Edenred SE (EDEN) Earnings Call Transcript

Ladies and gentlemen, welcome to the Edenred 2021 Half Year Results Conference Call. I will now hand over to Mr. Bertrand Dumazy, Chairman and CEO. Sir, please go ahead.

Thank you. Good morning, everybody. Thanks for being with us to discuss about the 2021 half year results for Edenred. I propose that we move to Page 2 of the executive summary. So what do you need to know about those results? First of all, Edenred has been able to deliver close to 10% like-for-like operating revenue growth versus 2019. So it is fair to say that Edenred has much more than recovered the ground lost in H1 2020. In number versus Q2 2020, we are up almost 31% like-for-like, which means more than 20% growth across all regions. Versus H1 2020, we are up 15.3% like-for-like, meaning a double-digit growth across all regions and business lines. And more importantly, as compared to H1 2019, we are up 10% like-for-like, and it is to be noted that we have some areas still lagging behind due to the COVID situation, notably Employee Benefits in Latin America. So to make a long story short, Edenred has demonstrated that its growth potential is intact with a relevant offer and a very good sales dynamic. So we posted solid financial results in H1 2021, and we maintained our robust financial position. So our total revenue is up 15.2% like-for-like. Our EBITDA is up almost 21% like-for-like at EUR 295 million, driving the EBITDA margin up to 39%, which is an improvement of 230 basis points as reported. We also generated strong cash with double-digit like-for-like FFO growth to EUR 254 million. Our net profit group share post at EUR 133 million, which is a growth of plus 33%. We have a high level of liquidity and a solid balance sheet with the issuance of a EUR 400 million sustainability-linked 7-year convertible bond. Finally, S&P reaffirmed our strong investment-grade rating in May 2021. So based -- and I move to Page 3. Based on these results in H1 2021, based on the fact that we will continue to leverage our platform to generate sustainable and profitable growth, we are able to raise our guidance for 2021. So the 2021 outlook for Edenred is like-for-like EBITDA growth upgraded to a minimum of plus 9% versus what we previously guided with a minimum of plus 6%. It means an EBITDA guidance range for the year 2021 between EUR 620 million and EUR 670 million. So now if we go into the details of those results, I propose that we move to Page 6. As you noted, H1 2021 operating revenue bounced back 10% higher than the pre-COVID level. What you see in the graph on the left of the Slide 6 is the pattern of the year 2020 and the pattern of the first half of the year 2021. Remember, we entered -- after a historical year in 2019, we entered with double-digit growth in Jan and Feb 2020, then the COVID, so Q1 was at plus 6.6%. Then the recession due to the COVID, minus 15%. And only 1 quarter of recession, Edenred moved back to the growth area with 0.9% in Q3, 1.2% in Q4, so stronger growth quarter-after-quarter, 3.6% in Q1 2021 and almost plus 31% in Q2, leading to an H1 2021 at plus 15.3% like-for-like. So if we focus on 2021, we had an encouraging start of the year in Q1 even if there were some restrictions in major countries until May. And then we saw an acceleration of the recovery since the month of May, while we had the reopening in Europe in June, so we saw an acceleration at the back end of the quarter. Unfortunately, the situation in Latin America is still distressed and, in fact, very changing from one month to another. That's why we think we have a reservoir of growth to come in Latin America, especially on benefits. If we move to Page 7, you have the breakdown of our performance per geographies. And what you can see is we generated double-digit like-for-like operating revenue growth versus 2019 everywhere except in Latin America, where the health situation just mentioned before remains challenging. So in Europe versus 2019, plus 11%; versus H1 2020, plus 15%. Rest of the World, almost plus 14% versus '19; plus 10%, slightly more versus 2020. Latin America versus 2020 H1, plus 17%; but versus H1 2019, plus 6%. If we move now to Page 8, you have the breakdown per, in fact, business lines. So the first one, Employee Benefits, representing 61% of our total revenue, you see that, in fact, our performance versus '19 is plus 3.3%; but versus 2020, double-digit growth at plus 13.4%. In Fleet & Mobility versus 2020, 20% growth; versus '19, 17% growth. And Complementary Solution versus '20, almost plus 15% growth; and versus '19, an impressive 27% growth. So as you can see, Edenred has been able to generate growth in every geography but also on every product lines, whether versus 2020 but also versus 2019, with a reservoir of growth in benefits, especially in Latin America. What does it mean for the margin? Page 9. As you remember, we are a scale business, so as soon as the growth engine is back to the level that we used to have before the COVID crisis, we see an improvement of our EBITDA margin. So in H1 2021, we post a 39% EBITDA margin versus H1 2020 at 36.7%; and 