Pluxee (PLX) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 delivered solid organic revenue growth of 11.1%, with total revenues reaching €310 million and strong commercial momentum across regions and segments.

• Strategic roadmap execution continued, including the acquisition of MyBenefits in Romania and integration of Cobee (Spain) and Benefício Fácil (Brazil), plus full deployment of the Santander partnership in Brazil.

• Net retention rate remained above 100%, supported by high client loyalty and effective portfolio management.

• On track to deliver both strategic and financial targets for Fiscal 2025 and 2026.

• Business volumes issued reached €5.7 billion in Q3 and €18.8 billion for the first nine months.

Financial highlights

• Q3 total revenue: €310 million (+11.1% organic, +4.3% reported); nine-month revenue: €945 million (+10.9% organic, +6.2% reported).

• Float revenue in Q3: €39 million (+10.8% organic); nine months: €123 million (+14.3% organic).

• Employee Benefits BVI up 6.7% in Q3 and 7.8% over nine months; excluding Belgium's one-off, growth was 9.0%.

• Employee Benefits operating revenue: €234 million, up 12.8% organically; Other Products & Services: €36 million, up 0.5% organically.

• Adverse FX impact (-10.3%) on reported revenue, mainly from Brazilian real and Turkish lira depreciation.

Outlook and guidance

• Confident in achieving low double-digit organic revenue growth and +150bps recurring EBITDA margin extension for FY2025; FY2026 objectives unchanged.

• Recurring cash conversion rate expected above 75% on average over FY2024-2026.

• Q4 expected to be softer than Q3, mirroring Q1/Q2 phasing, but full-year guidance reaffirmed.

• Float revenue growth expected to land in low double digits for the full year.