disciplined approach, we expect other revenue to provide a consistent contribution as we move through the next 3 years. As I explained, the Amplify plan is also focused on driving operational efficiency. Edenred's cost base is approximately 60% fixed and 40% variable, and we are targeting improvements in both areas. First, we will continue to benefit from the inherent structural operating leverage of our business with platform scale effects, lowering our unit cost per transaction. In addition, management will take targeted actions to enhance efficiency by advancing our Fit for Growth program, which will accelerate convergence across products and business line and standardize support function.

And I'll provide more detail on this in the next slide. Support the long-term growth through strategic investments, notably in sales and marketing, data and AI. And thirdly, as I mentioned earlier, we are actively optimizing our portfolio. We are deeply convinced that in a world where data, AI and digitalization are advancing rapidly, we can further...

Now looking closer to the Fit for Growth program. This is enabling Edenred to optimize its operating model by balancing local agility and global efficiency. At the global level, first, we want to foster convergence between geographies, platforms and products. This will be achieved by leveraging technology and support functions at scale to capture synergies, harmonize processes and implement global standards. At the local level, our go-to-market approach will go on answering client proximity, faster time to market and a strong partner environment in key regions. Additionally, we have product innovation hubs, global technology centers and regional shared service support functions, which are all strategically located to maximize impact and operational excellence across the group.

As a conclusion, Edenred Fit for Growth program is a strategic enabler that will generate long-term efficiencies and increase flexibility and agility of our organization.

Let me now take a moment to look at the Edenred's long-term growth ambition beyond our current strategic plan. As Bertrand mentioned earlier, our ambition is to reach over EUR 5 billion total revenue by 2030. This represents a compound annual growth rate of approximately 11% from '25 to 2030. This ambition reflects both our commitment to continued organic growth and our intention to capture additional upside through selective acquisitions. As we saw on the previous slides, our growth model is robust. It has proven to be sustainable over the last strategic cycles. Our growth model will structurally deliver 8% to 12% EBITDA like-for-like growth over the cycle on the back of high single-digit like-for-like operating revenue growth, increase in other revenue of the Amplify plan.

While we are currently absorbing the impact of regulatory changes in Italy, the fundamental of Edenred's growth dynamic remain unchanged. [indiscernible], we do expect to deliver EBITDA like-for-like growth of 8% to 12% over the cycle. Our growth pattern will follow 2 phases. 2026 will be a rebasing year with like-for-like EBITDA growth expected in the range of 2% to 4% on the back of the regulatory change in Italy, cost to achieve management actions, portfolio optimization and the slight dip in other revenue corresponding that corresponding to an 8% to 12% intrinsic growth. In '27 and '28, we anticipate a target of like-for-like EBITDA growth in the range of 8% to 12%.

And let me now go into more detail on these 2 phases. Now '26. As I just mentioned, we expect to deliver a sustained operating revenue growth, combined to structural operating leverage, fully in line with our model of 8% to 12% EBITDA growth. And this will be offset by, number one, the regulatory change in Italy that is still expected to amount to EUR 60 million in 2026, an additional effect coming from the cost to achieve the management actions, namely Fit for Growth and strategic investments, which will fuel Edenred long-term growth. And this will be combined with portfolio optimization for a limited number of small businesses where we do not see scale potential or which are below Edenred profitability standards. And finally, we have this slip dip in other revenue on the back of interest rate stabilization.

All this together should lead to a like-for-like EBITDA growth of 2% to 4%. Now '27 and '28, we expect Edenred to deliver 8% to 12% like-for-like EBITDA growth annually. Revenue growth will be generated by our 3 strategic pillars, fueling operating revenue. Other revenue will start increasing again, as we said, and EBITDA margin will benefit from our structural operating leverage, accelerated by net positive contributions coming mainly from the Fit for Growth programs and other ongoing management actions.

Generating free cash flow is one of Edenred's greatest strengths and a key component of our financial performance. Our business model is, in fact, a high and predictable cash generator. Funds from operations are and will continue to be the main driver of our free cash flow, thanks to consistently strong EBITDA generation. Looking ahead, under the Amplify plan, we are targeting an annual free cash flow to EBITDA conversion rate at or above 65%. This cash conversion rate reflects the increasing contribution of Mobility to group operating revenue and therefore, to working capital components. Mobility is growing faster than Benefits & Engagement and has a lower negative working capital profile.

So to summarize, we expect our cash generation model to reflect the derisking of our business model with less regulated activities, which are highly cash generated, together with more nonregulated activities, which have a slightly different cash generation model. And this should lead us to a 65% minimum cash conversion rate over the cycle. We have built a capital allocation framework focused on growth and shareholder return. And we plan to invest on our growth investment and pursue organic growth initiatives to deliver the Amplify plan by maintaining annual CapEx between 6% to 8% of total revenue. Second, we want to take advantage of our solid balance sheet to seize value-accretive M&A deals.

Next, we aim to enhance shareholder returns through a progressive dividend policy, complemented by share buyback programs, supporting long-term value creation for all stakeholders. Finally, we are committed to retaining a strong and efficient balance sheet while maintaining our strong investment-grade rating.

Zooming in on CapEx, we will maintain a disciplined CapEx investment policy throughout the cycle with an annual CapEx range of 6% to 8% of total revenue compared to 7% to 8% in the prior plan. Within this, 90% of our annual CapEx spend will remain dedicated to product and technology investments, which we believe is the right way to assess our investment capacity. Looking ahead to '26, '28, we expect product and technology investments to increase to around EUR 1.8 billion. After a high level of capitalized tech investment throughout the life cycle to build our platform ecosystem, we will now rather be in a phase where we are deploying this platform. And we should expect our product and tech investments to convert into a greater share of OpEx and a lower level of CapEx. Our investments in data and AI will increase sixfold, reflecting the significant opportunities they offer for both internal efficiencies and organic growth. This step change in investment will accelerate our digital transformation and further strengthen Edenred's leadership in technology-driven growth.

Turning now to M&A. Our goal is to build on our strong track record and accelerate both growth and diversification through growth accretive deals. Edenred has a long history of successful synergetic acquisitions. Recent examples include Reward Gateways in Benefits & Engagement or Spirii in Mobility, both under the Beyond plan. As a reminder, around 90% of acquisitions completed under the Beyond plan related to nonregulated businesses. Thus, we will focus on identifying the right opportunities for us to gain scale and consolidate our leadership positions in our core activities to diversify our product offering to strengthen the Edenred value proposition and support cross-selling in the long run. We focus on key deal considerations such as strong potential for revenue synergy and scalability as well as sustainable business models. We keep a disciplined approach.

And ultimately, all M&A activity must deliver value creation for Edenred and its stakeholders. Thus, Edenred indeed remains committed to delivering enhanced shareholder returns. Our dividend has increased in absolute terms year-on-year, and we will maintain this progressive dividend policy. In addition, Edenred launched a EUR 300 million share buyback program that was extended with an additional EUR 300 million to be executed over a 3-year period. In 2025, EUR 100 million of shares will have been bought back by the end of the year.

To conclude on capital allocation, let's turn to our balance sheet, which remains a core priority for Edenred. With a net debt of EUR 1.8 billion at the end of 2024, we maintain a robust financial position. By the way, I take this opportunity to remind you that restricted cash is not included in net debt computation, and you can see that on the graph behind me. Our strong cash generation model enables us to deleverage quickly, preserving financial flexibility.

As shown on the slide, our leverage ratio has consistently remained between 1 and 2x over the past 6 years, and we expect to finish 2025 at around 1.2x. We remain committed to maintain a strong investment-grade rating throughout the cycle with our A- S&P rating reaffirmed in April 2025. This financial strength gives us substantial firepower and ample capacity to pursue sizable M&A opportunities while optimizing our balance sheet. Here is a recap of our medium-term annual targets throughout our Amplify strategic plan.

Now let me conclude with the key messages of today's presentation. The Amplify plan will drive further total revenue growth in our vast growing largely underpenetrated markets. Our 3 strategic pillars: attract, enrich and activate will fuel organic operating revenue growth, expanding both our user base and the average revenue per user. Thanks to the addition of other revenue growth and M&A, we have the ambition to deliver over EUR 5 billion of total revenue in 2030. We aim to deliver profitable and sustainable EBITDA growth. 2026 will be a rebasing year where our model of total revenue growth fueled by structural operating leverage will be offset by the impact of Italian regulatory change on top of the implementation of management actions, the portfolio optimization in 2026, corresponding to an intrinsic 8% to 12% EBITDA like-for-like growth.

Management actions, namely Fit for Growth program, increased investments in data and AI will drive long-term growth and EBITDA margin expansion on top of structural operating leverage. And in '27 and '28, Edenred will deliver 8% to 12% EBITDA like-for-like growth annually. Edenred business model delivers high and predictable cash generation and conversion and with funds from operation to remain the main driver, sorry, of our FCF conversion, we target a cash conversion ratio at or above 65% on a yearly basis.

Finally, we aim at maintaining a capital allocation framework focused on growth investments, both organic and M&A and shareholder return with progressive dividend policy and share buyback while retaining strong investment-grade rating.

