Pluxee N.v. · EURONEXT:PLX

Pluxee — Investor Day (January 2024)

127 slides from Pluxee's investor day presentation, Jan 10, 2024

Slide 2: Disclaimer
Disclaimer This presentation is an advertisement relating to the intention of the Company (as looking statements. Sodexo, Pluxee, their respective affiliates, directors, advisors, defined below) to proceed with the listing and admission of shares in Pluxee (the employees and representatives expressl
Slide 3: Key risk factors for consideration
Key risk factors for consideration The following is a selection of the key risks that relate to the Company's industry affect the Group's results of operations and financial condition. and business, operations and financial conditions, based on the probability of their • The Group is exposed to fina
Slide 4: Today's speakers
Today’s speakers Didier Aurélien Sonet Viktoria Otero Stéphane Laure Gabriel Rotella Béatrice Bihr Michaud-Daniel Chief Executive Officer del Val Lhopiteau Pourageaud Chief Information General Counsel Executive Chair Chief Strategy, Product Chief Financial Officer Chief Human Officer and Customer Re
Slide 5: Agenda
Agenda Time Section Speakers Opening remarks Didier Michaud-Daniel, 2.00pm Introducing Pluxee Aurélien Sonet 2.25pm Market & Regulatory dynamics Viktoria Otero del Val Viktoria Otero del Val, Anish Sarkar, 2.40pm Product, Sales & Marketing Thierry Guihard 3.10pm Q&A session 3.40pm Break 3.55pm Digit
Slide 7: Introducing Pluxee
01 Introducing Pluxee
Slide 9: Pluxee – A profitable growth story
Pluxee – A profitable growth story Leading global provider of employee benefits and engagement solutions Highly cash-generative and scalable B2B2C ecosystem serving +36m consumers Operating in a large and growing market Clear strategy powered by technology, talent and targeted M&A Leadership team co
Slide 10: 45 years of growth on a global scale
45 years of Milestones & growth journey growth on a Meal & Food Benefits Geographical expansion global scale Employee Engagement and Reward & Recognition Digital transformation Sustainable growth through-the-cycles Launch Aurélien Sonet is of 1st meal appointed CEO Strong track record of card consta
Slide 11: Pluxee brings to life a personalized and sustainable employee experience
Pluxee brings to life a personalized and sustainable employee experience at work and beyond CONFIDENTIAL ©Pluxee – All rights reserved 11
Slide 12: Full suite of employee benefits and engagement solutions
Full suite of employee benefits and engagement solutions Employee benefits Other products & services 83% of FY 2023 revenues 17% of FY 2023 revenues(2) Meal & Food Benefits Lifestyle Benefits(1) Employee Engagement and Reward & Recognition Meal Gift Health & well-being Employee Service Engagement re
Slide 13: Global footprint with strong market positions in every region
Global footprint with strong market positions in every region €466m 44% Continental Europe €394m 38% 31 Latin America Countries #1 in 17 €192m 18% Countries(1) Source: Company information as of Fiscal Year 2023. Fiscal 2023 Revenues in millions of Euros and percentage of Total Revenues. Rest of the
Slide 14: At the heart of a highly interconnected B2B2C ecosystem
At the heart of a highly interconnected B2B2C ecosystem +500k +1.7m Clients Beyond a generalist benefit provider, a tech-enabled HR partner Merchants Beyond a traffic booster, a valued business partner +36m Consumers Beyond a transaction enabler, an enhancer of employee experience Source: Company in
Slide 15: Highly cash generative and scalable business model
Highly cash generative and scalable business model Pluxee pre-loads 1 clients' employees’ digital wallet/card Pluxee collects cash from clients Client Clients commissions 4 Pluxee reimburses merchants net of €2.5bn 2 commission float Clients provide employee Merchant as of Aug 23 consumers with digi
Slide 16: Attractive financial profile with outstanding recent performance
Attractive financial profile with outstanding recent performance Strong cash conversion Continuous Significant scale Double-digit growth and balance sheet growth momentum FY 2023 FY 2023 FY 2023 Q1 FY 2024 €22.8bn +17% 80% €266m Business volumes Growth in business Recurring cash Revenue issued(1) vo
Slide 17: Large and growing employee benefits and engagement market
Large and growing employee benefits and engagement market Growing Meal & Food Large employee benefits and Benefit market engagement market Penetration rate(3) still low, especially among SMEs 7% to 9% > €1,000bn Solid regulatory environment CAGR 23-26E Macro tailwinds Total Meal & Food direct market
Slide 18: Driving growth by addressing fundamental employer and employee needs
Driving growth by addressing fundamental employer and employee needs Global shortage Flexible ways Focus on total Salary and Employee focus of talent of working well-being purchasing on purpose outcomes power Source: Company information. CONFIDENTIAL ©Pluxee – All rights reserved 18
Slide 19: Clear strategy to sustain profitable growth
Clear strategy to sustain profitable growth Reinforce Augment employee leadership in Meal benefits and & Food benefits engagement offer Lifestyle Reward & Employee benefits recognition engagement Powered by enablers Digital and Best-in-class and Targeted and engaged talent scalable tech & data disci
