Hi, everyone. It's a real pleasure to be with you today, to be with you with the one who are here with us in London, in this nice setup at the Andaz Hotel, and to be with the one who are attending with, thanks to our live webcast. We have a nice program today, starting with Bertrand Dumazy, our Chairman and CEO, who will talk about our vision and our strategic plan for the next three years, focusing on three priorities. Then we'll have Eric Sauvage, our Executive Vice President of Marketing and Strategy, who will talk about our plan to scale the Edenred platform. This will be done thanks to our global technology, and Dave Ubachs will talk about it.
After that, we'll have our three business line COOs, Arnaud Erulin, Jérôme, and Gilles Coccoli, who will talk on how we will cascade the strategic plan on their respective scope. We will finish the day with Flore Cholley, ESG Director, and with Julien Tanguy, Executive Vice President, Finance, who will talk about how this strategic plan will translate into financial and extra-financial performance. We'll have two Q&A sessions today, at the end of the morning and at the end of the afternoon. We have also planned some nice activities for you during the breaks, including the lunch break. You will be able to attend our virtual experience, 3D virtual experience, where you will see how the world will be thanks to Edenred. We'll also have some demonstrations of product demos during our lunch break.
This will be the opportunity for you today to see some of the top executives of the group. You see their faces here, and some of them are here, will be on stage. Some of them will do a video testimonial. It's time for me to finish this introductory words. Now I leave the floor to Bertrand Dumazy, and I wish you a very good day in the Edenred world.
Okay, good morning, everybody. It's a pleasure to be with you today. It's a pleasure to see you know, alive and kicking, and it's such a pleasure to be in sunny London. I would like to start by focusing a little bit on our purpose, and the purpose of Edenred is enrich connections for good. What does it mean at Edenred, this purpose?
It all started with a small piece of paper. This is what we first used to connect restaurants and employees. We Edenreders never stopped connecting here, connecting on all continents. Merchants, users, companies, public authorities. We make connections happen, but more importantly, we make them matter. Today, they are often temporary. We make them last. Many are unsafe. We build trust. This is about a shared moment, the joy of a gift, an easier day at work, more freedom in life, new guests in the restaurants. At Edenred, we believe great connections are an unstoppable force. We channel them to strengthen businesses and to foster inclusive solutions. We craft local ecosystems that create more wealth and more health, not only for people, but also for our environment. Better world and better life. We give our purpose global progress.
There is so much we can do with smarter ways to move, care, pay, and more for people at work. We look different today as we embrace new technologies. Together, we will always be a passport for sharing great stories. By turning networks into net worth, we make people and our planet win. This is our purpose. Enrich connections for good.
This is our purpose, enrich connections for good. This purpose is our North Star. In everything that we are doing on a daily basis, we are thinking, and we are watching this North Star. Today, together, we will try once again to enrich connections for good. Who are we? We are a B2B2C platform, and we are making the intermediation between 52 million users, 2 million merchants, and with 950,000 corporate clients. We are managing a business volume of EUR 35 billion. The way we are doing it is very unique because we are the leader of the specific-purpose money and the specific-purpose payment. What does it mean? We are not a universal payment company. A universal payment company is a company facilitating payments, but payment that can be done anywhere, anytime, for anything, at any moment.
At Edenred, we filtered the transaction, and we filter them to make sure that we respect the regulation of our different programs. For example, for digital meal voucher, you cannot go anywhere. You have to go to certain restaurants and certain merchants who accept to be part of the program. You cannot spend your money anytime. It's only during the working days. It's not for anything; it's for meal and food. It's not how much you want, any amount. It's gonna be a daily amount that is set up depending on the different countries. No, Edenred is not a universal payment company. Edenred is a platform leveraging a very unique technology, a technology of specific purpose payment. In fact, this platform and the mastering of this technology allows us to drive very positive impact on essential needs for all our stakeholders.
If you think about the employees that are using around the world, the Edenred solution, and there are now 52 million of them. In fact, thanks to Edenred, the number of meals that are skipped by meal solution users is divided by two. You go twice more, in fact, to your meal post with an Edenred solution than without an Edenred solution. If you take the example of France, we are able to give back up to 6,000 EUR of purchasing power thanks to the Edenred solution. Not only we are driving positive impacts for the users, the employees, but also for their employers, the ones we call the corporate clients. Think about it, 900,000 suppliers are paid in the U.S. via the Edenred CSI platform. Think about an HR team in Taiwan.
Thanks to the Edenred Ticket Express benefit solution, in one day, they are able to distribute digitally extra benefits to their employees or to their clients. We are driving positive impacts for users, for clients, but also for our partner merchants. Think about it. Thanks to our gifting program in France, we are injecting every year EUR 2 billion into the French economy, and 80% of those EUR 2 billion are going towards independent and specialized retailers. Another way to look at it, when you think about the Ticket Restaurant programs, we measured the number of people who are going, you know, to the restaurant when they have a Ticket Restaurant versus the people who are not going. You go five times more to the restaurant when you have access to a solution like the one of Edenred.
All this volume is going to our partner merchants, in this case, meal and food retailers. We are a super strong traffic generator for our partner merchants. We are driving positive impact as well for the public authorities. Think about it. Anytime you have 23 additional people going to the restaurant, the restaurant has to employ one additional person. Thanks to our ability to drive traffic, we create jobs, you know, in every local companies called restaurants. When we think about, you know, the planet, thanks to our program, and I take the example of commuter benefits in the U.S., every year, thanks to this program, we are able to help save 500,000 equivalent tons of CO2. Yes, we are driving positive impacts for all our stakeholders, including the public authorities.
For employees, we are a generator of purchasing power and well-being. We also simplify the mobility experience with our fleet and mobility business line. For our corporate clients, we help them to drive up the employee engagement and the payroll efficiency. We also help them to manage in a more efficient manner their fleet costs. For the partner merchants, we are a traffic generator, and we generate consumer engagement and loyalty. For the public authorities, we are a driver of formalization of the economy, and we can create some incentives to change behaviors in a more responsible way. We do that with a comprehensive portfolio of 250 different programs across 45 countries. We have more than 100 programs in employee benefits. We have 90+ programs in fleet and mobility.
In complementary solutions, we have about 60 programs. Total, 250 programs in 45 countries. We are a global platform . Europe represents 61% of our total revenue, Latin America, 31%, and the rest of the world, 8% of our revenue. It's who we are trying to enrich connections for good, and we do it every day. What is the journey we went through for the last 6 years? It has been a journey of disruption for Edenred, shaping new standards in the industry. In fact, we did four things in that disruption. First of all, we managed differently our portfolio with one goal, multiply the opportunities and in fact reduce the level of risks. Product and technology disruption, second thing that we did. Sales and marketing machine that we built for the last 6 years.
Finally, we positioned ESG at the heart of Edenred. If I take the first one, our business line mix, what do you see on the screen? You see, first of all, that the first business line that is called, you know, benefits has hugely increased between 2016 and 2022. On top of that, and probably more importantly, the proportion of additional services that we call Beyond Fuel has moved from 21% to 26%. Arnaud will explain to you the huge ambition we have in terms of Beyond Food growth for the next three years. When you look at fleet and mobility, it's even more blatant. Not only we grew super fast in fleet and mobility, but on top of that, our Beyond Fuel portfolio of services has moved from 0% to 30% in six years.
If you look at the geographical mix of our activities, yes, we grew, and Latin America represents now 31% of our total revenue, moving from 42%. What we did for the last six years, very selectively and very carefully, we had some M&A activities for a total of EUR 1.6 billion, and we have been very active from 2016 to 2019. We have been more discreet for good reasons. When we look at the inflation of the multiples on some of the targets, at Edenred we are super patient people. We build the company inch by inch, step by step, and we are able to say no when the market conditions are not positive enough for Edenred. We did it with a lot of discipline, and we did it business line per business line.
Finally, another thing that we were very keen on is to increase our leadership. We know that with a platform business, the bigger you are, the bigger you are. Let's make sure that on any business line, in every geography, we have the fighting spirit to be in the top three. When we are in the top three, let's make sure that we work hard to become number one, because there is a huge benefit to be the number one in every market on every business line. Today, we are generating 70% plus of our operating revenue in geographies where Edenred is market leader. We believe in the leadership, and we believe in the number one position.
The other thing we did is to disrupt our product and technology, and we did that with a lot of discipline and determination for the last six years. We used to be a paper company. We are a 100% digital company. Every solution that is designed in, you know, our tech labs are digital solution. We used to propose only in-store user experience. We are now connected to more than 200 electronic platforms around the world, the food tech platforms and the mobility platforms. We used to do single payment. We do now enrich connections because we have data scientists and practitioners, more than 200 of them today at Edenred. Andreea will explain to you the huge potential there is behind the terabytes we're able to collect week after week.
We used to have standalone product, and we are now the everyday platform for people at work. We developed super app where you are able to manage, you know, your portfolio of benefits or fleet and mobility solutions. We used to be powered by local IT systems, and now we are running with global tech stacks. To give you an example, 90% plus of our activity is in the trusted cloud. We will explain to you deeply what it means to be a technological platform with the different layers, what it means and what is, you know, the scale platform advantage that it gives to us. The other thing that we did is to work super hard on the sales and marketing approach to become a sales machine.
We are a sales and marketing war machine, first of all, because we love operating on under-penetrated markets. Corporate payment penetration, 10%, fleet and mobility, 35%, employee benefits, 30%. There's still a long way to go on our core markets. On those markets, first of all, we went direct, and we ramp up our direct channels. Think about it. Our number of distance sales, FTE, has been multiplied by three in six years. Our level of lead generation has been multiplied by four in six years. The total number of SME contracts that we are signing today as compared to the beginning of the journey in 2016 has increased by five. Not only we developed our muscles in terms of direct distribution, but we also developed our muscles with indirect distribution, and we selected very carefully our partners of distribution.
Think about it. Employee benefits with Itaú, for example, in Brazil, Itaú being the first private bank and probably the most dynamic one. In fleet and mobility, we used to work with Daimler, but we add Inter, for example, to accelerate our development via indirect distribution channels. In corporate payments, we sign with Sage, with Citi, with Oracle NetSuite, and Marc will explain to you know, what it means. Yes, Edenred today is much stronger in terms of being a war machine for sales, whether it's direct or indirect. The last thing we did in this very interesting journey of disruption is to put ESG at the heart of everything that we are doing. We have a plan, Ideal People, Ideal Planet, Ideal Progress. In fact, we did a lot of progress.
There's still a lot more to go, and Flo will explain that. Yes, in terms of diversity, we increased the gender diversity by 13 points in an environment that is very male dominated. Yes, in terms of climate change, we did a lot of efforts, and we have been able to reduce our greenhouse gas emission by 46%. Finally, we are very keen on promoting sustainable food, which means, you know, a fight against the food waste and for the balanced nutrition. Because we are dealing with 52 million users, there's a lot we can do, and we increased significantly our footprint on that. In fact, the recognition of this fantastic performance and disruption and our commitment to ESG made us join the CAC 40 ESG index, in fact, in September of this year.
We are recognized among the industry's top ESG experts and sovereign ratings. We have been able to disrupt the company, but at the same time, and because we are, the essence of the group is French, so we love dessert and cheese. We don't have to choose between the two. We love disruption, but also at the same time, sustainable and profitable growth. With us, the French, we go for dessert, but we also go for cheese. This disruption has generated sustainable and profitable growth. Think about it. Here you look at you see our total revenue. Our total revenue has been multiplied by 1.8 between 2016 and 2022. In the middle, we all went through the biggest crisis we had to cope with, which is the COVID.
When you look at the growth of the profit, here, the EBITDA, and as I said, we love sustainable and profitable growth, the level of EBITDA has been multiplied by 1.9 for the last six years. In fact, if you look at the EBITDA margin, every year, we have been able, thanks to the scale effect, to improve also our EBITDA margin. Net profit group share has been multiplied by 2.2. 1.8, 1.9, 2.2 in terms of net profit group share for the last six years. We also look at the earnings per share, and the earnings per share has been multiplied by 2.1 for the last six years. We all know that, you know, cash is king. What about the free cash flow generation?
It has been multiplied by 1.8 for the last six years. Then we love having a kitchen in order because we want to have every option open. One thing we did together at Edenred is to work on the deleverage. By the end of 2022, the company is gonna be fully deleveraged with a leverage ratio of about 0.7, and it gives us a firepower of EUR 2 billion if we want to accelerate our development, whether organically but also via acquisition. It is recognized. When you look at the rating of our debt, we are strong investment grade. We have been through all, you know, the last years, and the outlook has moved from stable to positive in 2022.
Finally, let's talk a little bit of something you are not interested in, which is the Edenred market capitalization. For the last six years, it has been multiplied by 3.3. Let's also talk about something we are very interested in. Do we create jobs by developing the activities of Edenred? The answer is yes. We started the journey, we were 7,200; we are now 12,000. Why are we interested by this number? It means that today, the density of talents we have at Edenred is much higher than three years ago or six years ago. At Edenred, we have 70 different nationalities. The average age is 37 years old. We are well-balanced in terms of gender diversity, 50% women, 50% men. In fact, we are a company made of tech people.
It's 3,000 of our employees, but also sales and marketing people. We are a sales machine, and it's about 3,700 people at Edenred. Yes, we have been disrupting the company since 2016 around the four pillars I shared with you. This disruption has resulted in solid performance for the last six years. It's where we are in 2022 to open, you know, a new cycle. A new cycle that is based first on a vision. We have a vision for Edenred. The vision is to be the everyday platform for people at work in employee benefits and engagement, in greener B2B mobility, and in B2B payment from invoice to pay. It's where we are going. Where we are going in terms of numbers. What we foresee by 2030 is EUR 5 billion of revenue.
We started the journey, and it was the birth of Edenred in 2010 with a revenue of EUR 1 billion. In 2015, we were at EUR 1.1 billion of revenue. In 2022, we are now at EUR 2 billion of revenue, and we are shooting for EUR 5 billion of revenue by 2030. The five billions is gonna be made of organic growth on the current scope, and it's gonna be at least EUR 4 billion. Some M&A opportunities based on the firepower that we have that could complement to reach EUR 5 billion by 2030. This vision is based on what? This vision is based, first of all, on very positive structural macro trends and its huge, you know, tailwinds for Edenred for the years to come. In the working world transformation, what is happening?
What is happening is more and more hybrid work. What is more happening? A very intense talent war. What is happening is more and more employees that expect recognition and well-being support from their employer. What does it mean for Edenred? As simple as that, it means that if we want to help our clients, we need to be able to provide them with differentiated and customized employee benefit solution. Guess what? It's our platform. Easy to put in place, easy to implement country per country, segment per segment, and easy to differentiate. Yes, with the Edenred platform, we are able to provide differentiated and customized employee benefits. It's also a new area of mobility. What is happening? Our clients are saying that the world is gonna be greener and the world of mobility is gonna be smarter. 14% of the vehicles could be electric by 2030.
96% of new sales could be connected vehicles by 2030. What does it mean profoundly for Edenred? As simple as that, our clients, we have the tools to help them. To help them manage their energy mix and carbon emission. To help them in the automation of their fleet management. We have the tools; we have the platform. We are doing it today; we will do it more tomorrow. It's a strong structural change in our markets. Another strong macro trend is the ecosystem digitalization. What is happening? When we listen to our corporate clients, any corporate client, even in SMEs, is using 40 different SaaS solutions. It's a lot. It's a lot of solutions that is digital. 50% of our users are using their mobile first.
The merchants, more and more, the growing merchants are, you know, e-platforms of merchants, such as, you know, the food delivery companies. What does it mean for Edenred based on those trends that we see for the next years? In fact, it means more digital SMEs. So, for us, it's more volume. It means mobile-first users. So, for us, it means more engagement, because when you are dealing with your cell phone instead of a card, we benefit from more and more engagement, and we will explain how we're gonna drive this engagement to monetization. Then things are moving in omnichannels, and omnichannels for us is huge opportunities to develop more and more monetization. The payment experience, it's another trend that we look at very carefully. What is happening?
You have more and more payment methods around the world, more than 150+ payment method in Europe, as an example. You have more and more regulation, the PSD2, PSD3, the GDPR and AML. It's a world that is more and more complex. You have people that are looking for a frictionless experience. It's more and more complex, but you have users who are willing to have a frictionless experience. What does it mean for Edenred? It means that delivering frictionless experience through local payment methods with increased regulation and need for compliance and security in 45 different countries, it's a lot of work, and it's a huge expertise. It's good for us because we are at scale, and it creates, for the newcomers, huge barriers to entry. Things are much more complicated than you expect when you embark into the journey.
To be able to master that, you need to be global and local, and you need to have the expertise, and you need to be able to invest. Super good for Edenred, higher barriers to entry. The other, you know, mega trend that we are seeing is the corporate social responsibility. What is happening? What is happening is corporate clients, talents, and investors, what they are saying to us at more than 70% of them, "You know what? If you don't have a strong CSR policy, we will not invest in you. If you don't have a strong CSR policy, we will not become an employee of Edenred.
If you don't have a CSR policy as a corporate client, my motivation to expand the portfolio of solution I have with you will be low." The message is loud, the message is clear, and it's well heard by Edenred. That's why. At Edenred, what we want to be is, first of all, to develop more and more solutions that are enabler for our corporate clients, for them to deploy their CSR policies. As an employer, we want to be an employer of choice and of reference with our CSR commitment as well. It's gonna be the combination of the two that will make a big difference versus the competition and for our clients. Yes, at Edenred, we want to enrich connections for good every day, every second, every minute.
We have a new market paradigm with some structural macro trends, but we also benefit from a unique economic environment. The unique economic environment is inflation, energy prices that are up, and those two elements will be there for a certain number of years. When you think about the Edenred solutions, it's a highly attractive way to increase the purchasing power of your employees, but also to control cost and gain efficiency, thanks to our maintenance solution platform or the payment solution platform that we have. A unique economic context based on inflation and energy prices is super good for Edenred. There is one last aspect. We lived for the last six years in a world where the interest rates were negative or close to zero.
We now live in a world that will last for many years, a world where, in fact, the interest rates are not negative anymore, positive and can be highly positive, which is good for Edenred because we are structurally the negative working capital business. As a point of reference, in 2022 as compared to 2021, our other revenue will increase by more than EUR 35 million. Yes, we also benefit from unprecedented economic tailwinds. In our vision, there is another aspect, another aspect that is in your hands. It's what we call the Edenred platform advantage. What is the Edenred platform advantage? Yes, we are a platform intermediating 52 million users with 2 million merchants, and we are a B2B2C platform. It's very unique. The uniqueness, what does it mean from a business point of view? It means that our cost of acquisition are low.
It means that our level of engagement is high, and it means that the monetization potential we have is super high. The combination of those three elements versus any other digital platform around the world makes us very unique in terms of business plan. Talking about platform, what does it mean from a technological platform, the Edenred platform? Dave Ubachs will explain to you more in details the complexity of that. What you need to remember, we are a four-layer platform. The first layer, we have a goal with this first layer, in fact, we call the experience layer. It's the layer that is in contact with the user. Our job is to make sure that the user experience is as fast as possible and as good as possible. This experience layer is what is used by our stakeholders, i.e.
The users, the corporate clients, and the merchants. To make this layer the best layer in terms of user experience, behind that, you have some other layers that are highly complex. The layer that is below is what we call the business application layer. It's where we assemble the different bricks we have in the below layers to make the services easily accessible to our users, but also easily scalable around the world. We thought hard on how we can build this platform, and we need this layer of assembly. Below the assembly of the business services, you have another layer that is even more complex. It's what we call the digital service layers, i.e., we have, in fact, a library of digital services that we developed ourselves, but also that we go and look after coming from outside.
It's what you see, you know, on the right side of the slide. We are using our library that is made of our digital service, but services that we are able to call coming from outside. The ability to do that is to leverage the API technology. Not only we are able to call services from some external suppliers, but we can give access to our services, to our digital services, to some other platforms. That's why we were able to be so connected and so quickly with 200 different platforms around the world. It's because we developed this multilayer technology and giving access at the right level to some external partners, whether as distributors or as client, but also as supplier. Below that, you have another layer that is even more complex. It's what we call the infrastructure layer.
We want it to be at scale because it's where you have the cloud computing, the data, the artificial intelligence, but also what we call the specific purpose capabilities. If you don't have those four layers that are leading to the superior customer experience. In fact, it's super difficult to be at scale and to be global. It has been our journey for the last six years. A platform where you have global scale for the infrastructure and the digital services, but a platform that is giving you, thanks to the API between each layer, that is giving you access to business applications, experiences, and creating some local relevance. In fact, the agility we get comes from those four layers. This house, this technological house and platform that is well in order, and so we have an accelerated time to market.
Anytime there is an impacting innovation on our markets, be sure that Edenred is gonna be the first one. Why? Because thanks to these technological assets, with our four layers, we are super fast, super agile, and super scalable. Thanks to this technological asset, yes, we are able to increase our total addressable market and to enrich our business model. Increase our addressable market because we can develop more services, but we can go after some new client segments pretty quickly. Thanks to the platform, we are able to enrich the business model. We can accelerate on revenue acquisition, on engagement, on monetization, but also on decreasing the cost to serve. Any new service that we bring on the platform is, in fact, accretive or dilutive. I always mix, you know, between French and English.
The combination of both leads to what we call accelerated, sustainable, and profitable growth. The other good thing about this platform is the ability to increase the barriers to entry. Yes, we are a global platform dealing with 52 million users, 2 million merchants, and almost one million corporate clients. We have a technology that is at scale, which is, you know, the most difficult thing to do because we invested a lot, EUR 1.7 billion since 2016, and in 2022 we will invest EUR 360 million. We also have some customization capabilities thanks to those four layers. That's why we are dealing with 250 programs in 45 different countries and in four different universes. There's another thing that based on this platform, which is also a significant barrier to entry, it's trust and compliance.
