Edenred SE (EDEN) Earnings Call Transcript & Summary

Hello, everyone, and welcome to our 2025 Capital Markets Day. I'm super glad to be with you today here in Paris, but also online and to share with you our exciting growth journey that lie ahead of us. For those who more recently joined the Edenred investors community, be welcomed. This is the occasion to better grasp the variety of activities we have at Edenred and all the key assets that make us truly unique on the market. Today, I will guide you through what makes Edenred a global unique leader, positioned to drive growth in highly attractive markets with a diversified portfolio of activities that multiplies our opportunities and limit our exposure to regulation rebasing, while reinforcing the value proposition we bring to our ecosystem and hence, the mission-critical infrastructure we orchestrate. To start, you see a snapshot on where Edenred stands today. We have global position with total revenue expected to reach EUR 3 billion in 2025, 2.8x Edenred total revenue in 2015. We operate in 44 countries across Europe, Latin America, North America and Asia Pacific. More importantly, where we operate, we are a market leader with over 70% of our operating revenue coming from markets where we hold the #1 position. And we have continuously reinforced this leadership. Indeed, we outperformed our addressed markets growth by a ratio of 2.5x, gaining hence, market shares. As most of you will know, Edenred encompasses 3 strong and trusted business lines. This makes us unique, bringing scale and operating leverage, thanks to a shared business model and a common embedded tech stack underneath. The largest business line is Benefits & Engagement with a broad range of solutions from core meal and food vouchers to other employees' benefits and engagement solutions. It represents 69% of our operating revenue. The next business line is mobility. It represents around 1/4 of our operating revenue. We are offering solutions, including energy cards, fleet management systems, maintenance, toll and EV solutions, an area where we significantly increased our presence. And finally, Payment Solutions and New Markets, which represents 8% of our total operating revenue. You will hear from Arnaud, Diane and Damien later today who will provide you with a deep dive on each of these businesses and our unmatched value proposition. The three business lines are supported by PayTech. It's our distinctive specific purpose payment engine at scale. Nobody else has this kind of capabilities. We are the only player in our sector to process payments internally in an integrated platform, giving us a unique competitive edge to deliver unmatched efficiency, scale, compliance and security, while enabling time to market, superiority for new products and payment innovation. Today, we process over EUR 100 billion in payment volumes every year, which means we are the largest in our industry, and of similar volumes to a generalist payment processor. You will hear later today from Clément and Damien how PayTech is a core component of our unique platform. What is common to our three business lines? They all share a common value proposition and business model, translating corporate needs into tailored daily user experiences, which eventually drive incremental traffic to our merchant partners. Let me take the example of mobility. Fleet managers are constantly looking to improve the efficiency of their fleet, including fuel consumption, maintenance costs and operations control. We put into the hand of their drivers connected solution that ensure them hassle-free rides and drive traffic towards a qualified network of merchants. We have built a strong ecosystem of 1 million clients around the globe, representing 60 million users connected to our applications and more than 2 million merchants served. Thanks to our scale, we can invest more than EUR 500 million annually to improve our product, resulting in 30 new user-centric features launched every week. The richness of our application is a key entry barrier for new entrants. At Edenred, we have demonstrated our success through a consistent and reliable performance with a proven track record. At each strategic cycle, we say what we do, and we do what we say. Let us look at beyond 2022-2025 plan. It has been a journey of transformation and growth. We have scaled our core business and multiplied our operating revenue from meal and food and fuel solutions by 1.5, while accelerating our diversification beyond these core solutions at even a higher pace of 1.8x. This allowed us to drastically extend our total addressable market, which is now 3x larger providing much more runway for growth. Finally, acquisitions contributed to 1/4 of our growth, extending our activities, notably to engagement and EV solutions that are among the most attractive markets for the years to come. This contributed to Edenred outperforming the financial targets set as part of the previous Beyond plan with an average 21% EBITDA like-for-like growth and 73% in free cash flow conversion in the last three years. Regarding extra financial performance. And at Edenred, we believe that we can do both being financially efficient, but also being super efficient on extra financial indicators. Our ESG achievements, in fact, have been recognized by all the rating agencies. 2024 was a decisive year for our commitment to the society with SBTi initiative approving our net zero carbon emission plan for 2050. Let me now dive deeper into what makes the markets we operate in so attractive and what gives me a lot of confidence about Edenred growth prospects for the coming years. First, let's talk about the future of work. We have been growing historically in benefits and engagement despite a stabilized active population in our markets, and this trend will not change. Why is it an opportunity for us? It actually drives a persistent talent shortage with today more than 2/3 of employers struggling to find talent. In this new paradigm, we have an opportunity to reinforce the connection between the employer and his employees. Employee engagement has never been so low. An interesting figure from the recent Gallup survey suggests that 79% of employees are not engaged at work, up by 2 points since 2022. This study also suggests that 76% of employers wish to provide more personalized benefits for their employees, doubling since 2023 -- doubling since 2023. It is a unique opportunity for Edenred to support our clients in reshaping the future of work with our solutions. What is true for benefits and engagement is also true for mobility. We see a low yet steady growth in the number of vehicles in circulation at around 2% per year. The interesting trend on top of what is the growth in B2B share, which is notably driven by the EV adoption. In B2B fleet managers are facing a surge in complexity as they now have to deal with mixed fleet fuel, hybrid and EV, and they will face that for a long time. On that field, we have a huge opportunity to reinforce our position as we can address fuel, EV and the management of both as well as telematics services. Diane will present to you our latest 360-degree electromobility offer, which bears many promises. On the other side of our ecosystem, merchants. Merchants are also facing new digital needs. When we listen to the merchants, they have the following concerns. How can I cope with online channels or increase customer loyalty, thanks to digital solutions. Actually, 2/3 of them are planning to invest in that field in the years to come. Another question, how can I navigate in the ocean of new payment means from cash to card to mobile payment and lately tap to pay and instant payments. Similarly, 60% of them will invest to upgrade their payment equipments. Our digital solutions, combined with our role as a key business provider for merchants open up opportunity to address those new digital needs. These trends sustain a large addressable market with our TAM exceeding EUR 1,700 billion. We continue to operate on markets that are vastly underpenetrated, especially within the SMEs with an average penetration below 40%. This will drive the growth of the address market at about 5% to 7% per year until 2030. On top, AI is opening new opportunities to better serve our clients, both in terms of hyper-personalized recommendations for employees as well as workflow automation and advanced recommendations for fleet managers. More than 85% of both HR clients and fleet managers will focus their next investments on AI to further boost their activities. To make a long story short, our markets are huge, still highly under-penetrated, full of innovation reinforced by AI and growing at a high pace for the future. Both Arnaud and Diane will comment further on it in their respective section. One important feature and advantage of our market is that they are partially regulated. So let's discuss briefly where we stand on that front. First of all, thanks to our successful diversification strategy and despite regulatory challenges over the past 2 years, we have improved our resilience to any regulatory rebasing, limiting exposure at a reduced level versus what it was 5 to 10 years ago. When you look at the group, you see three business line. But what is important is actually what is underneath. As we zoom in, you can see the diversification in action within each business line with a portfolio split between core solutions, meal and food and fuel vouchers, but also what we call Beyond solutions diversification that are reaching 40% of our operating revenue, represented here on the chart in the darker pink, green and blue. Then if you go even a step deeper, you can really grasp the diversification. In fact, the largest program, i.e., a dedicated solution in a specific country represents less than 10% of the group operating revenue. Same applies for the largest client and merchant, which respectively, represent less than 1% or 2% of our volumes. So yes, like any businesses, we can have from time to time some headwinds and regulatory changes. But the good news is, given our level of diversification, both geographically and by solution, no headwinds would prevent us from maintaining our long-term profitable growth journey. The diversified portfolio limits the impact at group level of any potential disruption coming from either a client, a merchant or the regulator. Moreover, public authorities have actually shown a strong support of our activity, not only by perpetuating our programs, but also by strengthening and improving them. Our purpose is to operate a mission-critical infrastructure endorsed by governments and well recognized for its positive impact on local economies. If you take a larger stand, at the meal and food benefits market, they nearly doubled in size between 2015 and 2025. And we expect to benefit from many more positive outlooks with governments continuing to announce face value increases. Arnaud will show you later on how we succeed in translating these face value increases into upsell potential for Edenred. Hence, the value of our program does not need to be demonstrated anymore. As a matter of fact, since inflation crisis, many businesses, including the employee benefits industry, contributed to a global effort to enhance people's purchasing power, regulated meal and food accounted in 2024 for only 41% of our operating revenue. This encompasses two distinct realities. On the one hand, a long tail of 24 countries, representing 15% of our operating revenue, not under regulatory reviews. And on the other hand, three countries where discussions are either cleared or ongoing. If I start with Italy, Italy regulation resetting has been voted last year and will impact Edenred revenue in '25 and '26. We know the cost EUR 120 million annually after mitigation with strong management actions. It is very important to notice that in the same time as the Italian government is resetting the rules of the game, i.e., the merchants are paying less, the employer have to pay more, the same government reinforce the criticality of the meal voucher system and are in budget discussion to increase the face value of the ticket restaurant by 25% in 2026. If I move now to France. In France, a law has been proposed three times with the same content. I repeat, three times with the same content, including a switch to a full digitalization. Unfortunately, not voted yet. The previous law is positive. This one will be even more positive for the ecosystem, including the issuers. But what I want to say is it's not because it's not voted that the business is stopping. We are growing in France and the current law is a good one. The only thing is the new one will be even better, but not voted yet. Then if I move to Brazil. Only Brazil remains under discussion, representing 10% of our operating revenue. The industry is currently discussing with the Brazilian authorities to find the right equilibrium of the PAT, the Brazilian meal and food program to make it sustainable for the years to come. Hence, the impact of remaining regulatory rebasing is very limited. Let me now share with you why I strongly believe we are the best positioned to capture growth and lead in every market we serve. This graphic gives you a very good snapshot of where we are today and where we want to be in 2028. We are currently the only player to provide an integrated experience at a global scale in the markets we are operating in, combining Benefits & Engagement as well as mobility. It means that none, and I repeat, none of the recent local challenger in benefits have succeeded in getting out of their home country, including the most recent and digitalized ones. It proves how difficult it is to adapt products to many distinct local regulatory frameworks and customs. We are the only one with the sufficient scale, the global product platform and investment capacity to succeed to do so. And we will continue to push for more in the next years. We are not standing still. We want to provide our customers with an even more integrated experience and do so at an even greater scale. Let me share with you the essence of what we do. We implement and operate a mission-critical infrastructure, connecting a 4-party ecosystem. We increase employees' engagement and operational efficiency of 1 million companies. We do so by enriching the daily experience of over 60 million users who generate qualified business for over 2 million merchants. And we distribute over 120 solutions through partners or solution partners through our extended go-to-market. This is the Edenred vision, being at the heart of the ecosystem and in a nutshell enrich connections for good. And we do that with unmatched asset to pursue a sustainable and profitable growth. First of all, we operate in markets where we are by far the leader globally for Benefits & Engagement as we are almost twice the size of the next player -- twice the size of the next player. And also, for example, in Brazil with mobility. This gives us a significant edge in industries where scale matters. We complemented this leadership with an unmatched depth of solution, up to 8 solutions per country in every business line. These solutions are supported by a distinctive mission-critical payment infrastructure. And we are the only player who has made the investment to develop internally a strong specific purpose payment engine, giving us agility, independence and superior scale. And we have unmatched capacity to invest in product and tech over EUR 1.5 billion in the last three years. Lastly, we have strengthened along the years a very efficient go-to-market, resulting today in significant acquisition of new users and clients for an average payback on SME client acquisition of around 12x. This is coupled with a resilient and predictable revenue model with a client net retention rate around 104%. All of this taken together is what sets Edenred apart in the industry, what makes us super confident that we are best positioned to capture the growth opportunities in our markets. To turn that into reality, of course, we have a plan and a road map. This plan is called Amplify 2025, 2028, which will be built over the foundation led during the last three strategic cycles. 96% digital operations, putting us in direct contact with our clients, our users and our merchants, a strong ability to further penetrate the market, especially on SMEs, an extensive portfolio of solutions that we can now fully cross-sell to our user base. The enriched intimacy we now have with all our stakeholders, thanks to our applications, have opened new doors to Amplify B2B2C model with an increased B2C focus. C like Constance. Constance will shortly lay out with you the pillars behind the Amplify25-28 plan and all the growth avenues we will pursue in the coming years. With Amplify, we affirm our growth potential and our 2030 ambition of more than EUR 5 billion in total revenue, translating into new medium-term financial targets for the Amplify '25/'28 plan with the ambition to deliver sustainable and profitable EBITDA like-for-like growth in the range of plus 8% to 12%. 2026 will be a rebasing year with the expected full impact of the change in regulation in Italy, combined with management actions implementation, portfolio optimization as well as slightly lower other revenue. We first expect an exceptional 2% to 4% like-for-like growth EBITDA in 2026, but corresponding to an intrinsic 8% to 12% like-for-like growth. In '27 and '28, we will deliver an 8% to 12% like-for-like EBITDA growth. The free cash flow EBITDA conversion rate is expected to remain at or above 65% on the course of the plan, reflecting the diversification of our activities, in particular, in not prepaid activities. This guidance will be covered by Virginie in more details later and reflect our confidence in a sustained strong performance over the coming years. Before I welcome the C part of the plan, Constance on stage to develop our strategic plan, I want to briefly recap what we just have discussed where Edenred stands today and where Amplify will take us. First of all, we are a unique integrated global leader with an unmatched scale across its key geographies. Second, we have proven our ability to outpace market growth, thanks to our diversification outside core solutions. We will continue to do so, thanks to our Amplify plan focused on user growth and further value for each stakeholder. Third, we orchestrate a mission-critical infrastructure that we have fully internalized in attractive and underpenetrated markets with significant growth potential. Four, we have reinforced our resilience against any regulatory change, if any, while we are convinced the regulation provides more tailwinds than headwinds in the long term. All of this ensures that we are best positioned to succeed in delivering over EUR 5 billion total revenue by 2030. I'm super pleased to welcome on stage Constance.

