Pluxee delivers strong growth in Q3 and upgrades Fiscal 2024
organic revenue growth objective
Pluxee delivers strong growth in Q3 and upgrades Fiscal
2024 organic revenue growth objective
Fiscal Q3 2024 highlights
-
+17.9% organic revenue
growth, reflecting double digit growth in both Operating
and Float revenue
-
Continued business
momentum fuelled by disciplined execution and sustained
market trends
- Strong
performance driven by Latin America (+16.1%) and Rest of
the world (+42.4%)
- +22.7%
organic growth in Employee Benefits revenue
-
First key M&A
milestones delivered: signature of an agreement to acquire
Cobee in Spain and closing of the strategic partnership with
Santander in Brazil
- Fiscal
2024 organic revenue growth objective upgraded to circa
+18% Fiscal 2024 Recurring EBITDA margin and mid-term
financial objectives reiterated
Fiscal Q3 2024 key figures
|
(in million euros) |
FiscalQ3 2024 |
FiscalQ3 2023 |
Organic growth(%) |
Total growth (%) |
|
Operating revenue |
257 |
235 |
+11.4% |
+9.1% |
| Float
revenue |
40 |
26 |
+75.9% |
+56.7% |
| Total
Revenues |
297 |
261 |
+17.9% |
+13.8% |
| of which: |
|
|
|
|
| Continental
Europe |
123 |
114 |
+8.1% |
+7.8% |
| Latin
America |
116 |
98 |
+16.1% |
+17.8% |
|
Rest of the world |
58 |
48 |
+42.4% |
+19.6% |
| of which: |
|
|
|
|
|
Employee benefits |
257 |
219 |
+22.7% |
+17.6% |
|
Other products & services |
40 |
42 |
-7.0% |
-6.2% |
Aurélien Sonet, Chief Executive Officer of Pluxee,
commented:
“Pluxee continues to demonstrate strong business
momentum with high double-digit organic revenue growth in the third
quarter. As a result, we are pleased to be upgrading for the second
time our Fiscal 2024 Organic revenue growth objective. This
momentum is further amplified by the recent agreement to acquire
Cobee, an innovative Spanish digital player in Employee benefits,
in line with Pluxee’s targeted and disciplined M&A strategy. We
have also completed the strategic partnership with Santander,
enabling Pluxee to access over 1.4 million B2B clients from
Santander throughout Brazil, and will now accelerate on
integration. These achievements further reinforce our confidence in
our ability to meet both our near- and medium-term strategic and
financial objectives.”
Business update
Total Business volumes issued reached €18.3 billion over the
first nine months of Fiscal 2024, including €13.8 billion in
Employee benefits of which €4.6 billion in the third quarter Fiscal
2024. It represents +11.6% organic growth over the first nine
months and +10.0% in the third quarter Fiscal 2024 in Employee
benefits business volumes.
This growth reflects the strong business momentum experienced by
the Group, driven by higher net retention, including a further
significant increase in average face value, as well as robust
business development fuelled by continuing new client gains.
Fiscal Q3 2024 revenue performance
Total Revenues reached
€297 million in the third quarter of Fiscal 2024, growing +17.9%
organically compared to Fiscal Q3 2023, partly offset by a -4.1%
currency translation effect mainly due to hyperinflation in
Türkiye. Total Revenues amounted to €889 million over the first
nine months of Fiscal 2024, showing a +21.8% organic growth. It
reflects Pluxee’s strong positive business momentum fuelled by a
disciplined execution and sustained market trends.
Total Revenues by nature
|
(in million euros) |
FiscalQ3 2024 |
FiscalQ3 2023 |
Organicgrowth(%) |
Totalgrowth(%) |
|
Operating revenue |
257 |
235 |
+11.4% |
+9.1% |
| Float
revenue |
40 |
26 |
+75.9% |
+56.7% |
|
Total Revenues |
297 |
261 |
+17.9% |
+13.8% |
|
(in million euros) |
First 9 monthsFiscal 2024 |
First 9 months Fiscal 2023 |
Organicgrowth(%) |
Totalgrowth(%) |
|
Operating revenue |
774 |
683 |
+15.4% |
+13.4% |
| Float
revenue |
115 |
66 |
+88.8% |
+74.3% |
|
Total Revenues |
889 |
749 |
+21.8% |
+18.8% |
Operating revenue reached €257 million in the
third quarter of Fiscal 2024, representing +9.1% total growth
including -2.4% currency translation effects. As expected,
operating revenue organic growth in the third quarter softened to
+11.4%. The strong business trajectory was partially balanced by
higher comparison basis.