Slide 20: Six key strategic initiatives
Achieve ambitious strategy thanks to six key strategic initiatives 1 Elevate benefit offering Address evolving client and consumer needs 2 Expand merchant engagement Reinforce win-win partnership Reinforce Augment employee leadership in Meal benefits and & Food benefits engagement offer 3 Scale up e
Slide 21: Clear strategy to deliver ambitious financial results
Clear strategy to deliver ambitious financial results FY 2024 Mid-term FY 2026 Organic revenue growth objective(1) Organic revenue growth objective(1) Low double digit Low double-digit per year Recurring EBITDA margin forecast(2) Recurring EBITDA margin forecast(2) At least stable, c.37% for FY 2026
Slide 22: Market & regulatory dynamics
02 Market & regulatory dynamics
Slide 24: Sizeable and underpenetrated market with supportive regulation
Sizeable and underpenetrated market with robust growth underpinned by supportive regulatory environment Sizeable and Robust market Supportive regulatory underpenetrated growth profiting from environment and market macro tailwinds favorable mega trends Source: Company information. CONFIDENTIAL ©Pluxe
Slide 25: Attractive and under-penetrated market
Attractive and under-penetrated market >€1,000bn Total addressable employee benefit and engagement market(3) Employee Key market facts Lifestyle engagement and benefits reward & recognition Very large market opportunity Small & medium enterprises represent big untapped potential c.€219bn Meal & Food
Slide 26: Significant upside even in larger and more established benefit markets
Significant upside even in larger and more established benefit markets Focus on selected markets Estimated Meal & Food Benefit market penetration rate(1) > 50% 50 – 20% c.25% on average < 20% Brazil Mexico Belgium Romania France Italy Spain Austria India Source: Company information. Notes: (1) Penet
Slide 27: Significant growth potential in untapped SME segment
Significant growth potential in untapped SME segment Main drivers for Small and medium enterprises accelerated penetration segment penetration Meal benefit offer Examples in selected geographies, 2022 To adapt to hybrid working norm Lifestyle benefits and engagement solutions c.30% To meet evolving
Slide 28: Robust growth in Meal & Food Benefit market
Robust growth in Meal & Food Benefit market Meal & Food Benefit market in business volume (€bn) +7.5% CAGR +7% to +9% CAGR 250-260 219 65-70 178 53 40 185-190 166 138 Calendar years 2019A 2023E 2026E Meal & Food benefit direct market (1) Meal & Food total addressable market (2) minus direct market S
Slide 29: Employee benefit market growth supported by positive macro trends
Employee benefit market growth supported by positive macro trends Growing Number of employees(1) worldwide (bn) Diverse and intergenerational active +0.5% to 1.0% workforce with increasing needs in population 3.32 Average annual growth 2023E-2026 lifestyle benefits: +70 million new 3.30 active emplo
Slide 30: Employee benefits regulation attractive for both employers and employees
Employee benefits regulation attractive for both employers and employees Illustrative case of meal benefit 100% financed by employer(1) Optimized cost for employers Increased purchasing power for employees Full employer costs on basis of Full employee value received on basis of 100 equivalent salary
Slide 31: Strong long-term benefits for Public Authorities to sustain regulation
Strong long-term benefits for Public Authorities to sustain regulation Regulatory framework rationale Range of levers for Public Authorities Preserve the purchasing power Strong tax & social incentives for both of employees and citizens employers and employees Maximum face value cap Help companies a
Slide 32: Shift to new model for work driving growth of employee benefit market
Shift to new model for work driving growth of employee benefit market Global shortage Flexible ways of Focus on total Salary and Employee focus of talent working well-being purchasing on purpose outcomes power HR leaders focus on reward philosophy and employee benefits to deliver an enhanced employe
Slide 33: Digitalization of Pluxee's ecosystem driving further market growth
Digitalization of Pluxee’s ecosystem driving further market growth Process and administration, data analytics Technology Clients 97% & Data of the Fortune 500 companies acknowledge the pivotal role of Digital Solutions to manage, retain and engage employees(1) Automation Usage Consumers 89% digital-
Slide 34: Product, sales & marketing
03 Product, sales & marketing
Slide 35: Delivering unique value proposition through a powerful commercial engine
Delivering unique value proposition through a powerful commercial engine Pluxee value proposition Pluxee commercial engine Client decision journey Clients Awareness Merchants Beyond a generalist benefit provider, a tech- • Advanced digital Beyond a traffic enabled HR partner Consideration and market
Slide 36: Fast-growing and diversified client base with strong presence among SMEs
Fast-growing and diversified client base with strong presence among SMEs Growing client base from diverse set of sectors Strong SME client base Illustrative number of clients by size/type Public/state 440k +500k Large corporations Clients Clients FY 2019(1) FY 2023(1) >85% Healthcare Financial Consu