Thank you everyone. So if you listen carefully to Bertrand, I'm Constance, the C of the plan. I'm thrilled to be with you today to dive deeper into our Amplify strategic plan. I joined Edenred in 2021, bringing more than 15 years of experience in Corporate Strategy and Business Development across the U.S. and Europe. I'm passionate about transformation and growth. And the good news is it is exactly my role at Edenred and the purpose of my teams. To start smoothly, why did we call this plan Amplify? Quite simply, as Bertrand just shared, because we have built unique assets, which gives us unmatched scale and leadership, and our plan is now to amplify these assets to deliver even more value and open up new opportunities. With Amplify, we will attract even more clients on our platform. We will enrich the value delivered to our clients through cross-selling and upselling, and we will activate the C in our unique B2B2C model, further engaging our user audience and delivering new services to our merchant partners. This is what Amplify is about, the strategy of profitable and sustainable growth. Let's begin with the first pillar, attract. Thanks to our successful diversification and digitalization, we are amplifying our acquisition opportunities. We have an extraordinary asset, which is our unique sales and marketing machine, over 4,000 professionals in sales and marketing are signing more than 700 contracts per day. Thanks to our distinctive B2B2C business model, which means that when we acquire one client, we actually onboard on our platform, 5, 10, 100 or even 1,000 users on our products. And the power of B2B2C, combined with an average contract duration, which is above six years, allows us to have an acquisition lever, which is more than twice as efficient than industry benchmarks when I compare our cost of acquisition to the customer lifetime value of our clients. Now to illustrate this acquisition track record, these are just a few of the iconic companies that we acquired over the last 3 years, as you can see across all industries and geographies. And today, we can proudly state that we serve with our solutions 3 out of 4 companies from the main stock market indices across our geographies. And this acquisition track record goes beyond large companies. In 2025, we will have added around 800,000 SME users on our platform, up by more than 10% versus 2024. Now with Amplify, we will boost our acquisition opportunities. First, a broader reach. Our expanded portfolio allows us to acquire more clients but at new touch points. And we now expect more than 30% of new clients to come from solutions beyond meal and food and beyond fuel. Second, boosting contract value through bundled sales without increasing our acquisition costs. Maybe let me just illustrate these two first points with the recent win in mobility. Earlier this year, we signed a contract with [ Bell ]. And for those who don't know who Bell is, it's a global dairy and snacking group. Bell initially turned to Edenred in their electrification journey. But not only did Bell choose Edenred for EV, but they also ceased the occasion to equip their fleet with Edenred fuel vouchers. Hence, more clients and more value per clients when we do bundled sales. And finally, amplified efficiency. Our digital journeys reduce acquisition costs and they improve the customer experience. For example, a new client is now able to onboard on our platform in less than 5 minutes. Moving to the second pillar, enrich. With Amplify, we attract more clients on our platform, and now we can unlock their full potential by enriching the value delivered through continuous both cross-sell and upsell. As Bertrand highlighted in his opening remarks, we are the only player in our industry with such a comprehensive integrated suite of solutions of up to 8 -- 7 or 8 solutions by country and business line. And we are continuously enriching this portfolio. First, by rolling out, in particular, Edenred Engagement and Edenred EV charging solutions in new countries. If I take engagement, it's already live in 11 countries, currently scaling in France and Italy, and we have 4 additional rollouts already planned. Same for EV charging, already live in 8 countries today and soon in 4 additional. Geographic rollout. And second, we are also enriching our value prop, thanks to our open platform. We are enabling connections to third party, acting as a distributing platform, which is, in the end, enriching our customer experience. Recent examples include home-based fuel value-added services in Latin America or commuting solutions, for example, in Italy. And this gives me confidence in the significant potential for cross-sell and upsell, which we will now amplify in this plan. Our clients are equipped on average with 1.5 Edenred solutions. Our goal through the plan is to reach an average of 2.5 solutions by 2028 versus a full cross-sell potential, which is exceeding 5 solutions. When I combine cross-sell with upsell, upselling, which means that we are increasing the share of wallet within our fuel customers or increasing meal voucher face value, we actually see an opportunity to triple the annual contract value of a given clients. And this is why Enrich is at the heart of an amplified cycle of growth. First, we acquire clients with our competitive portfolio of solutions. Solutions to drive upsell. And this ultimately leads to higher client satisfaction and retention. Arnaud and Diane will actually detail this virtuous cycle for Benefits & Engagement and Mobility. And we can see the full potential of cross-sell and upsell, thanks to our revamped product platforms who you have may seen during the demonstrations and a revamped marketing strategy. Indeed, we have really enabled product-led growth supported by hyper personalization and best-in-class sales and marketing automation tools. The Mobility Fleet Management platform that you can see behind me now, now live in Brazil is a great demonstration of product-led growth with all fleet solutions directly available on the same interface as well as the Edenred+ multi-benefits platform for those who went to the booth during the product fair. And we are also putting management to boost the full potential. So with Amplify, we attract new clients on our platform. We enrich the value delivered to them with cross-sell and upsell. And now it's time to activate the C in our B2B2C growth equation with our third pillar, engaging deeper with our user audience and delivering new services to our merchants. We have a wonderful asset, which is not just our audience, but more importantly, the level of intimacy that we have built with this audience. You should know the number by now, but there are 60 million users of Edenred solutions across all geographies, sectors, role. These users are now 96% digital, which means that we can directly reach them through our applications. These users are also more and more engaged. On Edenred+, for example, each active user connects on average 7x per month on our application on top of daily transactions. And this is actually higher than leading B2C platforms like iFood or Uber. Now with 50 transactions processed every second within our network of 2 million merchants, we have access to extremely valuable insights such as purchasing behavior or browsing events. And this intimacy is actually continuously enriched as we multi-equip clients and we increase the usage of our solutions. This asset is what opens up new opportunities to further activate both users and merchants. Now let's start with further activating our user audience, leveraging the power of employer funding to tap solution, they actually spend EUR 3 on the same product category with their own personal money. In other words, the benefits budget represents only 25% of the total meal and food and leisure budget of an employee. Now thanks to our payment innovation, in particular, what we call top-up features, Edenred can now spend above the daily or monthly limit by adding directly their personal payment method. If I take the example of our leading leisure platform in France for Work Councils, which we call MeyClub and what you have behind me, an impressive 60% of volumes are coming from out-of-pocket spend on top of any company funding. And this is creating significant leverage for a merchant to capture a larger transaction value beyond the capped benefit portion. Thanks to the diversification, in particular, with Edenred engagement savings module, we can scale this globally by giving access within our applications to more than 900 savings and cashbacks offers from top retailers. And today, an active saver actually spends close to EUR 2,000 per year on our Edenred engagement module to buy discounted vouchers on our platform with their personal money. Just to give you a sense, EUR 2,000 per year, it's actually more than the average meal voucher budget per year per employee in France, for example. Now let's move to activating our merchants to capture a larger share of their marketing budget. Think about it. When a merchant spends EUR 1 with Edenred to generate traffic to their store with vouchers, they actually spend an additional EUR 4 with other providers, meal delivery platforms, booking platforms, marketing agencies. And we are now developing new and enhanced digital marketing services. Retail media is one of them. Marketing campaigns can now be directly launched on our applications, hyperpersonalized with a drive to purchase. And Arnaud will give you a good snapshot of how we are developing this in benefits and engagement with the ambition to more than triple the revenue coming from retail media in the coming years. This will amplify the value for both our users with access to personalized recommendations and deals and for our merchants with increased traffic and loyalty. Hence, our journey with marketing services is starting full speed and will strongly extend with Amplify. Growth equation with more users on our platform and more value per user. And this is driven by an amplified revenue model. We are moving away from take-up rates to drive increased average revenue per user. Indeed, we have diversified our sources of revenues beyond just solution-based fees with nontransactional fees such as subscription or setup fees to our platform, new revenue streams as we activate users and merchants and as we distribute partner solutions on our platform. The common driver behind each revenue stream is the number of users and our ability to further engage them with our services, which requires scale, innovation, transformational data and AI, all enabled by our unmatched platform, which will be covered in the next section. Today, with an expected operating revenue of EUR 2.8 billion in 2025, and 60 million users of Edenred solutions, we will achieve an average revenue per user of around EUR 45. This puts us above the average for the payment industry, which is below EUR 10 and also above our competitors, which are all below EUR 35. This also highlights the growth potential we have when we compare ourselves to other B2B2C businesses, for example, meal delivery platforms or SaaS platforms. And this is exactly our ambition, continuously grow the average revenue per user as we have done in the past, but amplified, boosting upsell, pushing cross-sell, enriching our portfolio of solutions and through M&A. By delivering more value to our clients, we will extract more value out of each user, and we are targeting around EUR 70 of ARPU in 2030 and beyond. To wrap up, before welcoming on stage next speakers, here are the few things journey, delivering stronger returns, thanks to 3 key growth pillars. The first pillar attracts by boosting client acquisition to further increase the number of users on our platforms. Second, Enrich to bring more value per user by creating a virtuous cycle of cross-sell and upsell. Third, activate by engaging more and more with our user audience to unlock new revenue streams. And all of this is amplified by Edenred's continuous platform transformation. And I now have the pleasure to welcome on stage with me Clément Le Chatelier, Group CTO; and Damien Perillat, COO of Payment Solutions, to dive deeper into our payment capabilities embedded in the product and tech platform, which is sustaining Edenred growth strategies. Back to you.

Thank you. Hello, everyone. I'm glad to be here to talk about payments and how it's deeply rooted within our product and tech strategy. My name is Damien Perillat. I joined Edenred last year after having spent most of my career in the payment and Fintech industry, including over a decade with PayPal, where I was heading our Western Europe region. And before joining Edenred, I was with Billie, a VC-backed fintech in the B2B financing space. Clément?

Hello, everyone. My name is Clément Le Chatelier. I've joined Edenred in 2017 as a Strategy Director for the group. And I now serve as Group Chief Product Officer since 2024. I'm delighted to address you today and share an insider's perspective on our product and technology strategy. In this section, we will outline Edenred's product strategy and how it drives superior customer experience and value. Damien will then go deeper into our unique platform delivered at scale across markets with a focus on our distinctive internal payment capabilities. I will share with you some of our latest innovation that put us at the forefront of our industry. And finally, Constance will highlight the central role of data and AI empowering innovation on core principle. To start, we are mobile first. Mobile is now the primary interface for our users, whether accessing our services or paying with our solution through digital wallets such as Google Pay or Apple Pay. For instance, in certain markets such as Spain or Sweden, more than 50% of transactions now occur on mobile. Second principle, Edenred as a platform ecosystem. As you know, Edenred is much more than a payment method. Our strategy position Edenred at the heart of a complete ecosystem of solution, some of them developed and managed internally, others by third parties. The Edenred platform is a service marketplace that is both open and integrated within the ecosystem of our clients, users and merchants with already more than 500 live API connection. Third principle, security and compliance by design. At Edenred, we manage payment instruments, credentials and sensitive data for millions of companies, employees and merchants. A rigorous approach to security and compliance is fundamental to our product strategy. And at last, AI-powered innovation. Later today, Constance, the C, will demonstrate how AI capabilities are embedded across all our products powering automation, personalization and insight. Our strategy is supported by a permanent and constant obsession with user experience and continuous feedback. As a result, our main application consistently achieved rating above 4 with, for instance, Edenred+, our next-generation employee benefit application that maybe you saw in the product fair earlier today. ranking among the leader in this category with an outstanding current rating of 4.8 out of 5 on iOS. But delivering a seamless and intuitive experience is hard. What appears simple to our users, for instance, enabling a company to subscribe and activate an employee within 20 minutes or allowing a merchant to complete a transaction in a fraction of seconds is, in fact, powered by highly orchestrated infrastructure managing thousands of operations that you can see on this chart. Our end-to-end control of the value chain across 40 countries is a key enabler of this performance. But it's also a key barrier to entry for new entrants with a unique capability to invest over EUR 500 million every year. Damien?