I thank you for your attention. And I will now hand back to Bertrand for a short wrap-up before we turn to Q&A session. Thank you.

Okay. We are almost there. Thank you, Virginie, the Vforce. So as we wrap up today's presentation, let's reflect on the key elements you need to keep in mind from this afternoon. First of all, what makes Edenred stands out today in its industry. We are a unique global leader, operating a mission-critical infrastructure, both in Benefits and Engagement and mobility, best positioned for success in large, growing and still underpenetrated markets. Our strength lies in our distinctive B2B2C platform, which delivers unparalleled value to both our clients and their users as well as merchants and solution partners. With Amplify 25-28, we are set to steer Edenred towards significant growth, transformative change and stronger returns. We will achieve this through 3 strategic pillars in case you forget them. First, attract. We are boosting client acquisition, and we are tapping into large and rapidly growing markets.

Next, and you can say it with me, Enrich, we are accelerating the virtuous cycle of cross-sell and upsell. Our goal is super clear, increase the average number of solutions per client moving from 1.5 to approximately 2.5 solutions, all while targeting a full potential of over 5 solutions per client. We are also committed to driving up solution usage, notably by leveraging face value increasing and enhancing retention strategies. Finally, and you're going to be surprised, Activate, engaging more and more with our user audience to unlock new revenue streams.

This involves capturing out-of-pocket user spend to further drive volumes and developing new services tailored for merchants. We have a unique advantage in this field with an audience of more than 60 million users that are more and more engaged daily on the Edenred platform. We are also actively pursuing our platform transformation, thanks to unmatched product and tech investments with a relentless focus on convergence, scale and innovation. This means unleashing the power of data and AI to enhance efficiency, deliver personalized experiences and create significant value for our stakeholders.

In summary, I am more than confident in Edenred ability, not only to capture existing market opportunities, but more importantly, to create new ones. Together, let's embrace the journey ahead and look forward to achieving great successes.

Thank you for your attention today. We will now open the room for questions. Cedric, we are all yours. Thank you.

Yes, exactly. So yes, raise your hand. [indiscernible] we'll bring you a mic. [Operator Instructions]

I'm Ed Young from Morgan Stanley. My first question is on Attract. You've talked for the whole 10 years, Bertrand about the -- your and the team's obsession with data, and you're talking to CAC to LTV ratios of 12x. I don't know of another company where that wouldn't create an instant response so we need to spend a lot more on sales and marketing. Presumably, it's not quite that easy. Otherwise, you'd be doing that. So I'd love to hear a little bit more about how you think about the ability to improve that Attract vertical. Is it about spending? Is it about sales force? Are you spending enough essentially? And the second thing is on the Fit for Growth plan. You've talked about it a bit, but you haven't really quantified it. It would be useful to understand the delivery this year, next year, out years so we can understand the net investment you're making in those other discretionary areas.

Thank you for those 2 great questions. Maybe first of all, for the sales marketing effort, what do we intend to do for the next 3 years, Constance?

Thank you. I think indeed, on the -- if I come back first to the customer of acquisition compared to our customer lifetime value, the reality is that we manage it very dynamically. So constantly, I would say, adjusting as we further penetrate the SME segment based on how much value there is that we can grab, and there's still a lot of penetration and how much effort we put in. As we said, there's 2 areas where we're continuously investing and that's part of the management actions that how we invested, and we give back the number, but a lot more in our teams and data and AI. And within data and AI, as I mentioned, we're not having a generalist approach. I think it's really personal led and the #1 function we want to enable internally for more impact is our sales and marketing. And this is because we want to empower our teams with more segmentation, more targeted, I would say, push for cross-sell and upsell. So I think, indeed, very efficient acquisition lever, and we're still investing quite a lot in it because this is a plan of transformation and growth.

So Virginie to fit for growth.

So Fit for Growth is a net investment next year and start to contribute in '27 and '28 positively. And that's something that I want you all to remember as a number for one element. It's a net investment next year, obviously, because we will push a bit more than the savings we'll immediately get in 1 year. We have designed the plan this year. Some of the things have started, but they will start to fuel on our P&L next year.

If we come back into the bridge, we said, okay, we have 8% to 12% that comes from our regular business in terms of operating revenue growth and so on. And then to bridge down to 2% to 4%, you have part of it, which is Italy. I'm not going to make a big reveal saying that if you take EUR 60 million out of what we expect this year in terms of EBITDA, you're more or less around EUR 5% in terms of impact coming from Italy. And after that, the other revenue, EUR 220 million around EUR 210 million next year. So you have more or less EUR 10 million coming from this. Then you get into the rest and the Fit for Growth combined with portfolio optimization, that's what is giving the rest to get from 12 down to 4, and I'll let you do further math on that.

And if I can rebound on what Virginie said, it's because we know the intrinsic growth of Edenred is between 8% and 12% even in 2026 that we accelerate our investment. Once again, when you think about Edenred, we have been the big winner of the digitalization. We invested -- like nobody else starting in 2026. If we make a comparison with our #1 competitor, our level of EBITDA today based on this EBITDA growth. We're going to do the same on data and AI. We are the biggest platform. We know that it's not the only lever, but that's a revolution we don't want to miss.

We don't want to miss it for our clients because with an AI augmented product with an agent concretely, it's so cool for the users and so for the employers, we don't want to miss that revolution. The other thing is we are too young in that management team to miss this industrial revolution. We will not miss it. We'll make it happen for the efficiency of our people, for the efficiency of our process and for the coolness and the sexiness of the products we're going to deliver via the platform. That's why we invest in 2026.

This is Justin Forsythe from UBS here. First, I want to start on the '26 EBITDA guidance, and Virginie, thank you for that presentation. Very clear on the Italy impact, very clear on the other revenue impact, but maybe we could dig in a little bit more on some of these other dynamics. So we have the Fit for Growth, the additional AI and tech investment and then the portfolio optimization. It sounds like you don't want to give precise numbers there, but maybe you could just talk on a relative basis, which is generating a greater level of investment in 2026.

And Bertrand, on top of that, I would expect that you should see an acceleration to the top line as a result of all these investments you're making, I would think or else you probably wouldn't be making them. So maybe you could talk about the most important factor that you expect to drive revenue forward in the investments that you're making? And then second question would be on the EUR 5 billion in revenues and the EUR 70 ARPU. So rough math, I think that gets you to around just over 70 million average customers in 2030. As I understand the -- what is it called attract...

Sorry, do you like to say it again?

Just a little bit -- yes, a few more times, please. The attract pillar, I think you were saying that was supposed to drive the majority of growth, which sounds like more customers, right? I mean that's the main crux of what we're talking about, lower penetration within a bunch of these different verticals, which you have presence in. So I guess I want to understand those 2 drivers because I think actually, it seems like there's more of that ARPU to be driven from higher engagement and cross-sell. I think that's like a 9% CAGR versus 70 million average customers, that's like a 3% CAGR, which numbers. And second, whichever pillar we're talking about, can we just walk through the drivers there?

Okay. Why don't we start with that? Are you on it? Okay.

Okay. So maybe just a quick coming back on the ARPU. It's not based on total revenue. The way that we manage and that we look at ARPU as a North Star, not a financial target is in operating revenue per user. So coming back to the 2030 ambition and affirming this ambition, it's an ambition in total revenue growth, which also includes -- that means it includes operating revenue, other revenue, and it also includes further M&A opportunities.

So I would just put that aside, then indeed, I think on our growth, it's around, as we mentioned, as Virginie mentioned, 50% to 60% of our growth will be coming from increased users on our platform. And it's combined as well with as we increase in them, if I look at the attract pillar, it was more opportunities, but also more value per client acquired when we do it with bundled sales.

So I would say that in the attract pillar, we attract users and we attract them at a higher value for Edenred on that platform, 50% to 60% of the growth. And then the other 2 pillars and reach, which is really through cross-selling, so pushing more solutions that are used by each and every user on our platform, upselling, which is increasing the share of wallet that they use in our solutions or increasing, as Arnaud shared, the face value of the benefits that they are using. This is the enriched pillar and finally attract with new services. So I would actually say it's quite balanced, I would say, plan between the more users at a higher value. And then when these users are on our platform, more value per user.

So Justin, I will take your question 2, and I think there's a link between the second one and the first one, but then Virginie, if you want to add something. So yes, in 2026, it's a year of rebasing and investment for Edenred, investment in sales and marketing, investment in data and AI. And it's also a year of clarification on our business line via the portfolio optimization that we are doing. So portfolio optimization boom, it's in 2026.

There is some EBITDA in absolute value that we leave over the table, in terms of basis of comparison. The second thing is, yes, we invest in data and AI and Fit for growth. Data and AI, the budget between 2025 and 2028 is going to be multiplied by 6. And so there will be a big push next year that we'll be able to absorb after that. But for next year, it's a big push, and we will see the positive effects, in fact, in '27 and '28. And same for Fit for Growth. Fit for Growth, in fact, is the fact that we are at maturity to make it happen.

