Pluxee Maintains Cautious Outlook for 2026 Following Reform in Brazil

The Pluxee Group anticipates significant changes due to the reform of the Workers' Food Program in Brazil. This reform introduces a cap on merchant commission rates, reduces reimbursement times, and establishes interoperability for meal vouchers. These measures, which will take effect in 2026, create operational and financial uncertainties for the company.

In light of this context, Pluxee expects stable revenue for fiscal year 2026, with a slight expansion of its EBITDA margin. The group anticipates a recurring cash conversion rate of approximately 80% from 2024 to 2026. Sustained growth prospects are expected from the second half of 2027 onwards, following the effects of the reform. Pluxee also plans to take legal action against these measures in conjunction with the ABBT association.