Slide 37: Providing global clients with global solutions adapted to local needs
Providing global clients with global solutions adapted to local needs Multi-country client examples CONFIDENTIAL ©Pluxee – All rights reserved 37
Slide 38: Pluxee's client-focused culture driving high client satisfaction
Pluxee’s client-focused culture driving high client satisfaction Increasing NPS® score(1) Recognized for customer service excellence 2023 Spain 2023 : 2-time award winner 2021 40 Turkey 2023 : 4-time award winner 32 Tunisia 2023 : 3-time award winner +7 pts 82% Pluxee NPS® vs. Client satisfaction wi
Slide 40: Brazil: Proven track record in leveraging loyal client base
Brazil: Proven track record in leveraging loyal client base Large and diversified Recognized by Brazilian client base market for client focus 40-year Customer experience Presence in Brazil Public administrations Large enterprises 96% 66 >140k 21% 34% Account management Client NPS® satisfaction Clien
Slide 41: Programmatic deployment of range of benefits leveraging digitalization
Programmatic deployment of range of benefits leveraging digitalization From Core To Employee Engagement To Lifestyle benefits benefits & Communication New benefits: Employee Employee Health & Other: Holiday Hybrid work, Meal & Food Gift Mobility Reward & engagement & well-being & culture… Learning &
Slide 43: India: Leading digital multi-benefits platform
India: Leading digital multi-benefits platform addressing the needs of clients and consumers #1 Player in Market driven multi-benefits by consumer choice 27-year +10 benefits on one HR platform, Enhanced digital consumer Presence in India a broad range of lifestyle benefits experience with multiple
Slide 44: Personalized in-app features to enhance consumer experience
Personalized in-app features to Romania case study enhance consumer experience 1 Mobile payment More than 1m 100% monthly active digital consumers 4 Mobile payment Engagement options Donation Digital onboarding Offer consumers Further engage 2 freedom of with consumers Process & choice across throug
Slide 45: Expanding diverse merchant network thanks to strong value proposition
Expanding diverse merchant network thanks to strong value proposition Expanding network of Active partner to small affiliated merchants & medium merchants Strong value proposition +740k Increased access to consumer base 1.3m +1.7m Small & medium merchants Merchants Omnichannel and flexible Merchants
Slide 46: Reinforcing merchant partnerships through value-added services
Reinforcing merchant partnerships through value-added services Brazil: Expertise in cross-selling India: Empowering small & medium merchants Wide range of value- Segmented sales & Wide range of value- Segmented sales & added services: marketing approach: added services: marketing approach: • Express
Slide 47: Strong commercial engine to drive additional sales and client loyalty
Strong commercial engine to drive additional sales and client loyalty Client decision journey 1 Advanced digital marketing Awareness • Orchestration using automated data flows and in- depth marketing analytics +30% Leads generated in • Personalized messaging FY 2023 vs. last year Consideration & eva
Slide 48: Brazil: Strong results from implementation of Pluxee commercial engine
Brazil: Strong results from implementation of Pluxee commercial engine in a strategic market Client decision journey 1 Advanced digital marketing Awareness • Digital marketing process optimization • Continuous engagement of target audience x2 Leads conversion • Toolbox: personalization, influencer m
Slide 49: Brazil: Game-changing strategic partnership with Santander
Brazil: Game-changing strategic partnership with Santander Strategic partnership Santander network Combined Employee Benefits activities 4,000 145,000 clients 25 years Sales FTEs from Santander network of which +2,500 focused on SMEs Exclusive distribution agreement (1) Integration of Ben’s expertis
Slide 50: Delivering unique value proposition through a powerful commercial engine
Delivering unique value proposition through a powerful commercial engine Pluxee value proposition Pluxee commercial engine Client decision journey Clients Awareness Merchants Beyond a generalist benefit provider, a tech- • Advanced digital Beyond a traffic enabled HR partner Consideration and market
Slide 51: Digital & Tech
04 Digital & Tech
Slide 53: Delivering value with best in class and scalable technology capabilities
Delivering value with best in class and scalable technology capabilities Technology capabilities Drive growth One-platform architecture Open API – Cloud based Quality and fast time-to- market delivery Boost efficiency Innovative product features Scalable, cloud-based, modular Industrialized data pla
Slide 54: Scalable one-platform architecture covering stakeholders' journeys
Scalable one-platform architecture covering stakeholders’ journeys Client Consumer Merchant Cloud-native Interaction portals portals & apps portals & apps new assets services Payment CRM Billing Customer Digital Open API- platform care marketing based architecture Payment & ERP EPM P2P HRIS operatio
Slide 55: Payment Platform: Scalable and modular suite of cloud-hosted services
