(BFM Stock Exchange) – The two companies see their courses diving this Friday, April 25. According to an analyst, the decline was caused by press information which reports that the Brazilian authorities are considering favoring a central bank payment system for the restaurant and food securities market.

Once again the groups of titles restaurant Edenred and Pluxee are turned upside down on the Paris Stock Exchange. Around 1 p.m., this Friday, April 25, Edenred action won by 13% and that of Pluxee by 8.3%, the two companies accusing two of the strongest decrees of the SBF 120 index.

This reversal was suddenly, around 10:30 a.m. to 11 p.m., and occurred while none of the two companies delivered critical information.

According to an analyst, these brutal falls are due to information published in the Brazilian press about national regulations.

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Complex debates

In Brazil, a reform about “interoperability” and “portability” has been under discussion for several years, with the vocation to strengthen competition.

To simplify, the idea would be to allow a new potential in the market for restaurant and food titles to benefit from the networks of the actors already established. Clearly, his titles would be accepted among traders who already accept the systems of his competitors.

The press article in question suggests another, more radical possibility, according to the previously quoted analyst. It would be a question of no longer using the current system to transfer the funds of restaurant and food securities to the accounts of the Brazilians, but to adopt the payment system of the Central Bank of Brazil, called “Pix”.

Ultimately, “it would just be like issuers” of restaurant titles, summarizes the analyst.

In addition to the fact that it would only be just discussions, this market specialist highlights several limits to this device. First of all, such a device would no longer flex the money paid to Brazilians to food expenses. This would risk strengthening the expenses of Brazilians to the parallel economy.

An important market

Let us recall that the competence of groups like Edenred and Pluxee is precisely to “dry up” money, that is to say to set up payment systems with many conditions and limits (weekend, amount, nature of expenditure).

Then, the analyst explains that the central bank of Brazil would also have declared that it did not wish to act as a supervisor, and “filter” the payments, in the event that such a solution is implemented.

Contacted by BFM Stock Exchange, Edenred confirmed that the drop in its course seemed to be linked to current discussions on the evolution of the PAT (worker’s food program) in Brazil and stressed that the subject had already been mentioned previously in February press items.

Pluxee spokesperson were not immediately available to provide comments.

Brazil is the most important market in the world for “advantages to employees”, that is to say restaurant, food titles or gift titles.

Edenred does not reveal its direct exposure to this region, but Latin America represented 30% of its operational income in 2024 and Brazil is the lion’s share in this area. Barclays evaluated, in a recent note, at 18% the group’s exhibition in Brazil on the basis of operational turnover. The only restaurant and food titles in Brazil would represent around 9% of this same turnover, according to Barclays. At Pluxee, Latin America represents just under 40% of income