Edenred SE (EDEN) Earnings Call Transcript

Hi, everyone. It's a real pleasure to be with you today to be with you with the one who are here with us in London in this nice setup at the Andaz Hotel and to be with the one who are attending with thanks to our live webcast. We have a nice program today, starting with Bertrand Dumazy, our Chairman and CEO, who will talk about our vision and our strategic plan for the next 3 years, focusing on 3 priorities. Then we'll have Eric Sauvage, our Executive Vice President of Marketing and Strategy, who will talk about our plan to scale the Edenred platform. And this is -- this will be done, thanks to our global technology and Dave Ubachs will talk about it. After that, we'll have our 3 business line CEOs, Arnaud Erulin, Jean and Gilles Coccoli who will talk on how we will cascade the strategic plan on their respective scope. We will finish the day with [indiscernible], ESG Director; and Julien Tanguy, Executive Vice President, Finance, who will talk about how this strategic plan will translate into financial and extra financial performance. We'll have 2 Q&A sessions today at the end of the morning and at the end of the afternoon. We have also planned some nice activities for you during the breaks, including the lunch break. You will be able to attend our virtual experience -- 3D virtual experience, where you will see how the world will be thanks to Edenred. We'll also have some demonstrations to product demos during our lunch break. So this will be the opportunity for you today to see some of the top executives of the group. You see the faces here. And some of them are here will be on stage. Some of them will do a video testimonial. So it's time for me to finish this introductory words. And now I leave the floor to Bertrand Dumazy, and I wish you a very good day in the Edenred world.

Okay. Good morning, everybody. It's a pleasure to be with you today. It's a pleasure to see you alive and kicking, and it's such a pleasure to be in sunny London. So I would like to start by focusing a little bit on our purpose. And the purpose of Edenred is enriched connections for good. What does it mean at Edenred this purpose? [Presentation]

