Pluxee (PLX) H2 2025 earnings summary

Executive summary

• Fiscal 2025 results exceeded expectations, with robust topline growth and margin expansion despite macroeconomic headwinds.

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

• Recent M&A transactions, including integration of Cobee, Santander, and Benefício Fácil, contributed positively to revenue and strategic positioning.

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

• Demonstrated resilience and alignment with full-year objectives across business lines.

Financial highlights

• Total revenues reached €1.287 billion, up 10.6% organically year-over-year.

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

• Free cash flow increased to €417 million, with cash conversion at 89%.

• 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: high single-digit organic revenue growth and recurring EBITDA margin organic expansion of +100bps.

• Above 80% recurring cash conversion expected on average over 2024–2026.

• Float revenue expected to remain stable and dilutive to margin expansion.

• Full-year 2025 objectives confirmed: low double-digit organic growth and +150bps recurring EBITDA margin expansion.