Q3 Fiscal 2025 Revenues
Issy-les-Moulineaux, France – July 3rd, 2025
Pluxee delivers solid organic growth performance in Q3 Fiscal 2025, in line with full-year objectives
Highlights
- Robust commercial and topline performance, supported by balanced and resilient business model fueled by multiple growth drivers, maintaining the Group on track to achieve full-year targets
- 310 million euros Total Revenues in Q3 Fiscal 2025, growing organically by +11.1%, driven by Employee Benefits, up +12.3% organically
- 270 million euros Operating revenue, up +11.1% organically, more weighted toward Latin America and Rest of the world in line with anticipations
- 39 million euros Float revenue, growing up +10.8% organically at a slightly stronger pace than expected
- Continuous execution of M&A strategy, with the signing of the acquisition of MyBenefits in Romania, the acceleration of the deployment of the Santander strategic partnership and the integration of Cobee in Spain and Benefício Fácil in Brazil
- Full-year financial objectives confirmed, reflecting solid performance in the first 9 months
Q3 Fiscal 2025 key figures
| (in million euros) | Q3 Fiscal 2025 | Q3 Fiscal 2024 | Organic Growth (%) | Reported Growth (%) |
| Operating revenue | 270 | 257 | 11.1% | 5.4% |
| Float revenue | 39 | 40 | 10.8% | -2.2% |
| Total Revenues | 310 | 297 | 11.1% | 4.3% |
| of which | ||||
| Continental Europe | 134 | 123 | 6.5% | 8.9% |
| Latin America | 121 | 116 | 13.8% | 4.1% |
| Rest of the world | 55 | 58 | 15.2% | -4.9% |
| of which | ||||
| Employee Benefits | 270 | 257 | 12.3% | 4.9% |
| Other Products & Services | 40 | 40 | 2.9% | 0.6% |
Aurélien Sonet, Chief Executive Officer of Pluxee, commented:
"The solid performance delivered by Pluxee over the first nine months reflects not only the strength and resilience of our balanced growth model, but also the daily commitment of our teams across the world to continue delivering value for all our stakeholders.
In the third quarter, while we maintained our low double-digit organic growth trajectory, we also continued to execute our M&A roadmap. This materialized through the signing of the MyBenefits acquisition in Romania, the further integration of Cobee in Spain and Benefício Fácil in Brazil, as well as the acceleration of our key partnership rollout with Santander.
I want to thank our teams for their dedication, which continues to drive profitable growth across our markets. In light of the strong execution and performance delivered over the first nine months, and while remaining mindful of the macroeconomic trends in a number of geographies, we remain confident in our ability to deliver on our full-year ambitions."
Sustained business momentum
Total Business volumes issued (BVI) reached 5.7 billion euros in the third quarter of Fiscal 2025, and 18.8 billion euros over the first nine months, compared to 18.3 billion euros in the first nine months of Fiscal 2024.
Employee Benefits' business volumes issued stood at 4.6 billion euros in Q3 Fiscal 2025, growing +6.7% organically, reaching 14.2 billion euros over 9 months, up +9.0% organically excluding one-off effects from the Purchasing Power Program (PPP) in Belgium. This performance reflected solid commercial momentum, underpinned by (i) strong new client acquisition and (ii) a solid net retention rate supported by improved churn and continued increase in face value. As anticipated, growth remained geographically more weighted toward Latin America and Rest of the world, while Continental Europe displayed contrasted dynamics — with strong momentum in Southern Europe and headwinds in the end-user portfolio across other countries.
Other Products & Services' business volumes issued amounted to 1.2 billion euros in Q3 Fiscal 2025, up to 4.7 billion euros over 9 months. Regained momentum in Public Benefits, particularly in Chile, was offset by temporary phasing effects in ordering from two contracts in Belgium and Romania.
Q3 Fiscal 2025 revenue performance
Total Revenues reached 310 million euros in Q3 Fiscal 2025, growing +11.1% organically year-on-year, as a result of positive trend in Operating revenue and a steady growth in Float revenue. Reported growth reached +4.3% compared to Q3 Fiscal 2024, including a -10.3% currency effect, mainly related to Brazil, Türkiye and Mexico, and a +3.6% positive scope effect.