So this is our purpose enriched connections for good. This purpose is our North Star in everything that we are doing on a daily basis, we are thinking and we are watching this North Star. And today, together, we will try once again to enrich connections for good. So who are we? We are a B2B2C platform, and we are making the intermediation between 52 million users, 2 million merchants and with 950,000 corporate clients, and we are managing a business volume of EUR 35 billion. But the way we are doing it is very unique because we are the leader of the specific purpose money and the specific purpose payment. What does it mean? We are not a universal payment company. A universal payment company is a company facilitating payments, but payment that can be done anywhere, anytime, for anything at any moment. At Edenred, we filtered the transaction, and we filter them to make sure that we respect the regulation of our different programs. So for example, for digital meal voucher, you cannot go anywhere. You have to go to certain restaurants and certain merchants who accept to be part of the program. And you cannot spend your money anytime. It's only during the working days. And it's not for anything, it's for meal and food. And it's not how much you want any amount. It's going to be a daily amount that is set up depending on the different countries. So no, Edenred is not a universal payment company. Edenred is a platform, leveraging a very unique technology, a technology of specific purpose payments. And in fact, this platform and the mastering of this technology allows us to drive very positive impact on essential needs for all our stakeholders. So if you think about the employees that are using around the world the Edenred solution, and there are now 52 millions of them. In fact, thanks to Edenred, the number of meals that are skipped by meal solution users is divided by 2. You go twice more, in fact, to your mill post with a Edenred solution than without an Edenred solution. Or if you take the example of France, we are able to give back up to EUR 6,000 of purchasing power, thanks to the Edenred solution. So not only we are driving positive impacts for the users, the employees, but also for their employers, the ones we call the corporate clients. Think about it, 900,000 suppliers are paid in the U.S. via the Edenred CSI platform. Or think about an HR team in Taiwan, thanks to the Edenred Ticket Express benefit solution in 1 day, we're able to distribute digitally extra benefits to their employees or to their clients. So we are driving positive impact for users, for clients, but also for our partner merchants. Think about it. Thanks to our gifting program in France, we are injecting every year, EUR 2 billion into the French economy. And 80% of those EUR 2 billion are going towards independent and specialized retailers. Another way to look at it, when you think about the Ticket Restaurant programs, we measured the number of people who are going to the restaurant when they have a Ticket Restaurant versus the people who are not going and you go 5x more to the restaurant when you have access to a solution like the one of Edenred. And all this volume is going to our partner merchants, in this case, meal and food retailers. So we are a super strong traffic generator for our partner merchants. But we are driving positive impact as well for the public authorities. Think about it. Anytime you have 23 additional people going to the restaurant, the restaurant has to employ 1 additional person. So thanks to our ability to drive traffic, we create jobs in every local companies called restaurants. And when we think about the planet, thanks to our program, and I take the example of commuter benefits in the U.S. every year, thanks to this program, we are able to help save 500,000 equivalent tones of CO2. So yes, we are driving positive impact for all our stakeholders, including the public authorities. So for employees, we are a generator of purchasing power and well-being. We also simplified the mobility experience with our Fleet & Mobility business line. Yes, for our corporate clients, we help them to drive up the employee engagement and the payroll efficiency, but we also help them to manage in a more efficient manner, their fleet costs. And yes, for the partner merchants, we are a traffic generator, and we generate consumer engagement and loyalty. And finally, for the public authorities, we are a driver of formalization of the economy, and we can create some incentives to change behaviors in a more responsible way. And we do that -- we do that with a comprehensive portfolio of 250 different programs across 45 countries. So we have more than 100 programs in Employee Benefits. We have 90-plus programs in Fleet & Mobility and in Complementary Solutions, we have about 60 programs. So total 250 programs in 45 countries, and we are global platforms. Europe represents 61% of our total revenue, Latin America, 31%; and the rest of the world, 8% of our revenue. So it's who we are trying to enrich connections for good, and we do it every day. What is the journey we went through for the last 6 years. It has been a journey of disruption for Edenred, shaping new standards in the industry. And in fact, we did 4 things in that disruption. First of all, we managed differently our portfolio with 1 goal, multiplied the opportunities and, in fact, reduced the level of risks. Product and technology disruption, second thing that we did. Sales and marketing machine that we built for the last 6 years. And finally, we positioned the ESG at the heart of Edenred. So if I take the first one, our business line mix, what do you see on the screen? You see, first of all, that the first business line that is called benefits has hugely increased between 16% and 22%. But on top of that, and probably more importantly, the proportion of additional services that we call Beyond Fuel has moved from 21% to 26%. And Arnaud will explain to you the huge ambition we have in terms of Beyond Food growth for the next 3 years. When you look at fleet and mobility, it's even more blatant. Not only we grow super-fast in Fleet & Mobility. But on top of that, our Beyond Fuel portfolio of services has moved from 0 to 30% in 6 years. Then if you look at the geographical mix of our activities, yes, we grew. And Latin America represents now 31% of our total revenue moving from 42%. And then what we did for the last 6 years, very selectively and very carefully we had some M&A activities for a total of EUR 1.6 billion, and we have been very active from 2016 to 2019, and then we have been more discrete for good results. When we look at the inflation of the multiples on some of the targets, at Edenred, we are super patient people. We built the company inch by inch, step by step and we are able to say no when the market conditions are not positive enough for Edenred. So we did it with a lot of discipline, and we did it business line per business line. And finally, another thing that we are very keen on is to increase our leadership. We know that with a platform business, the bigger you are, the bigger you are. And so let's make sure that on any business line, in every geography, we have the fighting spirit to be in the top 3. And when we are in the top 3. Let's make sure that we work hard to become #1 because there is a huge benefit to be the #1 in every market on every business line. Today, we are generating 70% plus of our operating revenue in geographies where Edenred is market leader. So we believe in the leadership, and we believe in the #1 position. The other thing we did is to disrupt our product and technology. And we did that with a lot of discipline and determination for the last 6 years. We used to be a paper company. We are a 100% digital company. Every solution that is designed in our tech labs are digital solution. We used to propose only in-store user experience. We are now connected to more than 200 electronic platforms around the world, the FoodTech platforms and the mobility platforms. We used to do single payment we do now enrich connections because we have data experts and practitioners, more than 200 of them today at Edenred, and Andreea will explain to you the huge potential varies behind the Teradata we're able to collect week after week. We used to have a stand-alone product, and we are now the everyday platform for people at work. So we developed super app where you are able to manage your portfolio of benefits our Fleet & Mobility Solutions. And we used to be powered by local IT systems, and now we are running with global tech stack. And to give you an example, 90% plus of our activity is in the trusted cloud. And we will explain to you deeply what it means to be a technological platform with the different layers, what it means and what is the scale platform advantage that it gives to us. And the other thing that we did is to work super hard on the sales and marketing approach to become a sales machine. We are a sales and marketing war machine, first of all, because we love operating on underpenetrated markets. Corporate Payment penetration, 10%; Fleet & Mobility 35%, Employee Benefits 30%. So there's still a long way to go on our core markets. On those markets, first of all, we went direct, and we ramp up our direct channels. Think about it. Our number of distant sales FTE has been multiplied by 3 in 6 years. Our level of lead generation has been multiplied by 4 in 6 years. So the total number of SME contracts that we are signing today as compared to the beginning of the journey in 2016 has increased by 5%. But not only we developed our muscles in terms of direct distribution, but we also developed our muscles with indirect distribution. And we selected very carefully our partners of distribution. So think about it, Employee Benefits with Itau, for example, in Brazil, Itau being the first private bank and probably the most dynamic one. In Fleet & Mobility, we used to work with Daimler, but we add inter, for example, to accelerate our development via indirect distribution channels. And in Corporate Payments, we signed with Sage, with Citi, with Oracle NetSuite, and Mark will explain to you what it means. So yes, Edenred today is much stronger in terms of being a war machine for sales, whether it's direct or indirect. The last thing we did in this very, very interesting journey of disruption is to put ESG at the heart of everything that we are doing. We have a plan, ideal people, ideal planet, ideal progress. And in fact, we did a lot of progress. There's still a lot more to go, and Flo will explain that. But yes, in terms of diversity, we increased the gender diversity by 13 points in an environment that is very male-dominated. Yes, in terms of climate change, we did a lot of efforts, and we have been able to reduce our greenhouse gas emission by 46%. And finally, we are very keen on promoting sustainable food, which means a fight against the food waste and for the balanced nutrition. And because we are dealing with 52 million users, there's a lot we can do, and we increased significantly our footprint on that. In fact, the recognition of this fantastic performance and disruption and our commitment to ESG made us join the CAC 40 ESG Index, in fact, in September of this year. And we are recognized among the industry's top ESG experts and so then ratings. So we have been able to disrupt the company, but at the same time and because we are -- the essence of the group is French. So we love dessert and cheese. We don't have to choose between the 2. So we'll have disruption, but also at the same time, sustainable and profitable growth. So reverse the French, we go for desert, but we also go for cheese. So this disruption has generated sustainable and profitable growth. Think about it. Here, you look at -- you see our total revenue. Our total revenue has been multiplied by 1.8 between 2016 and 2022. And in the middle, we all went through the biggest crisis we had to cope with, which is the COVID. When you look at the growth of the profit, here the EBITDA. And as I said, we love sustainable and profitable growth. The level of EBITDA has been multiplied by 1.9 for the last 6 years. And in fact, if you look at the EBITDA margin every year, we have been able, thanks to the scale effect to improve also our EBITDA margin. Then net profit group share has been multiplied by 2.2. So 1.8, 1.9, 2.2 in terms of net profit group share for the last 6 years. And we'll also look at the earnings per share and the earnings per share has been multiplied by 2.1 for the last 6 years. We all know that cash is king. And so what about the free cash flow generation, it has been multiplied by 1.8 for the last 6 years. And then we love having a kitchen in order because we want to have every option open. So one thing we did together at Edenred is to work on the deleverage. And by the end of 2022, the company is going to be fully deleveraged with a leverage ratio of about 0.7, and it gives us a firepower of EUR 2 billion if we want to accelerate our development, whether organically, but also via acquisition. And it is recognized. So when you look at the rating of our debt, we are strong investment grade. We have been through all the last years, and the outlook has moved from stable to positive in 2022. Finally, let's talk a little bit of something you are not interested in, which is the Edenred market capitalization. For the last 6 years, it has been multiplied by 3.3. Let's also talk about something we are very interested in. Do we create jobs by developing the activities of Edenred. The answer is yes. We started the journey. We were 7,200, we are now 12,000. Why are we interested by this number? It means that today, the density of talents we have at Edenred is much higher than 3 years ago or 6 years ago. At Edenred, we have 70 different nationalities. The average age is 37 years old. We are well balanced in terms of gender diversity, 50% women, 50% men. And in fact, we are a company made of tech people. It's 3,000 of our employees, but also sales and marketing people. We are a sales machine, and it's about 3,700 people at Edenred. So yes, we have been disrupting the company since 2016 around the 4 pillars I shared with you. This disruption has resulted in solid performance for the last 6 years. So it's where we are in 2022 to open a new cycle, a new cycle that is based first on a vision. We have a vision for Edenred. The vision is to be the everyday platform for people at work in Employee Benefits and engagement, in greener B2B mobility and in B2B payment from invoice to pay. It's where we are going. And where we are going in terms of numbers, what we foresee by 2030 is EUR 5 billion of revenue. We started the journey, and it was a birth of Edenred in 2010 with a revenue of EUR 1 billion. In 2015, we were at EUR 1.1 billion of revenue. In 2022, we are now at EUR 2 billion of revenue, and we are shooting for EUR 5 billion of revenue by 2030. The EUR 5 billion is going to be made of organic growth on the current scope, and it's going to be at least EUR 4 billion and then some M&A opportunities based on the firepower that we have that could complement to reach EUR 5 billion by 2030. And so this vision is based on what? This vision is based, first of all, on very positive structural macro trends and its huge tailwinds for Edenred for the years to come. In the working world transformation, what is happening? What is happening is more and more hybrid work. What is more happening, a very intense talent war. What is happening is more and more employees that expect recognition and well-being support from their employer. So what does it mean for Edenred? As simple as that, it means that if we want to help our clients, we need to be able to provide them with differentiated and customized employee benefit solution. And guess what? It's our platform, easy to put in place, easy to implement, country-per-country, segment-per-segment and easy to differentiate. Yes, with the Edenred platform, we are able to provide differentiated and customized employee benefits. It's also a new area of mobility. What is happening? Our clients are saying that the world is going to be greener and the world of mobility is going to be smarter. 14% of the vehicles could be electric by 2030. 96% of new sales could be connected vehicles by 2030. What does it mean profoundly for Edenred? As simple as that, our clients, we have the tools to help them manage their energy mix and carbon emission to help them in the automation of their fleet management. We have the tools, we have the platform. We are doing it today. We will do it more tomorrow. It's a strong structural change in our markets. Then another strong macro trend is the ecosystem digitalization, what is happening? When we listen to our corporate clients, any corporate client, even in SMEs is using 40 different SaaS solutions. It's a lot. It's a lot of solutions that is digital. 50% of our users are using their mobile first. And the merchants more and more, the growing merchants are e-platforms of merchants such as the food delivery companies. What does it mean for Edenred based on those trends that we see for the next years? In fact, it means more digital SMEs. So for us, it's more volume. It means mobile-first users. So for us, it means more engagement because when you are dealing with your cell phone, instead of a card, we benefit from more and more engagement, and we will explain how we're going to drive this engagement to monetization. And then things are moving in omnichannels. And omnichannel for us is huge opportunities to develop more and more monetization. The payment experience, it's another trend that we look at very carefully and what is happening? You have more and more payment methods around the world. More than 150-plus payment method in Europe, as an example. You have more and more regulation, the PSD2, PSD3, the GDPR and GML. It's a world that is more and more complex. And you have people that are looking for a frictionless experience. It's more and more complex, but you have users who are willing to have a frictionless experience. What does it mean for Edenred? It means that delivering frictionless experience through local payment methods with increased regulation and need for compliance and security in 45 different countries. It's a lot of work, and it's a huge expertise. It's good for us because we are at scale, and it creates for the newcomers, huge barriers to entry. Things are much more complicated than you expect when you embark into the journey. And to able to master that, you need to be global and local, and you need to have the expertise and you need to be able to invest super good for Edenred, higher barriers to entry. The other mega trend that we are seeing is the corporate social responsibility, what is happening? What is happening is corporate clients, talent and investors what they are saying to us at more than 70% of them. You know what? If you don't have a strong CSR policy, we will not invest in you. If you don't have a strong CSR policy, we will not become an employee of Edenred. If you don't have a CSR policy as a corporate client, my motivation to expand the portfolio of solution I have with you will be low. So the message is loud, the message is clear and it's well heard by Edenred. That's why at Edenred, what we want to be is, first of all, to develop more and more solutions that are enabler for our corporate clients for them to deploy their CSR policies. But as an employer, we want to be an employer of choice and of reference with our CSR commitment as well. And it's going to be the combination of the 2 that will make a big difference versus the competition and for our clients. Yes, at Edenred, we want to enrich connections for good every day, every second, every minute. So we have a new market paradigm with some structural macro trends, but we also benefit from a unique economic environment. The unique economic environment is inflation, energy prices that are up, and those 2 elements will be there for a certain number of years. And when you think about the Edenred solutions, it's a highly attractive way to increase the purchasing power of your employees, but also to control cost and gain efficiency, thanks to our maintenance solution platform or the payment solution platform that we have. So a unique economic context based on inflation and energy prices is super good for Edenred. There is one last aspect, we lived for the last 6 years in a world where the interest rates were negative or close to 0. We now live in a world that will last for many years, a world where, in fact, the interest rates are not negative anymore, positive and can be highly positive, which is good for Edenred because we are structurally a negative working capital business. As a point of reference, in 2022, as compared to 2021, our other revenue will increase by more than EUR 35 million. So yes, we also benefit from unprecedented economic tailwinds. But in our vision, there is another aspect, another aspect that is in your hands, it's what we call the Edenred platform advantage. What is the Edenred platform advantage? Yes, we are a platform intermediating 52 million users with 2 million merchants, and we are a B2B2C platform. It's very unique. And the uniqueness, what does it mean from a business point of view? It means that our cost of acquisition are low. It means that our level of engagement is high, and it means that the monetization potential we have is super high. And the combination of those 3 elements versus any other digital platform around the world makes us very unique in terms of business plan. Talking about platform, what does it mean from a technological platform, the Edenred platform And Dave Ubachs will explain to you more in details the complexity of that. But what you need to remember, we are a 4-layer platform. And the first layer, we have a goal with this first layer, in fact, that we call the experience layer, it's the layer that is in contact with the user. And our job is to make sure that the user experience is as fast as possible and as good as possible. So this experience layer is what is used by our stakeholders, i.e., the users, the corporate clients and the merchants. And to make this layer the best layer in terms of user experience Behind that, you have some other layers that are highly complex. The layer that is below is what we call the business application layer. It's where we assemble the different bricks we have in the below layers to make the services easily accessible to our users, but also easily scalable around the world. So we fought hard on how we can build this platform, and we need this layer of assembly. But below the assembly of the business services, you have another layer that is even more complex. It's what we call the digital service layers, i.e., we have, in fact, a library of digital services that we developed ourselves, but also that we go and look after coming from outside. It's what you see on the right side of the slide. So we are using our library that is made of our digital service, but services that we are able to call coming from outside. And the ability to do that is to leverage the API technology. But not only we are able to call services from some external suppliers, but we can give access to our services to our digital services to some other platforms. That's why we were able to be so connected and so quickly with 200 different platforms around the world is because we developed this multilayer technology and giving access at the right level to some external partners whether as distributors or as client, but also as a supplier. And below that, you have another layer that is even more complex. It's what we call the infrastructure layer. And we want it to be at scale because it's where you have the cloud computing, the data, the artificial intelligence, but also what we call the specific purpose capabilities. And if you don't have those 4 layers that are leading to the superior customer experience, in fact, it's super difficult to be at scale and to be global. And it has been our journey for the last 6 years. A platform where you have global scales for the infrastructure and the digital services, but a platform that is giving you, thanks to the API between each layer that is giving you access to business applications, experiences and creating some local relevance. And in fact, the agility we get comes from those 4 layers, this house -- this technological house and platform that is well in order. And so we have an accelerated time to market. So any time there is an impacting innovation on our markets, be sure that Edenred is going to be the first one. Why? Because thanks to these technological assets with our 4 layers, we are super-fast, super agile and super scalable. So thanks to this technological asset, yes, we are able to increase our total addressable market and to enrich our business model, increase our addressable market because we can develop more services but we can go after some new client segments pretty quickly. And thanks to the platform, we are able to enrich the business model. We can accelerate our revenue acquisition and engagement and monetization, but also on decreasing the cost to serve any new service that we bring on the platform is, in fact, accretive or relative, I always mix between French and English. And so the combination of both leads to what we call accelerated, sustainable and profitable growth. The other good thing about this platform is the ability to increase the barriers to entry. Yes, we are a global platform, dealing with 52 million users, 2 million merchants and almost 1 million corporate clients. And we have a technology that is at scale, which is the most difficult thing to do because we invested a lot, EUR 1.7 billion since 2016. And in '22, we will invest EUR 360 million. We also have some customization capabilities, thanks to those 4 layers. That's why we are dealing with 250 programs in 45 different countries and in 4 different universes. But there's another thing that based on this platform, which is also a significant barrier to entry, it's trust and compliance. We are dealing with EUR 35 billion. This money is not our money. So we need to be absolutely an agent of trust, and you deserve trust. Trust doesn't come day 1, and we have been doing that for years, but also compliance. And as you saw in the fintech in the specific purpose payment, the level of compliance is increasing. It's more and more complex. So it's more and more costly to be at scale, and we are at scale. It's a huge barrier to entry. So yes, our vision is to scale the Edenred platform based on the new market paradigm, on which we are, but also to leverage what we call the Edenred platform advantage. So as usual, at Edenred to deliver the Edenred vision, we have a plan. So what is the plan? The plan is Beyond. What is Beyond? It's where we want to go for the next 3 years. And in fact, it's a super simple plan. We want to do 3 things. We want to scale the core, we want to extend Beyond and we want to expand in new businesses. First of all, scale the core. We want to grow further in underpenetrated core markets. So yes, in the coming years, we will acquire more customers, and we will maximize the base via the upselling, via the cross-selling, via pricing action that we can do. And 60% of the growth to come will come from scale the core. Internally at Edenred, we say brilliant basics. We are not afraid today to work days and nights on the brilliant basics. We are a good company, but we are moving to a great company. The second thing we want to do is to extend Beyond. And we started the journey Beyond Food, Beyond Fuel and Beyond Payment, but we will accelerate. Why? Because it's super accretive and because we have the technological assets to make it doing and because the first results we got for the last years are super encouraging. And it represents 30% of our growth for the coming 3 years. And finally, because we are ambitious people, we want to expand in new business opportunities. In fact, when we think about the platform, the feeling we have as a team is we only scratched the surface. Any time we open a door of opportunities, we discover some other doors of opportunities. And so we will continue to be eager to be curious, to leverage the platform and to expand in new businesses. And in fact, the plan is the same for every business line. What I shared with you as to the core, Beyond and expand is going to happen in Employee Benefits. It's going to happen in Fleet & Mobility, and it's going to happen in Complementary Solutions as is going to be explained to you by every head of business line today. The other thing we don't forget in our plan is the ESG by design. We started the journey. As usual, with Edenred, we want to accelerate, we believe, in acceleration. So as to the first pillar, we want to continue being the employer of choice and our target of women among executive position by 2030. As to Ideal Planet and it's going to explain -- it's going to be explained by Flo. Here, we are talking a revolution at Edenred, we commit to be net 0 carbon by 2050 on SBTI targets in line with the 1.5 degree Celsius scenario by 2030. So we change gear and we go deeper into the net 0 carbon revolution by 2050 at Edenred. And finally, we want, yes, to be a trustworthy tech for good. So we want to leverage our technology. We want to leverage our platform to promote sustainable food and sustainable mobility. That's the plan to put ESG at the heart of Edenred. Are we going to succeed? Yes. Why? Because we will capitalize on key assets. The first key asset we have is our track record and momentum. As I said, our EBITDA growth has been almost multiplied by 2 between '16 and '22. So we love sustainable and profitable growth, we did it. The second thing is look at our results in the Q3 of 2022. We start seeing the benefits of the platform advantage. 25% growth in Q3 2022 versus Q3 2021. The track record and the momentum we have is an asset. The second one is trust. Trust, we have a higher brand equity today than before as a market leader. 70% of our operating revenue is generated in geographies where we are #1. Our clients are trusting us. And we will show you many examples of the Net Promoter Score that we have above any of our competitors because we are deeply focused on that. We need to continue to earn the trust of our clients. They are the ones who are paying the bills. The client is always right, even when he's wrong. The third asset we have is talent. We are now a pool of 12,000 people. In fact, we have the right governance with a Board that is independent at 90%. And here in this room, if you look at the Executive Committee, we have 125 years of cumulative industry experience. We have been doing that for years, and we are transmitting to the new generation of Edenred, our know-how and our passion. And it's a lot of experience. We went through a lot. So when there is a situation, we know how to behave because we know super intimately our business. The fourth asset on which we're going to capitalize is to the growing ecosystem we have. We used to have 50 million users now we have 52 million users. We used to have 800,000 merchants -- sorry, 1.8 million merchants. We have now 2 million merchants, and we are close to 1 million corporate clients. We have a growing ecosystem. And on this growing ecosystem, there are many things that you can do to accelerate the growth of Edenred. And then we discussed about it, we have the tech. We invested a lot in our tech platform, and we will continue to invest and to accelerate our investment because it's one of the best assets we have to continue to grow. And finally, we try to manage well our balance sheet. We are deleveraged, and we enter this new cycle with a firepower of EUR 2 billion. Never ever, in the history of Edenred, we had all those assets and such strong assets. So based on the vision of Edenred, based on the assets on which we can rely, yes, we have a bigger ambition for Edenred. And the ambition for Edenred is on 2 elements. First of all, the financial ambition. Yes, our medium-term annual target between 2022 and 2025 is a growth of the EBITDA every year of at least 12%. In terms of free cash flow conversion, because yes, cash is king, we want to raise the bar in terms of free cash flow. And so the free cash flow conversion, we want at least 70% of free cash flow conversion every year. Not only we raised the bar in terms of ambition for the next 3 years from a financial point of view, but we also raised the bar from what we call the extra financial ambition. We never forget our North Star enrich connection for good. That's why we set as an objective SBTI net 0 carbon by 2050 on the Scope 1, 2 and 3A. What does it mean? If we look at what we've been through altogether for the last 6 years, we started the journey, we fast forward in 2016 and for 3 years. Our level of EBITDA was EUR 427 million. And we said, okay, guys, let's go for at least 8% of like-for-like EBITDA growth every year, and we did it. Then we view, we started a second cycle that we called next frontier in 2019. The level of EBITDA was much bigger. We started the cycle with EUR 668 million. And we said, you know what, we are getting stronger, we feel more comfortable. So let's shoot for an EBITDA growth of 10% at least every year like-for-like EBITDA growth. Now we are in front of you to say, you know what, we are even bigger. We start with a level of EBITDA that is based on your consensus at EUR 811 million. So it's much bigger than 3 years ago, and we say, you know what? Our commitment is to generate at least 12% like-for-like EBITDA growth every year up to 2025. So that's our goal. So yes, what I shared with you this morning is, yes, we want to scale the Edenred platform, scale the core, extend Beyond and expand. We want to be ESG by design by being the employer of choice, by going after a net 0 carbon by 2050 and to be even more recognized as a trustworthy tech company. To do that, we're going to capitalize on our key assets. And based on the fact that we have been able to self-disrupt ourselves since 2016 and with the vision we have based on a new paradigm with structural macro trends, favorable economic context, we see, in fact, that we can increase our medium-term annual targets, so 12% every year and a cash conversion of 70%, not only on financial performance, but also extra financial performance. Bear with us, every year is a better year for Edenred. Bear with us, with the platform advantage, we only scratched the surface of the potential of growth of Edenred. And bear with us, at Edenred, we have 12,000 people, super talented people, super engaged people. Why? Because deep in our heart, we want to enrich connections for good. Thank you. So Eric, they are all yours. I did my best.