We are dealing with EUR 53 billion. This money is not our money, so we need to be absolutely an agent of trust. You deserve trust. Trust doesn't come, you know, day one, and we have been doing that for years. Also, compliance. As you saw in the fintech, in the specific purpose payment, the level of compliance is increasing. It's more and more complex, so it's more and more costly to be at scale, and we are at scale. It's a huge barrier to entry. Yes, our vision is to scale the Edenred platform based on the new market paradigm on which we are, but also to leverage what we call the Edenred platform advantage. As usual at Edenred, to deliver the Edenred vision, we have a plan. What is the plan? The plan is Beyond. What is Beyond?
It's, you know, where we want to go for the next three years. In fact, it's a super simple plan. We want to do three things. We want to scale the core, we want to extend beyond, and we want to expand in new businesses. First of all, scale the core. We want to grow further in under-penetrated core markets. Yes, in the coming years, we will acquire more customers, and we will maximize the base via the upselling, via the cross-selling, via pricing action that we can do. 60% of the growth to come will come from scale the core. Internally at Edenred, we say brilliant basics. We are not afraid today to workdays and nights on the brilliant basics. We are a good company, but we are moving to a great company.
The second thing we want to do is to extend Beyond, and we started the journey Beyond Food, Beyond Fuel, and beyond payment, but we will accelerate. Why? Because it's super accretive, and because we have the technological assets to make it doing, and because the first results we got for the last years are super encouraging. It represents 30% of our growth for the coming three years. Finally, because we are ambitious people, we want to expand in new business opportunities. In fact, when we think about the platform, the feeling we have as a team is we only scratch the surface. Anytime we open a door of opportunities, we discover some other doors of opportunities. We will continue to be eager, to be curious, to leverage the platform and to expand in new businesses.
In fact, the plan is the same for every business line. What I shared with you as to the core, Beyond, and expand is gonna happen in employee benefits, it's gonna happen in fleet and mobility, and it's gonna happen in complementary solutions, as is gonna be explained to you by every head of business line today. The other thing we don't forget in our plan is the ESG by design. We started the journey. As usual, with Edenred, we want to accelerate. We believe in acceleration. As to the first pillar, we want to continue being the employer of choice and our target 40% of women among executive position by 2030. As to Ideal Planet, it's gonna be explained by Flo, here we are talking about a revolution. At Edenred, we commit to be net zero carbon by 2050.
On SBTi targets, in line with the 1.5-degree Celsius scenario by 2030. We change gear, and we go deeper into the net zero carbon revolution by 2050 at Edenred. Finally, we want, yes, to be a trustworthy tech for good. We want to leverage our technology; we want to leverage our platform to promote sustainable food and sustainable mobility. That's the plan to put ESG at the heart of Edenred. Are we going to succeed? Yes. Why? Because we will capitalize on key assets. The first key asset we have is our track record and momentum. As I said, our EBITDA growth has been almost multiplied by two between 2016 and 2022. We love sustainable and profitable growth. We did it. The second thing is look at our results in the Q3 of 2022.
We start seeing the benefits of the platform advantage. 25% growth in Q3 2022 versus Q3 2021. The track record and the momentum we have is an asset. The second one is trust. Trust, we have a higher brand equity today than before as a market leader. 70% of our operating revenue is generated in geographies where we are number one. Our clients are trusting us, and we will show you many examples of, you know, the Net Promoter Score that we are above any of our competitors because we are deeply focused on that. We need to continue to earn the trust of our clients. They are the ones who are paying the bills. The client is always right, even when he's wrong. The third asset we have is talent. We are now a pool of 12,000 people.
In fact, we have the right governance with a board that is independent at 90%. Here in this room, if you look at the executive committee, we have 125 years of cumulative industry experience. We have been doing that for years, and we are transmitting to the new generation of Edenred our know-how and our passion. It's a lot of experience. We went through a lot. When there is a situation, we know how to behave because we know super intimately our business. The fourth asset on which we're gonna capitalize is to the growing ecosystem we have. We used to have 50 million users. Now we have 52 million users. We used to have 800,000 merchants. Sorry, 1.8 million merchants. We have now 2 million merchants, and we are close to 1 million corporate clients.
We have a growing ecosystem, and on this growing ecosystem, there are many things that you can do to accelerate the growth of Edenred. Then we discussed about it. We have the tech. We invested a lot in our tech platform, and we will continue to invest and to accelerate our investment because it's one of the best assets we have to continue to grow. Finally, we try to manage well our balance sheet. We are deleveraged, and we enter this new cycle with a firepower of EUR 2 billion. Never ever in the history of Edenred we had all those assets and such strong assets. Based on the vision of Edenred, based on the assets on which we can rely, yes, we have a bigger ambition for Edenred. The ambition for Edenred is on two elements.
First of all, the financial ambition. Yes, our medium-term annual target between 2022 and 2025 is a growth of the EBITDA every year of at least 12%. In terms of free cash flow conversion, because, yes, cash is king, we want to raise the bar in terms of free cash flow. The free cash flow conversion, we want at least 70% free cash flow conversion every year. Not only we raise the bar in terms of ambition for the next three years from a financial point of view, but we also raise the bar from what we call the extra financial ambition. We never forget our North Star, enrich connection for good. That's why we set as an objective SBTi net zero carbon by 2050 on the Scope 1, 2, and 3. What does it mean?
If we look at what we've been through altogether for the last six years, we started the journey, we fast forward. In 2016 and for three years, our level of EBITDA was EUR 427 million. We said, "Okay, guys, let's go for at least 8% like for like EBITDA growth every year." We did it. With you, we started a second cycle that we called Next Frontier in 2019. The level of EBITDA was much bigger. We started the cycle with EUR 668 million and we said, "You know what? We are getting stronger. We feel more comfortable, so let's shoot for an EBITDA growth of 10% at least every year, like for like EBITDA growth." Now we are in front of you to say, "You know what?
We are even bigger." We start with a level of EBITDA that is based on your consensus at EUR 811 million, so it's much bigger than three years ago. We say, "You know what? Our commitment is to generate at least 12% like for like EBITDA growth every year up to 2025." That's, you know, that's our goal. Yes, what I shared with you this morning is yes, we want to scale the Edenred platform, scale the core, extend beyond and expand. We want to be ESG by design by being the employer of choice, by going after net zero carbon by 2050, and to be even more recognized as a trustworthy tech company. To do that, we're gonna capitalize on our key assets.
Based on the fact that we have been able to self-disrupt ourselves since 2016, and with the vision we have based on, you know, a new paradigm with structural macro trends, favorable economic context, we see, in fact, that we can increase our medium-term annual targets, so 12% every year and a cash conversion of 70%, not only on financial performance, but also extra financial performance. Bear with us, every year is a better year for Edenred. Bear with us, with the platform advantage, we only scratch the surface of the potential of growth of Edenred. Bear with us, at Edenred, we are 12,000 people, super talented people, super engaged people. Why? Because deep in our heart, we want to enrich connections for good. Thank you. So, Eric.
Bertrand, thank you.
They are all yours. I did my best. Thank you for the intro.
Hello, everyone. Thank you, Bertrand. It's a pleasure to be with you today and to share with you what we want to achieve by scaling the Edenred platform. As Bertrand said, the plan Beyond is all about scaling the platform. It's to grow further in underpenetrated core market. This is the first growth lever. It's to accelerate and aggregate new services beyond Beyond Fuel, Beyond Food, and beyond payment. It's also expanding in new business opportunities. Doing that, it means that our platform will help us to increase the total addressable market and also to enrich the business model of Edenred. It is what we call the platform advantage. Increasing the total addressable market and enriching the business model will help us to accelerate the sustainable and profitable growth for the coming next three years.
Let's start together with the total addressable market. What's in it for us? Aggregating new services and creating opportunities with new segments and with new clients. I will start with you with two examples of our services. One is in France, it's MyEdenred super app, which today offers around eight benefit services for employee, such as Ticket Restaurant, but also gift, but also home working solutions. It's an aggregation of eight services, which creates for an employee an opportunity of up to EUR 6,000 every year of additional purchasing power. If you compare versus only meal and food solution, which is EUR 1,800 per year of purchasing power. It means here that when we aggregate into a single app, one super app, all the solution, it creates additional opportunity and additional services for an employee.
A second example is in the mobility business. In mobility Europe, we have a super app, which is with five services, not only to use for your fuel recharging, but also for EV recharging, but also for car wash, but also for toll, and also for parking. Again, aggregating new services into the same app help us to create a better experience and also to aggregate new services and increase the total addressable market. Two examples here. If we make the math, it means what? It means that aggregating all these beyond services versus our core today, it means that we can expand the total addressable market around three times. In each of our business line, in employee benefit or in mobility, as well as in corporate payments, the beyond services will create an even bigger opportunity to.
In terms of total addressable market. Three times more. It is what is at stake. How can we really make that happen? It's all about investing in our innovation with different tools and different experience that we have developed over the last six years. Few examples here. We are limited partners with private equity funds such as Partech, so, we have access to deal flow. We have our own Edenred corporate venture, Edenred Capital Partners, where we can invest in innovative startup. We can go also directly through M&A with direct investments in potential successful startup for the future. Lastly, we have also our own ability to innovate organically in-house with our own internal capabilities. Investing in innovation continuously is the key to go beyond in the next coming three years. Two examples here.
One is about the blockchain. We have launched a program on the blockchain last year with structuring an ecosystem for Edenred. For example, testing several public protocols on blockchain such as Tezos or Ethereum. We're creating a connection, partnering with the ecosystem on the blockchain, and we want also to learn on the blockchain by doing, because we think that technologically, blockchain can be a strong innovative tool for us in our core business. To give you an example, we'll launch by next November a blockchain-based payment initiation, which we call CryptoPay. It will be launched at small scale to test it in Paris, and then to scale it depending on the results. We are moving forward on the blockchain.
A second example of innovation on the product is an example that is coming from Dubai, our C3 Pay business, which is a typical example of what we can build with a super app, adding new services for our customer. Here we will give you an example by video from our team, Chloé Perrin‑Macgaw and Sherif f Salim, who are the team of product and marketing in C3, just to give you an example of how we can build a super app based on client needs. Video.
Hi, I'm Chloé Perrin‑Macgaw and I'm the Marketing Director at Edenred UAE.
Hello. Salim Sheriff here, Product Director, Edenred UAE.
Salim and I are based in Dubai, where Edenred is the largest payroll provider in the country with more than 1.4 million cards. This year, C3 Pay cards will handle more than EUR 4.6 billion in payment volume.
We're also aggressively focusing on growing the number of people that are registered on our app. Today, we have over 600,000 people using our app. We're hoping to grow that number to 750,000 people by the end of 2023.
In the UAE, 62% of the working population cannot open a bank account because they do not meet the minimum salary requirements. This means that about 4 million people need a payroll card to receive their salaries digitally. They came to the country because they wanted a better life for their families. We've identified five essential needs. Number 1, they want to save as much money as possible and send money back home to their families. Number 2, they want to stay connected to their families. Number 3, they want to keep their job. Number 4, they want to be able to help their families in case of emergencies. Lastly, number 5, they want to pay their groceries every week.
Our product strategy is centered around intimately understanding our users and the problems that they face on a day-to-day basis. We do this to uncover important yet underserved needs. Once we've identified these needs, we use design thinking and lean startup techniques to help us test and launch new products and services, and we do this in a very iterative and agile way that helps us learn about what works and what doesn't as fast as possible. One of our flagship products, money transfers, this year will empower over 220,000 people to send more than EUR 500 million in remittance volume back to their home countries.
Looking ahead, we have many more products and services in our roadmap, and we can't wait to go beyond.
Our ambition is to leverage the Edenred platform advantage to bring sustainable value to our clients and users.
This is a great example again to demonstrate the platform advantage in terms of aggregating new services and creating an opportunity to increase our total addressable market. On the second key pillar of the Edenred platform advantage, we have, of course, how we will enrich our business model with more revenue and with a decrease of the cost to serve, as Bertrand has shown us in the last minutes. Just as a reminder, and it's important to start with that, what is our business and what is the business model of Edenred? It is two pillars mainly. It's the B2B2C intermediation, which create a strong lever to recruit user through their companies on one side, and it's a specific purpose payments business which helps also to drive traffic towards our merchants on the other side.
What it means in terms of business model, if we compare as benchmark towards the neobanks, for example, we have a cost of acquisition which is ten times lower than any new neobank if we compare. The level of engagement, it's twice as high because again, it's daily needs that we deliver. The last one is on the monetization. It's three times more because of this specific money that we drive through the traffic for merchant, for restaurant, for gas station, for all the partners in the ecosystem. This is a winning business model in essence in its foundation. Just here to illustrate what we drive in terms of value added to our merchant network.
It is an analysis that has been done by a consultancy, Roland Berger, for the restaurant industry in France last year, showing that in terms of business increments we bring to the restaurant versus booking platform or delivery platform, we are as competitive as them in terms of traction of businesses, but at a much lower cost than all these platforms. At the end of the day, it was the name of consommer sans moderation in French, meaning that you can consume and you can take advantage of meal voucher at any cost because it drives business to your restaurant. Let's enter maybe into the know-how and the cumulative experience that we have built at Edenred in terms of sales and marketing to build this sales and marketing machine.
We have proven know-how to enrich our business model along the four pillars of acquisition, engagement, monetization, and cost to serve. We have built those asset capabilities experience over the last plan, and we are keeping on investing in these skills. We are continuing to invest over the next plan, especially in terms of web sales and indirect channel, in terms of mobile first, in terms of data-powered services. We'll come to the detail of that now. First, on the acquisition. Acquisition is a very efficient model if we compare also to industry benchmark. We make this analysis of what is the ratio between the lifetime value of our clients over the cost of acquisition.
If you look at these numbers, it's much higher at Edenred than most of industry benchmark. Much higher because the level and the cost of acquisition is much lower. We are a selling machine. A selling machine, as Bertrand said, covering all the segments of the markets from large account to micro enterprise, and we are addressing those segments with different channel, field sales, telesales, more and more web sales, and also indirect. As a ratio it's, two ratios to give you today is one lead every 10 seconds at Edenred and 1.2 contracts per minute, especially increasing the penetration of the bottom of the pyramid on the micro and the small enterprise.
This selling machine, we want to push it further, especially recruiting more and more micro and SMEs towards web sales, which will help us also to lower the cost of serving those clients. We are increasing the growth of the web sales, like for example plus 50%, year-on-year, in recently, but we want to push it even further, taking the example of what we've done in Germany with employee benefit since 2017. Web sales is a key priority for the Beyond plan. The second priority in terms of acquisition is also to reach through indirect sales channel with dedicated sales team managing all those partners and leveraging technologically the API payment connectivity.
Which is again, thanks to the technology and thanks to the platform, the ability to engage with more indirect sales channel. Which at the end, what we expect from that is, keeping on accelerating the SME acquisition in our businesses, which is the first source of growth on under-penetrated market. Accelerating the acquisition of new customer, plus, multiplied by four between 2022 and 2016, and multiplied by eight if we compare to the next 2025 versus 2016. While we want to lower the cost of acquisition, especially because of the ability to mutualize our lead factory and also to activate new digital marketing lever. This is for the acquisition.
If we move on the engagement, our businesses and our product, as we said, are natively engaging because we use them on a daily basis and on the daily needs. What's about meal or what's about the fuel or about the mobility, it's daily need that we serve.
Here what we want to do is to create even more engaging experience thanks to the mobile first technology, which is here an example that we give from the Spanish market where we have built a very appealing in-app user experience in a country where the mobile payment adoption was quite open, and then we are deploying what we call the plasticless, meaning no plastic, mobile payment only, where you have to download 100% your app in order to pay, and you use your mobile every time you need to pay. What is at stake here is creating mobile payment first, creating more engagement because you use it more frequently. Once you have a daily routine to use your app, you can start using it for new services.
When we talk about engagement based on daily needs, we talk about the ability to aggregate even more services, because once you have created this ecosystem of engagement within an app, you can start selling new services. It's all about Plasticless. Here it's an example of Spain, but we are deploying mobile payment very rapidly everywhere in the world of Edenred. Plasticless is already live in eight countries, and we plan to have it deployed in 14 countries by 2025. At stake, mobile-first payment is really a key to create more engagement and engagement to aggregate new services Beyond. The second level of engagement is the so-called NPS, Net Promoter Score.
Here, starting the journey in 2019, we are today almost at scale with 32 countries deploying the NPS, the NPS methodology for corporate clients, for our merchant, and also for our user. We see that we have started to move the needles here because listening to client feedback on the customer experience, on the pain point, help us to improve the product, to innovate, and to improve the customer experience. Asking feedback creates even more engagement. It's what is at stake is really to deploy the NPS everywhere in our operations on the daily needs. Last but not least, on the monetization, which is at the end what makes the business very strong for us.
It's all about pricing, but it's also how we drive the traffic towards new ecosystem, especially e-commerce. It's also on the data-powered services, because again, the technology help us to treat and to have better understanding thanks to the data. The Beyond plan is first what we call API payment. API payment is actually a key feature which helps a frictionless experience from a user because you pay directly in the app. When you order a meal at Uber Eats, for example, you don't need to go through different kind of application. You pay directly within the app of Uber Eats with an Edenred solution of payment. It helps the partner, such as Uber Eats or Deliveroo, whatever, to drive more traffic, to have a better conversion rate, and for those platform, it's really a key lever.
The marketing activation on daily needs is key, and it brings also business insights. Here we have an example of what is the level of penetration we have been able to do in France, but more to come in the Beyond plan with more partners, with more services, especially towards what we call the digital canteen ecosystem, and also with more products such as gift or mobility as new functions. Driving more traffic to e-commerce platform is really what we want to accelerate over the next three years. Behind API payments, as said, there is a lot of technology and there is a lot of data.
What we are going to explain you, thanks to Andreea Lachapelle, our Chief Data Officer, it's all about what we want to build in terms of data-powered services, meaning how we can exploit the data to bring more and more insight and traffic to our merchants. I welcome on stage Andreea Lachapelle, our Chief Data Officer, who will explain us how to make that happen.
Thank you.
Andreea, thank you.
Thank you. Thank you. It's a great pleasure to be here with you today and to share the tremendous progress, and fast one, that we did on the data landscape in the last three years in Edenred. Of course you hear a lot today, we talk about data and it's all over newspapers and videos today. What does it mean for Edenred? Value creation. When we spoke about data and value, what is behind? First of all, we talk about volume. As you've seen today, and Bertrand was explaining, we have a great ecosystem. We moved to the digital solutions. We are connected to more than 200 tech platforms today. That means it's tremendous . We are creating billions and billions of data. But volume, it's not enough. Okay? We need to have diversity on data. We need to make sure it's representative.
It's for example, today in France, you see we have 7 million clients, which is exactly the same as the biggest French retailers. In terms of representativity, diversity of the data, we're here today. That's not enough. Of course, we can have a lot of data, but what is important in making sure it's available for our business. In the last three years, we've been building a core platform, which is a global one, which is available in all our business units, full cloud, very modern, which is allowing us to make the data accessible to our business. In last three years, we've been focusing on our internal products, making sure that it's not just big data. You don't need a team of data engineers sitting next to you.
We're creating the data in a certain way that it's easily accessible. The insights is not enough. You need to have the button to push. We're not delivering algorithms; we are delivering services. That's why we're talking about data-powered services. We're trying to make our pricing better. What the pricing team has, it's a solution. It's completely integrated algorithm in their daily tool. They can act very fast. It's also scalable. No matter if you are sitting in Europe, in Brazil, the fact that we have a global platform and the data is better organized, you can scale very fast. That's not enough.
I think a lot of companies, let's say they manage to build a platform, they manage to use the data for internal purpose, but the best ones, what they achieve is to make this data not for an internal purpose, but for our customers. We are thinking, and we want to be customer-centric because we are very passionate about our customers today, and we want to make sure that this information helps them also in their daily life. Let's take a concrete example. Imagine you're sitting today in Brazil, it's in Rio de Janeiro, it's very sunny, and you are a fleet manager, and you have 300-400 cars that are moving around. Brazil by itself, it's a huge continent. You have to deal with your maintenance, and you have to deal with your energy card with a tool every day.
You have your manager coming and saying, "Our energy cost is going up. You need to do something. You need to do better." What do we do? Of course, us as an Edenred, we try to simplify our customer's life. We are not just going to build a new solution, but saying we're creating Ted, the new virtual assistant. When I arrive in the morning, I have Ted here, completely AI-powered solution that is giving you the direct direction saying, "You have this car, you can send them to this gas station, and this is the cost that you are going to reduce." That's not even. We go even further. Let's say in one month, you are telling your licensed driver it's expiring. Imagine the impact that you can have on your business. It's automatically giving you this information.
It's not just giving the information, but you can directly send to your driver the message in real time. Imagine how this simplifies. Only what I can share to you, only the best companies manage data to arrive at this level today. I'm moving from internal to really to external usage. Okay. That's not it, okay? We are also, when you say, Bertrand is saying, very fond of ESG. We want our products to be enrich connections for good. We are introducing also carbon footprint directly in this product to make sure that we are helping our customers as much as possible. Does it work? Of course. It is a theory that need practice. What we've seen that these clients are having a very high customer satisfaction.
We are talking usually when a client is very happy, you will be willingness to buy more of the products and to pay more because he sees the benefits right away. It's not just a matter of money, it's a matter of having a benefit, and you can see it right away. Okay? Is it enough? Of course you say this is great, it's one country. Brazil may be different, but can we scale this up? Yes, it's very easy because the fact that the way we organize the data, we have a global platform, it's easy to move from our clients and saying, "Do the same thing for our merchants." This is example that we co-built in France with one of our partners, merchants, which is one of the first Sushi Shop in France. They're present in 12 countries today.
We said, you know, digitalization is great, but in the same time it's coming a little bit of more complexity because you don't know. Before your user was coming in your store, you can see it. Right away its online. Online store, you have platforms. There is a lot of information coming around, and they have new issues and saying, "Do I know where my user is? Can I keep them loyal? I need to have the 360 views." What we did in Edenred, the fact that we have this information, we proactively went and provide the exact answer. When we went there, which was not just, "I'm planning on doing this." "Here, I have the solution. What do you think?" With the reaction that we had on Sushi Shop was, "This is great.