We are at maturity to have some shared business centers that we didn't have before. We are at maturity for the verticalization of certain global functions that we didn't do before. It's a shift for us. Initially, it costs money, and then you have the benefits. So to your question, are we going to see an acceleration of the EBITDA growth in 2027 versus '26, of course, because 2 8 to 12. Are we going to see an acceleration year after year based on those elements, yes. And you will see some margin expansion as well. Then there are some factors that we don't master, what's going to be the fuel price, what's going to be the level of unemployment. So if all the other variables stay stable, you will see an acceleration of the growth, and you will see some margin expansion in '27 and '28 for Edenred.

Sabrina Blanc from Bernstein. I have 2 questions. The first one is regarding the portfolio optimization. And in parallel, I noticed that you have changed the name complementary solution to -- sorry, I don't remember, but you have changed the name. So I would like...

Payment Solutions and new markets.

Thank you. And my second question is regarding specifically a remark that you have made in the past, Bertrand, you said that when you arrived in 2015, you said that I will put a lot of CapEx on the table. And after that, I will be able to leverage on that. It looks like that finally, the business model require a regular high level of CapEx, if you can comment on that.

Okay. I'll start with that. And then Damien and -- so Sabrina, you forget the second part of my answer. I said a few years ago that I was wrong because when we started 10 years ago, I said, okay, I invest, and I expect the level of CapEx because now that we are entering into the platform model, in fact, it's a model where you need to continue to invest on a regular basis to fuel the growth of your business. So yes, we will continue to invest. What we said in terms of CapEx, last cycle, we said between 7% and 8%. This cycle, we are saying between 6% and 8% because there are 2 variables that we are playing with.

One variable is we made a lot of efforts during the beyond to go for the convergence and the uprising of our platform. Edenred Plus, for example, was a huge effort for us to restart a platform from scratch worldwide for benefits. And now that we are deploying the platform, we did it in Bulgaria, we did it in Poland. We are doing it right now in France. We have more than 1 million users in France that are now using the platform. The engagement score is booming. The level of spending on the platform is booming.

So it's a very good start. We still have some way to go in France, and we are doing Mexico very soon. What I want to say is for Edenred, we are in the deployment phase, which is less costly than the development phase. And it's a little bit more on OpEx than CapEx because you are in the deployment and not the development -- that's why we are saying 7% to 8%. You could say, oh, it means that it's going to be less. So why don't you say 6% to 7%? I don't say it because there is the dimension of data and AI where it's the beginning of the journey.

We don't know exactly, but we are going to learn as it goes. But to make a long story short, we need to invest because we are absolutely convinced of the growth on our market and our ability to go after the growth, but we are also very disciplined. So when we say between 6% and 8%, it will be between 6% and 8%. That was your second question. Then there was a first question. So.

So Payment Solutions and new markets. So as I was explaining before, so it's made of payment solutions, so in-house payment engine that is powering our 2 other business lines, so mobility and Benefits & Engagement. And also, as I was highlighting, we have a portfolio of other external solutions relying on the same payment engine. And then second, new market because indeed, we have like new areas adjacent to the core geographies of Edenred, where we're also nurturing new businesses, an example of the UAE or Taiwan, which are like our footprint in APAC and the Middle East.

As part of our portfolio optimization, we have been doing 2 things. First, we have communicated that we exited some activities. So for instance, we exited the B2C Bank-asa-Service activities in Europe. And also, we have reassessed our capital allocation to ensure that every solution that we have in this portfolio is well positioned, and we have like the correct allocation of capital and resources.

Estelle Weingrod, JPMorgan. First question is on Retail Media revenue. Can you elaborate a little bit more on this one? Could you quantify perhaps the long-term potential for this? And the second one is just a quick question on next year in '26. If you exclude the impact from Italy, I think it implies operating EBITDA margins improving year-on-year despite next year being a year of accelerated investment in AI and so on. So just can you elaborate a little bit more on this point? Is that right? And what is driving that, please?

Why don't we start with retail media?

I was on my way already. Yes, on retail media, I think we are beginning of a journey. Our platform at scale, Edenred and [indiscernible] are offering new capabilities in terms -- because we set properly all the enablers for retail media in terms of content management, in terms of tracking of traffic and in terms of, let's say, all the capabilities to propose maximum of exposure or point of contact for our merchants and our users.

So I would say it will grow at the same scale of the rollout of those platforms. So let's say, because the more audience we have on those platforms, the more we'll be able to monetize them. So I would say here, we set a target for the next 3 years, which is at least to do 3.5 over the period. And I'm sure that when we will be in 2028, we will have a new audience that we will be able to further monetize. So difficult to commit on something, but I can just tell you that I see, let's say, significant and regular growth on retail media in the coming years.

But maybe we can repeat the fact that in 2025, your retail media revenue has increased by more than 30%.

Yes, absolutely.

And maybe to give a -- yes.

Link with the ambition, I think there's 2 main drivers of growth behind Retail Media, which Arnaud highlighted. One is as we activate further users on our audience. So even within the countries where we are the platform is rolled out, as we activate further users, they are more and more exposed to these marketing activations and that monetization route and then indeed as we roll out. So a lot of potential ahead.

And if you look at what the major platforms are doing, and if you compare to the volume we have, we are far, far, far from our full potential. We are talking of a multiplier that is pretty high as compared to what we have today. And so we recruit some people from Amazon, for example, we did that very well because we want to learn from the best. And we are not more stupid than the other guys. So it's a question of priorities, discipline, grab the capabilities and let's go, let's do it. Your first question was as to the margin. Do you want to start, Virginie?

Thank you, Bertrand. In 2026, we expect our EBITDA margin to be slightly lower than in '25. Remember, we talked about cost to implement management actions. And then you're right, it's not really a question about Italy. It's about the addition of those elements especially. And then that will probably bring us a little bit down and then back again as we move to '27 and '28.

Another way to say it, 2026 rebasing that is mild, in fact, but still the bill in Italy is not the bill, but the incremental is EUR 60 million plus the investment that we are doing. But very soon, in '27 and '28, we will do better than the margin we had in 2025. So expect a rebasing and some margin expansion.

Good afternoon, Josh Levin Autonomous Research. Thank you for the presentation. Two questions. The first is on capital structure. I remember about a year ago, I think it was at the investor update, the former CFO had talked about how in the second half of 2023, Edenred took advantage of high interest rates in Europe and it locked up some of the float in 3-, 4- and 5-year term deposits in Europe.

I think that would mean that they start to roll off in '26. Maybe you could just give us a sense of how these deposits are rolling off and how they get repriced, just we can think about the float income. And then the second question is about insider ownership. It's fairly low at Edenred. You're obviously very optimistic about the business. You have an ambitious plan here, and the stock is trading at a fairly low valuation relative to its history. How do you think about insider ownership and aligning shareholder and management incentives going forward?

Okay. Let me first answer to your -- to the question of the float evolution. So well, let's say, the other revenue evolution. So first of all, our business is growing because our business is growing, the business volume is growing because the business volume is growing, times the number of weeks of retention that has stabilized, let's say, around 7.5 or 7 weeks, we have a growth of the float times the interest rates in every country where we generate some floats. So then we take some positions in every country, on every line, depending also on the maturity of the line. So we have Gregoire in front of us.

And Gregoire is spending a lot of time on that on a spreadsheet that has millions of lines because the maturity, the coverage we have can be different from one country to another, from one line to another. So we manage that very professionally. We manage that also very carefully to the best interest of the float and the remuneration we get. What does it mean? If you take this huge database of millions of lines, what do we see is we see in 2025, that we're going to do better than expected.

That's why we said we think the floor could be at around [ 210 ]. And in fact, we said we're going to do around [ 220 ]. And so when we look at 2026, today, we have a floor at [ 210 ]. So still some way to go, but we feel confident that it could be [ 210 ] or above, okay? But what we also see is we have a stabilization of the interest rates, stabilization of the interest rates on the market plus all the lines we have with the maturity.

So we already know that if the business volume is growing as we have in the plan, so the other revenue is going to increase starting in 2027 and 2028. But it's the combination of all those elements that lead to that conclusion. Then you had a first question as to the insider ownership. It's true that we are not happy with the share price. We are all shareholders of Edenred, but we are all fighters as well. And we always deliver what we said, always. So what drives us and in terms of alignment is, first of all, the love of the brand.

We love the Edenred brand, and we love Edenred and the adventure of Edenred. So that's for us, the passion for the development of Edenred that is driving us every day. The second thing is you can be passionate, but you also need to create some value and some value for your shareholders. So that's why we try to communicate as clearly as we can. We try to explain things that are sometimes complex in the payment industry. And that's why we try to give a lot of visibility on where we want to go, how we want to make it happen. Finally, as I said, we are all shareholders of Edenred. It means that all of us, the top 500 people of the company, we all have some performance shares every year. And so we are totally aligned with the interest of the shareholders as well.

So I would say it's the combination of financial incentives that are in place but also more than the finance, the passion for the development of our platform. And this is the passion that was the main driving force of what we achieved for the last 10 years and will continue to be a significant driving force for the years to come. We want to prove that you can start a business with simple paper vouchers and you can be with a French origin and not more stupid than any of the other big platforms around the world. We can do it, and we will do it.

