Pluxee (PLX) Q1 2025 TU earnings summary

Executive summary

• Q1 FY2025 delivered 13.2% organic revenue growth to €289 million, driven by strong Employee Benefits, robust client loyalty, and new client wins.

• M&A activity included the acquisition of Benefício Fácil in Brazil and integration of Cobee in Spain, supporting multi-benefit offerings and growth synergies.

• Major contract win in Austria with the City of Vienna highlighted market leadership and innovation in hybrid solutions.

• Medium-term objectives and strategic targets remain on track, with all guidance reaffirmed.

Financial highlights

• Total revenues reached €289 million, up 13.2% organically and 8.7% reported year-over-year; currency effects were -7.6% due to Latin American currencies.

• Operating revenue was €249 million (+12.1% organic), and float revenue was €40 million (+20.9% organic).

• Employee Benefits business volumes issued (BVI) totaled €4.8 billion (+10.4% organic), with total BVI at €6.5 billion.

• Employee Benefits operating revenue reached €212 million (+14.9% organic), while Other products and services declined 2.6% organically.

• Take-up rate improved by 15 basis points year-over-year, mainly from higher client commissions.

Outlook and guidance

• Low double-digit organic revenue growth targets reaffirmed for FY2025 and FY2026, including slight organic growth in float revenue.

• Recurring EBITDA margin expected to expand by 75 basis points annually, with recurring cash conversion above 75% on average through 2026.

• Synergies from Santander partnership and Cobee integration included in guidance.