This is exactly what I needed because with the COVID, I see my user behavior change, and I'm so happy you came and brought this solution to me." It's not just. It didn't take us one or two years. We built this in a couple of weeks. The power of the technology we build and the scalability of our platform, it's allowing us to have a first MVP, minimum viable product, in a couple of weeks. We are very agile, and we are managing the fact that you see it's a service, so it's not just an algorithm. We can easily communicate to them and adding more and more features. You see the fact that we have a lot of data, it's allowing us to deep dive. It's not just an information which is.
You can go granularly to understand at every moment of the day what is going on. We can identify the loyalty before and give this information to the merchants. Okay? That's insights, sometimes it's not enough. You need to have the action. We are not just helping them to identify what are the best users, but they can immediately launch, for example, a media campaign. This is benefit not for the merchant but for the user. Because if I'm having my lunch, I'm very busy, I need to identify the best restaurant for me, and this is what we are doing today. You will see later on in virtual experience, what you see there is something that we are working on it, and we can put it in place very fast.
Now, of course, saying this is great, we've been building this product, but what is our ambition? Our ambition is bigger and higher. We want to multiply by 10 the revenues coming out of the services. What you are going to see during my day with my colleagues, that every new solution that we're putting in place, it's data by nature. Its data powered. That's not enough. It's always from the beginning when you see it's Enrich Connections for Good, we're very fond of our purpose, and we wanna be sure that these solutions are naturally ESG. When we're talking about employee benefits.
Healthier, we are going to help have a better, healthier behavior. When we're talking about mobility, we wanna make sure we have a positive impact. It's not just I'm helping you at a better price or a better cost, I'm helping you to doing in a social and environmental positive effect. This is our true purpose, enrich connections for good. I'm very happy to share all these things that we've been doing and what we're planning to do in the next three years. I'll give the floor again to Eric and thank you very much.
Thank you, Andreea. Thank you very much, Andreea. Maybe in a nutshell, and in terms of takeaway for you, another way to present what we call the platform advantage and how we will accelerate sustainable and profitable growth is by source of additional revenue. We will accelerate penetration because we will, as we said, lower the cost of acquisition. We will increase the reach through selective and indirect channel. The first two layer is how we will. Because we will have better cost of acquisition, we will accelerate the growth on the core. The second is because of better engagement, as said, because our superior product experience, we will help cross-selling and upselling, so creating beyond source revenue. The last one is on the monetization.
Again, thanks to data-powered solution especially, we will add a new source of revenue from our merchant. Lastly, because all this model of digitalization helps us to lower cost, the cost to serve, especially in terms of acquisition, but also in terms of experience of plasticless, typically of product, we will lower the cost of serving our client. At the end of the day, it's what we call the platform advantage, creating an acceleration of the growth of our revenue. As main takeaway, it's all about scaling the platform, and it's all about innovating and continuously improving our sales and marketing know-how at Edenred. Beyond is to keep on doing that and to accelerate even further beyond. Thank you very much.
Thank you. Thank you, Eric. Thank you, Bertrand. Just a few words first. Some of you did not get their badge when they arrived, so please, can you go at the reception on this floor to get your badge. Secondly, we have our virtual reality experience right on the right when you exit the room, so it's really a nice great experience to check and to do so if you want to know the future with Edenred, please go there. Just a last word, you have the biographies of all the speakers of the day at the end of your printed presentation. That's it. Please, we have a 15-minute break, so be here sharp at 10:55 A.M. Thank you.
Welcome back. I hope you enjoyed the virtual experience. If you didn't get the chance to follow it yet, we will be still doing this during the lunch break, so make sure you take the opportunity. After what you heard this morning on our new Beyond plan, I'm very happy to be detailing a little bit more the role of technology in this plan. I'll be kicking off some of the sessions that in the rest of the program are gonna be going into on a deeper level as to what does technology do and what do the business lines contribute to the plan. You already saw the model shared by Bertrand, but I really wanted to emphasize the importance of a four-layer model in being at the same time agile and leveraging our scale.
It's at the bottom where you have these bricks, these infrastructure bricks, where we find scale and innovation, and this is really where we leverage our platform advantage.
Of course, as you go up through the model, it's important that we bring in partners, not only connecting with them commercially, but also make sure that we have the indirect distribution channel of our services integrated at the API level. All of that at the top level, we assemble all these components to make it a simple and customized experience. That's the way we at one level of the scale hide the complexity, we leverage our scale, and at top, we assemble them in simple user and client experiences. Technology is important, and we want to put our money where our mouth is, right? We've been investing heavily in technology.
You already heard, since 2016, we invested EUR 1.7 billion in technology, and this year we are EUR 360 million. Now, we do this in platforms, infrastructure and security, but we don't just wanna invest in it, we wanna invest in it in an efficient and effective way. Together with Julien and the teams, we've been working on actually making sure that every euro invested is a good euro. Of course, we're very proud to be working with 3,000 tech professionals, and one of our ambitions is to be the tech employer of choice. Now, where does this lead us, this platform?
It really allows us to have a very differentiated go-to-market and to have, at the same time, a combination of many good things. We believe that our platform advantage allows us to go to market quicker, be more secure, be more scalable, and at the same time, allow us to deliver new things like the things you heard about from Andreea, which are data-powered services. Things that allow us to provide our insights and analytics skill to our clients and our users. The next few pages, I'll detail the five pillars, the five priorities of the technology part of the plan. I'll touch on API, data, the payment hub, identity management and cloud. First, let me talk a little bit about how all of this is within a context of responsible investments.
First and foremost, everything we do in the technology stack, we try to have ESG in mind. Yeah, equipment in Edenred only gets replaced when we need to replace it. We have a relatively long replacement cycle. We leverage cloud where it's needed because the power efficiency, the power consumption efficiency of cloud hosting is much better than local hosting. We have that in mind in all technology and architecture decisions that we take. Second are people. Today, we recruit about 700 tech talents per year, and we want to continue to build that. One of the ways we've been driving this is by this creation of the Edenred Digital Centers in Romania and Mexico, which allows us to have hubs of tech talent, digital talent that really drives global projects.
Not only that, we've been creating more and more academies to take some graduates and train them on some of our critical skills like API, cloud and data. Last but not least, everything we do is compliance by design. One of the measures that we'll introduce in the ESG framework ongoing is 100% of the processed volume of Edenred will be externally certified from a security point of view, because trust is one of the things that we deal in. Now, let me talk to you about one of our first key strategies, the API. Now, many companies use API for internal data transfer between platforms. What's unique about Edenred is we also use it to connect externally, and we are pretty good at it as well.
Yeah, we use it to distribute Edenred solutions through partners, but we also use it to get this one-click payment with some of our e-commerce platforms. Now, let me talk to you a little bit about the scale that we've achieved there. We got about 200 partners connected today. You see in the chart on the right, you see the fast growth that we had there, which allows users to use the Edenred account directly on a Deliveroo or Uber Eats account. Not via means of payment, entering the details of the card, but actually connect app to app or account to account, which is a huge strategic advantage of Edenred. We're doing it at scale.
Right now, we are exchanging about 2.3 billion API messages per month, which makes us in the top 1% of global MuleSoft customers. MuleSoft is a technology, one of the platforms. It's owned by Salesforce, and we are in the top 1% of clients, and we've been prize-winning in the way we use APIs. Now, API allows us to be flexible. That's the key element that I think Bertrand already explained to you, but it also allows us to scale innovation much, much quicker. API is a very important part of what we do. Second big strategy is around data.
Yeah, you already heard Eric and Andreea talk a little bit about the business benefits of data, but I wanted to highlight that we use data internally to improve churn, to improve our decision-making, but we're also using it externally, and we are big believers that the value-added services is something that we can add as a paid service, a subscription service ongoing for our merchants and our clients. We already have a data platform that is very modern, cloud-based, on which we can do a lot of things. As you heard, we have 200 data experts, and these are not the people producing reports, right? These are people who are data scientists. They have an operational research background. These are statisticians. They're data engineers, and they're data architects.
These are people who breathe and live data all day around, and they are in support directly of the business lines. That's why within every business line, we have product managers who develop the commercial proposition, but of course, we also have people who are data product managers. They're thinking about what kind of value-added services could we do, could we produce, and could we launch in the future. All of that we are doing with 50 internal use cases, and at the moment we have two data-powered services ready to launch, and there are many more to come, as you'll hear from my COO colleagues ahead.
I will not bore you going through this architecture diagram in detail, but what you really should take away is that Edenred has really passed the stage of a structured data warehouse that you may have known when you started working. Yeah, we are fully cloud-based, modern, and a lot of the data scientists that join us, they are actually very happy to be working in this new technology framework. Yeah. Which is a very different. You have a toolset and a toolbox that's so modern, that's really state-of-the-art. The third area is about payment hub. Yeah. You heard Bertrand talk about us being a specific. We are doing specific payments at scale, and we do use that to pay at restaurants, pay at pump, and many different things. As I said, we do this with significant volumes, right?
Right now, Edenred processes about EUR 85 billion in payment volume, yeah, through our subsidiaries, PPS and CSI. Of course, if you do that, you have a significant scale advantage. It allows you to do it cheaply. It allows you to actually meet all the compliance requirements around you. It also, and this is probably the most important thing, it allows you to scale innovation much, much quicker. The example that you may have heard about before is that doing Apple Pay or Google Pay, if you actually use a common processor, it's relatively simple to implement across all of our programs. If an individual country or business unit that did not use the payment hub would have to do this, it's quite a lengthy process. We use payment processing at scale, which allows us to be very innovative and faster in time to market.
Now, I wanted to talk a little bit, and introduce and ask my colleague, Louis Joubert, who is the CTO of PPS, to give a little bit more detail on the PPS payment capabilities. Louis, over to you.
Hi, everyone. I'm Louis Joubert, and I'm based in London. I joined Edenred Payment Solutions as chief technology officer of the Edenred payment hub with extensive expertise to deliver specific purpose payment programs across EMEA and Latin America. We've developed a microservices-based architecture and platform that aggregates most of the payment building blocks that are required to deliver specific purpose payment programs. That includes core transaction processing at scale, issuing of cards, and the regulatory activities to comply with the ever-increasing payment regulation, and connectivity with the payments ecosystem globally. Edenred Payment Solutions is at the heart of the payment ecosystem. PPS has been developing a comprehensive ecosystem of payment partners in Europe, Latin America, and the Middle East to enable seamless payment experience for users. To give you a few examples, we have multi-scheme capabilities that's open and closed loop that provides a wide range of issuing options.
We have banking connections to provide IBAN and account-to-account services in Europe and in the U.K. We have funding, which is a key element, for instance, to provide payment, split payment functionalities for meal voucher or wallet services as a wallet service provider to accelerate the rollout of mobile payments experiences across the group. Our vision for going beyond is to bring our ever-accelerating payments innovation to all parts of Edenred and to the wider fintech ecosystem.
Thank you, Louis, for giving us those details on payments at scale, specific purpose payments at scale. The fourth element of our plan is around identity management. Now, identity management serves something that is pretty basic, which is allowing our users, merchants, and clients to connect with us in a unified way, right? Something that's important for simplicity, something that's important for the regulation, multi-factor authentication and strong customer authentication. It also has a strategic advantage because it provides us with a single way to understand our clients, users, and merchants in a 360-degree view, which of course unlocks a lot of strategic cross-sell benefits. Last but not least, we're leveraging the cloud. Yeah.
The reason, when you say platform, it's almost automatically that you say cloud, because cloud will not only give you the scalability that you need, but it also allows us to to scale and deploy innovations much, much quicker. Now, 100% of our digital solutions are natively cloud. Yeah. With regards to the total business, we are more than 90% in the trusted cloud already, as shared with Bertrand, and we've been investing big time in this. Not just in capacity and capability, yeah, we increased the cloud team by 5x over the last few years, but also we've developed a specific expertise around FinOps. FinOps is the term that describes how to make sure that you use the resources in the cloud financially responsible, but also ESG responsible.
Those were the five. priorities, but it would be nothing if we don't do that in a secure, and trusted, and compliant way. Security is really a foundation in everything that we do. We have a three-tier security architecture, which means the people that are administrators at the PC level are not able to do things at the application level, and they are not the same people who are actually managing the crown jewels, like the real login credentials of everybody. That's a segregation in roles and responsibilities that's a very important part of our security architecture. Of course, we wanna make sure that we stay safe. Every year we do about 400 penetration tests where we use people who try to hack our systems and see if they can find a way in.
Of course, the follow-through behind it to making sure that any gap that has been identified is resolved on time. We have all of our core platforms with a disaster recovery capability, and not just a disaster recovery capability that is on paper, but it's actually documented and tested to make sure that if anything happens, which in technology unfortunately it always can, that we have a way of recover our data quickly because we are in a 24/7 high availability business. Last but not least, we wanna make sure that all of our employees are fully conscious of their role in protecting the company and protecting the data of our clients, merchants, and users. They're constantly trained, tested, and developed.
All of this will ultimately lead that 100% of our business volume will be processed in a way that's externally certified. In short, I hope you agree with me that the four-layer platform that you saw earlier, it gives us at the same time, it gives us agile benefits, but it also allows us to scale much, much quicker. We're putting our money where our mouth is by seriously investing in technology, and our ambition doesn't stop there. We have a five-pillar plan, and the future is bright for technology in Edenred. Thank you very much. Now let me hand over to the first of the three business lines leaders, and it's Arnaud.
Good morning. I'm super happy to have the opportunity to present you our plan Beyond for employee benefit. Who are we? We are a global leader of employee benefit, generating more than EUR 1.1 billion of operating revenue across 31 countries with two strong geographical footprints, Europe and Latin America. We have a strong record of delivering sustainable and profitable growth over the past year. If you look at our like-for-like performance, apart 2020 year of COVID, since 2018, we are delivering double-digit growth. This growth is based on mastering the brilliant basics of our industry, sales excellence, digital innovation, public affairs. The growth has been based as well on an active M&A policy to start our journey of Beyond Food.
Lastly, you are about to see how resilient we were during the COVID year thanks to the agility of our team and the relevancy of our products. Our main customers are HR. We help them to attract and to retain their talents with a vast portfolio of employee benefits, which are covering the daily needs of their employee. We help our customers as well to administrate, to manage, and to promote their employee benefit policy within their organization and towards their employee. We have, I would say, a specificity and some unique assets within our employee benefit business line. A strong leadership, a local excellence, and a global scale.
Strong leadership, today, more than 75% of our operating revenue is achieved within geographies where we are number one, and we were able to reinforce this leadership over the last years. Second, we have a super strong local excellence. Local excellence based on discipline of execution, based on a sales expertise, and based on profitable business model. Lastly, we have our global scale and our critical know-how, such as compliance, such as security or product and technology synergies. Those three assets give us unmatchable position to outsmart our competition and to continue to deliver profitable and sustainable growth in the future. This morning, Bertrand mentioned the change in paradigm and new structural macro trends. Those trends will reinforce benefit as a key component of the employee value proposition in order to attract and retain the best talents.
Secondly, HR will need simple and efficient solution in order to propose personalized and flexible employee benefit package as part of a broader employee experience. We believe at Edenred that we are super well positioned and relevant to partner with HR on that. This is setting our vision. Our vision is to be the most trusted global employee benefit and engagement platform. The most trusted global employee benefit and engagement platform. If we want to be more tangible, clearly employee benefit platform will remain the core of our offer. Within that employee benefit platform, our own benefit will remain the door opener. Our own benefits are universal and are creating a lot of daily touchpoints with our stakeholders.
Based on the expectation of our HR, based on their wish to get one-stop shopping of benefits, we will progressively aggregate additional non-Edenred benefit. Second, we will leverage on our platform advantage to propose more modules of engagement, such as employee savings, reward and recognition, or social animation. We will as well interface our platform with our ecosystem, interface with the HRIS of our customers, or interface ourselves with payroll provider. Lastly, due to our unique assets, our global scale, our leadership, the fact, as Dave mentioned, that we are compliant by design, secure by design, we believe that we will be able to foster trust among all our stakeholders. How we will achieve that vision?
We have a plan Beyond 2022-25, and you will not be surprised based on the discipline of execution of Edenred to see that our plan is based on three layers. Stake the core, accelerate Beyond Food, and expand into new business opportunities. Obviously, our plan, ESG is embedded within our plan, either by proposing eco-solutions by design, such as EcoCheque in Belgium or green mobility, by bolstering of ESG program or having eco-conception of our products, such as Eco Card, Plasticless, or maximizing the usage of Green IT. Stake the core. Again, based on what Eric presented you this morning, we are planning more acquisitions, in particular within the SME segment.
We are planning more engagement, thanks to digital innovation and the proximity with our customers, and we are planning more monetization based on pricing initiative and value-added services. Do we have room for further penetrating our market? Obviously, yes, because in most of our geographies, in most of our countries, we operate in markets which are under-penetrated. On top of it, in a post-COVID environment, we have further penetration opportunity, in particular based on canteen customers. Due to the rollout of remote working or hybrid work, more and more customers are either questioning the future of their canteen and replacing it by our food and meal benefit or they are keeping their canteen, but giving during the day of remote working our Ticket Restaurant meal benefit on top.
Do we have the capability to further penetrate our market? Obviously, yes, thanks to the sales and marketing machine which was described this morning by Eric. Obviously, we will accelerate as well on the SME segment, which is under-penetrated. Our plan, our mission is simple. We want to double the number of SME contract. We will reach between 25 and 22. For doing that, discipline of execution will be key, and mastering the cost of acquisition will be key as well. As mentioned by Eric, we have a specific focus on web sales, which are super relevant to acquire very small customers, and on indirect sales channels on which we can leverage on our successful past experience, such as Itaú Bank in Brazil or CM-CIC in France. We plan as well more engagement.
For that, the rollout of our digital innovation will be key. We are systematically disrupting our market on digital since 2016 and having a systematic rollout of our innovation. It has been the case with mobile payment, for instance, which is now spread among all our geographies. It will be the case again with our new wave of innovation, starting with Press To Trace. We are just to remind you that we were the first one to start Press To Trace in France last year. Press To Trace, sorry, is a super relevant innovation, and I propose you to watch a video coming from our colleague of Edenred Greece.
Presto Trace, fantastic innovation which give you the opportunity to be able to pay as an employee a few minutes after that your company places its first order. A fantastic time to market. I am happy to welcome Dana, who will join me to continue that presentation. Dana is a member of my team, Regional Director for Central Europe, and Dana is based in Bucharest.
Hello to everybody.
We will continue with engagement, and Dana will explain to you how key and how strong is the customer centricity within Edenred organization and how strongly embedded it is within our team.
Indeed. Customer centricity empowered by Net Promoter Score is embedded in our Edenred culture and in the managerial and daily routines. Net Promoter Score is not just a critical tool to monitor, but also to prioritize different actions in order to create value for our stakeholders. I can give you an example from Portugal, where based on our customers and users feedback, we were able to prioritize some actions to increase the network of the merchants in some specific regions.
It's not easy, huh? Dana, perhaps you can bring the mic a little bit closer. Yeah. Okay. To make sure that we can hear you properly. Thank you. In terms of engagement, it is key as well to maximize the value we can get out of our customers, so we can do it in different way. First way, obviously, is to keep our customer, it's to reduce churn rate. Second way is with the pricing in initiative. Pricing initiative sustained with the quality of service and sustained by our digital innovation. To do it as well with cross-selling, maximizing the number of benefits we can propose to our customers. Lastly, by upselling the face value of our benefits, and this is a specificity of Edenred's business model, as Dana will explain you.
Yes. Everything started with public affairs, a unique savoir faire of Edenred and a daily priority for our general directors. All our actions in public affairs are focused to deliver added value to our stakeholders, customers, users, merchants and public authorities. As you see, we succeeded in 2022 to have a lot of wins in face value increase and in some cases, is above the inflation level. Because now we have different challenges in the market. It's a high inflation rate. Also, if we are looking after the COVID, we have a lot of challenges and we have also, unfortunately, the war in Ukraine. All these face value increases are bringing added value to our users. We are happy to present this.
I can give you the example of Romania, Bulgaria, Czech Republic, Slovakia, and here the level is above the inflation level.
We may have a new fact to add on that slide. I think it's nearly done, but the French government announced an increase of the meal and food benefit of Ticket Restaurant from EUR 11.9 to EUR 13, plus 10% increase. It should be, I would say, in force soon.
After that.
Yeah.
Yes, we are helping our customer to maximize the face value and I can explain to you if you are a customer through data-powered tools we are using in Edenred. We can offer to you information about what your competitors are doing, what face value they are offering. Also what other companies in your region are doing, what daily amounts your employees are spending every day to understand their purchasing power. Based on all the information you can take your decision how much you want to offer to your employees. In this context of talent war, I think it's a very useful tool to retain and attract and to include the face value of meal voucher in the job offer. Very often we are seeing some announcements.
We are offering this salary plus maximum face value.
You understood that the public affairs is a very strong enabler for Edenred within our employee benefits business line, and it's a strong expertise mastered by our team. You understand that it's a strong lever that we are using to maximize and to increase the face value, but as well to set up new programs, your know-how of a specific prepaid payment are super useful for governments who would like to sustain internal consumption or to steer consumption within some specific industry sector. As an example, it has been set up by the Belgian government with a Consumption Voucher. The Consumption Voucher. The government after COVID set up a tax break of EUR 350 in 2020 in order to support restaurant industry and independent specialized retail.
It was such a success that they decided to renew this tax break in 2021 with a new wave of Consumption Voucher and with an increased tax break of 500 EUR in 2021. We can use as well public affairs to unlock new market opportunities, in particular, in geographies where we can consider ourselves as subscale. This is the case, for instance, of Germany. Yes, we are present in Germany. We are super successful. We are market leader with our Ticket Plus Card, but we believe that we could penetrate further Germany should we be able to set up a favorable tax environment for a food and meal benefit.
Secondly, we are trying to support society and help government to be more efficient with their social program, again, by proposing them our know-how of specific purpose program, and it has been done recently in Romania.
I should admit this kind of program are very close to my heart. Public social program is another area of expertise of Edenred and is requiring best-in-class execution. This is what our dear colleagues from Romania did in 2021 with the hot meal programs, where we were able to deliver through our product hot meal for the people above 75 years old with low incomes. Maybe I invite you to watch the movie to understand better the project.