Yes, Mourad from BNP Paribas. So I have 2 questions. The first is related to the rebasing in Italy. So I heard that you said multiple times that the EUR 60 million includes a degree of rebalancing. So I'm just wondering what's your thoughts about the rebalancing. I'm linking that question to the comments from your competitors has been able to fully rebalance the shortfall. So is there a scenario where you can do better? The second question is, I couldn't help but notice that while you provide EBITDA growth guidance, you don't talk about sales growth. So why don't you give a like-for-like growth guidance? Is there any variability there? What's your thoughts on that as well?

Okay. So I'll take the second one, Arnaud, the [indiscernible] for the first one.

Yes. So Italy -- so first of all, we are proud of what we achieved in Italy, this rebalancing. The scale of it was -- we never did it in the past, and we did it according to plan. So first of all, from an Edenred standpoint, it has been, let's say, an operational success. After I think it's important that you look at the point of departure regarding the point of departure of Edenred in Italy. Who are we in Italy? We are very significant market leader, very, very significant market leader. It allow us to monetize in the past when it was open pricing on merchants very well our pricing and our value of business provider towards merchants.

And as well, we were, let's say, pricing well towards our corporate clients because first, we were, let's say, overexposed to the private markets on which we can better price. And within private markets, we are as well super performance in the SME segment on which we price better. So let's say, the rebalance -- we have the limit of rebalancing where we -- first, we are starting on a very high point for merchants. And second, we are starting on a good pricing basis on corporate clients. So we reach a limit of what we could achieve. But this is just the output of our, let's say, very successful position on the Italian market which is not exactly the case of, I think, the competitors you are referring to.

And so it works the other way around, i.e., the 25% increase of face value in Italy, if it happens, it's going to have a very significant impact on our business. Why? Because our market share is super large in Italy. So it works one way, it can work the other way. So the first question was guidance on -- why don't we give guidance on revenue. So first of all, we believe that the closer we are to the bottom of the P&L, the better we are for you guys. So we have to make a choice.

So our choice is to go after the EBITDA. As to -- you could say, well, why not the revenue? -- yes, why not? But we cannot guide on everything. We guide on EBITDA. We guide on cash flow conversion because at the end of the day, cash is king. As to the revenue, at the end of the day, it's pretty far from the bottom line. And the second thing is we are a very resilient model. So it's not as if you can see some huge swing from 1 year to another or from one quarter to another. So that's why we believe that a guidance on EBITDA plus on the free cash flow. Another one on CapEx more or less helps you to really understand the model, knowing that on the top...

And you have an indication that we have given, which is a high single-digit growth over the next year. So we have not let you in the dark. So that's what it is about.

Hannes Leitner from Jefferies. I got a couple of questions on first, headcount and then on the balance sheet and then maybe some clarification. You mentioned over the last 3 years, you have added around 3,000 and a little bit of headcount, but just more than 300 people of salespeople. So maybe you can just talk about the next 3 years, it was in the '22 presentation, more than 3,700. Now it's more than 4,000. Maybe you can just talk about the headcount evolution. You bake in? Yes, you have talked a lot about AI and efficiency, but maybe just to understand where headcount should go.

The second one is on the balance sheet. Over the last 3-year plan, you spent EUR 1.5 billion product and tech, now EUR 1.8 billion. That was in the old one, a 50% increase. Now it's around 20% increase. Maybe you can talk about that spend, how much more efficient is it to drive that additional EUR 2 billion in top line revenue? And also in terms of M&A, -- so on the balance sheet, you spent around EUR 1.7 billion over the last 3 years to buy Reward Gateway and a couple of others.

And all those assets have been really called out by you as one of the driving things today for the next leg of growth. How should we think about the next 3 years? And just in terms of clarification, I think what Justin meant, if we are just taking a ballpark of other revenues, let's say, EUR 300 million, you come in 2030 to EUR 4.7 billion operating revenue is fairly modest. Why are you so cautious to just expand by 10%? That's I think what Justin meant.

Shall we start with our cautiousness. I could?

So it's not -- obviously, I think it's still bullish in terms of attracting more users. I think the reason is that our -- first of all, when you say that the markets are growing, they're growing in terms of number of users and in terms of penetration and in value. So I think what we're going after is both the number of users and the value per user coming back to our equation. So I think, again, we don't look at it separately. I would say, number of users on one side, more value per user. It's really both. And that's where I think coming back to the high single-digit top line growth, I believe it's an ambitious strategy, and that's where we're putting our investments.

And in the ARPU, you have the M&A.

And in the ARPU, obviously, we have the M&A.

Okay. So then your first question was about people. So are we going to see in the coming years, the number of people of Edenred growing? Yes. Because if you want to sustain 8% to 12%, you need to recruit people. Then I think our workforce is going to be more efficient in the years to come, and that's part of the Fit for Growth model. So to sustain the pace of growth, do we need more people? The answer is yes. are we going to have more revenue per head and more EBITDA per head? So productivity increasing, I think absolutely. Absolutely, first of all, because 60% of our costs are fixed.

So we can do more with the same number of people. Absolutely as well because the investments we are doing in organization are going to help us, in fact, with a limited increase of people to be able to deal with the increased revenue. And the third thing is that data and AI is obviously for certain categories is a source of efficiency as well. So yes, you will see the number of people growing, but you will see the productivity per head, whether in revenue per head and in EBITDA per head increasing in the coming years. Then there was the second question -- do you want to answer that question? Or do you want to start?

I start -- in terms of investment and of our CapEx, we get into quite a significant investment with EUR 1.8 billion. I think you've heard a lot from Constant from Clement from everyone where it's going to be spent next year and also from me that by nature, based on what it is implementation of our platforms, but also cloud-based activities that, for any reason, IFRS [indiscernible] to CapEx, part of it will go into OpEx. So then this investment is directly getting into our P&L and fuel transformation. And for a tech company, at the end of the day, if you take part of it and you inject that into the P&L, that's not such a huge percentage of our activities. And I would rather think that it's not yet the end of that game. M&A.

Okay. So first of all, as it was explained by Virginie, if we find opportunities to allow us to consolidate our leadership or to bring additional services on our platform, we will do it. And we -- here, we are talking of bolt-on or acquisition with, let's say, a limited price because the idea for us is to amplify by putting the services on our platform. So I give you a few examples. In mobility, our job is to sit down with the driver and the fleet manager and to say, okay, what is bothering you?

Access to energy, okay, [indiscernible], okay, maintenance, okay, telematics, okay. What else? VAT reimbursement, excise duty, okay, what else? We have something that is popping up, for example, which is fine management. When they look at their P&L, and it sounds stupid, but it's not. When you -- it's money that you throw over the window, you never know when was the fine issues, what do you need to pay not to pay. Maybe will buy one of the people because it's an additional services. Another example in Brazil for Benefits and engagement, yes, we have many offers, and we were in ticket transport. We were not #1.

We decided to buy another player to become #1 and to consolidate a leadership position on ticket transport in Brazil. So when you are a Brazilian citizen, you have your portfolio of solutions, so meal and food and then transportation that you are using every day. And then we are entering the famous wheel of the [ Salesforce ], upsell, cross-sell, bla, bla, bla. So anything we can find that allows us to consolidate the leadership or to bring additional digital services on the platform, we will do it. Are we talking of big acquisition -- not exactly -- not exactly because our job is to grab them at the right moment and accelerate their development on our platform. It's going to be the priority for the next 3 years.

Johanna Jourdain from ODDO BHF. So 2 questions on my side. The first one, so coming back to portfolio optimization. So I understand the exit from Banking as a Service business, B2C in Europe. But to me, the impact is mostly in '25. So just wanted to be sure that I'm not missing any other exits on contracts or countries or whatever. And my second question is coming back to '26 guidance. What are the assumptions in terms of organic growth for operating revenue -- which are behind your guidance for EBITDA of 2% to 4% like-for-like, especially the dynamics by regions and by business line, but specifically for '26.

So the question of [indiscernible] is why don't you give some guidances on the operating revenue and then you ask us the question. But okay, so if we start with the 2025 and there will be some as well in 2026. Some of our partners did not close as fast as we thought, in fact, their portfolio. They realized that, in fact, we were more instrumental than what they thought. They discovered the beauty, but it's going to be done in 2026.

Then we have some other things -- so for example, eye care in the U.K. that was in our portfolio for many years. In fact, when we look at the dynamic of growth and profitability, we say, okay, that's a program we stop. In fact, the pressure we were in 2025 forced us to be strong on, okay, what do we continue? What do we stop to make sure that we are 100% aligned for the next cycle. Maybe there are some other activities you can talk about in your portfolio that we decided to stop in 2025. So we will not get the revenue in 2026.

Yes. And so that can be also activities where we trimmed the portfolio, so we didn't stop fully the activity, but we refocus on a certain segment of merchant and clients and also reducing the revenue and profit base that we extract from those businesses.

But you can give 1 or 2 examples.

