Pluxee (PLX) H1 2025 earnings summary

Executive summary

• Achieved strong H1 2025 performance with €635m total revenues, up 10.8% organically, and robust execution of the strategic growth plan, including successful M&A integration (Santander, Cobee, Benefício Fácil).

• Recurring EBITDA rose 22.5% organically to €225m, with margin expanding 260bps organically to 36.4%.

• Adjusted net profit (Group share) increased 10.5% to €107m; recurring free cash flow reached €171m with a 76% cash conversion rate.

• Upgraded FY25 recurring EBITDA margin expansion objective to +150bps, reaffirming organic revenue growth and cash conversion targets.

• Recognized for sustainability and workplace excellence, including a B score from CDP and Great Place to Work awards.

Financial highlights

• Total revenues: €635m (+10.8% organic, +7.2% reported); operating revenue: €552m (+10.1% organic); float revenue: €83m (+16.2% organic).

• Recurring EBITDA: €225m (+22.5% organic, +12.0% reported); margin: 36.4% organic (+260bps), 35.4% reported (+151bps).

• Net profit (Group share): €97m (+47.3%); adjusted net profit: €107m (+10.5%); adjusted EPS: €0.73 (+11.4%).

• Recurring free cash flow: €171m; recurring cash conversion rate: 76%.

• Net financial cash position: €1,045m as of Feb 28, 2025; gross debt: €1,253m.

Outlook and guidance

• Upgraded FY25 recurring EBITDA margin expansion target to +150bps at constant rates; low double-digit organic revenue growth and >75% recurring cash conversion reaffirmed for FY24–26.

• FY26 targets unchanged: low double-digit organic revenue growth, +75bps EBITDA margin expansion, and >75% recurring cash conversion rate.

• Float revenue expected to grow mid- to high-single digit in FY25.

• Growth synergies from Santander and Cobee integration factored into guidance.