Edenred SE

The role of the administrative, management and supervisory bodies

Reference: page 60 (main text); page 59 (incorporation by reference table); pages 71-72 (IRO-2 datapoint index).

Composition, diversity, independence and expertise of the Board of Directors and the Group Executive Committee (GEC) are "presented in Chapter 6 of the Universal Registration Document, in section 6.1.1.1 'Directors' profile, experience and expertise' on corporate governance" (page 60), incorporated by reference for: number of executive/non-executive Board members, employee representation, sector/geographic experience, gender balance, percentage of independent members, and skills matrix (page 59 table).

The IRO-2 datapoint index (page 71) cross-references "ESRS 2 GOV-1 Board's gender diversity paragraph 21(d)" and "ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21(e)" both to "2.1.2.1 > incorporation by reference".

Membership of the Executive Committee (GEC) is incorporated by reference to section 6.1.3, and its gender ratio to the introductory chapter "Executive Committee" section (page 59).

Information provided to and sustainability matters addressed by the administrative, management and supervisory bodies

Reference: pages 61-62.

"The Board of Directors determines Edenred's business orientations, taking into account matters associated with climate change and sustainable development in general. The Head of CSR and Sustainability reports on her activities to the Board of Directors each year, and works with the Compensation, Appointments and CSR Committee... and with the Audit and Risks Committee" (page 61).

Strategy, policy management for CSR impacts/risks/opportunities and metrics monitoring sit with the HR Department, the CSR Department and the CEO. The CSR strategy is "developed in collaboration with representatives of all internal stakeholders and led by the Group CSR Department", approved at Executive Committee level, then presented to the Compensation, Appointments and CSR Committee and the Board (page 61).

In 2025 the CSR Director attended "four Compensation, Appointments and CSR Committees; a Board of Directors meeting; four meetings of the Audit and Risks Committee; a joint meeting of [both committees]" (page 62). The Committee meets on CSR topics "at least once per year", quarterly overall (org chart, page 61).

Integration of sustainability-related performance in incentive schemes

Reference: pages 62-63.

"More than 80% of the Chairman and Chief Executive Officer's total remuneration is tied to meeting the Group's short and long-term performance criteria, with 60% linked to long-term performance", including "a criterion relating to GHG emission reduction" (page 62). Qualitative CSR/management objectives (the Ideal "top 8" targets) represent 21% of his annual target variable compensation (page 62).

Long-term compensation (free performance shares) for the CEO and executive roles vests 25% on achievement of three Ideal plan objectives: People (% women in executive roles), Planet (percentage reduction in absolute scope 1 and 2 GHG emissions vs. the 2019 base year, for plans from 2025 onward) and Progress (sustainable food/mobility composite, weighted 70% Benefits & Engagement / 30% Mobility) (pages 62-63).

Statement on due diligence

Reference: page 63.

Edenred maps the five core elements of due diligence to sections of the sustainability report in a table (page 63): embedding in governance/strategy (GOV-2 2.1.2.2, GOV-3 2.1.2.3, SBM-3 shown per topical section); engaging affected stakeholders (SBM-2 2.1.3.2, S1-2 2.3.1.2, S2 2.3.2.1.1, S4 2.3.3.1.1); identifying and assessing adverse impacts (IRO-1 2.1.4.1, S4 2.3.3.2.1); taking action (actions under each topical ESRS); tracking effectiveness (targets under each topical ESRS).

Prior to major acquisitions, due diligence "include[s] an assessment of the company's sustainability practices" covering "climate and carbon footprint; social and human resources policy; governance; certification; information systems and data protection", feeding into the M&A decision process (page 63).

Risk management and internal controls over sustainability reporting

Reference: pages 63-64.

"The internal control system deployed within the Group covers all subsidiaries and business lines". In 2024 "the resources allocated exclusively to this scheme were significantly increased and a center of excellence was set up to strengthen, harmonize and coordinate risk mitigation systems" (page 63).

The CSR Department "represents the cornerstone of the internal control system for non-financial risks", defines metrics, issues a reporting guide, holds information sessions, and performs second-level checks on completeness and accuracy. A "professional reporting solution was implemented in 2024 to ensure traceability of non-financial information from local entities to consolidated entities at the Group level" with documented audit trails; information is first validated operationally at local/business-line level then independently verified centrally by the CSR Department (page 64).

Strategy, business model and value chain

Reference: pages 64-66.

Edenred is "the digital corporate services platform for employee benefits and engagement, professional mobility solutions and corporate payments", operating in 44 countries, connecting "more than 60 million users and more than 2 million partner merchants through 1 million corporate clients" across three business lines: Benefits & Engagement, Mobility, and Payment Solutions & New Markets (page 64).

The value chain table (page 65) maps Tier 1 suppliers (upstream) to own operations to downstream partner merchants, corporate clients and end-users, tagging each with the relevant ESRS standard: E1 (2.2.1), E5 (2.2.2), S2 (2.3.2), G1 (2.4) upstream; S4 (2.3.3.3/.4/.5) downstream. "Edenred's Tier 1 suppliers are primarily international groups supplying Edenred with smart cards, IT payment networks, services and products... consulting and, for some subsidiaries, paper voucher suppliers" (page 65).