În ultimul an, România a învățat să se adapteze la o nouă realitate, iar prin solidaritate a reușit să facă pași importanți în lupta cu pandemia, care a pus o presiune suplimentară asupra celor mai vulnerabili semeni ai noștri, bătrânii. Totodată, situația a avut un impact semnificativ și asupra micilor comercianți, proprietari de restaurante sau cantine de familie. Autoritățile și mediul privat s-au mobilizat pentru a găsi soluții care să ajute ambele categorii. În acest context a apărut programul Mese Calde, realizat la inițiativa Guvernului României și cofinanțat de Uniunea Europeană.
Cine s-a gândit și la noi că suntem bătrâni și nu mai putem. Foarte bine.
A venit băieții cu mașina, ne știe pe unde stăm, am ieșit așa. E bine. Mâncare caldă, pâiniță.
Eu nu pot să gătesc singură și vreau să meargă în continuare.
Programul a avut și un efect surprinzător. Bătrânii au învățat foarte repede să utilizeze cardul, ceea ce a fost o premieră pentru mulți dintre ei. Au fost emise și folosite peste 300,000 de carduri și au fost instalate peste 2,000 de POS-uri în mediul rural, punând bazele unui model de digitalizare cu efecte pozitive imediate în comunitatea locală, care poate fi ușor replicat în orice regiune din țară. Programul i-a ajutat pe micii proprietari de restaurante să-și mențină activitatea. Ei au reușit să-și păstreze angajații, să-și mărească echipa sau chiar să achiziționeze echipamente noi, contribuind implicit la bunăstarea comunității locale. Pentru unii dintre ei, acest proiect a generat chiar și venituri mai mari decât în 2019.
Am achiziționat un număr semnificativ de mașini de transport. Am angajat un număr de 12 livratori. Am angajat pe zona de bucătărie, pe zona de curățenie 15 persoane în plus.
S-a creat o relație ca și nepot, bunic. Îi așteaptă la poartă.
Programul Mese Calde a îmbunătățit în mod real calitatea vieții persoanelor aflate în dificultate și a sprijinit în același timp o industrie cu foarte mulți angajați. Împreună putem face lucruri frumoase.
I saw this movie several times and I'm still touched. This success helped us and allow us to put in place the second program in Romania, bigger than the first one, 900,000 beneficiaries, around EUR 300 million euro yearly business volume. We set up the program in less than 2 months, and also we contract like the network of 15,000 merchants in less than than 1 month.
Congratulations, Dana. What are you doing with data, Dana?
As Andreea mentioned, very well, we are using data inside the company but also outside the company to support our customers. We are going beyond. In the company, what we are doing, we are using the data to monitor properly the main KPIs in the business to see where it is going very well, where it is going well, and we can improve. To benchmark between our business units because we have a consistent business model. After that, also we efficientize our actions through data-powered tool, and we put in place several actions.
When we spoke about discipline of execution, we give you one of our recent benchmarking of the performance of our business unit and creating some emulation between the countries. The second part: accelerate Beyond Food. If we look at the French market, for instance, today, we are addressing only 20% of the benefit value within the French market. We do so with product which are super relevant, product which are universal, and product which are creating daily touch points with a different stakeholder. Based on the expectation of our customers for more flexible and personalized benefit package, we believe that we could aggregate additional benefit within our benefit management platform. We can do so with partnership, we can do so organically, or we can do so with M&A.
You have here an example of the last partnership we set up, starting with Betterway in green mobility in France with a wellbeing initiative in Mexico or with health insurance in Spain. To accelerate within our Beyond Food ambition, we can leverage on our engagement platform. Today, we have already 12 countries which are proposing a module of engagement such as benefit management, employee savings, and rewards and recognition. One of those countries is Romania with a successful engagement platform.
Indeed, in 2019, we anticipated that things are going in this direction, and we acquired Benefit Online, local start-up, and we created a strong differentiated differentiation in Romanian market. We have two key proposition: benefit management and saving. Leveraging on our meal product, we succeeded today to have in the platform 60% of the activity volumes brought by the third parties. I think it's a very good one-stop shop tool for our customers because it's giving the possibility to the user to choose based on their needs and for customer to observe the habits of their employees and to work to improve every day.
I would like to come back on employee savings, which is a module, let's say, super relevant and super complementary with what we are doing with our own benefits. Employee savings gives the opportunity for an employer to bring additional purchasing power to its employees. It covers, you know, daily needs with access to uncapped value. Lastly, it gives us the opportunity to set up qualified touchpoints with our merchants. I will ask Sophie de Torré, who is managing our employee savings platform in Belgium, to explain to you what we are doing with our Ekivita platform.
Hello, everyone. I'm Sophie de Torré from Edenred, Belgium. I've been working at Edenred over the past eight years, holding different positions in Paris, Singapore, and Brussels. As Ekivita platform director, let me introduce you to the platform which is at the core of Edenred's value proposition. Ekivita is a savings platform. It helps human resources in the context of unprecedented talent war to motivate and reward their employees, and in a context of inflation, to give purchasing power to their employees. Indeed, through the platform, companies or clients give access to their employees to exclusive discounts and deals across multiple shopping categories such as retail, consumer electronics or leisure. Thanks to Ekivita platform, employees can save up to EUR 1,500 per year. Following acquisitions, we focused on first building a strong catalog for Ekivita and a sustainable e-commerce revenue model, not only relying on client platform fee.
It has been a great success, and Ekivita activity volume has tripled over the past three years. In 2022, we have 4 million users. Going forward, our strategy relies on three pillar: cross-sell, leveraging our benefit leadership in Belgium, accelerate on SME acquisition, and extend our platform advantage, leveraging the seamless integration of Ekivita and other Edenred benefits.
Our ambition is to go beyond and grow activity volume by more than 20% per year over the next 3 years. We're ready to develop more services for our clients and to keep being the everyday platform for people at work.
Thank you, Sophie. The last part of our Beyond plan is to expand into new business opportunities, starting with the U.S. market, a significant market, where we have been present for years with our commuter benefit offer. Leveraging on new market trends and post-COVID environment, we are enriching our value proposition with additional benefit and with a stronger traction of sales successes. We believe that we can further enrich in particular in some segments such as corporate wellness and reward and recognition. As a conclusion, we are the global leader in employee benefits with a strong track record of growth and unmatched assets versus competition.
We have a strong vision, the one to be the most trusted global benefit and engagement platform, leveraging on new market trends. Our plan is based on three priority, stay at the core, extend Beyond Food, and expand into new business opportunities. Thank you.
Now we'll have the Q&A session with the six speakers that we had this morning. We'll have just the seats that have to come. Please, Bertrand, Arnaud, Dave, Andrea, and Eric. Great. The seats are coming. In just a while, you will get the presentation for the afternoon when you are back from lunch because we get some questions around it.
Do we have a number six?
Yes.
Yes. It's coming. Cool. Okay. Okay. We are all yours to answer any question you may have, and we have till 12:10. Is that correct? Okay. Paul. Sorry.
Great. Thank you very much. It's Paul Sullivan from Barclays. Just, firstly, three from me. Well, it's the obvious question, first of all. How do we think about revenue growth within the overall framework of the plan? What's the message behind the lack of near-term targets? Secondly, in employee benefits, can you talk about the number of products that you currently have per user or are being used per user, and how you see that evolving through the plan? Thirdly, how should we think about operating EBITDA margins going forward? Thank you.
Paul, did you notice that Julien was not on stage?
Sorry.
Okay. Maybe, Julien, you can take the mic from Paul and take the number one and number three. What do you think?
Well, good morning, everybody. Maybe I can come on stage.
Have a seat. Have a seat.
Oh, I will stay. I will stay like that. Well, regarding our midterm annual target, we say that we're gonna grow at least 12% EBITDA, like for like, year after year. It gives you visibility for the next three years, including 2023, the year which is just in front of us. Obviously, if we want to achieve this kind of performance, it means that we will be able to deliver a growth in terms of operating and total revenue. When you look at our track record, you've seen that with Arnaud presentation, we've been able to grow at double digit for employee benefits since 2018. Obviously, in 2020, we suffered like many company, but we've been able to rebound quickly.
What we see, and I will share that with you this afternoon, because in my presentation, you will see the performance we've been able to deliver from 2016 to 2022 on our three business lines. It's 9% in employee benefit, 15% in fleet and mobility, 12% in complementary solutions. It's like for like figures, but you see that we've been able to generate growth year after year. If we want to deliver 12% EBITDA growth, it means that we will be able to deliver growth in terms of operating revenue and total revenue. When we say 12% in EBITDA, like for like, it means that we will be able to grow at double-digit in terms of operating revenue for the next years.
Maybe, Julien, there's one thing I can add is, what we try to demonstrate is, we are a very unique model. i.e., we are able to generate a lot of growth at the top line, but we are very old-fashioned because we believe that growth must be, you know, profitable and sustainable.
It's very unique when you think about, you know, some of the competitors we are fighting against, where, you know, everything is on revenue growth. When you look at the EBITDA level, it's really low. At Edenred, we want to do both. Double-digit growth on revenue and even higher growth on EBITDA. The other thing we want to do is that we know that at Edenred, we are long. We love our company, and we want to continue to invest. If you look at how it works, investment at Edenred, it's a mix of OpEx and CapEx. When we talk about the technological platform, it means, you know, a lot of investment in terms of development, and only part of it is CapEx. If I'm not mistaken, it's about 35% in CapEx.
Yeah.
65% in OpEx. What does it mean? It means that we gonna accelerate our investments. It has an impact on the CapEx, 7%-8% for the years to come on our total revenue, and it has an impact on our OpEx. But even with that, we will generate sustainable and profitable growth. To make a long story short, bear with us, minimum, with a lot of visibility, 12% growth like for like every year in EBITDA, based on our model. To be able to do that, it means, you know, double-digit growth for revenue as well. That was the first question. The third question was, Paul, if this one was the second one.
Yeah.
The third one.
Yeah, you answered the third one.
Okay. Julien.
Well, when we look at our trajectory and what we've been able to achieve till now is that, yes, we are growing in terms of EBITDA year after year, and you see that we have what we call profitable growth, meaning that the operating revenue is growing at something like 10% and our EBITDA is growing even faster. What we see that, we know that we will need to invest, and as Bertrand said, when we invest, it has an impact in CapEx, but it has also impact in OpEx. We believe that as we are scaling the platform, we'll be able to improve our EBITDA margin. We also know that we can decide to invest to capture growth in the coming years. This is what we are doing this year.
We are investing in order to prepare the future of the company and to prepare the future generation of growth. Those things can happen when we see opportunities on the market. Yes, at the end of the day, when you look at the trajectory in terms of EBITDA margin that Bertrand shared with you this morning, we started the journey, we were at 37.5% EBITDA margin. When we look at where we should land at the end of this year, it's above 41.5%. If you look at the consensus, it's 41.6%. We are a scale business. We want to accelerate, so we will be able to generate growth. Now, sometimes when we need to invest, maybe we will stabilize the EBITDA margin.
Our ambition is really to scale the platform and to generate more and more operating revenue.
Okay. As to your second question here, Paul, and you know us really well, you know that you are entering a zone on which we don't give any information. I call that the, you know, the Coca-Cola formula zone. If you enter, we shoot you because that's something we keep, you know, very dear to our heart. But having said that, I don't want to frustrate you. Our level of cross-selling is increasing due to the fact that we are proposing more and more services. You saw this morning for employee benefits, now we propose solutions such as, you know, employee savings, and we don't have employee savings in every country. Here you have the example of Belgium, and we have 4 million users in Belgium. You can do the math.
You know, we have a solution like that in Germany. We entered, in fact, in a partnership in Germany. We have a solution like that in Romania. Depending per country and depending on the extent of our portfolio, we have level of cross-selling that are more or less important. By the way, what was shown by Arnaud Erulin is, you know, our Cosmos reporting, it's 37 KPIs and obviously one of the KPI is the cross-selling. That's what I can share with you. We monitor it. It's part of the game because in fact, any time we have new service, we have many ripple effects. Effect number one, we increase the loyalty, and in fact, Jérôme Bonnet on fleet and mobility this afternoon will demonstrate with Neoenergia how it works.
We also increase the profitability of the account because in fact, any additional service on our platform is highly relutive. That's why we are very keen on, you know, developing the cross-selling, and that's why you saw the numbers moving from 21% to 25% on Beyond Food, with the willingness to go to 30% of the total revenue, knowing that the base is growing super fast. What we are discovering on the core, on under-penetrated markets with the economic conditions and the macro trends we shared with you, in fact, the core has much more potential than what we thought when we started the journey six years ago. The core is growing fast. You remember in 2019 we said, "you know what?
Employee benefits, we think it's gonna be around 7%." Since then we have been at double figures. Now with, you know, the trends we discussed about and the ability to add new services. In fact, both are going to grow fast, but the Beyond Food is gonna grow even faster. We love that because it's loyal, it's loyalty and it's relative. What is true, in fact for food is also true for fuel. It's exactly the same dynamic in fuel. Think about it, when we started the journey, in fact, it was 0% Beyond Fuel services, and now it's 30%. Our goal is to go to 40%, knowing that the core is gonna grow fast. It gives you an idea of the level of cross-selling we want to go after.
We are very far from the optimization of the cross-selling when we look at it product line per product line and country per country. Count on it, we are working hard on it. Do you want to add something, Arnaud Erulin?
Just, yeah, quickly. Just one more to say that our products are helping us to overachieving our cross-selling natively, because when you are on a benefit management platform, you can activate one more product easily. For the user, it's super simple, either our card, our multi-wallet, so they don't need to receive a card, or they will receive their additional benefit as a plastic card. All that is fostering cross-selling. Obviously it's a key objective for our sales team. We are just now entering, we are before Christmas, and we know that we have the peak season for gift card, which are super key as well to achieve our cross-selling objective.
Maybe part of the cross-selling is really, you know, being data-powered and having the ability to develop data-powered products. Maybe, Andreea, what you did for Sushi Shop, did you go Sushi Shop in France? Did you go and talk to some other merchants, which is another way to do some cross-selling. You know, the bread and butter is to drive traffic to those people. On top of that, due to the data, what did you discover, Andreea?
Actually, what we discovered, every product that we have today, adding this service, it was a benefit for them. Every time we show this to other merchants, it was not the only one we had immediately, "Can you talk to my marketing director? This is very interesting. Can we deep dive and have a new schedule?" They perceived immediately added value of our services because when you put someone in front of the real numbers and you see things growing over a year, this, we have a graphic on that. It's concrete. It's not just I'm showing you that something is going to be bright in the six months, and you will see everything. All this is just two examples, but actually every product, and you see we have a lot of them in every country.
The fact that the technology is the same, the way we organize the data, you can produce it very easily from technological, analytical point of view. From my point of view, analytical, I'm just adding a new feature, and I can immediately spot the needs and produce it very fast. In any area that we have in today, and not just the spotting, because you identify and you're in a very proactive way. You have customer experience. When the customer is happy, is going to be the willingness to pay for added services right away. It's not just I'm giving you a service that is you like it, but I can identify the trends much more in advance. This is the power of data.
It's not, I can see, I can predict, and the way we produce the product, it's a really immediately positive effect because I analyze it, what will be the key feature that we like it. We see it right away. It's happening right this moment. We're seeing several merchants. It was not the real one. Every time we have a very positive return.
Maybe there's another thing, Andreea, and after we'll move to you, Dana. There's another thing that strikes me in your presentation is, in fact, the size of the samples you have. We, you know, I insisted a lot on the fact that we are fighting to have leadership position. Why? Not only because we are super competitive people, but also because when you come with, for example, in France, a market share that has increased every year by one point, knowing that today we are at, let's say 42%-43% market share in France. We are the leader, but it gives us data that statistically makes a lot of sense because when we come, we come with boom, 43% of the market.
We've only our data-powered solution for, you know, the marketing leaders of the companies that we are serving. We come immediately with something that is at scale and statistically representative. Isn't it, Andreea?
It's exactly the same because I have past experience, and I know what means not having the right data at the right moment and not to be representative. The first thing that I look when the product I'm trying to figure out is it representative? It makes sense because I know if you don't have a very complete view of the market. Secondly, does it make sense? Where is my added value? The first thing we do with the team is saying, "Is it an advantage, competitive advantage?" I always put myself in the role of the person who's going to use the product, and I'm asking all the questions that they come.
The moment that I see them and I say, "Yes, but I have this and I have that," and I say, "Yes, but we have extra for you." We can completely show to them. This is not in a lot of areas, this is a pain point that you have. That's why I say value is not just a matter of volume. It's the diversity that we have and the completeness of this data. I was very happy when I joined Edenred and said, "This is great." With my background, I will have a lot of work until my retirement, so.
Dana, how does it work cross-selling in Romania?
For sure, we have a lot of space to improve and to grow. We have our magic platform, Benefit Online, where we have a lot of products to cross-sell our portfolio from meal. We can offer to our users holiday vouchers, cultural vouchers, pensions, wellbeing, medical subscriptions or fitness, so they can choose. On top of this, they will have added value services because we have a saving module in our platform, and they can access different discounts. We have thousands of these kind of offers. Using our products, they can have a lot of other advantages. We are very focused to cross-sell. Why?
Because we know, and we measure this, a client with more products has, in general, the clients with more products, the attrition rate is half versus the clients with just one product. We want to obtain their loyalty.
Unfortunately, Dana, it doesn't work with three products, so we are still computing that, but attrition divided by two with two products. Unfortunately, with three, it's not divided by three. Knowing that we are in an industry where the attrition rate is pretty low, because when you are engaged with Edenred, with a total digital environment, it creates a lot of stickiness. Okay, Paul, did we answer your questions? Okay, Mourad.
Good afternoon.
No, sorry.
Sorry.
Yeah.
Good afternoon. G eoffrey S. Greener from Bank of America. Three questions please from my side. The first one is on your mix. So, you said, you know, you have about 26% of your revenue, which is coming from Beyond Food, 30% from Beyond Fuel. How do you see that numbers going into 2025? I guess you mentioned about 40% for the Beyond Fuel in 2025. So , any numbers, you know, you can share with us for Beyond Fuel? And maybe the same in terms of geographies, you know, how you are seeing your geographies moving by 2025. Secondly, regarding your EBITDA growth target of above 12%, any numbers, you know, you can share with us regarding what do you expect in terms of operating profit growth and other, and financial profit growth?
Between the two would be very useful, please. Thirdly, regarding the U.S. opportunities, you mentioned, you know, a few wins, you know, you had in the last few quarters and years. How do we need to think about, you know, the prospect for you in the U.S., in the next coming years, please? Thank you.
Okay, thank you. I'll start, and then, Julien Tanguy, why don't you come back on stage? Okay. Just to say it again, we start with food. The Beyond Food today is 25% of the total benefits revenue. Okay? We started at 21% a few years ago. What we see in the coming three years is the proportion moving to 30%. For fuel, we started at 0, we are now at 30%. What we see by 2025, and it's, you know, it's what we see, so we'll see how it goes. For fuel, probably the proportion is gonna be 40% for zero. In fact, Jérôme Bonnet will explain this afternoon, you know, what we're gonna do to move from 30% to 40%. Okay?
If you look at the mix of the business lines, so here it's internal to the business line and then one business line versus another. What we see is the growth of corporate payment that's gonna be presented by Marc probably is gonna be the highest growth. The second highest is gonna be probably Fleet and Mobility, and the third highest is gonna be Benefits. What it means, it means that three years from now, you will not see a big change in our mix per business line. Probably Fleet and Mobility will represent slightly more, and Complementary Solutions will represent also slightly more than today. Why? Because the three business lines will grow probably at double digit.
You know, corporate payment will be the highest growth, fleet and mobility the second highest, and benefit the third highest. The good news is the three of them are going to contribute to the double-digit growth. Within that, as I said, the Beyond is gonna be probably faster than the core. I say probably because when I started the journey six years ago, once again, I thought that benefits would be the core between 5% and 7%. Then the second plan, we said around 7%, and we did 10%. We discover every day the fact that our markets are so under-penetrated. When you bring more value and when you bring, you know, really cool user experience, there's still a lot to go after, even on the core market, especially on the SMEs.
With the macro trends that we are seeing, in fact, it's more and more appealing. It's gonna be a game of high growth, sustainable growth. Let's say generally speaking, the balance between the three product lines is gonna be more or less the same, even if with some difference. The mix is gonna change, which is a very good news because Beyond Food, Beyond Fuel, and Beyond Payment is highly relevant. That was, I guess, your first question. The second question, Julien?
Yes. The second question about operating EBITDA, and I would say financial EBITDA. I think we gave many information regarding the operating EBITDA, answering to the question of Paul and with what Bertrand said now. Now, regarding what I can say other revenue EBITDA. Yes, the other revenue are growing fast this year. Bertrand said to you that we should land EUR 35 million above the other revenue we did last year. Last year we did EUR 44 million. We should be around EUR 80 million in terms of other revenue. Obviously, it has an impact on the EBITDA of Edenred as 100% of other revenue growth is going to EBITDA.
I will share with you this afternoon our expectations in terms of other revenue in what we call the new economic context. There are two big things in this economic context that is new. The first one is inflation. I will come back on that also. Arnaud Erulin already explained to you the impact it has on the face value. This new economic context includes interest rates increase, and we'll see that this interest rate increase should happen, has started already this year and should happen in the coming months, and that it will have an impact on our other revenue. We expect our other revenue to be three times higher in 2025 compared to what they were in 2021.
One more time, we'll come back on that. With the business volume increase, which is driving the float increase and the times interest rate increase, it means that, yes, our other revenue will triple from 2021 to 2025.
Mourad, I have a favor to ask you. Sorry, the U.S. Geoffrey, your question was, what do we see in terms of development in the U.S.?
Opportunities you have in the U.S., given the wins, you know, you had in the last few years, and how do you see the business, you know, moving in the U.S.?
Okay. Geoffrey, maybe we can hear, in fact, in benefits, what Arnaud is doing on the U.S. market. Then I will propose that you will listen carefully as usual this afternoon because we have a few slides on the US market for fleet and mobility. Okay? Just for benefits because we have Arnaud on stage. Arnaud, what do you see on benefits? What are you doing on public affairs to make it happen?
