Pluxee reports Q3 Fiscal 2026 performance in line with expectations and confirms its financial objectives
Pluxee reports Q3 Fiscal 2026 performance in line with expectations and confirms its financial objectives
Highlights
- Commercial performance on track toward full-year objectives, supported by continuous momentum in new client wins and resilient net retention amid an uncertain environment
- Business volumes growth up +9.4% organically in Q3 Fiscal 2026, of which +8.0% in Employee Benefits
- €967m Total Revenues in the first nine months, up +2.7% organically, including €312m in Q3 Fiscal 2026, ie. -3.3% organically, reflecting as anticipated the regulatory change in Brazil and the macroeconomic context in Continental Europe
- €843m Operating revenue, up +2.5% organically over 9 months, including €270m in Q3 Fiscal 2026, ie. -4.1% organically, with differentiated regional trends
- €124m Float revenue, up +4.5% organically over 9 months, including €42m in Q3 Fiscal 2026, up +2.8% organically, driven by positive volume and investment yield effects
- Financial objectives confirmed based on first nine-month performance in line with expectations and supported by the Group’s solid fundamentals, operational efficiency and disciplined execution
Q3 Fiscal 2026 key figures
| (in million euros) | Q3 Fiscal 2026 | Q3 Fiscal 2025 | Organic Growth (%) | Reported Growth (%) |
| Operating revenue | 270 | 270 | -4.1% | -0.1% |
| Float revenue | 42 | 39 | 2.8% | 7.4% |
| Total Revenues | 312 | 310 | -3.3% | 0.9% |
| of which | ||||
| Continental Europe | 129 | 134 | -4.5% | -3.7% |
| Latin America | 125 | 121 | -3.0% | 3.9% |
| Rest of the world | 58 | 55 | -0.8% | 5.4% |
| of which | ||||
| Employee Benefits | 279 | 270 | -1.5% | 3.4% |
| Other Products & Services | 34 | 40 | -15.5% | -16.1% |
Aurélien Sonet, Chief Executive Officer of Pluxee, commented:
“In the third quarter, Pluxee continued to execute with operational and financial discipline in a demanding environment, marked by regulatory developments in Brazil and less favorable macroeconomic conditions, especially in Continental Europe.
Amid persistent cost-of-living pressures and as artificial intelligence reshapes the world of work, our clients continue to confirm that employee engagement and talent retention have never been more critical. Our solid commercial performance reflects our ability to support them in addressing evolving workplace priorities, and confirms the relevance of Pluxee’s value proposition.
In Brazil, our teams remain fully mobilized in delivering our action plan. The required operational framework is now in place, providing a strong foundation on which we will continue to build and innovate. In parallel, we are progressively rolling out efficiency levers and maintaining constructive engagement with all stakeholders.
I would like to warmly thank all Pluxee teams for their continued commitment, agility and strong focus on our clients. Their dedication has been instrumental in the performance delivered over the first nine months and reinforces our confidence in achieving all our financial objectives, while continuing on our path toward profitable long-term growth”.
Commercial performance on track toward full-year objectives
Total Business volume issued (BVI) reached 6.5 billion euros in Q3 Fiscal 2026. Over the first nine months of Fiscal 2026, BVI reached 19.4 billion euros, compared with 18.8 billion euros year-on-year.
Employee Benefit BVI stood at 5.2 billion euros in Q3 Fiscal 2026, growing +8.0% organically, reaching 15.3 billion euros over nine months, representing a +6.6% organic growth. This performance reflected a progressive improvement across all regions. It was underpinned by (i) solid momentum in new client acquisition, and (ii) a resilient net retention, reflecting client loyalty maintained at a high level as well as active portfolio management, while facing pressure from end-user portfolio trends in select markets.
Other Products & Services BVI returned to positive growth in Q3 Fiscal 2026. It amounted to 1.4 billion euros in the quarter and 4.1 billion euros over 9 months, with lower comparison base effects in Public Benefits year-on-year.
Q3 Fiscal 2026 revenue performance
Total Revenues reached 312 million euros in Q3 Fiscal 2026, representing -3.3% organic growth and +0.9% on a reported basis, including a +3.7% currency effect, mainly related to Brazil, Türkiye and Mexico, and a +0.5% scope effect. As anticipated, it mainly reflected the initial effects of the implementation of the PAT1 reform in Brazil and the current macroeconomic conditions in Continental Europe. Over the first nine months, Total Revenues reached 967 million euros, reflecting +2.7% organic growth.