Operating revenue by business line and headcount by geography are incorporated by reference (page 59); breakdown of employees by geography is in section 2.3.1.5.

Interests and views of stakeholders

Reference: pages 66-67.

A stakeholder table sets out, for employees, corporate clients, partner merchants, end users, suppliers, workers in the value chain, authorities, civil society and investors, the key Edenred actors, primary means of dialogue, purpose and linked CSR issues (pages 66-67). For example, employees are engaged via the "Group Committee", "European Works Council (EWC)", "Social and Economic Council (CSE)", "Internal employee satisfaction survey" and more, on issues from social dialogue to personal data protection (page 66).

"To date, Edenred has not adopted a process for interacting with its value chain workers" (page 67) - a stated nil return for that stakeholder category.

"Exchanges with stakeholders and the double materiality assessment confirmed the Group's main strategic goals, and the Group does not anticipate any significant changes to its strategy following this study" (page 67).

Material impacts, risks and opportunities and their interaction with strategy and business model

Reference: page 70 (main narrative); pages 68-69 (list of the 17 material matters); detailed IRO tables shown at the start of each topical section.

"The double materiality assessment highlighted the material impacts, risks and opportunities (IROs) associated with the 17 sustainability matters" (page 70): 2 under E1, 1 under E5, 5 under S1, 1 under S2, 4 under S4, 1 under G1, and 3 entity-specific matters (sustainable mobility promotion, sustainable food promotion, IT security).

On resilience: "Edenred adapted its business model to reduce its negative impacts on the environment, its own workforce and its value chain... Actions to mitigate the negative impacts of the Group's activities on the environment demonstrate Edenred's responsibility" (page 70). Critically, "the material impacts, risks and opportunities identified have no financial impact on the Group's current financial position" (page 70).

Description of the processes to identify and assess material impacts, risks and opportunities

Reference: pages 67-69.

Edenred's double materiality assessment (DMA), first run in 2022 and updated in 2023, 2024 and (technically) 2025, took into account "the results of a broad stakeholder consultation (>18,000) in the Benefits & Engagement business line" and "updates to the Group's risk analysis" (page 67). "Edenred has rationalized the number of IROs by consolidating risks... resulted in a reduction in the number of material IROs from 82 to 47 without deleting or modifying material matters or topics" (page 67).

Three stages: (1) preliminary identification, drawing on 18 stakeholders consulted in 2022, ESRS topic lists, external benchmarks (SASB, GRI, TCFD, SBTi, IPCC, ENCORE) and climate risk analyses using "IEA NZE 2050 and IPCC RCP 8.5 scenarios" (page 68); (2) evaluation on impact materiality (severity/likelihood) and financial materiality; (3) consolidation, approved by the Audit and Risks Committee (July 2025) and the Corporate Social Committee (October 2025) (page 68).

"The topics E2 Pollution, E3 Water, E4 Biodiversity and S3 Affected Communities were identified as not material... in line with the services operations of Edenred, which does not own any industrial sites, and with the CSRD definition of affected communities" (page 68).

Disclosure requirements in ESRS covered by the undertaking's sustainability statement

Reference: pages 70-76.

Edenred's IRO-2 disclosure is a datapoint-level table ("List of disclosure requirements covered by the sustainability statement", page 71) cross-referencing individual ESRS datapoints that also map to SFDR, Pillar 3, Benchmark Regulation and EU Climate Law indicators to the Universal Registration Document section that discloses them, e.g. "ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14" -> "2.2.1.2.1" (page 71).

Where a datapoint is not applicable to Edenred's business (bank-specific Pillar 3/Benchmark Regulation items) the table marks "Not applicable"; where the underlying topic was found immaterial in the DMA it marks "Not material" - explicitly for the E2-4, E3-1, E3-4, the E4-related ESRS 2 SBM-3 datapoints, E4-2, E5-5 (non-recycled and hazardous waste), S1-14 and S3-1/S3-4 datapoints (pages 74-76).

Transition plan for climate change mitigation

Reference: pages 77-79.

"Edenred is committed to reducing its absolute scope 1 and 2 greenhouse gas (GHG) emissions by 51.4% by 2030 and 90% by 2050 from a 2019 base year", and to "reducing its scope 3 GHG emissions by 55% by 2030 and 97% by 2050 per million euros of value added". Targets were "officially approved by the SBTi in October 2024" (page 78).

Levers: for scopes 1-2, building energy optimization and renewable electricity (70% of building electricity was renewable in 2025, +32 points vs 2024) and fleet electrification/bioethanol (28% of fleet in 2025); for scope 3 (93% of the footprint), supply chain, digital responsibility and solution digitalization (page 78-79).