Payment Platform: Scalable and Austria modular suite of cloud-hosted services case study Deploying digital meal payment solution Single API-based middleware From 20K to 180K employees Wide range of payment features Leveraging global expertise and • Cards, NFC, QR code, split payment implementing tai
Slide 56: Centralized approach to deploy global business analytics use cases
Centralized approach to deploy global Belgium business analytics use cases case study B2M DataMart Project 360° Data platform: view on Merchant Industrialized, distributed and GDPR-compliant operations and data Better target consumer API & Streaming Layer Purview recommendations Orchestration and sc
Slide 57: Drive efficiency and business opportunities through new technologies
Drive efficiency and business opportunities through new technologies OPEN API Robotic process Generative AI and Blockchain automation machine learning Easily integrate new Manage purchase- Reduce development Pluxee as the first services to drive top to-pay costs player in our industry line growth ru
Slide 59: Digital factory: Scale to drive efficiency gains
Digital factory: Scale to drive efficiency gains FY 2023 Lean Agile Centre of Excellence - LACE Main objectives achievements Implement global governance +12% Program Program Savings on global backlog increment Build Deploy assets in FY 2023 (PI) Increase productivity and optimize costs x2 Agile oper
Slide 60: Digital Factory: Deploy to rapidly roll out Pluxee web portal worldwide
Digital Factory: Deploy to rapidly roll out Pluxee web portal worldwide Composable architecture Web portals deployed in only three months in almost all countries Reduce time to develop and deploy Touch Common Industrialized Pluxee Design Points System web site factory Common Framework 40 building bl
Slide 61: Trusted partner: Cybersecurity by design
Trusted partner: Cybersecurity by design Cybersecurity roadmap and processes implemented in all countries State-of-the-art set of common security tools deployed 100% Coordination across global security operations center, regions and countries deployment of cybersecurity tools in FY 2023 Security by
Slide 62: Global operating model to continuously improve organizational efficiency
Global operating model to continuously improve organizational efficiency Strong global team fueled by network of experts Globalized governance to drive tech strategy Vertical IT organization to ensure Recruited experienced tech leaders consistent decision-making Globalized teams with distributed mod
Slide 63: €550m invested over FY 2021-2023 focused on value creation
€550m(1) invested over FY 2021-2023 focused on value creation Investment principles Clear strategic criteria Investment mix evolution and FY 2026 targets Drive growth Quality and fast time to market Total Capex & Opex invested 70% Capex spent on customer-facing solutions Multi-benefits solutions, pa
Slide 64: People & sustainability
05 People & sustainability
Slide 66: Positively impacting the employee experience of tomorrow
Positively impacting the employee People Sustainability experience of tomorrow Impact Attracting highly skilled and diverse talents • In-house global talent acquisition team • Fully digital onboarding & journey +5,000 +1,000 c. +40% Employees New talents LinkedIn followers FY 2023 FY 2023 vs. FY 202
Slide 67: And the chance to grow in step with Pluxee
And the chance to grow in step with Pluxee People Sustainability Grow Continuous training and upskilling • Annual people reviews and personalized development plans for 100% of teams • Global, multidisciplinary and multilingual >76,000 >80% learning platform Training hours People trained on • Dedicat
Slide 68: Inspiring others and taking inspiration from new perspectives
Inspiring others and taking People Sustainability inspiration from new perspectives Inspire Maintaining high level of engagement and retention • Fully digital employee experience making processes more accessible, user-friendly and customizable 89% 35.9 • Global minimum benefits package - ie Employee
Slide 69: Slide 69
Slide 71: Origins of Pluxee's strategic focus on ESG
Origins of Pluxee’s strategic focus on ESG People Sustainability Legacy 2020 2022 2023 14 years of contribution Material targets Net zero trajectory UN Global Compact to Sodexo Sustainability across 4 focus for 2035 to support the Roadmap areas Sustainable Development Goals CONFIDENTIAL ©Pluxee – Al
Slide 72: ESG strategy aims for positive ecosystem impact
ESG strategy aims for positive ecosystem impact People Sustainability Be a trusted partner towards individuals Anchor business integrity and transparency Improve people’s well-being and promote while protecting data of all stakeholders inclusion to contribute to engagement Employees trained on Respo
Slide 73: Clear action plan to Net Zero
Clear action People Sustainability plan to Net Zero Actions Direct operations Corporate value chain Scope 1 Scope 2 Scope 3 Awareness Company cars Energy consumption Products & payment • 66% employees* • Optimize car fleet • 100% clean electricity • Product digitalization completed Net Zero module •
Slide 74: Governance and processes to ensure strong ESG performance
