According to this latest decision, the presidential decree published on November 12, 2025, which concerns regulatory changes to the meal and food voucher system in Brazil (Workers' Food Program - PAT), does indeed apply to issuers of meal and food vouchers in the country.

The French group recalls that it filed an emergency appeal on January 15 and, on January 20, obtained a ruling suspending the application of the decree against it, as was the case for other market players.

This decision was challenged by the Brazilian government, which in early February 2026 initiated proceedings before the president of the federal court in Sao Paulo to request the suspension of the emergency rulings and thus the application of the presidential decree.

Edenred and the professional association ABBT reserve the right to appeal this decision. It is also specified that Edenred has initiated proceedings on the merits, with a decision expected at the earliest by the end of 2026. Edenred is therefore preparing to implement the decree upon formal receipt of the official notification, likely in the coming days.

Edenred points out that the impact of the implementation of this decree had already been fully factored into the 2026 Ebitda target. Yesterday, during the publication of its annual results, the group confirmed a decline in its Ebitda of between 8 and 12% on a like-for-like basis, corresponding to intrinsic Ebitda growth of between 8 and 12%, in line with the target set for 2027 and 2028. Edenred's meal and food voucher business in Brazil accounted for 10% of the group's global operational revenue last year.