39.9% in H1 2019. So Page 10, yes, Edenred is an agile and scalable platform. And we demonstrated in H1 2021 that our growth potential is intact. So as a reminder, Edenred is a platform allowing quick client onboarding as well as fast development of new solution. This platform of intermediation is very unique because we have a B2B2C go-to-market model. We are solving inefficiencies or pain points in 4 universes: the Eat universe, the Move, the Care and the Pay. And we operate in 46 different countries with and through a specific purpose wallet, enabling public and private regulation and earmarking funds to specific merchant verticals. That's who we are, making the connection between 50 million users and 2 million merchants. This very unique platform that is agile and scalable, so leverageable, what we have been doing is to have a disciplined business execution to fully capture Edenred's growth potential. So Page 12, you see the mantra. So we are going after scale. We are going after innovation, and we are going after transformation. If I start with scale, Page 13. Our job obviously on a daily basis is to capture the full potential from our customer base and product portfolio. Remember, we serve 50 million users around the world through 250 different programs. So job #1 is to deliver high-quality service. And you can see that, in fact, our indicators are improving quarter-after-quarter. Our job is also to upsell and cross-sell. Upsell means to unlock the full potential of maximum face value increase. And in fact, we are on a positive trend because the face values have increased in many countries, in fact, to face the effect of the COVID crisis. Many governments decided to increase the face value. It is the case in Italy, in Romania, in Austria, in Bulgaria and in Turkey, for example. But to cross-sell as well, we leverage our new products. And to be able to cross-sell them and increase the client stickiness, a typical example is the Beyond Fuel program, and I will come back to that later on. In terms of scale, Page 14, obviously, our job is to continue to further penetrate the market through a segmented approach. Yes, our markets are still vastly underpenetrated. And in fact, this penetration can be boosted by post-COVID trends. For example, work from home will drive further Ticket Restaurant penetration because employees need more flexibility at lunch time. To give you an order of magnitude, more than 250 contracts have been signed by Edenred in the last 12 months with clients who formerly used 100% physical canteens. And they moved to the virtual canteen, and they want to move with the leader of the market, which is Edenred. We are not afraid to partner, so we are pleased to announce that we partnered with Gecina, which is the leading owner of office space in Europe. And Gecina and ourselves, we work together to make sure that Gecina integrates the seamless and digital Ticket Restaurant experience in its offer towards its 100,000 customers. Another way to say it, any time a client is moving to a new Gecina offices, what will be proposed to this new client, instead of having a physical canteen, is to have access to a virtual canteen and maybe to do some savings and please more, in fact, their employee base. Our job is also to seize the SME opportunities. So by leveraging our external distribution channel, we are pleased by the ramp-up of our Itaù partnership in Brazil, Itaù being the first and the largest, in fact, private bank in Brazil. And we are pleased to share with you that in H1 2021, the level of new SME contracts that we signed is equal to the level we were signing in 2019. So on SME contract penetration, we are back, and we are back on steady growth. That's for scale. Then the second part of the mantra that we call innovation, Page 15. Innovation, obviously, to fit new working trends, so we are proposing a greener and more flexible commuting solutions, whether, for example, in France with the Ticket Mobilité or in the U.S., as an example, with Commuter Benefits. Our offer has been enriched by including micromobility partners. And you have the list on the bottom left. And thanks to this offer that has evolved that is more reached of -- much more reach of new partners. In the U.S., we have been able to sign many new clients, iconic ones like Intuit, Harvard or Asana, but also the leading global e-commerce company. I cannot say the name, which is funny, but I'm sure you will recognize them. Innovation also to support the shift to new ways of working, new ways of working, for example, with what we call the home -- the remote working. So we developed the Ticket Mobilité, Mobility Ticket. It's a digital account, for example, in France, up to EUR 550 that is combined with an e-commerce platform with more than 4,000 office equipment and consumables references. And in fact, as an employer, you can give this amount to employee, and this amount is tax exempted only if you respect, in fact, the conditions of the program. So that's our ways to support the shift to new ways of working, what we call the home office. Then the innovation is also used at Edenred, Page 16 and 