Core Insights - Pluxee N.V. disclosed transactions on treasury shares for the period from January 5 to January 9, 2026, indicating ongoing share buyback activities [1]. Group 1: Treasury Share Transactions - On January 5, 2026, a total of 50,331 shares were acquired across three transactions at average prices of €12.9902, €12.9517, and €12.7300 on different platforms [2]. - On January 6, 2026, 55,000 shares were acquired at average prices of €12.9968 and €12.9878 [2]. - On January 7, 2026, 60,000 shares were acquired at average prices of €13.1981, €13.1505, and €13.1063 [2]. - On January 8, 2026, 62,000 shares were acquired at average prices of €12.7871, €12.7765, and €12.7103 [2]. - On January 9, 2026, 64,000 shares were acquired at average prices of €12.7505, €12.7363, and €12.7400 [2]. Group 2: Company Overview - Pluxee operates in 28 countries, focusing on Employee Benefits and Engagement, providing solutions in Meal & Food, Well-being, Lifestyle, Reward & Recognition, and Public Benefits [3]. - The company has over 5,600 engaged team members and serves more than 500,000 clients, 37 million consumers, and 1.7 million merchants [3]. - With over 45 years of experience, Pluxee aims to create a positive impact on local communities and support employee well-being while being environmentally conscious [3].

Core Insights - The company reported a robust start to Q1 Fiscal 2026, confirming all financial objectives for the year [1][3][20] Financial Performance - Total Revenues reached €308 million in Q1 Fiscal 2026, reflecting a 9.0% organic growth and a 6.6% reported growth compared to Q1 Fiscal 2025 [2][10][26] - Operating revenue was €268 million, up 9.1% organically and 7.5% reported, driven primarily by Employee Benefits [2][12][29] - Float revenue stood at €40 million, showing an 8.5% organic growth and a 0.8% reported growth [2][13][26] Regional Performance - Continental Europe generated €121 million in revenues, with a slight organic decline of 0.4% but a reported growth of 1.4% [2][28] - Latin America saw revenues of €131 million, achieving a significant organic growth of 17.2% and a reported growth of 16.7% [2][28] - The Rest of the World contributed €56 million, with an organic growth of 12.9% but a reported decline of 2.4% [2][28] Business Segments - Employee Benefits revenue reached €271 million, reflecting an 11.2% organic growth and an 8.8% reported growth [2][27] - Other Products & Services generated €37 million, down 4.6% organically and 7.1% reported [2][27] Strategic Initiatives - The company successfully completed acquisitions of Skipr and ProEves, enhancing its multi-benefit offerings in Belgium, France, and India [4][20][19] - A solid M&A pipeline is expected to support long-term growth ambitions [4][19] Market Conditions - The company is navigating a challenging regulatory environment in Brazil but remains confident in its operational and financial performance [5][6] - Employee Benefits business performance was bolstered by strong new client acquisition and a net retention rate of 100% [6][8]

Core Viewpoint - Pluxee N.V. successfully held its Annual General Meeting of Shareholders, where all resolutions, including financial statements and dividend distribution, were approved [2]. Group 1: Financial Performance - The financial statements for the fiscal year ending August 31, 2025, were adopted, indicating a positive financial performance for Pluxee [2]. - A dividend of EUR 0.38 per ordinary share was approved for Fiscal 2025, reflecting the company's commitment to returning value to shareholders [2]. Group 2: Dividend Payment Schedule - The ex-dividend date is set for December 19, 2025, with the record date on December 22, 2025, and the payment date scheduled for December 23, 2025 [6]. Group 3: Company Overview - Pluxee operates in 28 countries, focusing on Employee Benefits and Engagement, providing solutions in Meal & Food, Well-being, Lifestyle, Reward & Recognition, and Public Benefits [3]. - The company has over 5,600 engaged team members and serves more than 500,000 clients, 37 million consumers, and 1.7 million merchants, showcasing its extensive reach and influence in the market [3]. - With over 45 years of experience, Pluxee is dedicated to creating a positive impact on local communities and promoting employee well-being [3].

