{"id":109886,"date":"2025-04-17T02:42:00","date_gmt":"2025-04-17T05:42:00","guid":{"rendered":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/releases\/releases-geral\/pluxee-continues-to-deliver-solid-business-and-financial-performance-in-h1-and-raises-its-fiscal-2025-recurring-ebitda-margin-objective\/"},"modified":"2025-04-17T02:42:00","modified_gmt":"2025-04-17T05:42:00","slug":"pluxee-continues-to-deliver-solid-business-and-financial-performance-in-h1-and-raises-its-fiscal-2025-recurring-ebitda-margin-objective","status":"publish","type":"post","link":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/releases\/releases-geral\/pluxee-continues-to-deliver-solid-business-and-financial-performance-in-h1-and-raises-its-fiscal-2025-recurring-ebitda-margin-objective\/","title":{"rendered":"Pluxee continues to deliver solid business and financial performance\u00a0in H1 and raises its Fiscal 2025 Recurring EBITDA margin objective"},"content":{"rendered":"<p><strong><strong>First\u00a0Half Fiscal\u00a02025 Results<\/strong><\/strong><\/p>\n<p>Issy-les-Moulineaux, France  April 17, 2025<\/p>\n<p><strong>Pluxee continues to deliver solid business and financial <\/strong><strong>performance <\/strong><strong>in H1 and raises <\/strong><strong>its Fiscal 2025 Recurring EBITDA\u00a0<\/strong><strong>margin objective<\/strong><\/p>\n<p><strong><strong>First Half Fiscal 2025 highlights<\/strong><\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt;text-align:justify\"><strong>Continued execution of the Group&#8217;s 3-year strategic growth plan<\/strong>, successfully advancing key initiatives, including M&amp;A, while consistently driving sustainable and profitable growth<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\"><strong>Robust business dynamics across regions, <\/strong>driven by a strong new client acquisition trend, including an increasing contribution from SMEs, alongside a solid existing client net retention rate<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\"><strong><\/strong><strong>635<\/strong><strong>m <\/strong><strong>Total Revenues<\/strong>, growing organically by <strong>+10.8%<\/strong>, on track with the full-year low double-digit objective, combining 552m Operating Revenue, up +10.1% organically, and 83m Float Revenue, up +16.2% organically<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\"><strong><\/strong><strong>225<\/strong><strong>m <\/strong><strong>Recurring EBITDA<\/strong>, up <strong>+22.5% organically<\/strong>, with a Recurring EBITDA margin of <strong>36.4%<\/strong>, expanding by <strong>+260bps <\/strong>year-on-year on an organic basis, i.e. 35.4% expanding by +151bps on a reported basis<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\"><strong><\/strong><strong>107<\/strong><strong>m <\/strong><strong>Adjusted Net Profit, Group share<\/strong>, growing<strong> +<\/strong><strong>10.5%<\/strong> year-on-year<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\"><strong><\/strong><strong>171<\/strong><strong>m Recurring free cash flow<\/strong>, with a <strong>76%<\/strong><strong> Recurring cash conversion rate<\/strong> and a robust<strong> Net financial cash position of <\/strong><strong>1,045<\/strong><strong>m <\/strong>as of February 28, 2025<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\"><strong>Fiscal 2025 Recurring EBITDA margin expansion objective upgraded to +150bps<\/strong><sup><strong>1<\/strong><\/sup>, compared to +75bps initially, <strong>with all other Group&#8217;s full-year objectives confirmed, <\/strong>reflecting the strong financial performance achieved in H1 Fiscal\u00a02025<\/li>\n<\/ul>\n<p><strong><strong>First\u00a0Half Fiscal\u00a02025 key figures<\/strong><\/strong><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt;vertical-align: bottom\">  (in million euros)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <strong>First\u00a0Half Fiscal\u00a02025<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <strong>First\u00a0Half Fiscal\u00a02024<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom;text-align: right;vertical-align: middle\">  <strong>Organic <\/strong><br \/><strong>growth<\/strong><\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">  <strong>Reported<\/strong><br \/><strong>\u00a0growth<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%\">  <strong>Total Revenues<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <strong><strong>635<\/strong><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  593  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <strong> 10.8%<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">7.2%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%\">  <strong><strong>Recurring EBITDA<\/strong><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <strong><strong>225<\/strong><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  201  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <strong> 22.5%<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">12.0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%\">  <em>Recurring EBITDA margin<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <em> 35.4%<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 33.9%<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em>+260bps<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em>+151bps<\/em>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%\">  <strong><strong>Net Profit, Group share\u00b2<\/strong><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <strong><strong>97<\/strong><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  66  <\/td>\n<td style=\"width:14.48%\">  \u00a0  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">47.3%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%\">  Adjusted Net Profit, Group share\u00b2  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  107  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  96  <\/td>\n<td style=\"width:14.48%\">  \u00a0  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">10.5%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%\">  <strong><strong>Recurring free cash