Pluxee (PLX) H1 2025 earnings summary

Executive summary

• Achieved strong H1 2025 results with €635m total revenues, up 10.8% organically, and robust execution of the strategic growth plan, including value-creative M&A and new client acquisition, especially among SMEs.

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

• Upgraded recurring EBITDA margin guidance for FY2025 to +150bps at constant rates, reaffirming organic revenue growth and cash conversion targets.

• Demonstrated resilience and agility in a volatile macroeconomic and geopolitical environment, supported by a diversified geographic and client base.

• Continued commitment to sustainability, earning multiple awards including CDP B score, Great Place to Work, and Sustainable IT Label.

Financial highlights

• Total revenues: €635m (+10.8% organic, +7.2% reported); recurring EBITDA: €225m (+22.5% organic, +12.0% reported); margin: 36.4% organic (+260bps), 35.4% reported (+151bps).

• Net profit rose to €106m (+55.5% YoY); adjusted net profit (Group share): €107m (+10.5% YoY); adjusted EPS: €0.73 (+11.4%).

• Recurring free cash flow at €171m, with a 76% cash conversion rate, above the three-year average target.

• Net financial cash position stable at €1,045m as of February 28, 2025.

• Capital expenditures: €43m (6.7% of total revenues), focused on technology and data.

Outlook and guidance

• Upgraded FY2025 recurring EBITDA margin objective to +150bps at constant rates (from +75bps), based on strong H1 margin expansion.

• Reaffirmed low double-digit organic revenue growth and >75% recurring cash conversion for FY2024–2026.

• Float revenue expected to grow mid- to high-single digit in FY2025, with no push from float in H2.

• FY2026 financial objectives remain unchanged, with growth synergies expected from Santander and Cobee integrations.