We've been doing that in Asia in our incentive and reward portfolio. So we're looking at some markets. And also, this is where we have like a dynamic allocation of our businesses. We've been moving some businesses from my business line to the one of Arnaud just to make sure that we are going after the right product offering.

Okay. Then you had a question about operating revenue guidance for 2026.

And growth between geographies.

And growth between geographies. Okay. A few things. I don't want to let you down, Johanna. So the first thing is we believe in 2026 that Latin America is going to grow probably faster than Europe. The second thing is we believe that Mobility and Benefits & Engagement, in fact, due to the impact of Italy. In fact, we know that Mobility will grow faster than the Benefits & Engagement in 2026. One of the main driver being, in fact, the Italian impact of EUR 60 million. Third, the beyond, the diversification will grow faster than the core in 2026. That's how I see it from a geographical point of view, from a product line point of view and from the core versus the diversification.

So we have Pravin.

Pravin from Barclays. Firstly, on new reporting structure, are we going to see realignment of internal reporting as well along the lines of business units from the current geographical structure? And in conjunction with that, will there be any change in approach to your platform development for different business units versus the global core platform currently you have? And then secondly, the journey of ARPU, it was EUR 25 in 2016 to EUR 45 today. if we had to sort of roughly split that in similar buckets for -- at [indiscernible] and activate, how that would compare with your future targets?

Thank you, Pravin. And yes, definitely, starting from 2026, as we presented today to you this Capital Market Day business line by business line, yes, you will be able to follow the business with us business line by business line. And you've seen Damien, Arnaud and Diane, who represent those businesses. So you'll be able to remember whose spaces are behind that. And the traditional information you have seen in the past by geographies, you'll now see them from by business lines moving forward. As you can imagine, you'll find all the historical information you will need in full year 2025 to help you start in the future with that one, and we remain available.

But from a management point of view, it's totally aligned. Okay. So then the second question as to the ARPU journey.

My favorite topic. But on ARPU, I think in the past, the growth of ARPU has been driven by mainly, first of all, all the diversification that we've made, the mix evolution as well between business lines, a significant growth linked to that's, I would say, from the past moving to around EUR 45 today. Moving forward, I still -- obviously, there will still be a part from Activate. I think it will -- sorry, from attract.

Within [indiscernible], I see still focus, I would say, still attention on upsell, but even more growth coming from the cross-sell level. So I think that's one of the shifts. And then the second piece, which was I think a much less present in the growth of the ARPU is the activate portion of really driving more revenues towards merchants by activating what I call top-up features, so really capturing out-of-pocket spend. So that's why you will see versus what we shared in the investor update that there is more growth coming from, I would say, the -- and reach and activate than the attract pillar and in the end, also M&A.

So one last one. And during the cocktail -- so will be for you. You are our #1 priority, okay?

[indiscernible] from AlphaValue. Only one question from my side, please. So the push to a full electrification in Europe seems to be slowing. And 2035 objective now looks less achievable. So I'm wondering, have you reflected this in your base case assumptions in your.

Sure. No, you're right that the 2025 deadline may be pushed. It's, however, not true that electrification is slowing down. It's actually accelerating over the last quarter. In Q2 '25, you have 20% of the new sales in Europe were full electric cars. But it's true that there will be volatility in the market for the next years.

And that's why effectively our positioning, which is to be agnostic and to be able to help the fleet managers manage this transition over a certain period of time is very well adapted to that market. And we'll adapt market from market because it depends on regulation. It depends on infrastructure. It depends on, of course, price of OEMs, and we'll follow the market. But we have the right positioning for this uncertain market.

Okay. A few closing remarks and then the cocktail. Okay. Okay. So thank you all for your -- so can we move on a little bit? So I will now close this Capital Market Day with a few remarks. So first, let's collectively step back on the Edenred journey since 2015. We managed to drastically change its scale from a multi-local player in niche markets to a true global and integrated leader in both Benefits & Engagement and mobility as well as payments.

We almost tripled the total revenue and more than tripled the EBITDA, delivering strong, sustainable and profitable growth. Edenred today is much stronger than ever and with significant capacity to further invest in its development to capture the significant opportunities in the large, growing and underpenetrated markets we operate in. We have several unmatched assets compared to our peers to capture this growth potential. First of all, global leadership position in an industry where scale matters.

Second, an unmatched depth of solution, opening up a significant cross-sell potential. Third, we are the only player who has made the investment to implement and operate internally a specific purpose payment engine, giving us agility, independence and superior scale. Fourth, -- our unmatched capacity to invest over EUR 1.5 billion in the last 3 years has strengthened our platform, delivering increased scale, efficiency, trust and innovation. Lastly, we can rely on a very efficient go-to market, coupled with a resilient, predictable revenue model. All of this taken together is what sets Edenred apart in the industry and what makes us confident that we are best positioned to capture the growth opportunities in our markets.

And this is what provides us with a unique competitive edge. We are the only player to provide an integrated experience at global scale in the markets we operate in. We will continue to push for more in the next years. We are not standing still. We want to provide our clients, our users and our merchant partners with an even more integrated experience and to do so at an even greater scale while offering game, our new strategic plan for the 3 years ahead.

It aims at capitalizing on all the foundations we built in the previous plans to grasp the full potential and open new growth avenues, attract to further boost efficient client acquisition in large, growing and underpenetrated market, thanks to diversified client touch points and fully digitalized client journeys, [indiscernible] to accelerate the virtuous cycle of cross-sell and upsell and by doing so, increase the average revenue per user. the ARPU journey. Activate to further develop the engagement and the intimacy we have with our user audience to unlock new revenue streams with merchants.

All of this can be summarized in a very simple equation, attracting more users times generating more value per user by fully leveraging our unique platform. And we will unlock the full potential of Amplify with relentless focus on 5 things. First of all, unlocking product-led growth for digital-first acquisition and cross-selling of our full portfolio of digital solutions. Second, activating further in the B2B2C growth equation to capture additional user spend and deliver new services to merchants. Third, industrializing data and AI within our teams, within our processes and within our solutions.

Reinforcing our structural operating leverage is the fourth priority, thanks to management actions or portfolio optimization, among other things. Finally, we will maintain a dynamic capital allocation in order to seize the most promising growth opportunities available while delivering strong shareholder returns. I will end the Capital Market Day with a quote from Michael Horn, the famous Explorer or Adventurer. From those who have followed our -- and his words resonate today for us. And these words are never give up, you are made different. You thrive where other need to survive. Thank you all for your time and your attention today. And let's now enjoy a drink together and good evening to those who were with us online. Thank you again.

Welcome to the Edenred Q3 2025 Revenue Conference Call. [Operator Instructions] Now I will hand the conference over to the speaker, Virginie Duperat-Vergne, CFO. Please go ahead.

Thank you. Ladies and gentlemen, good morning. Thank you for being with us for the Q3 2025 revenue conference call of Edenred. I'm Virginie Duperat, Edenred's CFO, and I'm today with Cedric Appert, Investor Relations Director. We're here for the next 60 minutes with a presentation of around 15 minutes, followed by a Q&A session.

I suggest we start with Page 2 of the presentation. We do have four key messages we want to convey to you today. Firstly, we achieved a stronger top line growth in Q3 2025 versus H1 2025. As for business lines, we delivered a sequential acceleration in all of them in Q3 compared to H1. Looking to it by geography, we see an acceleration in Europe and a sustained double-digit growth both in Latin America and in the rest of the world. Secondly, we have delivered EUR 59 million of other revenue this quarter, which means we are on track to deliver around EUR 220 million of other revenue in full year 2025 versus an initial floor of EUR 210 million.

Thirdly, Edenred continues to seize growth opportunities in all its business lines. Face value increases will notably help to fuel future benefit and engagement growth, and we continue to strengthen both our businesses and our global platform, notably thanks to key partnerships. Last key message, thanks to the elements I just mentioned, we confirm all our targets for full year 2025. First, a minimum of 10% like-for-like EBITDA growth for 2025. And this 10% like-for-like EBITDA growth is an equivalent to approximately 15% like-for-like EBITDA growth, excluding the impact of the new situation on merchant fees in Italy. Then above 70% free cash flow to EBITDA conversion rate.

Starting now on Page 4 with Benefits & Engagement. One of our growth drivers on top of further penetration, upselling and cross-selling is face value increases. Since the beginning of 2025, eight countries where we operate already increased their maximum face value. And we continue to see momentum on it as more countries are looking at it, notably as part of state budget discussions. Indeed, in Belgium, a plus 25% face value increase has already been voted and will be implemented as of Jan 1, 2026, combined to the doubling of the corporate tax exempt amount and a faster and easier possibility to further increase this maximum face value for another EUR 2 (sic) [ EUR 12 ] in the future through a simplified process that will not require any additional vote.

We also see active discussions in the countries such as Italy, Romania, Japan and others. What does it mean to Edenred? An additional tailwind to further grow our revenues in those countries. Based on our historical observation, notably thanks to our commercial efforts, it generally takes up to 2 years for our clients to gradually reach the 85% average usage of the new maximum face value. So all those countries are set to fuel the growth for 2026 and 2027.