Yes, you will see more this afternoon on what we are doing on other business line. In benefits, first of all, due to the post-COVID environment resulting in an increase of remote working, and we see more opportunity to propose more benefits. Many canteens were closed and some companies wanted to take care of their employees to make sure that their employees will receive a meal during their working day. We set up a Ticket Restaurant offer, a food and drink benefit without tax break, and we have some good success on that. We start to aggregate additional benefit services on top of it. It says that we have more and more appetite for the U.S . Market, which is a super big market.
I mentioned as well that public affairs could be a way to develop what we call sub-scale geographies. We have ambition, and we know it's a long journey, but we have ambition to start to work on public affairs to see what we can do, you know, to sustain employee wellbeing in the U.S. There are many potential verticals on which we could investigate. I mentioned corporate wellness, health and wellbeing is a super big concern for a U.S. employer. Reward and recognition as well. Let's say that we are assessing our plan to see how we can accelerate further. In the U.S. within the benefit segment.
To make a long story short, we will be successful on food in the U.S., but not at scale without a public affairs detonator. We are working on it. In fact, it's a cycle where, you know, each part is feeding the other part. We are able to talk to the American government and, you know, the state authorities based on some concrete examples with some iconic names. It fuels, you know, the thinking of the public authorities to say, "Well, is there anything we can do, for example, to fight against obesity?" You know that, you know, it's a big fight that is led by the current president of the U.S., and we come with some concrete examples. We'll see how it goes. Maybe in three years, in six years, we'll be at the same level.
We know it's a long journey, and we are ready for the long journey, and we have many other things to do. Remember, 90% of the growth for the next three years doesn't have anything to do with new businesses, new territories. Okay? We also observe what's going on in the U.S. because sometimes the U.S. market is ahead versus what could go on in the, in Europe or in Latin America. That's why we are looking at reward, recognition, well-being, because it's a booming market in the U.S., and it's very close to what we are doing, and it could be easily integrated on our digital platforms. We are looking at it, and as usual, at Edenred, we are patient people. We analyze, we take the time to understand, and so we'll see where it goes. Is it only for the U.S.?
Is it scalable outside the US? What is the solidity of the business? We observe a lot. If we need to move, we will move in the US, but we will do it the Edenred way. Because the Edenred way is generate growth but generate profit. Don't count on us to go on something. Put our EUR 500 million on the table, losing EUR 2 billion, which is the ratio more or less. I buy a banana at EUR 1 and I sell it at EUR 0.25. Anybody can do that. We don't like operating like that at Edenred. I think we answered your question, Geoffrey. Another question, just make our day. Ask question about technology, about the business. Mourad, we have been knowing each other for a long time.
Yes.
Mourad, we went through the winter of Chicago together. I know I can count on you. Help me, Mourad.
It will be the last question because then we go for our lunch break.
Yeah. Thank you. I'm gonna restrain myself to one question, which is the one that referred to slide 161. You show regular maximum face value increases.
Yes.
over the past 18 months.
Yes.
Quite strong. I know that you don't give away the face value component of your growth. Maybe you're gonna give it this time, but
Aha.
No. Maybe you can give us a metric, an indicator.
Yes
...um-
Yes
... of how good
Yes
Your sales have become to convert those max face value.
Yes. Okay
into actual face value increase.
Yes. Okay. Once again, Mourad, you are forward-looking because we have two slides this afternoon explaining that. The worst thing would be to frustrate you before the lunch. Julien, what will you say this afternoon?
This afternoon I will tell you that a face value increase is a two-step work indeed. Arnaud shared with you what we are able to do in terms of public affairs. On this page, 161, you see all the face value increase what we call the legal face value or the maximum face value increase. What we know is that on average, in our country, our clients use 85% of this face value. When we have an increase, we know that we will go after growth, and we will be able to reach 85% of the new face value that has been decided by the government. To do that, we need around two years.
When Arnaud is showing you that we have face value increase in countries that represents 40% of our operating revenue, it means that we will go after this new maximum face value, and we will reach the 85% of this new maximum face value in the 2 years to come. What we see in terms of face value increase in 2022 will have an impact on our revenue in 2023 and in 2024. I have 2 slides this afternoon to explain to you how it works.
Mourad, the next two slides are going to be slide 106 and 107 of the pack of this afternoon. Okay? But you know, behind what Julien said, face value increase, first of all, it's a question of public affairs, the ability to convince. We have to say that we did a lot of efforts those last three years to explain, to educate. We start, you know, getting the benefits of that, and we are also helped by, you know, the purchasing power crisis there is everywhere around the world. It's a super moment for us. The second thing is we also know it's them that are going to contribute to growth for the coming years because they are not eaten immediately.
It's, you know, it takes time to be implemented and then to go after 85% of the total face value increase. It's very good gem for Edenred, and we're gonna work on it. Once again, we are leaders of our market, so we have the responsibility to make it happen. Cedric said it was the last question, but I'm sure, and let me, I'm sure you have a question about the business, the technology about the business excellence. Don't leave, you know, Dave and Eric without saying, you know, something. Go beyond food. We know the food is coming. Go beyond. Okay. Okay. Then we have Alex.
Sabrina Blanc, Société Générale. I have a question for Eric, please. It's regarding the Roland Berger study. Just would like to understand more in details how it works. I have a small second one. It's concerning the acquisitions of clients to understand the difference between industry's benchmark, fleet and mobility, and employee benefits.
This study has been done by Roland Berger last year for the restaurant industry in the context of digitalization post-COVID of the restaurant industry in France. What was very appealing and interesting in that study it was how for restaurants to use digital services to improve their productivity, their ability to target marketing, to create traffic, to improve their business model. Related to how they could get more clients versus a meal delivery platform, because if you
Observe what has been done and accelerated during the COVID. Most independent restaurant or chain restaurant had to use meal delivery platform because they could not have clients on site. What was interesting in that study, it was to compare because there is always a question of who is taking the margin at the end and how much does it cost for a restaurant to be delivered by platform. What was interesting in the metrics that we share is that versus our solution, we bring as much as traffic to restaurants, however, at lower cost because most of the time the margin share between a platform and a restaurant is around 20%-25%.
Our solutions versus this level of margin sharing is much lower, as you can see in the graph. It was based on a study in France for the restaurant industry. We thought that it was very interesting for you to see what it means for restaurants. Actually, most restaurants. Because there were also questions to restaurants, there were questions to users on how much they would use a meal voucher and how frequently they would come to the restaurant if they did not have such a solution. Did I answer your question? Yeah.
Yes, very well.
Okay. The second one was on the cost of acquisition of meal and food versus fleet and mobility. I think it's something that when we compare the benchmark is actually what we do is we measure as we shared the lifetime value of a client on the cost of acquisition. If you see the level of ratio, we compare that to most of other B2B industry. Actually the benchmark are very positive for us. Maybe to summarize what you said, Eric. First of all, we are the biggest traffic generator for the restaurants, and we are much less expensive than the second one, which is, you know, the food delivery companies.
It helps you understand why we have a take-up rate. We are not a payment mean for the restaurant. We are a traffic generator and the most efficient one. Lifetime value on cost of acquisition, we are doing much better, much better. It's, you know, the, let's say, the magic of what we are doing much better than any other companies. Between one business line to another, in fact it's more or less equivalent within Edenred. Alex, last question before we go Beyond Food. No, we go for food.
Okay. Only 'cause you won't ask for a question. Does bringing third-party product onto a platform increase conflict about the ownership and use of data? By which I mean there are plenty of big merchants who want to own the data themselves, but you capture that data. Are there any conflicts with either your corporate customers or with merchants about ownership and use of data because it's so valuable? Does it change the terms of your business?
Yes. In fact, first of all, thank you for the question. What we explain with the platform and the four-layer platform explained by Dave, knowing that one of the among many qualities of Dave is to make, you know, the super complexity of, you know, the technological layers much more simple to understand for all of us. Dave, thank you for that. You remember the third layer is the ability to integrate via API the services of some other platforms, okay? One of the goal we have with the Beyond is to start distributing on our platform product and services that are not developed and managed by Edenred, as long as they contribute to the everyday platform for people at work. You will see the evolution of Edenred as a distribution, a digital distribution platform of product of some others.
You will also see our products distributed by some other electronic platforms. It's how, you know, Edenred is moving to have a greater reach. You will have an example this afternoon of a market that is a C market. It's a market that we don't want to address ourselves because we are B2B2C, we are not B2C. If we interconnect well with another platform, suddenly we have access to a market that is 10 times bigger than the B market. That's the future of Edenred, distributing our products not only on our platforms, but the platform of others, and distributing the products and services of others on our platform. You are right, Alex, if we do that, in terms of data, we need to be super careful.
In fact, it's gonna depend per product line, per, you know, services we're gonna distribute, and it's also gonna depend per country. Because in fact, you have a European and you have an American way of protecting the data, and then you still have national laws on, you know, on the protection of data. It's super complex. To give you an idea on GDPR, when we started having all this data, we had only a few people managing that at the global level. Now the few people became more than few people, just like the compliance for the payment. When we started in Belgium, to passport from Belgium to the rest of Europe on compliance, we started in Brussels, we were 5. Three years after that, we are 25. Why?
Because it's becoming more and more complex, and to be able to do that, you need to invest more and more. Are we able to do that? Yes, because we are at scale. When we do it in Belgium, we do it for the entire continental Europe. For the newcomers, it's so expensive, so complex, and so expensive. That's why the world we are in create new barriers to entry. That's why when you look at the newcomers, some newcomers are making, you know, a lot of noise, but we never saw one of them being able to scale outside their initial country, because it takes a lot of expertise and a lot of investments. MC, master of ceremony, we follow your leadership.
Okay, great. We'll have lunch. It's at the ground floor. The room is called the Ballroom. We'll drive you to the room. We restart at 1:30, but we have product demos during the lunch break. The first one will start in 5 minutes. We'll start with CSI. We have planned three product demos, CSI, GoHub, for our platform in fleet and mobility, and Ticket Express in Taiwan. CSI, GoHub, Ticket Express, and then again CSI and GoHub. For the one who would like to see how our product work, that's the best way to do it. We restart at 1:30 sharp. Yes, sorry, we have still the virtual reality on the right when you exit the room. Thank you.
Thank you.
Good afternoon, everybody. Good to be with you today. Know that we took you beyond the food. I'm going to try to take you beyond fuel this afternoon, right now. I'm going to talk about fleet and mobility. I'm Jérôme Bonnet, and I'm the CEO for the fleet and mobility business. Edenred, a worldwide leader in fleet and mobility with significant room to grow. As Bertrand Dumazy said this morning, you know that we are originally a benefits business company. But over the last 10 years, we've been investing a lot to grow a second leg, and we created quite a big fleet and mobility business. I'm going to take you through this journey and a bit about where we think we can still grow over the next years.
Already a worldwide leader with half a billion euros of revenue this year. That takes us to the third position worldwide. We are a very strong leader in LatAm, growing player in Europe, and we just entered into the U.S. We have a quite strong record, a track record of growth. Okay? Over the last six years, we managed to triple the size of the business. This was done through different ways. Of course, we did some M&As both in fuel and in Beyond Fuel. And as well, a strong organic growth of all the business that we've been acquiring and developing over the last year. We have a strong growth in fuel and we have an even stronger growth in Beyond Fuel over the last years.
Bertrand and Eric talked about that this morning. With, you know, our share of Beyond Fuel that came from 0 to 30 points. We have a comprehensive set of solutions. Our idea is that we want to be the one-stop shop for the fleet managers. Of course, we started with fuel, a fuel offer, but we developed in many different other offers, mainly maintenance and toll. I will come back to that afterwards. Some ancillary services such as freight, VAT recovery. Basically, what we want to do is that we want to take care of the whole services that we can around a B2B vehicle through tech. We are quite a balanced business. Mobility and CRT. CRT is Commercial Road Transportation, basically logistics and transportation companies.
We are 50-50. 50 in mobility, which is mainly light fleet vehicles and, you know, distribution fleets, and 50% in CRT. The mobility business is growing faster. We've been growing faster in mobility, which is a sound market, good economics, quite stable, quite a lot of potential to grow. We are very positive in terms of clients portfolio balance. The good news is there is still a lot of room to grow. No? In terms of segments, in terms of offers, and in terms of geography. Here it's oversimplified in terms of segments, but what we are seeing is that 65%, as Eric showed this morning, is still under-penetrated.
What we do is that we over-segment our markets and we do it really in terms of type of industries, in terms of size of customers, et cetera. What I can say is that in most of the markets where we can still have a lot of room to grow is in SME, and I will come back to that afterwards. In terms of offers, we only cover I would say 40%-70% of the total addressable market with our offers. There is still more room to grow there. In terms of geographies, we are very big in Latam.
We can still grow a lot in terms of Beyond Fuel in LATAM, and we can occupy more space in Europe, where we are already quite strong, and in the U.S., where we just launched. What are the trends in the industry? Bertrand talked about that this morning. The industry of mobility is getting greener. Everybody, and we show that we saw some figures this morning. All the fleet managers, they are committed to reduce their CO2 emissions and smarter. Everybody wants to get more data, more connectivity in order to address well their fleet management. We at Edenred really want to help them into that. We've been developing some programs for transitioning to a greener mobility. As well, we've been working a lot on our digital products and our digital services.
You will see that a bit later in my presentation. We really think that we are well prepared for this new deal for the next years. What's our competitive advantage? Arnaud talked a bit about the framework of Benefit this morning. We have more or less the same framework, and Julien will come back on that this afternoon. Maybe just one topic that I wanted to stress here is a customer-centric approach. Arnaud talked about that and Dana as well. We really think that, you know, to focus on the customer makes the difference and will make the difference in the future. When you look at our NPS, Net Promoter Score, in our two main geographies, in Brazil and Germany, we have more than 60 NPS.
That's a very high NPS. That's probably the highest NPS on the market. We want to capitalize on that to be able to sell more products. To price better our offer and to have stickier customers with us. Probably with that, we'll go Beyond, which is our plan for the next years. What's our vision? We want to be the leading global platform for greener B2B mobility. Here, three main terms. The first one is leading. Today, we are not the worldwide leader, as you saw. We want to be the leader because scale brings scale, so it's really something that we are working on. Second thing is global platform. When we develop a platform somewhere, we can replicate it elsewhere.
We decrease our time to market and we are quicker to go to grab the customers, and it's more efficient. Greener, we'll see. You'll see that we have a plan as well to help our customers go for a greener mobility. That's the Beyond 22/25 plan. The same as Arnaud, basically. Scale the core. I will talk a bit about brilliant basics and about EV charging. Extend beyond maintenance, toll, and advanced fleet management, and expanding new businesses. I will talk a bit about B2C and the U.S. market. What is Move for Good? Probably some of you have seen it because we announced it some months ago already.
It's a program that we developed in order to help our customers transition towards a greener mobility. Basically, we have lots of data, we have lots of information, and we operate in markets where we can simplify their transition to a greener mobility. What do we do? We help them going, for example, in Brazil from you know gasoline to ethanol, so to biofuels. In Europe, we help them to go from combustion engines to electric vehicle. When there are still remaining emissions, we help them to offsetting these emissions at scale. Okay? That's a very ambitious program. We really think it's an important program for our customers. It's important for us as well. We believe in it deeply, and so we are working strongly on it. It's a worldwide program.
It has already a good traction because since we launched it in Brazil, 75% of the new customers that we are acquiring are buying into this program. We really think it's a very good program for our customers and for the ecosystem. Let's start about scaling the core and talk a bit about the brilliant basics at fleet and mobility. As I told you, it's still a vastly under-penetrated market, so we have room to grow. As you see in Europe, 60% is still addressable, and in Brazil, 71%. Depending on the geographies, not the same segments are penetrated, and what we can say is that the blue ocean is mostly in SME, of course.
The good news as well is that we've been growing a lot our acquisition of SME customers. When you look between 2016 and 2022, we multiply by 17 the number of SME contracts that we acquire every year. There's a big blue ocean of SME customers, and we've been a lot more efficient over the last years to grab these customers, and we can do better. We can do better. The second thing is that we have quite a good business model, and we've been enriching this business model over the years. The first thing is that, as you know, we have an exposure to fuel price. Bertrand talked about that this morning. It used to be higher.
We decreased 20 points our exposure to fuel price over the last five years. This represents more or less the 10% of dependency because 42%, and we represent 25%-30% of the group business. This is something that we made through our development of Beyond Fuel offers and as well the sale of more value-added services into our portfolio. We've been enriching as well the monetization of our ecosystem. Two ways. The first thing is that we've been seen as a traffic generator more and more, and I will come back to that. This enables us to price better our services in function of the volume we bring to our ecosystem.
A good example of that is our take rate in Europe that increased 30% over the last six years. The second thing is that we as well have sold a lot more value-added service . Here the NPS is very important, is that when you have a trust relationship with your ecosystem, you can sell more services to your partners. In Brazil, 20% of our take-up rate is coming from value-added services. That's something that we are growing each time more on our ecosystem, digital services and our customer approach mainly. Here, why we do it? Basically, as well for the customer experience of our ecosystem. Because we really want to raise the stickiness, we want to lower our cost of acquisition.
The more digital, the easier to buy, okay? We want to lower our cost to serve as well. This is an example of what we launched in Europe. It's an app, it's a mobile app where you can refuel on the market. Basically, you go into a gas station, it geolocates your car. Then you can select the pump, then you can select the amount that you're going to refuel. You refuel, and you can go. Okay? It's a fully seamless experience. We redeveloped our front web front as well for our customers. Really the idea is that it's simpler, it's more intuitive, it's more efficient for everybody. Another good example of it is the merchant experience that we developed in Brazil for traffic generation.
The merchant can go, the gas stations, they can go on this merchant platform. They see what's their level of market share in the region, they see their price positioning, and they can do some promotion in order to get more traffic. In Brazil, three quarters of our gas stations use this frequently, and we are really seen as a business partner for them. Electric vehicle. That's a big trend that is shaping the industry. It's growing a lot faster in Europe than the other continents. Europe is two years ahead of US and six years ahead more or less in terms of trend to LATAM. It's growing a lot faster for light fleets than for trucks at the moment.
For us, in terms of composition of our revenues, it impacts more the mobility market in Europe, and we are already seeing a traction of evolution in this market. What do we see in terms of electric vehicle EV charging trends? The first thing is that there are some similarities with the fuel business, but it's a lot more complex, I would say. For us, we see it as a positive point, you know, because we like to resolve the pain points of our customers. There are various locations to charge at home, at work, and on the road. You have like you don't know how long you will be able to drive, you know, with a charge.
The cost is pretty difficult to operate because, you know, we thought it would be a lot cheaper. Today, the energy price, the electricity price is quite high in reality compared to fuel. It's quite difficult to manage because you have to install a charge point to maintain them, et cetera. It's full of pain points. It's more of a business process game, and we like it. We do that in other businesses. Our maintenance business is a business process game as well. We think that we can play well in this game. We first launched a solution in Europe with charge points. It's a very good UX, state-of-the-art, best-in-class platform. It was launched some months ago.
It has the highest, the biggest network in Europe, the widest network, with 330,000 charging stations. It has already a good first traction on the market. That's the first brick of our solution. What we want to be is that we want to be the orchestrator of EV charging. Basically, I want the customer to come to us and to tell us, "I need you to resolve all the flow for me," and we'll do everything. We'll do everything, not maybe not ourselves, but we will handle everything for our customers. That's why we are looking at all the value chain about EV charging, and we'll make some part of the value chain.
We'll partner with for some other part of the value chain, and probably we'll buy some assets on other part of the value chain. When you look at it's a very accretive market. For us, first of all, it will be quite accretive because it's starting in a market where we are not leader, so in mobility in Europe. We see it as a way to gain more market share. On top of it, the frontier between B2B and B2C, which is between companies and employees in this market, is thinner than in fuel. Probably we'll manage to get a higher market total addressable market when we go to the companies to offer EV charging. The second thing is that the economics should be quite positive for us.
Because if we thought at the beginning that the energy price would be a headwind, now we are not sure. For sure, the take-up rate will be higher in EV because there are more value-added services, and there is more complexity, and so more things that we can resolve, more pain points that we can resolve for our customers. In a nutshell, a complex market, a new market, more of a business process market. With us, you know, with our customer-centric approach, with the assets that we have, we think that we can address it and be a market winner in EV charging. We are working on it strongly with the team so that we can be one of the main player in EV charging for the future.
It's an early-stage market, but we feel that it will be a strong market in the future. Beyond Fuel. Let's talk a bit about other solutions. Toll, maintenance, and advanced fleet management. Edenred is a mobility platform, and there's already a quite comprehensive level of service. There are different offers that we do ourselves, you know, on our platform. There are services that we distribute that are services from some partners. Basically, we go to B2B customers with the distribution channels that we are used to, which is field sales, telesales, online sales, and indirect sales. We go to our mobility customers and to our CRT customers. That's today what we are doing.
I will take you through some examples because it's something that's developing very quickly in our industry. As you saw from Bertrand this morning, we went from 0 to 30% of the business with Beyond Fuel. The first thing is that it's not a one-on-one offer. We see it as a one-stop shop, as I said. GoHub, I mean, I'm sure that you saw the demo from Andreea during the lunch break. GoHub is a one-stop shop for the customers. Basically, they buy GoHub, and with GoHub, they get integration to all the modules of the fleet management to have the whole TCO, the total cost of ownership, of their fleet.
That's very convenient for a fleet manager because it's a quite early stage because it used to be an operational traditional market, but it's getting every day more digital, no? They are getting more professional. We help them into that. Basically, it's not only TCO analytics. We cross data, telematics with fuel, telematics with maintenance, fuel with maintenance with telematics with fines management, to help them into being more efficient in the way they manage their fleet. Good level of traction. nine months of launch. More than 40,000 vehicles sold already in Brazil. Maintenance. Very good business. We launched maintenance years ago in Brazil. It's quite a specific business. It's a business process business. We are the number one. Very high barriers to entry because it's a very difficult business.
