Pluxee Reports 9% Organic Sales Growth in Q1 on Client Acquisition and Retention

French voucher and benefits company Pluxee reported a 9% organic growth in its first-quarter sales, reaching 308 million euros in the first quarter of its fiscal 2026 year. This growth was driven by new client acquisition and strong retention rates. The company confirmed its fiscal 2026 financial objectives amid evolving regulatory conditions in Brazil.

Pluxee's operating revenue for the quarter reached 268 million euros, up 9.1% organically. The company's Employee Benefits business contributed significantly, with a 11.6% organic growth in operating revenue. . Other Products & Services revenue declined by 5.7% organically, largely due to the termination or deferral of public benefits contracts in Continental Europe.

Float revenue rose 8.5% organically to 40 million euros, supported by higher interest rates in Brazil and strategic investment approaches.

Why Did This Happen?

The growth in operating revenue was fueled by strong momentum in Employee Benefits and a sustained net retention rate of 100%. Latin America and the Rest of the World saw low double-digit growth driven by robust client acquisition. In Continental Europe, growth was more balanced, with strong performance in Southern Europe offset by macroeconomic challenges in other regions.

The company closed two significant acquisitions in the quarter: Skipr, a mobility benefit provider in Belgium and France, and ProEves, a leader in corporate childcare in India. These acquisitions support Pluxee's multi-benefit strategy and market expansion.

How Did Markets React?

Pluxee confirmed its financial objectives for fiscal 2026, including stable total revenues and slight organic expansion in Recurring EBITDA margin. The company also aims for an average Recurring cash conversion rate of around 80% over the fiscal years 2024 to 2026.

Despite regulatory challenges in Brazil, the company is confident in its ability to adapt and maintain a sustainable growth trajectory. It expects to face some impact in the first half of fiscal 2027 but anticipates a return to growth in the second half of the year.

Pluxee will host a conference call on January 7, 2026, at 8:30 a.m. CET to discuss its Q1 fiscal 2026 results. The call will be accessible via phone and live webcast, with materials available on its investor website.

What Are Analysts Watching Next?

Pluxee's strong start to the fiscal year includes a disciplined execution of its M&A strategy and a diversified pipeline of growth opportunities. The company remains focused on leveraging its agile business model and robust financial position to navigate market uncertainties.

Analysts will closely monitor the company's ability to sustain revenue momentum in the face of ongoing regulatory changes in Brazil and macroeconomic headwinds in parts of Europe. The performance of recent acquisitions, such as Skipr and ProEves, will also be key indicators of strategic success.

Investor focus is likely to shift toward long-term value drivers, including the expansion of employee benefits and engagement solutions in key markets. The company's ability to adapt to evolving market conditions and maintain a high net retention rate will be critical to its future performance.

Pluxee's upcoming financial calendar includes the release of first-half fiscal 2026 results on April 16, 2026, and annual results on October 29, 2026.

Pluxee operates in 28 countries and offers a broad range of employee benefits solutions. The company's focus on employee engagement, innovation, and global expansion positions it to remain a key player in the employee benefits industry.