Float revenue rose to €40 million in the third
quarter of Fiscal 2024, increasing +75.9% organically compared to
the same period the previous year. The increase was driven by the
continuous dynamic in business volumes issued expanding the Float
base year-on-year, coupled with the stabilization of interest rates
at a high level overall.
Operating revenue by
regions
|
(in million euros) |
FiscalQ3 2024 |
FiscalQ3 2023 |
Organicgrowth(%) |
Totalgrowth(%) |
|
Continental Europe |
108 |
102 |
+5.3% |
+5.0% |
| Latin
America |
102 |
90 |
+11.4% |
+13.1% |
| Rest of the
world |
47 |
42 |
+25.3% |
+10.4% |
|
Operating revenue |
257 |
235 |
+11.4% |
+9.1% |
|
(in million euros) |
First 9 monthsFiscal 2024 |
First 9 months Fiscal 2023 |
Organicgrowth(%) |
Totalgrowth(%) |
|
Continental Europe |
341 |
307 |
+11.1% |
+11.0% |
| Latin
America |
302 |
251 |
+17.9% |
+20.2% |
| Rest of the
world |
132 |
125 |
+20.9% |
+5.9% |
|
Operating revenue |
774 |
683 |
+15.4% |
+13.4% |
- In
Continental Europe, operating revenue reached €108
million in the third quarter of Fiscal 2024, representing +5.3%
organic growth over the period. Positive business trend, especially
in Meal & Food in Belgium, France and Spain, was partially
offset by high comparison basis, notably in Eastern and Central
Europe.
- In
Latin America, operating revenue reached €102 million
in the third quarter of Fiscal 2024, growing +11.4% organically.
Double digit growth was delivered by almost all countries including
Brazil and Mexico, despite the more challenging comparison
levels.
- In Rest
of the world, operating revenue has increased
substantially up to €47 million in the third quarter of Fiscal
2024, showing a +25.3% organic growth. This results from the good
performance delivered across the region, especially in Türkiye,
India and Israel.
Operating revenue by lines of
services
|
(in million euros) |
FiscalQ3 2024 |
FiscalQ3 2023 |
Organicgrowth(%) |
Totalgrowth(%) |
|
Employee benefits |
220 |
196 |
+15.0% |
+11.9% |
| Other products
& services |
37 |
39 |
-6.5% |
-5.2% |
|
Operating revenue |
257 |
235 |
+11.4% |
+9.1% |
|
(in million euros) |
First 9 monthsFiscal 2024 |
First 9 months Fiscal 2023 |
Organicgrowth(%) |
Totalgrowth(%) |
|
Employee benefits |
651 |
560 |
+18.5% |
+16.1% |
| Other products
& services |
124 |
122 |
+0.8% |
+1.1% |
|
Operating revenue |
774 |
683 |
+15.4% |
+13.4% |
-
Employee Benefits generated operating revenue of
€220 million in the third quarter of Fiscal 2024, growing +15.0%
organically, driven by sustained growth in business volumes as a
result of high client net retention including incremental increase
in face values coupled with significant new client wins. Positive
business momentum was reinforced by an elevated take-up rate.
- Other
products & services generated operating revenue
of €37 million in the third quarter of Fiscal 2024, decreasing
-6.5% organically compared to Fiscal Q3 2023. Revenue growth in
Engagement solutions was offset by the discontinuation of a Public
benefit contract in Latin America.
M&A strategy execution
On June 12, 2024, Pluxee announced an
agreement to acquire 100% of Cobee, a fast-growing
digital Spanish employee benefits player that has expanded its
presence to Portugal and Mexico. With this acquisition, Pluxee will
strongly reinforce its leadership position in the Spanish market
while enhancing its existing offering and tech capabilities at
global scale. The transaction is subject to approval by Spanish
regulatory authorities.