Total Revenues by nature
| (in million euros) | Q3 Fiscal 2026 | Q3 Fiscal 2025 | Organic Growth (%) | Reported Growth (%) |
| Operating revenue | 270 | 270 | -4.1% | -0.1% |
| Float revenue | 42 | 39 | 2.8% | 7.4% |
| Total Revenues | 312 | 310 | -3.3% | 0.9% |
| (in million euros) | First 9 months Fiscal 2026 | First 9 months Fiscal 2025 | Organic Growth (%) | Reported Growth (%) |
| Operating revenue | 843 | 822 | 2.5% | 2.6% |
| Float revenue | 124 | 123 | 4.5% | 0.7% |
| Total Revenues | 967 | 945 | 2.7% | 2.3% |
Operating revenue reached 270 million euros in Q3 Fiscal 2026, reflecting a -4.1% organic growth and -0.1% on a reported basis, including a +0.6% scope effect and a +3.5% positive currency translation effect. While underlying trends remained solid, Q3 Fiscal 2026 performance reflected the impacts of a more demanding external environment, marked by the regulatory evolutions in Brazil and the indirect effects on clients of the current macroeconomic and geopolitical context in several countries. Over the first nine months, Operating revenue reached 843 million euros, growing +2.5% organically and +2.6% on a reported basis, including +0.9% scope effect and -0.8% currency effect.
Float revenue amounted to 42 million euros in Q3 Fiscal 2026, growing by +2.8% organically and +7.4% on a reported basis, including +0.1% scope effect and +4.6% positive currency effect. This continued growth in Float revenue in Q3 Fiscal 2026 was supported both by a positive volume effect in countries with elevated interest rates and higher year-on-year investment yield. Overall, Float revenue reached 124 million euros over the first nine months, growing +4.5% organically and +0.7% on a reported basis, including a +0.1% scope effect and a -3.9% currency effect.
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1 Programa de Alimentação do Trabalhador (i.e. Worker’s Food Program).
Operating revenue by line of service
| (in million euros) | Q3 Fiscal 2026 | Q3 Fiscal 2025 | Organic Growth (%) | Reported Growth (%) |
| Employee Benefits | 239 | 234 | -2.6% | 2.2% |
| Other Products & Services | 31 | 36 | -14.3% | -14.9% |
| Operating revenue | 270 | 270 | -4.1% | -0.1% |
| (in million euros) | First 9 months Fiscal 2026 | First 9 months Fiscal 2025 | Organic Growth (%) | Reported Growth (%) |
| Employee Benefits | 739 | 698 | 5.4% | 5.9% |
| Other Products & Services | 104 | 124 | -14.3% | -16.2% |
| Operating revenue | 843 | 822 | 2.5% | 2.6% |
Employee Benefits generated 239 million euros in Operating revenue in Q3 Fiscal 2026, representing -2.6% organic growth and +2.2% on a reported basis including a +4.1% currency effect and a +0.7% scope effect. This performance reflected the initial effects of the PAT reform implementation in Brazil, notably the impact of the 3.6% cap on merchant discount rate on the Group take-up rate, as well as the current macroeconomic context in Continental Europe. Over the first nine months, Employee Benefit performance remained solid, growing organically by +5.4% and +5.9% on a reported basis.
Other Products & Services generated Operating revenue of 31 million euros in Q3 Fiscal 2026 compared to 36 million euros in Q3 Fiscal 2025, down -14.3% organically. This line of service remained temporarily impacted by the residual phasing and scale-down effects of certain Public Benefit programs in Continental Europe, as well as the ongoing transformation initiatives in the UK and the US. Other Products & Services grew by -14.3% organically and -16.2% on a reported basis over the first nine months.
Operating revenue by region
| (in million euros) | Q3 Fiscal 2026 | Q3 Fiscal 2025 | Organic Growth (%) | Reported Growth (%) |
| Continental Europe | 117 | 120 | -3.2% | -2.3% |
| Latin America | 107 | 106 | -5.6% | 1.1% |
| Rest of the world | 46 | 45 | -2.9% | 3.4% |
| Operating revenue | 270 | 270 | -4.1% | -0.1% |
| (in million euros) | First 9 months Fiscal 2026 | First 9 months Fiscal 2025 | Organic Growth (%) | Reported Growth (%) |
| Continental Europe | 368 | 368 | -1.5% | -0.2% |
| Latin America | 336 | 310 | 6.1% | 8.3% |
| Rest of the world | 140 | 144 | 5.0% | -2.6% |
| Operating revenue | 843 | 822 | 2.5% | 2.6% |
In Continental Europe, Operating revenue reached 117 million euros in Q3 Fiscal 2026, reflecting -3.2% organic growth and -2.3% on a reported basis, including a +1.1% scope effect, mainly related to the acquisition of Skipr, and a -0.1% currency effect. The region continued to show contrasted trends, with Southern Europe remaining the main growth driver, offset by the indirect impacts of macroeconomic headwinds and lingering Public Benefits base effects in other countries. Over the first nine months, Operating revenue recorded -1.5% organic growth and was stable on a reported basis.
