Pluxee (PLX) Q3 2026 TU earnings summary

Executive summary

• Nine-month revenue reached €967 million, up +2.7% organically and +2.3% reported, with commercial performance and business volumes aligned with expectations and strong new client acquisition and resilient net retention, despite regulatory and macroeconomic challenges.

• Q3 revenue was €312 million, down -3.3% organically but up +0.9% reported, mainly due to currency effects and the PAT reform in Brazil.

• Employee Benefits volumes strengthened, offsetting regulatory changes in Brazil and macro headwinds in Europe.

• Full-year and Fiscal 2026 guidance confirmed, supported by operational efficiency and disciplined execution.

Financial highlights

• Q3 total revenue: €312 million (-3.3% organic, +0.9% reported); nine months: €967 million (+2.7% organic, +2.3% reported).

• Operating revenue in Q3: €270 million (-4.1% organic); nine months: €843 million (+2.5% organic).

• Float revenue in Q3: €42 million (+2.8% organic); nine months: €124 million (+4.5% organic).

• Employee Benefits BVI in Q3: €5.2 billion (+8% organic); total BVI in Q3: €6.6 billion (+9.4% organic).

• Positive reported growth supported by favorable FX and scope effects.

Outlook and guidance

• Full-year and Fiscal 2026 financial objectives confirmed: stable total revenues organic growth, slight recurring EBITDA margin organic expansion, and recurring cash conversion rate around 80% on average over FY24–26.

• Q4 expected to show intensified negative impact from Brazil's PAT reform, with further clarity on regulatory effects in FY27.

• Action plan in place to navigate regulatory changes in Brazil, with operational readiness and ongoing legal proceedings.