Pluxee (PLX) Q1 2026 TU earnings summary

Executive summary

• Achieved robust Q1 2026 performance with total revenues up 9.0% organically to EUR 308 million, driven by Employee Benefits growth and strong net retention, especially in Latin America and the rest of the world.

• Confirmed all Fiscal 2026 financial objectives, maintaining confidence despite regulatory changes in Brazil.

• Strong new client acquisition, healthy net retention, and successful M&A activity, including acquisitions in Belgium, France, and India.

• Major public sector contract win in Italy, multiplying business volumes for Italian civil servants by five.

Financial highlights

• Q1 2026 revenues: EUR 308 million (+9% organic, +6.6% reported year-over-year).

• Operating revenue: EUR 268 million (+9.1% organic), float revenue: EUR 40 million (+8.5% organic).

• Employee Benefits operating revenue up 11.6% organically to EUR 234 million, supported by new client wins and increased face value.

• Business Volumes Issued (BVI): EUR 6.3 billion, Employee Benefits BVI up 7.2% like-for-like (5.4% including Romania cut-off effect).

• Reported revenue growth impacted by -3.6% currency effect, mainly from Turkish Lira.

Outlook and guidance

• Fiscal 2026 guidance reaffirmed: stable like-for-like total revenues, slight organic expansion in recurring EBITDA margin, and around 80% average recurring cash conversion rate over 2024–2026.

• Guidance incorporates conservative scenario for Brazil regulatory reform, with mitigation actions and sustainable growth expected to resume in H2 Fiscal 2027.

• Action plan in Brazil includes operational readiness, client commission renegotiation, efficiency measures, and ongoing legal and governmental engagement.