Governance and processes to ensure People Sustainability strong ESG performance CSRD disclosure FY 2030 targets Governance Double materiality: Align long-term targets Steering Committee, Engage stakeholders to and roadmap with Executive Committee and prioritize Impacts, Risks stakeholders Board of D
Slide 76: UK CSR: Focus on people at the core of the business strategy
UK CSR: Focus on people at the core of the business strategy Delivering an Leading to product A longstanding and deeply rooted enhanced employee innovation and best-in-class DE&I approach value proposition client recognition Inclusion Diversity Equity To an engaged and diverse team #1 Job shadowing
Slide 77: Strategy
06 Strategy
Slide 79: Pluxee's footprint: A major competitive advantage
Pluxee’s footprint: A major competitive advantage At global level Scale to serve global clients (know-how, footprint, tech & data) Diversification across verticals and geographies Global and Access to M&A opportunities and ability to build partnerships scalable model Ability to control, report and a
Slide 80: Clear strategy to sustain profitable growth
Clear strategy to sustain profitable growth Reinforce Augment employee leadership in Meal benefits and & Food benefits engagement offer Lifestyle Reward & Employee benefits recognition engagement Powered by enablers Digital and Best-in-class and Targeted and engaged talent scalable tech & data disci
Slide 81: Six key strategic initiatives
Achieve ambitious strategy thanks to six key strategic initiatives 1 Elevate benefit offering Address evolving client and consumer needs 2 Expand merchant engagement Reinforce win-win partnership Reinforce Augment employee leadership in Meal benefits and & Food benefits engagement offer 3 Scale up e
Slide 82: 1. Elevate benefit offering
1. Elevate benefit offering Address evolving client and consumer needs Key actions FY 2026 targets Programmatically roll-out a wide range of employee benefits including partnerships Leverage data and analytics to advise clients and inform decisions +100% Net retention rate in business volume Deliver
Slide 83: 2. Expand merchant engagement
2. Expand merchant engagement Reinforce win-win partnership Key actions FY 2026 targets Expand physical and online network with a focus on small merchants Develop further dedicated sales & marketing approach >€8bn Business volume benefiting small and Deliver a best-in-class digital journey medium-si
Slide 84: 3. Scale up existing presence
3. Scale up existing presence Address untapped opportunities in Engagement and Reward & Recognition Key actions FY 2026 targets Invest further in a state-of-the-art platform leveraging Reward & Recognition expertise in UK/US and cover the full employee experience Develop partnerships to integrate ad
Slide 85: 4. Acquire new clients
4. Acquire new clients With a focus on SMEs – through segmented sales and marketing strategy Key actions FY 2026 targets Apply segmented and personalized marketing actions to move clients along their decision journey Convert large account prospects into signed contracts with >€1.3bn specialized and
Slide 86: 5. Unlock full client potential
5. Unlock full client potential From existing clients through upselling and cross-selling Key actions FY 2026 targets Use benchmarked data and consumer surveys to increase face value: • Digital marketing +€3bn • Specialized sales Average Face Value cumulated business volume FY 2024 – 2026 Map full c
Slide 87: 6. Drive profitability
6. Drive profitability Pursue efficiency gains and benefit from operating leverage Key actions FY 2026 targets Benefit from operating leverage from scale Leverage one platform architecture Pursue further digitalization +250 bps Recurring EBITDA Optimize costs further through the operating model marg
Slide 88: Leverage Pluxee foundational enablers
Leverage Pluxee foundational enablers Digital and Best-in-class Targeted and engaged and scalable disciplined talent tech & data M&A CONFIDENTIAL ©Pluxee – All rights reserved 88
Slide 89: Proven track-record of acquisitions and partnerships
Proven track-record of acquisitions and partnerships Acquisition in 1986 Acquisition in 1998 Acquisition in 2007 Acquisition in 2016 Acquisition in 2014 Acquisition in 2008 Strategic partnership Global contract in 2020 Acquisition in 2021 signed in 2023 Source: Company information. CONFIDENTIAL ©Plu
Slide 90: Targeted and disciplined M&A as an accelerator to execute strategy
Targeted and disciplined M&A as an accelerator to execute strategy Strategic intent Investment criteria How Dedicated and Volume Compelling strategic and financial rationale experienced M&A team Scalable assets with potential for synergies Robust pipeline of Offering Accretive to client and/or merch
Slide 91: Financial overview
07 Financial overview
Slide 93: Strengths of Pluxee's financial profile
Unique pre-paid business model Strengths Demonstrated track record of growth supported by macro tailwinds of Pluxee’s Diversified revenue streams across financial geographies and products & services profile High and increasing margins as well as outstanding cash generation Strong balance sheet Sourc
Slide 94: FY 2023 financial performance at a glance
FY 2023 financial performance at a glance Total revenues Recurring EBITDA(1) Recurring free cash flow(2) Organic growth Recurring EBITDA margin Cash conversion(3) €1,052m €363m €289m excluding positive one-off effect from Brazil (4) +25% 34.5% 80% Sources: Company information. Fiscal year ending Aug