Cobee serves more than 1,500 clients and 100,000 employee
consumers with a broad multi-benefit offering, which includes over
12 distinct products. With over 330,000 employee consumers, Pluxee
is a leading player in the Spanish employee benefits and engagement
market. The combination of Pluxee’s and Cobee’s talents and tech
assets will enable the roll-out of the most comprehensive and
attractive multi-benefits solution on the Spanish market.
Cobee is expected to deliver +100% year-on-year organic growth
in Fiscal 2024. The transaction should be neutral on Pluxee
Recurring EBITDA and Free cash flow in Fiscal 2025 and accretive to
Recurring EBITDA margin and Net income from Fiscal 2026, with rapid
margin improvement fuelled by strong revenue growth and operational
synergies. The transaction will be fully funded from existing
financial resources, with limited impact on leverage.
On July 3, 2024, Pluxee announced the
completion of its strategic partnership with
Santander, one of Brazil’s largest private banks.
Thanks to this 25-year exclusive distribution agreement, Pluxee
will accelerate growth in Meal & Food benefits and reinforce
its market leadership in Brazil, especially among SMEs.
Since the approval of the Brazilian authorities,
the integration of Santander’s employee benefits activity and the
distribution of Pluxee’s solutions in the Santander network, has
rapidly ramped up. The Group will leverage 4,000 Santander sales
managers, of which 2,500 are dedicated to SMEs, providing access to
more than 1.4 million Santander clients throughout Brazil.
As part of this partnership, Santander now retains 20% ownership
of Pluxee Brazil while the Group maintains an 80% controlling
interest in the combined business. The transaction will positively
contribute to Organic growth and Recurring EBITDA margin from
Fiscal 2025.
Outlook
During its Capital Markets Day, Pluxee
established financial objectives, at constant rates and scope,
focusing on delivering sustainable Organic revenue growth,
improving Recurring EBITDA margin and maintaining strong Cash
conversion rate. Following H1 Fiscal 2024 Results, Organic revenue
growth and Recurring EBITDA margin objectives were
upgraded.
In light of the growth achieved over the first nine months of
the fiscal year, Pluxee upgrades once again its organic
revenue growth objective for Fiscal 2024 to circa +18%,
from +15% to +17% previously. Fiscal 2024 Recurring EBITDA margin
objective of at least 35%, including standalone costs, is
confirmed.
Mid-term financial objectives are
reaffirmed, with the Group reiterating its ambition to
reach:
- low double digit Organic growth per year for
Fiscal 2025 and 2026
- c.37% Recurring EBITDA margin in Fiscal 2026;
and
- above 70% Recurring Cash conversion rate on
average over Fiscal 2024 to 2026.
Conference call
Pluxee will hold a conference call in English
today at 6:00 p.m. CET to comment on Fiscal Q3 2024
Revenues.
Those who wish to connect:
— From France: +33 1 70 91 87 04, or
— From the UK: +44 121 281 8004, or
— From the US: +1 718 705 8796,
Followed by the access code 07 26 76.
The live audio webcast will be accessible
on www.pluxeegroup.com
The press release, presentation and webcast are available on the
Group website www.pluxeegroup.com in the “Investors – Financial
Results” section.
