Pluxee N : First Half Fiscal 2026 Financial Report

About this update from Pluxee N.v.

Financial Report First Half Fiscal 2026 Contents Business performance 3 First Half Fiscal 2026 Highlights 4 First Half Fiscal 2026 Performance 6 Outlook 13 Principal risks and uncertainties 14 Related party transactions 15 Subsequent events 15 Glossary 16 Condensed Consolidated Financial 19 Statements for First Half Fiscal 2026 (February 28, 2026) Condensed consolidated income 20 statement Condensed consolidated statement 21 of comprehensive income Condensed consolidated statement 22 of financial position Condensed consolidated cash flow 23 statement Condensed consolidated statement 24 of changes in equity Notes to condensed consolidated 26 financial statements Independent auditor's review report 47 Statement of the persons responsible 51 for First Half Fiscal 2026 report First Half Fiscal 2026 Financial Report First Half Fiscal 2026 Financial Report 1 2 First Half Fiscal 2025 Financial Report ‌01 Business performance First Half Fiscal 2026 Highlights 4 Executive summary 4 Significant events 5 First Half Fiscal 2026 Performance 6 Consolidated financial results 6 Liquidity and capital resources 10 Outlook 13 Principal risks and uncertainties 14 Related party transactions 15 Subsequent events 15 Glossary 16 Alternative performance measure 16 (APM) definitions Financial terms 17 First Half Fiscal 2026 Financial Report 3 Business performance First Half Fiscal 2026 Highlights ‌First Half Fiscal 2026 Highlights ‌Executive summary Robust commercial traction in H1 Fiscal 2026 on track with full-year plan , supported by record new client acquisition, rising face value and steady cross-selling; 655m Total Revenues , up +5.6% organically, including: €573m Operating revenue , up +5.7% organically, including core Employee Benefits growing strongly by +9.4% organically €81m Float revenue , up +5.3% organically 37.0% Recurring EBITDA margin , up +229bps on an organic basis, +159bps reported year-on-year, translating into €242m Recurring EBITDA , up +12.9% organically €105m Net profit , Group share up +7.8% year-on-year; €0.78 Adjusted earnings per share , Group share, up 6.8% €210m Recurring free cash flow delivering 86% Recurring cash conversion rate and strengthening Group's Net financial cash position to €1,270m as of February 28, 2026 Fiscal 2026 financial objectives confirmed , reflecting the Group's confidence in its operating and financial trajectory amid macroeconomic and geopolitical uncertainty, and factoring in the impacts of regulatory developments in Brazil from Second Half Fiscal 2026 (in million euros) First Half Fiscal 2026 First Half Fiscal 2025 Organic growth Reported growth Total Revenues 655 635 5.6% 3.0% Recurring EBITDA 242 225 12.9% 7.7% Recurring EBITDA margin 37.0% 35.4% +229bps +159bps Operating profit (EBIT) 172 158 16.0% 9.0% Net profit, Group share ⁽ ¹ ⁾ 105 97 7.8% Adjusted net profit, Group share ⁽ ¹ ⁾ 112 107 5.4% Recurring free cash flow 210 171 Recurring cash conversion (%) 86% 76% Net financial cash position ⁽ ² ⁾ 1,270 1,163 Attributable to the equity holders of the parent. First Half Fiscal 2026 corresponds to the Net financial cash position as of February 28, 2026, and First Half Fiscal 2025 corresponds to the Net financial cash position as of August 31, 2025. "This first - half performance continued to highlight the strength of Pluxee's business model and the discipline of our execution. In an increasingly challenging macroeconomic and geopolitical environment, our teams have delivered with consistency and agility across markets, driving strong commercial performance and financial results. I would like to sincerely thank them for their continued commitment and dedication. Our core Employee Benefit business continued to act as the Group's growth engine over the semester, underpinning a solid topline trajectory and confirming the relevance of our offering at a time when employees' purchasing power as well as their health and well - being are critical priorities for our clients. In parallel, the Group kept on delivering solid financial performance, with further meaningful progress in profitability and cash generation. Over the last months, the Group has been proactively preparing for the regulatory developments in Brazil, that will start impacting the Group's performance from Second Half Fiscal 2026. As a result, we enter this next phase with confidence, supported by our proven resilience, geographic diversification and strong execution." Aurélien Sonet, Chief Executive Officer of Pluxee First Half Fiscal 2026 Highlights ‌Significant events Acquisitions of the period In September 2025, the Group completed the 100% acquisition of Skipr SA, a fast-growing and innovative tech provider of employee mobility solutions to over 330 corporate clients in Belgium and France, enriching the Group's multi-benefit offering in both countries and strengthening its innovation capabilities. In addition, in December 2025, the Group completed the 100% acquisition of ProEves Services, an Indian leader in corporate childcare employee benefit activity serving around 100 local corporate clients, which will reinforce the Group's leadership position in India. Both transactions were fully funded from existing cash resources with no impact on Group leverage. They were accounted for in accordance with IFRS 3 "Business Combinations". The impacts on the condensed interim consolidated financial statements, determined based on a preliminary purchase price allocation, are described in note 4.1 of the Condensed Consolidated Financial Statements for First Half Fiscal 2026. Fiscal 2025 dividend distribution and new share buy-back program The Annual General Meeting of shareholders held on December 17, 2025 approved the dividend distribution for Fiscal 2025 of 0.38 euro per ordinary share. The dividend, representing a total amount of 55 million euros, was paid to Pluxee N.V. shareholders on December 23, 2025. In addition, a new share buy-back program of up to 100 million euros was launched on October 30, 2025, and runs from October 31, 2025 until no later than June 30, 2026, pursuant to an authorization granted by the general meeting of shareholders to the Board of Directors and in accordance with applicable regulations. The primary purpose of this program is to reduce the Pluxee N.V.'s share capital through the cancellation of repurchased shares, and incidentally to enable the Group to meet its obligations under forthcoming performance share plans. As of February 28, 2026, the Group held 4,915,356 shares purchased during First Half Fiscal 2026 under the new 100 million euro share buy-back program, representing 62% of the program (refer to note 8.1 of the Condensed Consolidated Financial Statements for First Half Fiscal 2026). Financing activities and interest rate risk hedging The Group obtained bank approval on October 2, 2025 to extend the original maturity of the 650 million euro revolving credit facility by one additional year, which now matures in October 2030. In addition, the Group entered into fixed-to-floating interest rate swaps designated as a fair value hedge of part of its fixed-rate bond. Additional information is provided in note 9.4 of the Condensed Consolidated Financial Statements for First Half Fiscal 2026. Regulatory reform announced in Brazil On November 12, 2025, the Brazilian government published a Presidential decree concerning the Workers' Food Program ( Programa de Alimentação do Trabalhador - PAT), introducing changes to the operating rules and terms governing relationships between issuers and merchants. The main evolutions included the introduction of caps on the merchant commissions (merchant discount rate) and interchange fees, as well as a maximum settlement period, with initial implementation expected within 90 days from the issuance of the Presidential decree. Additionally, the decree established the mandatory opening of payment arrangements within 180 days for issuers serving more than 500.000 workers. Considering that the measures announced by the government interfered with private commercial relationships and restricted issuers' ability to innovate and compete, Pluxee took legal action and obtained a preliminary injunction suspending the application of the decree until end of February 2026, when it was lifted following the Brazilian government appeal. As a result, these regulatory developments had no impact on the Group's performance for First Half Fiscal 2026. In addition, estimated potential future impacts were incorporated into the forward-looking assumptions and key estimates used in the preparation of the financial statements based on the information available at the reporting date. They did not affect the Group's results or financial position for First Half Fiscal 2026. The regulatory environment remains highly evolving and still subject to significant uncertainties, in particular regarding the scope, timing and practical implementation of measures. As a consequence, the assumptions and estimates made as of the reporting date may be subject to change, and actual outcomes may differ from those currently anticipated. Further information regarding the related legal proceedings is provided in note 7.2 of the Condensed Consolidated Financial Statements for First Half Fiscal 2026. ‌First Half Fiscal 2026 Performance ‌Consolidated financial results (in million euros) First Half Fiscal 2026 First Half Fiscal 2025 Reported growth Total Revenues 655 635 3.0% Operating expenses Recurring EBITDA ⁽ ¹ ⁾ (412) 242 (410) 225 7.7% Depreciation, amortization and impairment Recurring operating profit (Recurring EBIT) (62) 180 (54) 171 5.5% Other operating income and expenses (8) (13) Operating profit (EBIT) 172 158 9.0% Financial income and expenses (3) (3) Profit before tax for the period 169 155 9.3% Income tax expense (53) (48) Share of net profit of companies accounted for using the equity method 0 (0) Net profit for the period 116 106 9.3% Of which: Attributable to the equity holders of the parent 105 97 Attributable to non-controlling interests 11 9 (1) Supplemental non-IFRS financial measure defined in the Alternative performance measures (APM) section of 1.7 Glossary . Total Revenues Total Revenues by nature First Half First Half Organic Scope Currency Reported (in million euros) Fiscal 2026 Fiscal 2025 growth effect effect growth Operating revenue Float revenue 573 81 552 83 5.7% 5.3% 1.1% 0.1% -2.9% -7.9% 3.9% -2.5% Total Revenues 655 635 5.6% 1.0% -3.6% 3.0% Total Revenues amounted to 655 million euros in First Half Fiscal 2026, representing +5.6% organic growth and +3.0% on a reported basis. Reported growth included a -3.6% currency effect, mainly due to operations in Türkiye and a +1.0% scope effect related to the integration of recently closed M&A deals, of which Benefício Fácil (Brazil), Benefity (Czech Republic), MyBenefits (Romania), Skipr (Belgium and France) and ProEves (India). Performance over the semester was driven by a consistent trend in Operating revenue, which grew +5.7% organically, reaching 573 million euros. In addition, Float revenue totaled 81 million euros in First Half Fiscal 2026 reflecting a reported -2.5% evolution. On an organic basic, Float revenue increased by +5.3% over the semester. Total revenues were supported by resilient Operating and Float performance throughout the semester, underscoring the Group's solid execution in a more volatile and less supportive macro-environment. Operating