Pluxee (PLX) H2 2024 earnings summary

Executive summary

• Achieved all business and financial objectives in fiscal 2024, marking the first year as a standalone listed company after a successful spin-off and Euronext Paris listing.

• Upgraded guidance twice during the year, driven by strong commercial development, innovation, and SME segment momentum.

• Completed strategic initiatives, including a partnership with Santander in Brazil and the acquisition of Cobee in Spain, reinforcing digital and geographic expansion.

• Enhanced shareholder distribution policy with a proposed €0.35 dividend per share, representing a 25% payout of adjusted net profit.

• Strong development in digital solutions and leadership team strengthening.

Financial highlights

• Total revenues reached €1,210m, up 18.6% organically year-over-year, surpassing initial growth targets despite a -3.9% currency impact.

• Recurring EBITDA was €430m, up 24.8% organically, with a margin of 35.6% reported (36.4% organic), a 183bps improvement.

• Net profit attributable to equity holders was €133m, up from €81m; adjusted net profit was €203m.

• Recurring free cash flow reached €379m, with an 88% cash conversion rate, well above the 70% target.

• Capital expenditures totaled €116m (9.6% of revenues), focused on IT and technology investments.

Outlook and guidance

• Upgraded fiscal 2025 and 2026 targets: low double-digit organic revenue growth per year, with +75bps recurring EBITDA margin expansion annually, reaching the three-year +250bps target one year early.

• Recurring cash conversion rate expected above 75% on average over 2024-2026.

• Guidance incorporates synergies from Santander and Cobee, and potential regulatory changes in Italy.