Edenred Japan Strengthens Strategic Partnership with Major Benefits Provider e-wel; Accelerating National Rollout of Meal Subsidies Amidst the First Expansion of Tax-Free Limit in 42 Years

Edenred Japan Co., Ltd. (hereinafter referred to as the Company), which operates the meal subsidy service "Ticket Restaurant", will strengthen its strategic partnership with e-wel Co., Ltd., a company providing benefit outsourcing, health support services, and consulting, taking the opportunity of the expansion of the tax-free limit for meal subsidy systems scheduled to be implemented from April 1, 2026.

Through this strengthened partnership, we will begin offering "Ticket Restaurant" with zero initial costs for a limited time to companies using the "Cafeteria Plan" provided by e-wel. Viewing this historic turning point—the first in 42 years—as a great opportunity, we will strongly promote the popularization of meal subsidies throughout Japan by linking our meal subsidy solutions with e-wel's powerful administrative agency platform.

## Background of the Partnership: Expanding Tax-Free Limits Prompts Stronger Ties Between Meal Subsidy Pioneer and e-wel, Known for Operational Support
In other countries, particularly in Europe, the adoption rate of meal subsidies reaches 50-70%, and the tax-free limits remain at a high level of approximately 25,000 to 30,000 yen per month. In contrast, Japan's limit has been fixed at "3,500 yen per month" for 42 years. Consequently, the system has been detached from reality for a long time, causing the domestic adoption rate to stagnate at around 14%*. In particular, the traditional image of "meal subsidies = company cafeterias" has been a barrier to adoption for small and medium-sized enterprises lacking the capacity for such facilities.

To solve this issue, our company has continuously lobbied the government for many years to ease the upper limit. Such efforts have helped push the debate forward, and from Wednesday, April 1, 2026, a historic revision will finally be implemented that doubles the tax-free limit to 7,500 yen. With this revision, companies can significantly expand both practical "take-home pay increases" and food support for employees without increasing their tax burden, leading to comprehensive lifestyle support for workers.

Seizing this historic revision as an opportunity to accelerate the nationwide adoption of meal subsidies, we have decided to strengthen our strategic partnership with e-wel, which has an extensive track record and administrative foundation in operating Cafeteria Plans.
*Edenred estimates

## Main Details of the Partnership
We have prepared a special, limited-time plan allowing companies using e-wel's "Cafeteria Plan" to implement "Ticket Restaurant" with zero initial costs. A dedicated subsidy menu for "Ticket Restaurant" will be established as one of the cafeteria options. Employees can charge their cards by applying for this menu using their existing cafeteria points. This achieves both "ease of introduction" and "ease of operation" with unprecedented smoothness.

### [Sales Overview]
Sales Start: Accepting applications from Wednesday, April 1, 2026
Target: Users of e-wel's "Cafeteria Plan"

### [Special Plan Overview]
Eligible Period for Special Plan: Users applying between Wednesday, April 1, 2026, and Tuesday, June 30, 2026
Benefit: Initial costs* are free (*Card issuance/delivery fees, initial setup fees)
*Users who newly apply by Tuesday, June 30, 2026, will also be eligible for the company's campaign "Tax-Free Limit Doubled! Meal Subsidy Implementation Support Up to 50% OFF Campaign ~ Elevating Japan's Meal Subsidies to Global Standards ~", which offers up to 50% off handling fees within the year 2026.

### [Benefits for Implementing Companies]
(1) Addressing diverse employee needs by expanding employee benefits.