Pluxee Aktie

Good morning, and thank you for standing by, and welcome to Pluxee Third Quarter Fiscal 2026 Revenue Presentation. [Operator Instructions] I advise you that this conference is being recorded.

At this time, I would like to hand over the conference to Pauline Bireaud, Head of Investor Relations. Please go ahead, madam.

Good morning, everyone, and thank you for joining us today for Pluxee's Third Quarter Fiscal 2026 Revenue Call. I hope you are having a good start to the summer season. So I'm Pauline, and I'm pleased to be here with you today to share our first 9 months revenue performance. I'm pleased to be joined by Aurélien, our CEO, and Stéphane, our CFO.

Before we begin, let me walk you through today's agenda, which you can see on the next slide. Aurélien will start the highlights and the key figures for the third quarter and the first nine months of fiscal 2026, including an overview of our commercial momentum, and Stéphane will then take you through our top line performance in more detail. Finally, Aurélien will conclude with our outlook, including an update on the situation in Brazil before we open this up to Q&A.

And with that, I will now hand over to Aurélien.

Thank you, Pauline, and good morning, everyone. I'm pleased to be with you today to present our performance over the first 9 months of fiscal 2026.

Let me start with the key takeaways. First, we continue to make progress towards our full-year business targets. This was supported by continuous momentum in new client acquisition and resilient net retention, confirming the relevance of Pluxee's value proposition in a more demanding environment. Second, business volume growth strengthened during the third quarter. Employee Benefits volumes continued to gain momentum while Other Products & Services benefited from the lower comparison base in Public Benefits. Third, revenues evolved as anticipated. Operating revenue growth remained positive over 9 months, including the third quarter performance, reflecting, as anticipated, the initial effect of the PAT reform in Brazil, as well as some headwinds from the current macro environment. Finally, we confirm our financial objectives based on the performance delivered over the first 9 months and the robustness of Pluxee's fundamentals.

Let me now turn to the key revenue figures for the quarter and the first 9 months. In the third quarter, total revenues reached EUR 312 million, down minus 3.3% organically year-on-year, and up plus 0.9% on a reported basis, supported mainly by positive currency effects. This performance was anticipated and mainly reflects the impact of the reform in Brazil on our take-up rate since the beginning of Q3. Looking at the first 9 months, total revenues reached EUR 967 million, plus 2.7% organically and plus 2.3% on a reported basis. Overall, Pluxee's 9-month revenue performance remained positive, keeping us on track to deliver our full-year objectives.

Let me now focus on our commercial performance. Over the first 9 months of fiscal 2026, we continued to make progress across our key business indicators. First, new client development reached EUR 1.2 billion in annualized BVI. This puts us significantly ahead of our plan, given our full-year target of more than EUR 1.3 billion. Second, net retention remained resilient at 99% in BVI, excluding the temporary delay in the ordering of the large Employee Benefit program in Romania. It reflects robust client loyalty and active portfolio management, while facing pressure from end-user portfolio trends in certain markets. Third, face value growth remained a major structural driver of net retention. Since fiscal 2024, increases in average face value have generated EUR 3.2 billion of cumulative additional BVI, meaning that we are already ahead of our cumulative three-year target of more than EUR 3 billion.

Let's now take a closer look at new client wins. New client development reached EUR 1.2 billion in annualized BVI over the first 9 months, close to 20% growth year-on-year. This performance was broad-based across all 3 regions with particularly robust momentum in Latin America, and especially in Brazil, despite the evolving regulatory environment. SMEs continue to play a key role in client acquisition. This segment represented more than 32% of new client development over the first 9 months, when excluding the last CONSIP public contract in Italy. It is ahead of our 30% plus target and was supported by strong contributions across geographies, notably from Brazil and Southern Europe. In a nutshell, we are ahead of our plan and expect to exceed our annual development target of more than EUR 1.3 billion, supported by a dense and diversified pipeline.

Let me now turn to net retention, the second key pillar of our commercial performance. Over the first 9 months, net retention stood at 99% in BVI, excluding the temporary delay in the ordering of the large Employee Benefit program in Romania. This performance reflected, first, client loyalty maintained at a high level across client sizes and geographies, confirming the strength of Pluxee's value proposition in a more demanding environment. Second, face value also continued to grow across all regions. Over the first 9 months, increases in average face value generated EUR 0.8 billion of additional BVI, bringing the cumulative contribution since fiscal 2024 to EUR 3.2 billion. This means that we are already ahead of our target.

We also continue to see further upside, notably in Continental Europe, where recently announced legal cap increases are taking time to fully materialize. Third, cross-selling that continues to gain traction, driven by both employee mobility and gift benefits across Europe and Latin America. Lastly, the evolution of our end-user portfolio remains negative as some clients in several markets tend to freeze recruitment or reduce headcounts as a result of the current macroeconomic context.

I will now hand over to Stéphane, who will take you through our financial performance in more detail, starting with business volumes.

Thank you, Aurélien, and good morning, everyone. It's a pleasure to be with you today to present our financial performance, focusing on our top line for this Q3 '26.

I will start on Slide 10 with, as usual, business volume issued, or BVI, as they remain an important leading indicator of our underlying commercial momentum. Total business volume issued reached EUR 6.6 billion in Q3 '26, reflecting a plus 9.4% organic growth. This was supported by, first, the positive momentum in Employee Benefits BVI, which grew organically by plus 8% to EUR 5.2 billion in Q3 '26. Employee Benefits accounted for close to 80% of total business volume issued and marked a clear improvement compared to H1, with all regions contributing to growth over the quarter. This confirms the strengthening of our underlying commercial momentum during the quarter. Second, Other Products & Services BVI returned to positive growth, delivering plus 15% organic growth in Q3 '26. This improvement was primarily driven by Continental Europe, as the Q3 '25 comparison base in Public Benefits was lower. Overall, Q3 confirmed a stronger volume trajectory compared to H1.

Echoing Aurélien's presentation on our key growth levers, let's now look at how the growth in Employee Benefits BVI was fueled as of the end of Q3 on Page 11. Over the first 9 months of fiscal '26, Employee Benefits BVI grew by 6.6% organically to EUR 15.3 billion. This was driven by, first, new client acquisition, which contributed approximately EUR 1.1 billion of additional business volumes over the period. This highlights the effectiveness of our commercial strategy and the strength of demand for our solutions across markets and client sizes. Second, a slightly negative net retention contribution of minus EUR 0.2 billion, as active face value management and cross-selling did not fully offset pressure on our end-user portfolios in several markets. Third, a EUR 0.2 billion contribution on positive currency and scope effects.

Let's now see how total revenues trended over the period on Slide number 12. Total revenues over the first 9 months of fiscal '26 reached EUR 967 million, up plus 2.7% organically and plus 2.3% on a reported basis. This includes a plus 0.8% scope effect, partly offsetting a minus 1.2% currency impact. Focusing now on Q3, total revenues reached EUR 312 million, down minus 3.3% organically. Reported revenue growth remained positive at plus 0.9%, supported by a favorable plus 3.7% currency impact and a plus 0.5% scope effect.

Looking at the breakdown by nature, operating revenue, which represented 89% of total revenues, reached EUR 270 million in the third quarter, down minus 4.1% organically. While underlying trends remained solid, this performance mainly reflected the anticipated initial effect of the implementation of the PAT reform in Brazil on the Group take-up rate, as well as the challenging macroeconomic environment in Continental Europe.

Over the first 9 months, operating revenue continued to deliver a solid plus 2.5% organic growth, reaching EUR 843 million. At the same time, Float revenue reached EUR 42 million in Q3 '26, that's plus 2.8% organically and plus 7.4% on a reported basis, including a plus 4.6% currency impact. This continued growth was supported by a positive volume effect in countries where interest rates remained elevated and by higher investments year-on-year. Over the first 9 months, Float revenue generated a solid plus 4.5% organic growth, reaching EUR 124 million.

I will now turn to the underlying trends behind operating revenue by line of service on Page 13. Operating revenue reflected a differentiated trend between Employee Benefits and Other Products & Services. Focusing first on Q3, Employee Benefits were down minus 2.6% organically, reaching EUR 239 million as anticipated. While business volume remained well-oriented, revenue conversion was impacted by a circa minus 50 basis point decline in the group take-up rate. It was mainly driven by the implementation of the 3.6% regulatory cap on the merchant discount rate in Brazil.

In Continental Europe, performance was also affected by the indirect effect on clients of the more uncertain macroeconomic and geopolitical environment. Second, Other Products & Services continued to face headwinds, declining by minus 14.3% organically over the quarter to EUR 31 million. This was primarily driven by the ongoing transformation initiatives underway in both the U.K. and the U.S., as well as by the continued effect of the anticipated scale-downs of certain Public Benefit contracts in Europe. Looking now at the first 9 months, Employee Benefits remains the group's main growth engine, delivering a plus 5.4% organic growth, despite the implementation of the regulatory evolution in Brazil since Q3.

Let's now turn to the geographic mix of such operating revenue on Slide 14. Operating revenue performance continued to reflect contrasted regional dynamics in Q3 and over the first 9 months of fiscal '26. Starting with Continental Europe, operating revenue reached EUR 368 million over 9 months, down minus 1.5% organically, and almost stable on a reported basis. In Q3, operating revenue was down minus 3.2% organically. While Southern Europe, as well as countries such as Belgium, remain well-oriented, this was offset by persistent macroeconomic headwinds and lingering Public Benefits base effects in other countries, which are both expected to continue into the fourth quarter.

Moving to Latin America, operating revenue reached EUR 336 million over 9 months, up plus 6.1% organically and plus 8.3% on a reported basis, benefiting from a positive currency impact of plus 1.5%. In Q3, operating revenue declined by minus 5.6% organically as anticipated, mainly driven by the initial impact of the PAT reform in Brazil on the take-up rate. This regional trend is expected to become more pronounced in Q4 with the further rollout of the reform in Brazil. Lastly, operating revenue in the rest of the world reached EUR 140 million over 9 months, that's plus 5.0% organically and minus 2.6% on a reported basis.

In Q3, operating revenue declined by minus 2.9% organically, but increased by plus 3.4% on a reported basis, supported by a favorable plus 5.6% currency impact. Performance was primarily driven by continued strength in core Employee Benefits, particularly in Turkey, more than offset by transformation-related headwinds in the U.K. and the U.S. From Q4, we expect the region to return to growth. Overall, the group maintained a resilient growth trajectory over the first 9 months, despite the third quarter marked by specific and time-bound regional headwinds.

After operating revenue, I will now conclude this top line performance review on how Float revenue also contributed to growth on Page 15. Float revenue reached EUR 124 million over the first 9 months, up plus 4.5% organically and plus 0.7% on a reported basis, including EUR 42 million in Q3, up plus 2.8% organically and plus 7.4% reported. This performance continued to reflect the continuous expansion of the Float base in countries where interest rates remained elevated. We also benefited from a higher investment yield, up circa plus 30 basis points to 6.2% over 9 months. This was driven by slightly higher interest rates year-on-year and by Pluxee's disciplined investment approach. Overall, Float revenue has remained a consistent contributor to the group top line performance over the first 9 months.

This now concludes my comments on the financial performance, and I will now hand back to Aurélien to walk you through the outlook.

Thank you, Stéphane. Before turning to our full-year objectives, I will start with an update on Brazil and how we are navigating the ongoing market transition. Since the revised framework was announced, we have consistently executed our action plan in Brazil with tangible progress across our three work streams, in line with the regulatory milestones. Starting with operational readiness, our open arrangement is now in place alongside the rollout of our best-in-class offering. This provides the operational conditions required to adapt to the new market framework, and it serves our clients effectively.

Going forward, we will continue to build and innovate to strengthen our leadership position in that market. In parallel, our adaptation plan is being progressively deployed across all dimensions of the business with a clear focus on efficiency gains. This includes commercial, operational, and cost levers, which we'll continue to work on as a reform is being implemented and market conditions evolve.

Then on engagement with public authorities. Discussions remain active and focused on technical implementation, feasibility, scope, and time frame. Lastly, on the legal front, we continue to pursue the appropriate legal proceedings, including our appeal on the merits of the case, both independently and in coordination with the industry association, ABBT. Overall, we are executing our roadmap in line with plan, supported by fully mobilized teams in Brazil and at group level. This supports our confidence in confirming all our financial objectives.

The performance delivered over the first 9 months, together with our strong execution capabilities, gives us confidence in confirming our financial objectives for the year end. First, total revenues are expected to remain stable on an organic basis. While Q3 reflected the anticipated first effect of the PAT reform in Brazil, our top line performance over the first 9 months remains positive, supported by solid underlying business trends. This gives us confidence as we enter Q4.

Again, we continue to expect a slight organic expansion in recurring EBITDA margin. This illustrates the resilience of our business model, our disciplined cost management, and our ability to adapt our operating model in a more demanding environment. And so we continue to target around 80% recurring cash conversion on average over fiscal 2024 to fiscal 2026, backed by the strength of our cash-generative profile and disciplined execution.

Before opening the floor to questions, let me briefly wrap up this presentation. Over the third quarter, top line evolution reflected, as anticipated, the first effects of the regulatory changes in Brazil and some macro headwinds, while remaining consistent with our planned full-year objectives. At the same time, commercial KPIs stayed well-oriented overall, and business volume growth regained momentum, confirming the underlying strength of our business and providing a solid foundation for future revenue growth.

Overall, our performance over the first 9 months reinforces our confidence in the resilience of Pluxee's business model and in our ability to navigate a more demanding environment, while delivering on our fiscal 2026 commitments. Going forward, our priorities are unchanged. Maintain robust commercial execution, manage the transition in Brazil with discipline, and leverage the group's fundamentals and execution capabilities to continue creating long-term value for all our stakeholders.

Thank you for your attention. And now with Stéphane, we will be happy to take your questions.

[Operator Instructions] The first question is from Estelle Weingrod, JPMorgan.

I have a first question on Brazil. I mean, in LatAm, operating organic growth was a lot better than what we were initially anticipating. And can you elaborate a bit more on this? I mean, is it likely largely a timing/phasing effect? Or if so, should we expect Q4 to be the first quarter reflecting the full impact from the shift to open loop?

And actually, my second question will also be on Brazil. Could you also explain how the shift to open loop is shaping up in Brazil at the moment? More technically speaking, are you seeing any surprise? What are the biggest challenges so far? And are you also working on a hybrid model whereby you can also be the acquirer in the transaction?

Thank you, Estelle. I'm going to answer maybe your two questions in one answer, but it's coming back on the implementation of the PAT reform. And as I said, it's progressing broadly in line with the timeline that we anticipated. So the first measures, including the MDR cap and the 15 days merchant reimbursement came into effect on March 1st, so at the beginning of Q3. And since then, we have successfully opened our arrangement and launched what we believe is a best-in-class offer, while, as I was mentioning, still focusing on the commercial execution, the operational adaptation, and all the mitigation initiatives.

And so based on what we observed so far, the Q3 performance has been broadly in line with our initial assumptions. But it's fair to say that looking ahead, Q4 will provide us greater insights into the tangible effect of the opening of our arrangement. And what we expect is a negative impact to intensify in Q4 with the further rollout of the reform. So this is what we should anticipate for Q4 indeed. Again, technically speaking, and in the implementation of our plan and arrangement, we are in line with our plan. We've not been facing any unexpected changes on this aspect. And we will still see some impact, of course, on H1, the first semester of our fiscal year '27.

The next question is from Pravin Gondhale, Barclays.

I also have a question on regulations. Could you please provide an update on where do we stand on meal vouchers framework review in France, the timing of it, and if there has been any change in tax recently versus what we have seen in the past. And then related to that, any other sort of new regulatory developments in your markets, including an update on Chilean inquiry would be helpful here.

And then the second question is on Float revenues, which was stronger than expected in Q3. Does this drive any change to your expectations for full-year Float revenues in FY '26 and also next year?

Thank you, Pravin. Good morning. So I'm going to start and Stéphane, you take the question regarding the Float revenue. So for France, so quite recently, in June, a member of parliament submitted a bill, and the proposal -- the intent of proposal remains broadly consistent with all the previous reform initiatives with still the objective of modernizing the meal benefit system while simplifying the framework.

So this bill more specifically proposed measures that include the full digitization of the meal vouchers, the permanent extension of their use to all food products, and a ban on client discounts, and the facilitation of the donation of meal vouchers to NGOs. So this is it. So no surprise, I mean, this is what somehow was stated by Serge Papin, the minister in charge, a couple of months ago. And now, timing-wise, we expect this to be discussed by Parliament after the summer and, of course, it will depend on the legislative agenda.

Regarding Chile, so indeed, there is a case that is related to a claim filed by the Chilean Antitrust Authority before the Chilean Antitrust Court concerning the Employee Benefits market in Chile. So the allegations relate to a historical period before 2021. Of course, we've been -- Pluxee has been fully cooperating with the authority during the investigation and we will continue to engage constructively and transparently throughout the judicial process. It's fair to say that this case remains at an early stage.