17, for specific purpose programs. So we are proud to share with you the example of the digital food aid card for elderly people that we launched in Romania. It was and it is a 100% digital solution for 150 beneficiaries. What is very interesting is the average age of the user of this program is 83 years old, and the digital activation rate is above 80%. So even the elder generation is able to use our earmarking funds solution. And it's a great news because it is the proof that we have a lot to bring to the society. And if digitalization is well done and propose a very seamless user experience, our -- the elder ones with an age that is above 80 are also able to use our solutions. Page 17. Another example is the Benefit Xpress 2.0 COVID-19 survival pack that we launched in Taiwan. As you know, Taiwan has been confined for the -- really for the first time. And in fact, many employers want to take care of their employees who are working now from home, and they want to do it in an efficient, safe manner amid the COVID-19 pandemic. So we developed this contactless, multi-brand digital benefit to buy all essentials with, as usual, with Edenred, a dedicated online network. So we are pleased to announce that we have more than 35,000 users. And among our clients, very iconic clients such as Google, Qualcomm or J&J in Taiwan. We are leveraging also our innovation efforts to offer a seamless experience, Page 18, where one of the crusades we embarked on is to propose a very seamless experience from A to Z to our users and to our clients. So from online sales, ordering and onboarding to 24/7 self-customer care. So you have an example of the innovation that we launched, for example, the second step, the plasticless format, 0% paper, 0% plastic, all on your mobile, and now it is in 5 different countries and more to come. As you may know, we have a flexible and comprehensive offer because more than 1 million restaurants are connected to our platforms. And in fact, if you add meal delivery partners, we have more than 100 global and local partners who are connected to the Edenred platform. So 1 or 2 last examples of innovation, Page 19, the beyond Fuel program I was talking about in executive summary. We are also leveraging innovation for the Beyond Fuel program to enhance Fleet & Mobility value proposition. Three examples, in Brazil, our new GoHub platform for fleet managers, now fleet managers can connect, and they have access to all their service related to fleet management. In Europe, the UTA One box to pay tolls, it's now available in 13 different European countries. In H1 2021, we have been able to increase this number by 5, moving from 8 countries to 13 different countries. The third example is the launch of a dual tag and to pay fuel and tolls in Mexico. And finally, we launched our CO2 offset programs in Latin America. More to come very soon in Europe. And in fact, we are pleased to say that in Mexico, this program has been adopted by 20% of our client base. So it's a strong start, still a lot to go. To finish on innovation, CSI. You know that our job is to scale CSI through a wide payment and service ecosystem. We have a strong value proposition. It's a digital automation platform to save time and costs. It's a cloud-based platform that is available obviously 24/7, including when you work from home. And we have been integrating CSI with strong partners, so payment partners. We are dual virtual card issuer with Mastercard and Visa. We are now integrated into management solution and payable solution with Sage. We developed our indirect distribution and commercial partnerships with U.S. banks such as Citi or Bank of the West. And we are now back to our revenue level of 2019 with some new sales that are offsetting some depressed client volumes still in hotels and media industries. The last part of our mantra is transformation. As we shared with you previously, we further integrated sustainable development into Edenred performance. So you remember that we unveiled our purpose at the 2021 Annual General Meeting. Our purpose is enrich connections for good. We also integrate in the manager's long-term incentive plan 3 commitments of our sustainable development plan, one in people, one in planet, one in progress. So in terms of ability to get some free shares, 25% of the performance is now linked for the top 350 people of Edenred linked to those sustainable development objectives. And in fact, we use them the -- let's say, what is offered on the financial markets. And based on that, we have been able to leverage new sustainability-linked financing instrument with a EUR 400 million convertible bonds that we have been able to raise with a negative yield to maturity of minus 12 basis points. And this, in fact, financial instrument is linked to the ability to achieve by 2025 3 sustainability criteria, one in people, one in planet and one in progress. So that's what I wanted to share with you, to explain to you the performance of Edenred in H1 2021. I propose now that we go more into the detailed performance and results, thanks to Julien Tanguy, the CFO of the group. Julien, we are all yours.