You need to have a lot of assets to be able to operate it. We invested a lot into user experience automation. Today we have 40% of our fuel customers that are equipped in Brazil with that. Very, very high NPS, okay. More than 60 NPS in all the chain, you know, in the merchants, the users and the companies. It's very accretive. It's a very, very good business. What we said is that, okay, since it's working very well in Brazil, we take the platform and we are going to implement it in Argentina first. It's already live there. In Mexico, we are implementing now and probably elsewhere. That's the platform advantage of Edenred as well. Toll is as well a very important Beyond Fuel service for us.
We already have a strong toll business in Europe, and we decided that we wanted to have a strong beyond-fuel toll business as well in Brazil. Why? For two reasons. The first reason is that it's naturally high-growth business because the states need to finance infrastructure. You will see in Brazil between you know that plus the fact that the free flow is developing, it's a business that should grow three times in about 10 years. There are very good economics, natural economics. Second, because it's the only offer in terms of fleet management where we are not leader. We said we need to have an offer for that. We bought Greenpass at the beginning of the year, and the idea is really to.
We bought the best platform in the market in order to equip all our B2B customers. The idea of Greenpass is to multiply by six the number of toll tags that are equipped over the next three years. You will see there's a second play about that. I will show it a bit later. A good example of all that. Yes, I know. It's just that I'm a bit. It's not COVID, I think, but. Thank you very much. Thank you. Okay. A good example of that is, as Bertrand said, Neoenergia, which is a subsidiary of Iberdrola in Brazil, where we sold them the whole lot, basically. Now they bought from us GoHub, fuel, maintenance, and toll. All the products.
This shows as well the Edenred platform advantage. A lower CAC divided by two, as Eric was saying. Increased ARR, basically, almost twice, you know, the ARR what you would have with only one product. Of course, we reduced the churn a lot, while selling more products. This is really something we believe in. Expanding new business opportunities to finish. As I showed you, basically, we are selling different offers. Yes, sorry. We are selling different offers. Our own platform, the platforms from some partners through distribution channels for B2B companies. We sell this direct and indirect to B2B, so mobility customers, CRT customers. What we saw is that when you have a platform, when you're really API cloud-based, et cetera, you can go through indirect channels to B2B2C.
As Bertrand said, we are not going to go B2C because the CAC is a lot higher. To go through digital partners to the B2B2C is a very interesting play that we are starting to play. That's the second play about Greenpass, Edenred Greenpass in Brazil. Edenred Greenpass, the platform there in Brazil is a very, very good product. Everything is API-based, and they work as white label to digital banks. Brazil is a very fertile territory for digital banks. As you can see, Inter, Sicredi or Zul they have like millions of users. Basically, is that we connect to their mobile app, and through the mobile app of these banks, you can contract an Edenred Greenpass tag, toll tag.
This opens a lot wider market because the B2C market is 10 times bigger than the B2B market. We don't do ourselves the acquisition of the customers. That's a very interesting play that we are starting with toll, but who knows? Tomorrow we can probably sell fuel or maintenance through this same channel, indirect channel. To finish, the U.S. We launched an offer two months ago in the U.S. We were not present in the U.S. It's the biggest national market today. It's penetrated, but not so much in some segments. Basically in SME and mainly in mobility, there's still a lot of room to grow. What we say is that, let's play our game.
Let's develop a platform that is very digital, customer centric. Let's partner with the best players there. We partnered with Visa, and we developed a platform that will be sold, you know, digitally, the more digitally possible, to all these small SME customers. We developed it bilingual in Spanish and in English because, you know, in some states in the U.S., lots of the fleet managers that are managing the fleets of the SMEs, they are more Spanish-speaking people. Good advantage is to grow there. We have a very digital platform. We leverage the Visa presence in the U.S. We have very strong good customer feedback . Really, the customers, they love our platform.
It's a very good platform that was developed there by the teams. We have first good wins. Of course, we are starting. We are still humble. You know, in French, I think we say the appetite comes while eating, no? We'll see where we'll go. At least today, what we want to reach is 5% market share, and so more than $100 million or EUR 100 million, whatever, today is the same operating revenue. That's more or less the same.
I know it will be the same.
We'll see. I would say that's a quite interesting play, but we are just starting. In a nutshell, I think I would say happy about the journey we already had over the last 10 years with the teams developing this business, like EUR half a billion almost from scratch. We've a lot of room to grow, yes. We think that we can do a lot better. Yes, you're right. A lot better. We want to be the leading global platform for greener B2B mobility, and this is our Beyond 2022-2025 plan with three priorities, which are the same as Arnaud presented this morning.
I will finish with a video coming from Brazil about the Move for Good program, and then I leave you with my good friend, Gilles. Thank you very much.
Hi, everyone. I'm Ariane from São Paulo in Brazil. I work as product director in our fleet mobility business line.
Good afternoon, everybody. I'm Douglas Pina. I'm from Brazil, and I am the GM for mobility activities of Edenred in Brazil. Just to give you a flavor of the size of our business in Brazil, we have more than 34,000 clients, more than 1 million vehicles in our portfolio. Those customers, every year, give, like 300,000 laps in the world in terms of kilometers. 20% of greenhouse gas emissions released into the atmosphere every year are generated by fossil fuel consumption from transportation. Capitalizing on our leadership position, we at Edenred want to be a transforming agent on climate change.
What did we do? Last July, Edenred launched the Move for Good program. This program accompanies our clients on their green transition to reduce their impact on the environment. It is structured around four pillars of action. The first one is raise awareness by fostering a culture that promotes greener mobility. The second one is reduce and avoid by encouraging better fleet management practices and the shift to greener mobility as biofuels in Brazil and electric vehicles later on in Europe. The third one is offsetting by compensating for greenhouse gas emissions through certified projects. Finally, the last pillar that preserves by supporting local projects for biodiversity and the recovery of degraded areas.
It's important to mention as well that Move for Good leverages Edenred distinctive assets and data-powered solutions, such as GoHub, an Edenred solution that currently already gives a holistic vision on greenhouse gas emissions to the city managers.
So far, we have deployed Move for Good in Argentina, Brazil, Germany, Mexico, and it gets great traction from our clients. Just to give an example, in Brazil, more than three out of four SME clients subscribed to our offsetting initiatives. We plan to go further, to go beyond, and scale the program to more than 15 countries by June 2023. We can't wait to push further for a greener planet.
Thank you, Jérôme. Good afternoon, everyone. I'm delighted to be here this afternoon and be able to tell you a little bit more about complementary solutions, business lines, plans for the next years, three years. When we look at the portfolio of solutions, we're looking at solutions that are in the payment space, obviously. That are specific purpose payment, obviously, but that are also at different maturity stage, but all with high potential growth profiles. They are all linked to digital tech, and they are spanning and ranging from B2B payments to public social programs. When we look at the geography, we have activities a little bit everywhere.
Before I come back and tell you and take you to Taiwan and also Cameroon, I would like to take you first to the U.S., and we'll invite Marc, in charge of CSI, to tell you a little bit more about this venture.
Thank you, Gilles.
Thank you, Marc.
Thank you. Some of you stayed with us for demo during the lunch break, so thanks for that. You know already that it's about accounts payable in North America and more specifically in the U.S. Why the U.S.? Because that's a huge market. B2B payments are about $25 trillion in payments every year, and surprisingly, $9 trillion are still done by check.
Paper check, meaning a company will cut a check, send it to another company, and they will have to process the payment. You can imagine how crazy it is and what opportunity it is in terms of digitalization. Digitalization is happening fast and driving growth for CSI Edenred. Today, still 81% of the businesses are still using checks, so huge, huge opportunity and strong opportunity to convert those payments to digital payments. That's exactly what we offer. We offer to digitalize 100% of the B2B payments in the U.S., coming from checks, especially to digital payments and more specifically virtual cards. What is a virtual card? A virtual card is exactly the same as the card you have in your wallet, 16 digits and expiration dates, but because it's virtual, we can issue one for each payment.
We can define the amount, the control, the reconciliation data. On top of that, we see a very strong business model in terms of economics by generating interchange we can share with our customers. Beyond digitalizing payments, we also digitalize the process. We offer a single platform to digest all payment instructions and to make real-time payment decisioning to select the best payment method for each payment. We can drive all those paper checks to digital payments, especially virtual cards. Thanks to that, we offer time and cost savings. We offer a new revenue stream to our customers, and we offer more accuracy, security, and efficiency to the whole ecosystem, both sides, payer and payee. What have we achieved since the acquisition of CSI?
You remember probably that CSI was and is very strong in selected verticals, media, hospitality, golf. Now we are expanding into new verticals, especially property management and utilities. This business is all about building a strong ecosystem, including integration with ERPs to make, you know, the solution even easier to use. We worked a lot on further integration with ERPs like SAP Concur, Sage, NetSuite. We also worked on the other side because the efficiency not only for corporates, it's also for the suppliers, the vendors. What do we do for them? We integrate with what we call STP integration, straight to processing, meaning we can push the payment directly to their processor like Thesis, Billtrust, Boost, making the card digestion totally seamless. We worked also on our go-to-markets.
CSI is still very strong in direct go-to-markets, but now we have further opportunity with indirect channels like banks. You see Citi, First Citizens Bank, just to mention them. We also work with software players like Sage and NetSuite, offering a new access to the markets to CSI. Beyond the pure accounts payable automation, now we are expanding along the value chain to integrate new pieces, including invoice automation, and we just announced the acquisition of IPS. I will come back to that. What are the key market trends? First, we confirm that this market is definitely a verticalized market. The best way to win, the best way to deliver the best solution is definitely to go vertical by vertical. Why? Because we have the right integrations with ERP.
We have the right database of vendors, you know, to deliver the best solution. We see a very fast digitalization, so it's really progressing and happening now. It's about scale because it's a payment business. As you know, payment is generally about scale. The platform effect we mentioned since this morning. We see it also in a B2B payment in the U.S. We also see more new step in the integration, moving from a pure API integration with ERP to a fully unbundled experience for customers, meaning they don't even have to go to our platform. They can have the full experience. The customer can have a full experience directly through their ERP.
We also have to deliver more value to the suppliers because even if we sell to corporates, you know, an AP solution, definitely we have to work on both sides of the ecosystem. Finally, we have the opportunity to offer value-added services. It can be around invoice capture, payment delivery or supply chain finance. Many opportunities in front of us. What is our vision for Edenred CSI? Our vision is to provide an invoice to pay solution, end-to-end solution from invoice capture to payment delivery to the suppliers. In more details, starting with invoice automation, we want to be able to capture any invoice, whatever the format, paper, email, direct integration with ERPs, and that's what we will do with IPS.
For sure, payment automation is core, you know, at Edenred CSI, and we will continue, you know, to expand our ecosystems through integration, new verticals. Payment processing. As you know, we are already a Visa and Mastercard issuer, and we see further opportunity to integrate new payment methods, to expand the processing platform. Supplier services. Not only we have to integrate on the corporate side, we also have to integrate on the supplier side to provide more efficiency and automation on their side. It's all about reconciliation and data. We are not only here to deliver the payment, the dollars to the vendors, the value of the solution is also related to the reconciliation and the data. On top of that, with higher interest rates, you know, are coming now, we also see opportunities around financing solution.
Finally, as you can imagine, we collect huge amounts of data related to the invoice, to the payment, to the suppliers. Everything we can leverage to deliver spend analytics solution to the whole ecosystem, especially to the payee and to the payers. What is the plan? The plan is, as always, you know, scale this core, and we will do it in accounts payable through a broader ecosystem and through an acceleration in terms of go-to-market, direct and indirect. We want to go beyond. It's about invoice automation and supply chain finance. Core. The core is definitely around, you know, our ability to expand our ecosystem.
I will not go through all the details, but just to give you a broad overview of the CSI Edenred ecosystem. You see that we have a large ecosystem in terms of, you know, payers integration, 350 ERP integration, all the options, you know, to integrate with our platform. We have the broadest, you know, options in terms of payment solutions. We are our own issuer and processor, but we also connect to banks to provide all the options. Finally, on the supplier side, we also have to integrate more and more to deliver more value to the suppliers. Finally, innovative solutions around invoice automation, supply chain finance. Second axis in go-to-market. We are expanding, you know, our opportunities.
Our core business is still the middle market where we go after specific verticals. I already mentioned them, and we are expanding. Beyond the core, in AP for corporate, we have further opportunities to go after the large accounts, knowing that those large accounts and strategic accounts, generally, they want to stay with our treasury banks. What do we do? We work with the banks to go after them and to provide them a solution with our bank partners. That's what we call AP for banks. On the other side of the market, on the SMB segment, what do we do? This segment is generally, you know, already using ERPs. We have an opportunity to access this segment by developing partnerships with ERPs like Sage or NetSuite, and to develop a new product line in AP for software.
Just to give you a few highlights. AP for banks, 12 live partnerships, and we are continuously developing action planning with them to scale adoptions. Beyond the existing partnerships, we have a large pipeline of 350 banks. The U.S. market is quite fragmented. That's a huge opportunity to go and to integrate with new partners. On AP for software, we are now live with Sage. When I say we are live with Sage, we're not—it's more than an API integration as we were used to. Now, when Sage sell AP to their customers, they sell a solution fully powered by Edenred CSI. Meaning the customer will just onboard through the platform and get the full service directly into Sage.
Opening a huge opportunity for us, and we see an opportunity to multiply by 20 the payment volume by 2025. We want to do the same with NetSuite. We just started with them, and we are about to roll out exactly the same kind of solution with Oracle NetSuite. Now let's go beyond, because we see further opportunities in the U.S. in accounts payable. Definitely, beyond the account payable automation, we see a huge opportunity in invoice automation, and what we want to achieve with IPS. IPS is a market leader for invoice capture and invoice automation by delivering a unique level of accuracy in terms of data capture. What do we see? We see it as a strong opportunity because we have a very high complementarity.
First we share the same verticals, media, property management, bank partnerships. The solution is already integrated with CSI. We have been partners for seven years already. Definitely we know how to work together, and we are ready to go a step further. That will be a strong opportunity in terms of cross-selling to provide IPS solution to CSI customers and the other way around. Definitely, they will get better service through an end-to-end solution, you know, better service, better stickiness. Always, you know, as we describe already in cross-sell, that's further opportunity. On top of that, we see an opportunity to capture even more data. It's not only about the data itself, it's about the timing to get the data.
Today, as a payment automation platform, we get the invoice information only at the payment time. With an invoice capture solution, we will be able to get all the details from the beginning as soon as the customer will receive the invoice. Opening huge opportunity in terms of vendor enablement, in terms of vendor optimization and supply chain finance. More to come on that field. Key takeaways on Edenred CSI. Since 2019, we have increased our platform advantage. We have built a comprehensive go-to-market strategy with AP for corporate going direct on key vertical and opening new verticals, AP for bank, AP for software. We have been building new capabilities along the value chain, especially invoice automation. We will go beyond.
We will continue to grow and to expand CSI go-to markets along the channels, and we will leverage IPS to offer an end-to-end invoice-to-pay solution platform.
Thank you, Marc.
Thank you, Gilles.
Let's travel to the other side of the world to Taiwan and Ticket Express. We started a few years ago simply on the left side of the chart. It's a voucher, digital voucher that would enable you to get a specific good, right, in the gifting area, incentive and rewards in Taiwan. Since then, we've grown a lot. We've grown a lot in terms of capabilities, in terms of segments, and in terms of use case. First of all, on the technology side, we've gone to a product voucher to a smart balance voucher. I hope you had the chance to see it during the break and the lunch break. It's a very interesting where you were one product, one voucher to a balance where you could choose actually the amount of money you would like to put on specific digital vouchers.
This has created a lot of opportunities for Ticket Express in Taiwan, and we've gone from gift as an incentive to gift as a benefit. We've created a new market for our platform in Taiwan. We've done good. We've grown 20 times in the last six years, but we still have a lot to do, and we still see a lot of opportunities. We need to connect to more partners. We need to bring more technology and add-ons, bolt-ons to what we do today. We've disrupted the market, and today we are number one in Taiwan. If we play the Edenred Beyond 2022-2025 plan, we need to scale in Taiwan, and we need to scale the core. We need to do more of what we do today, build on brilliant basics.
On the second stage, we need to start looking at our merchants, and I'll talk a little bit about that afterwards. We'll use data, as Andreea was telling us earlier today. Lastly, we have a platform. It's beautiful. Pain points in some other countries in Asia but also beyond Asia that we want to go and check and see if we can push our platform advantage. When we look at merchants, it's very easy. We have data. We understand that we need to serve our merchants. We could monetize the relationship that we have with them. We understand the need to change behavior on the purchasing, so we can use the data to retrofit the merchant in terms of who uses what and how they do behave on our platform.
We want to do that, and we are starting to have some very interesting results, especially on the balance voucher, where there's a choice to be made. When we then look at the expansion, we needed a cloud-based platform. We have it. We needed something flexible. We have it. Therefore, we are now ready to go beyond. When we look at some countries like Japan, we understand that we have ways to go, and we also understand that in other geographies like Europe, that platform could also work really well in some very interesting and known use cases. Let's go to Africa and talk about Agri Edenred. In the agriculture, Africa is a monster in terms of opportunity. We're talking about 550 million farmers.
We're talking about 25% of the GDP, and we're talking about EUR 1.5 billion of subsidies in the farming and agriculture or fertilizers area. We have developed a platform for managing those resources for the governments. That's part of the PSP program, Public Social Programs. We have a very interesting pilot case study that's growing steadily with Cameroon and the FODECC, and it's touching potentially 600,000 farmers, and that's only a first step. Let's listen to Daniel and see what he has to say about this very interesting program that we want to roll out in other opportunities and countries in Africa. Daniel.
Hello, I'm Daniel from Paris. I'm director for Africa within the payment solution and new market business line. In Africa, Edenred implements Agri Edenred, a digital voucher solution allowing farmer to access subsidized inputs. Today, I'm glad to present you Agri Edenred, a solution which already impacted the lives of more than 2 billion beneficiaries in six African countries. Currently, Agri Edenred is being deployed in Cameroon in the coffee and cocoa sector. With 75% of the world production of cocoa, Africa plays a critical role in these two strategic global industries. In this context.
Governments, along with international donors, are subsidizing key inputs to boost the productivity of millions of farmers and tackle food insecurity risk. Capitalizing on our payment expertise, we at Edenred are convinced that specific purpose money solution have a critical role to play to accompany the continent's modernization. What did we do? Last year, the government of Cameroon has chosen Edenred to conceive and implement a digital voucher solution for 600,000 farmers. Concretely, beneficiary farmers receive an Edenred card with an individual QR code, which is remotely credited with subsidies. Farmers with a smartphone are able to upload an eVoucher directly via the Edenred Super App. Also, thanks to Agri Edenred, government authorities can ensure subsidies fulfill their purpose and get full traceability. So far, more than 10,000 farmers have been enrolled as part of the pilot phase.
Therefore, we plan to leverage our platform advantage to go beyond. First, by extending similar program in six additional countries by 2025, but also by exploring new opportunities, especially in the health sector.
Thank you, Daniel. As a last word, the one key takeaway with the complementary solution portfolio, we want to push forward the Edenred platform advantage. Thank you very much. Right. Because we are a bit late and we have to take a flight with Bertrand this evening, we'll have a five-minute break. Back in five minutes, please, and so that we have time to ask your questions at the end of the session. Thank you.
Welcome back. As Bertrand said in the morning, it all started with a small piece of paper, a voucher. This is what we first used to connect employees and restaurant. It was at that time the first step to improve the quality of life to employees. Since this date, and especially for the last 10 years, ESG has been embedded in Edenred DNA and purpose and reaching connections for good. Concretely, what is our CSR strategy? We want to improve quality of life; we want to preserve the environment and to create value responsibly.
We want to do so as a company, as Edenred, but for sure we want to give access to all our user, to all these commitments, and we want to do so through a platform for good, through all our solutions. During the last three years, we achieve major progress which contribute to have a positive impact on 12 out of 17 United Nations Sustainable Development Goals. First of all, for instance, we improve the number of women among the executive position, and we achieve 34%. On the environment, reduce drastically the carbon emission of our scope one and two of our direct scope in intensity. We also promote healthier food and fight against food waste through communication campaign, and we touch more than 50% of user merchants. Concretely, how do we proceed?
First of all, 25% of long-term executive compensation are linked to CSR criteria. Second, we also launch some financial instruments, and we also put in place very strict governance on CSR topic. First of all, we discuss ESG strategy and action plan in different committee such as board, executive committee, compensation, appointments, and CSR committee. We also have a very important CSR correspondent network around the world by business line, by regional, and in all entities. Through these 150 CSR correspondents, we can spread all our policy and action plan but also have access to best practices and spread them around the world. That's what we did as a company, but we also have a platform for good, a platform of solutions.
Since this morning you saw, thanks to Arnaud, Gilles, all the solutions we have to give access to all these commitments. For instance, to promote greener commuting and to decrease the carbon emission linked to mobility, we put in place different solutions in the US, for instance, in France, thanks to the last partnership with Betterway. That's what we put in place through our platform. Where are we today? We have amazing recognition of all our action in terms of ESG. Last signal on the market, we just joined the CAC 40 ESG index, which is strong recognition of our commitment and our engagement to a sustainable development. We also increased drastically our performance on the ISS ESG rating on an MSCI, and we also confirm a double A rating on MSCI, sorry.
That's very important, but it's just a first step because as you know, these type of extra-financial questionnaires are much more complex year after year. It's for us an invitation to continue to progress, and that's for the rating. We also have recognition in the way we communicate because we have a transparent communication, and we also have governance practices. What's next for us? We want to go Beyond, and as a front runner, we want to accelerate on ESG. Concretely, what we'll do, we want to reinforce our commitment. First of all, we want to strengthen our position as an employer of choice. We are so proud to announce that we want to become net zero carbon by 2050.
Third, we will continue to reinforce our position as a trustworthy tech for good, and we will do so as Edenred and via our end-to-end solutions. First, we want to continue to strengthen the positive impact we have on employers. On diversity and inclusion, we commit to achieve 40% of women among the executive position by 2030, and we will do so by recruitment, by promotion, and by all the actions to be sure to achieve that. On employability, we want to continue to invest on all our talents, all our 12,000 talents, and give them access to training. 100% of employees will have access to training every year by 2030.