Thank you, Clément. So what is unique about the Edenred platform is that it brings together millions of clients, users and merchants at scale such as payment and identity to leverage our scale as a key competitive edge and ensure sufficient and efficient investment in our technology. Each of our business lines can rely on the strong foundation and enabler to focus on their respective segments and build highly differentiated application, features and experiences. Finally, we are part of the rich and fast-moving ecosystem. And thanks to our open platform, we can easily tap into partner innovation and embed our solution into third-party platform and increase our reach and relevance. So let's now dive deeper on each layer by looking at some critical differentiators. To deliver on our mission, we have built a geographically distributed hybrid cloud infrastructure. These provide us with a robust, resilient and cost-efficient backbone to run our global operation. Security is at the center of everything we do as a company of all sizes rely on our services to run their businesses. As Clément say, we manage million of sensitive data and payment instruments. Our security standards are built on the 3 line of defense model. First, we protect through thousands of security tests and book thousands of cyberattack attempt every month. Second, we control through strong multifactor authentication mechanism. And finally, we know to react when needed with rigorous recovery plans. The type of activities we operate requires us to be certified under international standards, such as the payment card industry data security standard. Another key backbone and enabler of the Edenred platform is our in-house specific purpose payment engine, what we call PayTech. PayTech support our 3 business lines and enable any type of program across more than 30 countries. Payment is at the core of all our product experiences. Over the last year, we moved from paper to plastic and tuck-ins. It's therefore essential for us to control and orchestrate the key stages of this value chain from issuing to authorization and processing. As a long-time professional in the payment industry, I can only highlight the uniqueness of specific purpose payment and the use cases enabled by Edenred. Through PayTech, we're also part of a wider payment ecosystem. We are connected to hundreds of networks, team, wallets and other tech enablers. And you know that scale matter in our industry. We issue over 25 million cards every year, either physical or tokenized and embedded into our wallets. We authorize around 1.6 billion transactions annually, and we deliver an uptime of [ 4 ] for our users and merchants. Paytech is also a catalyst, catalyst for innovation, being natively integrated within our business line product stack, every new payment product, any new feature, any new a unique global partner for a broader payment ecosystem. We are convinced that this unique specific purpose payment asset is a key driver of Edenred growth flywheel. First, it's a highly synergistic asset, helping us reduce cost of transaction by around 10% compared to market price and also internalize those spendings. As I will show later in the day, we're also leveraging this capability to serve external clients beyond the Edenred business line, further contributing to the amortization of our tech investment. Those external clients include B2B fintech or large companies integrating embedded finance solution into their product offering. Second, it allows us to innovate at scale and enriching our product experiences with partner innovation and making our user journey more embedded and seamless. Our recent partnership announcement with Visa is a strong example of our commitment to further amplify our value proposition across our 3 business lines. And finally, it helps us capture future growth opportunities. For instance, by adding complementary funding sources to Edenred transaction as we already do in our Benefit & Engagement business line, therefore, bringing higher transaction value to merchants or by expanding our merchant reach through payments through partnership with payment service providers such as Money [ auctions ] or finally, through new value-added services for merchants like cash [ advance ], which we already offer in Spain and Brazil. To bring our Paytech platform to life, let me share a short video that highlights its capabilities and impact. [Presentation]

So let's now deep dive in another fundamental module of the Edenred platform, Identity Management. Identity Management is central to our strategy. As Constance and Bertrand have indicated across our business line, we provide between 3 and 7 services per country. So obviously, by deploying a unified global technology core and a common country-level identity framework, we gain significant benefits in security, scalability, cost efficiency. But the real advantage is top line. First, unified identity help us to deliver a consistent and seamless experience across our services. For example, in France, user can seamlessly navigate between Edenred our employee benefits application and [ Makelub ], our workshop for work conceals with the same credentials and the SKU or maintenance module with a unified identity and role-based access. Second, beyond journey simplification, this unified identity help us to build a 360-degree view for each of our user. This is critical for retail media opportunities that Arnaud will further detail in the Benefits & Engagement section. But this also gives us a runway to evolve into an Agentic ecosystem. As Clément described, our modern payment engine is a key asset and differentiator. At Edenred, for instance, we have developed our own payment API hub, which powers connection with leading delivery application, payment service provider and payable services. In the latest Edenred release by tightly combining app-to-app biometric authentication and optimized payment APIs, we have, first, improved user onboarding by nearly 50 points on platform partners such as Uber Eats. Second, we have achieved conversion rate above 98.8%, significantly outperforming traditional card payments, which remain around 90%. This translates into an overall partner business volume up by 60% compared to prior integrations. Turning back to our business applications. As we said, Edenred sits at the heart of a broad and dynamic ecosystem. We continuously build new partnership to broaden our go-to-market reach, such as the partnership we have with Itaú and Nubank in Brazil. Second, embed our solution directly into partner ecosystem, notably HRIS, our transportation management system for mobility. And third, integrate third-party offer with already more than 120 solution partners distributed through our platform enriching our value proposition. Our teams are focused on enhancing and standardizing hundreds of connectors and APIs, ensuring technology that is open, interoperable and scalable. So now let's welcome Constance to talk about our data and AI.

Thank you, Damien. So let us now zoom in how data and AI and AI are at the core of Edenred's growth strategy, supporting every pillar of Amplify, thanks to a global and AI-ready data platform. For clients, for example, we reduce acquisition costs and boost cross-sell with solution affinity scoring. For users, we enable hyper-personalization and marketing automation, which drives activation. And for merchants, for example, we provide actionable insights to then deliver value-added services. Now to deliver that, we have a threefold AI strategy in order to really unleash the full power of data and AI. Number one, AI culturation is a must-do, equipping our teams with secure GPTs and driving new day-to-day habits in the workplace exactly as our employees do in their personal life. Regarding data and AI augmented teams and processes, which is the second pillar, I will showcase right after how we are entering a phase of industrialization with a persona-led approach, which means that we are prioritizing functions and processes to drive efficiency and change. But most importantly, my conviction is that data and AI are a fantastic opportunity for Edenred to reinforce its competitive advantage by further augmenting and improving our stakeholders' experience as well as developing new features to address the needs of our clients with trust obviously remaining a strong competitive advantage, which we address through responsible AI embedded policies in our platform. Now regarding teams and processes, we have many proof points of incremental productivity by function. And now we are moving from incremental to transformational with specific tools and trainings per persona rather than a generalist approach. We're focusing on the target outcome rather than simple task optimization. Just to illustrate on the product development cycle. For product specification, AI tools are increasing velocity between customer feedback we receive and prototyping for faster feature launches with a target 2 weeks decrease in feature time to design, which is more or less equal to one agile sprint for product. Now for product engineering, AI tools bring efficiency with coding assistance and development platforms of 20%. As you can see, these transformations translate into both faster time to market and innovation, but also higher operational efficiency. Now as shared by Bertrand in his opening remarks, we see an even greater opportunity with AI to accelerate innovation and improve the experience of our stakeholders. First, we are leveraging AI to augment our customer journeys and provide real-time personalized and available 24/7 customer support. For example, for our merchant partners in France, Agent force provides instant answers through AI-powered chatbots and resolving with the ability to resolve queries directly. On the product side, we are also releasing AI-enabled features. For example, in our engagement platform in Latin America, we have introduced a virtual HR agent that can manage employee requests, therefore, reducing the operational workload for HR teams. AI also powers content moderation, automatically monitoring posts and comments to ensure a safe and engaging environment. Now Diane will showcase in the mobility section how AI is also at the core of our Intelligent Fleet Management platform and obviously, product-led growth. Now we have an unmatched capacity to continue to invest in our platform with 4 priorities: one, scale through convergence; two, innovation with enriched product features and payment experience; three, data and AI to move from incremental to transformation and security and compliance with trust as a strong competitive advantage. That total product and tech cash out will total around EUR 1.8 billion over the next 3 years. This includes a sixfold increase of our annual data and AI investments and 10% of our costs, which will remain dedicated to security. We strongly believe that the ability to scale in product and tech have never been so critical in our industry, and we will win the next phase through data and AI just as we did through digitalization. Now to wrap up on our product and technology platform, here are the most important elements of our plan. First, being relentless on customer centricity, building, opening up our platform within an ecosystem of partners to distribute and be distributed, powering our platform with distinct -- distinctive specific payment engine, which is PayTech and as I said, unleashing the power of data and AI for efficiency, personalization and value with an unmatched capacity to invest more than EUR 1.8 billion over the plan in product and technology. I will now hand over to Arnaud, COO of the Benefits & Engagement business line.

Good afternoon. I am Arnaud Erulin, Chief Operating Officer for Benefits & Engagement at Edenred. I have been part of Edenred for more than 30 years. It gives me a good sense of how the industry has evolved and grown over the past few years. I am delighted to be here with you today to share our progress and ambition and how our amplified strategy translate in sustainable and profitable growth. First, I will outline our 2025 starting point, highlighting our leadership position and the unique assets that will continue to drive our success. Then I will highlight insight on our markets. And last, I will present what our amplify strategy concretely means for our business line over the next 3 years. Our mission is to create joy, joy for all our stakeholders, employees, clients and merchants. The joy of sharing a meal with colleagues and friends, the joy of making your employees happy and engaged, the joy of experiencing boosted traffic to your store. At Edenred, we power the refreshing daily lift that make work and life more enjoyable. Edenred is the #1 global platform for benefits and engagement. We are present in 31 countries and have the leading position in key geographies such as Europe and Latin America. Benefits into the broader engagement space enriching our solution and diversifying our revenue model. We will discuss this in more detail later. The business line has operating revenue of EUR 1.8 billion, growing approximately 20% per year since 2021. Our revenue growth continues to outperform the market. Indeed, B&E is growing 2.5x faster than our addressed markets. This slide highlights Edenred clear global leadership within the B&E industry. It illustrates as well that we stand far ahead of competitors, close to double even nest in line competitor. While many new entrants have appeared in recent years, their global presence remain limited despite significant marketing efforts. On top, many of those new entrants remain largely unprofitable. Indeed, Benefits & Engagement is an industry where scale matters. It is scale that enables us to sustain the level of investment required in product and technology for innovation, compliance and security. We are key to be the worldwide leader of meal and food voucher, a product that provides a mission-critical infrastructure for all our stakeholders, HR, merchants, employees and governments. It is important to remind that vouchers are particularly attractive for both employers and employees. For instance, when an employer finance EUR 100 mean voucher, the employee gets EUR 100 of net value. In comparison, an employer has to pay in salary EUR 135 for his employee to get all our stakeholders. For HR, they help to attract and retain employees. For employees, meal voucher enhance their purchasing power and give them access to a proper lunch break. For merchants, meal voucher boost traffic and increase. If we take a look at Italy, a study with Nielsen demonstrated that shoppers spend 30% more at a merchant when paying with meal vouchers compared to cash. And lastly, for governments, meal voucher formalize the economy, create jobs and encourage local consumption. I would like to insist on our role as business provider for merchants. The meal and food voucher serve as a powerful multiplier. For every [indiscernible] on the employee meal voucher account, an impressive EUR 2.7 is spent in our merchant network, driving substantial incremental business for them. In addition, we are around 7x less expensive than delivery platforms while generating a similar level of incremental business. This positions Edenred as the most efficient business provider for merchants with the best value for money. To bring those positive values to life, let's hear directly from merchant association in France and in Brazil. [Presentation]

Let's now focus on our product portfolio. If we zoom out, our portfolio has evolved beyond meal vouchers, which now represents 64% of the operating revenue of the business line. We have diversified in both other benefits covering, for instance, gifting or Sport & Culture and engagement platforms after the acquisition of Reward Gateway. This diversification has as well enriched our business model with more than 20% of our operating revenue coming from SaaS-based fees. And importantly, our solutions target all type of companies from the largest international corporates to small SMEs, even those starting with just one employee. But we target as well all type of industries, allowing Edenred to perform regardless of industry shifts. Edenred is the only player in the market with a truly set of the employee expectations from purchasing power to personal fulfillment. With such unique offers, we address the full spectrum of HR priorities, helping companies to attract and retain their talents and to keep a high level of engagement in their workforce. This position us as a strategic partner for all HR leaders, extending beyond just compensation and benefits managers. As an example, next week, I will be in London with my teams for the appreciation Awards organized by Edenred. This event organized every year will gather more than 50 HR directors representing 180,000 employees and will reward the best engagement initiatives. This holistic approach is brought to life through our 2 global platforms, Edenred+ and Edenred Engagement. I will now play a short video so you can see what those 2 platforms bring to our ecosystem. [Presentation]