revenue by line of service First Half First Half Organic Scope Currency Reported (in million euros) Fiscal 2026 Fiscal 2025 growth effect effect growth Employee Benefits Other Products & Services 500 73 464 88 9.4% -14.3% 1.4% - -3.0% -2.4% 7.8% -16.8% Total Operating revenue 573 552 5.7% 1.1% -2.9% 3.9% Operating revenue for First Half Fiscal 2026 increased to 573 million euros, up +3.9% reported year-on-year, including a -2.9% currency effect, mainly related to Türkiye, and a +1.1% positive scope effect. Operating revenue grew +5.7% organically over half-year, reflecting a resilient pace of growth driven by the Employee Benefit line of service. Employee Benefits generated 500 million euros in Operating revenue during First Half Fiscal 2026, growing organically by +9.4% and contributing 87% to Operating revenue for the semester. Pluxee's core Employee Benefit business continued its high single-digit growth trajectory, driven by sustained commercial momentum of Pluxee solutions across regions, especially in Latin America and Rest of the world. This trend was further supported by a solid 5.0% take-up rate over the semester, reflecting the Group's strong commercial focus and continuously enhanced value proposition to its stakeholders. Other Products & Services contributed 73 million euros in Operating revenue, representing a -14.3% organic evolution in First Half Fiscal 2026 and contributing 13% of Operating revenue. This expected evolution was primarily driven by multiple temporary factors affecting Public Benefits in Continental Europe, notably: (i) the natural post-COVID end of the Klimabonus contract in Austria, (ii) state budget constraints in Romania, weighing on public allowance activity and delaying its rollout, as well as (iii) a phasing effect in the ordering of a significant regional contract in Belgium. In addition, performance reflected the ongoing transformation of the Group's activities in the United Kingdom and the United States, transitioning toward a fully digital employee engagement suite of solutions. As part of this shift, the Group has been deploying a comprehensive transformation plan, including changes in management team and exit from some legacy contracts that have been temporarily weighing on these two countries' performance. Operating revenue by region First Half First Half Organic Scope Currency Reported (in million euros) Fiscal 2026 Fiscal 2025 growth effect effect growth Continental Europe Latin America Rest of the world 250 229 94 248 204 99 -0.7% 12.1% 8.5% 1.5 % 1.1 % 0.2 % -0.0% -1.1% -13.9% 0.8% 12.1% -5.3% Total Operating revenue 573 552 5.7% 1.1 % -2.9% 3.9% Operating revenue demonstrated sustained growth in First Half Fiscal 2026, primarily supported, as anticipated, by Latin America and Rest of the world, while Continental Europe remained under pressure, primarily due to adverse trends in its Public Benefit activity. In Continental Europe, Operating revenue reached 250 million euros, with a -0.7% organic contraction, +0.8% reported and +1.5% scope impact mainly coming from Skipr. Performance was primarily impacted by one-off effects in the Public benefit segment. The core Employee Benefit activity remained commercially solid, growing organically by +5.1% over the semester. It was particularly driven by Southern Europe countries, especially Spain, while France and Eastern Europe were more affected by the current macroeconomic environment, notably with regard to end-user portfolio trends. In Latin America, Operating revenue amounted to 229 million euros in First Half Fiscal 2026, growing +12.1% organically, excluding a negative currency effect of -1.1%, mainly related to Brazil. This was partly offset by a +1.1% scope effect related to the acquisition of Benefício Fácil. The region continued to benefit from strong commercial momentum, particularly in Brazil. This was driven by the increasing penetration of Pluxee's solutions across both large corporates and SME clients, the continuously growing trend in benefit face value supported by local inflation as well as solid Public Benefit activity in Chile. In Rest of the world , Operating revenue amounted to 94 million euros in First Half Fiscal 2026, up +8.5% organically, excluding a -13.9% currency impact mostly related to the evolution of the Turkish lira. Türkiye remained a key growth driver in the region, with strong demand for Pluxee's solutions supported by the hyperinflationary environment, leading to higher benefit face value across the client portfolio and Float revenue Float revenue generated 81 million euros in First Half Fiscal 2026, reflecting solid +5.3% organic growth. On a reported basis, Float revenue decreased marginally by -2.5% year-on-year, including a -7.9% currency effect mainly driven by the depreciation of Turkish lira and a +0.1% scope effect. Float revenue continued to grow on an organic basis, supported by a positive volume effect, mainly driven by Brazil and Türkiye. The Group also benefited from a year-on-year increase in the SELIC rate in Brazil. In further penetration of the meal benefit segment through new contract wins. Performance in Rest of the world also reflected the ongoing transformation of the Group's activities in the United Kingdom and the United States. Adjusted from this business repositioning in both countries, Operating revenue would have grown +16.9% organically in Rest of the world. contrast, interest rates continued to decline in most other countries, following successive cuts, particularly by the European Central Bank. To mitigate interest rate fluctuations and secure Float revenue, Pluxee continued to seize investment opportunities, opting for longer tenor and/or fixed rate instruments tailored to each country's financial market conditions. Overall, the average investment yield reached 6.1% in First Half Fiscal 2026, slightly above 6.0% in First Half Fiscal 2025. Recurring EBITDA First Half First Half Organic Scope Currency Reported (in million euros) Fiscal 2026 Fiscal 2025 growth effect effect growth Recurring EBITDA 242 225 12.9% 0.1% -5.4% 7.7% Recurring EBITDA reached 242 million euros in First Half Fiscal 2026, growing +12.9% organically, i.e. +7.7% reported year-on-year including a -5.4% currency effect and an insignificant 0.1% scope effect. Recurring EBITDA margin stood at 37.0% in First Half Fiscal 2026, compared to 35.4% in First Half Fiscal 2026, representing a +229bps increase on an organic basis and a +159bps reported increase year-on-year, including currency and insignificant scope impacts. The substantial expansion in Recurring EBITDA margin, supported across all regions, reflected a strong improvement in Recurring Operating EBITDA margin, which reached 28.1% representing a +268bps organic margin expansion year-on-year. This performance was underpinned by the operating leverage inherent in Pluxee's business model, further supported by integration topline and cost synergies from acquired businesses as well as by the Group's strengthened efficiency plan, including tighter cost monitoring and continuous operational improvements at both local and global levels. Operating profit (EBIT) (in million euros) First Half Fiscal 2026 First Half Fiscal 2025 Recurring EBITDA 242 225 Depreciation, amortization and impairment Other operating income and expenses (62) (8) (54) (13) Operating profit (EBIT) 172 158 Operating profit (EBIT) amounted to 172 million euros in First Half Fiscal 2026 compared to 158 million euros for First Half Fiscal 2025. Depreciation, amortization and impairment reached -62 million euros in First Half Fiscal 2026, reflecting (i) the usual depreciation and amortization arising from ongoing business operations and (ii) the additional impact of recent M&A transactions. Other operating income and expenses amounted to -8 million euros in First Half Fiscal 2026, mainly reflecting (i) -6 million euros in one-off restructuring and rationalization charges as well as (ii) -1 million euros in costs associated with business combinations. Financial income and expenses (in million euros) First Half Fiscal 2026 First Half Fiscal 2025 Gross borrowing cost (24) (24) Interest income from cash, cash equivalents and current financial assets⁽¹⁾ 22 22 Net borrowing cost (2) (2) Other financial income and expenses (2) (1) Financial income and expenses (3) (3) (1) Corresponds to interest income from non-Float-related cash, i.e. , interest income from the investment of cash excluding Float revenue. Financial income and expenses amounted to -3 million euros in First Half Fiscal 2026, stable compared to First Half Fiscal 2025. Gross borrowing cost remained stable year-on-year at -24 million euros in First Half Fiscal 2026, including -21 million euros of interest expense on the Group's bonds, and, to a lesser extent, -2 million euros related to lease liabilities and -1 million euros of fees and interests associated with the Revolving Credit Facility. Interest income generated on non Float-related cash and cash equivalents amounted to 22 million euros, stable year-on-year, and continued to be mainly driven by Latin America and Türkiye, where the interest rates remained at a high level. Other financial income and expenses amounted to -2 million euros. Profit before tax Profit before tax amounted to 169 million euros in First Half Fiscal 2026, growing +9.3% on a reported basis, compared to 155 million euros in First Half Fiscal 2025. Income Tax Income tax expense amounted to -53 million euros in First Half Fiscal 2026, compared to -48 million euros in First Half Fiscal 2025., reflecting a broadly stable Effective tax rate of 31.4%. Net profit Net profit increased significantly to 116 million euros in First Half Fiscal 2026 , up +9.3% on a reported basis, representing a year-on-year increase of +10 million euros. This strong performance was driven by the continued expansion of Recurring EBITDA margin supported by further operational leverage and efficiency gains, along with a gradual reduction in the Other operating income and expenses, and tight monitoring of Financial income and expenses. Net profit attributable to the Group, excluding 11 million euros of non-controlling interests, reached 105 million euros, up +7.8% year-on-year on a reported basis. Adjusted net profit (in million euros) First Half Fiscal 2026 First Half Fiscal 2025 Net profit for the period - Attributable to the equity holders of the parent 105 97 Other operating income and expenses 8 13 Tax impact on Other operating income and expenses (0) (3) Neutralization of Other income and expenses (net of tax) attributable to non-controlling interests (0) (0) Adjusted net profit for the period - Attributable to the equity holders of the parent 112 107 Adjusted net profit attributable to the equity holders of the parent amounted to 112 million euros for First Half Fiscal 2026, up +5.4% year-on-year. Adjusted earnings per share Attributable to the equity holders of the parent First Half Fiscal 2026 First Half Fiscal 2025 Basic weighted average number of shares ⁽ ¹ ⁾ 143,891,996 145,768,614 Average dilutive effect of free share plans 655,360 682,474 Diluted weighted average number of shares ⁽ ¹ ⁾ 144,547,356 146,451,089 Net profit for the period (in million euros) 105 97 Basic earnings per share (in euro) 0.73 0.67 Diluted earnings per share (in euro) 0.73 0.66 Adjusted net profit for the period (in million euros) 112 107 Adjusted basic earnings per share (in euro) 0.78 0.73 Adjusted diluted earnings per share (in euro) 0.78 0.73 (1) The weighted average number of ordinary shares outstanding during the period excludes treasury shares which are not considered outstanding. The decrease primarily reflects the execution of the new share buy-back program launched during First Half Fiscal 2026 (refer to notes 8.1.1 Share capital and treasury shares and 8.2 Earnings per share of the Condensed Consolidated Financial Statements). ‌Liquidity and capital resources General Pluxee underscores the importance of efficient cash management and robust liquidity strategies to support its operations and long-term growth. In order to enable efficient management of liquidity requirements, Pluxee operates within a centralized cash management framework , including internal euro cash pooling arrangements for the Eurozone. The Group complements its framework with diversified funding sources, including long-term bonds, a revolving credit facility and a Negotiable European Commercial Paper (NEU CP). Looking at the Group's debt structure , Pluxee issued two bonds of 550 million euros each in Fiscal 2024, maturing in 2028 and 2032, to refinance the bridge loan set up at the time of the Spin-off to repay short-term borrowings owed to Sodexo. During First Half Fiscal 2026, Pluxee entered into fixed-to-floating interest rate swaps on part of its fixed-rate debt. The Group also relies on an undrawn revolving credit facility of 650 million euros, maturing in October 2030. In addition, since March 2025, Pluxee has complemented its debt structure with a Negotiable European Commercial Paper (NEU CP) program, with a limit of up to 400 million euros. To maintain the program's active status, the Group had issued a limited amount of 75 million euros as of the end of February 2026. Pluxee also relies on a solid Total cash position , supported by its highly cash-generative business model. Over the period, the Group continued to implement a flexible investment strategy, optimizing asset duration and the fixed-to-floating rate mix, tailored to local market conditions in a context of declining interest rates across its main geographies. This approach resulted in a gradual increase in allocation to Current financial assets from Cash and cash equivalents. As of February 28, 2026, Pluxee's Net financial cash position , excluding Restricted cash, amounted to 1,270 million euros, compared to 1,163 million euros as of August 31, 2025, fueled by strong Recurring free cash flow generation. The Group benefits from a BBB+ credit rating with a stable outlook from S&P Global Ratings , reflecting strong investment-grade credit quality, and remains confident that its financial resources are sufficient to meet its current and future obligations. Recurring Free cash flow generation and cash conversion rate (in million euros) First Half Fiscal 2026 First Half Fiscal 2025 Recurring EBITDA 242 225 Capital expenditures (44) (43) Change in working capital (including Restricted cash variation) (11) 38 Income tax paid (46) (45) Net interest paid (20) (4) Other⁽¹⁾ (7) (5) Recurring liquidity generated by operations 113 167 Restricted cash variation exclusion 96 4 Recurring free cash flow 210 171 Recurring cash conversion rate 86% 76% (1) Including mainly the repayment of lease liabilities and the cancellation of (i) non-cash charges and (ii) Other operating income and expenses impacting working capital. Recurring free cash flow amounted to 210 million euros in First Half Fiscal 2026, compared to 171 million in First Half Fiscal 2025, representing a +22.5% year-on-year increase. This strong performance reflected (i) the significant Recurring EBITDA margin expansion, (ii) disciplined control of CAPEX and (iii) positive change in working capital excluding Restricted cash. As a result, Recurring cash conversion rate stood at 86% in First Half Fiscal 2026, compared to 76% in First Half Fiscal 2025 . This performance highlights the high-quality of recurring earnings and positioned the Group on track to achieve its three-year average objective of around 80%, despite the expected adverse impact in the second semester from regulatory evolution in Brazil. Capital expenditures amounted to -44 million euros in First Half Fiscal 2026, representing -6.8% of Total revenues, compared to -43 million euros in First Half Fiscal 2025. Over the semester, the Group maintained a strong focus on executing its investment strategy toward technology and data. The progressive evolution of the CAPEX-to-Revenue ratio reflected the Group's investment discipline and project prioritization, as well as the ongoing shift toward operating expenses driven by increased cloud adoption, IT service management, and process automation. Change in working capital including Restricted cash stood at -11 million euros for First Half Fiscal 2026 while it reached 85 million euros excluding Restricted cash compared to 43 million euros in First Half Fiscal 2025. This positive evolution reflected the improvement in the Group's cash collection and management. Restricted cash variation amounted to -96 million euros in First Half Fiscal 2026, compared to -4 million euros in First Half Fiscal 2025. reflecting the product mix over the semester. This evolution reflected the product mix over the semester leading to a lower share of Restricted cash regulated solutions issued in First Half Fiscal 2026. Income tax paid amounted to -46 million euros in First Half Fiscal 2026, compared to -45 million euros in First Half Fiscal 2025. Net interest paid amounted to -20 million euros in First Half Fiscal 2026, compared to -4 million euros in First Half Fiscal 2025. The year-on-year increase reflected the normalization of bond interest payments after the first year of issuance, as interests are payable annually in September. Net financial cash position (in million euros) February 28, 2026 August 31, 2025 Long-term financial liabilities (1,097) (1,112) Long-term lease liabilities (43) (45) Short-term financial liabilities (120) (119) Short-term lease liabilities (14) (14) Derivative financial instruments - fair value hedge⁽¹⁾ 3 - Gross financial debt (1,271) (1,289) Cash and cash equivalents⁽²⁾ 1,350 1,481 Bank overdrafts (19) - Current financial assets 1,210 971 Total Cash, cash equivalents and current financial asset ⁽ ² ⁾ 2,542 2,452 Net financial cash position 1,270 1,163 Carrying amount of fixed-to-floating interest rate swaps designated as a fair value hedge of part of the fixed-rate bond maturing in September 2032, classified within Non-current financial assets in the consolidated statement of financial position. (see Condensed Consolidated Financial Statements for First Half Fiscal 2026, note 9.3.1). Excluding the Restricted cash related to the Float standing at 753 million euros as of February 28, 2025, compared to 854 million euros as of August 31, 2025 Net financial cash position, excluding Restricted cash, stood at 1,270 million euros as of February 28, 2026, compared to 1,163 million euros as of August 31, 2025, representing an increase of +107 million euros excluding Restricted cash related to the Float. This evolution reflected the strong Recurring free cash flow generation, which more than offset dividend distributions for Fiscal 2025 to Pluxee's shareholders and non-controlling interests, as well as the ongoing execution of the 100 million euros share buy-back program launched on October 31, 2025. The Group also benefited from a favorable foreign exchange cash impact over the period. Gross financial debt amounted to -1,271 million euros as of February 28, 2026, compared to -1,289 million euros as of August 31, 2025. The change over the semester was almost entirely due to interest payment related to bonds. Total Cash, cash equivalents and Current financial assets amounted to 2,542 million euros as of February 28, 2026, an increase of +90 million euros compared to 2,452 million euros as of August 31, 2025. Over the period, the Group continued to implement a flexible investment strategy, optimizing investment duration and the mix between fixed- and floating rate instruments in the context of declining interest rates across most of its main geographies. This resulted in an increase in Current financial assets to 1,210 million euros compared to 971 million euros as of August 31, 2025, alongside a corresponding decrease in Cash and cash equivalents to 1,350 million euros from 1,481 million euros as of August 31, 2025. In line with this strategy, Cash and cash equivalents as of February 28, 2026 were primarily invested in EU money market funds, interest-bearing bank accounts and bank short-term deposits. Current financial assets were mainly allocated to bank term deposits, and to a lesser extent, to government bonds. Float and non Float-related cash Float-related cash increased to 2,855 million euros as of February 28, 2026, compared to 2,736 million euros as of August 31, 2025. The increase in the Float base as of February 28, 2026 continued to be supported by growing business volumes issued, especially in Latin America. Non Float-related cash stood at 458 million euros as of February 28, 2026, compared to 569 million euros as of August 31, 2025. The change over the period mainly reflected cash outflows related to dividend distributions for Fiscal 2025, the execution of the share buyback program, and, to a lesser extent, business combinations as part of the deployment of the Group's M&A strategy. (in million euros) February 28, 2026 August 31, 2025 February 28, 2025 Value in circulation and related payables 4,028 3,885 4,439 Net trade receivables related to the Float⁽¹⁾ 1,173 1,149 1,548 Float-related cash 2,855 2,736 2,892 Of which Restricted cash related to the Float 753 854 975 Of which Unrestricted cash related to the Float 2,102 1,883 1,917 Non Float-related cash 458 569 382 Total Liquidity ⁽ ² ⁾ 3,313 3,306 3,274 Net trade receivables related to the Float, made of Trade receivables related to the Float of 1,282 million euros net of Advances from clients of 109 million euros, amounted as of February 28, 2026 to 1,173 million euros Excluding Bank overdrafts: -19 million euros as of February 28, 2026 and -29 million euros as of February 28, 2025. ‌Outlook Following regulatory developments in Brazil announced on November 12, 2025, starting to impact the Group's financials from Second Half Fiscal 2026, Pluxee released updated financial objectives for Fiscal 2026 on November 17, 2025. Building on the solid performance delivered in First Half Fiscal 2026 and on the resilience of its business model and execution agility, while remaining mindful of the increasingly uncertain macroeconomic and geopolitical environment, the Group confirms its financial objectives for Fiscal 2026: Stable Total Revenues on an organic basis ; Slight organic expansion in Recurring EBITDA margin ; and Around 80% Recurring cash conversion on average over Fiscal 2024-2026. Beyond Fiscal 2026, the announced measures and implementation timeline in Brazil, if fully confirmed, would still impact the Group's financials in First Half Fiscal 2027, with Pluxee anticipating a return to a sustainable, profitable growth trajectory from the Second Half Fiscal 2027 onwards. Forward-looking statements This First Half Fiscal Financial Report contains forward-looking statements that reflect the Group's intentions, beliefs or current expectations and projections regarding the Group's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities, and the markets in which the Group operates. These statements may include, without limitation, any statement preceded by, followed by or including words such as "target", "believe", "expect", "aim", "intend", "may", "estimate", "plan", "project", "will", "should", "would" and other words and terms of similar meaning. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Group's control that could cause the Group's actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include those discussed in Pluxee's Fiscal 2025 Annual Report, filed on October 30, 2025 with the Dutch Authority for the Financial Markets ( Autoriteit Financiële Markten , "AFM") and the French Autorité des Marchés Financiers , and available in the 'Investors - Financial Results and Publications' section of the Group website: www.pluxeegroup.com and in the "Principal risks and uncertainties" section of this Report. Such forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which it will operate in the future. Accordingly, readers of this report are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are made as the date of this report. Business performance Principal risks and uncertainties ‌Principal risks and uncertainties The Company believes that the risks and uncertainties that were identified and discussed in the Risks Factors section of Pluxee's Fiscal 2025 Annual Report are the main risks and uncertainties that the Group faces. These risks and uncertainties are deemed incorporated and repeated in this report by this reference. Pluxee's Fiscal 2025 Annual Report was filed on October 30, 2025 with the Dutch Authority for the Financial Markets ( Autoriteit Financiële Markten , "AFM") and the French Autorité des Marchés Financiers , and is available in the 'Investors - Financial Results and Publications' section of the Group website: www.pluxeegroup.com. The risks described in the above-mentioned Annual Report include, without limitation: Brand recognition: Loss of brand equity or damage to the Group's reputation from various potential factors including the quality and perceived value of the Group's services may impact demand for the Group's offerings and have a material adverse effect on its business, financial condition, results of operations, and prospects. Competitive environment: the Group's ability to grow and maintain its profitability could be materially affected if changes in digital technology and the expectations of clients and consumers outpace its service offerings and the development of its internal tools and processes considering competition of both historical competitors and new digital-native entrants. Mergers and Acquisitions: If the Group is unable to identify suitable targets or finalize or complete in a timely manner potential strategic acquisitions or investments, despite significant time and resource investments, this could represent a significant risk and potential significant impacts on its business, strategy and financial performance. Talent management: Pluxee could be adversely affected if it was unsuccessful in executing its growth strategy which depends in part on its ability to attract and retain skilled talent and foster employee well-being within a diverse and inclusive workspace. Third-party management: Through its partnerships with critical third parties Pluxee may be exposed to adverse events and risks that may negatively affect its partners, such as lapses in compliance or ethics, fraud, and cybersecurity incidents. It could harm Pluxee's reputation, or have a detrimental impact on the user experience of the Group's products and services that rely on the affected partner impacted, as well as on the Group's operating business model. Fraud and Incident: Online, card-based, and paper voucher-based payment transactions may be subject to sophisticated schemes, collusion to defraud or other illegal activities. Also, with the digitalization of its portfolio and in line with the digitalization of the broader global economy, the Group has been facing an increasing level of sophistication of fraud schemes leveraging artificial intelligence. If the Group is unable to counter new fraud techniques or to effectively mitigate them, the Group could lose the confidence of its clients, affiliated merchants, and consumers and its reputation could be damaged. Information Technology: The failure of the Group's IT systems or those of its vendors to perform as anticipated for any reason or any significant breach of security could disrupt the Group's business and result in numerous adverse consequences, including reduced effectiveness and efficiency of operations, inappropriate disclosure of confidential and proprietary information, reputational harm, increased overhead costs and loss of important information, which could have a material adverse effect on the Group's business, prospects, financial condition and results of operations. Cyber and Data Security: The Group may be vulnerable to cyberattacks, including phishing, malware, and ransomware, targeting Pluxee or key third-party providers, resulting in unauthorized access to data and systems, destruction of data and other similar disruptions which may ultimately lead to the inability to operate. Information security issues, such as poor data integrity, loss of data confidentiality, data breach and lack of availability of key systems or collaboration services, could result in high-cost and/or high-volume impacts on the Group. Employee benefit tax and social frameworks: the Group's employee benefit products are supported by favorable tax and social frameworks, and regulatory changes to, or cancellation of, such tax and social frameworks, or regulations limiting issuer commissions could adversely affect the Group's business, revenue growth and results of operations particularly in key markets such as Brazil and France. Privacy and Data Protection: the Group faces risks in managing large volumes of data, including personal data, and in maintaining data privacy and protection that are subject to General Data Protection Regulation and other data protection laws, which could result in financial penalties and or significant business and reputational impacts on the Group if these risks materialize. Competition law, anti-corruption, anti-money laundering and countering the financing of terrorism regulation: non-compliance with antitrust and competition law, anti-corruption, money laundering and terrorism financing regulations at both global and local levels, in the various jurisdictions where Pluxee operates, could adversely impact the Group's results of operations and financial position. Increasing regulation related to the payment industry: increasing and evolving regulation relating to digital vouchers, payment solutions and services could adversely affect the Group's results of operations and financial condition. Compliance with Principal risks and uncertainties banking and payment regulations may require changes to licenses, business models, and operations, potentially imposing significant technical and financial constraints on the Group. Counterparty and liquidity: the Group is exposed to financial institution, bank, and client creditworthiness, as well as to liquidity constraints, which could adversely impact its business, Float-related revenue, cash flows, profitability, financial flexibility and results of operations. Foreign exchange rate and currency: The Group's subsidiaries primarily conduct their business in local currency, limiting day-to-day foreign exchange exposure. As a result, the Group faces a translation risk when consolidating financial results into euros and a transactional risk with dividends and intercompany fees creating transactional currency risk, potentially leading to foreign exchange gains or losses in volatile markets. Tax: the Group is subject to the tax laws of numerous jurisdictions; changes in tax laws or challenges to the Group's tax position could adversely affect the Group's results of operations and financial condition. Environment sustainability: Failing to reach Pluxee's commitment regarding its greenhouse gas (GHG) emissions could adversely impact its reputation, and insufficient adaptation of its business model to climate change could disrupt its business. These risks are not the only ones that the Group faces. Some risks may not yet be known and certain risks that the Company does not currently believe to be material could become material in the future. Any of these risks and uncertainties may have a material adverse effect on the Group's business, financial position, results of operations and/or reputation in the remaining six months of the fiscal year ending on August 31, 2026. ‌Related party transactions Related party transactions are identified and described in Condensed Consolidated Financial Statements for First Half Fiscal 2026, note 10.5. ‌Subsequent events No significant subsequent events occurred between February 28, 2026 and the date Condensed Consolidated Financial Statements for First Half Fiscal 2026 were authorized for issue. Business performance Glossary ‌Glossary ‌Alternative performance measure (APM) definitions Adjusted basic / diluted earnings per share Adjusted basic and diluted earnings per share are calculated by dividing Adjusted net profit (attributable to the equity holders of the parent) by respectively basic weighted average number of shares or diluted weighted average number of shares. See section 1.2.1.9 Adjusted earnings per share. Adjusted net profit Adjusted net profit serves as the basis for calculating the dividend payout ratio. It consists of Net profit (attributable to Group equity holders) restated for the impact of items recognized in Other operating income and expenses, net of related income tax and related non-controlling interests. See section 1.2.1.8 Adjusted net profit. CAPEX-to-Revenue ratio CAPEX-to-Revenue ratio is calculated by dividing Capital expenditures by Total Revenues. See section 1.2.2.2 Recurring Free cash flow generation and cash conversion rate. Float-related cash Float-related cash corresponds to the cash collected from clients in relation to the value loaded on cards or the issuance of digitally delivered solutions or paper vouchers, but not yet reimbursed to merchants (Float). Float is calculated as Value in circulation and related payables minus Net trade receivables related to the Float (corresponding to Trade receivables related to the Float restated from Advances from clients). See section 1.2.2.4 Float and non Float-related cash. Net financial (debt) / cash position Net financial (debt) / cash position evaluates the Group's liquidity, capital structure, and financial leverage. It comprises gross financial liabilities and lease liabilities, including derivative financial instruments related to debt hedging, less cash and cash equivalents (net of overdrafts and excluding restricted cash) and current financial assets. See section 1.2.2.3 Net financial cash position. Non Float-related cash Non Float-related cash is calculated as Cash, Cash equivalents and Current financial assets excluding the cash collected from clients in relation to business volumes issued. See section 1.2.2.4 Float and non Float-related cash. Recurring cash conversion rate The Recurring cash conversion rate measures the ability of the Group to convert its Recurring EBITDA into Cash. The Recurring cash conversion rate consists of the ratio of Recurring free cash flow to Recurring EBITDA. See section 1.2.2.2 Recurring Free cash flow generation and cash