flow<\/strong><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <strong><strong>171<\/strong><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  2283  <\/td>\n<td style=\"width:14.48%\">  \u00a0  <\/td>\n<td style=\"width:14.48%\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%\">  <em>Recurring cash conversion (%)<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <em> 76%<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em>113%\u00b3<\/em>  <\/td>\n<td style=\"width:14.48%\">  \u00a0  <\/td>\n<td style=\"width:14.48%\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt\">  <strong><strong>Net financial cash position<\/strong><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  <strong><strong>1,045<\/strong><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  1,054<sup>4<\/sup>  <\/td>\n<td style=\"width:14.48%;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:14.48%;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<\/tr>\n<\/table>\n<p><strong><strong>Aur\u00e9lien Sonet, Chief Executive Officer of Pluxee, commented:<\/strong><\/strong><\/p>\n<p align=\"justify\"><em>&#8220;I am pleased to share that, halfway through the deployment of the Group&#8217;s three-year strategic growth plan, we have made significant progress on our key initiatives, exceeding the targets set in January 2024, while maintaining a steady focus on driving profitable growth. Following a remarkable performance in Fiscal 2024, the Group has sustained its robust momentum in First Half Fiscal 2025. Our recently closed M&amp;A deals have also begun to contribute positively and reinforce our global market position. As a whole, our financial performance for the semester remains impressive, achieving low double-digit organic total revenue growth, despite a very high comparison base, while continuing to deliver outstanding Recurring EBITDA margin expansion and a consistently strong Recurring cash conversion rate. The unwavering focus and engagement of our teams as well as the resilience of our business model strengthen my confidence in the Group&#8217;s ability to drive value for all our stakeholders over the long term. Based on the strong execution and performance achieved in the first semester, and while closely monitoring the macro-economic environment in today&#8217;s uncertain and volatile context, we upgrade our Fiscal 2025 Recurring EBITDA margin objective while reconfirming our organic total revenue growth and recurring cash conversion full-year objectives.&#8221;<\/em><\/p>\n<p><sup>1<\/sup> At Fiscal 2024 constant rates <br \/><sup>2<\/sup> Attributable to the equity holders of the parent <br \/>3 Including a positive impact from a regulatory change in Brazil of 48 million of euros; Excluding this one-off effect, Recurring free cash flow would have amounted to 180m and Recurring cash conversion rate to 89% in First Half Fiscal 2024 <br \/>4 Net financial cash position as of August 31, 2024.<\/p>\n<p align=\"justify\"><strong><strong><br \/>First\u00a0Half Fiscal\u00a02025 performance<\/strong><\/strong><br \/>The Group&#8217;s statutory auditor completed the review of the condensed consolidated financial statements for the six months ended February\u00a028,\u00a02025, prepared under the responsibility of the Board of Directors of Pluxee N.V.<\/p>\n<p><strong><strong>First\u00a0Half Fiscal\u00a02025 Income statement<\/strong><\/strong><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:56.54%;border-bottom: solid black 1pt;vertical-align: bottom\">  (in million euros)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>First\u00a0Half Fiscal\u00a02025<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>First\u00a0Half Fiscal\u00a02024<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom;text-align: right;vertical-align: middle\">  <strong>Reported <\/strong><br \/><strong>growth (%)<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%\">  <strong>Total Revenues<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <strong>635<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  593  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">7.2%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%\">  Operating expenses  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  (410)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  (392)  <\/td>\n<td style=\"width:14.48%\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%\">  <strong>Recurring EBITDA<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <strong>225<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  201  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">12.0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%\">  <em>Recurring EBITDA margin<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <em> 35.4%<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 33.9%<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  +151bps  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%;border-bottom: solid black 1pt\">  Depreciation, amortization and impairment  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  (54)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (40)  <\/td>\n<td style=\"width:14.48%;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%\">  <strong>Recurring operating profit (Recurring EBIT)<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <strong>171<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  161  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">6.4%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%;border-bottom: solid black 1pt\">  Other operating income and expenses  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  (13)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (41)  <\/td>\n<td style=\"width:14.48%;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%\">  <strong>Operating profit (EBIT)<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <strong>158<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  120  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">31.9%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%;border-bottom: solid black 1pt\">  Financial income and expenses  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  (3)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (10)  <\/td>\n<td style=\"width:14.48%;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%\">  <strong>Profit before tax<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <strong>155<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  110  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">40.4%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%\">  Income tax expense  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  (48)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  (42)  <\/td>\n<td style=\"width:14.48%\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%\">  Share of net profit of companies accounted for using the equity method  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  (0)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\"> <\/td>\n<td style=\"width:14.48%\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%\">  <strong>Net Profit<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <strong>106<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  68  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">55.5%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%\">  <em>Of which:<\/em>  <\/td>\n<td style=\"width:14.48%;border-left: solid black 1pt;vertical-align: top\">  \u00a0  <\/td>\n<td style=\"width:14.48%;vertical-align: top\">  \u00a0  <\/td>\n<td style=\"width:14.48%;vertical-align: top\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%\">  <strong>Attributable to the equity holders of the parent<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <strong>97<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  66  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">47.3%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:56.54%;border-bottom: solid black 1pt\">  Attributable to non-controlling interests  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  9  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  3  <\/td>\n<td style=\"width:14.48%;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><em>The consolidated financial statements were prepared in thousands of euros and presented in million euros, after rounding to the nearest million (unless otherwise specified). As a result, there may be rounding differences between the amounts reported in the various statements.<\/em><\/p>\n<p align=\"justify\"><strong><strong>Sustained momentum in business volumes issued<\/strong><\/strong><\/p>\n<p align=\"justify\"><strong>Total<\/strong> <strong>Business volumes issued (BVI)<\/strong> in First\u00a0Half Fiscal\u00a02025 reached <strong>13.1<\/strong> <strong>billion euros<\/strong>.<\/p>\n<p align=\"justify\"><strong>Employee Benefits BVI<\/strong> reached <strong>9.6\u00a0billion euros <\/strong>in First\u00a0Half Fiscal\u00a02025, reflecting <strong>+8.4% <\/strong>organic growth, i.e. +10.1% excluding the impact of the one-off Purchasing Power Program (PPP) in Belgium, which contributed approximately 160 million euros in First\u00a0Half Fiscal\u00a02024. This solid dynamic, particularly in Latin America and Rest of the world, was driven by (i) a strong Net retention rate, resulting from further increases in face value and an improving churn rate, coupled with (ii) a robust trend in new client acquisition. It also included slight portfolio growth, constrained by macroeconomic factors specific to certain countries and sectors. In addition, the integration of Santander&#8217;s employee benefit activity and the acquisition of Cobee made a positive contribution from both growth synergies and scope effect. <\/p>\n<p align=\"justify\"><strong>Other Products and Services<\/strong> <strong>BVI <\/strong>amounted to<strong> 3.5 billion euros <\/strong>in First Half Fiscal 2025. The improved dynamics were partly due to a temporary positive phasing effect of a large Public benefit contract in Belgium, which fully offset the residual impact until December 2024 of the discontinuation of a contract in Chile and the postponed ordering of a program in Romania.<\/p>\n<p align=\"justify\"><strong><strong>Solid Organic revenue growth of +10.8% in First\u00a0Half Fiscal\u00a02025<\/strong><\/strong><\/p>\n<p align=\"justify\"><strong>Total Revenues<\/strong> reached <strong>635\u00a0million euros<\/strong> in First\u00a0Half Fiscal\u00a02025, growing <strong>+10.8% <\/strong>organically, on track with the low double-digit organic revenue growth objective for Fiscal 2025. This is a +7.2% reported increase year-on-year, including a -6.5% currency translation effect, mainly due to operations in Brazil and T\u00fcrkiye, and a +2.8% positive scope effect related to the integration of Santander Brazil&#8217;s employee benefit activity and the acquisition of Cobee. This sustained level of growth was driven by a solid organic growth trend of +10.1% in Operating revenue despite a high comparison base, notably in Continental Europe in Fiscal Q2 2024, along with a +16.2% steady organic growth in Float revenue. Total Revenues in the second quarter grew organically +8.8%, with reported growth of +6.0%.<\/p>\n<p><strong><strong>Total Revenues by nature<\/strong><\/strong><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:42.22%;border-bottom: solid black 1pt;vertical-align: bottom\">  (in million euros)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: top\">  <strong>First\u00a0Half Fiscal\u00a02025<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong><strong>First\u00a0Half Fiscal\u00a02024<\/strong><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>Organic growth\u00a0(%)<\/strong>  <\/td>\n<td style=\"width:14.34%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong><strong>Reported growth\u00a0(%)<\/strong><\/strong>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.22%\">  Operating revenue  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  552  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  518  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 10.1%<\/em>  <\/td>\n<td style=\"width:14.34%;text-align: right;vertical-align: middle\">  <em> 6.6%<\/em>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.22%;border-bottom: solid black 1pt\">  Float revenue  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  83  