Slide 95: Highly cash generative and scalable business model
Highly cash generative and scalable business model Pluxee pre-loads 1 clients' employees’ digital wallet/card Pluxee collects cash from clients Client Clients commissions 4 Pluxee reimburses merchants net of €2.5bn 2 commission float Clients provide employee Merchant as of Aug 23 consumers with digi
Slide 96: Pluxee's financial model
Pluxee’s financial model Drivers Revenues Operating revenue # of clients Related to business volume issued # of employees Business volume Business volume issued reimbursed Business % employee opt-in = volume issued Client Merchant Total commission commission revenues # of working days Float revenue
Slide 97: Continued track record for outstanding growth
Continued track record for outstanding growth Total business volume issued Total revenues FY 2021-2023 CAGR: +16% FY 2021-2023 CAGR: +20% 1,052m 22.8bn 99m 842m 19.2bn 16.8bn 731m 38m 29m 953m 806m 702m FY 2021 FY 2022 FY 2023 FY 2021 FY 2022 FY 2023 Operating revenue Float revenue Sources: Company
Slide 98: Strong growth in business volumes
Strong growth in business volumes driven by face value increases, portfolio growth and client acquisition Business volume issued – FY 2021-2023 €22.8bn Other Products Employee benefits and Services €16.8bn €16.2bn €11.7bn FY 2021 Average Face Value Portfolio growth & Net client gains FX impact FY 20
Slide 99: Well-balanced contribution across all lines of services and geographies
Well-balanced contribution across all lines of services and geographies in FY 2023 Breakdown of total revenues by line of services Breakdown of total revenues by geography Rest of the World(1) Other products and services +26% 17% 18% +15% 38% Latin America €1,052m €1,052m Continental +28% Europe 83%
Slide 100: Strong operating revenue growth
Strong operating revenue growth with large contribution from employee benefits Operating revenue evolution Strong operating YoY organic growth (%) revenue performance 953m on the back of higher +18% business volumes 804m 167m Other products issued +13% and services 702m Employee benefits Mainly driv
Slide 101: Continued contribution from Float revenue
Continued contribution from Float revenue Float (year-end) FY 2021-2023 CAGR: +9%(1) Expansion of the Float, fueled by a 2.5bn strong increase in 2.1bn 2.3bn business volume FY 2021 FY 2022 FY 2023 Increase in Float Float revenue YoY organic growth (%) revenue, driven by 99m increasing interest +170
Slide 102: Q1 FY 2024 trading update
Q1 FY 2024 trading update Q1 FY 2024 total revenues breakdown Q1 FY 2024 total revenues evolution and organic growth YoY total growth (%) +18% Total revenues YoY organic growth Organic growth (%) +20% 16% Currency effect (%) -2% +24% Employee benefits +0.1% Other products 266m and services 35m 84% 2
Slide 103: Demonstrated margin improvement
Demonstrated margin improvement Continued expansion in recurring EBITDA margin Recurring operating EBITDA margin(1) Total recurring EBITDA margin Tech and digital capabilities driving €180m €217m €264m Recurring €209m €255m €363m operational EBITDA efficiency 34.5% 30.3% One platform 27.7% 28.6% 27%
Slide 104: Cost structure fit for growth
Cost structure fit for growth Indicative operating expenses breakdown proforma of the spin-off Group HQ costs(1) mostly fixed SG&A ~5% excluding employee costs o/w ~20% Sales & Marketing: Employee costs ~10% ~€(700)m ~45% mostly fixed Operating expenses Processing costs ~30% excluding employee costs
Slide 105: Simplified income statement
Simplified income statement FY2023 FY2023 FY2021 FY2022 excl. Antitrust incl. Antitrust provision provision Total revenues €¤731m €¤842m €¤1,052m €¤1,052m Operating expenses €¤(522)m €¤(587)m €¤(689)m €¤(689)m To be considered post spin-off in the Recurring EBITDA €¤209m €¤255m €¤363m €¤363m long ru
Slide 106: Buoyant investment policy
Buoyant investment policy €265m ~€550m cumulated total Capex cumulated Tech Capex and Opex FY 2021-2023 FY 2021-2023 Large investments made over the past three years, Capex(1) as % of total revenues especially in IT and data systems 9.3% 9.3% 11.1% €116m Strong increase in capex in FY 2023 in 13% Ot
Slide 107: Strong cash flow generation
Strong cash flow generation FY 2021 FY 2022 FY 2023 Return to normal working capital levels Recurring EBITDA €209m €255m €363m from FY 2021 with the gradual use of prepaid Gross capital expenditures €(71)m €(78)m €(116)m funds accumulated in Change in working capital FY 2020 €11m €151m €288m (includ
Slide 108: Solid cash conversion
Solid cash conversion Cash conversion(1) 132% Upward trajectory of Positive one- Pluxee’s cash off effect from conversion over the change in period regulation in Brazil 80% Recurring 75% free cash flow 54% FY 2021 FY 2022 FY 2023 70% Average cash conversion excluding positive one-off impact from Bra
Slide 109: Prepaid business model highly cash-generative
Prepaid business model highly cash-generative In €m Aug-22 Aug-23 In €m Aug-22 Aug-23 Float (trade receivables, net) 1,194 1,029 Total value in circulation and related 3,509 3,543 payables Short-term borrowings (including lease 508 1,254 Float(1) Restricted cash 960 936 liabilities) Aug-22 Aug-23 Lo