Thank you for the intro. Hello, everyone. Thank you, Bertrand. It's a pleasure to be with you today and to share with you what we want to achieve by scaling the Edenred platform. As Bertrand said, the plan Beyond is all about scaling the platform, is to grow further in an underpenetrated core market. This is the first growth lever is to accelerate and aggregating new services Beyond, Beyond Food, Beyond Fuel and Beyond Payment, and it's also expanding in new business opportunities. Doing that, it means that our platform will help us to increase the total addressable market and also to enrich the business model of Edenred. It is what we call the platform advantage, increasing the total addressable market and enriching the business model will help us to accelerate the sustainable and profitable growth for the coming next 3 years. Let's start together with the total addressable market, what's in it for us? Aggregating new services and creating opportunities with new segments and with new clients. I will start with you with 2 examples of our services. One is in France, is myEdenred Super App, which today offers around 8 benefit services for employees, such as Ticket Restaurant, but also gift, but also homeworking solutions. And it's an aggregation of services, which creates for an employee an opportunity of up to EUR 6,000 every year of additional purchasing power if you compare versus only Meal & Food Solution, which is 1,800 per year of purchasing power. It means here that when we aggregate into a single app, 1 super app all this solution, it creates additional opportunity and additional services for an employee. A second example is in the mobility business. In Mobility Europe, we have a super app, which is with 5 services not only to use for your fuel recharging, but also for EV recharging, but also for car wash, but also for toll and also for parking. Again, aggregating new services into the same app help us to create a better experience and also to aggregate new services and increase the total addressable market. Two examples here, but if we make the math, it means what? It means that aggregating all these Beyond services versus our core today, it means that we can expand the total addressable market around 3x each of our business line in employee benefit or in mobility as well as in Corporate Payments, the Beyond services will create an even bigger opportunity to -- in terms of total addressable market, 3x more. It is what is at stake. How we can really make that happen? It's all about investing in our innovation with different tools and different experience that we have developed over the last 6 years, a few examples here. We are limited partners with private equity funds such as Partech, so we have access to deal flow. We have our own Edenred Corporate Venture, Edenred Capital Partners, where we can invest in innovative start-up. We can go also directly through M&A with direct investments in potential successful start-up for the future. And lastly, we have also our own ability to innovate organically in-house with our own internal capabilities. So investing in innovation continuously is the key to go Beyond in the next coming 3 years. Two examples here, one is about the blockchain. We have launched a program on the blockchain last year with structuring ecosystem for Edenred, example, testing several public protocol on blockchains such as Tezos or Ethereum. So we're creating connection, partnering with the ecosystem on the blockchain. And we want also to learn on the blockchain by doing because we think that technologically blockchain can be a strong innovative tool for us in our core business. To give you an example, we'll launch by next November, a blockchain-based payment initiation, which we call crypto pay. It will be launched at small scale to test it in Paris and then to scale if -- to scale it depending on the results, but we are moving forward on the blockchain. A second example of innovation on the product, it's an example that is coming from Dubai, our C3 Pay business, which is a typical example of what we can build with the super app, adding new services for our customers. And here, we will give you an example by video from our team, Chloé Macgaw and Shariff Salim, who are the team of product and marketing in C3. Just to give you an example of how we can build a super app based on client needs.

I'm Chloé Perrin-Macgaw. I'm the Marketing Director at Edenred UAE.

Hello, Salim Shariff, here, Product director, Edenred UAE.

Salim and I are based in Dubai, where Edenred is the largest payroll provider in the country with more than 1.4 million cards. This year, C3 Pay cards will handle more than EUR 4.6 billion in payment volume.

We're also aggressively focusing on growing the number of people that are registered on our app. Today, we have over 600,000 people using our app. We are hoping to grow that number to 750,000 people by the end of 2023.

In the UAE, 62% of the working population cannot open a bank accounts because they do not meet the minimum salary requirements. This means that about 4 million people in the payroll card to receive their salaries digitally. They came to the country because they wanted a better life for their families. We've identified 5 essential needs. Number one, they want to save as much money as possible and send money back on to their families. Number two, they want to stay connected to their families. Number three, they want to keep their job. Number four, they want to be able to help their families in case of emergency. And lastly, number five, they want to pay our groceries every week.

Our product strategy is centered around intimately understanding our users and the problems that they face on a day-to-day basis. We do this to uncover our important yet underserved needs. Once we've identified these needs, we use design thinking and lean start-up techniques to help us test and launch new products and services. And we do this in a very iterative and agile way that helps us learn about what works and what doesn't as fast as possible. One of our flagship products and money transfers this year will empower over 220,000 people to send more than EUR 500 million in remittance volume back to their home countries.

Looking ahead, we have many more products and services in our road map, and we can't wait to go Beyond.

Our ambition is to leverage the Edenred platform advantage to bring sustainable value to our clients and users.

