Pluxee maintains positive outlook for Fiscal 2026 after regulatory reform announced in Brazil

Core Insights - Pluxee maintains a positive outlook for Fiscal 2026 following regulatory reforms in Brazil that will impact its financials starting mid-year Fiscal 2026 [1][3] - The company is adopting a worst-case scenario for the implementation of the reforms, which include a cap on merchant commission rates, reduced reimbursement delays, and interoperability of meal benefits [2][3] - Pluxee anticipates a return to sustainable, profitable growth from the second half of Fiscal 2027 onwards, contingent on the full confirmation of the announced measures [3] Financial Expectations - Total revenues are expected to remain stable like-for-like in Fiscal 2026, contrasting with previously announced high-single digit organic growth [8] - A slight organic expansion in Recurring EBITDA margin is anticipated in Fiscal 2026, compared to a previous increase of +100 basis points [8] - The average Recurring cash conversion rate is projected to be around 80% over Fiscal 2024-2026 [8] Legal Considerations - The company is considering legal action against the implementation of the new measures, in collaboration with the Brazilian professional association ABBT [4] Company Overview - Pluxee operates in 28 countries, providing a range of employee benefits and engagement solutions, with a focus on meal and food, well-being, lifestyle, and public benefits [5] - The company has over 5,600 team members and serves more than 500,000 clients, 37 million consumers, and 1.7 million merchants [5]