So proceedings in front of this antitrust court are typically quite long. They may take several years for final outcome. But more importantly, we've been taking this matter very seriously right from the beginning. So we have engaged with all our stakeholders, starting with our clients, our partners, and all other stakeholders to provide transparency on the situation and to share as well our ethics, compliance, and governance framework that is in place. And so far, we have a good continuation of our business in Chile. Stéphane?

Good morning, Pravin. Regarding your second question on Float revenue, so this is true that Float revenue remained, for the first 9 months and in Q3 again, consistent and a constant contributor to growth -- to organic growth. When we compare to what we had in mind at the very beginning of the fiscal year, this is true that there have been less interest rates cuts compared to what we had initially planned, and it was only based on the consensus of market. In countries like Brazil or Turkey, for example -- in Turkey, there were no cuts at all yet. In Brazil, the Selic interest rate remained all along the year with a slight cut recently. And then we have been able to roll out, since the spin-off and still in this fiscal year '26, our disciplined investment approach, extending a little bit the maturity of our investment in order to support a strong yield.

All this being put together, we have been able, compared again to what we had initially in mind, to deliver a strong organic growth. Going forward, we don't guide on a quarterly basis, but what I can tell you is that what we will deliver in Q4 will be a little bit lower compared to what we deliver so far in terms of organic growth. But overall, this means that for the full year, for the full fiscal year '26, we are now trending to a slight organic growth, a slight positive organic growth for Float revenue, of course, but this doesn't move the needle for the overall organic growth. Keep in mind that Float revenue represents a little bit more than 10% of the revenue.

The big growth engine is the operating revenue, and of course we have this additional push on Float revenue, but it does not change things for the overall stable top line guidance that we have for the top line as a whole. And for fiscal year '27, this is far too early to provide you with some detail on this. As you know, the geopolitical environment has been very uncertain and very volatile in the last months. So on one side, we are still working on the management of the maturity of our investment, which we provide with some basis for fiscal year '27, but then we'd have to take into account, when the time comes, the current situation by the end of next October.

The next question is from Hannes Leitner, Jefferies.

I got two questions. The first one is on Brazil, the regulatory headwinds. You mentioned it only just started. If we are now thinking about the absolute impact and then the trajectory over the next couple of quarters, you had in LatAm around low double-digit organic growth. And now you -- so if you're calculating the headwind, it could be between EUR 10 million and EUR 15 million or EUR 10 million and EUR 17 million headwind from the Brazilian regulation. I think originally you talked about high single-digit impact for the year.

So you mentioned everything going according to plan. So should we then expect, in Q4, quite a big increase in these headwinds, and maybe you can talk about what caused that dynamic. I guess the 4C model will not be such a big cliff. And then maybe just a second question on the European macro situation. Maybe you can talk a little bit about the moving parts. You called out also face value being positive or starting to develop a positive tailwind. But given the macro concerns, maybe you can flesh that out a little bit, where do you see that, is it which country, which sector, or is it rather more competitive nature, which you obviously backfilled very well with the incremental wins in BVI?

Hannes, thanks for your question. We'll start with the macro situation in Europe. So indeed, Continental Europe continued to be soft in Q3. And this reflects a combination of macroeconomic factors and specific portfolio dynamics and still some Public Benefits phasing effect. From a pure macro standpoint, we continue to see a cautious environment in several markets. And this is, it was the case previously, it remains the case, with clients remaining prudent on hiring and in some cases on the increase of Employee Benefits prices.

And what we see as well is that the end-user portfolio trends remain a headwind in a number of countries; France is an example, Germany, Romania, while also recent increases in face value caps are taking longer than what we -- to materialize and what we initially expected. But again, the picture remains quite different across the region. Southern Europe continues to show good resilience and a solid commercial activity, while other markets are facing, more importantly, this challenging economic backdrop, again, countries that I mentioned, France and some countries in the Central and Eastern Europe. Regarding Brazil, maybe Stéphane, you want to...

Good morning, Hannes. So regarding what is currently happening and as we started to explain in the presentation, this is true that the impact of the reform is going to be higher in Q4 compared to what we have seen in Q3, but I'm not going to share with you some absolute number as you try to put them together, because there is still a lot of uncertainties remaining on this reform and the impact of this reform. Please keep in mind that this reform is defined as a merchant discounted cap. But then all business in Brazil, like in other countries, if we leave aside the Float revenue, remains based on two main workstreams, revenue workstream for merchant, but also from clients, with some balance being constantly adjusted with the competition in the market.

And of course, we are facing all these changes with all of the competitors still fighting strongly in order to gain market share, and it's really difficult for us to assess precisely the impact. What I can tell you is that in Q4, the impact will be somehow, you know, in terms of organic growth, twice the impact that we had in Q3 for Brazil, and then in Q1 and Q2 of next year, same thing will have strong impact, stronger compared to what we have experienced in Q3, but we will come back to you later when we have more clarity with all the remaining uncertainties based on what I was explaining on how the market is operating, but also on what Aurélien recalled regarding legal uncertainties, the discussion we are still having with the government and the legal proceedings.

Maybe just to add on, for what matters as well is that the fundamentals in Brazil remain very strong. Our commercial momentum continues to be robust, supported by solid client acquisition and a healthy retention level. So this strong trend definitely reinforced our confidence in the long term regarding the effectiveness of the Brazilian market and our ability to create value even through this period.

The next question is from Andre Juillard at Deutsche Bank.

Congratulations for these solid results. Two questions if I may. First one about competition. Do you see any moving parts in Brazil following the new regulation, any small players being under difficulties and pushing for consolidation? Second question about your balance sheet. The fact that you still got a pretty solid net cash position and you have a better visibility or better idea on this use of cash between M&A, potential return to shareholders, or any other decision.

Stéphane, do you want to start -- good morning, Andre. Do you want to start with the second question from Andre?

Good morning, Andre. So referring to your question regarding your balance sheet, as you will know very well, on Q3, there is no update on the balance sheet, it remains really unchanged compared to what we communicated at the end of H1, as you are seeing, with significant firepower remaining on our balance sheet. I remember, all of us, that this is on purpose, that at the time of the spin-off, the balance sheet of Pluxee was designed with this very strong basis in order to provide us with some potential in order to deliver some M&A.

Since the spin-off, we have put it up with our capital allocation strategy, which was to, on one side, go on investing in order to feed the organic growth with some CapEx through many new technologies, accelerate the potential for organic growth by acquiring new targets and something that we did as well. And of course, return value to our shareholders through dividend or even share buyback, which we did by rolling out this EUR 100 million share buyback that we launched at the beginning of the current fiscal year and which came to an end by the beginning of May.

And when you compare all these 3 pillars of our capital allocation, it has been very well balanced since the beginning of this new story for Pluxee with approximately EUR 200 million for each of them spent since the spin-off if we leave aside the non-cash transaction that we had with Santander. Going forward, so we remain really dedicated to go on delivering this capital allocation with still the possibility to accelerate in terms of M&A in case we were able to identify, negotiate, and close some attractive deals. We remain very disciplined in this area with some ambition, but again very disciplined. So no change to this capital allocation policy.

And what was behind your question, is there that we should share regarding some further return to shareholders. This is a question that should be decided by the Board and so far there is nothing. This is too early. We will first close fiscal year '26, and then we will see. But again, this is something that should be decided by the Board.

Okay, and so regarding your first question, competition in Brazil and the impact on the small players, it's too early to see any major impact on the small players, on their activities. There have been some discussion regarding any consolidation move. To my knowledge, for the moment, we've seen none of it. There might have been some discussion between some of them, but again, it might be just rumor. And again, I think that we need to wait a bit of time to see all the potential impact that this PAT reform could have on the competitive environment.

The next question is from Justin Forsythe, UBS.

So a couple of questions on my end. Just wanted to ask one on Brazil here. I mean, it seems like you're flagging quite a bit of uncertainty in the legislative environment moving forward. Maybe you could just elaborate on the latest there, like exactly where you stand with the appeal process. It feels like maybe there's some feeling on your side some aspects of the regulation could get overturned. And just further on that point, and the competition point, I mean, it seems like some of the newcomers are growing incredibly fast. Like I think iFood was growing over 100% in their voucher business in Brazil in FY '26. Maybe you could just elaborate on that.

And then Stéphane, a question on FX impact. So you flagged Turkish lira, which was strongly negative, Brazilian real, and Mexican peso as the main drivers of FX. But if I look at other countries, the FX benefit was 6%, and that would also include a strongly negative Turkish lira. So can you just help us understand what's driving that FX positive in other countries?

Justin, thanks for the question. So regarding -- I would not comment, of course, on any of my competitors' performance. What I can tell you is that from a business volume standpoint, we've been still delivering double-digit organic growth. So again, a very solid performance in Brazil, and we remain very confident in our future there. Regarding what you qualify as uncertainty, as I said in the presentation, indeed, there is still some legal proceedings in progress, and it does include our opinion on the merits of the case.

So there are two procedures in parallel, one run by Pluxee and another one run by the industry association. And what we are trying to get through those proceedings is more clarity on whether or not the implementation of the 4C should be mandatory, and could it be the end of the 3C, the closed-loop model? And still some visibility on the interoperability. This is what we are trying to address through those proceedings. Regarding the FX impact, Stéphane?

Good morning, Justin. On the FX situation, we have seen significant changes over the last months. So basically, if you refer back to fiscal year '25, we had a significant headwind in terms of effects, mainly coming from Brazil and Turkey. And in this year, month after month, the situation has significantly changed, with first Brazilian real reinforcing against euro. And same thing for Turkey in the last Q3, which is really something new. If you look at the Turkish lira for our Q3, when you compare with the year before, the Turkish lira against euro is 6% higher compared to what it was one year ago.

So last year we had overall, in fiscal year '25, 8% headwind in terms of the reported growth because of foreign exchange exposure. Beginning of this year, in the first quarter, it was only minus 4%, it turned close to balance in Q2 and now it's positive and it's positive with mainly Brazil and then Turkey contributing for this positive trend in terms of foreign exchange exposure. So we'll see what is going to happen in the next months when we can't manage it. But when you look at the consensus, the situation is currently quite at least balanced in terms of foreign exchange exposure.

[Operator Instructions] The next question is from Pavan Daswani, Citi.

I also got a couple. Firstly, could you talk about the next steps in Brazil since you implemented the open loop infrastructure? So have you seen merchant acquirers connecting to this? Have you seen volumes shifting over, or it sounds like it's really going to be in Q4? And then secondly, on face value increases, I think you mentioned some delays in seeing the higher inflation levels come through in face value increases. What's really driving that? Is that mainly a timing issue and you should expect that to kind of come through in the next few months?

Okay, so regarding the face value -- and again, good morning, Pavan. So the face value remains very structural driver of our BVI growth and of our net retention and consequently. So the performance has been strong. But indeed, it's fair to say that looking ahead, we still see further upside, especially in countries where recently legal cap increases have been approved, but it's taking more time to be fully implemented, more time than anticipated. For example, it's mainly in countries in Continental Europe, Belgium, Italy, Romania. And it's because at the moment, our clients are still hesitant given the uncertainty of the macroeconomic environment. In Latin America and rest of the world, the situation is different, because the inflation dynamic is quite supportive there and it would continue to grow and contribute to the face value growth.

Now regarding Brazil and the implementation of the open arrangement, as I said, it's quite early. Our arrangement was opened mid-May, so it's early stage. We are currently discussing with acquirers that would like to join our scheme and it would be extended over time, but it's quite encouraging indeed.

The next question is from Johanna Jourdain, ODDO BHF.

On the PAT reform in Brazil, can you please clarify the expected impact on the revenue and cash flow or at least give us a direction coming from the next regulatory milestone, so in particular the interoperability in November '26, and also the transition to a prepaid model for public sector clients? And second, on Other Products & Services, the revenue remains under pressure in Q3. When do you expect this business to stabilize, particularly after the U.K. and U.S. transformation initiatives?

Stéphane, do you want to start with the first question from Johanna?

Good morning, Johanna. Your question was about the impact on two main indicators, revenue and cash flow, of the PAT reform happening in Brazil. I'm not sure exactly what is behind your question, but I'm going to provide you with some color. In terms of revenue, we clearly indicated that and already insisted that there is no impact on the business volume and we're still seeing a strong momentum in this country. This business is very attractive, but we have, and this is what is happening on revenue and impact from the merchant discounted cap, which has an impact on the take-up rate, with some again balance in between the client revenue workstream and the merchant revenue workstream. So there will be an impact with lower revenue, of course. This is what we are seeing and this is what is going to happen.

With some uncertainties regarding the balance of operating and Float revenue, as we will need to see the behaviors of merchants, many merchants in Brazil have been activating, over the last years, this express reimbursement option that we offer to them, and we will see the shortening of the repayment terms if this has some impact on their behaviors going forward. So I'm saying here that we don't see if the impact will only be on operating revenue with a much lower express reimbursement option, and then the Float revenue remaining unchanged, or if some merchants will decide to keep the express reimbursement, which in this case, for us, means the same level of operating revenue in this space and a lower level of float revenue. So this is just to share with you some color that there is a lot of uncertainties regarding what will be the final impact of this 3.6% cap on merchant discount rate and the impact of what is behind this reduction in repayment term down to 15 days in terms of merchant behaviors.

In terms of free cash flow, it's a little bit the same thing, but we have some positive tailwinds also in front of us, notably for fiscal year '27. I was explaining that we have this express reimbursement option that is open for merchants, and depending on what they decide to do, there might be a higher or lower impact. If I say it again, if the merchants don't change the option to activate this express reimbursement, there will be more significant impact on the free cash flow for us, because this means that we will have the amount on our balance sheet of the Float amount being reduced by a quicker repayment, all in all to merchants. But in case they decide to stop activating this option, there should be limited impact on the Float amount in the balance sheet and in this case limited impact on the free cash flow.

Again, we'll see. This is too early to say what will happen. And going forward, in fiscal year '27, we also have, as part of the decree, the current request, requirement that the public client should move to prepaid scheme, which is not the case right now, which might have some positive impact on the free cash flow. Again, a lot of uncertainties. I just can share some colors of the potential upside or downside, and we will have more clarity, hopefully, by the end of fiscal year '26 or beginning of fiscal year '27.

And regarding Other Products & Services, so it's a combination of two factors, revenue performance of Public Benefits and we've been facing headwinds. What we expect is this headwind will gradually moderate compared with earlier in the year. And so this is Public Benefits on one hand, and on the other hand, the performance of U.K. and U.S., which will still remain [ unaccountable ]. Maybe a few words on U.K. and U.S. So repositioning that we started is progressing broadly in line with our plan, and the drag over the first 9 months reflects the deliberate exit from the non-core and lower return activity. As we explained to you, we continue to pivot towards the employee engagement solutions that are supported by a fully digital platform. So we are focused on how to build long-term value creation there, and this is still to build the fast-growing, scalable, and profitable platform.

Having said this, we continue to expect U.K. and U.S. to progressively improve and become more supportive to our growth from fiscal 2027, as our new model scales up there.

Gentlemen, there are no more questions registered at this time. I turn the conference back to you for any closing remarks.

Thank you, operator. So thanks to everyone for joining us today and for all your questions. As a team, we remain fully focused on executing our strategy with discipline, achieving our financial objectives, and continuing to deliver sustainable, profitable growth. We appreciate your continued interest in Pluxee and look forward to speaking with you again soon. Have a good day all. Goodbye.

Ladies and gentlemen, thank you for joining. The conference is now over and you may disconnect your telephones.

Good morning. Thank you for standing by, and welcome to the Pluxee First Half Fiscal 2026 Results Presentation. [Operator Instructions] I advise you that this conference is being recorded today on Thursday, April 16, 2026.

At this time, I would like to hand the conference over to Ms. Pauline Bireaud, Head of Investor Relations. Please go ahead, madam.

Good morning, everyone, and thank you for joining us today for our fiscal 2026 H1 results. So I'm Pauline, I'm Head of Investor Relations for Pluxee and I'm joined by Aurelien Sonet, our CEO; and Stephane Lhopiteau, our CFO.

Let me guide you through today's presentation agenda in the next slide. So Aurelien will start with the key highlights and figures for H1, followed by a focus on our commercial performance, and then Stephane will take you through our financial results. Finally, Aurelien will then conclude with our outlook, including an update on the regulatory situation in Brazil before we open the floor for the Q&A.

And with that, I will hand over to Aurelien.

Thank you, Pauline, and good morning, everyone. I'm pleased to be back with you today to present our first half fiscal 2026 results, starting with our key highlights. We are pleased to share that we delivered overall solid H1, which puts us well on track to meet our full year objectives. First, commercial momentum remains strong and resulted in sustained revenue growth driven by our core employee benefits activity. Again, profitability delivered ahead of plan. Recurring EBITDA margin expanded strongly, supported by the operating leverage embedded in our business model and the strong execution of our efficiency initiatives. Lastly, it translated into strong earnings growth and cash generation, reinforcing further our net financial cash position. Overall, H1 performance strengthens our confidence for the full year and allows us to enter H2 from a position of strength amid a more uncertain macro and geopolitical environment.

