Pluxee Fiscal 2025 Results

Fiscal 2025 Results
Issy-les-Moulineaux, France – 30 October 2025

Pluxee outperforms in Fiscal 2025, combining sustained growth, strong margin expansion and record cash generation

The Group moves into Fiscal 2026 on strengthened foundations

Highlights

• Robust commercial performance, with an increasing contribution from M&A synergies, reflecting disciplined execution of the strategic roadmap and the resilience of Pluxee’s business model in a challenging environment
• Total revenues of €1,287m up +10.6% organically, finishing the year on a high note in Q4; €1,125m in Operating revenue up +10.3% organically driven by strong growth in Employee Benefits and €162m in Float revenue
• Strong increase in Recurring EBITDA up to €471m growing +22.2% organically driving margin to 36.6%, a significant +230bps organic expansion — well above the Group's +150bps Fiscal 2025 objective
• Adjusted net profit Group share of €221m leading to an Adjusted earnings per share of €1.52, up +9.1%
• Record Recurring free cash flow generation at €417m, up +10.0%, resulting in an 89% Recurring cash conversion rate, significantly above the Group's 3 year average objective of 75%; Net financial cash position of €1,163m, up significantly by €108m year-on-year
• Significantly enhanced shareholder return for Fiscal 2025 including dividend of €0.38 per ordinary share, up +9% year-on-year, and launch of a €100m share buyback program reflecting Pluxee's confidence in its outlook
• Backed by its structural growth drivers and profitability potential, while remaining cautious in light of the macroeconomic context in certain markets, Pluxee commits for Fiscal 2026 to deliver high single-digit Total Revenues organic growth, +100bps Recurring EBITDA margin organic expansion and above 80% Recurring cash conversion on average over 3 years

Fiscal 2025 key figures 

The supplemental non-IFRS financial measures are defined in the " Alternative performance measure (APM) definitions" section.
(1) Attributable to the equity holders of the parent.

Aurélien Sonet, Chief Executive Officer of Pluxee, commented:

"Closing Fiscal 2025, we are proud that the Group has once again outperformed in its second year as a standalone Group. Throughout the year, we accelerated the execution of our strategy to further strengthen our global leading position in Employee Benefits and Engagement. This translated into strong new client development and solid net retention, despite a challenging environment, notably weighing on our end-user portfolio. The integration of bolt-on acquisitions, in addition to our partnership with Santander in Brazil, played a meaningful role in reinforcing our market positions and advancing the rollout of our product and technology roadmap. Supported by a sustained organic revenue growth, we achieved a substantial Recurring EBITDA margin expansion and delivered an elevated cash conversion rate, reflecting the operating leverage and strong cash generation embedded in our model. Overall, the Group met — and in some areas even exceeded — all its financial objectives for Fiscal 2025. These achievements are a testament to the trust placed in us by our clients, consumers, and merchant partners, the dedication of our Pluxee teams, the strategic leadership of our Executive Committee, and the ongoing support of our Board. We enter Fiscal 2026 with confidence, supported by our resilient business model and solid structural growth drivers, while remaining cautious in light of the uncertain macroeconomic context in several of our markets. Through the disciplined execution of our strategy and continued focus on efficiency and innovation, we are well positioned to sustain profitability and cash generation, while continuing to grow sustainably over the long term."

Fiscal 2025 results

The Board of Directors of Pluxee N.V. prepared the Fiscal 2025 financial statements. The Group's statutory auditor completed the audit of the Fiscal 2025 consolidated financial statements.

Fiscal 2025 Income statement

The consolidated financial statements were prepared in thousands of euros and are presented in million euros, after rounding to the nearest million (unless otherwise specified). As a result, there may be rounding differences between the amounts reported in the various statements.

Solid business momentum in Fiscal 2025

Total Business volumes issued (BVI) reached 24.5 billion euros in Fiscal 2025, including 5.6 billion euros in the fourth quarter, compared to 24.0 billion euros in Fiscal 2024.

Employee Benefits business volumes issued stood at 18.7 billion euros, representing +7.6% organic growth or +8.5% excluding one-off effects from the Purchasing Power Program (PPP) in Belgium. In the fourth quarter, Employee Benefits business volumes came in at 4.5 billion euros, representing +6.8% organic growth. This steady performance reflects the strong trend in new client development across both large accounts and small and medium-sized enterprises (SMEs). It was further reinforced by a net retention rate maintained at 100%, driven by improved client loyalty and sales efficiency, as local teams maximized client potential through higher face values and cross-selling. This positive trend in business volumes issued was partly offset by the current macroeconomic environment, which impacted end?user portfolio — especially across industries such as temporary staffing, consulting services and manufacturing. Organic growth in Employee Benefits business volumes issued was further reinforced by recent M&A transactions, progressively contributing to the top-line through both growth synergies and a positive scope effect.

