Pluxee (PLX) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 delivered solid results with €310 million in revenue, up 11.1% organically, maintaining trajectory toward full-year targets and strong commercial momentum across regions and segments.

• Strategic roadmap execution continued, including the acquisition of MyBenefits in Romania and integration of Cobee (Spain) and Benefício Fácil (Brazil); Santander partnership in Brazil is fully operational.

• Net retention rate remained above 100%, supported by high client loyalty and effective portfolio management.

• On track to deliver both strategic and financial targets for Fiscal 2025 and 2026.

Financial highlights

• Q3 total revenue: €310 million (+11.1% organic, +4.3% reported); nine-month revenue: €945 million (+10.9% organic, +6.2% reported).

• Business volume issued (BVI) in Q3: €5.7 billion; nine months: €18.8 billion (+9.0% organic, excluding Belgium one-offs).

• Employee Benefits BVI up 7.8% year-over-year, or 9.0% excluding Belgium's one-off PPP.

• Float revenue in Q3: €39 million (+10.8% organic); nine months: €123 million (+14.3% organic).

• Adverse FX impact (-10.3%) on reported revenue, mainly from Brazilian real and Turkish lira depreciation.

Outlook and guidance

• Confident in achieving low double-digit organic revenue growth and +150bps recurring EBITDA margin extension for FY2025; Fiscal 2026 objectives remain unchanged.

• Recurring cash conversion rate expected above 75% on average over FY2024–2026.

• Q4 expected to be softer than Q3, mirroring Q1/Q2 phasing, but full-year guidance reaffirmed.

• Float revenue growth expected to land in low double digits for the full year.