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  75  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em>16.2%<\/em>  <\/td>\n<td style=\"width:14.34%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em>11.7%<\/em>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.22%;border-bottom: solid black 1pt\">  <strong>Total Revenues<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  <strong>635<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  593  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <strong><em>10.8%<\/em><\/strong>  <\/td>\n<td style=\"width:14.34%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em>7.2%<\/em>  <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt;vertical-align: bottom\">  (in million euros)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>Fiscal Q2 2025<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>Fiscal Q2 2024<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>Organic growth\u00a0(%)<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>Reported growth\u00a0(%)<\/strong>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%\">  Operating revenue  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  303  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  287  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 8.4% <\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 5.6%<\/em>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt\">  Float revenue  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  43  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  40  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em> 11.9%<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em> 8.7%<\/em>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt\">  <strong>Total Revenues<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  <strong>346<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  327  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <strong><em> 8.8%<\/em><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em> 6.0%<\/em>  <\/td>\n<\/tr>\n<\/table>\n<p><strong>Operating revenue<\/strong> reached <strong>552\u00a0million euros<\/strong>, representing <strong>+10.1%<\/strong> organic growth in First\u00a0Half Fiscal\u00a02025, i.e. +6.6% reported growth including a -6.1% currency translation effect mainly related to Latin America and a +2.6% scope effect. This sustained pace of growth in Operating revenue was driven by the Employee Benefits line of service and a progressive return to revenue growth of Other Products and Services. Operating revenue amounted to 303 million euros in Q2 Fiscal 2025, growing +8.4% organically. It reflected mixed business dynamics across regions, notably in Continental Europe facing a high comparison base year-on-year partly due to one-off programs, notably in Belgium and Romania, along with, in Latin America, the residual impact of the discontinuation of a Public benefit contract in Chile.<\/p>\n<p align=\"justify\"><strong>Float revenue<\/strong> rose to <strong>83\u00a0million euros<\/strong> in First\u00a0Half Fiscal\u00a02025, increasing <strong>+16.2%<\/strong> organically year-on-year, including 43 million euros in Q2 Fiscal 2024, up +11.9% organically. The sustained growth in Float revenue over the semester was driven by Latin America and Rest of the world.<\/p>\n<p align=\"justify\">In Fiscal 2025, the continuous expansion of the Float base, the Group&#8217;s exposure to countries with high interest rates as well as the optimization of the investment strategy of the Float should more than offset the expected decrease of interest rates in some other countries, particularly in Continental Europe. Consequently, based on the latest available forward curves, the Group expects Float revenue to grow by mid-to-high single digit over the fiscal year.<\/p>\n<p><strong><strong>Operating revenue by line of service<\/strong><\/strong><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt;vertical-align: bottom\">  (in million euros)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>First\u00a0Half Fiscal\u00a02025<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong><strong>First\u00a0Half Fiscal\u00a02024<\/strong><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>Organic growth\u00a0(%)<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong><strong>Reported growth\u00a0(%)<\/strong><\/strong>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%\">  Employee Benefits  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  464  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  431  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 11.8%<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 7.7 %<\/em>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt\">  Other Products and Services  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  88  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  87  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em> 1.3%<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em> 1.1%<\/em>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt\">  <strong>Operating revenue<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  <strong>552<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  518  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <strong><em> 10.1%<\/em><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em> 6.6%<\/em>  <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt;vertical-align: bottom\">  (in million euros)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>Fiscal Q2 2025<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong><strong>Fiscal Q2 2024<\/strong><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>Organic growth\u00a0(%)<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong><strong>Reported growth\u00a0(%)<\/strong><\/strong>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%\">  Employee Benefits  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  252  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  238  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 9.3%<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 5.8%<\/em>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt\">  