Thank you, Bertrand. Good morning, everyone. I propose we move now to Page 23 to review our H1 2021 performance. The first half of 2021 demonstrates a strong recovery despite a challenging health situation. Operating revenue in Q2 is up by 30.6% like-for-like and almost 28% in reported figures. This very strong performance in Q2 brings our revenue to EUR 736 million in H1, i.e., a growth of 15% in like-for-like and 9% in reported figures. As already mentioned by Bertrand, it's a 10% growth versus 2019 in like-for-like. I propose we analyze the key driver of the strong performance of Edenred through some comments about 2 main regions, Europe and Latin America. Before moving to this region, I remember you that during this H1, our activity has been impacted by the health situation but at different level according to the geographies. And the comparison basis in Q2 is favorable. In Q2 2020, we have been impacted by full lockdown in most of the regions where we have operations. Let's move to Page 24. So in Europe, the 15% growth in H1 is the result of a good sales momentum combined with gradual reopening linked to the health situation. Our revenue is growing by more than 11% compared to 2019. In France, the growth in Q2 is close to an impressive 60%. In 2020, the lockdown did not allow our users to spend their benefits. In 2021, thanks to a progressive reopening starting in the second half of May, the revenue has been slightly boosted by the catch-up of reimbursement volume accumulated during the first quarter of 2021. This catch-up has started but is not over yet. Funds have been accumulated in 2022. On top of that, France delivered solid commercial success especially on digital Ticket Restaurant, thanks to our digital leadership. Compared to 2019, we delivered a mid-single-digit revenue growth. Regarding the Rest of Europe, like in France, we delivered a solid recovery impacted by the gradual easing of restrictions in the second half of the quarter. The double-digit growth is a consequence of our capacity to innovate in all our business lines. I share a few examples with you: the digital gift solution in Italy for Employee Benefits and the Beyond Fuel strategy and our range of services that includes tolls and VAT refund for Fleet & Mobility. All in all, the performance is robust across all business lines and market segments driving double-digit growth versus the H1 2019. Let's move now to America on Page 25. In Latin America, the health situation has been challenging during the last quarter. In this context, we have delivered mid-single-digit like-for-like growth versus H1 2019 and the strong growth versus 2020. In Brazil, we have posted an increase of 31% in Q2, thanks to an excellent performance in Fleet & Mobility, supported with the success of our Beyond Fuel services and especially our maintenance solutions. Our sales performance is also solid. The partnership with Itaù, one of the largest banks in Brazil, and the Employee Benefit market is continuing its ramp-up in a challenging health situation. In Latin America, we are deploying also our Beyond Fuel strategy across the region, and this deployment is doing well, delivering growth. In Q2, the growth of this region is above 30% despite a difficult and fast-changing health situation in several countries. In this uncertain environment, Latin America revenue is up by 17% like-for-like compared to 2020. This is it for the operating revenue. Let's move now to the other revenue, previously named financial revenue, and I'm on Page 26. Other revenues stand at EUR 21 million, growing 10% in like-for-like and down by 3.5% in reported figures. In Europe, we have higher level of floats but lower interest rates. Non-Eurozone countries have strongly decreased their interest rates from Q2 2020. It is the case in the U.K., in Czech Republic and in Romania. In Latin America, the level of float is higher, and our hedging policy compensates the decrease of interest rates in Mexico. In the Rest of the World, we have big change in percentage but low amount in euro. This change is mostly driven by Turkey, where interest rates increased strongly, compensated by negative ForEx impact. So to have a global view on our total revenue, I propose we move to Page 27. As a conclusion on top line, I remember the total revenue is sum of operating revenue and other revenue. In Q2, our total revenue is up by 30% in like-for-like. This growth in Q2 allows us to deliver a 15% growth in H1. It also means an 8.8% growth compared to 2019 in like-for-like. We move now on Page 28. So thanks to a strong growth of our revenue, the EBITDA is up by more than 20% like-for-like in H1 2021. And our EBITDA margin stands at 39%, which is an improvement of 183 basis points in like-for-like compared to 2020. The increase of EBITDA at 21% is higher than our revenue increase, plus 15%, demonstrating our capacity to leverage our cost structure. EBIT is growing by 25.8%. The increase of EBIT in amount is the same as an increase of EBITDA in amount. Our operating EBIT margin is improving by 273 basis points like-for-like compared to last year. If we move to net profit. The net profit group share is increasing by 33% and stands at EUR 133 million. As we already saw, the EBIT stands at EUR 232 million. Main variations compared to 2020 regarding the net profit are other income and expenses and net financial expenses. Other income and expenses goes from minus EUR 30 million to minus EUR 7 million, explained by a lower level of write-off compared to last year. And the net financial expense is improving by EUR 6 million and is a consequence of the one-off events, i.e., the valuation at fair market value of our investments in Partech Partners. I propose we move now to the free cash flow. With an EBITDA increasing by 15.6% in reported figures, our FFO is increasing by 22.7%, demonstrating a strong level of conversion and the capacity to generate cash from our operations. The working capital and float numbers in H1 2021 shows a return to normal free cash flow pattern. Our float decreased by EUR 189 million in H1 2021. It has decreased by EUR 256 million in the same period in 2019. The float decrease also points out the gradual use of prepaid funds accumulated in 2020 and in Q1 2021. Our level of CapEx is slightly below last year at EUR 37 million. At the end of H1, the free cash flow generated since the 1st of January is minus EUR 68 million. Let's move now to our net debt evolution, and I'm on Page 31. The bridge presented on this slide is from June 2020 to June 2021. The free cash flow generated over the last 12 months stands at EUR 459 million, as we can see on this page. Thanks to this free cash flow, the net debt has decreased since June 2020. At the end of June 2021, our net debt stands at EUR 1.45 billion. With a net debt that has decreased, we have a robust financial position, as we can see on Page 32. We have a high level of liquidity and a solid balance sheet. As Bertrand mentioned, we have been able to issue a first sustainability-linked 7-year convertible bond of about EUR 400 million in June. It is a 0 coupon and negative yield bond with a 7-year maturity. At the end of June, our balance sheet is solid. We have EUR 4.9 billion of cash equivalents, restricted cash on our balance sheet. We have over EUR 1.5 billion of financing options available, and we have no financial covenants. Our BBB+ rating has been reaffirmed by Standard & Poor's in May 2021, and we have no major reimbursement before 2024. And the bond that is due in 2024 is a convertible bond that could be converted into shares. Bertrand, I'll let you the mic for the end of the presentation.