In Latin America, Operating revenue reached 107 million euros in Q3 Fiscal 2026, resulting in -5.6% organic growth, and +1.1% reported growth, including a positive +6.7% currency effect related mainly to Brazil and Mexico. As anticipated, Q3 performance in the region was mostly impacted by the 3.6% regulatory cap on merchant discount rate in Brazil. Over the first nine months, Operating revenue organic growth remained solid at +6.1%, while reported growth reached +8.3%.
In Rest of the world, Operating revenue amounted to 46 million euros in Q3 Fiscal 2026, showing -2.9% organic growth and +3.4% reported growth including a +0.6% scope effect and a +5.6% positive currency effect mostly related to the evolution of the Turkish Lira. Core Employee Benefits remained the main growth driver, delivering sustained organic growth, offset by ongoing transformation initiatives in the UK and the US. Over the first nine months of Fiscal 2026, Rest of the world delivered a sustained +5.0% organic growth.
Confirmed outlook for Fiscal 2026
Based on the first nine-month performance, in line with expectations in a demanding environment, and supported by the Group’s solid fundamentals, operational efficiency and disciplined execution, the Group confirms its financial objectives2:
• stable Total Revenues on an organic basis in Fiscal 2026;
• slight organic expansion in Recurring EBITDA margin in Fiscal 2026; and
• around 80% Recurring cash conversion on average over Fiscal 2024–2026.
Beyond Fiscal 2026, the announced measures and implementation timeline in Brazil, if fully confirmed, would still impact the Group’s financials in First Half Fiscal 2027, with Pluxee anticipating a return to a sustainable, profitable growth trajectory from the Second Half Fiscal 2027 onwards.
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1 Revised financial objectives framework following regulatory evolutions in Brazil.
Conference call for investors and analysts
Pluxee will hold a conference call in English on July 3, 2026, at 8:30 a.m. CET to comment on its Q3 Fiscal 2026 Revenues.
To connect:
• from France: +33 1 70 91 87 04; or
• from the UK: +44 121 281 8004; or
• from the US: +1 718 705 8796,
followed by the access code 14 05 22.
The live audio webcast will be accessible on www.pluxeegroup.com
The press release, presentation and the webcast replay are available on the Group website www.pluxeegroup.com in the section “Investors – Financial results and publications”.
Financial calendar
| Fiscal 2026 Annual Results | October 29, 2026 |
| Fiscal 2026 Annual Shareholders’ Meeting | December 17, 2026 |
These dates are indicative and may be subject to change without notice.
Regular updates are available in the calendar on our website www.pluxeegroup.com
About Pluxee
Pluxee is a global player in Employee Benefits and Engagement that operates in 28 countries. Pluxee helps companies attract, engage, and retain talent thanks to a broad range of solutions across Meal & Food, Well-being, Lifestyle, Reward & Recognition, and Public Benefits. Powered by leading technology and more than 5,600 engaged team members, Pluxee acts as a trusted partner within a highly interconnected B2B2C ecosystem made up of more than 500,000 clients, 37 million+ consumers and 1.7 million+ merchants. Conducting business for more than 45 years, Pluxee is committed to creating a positive impact on local communities, supporting well-being at work for employees, and protecting the planet. For more information: www.pluxeegroup.com.
