Pluxee Modestly ahead, with FY guidance reiterated; unlikely a catalyst for the shares

研报英文原文证据摘录

Pluxee Modestly ahead, with FY guidance reiterated; unlikely a catalyst for the shares

J P M O R G A N Europe Equity Research

03 July 2026

Pluxee Neutral

PLX.PA, PLX FP

Modestly ahead, with FY guidance reiterated; unlikely a Price (02 Jul 26):€11.64

catalyst for the shares Price Target (Dec-27):€15.50

Our Take: Pluxee reported a modest Q3 beat this morning, largely driven by FX/ European Leisure, Hotels & Gaming

ACfloat. Operating revenue organic growth arrived at -4.1% (JPM -3.6%/company Estelle Weingrod

cons. -5.1%), with key headwinds persisting in LatAm (regulatory - though better (44-20) 7742-8502

than expected) and in Continental Europe (macro-driven). Float income also held estelle.weingrod@jpmorgan.com

up well, ticking slightly higher sequentially. Importantly, BVI (business volume J.P. Morgan Securities plc

issued) is trending well across both Employee Benefit (+8% organically in Q3, Karan Puri

following +5.9% in H1, despite end-user portfolio pressure in some markets) and (44-20) 7742-8342

karan.puri@jpmorgan.com

Other Products & Services (returning to positive growth after being dragged by J.P. Morgan Securities plc

certain Public Benefit programs in Europe and ongoing restructuring in the UK/

Avni Garg

US). FX contributed +3.7% (vs JPMe +1.1%). Management reiterated FY 26 (91-22) 6157-3431

guidance across the board, still calling for flat total revenue organic growth y/y and avni.garg@jpmchase.com

a slight improvement in EBITDA margins on a cc basis. Overall, we don’t expect J.P. Morgan India Private Limited

these results to be a material catalyst for the stock.

Specialist Sales contact details:

• Noteworthy Areas: 1) Q3 operating revenue organic growth was reported at Olivia Petronilho - Specialist Sales -

-4.1% y/y (JPMe -3.6%, company consensus -5.1%).