Let's now focus on the key figures for the semester on Slide 5. Despite the increasingly challenging environment, we continue to deliver sustained top line growth with total revenues reaching EUR 655 million, up plus 5.6% organically. This was supported by the continued strength of our core business with Employee Benefits operating revenue reaching EUR 500 million at a 9.4% organically. And I'll come back on this in the incoming slides. At the same time, profitability delivered strongly. Recurring EBITDA reached EUR 242 million, up plus 12.9% organically, and recurring EBITDA margin expanded to 37%, up plus 229 basis points organically. And finally, recurring free cash flow reached EUR 210 million, corresponding to 86% cash conversion rate.

In a world, we delivered a strong and well-balanced performance across growth, profitability and cash generation. And this is exactly what the next slide highlights over time. Beyond quality of execution, the performance delivered in one also reflects how our business model structurally convert top line growth into margin expansion and cash generation. At its core, Pluxee benefits from a resilient growth engine anchored in Employee Benefits. Combined with the operating leverage embedded in our platform, and the continued efficiency gains, this translates into higher profitability with EBITDA growing at twice the pace of top line growth. In turn, this profitability translates into strong cash generation, confirming the robust cash conversion capacity of our model.

Let me now focus on our core growth engine, Employee Benefits in the next slide. As part of our growth engine is Employee Benefits. This core business represents the vast majority of our revenues and continue to deliver high single-digit organic growth across regions in H1. In Latin America, Employee Benefits grew by plus 11.5% organically, driven by particularly strong commercial dynamics across products and further supported by favorable face value trends underpinned by local inflation cost. In Continental Europe, growth reached plus 5.1% organically. In the current geopolitical and macroeconomic environment, this represents a solid performance and illustrates the resilience of our core offering across European markets.

Finally, in Rest of the World, growth was particularly strong at 16.8% organically, illustrating the favorable dynamic that we observe in terms of market penetration in those countries. Overall, Employee Benefits once again demonstrated this semester the relevance of our pure-play positioning.

I will now turn to other products and services in the next slide. Even if other products and services is facing temporary pressure in specific activities, the long-term value creation story remains unchanged. Looking first at Public Benefits in Continental Europe. Current performance mainly reflects the effects related to the contract cycle and order phasing, which are inherent in this business. At the same time, by leveraging our merchant network and payment capabilities, these large-scale programs structurally enhance group scalability. On top of that, our highly selective approach and close monitoring of contract performance ensures that Public Benefits remains sustainably accretive to growth and profitability overall beyond short-term phasing impact. As base effects unwind, performance is expected to progressively regain momentum from H2.

Switching to the U.K. and the U.S., where we are strategically refocusing our activity towards employee engagement, a structurally growing segment in both countries. We now operate fully digital scalable platforms and are progressively exiting noncore, lower return activities. Together, these countries account for less than 5% of group revenues. And while they are expected to continue weighing on group's revenue growth in H2 2026, they should return to a positive contribution from fiscal 2027. More broadly, we continue to actively manage the portfolio and allocate capital and resources selectively toward activities and markets offering the most attractive long-term returns.

Let's now look at the key drivers of the group's substantial margin expansion in the next slide. H1 marked another strong EBITDA margin increase with operating EBITDA margin expansion accelerating at plus 268 basis points compared to plus 235 basis points last year. It comes first from the operating leverage embedded in our model. Our one platform architecture allows us to absorb incremental volumes with limited additional costs, generating structural scale effects and synergies across the group. This sharp expansion also reflects the structural cost efficiency that we've been progressively delivering since the spin-off. It mainly comes from the streamlining of our product range and processes across countries. The accelerated automation, notably through the increasing use of AI as a key optimization enabler alongside technology and data and a clear prioritization of projects and initiatives based on rigorous value creation monitoring. Cost discipline has become an increasingly important margin driver for Pluxee, complementing volume growth and reinforcing our ability to sustainably improve profitability.

Let's switch now to the commercial traction delivered in H1 on Slide 11. Our commercial trajectory remains solid in H1 and positions us well on track to deliver on our full year business targets. First, we achieved a record level of new client wins, generating EUR 0.9 billion of new annualized BVI across all client sizes and geographies. Second, net retention proved resilient despite a more challenging macro environment impacting end-user portfolios in some markets. Lastly, face value remains a structural growth driver of business volumes. In fiscal '24, we have generated EUR 2.9 billion of cumulative incremental BVI from increases in face value, bringing us very close to our 3-year target of more than EUR 3 billion.

Let me now detail each of these levers, starting with new client development. New client development was particularly strong in H1. We generated a record EUR 0.9 billion of annualized BVI from new client acquisition with positive momentum across all 3 regions. It reflects our strong commercial execution tailored to the specific dynamics of each local market. Just as importantly, performance remained well balanced across client sizes with SMEs making a substantial contribution and accounting for more than 30% of new development over the semester. In addition, recent M&A contributed significantly, notably in Latin America, where the Santander partnership continued to perform at full speed.

The acquisition of Beneficio Facil has also been a step change for our employee mobility business in Brazil, driving more than 50% volume growth year-on-year. This momentum is to be reinforced by the ongoing integration of Skipr in Belgium and in France. With a strong diversified and actionable pipeline, we are confident in our ability to deliver ahead of our full year development target, supported by disciplined execution in the second half.

Now beyond new client acquisition, let's now look at net retention, another key driver of our commercial performance. Over the semester, client loyalty remains consistently at high level, underlining the strength of our value proposition to our clients. This provides a solid foundation to actively manage our revenue per client through 2 key levers: First, increase in sales values, which remain a key contributor, driven by inflation trends in Latin America and rest of the world as well as the progressive implementation of recent legal cap increases across Europe. This dynamic is expected to accelerate and continue to support BVI growth in H2 and beyond. Second, the cross-selling, which gained momentum, reflecting our strategy to stand up as a multi-benefit partner for our clients, illustrated as an example, by the accelerated deployment of our employee mobility solutions, as highlighted on the previous slide.

At the same time, end user portfolio remained under pressure in some markets. A more challenging macroeconomic environment continued to weigh on labor market dynamics in some countries, leading to a temporary contraction in the covered employee base. As a result, net retention stood at 99% in H1, excluding the temporarily delayed large employee benefit program in Romania. It demonstrated solid resilience in the current environment, confirming the stickiness of our solutions and the effectiveness of our commercial and portfolio management strategy.

And with that, I will now hand over to Stephane to take you through our financial performance in more detail.

Thank you, Aurelien. Good morning, everyone. It is a pleasure to be with you today to present our financial performance for the first half of fiscal year 2026. Let's start this financial review with the business volumes issued on Page #15. Total business volumes issued or BVI reached EUR 12.9 billion in H1 '26. Employee Benefits remained the growth engine, reaching EUR 10.1 billion of BVI in H1, representing a plus 5.9% organic increase over the semester. It is worth noting that these figures include the deferred rollout to H2 of a large employee benefit program in Romania. Excluding this temporary phasing effect, Employee Benefit BVI grew plus 6.8% organically in H1. This performance reflects robust commercial execution driven by Latin America and Rest of the World as anticipated, which both delivered double-digit organic growth in Employee Benefits BVI over the first semester.

Looking now at other products and services, business volume issued declined by minus 20.9% organically in H1. As already mentioned by Aurelien, this performance reflected temporary headwinds in Public Benefits due mostly to anticipated contract cycle and phasing effect of certain large Public Benefit programs across Continental Europe. Let's now see how such business volume issued translated into total revenues on Slide 16. Total revenues reached EUR 655 million in H1 '26, up plus 5.6% organically or plus 3% on a reported basis, including a minus 3.6% currency impact, mainly due to activities in Turkey, partly offset by a plus 1% scope effect. In Q2, total revenues increased by plus 2.8% organic. Operating revenue reached EUR 573 million in H1, up plus 5.7% organically and plus 3.9% on a reported basis, driven by Employee Benefits, which continued to deliver high single-digit organic growth as introduced by Aurelien earlier.

Focusing on Q2 '26. Operating revenue reached EUR 306 million, delivering plus 2.8% organic growth. As expected, growth moderated, mainly reflecting nonrecurring effects in other products and services, which I will detail on the next slide. When stripping out these one-offs, we continue to see a strong and sustained momentum with operating revenue organic growth running at plus 6.1% in Q2 and plus 8.8% in H1, confirming the quality and resilience of our core business. Lastly, float revenue increased by plus 5.3% organically, reaching EUR 81 million in H1 '26. On a reported basis, it was slightly down by minus 2.5%, including a minus 7.9% currency impact. I will come back to the float revenue growth drivers in more detail later in the presentation. Before that, let's focus on the key drivers behind operating revenue performance over the semester as shown on Page 17.

Employee Benefits operating revenue reached EUR 500 million in H1 '26, delivering a solid plus 9.4% organic growth or plus 7.8% on a reported basis. This high single-digit organic performance was fueled by strong commercial momentum, especially across Latin America and Rest of the World, and it was supported by a solid 5% take-up rate. Focusing on Q2 '26, Employee Benefits generated operating revenue of EUR 266 million, up plus 7.5% organic.

Turning to Other Products and Services. Operating revenue reached EUR 73 million in H1, down minus 14.3% organically, of which minus 20.6% in Q2. As Aurelien explained it earlier, this decline mainly reflects first, temporary Public Benefit impact in Continental Europe, combined with the ongoing strategic repositioning of our activities in the U.K. and the U.S., including the exit from selected noncore and lower profitability contracts temporarily weighing on both countries' performance. Let's give a look at the geographical breakdown to see how these operating revenue trends were reflected across regions over the semester on Slide 18.

Starting with Continental Europe. Operating revenue reached EUR 250 million in H1 '26, corresponding to a minus 0.7% organic contraction and a plus 0.8% reported growth. The trend, excluding one-off effects in Public Benefit remained solid, delivering plus 3.4% organic growth in H1. Growth continued to be driven by Southern Europe, especially Spain, which was up double digit organically, while France and Eastern Europe were more affected by the macroeconomic environment, notably with regards to end user portfolio trends. With the Public Benefit impact progressively fading, growth trend in Continental Europe should improve in Q3 versus Q2 in a still challenging macro context.

Turning to Latin America. Operating revenue amounted to EUR 229 million in H1 '26, delivering a strong plus 12.1% organic growth. The region continued to benefit from strong commercial momentum, particularly in Brazil. Growth was driven by increasing penetration of Pluxee solution across both corporates and SME clients, combined with a continued increase in face values supported by local inflation dynamics. In addition, public benefit activity in Chile remains strong, further contributing to the region's strong performance. As the initial regulatory evolution in Brazil has been affecting the group since the beginning of March, operating revenue growth will turn negative in Q3 in the region as expected.

Lastly, in Rest of the World, operating revenue reached EUR 94 million in H1, growing plus 8.4% organically or minus 5.3% on a reported basis, including a minus 13.9% currency impact, mainly related to the depreciation of the Turkish lira. Turkey remains a key growth driver for the group, supported by local hyperinflation environment driving higher face values across the client portfolio as well as by continued penetration through new contract wins. As already indicated, performance in the region also reflected the ongoing transformation of our activities in the U.K. and the U.S. Excluding this impact, operating revenue grew plus 16.9% organically, highlighting the strength of the momentum. Before contributing back to growth from fiscal 2027, this in-depth transformation is expecting to weigh more heavily on Q3 than on Q2 as the cleanup of legacy activities continues.

I will now come back to the contribution of float revenue to the top line growth in H1 on Page 19. Float revenue reached EUR 81 million in H1 '26, still delivering a plus 5.3% organic growth, including plus 2.2% in Q2. On a reported basis, float revenue decreased slightly by minus 2.5% year-on-year, impacted by a minus 7.9% currency effect, mainly driven by the Turkish lira depreciation. Float revenue organic growth was mainly driven by higher business volumes issued, notably in countries where interest rates remained elevated such as Turkey or Brazil. This was partly offset by lower interest rates across most geographies, particularly in Europe, following successive interest rate cuts by the European Central Bank. Mitigate interest rate volatility and secure float revenue over time, the group continued to actively deploy a flexible investment strategy, increasing exposure to longer tenor and fixed rate instruments tailored to local financial market conditions. As a result, the average investment yield reached 6.1% in H1 '26, up plus 10 basis points year-on-year.

Looking ahead for the full year, given, one, the current geopolitical environment and the implied volatility on interest rates; and two, the still uncertain impact from regulatory evolution on float balance sheet position in Brazil, visibility remains limited. As a consequence, our growth expectation for fiscal year '26 float revenue are now fluctuating from slight decrease to slight increase organically. After reviewing the top line performance, let me walk you through the significant profitability improvement delivered over the semester, starting with Slide #20. Once again, this semester's profitability performance clearly highlighted the strong value creation embedded in our business model and supported by our continued cost discipline. Recurring EBITDA reached EUR 242 million in H1 '26, up plus 12.9% organically and plus 7.7% on a reported basis.

Recurring EBITDA margin stood at 37%, increasing by plus 229 basis points organically and plus 159 basis points on a reported basis. This strong margin expansion well spread across regions was largely driven by operating performance. Indeed, recurring operating EBITDA, I mean, here excluding float revenue contribution grew by plus 17.3% organically, translating into a plus 268 basis point organic uplift in the recurring operating EBITDA margin up to 28.1%. This performance reflects, as Aurelien already explained, strong operating leverage as well as strict cost monitoring discipline and continuous operational improvement implemented both locally and at group level, combined with top line and cost synergies from acquired businesses. This strong growth in recurring EBITDA contributed positively to the full income statement all the way down to net profit as disclosed on Page 21.

Below EBITDA, first, depreciation and amortization stood at minus EUR 62 million in H1 '26, showing a slight increase year-on-year, consistent with the specific phasing of our CapEx in fiscal year '25 and the additional contribution from newly acquired companies. Second, other operating income and expenses decreased from minus EUR 13 million to minus EUR 8 million, reflecting limited one-off rationalization costs in H1 '26 compared with residual carve-out costs in H1 '25. For the full year, including Brazil restructuring, OIE are expected to remain broadly stable year-on-year at minus EUR 25 million. Operating profit or EBIT reached EUR 172 million, up plus 9% in H1 '26. Financial income and expenses came in at minus EUR 3 million, broadly stable versus H1 of last year. Borrowing costs remained unchanged and were largely offset by interest income generated from non-Float related cash.

For the full year, we expect financial income and expenses to land between minus EUR 15 million and minus EUR 10 million. Finally, income tax expense reached minus EUR 53 million with an effective tax rate broadly stable year-on-year at 31.4%. As a consequence, net profit reached EUR 116 million in H1 '26, up plus 9.3% year-on-year, reflecting the strong expansion in recurring EBITDA, lower other operating items and disciplined financial expense management. Excluding OIE, adjusted EPS group share reached EUR 0.78, representing an increase of plus 6.8%, including the initial accretion from the execution of the share buyback program.

Let's now take a look at how our solid operational and financial performance translated into a strong cash flow generation over H1 on Slide 20. Recurring free cash flow reached EUR 210 million in H1 '26, driven by the combination of a significant increase in recurring EBITDA, a disciplined monitoring of CapEx and a favorable evolution in working capital, excluding restricted cash. CapEx reached EUR 44 million in H1 '26 or 6.8% of total revenues, stable year-on-year, reflecting our disciplined capital allocation and the continued shift towards a more OpEx-driven model supported by cloud migration and IT service management. Change in working capital, excluding restricted cash, improved to EUR 85 million compared to EUR 43 million last year driven effective focus on cash collection and management.

As a result, recurring cash conversion rates reached 86% in H1 '26, reflecting the quality of our recurring earnings. This performance keeps us well on track to meet our 3-year average objective of around 80% cash conversion despite expected regulatory headwinds in Brazil in the second half. This strong cash generation has also been a key driver supporting the further increase in the group net financial cash position as we see on Page 23. Net financial cash position, excluding restricted cash, reached EUR 1.270 billion as of end of February '26, representing an increase of plus EUR 107 million over the semester. This evolution reflected the strong recurring free cash flow, which more than covered the cash outflows for first, the deployment of our M&A strategy; second, the dividend payment; and third, the ongoing execution of the EUR 100 million share buyback program, of which around 64% had been completed by the end of H1.

Gross financial debt remain quite unchanged over the semester at a bit less than EUR 1.3 billion, mainly composed of the 2 long-term bond tranches. During H1, we also entered into fixed floating interest rate swaps on part of this bond fixed rate debt, further optimizing the financial structure as part of our asset liability management strategy in connection with float revenue. And then this Pluxee's strong financial cash position and cash generation is also reflected in our unchanged BBB+ rating and stable outlook from Standard & Poor's.

