Pluxee Q3 Preview & Model Update

Research evidence excerpt

Pluxee Q3 Preview & Model Update

J P M O R G A N Europe Equity Research

08 June 2026

Pluxee Neutral

PLX.PA, PLX FP

Q3 Preview & Model Update Price (05 Jun 26):€11.22

Price Target (Dec-27):€15.50

Ahead of Q3 26 results (due 3rd July), we fine-tune our estimates to reflect recent European Leisure, Hotels & Gaming

ACFX/rates movements and feedback from discussions with the IR team. While we Estelle Weingrod

had expected the slowdown in organic operating revenue growth to begin easing (44-20) 7742-8502

from Q3, underlying trends appear largely unchanged. Key headwinds persist: (i) estelle.weingrod@jpmorgan.com

a still challenging macro environment in France and Eastern Europe, (ii) lingering J.P. Morgan Securities plc

impacts from Public Benefit contracts in Continental Europe weighing on the Karan Puri

Other segment, and (iii) continued strategic repositioning in the UK and the (44-20) 7742-8342

karan.puri@jpmorgan.com

US (also affecting Other). Offsetting this, rates remain supportive for float income, J.P. Morgan Securities plc

more than compensating for a slightly softer underlying performance. Net net, we

Avni Garg

do not expect Q3 to be a material catalyst for the shares. (91-22) 6157-3431

avni.garg@jpmchase.com

Separately, following the departure of Thierry Guihard, Pluxee’s Brazil CEO, in J.P. Morgan India Private Limited

connection with the Chile investigation into alleged anti-competitive conduct

between 2013 and 2021 (here), Rafael Marques has been appointed as the new Specialist Sales contact details:

Brazil CEO (previously CPO Brazil). Olivia Petronilho - Specialist Sales -

European Consumer

On regulation in France, there is nothing new; an update may come before the (44-20) 3493-3709

summer. olivia.b.petronilho@jpmorgan.com

Key Changes (FYE Aug)