Slide 1: First Half Fiscal 2024 Results
First Half Fiscal 2024 Results April 19, 2024 CONFIDENTIAL ©Pluxee – All rights reserved 01
Slide 2: Speakers
Speakers Presentation Aurélien Sonet Chief Executive Officer Stéphane Lhopiteau Chief Financial Officer CONFIDENTIAL ©Pluxee – All rights reserved 02
Slide 3: Presentation Summary
Presentation Summary 01 02 03 04 05 Highlights Business Financial Outlook Appendices & Key figures update performance Fiscal 2024 H1 Fiscal 2024 H1 Fiscal 2024 H1 Fiscal 2024 and 2026 CONFIDENTIAL ©Pluxee – All rights reserved 03
Slide 4: Highlights & Key figures
01 Highlights & Key figures Business update Financial performance Outlook Appendices CONFIDENTIAL ©Pluxee – All rights reserved 4
Slide 5: Revenue growth and solid margin improvement
Spin-off and listing on Euronext Paris on Feb. 1, 2024 Inclusion in Next 20 index and Tech Leaders initiative Continued delivery on strategic initiatives Business development and net retention on track High double-digit revenue growth Combined with strong recurring EBITDA improvement Strong cash pos
Slide 6: Strong financial performance over First Half Fiscal 2024
Strong financial performance over First Half Fiscal 2024 Total revenues Recurring EBITDA Recurring free cash flow €593m €201m €228m +24% organic growth 34.4% Recurring EBITDA 113% Recurring cash (2.5%) currency effect margin at constant rate conversion Note: First Half Fiscal ending February 29, 202
Slide 7: Successful spin-off & listing
Successful spin-off & listing Spin-off & listing of PLX on Euronext Paris April 2023 June 2023 Oct. – Dec. 2023 Jan. 2024 Since Feb. 2024 Spin-off & listing Executive Chair Capital structure Capital Markets Day €1.1bn refinancing project approved & Chief Executive revealed & bridge and investor thro
Slide 8: Business update
Highlights & Key figures 02 Business update Financial performance Outlook Appendices CONFIDENTIAL ©Pluxee – All rights reserved 8
Slide 9: Delivering on strategic initiatives
Delivering on strategic initiatives Elevate Expand Scale up Acquire Unlock Drive benefit merchant existing new clients full client profitability offering engagement presence potential Address Reinforce Address Through segmented From existing Pursue efficiency evolving client win-win untapped sales a
Slide 10: New client wins on track
New client wins on track €0.9bn Development in business volume issued at constant rate Strong development trend Delivering on small & in Continental Europe medium-sized enterprise and Brazil growth ambition +€1.3bn +30% development performance +40k new SMEs opportunities year-on-year signed over the
Slide 11: Solid net retention supported by cross-selling
Solid net retention supported by cross-selling … +102% Net retention rate in business volume High client retention in a Significant portfolio growth competitive environment driven by cross-selling Renewed contracts: – Combined cross-selling approach €1.7bn in business volumes targeting both clients
Slide 12: Continuous increase in Average Face Value
… and continuous increase in Average Face Value €600m + Additional business volume from increase in average face value Portfolio growth Romania driven by increase Record increase in average face value over H1 FY 2024 in average face value – Two successive increases of face value legal cap from Impac
Slide 13: Setting strong ESG foundations
– Step-by-step process including Pluxee leaders and external experts to Double anticipate CSRD requirements Materiality – Ongoing deployment at country level assessment in collaboration with local stakeholders – Outcomes embedded in strategic plan – Clear action plan to reach Net Zero across the val
Slide 14: Financial performance
Highlights & Key figures Business update 03 Financial performance Outlook Appendices CONFIDENTIAL ©Pluxee – All rights reserved 14
Slide 15: Employee benefits boosting business volumes
Employee benefits boosting business volumes Business volume issued DOUBLE DIGIT GROWTH IN EMPLOYEE BENEFIT BUSINESS VOLUMES c. €1bn generated in employee benefit business volumes €12.4bn compared to H1 FY 2023 €11.8bn Other products €3.1bn and services €3.5bn HIGH COMPARISON BASIS + Employee ON OTHE
