Enrich 
connections.
2021		
2022
Integrated Report
For good.

Integrated Report 2021-2022 • 2
Edenred’s purpose, unveiled in 2021, promises to create 
sustainable and profitable value and share it with stakeholders. 
Over the past year, we have worked to enrich connections 
throughout our ecosystem, always with an equal focus on 
performance and responsibility.
Enrich connections. For good. 
Integrated Report 2021	    2022

Integrated Report 2021-2022 • 3
Summary
Interview with Bertrand Dumazy, 
Chairman and Chief Executive Officer of Edenred
The world of Edenred 
Embedding our purpose in everything we do  
The Edenred Group  
A model for creating responsible, sustainable and 
profitable value
New possibilities in a post-pandemic world
Targeted responses to the consequences of the health crisis
Enrich connections. 
Unleashing the power of human connections
Tech for Good: forming virtuous, lasting connections
Eat
Care  
Move 
Pay
For good.
Strategy and commitments
Dynamic, committed governance
Hands-on management of risks and challenges
Sound, responsible financial performance  
  4
6
7 
9
12
15
19
22
23
27
30
33
36
39
42
43
46
51
54

Integrated Report 2021-2022 • 4
Interview with 
Bertrand Dumazy 
Chairman and Chief Executive 
Officer of Edenred
How would you sum up Edenred’s financial 
performance in 2021?
In one word, I would say the year 2021 was 
historic. Record growth took our earnings to 
new heights, with total revenue, EBITDA and 
net profit respectively growing by 14%, 18% 
and 31% like-for-like. 2021 was also a year of 
major ESG progress, with our ESG indicators 
well in line to reach our 2022 and 2030 
targets.
We owe this success to our relentless 
innovation efforts, the relevance of our 
solutions, the soundness of our business 
model – but above all, we owe it to the 
commitment of 10,000 Edenreders. Each 
day, they work with passion to serve nearly
1 million customers, 2 million merchants and 
50 million users. I feel fortunate to be a part 
of such a Dream Team.
In the past two years, we have seen the 
concrete impact of the health crisis on 
Edenred’s businesses and markets. How 
were you able to adapt and react?
Edenred demonstrated remarkable resilience 
in the face of the sudden economic shutdown 
that affected our business in 2020. Even 
though the public health situation has 
remained an area of concern, particularly in 
Latin America, our latest results show that 
we have more than erased the impact of the 
Covid crisis. 
Moreover, the pandemic has reinforced 
certain trends that are favorable to us, such 
as the increase of remote working, the shift 
to digital and mobile usages and the call for 
more responsible behaviors.
In fact, I am convinced that Edenred has not 
yet reached its full potential.
Edenred is very different from what it was 
five years ago, tech-wise. What are the 
main aspects of this transformation and 
how does it support our strategy?
That’s right: from a tech perspective, we could 
say that Edenred has been reborn a digital 
native. By investing heavily in technology 
since 2016 – more than €300 million this year 
–, not only has Edenred disrupted its business 
model, but it has also established itself as the 
leader of its industry in digital innovation.
Today, 100% of our new solutions are digital 
and the share of our digital business volume 
has increased from 70% to 90% in five years.
We are a key player in mobile payment and 
app-to-app connections: think that Edenred 
users can now order meals from over
200 delivery partners worldwide.
We are also developing new promising 
services in all our business lines by leveraging 
data 
science 
and 
artificial 
intelligence 
along with our community of 150 data 
practitioners.  
Our platform helps us achieve our objective: 
to provide people at work with a best-in-class, 
simple, secure and flexible experience. In a 
nutshell: the everyday companion for people 
at work.

Integrated Report 2021-2022 • 5
2021 was the year Edenred’s purpose, 
“Enrich 
connections. 
For 
good.” 
was 
unveiled. One year later, how would you 
describe its meaning for your teams and 
ecosystem?
By defining our purpose, we took a step back 
to reflect on our North Star, on what guides 
us in everything we are doing. 
One year later, I can truly feel our purpose 
disseminating; every time I meet with the 
teams across the world, I feel this sense of 
belonging around this commitment. Also, 
our solutions are great embodiments of this 
purpose.
As an example, take Agri Edenred, a digital 
solution chosen by the government of 
Cameroon that quickly, easily, and securely 
grants agricultural subsidies to 600,000 
farmers. This perfectly exemplifies our 
promise to enrich connections. For good.
Edenred’s CSR policy, Ideal, is set to deliver 
its mid-term objectives this year. How do 
you analyze Edenred’s performance and 
commitments in terms of environmental, 
societal and governance criteria?
Ideal started in 2017. Articulated around three 
pillars – People, Planet, Progress – this policy 
aims at improving quality of life, preserving 
the environment and creating value in an 
ethical and responsible way. To measure 
our progress, we defined 10 ambitious 
commitments, which are closely monitored, 
with targets having been set to achieve them 
by 2022 and 2030. 
Edenred as a Group has made major progress. 
For example, in terms of diversity: the 
proportion of women in executive positions 
has risen from 21% in 2017 to 34% today.
On top of Ideal, also keep in mind that 
our solutions actively trigger responsible 
behaviors: balanced nutrition, softer mobility, 
eco-friendly purchases, financial inclusion –
I could not name them all. I am especially 
proud that our products and initiatives 
contribute to 12 of the 17 UN Sustainable 
Development Goals.
Finally, it is essential to me that we have a 
joint approach for both financial and non-
financial performance. Underscoring our 
commitments, 25% of free share allocation 
plans 
and 
the 
financial 
conditions 
of 
€1.1  billion of Edenred’s funding are tied to 
CSR indicators.
2022 will be the final year of your Next 
Frontier strategic plan. What is your outlook 
for this year – and beyond?
Edenred 
has 
many 
strengths 
to 
take 
advantage of the accelerating pace of change 
in the working world. For example, we have 
our Virtual Canteen offer, and our Beyond 
Fuel solutions. The inflationary environment 
also works in our favor, whether it’s due to 
an increase in the face value of employee 
benefits, higher fuel prices, larger corporate 
payment volumes or rising interest rates.
In short, Edenred is well-positioned to keep
generating 
sustainable 
and 
profitable 
growth. As a result, for 2022, we can confirm 
the targets for our Next Frontier strategic 
plan. And we are confident about the future.
As proof: we plan to welcome more than 
2,000 new members in our amazing Dream 
Team !

Integrated Report 2021-2022 • 6
The world 
of Edenred 
01

Integrated Report 2021-2022 • 7
The world of Edenred 
Embedding our purpose
in everything we do 
From introspection to collective thinking
Edenred decided to take the leap in early 2020.
The process saw several hundred Edenred employees consulted through interviews, workshops 
and surveys. A working group with representatives from the Group’s main geographies and 
businesses was also formed and met regularly to try to capture the essence of Edenred.
The product of these collaborative efforts, along with interviews with clients, NGOs, 
shareholders and directors, was then carefully refined by scientists, intellectuals, sociologists 
and philosophers. The aim was to formulate a simple statement just a few words long that 
perfectly pinpointed where Edenred’s core identity met the needs of society and the wider 
world.
The resulting purpose was then approved by the Board of Directors and unveiled at the General 
Meeting in May 2021, before being shared among Edenred’s 10,000 employees. It has two 
objectives: inform the company’s long-term decisions and unite its teams, in line with its strategy 
and its corporate social responsibility policy.
.
“Enrich connections. For good.” This purpose, developed with all of our stakeholders, 
reflects our goal of harnessing networks to improve people’s daily lives. It guides our 
every action and charts a sustainable path to a better future.

