Edenred Responds to New Regulatory Framework in Brazil

On November 12, 2025, Edenred addressed upcoming changes to Brazil's meal and food voucher system. A presidential decree, expected soon, brings alterations to the Worker Food Program (PAT), affecting merchant discount rates and reimbursement periods. Edenred expressed surprise at the decree's content, which allegedly diverges from prior discussions with the professional association ABBT.

Concerns were raised about potential risks of misuse and non-compliance, with possible negative impacts on credit positions, especially involving public clients. Alongside ABBT, Edenred is exploring legal options that could delay the decree's effects.

The Brazilian voucher business accounted for 9.5% of Edenred's operational revenue in 2024. Edenred projects an 8% to 12% drop in organic EBITDA for 2026, contrary to earlier forecasts, but maintains positive growth expectations for 2027 and 2028 under the Amplify25-28 plan.