Other Products and Services  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  51  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  49  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em> 4.3%<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em> 4.5%<\/em>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt\">  <strong>Operating revenue<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  <strong>303<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  287  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <strong><em> 8.4%<\/em><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em> 5.6%<\/em>  <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><strong>Employee Benefits<\/strong> generated <strong>464\u00a0million euros<\/strong> in Operating revenue in First\u00a0Half Fiscal\u00a02025, growing <strong>+11.8%<\/strong> organically, i.e. +7.7% reported including a -7.4% currency effect mainly related to Latin America and +3.2% scope effect. Employee benefit solutions accounted for 84% of Operating revenue in First\u00a0Half Fiscal\u00a02025. This strong performance was fueled by increasing business volumes, particularly in Latin America and Rest of the world, along with a steady rise in the average take-up rate which grew by more than +10 basis points year-on-year to 4.8% in First\u00a0Half Fiscal\u00a02025. This improvement highlights the Group&#8217;s strong commercial focus and its consistently enhanced value proposition to both clients and merchants. In the second quarter Fiscal 2025, Employee Benefits generated Operating revenue of 252\u00a0million euros with organic growth of +9.3%, confirming the continued momentum despite the high comparison base year-on-year, notably in Continental Europe.<\/p>\n<p align=\"justify\"><strong>Other Products and Services<\/strong> generated <strong>88\u00a0million euros<\/strong> in Operating revenue in First\u00a0Half Fiscal\u00a02025, of which 51 million euros in Q2 Fiscal 2025. Other Products and Services saw a return to revenue growth over the semester, driven by solid trends in both Reward &amp; Recognition solutions and Public benefit programs, despite the postponed ordering of a Public benefit program in Romania and the residual impact of a contract discontinuation in Chile. Part of this contract will be operated by the Group from March 2025, paving the way for sustained growth in this service line during the second half of the fiscal year.<\/p>\n<p><strong><strong>Operating revenue by region<\/strong><\/strong><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt;vertical-align: bottom\">  (in million euros)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>First\u00a0Half Fiscal\u00a02025<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>First\u00a0Half Fiscal\u00a02024<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>Organic growth\u00a0(%)<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>Reported growth\u00a0(%)<\/strong>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%\">  Continental Europe  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  248  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  233  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 5.0%<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 6.7%<\/em>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%\">  Latin America  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  204  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  200  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 12.3% <\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 2.5%<\/em>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt\">  Rest of the world  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  99  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  86  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em> 18.5% <\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em> 15.7%<\/em>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt\">  <strong>Operating revenue<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  <strong>552<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  518  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <strong><em> 10.1%<\/em><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em> 6.6%<\/em>  <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt;vertical-align: bottom\">  (in million euros)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>Fiscal Q2 2025<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>Fiscal Q2 2024<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>Organic growth\u00a0(%)<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">  <strong>Reported growth\u00a0(%)<\/strong>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%\">  Continental Europe  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  144  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  139  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 1.8%<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 3.7%<\/em>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%\">  Latin America  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  106  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  103  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 13.5% <\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <em> 3.0%<\/em>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt\">  Rest of the world  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  53  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  45  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em> 17.1%<\/em>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em> 17.2%<\/em>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:42.06%;border-bottom: solid black 1pt\">  <strong>Operating revenue<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  <strong>303<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  287  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <strong><em> 8.4%<\/em><\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <em> 5.6%<\/em>  <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><strong>In Continental Europe<\/strong>, Operating revenue reached <strong>248\u00a0million euros<\/strong> in First\u00a0Half Fiscal\u00a02025, growing <strong>+5.0%<\/strong> organically, i.e. +6.7% reported, as expected. Over the semester, regional performance was primarily driven by Southern Europe while base effects and certain macro dynamics impacted some specific sectors and countries. The performance in Fiscal Q2 2025 reflected the base effects related to the exceptionally strong +19.5% revenue organic growth delivered in Fiscal Q2 2024, partly driven by one-off Employee and Public benefit programs, such as the Purchasing Power Program in Belgium.