"Edenred estimates that the cost of its carbon reduction plan represents a non-material amount at Group level, which is why the Edenred financial figures do not mention a dedicated budget" - the only quantified item is EAC purchases, "expected to be less than €100,000 between 2025 and 2030" (page 79).

Identification of climate-related risks and scenario analysis

Back-filled from ESRS 2 IRO-1 and SBM-3, where this content is disclosed in the FY2025 report (pages 68, 79-80). This disclosure requirement did not exist under the 2023 ESRS the report was prepared against (no native E1-2/E1-3 sections appear in the report's table of contents).

"Edenred conducted a climate risk analysis with an external expert in 2023 using the OCARA methodology, which takes into account two climate scenarios (IEA NZE 2050 and RCP 8.5), to determine the climate risks to which the Group could be exposed in the short, medium and long term. 14 climate risks have been identified" (page 79).

Physical risk scenario: RCP 8.5 (a high-emission scenario). Transition risk scenario: IEA NZE 2050 (a 1.5°C-aligned scenario). "As a service sector company, physical risks... are mainly applicable to Edenred's office buildings" and, in the value chain, "linked to the location and characteristics of Cloud servers"; transition risk "mainly concerns the risk of demand shifting towards eMobility, to the detriment of conventional fuel cards" (page 80). No global average temperature projection per scenario, assumptions, or date of the analysis being refreshed since 2023 are stated - these elements are absent from the disclosure.

Resilience in relation to climate change

Back-filled from ESRS 2 IRO-1, where this content is disclosed in the FY2025 report (pages 79-80). This disclosure requirement did not exist under the 2023 ESRS the report was prepared against.

"A resilience analysis was carried out in 2023 on Edenred's operating scope, considering the RCP 8.5 and NZE 2050 climate scenarios. Edenred's analysis revealed a limited financial impact with regard to physical risk. Climate change adaptation has therefore not been included as a material issue in the double materiality assessment" (pages 79-80).

No description is given of implications for strategy, areas of uncertainty, or capacity to adjust financial resources beyond this conclusion; the resilience analysis has not been refreshed since 2023.

Policies related to climate change mitigation and adaptation

Reference: pages 80-81.

Edenred monitors climate policy effectiveness via "carbon accounting aligned with the GHG Protocol, annual sustainability reporting consistent with standards such as ISO 14001... and TCFD". "As of 2025, the Group has 13 ISO 14001-certified subsidiaries, representing 47% of the Group's workforce" (page 80).

Policies cover "Edenred's direct operations as well as its value chain", with implementation responsibility resting with the CSR Department. Specific policies: office-relocation criteria (energy efficiency, certifications, transit proximity); a company car policy to "gradually electrify its fleet or promote bioethanol"; and, for scope 3, "a sustainable procurement policy and a Supplier Charter in 2023, which specify that suppliers are encouraged to measure their carbon impact on the basis of the GHG Protocol and undertake to reduce their emissions" (page 80).

Actions and resources in relation to climate change policies

Reference: page 81.

"In 2025, scope 1 and 2 emissions decreased by 31% compared to 2019 and by 17% or 1,343 metric tons of CO2eq. compared to 2024, thanks to (versus 2024): electrification of company car fleet: decrease in diesel consumption of over 247,000 liters; 8% of the Group's car fleet is electrified... and 20% of the fleet uses biofuels; improved building energy management: decrease in grid electricity consumption... of 3,465 MWh and increase in renewable electricity consumption of 2,629 MWh" (page 81). Carbon intensity of occupied surfaces fell 78% versus 2013.

Employee engagement: the "Sustainability at Edenred" training module, available since late 2023, had been completed by 92% of employees by end-2025; ad-hoc eco-driving training is offered in some entities (page 81).

Targets related to climate change mitigation and adaptation

Reference: pages 81-82.

Near-term (2030, 2019 base year): "-51.4%" absolute scope 1&2 GHG emissions; scope 3 "-55%" per million euros of value added, covering "over 70%" of value-chain emissions (page 81). Long-term (2050): "-90%" scope 1&2, "-97%" scope 3 intensity, net-zero across the value chain; residual emissions to be addressed with "high quality carbon credits outside its value chain" (page 82). Targets were "officially approved by the SBTi in October 2024" and use a market-based method for scope 2 (page 81).

Other targets: an Ideal Planet KPI of "a 55% reduction in carbon emissions intensity by 2026 vs 2013" (78% already achieved in 2025); a sustainable-bond target of "15% reduction in scopes 1 and 2 absolute GHG emissions between 2019 and 2025" (31% achieved); and "70% of its solutions are eco-designed by 2030" (62% achieved in 2025) (page 82).

Energy consumption and mix

Reference: pages 82-83.

Total 2025 energy consumption: "35,600" MWh (2024: 40,085), of which fossil sources "25,077" MWh (71%), nuclear "413" MWh (1%) and renewable "10,110" MWh (28%) - split by fuel/electricity/heat category with E1-5 paragraph codes in the table (page 83). Building electricity fell 8% to 9,330 MWh, with 70% (6,537 MWh) from renewable contracts/certificates across "28 Edenred subsidiaries" (page 82).