So this is a great example, again, to demonstrate the platform advantage in terms of aggregating new services and creating an opportunity to increase our total addressable market. On the second key pillar of the Edenred platform advantage. We have, of course, how we will enrich our business model with more revenue and with a decrease of the cost to serve, as Bertrand shown us in the last minutes. Just as a reminder, and it's important to start with that, what is our business and what is the business model of Edenred. It is 2 pillars, mainly, it's the B2B2C intermediation, which creates a strong lever to recruit users through their companies on one side. And it's a specific purpose payment business, which helps also to drive traffic towards our merchants on the other side. What it means in terms of business model? In terms of business model, if we compare as benchmark towards the neo banks, for example, we have a cost of acquisition, which is twice lower than any neobank if we compare, the level of engagement, it's twice highest because, again, it's daily needs that we deliver. And the last one is on the monetization, it's 3x more because of this specific money that we drive to the traffic for merchants, for restaurants, for gas stations, for all the partners in the ecosystem. So this is a winning business model, by a sense in this foundation. Just here to illustrate what we drive in terms of value added to our merchant network, it is analysis that has been done by a consultancy, Roland Berger, for the restaurant industry in France last year, showing that in terms of business increments we bring to the restaurant versus booking platform or delivery platform, we are as competitive as them in terms of traction of businesses, but at a much lower cost than all this platform. So at the end of the day, it was the name of [Foreign Language] in French meaning that you can consume and you can take advantage of mill voucher at any cost because it drives business to your restaurant. Let's enter maybe into the know-how and the cumulative experience that we have built at Edenred in terms of sales and marketing to build the sales and marketing machine. We have proven know-how to enrich our business model along the 4 pillars of acquisition, engagement, monetization and cost to serve. We have built those asset capabilities, experience over the last plan. And we are continuing and we are keeping on investing on these skills. We are continuing to invest over the last -- over the next plan, especially in terms of web sales and indirect channel, in terms of mobile first, in terms of data powered services will come to into the detail of that now. First, on the acquisition. Acquisition is at very efficient model if we compare also to industry benchmark. We make this analysis of what is the ratio between the lifetime value of our clients over the cost of acquisition. And if you look at these numbers, it's much higher at Edenred than most of industry benchmark, much higher because the level and the cost of acquisition is much lower. We are a selling machine, a selling machine, as Bertrand said, covering all the segments of the market from large accounts to micro enterprise, and we are addressing those segments with different channel, field cells, telesales, more and more web sells and also indirect. As a ratio, it's 2 ratios to give you today is on lead every 10 seconds, at Edenred and 1.2 contracts per minute, especially increasing the penetration of the bottom of the pyramid on the micro and the small enterprise. This selling machine, we want to push it further especially recruiting more and more micro and SMEs towards web sales, which will help us also to lower the cost of serving those clients. We are increasing the growth of the web sales, like, for example, plus 50% year-on-year in recently. But we want to push it even further, taking the example of what we've done in Germany with employee benefits since 2017. So web sales is a key priority for the Beyond plan. The second priority in terms of acquisition is also to reach through indirect sales channel with dedicated sales team managing all those partners and leveraging technologically DAPI payment connectivity, which is again thanks to the technology and thanks to the platform, the ability to engage with more indirect sales channel. Which at the end, what we expect from that is keeping on accelerating the SME acquisition in our businesses, which is the first source of growth on underpenetrated market, accelerating the acquisition of new customer plus multiplied by 4 between '22 and '16 and multiplied by 8 if we compare to the next '25 versus '16. While we want to lower the cost of acquisition, especially because of the ability to mutualize our lead factory and also to activate new digital marketing level. This is for the acquisition. If we move on the engagement, our businesses and our product, as we said, are natively engaging because we use them on a daily basis and on the daily needs, what's about meal or what's about the fuel or the mobility, it's daily need that we serve. But here, what we want to do is to create even more engaging experience, thanks to the mobile-first technology which is here an example that we gave from the Spanish market, where we have built a very appealing in-app user experience in a country where the mobile payment adoption was quite open. And then we are deploying what we call the plastic less, meaning no plastic, mobile payment only, where you have to download 100% your app in order to pay and you use your mobile every time you need to pay. What is at stake here is creating mobile payment first, creating more engagement because you use it more frequently. And once you have a daily routine to use your app, you can start using it for new services. So when we talk about engagement based on daily needs, we talk about the ability to aggregate even more services because once you are -- you have created this ecosystem of engagement within an app, you can start selling new services. So it's all about plastic less. Here, it's an example of Spain, but we are deploying mobile payment very rapidly everywhere in the world of Edenred. And plastic less is already live in 8 countries, and we plan to have it deployed in 14 countries by 25%. So let's take mobile first payment is really a key to create more engagement and disengagement to aggregate new services Beyond. The second level of engagement is the so-called NPS, Net Promoter Score. And here, starting the journey in 2019, we are today almost at scale with 32 countries deploying the NPS methodology for corporate clients, for our merchant and also for our user. And we see that we have started to move the needle here because listening to client feedback on the customer experience, on the pain point, help us to improve the product, to innovate and to improve the customer experience. And again, asking feedback creates even more engagement. And it's what is at stake is really to deploy the NPS everywhere in our operations on the day needs. Last but not least, on the monetization, which is at the end, what makes the business very strong for us. It's all about pricing, but it's also how we drive the traffic towards new ecosystem, especially e-commerce, and it's also on the data-powered services because, again, the technology help us to treat and to have better understanding, thanks to the data. So the Beyond plan is, first, what we call API payment. API payment is actually a key feature, which helps a frictionless experience from a user because you pay directly in the app when you order a mill at Uber Eats, for example, you don't need to go for different kind of application. You pay directly within the app of Uber Eats with an Edenred solutions of payment. It helps the partner such as Uber Eats or Deliveroo or whatever, to drive more traffic, to have a better conversion rate. And for those platforms, it's really a key lever. The marketing activation on daily needs is key. And it brings also business insights. Here, we have an example of what is the level of penetration we have been able to do in France, but more to come in the Beyond plan with more partners with more services, especially towards the what we call the digital canteen ecosystem and also with more products such as gift or mobility as new frontiers. So driving more and more traffic to e-commerce platform is really what we want to accelerate over the next 3 years. Behind API payment, as said, there is a lot of technology, and there is a lot of data. And what we are going to explain you, thanks to Andreea Lachapelle, our Chief Data Officer, it's all about what we want to build in terms of data-powered services, meaning how we can exploit the data to bring more and more insight and traffic to our merchants. So I welcome on stage Andreea Lachapelle, our Chief Data Officer, who will explain us how to make that happen. Andreea, thank you.

Thank you. It's a great pleasure to be here to you today and to share the tremendous progress and fast one that would be did on the data landscape in the last 3 years in Edenred. So of course, you hear a lot today, we talk about data and it's all newspapers and videos today. What does it mean for Edenred? Value creation. When we spoke about data and value, what is behind. First of all, we talk about volume. And you've seen today and Bertrand was explaining, we have a great ecosystem. We move to the digital solutions. We are connected to more than 200 tech platforms today. That means it's tremendous. So we are creating billions and billions of data, but volume, it's not enough, okay? We need to have diversity on the data. We need to be -- make sure it's representative. And for example, today, in France, you see we have 7 million clients, which is exactly the same as the French biggest retailers. So in terms of representativity, diversity of data, we're here today. But that's not enough. Of course, we can have a lot of data, but what is important and making sure it's available for our business. And in the last 3 years, we've been building a core platform, which is a global one, which is available on our rollout business units, full cloud, very modern, which is allowing us to make the data accessible to our business. So in the last few years, we've been focusing on our internal products, making sure that it's not just big data, you don't need a team of data engineers sitting next to you. So we're creating the data in a certain way that it's easily accessible. So the insight is not enough. You need to have the button to push. So it's not -- we're not delivering algorithms. We are delivering services. So that's why we're talking about data-powered services. So we're trying to make our pricing better what the pricing team has -- it's a solution. It's completely integrated algorithm in their daily tool. So they can act very fast. And it's also scalable. So no matter if you are sitting in Europe and Brazil, the fact that we have a global platform and data is better organized, you can very scale very fast. But that's not enough. And I think a lot of companies, let's say, they manage to build the platform, they manage to use the data for internal purpose. But the best ones, what they achieve is to make this data not for an internal purpose, but for our customers. So we are thinking, and we want to be customer-centric because it's -- we are very passionate about our customers today. And we want to make sure that this information helps them also in their daily life. So let's take a concrete example. Imagine you are sitting today in Brazil. It's in Rio De Janeiro. It's very sunny. And you are a fleet manager, and you have 300, 400 cars that they're moving around and Brazil by itself, it's a huge continent. And you have to deal with your maintenance and you have to deal with your energy card data tool every day, and you have your manager coming and saying, our energy cost is going up. You need to do something, you need to do better. So what do we do? Of course, us as an Edenred, we try to simplify our customers' life. And we are not just going to be a new solution, but saying we're creating TED, the new virtual assistant. So when I arrived in the morning, I have TED here. completely AI-powered solution that is giving you the debt direction saying, you have this car, you can send them to this gas station, and this is the cost that you are going to reduce. And that's not even -- and we go even further. Let's say, in 1 month, you are telling your license driver, it's expiring. And imagine the impact that you can have on your business. And it's automatically it's giving you this information. And it's not just giving the information, but you can directly send to your driver the message in real time. So imagine how this simplifies. And only what I can share to you only the best companies manage the data to drive at this level today. So I'm moving from internal to really to external usage. And that's not it okay? We are also, and you say -- Bertrand was saying, very fond of ESG. So we want our products to be in rich connections for good. So we are introducing also carbon footprint indirectly in this product to make sure that we are helping our customers as much as possible. Does it work? Of course, in the saturated practice. What we've seen that these clients are having a very high customer satisfaction. And we are talking usually when a client is very happy you will be willingness to buy more other products and to pay more because he sees the benefits right away. So it's not just a matter of money. It's a matter of having a benefit. And you can see it right away, okay? Is it enough? So of course, you say, this is great, it's one country, Brazil may be different, but can we scale it this up? Yes, it's very easy because the fact that the way we organize the data, we have a global platform, it's easy to move from our clients and saying, do the same thing for our merchants. And this is an example that we co-built in France with one of our partners, merchants, which is one of the first Sushi brand in France. They are present in 12 countries today. So we said, digitalization is great. But in the same time, coming a little bit of more complexity because you don't know -- before your user was coming in your store, you can see it right away, it's online, online store, you have platforms. So there is a lot of information coming around. And they have new issues and saying, do I know where my user is. Can I keep them loyal? I need to have the 360 view. And what we did in Edenred, the fact that we have this information, we proactively went and provide the exact answer. And when we went there, which was not just I'm planning on doing that. Here, I have the solution, what do you think? And with the reaction that we had on sushi shop was this is great. This is exactly what I needed because with the COVID, I see my user behavior change. And I'm so happy you came and brought this solution to me. And it's not just -- it didn't took us 1 or 2 years. We built this in a couple of weeks. The power of the technology we build and the scalability of our platform is allowing us to have a first MVP minimum value product in a couple of weeks. We are very agile and we are managing the fact that you see it's a service. So it's not just an algorithm, we can easily communicate to them and adding more and more features. So you see the fact that we have a lot of data, it's allowing us to deep dive. So it's not just an information, which is -- but you can go granularly to understand at every moment of the day what is going on. We can identify the loyalty before and give that information to the merchants, okay? But that's insights, sometimes it's not enough. You need to have the action. So we are not just helping them to identify what are the best users, but they can immediately launch, for example, a media campaign. And this is benefit not for the merchant, but for the user. Because if I'm having my lunch, I'm very busy. I need to have to identify the best restroom for me, and this is what we are doing today. And you will see rate on and virtual experience. What you see there is something that we are working on it, and we can put it in place very fast. Now, of course, saying this is great. We've been building this product, but what is our ambition? Our ambition is big and higher. We want to multiply by 10 the revenues coming with all these services. And what you are going to see during my day with my colleagues that every new solution that we are putting in place, its data by nature, it's data powered. And that's not enough. It's always as our -- for the beginning when you see it's enrich connection for good. We are very fond of our purpose. And we want to be sure that these solutions are natural ESG. So when we're talking about employee benefits, healthier. We are going to have a better, healthier behavior. When we're talking about mobility, we want to make sure we have a positive impact. So it's not just I'm helping you adding a better price or a better cost I'm helping you to doing in a social and environment positive effect. And this is our true purpose, enrich connection for good, and I'm very happy to share all these things that we've been doing and what we are planning to do in the next 3 years. So I'll give the floor again to Eric, and thank you very much.

