Pluxee (PLX) Q3 2024 TU earnings summary

Executive summary

• Achieved 17.9% organic revenue growth in Q3 2024, with double-digit gains in both operating and float revenue, driven by robust Employee Benefits and Float revenue performance.

• Upgraded full-year 2024 organic revenue growth target to circa +18%, reaffirming mid-term financial targets and recurring EBITDA margin guidance.

• Key M&A milestones: agreement to acquire Cobee in Spain and completed 25-year exclusive partnership with Santander in Brazil, expanding leadership and SME penetration.

Financial highlights

• Q3 2024 total revenue reached €297 million, up 17.9% organically year-over-year, with a 4.1% negative currency effect mainly from Turkey.

• First nine months total revenue was €889 million, up 21.8% organically year-over-year.

• Float revenue grew 75.9% organically in Q3 to €40 million, supported by high interest rates and increased business volumes.

• Employee benefits operating revenue in Q3 was €220 million (+15% organic growth); other products and services declined -6% to -7% organically due to contract discontinuation in Latin America.

Outlook and guidance

• Full-year 2024 organic revenue growth target raised to circa +18% (from 15–17%), with recurring EBITDA margin objective confirmed at minimum 35%.

• Midterm objectives: low double-digit organic revenue growth for 2025–2026, circa 37% recurring EBITDA margin in 2026, and above 70% cash conversion on average from 2024–2026.