On engagement, we will continue to offer the opportunities to all the employees to engage themselves, to share their passions through a partnership we have with NGOs, for instance. By 2030 we want to achieve 5,000 days on volunteering. Let's continue on the planet topic. In 2019, the Intergovernmental Panel on Climate Change disclosed that global warming must not exceed 1.5 degrees Celsius to avoid catastrophic impact on climate change. Facing these challenges, Edenred wants to take its part. Collectively, we are so proud to announce to all of you that we just commit to join the Science Based Targets initiative, and by doing so, we joined the 3,800 most engaged company on climate change.
What we will do, we will drastically reduce our carbon emission, not only on direct scope, but we will also tackle the indirect scope. We will reduce in absolute value our carbon emission on Scope 1, 2, and 3A. By doing so, we want to also to support the transformation on all the sector by promoting the Science Based Targets initiative to all our suppliers. That will be the first step. Second one, by 2050, we want to achieve zero net carbon. How we'll do that? On Scope 1 and 2, we'll continue to put in place the good practices we have, improve energy efficiency of all Edenred buildings.
We will continue to increase renewable energy, but especially our new main battle, as presented by Dave, will be to implement Green IT plan in all our business around data center, new architecture, longer device to really drastically reduce the carbon emission linked to IT. We will also engage our key suppliers in this journey and decrease carbon impact of all our solution. That will be a big step change for us. That's a new way we want to do business.
Last but not least, we will continue to reinforce our position as a trustworthy and engaged here for good. We have fundamentals, and we will continue to invest on it. First of all, client satisfaction. We will continue to have quality management system for all our entities. We will invest on ethics and secure governance and compliance. Very specifically, we will continue to invest on IT security as Dev presented. We want to achieve by 2030, 100% of business volume processed recognized by external certification to really highlight that IT security is a key element for us. Thanks to these fundamentals, we will continue to promote better user behavior around sustainable food and sustainable mobility. That's as a company, but we want also to continue to invest on our platform for good.
Thanks to all my friends, you see, since this morning that we'll continue to have new solution to invest on employee wellbeing, on gift solution, care solution. The same for soft mobility. We discussed about Move for Good program, but also a lot of new greener mobility solutions. Last but not least, we will continue to invest of solution to promote sustainable food and consumption. We are so proud to have this full and embedded ESG approach on all what we do. It is the way we want to do business. That's why you saw a lot, you saw ESG by design in all our presentation. We are a big company of 12,000 employees engaged this journey.
We trust that we will achieve that because of our values and because we want to do business in a proper way, ESG by design. We have a discussion about what is our extrafinancial strategy and performance. Let's continue with the financial part.
Okay. Good afternoon, everyone. Thank you, Flore, for this ambition, which is a great ambition. Now we are going to move to our financial ambition for the next three years. I propose we start with the journey we went through over the last six years and these journeys that allow us to reach another dimension. As Bertrand explained to you this morning, the dimension of Edenred has changed over the last six years.
We almost doubled all our financial KPIs from total revenue times by 1.8 to our net profit group share times 2.2. This performance, we can look at what it has been with the Next Frontier plan, the plan we did from 2019 to 2022. What we see is that we've been able to deliver double-digit growth every year, except in 2020 due to the COVID crisis. We learned two things with this crisis. The first one is that we are a resilient business as our operating revenue only decreased by 1.6% this year. Then we've been able to rebound sharply. Only Q3 has been negative in terms of growth at Edenred. As soon as Q3 in 2020, we've been able to deliver another quarter of growth.
Now we see that the dimension of the company has changed, and this is what we see also in terms of performance of the share price. We've been able to outperform by 200 points the CAC 40 and the SBF 120. Now we are looking at why are we able to generate such sustainable and profitable growth. We are able to do that because we run a structurally efficient business model. What does it mean? It means that Edenred is running a naturally edged growth business. You can see that over the last six years, we've been able to deliver growth through the diversity and the quality of our portfolio of solutions. We have more than 250 programs which are run by our three business lines, and we've been able to have growth everywhere.
9% for employee benefits, 15% for fleet and mobility, and 12% on average for the complementary solution. Our business is naturally hedged growth business because we are also in 45 countries, and we have a large geographical footprint. You see that in Europe, we've been able to deliver 11% growth CAGR over the last 6 years. It's 10% in Latin America, and it's 13% for the rest of the world. This business model is the same for our three business lines. You know this, slide. We shared it with you a few years ago. We are a business with what we call business volume or payment volume, depending on the business line. Then we have take-up rates, which is a percentage of fee we get from the business volume. With that, we get an operating revenue with BV.
On top of that, we also have operating revenue without BV. Because we have business volume, we have float, and the float is invested, and it brings to us other revenue. We're gonna zoom in each of the business line to see how the business model works. We start with employee benefits, and we start from the top with the business volume. In employee benefits, business volume is mostly prepaid. It means that we receive cash from our clients, and then we get the cash, we keep the cash 'til we pay the merchant. It means that it is generating float that will generate other revenue, and other revenue is float times interest rate. I will come back on that in the presentation. When we look at operating revenue with business volume, we have mainly fees proportional to BV.
It means that when the business volume is increasing the operating revenue with BV is increasing too. On top of that, we have additional fixed fees. These are fees per month. For instance, when a merchant is part of our network, sometimes he has to pay fees per month. What you see on the right hand of the slide is that our take-up rate in percentage of business volume has been increased from 2016 to 2022 from 4.7% to more than 5.3%. How do we do that? It's because when Arnaud is talking about looking after SME, it has an impact on our client mix, and it has an impact on our take-up rate because SME are paying high fees compared to large accounts.
When Eric is sharing with you that we are connected to meal voucher platforms, those platforms need business volume. When we bring volume to them, they pay additional fees. It has an impact on the mix of our take-up rate. Then on top of operating revenue with business volume, we also have services which are without business volume. It's what we did, for instance, with employee engagement platform, where our clients pay SaaS fees or where we have some per employee per month fees. This is a business model for employee benefits. Now we move to the business model of fleet and mobility. In fleet and mobility, business volume is mostly postpaid. It's the nature of the business. We have a mix of fees to generate our operating revenue.
We have fees proportional to BV, and we have fixed fees. Fixed fees mean fee per vehicle, fee per transaction, SaaS fees, or value-added services fee. I will come back to what Gilles shared with you. It means that the sensitivity of our business model to fuel price. We also have other revenue. We have modest floats, but it's floats times interest rate, it brings to us other revenue. If we look at the revenue of fleet and mobility and the weight of revenue proportional to a fuel price. You see on the left part of the slide that the revenue proportional to fuel price went down in Europe and in Brazil. In Europe, from 27% to 25% from 2019 to 2022.
In Brazil, from 54% to 51%. This weight going down has been achieved in a context where fuel price has increased a lot. Why, how can we do that? It's because we have smart pricing, and we have the Beyond Fuel strategy that is generating a huge growth. In 2022, the share of group revenue total linked to fuel price is around 11%. Now we move to our corporate payment. You know, corporate payment is 40% of revenue, of complementary solution, as Gilles shared with you. In corporate payment, we don't have business volume, we have payment volume. We move cash from one account to another. We have two revenue generation models, depending on the distribution channel we have. On one end, we have the direct distribution, what we call AP for corporates.
In this case, as Marc explained to you, we have a transaction percentage commission from issuers or interchange, and we also have monthly fee from our clients. In indirect distribution channel, we have a mix of licensing fees, a percentage of digital transaction, plus a monthly fee. This is it for the business model of our three business lines. Now few comments on the performance achieved in 2022 so far, so at the end of Q3. We start with the performance at the end of June. You all know those figures. Great figures with 18% growth like-for-like in total revenue. 22% like-for-like growth in EBITDA and 28% in reported figures for our net profit group share, as net profit group share is in euro. There is no like-for-like.
These are June figures because it's a way for me to show you all the P&L of the company, knowing that at the end of Q3, we share with you only the revenue line. What did we announce to you last Thursday? We announced that in Q3, we've been able to generate operating revenue growth of 19% like-for-like, compared to the same quarter last year, allowing us to post almost 18% like-for-like growth in operating revenue for the first three quarter of the year. This is for operating revenue. Now when we look at the other revenue, we doubled the other revenue in Q3 2022 compared to Q3 2021 from EUR 11 million to EUR 23 million.
It allows us to post a 65% growth for the first nine months of the year in other revenue, which is quite a big performance. We deliver double-digit growth across all business lines, employee benefit, fleet and mobility, complementary solution, both for reported and like-for-like figures. We did the same in terms of performance per geography. In Europe, it's +16.5%, in Latin America, 33%, and in the rest of the world, 21%. It is a very solid performance for this third quarter. It is an historical quarter for Edenred, as it is the first time we are posting more than EUR 500 million of revenue in one quarter.
Thanks to this performance, we are upgrading our full year 2022 EBITDA outlook to between EUR 810 million and EUR 840 million, which will be a record definitely for us. It means a growth from 17%-22% in terms of EBITDA like-for-like compared to 2021, which was another record year. This is a performance we've been able to achieve over the last six years, and we are going to see how we're gonna scale the Edenred platform and how we're gonna keep on generating growth for the next three years. We're gonna enhance Edenred revenue potential. As you've seen this morning through the three COOs presentation, we have three steps in our plan. First one is to scale the core and to add revenue and core products.
We will add additional sources of revenue through extend Beyond and through expand in new businesses. I'm gonna zoom in on some topics that you can see on this slide, and we start with the revenue and core products. Let's take a few examples that we already shared this morning, just for you to understand how all the actions we intend to do have an impact on our P&L. First thing, when we say that we want to further penetrate the SME segments, it will have an impact on our business volume and on our take-up rate. On our business volume because obviously we go after new users, new clients, so we will increase the business volume. As I said, our pricing power with an SME is much higher compared to large accounts.
It means that going after these kind of clients will allow us to increase the take-up rate. We enhance the value proposition to merchants. Andreea shared with you some data product we are proposing to merchants. When we are proposing this kind of product, it has an impact on our fees because obviously merchant are paying for that. When we work, as I said, with meal delivery platform, those guy are paying us fees on top of what restaurants are paying to us. It means that when we enhance the value proposition to merchant, it has an impact on the take-up rate and an impact on engagement on loyalty as the merchants are perceiving the value added that we are bringing to them. Third thing, leverage data. Andreea show you few examples this morning.
All those things have an impact on business volume, on take-up rate, and engagement and loyalty, especially engagement and loyalty from our users. These are the brilliant basics, and those brilliant basics will represent 60% of the growth of the next plan. Now, we say we wanna go beyond, and Bertrand shared with you those information during the Q&A session this morning. Our ambition with Beyond Food is to move from 26% of our revenue coming from a Beyond Food strategy in 2022 to around 35% in 2025. In fleet and mobility, our ambition is to move the Beyond Fuel revenue from 30% of our operating revenue of fleet and mobility business line to 40%. How do we do that?
We do that thanks to new services we launched, such as maintenance or such as toll. You know, this year we did the acquisition of Greenpass, which is a toll operator in Brazil, and this kind of new business will allow us to go after those 40% of Beyond Fuel operating revenue in our total operating revenue next year for the next three years. Now, there is something new today, which is the economic environment we are in. Over the last six years, we were in environment with low level of inflation and with low level of interest rates or negative interest rates. Things have changed, and now we are entering a new period with high level of inflation and high level of interest rates, and it will have an impact on our business model.
First, inflation is very positive for us because it enhanced the attractiveness of our solution. Everybody is looking after purchasing power for the employees, so it's a way for us to push new benefits to our clients. Companies are looking after more efficiency and cost control, and this is what we can bring in terms of value added, thanks to our fleet and mobility platform. I'm gonna look at two specific things. The first one is the increase in average face value. This is from Mourad. We will go deeply into the impact of the face value on our P&L and how it works. We will look at the increase in other revenue due to the increase in interest rates. We start with the face value.
As explained this morning, it's a two-step work to get increase in our PV thanks to a face value increase. The first step is about public affairs, or what Dana explained to you this morning. Well, to protect the purchasing power of employees, public authorities are moving the maximum face value up in many countries. This is the first step, obviously, and what you can see is that since the beginning of this year, face value increases have occurred on program representing 30% of our operating revenue of employee benefit business line, which is very significant. You've seen also that we have a pricing model fit to capture inflation, as most of our fees are variable fees.
It means that when you have an increase in face value, you have an increase in business volume, and then you have an increase in our operating revenue. Once we have this new maximum face value, we still need to work as we need to push the usage of this new face value to our clients. We know that the average usage of maximum face value is 85% in our countries. When you have an increase of face value, we need to go after our clients to push this new face value. It takes two years to deploy the new maximum face value and to reach the 85% usage of this new maximum face value.
When you see that 30% of our operating revenue is impacted this year by face value increase by public authorities, it means that it will take two years from now to get the 85%. It means that we will have the impact of this face value increase in 2023 and in 2024. Two years from now to see the full impact of this new face value in our P&L. This is it for the inflation impact on our operating revenue. Obviously, when we have inflation, we also have inflation on our costs. Here is a breakdown of our cost structure in 2022. What do we learn from that? First thing, fixed costs are representing 65% of our total cost, and obviously, our variable costs represent 35%.
In fixed costs, payroll is the most important cost, and we know that payroll will increase in line with inflation, with maybe timeline, but it will increase in line with inflation. When we look at variable costs, the biggest cost are the cost of sales. The good news is that we are managing our pricing, and our fees are indexed to inflation. It's a way for us to have the impact of cost of sales in our pricing power to our merchant and to our clients. It's a way to mitigate the impact of cost of sales increase. This is it for the costs. Now we have inflation. We have interest rates increase. We're gonna see what is the impact of interest rates increase on our other revenue.
As you've seen, other revenue is float times interest rate. Let's start with the float. You have on this graph the number of weeks of issue volume that we have in our float. We know that float will increase in value in the coming years. Why? Because first we will generate issue volume growth. This is what we're gonna see. Thanks to inflation on business volume, we will have more business volume. It's the first line. We are now a digital company, so we have more than 90% of our business volume that is digital. It means that the retention time will stay stable. The decline will be very limited.
We are working on the DSO, so our ability to collect cash from our clients. This will allow us to have a float increase in the coming years. Once we have float, we need to look at interest rates. On the left part of this chart, of this slide, you can see a chart where you have interest rates in the main geographies where we have operations. This chart starts in January 2016, and it goes till July 2025. What you can see is that interest rates went down from 2016 to 2019. You see that in the Eurozone, interest rates have been negative for many years. We see now that when we look at the future rates from 2022 to 2025, interest rates are going up.
Because they are going up, obviously we will be able to invest our float with those interest rates. We have EUR 4 billion float in our balance sheet today. This float is coming mainly from Europe, 80%. We have a strict investment policy. Now, what we expect in terms of other revenue is to triple the other revenue from 2021 to 2025. As I said this morning, in 2021, the level of other revenue was EUR 44 million. We expect to triple this amount in 2025. Now, interest rate have an impact on float and other revenue, but it also has an impact on our gross debt. If we look at our balance sheet, we have a total cash of more than EUR 5 billion.
This picture has been taken at the end of last year, so it's a picture of our balance sheet as of 31st of December in 2021. EUR 5 billion on cash and restricted cash, and a debt of EUR 3.3 billion. We know that total cash will increase in the coming years, as I explained, while the gross debt will move depending on the acquisition we could do. The third thing to keep in mind, our gross debt is in euro, while our total cash is in euro and in other currencies. We know that those other currencies, such as Brazilian reals, GBP, or Romanian currency, will have higher interest rate compared to euro.
When we look at the sensitivity of P&L to 100% interest rate increase, we see that it's positive from a P&L before taxes perspective, as we will be able to generate EUR 18 million in net profit before taxes with this kind of interest rate increase. This is it for the cash and for the impact of inflation on our P&L. Now I move to our new EBITDA growth medium-term annual target. As Eric and Bertrand explained to you this morning, we are going to leverage the Edenred platform advantage. What does it mean?
It means that we are going to increase the revenue potential of the platform, and we are going to manage an optimized cost structure. You see that year after year, we've been able to increase our EBITDA and our new medium-term annual target for Beyond 2022-2025 is +12%, at least, in terms of annual like-for-like growth for EBITDA. Now, if we move to the second topic, which is the cash flow conversion, we are also committing to a higher target for the next year. Free cash flow at Edenred, how does it work? First, we have what we call funds from operations, so it's our ability to convert EBITDA into FFO. You see that the average conversion rate is around 80%.
This is the first engine of cash generation, funds from operations. Then on top of that, we are impacted by free floats and negative working capital. As Bertrand said this morning, we are a negative working capital business. It means that we are able to generate free cash flow thanks to our activity. You see that to move from funds from operations to free cash flow, we go through three lines. The first one is what we call free float. Free float is float with free cash, i.e. what is not restricted cash, as we cannot consider restricted cash into our free cash flow. Then we have the negative working capital coming from businesses without business volume. Then obviously we have the CapEx.
You see that we've been able to deliver high performance in terms of free cash flow over the last three years. If we look at our performance from 2016 to 2022, excluding 2020, the average FCF versus EBITDA conversion rate was 73%. In our last plan, we committed to a 65% conversion ratio for Beyond. Our new target is more than 70% annual free cash flow EBITDA conversion rate. It's another commitment higher compared to what we did in our last business plan. Now, obviously, we are growing year after year. We are generating free cash flow, so we have a sound balance sheet. This is something you know perfectly well.
We are now highly deleveraged when you look at where we should stand at the end of this year. Our leverage ratio should be around 0.7, with a net debt of around EUR 600 million. Standard & Poor's confirmed the rating of BBB+ in April this year, and the outlook moved from a stable to positive, which is good news. It was the first time in Edenred history. We are totally deleveraged. When you look at our gross debt, around EUR 3 billion, we have an average amount of EUR 500 million to reimburse year after year, starting in 2024. In 2024, the reimbursement or not is a convertible bond. This convertible bond could be converted into shares.
As I said, we are generating growth, we are generating free cash flow. We have a sound balance sheet and a balanced capital deployment policy with three major axes. The first one is our CapEx policy. We want to generate growth. We want to prepare the future, so we will invest to fuel the growth of the coming years. Second, we have EUR 2 billion firepower that will be used to make acquisition. We'll come back on that. Third thing, we have an attractive shareholder return policy. This is the third thing I'm going to present to you. All those objectives are done maintaining a strong investment grade rating.
The investment grade that we get from Standard & Poor's. Let's start with CapEx. You see that year after year, we are investing at Edenred. I think that when you look at that, and when you look at what we've decided to do in 2020, the year of the COVID crisis, we decided not to cut investment. What we can say today is that it pays off because the growth we are able to generate today is due to the decision we took, especially in 2020, and I think that we were right. What we say is that we should have an annual CapEx spend of around between 7%-8% of our total revenue. When we say CapEx, 90% of CapEx are coming from tech investments.
As Dave presented to you this morning, we're gonna spend around EUR 360 million this year in technology, 38% of which are technology CapEx. We plan to invest between EUR 450 and 500 million of CapEx in 2025, knowing that around 35% will be CapEx. This is it for what we will do in terms of investment in CapEx. Now, if we look at merger and acquisition. We did selective acquisitions from 2016 to 2022 in all the business lines. You have here are some examples of investment we did.
ProwebCE or Easy Welfare in Employee Benefits, Embratec, UTA, Greenpass in Fleet and Mobility, and obviously, CSI and IPS in complementary solutions. What you can see on the right-hand side of the slide is that we've been very active from 2016 to 2019, and you can see in red the contribution of acquisition to the growth. What we see is that from 2020 to 2022, we did not make many acquisition, and so you don't have this additional revenue increase coming from M&A. Having EUR 2 billion of firepower will allow us to make acquisition in the coming years and to come back with additional operating revenue growth on top of what we will generate organically. Obviously, we have priorities, and we have priorities per business line.
You can see that on employee benefit, we aim to do acquisition, bolt-on acquisition, in meal and food. Sometimes we can have some opportunities to go after a client portfolio in some geographies. We want to build it up to make build-up acquisition to extend Beyond Food. We could look at new business opportunities such as engagement like Arnaud shared with you this morning. When we look at fleet and mobility, we could make a build-up acquisition. We know that we have a platform. We can plug new services on this platform, like Greenpass we did this year. These are things we are looking at too. Regarding corporate payments, we just announced the acquisition of IPS.
This is a good illustration of what we could do in terms of acquisition for this business line, knowing that we can extend the features we propose to our clients on the platform. For all those acquisitions, we have key common criteria, meaning looking at the different business line, what we can acquire does not change. We look at client portfolio, we look at people, and we look at technology and all the other financial key elements that we love, such as recurring revenue and SaaS, high conversion. This is it for M&A. Last topic in terms of capital allocation is our dividend policy.
We paid EUR 1.1 billion dividend since 2016, and we have implemented a progressive dividend policy, as you can see on this slide, in 2017 and 2018. We faced COVID. In 2021, we went back to this progressive dividend policy, catching up the two years where we have not been able to increase the dividend. What we will do in the coming years is that we will grow the dividends in absolute terms every year from starting from this €0.90 we paid in 2021. We are committing to higher targets, and this is a slide you already seen. We have a global performance ambition with both financial ambition and extra financial ambition.
We will grow our EBITDA annually at 12% at least for the next 3 years, and our free cash flow conversion will be a minimum of 70%. As Flo shared with you, we have new extrafinancial ambition, and our ambition is to be a SBTi zero net carbon by 2050. Key takeaways. We have been able to manage both radical transformation and growth over the last 6 years, and our ambition with the Beyond plan is to accelerate and to scale the Edenred platform, and as you have seen with those new targets, and on top of that, obviously, we could have acquisition due to the firepower we have today.
Bertrand, I leave you the floor for,
In fact, it's Cédric.
It's Cédric. Sorry.
Okay. Now we are on for the Q&A session. 30 minutes, we are on time. Thank you, Julien and the others for being on time. A lot of hands already. We are getting the seats and the six people who talked this afternoon. Marc, Gilles, Jérôme, Bertrand, and Julien. Thank you.