Thank you, Andreea. Thank you very much, Andreea. Maybe in a nutshell and in terms of takeaway for you. Another way to present what we call the platform advantage and how we will accelerate sustainable and profitable growth is by source of additional revenue. We will accelerate penetration because we will, as we said, lower the cost of acquisition. We will increase the reach through selective and indirect channels. So the first 2 layer is how we will -- because we will have better cost of acquisition, we will accelerate the growth on the core. The second is because of better engagement, as said because our superior product experience, we will help cross-selling and upscaling, so creating Beyond source revenue. The last one is on the monetization, again, thanks to data powered solution, especially we will add a new source of revenue from our merchants. And lastly, because all this model of digitalization help us to lower the cost to serve, especially in terms of acquisition, but also in terms of experience of plastic less typically of product, we will lower the cost of serving our clients. So at the end of the day, it's what we call the platform advantage, creating an acceleration of the growth of our revenue. As mainly -- main takeaway, it's all about scaling the platform, and it's all about innovating and continuously improving our sales and marketing know-how at Edenred. So Beyond is to keep on doing that and to accelerate even further Beyond. Thank you very much.

So thank you. Thank you, Eric. Thank you, Bertrand. So just a few words. First, some of you did not get their badge when they arrived. So please, can you go at the reception on this floor to get your badge? Secondly, so we have our virtual reality experience right on the right when you exit the room. So it's really a nice, a great experience to [indiscernible] and to do. So if you want to know the future with Edenred, please go there. And just a last word, you have the biographies of all the speakers of the day at the end of your printed presentation. That's it. So please. So we have a 15-minute break. So be here sharp at 10:55. Thank you. [Break]

Welcome back. I hope you enjoyed the virtual experience. If you didn't get the chance to follow it yet, we will be still doing this during the lunch break, so make sure you take the opportunity. After what you heard this morning on our new Beyond plan. I'm very happy to be detailing a little bit more the role of technology in this plan. And I'll be kicking off some of the sessions that in the rest of the program are going to be going into on a deeper level as to what does technology do and what do the business lines contribute to the plan. You already saw the model shared by Bertrand, but I really wanted to emphasize the importance of a 4-layer model and being at the same time, agile and leveraging our scale. It's at the bottom where you have these bricks, these infrastructure bricks where we find scale and innovation. And this is really where we leverage our platform advantage. But then, of course, as you go up through the model, it's important that we bring in partners not only connecting with them commercially but also make sure that we have the indirect distribution channel of our services integrated at the API level. And all of that at the top level, we assemble all these components to make it a simple and customized experience. So that's the -- we're at one level of the scale, we hide the complexity. We leverage our scale and at top, we assemble them in simple user and client experiences. Technology is important, and we want to put our money where our mouth is, right? So we've been investing heavily in technology. Yes. So you already heard, we're investing [ 1 point ] since 2016. We invested EUR 1.6 billion in -- EUR 1.7 billion in technology. And this year, we are at EUR 360 million. Now we do this in platforms, infrastructure and security, and we -- but we don't just want to invest it, we want to invest it in an efficient and effective way. And so together with [ Julia ], and the teams. We've been working on actually making sure that every euro invested is a good euro. And of course, we're very proud to be working with 3,000 tech professionals, and one of our ambitions is to be the tech employer of choice. Now where does this lead us, this platform? It really allows us to have a very differentiated go-to-market and to have, at the same time, have a combination of many good things, yes? So we believe that our platform advantage allows us to go to market quicker, be more secure, be more scalable and at the same time, allow us to deliver new things like the things you heard about from Andreea, which are data-powered services. Things that allow us to provide our insights and analytics skill to our clients and our users. The next few pages, I'll detail the 5 pillars, the 5 priorities of the technology part of the plan. I'll touch on API, data, the payment hub, identity management and cloud. But first, let me talk a little bit about how all of this is within the context of responsible investments. First and foremost, everything we do in the technology stack, it's -- we try to have ESG in mind. Yes. So equipment in Edenred only gets replaced when we need to replace it. We have a relatively long replacement cycle. We leverage cloud where it's needed because the power efficiency, the power consumption efficiency of cloud hosting is much better than local hosting. And so we have that in mind in all technology and architecture decisions that we take. Second, are people. Today, we recruit about 700 tech talents per year, and we want to continue to build that. And one of the ways we've been driving this is by this creation of the Edenred digital centers in Romania and Mexico, which allows us to have hubs of tech talent, digital talent that really drives global projects. And not only that, we've been creating more and more academies to take some graduates and train them on some of our critical skills like API, cloud and data. Last but not least, everything we do is compliance by design. And one of the measures that we'll introduce in the ESG framework ongoing is 100% of the processed volume of Edenred will be externally certified from a security point of view because trust is one of the things that we deal in. Now let me talk to you about one of our first key strategies, the API. Now many companies use API for internal data transfer between platforms. What's unique about Edenred is we also use it to connect externally, and we are pretty good at it as well. Yes. So we use it to distribute Edenred solutions through partners but we also use it to get this 1-click payment with some of our e-commerce platforms. Now let me talk to you a little bit about the scale that we've achieved there. So we got about 200 partners connected today. And you see in the chart on the right, you see the fast growth that we had there, which allows users to use the Edenred account directly on a Deliveroo or Uber Eats account. So not by a means of payment entering the details of the card but actually connect app-to-app or account to account, which is a huge strategic advantage of Edenred. And we're doing that at scale. Right now, we are exchanging about 2.3 billion API messages per month, which makes us in the top 1% of global MuleSoft customers. MuleSoft is a technology, one of the platforms. It's owned by Salesforce and we are in the top 1% of clients. And we've been price winning in the way we use APIs. Now API allows us to be flexible. That's the key element that I think Bertrand already explained to you, but it also allows us to scale innovation much, much quicker. So API is a very important part of what we do. Second big strategy is around data. Yes. You already heard Eric and Andreea talk a little bit about the business benefits of data. But I wanted to highlight that we use data internally to improve churn, to improve our decision-making, but we're also using it externally. And we are big believers that the value-added services is something that we can add as a paid service, a subscription service ongoing for our merchants and our clients. We already have a data platform that is very modern, cloud-based on which we can do a lot of things. As you heard, we have 200 data experts, and these are not the people producing reports, right? These are people who are data scientists. They have operational research background, these are statisticians. They are data engineers and they're data architects. So these are people who breathe and live data all day around, and they are in support directly of the business lines. And that's why within every business line, we have product managers who develop the commercial proposition. But of course, we also have people who are data product managers. So they're thinking about what kind of value-added services could we produce and could we launch in the future? And all of that, we are doing with 50 internal use cases. And at the moment, we have 2 data-powered services ready to launch, and there are many more to come, as you'll hear from my COO, colleagues ahead. I will not bore you going through this architecture diagram in detail. But what you really should take away is that Edenred has really passed the stage of a structured data warehouse that you may have known when you -- when you started working, yes. We are fully cloud-based modern and a lot of the data scientists that join us, they are actually very happy to be working in this new technology framework, which is a very different -- you have a tool set and a toolbox that's so modern that's really state-of-the-art. The third area is about payment hub. You heard Bertrand talk about us being a specific -- we are doing specific payments@scale. And we do use that to pay@restaurants, pay@pump and many different things. But as I said, we do this with significant volumes, right? Right now, Edenred processes about EUR 85 billion in payment volume. Yet through our subsidiaries, PPS and CSI. And of course, if you do that, you have a significant scale advantage. It allows you to do it cheaply. It allows you to actually meet all the compliancy requirements around you, but it also -- and this is probably the most important thing, it allows you to scale innovation much, much quicker. The example that you may have heard about before is that doing Apple Pay or Google Pay. If you actually use a common processor, it's relatively simple to implement across all of our programs. If an individual country or business unit that did not use the payment hub, we'd have to do this. It's quite a lengthy process. So we use payment processing at scale, which allows us to be very innovative and faster in time to market. Now I wanted to talk a little bit and introduce and ask my colleague, Louis Joubert, who is the CTO of PPS to give a little bit more detail on the PPS payment capabilities. Louis, over to you.

Hi, everyone. I'm Louis Joubert, and I'm based in London. I joined Edenred PPS as Chief the [Technical Difficulty] with the extent delivers specific purpose payment programs across EMEA and Latin America. We've developed a micro services-based architecture and platform that aggregates most of the payment building bricks that are required to deliver specific purpose payment programs. That includes core transaction processing at scale, issuing of cards and the regulatory activities to comply with the ever-increasing payment regulation and connectivity with the payments ecosystem globally even when PPS is at the heart of the payment ecosystem. PPS has been developing a comprehensive ecosystem of payment partners in Europe, Latin America and the Middle East to enable seamless payment experience for users. To give you a few examples, we have multi-scheme capabilities that's open and closed loop that provides a wide range of issuing options. We have banking connections to provide IBAN and account-to-account services in Europe and in the U.K. And we have funded, which is a key element, for instance, to provide payment -- [ split ] payment functionalities for meal voucher, or wallet services as a wallet service provider to accelerate the rollout of mobile payments experiences across the group. Our vision for going beyond is to bring our ever accelerating payments innovation to all parts of Edenred and to the wider fintech ecosystem.