Total vehicle-fleet energy: "25,468 MWh, of which 3,526 MWh correspond to biofuels and 498 MWh correspond to electric recharging" (page 83). "The proportion of electric vehicles in new car orders reached 37% in 2025" (page 83).

Gross Scopes 1, 2, 3 and Total GHG emissions

Reference: pages 83-86.

Scope 1&2 (market-based): 2019 base year 9,821 tCO2eq, 2024 8,098, 2025 6,755 (-31% vs 2019; -17% vs 2024) (page 84). Scope 3: 2025 total 83,791 tCO2eq (-19% vs 2024), 93% of the Group's footprint, with the largest categories being 3.1 Purchased goods and services (58,408 tCO2eq) and 3.2 Capital goods (3,528 tCO2eq); 18% of scope 3 emissions were calculated from primary data (page 85).

Group total (all scopes, market-based): "122,140" (2019 recalculated), "111,402" (2024 recalculated), "90,546" tCO2eq (2025), a 19% year-on-year fall; per-revenue intensity fell from 39.01 to 30.58 tCO2eq/€m (page 85). Calculated per the GHG Protocol using market-based methodology and IEA/ADEME/DEFRA emission factors; the 2019 and 2024 baselines were recalculated in 2025 following a >10%-material update to investment and purchased-services emission factors (page 83).

GHG removals and GHG mitigation projects financed through carbon credits

Reference: page 86.

"Edenred prioritizes reducing CO2eq. emissions and does not compensate all its own emissions." It purchases carbon credits to "offset the emissions associated with its paper vouchers" and for entity-level activities, all "outside Edenred's value chain" (page 86).

"In 2025, these credits collectively represent 4,752 tCO2eq. 100% of them have a recognized quality certification (VCS or Gold Standard). 100% of them are for CO2 emission reduction projects... and 0% for absorption projects. These credits have all been canceled in 2025." Four named projects in Argentina, Brazil and Africa are tabulated with tonnage, certification and project type (page 86).

Policies related to resource use and circular economy

Reference: pages 87-88.

Edenred's strategy is built on a "4Rs" philosophy: "Refuse" (digital, "Plasticless" solutions with no physical medium), "Reduce" (fewer paper vouchers, favoring FSC/recycled paper for those that remain, informed by 2022 lifecycle assessments), "Reuse" (increasing recycled plastic/paper share in cards and vouchers) and "Recycle" (the French subsidiary "was a pioneer in the introduction of a system to encourage users to recycle their cards") (page 87).

The strategy "applies to all Edenred subsidiaries, as well as its suppliers and the rest of its value chain", developed by the Group Purchasing Department with the CSR Department and implemented locally; the eco-design metric is "reviewed at least once a year by the Group and the business line CSR Departments" (page 87-88).

Actions related to resource use and circular economy

Reference: page 88.

"In 2025, [digital] solutions accounted for 19% of total business volume." Lifecycle assessments (first run in France in 2017, updated in 2022 across six countries) found "the plastic card is more environmentally friendly with regards to climate change and the use of natural resources than paper vouchers", with the switch from paper to cards "likely to reduce emissions by between 65% and 80% depending on country maturity" (page 88).

Actions: "In 2025, 16 subsidiaries - representing 98% of business volume of subsidiaries that produce paper vouchers - used recycled or certified paper for voucher production"; Edenred "offsets 100% of GHG emissions linked to issuing paper vouchers each year through the purchase of carbon credits"; "In 2025, four new subsidiaries switched to recycled plastic (rPVC) cards, raising the percentage of rPVC and PLA cards to 82% of all cards sold" (page 88).

Targets related to resource use and circular economy

Reference: page 88-89.

"Edenred has set itself a medium-term objective at the Group level: to achieve 70% eco-designed solutions in terms of business volume by 2030. This target is voluntary. For 2025, the business volume related to eco-designed solutions was €30 billion, or 62% of the company's total business volume" (2024: 61%) (page 88).

The metrics table (page 89) also tracks: total weight of products/materials (712 metric tons in 2025 vs 573 in 2024), share of sustainably-sourced biological materials (57% vs 69%), weight of secondary/recycled components (190 vs 141 metric tons) and their percentage share (27% vs 25%).

Resource inflows

Reference: pages 88-89.

"In 2025, Edenred used 107 metric tons of plastic to manufacture its cards in circulation... 82% of plastic was recycled or PLA compared with 80% in 2024. Including plastic packaging, Edenred consumed 153 metric tons of plastic in 2025." "187 metric tons of paper were used for vouchers in circulation (compared with 233 metric tons in 2024), 99.7% of which were recycled or of certified origin... Including packaging... Edenred used 560 metric tons of paper... In total, 83% of the paper used by Edenred in 2025 was recycled and/or of certified origin" (page 89).

Datapoint table (E5-4 31(a)-(c), page 89): percentage of eco-designed solutions 62%; total weight of products/materials 712 metric tons; percentage sustainably-sourced biological materials 57%; weight of secondary/recycled components 190 metric tons (27%).