Slide 16: Strong total organic revenue growth across all regions
Strong total organic revenue €593m H1 FY 2024 total revenues growth across all regions +24% organic growth CONTINENTAL EUROPE organic growth +19% incl. +21% in France €264m 45% Continental Europe €227m 38% Latin America LATAM Organic REST OF THE WORLD growth €102m incl. +32% 17% 16 +27% in Brazil +3
Slide 17: +17% organic growth in operating revenue over H1 FY 2024
+17% organic growth in operating revenue over H1 FY 2024 CONTINUOUS GROWTH MOMENTUM FUELED BY Total revenue evolution by nature BOTH OPERATING AND FLOAT REVENUES +17% increase in operating revenue organic growth Organic growth: +24% fueled by Employee Benefit Currency effect: -2% net new business an
Slide 18: Consistent business momentum quarter after quarter
Consistent business momentum quarter after quarter CONTINUED STRONG ORGANIC GROWTH Total revenue growth quarterly evolution QUARTER AFTER QUARTER Buoyant operating revenue organic growth level reached Q1: +22% Q2: +26% in Q2 FY 2024 pro-forma organic growth organic growth Float revenue organic growt
Slide 19: Strong contribution from employee benefits to operating growth
Strong contribution from employee benefits STRONG GROWTH IN EMPLOYEE BENEFIT OPERATING REVENUE to operating growth Solid business momentum fuelling employee benefit business volumes Employee Benefit Business volume issued Operating revenue evolution by lines of activities +12% organic growth Organic
Slide 20: Ongoing contribution from Float revenue to growth
Ongoing contribution from Float revenue to growth FLOAT CONTINUOUSLY GROWING Float (period-end) Resulting from a steady increase in business volumes supported by the change to prepaid €2.8bn model in Brazil €2.4bn €2.6bn €2.3bn End of Aug, 22 End of Feb, 23 End of Aug, 23 End of Feb, 24 3.4% 5.5% FL
Slide 21: Strong Recurring EBITDA
+28% organic increase in Recurring EBITDA reaching €201m, up €38m year-on-year – +90bps improvement in recurring EBITDA margin reaching 34.4% at constant rate – Positive momentum in revenues more than offsets additional Strong standalone costs, management fees invoiced by Sodexo and increase in Opex
Slide 22: Simplified income statement
Simplified income statement HIGHER OTHER OPERATING INCOME & EXPENSES Variation at First Half First Half Variation constant Reflecting mainly Fiscal 2024 Fiscal 2023 (%) rate (%) one-off costs related to spin-off, Total revenues €593m €488m +21.5% +24.0% rebranding and specific digital assets write-o
Slide 23: Strong cash flow generation
Strong cash flow generation STRONG RECURRING First Half First Half FREE CASH FLOW AT Fiscal 2024 Fiscal 2023 €228 MILLION Recurring EBITDA €201m €163m Capital expenditures Capital expenditures €(68)m €(53)m reaching -€(68) million, equating to 11.5% of total Change in working capital without restric
Slide 24: Strong improvement of Net financial cash position
Strong improvement of Net financial cash position NET FINANCIAL CASH POSITION REACHING €1,065m AS OF FEB. 29, 2024 Net financial cash/(debt) position bridge Strong improvement versus €859 million at August 31, 2023, reflecting mainly strong cash flow €(26)m €76m (1) €(45)m(2) generation €(26)m €228m
Slide 25: Secured capital structure and financial profile
Secured capital structure and financial profile STRONG FINANCIAL CASH POSITION AS OF FEBRUARY 29, 2024 Confirmed with a BBB+ rating and a stable outlook Net cash position as of February 29, 2024 from Standard & Poor’s €3,268m €1.1BN REFINANCING THROUGH INAUGURAL €997m Restricted cash BOND ISSUANCE A
Slide 26: Outlook
Highlights & Key figures Business update Financial performance 04 Outlook Appendices CONFIDENTIAL ©Pluxee – All rights reserved 26
Slide 27: Fiscal 2024 objectives raised
Fiscal 2024 organic revenue growth and EBITDA margin objectives raised Fiscal 2024 objectives Mid-term Fiscal 2026 objectives Organic revenue growth Organic revenue growth Between 15% to 17% Low double digit per year from low double digit Recurring EBITDA margin Recurring EBITDA margin At least 35%
Slide 28: Appendices