Core Insights - Pluxee maintains a positive outlook for Fiscal 2026 following regulatory reforms in Brazil that will impact its financials starting mid-year Fiscal 2026 [1][3] - The company is adopting a worst-case scenario for the implementation of the reforms, which include a cap on merchant commission rates, reduced reimbursement delays, and interoperability of meal benefits [2][3] - Pluxee anticipates a return to sustainable, profitable growth from the second half of Fiscal 2027 onwards, contingent on the full confirmation of the announced measures [3] Financial Expectations - Total revenues are expected to remain stable like-for-like in Fiscal 2026, contrasting with previously announced high-single digit organic growth [8] - A slight organic expansion in Recurring EBITDA margin is anticipated in Fiscal 2026, compared to a previous increase of +100 basis points [8] - The average Recurring cash conversion rate is projected to be around 80% over Fiscal 2024-2026 [8] Legal Considerations - The company is considering legal action against the implementation of the new measures, in collaboration with the Brazilian professional association ABBT [4] Company Overview - Pluxee operates in 28 countries, providing a range of employee benefits and engagement solutions, with a focus on meal and food, well-being, lifestyle, and public benefits [5] - The company has over 5,600 team members and serves more than 500,000 clients, 37 million consumers, and 1.7 million merchants [5]

Core Viewpoint - The Brazilian government's recent changes to the Workers' Food Program (PAT) could jeopardize its long-term sustainability and may lead to increased risks of misuse and non-compliance [2][4]. Group 1: Government Measures - The new measures regarding the merchant discount rate (MDR), reimbursement deadlines, and voucher processing are set to take effect in 90 days [2]. - These measures diverge significantly from prior discussions between the industry association (ABBT) and the government [2]. Group 2: Company Concerns - The changes interfere with private commercial relations and limit issuers' ability to innovate and compete [4]. - The company is considering legal action against the implementation of these measures, both independently and in collaboration with ABBT [4]. Group 3: Historical Context - Since the creation of the PAT over 40 years ago, the company has played a significant role in its expansion by providing innovative solutions and value to various stakeholders [3]. Group 4: Future Actions - Following the publication of the decree, the company will conduct a thorough assessment of the potential financial implications and develop a mitigation plan [4].

Core Points - Pluxee has announced its Fiscal 2025 Annual General Meeting of shareholders scheduled for December 17, 2025, at 2:00 pm CET in Amsterdam-Schiphol, Netherlands [1] - All relevant documents for the Annual General Meeting, including the agenda and voting instructions, are available on the Pluxee Group website [2] - Pluxee operates in 28 countries, providing a range of Employee Benefits and Engagement solutions, and has over 500,000 clients and 37 million consumers [3] Company Overview - Pluxee is a global player in Employee Benefits and Engagement, focusing on attracting, engaging, and retaining talent through various solutions [3] - The company has been in operation for more than 45 years and employs over 5,600 team members [3] - Pluxee is committed to creating a positive impact on local communities and supporting employee well-being while also focusing on environmental protection [3]

Core Insights - Pluxee demonstrated strong performance in Fiscal 2025, achieving sustained growth, significant margin expansion, and record cash generation, setting a solid foundation for Fiscal 2026 [1][6][7] Financial Performance - Total Revenues reached €1,287 million, reflecting a 10.6% organic growth and a 6.4% reported growth compared to Fiscal 2024 [2][14] - Recurring EBITDA increased to €471 million, marking a 22.2% organic growth and a 9.4% reported growth, with a recurring EBITDA margin of 36.6%, up 230 basis points organically [2][24][25] - Operating profit (EBIT) grew by 34.3% to €335 million, while net profit for the year attributable to the Group increased by 48.6% to €197 million [2][29][32] - Adjusted net profit attributable to the Group reached €221 million, an 8.4% increase year-on-year, with adjusted earnings per share of €1.52, up 9.1% [2][34][35] Cash Flow and Financial Position - Recurring free cash flow generation was €417 million, up 10.0%, resulting in a recurring cash conversion rate of 89%, exceeding the 75% target [2][36][41] - The net financial cash position improved to €1,163 million, an increase of €108 million year-on-year, supported by strong cash flow generation [2][42] Business Segments and Growth Drivers - Employee Benefits business volumes issued reached €18.7 billion, reflecting a 7.6% organic growth, with a net retention rate maintained at 100% [11][12] - Other Products & Services business volumes remained stable at €5.8 billion, impacted by the discontinuation of large Public Benefits programs [13][19] - The Group's strategic acquisitions, including Cobee and Benefício Fácil, contributed to growth and market position enhancement [46][47][49] Shareholder Returns and Future Outlook - A dividend of €0.38 per ordinary share was proposed, representing a 9% increase year-on-year, alongside a €100 million share buyback program [52][54] - For Fiscal 2026, Pluxee aims for high single-digit organic growth in Total Revenues, a 100 basis points increase in Recurring EBITDA margin, and an average recurring cash conversion above 80% [6][60]

