Edenred SE: Brazil bite looks more manageable

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Edenred SE: Brazil bite looks more manageable

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Edenred SE

Brazil bite looks more manageable

Reiterate Rating: NO RATING | PO: NA | Price: 26.15 EUR

Better 1H26 performance leads to FY guide upgrade 24 July 2026

Edenred’s 1H26 revenue came in at €1,473m, 1.3% higher than consensus of €1,454m, Equity

driven by better operating revenue and other revenue. EBITDA of €616m beat consensus

by €10m or 1.7%. FY guidance was upgraded to a 7-10% LfL EBITDA decline (vs -8-12%.

Key ChangesPreviously). We raise 2026E EBITDA to €1,250m, at the midpoint of the new guidance

range. We moved to No Rating on the stock following news of the company being (EUR) Previous Current

approached by investment funds (see report: Edenred: Company approached by 2026E EPS 1.99 1.97

investment funds. We move to no rating). 2027E EPS 2.32 2.37

2028E EPS 2.66 2.69

Brazil regulation impact less than expected

Part of the beat and guidance upgrade reflects a less severe impact from the Brazilian Kate Xiao, CFA >>

Research Analyst

meal voucher regulation (see report: Brazil presidential decree: the next leg of rebasing). MLI (UK)

Better-than-expected client renegotiations in Brazil and stronger employer acceptance +44 20 7996 3051 kate.xiao2@bofa.com

of higher take-up rates following the merchant discount rate cap have mitigated the

Muneeba Kayani >>

impact. The partial switching to open loop has been slower than expected, as it has Research Analyst

taken longer for acquirers to get connected to the Edenred system. MLI (UK) +44 20 7996 5208

8-12% EBITDA growth guidance from 2027 onwards muneeba.kayani@bofa.com Jack Raeburn >>

Edenred is guiding a return to LfL EBITDA growth of 8-12% from 2027, despite the Research Analyst

impact of regulation in Brazil in the first 2 quarters of the year.