Thank you, Louis, for giving us those details on payments@scale, specific purpose payments@scale. The fourth element of our plan is around identity management. Now identity management serves something that is pretty basic, which is allowing our users, merchants and clients to connect with us in a unified way, right? Something that's important for simplicity, something that's important for the regulation, multifactor authentication and strong customer authentication, but it also has a strategic advantage. Because it provides us with a single way to look at the 360 degree, understand our clients, users and merchants in a 360-degree view, which, of course, unlocks a lot of strategic cross-sell benefits. Last but not least, we're leveraging the cloud, yes? And the reason when you say platform, it's almost automatically that you say cloud because cloud will not only give you the scalability that you need, but it also allows us to scale and deploy innovations much, much quicker. Now 100% of our digital solutions are -- they are natively cloud, yes? And with regards to the total business, we are more than 90% in the [ trusted ] card already, as shared with Bertrand. And we've been investing big time in this not just in capacity and capability, yes, we increased the cloud team by 5x over the last few years. But also, we've developed a specific expertise around FinOps. And FinOps is the term that describes how to make sure that you use the resources in the cloud financially responsible, but also ESG responsible. Those are the 5 priorities but it would be nothing if we don't do that in a secure and trusted and compliant way. So security is really a foundation in everything that we do. So we have a 3-tier security architecture, which means the people that are administrators at the PC level are not able to do things at the application level, and they are not the same people who are actually managing the crown jewels like the real log-in credentials of everybody. And so that's a segregation in roles and responsibilities. That's a very important part of our security architecture. But of course, we want to make sure that we stay safe. And so every year, we do about 400 penetration tests where we use people who try to hack our systems and see if they can find a way in. And then, of course, the follow through behind it to making sure that any gap that has been identified is resolved on time. Then we have all of our core platforms with a disaster recovery capability and not just the disaster recovery capability that is on paper, but it's actually documented and tested to make sure that if anything happens, which in technology, unfortunately, it always can, yes, that we have a way of recovery of data quickly because we are in a 24/7 high availability business. And last but not least, we want to make sure that all of our employees are fully conscious of their role in protecting the company and protecting the data of our clients, merchants and users. And so they are constantly trained, tested and developed. And all of this will ultimately lead that 100% of our business volume will be processed in a way that's externally certified. So in short, I hope you agree with me that the the 4-layer platform that you saw earlier, it gives us, at the same time, it gives us agile benefits, but it also allows us to scale much, much quicker. We're putting our money where our mouth is by seriously investing in technology, and our ambition doesn't stop there. And we have a 5-pillar plan and the future is bright for technology in Edenred. Thank you very much. Now let me hand over to the first of the 3 business lines, leaders, and it's Arnaud.

So good morning. I'm super happy to have the opportunity to present you our plan beyond for employee benefits. So who are we? We are a global leader of employee benefit. Generating more than EUR 1.1 billion of operating revenue across 31 countries with 2 strong geographical footprint, Europe and Latin America. We have a strong record of delivering sustainable and profitable growth over the past year. If you look at our [ like-for-like ] performance, apart 2020 year of COVID since 2018, we are delivering double-digit growth. This growth is based on mastering the brilliant basics of our industry, [ self-inference ], digital innovation, public affair. The growth has been based as well on an active M&A policy to start our journey of Beyond Food. Lastly, you are about to see how resilient we were during the COVID year, thanks to the agility of our team and the relevancy of our products. So our main customers are HR. We help them to attract and to retain their talents with a vast portfolio of employee benefits which are covering the daily needs of their employees. We help as well our customers to administrate, to manage and to promote their employee benefit policy within their organization and towards their employee. We have, I would say, a specificity and some unique assets within our Employee Benefits business line, a strong leadership, [indiscernible] excellence and the global scale. Strong leadership today, more than 75% of our operating revenue is achieved within geographies where we are #1 and we were able to reinforce this leadership over the last years. Second, we have a super strong [ workload ] excellence. [ Workload ] excellence based on discipline of execution, based on sales expertise and based on profitable business model. Lastly, we have a global scale and a critical know-how such as compliance, such as security of product and technology synergies. Those 3 assets give us unmatchable -- an unmatchable position to outsmart our competition and to continue to deliver profitable and sustainable growth in the future. This morning, Bertrand mentioned the change in paradigm and new structural macro trends. Those trends will reinforce benefit as a cheap component of the employee value proposition in order to attract and retain the best talent. Secondly, HR will need simple and efficient solution in order to propose personalized and flexible employee benefit package as part of a broader employee experience. And we believe at Edenred that we are super well positioned and relevant to partner with HR [ and ] that. And this is setting our vision. Our vision is to be the most trusted global employee benefits and engagement platform, the most trusted global Employee Benefit and engagement platform. If we want to be more tangible, clearly, Employee Benefit platform will remain the core of our offer and within that Employee Benefit platform, our own benefit will remain a door opener. Our own benefits are universal and are creating a lot of [indiscernible] touch points with our stakeholders. But based on the expectation of HR based on their wish to get one-stop shopping of benefits, we will progressively aggregate additional non-Edenred benefit. Second, we will leverage on our platform advantage to propose more modules of engagement, such as employee savings, reward and recognition or social animation. We will as well interface our platform with our ecosystem interface with the HR [ highest ] of our customers or interface ourselves with payroll provider. Lastly, due to our unique assets, our global scale, our leadership, [indiscernible], as Dave mentioned, that we are compliant by -- we are compliant by design, secured by design. We believe that we will be able to foster trust among all our stakeholders. So how we will achieve that vision, we have a plan Beyond '22-2025. And you will not be surprised based on the discipline of execution of Edenred to see that our plan is based on [indiscernible] Beyond Food and spend into new business opportunities. Obviously, our plan ESG is embedded within our plan, either by proposing across solution by design, such as EcoCheque in Belgium or green mobility by bolstering of ESG program having eco-conception of our products such as eco-card, plasticless or maximizing the usage of green IT. So [indiscernible]. Again, based on what Eric presents you this morning, we are planning more acquisition, in particular, within the SME segment. We are creating more engagement, a sense to digital innovation and the proximity with our customers and we are planning more monetization based on pricing initiative and value-added services. Do we have room for further penetrating our market? Obviously, yes, because in most of our geographies, in most of our countries, we operate in markets which are underpenetrated. And on top of it, in the post-COVID environment, we have further penetration opportunity, in particular out -- based on canteen customers. Due to the [indiscernible] of remote working or hybrid work, more and more customers are either questioning the future of their canteen and replacing it by our food and [ meal ] benefit or they are keeping their canteen, but giving during the day of remote working or [indiscernible] benefit on top. And do we have the capability to further penetrate our market? Obviously, yes, thanks to the sales and marketing machine, which was described this morning by Eric. Obviously, there is -- we will accelerate as well on the SME segment, which is underpenetrated. Our plan, our ambition is simple. We want to double the number of SME contract we will reach between [ '25 and '22 ]. For doing that, discipline of execution will be key and mastering the cost of acquisition will be key as well. As mentioned by Eric, we have a specific focus on websales, which are super relevant to acquire very small customers and on indirect sales channels on which we can leverage on our successful past experience such as [ Itaú ] branch in Brazil or [indiscernible] in France. We plan as well more engagement. And for that, the rollout of our digital innovation will be key. We are systematically [indiscernible] our market on digital since 2016 and having a systematic rollout of our innovation. It has been the case with mobile payment, for instance, which is now spread among all our geographies. It will be the case again with our new wave of innovation, starting with plasticless. And I would have just to remind you, for instance, that for instance, we were the first one to start plasticless in France last year. Plasticless is a super relevant innovation, and I propose you to watch a video coming from [indiscernible] of Edenred Greece. [Presentation]

So plasticless a fantastic innovation will give you the opportunity to be able to pay as an employee a few minutes after that your company press its first order, so fantastic time to market. I am happy to welcome Dana, who join me to -- for the -- to continue that presentation, Dana is a member of my team, Regional Director for Central Europe and Dana is based in Bucharest. So we will start with -- we will continue with engagement and Dana will explain you how key and how strong is the customer centricity within Edenred organization and how strongly embedded it is within our team.

In the customer centricity, empowered by net promoter score is embedded in our Edenred culture and in the managerial and daily routines. Net promoter score is not just a critical tool to monitor but also to prioritize different actions in order to create value for our stakeholders. And I can give you an example from Portugal, where based on our customers and user feedback, we were able to prioritize some actions to increase the network of the merchants in some specific regions.

Dana, perhaps you can bring the mic a bit closer, okay, to make sure that we can hear you properly. In terms of engagement, so it is clear as well to maximize the value we can get out of our customers. So we can do it in different ways. First way, obviously, is to keep our customer, so it's to reduce churn rate. Second way is with the pricing initiative. Pricing initiative sustained with our quality of service and sustained by our digital innovation to do it as well with cross selling, maximizing the number of benefits we can propose to our customers and lastly, by [indiscernible] the face value of our benefits and this is a specificity of Edenred business model as Dana will explain you.

Yes. Everything started with public affairs, a unique [indiscernible] of Edenred and daily priority for our general director. All our actions in public affairs are focused to deliver added value to our stakeholders, customers, users, merchants and public authorities. And that you see, we succeeded in 2022 to have a lot of wins in face value increase, and in some cases, is above the inflation level because now we have different challenges in the market. It's a high inflation rate. Also, if we are looking after the COVID, we have a lot of challenges, and we have also, unfortunately, the war in Ukraine. So all these face value increases are bringing added value to our users. So we are happy to present this and I can give you the example of Romania, Bulgaria, Czech Republic, Slovakia and here the level is above the inflation level.

And we may have -- we may have a new flag to add on that slide. I think it's nearly done but the French government announced an increase of the [ meal and ] food [indiscernible] food benefit from Edenred that [ EUR 9 to EUR 13 ] with 10% increase, it should be, I would say, enforced soon.

And after the [ year's way ], we are helping our customer to maximize the face value. And I can explain to you if you are a customer through data power tools we are using in Edenred, we can offer to you what your -- information about what your competitors are doing? What face value they are offering, also what other companies in your region are doing? What daily amount spend your employees are using every day to understand their purchasing power. And based on all the information, you can take your decision, how much you want to offer to your employees. And in this context of talent work, I think it's a very useful tool to retain and attract and to include the face value of meal voucher in the job offer. And very often, we are seeing some announcements we are offering this salary plus maximum face value.

So you understood that public affair is a very strong enabler for Edenred within our Employee Benefit business line, and it's a strong expertise mastered by our team. You understand that it's a strong lever that we are using to maximize and to increase the face value, but as well to set up new programs or know-how of specific purpose payment, are super useful for governments who would like to sustain internal consumption or to steer consumption within some specific industry sector. And as an example, it has been set up by the Belgium government with the consumption voucher, the consumption government after COVID set up a tax break of EUR 350 in 2020 in order to support restaurant industry and independent specialized retail. It was such a success that they decided to renew this tax rate in 2021 with a new wave of consumption voucher and with an increased tax rate of EUR 500 in 2021. We can use as well public affair to unlock new market opportunities, in particular, in geographies where we can consider ourselves as sub-scale. This is the case, for instance, of Germany. Yes, we are present in Germany. We are super successful. We are a market leader with our [indiscernible] card, but we believe that we could detonate further Germany should we be able to set up a favorable tax environment for a food and meal benefit. Secondly, we are trying to support society and help government to be more efficient with their social program, again, by proposing them our know-how of specific purpose program, and it has been done recently in Romania.

I should admit this kind of program are very close to my heart. And public social program is another area of expertise of Edenred, and this requiring best-in-class execution and is what our dear colleagues from Romania did in 2021 with the hot meal programs where we were able to deliver through our product hot meal for the people above 75 years old with low income. And maybe I invite you to watch the movie to understand better the project. [Presentation]

I saw these movies several times and I am still touched. This success helped us and allow us to put in place the second program in Romania bigger than the first one, 900,000 beneficiaries around EUR 300 million yearly business volume. We set up the program in less than 2 months. And also, we [ contractualize ] the network of 15,000 merchants in less than 1 month.

Congratulations, Dana. So what are you doing with data, Dana?

As Andreea mentioned very well, we are using data inside the company, but also outside the company to support our customers. We are going beyond. But in the company, what we are doing, we are using the data to monitor properly the main KPIs in the business to see where it's going very well, what is going well and we can improve and to benchmark between our business unit because we have a consistent business model. And after that, also, we [ efficientize ] our actions through data powered tool, and we put in place several actions.

