Pluxee (PLX) Q1 2026 TU earnings summary

Executive summary

• Achieved 9% organic revenue growth in Q1 FY26 to €308 million, led by Employee Benefits and strong net retention, especially in Latin America.

• Confirmed all FY26 financial objectives and guidance, maintaining confidence despite regulatory changes in Brazil.

• Strong new client acquisition, healthy net retention rate at 100% (adjusted for Romanian contract delay), and robust M&A activity, including acquisitions in Belgium, France, and India.

• Major public sector contract win in Italy, expanding business volume by more than fivefold.

Financial highlights

• Q1 FY26 revenues: €308 million (+9% organic, +6.6% reported year-over-year); operating revenue: €268 million (+9.1% organic); float revenue: €40 million (+8.5% organic).

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

• Business Volumes Issued (BVI): €6.3 billion, up 7.2% like-for-like (excluding Romanian delay), with Other Products & Services declining due to public benefit contract changes.

• Currency impact: -3.6% (mainly Turkish lira depreciation); scope effect: +1.2% (recent acquisitions).

Outlook and guidance

• FY26 guidance confirmed: stable like-for-like total revenues, slight organic recurring EBITDA margin expansion (~100bps), and ~80% cash conversion (FY24–26 average).

• Guidance incorporates impact of Brazil's regulatory reform, with mitigation plans and conservative assumptions; sustainable growth expected to resume in H2 FY27.

• Action plan in Brazil includes operational readiness, client commission renegotiations, efficiency measures, government engagement, and legal actions.