Integrated Report 2021-2022 • 8
The world of Edenred 
“Enrich connections.”: two words that reflect Edenred’s ability to increase the value of each 
exchange from a people and a technology perspective. Every day, the Group makes connections 
happen between merchants, users, employers and public authorities – and makes them last. 
“For good. ”: because these connections drive a virtuous circle of wealth and health. They tangibly 
improve the daily lives of employees, boost companies’ efficiency and attractiveness, vitalize the 
local economy, enhance the efficiency and traceability of public policies and encourage more 
responsible behavior.
Firm commitments  
As proof that it is grounded in the real world, Edenred’s purpose is driven by the following three 
commitments for 2030, taken from the Ideal CSR policy:
•	 40% of executive positions filled by women
•	 52% reduction in greenhouse gas emissions compared with 2013  
•	 85% of merchants and users made aware about balanced nutrition and food waste  
The 2021 General Meeting approved a resolution making 25% of free share allocation plans 
contingent on the achievement of these targets, assessed over three consecutive financial years. 
Edenred has also tied these CSR performance criteria to several of its financing instruments (for 
more information, see page 55).
Our purpose is a reflection of what brings us together and drives us 
forward: strong values, an ambitious strategy, virtuous relationships 
with our stakeholders, and a commitment to CSR embedded in our 
DNA. We make sure that it guides us in all our endeavors.
Bertrand Dumazy 
Chairman and Chief Executive Officer of Edenred

Integrated Report 2021-2022 • 9
The world of Edenred 
Edenred is a leading digital platform for services and payments and the everyday companion for 
people at work, connecting over 50 million users and more than 2 million partner merchants 
in 45 countries via roughly 900,000 corporate clients.
Edenred offers specific-purpose payment solutions for food (such as meal benefits), incentives 
(such as gift cards, employee engagement platforms), mobility (such as multi-energy, 
maintenance, toll, parking and green commuter solutions) and corporate payments (such as 
virtual cards).
True to the Group’s purpose, “Enrich connections. For good.”, these solutions enhance users’ 
well-being and purchasing power. They improve companies’ attractiveness and efficiency, and 
vitalize the employment market and the local economy. They also foster access to healthier 
food, more environmentally friendly products and softer mobility.
Edenred’s 10,000 employees are committed to making the world of work a connected ecosystem 
that is safer, more efficient and more user-friendly every day.
The Edenred Group

Integrated Report 2021-2022 • 10
The world of Edenred 
Serving people at work
in 45 countries
Breakdown of 2021 operating revenue
Rest of the World 		
8%
Latin America  	
	
28%
Europe  		
	
	
64%

Integrated Report 2021-2022 • 11
The world of Edenred 
2021 key figures
~10,000 
employees
>50 million 
users
>2 million  
partner merchants
~900,000 
corporate clients
 €30 billion 
in business volume
90% 
of business volume 
now digital
45
countries
10-fold 
increase in mobile 
transactions
in 3 years  
>60 
nationalities
E

Integrated Report 2021-2022 • 12
The world of Edenred 
A model for creating responsible, 
sustainable and profitable value
The Group’s value creation model is a real-world reflection of the purpose Edenred defined in 2021: 
“Enrich connections. For good.” By forming and enhancing tangible, sustainable bonds between 
stakeholders across the board, Edenred’s technology solutions drive progress for ecosystem members, 
wider society and the environment.
•	 2021 figures
Robust, diverse resources
Human
Just under 10,000 men and women 
driven by a purpose – “Enrich 
connections. For good.” – and 
strong values:
•	 Passion for customers
•	 Respect
•	 Imagination
•	 Simplicity
•	 Entrepreneurial spirit
Business
•	 A vast network connecting 
>50 million users and 
2 million partner merchants 
in 45 countries via roughly 
900,000 corporate clients 
•	 A large brand portfolio deployed 
in 250 diversified programs
Financial
•	 Sustainable and profitable 
growth
•	 A highly cash-generative 
business model focused on 
underpenetrated growth 
markets
•	 A sound financial position: net 
debt/EBITDA ratio down at 1.2x
Tech
A digital platform with a ‘Tech for 
Good’ ethos, providing payment 
flow configuration, management, 
traceability and security
•	 Almost 90% of business volume 
now digital
•	 >200 partnerships in 23 countries 
with delivery platforms
•	 10-fold increase in mobile 
transactions in 3 years
Operations with a limited direct 
impact on the environment, 
with a commitment to lowering 
consumption of resources and 
reducing carbon emissions 
•	 Energy: 1.6 MWh/employee
•	 Renewable electricity: 560 MWh
•	 Greenhouse gas emissions 
(scopes 1 & 2): 7,427 tCO2eq 
Social
•	 Actions guided by ethical 
principles in the 45 countries 
where the Group operates
•	 Specific-purpose payment 
solutions, supporting the work 
of public authorities
Our capital
Environmental
A positioning in step 
	
with major global shifts
A world 
seeking more 
responsible 
behavior
A world with a 
growing need 
for digital 
payments
A world 
demanding fairer 
distribution of 
purchasing power
A world where 
ways of working 
are evolving
A world that is 
more connected, 
mobile and 
contactless
A world where 
formalizing the 
economy drives 
progress

Integrated Report 2021-2022 • 13
The world of Edenred 
Be the everyday companion 
	
for people at work
Our mission
Enhance employees’ 
well-being and 
purchasing power
Improve 
companies’ 
attractiveness 
and efficiency
Vitalize 
the employment 
market and the 
local economy
3 key 
issues
€30bn in business volume
~900 000 corporate clients
>50m users
>2m partner 
merchants
250 programs in 
4 categories 
of solutions
      A platform at the center 
of a virtuous ecosystem 
Governments and 
public authorities
Reimbursement
Provision of the solution
Management and marketing
Use of the service
Use of the service

Integrated Report 2021-2022 • 14
The world of Edenred 
Positive impacts for all stakeholders
More effective economic 
stimulus measures
•	 €30 billion in revenue delivered to merchants 
•	 Meal benefit solutions are the most effective digital 
mechanism in terms of business contribution and costs 
for restaurants in France (Source: Roland Berger study)
Community outreach
•	 “More than Ever” relief fund for vulnerable stakeholders: 
83 initiatives supported in 25 countries 
•	 Close to €3 million in direct, indirect and in-kind 
donations as well as volunteer work
E
Edenred employee engagement 
in an inclusive environment
•	 1,519 days of volunteering and support 
for 85 local initiatives
•	 50% of employees are women 
•	 85% of employees on average attended at least one 
training course in the last 5 years
E
Local job creation and protection
•	 >1.5 billion meals paid with Edenred solutions
•	 1 job created for every 23 meal voucher 
users in France
A lower-carbon, more circular 
economy
•	 Close to 45,000 metric tons of CO2 equivalent 
emissions offset since 2012 (equal to >175 million km 
traveled by car)
•	 500,000 metric tons of emissions avoided in the 
United States1 	
•	 19% of solutions eco-designed
More responsible consumption
•	 57% of Edenred users and partners made aware 
about balanced nutrition and food waste
•	 Every euro spent using Ticket EcoCheque in Belgium 
cuts CO2 emissions by 1 kg (Source: CO2logic)
users
companies
merchants
E employees
society & environment
public authorities
shareholders
Sustainable and profitable 
value creation
•	 Market capitalization up 2.5x since 2015
•	 Dividend of €0.902, up 20% versus 2020
•	 >€1.1 billion in funding tied to non-financial
 performance targets
E
Contribution to 12 of the 17 
	
	
UN Sustainable Development Goals
•	 main contribution via solutions
•	 other contributions (via CSR policy and knock-on effect of solutions)
1. Through the Commuter Benefits solution. Estimate based on 2019 data from the United States Department of Transportation and the United States Environmental Protection Agency. 
2. The dividend will be submitted to shareholders for approval at Edenred’s Combined General Meeting on May 11, 2022.

Integrated Report 2021-2022 • 15
The world of Edenred 
New possibilities
in a post-pandemic world
1. Digitalization, driving the economic recovery
Digital transformation was essential in allowing companies to continue operating during 
lockdowns. It has become a powerful growth driver too. It serves new behaviors among users, who 
now prefer contactless mobile technology, and helps companies progress at all levels, by enabling 
process automation and increasingly personalized customer relationships.
Key figures
Changes to private and professional behaviors are accelerating. The world of tomorrow 
is resolutely mobile, digital and responsible, opening up new growth and innovation 
opportunities for Edenred.
5.3 billion  mobile users worldwide, 
versus 5 billion in 2020
Almost 45% of consumers use 
e-wallets frequently, up from 23%
in 2020
65% of global GDP will be generated 
by digital activities by the end of 2022
Sources: Global Digital Report, We are social, 2022.
World Payments Report, Capgemini, 2021.
Worldwide Digital Transformation Predictions, IDC, 2021.

