Pluxee (PLX) H1 2026 earnings summary

Executive summary

• Achieved robust topline momentum and commercial traction in H1 2026, with record new client acquisition, rising face value, and strong cross-selling, especially in Employee Benefits, positioning well for full-year objectives despite macro and geopolitical uncertainties.

• Delivered profitability ahead of plan, with recurring EBITDA expanding sharply and excellent cash generation supporting shareholder value.

• Proactive preparation for regulatory changes in Brazil, with confidence in resilience and execution, though future uncertainty remains.

Financial highlights

• Total revenues reached €655 million in H1 2026, up 5.6% organically and 3.0% reported, with Employee Benefits operating revenue at €500 million, up 9.4% organically.

• Recurring EBITDA was €242 million, up 12.9% organically, with margin expanding to 37.0% (+229bps organic).

• Net profit (Group share) reached €105 million, up 7.8% year-on-year; adjusted EPS at €0.78, up 6.8%.

• Recurring free cash flow was €210 million, up 22.5% year-on-year, with an 86% cash conversion rate.

• Net financial cash position stood at €1,270 million as of February 28, 2026, up €107 million over the semester.

Outlook and guidance

• Fiscal 2026 objectives confirmed: stable organic revenue, slight organic recurring EBITDA margin expansion, and recurring cash conversion rate around 80% on average for FY24–26.

• Regulatory changes in Brazil expected to impact results from H2 FY26 and into H1 FY27, with a return to sustainable, profitable growth anticipated from H2 FY27.

• Float revenue guidance ranges from slight decrease to slight increase organically due to interest rate and regulatory uncertainties.