So when we spoke about discipline of execution, we give you one of our recipe benchmarking of the performance of our business units and creating some [ emulation ] between the countries. So if -- a second part accelerate beyond food. So if we look at the French market, for instance, today, we are addressing only 20% of the benefit value within the French market. We do so with products which are super relevant, product which are universal and products which are creating daily touch point with a different stakeholder. And based on the expectation of our customers for more flexible and personalized benefit package, we believe that we could aggregate additional benefit within our benefit management platform. We can do so with partnership, we can do so organically or we can do so with M&A. And you have here an example of the last partnership we set up, starting with Betterway in green mobility in France, with wellbeing initiative in Mexico or with health insurance in Spain. And to accelerate within our Beyond Food ambition, we can leverage on our engagement platform. Today, we have already 12 countries, which are proposing a module of engagements, such as benefit management, employee savings and reward of recognition. One of those countries is Romania with a successful engagement platform.

Indeed, in 2019, we anticipated the things are going in this direction, and we acquired Benefit Online, a local start-up and we created a strong differentiation in Romanian market. We have 2 key proposition, benefit management and savings and leveraging on our meal product, we succeeded today to have in the platform, 60% of the activity volumes brought by the third parties. I think it's a very good one-stop-shop tool for our customers because it's giving the possibility to the user to choose based on their needs and for customers to observe the habits of their employees and to work to improve every day.

So I would like to come back on employee savings, which is a module, which is, let's say, super relevant and super complementary with what we are doing with our own benefits. Employee savings give the opportunity for an employer to bring additional purchasing power to its employees. It cover daily needs with access to uncapped value. And lastly, it gives us the opportunity to set up qualified touch points with our merchants. And we asked [indiscernible], which is managing our employee savings platform in Belgium to explain you what we are doing with our Ekivita platform.

Hello, everyone. I'm [indiscernible] from Edenred Belgium. I've been working at Edenred over the past 8 years, holding different positions in Paris, Singapore and Brussels. As Ekivita Platform Director, let me introduce you to the platform, which is at the core of Edenred value proposition. Ekivita is a savings platform. It helped human resources in the context of unprecedented talent war to motivate and reward their employees and in the context of inflation to give purchasing power to their employees. Indeed, through the platform, companies or clients, give access to their employees to exclusive discounts and deal across multiple shopping categories such as retail, consumer electronics or leisure. Thanks to Ekivita platform, employee can save up to EUR 1,500 per year. Following acquisitions, we focused on first building a strong catalog for Ekivita and a sustainable e-commerce revenue model, not only relying on client platform [ fees ]. It has been a great success and [ Ekivita ] activity volume has tripled over the past 3 years. And in 2022, we have 4 million users. Going forward, our strategy relies on 3 pillars. Cross-sell, leveraging our benefit leadership in Belgium; accelerate on SME acquisition and extend our platform advantage; leveraging the seamless integration of Ekivita and other Edenred benefits. Our ambition is to go beyond and grow activity volume by more than 20% per year over the next 3 years. We are ready to develop more services for our clients and to keep being the everyday platform for people at work.

Thank you, Sofie. And the last part of our Beyond plan is to expand into new business opportunities. Starting with the U.S. market, a significant market where we have been present for years with our commuter benefit offer and leveraging on new market trends and post-COVID environment, we are enriching our value proposition with additional benefit and with a strong traction of sales successes, and we believe that we can further enrich in particular, in some segments such as corporate wellness and reward and recognition. So a few as a conclusion, so we are the global benefit of a global leader in employee benefit with a strong track record of growth and unmatchable assets versus competition. We have a strong vision, the one to be the most trusted global benefit and engagement platform, leveraging on new market trends and our plan is based on 3 priority: scale the core, extend Beyond Food and expand into new business opportunities. Thank you.

Now we'll have the Q&A session with the 6 speakers we have this morning. So we'll have the -- just a seat that had to come. And so please, Bertrand, Arnaud, Dave, Andreea and Eric. The seats are coming and just a word, so you will get the presentation for the afternoon when you're back from lunch because we get some questions around it.

Do we have the #6? Yes, it's coming. Cool. Okay. Okay. So we are all yours to answer any questions you may have, and we have till 12:10. Is that correct? Okay. So Paul?

It's Paul Sullivan from Barclays. Just firstly, 3 from me. How should we think about -- it's an obvious question, first of all, how do we think about revenue growth within the overall framework of the plan? And what's the message behind the lack of near-term targets? Then secondly, in employee benefits, can you talk about the number of products that you currently have per user or you're -- or being used per user and how you see that evolving through the plan? And then thirdly, how should we think about operating EBITDA margins going forward?

Paul, did you notice that Julien was not on stage? Okay. So maybe, Julien, you can take the mic from Paul and take the number 1 and number 3. What do you think?

Well, good morning everybody. Well, regarding -- maybe I can come on stage. So regarding our midterm annual target, we said that we're going to grow at, at least 12% EBITDA like-for-like year after year. So it gives you visibility for the next 3 years, including 2023. So the year which is just in front of us. And obviously, if we want to achieve this kind of performance, it means that we will be able to deliver growth in terms of operating and total revenue. And when you look at our track record, and you've seen that with no presentation, we've been able to grow at double digit for Employee Benefits since 2018. Obviously, in 2020, we suffered like many companies, but we've been able to rebound quickly. So what we see, and I will share that with you this afternoon because in my presentation, you will see the performance we've been able to deliver from 2016 to 2022 on our 3 business lines. It's 9% in Employee Benefit, 15% in Fleet and Mobility, 12% in Complementary Solutions, it's like-for-like figures, but you see that we've been able to generate growth year after year. So -- if we want to deliver 12% EBITDA growth, it means that we will be able to deliver growth in terms of operating revenue and total revenue. So when we said 12% in EBITDA like-for-like, it means that we will be able to grow at double digits in terms of operating revenue for the next years.

But maybe, Julien, there's one thing I can add is what we try to demonstrate is we are a very unique model, i.e., we are able to generate a lot of growth at the top line, but we are very old fashioned because we believe that growth must be profitable and sustainable. It's very unique when you think about some of the competitors who are fighting against where everything is on revenue growth but then when you look at the EBITDA level, it's really low. At Edenred, we want to do both. So double-digit growth on revenue and even higher growth on EBITDA. The other thing we want to do is we know that at Edenred, we are long, we love our company, and we want to continue to invest. And if you look at how it works, investment at Edenred, it's a mix of OpEx and CapEx. When we talk about the technological platform, it means a lot of investment in terms of development and only part of it is CapEx. If I'm not mistaken, it's about 35% in the CapEx and 65% in OpEx. What does it mean? It means that we got to accelerate our investments. It has an impact on the CapEx, 7% to 8% for the years to come of our total revenue and it has an impact on our OpEx. But even with that, we will generate sustainable and profitable growth. So to make a long story short, bear with us, minimum with a lot of visibility 12% growth like-for-like every year in EBITDA based on our model to be able to do that, it means double-digit growth for revenue as well. So that was the first question. The third question was, Paul? If this one was the second one. And then the third one?

You answered the third one.

Okay. So Julien?

So well, when we look at our trajectory and what we've been able to achieve til now is that, yes, we are going in terms of EBITDA year after year, and you see that we have what we call profitable growth, meaning that the operating revenue is growing at something like 10% and our EBITDA is growing even faster. So what we see that, we know that we will need to invest and as Bertrand said, when we invest, it has an impact in CapEx, but it has also an impact in OpEx. So we believe that as we are scaling the platform, we'll be able to improve our EBITDA margin and we also know that we can decide to invest to capture growth in the coming years. And this is what we are doing this year. We are investing in order to prepare the future of the company and to prepare the future generation of growth. So those things can happen when we see opportunities on the market. But yes, at the end of the day, when you look at the trajectory in terms of EBITDA margin that Bertrand shared with you this morning, we started the journey, we were at 37.5% EBITDA margin. When we look at where we should land at the end of this year, it's above 41.5%. If you look at the consensus, it's 41.6%. So we are a scale business. We want to accelerate. So we will be able to generate growth. Now sometimes when we need to invest, maybe we will stabilize the EBITDA margin. But our ambition is really to scale the platform and to generate more and more operating revenue.

Okay. So then as to your second question, here, Paul, and you know us really well. You know that you are entering a zone on which we don't give any information. And I call that the Coca-Cola formula zone i.e., if you enter, we shoot you because that's something we keep very dear to our heart. So -- but having said that, I don't want to frustrate you. So our level of cross-selling is increasing due to the fact that we are proposing more and more services. So you saw this morning for Employee Benefits. Now we propose solutions such as employee savings. And we don't have employee savings in every country. So here, you have the example of Belgium, and we have 4 million users in Belgium. So you can do the math. We have a solution like that in Germany, we entered in fact, in a partnership in Germany. We have a solution like that in Romania. So depending per country and depending on the extent of our portfolio, we have level of cross-selling that are more or less important. And by the way, what was shown by Arnaud is our [ COSMO ] reporting, it's 37 KPIs. And obviously, one of the KPI is the cross-selling. So that's what I can share with you. We monitor it. It's part of the game because, in fact, any time we had new service, we have many ripple effects. Effect number one, we increase the loyalty. And in fact, [ German ] on Fleet & Mobility this afternoon will demonstrate with Neoenergia, how it works. Then we also increased the profitability of the account because in fact, any additional service on our platform is highly relative, so that's why we are very keen on developing the cross-selling. And that's why you saw the numbers moving from 21% to 25% and Beyond with the willingness to go to 30% of the total revenue, knowing that the base is growing super fast. What we are discovering on the core on underpenetrated markets with the economic conditions and the macro trends which we had with you. In fact, the core has much more potential than what we thought when we started the journey 6 years ago. So the core is growing fast. You remember, in 2019, we said, you know what, Employee Benefits, we think it's going to be around 7%. And since then, we have been at double figures. Now with the trends we discussed about and the ability to add new services, in fact, both are going to grow fast, but the Beyond Fuel -- Food is going to grow even faster and we love that because it's loyalty and it's relative. And what is true, in fact, for food is also true for fuel. It's exactly the same dynamic in fuel, but think about it when we started the journey. In fact, it was 0% Beyond Fuel services, and now it's 30%. And our goal is to go to 40% knowing that the core is going to grow fast. So it gives you an idea of the level of cross-selling we want to go after. And we are very far from the optimization of the cross-selling. When we look at it, product line per product line and country per country. But count on it, we are working hard on it. Do you want to add something, Arnaud?

Just one more to say that our products are helping us to over achieving cross-selling natively because when you are on a benefit management platform, you can activate and activate one more product easily. And for the user, it's super simple [indiscernible] so they don't need to receive a churn or they will receive their additional benefit as a plastic [indiscernible]. So all that is fostering across again. And obviously, it's a key objective for our sales team. We are just now entering where before Christmas, and we know that we have the peak season for gift card, which are [ special ] as well to achieve our cross-selling objective.

Maybe part of the cross-selling is really being a data powered and having the ability to develop data power products. So maybe Andreea, what you did for sushi? Did you go Sushi Shop in France? Did you go and talk to some other merchants, which is another way to do some cross-selling? The bread and butter is to drive traffic to those people. But on top of that, due to the data, what did you discover, Andreea?