Total Revenues by nature
| (in million euros) | Q3 Fiscal 2025 | Q3 Fiscal 2024 | Organic Growth (%) | Reported Growth (%) |
| Operating revenue | 270 | 257 | 11.1% | 5.4% |
| Float revenue | 39 | 40 | 10.8% | -2.2% |
| Total Revenues | 310 | 297 | 11.1% | 4.3% |
| (in million euros) | First 9 months Fiscal 2025 | First 9 months Fiscal 2024 | Organic Growth (%) | Reported Growth (%) |
| Operating revenue | 822 | 774 | 10.4% | 6.2% |
| Float revenue | 123 | 115 | 14.3% | 6.8% |
| Total Revenues | 945 | 889 | 10.9% | 6.2% |
Operating revenue reached 270 million euros in Q3 Fiscal 2025, up +11.1% organically and +5.4% reported, including a +3.5% scope effect and a -9.3% currency translation effect. The Group sustained a double-digit organic growth trajectory in Operating revenue this quarter, supported notably by the easing of base effects faced in Q2 Fiscal 2025 in Employee Benefits.
Float revenue amounted to 39 million euros in Q3 Fiscal 2025, growing by +10.8% organically, at a slightly stronger pace than expected, and by -2.2% in reported growth including +4.2% scope effect and -17.1% currency effect. The upward trend in Float revenue in Q3 Fiscal 2025 was supported by a combination of growing Float base and an improved average investment yield year-on-year. Over the first 9 months, Float revenue reached 123 million euros, up +14.3% organically. As expected, the organic growth rate of Float revenue has leveled off year-on-year and relative to the first two quarters of Fiscal 2025, reflecting the peak in interest rates previously reached across most of Pluxee’s markets. Nevertheless, the Group continues to benefit from its efficient investment strategy, along with still elevated rates in certain Latin America and Rest of the world countries.
Operating revenue by line of service
| (in million euros) | Q3 Fiscal 2025 | Q3 Fiscal 2024 | Organic Growth (%) | Reported Growth (%) |
| Employee Benefits | 234 | 220 | 12.8% | 6.5% |
| Other Products & Services | 36 | 37 | 0.5% | -1.7% |
| Operating revenue | 270 | 257 | 11.1% | 5.4% |
| (in million euros) | First 9 months Fiscal 2025 | First 9 months Fiscal 2024 | Organic Growth (%) | Reported Growth (%) |
| Employee Benefits | 698 | 651 | 12.1% | 7.3% |
| Other Products & Services | 124 | 124 | 1.0% | 0.2% |
| Operating revenue | 822 | 774 | 10.4% | 6.2% |
Employee Benefits generated 234 million euros in Operating revenue in Q3 Fiscal 2025, up +12.8% organically, i.e. +6.5% reported growth including a -10.5% currency effect and a +4.2% scope effect. This performance was driven by robust business volume dynamics and steady take-up rate, which has improved by +19bps year-on-year over the first nine months.
Other Products & Services generated Operating revenue of 36 million euros in Q3 Fiscal 2025 compared to 37 million euros in Q3 Fiscal 2024, growing +0.5% organically. The positive contribution of the regaining of a large Public benefit contract in Chile was partly compensated by the ongoing business repositioning in the United Kingdom and the United States.
Operating revenue by region
| (in million euros) | Q3 Fiscal 2025 | Q3 Fiscal 2024 | Organic Growth (%) | Reported Growth (%) |
| Continental Europe | 120 | 108 | 8.8% | 11.5% |
| Latin America | 106 | 102 | 13.6% | 3.4% |
| Rest of the world | 45 | 47 | 11.0% | -4.3% |
| Operating revenue | 270 | 257 | 11.1% | 5.4% |
| (in million euros) | First 9 months Fiscal 2025 | First 9 months Fiscal 2024 | Organic Growth (%) | Reported Growth (%) |
| Continental Europe | 368 | 341 | 6.2% | 8.2% |
| Latin America | 310 | 302 | 12.8% | 2.8% |
| Rest of the world | 144 | 132 | 15.9% | 8.6% |
| Operating revenue | 822 | 774 | 10.4% | 6.2% |
Mixed geographic business dynamics shaped Operating revenue organic growth by region in Q3 Fiscal 2025.