Policies related to own workforce

Reference: pages 96-108 (policy content set out separately per CSR matter).

Human rights (page 96): Edenred "adheres to the UN Guiding Principles on Business and Human Rights" and the ILO fundamental conventions; a dedicated human rights policy was published in 2024. Social dialogue (page 98): policy "drawn up by the Human Resources Department and validated by the HR and CSR Executive Vice President and the Group CEO". Employee well-being (page 99): built around "attract, develop, engage". Training and skills (page 101-102): includes the compulsory-training matrix and EDU/EdenPeople Learning e-learning platform. Attracting/retaining talent (page 104): three components - employer brand, onboarding, career management/mobility. Diversity, inclusion and equity (page 106): a "global diversity action plan" launched in 2019, underpinned by the Charter of Ethics, the 2024 human rights policy and a 2024 Recruitment Code of Conduct.

All policies are locally implemented by HR teams following Group-level design and validation.

Processes for engaging with own workers and workers' representatives about impacts

Reference: pages 94-95.

A table lists the formats for engagement: France Group Committee (annual), European Works Council (twice per year), Social and Economic Council (CSE - at least 11 times per year), EdenVoice satisfaction survey (biennial, last run September-October 2025), local Pulse Surveys, annual performance reviews, the Compensation, Appointments and CSR Committee (quarterly, includes an employee-director), internal communications (~50 times per year) and internal CSR events (International Women's Day, Pride Day, Idealday, EdenRaid, Inclusion Day - at least 5 times per year) (page 94).

"By promoting boldness and an entrepreneurial spirit... Edenred encourages open and straightforward discussions, enabling employees and their representatives to share feedback on actions implemented and proactively influence decision-making" (page 94).

Processes to remediate negative impacts and channels for own workforce to raise concerns

Reference: page 95.

"Edenred's Charter of Ethics commits the Company to strong ethical values... The Charter of Ethics is brought to the attention of and signed by all new employees." Employees are first invited to approach their manager; if unresolved, they can use "the Safe Channel set up in 2020 to report the occurrence of negative impacts in a protected manner, thanks to the Group's non-retaliation policy" (page 95).

"In 2025, 91 reports were submitted via the whistleblowing system, compared with 56 in 2024. 62% of the reports were substantiated and led to appropriate remedial action. 98% of the substantiated cases involved Human Resources matters and 2% of cases involved non-compliance with procedures" (page 95).

Taking action on material impacts on own workforce

Reference: actions are disclosed per CSR matter across pages 96-108 (mirrors S1-1's structure).

Selected examples: human rights - Charter of Ethics acknowledged by "100% of eligible Edenred employees" at end-2025, a Modern Slavery Transparency Statement at Reward Gateway UK, and country-level initiatives in Portugal and Mexico (page 96-97). Social dialogue - 67 agreements signed in 2025 across subsidiaries; a new European Works Council elected in 2025 with "27 employees... to represent 18 European countries" (page 98-99). Well-being - flexible/remote working, parenthood support, EdenRaid (over 6,200 employees, 2.415 million km in 2025) (page 100). Training - the Dream Team Bootcamp (400+ managers/employees trained) and Talent Week (25 participants in 2025) (page 102-103). Talent - the employer brand, a harmonized 2024-25 onboarding process, the annual Top 400 talent review (page 104-105). Diversity - the mentoring program (80 pairings in 2025), Empow'her, a personalized coaching program for women, and Inclusion Day for disability awareness (page 106-107).

Targets related to own workforce

Reference: targets are disclosed per matter alongside each matter's metrics (pages 97-109); collective bargaining/social dialogue targets specifically at page 99 (2.3.1.7.3, "S1-5 and S1-8").

Examples: human rights - "0 severe incident in 2030" and "100% of confirmed human rights incidents... investigated and a related action plan defined within three months" by 2030 (page 97). Social dialogue - data on collective bargaining and representation coverage "tracked annually by country", no fixed numeric target (page 99). Well-being - "100% of entities present in the HR tool representing more than 90% of employees will be covered by a Pulse Survey or EdenVoice in 2027" (page 99). Training - "22 hours of training per employee per year by 2026" (page 103). Talent - engagement score "8.3/10 in 2028"; "1,000 [internal mobility instances] per year on average over the 2023-2026 period" (page 105). Diversity - "Around 40% [women in executive positions] in 2030" (page 108).

Characteristics of the undertaking's employees

Reference: page 96.

"Edenred had 12,231 employees at the end of 2025, with a gender balance of 48% men and 52% women, just as in 2024." By contract type: 12,102 permanent (11,190 FTE), 129 fixed-term (117 FTE). "Almost all employees work full-time, representing 97% of the total workforce, while 3% work part-time." Two countries pass the 10%-of-workforce reporting threshold: Brazil (3,006 employees, 25% of total) and France (1,547, 13%).

