Edenred's record annual profit overshadowed by higher financial expenses [Reuters]
EDENRED SA UNSP/ADR (EDNMY)
NASDAQ:AMEX Investor Relations:
edenred.com/en/investors-shareholders
Company Research
Source: Reuters
result was overshadowed by higher financial expenses related to a recent acquisition and rising interest rates, sending its shares lower. The French company, which is known for its "Ticket Restaurant" vouchers, reported earnings before interest, taxes, depreciation and amortization (EBITDA) rose 31% to 1.09 billion euros ($1.18 billion) in 2023, just above a company-compiled consensus of 1.08 billion euros. Like its peer Sodexo, which has just spun off its voucher division, Edenred has seen strong demand for its gift and restaurant vouchers from employers as a way to help staff cope with rising inflation without hiking wages. Edenred's Employee Benefits and Engagement division, its biggest by sales, generated 1.45 billion euros in operating revenue last year, up 25.7%. However, Edenred's net profit missed forecasts, coming in at 425 million euros in 2023, below a company-compiled consensus of 469 million euros. AlphaValue analyst Nupur Gupta said the net profit miss was like
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