In which market we operate? B&E market is large and remains attractive as it keeps growing is expected to expand by plus 5% to 7% per year through 2028, and it is still largely underpenetrated with only 35% penetration in average. On top, we have significantly increased our total addressable market, which is now over EUR 1,100 billion, thanks to our diversification in the engagement space. As mentioned by Bertrand, the key underlying trends include persistent talent shortage, hybrid work, low employee engagement and rising personalization expectations. Those trends are all driving strong demand for our solutions. In that context, what sets us apart? Keep in mind that Edenred stands out through 4 key where we are market leader, for instance, in France, Italy or Mexico. Second, our sustainable business model with a net retention rate at 104%. Once adopted, our solutions become an integral part of the compensation and benefit policy of a company for which there is very good churn. Third, our unique global platforms, Edenred+ and Edenred Engagement with a broad range of offering unmatched by peers. Lastly, the high client satisfaction with an average score on Google My Business of more than 4 out of 5 in 2024, a key indicator I am monitoring on a regular basis with my teams to ensure we consistently meet client expectations. As presented earlier by our Constance Amplify25-28 strategy for B&E is anchored on 3 core pillars: attract by bringing more employees onto our platform and reach by increasing revenue per employee, activate by driving more qualified traffic to our merchants. Let's start with Attract, how will we bring more clients on our platform. As I mentioned, ample room remains for further penetration in our markets. This opportunity is especially significant in the SME segment where penetration is notably lower, around 10% in France or 5% in Italy, for instance. Regarding customer acquisition since our last strategic plan, digitalization and diversification have unlocked new acquisition opportunities and increase our confidence in future growth. Client acquisition is now fully digital. Thanks to best-in-class regeneration and automated onboarding, we are now adding around 500,000 new SME users per year and the outlook is promising. In parallel, we have multiplied these opening doors to new acquisition opportunities and differentiating us from competitors. Having covered acquisition, let's now discuss Enrich. How will we increase average revenue per user? We are unlocking a virtuous cycle of cross-sell and upsell across our very large client base. First, we acquire clients with our strong sales machines and discipline of execution. Then we cross-sell our full portfolio of solutions and increase the share of customers equipped with multiple solutions. In parallel, we continuously maximize upsell. For instance, the average daily face value of new vouchers increased by plus 25% in the last 3 years. This virtuous cycle leads to higher net client retention with an average customer lifetime multiplied by 2.5 for multi-equipped clients versus single equipped. As mentioned, a key pillar of Edenred is our ability to maximize cross-sell. Today, clients use an average of 1.5 Edenred solutions. Our ambition is to reach 2.5 solutions by 2028 with a long-term potential of 5 or more solutions per client. This is now achievable because, first, our portfolio is enriched across key countries, enabling us to offer more and more solutions. Second, Edenred+, our Edenred solution platform is progressively rolled out in major markets, allowing us to push better cross-sell opportunities to our clients. For end users, the impact is Edenred solution. Now let's hear from [ Telenet ] Belgium as no one will speak better about our unique value proposition than one of our customers. [Presentation]

[indiscernible] face value increase into upselling opportunities. Those face value increase is decided by governments to kick pass with food basket inflation and enhance employees' purchasing power. For instance, in Europe, while overall inflation stands at around 2%, food basket inflation is more than 50% higher. Since 2022, we have seen 50 increases in maximum face value across 15 countries, which we have successfully translated in organic portfolio growth. Looking ahead, further face value increases are expected in our core markets between '26 and '27. It did already happen in Belgium with an increase from EUR 8 to EUR 10 per day starting from January 1, and it is under discussion, for instance, in Italy. On top, additional countries are in advanced discussion for future increases. We successfully convert regulatory face value increase into client face value increases to our large commercial workforce and our systematic data-driven approach to track face value adoption. In Romania, as an example, there have been several face value increases since 2021, and we have maintained an impressive 80% to 85% face value adoption year-on-year. Moving to our third pillar, Activate. This pillar is focused on leveraging Edenred unique audience to enhance our merchant value proposition. Our merchant ecosystem is highly diversified with merchant partners, including restaurants as well as retail and e-commerce players. Our understanding of merchant-specific digital needs allow us to deliver tailored solutions, altogether traffic and customer loyalty. As part of Activate, we offer through Edenred global platform, a range of services to merchants that enhance their experience at every stage of the journey. Self-affirmation for merchant is fast and simple. Merchants can start accepting transactions in less than 5 minutes. Day-to-day management is streamlined with easy access to invoices and transactions. We provide value-added data to help merchants in growing their business. As an example, those improvements have reduced affiliation time from 2 hours to just a few minutes in Turkey and doubled merchant Net Promoter Scores, reinforcing our value as business provider. Reinforced relationship with merchants unlocks a key pillar of Amplify activating merchants through new value-added services, starting with retail media. Our digital solutions will enable hyperpersonalization retail media campaigns fully integrated within our apps. For example, on Edenred engagement, merchants can push tailored offer on promotions directly to users. Those promotions can be converted into discounted vouchers redeemable both online and in-store, all designed to increase merchant traffic and revenue. In fact, Edenred Retail Media revenues have already grown by 33% in 2025, and we aim to more than triple those revenues by 2028. As a conclusion, our Amplify equation for Benefits & Engagement is built on 3 ambitions: at heart by bringing in more employees with more than 1.5 million of additional SME users on our platform by 2028 and reach by increasing revenue per employee. Our goal is to deploy an average of 2 -- generating more qualified traffic for merchants, multiplying our retail media revenue by 3.5 between '25 and '28. I would like you to remember 5 key elements out of my presentation today. We are the only at-scale player in benefits and engagement, and we are 2x bigger than our closest peer. We play in a large and growing market that are still largely under penetrated. We have built mission-critical infrastructure around meals and food with promising outlook. We have successfully expanded our offering to provide HR with a unique value proposition to attract, retain and engage their talents. With our amplified strategy, we are confident in our ability to deliver sustainable and profitable growth over '25, '28. Thank you for your attention. We will now take a 15-minute break during which you are invited to see and test our product. After the break, Diane will join us on stage to present our ambition in the Mobility business line. Thank you. [Break]

Good afternoon. Good morning, everyone. I'm very happy to be here to talk about our mobility business at Edenred. My name is Diane Coliche. A few words to introduce myself. After the first part of my career in the financial industry, I've held executive roles in international retail, including serving as General Manager of Monoprix Group. I joined Edenred 3 years ago as Chief Operating Officer of Mobility. We will spend the next 20 minutes together to discuss our mobility business, how we differentiate in our markets and our amplified plan. To start, I would like to share with you our mission. We want to be the most reliable, sustainable and efficient partner for our B2B fleet customers. So why those 3 words are so important to us? Reliable because our clients operate vehicles on the road every day for business-critical purposes. So we must keep their vehicles going. Sustainable because our customers are facing the huge challenge of decarbonation and efficient as they need us to achieve savings on their fleet costs. And we are doing that through our 360-degree mobility platform that in 2024, operating in 2 regions. We have market-leading position in Latin America, Brazil, Mexico and Argentina. And we are present in 20 countries in Europe. Since 2021, we achieved strong growth, both organically and through acquisition, 3 of them closed over the last 2 years, which were mentioned earlier by Bertrand. IT Group, the fuel card business in Italy; [indiscernible] in Brazil, making us the Brazilian leader in freight payments and [ Spirit ] in Denmark for EV charging. Let me walk you through our unique portfolio of solutions. Our core business, you know it is fuel. We enable the safe purchase of fuel and biofuels at the best prices by leveraging our extensive network of stations. EV charging is our future core since it's gradually taking over fuel on some mobility cases, and we will deep dive on this topic later. Then the fleet solutions are what truly makes us a one-stop shop for B2B fleet, starting with toll, providing toll boxes for domestic and international travel. It's a very dynamic market, and it will continue to grow with the development of digital payments as well as to support efficiency and sustainability goals. Maintenance, which is an important business for us in Latin America, and it's about supporting fleets in administrating the maintenance of their vehicles in our network of repair shops. This business has huge potential for automation and optimization through data and AI. Then we have other services like VAT refund services, freight payment for independent truck drivers in Brazil, road services like parking, vehicle wash and so on. And finally, fleet management is about combining all the data from the different mobility services into a single platform to help fleet managers optimize their fleet and be more efficient. So new core and fleet solution represent around 35%. This diversified portfolio enables us to serve all type of customers, industries and fleets from big consumer goods company like Coca-Cola or Pepsi in Mexico with thousands of trucks to SME clients with a few vans or cars. It also allowed us to reduce our dependency to fuel price by 10 percentage points since 2022. Now let's make a deep dive in the hot topic of EV, and I'm going to explain you why the rise of electromobility is a great news to us. Currently, the share of battery electric vehicle in the stock of B2B cars is still relatively modest. It's around 6% in Europe. And we expect the share of battery electric cars in B2B fleet to pick up to around 20% by 2030. Regarding vans and trucks, market experts also indicate that battery will be the winning technology, and we are actually seeing now as we speak, sales increasing quite strongly. Having said that, the graph on the left shows that fleets will remain mixed for a long time. And this is a key advantage for us as we are agnostic in the energy used, and we give the fleet owner of mixed fleet a full vision of its fleet in one single place. Also, the good news is that we will earn higher revenue per vehicle with EVs, up to 2x the revenue we extract on fuel vehicles. This is because EV needs to access energy on the road but also at work at the depots and at home. And we are providing services for each of the use case with our 360 e-mobility offer, which I'm going to describe now. So our objective is to help fleets electrify from day 1. First, we equip them with chargers, overseas installation and maintenance via a network of partners. Then we enable to charge vehicles everywhere and compile it into a single invoice. This is the core of our offer. For that, we have 2 software solutions, an EMSP platform, which enables to charge in almost any charge point on the road in Europe. We -- management system called CPMS for charger supervision and billing of sessions, but also value-added services like the reimbursement of energy consumed at home by employees of smart charging. And finally, we provide the digital tools to enable our clients to operate mixed fleet efficiently, meaning a fleet manager portal and a driver app. This offer is live in Western Europe and in the Nordics, and our ambition is to deploy it by 2028 in the rest of Europe and be a market pioneer in LatAm, where we are launching the solution as we speak, as you will see later in the testimonial of Vivo, a Brazilian client. This offer is, of course, first -- at our B2B fleet customers like Procter & Gamble or [ Group B ] mentioned by Constance earlier. And we also can reach new customers like site owners, logistics, parking operators, gas stations like Circle K, for example, or OEMs. This is another opportunity that EV is opening for us. Now let's watch a short video illustrating our solution portfolio and our product vision. [Presentation]

So now let's talk about our markets. Our total addressable market stands at EUR 600 billion in '25 and is expected to grow at around 6%, 7% per annum in vastly underpenetrated markets, especially in the Beyond products. Two main disruptions will keep driving our markets, a smarter mobility with digitalization, connected vehicle and AI that will bring fleet management to the next level. As you have seen in the video, our new product platform has been designed to deliver all those innovations. And then a greener mobility with decarbonization, thanks to electrification and alternative fuels as well as energy management, which will become a key topic as energy consume will increase. And energy management features are natively embarked in our CPMS. What sets us apart as a global provider? First, our unique portfolio of solutions, which I described earlier. We also have a leading network of merchants, fuel and stations and repair shops, sorry, 1 million charge points and dozens of partners delivering our road services. We have been building this network over decades, and it's really a key selling argument for us. Also, we've been very busy over the last years, revamping our suite of digital solutions for fleet managers, driver and merchants. We are currently in the process of migrating our customers, and we already see a sharp increase in our NPS with those customers. Finally, we are recognized for our exceptional customer care, largely automatized or in the process to be. In Brazil, for example, 98% of the contacts with drivers are performed through our chatbot called EVA, which is powered by data and AI with no human intervention. So what does the Amplify plan mean for mobility? I will take you through each of the 3 pillars of our strategy: attract, how we bring more vehicles on the platform: Enrich; how we will grow revenue per vehicle: And activate. First, to keep filling on our commercial pipeline, we will continue to target SMEs as it's still an underpenetrated segment. We recently implemented a 100% digital acquisition process in Europe that will continue to drive our growth. Second, we will further push bundled offers. Fuel and EV is a natural one. For example, in France and Germany, 85% of our customers onboarding on EV are also taking the fuel offer. And we are also rolling out other bundles like fuel and toll or fuel and tax, for example. Third, we'll maximize our reach through indirect partners. I'll just deep dive into this topic on the next page. So on the left, we have our B2B2B partners. Those are mobility players with large B2B client base willing to complement their offer. So we use their channels to distribute our solution. We actually, in the last 2 weeks, signed 2 major partnerships in Europe, a partnership with Shell, which will offer our tax refund services to their B2B fuel clients in Europe. And then an extended partnership with Daimler Group, which will, on top of our fuel cards, also distribute our full EV truck solution to their EV truck clients in Europe. We also have partnership with large lasers in Latin America like Ayvens, ARVAL or Unidas. That's for the B2B2B. The B2B2C model is different. We sell toll tax to the B2C customer base of big financial institutions through their banking apps. As mentioned earlier by Clément, Nubank, the largest digital bank in Latin America is one of them. And we are expanding this model to other services like sign payment, for example. This enables us to increase tenfold our addressable base. In just a few years, we have activated more than 1.5 million toll tax in Brazil and our scalable and open platforms. Moving now to the second pillar of our plan, Enrich. So let me tell you how the virtuous cycle plays also for mobility. In most cases, when you sign a client in mobility, you sign it on one product, historically fuel, now also EV. Then we cross-sell with other solutions like toll or maintenance, increasing our revenue per vehicle. And that's where the cycle comes into play as illustrated on the right. The customer with multiple solutions will use our fuel cards more so we capture a higher revenue per vehicle on fuel. And at the same time, will be more loyal to us and stay much longer with us, 2.5x longer with 4 products than with one. Our goal for the next 3 years will be to accelerate cross-sell from an average number of solutions per customer of 1.7 as of today to 2.5 in 2028. And why are we ready to accelerate? Well, we invested in our sales force by 15% last year, reorganized the team, boosted cross-selling incentives. Second, we know our tailored offer for mixed fleet will naturally drive cross-sell, as I mentioned earlier, on fuel and EV. Third, our revamped digital tools will be a strong accelerator. Our new platform have all mobility solutions embedded in them like you saw on GoHub for those who visited it in the product fair. They are also empowered with data AI features allowing for smart recommendation. So this will foster the use of our full product suite. Let's hear it directly from one of our long-standing major clients in Brazil, Vivo, who has implemented the full suite of solution. [Presentation]

