Pluxee (PLX) H2 2026 earnings summary

Executive summary

• FY26 exceeded financial objectives: revenue grew 0.7% organically, recurring EBITDA margin reached 37.5% with 101 bps of organic expansion, and recurring cash conversion was 70%; three-year average conversion was 82%.

• Commercial momentum included €1.5bn in annualized new-client volumes, 99.4% net retention and 7.7% organic Employee Benefits volume growth.

• FY27 is a transition year due to Brazil’s extended PAT reform rebase; medium-term plans target renewed profitable growth.

Financial highlights

• FY26 revenue was €1,302m, up 0.7% organically and 1.2% reported; recurring EBITDA was €488m, up 3.8% organically and 3.7% reported.

• Operating revenue was €1,136m, up 0.1% organically; float revenue was €166m, up 4.6%.

• Net profit attributable to equity holders was €170m; adjusted net profit was €223m, up 1.2%, and adjusted basic EPS rose 4.4% to €1.58.

• Recurring free cash flow was €341m versus €417m in FY25; FY25 benefited from favorable working-capital movements, particularly public-benefit volumes.

• Operating profit was €295m; recurring EBIT was stable at €360m, while other operating expenses rose to €65m from €26m.

Outlook and guidance

• FY27 targets at least €440m recurring EBITDA at constant FX and scope and at least 50% recurring cash conversion; revenue de-growth is expected during the transition year.

• Brazil’s extended repricing scenario implies an estimated €110m incremental FY27 EBITDA headwind versus FY26, partly offset by business growth and efficiency measures.

• The impact is expected to weigh more heavily in H1 FY27, with an H2 inflection; margins are expected slightly above H2 FY26 and revenue trends approaching stable.

• Medium-term plans target profitable growth, steady organic recurring EBITDA margin expansion and normalized recurring cash conversion.

• FY27 CapEx is expected at 8%–9% of revenue, focused on technology, data, AI and cybersecurity; cost base targeted broadly flat or slightly lower at constant currency.