And with that, I will now hand it over back to Aurelien for the outlook.

Thank you, Stephane. Let me now wrap up this presentation with our outlook, but starting with an update on recent developments in Brazil and the group's updated action plan. Since the revised framework was announced, we have consistently executed our action plan in Brazil, making tangible progress across our 3 work streams in line with regulatory milestones. So starting with operations. From early March, we have implemented the first measures set out in the decree. And in parallel, we've been preparing the rollout of our best-in-class open-loop solution, leveraging our existing [indiscernible] capabilities with the deployment starting in May. In addition, we've been deploying a multilevel efficiency plan to adapt our cost base and protect profitability, adjusted over time to reflect the different stages of the reform and our business needs.

In parallel, we continue to maintain proactive and constructive discussion with Brazilian public authorities, focusing on feasibility, scope and implementation time lines to ensure a pragmatic and orderly transition. And finally, we continue to pursue our longer-term legal actions, keeping all options open to support the sustainable development and proper functioning of the PAT work in Brazil. Overall, we are executing our road map in line with the plan and teams both in Brazil and at group level remain fully mobilized. Combined with our strong H1 performance, this supports our confidence in confirming all our financial objectives for fiscal 2026. As a reminder, our fiscal 2026 objectives assume the full implementation of the Workers' Food program reform for the PAT from H2. It also incorporates the positive impact of our mitigating actions and the progressive adaptation of our operating model in Belgium.

Within that framework, we continue to expect stable total revenues on an organic basis for the full year, slight organic expansion in recurring EBITDA margin. This is underpinned by the resilience of our model and by the actions we are taking across the group to protect profitability in a more challenging environment. And finally, recurring cash conversion of around 80% on average over fiscal 2024 to 2026. Overall, our strong H1 delivery, combined with our disciplined execution, reinforce our confidence on full year objectives while continuing to manage proactively in this complex geopolitical and macroeconomic context.

To conclude, I would say that Pluxee once again delivered a strong H1 performance with solid revenue growth, margin expansion and robust cash generation. While we are facing a contained regulatory evolution in Brazil, it does not change the fundamentals of our business model, the strength of our commercial momentum nor our discipline on execution. And this is why we remain fully confident in meeting all our full year objectives and focused on long-term value creation for the group.

Thank you for your attention. And now with Stephane, we will be happy to take your questions.

The first question comes from Pravin Gondhale of Barclays.

Firstly, on retention, it's sort of 99%, excluding Romania. Could you please give us a sense when do you expect it to sort of return to positive territory? And then secondly, on CapEx levels, H1 CapEx were broadly flat year-on-year, but I remember you chatting -- you talking about FY '25 CapEx being lower on temporary sort of delay in IT and tech CapEx. So given your shift to OpEx-driven model now, what's the right level of CapEx we should be thinking in medium term?

And then finally, on Brazil, it's been sort of a few months since the announcement of decree. Since then, have you announced any incremental cost mitigation or renegotiation actions, which should help you to reduce the impact from the regulations?

Thank you, Pravin. So I will start with your last question regarding Brazil. So indeed, as we said during our presentation, we started the implementation of our mitigation plan. And I'd like to highlight the strong commitment from our teams locally. And they've been working on 2 sets of measures. On one hand, the client renegotiation for all our clients who've been using the Workers' Food Program solution. So it has been a very deep work and it's a hard conversation that we've been having with clients, but positive overall. And the second set of measure is much more related to the cost. And as we said, we've been running ongoing cost reduction and optimization actions. And we are doing it in accordance with both our business needs and the evolution of our operating model. What I would mention among other items is that we already conducted a restructuring initiative in February to start streamlining the organization.

Regarding the CapEx, maybe, Stephane, you want to take this?

As you rightly noticed, this semester, we were consistently with last year for the first semester, a little bit lower compared to the 9% average of CapEx versus revenue that we expect and still expect for this full year. We are right now a bit lower compared to what we used to be 2 years ago with, as you said, this switch to a more OpEx-driven model. However, what happened this semester, there is nothing related to some specific events like what we faced last year with the carve-out. This is more just the pace of our internal project where the pace of activation of the project when they are fully completed was a bit behind. But overall, in the full year, we are fully on track with the more standard 9% over. And then in the medium term, it's likely that this percentage will be reduced by still switching to this OpEx-driven model and also with the higher scale of the group as the group will deliver more growth in the coming years.

Thank you, Stephane. And regarding the net retention, look, we maintain our 100% objective for the full year. So we really aim at reaching at least 100% and we will be helped on that sense by the face value increase. We mentioned it. I mean, we still anticipate stronger contribution from the face value increase on H2. And on the end user portfolio growth, for the moment, for some specific country, we expect a positive inflection. But we also -- we have to remain a bit focused within this challenging macroeconomic and geopolitical environment.

The next question is from Hannes Leitner of Jefferies.

A couple of questions from my side. Maybe you can comment on your reference to end user portfolio decline. Can you maybe double-click on that, talking also a little bit in terms of geographic dynamic, especially I would be interested to understand the European dynamic. And then thanks for talking about Turkey. Maybe you can also give us a little bit more detail on your current size of the business operating revenue contribution and how there is the dynamic in terms of market share, et cetera? And then just lastly on Brazil. There's one -- it sounds like the incumbent players are looking for kind of adopting the open loop, but also maintaining the closed loop. Can you just like talk a little bit about that, where -- in which case the closed loop just makes sense to maintain and what's led to the decision?

Thanks a lot. I will start with your question regarding Brazil. So in Brazil, as we were sharing with you, we are still having constructive discussion with the Brazilian government clarifying whether there is an obligation even for the Workers' Food Program, is it a definitive decision to use only an open loop system. So we are currently having those, again, constructive discussion. But it's fair to say that if it's -- this obligation is confirmed, we still have other products in Brazil that will still take advantage of our closed-loop network, meaning a strong relationship with merchants. And on this topic, just to share with you, we still see some very good traction. I mean many -- and when I say many, it's thousands of merchants contacting us every month, close to 10,000 merchants to still onboard into the acceptance network of Pluxee. So that's for the -- regarding Brazil and the open loop and closed loop.

Stephane maybe for Turkey.

Turkey is as I think we already said, is one of our key countries. It's among our top 6, something like top 6 countries. It's a dynamic country for us where -- and this country contributes well to the organic growth of the group with double-digit organic growth, still strong double-digit organic growth from this country. And we don't share precise numbers by country. So I can't -- I'm not going to tell you -- you asked what is the level of operating revenue. We disclose it for France and Brazil as required by the accounting standard because this country represents more than 10% of group revenue. So you can conclude that Turkey is a big one among the top 6, but lower than 10% of the group revenue.

And regarding the end user portfolio decline, so indeed, overall, at group level, we disclosed quite a negative impact. But it's fair to say that it's pretty different from a country to another, from sector, from industries to others as well. We are still penalized in Europe and mainly in countries such as France, Romania and Austria. And for example, in France, we see companies that are really cautious. Some are clearly putting critical projects and investments on hold, and they remain quite conservative in their approach to systems. And this impact is even more visible in the SME segment. And we saw it even during the Christmas campaign. And yes, after we -- I mean, previously, we are mentioning Mexico is still -- I mean, the situation is getting better, but it's not back to positive yet. And we have other countries where still the SME segment can show some weak signal, I would say. So that's why, again, I mean, we remain very, very cautious for H2 on this specific indicator.

I'd just like to explain that because they have been impacted by public social programs. So when you reference that kind of end user portfolio dynamic, is that also because of the expiry of those contracts? And if you now exclude those public contracts, just focusing on the core meal voucher, would you say that...

No, no. I was not referring to those public benefits contract. I was really referring to the employee benefits business. Yes, there are some industries such as the IT, automotive industry that in Eastern Europe are under [indiscernible] at the moment.

The next question is from Justin Forsythe of UBS.

Just a couple of questions, if I might. I wanted to come back on Brazil. I think we talked last quarter about some of the puts and takes between the revenue impact that you expect alongside the cost reductions. Just wondered if we could revisit that and confirm the progress there. And maybe talk about the different buckets of cost. I think there's a good portion of cost, which comes out relating to processing. So meaning when you remove some of the back-end processing, as you move to open loop, there is a big reduction in cost as a result of that. I wanted to focus on that other portion of cost, which is the OpEx side. Is there maybe more detail you can give on the specific actions you've taken?

Okay. Thank you, Justin. Stephane, do you want to start?

And you might complement?

Yes.

Justin, as Aurelien explained during the presentation and answering some of the previous question, in Brazil, I think we need to make a distinction between the potential endgame and the transition period. So the endgame and when I say endgame, there is a lot of uncertainty about this endgame, and we explained that right now, we took an assumption of a worst-case scenario with a full implementation of the reform as currently drafted in the decree. And this is this end game. And based on this endgame, we say that our business in Brazil might be reduced by something like twice. And then in this case, we will target to adapt significantly our business model in the countries by reducing our cost base. And we started to look at it because we are preparing for this situation.

And it's almost all lines in the cost base that will be concerned, both processing costs as part of cost of sales or SG&A as well. And we said that, again, with this end game, we would target to keep our EBITDA margin in the country unchanged, meaning that if the top line was to be reduced in the end by twice, we will have to organize things to restructure things so as to be able to reduce our cost base by twice as well in order to keep this EBITDA margin unchanged.

Now this is not where we are today. As Aurelien explained, we are in a transition phase. We are -- there are still a lot of uncertainties regarding the scope, the time line, the technical feasibility of this reform with some ongoing discussion with the government as well. So the industry has engaged with the government, and we'll see what will happen. So meaning for this fiscal year '26 and for the second half, we have started to reduce a little bit our cost base as we are going to face some preliminary headwinds, but we also need to protect the top line of the company in case in the end, the reform was to be implemented only partially or in a different way compared to what is currently contemplated. So therefore, there will be an impact in the second half of the year, but the potential 50% decrease in revenue and in the cost base, this is for a much later period in case, again, the full reform was to be implemented as currently started.

And maybe just to complement on the revenue side because you remember that the growth in the business volume and the performance of Brazil remains very strong in terms of business volume growth. Our new sales in H1 were very high. We still benefited from the full impact of our partnership with Santander. We also enjoyed a strong performance in cross-selling, thanks to our new employee mobility benefit product. And talking about H2, we still anticipate similar dynamic in terms of business volume growth than in H1, i.e., double digit. And for us, this is extremely important and positive.

The next question is from Andre Juillard of Deutsche Bank.

Two questions, if I may. First one about the amortization. Could you give us some more color about the evolution of the amortization during H2 and the year after because you have -- correct me if I'm wrong, that you have 2 components. First one about the general evolution of the amortization regarding the CapEx and the OpEx. And secondly, the plan on M&A. And this is my second question. Your cash net position is even stronger than what it was at the end of last year. Do you have any new plan about the use of this cash or still not clear?

Andre, regarding -- so this is Stephane speaking, but I guess you recognize my voice. Regarding your question about depreciation and amortization, no surprise for us. This is fully consistent with the pace of our CapEx in the last 2 years. If you look at it over the last 2 years, we capitalized in average, there are some differences year-on-year, but close to EUR 110 million per year. It was a little bit more than this in fiscal year '24. It was a little bit less in fiscal year '25. It will be a little bit more in this year, fiscal year '26. So this is the pace. And after a while, we are likely to reach the same level of depreciation year-on-year, and this is what we are seeing today with a little bit of contribution from the newly acquired company. If you think about companies like Pobi or Skipr, which have some tech assets, of course, we now consolidate the depreciation of the tech platform of these companies. And at the same time, in terms of amortization of intangible assets as identified as part of the business combination, no surprise, this is fully in line again with we were expecting.

Regarding your question on the net cash position, I think it's worth differentiating 2 cash position. You have the overall net cash position. And we also disclosed clearly in our activity report, what we call this net excess cash position, making a clear distinction between the contribution of float related cash to cash and this excess cash. And if you look at this excess cash -- excess cash in the first half of the year with no surprise, we don't benefit from an improvement, but we faced a decrease of about EUR 140 million in the first half, which is fully related to the payment of dividend, the execution of the share buyback program, the cash out of program, interest cost, which is happening at the beginning of the year, in the beginning of September every year and all this kind of things.

So therefore, the first half of the year for us is always and if you look at what happened in fiscal year '25 or fiscal year '24, it was the same. The first half of the year for us in terms of excess cash, this is a period where we burn some cash, a little bit more this year with the share buyback program, while in the second half of the year, we don't have the significant cash outflows and building again a strong excess cash position for the full year.

So I just wanted to make it clear, this EUR 107 million improvement in the overall net cash position is the combination of EUR 140 million decrease in excess cash and EUR 240 million improvement overall on the float related tax position.

And maybe even regarding the question, any new plan on the use of this cash. Just to confirm that M&A remains a key pillar of our growth strategy. We saw it the acquisition that we completed last year had a material impact on our first half [indiscernible] delivering 1% scope effect, delivering also some growth synergies and Beneficio Facil in Brazil has been a very good example with this plus 50% BV growth in 1 year. So we see the acceleration. And we -- the integration of the more recent acquisition is progressing well. So we -- now we have a good track record, and we believe that we are well positioned to continue executing on our M&A road map. And we have a solid pipeline and -- but we -- again, we want to execute this road map in a very rigorous and disciplined manner. So we'll come back to you when it will be.

[Operator Instructions]

The next question, gentleman, is from Mahir Bidani of UBS.

Just wanted to kind of confirm around the EBITDA guide. You reiterated it, but that's given -- that was reiteration despite a pretty strong beat in the first half. Is that just implying conservatism? Or do you expect perhaps the sort of downward trajectory in 2H in the EBITDA? And in terms of the macro environment, is there a bifurcation between, I guess, the sectors you're seeing the end user portfolio reduction? Is that more the automotive versus the tech? Have you -- the conversations that you've had with some of your clients are reducing the end user portfolio, is that because of AI fears and then stopping hiring for that reason? Or is it more because it's like concentrated towards blue-collar macro jobs? So can you just provide a little color there on that?

Yes. So regarding your second question, so indeed, we start having -- and we are engaging even proactively with our clients because most of them are wondering what would be the future of their organization. Not many of them have very clear answers. But what makes Pluxee so resilient is the diversity of our clients portfolio because we are serving small but also very large clients in the private sector, in the public sector and all of this in 28 countries. So that does explain the resilience. And within this range of clients, we have also, let's say, the future giants, the one who will take advantage of AI, I mean, in order to grow with them. So this is what I can tell you. But I mean, if we look at industry by industry, it's fair to say that at the moment, indeed, the automotive industry, the IT industry and part of the interim industry are currently under pressure because their clients are reading some of their budgets that are related to their own activities.

And concerning the EBITDA?

Regarding your question about our guidance on the EBITDA. So this is not specifically conservative, the slight improvement in the EBITDA margin. Of course, all the teams are already focusing on doing their best in order to always do better, but this is what we currently have in mind. And if I have a bit more color, we expect all the regions to go on improving the EBITDA margin with a similar trend compared to what we delivered in H1 with one exception, one big exception, which is going to be Brazil. And as I explained, in Brazil, we are not engaging right now in a pool of restructuring.

We are making sure that we are able to benefit from all potential scenarios. So there is a little bit of cost reduction, but the reform for the short term and for the second half of the year will weigh a lot on the EBITDA margin of the group. And this is because of Brazil that in the second half of the year, we will face a lower EBITDA margin compared to the previous year. So overall, -- but the improvement, the uplift we delivered in H1 is going to be offset by a deterioration of the EBITDA margin in the second half of the year, not as big as what we delivered in H1. So there will be, in the end, the remaining small improvement in the EBITDA margin for the full year.

There are no more questions registered at this time. Back to you, Mr. Aurelien, for any closing remarks.

Thank you, and thank you for your attention this morning. In closing, I would like to reiterate our confidence in the future, supported by a strong first half and reiterate as well our continued focus on disciplined execution and long-term value creation.

And with that, I wish you all a very good day. Goodbye.

Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephones.

Good morning. Thank you for standing by, and welcome to the Pluxee First Quarter Fiscal 2026 Revenues Presentation. [Operator Instructions] I advise you that this conference is being recorded today on Wednesday, January 7, 2025 (sic) [ 2026 ].

At this time, I would like to hand the conference over to Ms. Pauline Bireaud, Head of Investor Relations. Please go ahead, madam.

Good morning, everyone. Happy New Year to all, and thank you for joining us today for our Pluxee First Quarter of Fiscal 2026 Revenues. So I'm Pauline, Head of Investor Relations, and I'm pleased to be here with you to discuss our first quarter performance. So Aurelien Sonet, our CEO; and Stephane Lhopiteau, CFO, will both lead the call and answer your questions.

Let me walk you today's agenda, which you can see on the next slide. So Aurelien will start with key highlights and the key figures for the quarter, followed by an overview of our commercial trajectory, and Stephane will then walk you through our top line performance in more detail. And Aurelien will conclude the call with our outlook for fiscal 2026, and will provide an update on the regulatory development in Brazil before we open the floor for Q&A.