Moving now to Mobility on Page 5. We signed in Q3 in Italy, a partnership with Esso, allowing Edenred to issue and manage the Esso fuel card from 2026 onwards. Coming after the acquisition of IP energy card portfolio in 2024, which moved us from player #6 to player #2 in Italy. This partnership confirms Edenred's willingness to invest in the Italian mobility market and play at scale. We expect our market share in Italy to further progress and reach 25% with the addition of the Esso card.

As for our Beyond Fuel portfolio of solutions, we are pleased to announce we have signed an instrumental partnership with another best-in-class oil and gas major. Edenred Finance will serve as their main partner, opening opportunities for their CRT clients to access Edenred Finance VAT and excise duty refund solutions across close to 30 European countries. This partnership represents an important growth lever for Edenred Finance and highlights the relevance of our solutions and our capacity to partner with best-in-class players.

Let's focus now on Page 6 on our global specific purpose payment platform, namely Edenred PayTech. This unique asset processes a volume around EUR 100 billion per year and settles more than 1.6 billion transactions every year. As you may have seen, we are announcing today a strategic partnership with Visa, worldwide leader in digital payments. Under this partnership, we will leverage Edenred's platform through the certification of our in-house issuing and processing infrastructure with Visa Europe, issuing Visa cards across our three business lines. The certification allows Edenred to further increase its versatility and the ability to work with all the key networks, reinforcing Edenred's technology leadership.

Moving to Page 8 and to the quarterly performance. We delivered EUR 667 million of operating revenue, a stronger performance in Q3 than in Q1 and Q2, with an 8.2% like-for-like operating revenue growth. Over the first 9 months of 2025, this brings us to a plus 7.5% like-for-like growth, just over EUR 2 billion of operating revenue.

On Page 9, you can look at the breakdown of the growth per business line. First of all, Benefits & Engagement, which represents 64% of our operating revenue this quarter, grew by 8.7% in Q3 2025 on the back of an acceleration in various geographies, notably in Europe, and I'll come back on it later in this presentation. Mobility, which represents 27% of our operating revenue in Q3 2025, grew by 13.5% like-for-like versus Q3 2024 and continues to deliver sustained growth. Finally, Complementary Solutions operating revenue, which represents 9% of our operating revenue in Q3 2025, decreased minus 6.6% compared to Q3 last year. This decrease was less pronounced compared to the first half of 2025. This is on the back of the ongoing Banking as a Service B2C exit that we already flagged and will continue to weigh in Q4 2025.

Turning now to Page 10, where we can see the breakdown of the growth of our operating revenue per geography. In Latin America first, which represents 31% of our operating revenue, we go on delivering solid double-digit growth with plus 12.1% like-for-like growth in Q3 2025. In Europe, which represents 59% of our business, we saw an acceleration of growth at plus 4.7% this quarter. And finally, Rest of the World with 10% of our operating revenue grew strong double-digit again with plus 16.3% like-for-like versus Q3 2024.

Digging into European performance on Page 11. We delivered EUR 392 million of operating revenue in the third quarter of 2025. This is 59% of total operating revenue. It represents a growth of plus 4.7% like-for-like this quarter versus 1.7% like-for-like in H1 2025. These additional 3 points reflect an improved performance that is visible both in France and rest of Europe. In Europe, outside of France, Germany delivered a solid performance in Benefits & Engagement. Italy also delivered a good performance despite the implementation of the new regulation that was only for 1 month in 3Q 2025 and was largely offset by strong business during the quarter.

Mobility grew double-digit in rest of Europe on the back of Edenred UTA in Germany, our fuel card business in Italy and the much improved performance of Edenred Finance as expected. As for Complementary Solutions, performance is impacted by the wind down of the Banking as a Service B2C solutions that remains included in our like-for-like computation. In France, we saw good commercial developments on our Meal & Food solutions despite the economic environment that remains challenging with some specific sectors reducing headcount. The intrinsic cyclicality of the Work Council platform licensing activity keeps impacting performance negatively as Work Council major 3-year renewals occurred in '23 and '24. Finally, Mobility delivered strong high double-digit like-for-like growth in the quarter with higher demand for EV solutions.

Turning around the globe to Latin America on Page 12, which represents 31% of our operating revenue in 3Q 2025. We delivered EUR 208 million of operating revenue in the quarter. This represents an operating revenue growth of 12.1% like-for-like this quarter, reflecting the strong dynamism of the geographies. This organic growth was offset by a slightly lower negative translation effect than in previous quarter, mostly on the back of a slight appreciation of BRL versus euro in the last 3 months.

In Brazil, operating revenue grew 15.2% like-for-like this quarter. We continue to see strong momentum in Benefits & Engagement, both in Meal & Food and in our Beyond Fuel solutions. In parallel, Mobility also grew double digits in the quarter, thanks to the strong activity of our fuel card solutions, boosted by our fast-growing Beyond Fuel solutions in maintenance, toll and freight payment.

In Hispanic Latin America, operating revenue grew 10.5% like-for-like in 9 months 2025, reflecting sustained performance both in Benefits & Engagement and in Mobility. However, after a strong Q1, the like-for-like performance in Q2 and in Q3 was negatively impacted by the reduction of our share in the Public Social Program in Chile.

Moving to Page 13. We delivered EUR 59 million of other revenue in the quarter, bringing it to EUR 171 million for the first 9 months of the year. This leads us to increase our EUR 210 million floor for the full year 2025 to a new estimate of around EUR 220 million, in line with current consensus estimate.

Wrapping up on that part of the presentation, let's review total revenue growth pattern. We delivered 3Q 2025 operating revenue of EUR 667 million, growing 8.2% like-for-like compared to 3Q 2024. The foreign exchange impact on our 3Q operating revenue was a negative 3%, offsetting a positive scope effect of 2.6%, reflecting the contributions of the recently acquired activities, mainly the commuting employee benefit in Brazil and the IP selected card activity in Italy. All in all, this resulted in an [indiscernible] growth of 7.8% for our operating revenue in the quarter.

Other revenues were EUR 59 million for this quarter, declining slightly minus 1.7% like-for-like year-on-year. The foreign exchange effect was a negative minus 4.8%, reflecting mainly the evolution of the Latin America currency impacting us less than in the previous quarter. Finally, our total revenue for the third quarter of 2025 was EUR 726 million, growing 7.3% like-for-like compared to 3Q last year, which was at EUR 682 million. This includes a positive scope effect of 2.3%, which was more than offset by a negative foreign exchange impact of 3.2%.

Let's end this presentation with Page 16, reaffirming our guidance for full year 2025. We are pleased to confirm our full year financial objectives for 2025, which are as follows. EBITDA growth of minimum 10% like-for-like, which is an equivalent to a minimum of EUR 1.340 billion based on foreign exchange rates as of June 30 and a free cash flow to EBITDA conversion rate of at least 70%. Finally, before opening for Q&A, I would like to remind you that Edenred will unveil its new strategic plan during the Capital Markets Day event on November 4, 2025, that will be hosted both physically in Paris and virtually.

And with this, I thank you for your attention, and I will hand you back to the operator for the opening of the Q&A session. Thank you.

[Operator Instructions] The next question comes from Andre Juillard from Deutsche Bank Equity Research.

Congratulations for the strong quarter. First question is about the discussion in France about the budget. Could you give us some more color about what is going on and what we could expect from the potential reform that has been talked about? Second question about the first trend you are seeing for the Q4 and the end of the year, could be appreciated to have some more color about what you are seeing and if you have already received the first request for the end of the year.

Thanks a lot. For France first, we hear like all the discussions that are happening around. Maybe worth to note that in the budget discussions that are currently happening, there is a proposal of adding a new additional element, which is a tax of probably around 8% that would weigh on advantages like the French Ticket Restaurant. What we now know since yesterday is all the parliamentary groups, so all of them, not the vast majority, all of them have all posted an amendment against this article in the budget that will obviously going to be discussed in the next coming days and weeks, and we won't know the final budget before end of the year. But total number of groups posting an amendment is probably a big sign on what French population and political framework think about this proposal.

On our side, we wait like everyone what's going to be said on it. What we can say is that the impact remains an important impact on the budget of French people, obviously. But Ticket Restaurant and advantages would remain something attractive. And we know that we've seen some elements like this happening in other countries where we've seen penetration still progressing quite strongly even with the tax raise and advantages to employees. So that's maybe the way we can comment on that element.

And then in terms of Q4, as you know, Q4 will see the first stronger impact of the change in the regulation in Italy as we said. And for the rest, we expect the current traction on the business to go on occurring as it has been occurring in Q3. So tailwinds -- business tailwinds are relatively a positive for us for the beginning of the year and a negative impact coming from the change in regulation that will obviously reduce the volume of revenue coming from Italy.

The next question comes from Ed Young from Morgan Stanley.

First question, you posted acceleration in Europe despite the 1-month impact of regulation in Italy. Can you help give us a bit more color on what's driven that better performance? Or have you also seen better-than-expected mitigation against that regulatory impact versus your prior expectation? And then the second question is on other income. You've raised the guidance to EUR 220 million from a minimum floor of EUR 210 million. Could you just clarify if that's the new minimum floor or that's new point guidance because it implies a quite a decent sequential drop in Q4 compared to the growth you saw sequentially in Q3. So I just wanted to understand the drivers into Q4? And is that a floor? Or is that around EUR 220 million expectation?