Core Viewpoint - Pluxee has signed an agreement to acquire 100% of ProEves, enhancing its multi-benefit offerings in the Indian market and reinforcing its leadership position in the employee benefits sector [2][8]. Group 1: Acquisition Details - The acquisition of ProEves, a leading corporate childcare benefit player in India, is part of Pluxee's strategic growth plan [2][4]. - ProEves provides a digital platform for parents to select caregivers, addressing preschool and daycare needs, and currently collaborates with over 100 companies [6][4]. - The transaction will be fully funded from existing financial resources, with no material impact on Pluxee's leverage [4][8]. Group 2: Market Position and Impact - Pluxee serves over 3.5 million consumers in India and aims to strengthen its leadership by promoting gender equality and work-life balance through enhanced childcare benefits [3][4]. - The acquisition is expected to be accretive to total revenue organic growth and recurring EBITDA by Fiscal 2026, indicating a positive financial outlook [4][8]. - ProEves partners with over 7,000 childcare centers across India, supporting thousands of working parents each month [6].

Core Viewpoint - Pluxee has completed the acquisition of 100% of Skipr, enhancing its employee mobility benefits offerings in Belgium and France, and reinforcing its strategic growth plan in Continental Europe [2][3][11] Group 1: Acquisition Details - The acquisition of Skipr, a fast-growing Belgian company specializing in employee mobility solutions, is a strategic move for Pluxee to increase market share and broaden its product portfolio [2][3][4] - Skipr offers a state-of-the-art SaaS solution that allows employees to choose their mobility options while providing HR teams with tools for expense management and carbon footprint tracking [4][8] - The transaction is fully funded from existing financial resources, ensuring limited impact on Pluxee's leverage [6][11] Group 2: Market Position and Growth Potential - By acquiring Skipr, Pluxee is positioned to capture market share in the emerging benefit segment focused on sustainable mobility, which is increasingly important to employers and employees [5][11] - The acquisition is expected to be accretive to Pluxee's Group Organic Growth and Recurring EBITDA starting from Fiscal 2026 [6][11] - This move will expand Pluxee's revenue through an increased client base and create new cross-selling opportunities [5][11] Group 3: Company Background - Pluxee operates in 29 countries and offers a wide range of employee benefits solutions, including Meal & Food, Well-being, Lifestyle, Reward & Recognition, and Public Benefits [7] - The company has over 5,400 team members and serves more than 500,000 clients, impacting over 37 million consumers and 1.7 million merchants [7]

Core Viewpoint - Octopus Future Generations VCT plc focuses on investing in early-stage companies that address significant societal and environmental challenges, aiming to provide investors with growth opportunities in purpose-driven businesses [1][4]. Financial Performance - The NAV per share as of 31 December 2024 was 88.8p, reflecting a decrease of 5.5p from 30 June 2023 [5][23]. - The company utilized £10.1 million of cash resources during the reporting period, with £8.2 million invested in 16 new and follow-on opportunities [5][29]. - The loss for the period was £2.9 million, attributed to specific performance challenges and difficult funding conditions in the early-stage investment space [5][18]. Investment Strategy - The company aims to maintain a portfolio comprising 80% to 90% in VCT qualifying investments and 10% to 20% in permitted non-VCT qualifying investments or cash [6]. - The investment focus is on three key themes: revitalising healthcare (53% of portfolio), empowering people (28%), and building a sustainable planet (19%) [24]. Fundraising Activities - A fundraise of £3.6 million was completed on 31 October 2024, amidst a competitive VCT fundraising market that raised £882 million in total [7]. - An initial offer to raise up to £5 million was launched on 3 February 2025, successfully closing on 1 April 2025 [8]. Portfolio Management - The company completed 16 investments totaling £8.2 million during the 18-month period, with an additional £2.4 million invested after the reporting date [29]. - Significant valuation declines were noted in 11 companies, with a collective decrease of £7.9 million, primarily affecting Tympa Health, Pear Bio, and Elo Health [24][25]. Exits and Returns - The company achieved its first full and partial exits during the reporting period, with returns of 1.5x from the sales of shares in Neat and Cobee [28][19]. - The long-term target is to pay an annual dividend of 5% of the NAV, although significant dividends are unlikely before 2026 [20]. Governance and Management Changes - Emma Davies announced her retirement from the Board effective 31 March 2024, with Ajay Chowdhury appointed as her successor [10]. - Erin Platts was appointed as the new CEO of Octopus Ventures in January 2025, bringing extensive experience from the UK and European tech ecosystem [15]. Market Outlook - The M&A environment is showing signs of recovery, with startups experiencing the highest annual transaction levels since 2019 [19]. - The company is optimistic about stabilizing NAV and potential growth as the portfolio matures, despite the challenges faced during the reporting period [18][72].