Pluxee continues to deliver solid business and financial performance in H1 and raises its Fiscal 2025 Recurring EBITDA margin objective

Core Insights - Pluxee reported solid financial performance in the first half of Fiscal 2025, achieving a total revenue of €635 million, representing a 10.8% organic growth and a 7.2% reported growth year-on-year [2][12] - The company has upgraded its Fiscal 2025 Recurring EBITDA margin objective to +150 basis points, reflecting strong execution and performance in the first semester [4][48] - The Group's strategic growth plan is on track, with significant progress in key initiatives, including M&A activities that have positively contributed to its market position [4][5] Financial Performance - Total Revenues reached €635 million in H1 Fiscal 2025, with organic growth of +10.8% and reported growth of +7.2% [2][12] - Recurring EBITDA was €225 million, up +22.5% organically, with a Recurring EBITDA margin of 35.4%, expanding by +151 basis points on a reported basis [2][22] - Net Profit attributable to the Group increased by +47.3% to €97 million, with Adjusted Net Profit at €107 million, reflecting a +10.5% year-on-year growth [27][32] Revenue Breakdown - Operating revenue amounted to €552 million, growing +10.1% organically, while Float revenue reached €83 million, up +16.2% organically [13][14] - Employee Benefits generated €464 million in Operating revenue, reflecting an organic growth of +11.8% [17] - Other Products and Services saw a return to growth with €88 million in Operating revenue, driven by trends in Reward & Recognition solutions [18] Regional Performance - Continental Europe reported Operating revenue of €248 million, growing +5.0% organically, while Latin America achieved €204 million, with a +12.3% organic growth [19][20] - The Rest of the World segment showed strong performance with €99 million in Operating revenue, reflecting +18.5% organic growth [21] Cash Flow and Financial Position - Recurring free cash flow stood at €171 million, with a Recurring cash conversion rate of 76% [33][36] - The net financial cash position was €1,045 million as of February 28, 2025, reflecting a strong cash generation capability [37][39] Strategic Initiatives - The acquisition of Cobee has strengthened Pluxee's position in the Spanish employee benefit market, enhancing its technology capabilities [46] - The Group also completed the acquisition of Benefício Fácil in Brazil, expanding its mobility benefit offerings [49][50] Sustainability and Recognition - Pluxee received multiple awards for its commitment to sustainability and was recognized for its strong employee engagement practices [41][44] - The company achieved a 'B' score from the Carbon Disclosure Project for its climate management efforts [42]