conversion rate. Recurring EBITDA Recurring EBITDA is used to assess the performance of reported operating segments. Recurring EBITDA is calculated by deducting the impact of amortization, depreciation and impairment of intangible assets, property, plant and equipment, and right-of-use assets relating to leases (as reported in the line Depreciation, amortization and impairment of the consolidated income statement) from the Recurring operating profit (Recurring EBIT) presented in the consolidated income statement. See sections 1.2.1.2 Recurring EBITDA and 1.2.1.3 Operating profit (EBIT). Recurring EBITDA margin Recurring EBITDA margin consists of the ratio of Recurring EBITDA to Total Revenues. See section 1.2.1.2 Recurring EBITDA. Recurring EBITDA margin organic growth Recurring EBITDA margin organic growth is calculated as growth in the current period, calculated using the exchange rate for the prior fiscal period, and adjusted for the impact in the current period to include or remove the effect of acquisitions and/or divestitures that have occurred subsequent to the comparable prior period. See section 1.2.1.2 Recurring EBITDA. Recurring free cash flow The Recurring free cash flow measures the net cash generated from operations that is available for strategic investments (net of divestments), for financial debt repayment, and for payments of dividends to shareholders. Recurring free cash flow is calculated as Net cash provided by operating activities as shown in the consolidated cash flow statement minus (i) Acquisitions of property, plant and equipment and intangible assets, (ii) Repayments of Lease liabilities and (iii) Restatement of Other operating income and expenses on Net cash from operating activities. See section 1.2.2.2 Recurring Free cash flow generation and cash conversion rate. Glossary Recurring liquidity generated by operations Recurring liquidity generated by operations provides information to measure the net cash generated from operations regardless of the differences in regulations governing the issuance of digitally delivered solutions, cards and paper vouchers. Recurring liquidity generated by operations is calculated as Recurring free cash flow plus the Change in restricted cash related to the Float. See section 1.2.2.2 Recurring Free cash flow generation and cash conversion rate. Recurring operating profit (Recurring EBIT) Recurring operating profit (Recurring EBIT) corresponds to Operating profit (EBIT) before Other operating income and expenses. See section 1.2.1.3 Operating profit (EBIT). Revenue and Recurring EBITDA organic growth Revenue and Recurring EBITDA organic growth is calculated as growth in the current period, calculated using the exchange rate for the prior fiscal period, and adjusted for the impact in the comparable prior period to include or remove the effect of acquisitions and/or divestitures that have occurred subsequent to that period. See section 1.2.1.2 Recurring EBITDA. ‌Financial terms Additional increase in average face value Further increase in the average amount charged on the cards, digitally delivered solutions or paper vouchers issued by the Group. BV Business volume. Business volume issued (BVI) Business volume issued corresponds to the cumulative value of benefits issued by the Group on behalf of clients in the form of cards, fully digital solutions, and paper vouchers, in respect of which commissions are charged to clients. Digitalized business volumes refers to the share of business volume, excluding Public Benefits, delivered through non-paper form factors (i.e., cards and fully digital solutions). Digitalized business volumes issued is expressed as a percentage of total business volumes, excluding Public Benefits. Business volume reimbursed (BVR) Business volume reimbursed corresponds to volumes reimbursed by the Group when such paper vouchers, cards and digitally delivered solutions are presented to merchants by consumers for payment, and in respect of which commissions are charged to clients. Capital expenditures Capital expenditures (CAPEX) refer to "Acquisitions of property, plant and equipment and intangible assets" as shown in the consolidated cash flow statement. Commissions Client commissions correspond to commissions billed to clients on Business volume issued, when cards, digitally delivered solutions or paper vouchers are issued by the Group. Merchant commissions correspond to commissions billed to merchants on business volume reimbursed when such cards, digitally delivered solutions, or paper vouchers are reimbursed by the Group. Cross-selling Cross-selling corresponds to an existing client ordering a new product or service. Development Annualized business volumes issued (BVI) generated from the new client contracts, excluding Public Benefits, signed and invoiced for the first time during the period. Face Value Face Value corresponds to the amount marked on the cards, digitally delivered solutions or paper vouchers issued by the Group. Net retention rate Net retention measures Pluxee's ability to retain and expand its client base. It corresponds to the evolution in business volumes issued over the period, excluding Public Benefits, resulting from: (i) the increase in average face value, number of end-users, cross-sales, (ii) the impact of client loss, and (iii) the full period impact of last-year cross-sales and losses. It is expressed as a percentage of business volumes issued over the same period of prior year. Portfolio growth Portfolio growth corresponds to the increase in the number of final end-users from an existing client for a given product or service and cross-selling. Take-up rate Take-up rate corresponds to the ratio between Operating revenue and business volume issued in Employee Benefits. ‌02 Condensed Consolidated Financial Statements for First Half Fiscal 2026 (February 28, 2026) Condensed consolidated income statement 20 2.4 Condensed consolidated cash flow 23 statement Condensed consolidated statement 21 of comprehensive income Condensed consolidated statement 24 of changes in equity Condensed consolidated statement 22 of financial position Notes to condensed consolidated 26 financial statements First Half Fiscal 2026 Financial Report 19 Condensed consolidated income statement ‌Condensed consolidated income statement (in million euros) Notes First Half Fiscal 2026 First Half Fiscal 2025 Operating revenue 573 552 Float revenue 81 83 Total Revenues 5.1 655 635 Operating expenses 5.2 (412) (410) Depreciation, amortization and impairment (62) (54) Recurring operating profit (Recurring EBIT) 180 171 Other operating income and expenses 5.2 (8) (13) Operating profit (EBIT) 172 158 Financial income and expenses 9.1 (3) (3) Profit before tax for the period 169 155 Income tax expense 10.1 (53) (48) Share of net profit of companies accounted for using the equity method 0 (0) Net profit for the period 116 106 Of which: Attributable to the equity holders of the parent 105 97 Attributable to non-controlling interests 11 9 Basic earnings per share (in euro) 8.2 0.73 0.67 Diluted earnings per share (in euro) 8.2 0.73 0.66 Condensed consolidated statement of comprehensive income Notes ‌Condensed consolidated statement of comprehensive income (in million euros) First Half Fiscal 2026 First Half Fiscal 2025 Net profit for the period 116 106 Components of other comprehensive income that may be subsequently reclassified to profit or loss Currency translation adjustment 8.1.3 31 31 26 26 Components of other comprehensive income that will not be subsequently reclassified to profit or loss Remeasurement of defined benefit plan obligation Change in fair value of financial assets revalued through other 8.1.3 comprehensive income Tax on components of other comprehensive income that may not be subsequently reclassified to profit or loss 5 (3) (0) - 7 (4) (2) 0 Other comprehensive income/(loss) after tax for the period 36 23 Total Comprehensive income for the period 152 129 Of which: Attributable to the equity holders of the parent 137 118 Attributable to non-controlling interests 15 11 Condensed Consolidated Financial Statements for First Half Fiscal 2026 Condensed consolidated statement of financial position ‌Condensed consolidated statement of financial position Assets (in million euros) Notes February 28, 2026 August 31, 2025 Goodwill 6.1 825 799 Other intangible assets 6.2 522 514 Property, plant and equipment 18 18 Right-of-use assets relating to leases 49 51 Investments in equity-accounted companies 6 6 Non-current financial assets 9.3 45 34 Other non-current assets 140 139 Deferred tax assets 16 17 Non-current assets 1,621 1,578 Trade receivables 5.3 1,303 1,294 Other current operating assets 5.3 179 167 Income tax receivable 52 54 Current financial assets 9.3 1,210 971 Restricted cash related to the Float 9.3 753 854 Cash and cash equivalents 9.2 1,350 1,481 Assets held for sale 3 - Current assets 4,850 4,821 Total Assets 6,471 6,399 Shareholders' equity and liabilities (in million euros) Notes February 28, 2026 August 31, 2025 Issued capital 8.1 2 2 Treasury shares 8.1 (99) (38) Additional paid-in capital, reserves and retained earnings 512 458 Currency translation adjustment reserve (22) (53) Equity attributable to the equity holders of the parent 393 369 Non-controlling interests 8.1 97 101 Total Shareholders' Equity 490 470 Long-term financial liabilities 9.4 1,097 1,112 Long-term lease liabilities 43 45 Employee benefit liability 7 7 Non-current provisions 7.1 136 135 Deferred tax liabilities 39 28 Non-current liabilities 1,322 1,328 Bank overdrafts 9.2 19 - Short-term financial liabilities 9.4 120 119 Short-term lease liabilities 14 14 Trade and other current liabilities 5.3 431 533 Current provisions 7.1 0 1 Income tax payable 47 50 Value in circulation and related payables 5.3 4,028 3,885 Current liabilities 4,659 4,602 Total Shareholders' Equity and Liabilities 6,471 6,399 Condensed consolidated cash flow statement ‌Condensed consolidated cash flow statement (in million euros) Notes First Half Fiscal 2026 First Half Fiscal 2025 Operating profit (EBIT) 172 158 Depreciation, amortization, impairment and changes in provisions 62 54 (Gains)/Losses on disposals (1) (0) Other non-cash items 3 4 Interest paid (42) (22) Interest received 23 20 Interest paid on lease liabilities (1) (2) Income tax paid (46) (45) Operating cash flow 169 166 Change in trade receivables and other current operating assets⁽¹⁾ (6) (644) Change in trade and other current liabilities (112) 13 Change in value in circulation and related payables⁽¹⁾ 107 669 Change in restricted cash related to the Float 96 4 Change in working capital from operating activities 85 43 Net cash provided by operating activities 254 209 Acquisitions of property, plant and equipment and intangible assets (44) (43) Disposals of property, plant and equipment and intangible assets 1 1 (Acquisitions)/Disposals of current financial assets⁽²⁾ (235) (3) (Acquisitions)/Disposals of non-current financial assets and of investments in companies accounted for using the equity method (2) 19 Business combinations (net of cash acquired)⁽³⁾ 4.1 (12) (98) Disposals of activities - (0) Net cash used in investing activities (291) (124) Dividends paid to Pluxee N.V. equity holders 8.1 (55) (51) Dividends paid to non-controlling interests 8.1 (19) (9) (Purchases)/Sales of treasury shares 8.1 (62) (9) Proceeds from the issue of ordinary shares of Pluxee N.V. - - (Acquisitions)/Disposals of non-controlling interests - - Proceeds from borrowings 9.4 75 0 Repayments of borrowings 9.4 (75) (0) Repayments of lease liabilities (7) (6) Net cash provided by/(used in) financing activities (143) (76) Net effect of exchange rates 31 17 Change in net cash and cash equivalents (149) 26 Net cash and cash equivalents, beginning of period 1,481 1,415 Net cash and cash equivalents, end of period 9.2 1,332 1,442 In First Half Fiscal 2025, change in trade receivables related to the Float mainly reflected phasing effects in Public Benefit orders in Belgian regions, which resulted in a corresponding increase in Value in circulation liability, and therefore had no impact on working capital. In line with the Group's cash investment strategy, the maturity of assets has been further lengthened based on local market conditions amid declining interest rates across its main geographies, resulting in a gradual increase in the allocation to Current financial assets from Cash and cash equivalents. Mainly includes: in First Half Fiscal 2026, the price paid in connection with the Skipr acquisition completed in September 2025 (refer to note 3.1 and 4.1). In First Half Fiscal 2025, mainly relates to the Cobee acquisition completed in September 2024. Condensed Consolidated Financial Statements for First Half Fiscal 2026 Condensed consolidated statement of changes in equity ‌Condensed consolidated statement of changes in equity Equity attributable to equity holders of the parent Number of Issued Treasury Additional paid-in Reserves and retained Currency translation adjustment Non-controlling Total (in million euros) shares ⁽ ¹ ⁾ capital shares capital e arnings ⁽ ² ⁾ reserve Total interests Equity Total Equity as of August 31, 2025 210,215,055 2 (38) 614 (156) (53) 369 101 470 Net profit for the period 105 105 11 116 Other comprehensive income/(loss) after tax for the period 5 28 32 3 36 Comprehensive income 109 28 137 15 152 Dividends paid (55) (55) (19) (73) Share-based payment (net of income tax) 3 3 0 3 Treasury share transactions (61) (61) (61) Other (3) 3 (1) 0 (0) Total Equity as of February 28, 2026 210,215,055 2 (99) 614 (102) (22) 393 97 490 Including special voting shares, representing 63,040,363 shares as of February 28, 2026 and as of August 31, 2025 (refer to note 8.1). Including Other Comprehensive Income reserves, with the exclusion of the currency translation adjustment reserve (presented separately). Equity attributable to equity holders of the parent (in million euros) Number of shares ⁽ ¹ ⁾ Issued capital Treasury shares Additional paid-in capital Reserves and retained earnings ⁽ ² ⁾ Currency translation adjustment reserve Total Non-controlling interests Total Equity Total Equity as of August 31, 2024 210,215,055 2 (33) 614 (295) (31) 258 96 353 Net profit for the year 197 197 21 218 Other comprehensive income/(loss) after tax for the period (2) (22) (24) (2) (26) Comprehensive income 195 (22) 173 19 192 Dividends paid (51) (51) (14) (65) Share-based payment (net of income tax) 7 7 7 Treasury share transactions (5) (7) (12) (12) Change in ownership interest without loss of control⁽³⁾ (6) 1 (5) 0 (5) Other 1 0 0 0 0 Total Equity as of August 31, 2025 210,215,055 2 (38) 614 (156) (53) 369 101 470 Including special voting shares, representing 63,040,363 shares as of August 31, 2025 and as of August 31, 2024 (refer to note 8.1). Including Other Comprehensive Income reserves, with the exclusion of the currency translation adjustment reserve (presented separately). The variation primarily relates to adjustments to the provisional value at the acquisition date (June 2024) of Ben's assets and liabilities (Santander's employee benefit activity in Brazil acquired by the Group as part of the strategic partnership implemented with Santander in Brazil). Condensed consolidated statement of changes in equity Equity attributed to equity holders of the parent (in million euros) Number of shares ⁽ ¹ ⁾ Issued capital Treasury shares Additional paid-in capital Reserves and retained earnings ⁽ ² ⁾ Currency translation adjustment reserve Total Non-controlling interests Total Equity Total Equity as of August 31, 2024 210,215,055 2 (33) 614 (295) (31) 258 96 353 Net profit for the period 97 97 9 106 Other comprehensive income/(loss) after tax for the period (3) 24 21 2 23 Comprehensive income 94 24 118 11 129 Dividends paid (51) (51) (9) (60) Share-based payment (net of income tax) 3 3 0 3 Treasury share transactions (9) (9) (9) Change in ownership interest without loss of control⁽³⁾ (6) 1 (5) 0 (5) Other 0 1 1 0 0 Total Equity as of February 28, 2025 210,215,055 2 (43) 614 (254) (6) 313 97 411 Including special voting shares, representing 63,040,363 shares as of February 28, 2025 and as of August 31, 2024 (refer to note 8.1). Including Other Comprehensive Income reserves, with the exclusion of the currency translation adjustment reserve (presented separately). The variation primarily relates to adjustments to the provisional value at the acquisition date (June 2024) of Ben's assets and liabilities (Santander's employee benefit activity in Brazil acquired by the Group as part of the strategic partnership implemented with Santander in Brazil). Additional information on the composition of share capital, treasury shares, dividends, Other Comprehensive Income and Non-controlling interests is provided in note 8. ‌Notes to condensed consolidated financial statements Note 1 Description of the business 27 Note 2 Basis of preparation of the financial statements 28 Note 3 Significant events 30 Note 4 Main changes in scope of consolidation 31 Note 5 Segment information, revenues and other operating items 32 Note 6 Goodwill and other intangible assets 36 Note 7 Provisions, litigation, and contingent liabilities 38 Note 8 Equity and earnings per share 39 Note 9 Financial income and expenses, cash and cash equivalents, financial assets and liabilities 41 Note 10 Other information 44 The accompanying notes are an integral part of the condensed consolidated financial statements. As used herein, "Pluxee Group", "Pluxee" or "the Group" refers to Pluxee N.V. and all the companies included in the scope of consolidation. "Pluxee N.V." or "the Company" refers only to the parent company of the Group. ‌ Note 1 Description of the business Background Pluxee N.V. is a public limited liability company (naamloze vennootschap) registered in the Netherlands and having its place of management and sole registered location in France. Pluxee Group encompasses the former Benefits & Rewards Services business segment of Sodexo group, which was separated from Sodexo's On-Site Services during calendar year 2023 through the distribution of Pluxee N.V. ordinary shares to Sodexo shareholders ("the Spin-off"). Pluxee N.V.'s ordinary shares were admitted to listing and trading on Euronext Paris, a regulated market of Euronext Paris S.A. on February 1, 2024. On February 5, 2024, Sodexo S.A. distributed 100% of Pluxee N.V. shares held by Sodexo S.A. to its shareholders by way of a distribution in kind. Definition of Pluxee business Pluxee is a global leader in employee benefit and engagement solutions. Through a tech-enabled employee benefit and engagement platform operating in an advanced digital ecosystem, the Group delivers a full suite of digital and innovative employee benefit solutions in 28 countries to help employees feel engaged, motivated, financially supported, and cared for. Corporate information Pluxee N.V. is a company with corporate seat in Amsterdam, the Netherlands, and its place of management and sole registered location at 16, rue du Passeur de Boulogne, 92130 Issy-les-Moulineaux, France. The French company Bellon S.A. is the Company's ultimate controlling entity. The present condensed interim consolidated financial statements, starting from September 1, 2025 and ended February 28, 2026, were prepared under the responsibility of and authorized for issue by the Board of Directors on April 15, 2026. Their presentation currency is the euro, which is the Company's functional currency. They were prepared in thousands of euros and are presented in millions of euros, after rounding to the nearest million (unless otherwise specified). As a result, there may be rounding differences between the amounts reported in the various statements. ‌ Note 2 Basis of preparation of the financial statements Statement of compliance The condensed interim consolidated financial statements for the six months ended February 28, 2026, have been prepared in accordance with IAS 34 "Interim Financial Reporting", as published by the IASB and adopted by the European Union. They do not include all the disclosures required for a complete set of annual financial statements and should be read in conjunction with the consolidated financial statements of the Pluxee Group for the fiscal year ended August 31, 2025. The consolidation principles and accounting policies applied in the condensed financial statements for the six-month period ended February 28, 2026 are in conformity with those applied and detailed in the consolidated financial statements for the year ended August 31, 2025, except for requirements specific to interim reporting as per IAS 34, in particular in relation to the measurement of interim income taxes. Income tax expense in the condensed interim consolidated financial statements is computed by applying an estimated average annual tax rate for the current fiscal year to each tax reporting entity's pretax profit for the first half of the year as adjusted, where applicable, for the tax effect of any specific events that may have occurred during the period. The resulting deferred tax charge or benefit is recognized in deferred tax assets or deferred tax liabilities in the consolidated statement of financial position. Evolution of accounting policies Standards, amendments and interpretations endorsed by the European Union The application of standards, amendments and interpretations effective as of September 1, 2025 did not have a material impact on the Group's consolidated financial statements: amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates": Lack of Exchangeability (issued in August 2023). The Group has not opted for early adoption of the amendments to standards endorsed by the European Union but with no mandatory implementation by September 1, 2025: IFRS 18 "Presentation and Disclosure in Financial Statements" (issued in April 2024), which will be effective for periods beginning on or after January 1, 2027 (Fiscal 2028 for the Group). The Group is currently analyzing the impacts of applying IFRS 18 on its consolidated financial statements; amendments to IFRS 9 "Financial Instruments" and IFRS 7 "Financial Instruments: Disclosures": Amendments to the Classification and Measurement of Financial Instruments (issued in May 2024), which will be effective for periods beginning on or after January 1, 2026 (Fiscal 2027 for the Group). The effects of these amendments on Pluxee's consolidated financial statements are currently under analysis; amendments to IFRS 9 "Financial Instruments" and IFRS 7 "Financial Instruments: Disclosures": Contracts Referencing Nature-dependent Electricity (issued in December 2024), which will be effective for periods beginning on or after January 1, 2026 (Fiscal 2027 for the Group). The Group does not anticipate the application of these amendments to have a material impact on its consolidated financial statements; Annual Improvements to IFRS Accounting Standards - Volume 11 (issued in July 2024), which will be effective for periods beginning on or after January 1, 2026 (Fiscal 2027 for the Group). The Group does not anticipate the application of these amendments to have a material impact on its consolidated financial statements. Standards, amendments and interpretations not yet endorsed by the European Union and not anticipated by the Group The Group has not applied any standards, amendments, or interpretations that had not yet been approved by the European Union. At the date of preparation of these financial statements, only two unendorsed texts were outstanding (IFRS 19 "Subsidiaries without Public Accountability: Disclosures" issued in May 2024, and the narrow-scope amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates": Translation to a Hyperinflationary Presentation Currency, issued in November 2025) and neither applies to the Group. Use of critical accounting estimates, judgments and assumptions The preparation of the condensed interim consolidated financial statements requires the management of the Group and its entities to make estimates and assumptions which affect the amounts reported for assets, liabilities and contingent liabilities as of the date of preparation of the financial statements, and for revenues and expenses for the period, as well as for information provided in the notes to the financial statements. Refer to note 2.3 "Use of critical accounting estimates, judgments and assumptions" in the Pluxee Group consolidated financial statements for the year ended August 31, 2025, for a discussion of critical accounting estimates, judgments and assumptions. During the six months ending February 28, 2026, there were no changes to identified critical accounting estimates, judgments and assumptions. ‌ Note 3 Significant events Acquisitions of the period In September 2025, the Group completed the 100% acquisition of Skipr SA, a fast-growing and innovative tech provider of employee mobility solutions to over 330 corporate clients in Belgium and France, enriching the Group's multi-benefit offering in both countries and strengthening its innovation capabilities. In addition, in December 2025, the Group completed the 100% acquisition of ProEves Services, an Indian leader in corporate childcare employee benefit activity serving around 100 local corporate clients, which will reinforce the Group's leadership position in India. These acquisitions, fully financed through existing financial resources, were accounted for in accordance with IFRS 3 "Business Combinations" (see note 4.1). Fiscal 2025 dividend distribution and new share buy-back program The Annual General Meeting of shareholders held on December 17, 2025 approved the dividend distribution for Fiscal 2025 of 0.38 euro per ordinary share. The dividend, representing a total amount of 55 million euros, was paid to Pluxee N.V. shareholders on December 23, 2025. In addition, a new share buy-back program of up to 100 million euros was launched on October 30, 2025, and runs from October 31, 2025 until no later than June 30, 2026, pursuant to an authorization granted by the general meeting of shareholders to the Board of Directors and in accordance with applicable regulations. The primary purpose of this program is to reduce the Pluxee N.V.'s share capital through the cancellation of repurchased shares, and incidentally to enable the Group to meet its obligations under forthcoming performance share plans. As of February 28, 2026, the Group held 4,915,356 shares purchased during First Half Fiscal 2026 under the new 100 million euro share buy-back program, representing 62% of the program (see note 8.1). Financing activities and interest rate risk hedging The Group obtained bank approval on October 2, 2025 to extend the original maturity of the 650 million euro revolving credit facility by one additional year, which now matures in October 2030. In addition, the Group entered into fixed-to-floating interest rate swaps designated as a fair value hedge of part of its fixed-rate bond. Additional information is provided in note 9.4. Regulatory reform announced in Brazil On November 12, 2025, the Brazilian government published a Presidential decree concerning the Workers' Food Program ( Programa de Alimentação do Trabalhador - PAT), introducing changes to the operating rules and terms governing relationships between issuers and merchants. The main evolutions included the introduction of caps on the merchant commissions (merchant discount rate) and interchange fees, as well as a maximum settlement period, with initial implementation expected within 90 days from the issuance of the Presidential decree. Additionally, the decree established the mandatory opening of payment arrangements within 180 days for issuers serving more than 500.000 workers. Considering that the measures announced by the government interfered with private commercial relationships and restricted issuers' ability to innovate and compete, Pluxee took legal action and obtained a preliminary injunction suspending the application of the decree until end of February 2026, when it was lifted following the Brazilian government appeal. As a result, these regulatory developments had no impact on the Group's performance for First Half Fiscal 2026. In addition, estimated potential future impacts were incorporated into the forward-looking assumptions and key estimates used in the preparation of the financial statements based on the information available at the reporting date. They did not affect the Group's results or financial position for First Half Fiscal 2026. The regulatory environment remains highly evolving and still subject to significant uncertainties, in particular regarding the scope, timing and practical implementation of measures. As a consequence, the assumptions and estimates made as of the reporting date may be subject to change, and actual outcomes may differ from those currently anticipated. Further information regarding the related legal proceedings is provided in note 7.2. ‌ Note 4 Main changes in scope of consolidation Business combinations Changes impacting goodwill during First Half Fiscal 2026 include the recognition of goodwill arising from the acquisitions of 100% of Skipr SA in September 2025 and 100% of ProEves Services in December 2025 (transactions described in note 3.1), for a total amount of 11 million euros. The table below shows the impact of these acquisitions on the consolidated statement of financial position. The fair values at the acquisition date assigned to the assets acquired and liabilities assumed are provisional. Acquisition- (in million euros) date values Identifiable intangible assets⁽¹⁾ 6 Financial assets 0 Trade receivables and other current operating assets 0 Cash and cash equivalents 3 Net deferred tax 1 Trade and other current liabilities (4) Total Net identifiable assets 6 Cash 12 Liability for deferred and contingent considerations⁽²⁾ 5 Consideration transferred 17 Goodwill ⁽ ³ ⁾ 11 Mainly includes the provisional fair value of the client relationship and the Technology Intellectual Property Mainly includes consideration contingent upon the achievement of the acquirees' specific financial performance targets in Fiscal 2026. Goodwill is recognized as the difference between (i) acquisition price (the consideration transferred) and (ii) identifiable net assets at fair value. Goodwill recognized on the business combinations completed during First Half Fiscal 2026 principally represents the know-how and expertise of employees and revenue and cost synergies expected from the acquired companies. The businesses acquired were integrated from the acquisition date. Their contribution to consolidated Total Revenues and to the consolidated Recurring operating profit (Recurring EBIT) of First Half Fiscal 2026 was not material. ‌ Note 5 Segment information, revenues and other operating items Segment information and revenues information Segment information First Half Fiscal 2026 (in million euros) Continental Europe Latin America Rest of the world Total Segments Operating revenue 250 229 94 573 Float revenue 24 38 20 81 Total Revenues 274 267 114 655 Operating expenses (182) (152) (79) (412) Recurring EBITDA 92 115 35 242 Segment assets ⁽ ¹ ⁾ 3,052 1,926 866 5,844 Segment liabilities ⁽ ² ⁾ 2,674 1,137 639 4,449 Mainly include Goodwill, Other intangible assets, Other non-current assets, Trade receivables, Other current operating assets, Restricted cash related to the Float, Current financial assets and Cash and cash equivalents. Mainly include Value in circulation and related payables and Trade and other current liabilities. First Half Fiscal 2025 (in million euros) Continental Europe Latin America Rest of the world Total Segments Operating revenue 248 204 99 552 Float revenue 30 29 24 83 Total Revenues 279 233 123 635 Operating expenses (187) (137) (86) (410) Recurring EBITDA 92 96 37 225 Segment assets ⁽ ¹ ⁾ 3,191 1,868 785 5,845 Segment liabilities ⁽ ² ⁾ 2,752 1,077 584 4,413 Segment assets as of August 31, 2025, mainly include Goodwill, Other intangible assets, Other non-current assets, Trade receivables, Other current operating assets, Restricted cash related to the Float, Current financial assets and Cash and cash equivalents. Segment liabilities as of August 31, 2025, mainly include Value in circulation and related payables, and Trade and other current liabilities. Reconciliation of Recurring EBITDA and of segments assets and liabilities (in million euros) First Half Fiscal 2026 First Half Fiscal 2025 Recurring EBITDA 242 225 Depreciation, amortization and impairment Other operating income and expenses (62) (8) (54) (13) Operating profit (EBIT) 172 158 (in million euros) February 28, 2026 August 31, 2025 Total Segments assets 5,844 5,845 Unsegmented non-current assets⁽¹⁾ Unsegmented current assets⁽²⁾ 146 480 129 426 Total Assets 6,471 6,399 Mainly include Other intangible assets and Non-current financial assets of holding companies. Mainly include Current financial assets of holding companies. (in million euros) February 28, 2026 August 31, 2025 Total Segments liabilities 4,449 4,413 Unsegmented non-current liabilities⁽¹⁾ Unsegmented current liabilities⁽²⁾ 1,292 239 1,296 220 Total Liabilities 5,981 5,929 Mainly include Long-term financial liabilities. Mainly include Short-term financial liabilities, Income tax payable and Trade payables of holding companies. Revenues and non-current assets by significant country The Group's operations are spread across 28 countries, including two that each represent over 10% of consolidated revenues in First Half Fiscal 2026: Brazil and France. Revenues and non-current assets (including non-current assets of subsidiaries that are not engaged in business activities) in these countries are as follows: First Half Fiscal 2026 (in million euros) Brazil France Other Total Total Revenues 207 87 361 655 Non-current assets⁽¹⁾ 527 443 590 1,560 (1) Non-current assets other than financial instruments and deferred tax assets, as required by IFRS 8 "Operating Segments". First Half Fiscal 2025 (in million euros) Brazil France Other Total Total Revenues 176 88 371 635 Non-current assets⁽¹⁾ 514 441 573 1,528 (1) Non-current assets as of August 31, 2025, other than financial instruments and deferred tax assets, as required by IFRS 8. Revenues by line of services The Group's offers can be categorized into two main lines of services: Employee Benefits; and Other Products & Services, including Rewards & Recognition and