Actually, what we discovered, every product that we have today, adding this service, it was a benefit for them. So every time we show this to other merchants, it was not the only one. We had immediately, can you talk to my Marketing Director? This is very interesting. Can we deep dive and have a new schedule? So they perceived immediately added value of our services. Because when you put someone in front of the real numbers and you see things growing over a year, this we have a graphic on that, it's concrete. So it's not just -- I'm showing you that something is going to be bright in the 6 months, and you'll see everything. And all this is just 2 examples. But actually, every product, and you see we have a lot of them in every country, the fact that the technology is the same, the way we organize the data, you can produce it very easily from technological, analytical point of view. So from my point of view, analytics, I'm just adding a new feature, and I can immediately spot the needs and produce it very fast. So in any area that we have in today and not just spotting because you identify in a very proactive way. So you have customer experience. When the customer is happy, is going to be the willingness to pay for added services right away. And it's not just I'm giving you a service that is you like it, but I can identify the trends much more in advance. And this is the power of data, is not I can see, I can predict. And the way we produce the product, it's a really immediately positive effect because I analyze it, what will be the key feature that we like it. And we see it right away. It's happening right this moment. We're seeing several merchants. It was not the real one. And every time we have a very positive return.

Maybe there's another thing, Andreea, and after we'll move to you, Dana, but there's another thing that strikes me in your presentation is, in fact, the size of the samples you have. And I insisted a lot on the fact that we are fighting to have leadership position, why? Not only because we are super competitive people, but also because when you come with, for example, in France, market share that has increased every year by 1 point, knowing that today, we are at, let's say, 42%, 43% market share in France. So we are the leader, but it gives us data that statistically makes a lot of sense because when we come, we come, we bomb 43% of the market. And so with only our data power solution for the marketing leaders of the companies that we are serving, we come immediately with something that is at scale and statistically representative. Isn't it, Andreea?

It's exactly the same because I had past experience and I know what means not having the right data at the right moment and not to be representative. So the first thing when I look on the product, I'm trying to figure out is it representative? It makes sense because I know if you don't have a very complete view of the market, and secondly, does it make sense? Where is my added value? So the first thing we do with the team is saying, is it an advantage -- competitive advantage? I put always -- I'm playing a role. So I always put myself in the role of the person who's going to use the product. And I'm asking all the questions that they come. So the moment that I see them and say, yes, but I have this and I have that and say, yes, but we have extra for you, and we can completely show to them. And this is not in a lot of areas, this is a pain point that you have. So that's why I say value is not just a matter of volume. It's the diversity that we have and the completeness of this data. And I was very happy when I joined Edenred and said, this is great. With my background, I will have a lot of work until my retirement.

So Dana, how does it work cross-selling in Romania?

If we are on our full potential now for sure, we have a lot of space to improve and to grow. And we have our magic platform, Benefit Online where we have a lot of products to cross-sell our portfolio from mill. And we can offer to our users holiday vouchers, cultural vouchers, pensions, well-being medical subscriptions or fitness, so they can choose. And on top of this, they will have added value services because we have a saving module in our platform. And they can access different discounts. We have thousands of these kind of offers. So using our products, they can have a lot of other advantages. And we are very focused to cross-sell, why? Because we know and we measure this, a client with more products has internal the clients with more products. The attrition rate is half versus the clients with just one product. So we want to obtain their loyalty.

But unfortunately, Dana it doesn't work with 3 products. So we are still computing that, but attrition divided by 2, with 2 products. Unfortunately, with 3 it's not divided by 3 but knowing that we are in an industry where the attrition rates are pretty low because when you are engaged with Edenred, with a total digital environment, it creates a lot of stickiness. Okay. Paul, did we answer your questions? Okay. So [ Mohana ]?

Good afternoon.

No, sorry, sorry.

Geoffrey d'Halluin from Bank of America. Three questions, please, from my side. The first one is on your mix. So you said you have about 26% of your revenue, which is coming from Beyond Fuel -- Beyond Food, 30% from Beyond Fuel. How do you see that number going into 2025? I guess you mentioned about 40% for the Beyond Fuel in 2025. So any numbers you can share with us for Beyond Fuel and maybe the same in terms of geographies, how you are seeing your geographies moving by 2025? Secondly, regarding your EBITDA growth target of above 12%. Any numbers you can share with us regarding what do you expect in terms of operating profit growth and other and financial profit growth? So between the 2 would be very useful, please. And thirdly, regarding the U.S. opportunities, you mentioned a few wins you had in the last few quarters and years. How do you need to think about the prospect for you in the U.S. in the next coming years, please?

Okay. Thank you. So I'll start. And then Julien, why don't you come back on stage? Okay. So just to say it again, we start with Food. The Beyond Food today is 25% of the total benefits revenue, okay. And we started at 21% a few years ago. And what we see in the coming 3 years is the proportion moving to 30%. For Fuel, we started at 0%. We are now at 30%. And what we see by 2025, and it's what we see. So we'll see how it goes. But for Fuel, probably the proportion is going to be 40%, 4-0. And in fact, [indiscernible] will explain this afternoon what we're going to do to move from 30% to 40%, okay? Then if you look at the mix of the business lines, so here, it's internal to the business line and then one business line versus another. What we see is the growth of corporate payment that's going to be presented by Mark, probably is going to be the highest growth. Then the second highest is going to be probably Fleet & Mobility and the third highest is going to be Benefits. So what it means? It means that 3 years from now, you will not see a big change in our mix per business line, but probably Fleet & Mobility will represent slightly more and Complementary Solutions will represent also slightly more than today. Why? Because the 3 business lines will grow probably at double digit but corporate payment will be the highest growth. Fleet & Mobility, the second highest and Benefit, the third highest. But the good news is the 3 of them are going to contribute to the double-digit growth. And within that, as I said, the Beyond is going to be probably faster than the core. I say probably because when I started the journey 6 years ago, once again, I thought that Benefits would be the core between 5 and 7 and then the second plan, we said around 7 and we did 10. So we discover every day the fact that our markets are so under-penetrated and when you bring more value and when you bring really cool user experience, there's still a lot to go after even on th core market, especially on the SMEs. And with the macro trends that we are seeing, in fact, it's more and more appealing. So it's going to be a game of high growth, sustainable growth. But let's say, generally speaking, the balance between the 3 product lines is going to be more or less the same. Even if with some difference and the mix is going to change, which is a very good news because Beyond Food, Beyond Fuel and Beyond Payment is highly relative. So that was, I guess, your first question. The second question, Julien?

Yes. So the second question about operating EBITDA and, I would say, financial EBITDA. So I think we gave me any information regarding the operating EBITDA answering to the question of Paul and with what Bertrand said now. Now regarding what I can say, other revenue EBITDA. So yes, the other revenue are growing fast this year. Bertrand said you that we should land EUR 35 million above the other revenue we did last year. So last year, we did EUR 44 million. So we should be around EUR 80 million in terms of other revenue. So obviously, it has an impact on the EBITDA of Edenred as 100% of the revenue growth is going to EBITDA. I will share with you this afternoon, our expectations in terms of other revenue in what we call the new economic context. There are 2 big things in this economic context. That is new. The first one is inflation. I will come back on that also. And Arnaud already explained to you the impact it has on the face value. And then this new economic context includes interest rates increase, and we'll see that this interest rate increase should happen, has started already this year and should happen in the coming months and that it will have an impact on our other revenue. We expect our other revenue to be 3x higher in 2025 compared to what they are, what they were in 2021. But one more time, we will come back on that. With the business volume increase which is driving the float increase and the times interest rate increase, it means that, yes, our other revenue will triple from 2021 to 2025.

Okay. [ Mourad ] I have a favor to ask you. Sorry, the U.S. So Geoffrey, your question was, what do we see in terms of development in the U.S.?

What are the opportunities you have in the U.S. given the wins you had in the last few years? And how do you see the business moving in the U.S.?

So Geoffrey, maybe we can hear, in fact, in Benefits what Arnaud is doing on the U.S. market. And then I will propose that you will listen carefully as usual this afternoon because we have a few slides on the U.S. market for Fleet & Mobility, okay? But just for Benefits because we have Arnaud on stage. Arnaud, what do you see on benefit? What are you doing on public affairs to make it happen?

So yes, you have more -- you will see more this afternoon on what we are doing on other business lines. In Benefits. So first of all, due to -- in the post-COVID environment -- [ raise ] increase of remote working, and we see more opportunity to propose more benefits many continue across and some companies wanted to take care of the -- to make sure that their employee will receive meal during the working days. So we set up a Ticket restaurant offer food and meal benefit without tax break, and we have some good success on that. We start to aggregate additional benefit services on top of it. So let's say that we have more and more appetite for the U.S. market, and which is a super [ bean ] market. We -- I mentioned as well that Public Affair could be a way to develop what we talk geographies. And so we have ambition, and we know it's -- it's a long journey, but we have ambition and to start to work on Public Affair to see what can we do to sustain employee well being in the U.S., and there is many potential verticals on which we -- we could investigate. I mentioned corporate wellness, wellness and health and well being is super big concern for a U.S. employer, reward and recognition as well. So let's say that we are assessing our plan to see how can we affair right further in the U.S. within the Benefits segment.

So to make a long story short. We will be successful on Food in the U.S., but not at scale without a public affair detonator. So we are working on it. And in fact, it's a cycle where each part is feeding the other part. We are able to talk to the American government and the state authorities based on some concrete examples, with some iconic names, and it fuels the thinking of the public authorities to say, well, is there anything we can do, for example, to fight against obesity. So you know that it's a big fight that is led by the current President of the U.S., and we come with some concrete examples. We'll see how it goes. Maybe in 3 years, in 6 years, we will be at the same level. We know it's a long journey, and we are ready for the long journey, and we have many other things to do. Remember, 90% of the growth for the next 3 years doesn't have anything to do with new businesses, new territories, okay? And we also observe what's going on in the U.S. because sometimes the U.S. market is ahead versus what could go on in Europe or in Latin America. That's why we are looking at reward, recognition, well-being because it's a booming market in the U.S. and it's very close to what we are doing, and it could be easily integrated on our digital platforms. So we are looking at it. And as usual, at Edenred, we are patient people. We analyze. We take the time to understand. And so we'll see where it goes. Is it only for the U.S.? Is it scalable outside the U.S.? What is the solidity of the business? We observe a lot. And if we need to move, we will move in the U.S., but we will do it Edenred way because Edenred way is generate growth but generate profit. So don't count on us to go on something [pool] EUR 500 million on the table, losing EUR 2 billion, which is the ratio more or less. I buy a banana at EUR 1, and I sell it at EUR 0.25. Anybody can do that. We don't like operating like that at Edenred, okay? So then there was -- no, I think we answered your question, Geoffrey. So -- so another question and just make our day, ask question about technology, about the business. So, [indiscernible], we have been knowing each other for a long time. So [indiscernible] we went through the winter of Chicago together. So I know I can count on you. Help me, [indiscernible].

And it will be the last question because then we go for a lunch break.

Yes. Thank you. So I'm going to refrain myself to one question, which is the one that referred to Slide 161. You show regular maximum face value increases over the past 18 months. Quite strong. I know that you don't give away the face value component of your growth. Maybe you're going to give it this time? But maybe you can give us a metric, an indicator? Of how good your sales have become to convert those max face value into an actual face value increase?