Sorry, I think that you've been breaking up during the first part of the question. So I understand it's about Europe acceleration versus the Italian impact in Q3, but I'm not sure there was not something else into it.

It's really -- it's what's driven the acceleration and/or have you had better-than-expected mitigation against the regulatory impact?

So definitely maybe one or two elements to highlight on that. And number one, as you may remember what we said on that part is that we see an impact being quite well balanced between the 2 years, 2025 and 2026, with a EUR 60 million for the H2 '25 and EUR 60 million equivalent for the first part of the year. When we dig into it a bit more precisely and we look quarter by quarter, it's not something that you can take 60 and divide by 4 quite mechanically. And the reason for that is that this is not really mechanical impact month by month is number one question of negotiation as we flagged earlier. The way we've been renegotiating with our clients makes the fact that some increase in -- or reduction in discounts from our clients will impact more in '26 than in '25. So we have a higher impact in '25.

And when you look into what's happening into redemption of the volumes being issued. In September, the vast majority of the volumes that are being redeemed comes from volumes that have been issued before the change of regulation. And as a consequence, they will come into our P&L with the former rates. And progressively month after month in Q4, you will see a greater impact of the new regulation with redeem volume progressively getting into the new regulation. So that's number one effect.

It also happens in parallel, and that's what I signaled earlier in my script that we had quite strong volumes in Q3 in Italy this quarter and that offset a little bit the first negative impact that we have seen coming from the change in regulation. So that's maybe what we can say from that part.

And in terms of other income, yes, we have delivered EUR 59 million. So if you sum up in the first 9 months, you are up to EUR 171 million. And what we see for the rest of the year is that assuming that the stabilization we see in foreign exchange rate and the stabilization also of the decrease of interest rate, then we foresee we should be around EUR 220 million for the full year, which is quite in line with the consensus estimate.

The next question comes from Josh Levin from Autonomous Research.

You talked about eight countries which have already raised face value ceilings and a few that are in advanced discussions. Could you roughly quantify the total addressable revenue uplift if all those changes are adopted? And I guess, how much of that lands in 2026 versus 2027? And then the second question, what are your latest thoughts or what are you hearing about potential reform in Brazil?

Thank you, Josh. Taking your first question, we have seen a face value increase in 2025 in eight countries. So part of it is already fueling a little bit our organic growth. Belgium will start ceiling only in '26 as we said and some other might come as there are current ongoing budget discussion in the state, and that would be voted to fuel '26 and '27. Generally, what we see is that it takes 18 to 24 months to progressively take the impact of -- or grab the impact of the potential additional opportunity that represents the face value increase and that comes with client renegotiation that we have to do on the existing portfolio.

And generally, when it is about new sales, given an opportunity to try to get immediately to a higher amount in terms of face value and that helps also filling the portfolio. So I'm not going to quantify precisely, but you could really get a kind of positive increase of all that. And then in terms of total impact on that part, I think Belgium is quite a sizable country in our portfolio. We talk -- also mentioned Italy and Romania in the countries to come that are also large countries. So then you can extrapolate a little bit on the volume of revenue we are doing in voucher to see that it's increasing the addressable markets.

The next question comes from Julien Richer from Kepler.

Two questions for me, please. The first one, you mentioned some new partnership. Could you please quantify the potential impact to operating revenue like-for-like growth in 2026 from those partnerships and also the impact at cruising speed? And second question, you also mentioned some other countries where the tax on employee benefit exists or has been added in the past. Could you please give us examples of those countries?

Julien, so in terms of new partnerships, as you can imagine, I'm not going to disclose revenue per client, that would be an issue for us. But in Italy, obviously, getting the capability of issuing the Esso card with us is an opportunity to increase significantly our market share and progress for, let's say, a nice handful of points in terms of market share in that country.

And Visa partnership is very interesting in terms of agility that it gives to us and versatility. We are already having a long-lasting partnership with Mastercard, but with also quite a number of payment interface everywhere in the world. Having this additional capability and this partnership with Visa is really putting us in a position to be almost qualified as agnostic in terms of the types of system that we can monitor and interfaces that we can monitor. And in that respect, that's very, very strong in order of allowing us to have the development that we want to be having, notwithstanding the usage of the habits of any country where we develop ourselves.

In terms of tax on employee schemes, yes, I was referring to Mexico, for example, three years ago in Mexico in terms of meal voucher, from nothing to quite a size volume of tax on meal voucher. And if we look back now since it happens, the penetration of -- in the market has progressed by more than 11%. So meaning that if these things happen, it doesn't change the success of the products and of the solutions in the countries where it is being developed. And you have also in Belgium, for example, some of the consumption vouchers are already having tax natively since they've been issued. And despite that, it's quite a successful product that has been developing quite strongly over the past year. So that's maybe two examples. That's what it was. And then maybe...

The next question comes from Hannes Leitner from Jefferies.

I got two questions as well. The first one is on the Beyond. Can you give us there the metrics on the performance as a whole and then by the two segments? And then the second one is more in regards to your CFO role. Can you talk a little bit about your views on the current state of the debt that has been increasing over the last couple of years due to M&A and also due to higher refinancing? Maybe you can give the comment around your personal strategy, how that should be going forward, and what is the total debt capacity you feel comfortable with.

Hannes, and just to be clear, I'll take your question, but I also come back on Josh's question on Brazil because I was cut to the next question before I had time to answer Josh. So that's with it. So maybe starting first with the Josh's question on Brazil regulation. On regulation, discussions are still ongoing as we speak. What we have told you in July remains valid. Maybe discussions can be seen as being long, but it's important to remember that in Brazil, we have more than 110 different issuers. So that's also one element that needs to be taken into account because as discussion progresses and government also see different situations between different type of issuers and then this covers around how it works, and that's a lengthy process that we are still in. So no real news to add to what we said.

On your question, Hannes, sorry, coming back to you. On Beyond performance, nothing specific, and I'll come back to what we said in H1 because we don't disclose a P&L in Q3. As you know, it's only a revenue release. And then in H1, as we said, Beyond performance has been growing faster than our core performance that's still valid for Q3 in terms of revenue. And in terms of margin of our Beyond activities, it's not significantly different when you look at the H1 performance to what it is in the four businesses.

As far as the debt is concerned, yes, we have a gross debt of around EUR 4 billion on the face of the balance sheet. But as you may have seen, we have also quite a strong volume of cash in the face of our balance sheet. And at the end of the day, when we look to our debt profile, we have a strong, fast delivering, faster deleveraging solid profile. And that's maybe what as a CFO, I would want to note and to highlight the way this business is being built is that you have the ability to deleverage quite fast. If you look back in the past, you will see that just after COVID, when we did a lot of acquisitions, the ability to deleverage has been quite fast.

We have a strong cash generation, a strong level of EBITDA margin, obviously, and then a cash conversion, which is quite high also in terms of percentage. So that helps this deleveraging profile and will probably be around 1.2 or something like this in terms of net debt and leverage at the end of the year to be transparent to you. I also have some investors a little bit worried that I'm not keeping a lazy balance sheet at some point. And that's also an element that I need to take into account as a CFO to have a productive balance sheet, which is not also sufficiently leveled.

Remember also that Standard & Poor's is rating us A- since several years. And this credit rating has been reiterated earlier in April 2025. And that's a part, I would say, of the sound balance sheet that we are having. So as a CFO, I will take great care of the strong financial discipline that has been created by my predecessor, and I will make sure that we don't have a lazy balance sheet, and we invest. And we'll talk more about that during the Capital Market Day.

The next question comes from Justin Forsythe from UBS.

Just a couple of questions, if I might. I want to go back to that Italy point. There was a prior question, and I think you clarified that the month-on-month impact of Italy is going to be increasing as you issue more vouchers under the new regulation. But maybe you could just clarify what the impact was in 3Q. So it seems like it might have put your employee benefits growth on a like-for-like basis ex Italy up into low double digits. So just wondering if you could confirm that.

And then I wanted to go back a little bit to the growth algo for my second question. So there's probably -- it seems like three components that you might call out. So you have your maybe more organic same-store sales development which encapsulates the employment levels, say, in France, as you called out before, then you have face value increases and then the further penetration of small businesses. So maybe you could weight those underlying impacts, meaning was face value the biggest driver of that acceleration on an exit-only basis? Or should we wait SME ahead? Or just walk through the relative weighting of all those three impacts.

Thanks, Justin. Coming back to Italy first. As I said earlier, so if you take EUR 60 million and you totally divide it by 4, you've got EUR 15 million obviously. And you have to assume that this is really lower than the EUR 15 million as a direct impact in Q3. And again, there has been quite a strong Q3 in terms of business volume this quarter and that compensates strongly, I would say, the impact that we've seen. So then Italy is part of the rest of Europe growth that we have seen sequentially based on that.

