(Il Sole 24 Ore Radiocor) - Milano, 12 nov - Shares in Edenred plummeted after the French payment service provider cut its 2026 guidance ahead of an expected reform of the meal and food voucher system in Brazil.

At 0916 GMT, Edenred was down 9.25% at 19.23 euros.

"A presidential decree is expected to be published today by the Brazilian government regarding major regulatory changes to the meal voucher and food voucher system (Worker Food Program - PAT). The latter notably concerns the merchant discount rate (MDR) and reimbursement period," Edenred said.

"Based on the information currently available on the Brazilian government's website, Edenred is surprised by the content of this decree, which is significantly different from the discussions held between the professional association (ABBT) and the government," it added.

Edenred said that should the changes be implemented its now expects a decline in organic EBITDA of 8-12% in 2026, compared to a previous forecast of a 2-4% rise.

The guidance for 2027 and 2028 remains unchanged. The company expects an annual EBITDA like-for-like growth of 8-12% and a.

free cash flow/EBITDA conversion rate at least 65%.

(RADIOCOR) 12-11-25 10:32:04 (0254) 5 NNNN