Financial PerformanceQ3 total revenue grew 11.5% LFL y/y (-4% q/q rep) to €682m, missing consensus by 2% due to soft performance across all segments.
Macroeconomic FactorsConcerns remain on macro factors in France and Germany, which are likely to persist into 2025.
Regulatory ImpactThe Italian Senate has approved a 5% commission cap, which will impact meal voucher providers like Edenred, limiting the fees they can charge retailers.