Contacts
| Analysts and Investors Pauline Bireaud +33 6 22 58 83 51 pauline.bireaud@pluxeegroup.com | Media Cecilia de Pierrebourg +33 6 03 30 46 98 cecilia.depierrebourg@pluxeegroup.com |
Appendices
Total Revenues
Breakdown of Total Revenues by nature
| Q1 Fiscal | Q2 Fiscal | Q3 Fiscal | First 9 months | |||||
| (in million euros) | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| Operating revenue | 268 | 249 | 306 | 303 | 270 | 270 | 843 | 822 |
| Organic growth (%) | 9.1% | 2.8% | -4.1% | 2.5% | ||||
| Currency effect (%) | -3.0% | -2.9% | 3.5% | -0.8% | ||||
| Scope effect (%) | 1.4% | 1.0% | 0.6% | 0.9% | ||||
| Reported Growth (%) | 7.5% | 0.9% | -0.1% | 2.6% | ||||
| Float revenue | 40 | 40 | 41 | 43 | 42 | 39 | 124 | 123 |
| Organic growth (%) | 8.5% | 2.2% | 2.8% | 4.5% | ||||
| Currency effect (%) | -7.8% | -7.9% | 4.6% | -3.9% | ||||
| Scope effect (%) | 0.1% | 0.1% | 0.1% | 0.1% | ||||
| Reported Growth (%) | 0.8% | -5.6% | 7.4% | 0.7% | ||||
| Total Revenues | 308 | 289 | 346 | 346 | 312 | 310 | 967 | 945 |
| Organic growth (%) | 9.0% | 2.8% | -3.3% | 2.7% | ||||
| Currency effect (%) | -3.6% | -3.5% | 3.7% | -1.2% | ||||
| Scope effect (%) | 1.2% | 0.8% | 0.5% | 0.8% | ||||
| Reported Growth (%) | 6.6% | 0.1% | 0.9% | 2.3% | ||||
Breakdown of Total Revenues by line of service
| Q1 Fiscal | Q2 Fiscal | Q3 Fiscal | First 9 months | |||||
| (in million euros) | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| Employee Benefits | 271 | 249 | 304 | 290 | 279 | 270 | 853 | 809 |
| Organic growth (%) | 11.2% | 7.3% | -1.5% | 5.6% | ||||
| Currency effect (%) | -3.8% | -3.7% | 4.3% | -1.1% | ||||
| Scope effect (%) | 1.4% | 1.0% | 0.6% | 1.0% | ||||
| Reported Growth (%) | 8.8% | 4.6% | 3.4% | 5.5% | ||||
| Other Products & Services | 37 | 40 | 43 | 56 | 34 | 40 | 114 | 136 |
| Organic growth (%) | -4.6% | -21.0% | -15.5% | -14.5% | ||||
| Currency effect (%) | -2.5% | -2.4% | -0.6% | -1.9% | ||||
| Scope effect (%) | —% | —% | —% | —% | ||||
| Reported Growth (%) | -7.1% | -23.4% | -16.1% | -16.5% | ||||
| Total Revenues | 308 | 289 | 346 | 346 | 312 | 310 | 967 | 945 |
| Organic growth (%) | 9.0% | 2.8% | -3.3% | 2.7% | ||||
| Currency effect (%) | -3.6% | -3.5% | 3.7% | -1.2% | ||||
| Scope effect (%) | 1.2% | 0.8% | 0.5% | 0.8% | ||||
| Reported Growth (%) | 6.6% | 0.1% | 0.9% | 2.3% | ||||
Breakdown of Total Revenues by region
| Q1 Fiscal | Q2 Fiscal | Q3 Fiscal | First 9 months | |||||
| (in million euros) | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| Continental Europe | 121 | 120 | 153 | 159 | 129 | 134 | 403 | 413 |
| Organic growth (%) | -0.4% | -5.2% | -4.5% | -3.6% | ||||
| Currency effect (%) | -0.0% | -0.0% | -0.1% | -0.1% | ||||
| Scope effect (%) | 1.9% | 1.0% | 1.0% | 1.2% | ||||
| Reported Growth (%) | 1.4% | -4.3% | -3.7% | -2.4% | ||||
| Latin America | 131 | 112 | 136 | 121 | 125 | 121 | 392 | 354 |
| Organic growth (%) | 17.2% | 12.3% | -3.0% | 8.7% | ||||
| Currency effect (%) | -1.6% | -0.8% | 6.9% | 1.6% | ||||
| Scope effect (%) | 1.0% | 0.9% | -0.0% | 0.6% | ||||
| Reported Growth (%) | 16.7% | 12.4% | 3.9% | 10.9% | ||||
| Rest of the world | 56 | 58 | 57 | 65 | 58 | 55 | 172 | 178 |
| Organic growth (%) | 12.9% | 4.6% | -0.8% | 5.7% | ||||
| Currency effect (%) | -15.2% | -17.0% | 5.7% | -9.5% | ||||
| Scope effect (%) | —% | 0.3% | 0.5% | 0.2% | ||||
| Reported Growth (%) | -2.4% | -12.2% | 5.4% | -3.6% | ||||
| Total Revenues | 308 | 289 | 346 | 346 | 312 | 310 | 967 | 945 |
| Organic growth (%) | 9.0% | 2.8% | -3.3% | 2.7% | ||||
| Currency effect (%) | -3.6% | -3.5% | 3.7% | -1.2% | ||||
| Scope effect (%) | 1.2% | 0.8% | 0.5% | 0.8% | ||||
| Reported Growth (%) | 6.6% | 0.1% | 0.9% | 2.3% | ||||
Operating revenue
Breakdown of Operating revenue by line of service