Slide 110: Low-levered balance sheet after debt-pushdown
Low-levered balance sheet after debt-pushdown In ¤m In €m Aug-22 Aug-23 In ¤m In €m Aug-22 Aug-23 Total value in circulation and Float (trade receivables, net) 1,194 1,029 3,509 3,543 related payables Short-term borrowings 508 1,254 (including lease liabilities) Restricted cash 960 936 − Long-term b
Slide 111: Secured capital structure and financial profile
Secured capital structure and financial profile Net cash position as of August 31, 2023 Strong investment grade profile post €936m spin off Restricted cash €542m €1.5bn bridge loan to Current financial assets be refinanced in the Financing package public markets secured in Oct. 2023 (depending on €1
Slide 112: Disciplined capital allocation enabling growth ambitions
Disciplined capital allocation enabling growth ambitions Targeted and financially disciplined approach to growth strategy 1 1 Invest for growth 2 Targeted and well- 3 Attractive executed M&A shareholder return Average annual capital Focus on adding business At least 25% dividend payout expenditure o
Slide 113: Clear strategy to deliver ambitious financial results
Clear strategy to deliver ambitious financial results FY 2024 Mid-term FY 2026 Organic revenue growth objective(1) Organic revenue growth objective(1) Low double digit Low double digit per year Recurring EBITDA margin forecast(2) Recurring EBITDA margin forecast(2) At least stable, c.37% for FY 2026
Slide 115: Pluxee spin-off and listing on track
Pluxee spin-off and listing on track April 5, 2023 June 15 & 30, 2023 October 26th, 2023 Sodexo Board of Directors • Didier Michaud-Daniel Pluxee full spin-off unanimously approved project to appointed as Chairman expected early 2024 spin-off and list Benefits & Rewards • Sodexo Benefits & Rewards S
Slide 116: Wrap-up & closing remarks
O08 Wrap-up & closing remarks
Slide 117: Pluxee – A profitable growth story
Pluxee – A profitable growth story Leading global provider of employee benefit and engagement solutions Highly cash-generative and scalable B2B2C ecosystem serving +36m consumers Operating in a large and growing market Clear strategy powered by technology, talent and targeted M&A Leadership team com
Slide 118: Appendices
09 Appendices
Slide 119: Appendix 1 - Key information on Pluxee's financial statements
Appendix 1 - Key information on Pluxee’s financial statements Historical financials disclosed Combined Financial As a result of the spin-off, in this presentation are based Statements represent the Pluxee will incur recurring, on the audited Combined performance of Pluxee N.V. at standalone costs po
Slide 120: Appendix 2 - Modelling details for FY 2024
Appendix 2 - Modelling details for FY 2024 Scope change Net financial Effective tax effect on One-off costs expenses rate revenues ~€(20)m n.s. ~€(60)m depending on amount of debt drawn down ~32% or raised Source: Company information. Fiscal year ending August, 31. CONFIDENTIAL ©Pluxee – All rights
Slide 121: Appendix 3 - Key business & financial terms (1/3)
Appendix 3 - Key business & financial terms (1/3) Client commissions Float Client commissions correspond to commissions billed to clients on The Float corresponds to the cash collected from clients in relation to business volume issued, when cards, digitally delivered services or the value loaded on
Slide 122: Appendix 3 - Key business & financial terms (2/3)
Appendix 3 - Key business & financial terms (2/3) Cross-selling Total revenues Cross-selling corresponds to an existing client ordering in a new Total revenues reported by the Group comprise (i) Operating Revenue product or service. and (ii) Float Revenue, which are defined as follows: • Operating R
Slide 123: Appendix 3 - Key business & financial terms (3/3)
Appendix 3 - Key business & financial terms (3/3) Operating expenses The principal components of the Group's operating expenses include: • Amortization and impairment of purchased intangible assets acquired through business combinations (primarily client relationships and • Employee costs, which inc
Slide 124: Appendix 4 - Alternative Performance Measurement (APM)
Appendix 4 - Alternative Performance Measurement (APM) Business volume issued Recurring free cash flow Business volume issued corresponds to the cumulative value of Recurring Free Cash Flow is calculated as "Net cash provided by benefits issued by the Group on behalf of clients in the form paper ope
Slide 125: FY 2024 contemplated financial calendar
FY 2024 contemplated financial calendar Date Event April 19, 2024 First half fiscal 2024 results July 3, 2024 Third quarter fiscal 2024 revenues October 31, 2024 Annual fiscal 2024 results December 2024 Fiscal 2023 annual shareholders’ meeting CONFIDENTIAL ©Pluxee – All rights reserved ©Pluxee – All
Slide 126: Boiler plate
Boiler plate Pluxee key figures About Pluxee €22.8 bn Pluxee is a global leader in employee benefits and engagement that operates in 31 in business volume issued countries. Pluxee helps companies attract and retain talents thanks to a broad as of Fiscal Year 2023 range of benefits and engagement sol
Slide 127: 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 Pluxee 16, rue du Passeur de Boulogne 92130 Issy-Les-Mou

