Pluxee exceeds 2026 targets and sets EBITDA floor of €440 million for 2027
Pluxee published annual accounts on October 29, 2026 that exceeded its objectives, with recurring EBITDA margin raised to 37.5%, compared to 36.6% a year earlier. However, the group set for fiscal year 2027 a recurring EBITDA of at least €440 million on an organic basis, against €488 million achieved for the fiscal year ended August 31, 2026.
The group presents 2027 as a transition year. It explains this through a more extensive adjustment in Brazil, linked to the reform of the Worker Food Program (PAT), and through an environment it considers uncertain. Meanwhile, the proposed dividend increases by 71%, to €0.65 per share.
Revenue stable, recurring EBITDA up 3.8%
Total revenue reached €1,302 million, with organic growth of 0.7% and 1.2% in published figures, slightly above the group's target. Operating revenue stood at €1,136 million, with organic growth of 0.1%.
Float revenues, meanwhile, increased by 4.6% organically, to €166 million. These are products derived from the placement of funds collected from customers before their reimbursement to merchants.
Recurring EBITDA increased by 3.8% organically, to €488 million. According to the group, the margin increase results primarily from an operational leverage effect linked to volume growth and efficiency gains, with operating expenses declining slightly to €814 million from €816 million.
The volume of business issued from the Employee Benefits activity, which represents the bulk of operating revenue, increased by 7.7% organically, to €20.6 billion. For the fourth quarter alone, this increase reached 11.2%.
Net income down 13.5%, adjusted income up 1.2%
Operating income fell by 12%, to €295 million, against €335 million. Other operating income and expenses represented a net charge of €65 million, against €26 million a year earlier.
This amount includes €33 million in provisions related to ongoing legal and tax proceedings, €17 million in impairments mainly related to the United Kingdom and €15 million in restructuring costs. Group net income thus fell to €170 million, against €197 million.
Adjusted for these items, adjusted net income increased by 1.2%, to €223 million. Adjusted earnings per share increased by 4.4%, to €1.58, above the €1.50 expected on average by analysts, supported by a €100 million share buyback program.
Recurring free cash flow fell from €417 million to €341 million, a conversion rate of 70% against 89%. The three-year average came in at 82%, above the approximately 80% target, and net financial cash increased by €178 million, to €1,341 million.
Recurring EBITDA of at least €440 million for fiscal year 2027
The Brazilian decree published on November 12, 2025 capped commissions charged to merchants and interchange fees, and set a maximum settlement deadline. Pluxee has been applying these caps since March 2026. However, it appealed the lifting of the injunction it had obtained in court and awaits the Court's decision.
In the fourth quarter, marked by the deployment of the reform, operating revenue fell by 6.2% organically, and by 12.1% in Latin America. Excluding the capping effect, organic growth in this region would have reached 8.2% for the fiscal year, against 1.1% published.
The €0.65 dividend will be submitted to the general meeting on December 17, 2026, for payment scheduled on December 23, 2026. It reflects a payout ratio raised to 40% of adjusted net income, against 25%, for a total amount of €89 million.
According to the consensus of surveyed analysts, the stock trades at approximately 9.4 times expected earnings for the current fiscal year.
For fiscal year 2027, the group targets recurring EBITDA of at least €440 million and a cash conversion rate of at least 50%. It anticipates that the impact of the reform will intensify in the first half, before easing from the second half onwards.