Integrated Report 2021-2022 • 16
The world of Edenred 
Opportunities for Edenred
Natively digital, our solutions help to simplify and streamline transactions for clients, partners 
and users. In 2021, 43 smartphone payment programs were rolled out in 22 countries for Edenred 
solutions. 
2. Hybrid work, rewriting the rules
Although working methods were already changing before Covid-19, the process has noticeably 
gathered steam since 2020, when working from home became the norm. Today, a hybrid 
model gradually seems to be emerging, combining remote and on-site working. Globally, the 
number of employees working remotely at least some of the time jumped by 159% between 
2009 and 2021. The phenomenon is greatest among service-sector employees and in developed 
economies, but it has knock-on effects on adjacent activities such as public transportation, retail 
and foodservice.
Key figures
Opportunities for Edenred
At Edenred, our goal is to make life easier for people at work while improving the efficiency of 
organizations. Our digital lunch break solutions play an essential role in making this happen for 
millions of users around the world. Thanks to Edenred’s vast network of affiliated merchants and 
partnerships with over 200 delivery platforms, users can enjoy the lunch of their choice, when 
they want and where they want (dine-in, delivery or take-out). This flexibility is particularly well 
suited to work models that alternate between remote and on-site work.
47% of employees in Australia, France and the United Kingdom worked from home during 
lockdown. In Japan, where no nation-wide lockdown was introduced, the proportion of 
employees working from home still increased from 10% to 28% in 2020
79% of large companies in France
now offer employees remote working  
arrangements
31% of employees worldwide are 
expected to work in a hybrid model
by 2022
Sources: Global Digital Report, We are social, 2022.
World Payments Report, Capgemini, 2021.
Worldwide Digital Transformation Predictions, IDC, 2021.

Integrated Report 2021-2022 • 17
The world of Edenred 
3. Eco-citizenship, posing new challenges
The health crisis has led many people to question their real needs and consumption habits. They 
now want to know the social and environmental impacts of their lifestyles. This burgeoning eco-
citizenship places an emphasis on more responsible behavior, where less is increasingly more. 
Businesses too have become more environmentally aware. This has led them to rethink their 
product design, production and distribution processes so that they can reduce their resource 
consumption and carbon footprint and thereby limit their environmental impact.
Key figures
Opportunities for Edenred
Through innovative solutions and partnerships, Edenred encourages more environmentally 
friendly consumption habits:
•	 By facilitating access to responsible products and services: in Belgium, Ticket EcoCheque 
allows businesses to grant employees up to €250 each year to buy eco-friendly products and 
services.
•	 By supporting sustainable mobility: using our solutions, companies can encourage their 
employees to opt for greener modes of transportation for their daily commute.
•	 By fighting food waste: with digital meal benefits solutions, users can order only what they 
need and pay the exact amount. 
•	 By reducing our own environmental footprint, limiting our use of paper, recycling our plastic 
cards or eco-designing them from the start (already in place in 11 countries).




 
Nearly 90% of French, Spanish, Portuguese 
and Hungarian consumers want brands to 
commit to sustainability or to help them 
consume better 
58% of organizations with proactive 
CSR policies have grown by 10%
or more in the last three years
More than one in five French companies (21%) 
apply an eco-design approach to their product 
portfolio
Sources: Oney/OpinionWay, 2020.
Harvard Business School, 2021.
ADEME, 2020.

Integrated Report 2021-2022 • 18
The world of Edenred 
4. Digital payments, setting the new standard
From day one of the health crisis, a portion of local trade switched online while the largest 
e-commerce sites watched their sales soar.
In the B2B market, the fast shift to digital payments has continued apace, allowing organizations 
to optimize their transactions and cash management. This widespread use of digital payments 
requires reliable, secure and long-term solutions.
Key figures

Opportunities for Edenred
All of the Group’s new solutions in 2021 were fully digital. Our cloud-based accounts payable 
platform harnesses payment automation technology to provides US businesses with greater 
transparency and efficiency. By constantly evolving our digital payment services, such as 
through our dynamic open innovation ecosystem, we have now positioned ourselves as a leader 
in fintech.
200 billion  non-cash B2B 
transactions worldwide by 2025,
versus 121.5 billion in 2020 
85% of central banks are conducting 
research and tests on digital currencies
Sources: World Payments Report, Capgemini, 2021.
Siècle Digital, 2021.

Integrated Report 2021-2022 • 19
The world of Edenred 
Supporting and protecting employees  
As in 2020, we prioritized the safety of our people. In 2021, 95% of employees were able to 
work from home during lockdown, thanks to a hybrid model that combines remote and on-site 
working depending on the public health situation and the needs of the business.
Psychological support was also reinforced. Some of the many initiatives to this end included 
setting up 24/7 talk lines, organizing remote recreational and sporting activities, and providing 
specific training on remote management and leadership.
Lastly, many countries (such as Chile, Poland, Bulgaria, Slovakia and Peru) took measures to 
safeguard the health and well-being of their employees. Examples include reimbursements of 
Covid-19 screening tests and awareness campaigns on hygiene measures and the importance 
of vaccination.
Targeted responses
to the consequences
of the health crisis
As the pandemic continued into 2021, Edenred, more than ever, demonstrated the 
virtuous power of the connections made possible by its solutions and employees. Across 
the world, our action has made it possible to support people hard hit by the health 
crisis, promote business continuity in many industries and accelerate economic recovery.

Integrated Report 2021-2022 • 20
The world of Edenred 
Supporting our ecosystem worldwide
In April 2020, Edenred made a commitment to its stakeholders through a special relief plan, 
More than Ever, meeting four objectives:  
•	 Supporting employees in countries with little healthcare coverage or social safety net;
•	 Helping partner merchants, especially restaurant owners impacted by the crisis;
•	 Assisting clients and users, particularly truck drivers;
•	 Funding medical research into Covid-19.
Key figures


More than Ever continued in 2021 across the Group’s host countries.
In a large number of subsidiaries, in addition to aiding the most vulnerable employees and 
their families, Edenred supported partner merchants by reducing repayment terms at no 
extra cost. The expiry date of benefits was also extended to help boost consumption and 
maintain users’ purchasing power.
In Greece, Portugal and Taiwan, users received additional credit each time they used their 
Ticket Restaurant account in a restaurant, in order to support business recovery. 
Edenred launched the Let’s Eat Out communication campaign in several Central and Eastern 
European countries (Romania, Czech Republic, Slovakia and Bulgaria) to encourage people 
back into restaurants when they reopened. To support the initiative, the Group made an 
additional contribution on all transactions carried out using its solutions.
83 initiatives supported on 
3 continents
In these difficult times, we focused more than ever on protecting 
the Edenred community worldwide. The relief plan enabled us to 
support many employees and their families by covering their health 
and insurance costs.
Graziella Gavezotti
Project Director, More than Ever relief plan 
Member of the Edenred Board of Directors

Integrated Report 2021-2022 • 21
The world of Edenred 
As part of the We Care for You initiative, the European UTA Edenred subsidiary provided 
special support to truck drivers by distributing masks, hand sanitizer and food baskets and by 
setting up mobile toilets when truck stops were closed.
Lastly, in 2021, More than Ever helped finance the French fund Immunov, which conducts 
research on inflammatory and autoimmune diseases. Autoimmune diseases result from 
a dysfunction of the immune system that causes it to turn against itself. Since 2020, the 
Immunov fund has focused particularly on research into Covid-19 immunology. Edenred’s 
support enabled them to step up their work and expand their research teams.
Accelerating the economic recovery
Edenred’s earmarked funds solutions make a proven contribution to local economies and 
directly contribute to the growth of specific economic sectors. Capitalizing on this expertise, 
the Group deployed several targeted measures to promote economic recovery.
In Belgium, Chèque Consommation has been used since 2020 to support sectors particularly 
hard hit by the crisis (such as foodservice, culture and sporting activities). The scheme, which 
is 100% digital as of 2021, also saw its ceiling raised so employers could allocate up to €500 
per employee. 
The health crisis has also had a significant impact on tourism, with serious consequences in 
countries like Greece, where this is a major part of the economy. Edenred Greece created a 
digital solution that companies can offer to their employees to pay for their vacation. This 
benefit, which can only be used in the domestic market, has helped to revive the local tourism 
industry.

