Pluxee Reports 9% Growth in the First Quarter of Fiscal Year 2026
The global employee benefits specialist recorded a total revenue of 308 million euros in the first three months of fiscal year 2026. The group confirms all its annual targets despite ongoing regulatory changes in Brazil.
Strong Performance Despite Market Challenges
According to the press release issued on January 7th, Pluxee achieved a total revenue of 308 million euros in the first quarter of fiscal year 2026, marking an organic growth of 9.0% compared to the same period in the previous year. The reported growth was 6.6%, including a negative currency effect of 3.6% and a positive perimeter effect of 1.2%. Operational revenue reached 268 million euros, up organically by 9.1%, while revenue from float amounted to 40 million euros, showing an organic growth of 8.5%. This latter component benefited from the increase in interest rates in Brazil over the year, which, according to the group, offset the gradual decline in rates in other markets. The Employee Benefits activity generated an operational revenue of 234 million euros, organically growing by 11.6%, supported by the growth in business volume and a slight improvement in the uptake rate. The Other Products and Services segment recorded an operational revenue of 34 million euros, organically down by 5.7%, reflecting the end, resizing, or postponement of certain public aid contracts in continental Europe.
Regional Revenue Insights
In continental Europe, operational revenue reached 110 million euros, representing an organic growth of 2.7%. Pluxee notes that the momentum in Southern Europe was dampened by a challenging macroeconomic environment in the rest of the region, which continues to impact the end-user portfolio. The region was also affected by temporary effects related to public aid activities and the order timing of a contract in Romania. In Latin America, operational revenue was 112 million euros, showing an organic growth of 14.3%. This performance was driven, according to the press release, by strong commercial dynamics in the region, particularly in Brazil, where the group benefits from a more supportive macroeconomic environment, marked by persistent inflation. In the Rest of the World, operational revenue was 46 million euros, growing organically by 12.6%, despite a negative currency effect of 12.8% mainly due to the evolution of the Turkish Lira. The group notes initial positive signals in the United Kingdom and the United States, following structural initiatives.
Firm on Future Financial Goals
Pluxee confirms all its targets for fiscal year 2026, namely a total stable revenue at constant scope and exchange rates, including a slight organic decline in float revenue, a slight increase in recurring EBITDA margin, and a recurring cash conversion rate of about 80% on average for the fiscal years 2024 to 2026. The group specifies that these targets are based on the most conservative assumptions regarding the content of the reform in Brazil and its implementation schedule. Beyond fiscal year 2026, the regulatory measures announced in Brazil, if fully confirmed, would continue to impact financial results in the first half of fiscal year 2027, with Pluxee anticipating a return to a sustainable growth trajectory starting from the second half of fiscal year 2027. Regarding acquisitions, the group completed in September 2025 the 100% acquisition of Skipr, a player in employee mobility benefits in Belgium and France, and in December 2025 that of ProEves, a player in employee benefits related to childcare in India. Both operations were fully financed from existing cash, with no impact on the debt level.