<\/p>\n<p align=\"justify\"><strong>In Latin America<\/strong>, Operating revenue reached <strong>204\u00a0million euros<\/strong> in First\u00a0Half Fiscal\u00a02025, growing <strong>+12.3%<\/strong> organically, i.e. +2.5% reported including a -14.8% currency impact mainly related to operations in Brazil and, to a lesser extent, in Mexico, which was partly offset by a +4.9% scope effect. This solid performance reflected (i) a sustained increase in the Net retention rate in the region, driven by a further rise in average face value and a reduced churn rate, as well as (ii) a strong trend in new client acquisitions. The growth progressively ramped-up over the semester, as the impact of the discontinuation of a Public benefit contract in Chile faded away.<\/p>\n<p align=\"justify\"><strong>In Rest of the world<\/strong>, Operating revenue amounted to <strong>99\u00a0million euros<\/strong> in First\u00a0Half Fiscal\u00a02025, showing <strong>+18.5% <\/strong>organic growth, i.e. +15.7% reported growth including a -2.8% currency impact mostly related to the evolution of the Turkish Lira. In T\u00fcrkiye, the Group has continued to take advantage of the hyperinflationary environment, driving further increase in face value across its client portfolio and expanding its presence in the meal benefit segment through new client acquisitions. Performance in the region was also supported by the growing adoption and usage of Pluxee solutions in less penetrated countries.<\/p>\n<p align=\"justify\"><strong><strong>Recurring EBITDA margin growing +260bps on an organic basis<\/strong><\/strong><\/p>\n<p align=\"justify\"><strong>Recurring EBITDA<\/strong> reached <strong>225\u00a0million euros<\/strong> in First\u00a0Half Fiscal\u00a02025, up <strong>+22.5%<\/strong> organically, i.e. +12.0% reported year-on-year. Recurring EBITDA margin increased by <strong>+260bps<\/strong>, reaching <strong>36.4% <\/strong>on an organic basis. On a reported basis, Recurring EBITDA margin stood at 35.4%, representing a +151bps increase year-on-year, including currency and insignificant scope impacts.<\/p>\n<p align=\"justify\">The substantial expansion of the Recurring EBITDA margin, supported by all regions, was fueled by ongoing operational improvements combining further operating leverage and initial efficiency gains as well as the end of some one-off effects related to the Spin-off that impacted the Recurring EBITDA margin in First\u00a0Half Fiscal\u00a02024. Additionally, it benefited from a further positive contribution from Float revenue coming from Latin America and Rest of the world.<\/p>\n<p align=\"justify\"><strong><strong>Operating profit (EBIT) growing by +31.9% to 158 million euros<\/strong><\/strong><\/p>\n<p align=\"justify\"><strong>Recurring operating profit (Recurring EBIT)<\/strong> stood at <strong>171\u00a0million euros<\/strong> in First\u00a0Half Fiscal\u00a02025, compared to 161 million euros in First\u00a0Half Fiscal\u00a02024. It included -54\u00a0million euros of depreciation and amortization charges over the semester compared to -40\u00a0million euros in First\u00a0Half Fiscal\u00a02024, reflecting the impact of the recent M&amp;A transactions, notably the exclusive partnership with Santander.<\/p>\n<p align=\"justify\"><strong>Other operating income and expenses<\/strong> amounted to -13\u00a0million euros in First\u00a0Half Fiscal\u00a02025, compared to -41\u00a0million euros in First\u00a0Half Fiscal\u00a02024, reflecting mainly expected one-off residual charges related to\u00a0the finalization of the IT carve-out as part of the Spinoff for a total amount of -9 million euros as well as the costs related to business combinations for -2 million euros.<\/p>\n<p align=\"justify\"><strong>Operating profit (EBIT)<\/strong> in First\u00a0Half Fiscal\u00a02025 reached<strong> 158\u00a0million euros<\/strong>, up <strong>+<\/strong><strong>31.9%<\/strong> year-on-year compared to 120\u00a0million euros in First\u00a0Half Fiscal\u00a02024.<\/p>\n<p><strong><strong>Net profit, Group share increasing by +47.3% to 97 million euros<\/strong><\/strong><\/p>\n<p align=\"justify\"><strong>Financial income and expenses<\/strong> came in at -3\u00a0million euros in First\u00a0Half Fiscal\u00a02025, compared to -10\u00a0million euros in First\u00a0Half Fiscal\u00a02024. This positive change of +7\u00a0million euros was primarily due to the one-off costs related to the Group&#8217;s refinancing which impacted the First Half of Fiscal 2024. In First\u00a0Half Fiscal\u00a02025, the Group recorded 22 million euros of interest income generated from the non-Float-related cash position, -24\u00a0million euros of interest cost associated with the long-term bonds issued by the Group and -1 million euros of Other financial income and expenses mainly reflecting the impact from hyperinflation accounting treatment in T\u00fcrkiye.<\/p>\n<p align=\"justify\"><strong>Income tax expense<\/strong> was -48\u00a0million euros in First\u00a0Half Fiscal\u00a02025. The effective tax rate progressively normalizes to\u00a031% in First\u00a0Half\u00a0Fiscal\u00a02025, from 38% in First\u00a0Half\u00a0Fiscal\u00a02024 reflecting the impact of the one-off costs related to the Spin-off.<\/p>\n<p align=\"justify\"><strong>Net Profit<\/strong> was <strong>106\u00a0million euros<\/strong> in First\u00a0Half Fiscal\u00a02025, up <strong>+<\/strong><strong>55.5%<\/strong> reported year-on-year compared to 68\u00a0million euros in First\u00a0Half Fiscal\u00a02024. This substantial increase was driven by the growth in Total revenues and the expansion of the Recurring EBITDA margin, along with the gradual normalization of the Other operating income and expenses, the Financial income and expenses as well as the effective tax rate, which had been impacted by the Spin-off.