Pluxee (PLX) H2 2025 earnings summary

Executive summary

• Fiscal 2025 results exceeded expectations, with robust topline growth, strong execution of the strategic roadmap, and margin expansion despite macroeconomic challenges.

• Achieved strong new client acquisition, especially among SMEs, and maintained a 100%+ net retention rate.

• Enhanced shareholder returns through a 9% higher dividend and €100 million share buyback program.

• Recent M&A transactions and strategic partnerships, including Santander Brazil, Cobee, and Benefício Fácil, contributed positively to revenue and margin growth.

• Achieved 94% digitization of business volume issued.

Financial highlights

• Total revenues reached €1.287 billion, up 10.6% organically year-over-year, in line with low double-digit growth targets.

• Recurring EBITDA rose 22.2% organically to €471 million, with margin up to 36.6% (+202 to +230bps organic expansion).

• Recurring free cash flow increased to €417 million, with cash conversion at 89%, well above the 75% target.

• Adjusted net profit group share was €221 million, up 8.4% year-over-year; adjusted EPS at €1.52.

• Net financial cash position strengthened to €1.163 billion at year-end.

Outlook and guidance

• Fiscal 2026 guidance targets high single-digit organic revenue growth, mainly from Employee Benefits.

• Recurring EBITDA margin organic expansion upgraded to +100bps, aiming for over 500bps margin expansion over three years.

• Recurring cash conversion expected to average above 80% for 2024–2026.

• Full-year and Q3 guidance confirmed for low double-digit organic growth and margin expansion.