Integrated Report 2021-2022 • 22
Enrich 
connections.
02

Integrated Report 2021-2022 • 23
Enrich connections. 
Unleashing the power
of human connections
Ever stronger links 
With the health crisis extending into 2021, we made protecting our people our top priority. 
Monitoring the situation in each subsidiary helped to limit the risk of contamination in the 
workplace while maintaining business continuity. At the same time, the More than Ever relief 
plan supported the most vulnerable employees and their families.
Edenred employees were able to stay in touch with their colleagues thanks to the RED internal 
information and communication platform, which was rolled out across all Edenred entities in 
2021. At the same time, the EdenPeople HR platform allowed them to remotely manage all 
aspects of their careers.
Key figure
Some 10,000 women and men at Edenred embody the Group’s purpose, bringing 
it to life day after day. They do this both in-house through their diversity and team 
spirit, which drive performance and innovation, and outside the company through their 
commitment to clients and local communities.
>90% of employees are 
registered on the RED platform

Integrated Report 2021-2022 • 24
Enrich connections. 
Always growing
Since 2020, the Edenred employer brand has reflected the features that unite each of the Group’s 
10,000 employees across 45 countries. It also reaffirms our commitment to employability, 
diversity and inclusion.
To support our employees throughout their Edenred career, we place particular emphasis on 
training. Our aim is to unlock employees’ full potential and create an ethical base to strengthen 
team spirit, harnessing programs such as Edenstep (for young international graduates), 
Talent Week and the Edenred Executive Academy (Group development programs) and EDU
(the Edenred Digital University e-learning platform).
Key figure
Diversity and equality in practice
At Edenred, we strongly believe that our multiculturalism is both a strength and a reflection of 
the diversity of our clients. All subsidiaries have signed the Group’s Diversity Charter and the 
number of local initiatives is increasing, with examples including Mexico’s Somos DI program, 
the İçindeki Tanrıçayı Uyandır (Awaken Your Inner Goddess) seminar in Turkey, and parenthood 
support initiatives in Brazil. We also created a mandatory multilingual training module in 2021 
to tackle unconscious bias. 
In 2020, we stepped up efforts to promote gender balance in the Group with an internal mentoring 
program designed to give women the confidence to take on positions of responsibility. This 
was followed in 2021 by a gender diversity policy disseminated among management bodies. 
Today, 34% of executive positions within Edenred are held by women – a figure that has risen by 
5 points since 2020 – and our target is to reach 40% by 2030.
These efforts were rewarded in 2021 with international certifications including Best Place to 
Work (in Mexico, Brazil and the United Arab Emirates) and Top Employer (in France, for the 
second year running) – proof of the excellence of the Group’s practices in the area of employee 
well-being and commitment. 
Edenred also received the Gender Balance and Diversity Award from the Institut du Capitalisme 
Responsable as part of the 2021 General Meeting.
85% of employees receive 
training each year (average
over the last 5 years)

Integrated Report 2021-2022 • 25
Enrich connections. 
Key figures
Committed community stakeholders
Life at Edenred is punctuated by numerous outreach initiatives. The Idealday worldwide 
solidarity event, for example, gives each employee the opportunity to volunteer for the 
local community during work hours. Held last year on June 25, 2021, it saw employees create 
green spaces in retirement homes, steer unsold food to people in need to combat food waste
(in France) and clean up several public spaces and natural areas (in Singapore and Romania). 
In Belgium, Edenred teams trained merchants in digital technology so that they could develop 
their businesses. And employees in Brazil organized workshops on entering the job market for 
young people, socializing with the elderly and supporting local non-profits.
Key figures


In 2021, the fifth Edenraid, a sporting challenge for Group employees, raised a record €40,000 
for Médecins Sans Frontières. For two months, Edenraiders joined forces to walk, run or cycle a 
combined distance of more than 1,100,000 kilometers (36% more than in 2020). The funds raised 
will finance specific programs to fight Covid-19 in the countries where Edenred operates.

60 nationalities represented 
at Edenred
50% of employees
are women
41% of managers are women
1,519 days of volunteering
175 non-profits supported

Integrated Report 2021-2022 • 26
Enrich connections. 
Passion for customers
We are committed to companies, employees and merchants, working to 
understand and anticipate their needs as effectively as possible and align our 
services and our programs with their changing expectations. We relentlessly 
fine-tune every last detail until 100% of our customers would recommend us 
to their friends. 
5 values central to all of our actions
Respect
Business excellence requires respect. For this reason, we work proactively, 
accountably and honestly with our customers. We express our gratitude and 
our recognition every day to our colleagues. We efficiently use the resources 
provided to us by our shareholders. And we offer products and services that 
create value for all of our stakeholders in society as a whole.
Imagination
Imagination stimulates innovation and gives rise to progress. Every day,
we let our creativity run free to inspire and connect companies, employees 
and merchants in the working world, both today and tomorrow. 
Simplicity
Our customers want their interactions with us to be simple and easy. We strive 
to be straightforward in everything we do and transparent in everything
we say.
Entrepreneurial spirit
Edenred’s entrepreneurial spirit drives growth and spreads the Group’s 
pioneering ethos to the new territories that we set out to explore.
It strengthens local empowerment while continually pushing us to higher 
levels of business excellence.

Integrated Report 2021-2022 • 27
Enrich connections. 
Tech for Good: forming 
virtuous, lasting connections
A leader in digital innovation
By investing more than €300 million each year in technology assets (twice as much as in 2016), 
not only have we disrupted our own business model, but we have also established ourselves as 
the leader in digital innovation in our markets. In 2021, 90% of our business volume was digital, 
as were 100% of our new solutions.
This acceleration has transformed Edenred into a unique digital platform in just a few years. 
Some 43 mobile payment programs are now offered in 22 countries via Edenred Pay, the 
Group’s proprietary solution, Apple Pay, Google Pay and Samsung Pay. And the number of 
transactions has risen tenfold in only three years.
Today, we provide an omnichannel payment experience by connecting over 200 delivery 
platforms in 23 countries to our proprietary technology platform. In France, we were also the 
first in the market to launch smartphone-based pay-at-table solutions for restaurants in 2021 
(for more information, see page 30). 
As a technology pioneer, Edenred strives to constantly improve the experience, service 
and well-being provided by its earmarked payment solutions. We use our collective 
imagination to make the world of work a connected ecosystem that is safer, more 
efficient and more user-friendly. Our purpose also holds the promise of cohesive, 
virtuous digitalization.

Integrated Report 2021-2022 • 28
Enrich connections. 
Key figures

Earmarked transactions as a source of progress
Thanks to our platform and our technological expertise, we can pre-configure all aspects of 
a digital transaction – who, where, when and how much – with a high level of granularity. We 
are also a world leader in earmarked funds, which offer unrivaled traceability, reliability and 
security.
Edenred solutions thereby ensure that money allocated by an employer or the public authorities 
is spent exactly as intended and within the allotted time. For this reason, the funds are 
guaranteed to produce the virtuous effect they were designed to have, for example access to 
greener mobility options for users, increased revenue for partner restaurants, optimized fleet 
costs for companies and reduced incidences of fraud for governments.
Data, the resource of the future
Each year, more than 1 billion transactions are processed by Edenred’s data platform. By 
carefully analyzing them, we are able to more fully understand our stakeholders’ expectations 
and consistently serve them more effectively. Data science is also at the root of innovative new 
services, leveraging artificial intelligence for example, like in Fleet & Mobility Solutions in Brazil 
(for more information, see page 36).
As responsible data stewards, we work tirelessly to protect the personal data entrusted to us. 
We are also committed to improving the energy efficiency and carbon footprint of our data 
centers, with the aim of minimizing the average power usage effectiveness (PUE) ratio. With this 
in mind, we are reducing our energy consumption, in particular through greater use of virtual 
servers.
100% digital (paperless and 
plasticless) solutions now available 
in 9 countries