Other Products & Services business volumes issued remained stable at 5.8 billion euros in Fiscal 2025, including 1.1 billion euros in the fourth quarter, reflecting the discontinuation of large Public Benefits programs over the fiscal year, primarily in Romania and Chile, where the program was reinstated effective from March 2025 on revised economic terms.

+10.6% Total Revenues Organic growth in Fiscal 2025

Total Revenues reached 1,287 million euros in Fiscal 2025, corresponding to +6.4% reported growth compared to Fiscal 2024. It includes a currency translation effect of -7.0%, mainly due to operations in Brazil and Türkiye, and to a lesser extent Mexico, and a scope effect of +2.8%, mainly related to the integrations, in Brazil, of Santander Employee Benefit activity and Benefício Fácil, as well as the acquisitions of Cobee in Spain, Portugal and Mexico. Total Revenues increased +10.6% on an organic basis in Fiscal 2025, in line with the Group's low double-digit financial objective, and including +9.6% revenue organic growth in the fourth quarter, excluding a +2.0% scope effect and a -4.8% currency impact. This growth trend highlights Pluxee's ability to deliver sustained topline growth in a more challenging macro environment.

Total Revenues by nature

Operating revenue in Fiscal 2025 totaled 1,125 million euros, up +10.3% on an organic basis, reflecting Pluxee's sustained operating growth throughout the year, excluding a -6.4% currency impact, and a +2.7% scope effect. Operating revenue organic growth in the fourth quarter reached +9.8%, driven by the very strong performance in Latin America, and partially offset by expected base effects and stronger-than-expected macro headwinds in Continental Europe.

Float revenue increased +12.6% organically, including +7.6% in the fourth quarter, to reach 162 million euros in Fiscal 2025, excluding the +3.4% scope effect and -11.0% currency translation impact. Float revenue organic growth was underpinned by a volume effect, attributable to regularly increasing business volumes issued, especially in Latin America and Rest of the world. Concurrently, the Group continued to deploy an efficient investment strategy and benefited from relatively high interest rates in Brazil and Türkiye, resulting in an improved average investment yield of 6.0% in Fiscal 2025 versus 5.7% in Fiscal 2024.

Operating revenue by line of service

Employee Benefits recorded Operating revenue of 963 million euros in Fiscal 2025, up +12.0% organically excluding a -7.4% currency impact and a +3.3% scope effect. The robust momentum was supported by steady organic growth in business volumes, notably in Latin America and Rest of the world as anticipated, and by a continued improvement in the take-up rate, which rose by c. +20bps to an average 5.1% for the fiscal year. In the fourth quarter, Pluxee generated 265 million euros of Employee Benefits Operating revenue, up +11.6% organically.

Other Products & Services recorded Operating revenue of 162 million euros in Fiscal 2025 compared to 163 million euros in Fiscal 2024, of which 38 million euros in the fourth quarter compared to 39 million euros in Fiscal 2024. Fiscal 2025 trend reflected the temporary discontinuation of large Public Benefit contracts in Romania and Chile, and the ongoing repositioning of Pluxee's offer in the United Kingdom and the United States.

Operating revenue by region

Continental Europe reached 506 million euros of Operating revenue in Fiscal 2025, recording +5.1% organic growth, excluding a +2.1% scope effect. The Group benefited from solid momentum in Southern Europe, notably in Spain supported by the Cobee acquisition, as well as by the steady resilience of the meal benefit solution across countries. It was tempered by a high comparable basis related to one-off programs issued in Fiscal 2024, such as Belgium’s Purchasing Power Program and the Paris 2024 Olympics, in addition to a challenging regional macroeconomic environment and some headwinds in large Public Benefit programs.

In Latin America, Operating revenue reached 429 million euros in Fiscal 2025, delivering a +14.5% organic performance excluding a +4.7% scope effect and a -13.3% currency impact. This strong organic growth was partly driven by Brazil, where the Santander partnership was operating at full capacity. It was complemented by sustained momentum across Hispanic Latin America, particularly in Chile where the Junaeb Public Benefit program was partly renewed in March 2025, while Mexico continued to face challenges related to U.S. trade policies.

In Rest of the world, Operating revenue amounted to 190 million euros in Fiscal 2025, showing +14.2% organic growth excluding the -7.7% currency impact, mostly related to the devaluation of the Turkish lira. Regional organic Operating revenue growth was driven by Türkiye where the Group continued to secure further increases in face value within its existing client portfolio in the current hyperinflationary context, while also strengthening its position in the meal benefit segment through new contract wins. In the UK and the U.S., business repositioning on Employee Engagement is underway, with a temporary impact on regional performance.