And I want to illustrate our last pillar, Activate, with an example from our maintenance business in Brazil. As you can imagine, maintaining the quality of service within our repair shop is a top priority. We, therefore, created our premium network model. The idea is to direct volumes towards repair shops who respect a certain level of service while also bringing them value-added features to make them succeed. For example, we leverage our scale to negotiate better spare part prices for the shops. And we use data and AI to automate repair bookings, reducing admin tasks for the repair shop and boosting efficiency. Again, here, it's a win-win-win; win for the merchants who get higher business volume, win for our customers and drivers who benefit from a higher quality of service, and win for us as we benefit from increased client retention and monetization of our value-added services to merchants. Notably, client's NPS for those using the premium repair shops is 20 points higher than for other clients. That's why we aim to have 40% of our maintenance volumes within our premium repair shop by 2028. So where will Amplify bring us in 2028? By 2028, we want to have more than 800,000 vehicles to our base versus 4 million today. As explained already, we want to bring the number of solutions per client to 2.5. Finally to conclude, I would like to say that we are ready to seize the opportunity of a smarter and greener mobility in attractive and underpenetrated markets, thanks to our revamped digital platform powered by data and AI as well as our 360 e-mobility offer. This will allow us to increase number of vehicles on the platform, accelerate on cross-sell with increased revenue per vehicle and enrich connections between customer, merchants and driver through value-added services. So we are ready to embark in the Amplify journey. Thank you very much. I will now let the floor to Damien Perillat to present our Payment Solutions and New Markets business. Thank you.

Hello again. I'm excited to be back on stage to share with you today the latest development and strategic priorities for our Payment Solutions and New Market business line. In this section, I will provide you with an overview of our portfolio capabilities, and I will then share insight and example on how we create value for Edenred and build outpost in new geographies and market segments. So Payment Solutions and New Markets is a newly redefined and refocused business line. Virginie will share more details in her part. Our mission is to unlock growth opportunities by nurturing innovative payment solution in fast geographies and segments. Our business line also aims to provide optionality and new growth avenues for Edenred. We have recorded operating revenue of $210 million in 2024, reflecting a solid 50% growth over the past 3 years, while repositioning our portfolio and exiting some of our activities. We currently operate in 10 countries, combining adjacent solution in core Edenred geographies and new presence in fast-moving markets such as the Middle East or Asia. A key enabler of this growth has been our in-house payment engine, PayTech that I presented earlier and its full stack capabilities. As a reminder, the Edenred payment engine encompasses a comprehensive issuing and processing platform connected to a large network of payment schemes and partner across the globe. Having such an in-house platforms mean that we are able to roll out segment-specific payment solution that will speed to market. Being an agile business line centered on new opportunities requires a strong portfolio management. We are constantly reassessing our market positioning and allocation of our capital and resources to ensure delivery of sustainable and profitable growth. Our strategy also requires us to move fast to nurture promising businesses in attractive market. This is what, for instance, we have achieved in Taiwan and the UAE by creating market leader in their respective space. Why does it matter to expand into Payment Solution and New Market? What does it bring to Edenred? We have a clear answer to that. First, innovation; second, synergies; three, new market innovation. By serving both internal and external clients with our payment engine, we are at the forefront of new market trends. A good example, our recent partnership with Visa, providing us with dual issuing capabilities to continue expanding our reach and unlock new B2B payment use cases. Synergies Scale matters in our industry. By leveraging our internal capabilities to serve external clients beyond the Edenred ecosystem, we are able to significantly increase the volume process on our in-house payment engine. This generates large cost synergies, better economics with our payment ecosystem and therefore, strengthen our ability to invest on our proprietary platforms. Finally, we are the post of Edenred in fast-growing geographies and market segments, where we can blaze a trend for future Edenred use cases expansion. So let's now dive deeper into some of those at best use cases from our portfolio. First, starting with the U.S., where we have transformed our account payable business into a comprehensive end-to-end invoice-to-pay solution. We enable clients to pay their suppliers fully digitally embedded into their ERPs and banking system and through multiple payment method. Also, we have combined these capabilities with a best-in-class invoice automation platform to create a complete invoice to pay offering. By doing so, we have significantly accelerated our cross-sell strategy. Half of our new sales are now invoice and pay bundles, and those bundles offer have enabled us to cut by 40% of our client churn and increase by more than 30% our revenue per client. Moving to Taiwan, where through our Ticket Xpress platform, we are reshaping the way we operate multi-benefit in the region. From a market-leading position in B2B gifting, what we call incentive and reward, we have successfully expanded into Gift as Benefit to address business to employee use cases, full fledged multi-benefit and everyday app, aiming to reach 1 out of 3 workers in Taiwan by 2028. With more than 40% market share, we are diversifying our revenue streams and increasing our total addressable market by 5x. Finally, turning to the UAE, where we're operating the leading super app for blue-collar workers. Building on our leading position as a payroll card provider in the country with over 40% market share, we have built an app actively used by 1.5 million workers, providing dozens of value-added services from money transfer to salary advance and mobile top-up. Those services are offered in partnership with leading players in the region to ensure we can deliver the best solution and value to our user base. Our app user experience is fully curated for these specific agents. As a result, almost half of our operating revenue is now coming from those value-added services, greatly diversifying our revenue mix and adding new push across. To recap, our growth story for Payment Solutions and New Market is built on 3 fundamentals: First, driving innovation and payment expertise across Edenred; second, unlocking synergies with group platform and other business line; and third, setting up Outpost in fast-growing geographies and adjacent segments. We are very excited by the many growth opportunities lying ahead in our business line and the clear playbook that we have developed to tackle them. Thank you for your attention. I would now like to invite our Chief Financial Officer, Virginie, to present the group financial overview. Virginie.

Good morning, and good afternoon, everyone. I'm Virginie Vergne. I'm the Edenred CFO, and I joined 5 months ago, as you know, and I'll take you now through the finance section today. So before we get into the details of our financial performance and outlook, I'd like to highlight a reporting evolution that which will formally start to apply from 2026 onwards. We are introducing a new reporting structure, providing operating revenue, operating -- and geographies will move to secondary dimension. You have a recap here of the frequency and granularity of financial disclosures. And going forward, you will go with this new change. That really remains in line with what you've been used to with our reporting per geographies, but is now really by BL, okay? This change also includes limited scope adjustment between business lines that you can track in the appendix of the presentation that you have in your hand. I will not spend too long on that slide. It shows you how it will look like more or less. And as you can see on this slide, Benefits & Engagement and Mobility have similar operating EBITDA margins at 42% and 40%, respectively, and Payment Solutions and New Market is slightly lower at 30%. Edenred has successfully delivered the Beyond plan, consistently outperforming its financial targets. Through 2022, 2023, 2024, we significantly exceeded our targeted level of EBITDA growth. In 2025, we expect to achieve 10% EBITDA like-for-like growth, including the estimated EUR 60 million impact of regulatory changes in Italy. In a comparable business framework, taking out this impact, Edenred's performance would have been around 15%. As for free cash flow conversion, we remain above our 70% target, demonstrating strong cash generation and disciplined management. These results confirm Edenred's ability to deliver sustainable growth and resilience. Looking ahead, the Amplify plan leverages all our strategic levers to drive growth throughout the period. First, increasing our total revenue with both organic growth and other revenue, which I will address in more detail in the following slides. Then we have various levers to further enhance EBITDA margins. First, structural operating leverage, thanks to our platform and the scale effect inherent to our business model. The more users we have, and you heard Constance and all the business leaders before and the more volume we get, and so the more our transaction costs are lowered, as you can expect. Second, management actions, and I will also come back to this in detail later in the medium term. Now zooming into our organic growth pillars as outlined by Constance. These 3 pillars consist of attract, which means acquiring more clients in our underpenetrated markets and improving client acquisition efficiency, especially acquiring them faster. Enrich, which is about cross-selling more solutions per user, upselling and expanding our value proposition; and Activate, which focuses on monetizing our user audience for merchants and capturing additional proceeds coming directly from users beyond those financed by the employers. In a nutshell, we target more users and more value per user. The relative contribution of each lever reflects their natural phasing across the cycle. Attract and enriched pillars immediately start fueling our P&L, whereas contribution from the Activate pillar will be more and more sizable across the cycle and continue to fuel growth potential in the longer term. At group level, this should convert into an indicative high single-digit like-for-like annual operating revenue growth throughout the plan. Beyond operating revenue, Edenred generates other revenue, which refers to the financial income we generate from the float, mainly driven by our negative working capital profile in Benefits & Engagements. Other revenue is, therefore, inherent to our B&E business model, and it's part of Edenred's growth. Other revenue is determined by the size of our float multiplied by interest rates. On the float side, we expect continued growth, supported by an increase in business volume and stabilizing retention times from our largely digital user base. On the interest rate side, rates are stabilizing and are expected to remain higher for longer term. As a result, we expect other revenue to remain resilient and predictable with an expected value of approximately EUR 220 million in 2025. [Audio Gap] growth in '27 and '28. Then Edenred consistently applies a disciplined financial policy in managing the float. We use short- to medium-term deposits. We invest the float in the country where it is generated in its original currency, ensuring natural hedge. We operate centralized cash management. We optimize maturities by differentiating between nonrestricted and restricted cash. And finally, we apply an interest rate hedging policy whenever needed and specifically in Latin America. In terms of sensitivity to interest rates and to give further color on our P&L, an additional percentage point in interest rates would roughly lead to an additional EUR 30 million of other revenue and EBITDA and is partly offset by an additional EUR 20 million of lower financial expenses, resulting in a profit before tax impact of around EUR 10 million. In summary, thanks to our disciplined approach, we expect other revenue to provide a consistent contribution as we move through the next 3 years. As I explained, the Amplify plan is also focused on driving operational efficiency. Edenred's cost base is approximately 60% fixed and 40% variable, and we are targeting improvements in both areas. First, we will continue to benefit from the inherent structural operating leverage of our business with platform scale effects, lowering our unit cost per transaction. In addition, management will take targeted actions to enhance efficiency by advancing our Fit for Growth program, which will accelerate convergence across products and business line and standardize support function. And I'll provide more detail on this in the next slide. Support the long-term growth through strategic investments, notably in sales and marketing, data and AI. And thirdly, as I mentioned earlier, we are actively optimizing our portfolio. We are deeply convinced that in a world where data, AI and digitalization are advancing rapidly, we can further... Now looking closer to the Fit for Growth program. This is enabling Edenred to optimize its operating model by balancing local agility and global efficiency. At the global level, first, we want to foster convergence between geographies, platforms and products. This will be achieved by leveraging technology and support functions at scale to capture synergies, harmonize processes and implement global standards. At the local level, our go-to-market approach will go on answering client proximity, faster time to market and a strong partner environment in key regions. Additionally, we have product innovation hubs, global technology centers and regional shared service support functions, which are all strategically located to maximize impact and operational excellence across the group. As a conclusion, Edenred Fit for Growth program is a strategic enabler that will generate long-term efficiencies and increase flexibility and agility of our organization. Let me now take a moment to look at the Edenred's long-term growth ambition beyond our current strategic plan. As Bertrand mentioned earlier, our ambition is to reach over EUR 5 billion total revenue by 2030. This represents a compound annual growth rate of approximately 11% from '25 to 2030. This ambition reflects both our commitment to continued organic growth and our intention to capture additional upside through selective acquisitions. As we saw on the previous slides, our growth model is robust. It has proven to be sustainable over the last strategic cycles. Our growth model will structurally deliver 8% to 12% EBITDA like-for-like growth over the cycle on the back of high single-digit like-for-like operating revenue growth, increase in other revenue of the Amplify plan. While we are currently absorbing the impact of regulatory changes in Italy, the fundamental of Edenred's growth dynamic remain unchanged. [indiscernible], we do expect to deliver EBITDA like-for-like growth of 8% to 12% over the cycle. Our growth pattern will follow 2 phases. 2026 will be a rebasing year with like-for-like EBITDA growth expected in the range of 2% to 4% on the back of the regulatory change in Italy, cost to achieve management actions, portfolio optimization and the slight dip in other revenue corresponding that corresponding to an 8% to 12% intrinsic growth. In '27 and '28, we anticipate a target of like-for-like EBITDA growth in the range of 8% to 12%. And let me now go into more detail on these 2 phases. Now '26. As I just mentioned, we expect to deliver a sustained operating revenue growth, combined to structural operating leverage, fully in line with our model of 8% to 12% EBITDA growth. And this will be offset by, number one, the regulatory change in Italy that is still expected to amount to EUR 60 million in 2026, an additional effect coming from the cost to achieve the management actions, namely Fit for Growth and strategic investments, which will fuel Edenred long-term growth. And this will be combined with portfolio optimization for a limited number of small businesses where we do not see scale potential or which are below Edenred profitability standards. And finally, we have this slip dip in other revenue on the back of interest rate stabilization. All this together should lead to a like-for-like EBITDA growth of 2% to 4%. Now '27 and '28, we expect Edenred to deliver 8% to 12% like-for-like EBITDA growth annually. Revenue growth will be generated by our 3 strategic pillars, fueling operating revenue. Other revenue will start increasing again, as we said, and EBITDA margin will benefit from our structural operating leverage, accelerated by net positive contributions coming mainly from the Fit for Growth programs and other ongoing management actions. Generating free cash flow is one of Edenred's greatest strengths and a key component of our financial performance. Our business model is, in fact, a high and predictable cash generator. Funds from operations are and will continue to be the main driver of our free cash flow, thanks to consistently strong EBITDA generation. Looking ahead, under the Amplify plan, we are targeting an annual free cash flow to EBITDA conversion rate at or above 65%. This cash conversion rate reflects the increasing contribution of Mobility to group operating revenue and therefore, to working capital components. Mobility is growing faster than Benefits & Engagement and has a lower negative working capital profile. So to summarize, we expect our cash generation model to reflect the derisking of our business model with less regulated activities, which are highly cash generated, together with more nonregulated activities, which have a slightly different cash generation model. And this should lead us to a 65% minimum cash conversion rate over the cycle. We have built a capital allocation framework focused on growth and shareholder return. And we plan to invest on our growth investment and pursue organic growth initiatives to deliver the Amplify plan by maintaining annual CapEx between 6% to 8% of total revenue. Second, we want to take advantage of our solid balance sheet to seize value-accretive M&A deals. Next, we aim to enhance shareholder returns through a progressive dividend policy, complemented by share buyback programs, supporting long-term value creation for all stakeholders. Finally, we are committed to retaining a strong and efficient balance sheet while maintaining our strong investment-grade rating. Zooming in on CapEx, we will maintain a disciplined CapEx investment policy throughout the cycle with an annual CapEx range of 6% to 8% of total revenue compared to 7% to 8% in the prior plan. Within this, 90% of our annual CapEx spend will remain dedicated to product and technology investments, which we believe is the right way to assess our investment capacity. Looking ahead to '26, '28, we expect product and technology investments to increase to around EUR 1.8 billion. After a high level of capitalized tech investment throughout the life cycle to build our platform ecosystem, we will now rather be in a phase where we are deploying this platform. And we should expect our product and tech investments to convert into a greater share of OpEx and a lower level of CapEx. Our investments in data and AI will increase sixfold, reflecting the significant opportunities they offer for both internal efficiencies and organic growth. This step change in investment will accelerate our digital transformation and further strengthen Edenred's leadership in technology-driven growth. Turning now to M&A. Our goal is to build on our strong track record and accelerate both growth and diversification through growth accretive deals. Edenred has a long history of successful synergetic acquisitions. Recent examples include Reward Gateways in Benefits & Engagement or Spirii in Mobility, both under the Beyond plan. As a reminder, around 90% of acquisitions completed under the Beyond plan related to nonregulated businesses. Thus, we will focus on identifying the right opportunities for us to gain scale and consolidate our leadership positions in our core activities to diversify our product offering to strengthen the Edenred value proposition and support cross-selling in the long run. We focus on key deal considerations such as strong potential for revenue synergy and scalability as well as sustainable business models. We keep a disciplined approach. And ultimately, all M&A activity must deliver value creation for Edenred and its stakeholders. Thus, Edenred indeed remains committed to delivering enhanced shareholder returns. Our dividend has increased in absolute terms year-on-year, and we will maintain this progressive dividend policy. In addition, Edenred launched a EUR 300 million share buyback program that was extended with an additional EUR 300 million to be executed over a 3-year period. In 2025, EUR 100 million of shares will have been bought back by the end of the year. To conclude on capital allocation, let's turn to our balance sheet, which remains a core priority for Edenred. With a net debt of EUR 1.8 billion at the end of 2024, we maintain a robust financial position. By the way, I take this opportunity to remind you that restricted cash is not included in net debt computation, and you can see that on the graph behind me. Our strong cash generation model enables us to deleverage quickly, preserving financial flexibility. As shown on the slide, our leverage ratio has consistently remained between 1 and 2x over the past 6 years, and we expect to finish 2025 at around 1.2x. We remain committed to maintain a strong investment-grade rating throughout the cycle with our A- S&P rating reaffirmed in April 2025. This financial strength gives us substantial firepower and ample capacity to pursue sizable M&A opportunities while optimizing our balance sheet. Here is a recap of our medium-term annual targets throughout our Amplify strategic plan. Now let me conclude with the key messages of today's presentation. The Amplify plan will drive further total revenue growth in our vast growing largely underpenetrated markets. Our 3 strategic pillars: attract, enrich and activate will fuel organic operating revenue growth, expanding both our user base and the average revenue per user. Thanks to the addition of other revenue growth and M&A, we have the ambition to deliver over EUR 5 billion of total revenue in 2030. We aim to deliver profitable and sustainable EBITDA growth. 2026 will be a rebasing year where our model of total revenue growth fueled by structural operating leverage will be offset by the impact of Italian regulatory change on top of the implementation of management actions, the portfolio optimization in 2026, corresponding to an intrinsic 8% to 12% EBITDA like-for-like growth. Management actions, namely Fit for Growth program, increased investments in data and AI will drive long-term growth and EBITDA margin expansion on top of structural operating leverage. And in '27 and '28, Edenred will deliver 8% to 12% EBITDA like-for-like growth annually. Edenred business model delivers high and predictable cash generation and conversion and with funds from operation to remain the main driver, sorry, of our FCF conversion, we target a cash conversion ratio at or above 65% on a yearly basis. Finally, we aim at maintaining a capital allocation framework focused on growth investments, both organic and M&A and shareholder return with progressive dividend policy and share buyback while retaining strong investment-grade rating. I thank you for your attention. And I will now hand back to Bertrand for a short wrap-up before we turn to Q&A session. Thank you.