Fiscal 2024 Financial calendar
|
Fiscal 2024 results |
October 31, 2024 |
|
Fiscal 2024 annual shareholders’ meeting |
December 18, 2024 |
These dates are indicative and may be subject to change without
notice.Regular updates are available in the calendar on our website
www.pluxeegroup.com
About Pluxee
Pluxee is a global player in employee benefits
and engagement that operates in 31 countries. Pluxee helps
companies attract, engage, and retain talent thanks to a broad
range of solutions across Meal & Food, Wellbeing, Lifestyle,
Reward & Recognition, and Public Benefits. Powered by leading
technology and more than 5,000 engaged team members, Pluxee acts as
a trusted partner within a highly interconnected B2B2C ecosystem
made up of more than 500,000 clients, 36 million consumers and 1.7
million merchants. Conducting business for more than 45 years,
Pluxee is committed to creating a positive impact on local
communities, supporting wellbeing at work for employees and
protecting the planet. For more information:
www.pluxeegroup.com
Contacts
|
Media Cecilia de Pierrebourg +33 6 03 30 46 98
cecilia.depierrebourg@pluxeegroup.com |
Analysts
and Investors Pauline Bireaud+33 6 22 58 83
51pauline.bireaud@pluxeegroup.com |
Appendices
Total Revenues
BREAKDOWN OF TOTAL REVENUES BY NATURE
|
In million euros |
Fiscal Q3 2024 |
Fiscal Q3 2023 |
Organic growth (%) |
Currencyeffect (%) |
Totalgrowth (%) |
|
Operating revenue |
257 |
235 |
+11.4% |
-2.4% |
+9.1% |
| Float
revenue |
40 |
26 |
+75.9% |
-19.2% |
+56.7% |
|
Total Revenues |
297 |
261 |
+17.9% |
-4.1% |
+13.8% |
| |
|
|
|
First 9 monthsFiscal 2024 |
First 9 months Fiscal 2023 |
Organicgrowth (%) |
Currencyeffect (%) |
Totalgrowth (%) |
|
Operating revenue |
774 |
683 |
+15.4% |
-1.9% |
+13.4% |
| Float
revenue |
115 |
66 |
+88.8% |
-14.5% |
+74.3% |
|
Total Revenues |
889 |
749 |
+21.8% |
-3.0% |
+18.8% |
BREAKDOWN OF TOTAL REVENUES BY LINES OF
SERVICES
|
In million euros |
Fiscal Q3 2024 |
Fiscal Q3 2023 |
Organic growth (%) |
Currencyeffect (%) |
Totalgrowth (%) |
|
Employee benefits |
257 |
219 |
+22.7% |
-5.0% |
+17.6% |
|
Other products & services |
40 |
42 |
-7.0% |
+0.8% |
-6.2% |
|
Total Revenues |
297 |
261 |
+17.9% |
-4.1% |
+13.8% |
|
|
|
|
|
|
|
|
|
First 9 monthsFiscal 2024 |
First 9 months Fiscal 2023 |
Organic growth (%) |
Currencyeffect (%) |
Totalgrowth (%) |
|
Employee benefits |
755 |
618 |
+25.8% |
-3.7% |
+22.1% |
|
Other products & services |
135 |
130 |
+3.2% |
+0.0% |
+3.3% |
|
Total Revenues |
889 |
749 |
+21.8% |
-3.0% |
+18.8% |
BREAKDOWN OF TOTAL REVENUES BY REGIONS
|
In million euros |
Fiscal Q3 2024 |
Fiscal Q3 2023 |
Organic growth (%) |
Currencyeffect (%) |
Totalgrowth (%) |
|
Continental Europe |
123 |
114 |
+8.1% |
-0.4% |
+7.8% |
| Latin America |
116 |
98 |
+16.1% |
+1.8% |
+17.8% |
| Rest of
the world |
58 |
48 |
+42.4% |
-22.8% |
+19.6% |
|
Total Revenues |
297 |
261 |
+17.9% |
-4.1% |
+13.8% |
|
|
|
|
|
|
|
|
|
First 9 monthsFiscal 2024 |
First 9 months Fiscal 2023 |
Organicgrowth (%) |
Currencyeffect (%) |
Totalgrowth (%) |
|
Continental Europe |
387 |
336 |
+15.4% |
-0.1% |
+15.3% |
| Latin America |
343 |
273 |
+23.3% |
+2.5% |
+25.8% |
| Rest of
the world |
159 |
140 |
+34.4% |
-20.8% |
+13.6% |
|
Total Revenues |
889 |
749 |
+21.8% |
-3.0% |
+18.8% |
Operating revenue
BREAKDOWN OF OPERATING REVENUE BY LINES OF
SERVICES
|
In million euros |
Fiscal Q3 2024 |
Fiscal Q3 2023 |
Organic growth (%) |
Currencyeffect (%) |
Totalgrowth (%) |
|
Employee benefits |
220 |
196 |
+15.0% |
-3.1% |
+11.9% |
|
Other products & services |
37 |
39 |
-6.5% |
+1.3% |
-5.2% |
|
Operating revenue |
257 |
235 |
+11.4% |
-2.4% |
+9.1% |
|