Highlights & Key figures Business update Financial performance Outlook 05 Appendices CONFIDENTIAL ©Pluxee – All rights reserved 28
Slide 29: Modelling details for FY 2024
Appendix #1 Modelling details for FY 2024 Scope change One-off costs Net financial Effective effect on expenses tax rate revenues n.s. ~€(80)m ~€(15)m ~38% CONFIDENTIAL ©Pluxee – All rights reserved 29
Slide 30: H1 Fiscal 2024 Revenue breakdown
Appendix #2 H1 Fiscal 2024 Revenue breakdown Revenues by reported operating segment First Half First Half Organic Growth Currency Effects Fiscal 2024 Fiscal 2023 (in % change) (in % change) (in millions of euros, except where indicated) Operating Revenue 518 448 17.4% (1.7)% Float Revenue 75 40 97.3
Slide 31: Q1 Fiscal 2024 Revenue breakdown
Appendix #3.1 Q1 Fiscal 2024 Revenue breakdown Pro-forma Revenues by reported operating segment (unaudited) First Quarter First Quarter Organic Growth Currency Effects Fiscal 2024 Fiscal 2023 (in % change) (in % change) (in millions of euros, except where indicated) Operating Revenue 231 208 14.5% (
Slide 32: Q2 Fiscal 2024 Revenue breakdown
Appendix #3.2 Q2 Fiscal 2024 Revenue breakdown Revenues by reported operating segment (unaudited) Second Quarter Second Quarter Organic Growth Currency Effects Fiscal 2024 Fiscal 2023 (in % change) (in % change) (in millions of euros, except where indicated) Operating Revenue 287 240 19.9% (0.3)% Fl
Slide 33: H1 Fiscal 2024 exchange rates
Appendix #4 H1 Fiscal 2024 exchange rates Closing rate Average rate Closing rate Closing rate Average rate as of February for First Half as ofAugust as of February for First Half 29, 2024 Fiscal 2024 31, 2023 28, 2023 Fiscal 2023 Brazilian real 5,371 5,330 5,308 5,528 5,417 (BRL) Pound sterling 0,85
Slide 34: Number of shares as of February 29, 2024
Appendix #5 Number of shares as of February 29, 2024 Company’s share February 29, February 1, capital 2024 2024 Group’s share capital 147,174,692 147,174,692 in number of shares Treasury shares 68,327 - Number of shares for EPS calculation 146,890,457 - (Basic weighted average number of shares) Spec
Slide 35: Key business & financial terms
Appendix #6 Key business & financial terms Client commissions Portfolio growth Development Commissions billed to clients on Increase in the number of employee Annualized business volumes issued business volume issued, when cards, and consumers from an existing from the new clients gained over the di
Slide 36: Key Alternative Performance Measures (APM)
Appendix #7 Key Alternative Performance Measures (APM) Business volume issued Recurring EBITDA Recurring free cash flow Cumulative value of benefits issued Recurring operating profit presented "Net cash provided by operating by the Group on behalf of clients in in the combined income statement activ
Slide 37: FY 2024 upcoming financial calendar
FY 2024 upcoming financial calendar April 19 July 3 October 31 December 2024 2024 2024 2024 First half fiscal 2024 Third quarter fiscal Annual fiscal 2024 Fiscal 2024 annual results 2024 revenues results shareholders’ meeting CONFIDENTIAL ©Pluxee – All rights reserved 37
Slide 38: About Pluxee
€22.8 bn Business volume issued About Pluxee as of Fiscal 2023 +5,000 Employees as at August 31, 2023 Pluxee is a global leader in employee benefits 31 and engagement that operates in 31 countries. Countries Pluxee is a global leader in employee Powered by best-in-class secured technology +500,000 b
Slide 39: IR, Communication and Press contacts
IR, Communication and Press contacts HEAD OF INVESTOR RELATIONS CHIEF COMMUNICATION OFFICER PAULINE BIREAUD CÉCILIA DE PIERREBOURG +33 (0)6 22 58 83 51 + 33 (0)6 03 30 46 98 pauline.bireaud@pluxeegroup.com cecilia.depierrebourg@pluxeegroup.com 16, rue du Passeur de Boulogne investors@pluxeegroup.com
Slide 40: Forward-looking statements
Forward-looking statements This presentation contains forward-looking statements. These forward-looking statements reflect the Group's intentions, current beliefs, expectations and assumptions, including, without limitation, assumptions regarding the Group's future business strategies and the enviro
Slide 41: CONFIDENTIAL ©Pluxee – All rights reserved
CONFIDENTIAL ©Pluxee – All rights reserved 41