<\/p>\n<p align=\"justify\"><strong>Net Profit, Group share<\/strong>, excluding 9 million euros attributable to non-controlling interests, reached <strong>97\u00a0million euros<\/strong> in First\u00a0Half Fiscal\u00a02025, compared to 66 million euros in First\u00a0Half Fiscal\u00a02024 representing a <strong>+47.3%<\/strong> reported growth.<\/p>\n<p><strong><strong>Adjusted Net profit standing at 107 million euros<\/strong><\/strong><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:71.02%;border-bottom: solid black 1pt;vertical-align: bottom\">  Attributable to the equity holders of the parent  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <strong>First\u00a0Half Fiscal\u00a02025<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  <strong>First\u00a0Half Fiscal\u00a02024<\/strong>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71.02%\">  <strong>Net Profit for the period (in<\/strong><strong> million<\/strong> <strong>euros)<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <strong>97<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <strong>66<\/strong>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71.02%\">  Basic earnings per share (in euro)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  0.67  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  0.45  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71.02%;border-bottom: solid black 1pt\">  Diluted earnings per share (in euro)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  0.66  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  0.44  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71.02%;border-bottom: solid black 1pt;vertical-align: bottom\">  \u00a0  <\/td>\n<td style=\"width:14.48%;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">  \u00a0  <\/td>\n<td style=\"width:14.48%;border-bottom: solid black 1pt;vertical-align: bottom\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71.02%\">  <strong>Adjusted net profit for the period (in million euros)<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  <strong>107<\/strong>  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  <strong>96<\/strong>  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71.02%\">  Adjusted basic earnings per share (in euro)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-left: solid black 1pt\">  0.73  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle\">  0.66  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71.02%;border-bottom: solid black 1pt\">  Adjusted diluted earnings per share (in euro)  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\">  0.73  <\/td>\n<td style=\"width:14.48%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  0.65  <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><strong><br \/>Adjusted net profit, Group share<\/strong>, reached <strong>107 million euros<\/strong> for First\u00a0Half Fiscal\u00a02025 compared to 96 million euros for First\u00a0Half Fiscal\u00a02024. The variation was primarily due to the strong growth in Recurring EBITDA in First Half Fiscal 2025 and, to a lesser extent, to the lower financial income and expenses. <strong>Adjusted basic earnings per share <\/strong>came in at <strong>0.73 euro<\/strong> in First\u00a0Half Fiscal\u00a02025.<\/p>\n<p><strong><strong>Recurring free cash flow at 171 million euros with a Recurring cash conversion rate of 76%<\/strong><\/strong><\/p>\n<p align=\"justify\"><strong>Recurring free cash flow<\/strong> stood at <strong>171\u00a0million euros<\/strong> in First\u00a0Half Fiscal\u00a02025, compared to 180 million euros in First\u00a0Half Fiscal\u00a02024 excluding a positive impact from a regulatory change in Brazil (i.e. 228 million euros including this impact). The strong generation of Recurring free cash flow was driven by a significant increase in Recurring EBITDA and to a lesser extent, a positive contribution from the Change in working capital, all while consistently executing the Group&#8217;s investment strategy.<\/p>\n<p align=\"justify\"><strong>Capital Expenditures<\/strong> (CAPEX) amounted to -43\u00a0million euros in First\u00a0Half Fiscal\u00a02025, compared to -68 million euros in First\u00a0Half Fiscal\u00a02024. This represented 6.7% of Total revenues for the semester, temporarily reduced due to the finalization of the IT carve-out. Over the period, the Group continued its investments, with a particular focus on technology and data to support future growth. At the same time, some of its investments, such as those in Cloud migration, IT Service Management, and Process Automation, have been progressively shifted towards operating expenses (OPEX).<\/p>\n<p align=\"justify\"><strong>Change in working capital<\/strong>, including Restricted cash, stood at 38\u00a0million euros<sup>1<\/sup>, compared to 218\u00a0million euros in First\u00a0Half Fiscal\u00a02024. This change reflected mainly some one-off effects, including (i) a change in regulation in Brazil (+48 million euros), (ii) the non-recurring Purchasing Power Program in Belgium (+46 million euros) and (iii) the postponed ordering of a Public benefit program in Romania (+24\u00a0million euros).<\/p>\n<p align=\"justify\"><strong>Recurring cash conversion rate<\/strong> for First\u00a0Half Fiscal\u00a02025 came in at <strong>76%<\/strong>, remaining consistent with the above 75% objective on average over Fiscal 2024 to 2026.<\/p>\n<p><strong><strong>A robust <\/strong><\/strong><strong><strong>Net financial cash position at 1,045 million euros <\/strong><\/strong><\/p>\n<p align=\"justify\"><strong>Net financial cash position<\/strong> as of February\u00a028,\u00a02025 stood at <strong>1,045<\/strong><strong>\u00a0million euros<\/strong> compared to 1,054\u00a0million euros as of August\u00a031,\u00a02024 . It mainly reflects the positive inflow from Recurring free cash flow, along with the favorable currency impact at the closing date which nearly fully offset the effects of the Cobee acquisition and the dividends paid to shareholders for Fiscal 2024 and to non-controlling interests.