Update on French Meal Voucher: New Proposals bear little Surprises

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Update on French Meal Voucher: New Proposals bear little Surprises

in take rates despite the absence of formal Figure 3 - Meal Voucher Market Share in

caps. France in 2023

Groupe Up, Others, 1%

Conclusion: Spend is increasingly diversified, with restaurants accounting for ~40% of 10%

voucher usage and supermarkets already representing ~30%+, a mix shift that has direct Pluxee, 14% Edenred, 40%

implications for issuer economics given lower acceptance margins in retail. This mix-shift

effect could mean some margin compression for issuer given supermarkets are typically larger

organisations with bigger bargaining power, but given we are already several years into that Swile-Bimpli,

opening of acceptance points, we would not think of any material impact on players. . 35%

Source: French Competition Authority, Edenred, Swile,

Jefferies. Note: Groupe Up as per 2022 market share.

Edenred exposure is c7% of operating revenues: Within the Meal & Food category, France

ranks as the third-largest country, generating c€187m in revenue in 2025, which accounts for

16% of the Employee Benefits segment and 7% of operating revenue.

Pluxee exposure is c6% of operating revenues: In FY25, operating revenue from France was c

€143m, representing 13% of Pluxee's operating revenue. However, Pluxee focuses more on the

gifting and reward market than meal vouchers. We estimate Pluxee's meal voucher revenues

in France make up probably half (c€70m) of its FY25 France revenues taking on the market

share difference to Edenred.

The market backdrop: According to Edenred press release referencing CNTR study, in 2024

there were 5.4m employee beneficiaries of the meal voucher system in France, with more than

146k companies and >235k partner merchants representing a direct contribution of €9.4bn.