Pluxee Expects 2027 Earnings Pressure After Reporting €488 Million in Annual EBITDA

French employee-benefits provider Pluxee reported €488 million in recurring earnings before interest, tax, depreciation and amortisation for its fiscal year ended August 2026, while warning that the following year will be affected by regulatory changes in Brazil.

Recurring EBITDA increased 3.7% on a reported basis from €471 million in fiscal 2025, and the recurring EBITDA margin rose to 37.5% from 36.6%. Annual revenue reached €1.302 billion, up 1.2% as reported and 0.7% on an organic basis, which adjusts for changes in currency and the company's business perimeter.

For fiscal 2027, Pluxee has set a minimum recurring EBITDA target of €440 million. Management describes the coming period as a transition year because reforms to Brazil's Workers' Food Program, known as PAT, are changing commercial conditions in an important market. A minimum target is not a final earnings result, and it does not establish the exact amount of any eventual decline.

The company also proposed a dividend of €0.65 per share for fiscal 2026, about 71% higher than the prior year's payment. A proposed dividend is subject to the applicable approval and payment process and should not be counted as already distributed.

Pluxee's full-year results highlight a distinction between improvements in the completed fiscal year and management's more cautious outlook. The effects of the Brazilian reform and broader economic conditions remain important uncertainties for its next reporting period.