<\/p>\n<p align=\"justify\"><strong>Cash and cash equivalents<\/strong> reached\u00a01,471 million euros as of February\u00a028,\u00a02025 compared to 1,421 million euros as of August\u00a031,\u00a02024, while <strong>Current financial assets<\/strong> stood at 828\u00a0million euros as of February\u00a028,\u00a02025 compared to 814 million euros as of August\u00a031,\u00a02024. This increase mainly reflects the Group&#8217;s continued execution of its flexible investment strategy, capitalizing on tenure and fixed rate management, tailored to each country&#8217;s financial market conditions. The total amount of liquidity, including 975 million euros of Restricted cash related to the Float and excluding bank overdrafts, reached 3,274\u00a0million euros as of February\u00a028,\u00a02025.<\/p>\n<p align=\"justify\"><strong>Gross debt<\/strong> amounted to 1,253\u00a0million euros<sup>2<\/sup> as of February\u00a028,\u00a02025, mainly consisting of long-term bonds. The Group also relies on a Revolving Credit Facility and a Commercial Paper program, neither of which had been drawn as of February 28, 2025.<\/p>\n<p align=\"justify\"><strong>Pluxee&#8217;s strong financial cash position and cash generation<\/strong> is reflected in the BBB+ rating and stable outlook confirmed by Standard &amp; Poor&#8217;s over the semester.<\/p>\n<p><sup>1 <\/sup>43 million euros excluding Restricted cash in First Half Fiscal 2025<br \/><sup>2<\/sup> Including -29 million euros of Bank overdrafts as of February 28, 2025<\/p>\n<p><strong><strong>Sustainability at the heart of the model<\/strong><\/strong><\/p>\n<p align=\"justify\">Throughout the first half of Fiscal 2025, <strong>Pluxee continued to receive recognition through multiple awards for its strong commitment to sustainability<\/strong>, embracing environmental, social, and governance (ESG) practices, as well as business integrity, transparency, and a focus on fostering employee engagement and development.<\/p>\n<p align=\"justify\">Following its first assessment by the Carbon Disclosure Project (CDP), Pluxee received an initial score of &#8216;B&#8217; for climate, rewarding the Group&#8217;s commitment to coordinating environmental impact management across all its operations. Building on this achievement, Pluxee will further enhance its environmental governance, while refining processes to identify and integrate climate-related risks and opportunities into its business strategy.<\/p>\n<p align=\"justify\">Pluxee was also the first company in its sector in France to receive the <strong>Sustainable IT Label<\/strong>, a national benchmark for sustainable digital practices. This recognition underscores the Group&#8217;s commitment for running accessible, efficient, and secure digital operations, with a strong focus on IT operations, data security, and product management.<\/p>\n<p align=\"justify\">Lastly, Pluxee was once again awarded <strong>Great Place to Work certification<\/strong> in several countries where the Group operates, including Austria, Belgium, Germany, India, Romania and T\u00fcrkiye. These recognitions highlight the Group&#8217;s proven expertise in fostering dynamic and engaging work environments, ensuring the commitment, creativity and performance of its teams. <\/p>\n<p><strong><strong>Outlook<\/strong><\/strong><\/p>\n<p align=\"justify\">The strong performance delivered in First\u00a0Half Fiscal\u00a02025 as well as the resilience of the Group&#8217;s business model in the current environment enable Pluxee to:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt;text-align:justify\"><strong>upgrade its Recurring EBITDA margin objective<\/strong> and <strong>confirm its Total Revenues organic growth objective <\/strong>for Fiscal 2025:\u00a0\n<ul type=\"circle\">\n<li style=\"margin-bottom:6pt;text-align:justify\"><strong>Low double-digit<\/strong> Total Revenues organic growth;<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\"><strong>+150bps <\/strong>Recurring EBITDA margin expansion, <strong>compared to +75bps initially<\/strong>, at Fiscal 2024 constant rates;\n<\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\"><strong>keep its financial objectives unchanged<\/strong> by Fiscal 2026:\n<ul type=\"circle\">\n<li style=\"margin-bottom:6pt;text-align:justify\"><strong>Low double-digit\u00a0<\/strong>Total Revenues organic growth;<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\"><strong>+75bps <\/strong>Recurring EBITDA margin expansion at Fiscal 2024 constant rates;<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\"><strong>Above 75% <\/strong>Recurring cash conversion rate on average over Fiscal 2024 to 2026.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p align=\"justify\">Based on the latest available forward curves, the Group expects Float revenue to grow by mid-to-high single digit in Fiscal 2025.<\/p>\n<p align=\"justify\">Financial objectives for Fiscal 2025 and 2026 also take into account the synergies expected from the deployment of the partnership with Santander and the integration of Cobee.<\/p>\n<p><strong><strong>Significant events in First\u00a0Half Fiscal\u00a02025&lt;\/stron<\/p>\n","protected":false},"excerpt":{"rendered":"First\u00a0Half Fiscal\u00a02025 Results\nIssy-les-Moulineaux, France  April 17, 2025\nPluxee continues to deliver solid business and financial performance in H1 and raises","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-109886","post","type-post","status-publish","format-standard","hentry","category-releases-geral"],"acf":[],"_links":{"self":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/posts\/109886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/comments?post=109886"}],"version-history":[{"count":0,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/posts\/109886\/revisions"}],"wp:attachment":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/media?parent=109886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/categories?post=109886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/tags?post=109886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}