Pluxee Q3 FY2026 Results
Pluxee, the Paris‑based employee benefits group, announced third‑quarter fiscal 2026 revenue of €312 million, beating the €299 million consensus estimate and exceeding the company’s own highest internal forecast of €306 million compiled on June 18. Operating revenue for the quarter was €270 million, which topped the consensus range of €242 million to €267 million.
Organic revenue declined 3.3% year‑on‑year, outperforming analysts’ expectation of a 4.3% drop. The decline reflects the initial impact of Brazil’s PAT reform—a regulatory cap on merchant discount rates—as well as weaker macroeconomic conditions in Continental Europe.
Revenue by geography showed mixed performance: reported revenue in Latin America rose 3.9% to €125 million, matching the top end of analyst estimates, although organic revenue in the region fell 3.0% due to the Brazil effect. In Continental Europe, reported revenue fell 3.7% to €129 million, with an organic decline of 4.5%, aligning with the consensus estimate of €129 million.
Float revenue, defined as income earned on funds held before redemption, increased 2.8% organically to €42 million, reaching the upper bound of the consensus range (€38 million‑€42 million) and benefitting from elevated interest rates and higher year‑on‑year investment yields.
For the first nine months of fiscal 2026, total revenue reached €967 million, representing a 2.7% organic growth year‑on‑year. Business volume grew 9.4% organically during the quarter, with the Employee Benefits segment contributing 8.0% of the volume increase.
Chief Executive Officer Aurélien Sonet stated that the group “continued to execute with operational and financial discipline in a demanding environment, marked by regulatory developments in Brazil and less favorable macroeconomic conditions, especially in Continental Europe.” He added that the operational framework required by Brazil’s reforms is now in place, providing a “strong foundation on which we will continue to build and innovate.”
Pluxee reaffirmed its full‑year fiscal 2026 guidance, maintaining expectations for stable organic total revenue, a modest organic expansion of recurring EBITDA margin, and an average recurring cash conversion of around 80% over fiscal 2024‑2026. The company cautioned that measures related to Brazil, if fully confirmed, will continue to weigh on results in the first half of fiscal 2027, with a return to a “sustainable, profitable growth trajectory” anticipated from the second half of that year.