(BFM Stock Exchange) – The specialist in prepaid service securities noted its prospect of growth in its raw margin of recurring operating for its financial year ended at the end of August, after having unveiled half -yearly accounts. These announcements relate to the Paris Stock Exchange.

This week, the actors listed in Paris “advantages and awards to employees” (ie restaurant and gift titles) Edenred and Pluxee both unveiled their financial performances.

The former Accor subsidiary was the first to lend itself to the exercise on Wednesday, April 16. And it reported performance mixed in the first quarter, notably marked by lower growth than hoped for its main activity “advantage to employees”. Edenred, however, confirmed his annual prospects while warning being attentive to a possible “new macroeconomic degradation, in an uncertain environment”.

Regarding Pluxee, the discourse is more positive. And the advantage is clearly for the former Sodexo division arrived at the Paris Stock Exchange in February 2024. She published a solid performance, this time, for the first half of her offbeat exercise 2024-2025.

PLUXEE advantage

Between September and late February, the competitor of Edenred published income of 635 million euros in the first half of his fiscal year 2024-2025, which will be closed next August. This amount reflects an increase of 7.2% in published data and 10.2% in comparable data (excluding exchange effects and perimeter).

Pluxee has outraged analysts’ expectations. According to a consensus quoted by Oddo BHF, analysts tabbed on organic growth of 10.4% over the period, and a turnover of 631 million euros. The level of turnover is also “slightly higher” to the expectations of the design office which held 630 million euros.

Operational turnover reached 552 million euros in the first half of the 2024 financial year, organic growth of 10.1%, and 6.6% in published data.

The turnover relating to the “Float” of Pluxee – the investment of the funds issued by the employers but not yet “consumed” by the employees – has further progressed in the first half. Revenues reached 83 million euros, organic growth of 16.2%.

“The sustained growth in turnover from the Float during the semester was fired by the Latin America regions and the rest of the world,” explains Pluxee.

Between September and late February, the gross operating result (EBITDA) recurrent is up organic by 22.5% over a year, at 225 million euros, or 2.2% above the consensus cited by Oddo BHF, housed at 219 million euros.

On the side of the corresponding margin, it increased by 151 basis points, or 1.51 percentage to reach 35.4% in published data. It was brought by the contribution of “float” turnover, operational improvements as well as by the end of certain specific effects linked to new autonomous costs (“standalone costs”) due to the independence of the company. It also appears greater than the consensus which was 34.9%.

The adjusted net profit increased by 10.5% compared to the previous year, reaching 107 million euros. “Pluxee made a good first half, with growth in operational turnover greater than that of its counterpart Edenred, in particular thanks to its greatest exposure to Latin America,” notes Stifel.

On the Paris Stock Exchange, Pluxee jumped 11.55%, to occupy the head of the SBF 120, around 10:40 am in reaction to the publication of this financial point in mid-term.

A margin target noted for 2025

At the end of this first semester, Pluxee confirmed its prospects in terms of activity for its year ended in 2025. The company is counting on growth of its “two -digit” income “in comparable data. Oddo BHF, for its part, hypothesizes an annual growth of 11.4% on these same bases.

On the other hand, society is much more optimistic about the orientation of its raw margin of recurring exploitation. Pluxee decided to bring to 150 points, or 1.5 percentage points at the end of August 2025 its objective of increasing its raw margin of recurring operating. The group initially aimed at an increase in its gross margin of recurring operating of 0.75 percentage points.

For 2026, Pluxee renews its objectives. On this horizon, the company expects growth of its “two -digit” income in comparable data and on a gross margin of recurring exploitation of 0.75 percentage points.

Oddo BHF appreciates “an encouraging start to exercise” on the company’s commercial dynamic, and the margin trajectory in 2025. The design office reiterates its advice to “neutral”, citing risks on the regulation of restaurant titles in France.

“We appreciate its sustained growth profile and operational improvement in the coming years, as well as the optionality of M&A (mergers acquisitions) but regulatory visibility remains limited in the short term (especially in France) and we will also remain attentive to a possible degradation of the macroeconomic context in Europe in the coming months”, conclude the analysts of Oddo BHF.