Half Year 2024 Edenred SE Earnings Call Transcript
Key Points
- Total revenue grew by 19%, with reported EBITDA increasing by almost 24% compared to H1 2023.
- Strong business momentum in core meal and food solutions, as well as energy cards.
- Successful acquisitions, such as IP in Italy and Spirit, bolstering market positions and expanding offerings.
- Double-digit growth in benefits and engagement, as well as mobility segments.
- Improved EBITDA margin, moving from 41% to 42.8%, with a like-for-like growth of 26.2%.
- Higher net financial expenses, moving from EUR58 million to EUR98 million, impacting net profit.
- Significant working capital outflow, with a decrease of EUR361 million compared to EUR120 million in the previous year.
- Ongoing regulatory discussions in key markets like France and Brazil, creating uncertainty.
- Complementary Solutions segment showing subdued organic growth.
- Potential headwinds from decreasing interest rates affecting other revenue projections for H2 2024 and 2025.
Thanks. Yes, hello, and welcome to the Edenred half-year results call. My name is Sascha, and I will be your coordinator for today's event. Today's call is being recorded and for the duration. Your lines will be on listen only. However, you will have the opportunity to ask if you can be done by pressing star one on your telephone. If you require assistance at any point, as you, I'm sure will be connected to an upgrade.
I will now hand you over to back to Matti steel of Edenred to begin today's call. Please go ahead.
Ladies and gentlemen, good morning, and thank you for being with us for the event ahead of H1 2024 results. As you know, Tony, the CFO of the Group and myself, we are very pleased to present you our performance in H1 2024. I propose that we move directly to page 5 of the presentation where you have a summary of our results, and I'm pleased to share with you that it had confirmed the strong momentum of the last five years.
The total revenue has grown by 19%, but
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