And with that, I will now hand over to Aurelien.

Thank you, Pauline, and good morning, and Happy New Year, everyone. I'm glad to be with you today for the release of this first quarter of fiscal 2026. First, I'm pleased to share that the group continued to demonstrate robust business momentum in Q1 '26 and delivered a solid high single-digit top line growth, in line with our expectations. This momentum continued to be driven by low double-digit growth in Employee Benefits, driven by Latin America and Rest of the world.

Second, our commercial engine continued to perform well with strong new client acquisition and a healthy net retention rate. Third, we progressed on our M&A road map, completing the acquisitions of Skipr in Belgium and France and ProEves in India. And we benefit from a rich and diversified M&A pipeline spanning geographies, deal sizes and strategic contributions, positioning us well for continued successful execution. Finally, looking ahead, we confirm all our financial objectives for fiscal 2026 amid the evolving regulatory framework in Brazil.

Let's now turn to the figures. As just mentioned, top line growth continued to be robust during the quarter with revenues reaching EUR 308 million, growing organically by plus 9%, fully in line with our expectations. Operating revenue also continued to follow a steady trajectory, reaching EUR 268 million, up plus 9.1% organically, while float revenue continued to grow organically at plus 8.5%. Stephane will comment these numbers in greater detail during his presentation.

Turning now in the next slide to our quarterly commercial trajectory, which remains firmly on track. Despite the challenging macro environment, the net retention rate remained healthy at 100% after adjusting for the cutoff effect related to the ordering of a large Employee Benefit contract in Romania. This performance was driven by consistently high client loyalty and a further tangible results from our portfolio management strategy, particularly through additional face value increases and to a lesser extent, cross-selling. Looking ahead, average face value is expected to remain a key driver of business volume growth, supported by the recent increases in legal caps across several European countries such as Belgium, Romania and Italy.

Net retention was notably supported this quarter by the continuation of our long-standing strategic contract with Liverpool, a major retailer in Mexico. Since 2000, Pluxee has consistently acted as a trusted partner to this client, supporting its HR modernization and employee retention and serving now around 100,000 employees. Lastly, we've been encouraged by the early signs of stabilization in the end user portfolio in several European countries.

On new client acquisition, we remain well on track to reach our EUR 1.3 billion of business volumes target for fiscal 2026, driven by robust momentum across the 3 regions and further supported by strong dynamics in Brazil and the successful public tender win in Italy. Regarding this win in Italy, Pluxee was awarded 4 regional lots in the latest CONSIP tender, CONSIP being the Italian government's public procurement authority. This success will allow us to progressively serve more than 200,000 Italian civil servants, multiplying by 5 our business volumes for CONSIP. This is a strong milestone for our Italian business and a further illustration of our ability to remain agile and client-focused in markets undergoing regulatory changes.

I will now hand over to Stephane to comment in further detail our top line performance during the quarter.

Thank you, Aurelien. Good morning, everyone. Let me start by wishing you all a Happy New Year. It's really a pleasure to be with you today to walk you in more detail through our Q1 '26 top line performance, and I will start with the business volumes issued or BVI on Slide #8.

In Q1 '26, we recorded EUR 6.3 billion in BVI, slightly down from EUR 6.5 billion in Q1 '25, reflecting the anticipated trend in Public Benefits. Focusing first on the Employee Benefits line of service, which represents around 80% of total volumes, BVI reached EUR 5 billion, up plus 7.2% on a like-for-like basis when excluding the one-off impact of a delay in a large program in Romania. Growth was primarily driven by Latin America and Rest of the world, which both continued to post low double-digit volume growth on an organic basis, while Continental Europe showed mixed dynamics. with robust momentum in Southern Europe, partly offset by improving but still negative evolution in the end user portfolio in several other markets.

Turning to the other products and services line of service. Performance reflected temporary and expected headwinds in Public Benefits due to the anticipated termination, scale-down or deferral of certain large programs across Continental Europe. Let's now see how such business volumes issue translated into total revenues on Page #9.

In Q1 '26, total revenues reached EUR 308 million, reflecting a robust organic growth of plus 9%, it was driven by a plus 9.1% organic increase in operating revenue, reaching EUR 268 million and a plus 8.5% organic growth in float revenue stable year-on-year in absolute terms at EUR 40 million. This performance reflects higher interest rates year-on-year in Brazil, offsetting a gradual decline in other countries, combined with a tactical and opportunistic investment approach tailored to local market conditions.

On a reported basis, total revenues grew by plus 6.6% year-on-year, including a plus 1.2% scope effect related mainly to the integration of the recent acquisition of Cobee, Benefício Fácil and Skipr and a minus 3.6% currency impact moderating year-on-year and largely driven by the depreciation of the Turkish lira against the euro.

Going into more details, I will now highlight the underlying trends by line of service that supported the operating revenue momentum as shown on Slide #10. Robust trend in operating revenue was driven by the continued strong momentum in Employee Benefits. Indeed, operating revenue from this line of service grew by plus 11.6% organically in the quarter, reaching EUR 234 million. This steady growth was supported by higher business volumes, notably related to the contribution of the last year new acquisition and additional increases in fair value and a slight year-on-year improvement in the take-up rate.

In contrast, operating revenue from other products and services declined as expected by minus 5.7% organically to EUR 34 million reported, reflecting the anticipated termination, scale-down or deferral in certain contracts in Europe, notably in Austria, Romania and Belgium. As previously mentioned, fiscal '26 will be a transition year for the Public Benefits activity with some programs reaching their natural end and others being impacted by budgetary constraints in some European countries. This well-flagged base effects are expected to persist over the fiscal year, even if progressively fading and eventually resulting in an easier comparison base in the next fiscal year for other products and services. As mentioned earlier, operating revenue organic growth was mainly driven by Latin America and Rest of the world. Let's take a closer look at this on Slide #11.

Over the quarter, all regions delivered organic growth, although performance continued to vary across geographies. Starting with Continental Europe, operating revenue reached EUR 110 million, up plus 2.7% organically. Reported growth stood at plus 4.9%, including a plus 2.2% scope effect. While positive momentum remains strong in Southern Europe, the performance in the whole region reflected: first, the challenging macroeconomic environment, which continued to weigh on business performance alongside an improving but still negative evolution of the end user portfolio. Second, the previously mentioned evolution in public benefits; and third, a temporary headwind from deferred ordering for a large Employee Benefits program in Romania.

Turning to Latin America. Operating revenue reached EUR 112 million, up plus 14.3%, excluding a plus 1.1% scope effect and a minus 1.5% currency impact. This strong performance was driven by a strong commercial trend across the region, supported by a more favorable macro environment, including persistent inflation. Brazil continued to deliver a double-digit organic growth in operating revenue alongside sustained momentum across Hispanic LatAm.

Rest of the world also showed solid sequential acceleration reaching EUR 46 million in operating revenue, up plus 12.6% organically, excluding a minus 12.8% currency impact, mostly due to the Turkish lira devaluation in Q1 '26 versus Q1 '25. While Turkey remains a key growth engine, we have also started to observe encouraging signals in the U.K. and the U.S. from the ongoing business repositioning following the management changes and the launch of new employee engagement platforms.

That concludes my comments on the Q1 '26 top line, and I will now hand over to Aurelien for the outlook on Page #12.

Thank you, Stephane. I will conclude this presentation by a reminder on our financial objectives for fiscal 2026 before providing an update on recent developments in Brazil and the group's related action plan.

Let's first move to our fiscal 2026 outlook in Slide 13. I'm pleased to confirm all our financial objectives for fiscal 2026 as announced on November 17, following the regulatory evolution in Brazil, meaning, first, stable like-for-like total revenues as we expect total revenues organic growth across all our global geographic footprint to offset the headwinds anticipated in Brazil and also assuming slightly decreasing float revenue like-for-like. Second, the slight organic expansion in recurring EBITDA margin, reflecting our ability to adapt our operating model and implement the necessary cost mitigation actions in Brazil in order to protect our group's profitability; and third, around 80% cash conversion on average over fiscal 2024 to 2026.

As a reminder, these financial objectives are based on the most conservative assumptions regarding the content of the reform in Brazil and the time line for its implementation. It's worth mentioning that significant uncertainties remain regarding the scope, the operational feasibility and the phasing of the measures announced by the Brazilian government.

And in this context, I would like to walk you through our clear action plan in Brazil that support these numbers. Since the publication of the decree, we have launched a comprehensive set of initiatives to be ready for each milestone of this regulatory evolution and to continue supporting our clients, our merchant partners and our end users in Brazil while preserving the group's financial performance.

Our action plan is structured around 3 main workstreams. First, operational readiness. We are moving fast to roll out a competitive open-loop solution, leveraging our proven 4-corner 4C capabilities. We are also undertaking a comprehensive client commission renegotiation campaign within our Brazilian client base. And finally, we are deploying a multilevel efficiency plan to both adapt and optimize our operations, including mitigation action in Brazil and prioritization of some global initiatives.

Second, our engagement with public authorities. We continue to sustain ongoing dialogue with the Brazilian government, proactively addressing remaining uncertainties, particularly around scope and time lines.

And finally, on the legal front, we are currently assessing the options, allowing to challenge the legal foundation of the decree, possibly combining collective and individual actions within an optimal time frame. As you can see, we have a clear action plan in place and teams, both in Brazil and at group level are fully mobilized to address this change.

Before we take your questions, I would like to wrap-up on the key takeaways of this first quarter for Pluxee. The group well on track for fiscal 2026, supported by strong commercial performance and robust revenue generation, fully in line with our expectations. Looking ahead, while the regulatory changes in Brazil require a transition period, our business model is proving its resilience. Together with our expertise and our agility in navigating evolving environments, this supports our commitment to deliver on all our financial objectives in fiscal 2026.

Turning change into opportunity is part of Pluxee's DNA, and we are well positioned to adapt and emerge stronger. This is why we approach the remainder of the year with continued focus and confidence.

And with that, Stephane and I are pleased to answer your questions.

[Operator Instructions] The first question is from Estelle Weingrod of JPMorgan.

The first question on Europe, you mentioned some parts remained impacted by macro headwinds. Could you just provide more color on the countries lagging the overall performance and what geographies, in particular, in Europe are showing a stabilization of the end user portfolio, as you mentioned. It would also be great to comment on France specifically within this.

And the second one, I would -- just on Brazil, I mean, on the legal action, with the decree now to be implemented likely next month, what's the time line for the legal action? I guess there's not that much time left. And how likely to see this presidential decree actually not going ahead in your view?

Thank you, Estelle, and Happy New Year to you. Look, regarding your first question, the -- I mean, when we look at the evolution of the BV -- so Latin America and Rest of the world, I mean, benefit from a strong dynamic. They are taking advantage of a more supportive macroeconomic environment, including higher inflation. And it's fair to say that on the contrary, and as expected, the Employee Benefit activity in Continental Europe is currently affected by the effect of a less favorable macroeconomic environment and notably on the evolution of the end user portfolio that remains negative overall. And this trend is particularly pronounced in countries such as France, Germany and Austria.

Now talking about France. So France has always been a highly competitive market. But at the moment, our main challenge is related indeed to the evolution of the environment that impacts the commercial performance and especially the evolution of the end user portfolio. And we see that currently, the macroeconomic and the political environment is pushing many organizations to -- many of our clients to adopt a conservative approach to recruitment and in some cases, to even reduce their workforce.

And on top of this, these impacts are even stronger in the SME segment, which has been progressively weakened and which is, I would say, experiencing a steady increase in the number of bankruptcies. So as a result, in France, we see an increasing wait-and-see attitude in the purchasing decision, and a delay or a slowdown in the contract signing cycle. So this is situation.

The countries where we see, I mean, an improvement are more countries such as Romania, Czech Republic. And we keep, of course, the very positive momentum in the countries of the South of Europe, i.e., Portugal, Spain and Italy.

Regarding your second question and so for Brazil and the time line for the legal action, as I was mentioning, we -- so we are currently working on this action. Actually, what we are trying to do, we are trying to get some clarification through this legal action in order to succeed the operational implementation of the decree. And that's why in parallel, we are running a discussion with the government.

In terms of timing, what we are doing is we had to take into account the summer holidays first in Brazil because this is currently summer holidays even for the legal system. And in terms of timing, we would go through a quite fast process, seeking again for clarification and potential suspension of some elements, and this can be obtained in a couple of weeks. So that's the goal. So by mid of February, hopefully, we should get a fairly [indiscernible].

The next question, sir, is from Hannes Leitner of Jefferies.

Maybe here just a follow-up on the Brazilian situation. Could you speak about the points where you feel a suspension or a reversal could be most likely? And then just in terms of the Romanian project, can you talk maybe about like public social programs? How do you see 2026 evolving in that regard given the macroeconomic situation in Europe? Do you expect that this year will be a little bit more compensated by government programs? Or is that somewhat related to the macroeconomic?

Okay. Thank you, Hannes. Maybe, Stephane, you want to answer regarding the Public Benefits program, and I'll come back on Brazil.

Hannes, so on the front of the Public Benefit program, so we are seeing and this was anticipated in our guidance for the year, a scale-down, an exit of some public programs in Europe, in Continental Europe. So you noticed, and this is one of the reasons why the organic growth in Continental Europe is low. We have the end user portfolio, as Aurelien mentioned, but we have this strong impact from Public Benefit program as well as the lower float revenue organic growth.

But on this -- so we don't expect any recovery. It's more a slow scale-down in this fiscal year '26, which is again well anticipated. And so we are more counting on a kind of rebaselining in this respect for the coming years. So this year is more of a transition year in terms of Public Benefit. However, we are still considering this program as strategic. They are good opportunity for us to connect with public authorities, and they are profitable program for us, even though the economics are slightly different compared to the more standard Employee Benefit program.

Referring to the very beginning of your question, there is just one of this program, but which is not a Public Benefit program. When we refer to a specific large program in Romania that has been delayed. This is an Employee Benefit program for a public client, but this is an Employee Benefit program. And on this one, we expect this program to resume later in the year in Q3. But this is going to be something providing growth for the Employee Benefit line of service.

Okay. Thank you, Stephane. And regarding the possibility of suspension and some reversed measures following our legal action plan. Look, it's -- what we've been doing is really running the 3 workstreams in parallel. So I mean, our top, top priority is to make sure that we will be fully operational in the given time frame, even though we consider this time frame as extremely challenging for the whole industry, not just for Pluxee. And so our priority is really the implementation of our competitive open-loop offer.

And again, I'm building on our proven 4C capabilities because we already have an open-loop offer, but we want really this offer to be the best of the market and to be ready for mid of May. And we've been already engaging with our clients. So running negotiations because we cannot afford to wait for any decision from the court. Having said this, we are through the legal action, we would be seeking for clarification and potentially get some suspension. It might be some temporary suspension as well. It's too early to tell you this will be on this point or on that point. But we do have hope.

But again, we don't put all, let's say, all our eggs in the same basket. And we understand what is the ambition of the Brazilian government. And actually, we are totally in line with their willingness to extend the system to a maximum number of Brazilian employees. But it's more the feasibility and the way to go that we found initially quite aggressive and not totally in line with the discussion that we were running with them.

Next question, sir, is from Pravin Gondhale of Barclays.

Firstly, on Romania, the cutoff effect that you flagged. Could you please elaborate what is driving this delay in ordering? And if you have any visibility on when ordering is expected to be resumed? And then if you can help us quantify the impact of this Romanian contract on organic growth and any other financial terms there?

Stephane, you would...

Pravin, this is, of course, as we said, a large contract, but this is not a significant contract. So we expect this contract to resume in Q3 of this year. The reason why it is delayed, this is related to budgetary constraints from the state in Romania and the country is facing some challenges. This is a contract for some public servants, an important contract, and we expect this contract to be placed in Q3. In case this was not to happen, there will not be a significant hit in terms of organic growth of revenue for the full year. It will be more impactful for the business volume.

All these kind of Public Benefit contracts are significant. They represent significant business volumes, but -- and the take-up rate, this is not exactly a take-up rate. This is why we don't disclose the take-up rate for Public Benefit because the economies are organized differently with the public authorities. They are profitable, but the translation from business volumes to revenue is lower compared to the Employee Benefits segment.

The next question is from Justin Forsythe of UBS.

First, I wanted to ask on Brazil. Just at a higher level, your take rate when open-loop is fully implemented is going to be going from roughly 5-ish percent, I believe, down to 1.6% is the interchange cap. So I mean, we're talking about losing potentially when it's all said and done, 2/3, it seems of your Brazil revenue. Correct me if I'm wrong here. So -- and this is all very high incremental margin, I would assume close to 100% drop-through. I mean this seems like it could be a fairly material drop to your -- you gave us a half year impact-ish and there's some phasing challenges there when you cut the guidance.

