Pluxee Foresees Financial Adjustments Following Reforms in Brazil
Pluxee, a company specializing in employee benefits and commitments, anticipates an impact on its finances due to new regulatory measures in Brazil, according to the group.
Pluxee has assessed the financial implications of recent changes to Brazil's Worker's Food Program (PAT). These changes include the introduction of a cap on merchant commission rates, shortened reimbursement periods, and the implementation of meal voucher interoperability among issuers. Given the uncertainty surrounding the implementation and enforcement of these measures, the group has incorporated a worst-case scenario involving these changes into its financial forecasts for the fiscal year 2026.
Projected Financial Performance for 2026
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According to Pluxee, revenue for the year 2026 is expected to remain stable, contrasting with previous forecasts of high single-digit organic growth. The company anticipates a slight organic expansion of the recurring EBITDA margin for 2026, instead of the initially expected increase of 100 basis points. Moreover, the recurring cash conversion rate is estimated to be around 80% on average over the period from 2024 to 2026. These adjustments take into account the regulatory changes in Brazil and their phased implementation starting mid-2026.
Long-term Financial Outlook and Legal Actions
Pluxee expects that the new measures will continue to impact its financial performance until the first half of 2027. However, the group anticipates returning to sustainable and profitable growth from the second half of the same year. Concurrently, Pluxee is considering legal actions, either alone or with the professional association ABBT, to challenge the implementation of these regulatory reforms.
SectorTickets restaurants›Services de traitement des transactions
Context
Period
Period: 1T 2026
Guidance from the release
Trimestre après trimestre, nous enregistrons un démarrage solide de l’exercice 2026, porté par la dynamique commerciale de l'activité Avantages aux salariés; nous avons poursuivi notre feuille de route stratégique avec les acquisitions de Skipr et ProEves et restons confiants dans notre capacité à délivrer des performances durables malgré un environnement réglementaire exigeant au Brésil.
Démarrage robuste au T1 2026 : chiffre d'affaires total de 308 M€ (+9,0 % organique), solide croissance en Amérique latine, effet de change négatif (notamment livre turque) et impact réglementaire potentiel au Brésil; exécution active de la stratégie M&A.
Risks mentioned
Évolutions réglementaires au Brésil pouvant impacter les résultats (impact anticipé H1 2027 si confirmées)
Effets de change défavorables (dépréciation de la livre turque, impact sur croissance publiée)
Fin ou redimensionnement des programmes d'aide publique en Europe continentale
Report de commande d'un large programme en Roumanie affectant le timing du volume d'affaires
Opportunities identified
Pipeline M&A solide et diversifié permettant d'accroître l'offre multi-avantages
Croissance soutenue en Amérique latine, en particulier au Brésil
Renforcement de l'offre via les acquisitions de Skipr (mobilité) et ProEves (garde d'enfants) pour pénétrer de nouveaux segments
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