PLUXEE N.V.

PLX

Equity

ISIN NL0015001W49 / Valor 132329304

Euronext - Euronext Paris (2026-10-27)

EUR 14.31%

PLUXEE N.V.
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About company

PLUXEE N.V., formerly known as Sodexo Benefits and Rewards Services (BRS), is a global provider of employee benefits and rewards solutions. Originally founded in France, the company has expanded its operations across Europe, Latin America, and Asia, establishing a significant presence in countries such as Belgium, Germany, Brazil, and India. PLUXEE N.V. offers a range of services designed to enhance employee engagement and satisfaction, including meal vouchers, gift cards, and mobility solutions. The company has strategically grown through acquisitions, such as the purchase of Luncheon Tickets in Argentina, and has embraced digital transformation by forming partnerships with major food delivery platforms like Just Eat Takeaway.com and Uber Eats. These collaborations aim to integrate digital solutions into their offerings, enhancing convenience and accessibility for users. With a focus on international development, PLUXEE N.V. continues to expand its footprint in emerging markets, maintaining a leadership position in several regions.

Summarized from source with an LLMView SourceSector: Business Services

Top-line and margins

Total Revenues: €655m (H1 FY2026), organic +5.6% (reported +3.0%). Operating revenue €573m (organic +5.7%). Recurring EBITDA €242m, organic +12.9%, Recurring EBITDA margin 37.0% (organic +229bps) — showing strong operating leverage.

Profit and EPS

Operating profit (EBIT) €172m; Profit before tax €169m; Net profit attributable to the Group €105m (up 7.8% y/y). Adjusted net profit (Group share) €112m; Adjusted basic EPS €0.78 (diluted €0.78).

Cash flow and balance sheet

Recurring free cash flow €210m (Recurring cash conversion 86%). Total cash, cash equivalents and current financial assets €2,542m; Float-related cash €2,855m (Restricted cash €753m). Net financial cash position (ex‑restricted cash) €1,270m as of 28 Feb 2026.

Revenue mix and product trends

Employee Benefits remains the growth engine: €500m Operating revenue, organic +9.4% (87% of Operating revenue). Other Products & Services €73m, organic -14.3% (13% of Operating revenue). Float revenue €81m, organic +5.3%.

Geographic performance

Latin America strong: €229m Operating revenue, organic +12.1% (Brazil a key driver). Continental Europe €250m, organic -0.7% (public‑benefit headwinds in parts of Europe). Rest of World €94m, organic +8.5% (Türkiye growth; currency drag noted).

M&A, capital returns and financing

Acquisitions in the period: Skipr (Sep 2025) and ProEves (Dec 2025); both financed from existing cash resources. Dividend for FY2025 of €0.38 per share paid (total ~€55m). New €100m share buy‑back program launched Oct 2025 (4.9m shares repurchased as of 28 Feb 2026, ~62% of the program executed). RCF maturity extended to Oct 2030; some fixed‑to‑floating interest swaps in place.

Regulatory note and guidance

Brazil: Presidential decree on the Workers’ Food Program (PAT) announced Nov 12, 2025 — Pluxee obtained a preliminary injunction temporarily suspending its application and prepared for impacts expected to start affecting results from H2 FY2026. Management confirmed FY2026 objectives but flagged heightened uncertainty and potential H1 FY2027 impact if measures are fully implemented.

Risk and outlook

Management reiterated FY2026 targets (stable organic Total Revenues; slight organic Recurring EBITDA margin expansion; ~80% average Recurring cash conversion over FY2024–2026) while highlighting principal risks: regulatory change (esp. Brazil), IT/cybersecurity, third‑party and payment regulation, and macro/currency volatility. The Group states its balance sheet and cash generation position it to absorb near‑term uncertainty.

Summarized from source with an LLMView Source

Key figures

-13.5%1Y

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Performance

35.6%1Y

39.3%3Y

39.3%5Y

Volatility