Okay. We are almost there. Thank you, Virginie, the Vforce. So as we wrap up today's presentation, let's reflect on the key elements you need to keep in mind from this afternoon. First of all, what makes Edenred stands out today in its industry. We are a unique global leader, operating a mission-critical infrastructure, both in Benefits and Engagement and mobility, best positioned for success in large, growing and still underpenetrated markets. Our strength lies in our distinctive B2B2C platform, which delivers unparalleled value to both our clients and their users as well as merchants and solution partners. With Amplify 25-28, we are set to steer Edenred towards significant growth, transformative change and stronger returns. We will achieve this through 3 strategic pillars in case you forget them. First, attract. We are boosting client acquisition, and we are tapping into large and rapidly growing markets. Next, and you can say it with me, Enrich, we are accelerating the virtuous cycle of cross-sell and upsell. Our goal is super clear, increase the average number of solutions per client moving from 1.5 to approximately 2.5 solutions, all while targeting a full potential of over 5 solutions per client. We are also committed to driving up solution usage, notably by leveraging face value increasing and enhancing retention strategies. Finally, and you're going to be surprised, Activate, engaging more and more with our user audience to unlock new revenue streams. This involves capturing out-of-pocket user spend to further drive volumes and developing new services tailored for merchants. We have a unique advantage in this field with an audience of more than 60 million users that are more and more engaged daily on the Edenred platform. We are also actively pursuing our platform transformation, thanks to unmatched product and tech investments with a relentless focus on convergence, scale and innovation. This means unleashing the power of data and AI to enhance efficiency, deliver personalized experiences and create significant value for our stakeholders. In summary, I am more than confident in Edenred ability, not only to capture existing market opportunities, but more importantly, to create new ones. Together, let's embrace the journey ahead and look forward to achieving great successes. Thank you for your attention today. We will now open the room for questions. Cedric, we are all yours. Thank you.

Yes, exactly. So yes, raise your hand. [indiscernible] we'll bring you a mic. [Operator Instructions]

I'm Ed Young from Morgan Stanley. My first question is on Attract. You've talked for the whole 10 years, Bertrand about the -- your and the team's obsession with data, and you're talking to CAC to LTV ratios of 12x. I don't know of another company where that wouldn't create an instant response so we need to spend a lot more on sales and marketing. Presumably, it's not quite that easy. Otherwise, you'd be doing that. So I'd love to hear a little bit more about how you think about the ability to improve that Attract vertical. Is it about spending? Is it about sales force? Are you spending enough essentially? And the second thing is on the Fit for Growth plan. You've talked about it a bit, but you haven't really quantified it. It would be useful to understand the delivery this year, next year, out years so we can understand the net investment you're making in those other discretionary areas.

Thank you for those 2 great questions. Maybe first of all, for the sales marketing effort, what do we intend to do for the next 3 years, Constance?

Thank you. I think indeed, on the -- if I come back first to the customer of acquisition compared to our customer lifetime value, the reality is that we manage it very dynamically. So constantly, I would say, adjusting as we further penetrate the SME segment based on how much value there is that we can grab, and there's still a lot of penetration and how much effort we put in. As we said, there's 2 areas where we're continuously investing and that's part of the management actions that how we invested, and we give back the number, but a lot more in our teams and data and AI. And within data and AI, as I mentioned, we're not having a generalist approach. I think it's really personal led and the #1 function we want to enable internally for more impact is our sales and marketing. And this is because we want to empower our teams with more segmentation, more targeted, I would say, push for cross-sell and upsell. So I think, indeed, very efficient acquisition lever, and we're still investing quite a lot in it because this is a plan of transformation and growth.

So Virginie to fit for growth.

So Fit for Growth is a net investment next year and start to contribute in '27 and '28 positively. And that's something that I want you all to remember as a number for one element. It's a net investment next year, obviously, because we will push a bit more than the savings we'll immediately get in 1 year. We have designed the plan this year. Some of the things have started, but they will start to fuel on our P&L next year. If we come back into the bridge, we said, okay, we have 8% to 12% that comes from our regular business in terms of operating revenue growth and so on. And then to bridge down to 2% to 4%, you have part of it, which is Italy. I'm not going to make a big reveal saying that if you take EUR 60 million out of what we expect this year in terms of EBITDA, you're more or less around EUR 5% in terms of impact coming from Italy. And after that, the other revenue, EUR 220 million around EUR 210 million next year. So you have more or less EUR 10 million coming from this. Then you get into the rest and the Fit for Growth combined with portfolio optimization, that's what is giving the rest to get from 12 down to 4, and I'll let you do further math on that.

And if I can rebound on what Virginie said, it's because we know the intrinsic growth of Edenred is between 8% and 12% even in 2026 that we accelerate our investment. Once again, when you think about Edenred, we have been the big winner of the digitalization. We invested -- like nobody else starting in 2026. If we make a comparison with our #1 competitor, our level of EBITDA today based on this EBITDA growth. We're going to do the same on data and AI. We are the biggest platform. We know that it's not the only lever, but that's a revolution we don't want to miss. We don't want to miss it for our clients because with an AI augmented product with an agent concretely, it's so cool for the users and so for the employers, we don't want to miss that revolution. The other thing is we are too young in that management team to miss this industrial revolution. We will not miss it. We'll make it happen for the efficiency of our people, for the efficiency of our process and for the coolness and the sexiness of the products we're going to deliver via the platform. That's why we invest in 2026.

This is Justin Forsythe from UBS here. First, I want to start on the '26 EBITDA guidance, and Virginie, thank you for that presentation. Very clear on the Italy impact, very clear on the other revenue impact, but maybe we could dig in a little bit more on some of these other dynamics. So we have the Fit for Growth, the additional AI and tech investment and then the portfolio optimization. It sounds like you don't want to give precise numbers there, but maybe you could just talk on a relative basis, which is generating a greater level of investment in 2026. And Bertrand, on top of that, I would expect that you should see an acceleration to the top line as a result of all these investments you're making, I would think or else you probably wouldn't be making them. So maybe you could talk about the most important factor that you expect to drive revenue forward in the investments that you're making? And then second question would be on the EUR 5 billion in revenues and the EUR 70 ARPU. So rough math, I think that gets you to around just over 70 million average customers in 2030. As I understand the -- what is it called attract...

Sorry, do you like to say it again?

Just a little bit -- yes, a few more times, please. The attract pillar, I think you were saying that was supposed to drive the majority of growth, which sounds like more customers, right? I mean that's the main crux of what we're talking about, lower penetration within a bunch of these different verticals, which you have presence in. So I guess I want to understand those 2 drivers because I think actually, it seems like there's more of that ARPU to be driven from higher engagement and cross-sell. I think that's like a 9% CAGR versus 70 million average customers, that's like a 3% CAGR, which numbers. And second, whichever pillar we're talking about, can we just walk through the drivers there?

Okay. Why don't we start with that? Are you on it? Okay.