|
|
|
|
|
|
|
|
First 9 monthsFiscal 2024 |
First 9 months Fiscal 2023 |
Organic growth (%) |
Currencyeffect (%) |
Totalgrowth (%) |
|
Employee benefits |
651 |
560 |
+18.5% |
-2.4% |
+16.1% |
|
Other products & services |
124 |
122 |
+0.8% |
+0.3% |
+1.1% |
|
Operating revenue |
774 |
683 |
+15.4% |
-1.9% |
+13.4% |
BREAKDOWN OF OPERATING REVENUE BY REGIONS
|
In million euros |
Fiscal Q3 2024 |
Fiscal Q3 2023 |
Organic growth (%) |
Currencyeffect (%) |
Totalgrowth (%) |
|
Continental Europe |
108 |
102 |
+5.3% |
-0.3% |
+5.0% |
| Latin America |
102 |
90 |
+11.4% |
+1.7% |
+13.1% |
| Rest of
the world |
47 |
42 |
+25.3% |
-14.9% |
+10.4% |
|
Operating revenue |
257 |
235 |
+11.4% |
-2.4% |
+9.1% |
|
|
|
|
|
|
|
|
|
First 9 monthsFiscal 2024 |
First 9 months Fiscal 2023 |
Organicgrowth (%) |
Currencyeffect (%) |
Totalgrowth (%) |
|
Continental Europe |
341 |
307 |
+11.1% |
-0.1% |
+11.0% |
| Latin America |
302 |
251 |
+17.9% |
+2.3% |
+20.2% |
| Rest of
the world |
132 |
125 |
+20.9% |
-15.0% |
+5.9% |
|
Operating revenue |
774 |
683 |
+15.4% |
-1.9% |
+13.4% |
Float revenue
BREAKDOWN OF FLOAT REVENUE BY GEOGRAPHY
|
In million euros |
Fiscal Q3 2024 |
Fiscal Q3 2023 |
Organic growth (%) |
Currencyeffect (%) |
Totalgrowth (%) |
|
Continental Europe |
15 |
12 |
+33.2% |
-0.7% |
+32.5% |
| Latin America |
14 |
8 |
+68.7% |
+3.1% |
+71.8% |
| Rest of
the world |
11 |
6 |
+157.1% |
-73.9% |
+83.2% |
|
Float revenue |
40 |
26 |
+75.9% |
-19.2% |
+56.7% |
|
|
|
|
|
|
|
|
|
First 9 monthsFiscal 2024 |
First 9 months Fiscal 2023 |
Organicgrowth (%) |
Currencyeffect (%) |
Totalgrowth (%) |
|
Continental Europe |
46 |
29 |
+61.1% |
-0.1% |
+61.0% |
| Latin America |
41 |
22 |
+86.7% |
+4.4% |
+91.1% |
| Rest of
the world |
27 |
16 |
+143.1% |
-67.5% |
+75.6% |
|
Float revenue |
115 |
66 |
+88.8% |
-14.5% |
+74.3% |
Modeling considerations for Fiscal 2024
|
|
Scopechange effecton Revenue |
Other Operating Income & Expenses |
Netfinancial expenses |
Effectivetaxrate |
|
Fiscal 2024 |
n.s. |
between €(90)m and €(100)m |
~€(15)m |
40% |
Forward-looking statements
This press release contains forward-looking statements. These
forward-looking statements reflect the Group's intentions, current
beliefs, expectations and assumptions, including, without
limitation, assumptions regarding the Group's future business
strategies and the environment in which the Group operates, and
involve known and unknown risks, uncertainties and other important
factors beyond the Group's control, which may cause the Group's
actual results, performance or achievements to be materially
different from those expressed or implied by these forward-looking
statements. These risks and uncertainties include those discussed
in the prospectus dated January 10, 2024 which is available on the
Company website (www.pluxeegroup.com) and the AFM website
(www.afm.nl). Accordingly, readers of this press release are
cautioned on relying on these forward-looking statements. These
forward-looking statements are made as of the date of this press
release and Pluxee Group expressly disclaims any obligation or
undertaking to release any updates or revisions to any
forward-looking statements included in this press release to
reflect any change in expectations or any change in events,
conditions or circumstances on which these forward-looking
statements are based.
Disclaimer
This press release does not contain or constitute an offer of
securities for sale or an invitation or inducement to invest in
securities in France, the United States, or any other
jurisdiction.
- PR Pluxee – Q3 FY 2024 Revenues - July 3 2024
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