Integrated Report 2021-2022 • 29
Enrich connections. 
Key figures
Cybersecurity and data protection: top concerns
Increased regulatory requirements and risks associated with cybercrime make cybersecurity
a top concern at Edenred. To ward off cyberthreats, we have set up an international cybersecurity 
unit, a dedicated organization and technical solutions that can be activated immediately
in the event of a crisis, as well as a control system used to regularly assess the level of security 
company-wide. We also take the necessary measures to guarantee the availability, integrity and 
protection of confidential or personal data belonging to Edenred and our clients.
As part of our CSR policy, we closely monitor the progress of each of our subsidiaries on these 
issues.
Key figures
10 Group subsidiaries  to date hold 
international cybersecurity certifications
3 e-learning modules  for all employees 
on cybersecurity and personal data protection
90% of Group business 
data hosted on trusted cloud 
infrastructure
23% of Edenred data centers 
powered by renewable energy 
in 2020 
150 data practitioners 
within the Group

Integrated Report 2021-2022 • 30
Enrich connections. 
Eat 
Promoting healthier, responsible 
lunch breaks and fighting food 
waste
Innovative and virtuous solutions
A paperless, plasticless Ticket Restaurant
In 2021, Edenred introduced the first fully virtual meal benefit, available directly on a smartphone 
and offering all the same features as a conventional card – but without the plastic. Thanks to this 
solution, users can take their lunch break in the office or at home and charge their meal to their 
Edenred account, either in person at all affiliated establishments (using contactless payment), or 
in “Canteen 2.0” mode via more than 200 meal delivery platforms, such as Uber Eats, Deliveroo 
and Dejbox (using in-app payment).
Edenred has been committed to promoting healthy eating right from the start. Today, 
we have made combatting food waste a top priority too. As the world leader in meal 
benefits, we use our solutions to connect players throughout our ecosystem, striving to 
make lunch breaks an increasingly innovative – and sustainable – experience.

Integrated Report 2021-2022 • 31
Enrich connections. 
Mobile payment without waiting for the check
Edenred and sunday have joined forces to develop a pay-at-table solution for restaurants in 
France. Using a QR code, diners can obtain the check without having to wait, split the amount 
between several people, pay for their meal in one click with their Ticket Restaurant account 
and leave a tip – all 100% digitally. For restaurants, the solution brings them in step with new 
consumer behaviors while saving them time when closing out checks.
Improved food security for disadvantaged UK school children
In the first quarter of 2021, alongside the UK Department for Education, Edenred extended a 
meals program for people hardest hit by the Covid-19 epidemic in the United Kingdom. It involved 
Edenred distributing funds in the form of digital vouchers for use in a network of partner food 
stores. Thanks to the program, 1.3 million children who no longer had access to a free canteen 
lunch due to school closures were guaranteed a midday meal each and every day.
Connections that benefit everyone
Users
Available in some 30 countries, Edenred’s digital solutions for food 
and meals, such as Ticket Restaurant, improve the daily work lives of 
millions of employees. They promote access to quality products and 
services, which are healthier and better for the environment. They are 
also digital and tax-exempt, meaning they cater to changing eating 
habits and directly increase users’ purchasing power.
Partner merchants
Edenred’s digital solutions helped countless restaurant owners 
diversify their offering during the health crisis and start their business 
back up again when the economy reopened. We also carry out initiatives 
to raise partners’ awareness about healthy eating and food waste.

Integrated Report 2021-2022 • 32
Enrich connections. 
Key figures
Public authorities
Edenred supports public policy by encouraging healthier eating and 
efforts to combat food waste. Our food and meal solutions also 
contribute to the development of the local economy as well as job 
creation and protection.
According to the International Labour 
Organization, workers with access to 
balanced nutrition can be 20% more 
productive and less prone to accidents
In 2021, more than 34 million 
people were reached by Edenred 
communications about healthy 
eating
68% of workers say that the Covid-19 crisis 
made them aware of the need to protect 
the environment, particularly by limiting 
food waste (2021 FOOD survey)
In France, meal benefits are the No. 1 – i.e., 
most beneficial – digital tool for restaurant 
owners in terms of extra business and cost 
control (Roland Berger, 2021)
Corporate clients
Edenred contributes to the vitality and appeal of corporate clients. We 
strengthen their employer brand with solutions that promote well-
being and motivation among employees, while improving workers’ 
purchasing power. We also support our clients’ digital transformation 
by providing solutions in line with new hybrid ways of working.

Integrated Report 2021-2022 • 33
Enrich connections. 
Care  
Fostering employees’ personal
and professional fulfillment 
Innovative and virtuous solutions
Remote working platforms 
With the health crisis, remote working took on a whole new dimension. Edenred supported 
this trend by developing innovative e-commerce platforms such as Teletrabajo in Mexico 
and Télétravail in France, which make it easier to cover employees’ remote working expenses 
(office supplies and computer hardware, for example). With less paperwork, improved expense 
tracking, a wide range of more than 4,000 eligible products and, ultimately, better remote 
working conditions, everybody wins.
Mobile shopping made easy
Ticket Xpress, originally developed in Taiwan, is an innovative solution that allows companies to 
easily reward their employees with fully virtual vouchers (using QR codes) compatible with all 
mobile technologies on the market. Activated in one click and completely secure, these vouchers 
can be used immediately at the retailer of the user’s choice, either in-store or online.
Edenred strives to reinforce employer-employee bonds while improving purchasing 
power and quality of life for workers across the board. As a partner of choice for 
human resources teams, we offer innovative solutions such as fully digital vouchers and 
platforms to equip employees for remote working.

Integrated Report 2021-2022 • 34
Enrich connections. 
Reconciling purchasing power and sustainability
Since 2010, Belgian employees using Ticket EcoCheque have been able to combine purchasing 
power, environmental responsibility and support for the local economy. The solution can be used 
to buy eco-friendly products and services in a variety of sectors, from food and transportation 
to household goods and leisure. Ticket EcoCheque is now recognized at the European level as a 
model for promoting responsible consumption.
Better incentives for employees in Europe
Edenred’s employee engagement platforms offer a full range of solutions for employers and 
works councils in several European countries, such as Romania, Belgium, Italy and France. 
These solutions are based on dedicated e-commerce portals, where employees can purchase 
many products and services at preferential prices. The result is stronger employer-employee 
relationships and a better work-life balance for staff.
Connections that benefit everyone
Users
By opening access to a wide range of goods and services, Edenred’s 
solutions improve employee users’ purchasing power. They also 
contribute to a better work-life balance in a world where the border 
between the personal and the professional can often feel blurred.
Partner merchants
Employees who use Edenred solutions contribute, via their activities 
and purchases, to supporting our network of partners, whether online 
or in store. This is true in a range of industries, from human services to 
culture and healthcare.

Integrated Report 2021-2022 • 35
Enrich connections. 
Key figures
Public authorities
Edenred’s solutions are effective tools for bringing off-the-books 
jobs back into the formal economy. They also support the economic 
recovery in industries strongly impacted by the pandemic (leisure, 
culture and tourism, for example).
€1 spent using Ticket EcoCheque
in Belgium cuts CO2 emissions
by 1 kilogram
Every year, gift vouchers inject nearly
€2 billion into the French economy,
80% of which helps support independent 
and specialized retailers
The full dematerialization of Benefit Xpress 
in Taiwan reduced the solution’s distribution 
time for HR teams from 45 days to 1 day
 
Sources: étude A3C (Association professionnelle des émetteurs de chèques- et cartes-cadeau), 2021
Corporate clients
In a rapidly changing working world, Edenred empowers companies to 
enhance their appeal and improve employee engagement with varied, 
digital and flexible solutions. Engagement platforms adapt to the 
needs of each employer to reward and retain talent in a simple and 
secure way.