Employee Engagement as well as Public Benefits and Fuel & Fleet and Expense Management Solutions. The breakdown of Total Revenues by line of services is the following: (in million euros) First Half Fiscal 2026 First Half Fiscal 2025 Employee Benefits Other Products & Services 575 80 539 96 Total Revenues 655 635 No single Group client or other contract accounts represent more than 2% of the consolidated revenues. Operating expenses and Other operating income and expenses Operating expenses (in million euros) First Half Fiscal 2026 First Half Fiscal 2025 Employee costs (190) (192) (144) (142) (46) (51) External costs⁽²⁾ (222) (218) Total Operating expenses (412) (410) Wages and salaries Other employee costs ⁽ ¹ ⁾ Primarily social security contributions. Also include the IFRS 2 expense (free share plans), post-employment and other long-term employees benefit expenses. Mainly consist of development expenses for IT projects, marketing expenses and other external fees. Other operating income and expenses Other operating income and expenses include the following: restructuring and rationalization costs; gains and losses arising from changes in the scope of consolidation; acquisition-related costs incurred as part of business combinations; material impairment of goodwill and non-current assets triggered by unusual events; and other unusual or non-recurring items representing material amounts. These items are presented separately to provide useful information to users of financial statements to better understand the Group's recurring past operating performance that is relevant in assessing its future performance. (in million euros) First Half Fiscal 2026 First Half Fiscal 2025 Gain on disposal of property, plant and equipment 2 - Other operating income 2 - Restructuring and rationalization costs (6) (1) Litigation (1) (1) Business combination-related costs (1) (2) Loss on disposal of property, plant and equipment and intangible assets (1) - Spin-off and rebranding costs⁽¹⁾ - (9) Other operating expenses (10) (13) Total Other operating income and expenses (8) (13) (1) Correspond in First Half Fiscal 2025 to the costs incurred with respect to the finalization of the IT carve-out, as part of the Spin-off. Working capital Trade receivables February 28, 2026 August 31, 2025 (in million euros) Gross amount Impairment Carrying amount Gross amount Impairment Carrying amount Trade receivables related to the Float Trade receivables non related to the Float 1,326 23 (44) (2) 1,282 21 1,331 19 (55) (2) 1,276 17 Total Trade receivables 1,349 (46) 1,303 1,351 (57) 1,294 The maturities of trade receivables as of February 28, 2026 and August 31, 2025 were as follows: February 28, 2026 August 31, 2025 (in million euros) Gross amount Impairment Carrying amount Gross amount Impairment Carrying amount Total Trade receivables not yet due 1,188 (3) 1,185 1,146 (2) 1,144 Less than 3 months past due 98 (2) 96 133 (3) 131 More than 3 months and less than 6 months past due 13 (1) 12 15 (2) 13 More than 6 months and less than 12 months past due 13 (6) 7 12 (6) 6 More than 12 months past due 38 (33) 5 44 (44) 0 Total Trade receivables due 162 (43) 119 204 (55) 150 Total Trade receivables 1,349 (46) 1,303 1,351 (57) 1,294 Given the geographic dispersion of the Group's activities and the wide range of client industries, there is no material concentration of risk in individual receivables due but not written down, except the receivables relating to Public Benefit contracts in Belgium due by Belgian regions for which the counterparty risk is deemed remote. Other current operating assets February 28, 2026 August 31, 2025 (in million euros) Gross amount Impairment Carrying amount Gross amount Impairment Carrying amount Other operating receivables 114 (12) 103 99 (11) 88 Prepaid expenses 52 - 52 41 - 41 Inventories 19 (0) 19 16 (0) 16 Advances to suppliers 6 - 6 22 - 22 Other current assets 0 - 0 0 - 0 Other current operating assets 191 (12) 179 179 (11) 167 Trade and other current liabilities (in million euros) February 28, 2026 August 31, 2025 Trade payables 187 259 Advances from clients 109 128 Employee-related liabilities 79 89 Tax liabilities 27 17 Other operating payables 13 27 Deferred revenues 8 9 Non-operating payables 8 3 Trade and other current payables 431 533 Value in circulation and related payables Value in circulation and related payables correspond to (i) the funds loaded on cards not yet used, and the face value of digital solutions and of paper vouchers in circulation, and to (ii) amounts payable to affiliated merchants in relation to cards used, and digital solutions and paper vouchers presented for reimbursement. (in million euros) February 28, 2026 August 31, 2025 Value in circulation Funds and vouchers payable 2,948 1,079 2,890 995 Total Value in circulation and related payables 4,028 3,885 Recurring free cash flow The Group Recurring free cash flow is calculated based on the consolidated cash flow statement as follows: (in million euros) First Half Fiscal 2026 First Half Fiscal 2025 Net cash provided by operating activities 254 209 Restatement of Other income and expenses with cash impact 7 11 Restatement of change in working capital related to Other income and expenses 1 0 Acquisitions of property, plant and equipment and intangible assets (44) (43) Repayments of lease liabilities (8) (6) Recurring free cash flow 210 171 ‌ Note 6 Goodwill and other intangible assets Goodwill Changes in goodwill during the period were as follows: (in million euros) August 31, 2025 Increases ⁽ ¹ ⁾ Decreases Impairment Currency translation adjustment February 28, 2026 Continental Europe 371 8 (1) - (0) 379 Of which France 175 - - - - 175 Latin America 334 1 - - 14 350 Of which Brazil 267 1 - - 11 279 Rest of the world 93 2 0 - 1 96 Total Goodwill 799 12 (1) - 14 825 (1) Increases mainly relate to the goodwill arising from the acquisition of Skipr SA in Continental Europe and the acquisition of ProEves Services in Rest of the world. These transactions are described in note 3.1 and their impact detailed in note 4.1. Goodwill is allocated to and followed by country but is presented in the table above at the level of aggregations of segments for the sake of concision. Countries for which the carrying amount of goodwill is significant in comparison with the total carrying amount of goodwill (France and Brazil) are disclosed separately. Goodwill is subject to annual impairment testing during the last quarter of the fiscal year, which are performed at country level (groups of CGUs at which goodwill is monitored). At the half-year closing, as prescribed by IAS 36 "Impairment of Assets", the Group determines whether any indications of impairment exist (such as a material deterioration in performance between the budget and the most recent forecasts, a significant increase in the discount rate and/or a severe downgrade in the estimated long-term growth rate). Where such indicators are identified, an additional impairment test is performed. The analysis and tests performed by the Group as of February 28, 2026 did not lead to the recognition of any goodwill impairment losses. In particular, for First Half Fiscal 2026, while the Group concluded that the regulatory changes to the Worker's Food Program (PAT) in Brazil constituted an indication of impairment, the impairment test performed on the capital employed allocated to Brazil, based on the information available at the reporting date, did not identify any impairment. Other intangible assets Gross value of other intangible assets (in million euros) Licenses and software Client and merchant relationships and other Total Gross value as of August 31, 2025 572 469 1,041 Acquisitions 41 - 41 Disposals (1) - (1) Change in consolidation scope⁽¹⁾ 1 4 6 Currency translation adjustment 7 13 20 Reclassifications 4 (4) - Gross value as of February 28, 2026 624 482 1,106 (1) Corresponds to identifiable intangible assets recognized in relation to the acquisition of Skipr SA, in accordance with the provisional purchase price allocation (see note 4.1). Amortization and impairment of other intangible assets (in million euros) Licenses and software Client and merchant relationships and other Total Amortization and impairment as of August 31, 2025 (345) (181) (527) Amortization (38) (13) (52) Disposals 1 - 1 Currency translation adjustment (4) (4) (8) Amortization and impairment as of February 28, 2026 (386) (199) (585) Net value of other intangible assets (in million euros) Licenses and software Client and merchant relationships and other Total Net carrying amount as of August 31, 2025 227 287 514 Net carrying amount as of February 28, 2026 239 283 522 ‌ Note 7 Provisions, litigation, and contingent liabilities Provisions (in million euros) August 31, 2025 Increases / charges Reversals with utilization Reversals without utilization Currency translation adjustment and other February 28, 2026 French competition authority litigation 127 - - - - 127 Employee claims and litigation 1 0 (0) - 0 2 Tax and social security exposures 3 0 - - (0) 3 Other provisions 5 0 (1) - (0) 4 Total Provisions 136 1 (1) - 0 136 Provisions for exposures and litigation are determined on a case-by-case basis and rely on management's best estimate of the outflows deemed likely to satisfy legal or implicit obligations to which the Group is exposed as of the end of the period. Current and non-current provisions are as follows: (in million euros) February 28, 2026 August 31, 2025 Current Non-current Current Non-current French competition authority litigation - 127 - 127 Employee claims and litigation 0 2 0 1 Tax and social security exposures 0 3 0 3 Other provisions 0 4 1 4 Total Provisions 0 136 1 135 Litigation and contingent liabilities Except for the matters described below, there have been no material developments in the Group's ongoing legal proceedings or contingent liabilities since the publication of the Fiscal 2025 annual consolidated financial statements, which provide a full description of the existing proceedings. Legal proceedings in Brazil On November 12, 2025, the Brazilian government published a Presidential Decree nº 12.712/2025, which amended Decree nº 10.854/2021, concerning the Workers' Food Program ( Programa de Alimentação do Trabalhador - PAT), introducing significant changes to the merchant discount rate and interchange fees, the settlement period, and voucher processing requirements, including the mandatory use of open payment networks. These measures were set to take effect in 90 days following the issuance of the Presidential Decree at the earliest. On January 21, 2026, Pluxee filed a petition before the 10° Federal Civil Court of São Paulo against the Decree to get a preliminary injunction so that the effects of the Decree be suspended, notably ordering the Ministry of Labor not to conduct inspections or apply penalties due to non-compliance with the Decree measures. The preliminary suspension of the Decree was obtained on January 26, 2026. Subsequently, on February 24, 2026, the Brazilian government obtained the annulment of the injunction from the President of the third Regional Federal Court. Pluxee filed an appeal against this decision and is currently awaiting review by the Court. It is important to note that the decisions issued to date are not final, and the merits of the dispute have yet to be examined by the courts. Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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