"During 2025, 2,206 employees were recruited... the total number of employees who left the undertaking was 2,446 representing an employee turnover rate of 20% in the reporting period, compared with 19% in 2024" (page 96).

Collective bargaining coverage and social dialogue

Reference: pages 98-99.

"54% of Group employees work for subsidiaries with employee representative bodies, compared with 52% in 2024. 100% of employees are represented in France, 67% in the Latam region and 36% in Europe (excluding France). In addition to employee representative bodies, 51% of employees are currently covered by a collective agreement at global level (compared with 53% in 2024)" (page 98).

"In 2025, 67 such agreements were signed at the Group's various subsidiaries..., including 12 [that] focus specifically on health and safety" (compared with 128 agreements/17 on health and safety in 2024) (page 99). Coverage-rate tables break results down by country/region for EEA and non-EEA employees (page 99).

Diversity metrics

Reference: pages 107-108.

Age: under 30 - 20% (2,473) in 2025 vs 22% in 2024; 30-50 - 67% (8,206); over 50 - 13% (1,552) (page 108). Gender: "Worldwide, 52% of the Group's employees are women, stable compared to the end of 2024", broken down by region (e.g. France excl. HQ 57% women, Headquarters 42% women) (page 108).

Executive/top-management population (E-GEC, business unit GMs, Country/Regional Management Committees, HQ executive teams reporting to a GEC member): "146 women and 237 men, i.e., 38% were women, stable in relation to 2024" (page 108), against a target of "around 40% in 2030" (page 109).

Adequate wages

Reference: page 105.

"Except for four countries, the audit was carried out in all regions where the Group operates, representing 97% of Group employees. In 2026, Edenred will also cover the four remaining countries: United Arab Emirates, Denmark, Singapore and Venezuela." In 2025 the compensation study, run with the Fair Wage Network in 13 priority countries (70% of employees), found "over 99% of employees covered are paid at or above the local adequate wage" (page 105).

Persons with disabilities

Reference: pages 107-108.

"In 2025, Edenred had 239 people with declared disabilities in its workforce." Under S1-12: "This represents 2% of employees, stable compared to 2024. However, this number may be underestimated because it depends on local legislation and whether the employee wishes to declare their disability" (page 108).

Related actions (page 107): Inclusion Day, held "for the third consecutive year" in December 2025 on the theme of disability, including a conference on neurodiversity, an internal video, and local actions by "around ten entities".

Training and skills development metrics

Reference: pages 102-103.

"In 2025, 85% of employees took part in an annual performance appraisal campaign, i.e. 83% of female employees and 88% of male employees" (2024: 82%). "Edenred provides an average of 19 hours of training per employee, with an average of 19 hours for men and women in 2025" (2024: 20 hours), against an objective of "22 hours of training per employee per year by 2026" (page 103).

"91% of employees completed" the "Discover Sustainability at Edenred" module by end-2025 (2024: 83%), target "95% in 2026" (page 103).

Work-life balance metrics

Reference: page 99.

"Work-life balance is very important to Edenred. Internal surveys help us to understand the needs, expectations and constraints of Group employees better." The metric tracked is deployment of internal Pulse Surveys and EdenVoice: "42 entities" in 2024 rising to "113 entities representing 100% of the entities present on the HR tool" in 2025, target "100% of entities... representing more than 90% of employees... covered by a Pulse Survey or EdenVoice in 2027" (page 99).

Note: the company chose not to disclose the family-leave sub-metric of S1-15 in 2025, using an ESRS 1 Appendix C phase-in provision: "in 2025 Edenred decided to make use of the possibility to not disclose indicators concerning... family leave (S1-15), which had been published voluntarily in 2024" (page 58).

Compensation metrics (pay gap and total compensation)

Reference: pages 108-109.

Gross pay gap (as defined by S1-16): "at the end of 2025, this gap was at 30% in favor of men (compared with 32% at the end of 2024)... mainly due to the under-representation of women in IT professions that pay higher salaries than the Group average" (page 108). Edenred also publishes a voluntary "adjusted pay gap", comparing same job family/experience/country: "a gender pay gap of 3% in favor of men at Group level" (page 109).

"In 2025, the remuneration ratio was 163. In 2024, it stood at 152", defined as "the ratio between the median compensation of employees (excluding the highest-paid employee) and the highest-paid employee" (page 109).

Incidents, complaints and severe human rights impacts

Reference: pages 96-98.

"During 2025, no serious human rights incidents took place within the Company (S1-17_09_10)... No convictions or fines have been paid by Edenred in relation to discrimination issues or human rights incidents (S1-17_11)." Confirmed incidents of discrimination/harassment: "4 confirmed incidents of discrimination and bullying reported in the Safe Channel" in 2025 (5 in 2024); "Total fines, penalties and compensation for damages resulting from discrimination and harassment" was "€0" in both 2024 and 2025 (page 97-98), against a target of "0 severe incident in 2030" and "€0" by 2030.

Policies related to value chain workers

Reference: pages 110-111.

