Edenred SA (QSV.F)

Edenred's record annual profit overshadowed by higher financial expenses

Gift and restaurant voucher provider Edenred reported a record annual core profit on Tuesday, but the result was overshadowed by higher financial expenses related to a recent acquisition and rising interest rates, sending its shares lower. The French company, which is known for its "Ticket Restaurant" vouchers, reported earnings before interest, taxes, depreciation and amortization (EBITDA) rose 31% to 1.09 billion euros ($1.18 billion) in 2023, just above a company-compiled consensus of 1.08 billion euros. Like its peer Sodexo, which has just spun off its voucher division, Edenred has seen strong demand for its gift and restaurant vouchers from employers as a way to help staff cope with rising inflation without hiking wages.