+230bps organic expansion of Recurring EBITDA margin

Recurring EBITDA increased to 471 million euros in Fiscal 2025, a strong organic rise of +22.2% driven by growing profitability in all three regions. On a reported basis, Recurring EBITDA rose +9.4%, including a -11.1% currency and -1.7% scope effects, which reflects the impacts (synergies excluded) of recently closed M&A deals on Recurring EBITDA variation in Fiscal 2025.

Recurring EBITDA margin stood at 36.6%, up +230bps on an organic basis and +102bps including currency and scope effects. This strong organic performance was primarily driven by operating leverage embedded in the Group's business model, further supported by the initial positive contribution from integrating recently closed M&A transactions, and the efficiency gains achieved since the Spin-off through disciplined cost management at both local and global levels. Together, these factors delivered a massive +235bps organic expansion in Recurring EBITDA margin excluding Float revenue, to +27.4%. Recurring EBITDA margin was further supported by favorable flow-through from growing Float revenue in Latin America and Rest of the world.

Operating profit (EBIT) grew +34.3% to €335m

Recurring operating profit (Recurring EBIT) stood at 361 million euros in Fiscal 2025. It included -110 million euros of Depreciation, amortization and impairment charges, compared to -89 million euros in Fiscal 2024, an increase mainly due to the amortization of the intangible assets recognized as part of the exclusive distribution agreement with Santander and the recent acquisitions of Cobee and Benefício Fácil.

Other operating income and expenses amounted to a net expense of -26 million euros in Fiscal 2025, of which -5 million euros related to business combinations. Excluding M&A, Other operating income and expenses corresponded to (i) one-off residual charges related to the finalization of the IT carve-out as part of the Spin?off for -9 million euros, (ii) some asset write-offs partly related to consolidation scope changes following the closure of the Group's activity in Indonesia, for -6 million euros, and (iii) restructuring and rationalization costs for -5 million euros.

Operating profit (EBIT) in Fiscal 2025 was 335 million euros, compared to 250 million euros in Fiscal 2024.

Net profit, Group share, increased +48.6% to €197m

Financial income and expenses came in at -17 million euros in Fiscal 2025, compared to -20 million euros in Fiscal 2024. Gross borrowing cost totaled -48 million euros, representing a c. 4 million euros decrease compared to last year, attributable to the non?recurrence of Spin?off refinancing costs and more favorable financing conditions. Interest income generated from the non Float-related cash amounted to 41 million euros, while Other financial income and expenses stood at -10 million euros, reflecting the application of hyperinflation accounting in Türkiye and net foreign exchange losses primarily related to the translation of dividend distributions from Brazil and Türkiye, following the depreciation of the respective currencies against the euro.

Profit before tax amounted to 318 million euros for Fiscal 2025 compared to 230 million euros for Fiscal 2024, as a consequence of all factors discussed above. 

Income tax expense amounted to -100 million euros in Fiscal 2025. The Effective tax rate (ETR) stood at 31.4% in Fiscal 2025, from 39.5% in Fiscal 2024. It reflected the near-normalization of the income tax rate post Spin-off, although Fiscal 2025 still included exceptional impacts, mainly related to the finalization of the IT carve-out in the first semester and the write-off of certain digital assets.

Net profit for the year increased +56.6% compared to Fiscal 2024, up to 218 million euros in Fiscal 2025. This significant increase was driven by a higher basis of Total Revenues and an expanding Recurring EBITDA margin, while reflecting the Group's new capital structure and related stabilization of financial expenses, plus the progressive normalization of Other operating expenses and income tax expenses post Spin-off.

Net profit, Group share, after 21 million euros of non controlling interests (mainly related to the strategic partnership signed with Santander in Brazil) was 197 million euros compared to 133 million euros in the previous fiscal year, reflecting a +48.6% reported growth in Fiscal 2025.

Adjusted net profit, Group share, increased +8.4% to €221m

Adjusted net profit, Group share, reached 221 million euros in Fiscal 2025, compared to 203 million euros in Fiscal 2024, driven mainly by the strong improvement of Recurring EBITDA.

Adjusted Basic Earnings Per Share came in at 1.52 euros in Fiscal 2025 compared to 1.39 euros in Fiscal 2024, representing a +9.1% increase year-on-year.

Recurring free cash flow generation at €417m, fueling 89% Recurring cash conversion rate

(1) Excluding Restricted cash variation of +99 million euros in Fiscal 2025 and -57 million euros in Fiscal 2024.
(2) Including mainly the repayment of lease liabilities and the cancellation of (i) non-cash charges and (ii) Other operating income and expenses impacting work