In Continental Europe, Operating revenue reached 120 million euros in Q3 Fiscal 2025, up +8.8% organically and +11.5% on a reported basis including a +2.8% scope effect. Organic growth rebounded as expected in Q3 Fiscal 2025 as base effects eased, although some pressure persisted due to weakening macroeconomic trends in certain markets.
In Latin America, Operating revenue reached 106 million euros in Q3 Fiscal 2025, growing +13.6% organically, i.e. +3.4% reported growth including a -16.2% currency impact related mainly to Brazil and Mexico, and a +6.0% scope effect. Growth was mainly driven by sustained strong commercial execution in Brazil, further supported by the Santander partnership operating at full speed, and the recovery of a major Public Benefit contract in Chile, while Mexico continued to face pressure stemming from the impact of the United States economic policies.
In Rest of the world, Operating revenue amounted to 45 million euros in Q3 Fiscal 2025, showing +11.0% organic growth when excluding a -15.3% currency impact mostly related to the evolution of the Turkish Lira. Türkiye and India were the main drivers of organic growth in Rest of the world, compensating headwinds from ongoing business repositioning in the United Kingdom and the United States.
Continued M&A strategy execution
The Group further advanced the execution of its M&A strategy during the quarter, with the signing of the acquisition of MyBenefits in Romania.
MyBenefits is a fast-growing Romanian company, known for its innovative technology sustaining a flexible and personalized employee benefit offering. The transaction builds on a successful partnership between the two companies, developed over the last three years. With this acquisition, the Group continues to deliver on its strategic growth roadmap, expanding its technological capabilities and strengthening its position in a key Continental Europe market.
The acquisition is expected to generate sustainable growth synergies and unlock additional revenue opportunities through cross-selling. Subject to approval by the Romanian regulatory authorities, the transaction will be fully financed through existing financial resources and is expected to be accretive to Recurring EBITDA margin from Fiscal 2026.
Furthermore, while the Group actively pursued the integration of Cobee in Spain and Benefício Fácil in Brazil, the strategic partnership with Santander is now fully operational, supporting commercial reach and growth potential in the Brazilian market.
Confirmed outlook for Fiscal 2025 and Fiscal 2026
The strong performance delivered over the first 9 months of Fiscal 2025 as well as the resilience of the Group's business model in the current environment enable Pluxee to confirm its financial objectives for Fiscal 2025:
- Low double-digit Total Revenues organic growth;
- +150bps Recurring EBITDA margin expansion (at Fiscal 2024 constant rates);
The Group also maintains all its other financial objectives unchanged:
- Low double-digit Total Revenues organic growth in Fiscal 2026;
- +75bps Recurring EBITDA margin expansion in Fiscal 2026 (at Fiscal 2024 constant rates);
- Above 75% Recurring cash conversion rate on average over Fiscal 2024 to Fiscal 2026.
Based on the latest available consensus, the Group expects Float revenue to grow organically by low double-digit in Fiscal 2025.
Financial objectives for Fiscal 2025 and Fiscal 2026 also take into account the synergies expected from the deployment of the partnership with Santander and the integration of closed M&A deals.
Conference call for investors and analysts
Pluxee will hold a conference call in English on July 3, 2025, at 8:30 a.m. CET to present its Q3 Fiscal 2025 Revenues.
To connect:
- from France: +33 1 70 91 87 04; or
- from the UK: +44 121 281 8004; or
- from the U.S.: +1 718 705 8796,
followed by the access code 07 26 76.