Okay. So maybe just a quick coming back on the ARPU. It's not based on total revenue. The way that we manage and that we look at ARPU as a North Star, not a financial target is in operating revenue per user. So coming back to the 2030 ambition and affirming this ambition, it's an ambition in total revenue growth, which also includes -- that means it includes operating revenue, other revenue, and it also includes further M&A opportunities. So I would just put that aside, then indeed, I think on our growth, it's around, as we mentioned, as Virginie mentioned, 50% to 60% of our growth will be coming from increased users on our platform. And it's combined as well with as we increase in them, if I look at the attract pillar, it was more opportunities, but also more value per client acquired when we do it with bundled sales. So I would say that in the attract pillar, we attract users and we attract them at a higher value for Edenred on that platform, 50% to 60% of the growth. And then the other 2 pillars and reach, which is really through cross-selling, so pushing more solutions that are used by each and every user on our platform, upselling, which is increasing the share of wallet that they use in our solutions or increasing, as Arnaud shared, the face value of the benefits that they are using. This is the enriched pillar and finally attract with new services. So I would actually say it's quite balanced, I would say, plan between the more users at a higher value. And then when these users are on our platform, more value per user.

So Justin, I will take your question 2, and I think there's a link between the second one and the first one, but then Virginie, if you want to add something. So yes, in 2026, it's a year of rebasing and investment for Edenred, investment in sales and marketing, investment in data and AI. And it's also a year of clarification on our business line via the portfolio optimization that we are doing. So portfolio optimization boom, it's in 2026. There is some EBITDA in absolute value that we leave over the table, in terms of basis of comparison. The second thing is, yes, we invest in data and AI and Fit for growth. Data and AI, the budget between 2025 and 2028 is going to be multiplied by 6. And so there will be a big push next year that we'll be able to absorb after that. But for next year, it's a big push, and we will see the positive effects, in fact, in '27 and '28. And same for Fit for Growth. Fit for Growth, in fact, is the fact that we are at maturity to make it happen. We are at maturity to have some shared business centers that we didn't have before. We are at maturity for the verticalization of certain global functions that we didn't do before. It's a shift for us. Initially, it costs money, and then you have the benefits. So to your question, are we going to see an acceleration of the EBITDA growth in 2027 versus '26, of course, because 2 8 to 12. Are we going to see an acceleration year after year based on those elements, yes. And you will see some margin expansion as well. Then there are some factors that we don't master, what's going to be the fuel price, what's going to be the level of unemployment. So if all the other variables stay stable, you will see an acceleration of the growth, and you will see some margin expansion in '27 and '28 for Edenred.

Sabrina Blanc from Bernstein. I have 2 questions. The first one is regarding the portfolio optimization. And in parallel, I noticed that you have changed the name complementary solution to -- sorry, I don't remember, but you have changed the name. So I would like...

Payment Solutions and new markets.

Thank you. And my second question is regarding specifically a remark that you have made in the past, Bertrand, you said that when you arrived in 2015, you said that I will put a lot of CapEx on the table. And after that, I will be able to leverage on that. It looks like that finally, the business model require a regular high level of CapEx, if you can comment on that.

Okay. I'll start with that. And then Damien and -- so Sabrina, you forget the second part of my answer. I said a few years ago that I was wrong because when we started 10 years ago, I said, okay, I invest, and I expect the level of CapEx because now that we are entering into the platform model, in fact, it's a model where you need to continue to invest on a regular basis to fuel the growth of your business. So yes, we will continue to invest. What we said in terms of CapEx, last cycle, we said between 7% and 8%. This cycle, we are saying between 6% and 8% because there are 2 variables that we are playing with. One variable is we made a lot of efforts during the beyond to go for the convergence and the uprising of our platform. Edenred Plus, for example, was a huge effort for us to restart a platform from scratch worldwide for benefits. And now that we are deploying the platform, we did it in Bulgaria, we did it in Poland. We are doing it right now in France. We have more than 1 million users in France that are now using the platform. The engagement score is booming. The level of spending on the platform is booming. So it's a very good start. We still have some way to go in France, and we are doing Mexico very soon. What I want to say is for Edenred, we are in the deployment phase, which is less costly than the development phase. And it's a little bit more on OpEx than CapEx because you are in the deployment and not the development -- that's why we are saying 7% to 8%. You could say, oh, it means that it's going to be less. So why don't you say 6% to 7%? I don't say it because there is the dimension of data and AI where it's the beginning of the journey. We don't know exactly, but we are going to learn as it goes. But to make a long story short, we need to invest because we are absolutely convinced of the growth on our market and our ability to go after the growth, but we are also very disciplined. So when we say between 6% and 8%, it will be between 6% and 8%. That was your second question. Then there was a first question. So.

So Payment Solutions and new markets. So as I was explaining before, so it's made of payment solutions, so in-house payment engine that is powering our 2 other business lines, so mobility and Benefits & Engagement. And also, as I was highlighting, we have a portfolio of other external solutions relying on the same payment engine. And then second, new market because indeed, we have like new areas adjacent to the core geographies of Edenred, where we're also nurturing new businesses, an example of the UAE or Taiwan, which are like our footprint in APAC and the Middle East. As part of our portfolio optimization, we have been doing 2 things. First, we have communicated that we exited some activities. So for instance, we exited the B2C Bank-asa-Service activities in Europe. And also, we have reassessed our capital allocation to ensure that every solution that we have in this portfolio is well positioned, and we have like the correct allocation of capital and resources.

Estelle Weingrod, JPMorgan. First question is on Retail Media revenue. Can you elaborate a little bit more on this one? Could you quantify perhaps the long-term potential for this? And the second one is just a quick question on next year in '26. If you exclude the impact from Italy, I think it implies operating EBITDA margins improving year-on-year despite next year being a year of accelerated investment in AI and so on. So just can you elaborate a little bit more on this point? Is that right? And what is driving that, please?

Why don't we start with retail media?

I was on my way already. Yes, on retail media, I think we are beginning of a journey. Our platform at scale, Edenred and [indiscernible] are offering new capabilities in terms -- because we set properly all the enablers for retail media in terms of content management, in terms of tracking of traffic and in terms of, let's say, all the capabilities to propose maximum of exposure or point of contact for our merchants and our users. So I would say it will grow at the same scale of the rollout of those platforms. So let's say, because the more audience we have on those platforms, the more we'll be able to monetize them. So I would say here, we set a target for the next 3 years, which is at least to do 3.5 over the period. And I'm sure that when we will be in 2028, we will have a new audience that we will be able to further monetize. So difficult to commit on something, but I can just tell you that I see, let's say, significant and regular growth on retail media in the coming years.

But maybe we can repeat the fact that in 2025, your retail media revenue has increased by more than 30%.

Yes, absolutely.

And maybe to give a -- yes.

Link with the ambition, I think there's 2 main drivers of growth behind Retail Media, which Arnaud highlighted. One is as we activate further users on our audience. So even within the countries where we are the platform is rolled out, as we activate further users, they are more and more exposed to these marketing activations and that monetization route and then indeed as we roll out. So a lot of potential ahead.

And if you look at what the major platforms are doing, and if you compare to the volume we have, we are far, far, far from our full potential. We are talking of a multiplier that is pretty high as compared to what we have today. And so we recruit some people from Amazon, for example, we did that very well because we want to learn from the best. And we are not more stupid than the other guys. So it's a question of priorities, discipline, grab the capabilities and let's go, let's do it. Your first question was as to the margin. Do you want to start, Virginie?

Thank you, Bertrand. In 2026, we expect our EBITDA margin to be slightly lower than in '25. Remember, we talked about cost to implement management actions. And then you're right, it's not really a question about Italy. It's about the addition of those elements especially. And then that will probably bring us a little bit down and then back again as we move to '27 and '28.

Another way to say it, 2026 rebasing that is mild, in fact, but still the bill in Italy is not the bill, but the incremental is EUR 60 million plus the investment that we are doing. But very soon, in '27 and '28, we will do better than the margin we had in 2025. So expect a rebasing and some margin expansion.

Good afternoon, Josh Levin Autonomous Research. Thank you for the presentation. Two questions. The first is on capital structure. I remember about a year ago, I think it was at the investor update, the former CFO had talked about how in the second half of 2023, Edenred took advantage of high interest rates in Europe and it locked up some of the float in 3-, 4- and 5-year term deposits in Europe. I think that would mean that they start to roll off in '26. Maybe you could just give us a sense of how these deposits are rolling off and how they get repriced, just we can think about the float income. And then the second question is about insider ownership. It's fairly low at Edenred. You're obviously very optimistic about the business. You have an ambitious plan here, and the stock is trading at a fairly low valuation relative to its history. How do you think about insider ownership and aligning shareholder and management incentives going forward?

Okay. Let me first answer to your -- to the question of the float evolution. So well, let's say, the other revenue evolution. So first of all, our business is growing because our business is growing, the business volume is growing because the business volume is growing, times the number of weeks of retention that has stabilized, let's say, around 7.5 or 7 weeks, we have a growth of the float times the interest rates in every country where we generate some floats. So then we take some positions in every country, on every line, depending also on the maturity of the line. So we have Gregoire in front of us. And Gregoire is spending a lot of time on that on a spreadsheet that has millions of lines because the maturity, the coverage we have can be different from one country to another, from one line to another. So we manage that very professionally. We manage that also very carefully to the best interest of the float and the remuneration we get. What does it mean? If you take this huge database of millions of lines, what do we see is we see in 2025, that we're going to do better than expected. That's why we said we think the floor could be at around [ 210 ]. And in fact, we said we're going to do around [ 220 ]. And so when we look at 2026, today, we have a floor at [ 210 ]. So still some way to go, but we feel confident that it could be [ 210 ] or above, okay? But what we also see is we have a stabilization of the interest rates, stabilization of the interest rates on the market plus all the lines we have with the maturity. So we already know that if the business volume is growing as we have in the plan, so the other revenue is going to increase starting in 2027 and 2028. But it's the combination of all those elements that lead to that conclusion. Then you had a first question as to the insider ownership. It's true that we are not happy with the share price. We are all shareholders of Edenred, but we are all fighters as well. And we always deliver what we said, always. So what drives us and in terms of alignment is, first of all, the love of the brand. We love the Edenred brand, and we love Edenred and the adventure of Edenred. So that's for us, the passion for the development of Edenred that is driving us every day. The second thing is you can be passionate, but you also need to create some value and some value for your shareholders. So that's why we try to communicate as clearly as we can. We try to explain things that are sometimes complex in the payment industry. And that's why we try to give a lot of visibility on where we want to go, how we want to make it happen. Finally, as I said, we are all shareholders of Edenred. It means that all of us, the top 500 people of the company, we all have some performance shares every year. And so we are totally aligned with the interest of the shareholders as well. So I would say it's the combination of financial incentives that are in place but also more than the finance, the passion for the development of our platform. And this is the passion that was the main driving force of what we achieved for the last 10 years and will continue to be a significant driving force for the years to come. We want to prove that you can start a business with simple paper vouchers and you can be with a French origin and not more stupid than any of the other big platforms around the world. We can do it, and we will do it.

Yes, Mourad from BNP Paribas. So I have 2 questions. The first is related to the rebasing in Italy. So I heard that you said multiple times that the EUR 60 million includes a degree of rebalancing. So I'm just wondering what's your thoughts about the rebalancing. I'm linking that question to the comments from your competitors has been able to fully rebalance the shortfall. So is there a scenario where you can do better? The second question is, I couldn't help but notice that while you provide EBITDA growth guidance, you don't talk about sales growth. So why don't you give a like-for-like growth guidance? Is there any variability there? What's your thoughts on that as well?

Okay. So I'll take the second one, Arnaud, the [indiscernible] for the first one.

Yes. So Italy -- so first of all, we are proud of what we achieved in Italy, this rebalancing. The scale of it was -- we never did it in the past, and we did it according to plan. So first of all, from an Edenred standpoint, it has been, let's say, an operational success. After I think it's important that you look at the point of departure regarding the point of departure of Edenred in Italy. Who are we in Italy? We are very significant market leader, very, very significant market leader. It allow us to monetize in the past when it was open pricing on merchants very well our pricing and our value of business provider towards merchants. And as well, we were, let's say, pricing well towards our corporate clients because first, we were, let's say, overexposed to the private markets on which we can better price. And within private markets, we are as well super performance in the SME segment on which we price better. So let's say, the rebalance -- we have the limit of rebalancing where we -- first, we are starting on a very high point for merchants. And second, we are starting on a good pricing basis on corporate clients. So we reach a limit of what we could achieve. But this is just the output of our, let's say, very successful position on the Italian market which is not exactly the case of, I think, the competitors you are referring to.

And so it works the other way around, i.e., the 25% increase of face value in Italy, if it happens, it's going to have a very significant impact on our business. Why? Because our market share is super large in Italy. So it works one way, it can work the other way. So the first question was guidance on -- why don't we give guidance on revenue. So first of all, we believe that the closer we are to the bottom of the P&L, the better we are for you guys. So we have to make a choice. So our choice is to go after the EBITDA. As to -- you could say, well, why not the revenue? -- yes, why not? But we cannot guide on everything. We guide on EBITDA. We guide on cash flow conversion because at the end of the day, cash is king. As to the revenue, at the end of the day, it's pretty far from the bottom line. And the second thing is we are a very resilient model. So it's not as if you can see some huge swing from 1 year to another or from one quarter to another. So that's why we believe that a guidance on EBITDA plus on the free cash flow. Another one on CapEx more or less helps you to really understand the model, knowing that on the top...

