French payment solutions provider Edenred reported broadly in-line fourth-quarter results, with revenue rising 3% year-on-year to €784 million and shares surging over 8% in Paris trading. The company's free cash flow increased to €1.11 billion, with conversion improving to 82% from 66% in 2024.

By division, Mobility grew 11% to €184 million, beating forecasts by 2% on strong fuel card momentum in Europe and Latin America. Benefits & Engagement remained flat at €470 million but came in 1% below expectations due to the Italian commercial cap. Adjusted EPS reached €2.53, exceeding the €2.13 consensus estimate.

Edenred confirmed its 2026 guidance for an 8%-12% like-for-like EBITDA decline, aligning with market expectations of around a 10% drop. The company also reiterated a free cash flow conversion target of above 35% for 2026, implying more than €769 million. Analysts noted the FCF performance likely benefited from float phasing, lower capex and cost control.