Okay. Thank you, Julien. So based on the detailed financial performance, what does it mean in terms of outlook and guidance for 2021? I propose that we move to Page 34. First of all, our growth potential is intact, and now Edenred is well on track to harness it. So remember that we have 4 trends accelerated by the crisis that are bringing new opportunities for Edenred. First, we are living in a more connected digital and contactless world, so it's good for Edenred. We are living in a more remote working world, and Edenred is developing new and innovative solutions to fit those new needs. We are living in a world seeking for more responsible behavior, and Edenred is a platform for good. And finally, in a corporate world seeking more efficient and secure payments, Edenred is digitalizing B2B payments. The second element to have in mind is, yes, as usual, Edenred will deliver a disciplined business execution to fully capture our growth potential. We will focus on scale, on innovation and on transformation. So yes, the growth potential of Edenred is intact, and we have the strong willingness to harness it. If we move to Page 35. In fact, in H1 2021, we demonstrated some strong business trends that are leading to a significant outperformance versus 2019. Our operating revenue has been growing at double-digit growth in H1 2021 versus 2019. But we still have some recovery potential in France and Latin America, where Employee Benefits were or are still impacted by COVID-related restriction. However, there are still some uncertainties regarding the health crisis. You noticed the recently announced restriction related to new variants. And so very humbly, we don't know the exit timing of the health crisis, and so it remains uncertain. Finally, when we look at the macro environment, we see both tailwinds and headwinds. Among the potential tailwinds, inflation that could start increasing a little bit and maybe the rise of short-term interest. But there are also some potential headwinds such as the GDP growth or the unemployment level. So based on the strong performance of H1, based on the fact that we see significant positive business trends for Edenred but aware as well on the uncertainties as to the exit timing of the crisis, Page 36, we are happy to, in fact, increase our minimum 2021 like-for-like EBITDA growth guidance. We are happy to upgrade it from 6% minimum to 9% minimum. What does it mean in numbers? It means that our reported EBITDA guidance for 2021 is between EUR 620 million and EUR 670 million. Thank you for your attention to this presentation. And Julien and myself, we are now all yours to answer all the questions you may have.