Integrated Report 2021-2022 • 36
Enrich connections. 
Move
Accompanying
all work-related travel
Innovative and virtuous solutions
UTA One, the most comprehensive e-toll solution on the market  
UTA One today enables automatic electronic toll collection for trucks and buses in 14 European 
countries (up from 8 in 2020), making it the most comprehensive electronic toll solution on the 
market. The innovative on-board unit offers a range of high value-added services such as UTA 
SmartConnect, which provides a real-time overview of the fleet throughout Europe. For drivers 
using the solution, it ensures peace of mind on the road – and time savings at every toll booth.
Data, driving improvements in work-related travel
In Brazil, two Edenred solutions give fleet managers the power to fully leverage their data. The 
GoHub platform captures all fleet-related indicators – fuel, maintenance, tolls and telematics – 
and centralizes them on a single dashboard in real time. By analyzing this data, companies can 
cut operating costs, save time and improve driver safety.
Edenred’s solutions facilitate and optimize all types of work-related mobility for both 
companies and their employees. They go beyond fuel to include fleet management, 
maintenance, tolls and tax refunds – right up to solutions encouraging green transportation 
for daily commutes.

Integrated Report 2021-2022 • 37
Enrich connections. 
TED is an artificial intelligence-powered digital assistant that provides fleet managers with an 
additional level of optimization, helping them to choose the most efficient fuel type for their 
fleet (gasoline or ethanol), for example. TED can also locate service stations with the best prices 
– and plan out a route that reduces fuel costs and carbon emissions.
More virtuous commuting
With Commuter Benefits (in the United States), Ticket Mobilité (in France) and Edenred 
Mobility (in Belgium), employees can be allocated a budget by their employer to cover 
commuting expenses. Built on a digital account with an associated mobile application, these 
solutions are accepted in an extensive network of partners, such as public transportation 
operators, carpooling services and self-service scooter, bike, moped and car sharing apps. By 
promoting access to these new forms of mobility encouraged by the public authorities, Edenred 
is fostering the emergence of responsible daily commuting habits. 
A smaller carbon footprint for businesses
In the United States, Edenred is a founding partner of The Intuit Climate Action Marketplace, 
an online platform that aims at empowering 1 million small and medium-sized enterprises to 
take positive action and cut 50% off their carbon emissions by 2030. For example, it allows them 
to finance part of their employees’ transportation costs through payroll tax savings.
Connections that benefit everyone
Users
Edenred is developing largely virtual and secure solutions that enable 
truckers and other drivers to settle all their travel-related expenses 
without having to pay up front – meaning they no longer need to carry 
cash. Edenred’s commuting solutions also make it easier for employees 
to take greener modes of transportation.
Partner merchants
There is strength in numbers. Edenred understands this, and has 
developed a worldwide network of partners (mechanics, maintenance 
centers, toll booths, service stations and green mobility operators) to 
serve employees and companies alike.

Integrated Report 2021-2022 • 38
Enrich connections. 
Key figures
Public authorities
Support for eco-mobility and, more generally, the ecological transition, 
are already a central focus of public policy. At Edenred, we are doing 
our part by encouraging employees to use alternative modes of 
transportation and by helping companies to reduce their carbon 
footprint, for the benefit of society as a whole.
More than 80 Edenred programs 
for fleet and mobility solutions
No. 1 in the Fleet & Mobility Solutions 
market in Latin America and No. 4
in Europe
The Carbon Credit program in Brazil has 
enabled Ticket Log clients to generate 
44,865 metric tons of CO2 
equivalent in carbon credits
since 2012
Corporate clients
Because mobility is often costly and time-consuming, Edenred’s 
solutions are being enriched to help companies manage their expenses, 
reduce their administrative costs, shrink their carbon footprint and 
better track their transactions.

Integrated Report 2021-2022 • 39
Enrich connections. 
Pay
Streamlining and securing 
virtual transactions
Innovative and virtuous solutions
Digitalizing corporate payments  
Sage, the market leader in cloud-based business management solutions, and Edenred’s US 
subsidiary CSI (Corporate Spending Innovations), have extended their partnership to deliver a 
new accounts payable solution in the United States. Sage Intacct Vendor Payments, provided 
by CSI, offers a seamless, integrated payment experience that enables companies to pay their 
suppliers quickly, securely and efficiently. The solution speeds up the account reconciliation 
process while reducing transaction costs.
Edenred’s digital payment solutions simplify and automate financial flows for people at 
work across the board – from accountants in the United States to truckers in Brazil and 
farmers in Cameroon. Our ethos can be summed up in three words: reliability, flexibility 
and security.

Integrated Report 2021-2022 • 40
Enrich connections. 
Growing mobile payment
In 2021, PayByPhone, the world leader in mobile parking payment, called on Edenred Corporate 
Payment to expand its range of parking management and payment services for corporate fleets. 
The result is a solution that digitalizes these expenses and groups them all together, facilitating 
the day-to-day work of corporate administrative and financial teams. Fleet managers also gain 
greater visibility over employee business travel, with a full monthly report for each vehicle. 
Encouraging financial inclusion
Edenred’s C3Pay solution in the United Arab Emirates gives 2 million unbanked and underbanked 
workers access to financial services, allowing them to receive their wages regularly and securely, 
withdraw cash, make in-store, online and mobile payments, and transfer money overseas. Users 
can even take advantage of a salary advance service if required.
In Brazil, Edenred subsidiary Repom develops prepaid cards and mobile payment solutions for 
self-employed truckers. All work-related expenses (fuel, meals, tolls) are supported, providing 
truckers with traceable proof of income that can be used for home loan applications, for example. 
Supporting farmers in Africa
In 2021, Cameroon became the sixth African country to use the Agri Edenred digital solution 
to design and manage its subsidy program for agricultural inputs (seeds, fertilizers). The digital 
earmarked payment system ensures that subsidies can be granted easily, quickly and securely as 
part of a program to develop this key sector of the country’s economy. One major innovation is 
the e-voucher, which can be downloaded directly by the 600,000 beneficiary coffee and cocoa 
farmers via the Edenred mobile application – a big advantage in a country where the mobile 
penetration rate is 80%.
Connections that benefit everyone
Users
Edenred’s solutions promote financial, technological and social 
inclusion for workers, particularly those without access to banking 
services. With reliable and secure payment methods, they can more 
easily manage their daily finances.

Integrated Report 2021-2022 • 41
Enrich connections. 
Key figures
Public authorities 
By managing their subsidy programs with Edenred’s digital solutions, 
public authorities can be sure that the funds granted are used for 
their intended purpose, following the correct procedures. Earmarking 
payments this way ensures maximum efficiency for public policies, 
which is especially important when channeling stimulus to targeted 
economic segments.
900,000 suppliers in the United States 
paid via Edenred subsidiary CSI’s platform
15,000 riders for UAE meal delivery 
platform Talabat have access to value-added 
financial services through Edenred’s C3Pay 
app, making their daily lives easier
Corporate clients
From corporate expense management and optimization to 
automated payment transactions and simplified supplier relations, 
Edenred’s solutions make life easier for companies, saving them time, 
cutting costs and reducing the risk of fraud. 
Partner merchants
Edenred solutions promote local employment and drive business 
to neighborhood stores. They also meet merchant needs, including 
accelerated payment settlement, automated reconciliation between 
invoices and transactions, and smooth account management for points 
of sale.

For good. 
03
Integrated Report 2021-2022 • 42

For good.
Integrated Report 2021-2022 • 43
A strategy and tangible 
commitments for a more 
responsible future
Through our earmarked funds platform, we operate 250 programs designed to enrich connections 
and enhance the experience of users, corporate clients and partner merchants in the workplace 
meals, well-being and incentives, fleet and mobility, and corporate payment segments. The health 
crisis has highlighted the vital importance of these basic needs in a fast-changing world.
Capitalizing on the unique features of the Edenred digital platform, we have built our Next Frontier 
strategic plan around several drivers of sustainable and profitable growth:
•	 Scale, by continuing our pursuit of business excellence and seizing opportunities
in underpenetrated markets, while rolling out our solutions in new regions and adopting
a targeted acquisitions policy.
•	 Innovation, by providing a new-generation mobile experience for users through an e-wallet 
featuring all Edenred solutions, developing new services and using cutting-edge technology.
•	 Transformation, by intensifying our corporate social responsibility (CSR) initiatives through the 
Ideal program, inspiring a passion for customers in all employees, boosting team engagement 
and promoting diversity.
At Edenred, we create ecosystems that help combat the informal economy, fraud, 
food insecurity, inequality and climate change both through solutions that drive more 
virtuous behavior and through our own commitments. Our Next Frontier strategic plan for
2019-2022 aims to generate sustainable and profitable growth for Edenred, shared
in full with our stakeholders.