"The Group's Supplier Charter of Ethics, updated in 2021, applies to all its suppliers... These ethical rules on human rights include preventing discrimination and combating forced, illegal and child labor." In 2023 Edenred "adopted a Sustainable Procurement Policy, which is now its main tool for managing social and environmental risks within its supply chain", aligned with ISO 20400 and referencing UN SDGs, UN Global Compact, ILO fundamental conventions, the UK Modern Slavery Act and OECD guidance (page 110).

Commitments include ensuring the 20 major suppliers per purchasing country sign the Charter by end-2025, and reaching "100% of critical suppliers assessed" via external ratings such as EcoVadis. Governance sits with a Sustainable Procurement Committee comprising the Group Purchasing Director, CSR Director and Risk & Compliance Director, meeting "at least twice a year" (page 111).

Processes for engaging with value chain workers about impacts

Reference: page 111.

"To date, Edenred has not adopted a process of direct interaction with the workers in its value chain and has no plans to implement a process of this kind in the short term" (page 111) - a stated nil return rather than a refusal to disclose.

Processes to remediate negative impacts and channels for value chain workers to raise concerns

Reference: page 111.

"Edenred has a whistleblowing line known as SAFE Channel that is available in 17 languages and accessible for all employees, external staff, customers and suppliers of the Group... For suppliers, the existence of this whistleblowing line is specified in the Group's master contracts... and in the Group's Supplier Charter of Ethics" (page 111).

"In the event of a confirmed risk in relation to a supplier, the latter must present a risk reduction plan to the Sustainable Procurement Committee, and be able to demonstrate its effectiveness... Edenred has the right to audit the supplier, or have the supplier audited, on site if necessary" (page 111).

Taking action on material impacts on value chain workers

Reference: page 111.

"In 2023, Edenred carried out a Group-wide assessment of CSR risks by purchasing category... based on a combination of three recognized voluntary international standards: ISO 20400... ISO 31000... and ISO 26000", covering "Tier 1 suppliers with whom the Group has an established business relationship" in Italy, France, Mexico, Brazil, the UK and headquarters (page 111).

Edenred "is implementing an SRM (Supplier Relationship Management) tool to analyze expenditure, ensure compliance and monitor the contractual relationship of its critical suppliers, which it will gradually roll out in other countries from 2026" (page 111).

Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

Reference: page 111.

Three tracked metrics: "% volume of purchasing expenditure covered by contracts that include the new 2023 Supplier Charter of Ethics clause"; "% of tenders managed by the Group's purchasing team that include CSR evaluation criteria"; "% of CSR-critical suppliers... assessed via the Edenred CSR questionnaire or via a dedicated platform" - the last with "a target of 100%", covering "around 80% to 85% of the Group's total expenses" (page 111). Results "are not made public and are monitored by the Sustainable Procurement Committee".

Note: "Transitional provisions were also used for the ESRS S2 target" under ESRS 1 Appendix C (page 58).

Policies related to consumers and end-users

Reference: pages 114-115 (client satisfaction/innovation), 119 (personal data), 120-121 (accessibility); 117-118 covers partner merchants (S4-4 heading only, no separate S4-1 policy sub-heading there).

Client satisfaction/innovation: a three-priority innovation approach (market/competition tracking, structured internal/external innovation, product-technology integration) feeding the "Passion for Customers" programme launched in 2018 (page 114-115). Personal data: policy led by a Data Protection Officer appointed in 2017, "based notably on an approach that privileges the principle of privacy by design", with annual data-protection objectives for all entities (page 119). Accessibility: a three-component digital accessibility policy (inventory, audits with remediation plans, guidelines for new solutions), driven by the "European Accessibility Act" which "came into force locally on June 28, 2025" and standard EN 301 549/WCAG 2.1 (page 120-121).

Processes for engaging with consumers and end-users about impacts

Reference: page 113.

Customer satisfaction surveys run "once or twice a year via relational NPS", "at the end of their customer service request (up to once a month)" and via digital touchpoints; detractors (rated 0-6) are called back by internal teams "to listen and understand the root causes of the issues raised" (page 113). Specific initiatives target "vulnerable consumers... such as precarious workers or those with limited access to digital services", with accessible communication channels and updated platforms (page 113).

Operational responsibility sits with the Customer Experience Department (reporting to the EVP Strategy, Marketing & Transformation) and the Merchants Department for partner merchants (page 113).

Processes to remediate negative impacts and channels for consumers and end-users to raise concerns

Reference: pages 113-114.

Customer service: "All customers, users and partner merchants can contact Edenred customer services for any questions or issues", via "telephone, email, messaging (e.g., WhatsApp) or self-care solutions", with post-contact satisfaction surveys and two support tiers (page 113-114). Personal data: customers/employees "can express their concerns about how their personal data is processed" and "may exercise their rights under the GDPR", with "all requests... processed within 30 days in Europe" and dedicated data-breach response plans (page 114).

Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions

Reference: pages 115-116 (client satisfaction), 118 (partner merchants), 119-120 (personal data), 122 (accessibility).

