Pluxee posts recurring EBITDA of €488 million in 2026 despite profit decline

Key Facts

Pluxee reported its 2026 financial year results on 29 October, for the year ended 31 August, recording recurring EBITDA of €488 million, up 3.8% organically, according to the company’s disclosure published via GlobeNewswire. Recurring margin rose to 37.5% from 36.6% in the previous year, an organic expansion of 101 basis points. However, the improvement in operating performance did not extend to bottom-line results: operating profit fell 12% to €295 million, while net profit attributable to the Group declined 13.5% to €170 million. These figures show a divergence between growth in the recurring operating metric and a decline in bottom-line profit during the year. The company also linked pressure on its Brazilian business to the reform of the workers’ food program, whose impact began in the second half of the financial year and will continue into the following year.

Operating revenue was €1.136 billion, up 0.1% organically, while revenue from returns on cash reached €166 million, an organic increase of 4.6%, according to Pluxee’s disclosure. The comparison shows that growth in revenue from returns on cash outpaced operating revenue in financial year 2026. At the same time, recurring EBITDA grew faster than operating revenue, with the margin expanding to 37.5%. The company attributed the margin expansion to business volume growth and greater efficiency, rather than efficiency alone. It also linked growth in employee benefits volumes to new customer wins, as well as the confidence and engagement of existing customers. The year’s results therefore combined limited growth in operating revenue with an improvement in recurring margin, against a decline in operating profit and net profit.

The negative impact of Brazil’s workers’ food program reform, known as PAT, on Pluxee’s revenue and the profitability of its business there began in the second half of financial year 2026, according to the company. Pluxee identified changes under the Brazilian decree to merchant fee caps, interchange fees and the maximum settlement period. The Brazilian government published the presidential decree on 12 November 2025, with an initial 90-day implementation period and a 180-day deadline to open payment systems to the relevant issuers. Merchant fee caps and the settlement period took effect from March 2026, then Pluxee opened its payment system in May. The company said the reform’s impact would intensify in the first half of financial year 2027 before gradually easing from the second half. This represents a specific regulatory pressure in the Brazilian market, rather than the general warning of potential competition included in the previous draft.

Pluxee described financial year 2027 as transitional, amid an extended adjustment linked to the PAT reform and an uncertain environment. The company is targeting recurring EBITDA of at least €440 million, alongside recurring cash conversion of at least 50%. The EBITDA target comes in a year when the company expects the impact of the Brazilian changes to persist, peaking in the first half before gradually easing in the second half. Meanwhile, the board proposed a dividend of €0.65 per share for financial year 2026, an annual increase of 71%. It also proposed raising the structural payout ratio to 40%. The disclosure thus sets out earnings and cash flow targets for the transitional year alongside the proposed increase in shareholder distributions.

The company’s calendar lists its annual general meeting on 17 December 2026, with first-quarter financial year 2027 revenue due to be reported on 6 January 2027. Before then, Brazil’s statistics office is scheduled to publish its continuous monthly household survey for September on 30 October 2026. Brazil’s Monetary Policy Committee also meets on 3 and 4 November, with its decision due on the second day of the meeting. These dates come as Pluxee expects the impact of the PAT reform to continue through financial year 2027, intensifying in the first half before easing in the second half. The January announcement is the first date on the company’s calendar for reporting quarterly revenue in the new financial year.