So -- maybe you could just talk a little bit about the full-fledged EBITDA impact that will hit in 2027 and what the change could be to maybe current expectations? And it would be appreciated if you could help us understand in a little bit more detail the mitigation actions you're taking. So I know you mentioned at a higher level that you're going to be taking cost actions in Brazil. What exactly is it? Or will be potential employee risks or marketing spend or what have you?

And secondarily, on Brazil, another question. You spoke a little bit about having to do incremental work to implement the open-loop proposition. Could you just unpack that a little bit more? What do you or don't you have today that you'll need to build out to make that system ready to go from a technological perspective when the regulation is fully rolled out?

Stephane, do you want to start and I will follow on the action plan, the details of the action plan.

So Justin, regarding the impact, so your assumption on the current situation in the market is close to what we have. However, you said, if I'm not mistaken, that we are going down to 1.6% in terms of MDR. So the cap for us, so the cap is going to be 3.6%. And then at the time when the 4C is fully implemented, we will be limited to 2% as interchange fee. So this represents a significant downside, of course, in terms of revenue from merchants. At the same time, in Brazil, we are still providing our clients with some services, some kind of marketing services that will be reduced in order to partly compensate this downside in the merchant commission.

Overall, we are not talking about a 2/3, as you were saying, decrease of revenue. It's more likely to be in the end when -- and if -- again if everything is implemented as currently contemplated and in the time line that is targeted by the local authorities. So if everything is implemented as contemplated, we're going to face in the second half of this year, fiscal year '26, 40% decrease of revenue compared to the year before in Brazil, and it will be a little bit higher than this in H1 of '27, something close to 60%. And why is it going to be a little bit higher, the impact in the first half of next year? This is because, first of all, we are still delivering growth right now in H1 of this year in Brazil. So the comparison base is going to be higher. And second, all the measures would have been implemented.

And as explained by Aurelien, there's going to be a ramp-up in the implementation of those measures. So in the end, if you look because this was part of your question of the situation in '27, Brazil -- the revenue in Brazil is more likely to be reduced by something like 50%, so not 2/3, by 50%. However, we are targeting and Aurelien is going to elaborate more on this to keep in the end, our margin unchanged as we are going to implement some mitigation action plans, some adaptation to the new operating model in the countries.

So overall, to make it short and fully answer your question, in the end, when everything -- and again, if everything is implemented as contemplated, 50% reduction in the top line of Brazil, but with an EBITDA margin that will be reduced as well by 50% because we will target to keep the contribution unchanged in terms of EBITDA margin.

And so to go into more detail regarding the action plan and what we have to build and what we had already -- because I mentioned that we already have an open-loop solution for the meal benefits in Brazil. Now what we are currently working on is how to optimize it on 2 aspects. First, to make sure that we are aligning the experience both for our clients and consumers so that it is at least as good as the ones that we've been delivering with our core product so far.

And the second aspect is more making sure that we're going to work with the best technological partners. So we are currently renegotiating with all our partners involved in our open-loop solution. And we are taking advantage of benefiting from, I mean, much bigger volume. And we are also leveraging the expertise from Santander on this aspect, both from -- through their relationship with the scheme provider and Santander being also an acquirer in Brazil through their subsidiaries, Getnet. So that's the first thing regarding, I mean, the system itself. So we have no concern. We will be ready for mid of May. And so we'll be ready if it's confirmed that for mid of May, we need to be [indiscernible].

After in terms of mitigation action, so Stephane mentioned on the client side, so we -- and I told you that we started already the client renegotiations. So we are reviewing with them the condition of their contracts and some of them have benefited from concession. That we are currently, again, renegotiating. Some of them, we are benefiting -- their employees were benefiting or have been benefiting from value-added services around new specific benefits around health and well-being. This is also what we are rediscussing with our clients. So this is one element.

And the other major element is the adaptation of the organization because our operating model, if we shift all our volume from a 3 corner model to a filter open-loop model, the operating model will be different, and we'll adapt our organization. So indeed, part of the organization, which is today related to the management of this 3C model and 3C offering, notably in the merchant department will not be needed anymore. So we do expect to see some -- indeed some optimization of structure in Brazil.

And on top of it, both in Brazil and at group level, we are taking advantage of AI to keep on optimizing our processes and looking for efficiencies. So it will feed this mitigation plan as well. And finally, at global level, we decided to anticipate and to make sure that we would support the local efforts. So that's why we have reviewed our global priorities and making sure that we keep on investing in the ones that we will deliver good results, strong results in the short and the midterm.

The next question is from Ed Young of Morgan Stanley.

My first question is on the contract wins in Italy. You mentioned the lots awarded by CONSIP. I wonder if you could just give a bit more color around the innovation you've done there and the general sort of level of market competition given the change in the regulatory structure in the background.

The second question is, you mentioned in the presentation and in your remarks, a diversified M&A pipeline across geographies and deal sizes. I wonder if you could talk a little bit about what kind of range of deal sizes you're indicating there? And related to that, there's been press reporting for a while now about food delivery companies potentially be interested in acquiring Employee Benefits businesses in Brazil. Would you also be open to disposals to recalibrate your regulatory risk profile or your overall business mix? Or is that not on the cards?

Stephane, you want to start and I will complete...

With the M&A pipeline...

M&A pipeline -- the divestment.

Okay. So Ed on the M&A pipeline, there are -- as we said and as we commented, yes, we have a large range of potential opportunities, but still looking at them with the same rigor and discipline. For us, this M&A pipeline is a good opportunity to feed further organic growth in the future with all the synergy that we might expect from this acquisition. But there are no specific thing that I can say, this kind of transaction of -- and there are different potential sizes from small to much larger. Cobee, if we leave aside, the Santander partnership has been the biggest one that we made so far, but we are -- we have in the pipeline some bigger potential acquisition than Cobee.

And we have and we completed some smaller like ProEves or Skipr that we closed recently. So there is nothing I can say more specifically. We'll see what is coming. What I can tell you is that this is still for us a strategic lever to accelerate in terms of organic growth. And we are still rolling this strategic road map with the same rigor and discipline.

And regarding your specific question on Brazil, Brazil remains for us a strategic country. As Aurelien explained, we are supporting the changes with the purpose to go on developing even further our market. Of course, we are considering that there are some measures that might be counterproductive. But overall, the trend is good. And for us, the country really remains strategic. And so we have no intent to dispose of our business in Brazil so far.

Definitely not. But it's fair to say that, I mean, in Brazil, we could expect some -- still some consolidation movement, some -- between other players because there will be a significant effect for all the industry in Brazil. Now regarding Italy, so the wins of the -- indeed, the 4 regions, the 4 lots with CONSIP. First, I'd like to remind you that this happened while we were renegotiating all our client commissions. So I'm very, very pleased that in the meantime, in parallel with this massive campaign, which took us a lot of energy and with the positive outcomes that we got, both development and the net retention trends have remained strong in Italy.

And for me, the CONSIP success demonstrates a strong alignment of our solutions with the local client needs, so in this specific case, with CONSIP, but it goes further. And it confirms as well the solid commercial traction that we are experiencing in the market. So overall, for Pluxee in Italy, and we always said that it's -- even though it's -- in terms of contribution to the financial aggregate, it remains still small. We see it as a strategic country, and we are confident in our ability to continue to create long-term value for our clients there.

The final question, gentlemen, is from Andre Juillard of Deutsche Bank.

Two short questions, if I may. First one about France. Do you have some more color about the budget discussions that are just starting? And do you still hear about this potential tax improvement of 8%, first question. Second question about Brazil. When we look at the 3 main measures of the decree, -- but what are the main actions you want to develop on the legal case. Is it mainly the interoperability? Or do you focus on the other ones, slightly more colored picture would be appreciated.

Okay. Thank you, Andre, and Happy New Year to you. So regarding France, so first, this 8% taxation measures, which was a project back to September, it's no more the agenda because it was part of the project of the social security financial bill. So -- and this bill was voted before Christmas. And so there is no employer contribution measure anymore. So this topic is no more on the table.

After talking -- I mean, elaborating maybe more on France, it's fair to say that for now, the meal voucher reform project has not been taken up by the new government, which is still fully focused on the 2026 finance bill, it was [indiscernible].

But having said this, we remain at the disposal of Serge Papin with the minister in charge of small and midsized enterprise and tourism and purchasing power to pursue the discussion. Personally, I'm optimistic that the discussion will resume, but the unknown at this stage is the timing. So this is for France.

And for Brazil, again, I mean, I don't want to disclose the full legal strategies that we're going to adopt. But I mean, seeking clarification, it's indeed more about the feasibility of shifting the full volume of all the player from a 3 corner to a filter open-loop for the mid-May 2026 because it seems quite unrealistic. So those are the type of measures that we are questioning.

Interoperability, indeed, the notion of interoperability and the way to implement it is quite unclear. This should happen mid of November '26. And again, we would like to know more about what is expected from us. So again, it's more about operational and time line-wise questions that we -- for which we are seeking clarification.

Gentlemen, Ms. Bireaud. That was the last question. Back to you for any closing remarks.

Thank you. So thanks, everyone, for your attention this morning. In closing, I would like to reiterate our confidence in the future, underpinned by a strong start to the year, a resilient and adaptable business model and, of course, our continued determination to deliver robust operating and financial performance over the long term. And with that, I wish all of you a very good day, and see you in April for our H1. Thank you.

Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephones.

Good afternoon, everyone. On behalf of the Board and the management team, I am delighted to welcome you to our annual meeting. I would like to warmly thank our shareholders for joining us today. I am Didier Michaud-Daniel, Executive Chair of the Board of Pluxee and I am very pleased to officially open Pluxee's second shareholders' general meeting.

I'm here today with Aurelien Sonet, Pluxee's Chief Executive Officer; Stephane Lhopiteau, Chief Financial Officer; and Béatrice Bihr, Chief Legal Officer and Group General Counsel, who will serve as Secretary of the General Meeting. We are also joined by Mr. Feico van der Ploeg, representing Pluxee's external auditor, PricewaterhouseCoopers accountants, who will comment on the results of the financial statement audit.

Before giving the floor to Béatrice Bihr, I would like to highlight some key takeaways from the past fiscal year. Fiscal '25 was a milestone year for Pluxee marked by meaningful advancement in the execution of our strategic road map. In just a few minutes, Aurelien Sonet will walk you through these achievements in more detail. For now, I want to recognize his tremendous contributions. He drove the execution of our strategy and guided our teams to achieve solid results, all while navigating a complex political, economic and regulatory environment.

Throughout the year, Pluxee continued to see the opportunities across the high potential employee benefit and engagement market. Demand for our solutions continued to be robust underscoring the resilience of our business model and the relevance of the solutions we provide. Pluxee strengthened its global leadership supported by its continuously enhanced digital offering. It also expanded in key markets, announcing strategic acquisition in Europe, Latin America and Asia.

All these achievements have been made possible by our more than 5,600 employees around the world. I'd like to thank them for their ongoing enthusiasm, talent and dedication. Moving forward, they are fully prepared to further strengthen our leadership all while successfully navigating the challenges before us. I'd also like to thank our Board of Directors for their oncoming ongoing commitment and contribution. With the continued support of our controlling shareholder Bellon S.A, we will continue to consolidate our position as a leader in employee benefits and engagement sector.

We will keep delivering a tangible positive impact for businesses, public institution and beneficiaries worldwide.

I will now hand over to Béatrice Bihr to share the agenda for today's session. Béatrice?

Thank you, Mr. Chairman. I'm pleased to act today as Secretary of this general meeting. To start, I can confirm that the quorum of 1/3 of the issued and outstanding share capital has been duly met. Therefore, the general meeting can validly deliberate on the resolutions on today's agenda. The general meeting is recorded, and a replay of today's webcast will be available on our website.

Now let's move to the topics of speakers for today's meeting on the next slide. Aurelien Sonet will open the session by presenting the highlights of fiscal 2025 and delivering a strategic vision. Stephane Lhopiteau, our CFO, will then provide a detailed overview of the group's financial performance and will present Pluxee's financial objectives for the coming fiscal year.

Following this presentation, Pluxee external auditor PricewaterhouseCoopers represented by Feico van der Ploeg will then present the external audit report. Then Didier Michaud-Daniel will return to share a few words on the functioning of our Board and our commitment to achieving excellence in corporate governance. I finally will say a few words on remuneration and present this year resolutions, followed by a question-and-answer session and the vote on the resolutions.

As a reminder, only shareholders attending in person or by proxy can vote during the general meeting. You can see on the next slide, the list of these resolutions. As part of their presentation, Aurelien and Stephane will address Item 2A, report of the Board for fiscal year 2025, and Item 2C, annual accounts. They will also cover items 3A and 3B presentation of our dividend policy and adoption of the dividend proposal. Please note that items 2A and 3A are not subject to vote. I will then cover the remaining items on the slide.

And now it's my pleasure to give the floor to Aurelien Sonet, who will take us to the group fiscal 2025 highlights.

Thank you, Béatrice, and good afternoon, everyone. It's a pleasure to be with you today for Pluxee's second Annual General Meeting. I will start by outlining the key achievements and figures delivered in fiscal 2025, which has been another strong year for the group. After this overview, Stephane Lhopiteau, our CFO, will take you through our financial performance in more detail and review our objectives for the coming year.

Let's begin with the main milestone from fiscal 2025. It was a pivotal year for Pluxee. We step up the execution of our strategic road map, both organically and through targeted M&A and delivered above expectations across all key metrics. Throughout the year, we announced our global employee benefits and engagement offering and more broadly, our value proposition to our 3 stakeholders, driving business volumes up to EUR 24 billion for the fiscal year.

M&A played a decisive role reinforcing our presence in key markets, broadening our offering and integrating innovative technologies. It was a busy year during which we deepened our partnership with Santander in Brazil. We integrated Cobee and rolled it out in Spain, Mexico and Portugal and completed 6 additional bolt-on acquisitions such as Skipr, an employee mobility specialist present in Belgium and France.

Overall, we were very pleased to announce that the group met and in some areas even exceeded all its main business and financial objectives. This strong performance demonstrates the relevance of Pluxee's value proposition and the effectiveness of the group's strategy. I am very proud of these results, which reflects the relentless commitment of our teams around the world.

Now let's look at the key highlights of the year in a nutshell. First, we continue to see strong momentum in new client acquisition with a growing contribution from SMEs year-on-year. Second, despite weaker portfolio growth, reflecting current macro uncertainties, we maintain net retention rate of 100% in line with our midterm objective. And lastly, our recent M&A transactions, a core pillar of our growth model are already delivering positive revenue contributions. This translated into, first, a solid top line organic growth, supported by continued strong momentum in Employee Benefits.

Second, robust margin expansion primarily fueled this year by operating improvements, underscoring the operating leverage of our model and the headroom for further margin gains, and third, an outstanding cash generation and conversion.

Let's now take a look at our fiscal 2025 performance against our objectives. As just mentioned, we delivered across our 3 key financial objectives in fiscal 2025. We recorded a plus 10.6% organic growth in total revenues, fully consistent with our low-double-digit objective. We achieved a significant expansion of 230 basis points in recurring EBITDA margin compared to plus 150 basis points previously.

This demonstrates both the operating leverage of our platform and our ability to drive efficiencies. And finally, we delivered 89% recurring cash conversion, well above our target of above 75% on average for fiscal 2024 to 2026. All these strong results have enabled us to revisit our shareholder return for fiscal 2025.

Indeed, consistent with our disciplined approach to capital allocation and our commitment to revisit regularly our framework, we have decided with the support of the Board to further enhance shareholder return for fiscal 2025 through a combined approach, including, first, a dividend of EUR 0.38 per share, up plus 9% compared to fiscal 2024, representing a total dividend distribution of approximately EUR 55 million, subject to shareholder approval today.

And second, a EUR 100 million share buyback program, leveraging our record cash flow generation and significant increase in our net cash position. Now before jumping back on the commercial performance delivered by the group, I just would like to remind you the key pillars of our strategic road map. You may be familiar with this slide, which is a recap of our strategic framework that we presented at our Capital Markets Day in January 2024.

As a pure player, the group strategy is twofold, reinforce our leadership in Midland food benefits and augment our wider employee benefits and engagement offer. This strategy is enabled by our digitally skilled, diverse and highly engaged talent, our best-in-class scalable tech and data platform and a target and disciplined M&A strategy.

All of this is underpinned by our strong sustainability commitment and our overall goal to have a positive impact on our ecosystem. Before presenting how we have successfully delivered on our strategic initiatives, I would like to remind you how Pluxee creates value for each of its key stakeholders. Pluxee's tech-enabled one platform ecosystem connects together a large number of clients, consumers and merchants, processing more than 4 million transactions every day.

Our relentless focus on delivering value to every stakeholder drives the group's sustainable long-term profitable growth. Starting with our strong client base, let me share the example of our long-standing relationship with Skoda in the Czech Republic. Since the beginning of the contract in 2019, in response to Skoda's employee retention challenges, we have progressively implemented a broader benefit structure to address their evolving employee needs, while also advising the company on an attractive annual contribution per employee.