And then on the second element, which is about trying to get a little bit more in the various drivers of how we see the various elements of growth. Obviously, that is a little bit different on a country-by-country or region-by-region element. Let's say that one strong element maybe that is important is that we have -- and that's nothing different from the past, but that's really helping us. We have a low level of churn. And because we have a low level of churn of our existing portfolio, then obviously, new sales are really helping the growth quite mechanically.

In France, yes, and it's not only in France, but in some other countries, we have some portfolio client by client have volume that we are issuing that is reducing because headcount is reducing a bit and that has an impact. But hence, that's what we see. And then the additional solution, let's think that, for example, transport voucher in Brazil, let's not think that's small business line. At the end of the day, it's quite nice complementary solution that are bringing a decent volume of revenue. And in particular, this activity is quite synergistic to the meal voucher in Brazil, and cross-selling is bringing quite a nice complement to our portfolio.

Real quick. I might get cut off by the AI here, but on the Italy thing, just to be super clear -- I didn't get cut off, which is great. But on the Italy thing, just to be super clear, I understood that it's not an equal EUR 60 million divided by 4, but should we be putting, say, a EUR 2 million, a EUR 3 million, a EUR 4 million impact into our models for 3Q to think about how to model that going onward in the 4Q as an Italy impact?

Justin, I'm not going to play on that game because obviously you have the impact, but you have commercial impact and even for us at some moments, we'll be absolutely able to go on the corner after the medium to see what the impact is, can it be a deductible. There is volume traction. There is momentum with clients. And that's something which is progressive, but not completely stupid from 1 month to the other with the biggest impact, obviously, which is in December. And with that, you should have something quite accurate.

The next question comes from Kate Xiao from Bank of America.

First question on France. I think you highlighted improved growth in Meal & Food. Just wondering what's driving that because compared to especially a quarter ago when you highlighted some weakness in headcount and macro economy, kind of weaker macroeconomic growth. So just wondering what's improving. Is it the general macroeconomic environment?

And then just on that Italy point because you mentioned in September, the majority of the volume came from previous issuance. So can we assume the majority of the impact was not basically there for September? And I appreciate you can't go into the details, but just confirm that understanding that most of the hit will be kind of skewed towards later months and that September was relatively more muted.

Thanks a lot. In terms of Meal & Food growth this quarter, as we said, we had several drivers. We see quite a strong traction in Europe compared to what we've seen in the past. Macroeconomic environment is definitely probably a little bit better than it has been before the summer. In addition to that, we have some pockets that are quite stronger, and thanks to allow me to come back on that, especially Germany. In Germany, we have what we call the City Card. So it's not really a Meal voucher activity, it's more Beyond Meal & Food activity. And we have seen strong growth on that one and strong traction over the quarter, and that's definitely fueling the Benefits revenue. So that's one element.

Brazil has been also quite strong over the quarter. The winter over there, so the season, everyone is working so that you have a full issuance of volumes. And again, as I signaled earlier, the strong combination of the acquisition of RB last year with Transport voucher, definitely bringing fruits in terms of cross sell and synergies between our portfolio -- respective portfolio of clients, which is also pushing the growth.

And then coming back to the impact. As we said earlier, yes, I confirm the vast majority of the impact in 2025 will be in Q4 and in the last part of Q4. And that's natively about coming from the way the redemption of issues with vouchers is coming. It's more or less [indiscernible]. And as expected, by in September, you go on having the redemption of things that have been issued before 31st of August, as -- remembering legislation is put in place as of September 1. So you have the 4 months of the year that are being concerned.

And in Q3, a vast majority of what we see coming in terms of volumes of resumption, obviously do come from the past, and the immediate consumption of the voucher is relatively muted. On average, we estimate that there is 7 weeks where we keep the money, meaning we know that the redemption doesn't come immediately after the ticket has been issued.

The next question comes from Pravin Gondhale from Barclays.

Firstly, on the Italy EBITDA headwind guidance of EUR 120 million on an annualized basis. Last year, you had suggested that this includes the Phase 1 actions, which is contract renegotiations. You are pretty much done with that, I believe.

Pravin, sorry, can you speak a bit louder because we cannot hear you well?

Sorry about that. I hope it is clear now. So my first question is on the Italy regulatory EBITDA headwind guidance of EUR 120 million on an annualized basis. Last year, at this point, you had suggested that, that EUR 120 million assumes Phase 1 actions, which is mainly contract renegotiations. Now you are pretty much done with that, and we are potentially into Phase 2, where you might be looking at cost mitigation actions there. Do you see any potential to bring down this EUR 120 million EBITDA headwind by additional say, Phase 2 mitigation actions? And then secondly, on mobility, you are targeting 25% share in Italy. What is the incremental market share opportunity the Esso partnership offers? And what are the drivers of you getting to that 25% target from 5% target -- 5% market share last year?

Okay. Thank you, Pravin, and sorry for that. We heard it far better on the second time. In terms of Italy EBITDA, I reconfirm the impact of EUR 120 million on an annual basis. What we've seen is that the contract renegotiation exercise has been well managed. The EUR 120 million assume we would be quite successful in doing that and been successful, and that's why this impact is confirmed. Sequentially, we've explained how it comes into play, and that large part of it will enter into effect more in 2026. And that's why we have this unbalanced effect more or less between '25 and '26.

And we have already put additional elements in terms of working again in terms of negotiating clients, putting sales back on track and so on. Obviously, this renegotiation has been occupying quite a lot our sales force all over the year, but they are now back on track to develop on additional elements. Maybe one element to signal is that we've been very successful in terms of welfare this year. We have some welfare solutions benefits in Italy that we are selling, and that's also part of the traction and the good growth that Italy has been posting especially this quarter. And that's helping compensating and we go on focusing a lot on all these elements. And we go on working obviously in terms of, yes, developing more SMEs, but also cross-sell and upsell of all our solutions to further work on the Italian market, which is a good market.

And as I signaled earlier, in the budget -- current budget discussions in Italy, there is a potential for the increase in face value of around 25% if it goes from EUR 8 to EUR 10. And if that happens, obviously, that increase the addressable market.

So Mobility...

The next question comes from Rob from Edenred.

Maybe I'll come back to the Mobility Esso card and our friends from Artificial Intelligence will come back later with the next comment. The Esso Mobility card is obviously quite a strong opportunity. It's worth to mention that this is a progressive win. So the acquisition of the IP card has been put us in a position to move from player #6 to player #2. And with that, we have the opportunity to secure this new additional partnership with Esso card. And then our market share will have the opportunity to further increase it by progressively taking into account all the clients that we can, and further issuing this new Esso Plus Edenred card. But definitely, not saying that we overcome the player #1 in Italy, as you can imagine, but that puts us in a very strong position of strong #2 in Italy, and there's a lot of possibility and we'll go on investing in this market.

The next question comes from Estelle Weingrod from JPM.

Two questions from me as well. Coming back to France specifically. So Q3 was, I think, a nice surprise despite headcounts reducing and so on. Can you provide more color on the drivers on this pickup in France? And is it right to model a further sequential pickup in Q4 given relatively easier comps? And the second question on CSI, formerly CSI. You mentioned in the release initial positive results, which is encouraging. I guess Q3 sequentially improving versus Q1 and Q2. How should we look at it looking forward?

Thanks a lot, Estelle. In France, definitely, we had a good Q3. So maybe starting with a very, very strong quarter in Mobility with high, strong double-digit growth on that quarter. It's a small part of the activity, but yes, it's progressing and then it's pushing France. On the rest, on the Meal & Food activity, we've seen a positive growth quarter-on-quarter in terms of the core Meal & Food activity. And we have still a decremental impact as we signal coming from our Work Council software platform, but it's probably a little bit lower than it's been in the previous quarter. And we are now in October. So for us for the moment we enter into the dip season, and we see what the dip season will bring to us. But hopefully, that will be an instrumental element of our Q4 revenue offer that we are pushing on the market that our teams are presenting at the moment.

On CSI, so CSI as explained by Bertrand earlier in the year, we have changed the management, and we have team on track. Definitely, this is a turnaround process for quite long. But what we've seen in Q3 is that we hope we are starting to improve in term of, let's say, negative impact. The team has also undertaken a very strong restructuring over the year and then is much more fit for purpose with a cleaner and leaner structure with the right elements in the right place. And that should help us and help turnaround and progressively recover and go faster. So maybe what we can say with the CSI that we call Edenred Pay in North America as part of the book, and we'll see in the next quarter how they progress.

There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.

Thank you, operator, and thank you all for your nice questions and for being with us today. As a conclusion, I would like to remind that Edenred delivered a stronger top line growth in Q3 2025. Thanks to an operating revenue like-for-like growth of 8.2%. Seizing new growth opportunities in all business lines, we saw really an acceleration in all business lines versus H1, an acceleration of the growth in Europe and the sustained double-digit growth, both in Latin America and in Rest of the World.

That allows us to confirm our full year 2025 objectives of the like-for-like EBITDA growth of at least 10% and the free cash flow to EBITDA cash conversion rate above 70%.

I wish you all a very great day. And I really hope I see you all on November 4 in person for our Capital Market Day. Thank you.