Edenred slips to 2017 low in Paris with cut in 2026 Ebitda guidance
Due to an unfavourable regulatory change in Brazil, a country that accounts for 9.5% of the ticket restaurant group's operating revenues. The 2027 and 2028 outlook remains unchanged for the time being
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(Il Sole 24 Ore Radiocor) - Edenred's thud on the Paris Stock Exchange, with the ticket restaurant group's share price tumbling more than 10% to its lowest since January 2017 after cutting 2026 guidance due to an unfavourable regulatory change in Brazil, a country that accounts for 9.5% of operating revenues. At the moment, the stock, whose trading had been halted due to excessive declines, has recovered a few positions and gives up 7.5%, against the rise of about one point of the CAC 40, the main index.
The group announced that it expects its organic Ebitda (profitability indicator) to fall between 8% and 12% in 2026, compared to the 2 to 4% increase previously forecast, due to the imminent publication by the Brazilian government of a decree on the country's food voucher and food stamp system, the so-called PAT. The 2027 and 2028 outlook, set out in the Amplify strategic plan, for annual like-for-like Ebitda growth of between 8% and 12% remains unchanged for the time being.
"Based on the information currently available, Edenred is surprised by the content of this decree, which is significantly different from the discussions held between the professional association (Abbt) and the government," reads a note from the company, explaining that "Edenred expresses concern that these measures could compromise the integrity of the PAT, particularly with an increased risk of abuse, non-compliance and an unbalanced credit position (especially with public clients)." Edenred is therefore considering, with its legal advisors, 'all possible legal remedies against this decree, which could have a suspensive effect'.