As a result, we have multiplied annual business volumes by more than 40x over the past 6 years. And today, over 37,000 active users benefit from our tailored multi-benefit solution. Through our B2B2C model, we are also strongly committed to delivering value to our 37 million consumers. The acquisition and seamless integration of Cobee demonstrates our proven ability to offer flexible personalized choices and elevate the employee experience. And I'll come back to this later in the presentation. And finally, we are constantly enhancing the value we offer to our 1.7 million affiliated merchant, especially through targeted cross-sell initiatives.

In Colombia, for instance, we have deployed local advertising campaigns to our merchants, enabling them to raise visibility, attract more customers and grow their sales, while supporting local shops growth, it also reinforces our local ecosystem. Let's now see how it translated into strong commercial performance in fiscal 2025.

Pluxee has maintained a strong business momentum through fiscal 2025, even amid persistent macroeconomic headwinds in certain countries. Starting with new client development. We have once again outperformed our objective, generating EUR 1.5 billion in annualized PVI from new clients in fiscal 2025, well above our EUR 1.3 billion annual target. Our net client retention rate also remained consistently at 100%. This was achieved through a combination of improved client loyalty, further increase in face value and steady cross-selling while absorbing end user portfolio evolution.

Looking more closely at the face value driver, which supports net retention, it contributed an incremental EUR 1.1 billion in business volumes issued over the fiscal year. So this means that we have already reached 80% of our EUR 3 billion target over 3 years. And on this specific topic, we are quite confident for the years ahead given the recent announcements in terms of increases in face value legal cap in several countries.

Now that we have discussed business performance, let's move on to our M&A strategy and how we've been progressing with recent integrations. Since the spinoff, we have completed 8 transactions comprising of 1 strategic partnership and 7 bolt-on acquisitions, including the most recent one signed in early fiscal 2026.

We have been and will remain guided by a clear strategic framework centered on 3 key priorities: expand business volumes to consolidate the group's market share, broaden our offering and product portfolio to deliver more value to both employers and employees and enrich our technology capabilities to accelerate innovation, scalability and end user engagement. Step by step, we are strengthening our track record in sourcing and acquiring targets while demonstrating our ability to successfully integrate them and generate growth synergies.

Looking ahead, our M&A pipeline remains strong and diversified, spanning multiple geography and deal sizes, consistent with our global strategic road map and our solid balance sheet. Let's now take a closer look at how we are integrating these acquisitions and the tangible impact that they are already having on our strategic positioning and our performance. These recent partnerships and acquisitions are progressively delivering incremental value, including through initial synergies.

In Brazil, our exclusive distribution agreement with Santander is now fully activated and gaining strong traction. Concretely, monthly volumes generated through the bank's distribution network have doubled year-on-year, underscoring the effectiveness of this partnership. Still in Brazil, the acquisition of Beneficio Fácil has allowed us to internalize the employee mobility benefits, further enhancing our multi-benefit offering. New client wins, notably through Santander, are already supporting commercial traction.

Lastly, the successful integration of Cobee has propelled Pluxee to the #1 position -- market position in Spain. It is built on our best-in-class multi-benefit platform and our proven ability to engage employees through a fully digital, intuitive and flexible experience. The results are tangible, employees' opt-in rates have increased by 50% on the clients that we migrated, demonstrating both the appeal of Cobee's model and the success of our integration.

I'd like to briefly touch on our sustainability road map, which is fully embedded in our strategy. This road map is built around 4 core values, each supported by clear and measurable targets. First, Pluxee act as a trusted partner with 98.7% of our employees being trained in responsible business conduct. Second, we empower individuals while promoting diversity with 40.6% of women currently holding a leadership position.

Third, we strengthened local communities with EUR 7 billion in business volumes, reimbursed to small and midsize merchants. And finally, we reduced our environmental impact with a current 23% reduction in carbon emissions compared to our 2017 baseline. Before I hand over to Stephan, a few concluding words, fiscal 2025 was another very strong year. and we are entering fiscal 2026 on solid foundations. However, the regulatory change in one of our key markets, Brazil, has forced us to revise our financial outlook for fiscal 2026. During his presentation, Stephane will remind us of the projected impact. While the evolution may require us to rebase our financial, the resilience of our business, together with our proven expertise and our agility in adapting to evolving regulatory frameworks, enable us to maintain positive prospects, both at the top line and the profitability level, even under the most conservative scenario.

By focusing on the execution of our value creation road map and mobilizing our engaged teams I am confident that the group will continue to deliver sustainable, long-term profitable growth.

With that, I will now hand over to Stephane, who will take you through the financial details.

Thank you, Daniel, and good afternoon, everyone. It is my pleasure to be with you today to present our financial performance for fiscal 2025, starting with the evolution of our business volumes issued on the next slide. The sustained growth in business volume issued or BVI, has been one of the key growth drivers to Pluxee top line growth over fiscal '25.

Over the year, Total BVI reached EUR 24.5 billion. It was fueled by Employee Benefits BVI, which reached EUR 18.7 billion, up plus 7.6% or plus 8.5% when excluding the one-off effect related to the purchasing power program in Belgium. Such growth in Employee Benefits BVI was driven as Aurelien already mentioned by, first, strong new client development across both large account and SMEs.

Second, the net retention rate maintained around 100%, supported by enhanced client loyalty, further increase in face value and steady cross-selling. And third, the positive contribution from recent M&A transactions through both growth synergies and positive scope effect. However, performance was also affected by persistent macroeconomic headwinds leading to increased pressure on end users' portfolio across an expanding set of markets, notably Continental Europe and Mexico and within sectors like temporary staffing, consulting and manufacturing.

On its side, BVI from other products and services remained stable in fiscal '25 at EUR 5.8 billion mainly due to the public benefit segment, reflecting the discontinuation of large programs during the year, primarily in Romania and Chile, the latter being partially renewed from March 2025 onwards.

Let's now see how this BVI organic growth fueled our solid revenue organic growth. Total revenues reached EUR 1.287 billion in fiscal '25, up plus 10.6% organically, fully in line with the group's low-double-digit growth target. Fiscal '25 total revenues were made of EUR 1.125 million in operating revenue up plus 12.3% organically and EUR 162 million in float revenue, up plus 12.6% organically. This strong performance in fiscal '25 underlines Pluxee's ability to deliver sustained top line growth in an increasingly challenging and volatile environment.

Although revenue trends varied across regions, our diversified geographic footprint supported top line growth in fiscal '25. Two regions delivered strong double-digit organic growth in fiscal '25, namely Latin America and rest of the world, while Continental Europe was tempered by a challenging macroeconomic environment and a high comparable basis.

Starting with Europe. Even amidst a tempered growth environment, the group continued to benefit from solid momentum in Southern Europe, particularly in Spain, supported by the Cobee acquisition. In Latin America, Pluxee delivered strong performance led by Brazil with the fully operational Santander partnership and further market penetration while commercial activity remains strong in Hispanic LatAm, notably in Chile with the renewed Junaeb Public Benefit program.

In the rest of the world, the group achieved double-digit organic growth, driven by Turkey through increased face value from existing clients and deeper benefit market penetration. As expected, performance in U.K. and U.S. remained below group standard amid ongoing business repositioning. This strong total revenue growth mainly driven by Latin America and Rest of the World has translated into strong margin expansion as shown on the next slide.

Recurring EBITDA rose strongly, up plus 22.2% organically to EUR 471 million, up plus 9.4% on a reported basis. Recurring EBITDA margin reached 36.6%, up plus 230 basis points organically and plus 102 basis points, including the currency and scope effect driven by solid operating profitability gains across all 3 regions. This robust performance was primarily supported by the inherent operating leverage embedded in the group's business model. It was further enhanced by the initial positive contribution from certain recently closed acquisition commented by Aurelien.

The margin expansion also reflects efficiency gains achieved through first, the strict cost basis monitoring; second, our constant portfolio rationalization efforts; and third, the end of one-off effects related to the spin-off. Altogether, this translated into a plus 235 basis points organic expansion in recurring operating EBITDA margin, I mean here, excluding float revenue. And it was further supported at the recurring EBITDA level by favorable flow-through from still growing float revenue, notably in Latin America and rest of the world.

This strong growth in recurring EBITDA fueled solid performance through the income statement, all the way down to adjusted net profit, and it contributed to the strong free cash flow generation as disclosed on the next slide. Adjusted net profit group share reached EUR 221 million, up plus 8.4% year-on-year compared to EUR 203 million in fiscal '24, mainly driven by the strong improvement of recurring EBITDA. I remind you that this metric adjusted net profit group share serves as a basis for our dividend distribution. And we are once again very pleased with our cash flow generation this year. We delivered record recurring free cash flow of EUR 417 million, up plus 10% year-on-year, resulting in a cash conversion rate of 89%, exceeding once again in fiscal '25 or 3-year average target of above 75%. This strong cash generation and high cash conversion clearly demonstrates the group's disciplined execution and sustained operational efficiency and it enhanced our financial flexibility. This strong cash generation indeed strengthened our capital structure and financial profile as of end of fiscal '25.

The group's net financial cash position increased by EUR 108 million over the year, up to EUR 1.163 billion of net cash as of year-end. It was mainly driven by the positive inflow from the EUR 417 million of recurring free cash flow, as we have just seen. Main outflows over the fiscal year included primarily EUR 148 million linked to the payments and related impact of the acquisition completed in fiscal '25, notably Cobee in Spain.

It was partly offset by the disposal of the nonconsolidated investment . And then these outflows also included 65 million related to dividend distribution to both shareholders and noncontrolling interest, EUR 50 million of other impacts related mainly to the cash out from other income and expenses and from the purchase of treasury shares and EUR 47 million of unfavorable currency effects on cash position, excluding restricted cash. This very solid net cash position is also reflected in our BBB+ rating that was just confirmed by the recent S&P credit update.

This strong Pluxee's net cash position allows us to actively deploy our capital allocation strategy, which I will review on the next page. Over fiscal 2025, we have pursued the deployment of our capital allocation strategy focused on our 3 core pillars: investing for future organic growth through CapEx, acquiring targeted and value-accretive business through M&A and returning capital to shareholders. First, we maintained our investment policy in CapEx to support sustainable organic growth. Although this year's CapEx to revenue ratio was temporarily slightly lower, our investment focus remains strong, particularly in technology and data.

Second, we continued to deploy our targeted and disciplined M&A strategy. As Aurelien highlighted earlier, all our recent acquisitions have fully met expectation, clearly evidenced by their progressive positive contribution to growth once integrated. And lastly, we remain fully committed to returning value to our shareholders. The initial step in our shareholder return policy is the dividend. The shift last year for fiscal '24 to adjusted net profit as the basis for dividend payout sent a clear and confident signal to our shareholders. Accordingly, we are proposing this year for fiscal '25 to increase the dividend from EUR 0.35 to EUR 0.38 per share, representing a plus 9% uplift.

In addition, we have launched a EUR 100 million share buyback program. This is a testament to our focus to shareholder return and to our confidence in the group's future performance. And I will now conclude this section by reminding you of our financial objectives for fiscal '26. Back in January 2024, we set ambitious medium-term financial objective. And over the first 2 years of the plan, we can clearly say that we delivered and even outperformed those targets.

Now the macroeconomic environment in which we operate and more recently, the regulatory framework in Brazil have been changing. As Aurelien mentioned, the presidential decree, which is reforming the PAT program in Brazil, is introducing evolution to the merchant discount rate, the reimbursement deadlines and the voucher processing system. Although significant uncertainties remain about the reform scope, operational feasibility and time frame we have decided to revise our fiscal '26 financial objectives on the most conservative scenario in Brazil. Our debt reflects worst-case assumption including the full implementation of the reform according to the announced time table, meaning starting to be applied from mid-February 2026. And this update incorporates a set of mitigation action that we will deploy depending on the measures ultimately applied.

Consequently we now expect for fiscal '26 stable total revenues like-for-like to be compared with high-single-digit organic growth announced previously, slight organic expansion in recurring EBITDA margin to be compared to plus 100 basis point margin expansion initially and around 80% average recurring cash conversion rate over fiscal '24 to '26. Beyond fiscal '26 and provided the announced measures and timing are confirmed, our financial will still be impacted in the first half of fiscal '27. But from the second half of fiscal '27, we expect to be back on a sustainable and profitable growth path.

In conclusion, I would like to reaffirm our confidence in the future, grounded in our strong performance track record and the solid foundations we have continued to build on. Looking ahead, we remain committed to reinforcing Pluxee organically and through M&A to deliver long-term profitable growth.

And with that, I will now hand over to Feico van der Ploeg for the auditors report.

Thank you, Stephane. Good afternoon, everybody. My name is Feico Van Der Ploeg. I'm the auditor on behalf of PwC in the Netherlands, and I'm happy to comment on our audit. As you can see in Section 4.3 of the annual report, we have issued a long-form audit opinion, which is unqualified as to the nature.

Included in that long-form audit opinion, we have described explicitly our materiality, the scope of our audit and the key audit matters. And I would like to go into a little bit more detail on these topics. But before doing that, maybe a short comment on the setup of the Pluxee audit. As you know, Pluxee N.V. is a Dutch entity, but headquartered in France. That means that we have a combined group engagement team, combined meaning PwC France and PwC, Netherlands included and we do that in good cooperation and in good communication.

We are both represented in every audit committee that is taking place. The ultimate responsibility lies with PwC in the Netherlands. And as you might know, this is our second year of auditor. If I go to materiality, the materiality determines the depth and the scope of our audit work. We base that on what we consider relevant for the users of the financial statements. And on our professional judgment, we -- that we use -- the materiality is determined at EUR 16 million, which means a percentage of recurring operating profit before tax. What we've agreed with the Audit Committee and with management is that we report all unadjusted items over EUR 1.6 million to them. And we use a lower materiality on certain specific items, like, for example, the Board remuneration where we use a materiality of EUR 1.

That should be a point blank. The scope of the audit is for this year that we ordered Pluxee N.V. in 12 locations, a full-scope audit, all audited by PwC. With that, we reached a coverage of 73% of revenues, 81% of the assets and 74% of profit before tax. For the remaining countries, we perform alternative procedures and we, as group auditors, are actively involved in the local audits. That means we send instructions to our colleagues in those countries. We have regular meetings with them. We review the working papers of the work that has been done. And this year, we visited Brazil and Turkey as part of the group audit procedures.

Now heading over to the key audit matters. Key audit matters are those matters that we consider in our professional judgment, were of the most significance in our audit. They are explicitly mentioned in the audit opinion. And like last year, we have 3 key audit matters. The first one is the measurement of the recoverable amount of goodwill and I refer to the disclosures in Note 7.1 goodwill and Note 7.3, impairment of noncurrent assets. And we consider this to be a key audit matter, driven by the amount. It's a big amount of approximately EUR 800 million and because there is inherent uncertainty of certain inputs used in determining the valuation of the goodwill like achieving forecasted results, but also growth rates that are being used.

In terms of audit procedures, they include obtaining and understanding and a critical review of the method applied and whether that is consistent with IFRS, IAS 36. We verify mathematical accuracy. We assess the assumptions underlying the projected cash flows through inquiry of group management, and we assess the budget process. We look at the reasonableness of the discount rates that are being applied, and we do that with the help of our valuation experts and also important, we assess the sensitivity analysis of values and use to changes in the main assumptions.

So what assumptions are being used, and we stress test these assumptions there. Last but not least, we look at the adequacy of the disclosures in the financial statements, and we have -- we concur with how the goodwill is presented at value. There are no material findings from our perspective. The second key order matter relates to revenue recognition. For that one, I refer to Note 5.1 in the segment information and revenues information. Pluxee operates in different countries with different regulations regarding employee benefits. This, together with the risk of overstating revenues in the first years of a stand-alone company resulted in a focus of especially existence and occurrence of revenue, and we recognize that as a key audit matter. We evaluated the design and implementation of relevant controls relating to revenue. We assessed through sample testing where the revenue was adequately recognized in line with IFRS 15 for consumer and merchant commissions based on underlying documentations such as contracts, transaction data and payments.

We obtained confirmations of a sample of clients and merchants and we assess the adequacy of the cutoff of revenues. So have they been properly recorded in fiscal '25. With respect to the flow revenue, we tested on a sample basis whether the revenue has been recognized in line with IFRS 9, also based on underlying documentation. And we looked at the appropriateness of the disclosures. Based on the procedures performed, we found the revenue recognition to be supported by sufficient order evidence and the disclosures to be adequate.

The last key order matter relates to the presentation of recurring operating profit in the consolidated income statement. Pluxee makes a distinction between recurring operating profit and operating profit in the consolidated income statement. It's further disclosed in Note 5 segment information. The key audit matter is driven by the fact that this intermediate aggregate that is included is additional to what IFRS prescribes, and it is not common in the Dutch financial reporting environment. It requires judgment to be applied and the elements presented as other income and expenses, and that's why I think we've included as a key order matter.

