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 successful M&A integration (Santander in Brazil, Cobee in Spain, Benefício Fácil in Brazil).

• Recurring EBITDA rose 22.5% organically to €225m, with margin expanding 260bps organically to 36.4%, and net profit increased by 55.5% to €106m.

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

• Sustained profitable growth and resilience despite macroeconomic and geopolitical volatility, supported by a diversified business model and strong client acquisition.

• Recognized for sustainability with a B score from CDP and multiple awards, and maintained a BBB+ S&P rating with stable outlook.

Financial highlights

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

• Net profit: €106m (+55.5%); 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 February 28, 2025.

• Capex at €43m (6.7% of revenues), focused on technology and cloud migration.

Outlook and guidance

• Upgraded FY2025 recurring EBITDA margin objective to +150bps expansion at constant rates; reaffirmed low double-digit organic revenue growth and above 75% recurring cash conversion for FY2024–2026.

• Float revenue expected to grow mid- to high-single digit for FY2025.

• FY2026 objectives: maintain low double-digit organic revenue growth, +75bps recurring EBITDA margin expansion, and >75% recurring cash conversion rate.