For good.
Integrated Report 2021-2022 • 44
A set of strong social and environmental
commitments
Edenred’s corporate social responsibility policy, Ideal, was developed in 2018 and made an integral 
part of the Group’s strategic plan. It is based on ten tangible commitments, which are measured 
using a set of performance indicators – some of which have been included in the terms of Edenred’s 
financing instruments. Ideal contributes to 12 of the 17 United Nations Sustainable Development 
Goals and focuses on three key areas:
People
Edenred aims to improve quality of life for all its stakeholders, including over 50 million users and 
some 10,000 employees.
Medium- and long-term targets
2022
2030
31% of executive positions filled by women
40% of executive positions filled by women
80% dof employees trained every year and 
100% of employees receiving CSR training 
by 2025
85% of employees trained every year and 
100% of employees receiving CSR training
1,000 days of volunteering
5,000 days of volunteering
In October 2021, Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, 
received the Responsible Strategic Plan Award on behalf of the Group from KPMG and 
EIM. Bestowed for the first time in 2021 amid the health crisis, this distinction rewards 
the company’s ambitious and innovative strategic thinking and sound business model, 
which creates value for all stakeholders.

For good.
Integrated Report 2021-2022 • 45
Planet
Edenred works to protect the environment, in particular by reducing the carbon footprint of its 
operations and solutions, its consumption of resources, and its waste.
Medium- and long-term targets
2022
2030
26% reduction in greenhouse gas emissions 
intensity compared with 2013 (in sq.m)
52% reduction in greenhouse gas emissions 
intensity compared with 2013 (in sq.m)
20 eco-responsible services 
1 eco-responsible service per country
35% of solutions eco-designed or recycled 
and net zero paper from 2021
70% of solutions eco-designed or recycled 
and net zero paper from 2021
Progress
Edenred develops its activities ethically throughout its entire value chain, while protecting the data 
of all its stakeholders.
Medium- and long-term targets
2022
2030
50% of merchants and users made aware 
about balanced nutrition and food waste
85% of merchants and users made aware 
about balanced nutrition and food waste
100% of employees approve the charter
of ethics
Inclusion on the World’s Most Ethical 
Companies list
100% of subsidiaries in compliance with 
data 
processing 
standards 
and 
100% 
of employees made aware about data 
protection regulations
Implementation of strict internal rules and 
process certification
50% of subsidiaries certified for quality 
management
85% of subsidiaries certified for quality 
management

For good.
Integrated Report 2021-2022 • 46
The Board of Directors, strategic decision-makers
The Board of Directors is representative of the industries and countries in which Edenred 
operates. Its role is to define the Group’s business strategy and oversee its implementation. The 
Board is based on the values of independence (with 91% of members independent), gender 
balance (with 45% of members women) and diversity (in terms of culture and skills). Its rules 
of procedure are included in Edenred’s bylaws and the Internal Regulations of the Board of 
Directors, which form its governance charter.
Edenred’s Board of Directors met six times in 2021 (five scheduled meetings and one 
extraordinary meeting relating to the corporate purpose).
Dynamic, committed
governance
Our Group’s management bodies, architects of its transformation and leaders of its 
responsible strategy, embody the diversity and expertise that underpin Edenred’s 
sustainable and profitable growth. Working closely alongside teams around the 
world, they played a major role in Edenred’s historic performance in 2021, despite the 
challenges of the ongoing health crisis.

For good.
Integrated Report 2021-2022 • 47
Membership at December 31, 2021
Bertrand Dumazy
Chairman and Chief Executive Officer
of Edenred
Françoise Gri
Lead Independent Director and Vice-Chairman 
of the Board of Directors of Edenred
Independent director
Chairman of the Compensation, 
Appointments and CSR Committee
Jean-Paul Bailly
Honorary Chairman of Groupe La Poste
Independent director
Chairman of the Commitments Committee
Member of the Audit and Risks Committee
Sylvia Coutinho
Country Head of UBS Brazil
and Head of UBS Wealth Management
Latin America
Independent director
Member of the Compensation, 
Appointments and CSR Committee
Dominique D’Hinnin
Chairman of the Board of Directors
of Eutelsat Communications SA
Independent director
Chairman of the Audit and Risks Committee
Gabriele Galateri di Genola
Chairman of Assicurazioni Generali S.p.A.
Independent director
Member of the Compensation, 
Appointments and CSR Committee
Angeles Garcia-Poveda
Chairman of Legrand
Independent director
Maëlle Gavet
Chief Executive Officer of Techstars
Independent director
Member of the Commitments Committee
Graziella Gavezotti
Employee-representative director
Jean-Bernard Hamel
Employee-representative director
Member of the Commitments Committee
Jean-Romain Lhomme
Founder and director of Lake Partners Ltd.
Independent director
Member of the Audit and Risks Committee
Monica Mondardini
Chief Executive Officer of CIR S.p.A.
Independent director
Philippe Vallée
Executive Vice-President of Thales SA
Independent director

For good.
Integrated Report 2021-2022 • 48
Three permanent committees, lending expertise
The three Board committees are responsible for preparing the work and discussions of the 
Board of Directors in various areas. Made up of directors appointed for their particular skills, 
they report regularly to the Board on their work, and inform the Board of their observations, 
opinions, proposals and recommendations.
Audit and Risks Committee 
The Audit and Risks Committee is responsible, among other things, for ensuring that the 
accounting policies and preparation processes used for financial information are appropriate 
and applied consistently from one period to the next. In particular, it monitors the accuracy of 
financial information to ensure the truthfulness and fairness of Edenred’s parent company and 
consolidated financial statements, seeking to reduce risk exposure.
In 2021 
The Audit and Risks Committee met four times in 2021. In addition to its preparatory work 
for discussions on the parent company financial statements and the budget, the committee 
focused on the impact of the health crisis, risk mapping (including CSR risks), the preparation 
and implementation of Edenred’s anti-corruption policy, and compliance and cybersecurity 
issues.
Director skills matrix  
(excluding the Chairman and Chief Executive Officer)

For good.
Integrated Report 2021-2022 • 49
Commitments Committee  
The Commitments Committee is notably responsible for preparing Board meetings and making 
recommendations to the Board on any transactions likely to affect Edenred’s strategy or result 
in a material change in the Group’s business scope.
Compensation, Appointments and CSR Committee
This committee, known as the Compensation and Appointments Committee until February 
2022, has responsibilities that include making recommendations on executive corporate 
officers’ compensation and benefits, the performance share allocation policy, changes in the 
membership of the Group’s management bodies and CSR issues.
In 2021
The Commitments Committee met three times in 2021. Its work focused on monitoring 
acquisitions made in 2019 and 2020 and transactions currently under review.
In 2021
The Compensation, Appointments and CSR Committee met five times in 2021 (four scheduled 
meetings and one extraordinary meeting for the selection of new directors). During these 
meetings, the committee prepared discussions on the Group’s CSR policy – on employee skills 
development, equality and diversity, for example – as well as succession plans and the Edenred 
employee survey carried out in 2021.