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
| Annual Fiscal 2025 Results | October 30, 2025 |
| Fiscal 2025 Annual Shareholders' Meeting | December 17, 2025 |
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 29 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 5,400 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
| Media Cecilia de Pierrebourg cecilia.depierrebourg@pluxeegroup.com |
Analysts and Investors |
Appendices
Total Revenues
Breakdown of Total Revenues by nature
| Q1 Fiscal | Q2 Fiscal | Q3 Fiscal | First 9 months | |||||
| (in million euros) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Operating revenue | 249 | 231 | 303 | 287 | 270 | 257 | 822 | 774 |
| Organic growth (%) | 12.1% | 8.4% | 11.1% | 10.4% | ||||
| Currency effect (%) | -7.1% | -5.3% | -9.3% | -7.2% | ||||
| Scope effect (%) | 2.8% | 2.5% | 3.5% | 2.9% | ||||
| Reported Growth (%) | 7.7% | 5.6% | 5.4% | 6.2% | ||||
| Float revenue | 40 | 35 | 43 | 40 | 39 | 40 | 123 | 115 |
| Organic growth (%) | 20.9% | 11.9% | 10.8% | 14.3% | ||||
| Currency effect (%) | -10.8% | -6.8% | -17.1% | -11.7% | ||||
| Scope effect (%) | 4.9% | 3.7% | 4.2% | 4.2% | ||||
| Reported Growth (%) | 15.1% | 8.7% | -2.2% | 6.8% | ||||
| Total Revenues | 289 | 266 | 346 | 327 | 310 | 297 | 945 | 889 |
| Organic growth (%) | 13.2% | 8.8% | 11.1% | 10.9% | ||||
| Currency effect (%) | -7.6% | -5.5% | -10.3% | -7.8% | ||||
| Scope effect (%) | 3.0% | 2.7% | 3.6% | 3.1% | ||||
| Reported Growth (%) | 8.7% | 6.0% | 4.3% | 6.2% | ||||
Breakdown of Total Revenues by line of service
| Q1 Fiscal | Q2 Fiscal | Q3 Fiscal | First 9 months | |||||
| (in million euros) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Employee Benefits | 249 | 224 | 290 | 274 | 270 | 257 | 809 | 755 |
| Organic growth (%) | 16.3% | 9.8% | 12.3% | 12.5% | ||||
| Currency effect (%) | -8.9% | -6.6% | -11.6% | -9.0% | ||||
| Scope effect (%) | 3.7% | 2.9% | 4.2% | 3.7% | ||||
| Reported Growth (%) | 11.1% | 6.1% | 4.9% | 7.2% | ||||
| Other Products & Services | 40 | 42 | 56 | 53 | 40 | 40 | 136 | 135 |
| Organic growth (%) | -3.5% | 5.3% | 2.9% | 1.8% | ||||
| Currency effect (%) | -0.8% | 0.0% | -2.3% | -0.9% | ||||
| Scope effect (%) | —% | —% | —% | —% | ||||
| Reported Growth (%) | -4.3% | 5.3% | 0.6% | 0.9% | ||||
| Total Revenues | 289 | 266 | 346 | 327 | 310 | 297 | 945 | 889 |
| Organic growth (%) | 13.2% | 8.8% | 11.1% | 10.9% | ||||
| Currency effect (%) | -7.6% | -5.5% | -10.3% | -7.8% | ||||
| Scope effect (%) | 3.0% | 2.7% | 3.6% | 3.1% | ||||
| Reported Growth (%) | 8.7% | 6.0% | 4.3% | 6.2% | ||||
Breakdown of Total Revenues by region
| Q1 Fiscal | Q2 Fiscal | Q3 Fiscal | First 9 months | |||||
| (in million euros) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Continental Europe | 120 | 108 | 159 | 155 | 134 | 123 | 413 | 387 |
| Organic growth (%) | 9.1% | 0.7% | 6.5% | 4.9% | ||||
| Currency effect (%) | -0.1% | 0.1% | -0.1% | 0.0% | ||||
| Scope effect (%) | 1.3% | 1.7% | 2.5% | 1.8% | ||||
| Reported Growth (%) | 10.4% | 2.5% | 8.9% | 6.7% | ||||
| Latin America | 112 | 110 | 121 | 117 | 121 | 116 | 354 | 343 |
| Organic growth (%) | 10.7% | 13.5% | 13.8% | 12.7% | ||||
| Currency effect (%) | -14.5% | -15.3% | -16.4% | -15.4% | ||||
| Scope effect (%) | 5.9% | 5.2% | 6.6% | 5.9% | ||||