| Q1 Fiscal | Q2 Fiscal | Q3 Fiscal | First 9 months | |||||
| (in million euros) | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| Employee Benefits | 234 | 212 | 266 | 252 | 239 | 234 | 739 | 698 |
| Organic growth (%) | 11.6% | 7.5% | -2.6% | 5.4% | ||||
| Currency effect (%) | -3.1% | -3.0% | 4.1% | -0.6% | ||||
| Scope effect (%) | 1.7% | 1.2% | 0.7% | 1.1% | ||||
| Reported Growth (%) | 10.2% | 5.8% | 2.2% | 5.9% | ||||
| Other Products & Services | 34 | 37 | 39 | 51 | 31 | 36 | 104 | 124 |
| Organic growth (%) | -5.7% | -20.6% | -14.3% | -14.3% | ||||
| Currency effect (%) | -2.5% | -2.4% | -0.6% | -1.9% | ||||
| Scope effect (%) | —% | —% | —% | —% | ||||
| Reported Growth (%) | -8.2% | -23.0% | -14.9% | -16.2% | ||||
| Operating revenue | 268 | 249 | 306 | 303 | 270 | 270 | 843 | 822 |
| Organic growth (%) | 9.1% | 2.8% | -4.1% | 2.5% | ||||
| Currency effect (%) | -3.0% | -2.9% | 3.5% | -0.8% | ||||
| Scope effect (%) | 1.4% | 1.0% | 0.6% | 0.9% | ||||
| Reported Growth (%) | 7.5% | 0.9% | -0.1% | 2.6% | ||||
Breakdown of Operating revenue by region
| Q1 Fiscal | Q2 Fiscal | Q3 Fiscal | First 9 months | |||||
| (in million euros) | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| Continental Europe | 110 | 105 | 141 | 144 | 117 | 120 | 368 | 368 |
| Organic growth (%) | 2.7% | -3.3% | -3.2% | -1.5% | ||||
| Currency effect (%) | -0.0% | -0.0% | -0.1% | -0.1% | ||||
| Scope effect (%) | 2.2% | 1.1% | 1.1% | 1.4% | ||||
| Reported Growth (%) | 4.9% | -2.2% | -2.3% | -0.2% | ||||
| Latin America | 112 | 98 | 117 | 106 | 107 | 106 | 336 | 310 |
| Organic growth (%) | 14.3% | 10.1% | -5.6% | 6.1% | ||||
| Currency effect (%) | -1.5% | -0.8% | 6.7% | 1.5% | ||||
| Scope effect (%) | 1.1% | 1.1% | -0.0% | 0.7% | ||||
| Reported Growth (%) | 13.9% | 10.4% | 1.1% | 8.3% | ||||
| Rest of the world | 46 | 46 | 48 | 53 | 46 | 45 | 140 | 144 |
| Organic growth (%) | 12.6% | 4.8% | -2.9% | 5.0% | ||||
| Currency effect (%) | -12.8% | -14.9% | 5.6% | -7.9% | ||||
| Scope effect (%) | —% | 0.3% | 0.6% | 0.3% | ||||
| Reported Growth (%) | -0.1% | -9.8% | 3.4% | -2.6% | ||||
| Operating revenue | 268 | 249 | 306 | 303 | 270 | 270 | 843 | 822 |
| Organic growth (%) | 9.1% | 2.8% | -4.1% | 2.5% | ||||
| Currency effect (%) | -3.0% | -2.9% | 3.5% | -0.8% | ||||
| Scope effect (%) | 1.4% | 1.0% | 0.6% | 0.9% | ||||
| Reported Growth (%) | 7.5% | 0.9% | -0.1% | 2.6% | ||||
Forward-looking statements
This press release contains forward-looking statements. These forward-looking statements reflect the Group’s intentions, current beliefs, expectations and assumptions, including, without limitation, assumptions regarding the Group’s future business strategies and the environment in which the Group operates, and involve known and unknown risks, uncertainties and other important factors beyond the Group’s control, which may cause the Group’s actual results, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include those discussed in Pluxee’s Fiscal 2025 Annual Report, filed on October 30, 2025 with the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, “AFM”) and the French Autorité des Marchés Financiers, and available in the ‘Investors – Financial Results and Publications’ section of the Group website: www.pluxeegroup.com. Accordingly, readers of this press release are cautioned on relying on these forward-looking statements. These forward-looking statements are made as of the date of this press release and Pluxee Group expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements included in this press release to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based.
Disclaimer
This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States, or any other jurisdiction.
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