For good.
Integrated Report 2021-2022 • 50
The Executive Committee,
spearheading responsible growth
The Executive Committee brings together operational representatives from 
the Group’s main business lines and heads of corporate functions who provide 
operational expertise. At January 6, 2022, the committee comprised ten members.
Jacques Adoue
Executive Vice President, Human Resources 
& Corporate Social Responsibility
Emmanuelle Châtelain
Vice President, Communications
Gilles Coccoli
Chief Operating Officer, Payment Solutions 
& New Markets
Bertrand Dumazy 
Chairman and Chief Executive Officer
of Edenred
Arnaud Erulin
Chief Operating Officer, Employee Benefits 
Solutions
Jean-Urbain Hubau 
Chief Operating Officer, Fleet & Mobility 
Solutions
Philippe Relland-Bernard
Executive Vice President, Legal & Regulatory 
Affairs
Éric Sauvage 
Executive Vice President, Marketing
& Strategy
Julien Tanguy
Executive Vice President, Finance
Dave Ubachs
Executive Vice President, Global Technology

For good.
Integrated Report 2021-2022 • 51
Hands-on management
of risks and challenges
Identifying priority issues
The materiality assessment we conducted in 2017 identified and prioritized the major social, 
economic and environmental challenges facing Edenred and our stakeholders. 
The seven priority issues that emerged are what guide the broad lines of our corporate social 
responsibility policy and provide lasting direction for our successive strategic plans.
This materiality assessment is being updated in 2022.
We pay close attention to our environment and our stakeholders to identify the major 
challenges facing Edenred, aiming to avoid any pitfalls that could hinder operations. 
By taking this analytical approach, we are also able to implement tailored action plans 
when needed.

For good.
Integrated Report 2021-2022 • 52
Understanding and managing risks
We regularly analyze the risks that could impact our business or reputation in all of the regions 
where we operate. The risk map was updated in 2021 under the aegis of the Audit and Risk 
Committee, with the help of various corporate and operating departments and Group 
subsidiaries. A trend indicator (up or down) tracks movements in risk materiality. 
Mapped out based on their probability and financial impact, the risks are divided into six broad 
categories.
Risk category
Examples
Financial risks  
Currency fluctuations, client default
Legal risks
Change in local laws and regulations 
adversely affecting the Group’s solutions
Information systems and
cybercrime risks
Cyberattack, information systems 
resilience and personal data protection
Group strategy and competitive 
environment risks
Competitive pressure and acquisition 
strategy
Operational risks
Business continuity and voucher fraud
Climate risks
Impact of carbon taxes on work-related 
mobility

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Integrated Report 2021-2022 • 53
The CSR Department conducts a supplemental review of non-financial risks based on 
international standards and external benchmarks, as well as on the work of the Compensation, 
Appointments and CSR Committee. The impact of the non-financial risks is assessed using the 
Group’s risk mapping methodology, taking into account the opinions of stakeholders. Priority 
risks are those that relate directly to the priority issues defined in the materiality assessment.
Priority issue
Examples of opportunities
or associated non-financial risks
Talent management
Risks related to talent attraction, retention 
and training
Sustainable and healthy nutrition 
promotion  
Opportunity to differentiate from the viewpoint 
of employee users and partner merchants
Energy and climate change  
Physical risks related to climate change
Eco-design and circular economy  
Transition risks related to climate change
Business ethics 
Risks associated with regulatory compliance 
and business ethics
Responsible payment digitalization 
and client satisfaction  
Risks related to stakeholder expectations
We mitigate these risks with specific action plans and monitoring, aimed in particular at:
•	 ensuring business continuity during the health crisis, thanks to the fast-paced digitalization 
of solutions and the effective implementation of remote working for nearly 95% of the 
workforce;
•	 supporting the transition to low-carbon mobility, by expanding Beyond Fuel services, including 
electric vehicle charging in solutions and developing sustainable mobility eco-services;
•	 anticipating the risks of cyberattacks, with a dedicated cybersecurity program;
•	 limiting corruption risks, by updating our charter of ethics in 2021, extending a new internal 
whistleblowing process and strengthening the anti-corruption training system.
For more information, see the 2021 Universal Registration Document (Chapter 4).

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Integrated Report 2021-2022 • 54
Sound, responsible financial 
performance  
Record earnings and growth in 2021
Edenred’s total revenue amounted to €1,627 million in 2021, up 14% like-for-like versus 2020, in 
a year still impacted by the Covid-19 pandemic. 
Operating revenue also rose by 14% like-for-like on 2020, with double-digit growth across all 
business lines and all regions. Compared with 2019 – the last year before the pandemic hit – 
operating revenue grew by 11% like-for-like. 
Key financial indicators
(in € millions)
2021
2020
Like-for-like change
Reported change
Total revenue
1,627
1,465
+13.8%
+11.1%
EBITDA
670
580
+18.4%
+15.5%
EBITDA margin
41.1%
39.6%
+1.5pts
Net profit, 
Group share
313 
238
+31.4%
Despite the ongoing health crisis, we returned to our pre-pandemic trajectory of 
sustainable and profitable growth in 2021, driving earnings to all-time highs.

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Integrated Report 2021-2022 • 55
Free cash flow totaled €518 million in 2021, lifted in part by the good fourth-quarter 
performance, leading to a free cash flow/EBITDA conversion rate of 77%. 
As a result, the Group’s net debt/EBITDA ratio decreased significantly to 1.2x in 2021, versus 1.9x 
in 2020.
Key financial indicators
(in € millions)
2021
2020
Free cash-flow
518
640
Net debt
816
1,115
EBITDA
670
580
Net debt/EBITDA
1.2x
1.9x
Assertive, real-world non-financial targets
In June 2021, we successfully placed our first sustainability-linked convertible bonds for a 
nominal amount of approximately €400 million.
To coincide with the placement, we published our first Sustainability-Linked Bond Framework, 
which was reviewed by external firms EthiFinance and EcoAct and is based on the achievement 
by 2025 of sustainable performance targets selected from our Ideal CSR policy.
Back in 2020, for the first time in our history, we tied CSR criteria to the financial terms of our 
€750 million syndicated credit facility.
With this issuance, we are making sustainable development an 
even greater component of our business performance, true to our 
purpose.
Julien Tanguy
Executive Vice President, Finance at Edenred

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Integrated Report 2021-2022 • 56
Key figure
Confirmed financial strength
Since Edenred’s IPO in 2010, the Group has been rated Strong Investment Grade BBB+/stable 
outlook by Standard & Poor’s. This rating, confirmed once again in May 2021, is based on an 
analysis of multiple criteria that assess the Group’s operating profile and financial position.
Proposed dividend per share
(in €)
2019
0.70
2020
0.75
2021
0.901
Constant dialogue with the financial community
For the second year in a row, the pandemic restricted opportunities for in-person meetings 
in 2021. However, thanks to digital and virtual formats, we successfully maintained regular 
dialogue with the financial community to keep it informed about our strategy and performance. 
We were in contact with more than 1,350 investors representing over 400 international financial 
institutions, held 20 virtual roadshows and took part in 16 remote conferences with investors. 
We also hosted a webinar with the Group’s Executive Vice President, Finance, as well as two 
in-person meetings specifically for individual shareholders, held during a period of looser health 
restrictions. Shareholders also receive a dedicated newsletter twice a year.
Reflecting our commitment to dialogue with all stakeholders, in October 2021 Edenred received 
several awards at the Grand Prix de la Transparence ceremony, in which some 140 companies 
(SBF 120 index firms and above) were competing. The Group won the Website category, 
and ranked seventh among SBF 120 companies for the quality of information provided 
to shareholders and investors. Edenred was also nominated in the “Clarity of the Universal 
Registration Document” and “Best Progress” categories. 
In March 2021, Edenred won the Silver Trophy for Best Digital Communication in the SBF 120 
(excluding CAC 40 firms), awarded by French investment weekly Le Revenu. 
>€1.1 billion in funding tied to 
non-financial performance targets
1. This dividend will be submitted to shareholders for approval at Edenred’s Combined General Meeting on May 11, 2022.

Find the latest
Edenred news at 
edenred.com
2022 publications
Integrated Report
The Essential
Universal Registration Document
Produced by the Edenred Communications Department and Financial 
Communications Department 
Photo credits: Edenred, Fabien Bernardi / Litchi Agency, Yves Forestier / 
Alkama, Laurent Attias, Getty Images.
Design and production: Edenred / Castor & Pollux
EDENRED SE
Be Issy building – 14-16 boulevard Garibaldi – 92130 Issy-les-Moulineaux – 
France – Tel. : +33 (0)1 74 31 75 00 
EDENRED SE, a European company with share capital of €499,176,118, 
registered on the Nanterre Trade and Companies Register under number 
493 322 978  
 
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