Management Roadshow Feedback

Research evidence excerpt

Management Roadshow Feedback

Update

July 29, 2026 11:22 AM GMT

Morgan Stanley & Co. International plc+MEdenred SA | Europe Zachariah Al-Qaryooti

Equity Analyst

Management Roadshow Zach.Al-Qaryooti@morganstanley.comAnnelies Vermeulen +44 20 7425-2400

Annelies.Vermeulen@morganstanley.com +44 20 7425-4367

Feedback Remi Grenu

Remi.Grenu@morganstanley.com +44 20 7425-0552

Key Takeaways

Edenred SA (EDEN.PA, EDEN FP)

Questions in group meetings focussed on the regulatory landscape in Brazil, Business Services | France

France, Italy, the confirmed private equity interest and capital allocation. Stock Rating Overweight

Industry View Attractive

Management's tone was confident on the group's intrinsic performance and the Price target €34.00

recent execution in countries impacted by regulatory changes ... Shr price, close (Jul 27, 2026) €26.93

52-Week Range €27.60-15.23

… but acknowledged the outcome of the regulatory changes in Brazil remain Mkt cap, curr (mn) €6,423

Net debt (12/26e) (mn)* €1,250

highly uncertain. EV, curr (mn)* €7,768

Stay Overweight; regulatory risks are well reflected in estimates and valuation, * = GAAP or approximated based on GAAP

while the group continues to execute on an intrinsic basis.

The stock is now up ~50% YTD, but valuation remains undemanding in our view

at 12.5x NTM P/E and 10.5% FCF yield.

We hosted a roadshow in London this week with Edenred's CEO Bertrand Dumazy

and Investor Relations Director Cédric Appert in attendance. We summarise below

the most frequently discussed topics and the colour provided by Edenred

management during these meetings. Access our recent initiation here.

Brazil regulatory environment:

• Brazil is where the regulatory landscape remains most unclear.

Management internally planned for, and guided to the market based on a