Merci.
Okay. No. Don't worry. We will use it one way or another. Don't worry. Okay. The fourth row and we start with you.
Should I just-
So-
Ask my question? I was given a mic.
No, but why, you know, Dalila. Okay. You gave the mic to somebody else. Okay.
That's all right. You go ahead.
What I propose from now on, to make sure that we have the right discipline, Dalila, you are the one who is giving the, you know.
All right. Thank you for taking the questions. I have it seems like the trend is three, so maybe I'll hit that. Justin Forsythe from Credit Suisse. So just wanted to ask for a little more color around the segment level guidance, which I don't think we really got a direct steer there. You know, given, I think you said double digit growth on the top line before, you know, math suggests that, you know, the prior for each of the segments has to come up from the prior guidance. And so are we talking? You know, where are we talking, 9, 10% for employee benefits? Are we talking 12% for fleet, 12% for complementary? Maybe you could just walk through a little bit even directional cadence there. Additionally, on other revenue, that was a really nice slide.
Appreciate that one. Calculated something like an 18% CAGR from 2022 to 2025 on that. Can you just walk through the assumptions there? Is that driven on the future rate table that you put in there? Would that mean that any future rate hikes, in theory, are incremental, I guess, to what the market's assuming for rates at the moment, meaning that would flow through, I guess, on a lag, given the way that the instruments roll. Lastly, just wanted to touch on the F&M presentation and, your comments around the U.S. market. I mean, you're going from, you know, basically zero to $100 million, or 5% market share. I mean, you do have some, pretty sizable incumbents there in FleetCor and WEX who pretty much, I think, own that market.
Can you talk about, one, what exactly it is that you're selling there? And two, how you plan to kind of displace those incumbents? Thank you.
We will finish with, you know, explanation per business line, but why don't we start with the business first? Jérôme.
Yeah. On the U.S., basically what we developed is a platform, as I said, mostly oriented towards SME and mobility, you know, so we are not going for the full market first. The target of pricing revenue is over the next year, so it's not what we factored in in the plan until 2025. We are starting right now. It's a bit early to say. Why do we think that we can win on the marketplace? Because we have a very customer-centric approach, a digital, you know, platform. And we are going for, you know, a go-to-market that is quite digital in some segmented markets.
Yeah, it's pretty, you know, new and so we are very thrilled about the opportunity, but humble about the fact that it can take a bit of time to scale, probably.
The track record of Edenred is encouraging. When we started the journey of fleet and mobility 10 years ago, but then we accelerated, in fact, starting in 2016, and now we are number one in Latin America and number four in Europe. There is no reason why we could not take, you know, a small portion of the American market simply by the fact that we propose an alternative to the two giants. The second thing is because we don't have any legacy, we can look at the market with, you know, through different eyes, and we know that we have the best two competitors on Earth that are over there. That's why it's gonna be inch by inch, step by step to find, you know, our way, and our way we start with mobility for the SMEs. Okay?
You know, as Jérôme said, very humble, inch by inch, and we'll see where it goes. We did it in Latin America. We did it in Europe. As to the other revenue.
Well, regarding other revenue, we decided to put some assumptions in the presentation because you know that interest rates are moving quickly, almost every month. When we did our forecast in June, we didn't know that we will have an increase from ECB in July and in September. You know that it has been very big increase in interest rates, 50 basis points plus 75.
The market is anticipating other interest rate increase. The picture we took is a picture of the futures of interest rate. There is another meeting of ECB this week, the 27th of October. Everybody is anticipating another interest rate increase, so this is what we have taken into account. Now, when we look at the interest rate for the next 2 to 3 years, we also see that they will not be the same depending on the countries. When you look at Brazil, Brazilian Central Bank has decided to increase interest rates very early. It started in September last year. Keep in mind that in February last year, the interest rate in Brazil was at 2%. Today, they are at 14%.
We know that because they did that, inflation is going to go down in Brazil in the coming quarter, so probably they will decrease interest rates. This is an assumption we need to take into account when we forecast our other revenue. It's a picture, so it's a picture of today. Maybe interest rate will go higher in the coming years. We don't know now. Maybe they will go down. What we try to do is to understand the trends in different country and to forecast. What we believe in is that interest rate went up. They are going to stay high compared to where they were over the last six years. This is the reason why we anticipate to triple the other revenue from 2021 to 2025.
Well, you will follow that, we will follow that, and we'll see how it goes in the coming years.
Okay. Your first question was, you know, about revenue growth expectations per business line. We don't guide on that. We are just giving, you know, some, let's say some indication. We said the commitment is, sorry, at least 12% growth in terms of VDA. To be able to do that, we need somehow, you know, double-digit growth. What I said is when we look at the potential and the track record, probably it's in corporate payment where it's gonna be the highest, then on fleet and mobility, and then on benefits. Is benefits gonna be 9%, 10%, 11%? I don't know yet. Be sure of one thing, based on our strategy, based on under-penetrated market, and our willingness to go beyond, based on data-powered products, we will go after every penny of growth.
The probability that it's double digit growth on employee benefits, I think this probability is high. Dalila, maybe we can go to the fourth row. The first gentleman was, you know, the first one to raise his hands. Then we go to you, Simon.
Thank you. Ed Young from Morgan Stanley. Two questions, first of all on the business, and then one on capital allocation. In the fleet and mobility section, you talked about B2B2C. Can you talk a little about the economics of that? I'm just trying to think through materiality and through margin profile. Second of all, on CSI, in the presentation, 9 of 25 trillion in the TAM is checks. I think when you made the acquisition in 2018, you spoke about nearly two-thirds of the market. Is that the market having moved that quickly that soon, or is this a more accurate picture you've developed now, having had some time in the market? Just trying to think about the underlying growth there.
Third one on capital allocation. You've got this EUR 2 billion of firepower, but you've also talked about being very disciplined and patient and obviously not splurging that. Is there a point at which you build up so much firepower that you think that might come partially back in terms of returns or even deleverage of your gross debt? Thanks.
You want me to start? Okay. On B2B2C, you start from the same equation at the beginning, from you know take rate we have. Then you have to share, of course, with the channel partner that is bringing the customers and some incentive to bring the customers to use the solution. Today, it's difficult to say, but probably the rate, the take rate will be lower, of course, than on the B2B business. We don't have any commercial cost to acquire these customers. That's more or less the way it will be. It's very recent, we'll see. You know, the potential in volume is a lot higher. Of course, in terms of remuneration, it will be lower than in our direct B2B business.
You know, this activity might be a highly accretive or dilutive when you think about it. It's a question of connection via API for somebody who's gonna distribute, in fact, your services on a large scale. Obviously, when you look at that, if we do it well, it can be super dilutive. CSI and the size of the market.
Yes, CSI. Addressable market, you're perfectly right, both. We learned better the market, and we find, you know, the view and our understanding of the market. At the same time, we really confirm the dynamic moving, you know, from a check to digital. That's a combination of the two.
Still, you know, the check market is still a huge market.
Yes.
There's plenty of growth.
9 trillion out of 25, that's still huge, ocean in front of us.
No, understood. I wonder if you could give a bit of a picture of how quickly it's moving, though. Do you have any steer around how we could think about that?
If you look at the Mastercard figures, three to four years ago, it was at 50% of the market, and now 9 out of 25, it's 40%. It's happening now, but still 9 trillion in front of us.
Okay. The third question was about the capital allocation. Yes, we will continue to be very disciplined in terms of acquisition. It's not because we have a firepower that the pile of firepower is there to be spent. We will continue with the same discipline, and we demonstrated in the past. Between 2019 and 2022, we didn't do anything significant. The first thing we did was, you know, acquire a business a few weeks ago. Why didn't we do many things during those years? First of all, the multiples were super high, and the second thing is we are super pragmatic people.
When some assets are on the markets, but we cannot spend some time due to the COVID with the management team, when what is sold is a black box with something that we love saying, "You know what? It's super expensive, and it's a black box, but because it's a black box and super expensive, you have to trust us because it's high-quality stuff." We don't believe in that. We love looking at what is inside the box, the quality of the people, the management team, the quality of the technological platform, and the quality of the client portfolio. If we are not able to have a judgment on that, we don't believe anybody. At Edenred, in God we trust, but everybody else must bring data.
We can stay super disciplined if needed, because once again, we have years in front of us of growth based on, you know, the under-penetrated market and the platform that is delivering more and more. We will keep that discipline, but the market is much better today. The multiples are lower, and we have a vehicle, in fact, to integrate even faster additional services. What you will see, as explained by Julien, is we're gonna move in terms of additional services that we're gonna integrate on the platform. It's probably, you know, mid-size or small size, you know, services, and it's to make sure that we accelerate on the Beyond Food and the Beyond Fuel because we love that, and it's highly accretive, and it really scales the platform, and it has an impact on the loyalty.
Expect us, you know, to spend some of the money super wisely, to continue to enforce the platform advantage of Edenred. If there is too much cash left, then there will be some conversation with the board as to, you know, is it time to give back. Thank you. Simon.
Yeah. Simon from Stifel. Two questions. First of all, on the operating leverage, you target basically 12% EBITDA growth. Within that, you see also revenue at EUR 130 million by 2025. It seems that it implies close to 100 basis points of operating EBITDA margin improvement over the next three years. Just want to check that's a fair assumption. Thirdly, on the U.S. fleet and mobility market. Just want to check the EUR 100 million revenue target. Is it only based on organic expansion, or does that include acquisitions, potential acquisitions? If you could comment a little bit on the competitive landscape in this market beyond the two well-known leaders. Thank you.
Is it organic growth? The answer is yes. Once again, we don't know the horizon, so you understand that it's step by step, and it's not in the plan. Okay? It's on top of. The competition in the U.S., Jérôme.
Yeah. Exactly as Bertrand. Sorry, but was there a second part of the question or?
Yeah, the second part is, outside WEX and FleetCor.
Yeah.
What kind of competition do you see?
Yeah.
So-
There's a third player, basically, but it's a lower scale in the U.S. Then there are newcomers, like, two newcomers that have, as well, a digital approach, you know, on the market. Basically, it's not a market, you know, full of players. I think it's a good experience for us to come on the market because there's a room to grab, you know, like some space to grab.
Regarding the EBITDA margin for the next three years, well, our ambition is to scale the platform. We wanna do that, and we want to accelerate. When we look at our track record and the way EBITDA has improved over the last six years, we... The more volume we put on the platform, the higher the EBITDA margin is. Now, as we already said, we want to prepare the future of the company, and we want to invest. It's possible that, taking into account some opportunities, we decide to invest. As we already explained also, we know that when we invest, we invest in CapEx, but we also need to invest in OpEx.
That's the way it goes, especially when we are talking of digital solutions. Yes, the EBITDA is going to grow, and then it will depends on the opportunities we need to finance to fuel the future growth of the company. Maybe to complement what Julien said. The scale platform means, you know, the ability to increase the EBITDA margin every year. Okay. To be able to sustain the pace of growth, we need to invest. It's mainly technological investments. 65% is in OpEx. You have to pay for the software developers, and you cannot capitalize everything. By the way, it's a good discipline because it means that you don't push in front of you D&A, you know, later on.
Having said that, we don't want to be the prisoner of the EBITDA margin. We did it for the last six years. The margin has increased, and it's gonna continue to increase. But if at some point of time, because we see an opportunity, we say, "Okay, let's go, let's accelerate," we will do it. The impact on the EBITDA margin is gonna be limited when you look at the size now of Edenred. Our commitment is to explain. If the EBITDA margin is not growing or going slightly down, we will explain what did we do this semester or that year with that money. For example, I can tell you that in 2022, we decided to accelerate certain, you know, developments because we have an exceptional year. It's the year where we want to invest.
It's very logical. During the COVID, we didn't cut the investments, and the investments in technology have increased by 6% in 2020. When we have exceptional years, we accelerate. What we share with the team is always repair your roof when it's sunny. Don't wait, you know, for the weather being a storm to take care of your roof. Be sure of one thing at Edenred, when the weather is sunny, and it's gonna be sunny for many years, we will continue to improve the quality of the roof. Other questions? Let's go.
Hi, it's Harry Martin from Bernstein. The first question I have is on the employee benefits business, but I didn't have a chance to ask a question earlier. I was just wondering if you could go into a little bit more detail on the gifting market, that EUR 100 billion increase in the TAM there. You know, any details that you have on the penetration of that market at the moment, who the sort of the key competitors are, and how the economics of that business compare with the core employee benefits business.
Secondly, on the guidance, you know, philosophically, and you've shown it in quite a few of the slides today, you've set guidance relatively conservatively and then beaten it pretty handsomely. You know, is there confidence internally that, you know, that the 12% target is something that can be, you know, beaten quite handsomely again? You know, related on the cash conversion, I think if you take out the higher financial revenues, you know, that 70% conversion, you know, again compares relatively low compared to what you've achieved in the last few years. Could you talk about a few of the puts and takes on that side as well? Thanks very much.
Okay. Exceptionally, we'll start with the financial questions and then we'll move to the gifting. In terms of the guidance, let me repeat. We give a lot of visibility for the next three years, but we never know. I was joking with my friend saying, "Let's imagine all, you know, all of us, Christmas 2019, opening the oysters." And I'm saying to you, "You know what, guys? Three months from now, you will not be able to move from point A to point B in Paris without a piece of paper stamped by the French administration. And you know what? Two years from now, you will have war in Europe." I'm sure all my friends, you know, would have laughed at me and say, "You know what? Go back to your bedroom. You are completely nuts." We never know.
It's what I want to say. Here we have a high level of confidence to achieve those numbers for the next three years, so it's a lot of visibility. If we can do better, of course, we'll do better. You can see that we have many, many positive elements that could help us to do better. There are some unexpected events that we don't know today. War, is it going to stop? I don't know. Recession, there will be a recession. What's gonna be the impact on the unemployment? What's gonna be the impact on the total number of people using our solutions? Today, we believe that there will be a recession, but what's gonna be the extent, and the difficulty of the recession? When we look at the wins, we have much more tailwinds than headwinds.
Recession is part of the headwinds, but it's a balance. Do we think that we can do better? Yes. Do we think that in the journey of 2023, 2024 and 2025, something could happen? Yes. That's why, you know, we are at 12%. Okay? There was another financial question, no? No?
The free cash flow conversion.
The free cash flow conversion. Do you want to take this one or?
Yeah. Obviously. No.
I feel good with the team right now.
Yeah. Free cash flow-
We are a team.
Yeah. Free cash flow conversion. As I shared with you, yes, we did well over the last years. 73% on average, excluding 2020, where we did 110%, but it was due to the COVID restriction. You know, people were not able to go out, as Bertrand said. Obviously, they were not able to spend their benefit. Now, when we look at what we achieved, especially in terms of funds from operations, which is a key driver of our free cash flow, I think that it's the same as for EBITDA, knowing that we will do 70% at least. As Bertrand said, if we can do more, we will do more.
Now when you look at the figures and the way they move.
There is no big difference between 70 or 72% in terms of performance. You know, that free cash flow conversion also depends on the last quarter of the year with the gift season. 70% I think is an improvement compared to the Next Frontier plan. It's a minimum. If we can do a 73 like we did over the last six years, obviously we will do.
Maybe to complement. You know, if we zoom out a little bit, Edenred is a fantastic company. We are able to give visibility. We are able to generate sustainable and profitable growth. We are able to have a super nice free cash flow conversion when you compare the ratio to any other companies. We commit to do better on a larger base, as demonstrated versus the last two plans. We love the challenge. We demonstrated that we are able to, you know, to overcome the challenges. Bear with us, a lot of sustainable and profitable growth to come and a well-balanced, you know, financial model in terms of cash generation. Part of it will come from gifting, my dreams are the dreams of Arnaud. Gifting.
Yeah. As I was turning my back, I don't know who has a question, so to whom I should look at. Okay, thank you. No gifting. Gifting is a market which is, I would say, less consistent than the one of Benefit because you can address different business case. There was a business case mentioned by by Gilles when it comes to incentive and reward. Then you have HR gifting, when you as an HR person will reward your employee at the end of the year, and mostly before you know before Christmas. It is less consistent as well in terms of competition because you have a lot of different type of gifting.
You can have a gift card on which so business model is super close to the employee benefit. You can have benefit in kind. You can have mono brand vouchers. So you have so many different way of achieving gifting. When it comes to where we are good at, let's say multi-brand gift card and e-gift card. Let's say yes, it's a super complimentary offer versus our employee benefit, but it's a non-recurring benefit. Mainly it's coming, let's say you have one big campaign during the year, which is Christmas. You may have, you know, during Easter or Women's Day. So it's complimentary.
again, our objective is to reduce the cost of acquisition, so maximum of cross-selling, thanks to our platform and to have our sales team super focused during a short period of the year because you need basically, even if we sign in some case a multi-annual contract, in many cases you need to re-sign your customer and convince them to give, you know, to activate their gifting budget with Edenred.
Okay. Other questions?
Yes, two questions on my time. Joanna from Oddo BHF in Paris. One question maybe on the dividend policy. I know you don't give any guidance on the payout ratio, but should we think that what you used to do in the past, let's say 65%-70% payout ratio should remain, broadly the same? My second question is, like Simon in Europe on the Fleet & Mobility business. Could you maybe elaborate a little bit on the competitive environment? Maybe some comments on the DKV behavior for instance, but also aren't you afraid that WEX and FleetCor might be a little bit more aggressive in this market if you're entering their initial market? Thank you.
Okay. As to the dividend policy, when we started the journey, we were on the payout policy and we stopped that in 2019 very clearly, very precisely and we continue. We are not on payout, we are on progressive dividend policy. The dividend will continue to increase and it's gonna be defined, you know, year after year. But it's a commitment, more dividend on an absolute value every year. As to your first question for the competition, Gilles, what do you think?
Very good question. In Europe my vision today is that, yeah, DKV probably the biggest competitor we have in Europe. Independent player only present in Europe. It's a very good competitor. It's a strong competitor. Same kind of profile as us, so it will be shoulder to shoulder probably competition over the next years. We are investing a lot in our digital platforms, you know, to scale in Europe because we have already quite a good basis but we are lower scale than DKV today. I'd say that's a good competition but we proved in other markets that we can overperform the market over time. That's my vision on that. Respect them a lot.
On FleetCor and WEX, I'm not sure. I would say that, you know, the market is big in the U.S. so we don't go there just to displace, you know, FleetCor and WEX. We think that there's quite a green, you know, open sea market in the U.S. where we can go. Today they are not so present in Europe. FleetCor is more in U.K. and WEX has only, like, a reselling or white label business. You don't enter a market, you know, you need some assets, platforms, you know, and different, you know, assets that we presented a bit earlier. I don't think it's so easy to enter the European market when you don't have the install base and the platform to scale.
Yeah, no, I don't see it that much. I mean, once again, they are very strong competitors. They are ahead of us today, and so we respect them, but I don't see that happening so soon.
Once again, we don't enter the American market to steal market share from WEX and FleetCor. We are entering a market that is super large, still under-penetrated, and we go, you know, on a niche, which is the mobility for SME. There is room. There is room for many players in the U.S., and our game is absolutely not to go after the market share of two exceptional players in the U.S. Our game is to grow the market and to take a small piece of it. Okay? In fact, we are out of time for the questions, and so it's now time to conclude, to be able to finish on time. First of all, I really want to thank you.
It has been a long working session, and you have been super patient with us, and you take the time to listen to us and to ask many questions who are helping us, in fact, to improve our performance and to be better for the years to come. Thank you for your attention and your discipline. If we summarize, and I will go very fast because we prepared, you know, a 45 seconds, let's say, animation on the screen to summarize what we said today. The first thing is, yes, Edenred has been disrupted itself since 2016. We disrupted our portfolio. We disrupted our product and technology. We disrupted our business excellence, and we put ESG at the heart of Edenred. At the same time, while we were disrupting, we increased significantly our financial performance.
The size and the strength of Edenred today is so much higher than what we were, in fact, 6 years ago. We doubled our level of revenue, more or less. We more than double our level of net profit. We multiply our market cap by more than three times, and we are totally deleveraged by the end of the year. We moved an organization from 7,000 people to 12,000 people. It means 5,000 additional talented people that can help us contribute to accelerate the growth of Edenred. You see some of us today on stage, and as Cédric said, you have, in fact, the resumes at the back of the presentation of this afternoon. We have a vision, and our vision is very simple.
We want to be and to continue to be the everyday platform for people at work. With that vision, we want to meet EUR 5 billion of revenue by 2030. How exciting. We will do that because we benefit from super nice macro trends. We talked a lot about them, and those trends will continue for many years. On top of the structural macro trends, we also benefit from a super nice economic environment, and we didn't have that for years. The rise of interest rates and interest rates that are positive, it's here to stay for many years. A higher level of inflation than what we had for the last six years is also here to stay, and it creates a lot of opportunities for us to give back via our solutions, some purchasing power.
We're gonna also leverage what we call the Edenred platform advantage. Thanks to the platform that we will continue to invest on, we will be able to sell to more people, so increase our addressable market, and we will sell more and more product and services beyond food, beyond fuel, beyond pay. To do that, we have a plan, and the plan is scale the core, so doing even better what we have been doing for the last six years. Moving Edenred from a good company to a great company, 60% of the growth potential, extend beyond 30% of the growth potential, and then going after or expand in new businesses and territories for 10%. We also continue to work on ESG to make sure that our offer is, you know, ESG by design.
To achieve, you know, those objectives, we will capitalize on our key assets, knowing that the first of our key assets is us. It's Edenred people who are joining us and who are contributing to the future of Edenred. Based on that, yes, we commit to a higher financial ambition, moving from, you know, 10%-12% growth of EBITDA for the next three years every year, and an even higher cash conversion, moving from 65%-70%. On top of the financial ambition, we are looking for a global performance. Extra financial is gonna continue to be key for us. Yes, we believe that the constraints create the talent.
Let's move, you know, further, especially in terms of our footprint, in terms of CO2, and we will reduce, and we will be net zero carbon by 2050 following the methodology of SBTi. That's our ambition. Thanks a lot, and let's look at, you know, the small movie we prepared for you, which is a nice summary, a better one than what I just shared with you. Video maestro.