Pluxee N.V. Q4 2026 Earnings Recap

Pluxee shares fell 15.9% after results, with investors likely focused on a cautious FY2027 outlook: management called it a transition year and guided to at least EUR 440 million in recurring EBITDA and at least 50% cash conversion. The outlook contrasts with FY2026’s higher margin and 70% cash conversion, while the transcript cites an extended Brazil rebate scenario following tax reform.

Key Takeaways

• FY2026 revenue was EUR 1.3 billion, up 0.7% organically; recurring EBITDA reached EUR 488 million, with organic margin expansion of 101 basis points to 37.5%.
• Recurring free cash flow was EUR 341 million, equal to 70% cash conversion; the three-year average was 82%.
• New client wins generated EUR 1.5 billion in annualized business volume, above the company’s EUR 1.3 billion objective; net retention was 99.4%.
• Adjusted basic EPS rose 4.4% to EUR 1.58. Pluxee proposed a EUR 0.65 dividend per share, up 71%, subject to shareholder approval.
• For FY2027, management expects at least EUR 440 million in recurring EBITDA and at least 50% cash conversion, citing the extended rebate scenario and equalization of merchant terms across Brazilian meal and food programs.