(Reuters) – Pluxee reported organic operating revenue growth of 12.1% in the first quarter on Wednesday, surpassing expectations thanks to good commercial momentum, which pushed its stock up on the stock market .

Operating turnover reached 249 million euros over the period compared to 244 million expected by analysts according to a consensus provided by the group.

On the Paris Stock Exchange, Pluxee shares soared 11% to 20.80 euros at 08:50 GMT, its biggest increase during the session since last October.

Sodexo’s former employee benefits division cites in a press release “favorable” commercial dynamics and highlights the performance of its Employee Benefits business, which generated revenue of 212 million euros in the first quarter.

“The performance of the Employee Benefits business, supported by a robust net retention rate and the continued acquisition of new customers, helped generate double-digit organic revenue growth,” said Aurélien Sonet, Director general of Pluxee, in the press release.

Also citing the acquisition strategy of Pluxee, which notably acquired Benefício Fácil in Brazil in November, the group’s general director mentions “operations gradually contributing to [la] organic growth trajectory.”

The group is also continuing the deployment of the partnership with Santander in Brazil as well as the integration of Cobee in Spain.

Pluxee also reiterated its strategic and financial objectives for the 2025 and 2026 financial years, notably anticipating double-digit organic growth in turnover.

In a note published on Wednesday, JP Morgan analysts were, however, cautious about these objectives.

“While we see good opportunities for Pluxee […] we view the risk-reward as unattractive at present, with forecasts for FY25-26 looking increasingly ambitious,” the note said.

“As a result, we believe it will take longer than expected to achieve Pluxee’s fiscal 2026 targets.”

(Written by Etienne Breban, edited by Blandine Hénault)

Copyright © 2025 Thomson Reuters