Pluxee — the meal-voucher and employee-benefits specialist spun off from Sodexo two years ago — on Thursday 16 April reported solid first-half results despite regulatory turbulence in Brazil. Organic revenue rose 5.6% to €655mn, attributable net income rose 7.8% to €105mn, and EBITDA (operating profit before provisions and depreciation) jumped 12.9% to €242mn on the combined effect of volumes, rationalisation and acquisitions. Recurring free cash flow reached €210mn: 86% of EBITDA converted to cash, up 10 percentage points year-on-year.

The geographic picture is darker. Latin America — 43% of operating revenue — grew 12.1% organically, while continental Europe, Pluxee's number-one market, barely moved (+0.7%). The gap widened in Q2: Europe -3.3% versus Latin America +10.1%. Total operating revenue came in at €306mn, below the €311mn analyst consensus. CEO Aurélien Sonet noted the group has signed €900mn in annualised volumes (full-year target €1.3bn) and that 30% of these volumes came from small and mid-sized companies (SMEs), an under-penetrated market.

Brazil is entering regulatory turbulence. New rules cap meal-voucher commissions and shorten issuer reimbursement periods from early March; the system opens to new entrants in May. The impact on results will begin in H2 2026 and continue through H1 2027. Pluxee invests 9% of revenue in digital tools and AI to strengthen loyalty across its 800,000-merchant network, and targets "a return to a path of sustainable and profitable growth from the second half of fiscal 2027". Source: Les Echos, 16 April 2026, Ninon Renaud.