Pluxee (the ‘’Group’’), a global player in Employee Benefits and Engagement, will hold today a Capital Markets Day where Chief Executive Officer Aurélien Sonet and his management team will present Pluxee's strategic plan and Fiscal Year 2024 and 2026 financial objectives.
Pluxee is expected to become an independent public company through the distribution of 100% of its shares to Sodexo shareholders on a one-for-one basis, i.e. one Pluxee share for each Sodexo share held. Its shares will start trading on Euronext Paris at market open on February 1, 2024, subject to approval of the distribution at Sodexo’s Shareholders Meeting on January 30, 2024, and market conditions.
“With a 45-year track record of profitable growth, Pluxee’s listing marks the next phase of our journey as a leading global provider of Employee Benefits and Engagement solutions. Today we are presenting our strategy to sustain profitable growth in a large and expanding market, bringing to life a personalized and sustainable employee experience at work and beyond.
We are confident in our ability to achieve the ambitious strategic and financial objectives we are announcing today. Powered by talent, investment in technology and data, and a disciplined and targeted M&A approach, we will build on the strong momentum demonstrated in recent years and pursued in the first quarter of Fiscal 2024. Under the leadership of our talented management team backed by an experienced Board of Directors, Pluxee is now set to realize its full potential.”
With an established presence in 31 countries, Pluxee’s highly scalable and cash-generative business model connects more than 500,000 clients and 1.7 million merchants to 36 million consumers. In Fiscal 2023, Pluxee issued €22.8 billion in business volume and generated recurring EBITDA of €363 million on €1,052 million of total revenue, corresponding to a c. 34.5% recurring EBITDA margin.
The total addressable Employee Benefits and Engagement market, which includes Meal & Food and Lifestyle benefits as well as Employee Engagement, Reward & Recognition, is estimated by the Group to be worth more than €1 trillion. This is underpinned by employers’ increasing need to attract, retain and engage employees and is supported by wider macro trends. The Group's management estimates that the total meal and food addressable market is expected to grow to roughly between €250 billion and €260 billion in business volume by 2026.
Pluxee aims to reinforce its leadership in Meal & Food benefits and augment its wider Employee Benefits and Engagement offer. The strategy execution will be deployed through six initiatives:
These initiatives are enabled by Pluxee’s talents, leading scalable technology and data capabilities, and a disciplined M&A approach. Pluxee’s overarching sustainability commitment is fully embedded in its strategy.
Post spin-off, Pluxee will benefit from a strong balance sheet to execute its growth strategy. As of August 31, 2023, the net cash position was €859 million. The Group has secured a robust financial package, including a bridge loan of €1.5 billion and a revolving credit facility of €0.65 billion.
Pluxee’s Fiscal 2024 and 2026 financial objectives focus on delivering sustainable organic revenue growth, improving its recurring EBITDA margin and maintaining high cash conversion levels.
Over Q1 Fiscal 2024, Pluxee continued to benefit from a strong business momentum, backed by continued supportive macro tailwinds.
Total revenues reached €266 million, up 19.7% organically, slightly offset by currency translation effects including the application of hyperinflationary accounting to Turkey. Operating revenue generated solid organic growth of 12.9%. Float revenue increased 99.5% organically, primarily due to a growing Float as well as substantial interest rate increases.
Employee Benefits revenues reached €224 million, generating 24.3% year-on-year organic growth, mainly due to face value increase as well as new client acquisition and portfolio expansion. Other products and services generated revenues of €42 million, in line with Q1 Fiscal 2023, as a result of a high comparison base in Public Benefits.
Pluxee reported double-digit organic growth in the three regions where the Group operates, as a result of higher volumes driven by new contracts, face value increase and good client net retention as well as an increase in float revenues.
The Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) has approved the prospectus relating to the admission to listing and trading of Pluxee shares on the regulated market of Euronext Paris in connection with the announced spin-off. This prospectus has been passported to the French Authority for Financial Markets (Autorité française des marchés financiers). Any potential investor in the Pluxee shares should make their investment solely on the basis of information contained in the prospectus, including the risk factors described therein. Potential investors should read the prospectus before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the Pluxee shares.
100% of Pluxee shares will be distributed to Sodexo shareholders as a distribution in kind on a one-for-one basis i.e. one Pluxee share for each Sodexo share held. The technical reference price for the Pluxee shares is expected to be announced on January 31, 2024, through issuance of a notice by Euronext Paris S.A. after market close on Euronext Paris.
The prospectus is available on the websites of Pluxee www.pluxeegroup.com and Sodexo www.sodexo.com
As part of the spin-off and listing process, Pluxee also published its Articles of Association and the Board Rules on its website www.pluxeegroup.com
The Capital Markets Day will take place today at 2.00pm CET and can be accessed via the following link. The presentation can be found on www.pluxeegroup.com, as well as on www.sodexo.com. A replay will also be available.
About Pluxee
Pluxee is a global player in employee benefits and engagement that operates in 31 countries. Pluxee helps companies attract and retain talent thanks to a broad range of benefits and engagement solutions across Meal & Food, Wellbeing, Lifestyle, Reward & Recognition, and Public Benefits.
Powered by leading technology and more than 5,000 engaged team members, Pluxee acts as a trusted partner within a highly interconnected B2B2C ecosystem made up of more than 500,000 clients, 36 million consumers and 1.7 million merchants.
Conducting its business as a trusted partner for more than 45 years, Pluxee is committed to creating a positive impact on all its stakeholders, from driving business to local communities, to supporting wellbeing at work for employees while protecting the planet.
For more information: www.pluxeegroup.com
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