Client satisfaction: the Passion for Customers programme measures Strategic/Relational/Customer Care NPS across "42 Group entities", with quarterly reviews (page 115-116); AI initiatives include "Edenchat", GitHub Copilot for developers and satisfaction-form analysis tools (page 116). Partner merchants: self-affiliation (e.g. Turkey cut affiliation time "to 1 hour (vs. 15 days previously)"), the Passion for Partners programme, and Account Management (Brazil NPS "+29 points" 2023-2024) (page 118). Personal data: a multi-phase GDPR compliance programme, a shared compliance tool, and mandatory e-learning since 2021 (page 119-120). Accessibility: an EU-wide asset survey ("66 assets" identified) and audits, with France/Italy/Germany already having "published an accessibility statement and drawn up a remediation plan"; corporate site RGAA 4.1 compliance rose to "82%" in 2025 (page 122).

Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

Reference: pages 116-117 (client satisfaction), 120 (personal data).

Client satisfaction: "Passion for Customers program coverage rate. By the end of 2025, this coverage rate stood at over 91% for the whole Group", objective "over 95% coverage by the end of 2026" (page 116-117). Personal data: quarterly compliance-progress presentations ("4" per year, target "4 per year in 2025") and training attendance ("93%" in 2025 vs 95% in 2024, target "98% in 2025") (page 120).

Note: accessibility of solutions carries no equivalent target yet - "At this stage, no monitoring metrics have yet been defined" for the digital accessibility audit programme (page 121) - covered under S4-1/S4-4 for that matter.

Business conduct policies and corporate culture

Reference: pages 123-124.

"Edenred's five core values - passion for customers, respect, imagination, simplicity and entrepreneurial spirit - form the basis of its corporate culture." The Charter of Ethics, "structured around five major themes: values, business conduct, human rights, the environment and local community development", must be signed by all new hires; "At the end of 2025, 100% of eligible Edenred employees had acknowledged the Charter" (page 123).

The whistleblowing system (SAFE Channel, since 2020) is diagrammed end-to-end: alert filed -> initial analysis (admissible/inadmissible) -> case manager investigation -> Ethics Committee review -> conclusion/sanctions -> whistleblower informed (page 124). It follows France's "Sapin II" law and EU Directive 2019/1937, covers "corruption and influence peddling, fraud, theft or disclosure of confidential information, breaches of competition law... human rights and fundamental freedoms, health and safety, and personal data breaches" and all forms of harassment/discrimination (page 124).

Management of relationships with suppliers

Reference: page 125.

"Edenred has deployed its Sustainable Procurement Policy as its main tool for managing social and environmental risks within its supply chain", aligned with ISO 20400, and since 2023 backed by a dedicated Supplier Charter of Ethics (page 125, cross-referencing section 2.3.2). Under the Charter, suppliers are asked to "measure and control their environmental risks", "measure their carbon footprint... and commit to reducing these to a minimum", and "reduce energy and water consumption to protect natural resources" (page 125).

Prevention and detection of corruption and bribery

Reference: pages 125-126.

Edenred's anti-corruption programme follows France's Sapin II law and the UN Convention against Corruption. Under the Chief Risk and Compliance Officer, the system rests on "corruption risk mapping, revised in 2025", a "Guide to Anti-Corruption" (available in five languages), specific operating procedures (gifts/invitations, conflicts of interest, sponsorship, third-party evaluation), mandatory training and the whistleblowing system (page 125).

Training: a mandatory "Anti-corruption" e-learning module for all employees plus a deeper programme for the highest-risk functions (General Managers, Finance Directors, Public Affairs, Sales, Purchasing). By end-2025, "93% of employees had completed the anti-corruption training module", against a "target [of] a training rate of 100%" (page 126).

Targets related to business conduct

Back-filled from the business conduct (G1) chapter. Under the 2023 ESRS the report was prepared against, business-conduct targets fell under MDR-T rather than a standalone G1-3 "Targets" DR (2023 numbering: G1-3 = corruption prevention/detection, confirmed by the report's own heading "2.4.2.4 Prevention and detection of corruption and bribery (G1-3)", page 125).

A quantified target for tracking the effectiveness of business-conduct policies is disclosed under the anti-corruption metrics: "By end-2025, 93% of employees had completed the anti-corruption training module. The target is a training rate of 100%. The difference between the actual rate and the target rate is attributable to employee turnover" (page 126).

Incidents of corruption or bribery

Reference: page 126.

"In 2025, at the time of writing this report, Edenred SE, its subsidiaries and the members of its management bodies were not the subject of any convictions or fines for acts of corruption or influence peddling involving Edenred SE and its subsidiaries. No confirmed cases of corruption were reported in the reporting tool in 2025. The Risk and Compliance department is not aware of any confirmed incident of corruption or bribery in its value chain in which the company or its employees were directly involved" - a stated nil return, not an omission (page 126).

"In the event of a conviction or even a confirmed incident, the Group is committed to taking appropriate sanctions, including dismissal of the employees involved" (page 126).