[Operator Instructions] First question is from Mr. Simon LeChipre from Stifel.

Two questions for me, please. First of all, could you give us an update on the backlog of volumes at the end of June? And secondly, on like-for-like growth, could you share with us the exit rate in June and also your expectations for H2 in the context of your EBITDA guidance, please?

Simon, so Julien, maybe I'll let you give the answers on the backlog of the volume. I guess, Simon, you mean the reimbursement volume that did not become reimbursement yet?

Yes, sure. Yes.

Yes. So as you know, due to the health situation in the last quarters, some funds have been accumulated by our users and have not been spent yet in our network. As I said during the presentation, the catch-up of the backlog has started especially in Europe and in France, thanks to the reopening of the restaurants at the end of May. But it is only in the beginning of this catch-up, meaning that, obviously, all the funds that have been accumulated during the start of the pandemia is not over. What we see is that what has been accumulated in Q1 has been spent in Q2, especially during the month of June. It means that the amounts that have been accumulated at the end of last year are still to come, and it will probably be spent during the last 6 months of this year. And this is included in our guidance.

Okay. If I go back to the second question, so to be sure that everybody understand the notion that I just discovered of exit rate, I guess, you mean the like-for-like growth in the month of June, i.e., the last month of the quarter. So as you know, Simon, we don't communicate on a monthly basis. But what I can share with you is the month of June is in the same line as the quarter of -- the second quarter of the year 2021. So we are well on track for the second part of the year.

Next question is from Mr. Julien Richer from Kepler Cheuvreux.

Two questions also for me, please. The first one in terms of SMEs, you mentioned the fact that new SME signature is in line with pre-COVID level. I guess, it includes the partnership with Itaù. Can we have a little bit more color on the Itaù partnership? What is the contribution at this stage? Or what you expect at cruising speed? And when do you expect cruising speed to be reached? And second question about the health restrictions that you mentioned and especially the COVID passport that has been announced in France and in Italy. What might be the impact on restaurants? Do you think that this might have a negative impact on volume? And given the different kind of client fee that is paid between restaurants and large supermarkets, for example, do you think this might be a headwind in the coming months?

