Pluxee FQ3 2026 Results Recap

Research evidence excerpt

Pluxee FQ3 2026 Results Recap

lications for the closed-loop model.. 4) Continental Europe

operating revenue down 3.2%. Headcount reductions and slow adoption of face value

cap increase in Europe (France, Germany and Romania). Southern Europe remains

resilient, but broader macroeconomic labour-market conditions continue to weigh

negatively on end-user portfolio. 5) In France, a bill was submitted in June to modernize

and reform meal vouchers, with similarities to prior versions of the bill which was

introduced with different Parliaments (i.e., digitisation, use of vouchers for grocery, the

ban of planned discounts, and donation of vouchers to NGOs).

FY26 guidance (inclusive of 'worst-case' Brazil impact)

Revenue guide confirmed: "stable total revenues on organic" in FY26

With ~€25m in organic total revenues through 9m FY26, to remain at stable for

the year implies ~7% decline in total revenues in FQ4 2026, roughly in line with

UBSe going into the print (-6.4%, VA cons -6%)

FX impact includes a positive adjustment for Turkey, despite hyperinflation and

continued currency related depreciation. According to the company as the

TRY depreciated less severely against EUR, and the hyperinflation accounting

standards, led to a positive adjustment of 6% relating to TRY within 'rest of world'

geographies, which equates to ~€3m (or ~1% on total revenue, out of an overall

+4% currency impact)

Recurring EBITDA confirmed: "slight organic expansion" compared to FY25

EBITDA margin of 36.6%. Any benefit relating to FX and/or float revenue should

serve to improve chances of hitting the recurring EBITDA guide for the full year.

Implicitly the operating EBITDA required to achieve the guide for FY26 would be

lower, although the company notes no change to operating EBITDA expectations.