Pluxee — Investor Day (January 2024) on 6ix

Pluxee — Investor Day (January 2024)

Slide 1: Global player in Employee benefits and Engagement

Slide 2: Disclaimer

Slide 3: Key risk factors for consideration

Slide 4: Today's speakers

Slide 5: Agenda

Slide 6: Didier Michaud-Daniel

Slide 7: Introducing Pluxee

Slide 8: Introducing Pluxee – Aurélien Sonet

Slide 9: Pluxee – A profitable growth story

Slide 10: 45 years of growth on a global scale

Slide 11: Pluxee brings to life a personalized and sustainable employee experience

Slide 12: Full suite of employee benefits and engagement solutions

Slide 13: Global footprint with strong market positions in every region

Slide 14: At the heart of a highly interconnected B2B2C ecosystem

Slide 15: Highly cash generative and scalable business model

Slide 16: Attractive financial profile with outstanding recent performance

Slide 17: Large and growing employee benefits and engagement market

Slide 18: Driving growth by addressing fundamental employer and employee needs

Slide 19: Clear strategy to sustain profitable growth

Slide 20: Six key strategic initiatives

Slide 21: Clear strategy to deliver ambitious financial results

Slide 22: Market & regulatory dynamics

Slide 23: Viktoria Otero del Val

Slide 24: Sizeable and underpenetrated market with supportive regulation

Slide 25: Attractive and under-penetrated market

Slide 26: Significant upside even in larger and more established benefit markets

Slide 27: Significant growth potential in untapped SME segment

Slide 28: Robust growth in Meal & Food Benefit market

Slide 29: Employee benefit market growth supported by positive macro trends

Slide 30: Employee benefits regulation attractive for both employers and employees

Slide 31: Strong long-term benefits for Public Authorities to sustain regulation

Slide 32: Shift to new model for work driving growth of employee benefit market

Slide 33: Digitalization of Pluxee's ecosystem driving further market growth

Slide 34: Product, sales & marketing

Slide 35: Delivering unique value proposition through a powerful commercial engine

Slide 36: Fast-growing and diversified client base with strong presence among SMEs

Slide 37: Providing global clients with global solutions adapted to local needs

Slide 38: Pluxee's client-focused culture driving high client satisfaction

Slide 39: Thierry Guihard

Slide 40: Brazil: Proven track record in leveraging loyal client base

Slide 41: Programmatic deployment of range of benefits leveraging digitalization

Slide 42: Anish Sarkar

Slide 43: India: Leading digital multi-benefits platform

Slide 44: Personalized in-app features to enhance consumer experience

Slide 45: Expanding diverse merchant network thanks to strong value proposition

Slide 46: Reinforcing merchant partnerships through value-added services

Slide 47: Strong commercial engine to drive additional sales and client loyalty

Slide 48: Brazil: Strong results from implementation of Pluxee commercial engine

Slide 49: Brazil: Game-changing strategic partnership with Santander

Slide 50: Delivering unique value proposition through a powerful commercial engine

Slide 51: Digital & Tech

Slide 52: Gabriel Rotella

Slide 53: Delivering value with best in class and scalable technology capabilities

Slide 54: Scalable one-platform architecture covering stakeholders' journeys

Slide 55: Payment Platform: Scalable and modular suite of cloud-hosted services

Slide 56: Centralized approach to deploy global business analytics use cases

Slide 57: Drive efficiency and business opportunities through new technologies

Slide 58: Said Layadi

Slide 59: Digital factory: Scale to drive efficiency gains

Slide 60: Digital Factory: Deploy to rapidly roll out Pluxee web portal worldwide

Slide 61: Trusted partner: Cybersecurity by design

Slide 62: Global operating model to continuously improve organizational efficiency

Slide 63: €550m invested over FY 2021-2023 focused on value creation

Slide 64: People & sustainability

Slide 65: Laure Pourageaud

Slide 66: Positively impacting the employee experience of tomorrow

Slide 67: And the chance to grow in step with Pluxee

Slide 68: Inspiring others and taking inspiration from new perspectives

Slide 69: Slide 69

Slide 70: Béatrice Bihr

Slide 71: Origins of Pluxee's strategic focus on ESG

Slide 72: ESG strategy aims for positive ecosystem impact

Slide 73: Clear action plan to Net Zero

Slide 74: Governance and processes to ensure strong ESG performance

Slide 75: Burcin Ressamoglu

Slide 76: UK CSR: Focus on people at the core of the business strategy

Slide 77: Strategy

Slide 78: Aurélien Sonet

Slide 79: Pluxee's footprint: A major competitive advantage