Okay. Julien, thank you for your 2 questions. So the first one as to the SMEs, yes, the Itaù partnership is part of our SME penetration effort. And it's what we -- in fact, what we announced when we signed the partnership 2 years ago. So where do we stand? As I said, 18 months ago, I was not happy about the results of this partnership in the sense that we were not at par with the plan we all committed to on both parts. And both parts worked hard to make it happen. And it's not an easy task, in fact, to train the salespeople, to incentivize the salespeople and to get some experience at the sales level from Itaù because our programs are not that easy to sell. They are very technical, and they need an initial investment that is significant. Now that it has been done and now that the 2 parts really want this partnership to work, we see an improvement month-after-month. And by the way, that's something I look at very carefully at every monthly business review that we do with every operating company of the group. And so what I can say is now in 2021, the results we got for the first 6 months of the year are in line with the plan. Having said that, it will take time to get a significant strong contribution at group level because it's a machine that is doing well, but it's a machine that is deployed only in Brazil versus only in Brazil and for Ticket Restaurant. So to make a long story short, very encouraging SME results, very encouraging ramp-up of Itaù partnership. And I think we will be, let's say, at our speed rate of full potential 12 to 18 months from now.

Next question is from Mr. Paul Sullivan from Barclays.

No, sorry, sorry, sorry. I'm sorry. That's why Julien was somehow mute. There was a second question as to the health restrictions, so -- and what might be the impact of the health restrictions that we see arising everywhere around the world. So yes, we see some sanitary pass that are put in place here and there. The truth is we don't see the impact yet in our numbers because there is a lot of talk that in terms of implementation, we are not there yet. What could be the impact? We don't know yet. It's part of our guidance. What we think is, once again, as it happened for the last 18 months, if for whatever reasons, the sanitary passes will create some time to go to the restaurant, i.e., I don't go to the restaurant and I prefer to wait, what we observed for the last 18 months when the restaurants were closed, we saw an accumulation of voucher. It means that the revenue is not lost, the revenue is just delayed, okay? So -- and the other thing we saw as well, and it was one of your questions, we didn't see any major change in merchant mix. So to make a long story short, as of today, we don't see the impact of the idea of putting in place the sanitary passes. And if it happens, we think it's going to be milder than what we saw with the confinement but following the same pattern, i.e., there will be an accumulation of voucher. So the revenue is not lost, the revenue is simply delayed, and we don't expect any significant change in the merchant mix. And remember that the people got adapted to the situation, so we saw some evolution of behaviors. And thanks to our strong partnerships with new delivery platform, we have more than 100 new delivery platform partners now that are connected to Edenred. There are some alternative to have access, in fact, to the menus of the restaurants. That's why we didn't see any major change in merchant mix.

Next question is from Mr. Paul Sullivan from Barclays.

Yes. Just a few from me. Firstly, just a follow-up on the second half growth. I mean, on balance, Bertrand, do you expect an acceleration on the 2-year growth rate that you saw in the second quarter? And sort of in a bit more detail, I mean, can you sustain the momentum in fleet and then accelerating in benefits? That's the sort of the crux of it. Secondly, could you just talk a little bit more about the moving parts within Complementary? I mean, the social programs presumably sort of rolled off a little bit in the second quarter were a bit of a drag. And can you put some numbers behind the uplift in Corporate Payments? And also, can you talk about the sort of the market positioning there? And then finally, your ambitions as you move from products towards a fully-fledged benefits platform, could you just talk about what your sort of ambition is there? And just aligned to that, do you think we'll need to see more investment or M&A to deliver on that potential upside?

Paul, thank you for your 3 questions. And I guess, I need 60 minutes to answer to all of them.

All right. Sorry.

No, no, no. The truth is there is a lot of passion on our side behind. So if I take them one by one, and I do it in view with Julien. So I start, Julien, and anything you would like to add.

Yes.