And you have an indication that we have given, which is a high single-digit growth over the next year. So we have not let you in the dark. So that's what it is about.

Hannes Leitner from Jefferies. I got a couple of questions on first, headcount and then on the balance sheet and then maybe some clarification. You mentioned over the last 3 years, you have added around 3,000 and a little bit of headcount, but just more than 300 people of salespeople. So maybe you can just talk about the next 3 years, it was in the '22 presentation, more than 3,700. Now it's more than 4,000. Maybe you can just talk about the headcount evolution. You bake in? Yes, you have talked a lot about AI and efficiency, but maybe just to understand where headcount should go. The second one is on the balance sheet. Over the last 3-year plan, you spent EUR 1.5 billion product and tech, now EUR 1.8 billion. That was in the old one, a 50% increase. Now it's around 20% increase. Maybe you can talk about that spend, how much more efficient is it to drive that additional EUR 2 billion in top line revenue? And also in terms of M&A, -- so on the balance sheet, you spent around EUR 1.7 billion over the last 3 years to buy Reward Gateway and a couple of others. And all those assets have been really called out by you as one of the driving things today for the next leg of growth. How should we think about the next 3 years? And just in terms of clarification, I think what Justin meant, if we are just taking a ballpark of other revenues, let's say, EUR 300 million, you come in 2030 to EUR 4.7 billion operating revenue is fairly modest. Why are you so cautious to just expand by 10%? That's I think what Justin meant.

Shall we start with our cautiousness. I could?

So it's not -- obviously, I think it's still bullish in terms of attracting more users. I think the reason is that our -- first of all, when you say that the markets are growing, they're growing in terms of number of users and in terms of penetration and in value. So I think what we're going after is both the number of users and the value per user coming back to our equation. So I think, again, we don't look at it separately. I would say, number of users on one side, more value per user. It's really both. And that's where I think coming back to the high single-digit top line growth, I believe it's an ambitious strategy, and that's where we're putting our investments.

And in the ARPU, you have the M&A.

And in the ARPU, obviously, we have the M&A.

Okay. So then your first question was about people. So are we going to see in the coming years, the number of people of Edenred growing? Yes. Because if you want to sustain 8% to 12%, you need to recruit people. Then I think our workforce is going to be more efficient in the years to come, and that's part of the Fit for Growth model. So to sustain the pace of growth, do we need more people? The answer is yes. are we going to have more revenue per head and more EBITDA per head? So productivity increasing, I think absolutely. Absolutely, first of all, because 60% of our costs are fixed. So we can do more with the same number of people. Absolutely as well because the investments we are doing in organization are going to help us, in fact, with a limited increase of people to be able to deal with the increased revenue. And the third thing is that data and AI is obviously for certain categories is a source of efficiency as well. So yes, you will see the number of people growing, but you will see the productivity per head, whether in revenue per head and in EBITDA per head increasing in the coming years. Then there was the second question -- do you want to answer that question? Or do you want to start?

I start -- in terms of investment and of our CapEx, we get into quite a significant investment with EUR 1.8 billion. I think you've heard a lot from Constant from Clement from everyone where it's going to be spent next year and also from me that by nature, based on what it is implementation of our platforms, but also cloud-based activities that, for any reason, IFRS [indiscernible] to CapEx, part of it will go into OpEx. So then this investment is directly getting into our P&L and fuel transformation. And for a tech company, at the end of the day, if you take part of it and you inject that into the P&L, that's not such a huge percentage of our activities. And I would rather think that it's not yet the end of that game. M&A.

Okay. So first of all, as it was explained by Virginie, if we find opportunities to allow us to consolidate our leadership or to bring additional services on our platform, we will do it. And we -- here, we are talking of bolt-on or acquisition with, let's say, a limited price because the idea for us is to amplify by putting the services on our platform. So I give you a few examples. In mobility, our job is to sit down with the driver and the fleet manager and to say, okay, what is bothering you? Access to energy, okay, [indiscernible], okay, maintenance, okay, telematics, okay. What else? VAT reimbursement, excise duty, okay, what else? We have something that is popping up, for example, which is fine management. When they look at their P&L, and it sounds stupid, but it's not. When you -- it's money that you throw over the window, you never know when was the fine issues, what do you need to pay not to pay. Maybe will buy one of the people because it's an additional services. Another example in Brazil for Benefits and engagement, yes, we have many offers, and we were in ticket transport. We were not #1. We decided to buy another player to become #1 and to consolidate a leadership position on ticket transport in Brazil. So when you are a Brazilian citizen, you have your portfolio of solutions, so meal and food and then transportation that you are using every day. And then we are entering the famous wheel of the [ Salesforce ], upsell, cross-sell, bla, bla, bla. So anything we can find that allows us to consolidate the leadership or to bring additional digital services on the platform, we will do it. Are we talking of big acquisition -- not exactly -- not exactly because our job is to grab them at the right moment and accelerate their development on our platform. It's going to be the priority for the next 3 years.

Johanna Jourdain from ODDO BHF. So 2 questions on my side. The first one, so coming back to portfolio optimization. So I understand the exit from Banking as a Service business, B2C in Europe. But to me, the impact is mostly in '25. So just wanted to be sure that I'm not missing any other exits on contracts or countries or whatever. And my second question is coming back to '26 guidance. What are the assumptions in terms of organic growth for operating revenue -- which are behind your guidance for EBITDA of 2% to 4% like-for-like, especially the dynamics by regions and by business line, but specifically for '26.

So the question of [indiscernible] is why don't you give some guidances on the operating revenue and then you ask us the question. But okay, so if we start with the 2025 and there will be some as well in 2026. Some of our partners did not close as fast as we thought, in fact, their portfolio. They realized that, in fact, we were more instrumental than what they thought. They discovered the beauty, but it's going to be done in 2026. Then we have some other things -- so for example, eye care in the U.K. that was in our portfolio for many years. In fact, when we look at the dynamic of growth and profitability, we say, okay, that's a program we stop. In fact, the pressure we were in 2025 forced us to be strong on, okay, what do we continue? What do we stop to make sure that we are 100% aligned for the next cycle. Maybe there are some other activities you can talk about in your portfolio that we decided to stop in 2025. So we will not get the revenue in 2026.

Yes. And so that can be also activities where we trimmed the portfolio, so we didn't stop fully the activity, but we refocus on a certain segment of merchant and clients and also reducing the revenue and profit base that we extract from those businesses.

But you can give 1 or 2 examples.

We've been doing that in Asia in our incentive and reward portfolio. So we're looking at some markets. And also, this is where we have like a dynamic allocation of our businesses. We've been moving some businesses from my business line to the one of Arnaud just to make sure that we are going after the right product offering.

Okay. Then you had a question about operating revenue guidance for 2026.

And growth between geographies.

And growth between geographies. Okay. A few things. I don't want to let you down, Johanna. So the first thing is we believe in 2026 that Latin America is going to grow probably faster than Europe. The second thing is we believe that Mobility and Benefits & Engagement, in fact, due to the impact of Italy. In fact, we know that Mobility will grow faster than the Benefits & Engagement in 2026. One of the main driver being, in fact, the Italian impact of EUR 60 million. Third, the beyond, the diversification will grow faster than the core in 2026. That's how I see it from a geographical point of view, from a product line point of view and from the core versus the diversification.

So we have Pravin.

Pravin from Barclays. Firstly, on new reporting structure, are we going to see realignment of internal reporting as well along the lines of business units from the current geographical structure? And in conjunction with that, will there be any change in approach to your platform development for different business units versus the global core platform currently you have? And then secondly, the journey of ARPU, it was EUR 25 in 2016 to EUR 45 today. if we had to sort of roughly split that in similar buckets for -- at [indiscernible] and activate, how that would compare with your future targets?

Thank you, Pravin. And yes, definitely, starting from 2026, as we presented today to you this Capital Market Day business line by business line, yes, you will be able to follow the business with us business line by business line. And you've seen Damien, Arnaud and Diane, who represent those businesses. So you'll be able to remember whose spaces are behind that. And the traditional information you have seen in the past by geographies, you'll now see them from by business lines moving forward. As you can imagine, you'll find all the historical information you will need in full year 2025 to help you start in the future with that one, and we remain available.

But from a management point of view, it's totally aligned. Okay. So then the second question as to the ARPU journey.

My favorite topic. But on ARPU, I think in the past, the growth of ARPU has been driven by mainly, first of all, all the diversification that we've made, the mix evolution as well between business lines, a significant growth linked to that's, I would say, from the past moving to around EUR 45 today. Moving forward, I still -- obviously, there will still be a part from Activate. I think it will -- sorry, from attract. Within [indiscernible], I see still focus, I would say, still attention on upsell, but even more growth coming from the cross-sell level. So I think that's one of the shifts. And then the second piece, which was I think a much less present in the growth of the ARPU is the activate portion of really driving more revenues towards merchants by activating what I call top-up features, so really capturing out-of-pocket spend. So that's why you will see versus what we shared in the investor update that there is more growth coming from, I would say, the -- and reach and activate than the attract pillar and in the end, also M&A.

So one last one. And during the cocktail -- so will be for you. You are our #1 priority, okay?

[indiscernible] from AlphaValue. Only one question from my side, please. So the push to a full electrification in Europe seems to be slowing. And 2035 objective now looks less achievable. So I'm wondering, have you reflected this in your base case assumptions in your.

Sure. No, you're right that the 2025 deadline may be pushed. It's, however, not true that electrification is slowing down. It's actually accelerating over the last quarter. In Q2 '25, you have 20% of the new sales in Europe were full electric cars. But it's true that there will be volatility in the market for the next years. And that's why effectively our positioning, which is to be agnostic and to be able to help the fleet managers manage this transition over a certain period of time is very well adapted to that market. And we'll adapt market from market because it depends on regulation. It depends on infrastructure. It depends on, of course, price of OEMs, and we'll follow the market. But we have the right positioning for this uncertain market.

Okay. A few closing remarks and then the cocktail. Okay. Okay. So thank you all for your -- so can we move on a little bit? So I will now close this Capital Market Day with a few remarks. So first, let's collectively step back on the Edenred journey since 2015. We managed to drastically change its scale from a multi-local player in niche markets to a true global and integrated leader in both Benefits & Engagement and mobility as well as payments. We almost tripled the total revenue and more than tripled the EBITDA, delivering strong, sustainable and profitable growth. Edenred today is much stronger than ever and with significant capacity to further invest in its development to capture the significant opportunities in the large, growing and underpenetrated markets we operate in. We have several unmatched assets compared to our peers to capture this growth potential. First of all, global leadership position in an industry where scale matters. Second, an unmatched depth of solution, opening up a significant cross-sell potential. Third, we are the only player who has made the investment to implement and operate internally a specific purpose payment engine, giving us agility, independence and superior scale. Fourth, -- our unmatched capacity to invest over EUR 1.5 billion in the last 3 years has strengthened our platform, delivering increased scale, efficiency, trust and innovation. Lastly, we can rely on a very efficient go-to market, coupled with a resilient, predictable revenue model. All of this taken together is what sets Edenred apart in the industry and what makes us confident that we are best positioned to capture the growth opportunities in our markets. And this is what provides us with a unique competitive edge. We are the only player to provide an integrated experience at global scale in the markets we operate in. We will continue to push for more in the next years. We are not standing still. We want to provide our clients, our users and our merchant partners with an even more integrated experience and to do so at an even greater scale while offering game, our new strategic plan for the 3 years ahead. It aims at capitalizing on all the foundations we built in the previous plans to grasp the full potential and open new growth avenues, attract to further boost efficient client acquisition in large, growing and underpenetrated market, thanks to diversified client touch points and fully digitalized client journeys, [indiscernible] to accelerate the virtuous cycle of cross-sell and upsell and by doing so, increase the average revenue per user. the ARPU journey. Activate to further develop the engagement and the intimacy we have with our user audience to unlock new revenue streams with merchants. All of this can be summarized in a very simple equation, attracting more users times generating more value per user by fully leveraging our unique platform. And we will unlock the full potential of Amplify with relentless focus on 5 things. First of all, unlocking product-led growth for digital-first acquisition and cross-selling of our full portfolio of digital solutions. Second, activating further in the B2B2C growth equation to capture additional user spend and deliver new services to merchants. Third, industrializing data and AI within our teams, within our processes and within our solutions. Reinforcing our structural operating leverage is the fourth priority, thanks to management actions or portfolio optimization, among other things. Finally, we will maintain a dynamic capital allocation in order to seize the most promising growth opportunities available while delivering strong shareholder returns. I will end the Capital Market Day with a quote from Michael Horn, the famous Explorer or Adventurer. From those who have followed our -- and his words resonate today for us. And these words are never give up, you are made different. You thrive where other need to survive. Thank you all for your time and your attention today. And let's now enjoy a drink together and good evening to those who were with us online. Thank you again.