Pale Fire Capital has acquired a 5.01% stake in Edenred, a leading French corporate benefits provider, as part of a strategic investment to capitalize on the company's potential recovery.

Target Information

Pale Fire Capital (PFC), a financial group known for its diverse portfolio, has made a significant move by investing in Edenred, a French leader in corporate benefit solutions. Edenred, which gained prominence in the Czech Republic with its Ticket Restaurant paper vouchers, has transformed into a technology-driven company that now primarily operates via mobile applications and payment cards. Since its inception, Edenred has evolved its offerings to include a range of employee benefits alongside vehicle fleet management solutions.

Listed on Euronext Paris since 2010 under the symbol EDEN, Edenred is part of the CAC 40 index. Despite experiencing a peak share price of over €60 two years ago, the stock has struggled recently, losing nearly 40% of its value in 2025 and currently trading around €19. Jan Barta, co-founder and chief investment strategist of PFC, sees this dip as an opportunity for future growth potential.

Industry Overview in France

The corporate benefits industry in France has witnessed significant evolution, particularly in the realm of digital transformation. As Employee Wellbeing becomes a primary focus for many organizations, services provided b