| Reported Growth (%) | 2.0% | 3.4% | 4.1% | 3.2% | ||||
| Rest of the world | 58 | 48 | 65 | 54 | 55 | 58 | 178 | 159 |
| Organic growth (%) | 28.8% | 22.8% | 15.2% | 22.0% | ||||
| Currency effect (%) | -8.7% | -1.0% | -20.1% | -10.4% | ||||
| Scope effect (%) | —% | —% | —% | —% | ||||
| Reported Growth (%) | 20.1% | 21.9% | -4.9% | 11.6% | ||||
| Total Revenues | 289 | 266 | 346 | 327 | 310 | 297 | 945 | 889 |
| Organic growth (%) | 13.2% | 8.8% | 11.1% | 10.9% | ||||
| Currency effect (%) | -7.6% | -5.5% | -10.3% | -7.8% | ||||
| Scope effect (%) | 3.0% | 2.7% | 3.6% | 3.1% | ||||
| Reported Growth (%) | 8.7% | 6.0% | 4.3% | 6.2% | ||||
Operating revenue
Breakdown of Operating revenue by line of service
| Q1 Fiscal | Q2 Fiscal | Q3 Fiscal | First 9 months | |||||
| (in million euros) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Employee Benefits | 212 | 193 | 252 | 238 | 234 | 220 | 698 | 651 |
| Organic growth (%) | 14.9% | 9.3% | 12.8% | 12.1% | ||||
| Currency effect (%) | -8.4% | -6.5% | -10.5% | -8.4% | ||||
| Scope effect (%) | 3.4% | 3.1% | 4.2% | 3.6% | ||||
| Reported Growth (%) | 9.9% | 5.8% | 6.5% | 7.3% | ||||
| Other Products & Services | 37 | 38 | 51 | 49 | 36 | 37 | 124 | 124 |
| Organic growth (%) | -2.6% | 4.3% | 0.5% | 1.0% | ||||
| Currency effect (%) | -0.7% | 0.2% | -2.2% | -0.8% | ||||
| Scope effect (%) | —% | —% | —% | —% | ||||
| Reported Growth (%) | -3.3% | 4.5% | -1.7% | 0.2% | ||||
| Operating revenue | 249 | 231 | 303 | 287 | 270 | 257 | 822 | 774 |
| Organic growth (%) | 12.1% | 8.4% | 11.1% | 10.4% | ||||
| Currency effect (%) | -7.1% | -5.3% | -9.3% | -7.2% | ||||
| Scope effect (%) | 2.8% | 2.5% | 3.5% | 2.9% | ||||
| Reported Growth (%) | 7.7% | 5.6% | 5.4% | 6.2% | ||||
Breakdown of Operating revenue by region
| Q1 Fiscal | Q2 Fiscal | Q3 Fiscal | First 9 months | |||||
| (in million euros) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Continental Europe | 105 | 94 | 144 | 139 | 120 | 108 | 368 | 341 |
| Organic growth (%) | 9.7% | 1.8% | 8.8% | 6.2% | ||||
| Currency effect (%) | -0.1% | 0.0% | -0.1% | 0.0% | ||||
| Scope effect (%) | 1.4% | 1.8% | 2.8% | 2.0% | ||||
| Reported Growth (%) | 11.1% | 3.7% | 11.5% | 8.2% | ||||
| Latin America | 98 | 97 | 106 | 103 | 106 | 102 | 310 | 302 |
| Organic growth (%) | 11.1% | 13.5% | 13.6% | 12.8% | ||||
| Currency effect (%) | -14.5% | -15.1% | -16.2% | -15.3% | ||||
| Scope effect (%) | 5.2% | 4.6% | 6.0% | 5.3% | ||||
| Reported Growth (%) | 1.9% | 3.0% | 3.4% | 2.8% | ||||
| Rest of the world | 46 | 40 | 53 | 45 | 45 | 47 | 144 | 132 |
| Organic growth (%) | 20.0% | 17.1% | 11.0% | 15.9% | ||||
| Currency effect (%) | -6.0% | 0.1% | -15.3% | -7.3% | ||||
| Scope effect (%) | —% | —% | —% | —% | ||||
| Reported Growth (%) | 14.0% | 17.2% | -4.3% | 8.6% | ||||
| Operating revenue | 249 | 231 | 303 | 287 | 270 | 257 | 822 | 774 |
| Organic growth (%) | 12.1% | 8.4% | 11.1% | 10.4% | ||||
| Currency effect (%) | -7.1% | -5.3% | -9.3% | -7.2% | ||||
| Scope effect (%) | 2.8% | 2.5% | 3.5% | 2.9% | ||||
| Reported Growth (%) | 7.7% | 5.6% | 5.4% | 6.2% | ||||
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 2024 Annual Report, filed on October 31, 2024 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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