The procedures performed include the evaluation and design of implementation of controls relating to the classification of other income and expenses. We tested on a sample basis, the adequacy of the recognition of these costs and income, and we assessed the consistency of the presentation and classification compared to previous years, the listing prospectus that was issued early 2024 and what competitors do in terms of presenting in the income statement. Based on these procedures performed, we found the presentation of recurring operating profit to be supported by sufficient order evidence that we concur with how it is presented and disclosed.

Maybe a word on what we've done with respect to fraud risk. I refer to Section 6, the risk and risk management section in the annual report of Pluxee. We evaluated the design of related internal controls including the code of conduct, whistleblower procedures and incident registration, and we tested the operating effectiveness where applicable. In our audit, we identified ourselves 2 specific fraud risks that are being addressed in our audit. They are both driven by auditing standards and prescribed by them. The first one is the management override of controls.

So management is in a position of overriding internal control. And the procedures that we perform is that we focus on testing specific journal entries based on risk criteria. We look at important estimates that management makes and how they are supported by documentation, and we look at significant transaction outside the normal course of the business. So for example, the acquisitions that took place. The second fraud risk that we include in our order procedures relates to the risk of fraud and revenue recognition, I just elaborated on them in the key audit matter.

Our audit procedures did not lead to any indications or suspicions of fraud. Two last subjects from my side, the auditor independents. We actively monitor the independence of the auditors involved in the audit. We do that in close cooperation with the company and with the Audit Committee and we both need to approve the non-audit services. So we, as group auditors and also the Audit Committee. We periodically report the non-audit services to the Audit Committee and then they approve as well and we can confirm our independence as auditor of Pluxee, we have complied with the auditor independence regulations.

Then last but not least, on sustainability. As you might have seen, we have issued a limited assurance report on 22 sustainability indicators, an increase compared to the 9 of last year. Pluxee is not yet in scope for the CSRD. The CSRD has not been transposed into Dutch law, so there's no requirement yet. But with these 22 indicators, Pluxee is well underway with respect to getting CSRD reporting in place.

That concludes.

Thank you, Feico. Just -- stay just a few minutes. If anyone has a question to Feico on his report. Please note that the other question will be taken during the Q&A session at the end of the presentation. If there is no further question, and thank you, Feico. And Didier will now return to the stage to share a few words about our governance.

So on the governance to support Pluxee on this journey, we have continued to strengthen its corporate governance framework consistently striving to meet best practice standards. Today, I'd like to walk you through several key topics. The composition of the Board and its committees, its competencies and activity highlight as well as the key takeaways from its first internal annual evaluation. In process of Pluxee's long-term value creation, the Board comprise 4 non-executive directors affiliated with Bellon S.A., balanced by 5 independent nonexecutive directors.

Collectively, they provide a broad mix of perspectives and expertise. As of today, women represent 40% of the board members, reflecting the group's commitment to the diversity, equity and inclusion policy adopted by the Board. The Board is firmly committed to promoting gender diversity across proxy and has set goals to increase the representation of women particularly in management leadership positions and digital roles.

On the next slide, I'll share more about the skill set of the board members. Back in '24, as we established our governance framework and prepare for our listing on Euronext Paris, our priority was to build the balanced Board of leaders whose insight and capabilities would drive Pluxee's success.

Today, our Board of Directors bring together a brand range of expertise across key areas. Each member combines significant international experience with a proven track record in general management, finance and M&A, skills that are essential to a global publicly listed company. In addition, they have a strong grounding in sustainability and governance, reflecting our commitment to ethical and responsible business practices. Pluxee's board members also offer deep knowledge in areas central to our business, including technology, digital and data management, payments, marketing and sales. They also bring extensive expertise in entrepreneurship, human resources and cybersecurity. Their insights have been instrumental to driving our business forward.

Over the past fiscal year, the Board met 6 times and notably reviewed progress against Pluxee's 3-year strategic plan. This covered the group's financial trajectory included by geographies, key business, product and technology initiatives as well as its structure outlook. The Board also works closely with management to review and assess strategic objectives and action plans. Regarding the structure, the Board has 2 permanent committees: the Audit Committee and the Nomination and Remuneration Committee.

I'll share more about them on the next slide. Each committee is composed of 5 directors. In fiscal '25, the Audit Committee and the Nomination and Remuneration Committee, both achieved 100% attendance, a clear sign of their commitment. Across both committees, their work covered a variety of strategic topics which you can read more about in our annual report. In fiscal '25, the Audit Committee fulfilled its usual responsibilities, reviewing financial statement, audit reports and related communication. But also addressed other topics such as CSR updates. The Nomination and Remuneration Committee also strengthened its focus on people.

It amended its charter to highlight talent and leadership development as key to Pluxee's long-term success. In addition, 2 traditional matters like appointments, succession planning and remuneration, it reviewed investors' expectations regarding disclosure and remuneration, employee engagement, survey and people review. As the Board began its functions, in January '24, fiscal '25 was our first opportunity to review its achievements and conduct its first internal annual evaluation, ensuring we have robust and effective governance. The Board appointed the Lead Director and Chair of the Nomination and Remuneration Committee to oversee the process. The evaluation examined the Board and its committee's overall functioning and dynamics.

In February '25, the nonexecutive directors met to review the conclusions of the evaluation. I am pleased to share that the results were very positive. Especially as Pluxee's governance have only been in place for 1 year. Directors unanimously agreed at the Board and its committee's composition, functioning and dynamics were highly satisfactory. All directors confirm that the independent directors are fulfilling their role effectively. It was a productive year for the Board, and I'd like to thank all its members, their engagement, and their enthusiasm are a tremendous asset for Pluxee.

Now I will hand over to Béatrice Bihr for an update on the remuneration report. Béatrice?

Thank you, Mr. Chairman. Let me first remind you that the remuneration report was prepared in accordance with Dutch law and can be found in the Section 2.5 of our annual report. The report sets out the main element of Pluxee remuneration policy and its implementation during fiscal 2025. It shows that the compensation paid to the nonexecutive directors and to the Executive Chair in fiscal '25, complied with Pluxee's remuneration policy.

No changes to the remuneration policy are being proposed at this general meeting. The group will continue to benchmark compensation trends in its markets to ensure its remuneration policy remains competitive and aligned with market practices. Following a recommendation by the nomination and remuneration policy, the Board of Directors has updated the remuneration section to include the performance level achieved against each criterion, more detailed vesting scales and explanation on how financial and nonfinancial objectives were met. And also a prospective disclosure of the criteria supporting variable remuneration for fiscal 2026.

The remuneration section for fiscal 2025 will be submitted to an advisory vote today. Let's start with the remuneration of nonexecutive directors. The remuneration is aligned with their role, time commitment and responsibilities on the Board and its committees. Nonexecutive directors shall receive an annual fixed remuneration consisting of based returner fee, an additional retainer fee for the Lead Director in respect of its specific role and additional fees for committee membership and for acting as Committee Chairperson.

Nonexecutive directors are also eligible to receive a separate attendance fee for each Board and committee meeting they attend. Accordingly, a total of EUR 731,000 was paid to nonexecutive directors for fiscal 2025.

Moving to the next slide. We will share more about the Executive Chair remuneration. His remuneration for fiscal 2025 includes a fixed remuneration in line with the skills, experience and scope of responsibilities. Accordingly, the Executive Chair was paid EUR 430,000 for fiscal 2025. It also includes a variable remuneration, based 70% on financial objective and 30% of nonfinancial objectives. These objectives reflected the group business priority for fiscal 2025, and were set and evaluated by the Board following the Nomination and Remuneration Committee's recommendation. Accordingly, for the valuable, the Executive Chair was paid EUR 124,066 representing a 115% attainment rate of its annual objectives.

The Chief Executive Officer's remuneration set by the Executive Chair in coordination with the Board is not part of the remuneration policy. In accordance with Dutch law, it is therefore not subject to a vote. However, we have disclosed it on a voluntary basis in the annual report, including information on its structure, performance assessment and historical evolution. Looking at the next resolutions. Item 3A and 3B on the dividend policy and dividend proposal were previously presented by our CFO.

Items 4A and 4B proposed at the general meeting discharged from liability, the Executive Chair and the nonexecutive directors. This discharge concerned the performance of their duty during the fiscal year 2025. Item 5A concerns the renewal of the authorization of the Board for 18 months to issue ordinary shares and to grant rights to acquire shares up to a maximum of 10% of the company's issued ordinary shares. In connection with the use of the authorization under 5A, Item 5B concerns the renewal of the authorization of the Board for 18 months to restrict or exclude the preemptive rights of shareholders. Item 6 covered the renewal of the authorization of the Board for 18 months to repurchase ordinary shares up to 10% of the company's share capital.

Item 7 concerns the renewal of the authorization of the Board for 18 months to cancel shares in the company's share capital from time to time. Finally, for Item 8, it is proposed to reappoint PricewaterhouseCoopers as the company's external auditor for the fiscal year 2026. The company's audit committee recommended the appointment and the Board concurred with this recommendation. For more details on all these resolutions, please refer to the explanatory notes to the agenda and the notice published on our website on November 5.

Before the vote, we will proceed with a Q&A session.

Thank you, Béatrice. We have not received any pre-submitted questions within the required time frame. However, are there any shareholders in the room who would like to ask questions? So it seems there are no shareholders and no questions in consequence. So we will move to the vote for the resolution set out in the agenda of the general meeting.

So I give the floor back to the Secretary of the General Meeting, Béatrice.

Thank you, Mr. Chairman. I will now explain the voting process. First, a reminder that the record date for the general meeting was November 19, 2025. As of that date, the total number of issued and outstanding ordinary and special voting shares excluding treasury shares, was 208,066,045 shares. The definitive quorum for this general meeting is 92.12% of the issued and outstanding shares. More than 1/3 of the issued and outstanding share capital is represented, and all voting items on the agenda can be adopted by a simple majority of votes.

Shareholders attending in person can vote using the voting device received at the registration desk. Resolution will be submitted for a vote one by one. Now let's look at the slide explaining the voting instruction to use the device. To start, make sure your smart card is correctly inserted to ensure the device is working. Then once the vote is open, simply press the button of your choice: one to vote in favor of the resolution; two, to vote against the resolution; and three, to abstain.

When you see the received notification on your device, it means the vote has been cast. Should you wish to change your vote, you can simply press the button of your choice within the given time. The voting results will be shown on the following slide and will also be published as part of our voting results at the end of the general meeting.

Now I will originally open the vote on the resolutions. Starting with elution 2B. The vote is now open.

[Voting]

The advisory vote for this resolution is now closed. Resolution 2B is adopted.

The vote on Resolution 2C is now open.

[Voting]

Resolution 2C is adopted. The vote on Resolution 3B is now open.

[Voting]

The vote is now closed. Resolution 3B is adopted. The vote on Resolution 4A is now open.

[Voting]

The vote is now closed. Resolution 4B is adopted. The vote on Resolution 4B is now open.

[Voting]

The vote is now closed. Resolution 4B is adopted. The vote on Resolution 5A is now open.

[Voting]

The vote is now closed. Resolution 5A is adopted. The vote on Resolution 5B is now open.

[Voting]

The vote is now closed. Resolution 5B is adopted. The vote on Resolution 6 is now open.

[Voting]

The vote is now closed. Resolution 6 is adopted. The vote on Resolution 7 is now open.

[Voting]

The vote is closed. Resolution 7 is adopted. The vote on Resolution 8 is now open.

[Voting]

The vote is now closed. Resolution 8 is adopted.

Thank you for your participation. We have now finished the vote on the resolutions and I will give the floor back to Mr. Chairman to close the meeting.

Thank you, Béatrice. Thank you very much. So I would like to thank all the shareholders who attended and participated in today's general meeting. So it has been another notable year for Pluxee, during which we have strengthened our position as a leading pure player in employee benefits and engagement.

With that, we conclude today's meeting. I wish you all a joyful holiday season and look forward to welcoming you to our Annual General Meeting next year.

Good morning. Thank you for standing by, and welcome to Pluxee Fiscal 2025 Results Presentation. [Operator Instructions] I advise you that the conference is being recorded today, October 3.

At this time, I would like to hand over the conference to Pauline Bireaud, Head of Investor Relations. Please go ahead, madam.

Good morning, everyone, and thank you for joining us today for Pluxee's Full Year Fiscal 2025 Call. I'm Pauline, Head of Investor Relations at Pluxee, and I'm pleased to be here with all of you today for our second set of full-year financial results as a stand-alone listed Group.

So today, I'm pleased to be joined by our CEO, Aurelien Sonet; and our CFO, Stephane Lhopiteau. Before we begin, let me quickly walk you through today's agenda. Aurelien will start with the highlights and key figures for the full year, followed by a focus on the main achievements in executing our strategic road map. Stephane will then take you through our financial performance in detail, as well as the evolution we are introducing to our capital allocation policy this year. And finally, Aurelien will conclude with our outlook for fiscal 2026 before we open the floor for questions.

And with that, I will hand over to Aurelien.

Thank you, Pauline, and good morning, everyone. I'm very pleased to be with you today. Fiscal 2025 was another very strong year, in which we executed our strategy with discipline and delivered above expectations across all key metrics. I want to sincerely thank our teams for both their commitment and excellent execution, which made these results possible even in a challenging environment. Let's look at the key highlights of the year in a nutshell.

First, we continue to see strong momentum in new client acquisition with a growing contribution from SMEs year-on-year. Second, despite weaker portfolio growth, reflecting current macro uncertainties, we maintained a net retention rate of 100%, in line with our midterm objective. Lastly, our recent M&A transactions, a core pillar of our growth model, are already delivering positive revenue contributions. This translated into first, solid top-line organic growth, supported by continued strong momentum in Employee Benefits. Second, robust margin expansion, primarily fueled this year by operating improvements, underscoring the operating leverage of our model and the headroom for further margin gains. And third, an outstanding cash generation and conversion.

Consistent with our disciplined approach to capital allocation and our commitment to revisit regularly our shareholder return framework, we have decided, with the support of the Board, to further enhance shareholders' returns for fiscal 2025. In addition to a higher dividend, we will launch a EUR 100 million share buyback program, reflecting our strong fiscal 2025 performance and reflecting our confidence in Pluxee's future prospects. Let's now take a look at our fiscal 2025 performance against our objectives on Slide 5.

As just mentioned, we delivered across our 3 key financial objectives in fiscal 2025. We recorded a plus 10.6% organic growth in total revenues, fully consistent with our low double-digit objective. We achieved a significant expansion of plus 230 basis points in recurring EBITDA margin compared to plus 150 basis points previously. This demonstrates both the operating leverage of our platform and our ability to drive efficiencies. And finally, we delivered 89% recurring cash conversion, well above our target of above 75% on average for fiscal 2024 to 2026.

So in short, we are clearly well ahead of our initial plan. In addition, I would like also to highlight that our free cash flow engine has expanded very materially from circa EUR 290 million in fiscal 2023 to EUR 417 million in fiscal 2025. This is a step change in the group's financial profile. These strong results have enabled us to revisit our shareholder return for fiscal 2025, as we will detail on Slide 6.

Indeed, we have decided to introduce greater flexibility in our capital allocation policy for fiscal 2025 through a combined shareholder return approach that includes: first, a dividend of EUR 0.38 per share, up plus 9% compared to fiscal 2024 and representing a total dividend distribution of approximately EUR 55 million, subject to shareholder approval at our general assembly end of December; and second, a EUR 100 million share buyback program, leveraging our record cash flow generation and significant increases in our net cash position to further enhance value creation for our shareholders. Stephane will provide more details on this in his section.

Before we go into the details of the strategic milestones reached in fiscal 2025, I'd like to take a step back and look at what the group has already delivered financially over the first 2 years of the plan, moving to Slide 7. Putting the group's financial performance over the past 2 years into perspective, there are really 2 key takeaways. First, it highlights the structural strength of our model and its strong conversion capacity. Consistent top-line growth translates into remarkable profitability and cash generation with recurring EBITDA CAGR at plus 14% reported and free cash flow CAGR up plus 20% over the past 2 years.

Second, it demonstrates how resilient our model is. Even amid currency volatility across several of our core markets, we have been able to absorb over 7 points of ForEx impact on revenue in fiscal 2025, while continuing to deliver solid results.

Now let's zoom on our strategic road map execution on Page 9. Pluxee has maintained strong business momentum through fiscal 2025, winning new clients and delivering solid commercial results even amid persistent macroeconomic headwinds across countries. Starting with new client development. We have once again outperformed our objective, generating EUR 1.5 billion in annualized PBV from new clients in fiscal 2025, well above our EUR 1.3 billion annual target.

Our net client retention rate also remained consistently at 100%. This was achieved through a combination of improving client loyalty, further increase in face value, and steady cross-selling while absorbing end-user portfolio evolution, on which I will come back to. Looking more closely at the face value driver, which supports net retention, it contributed an incremental EUR 1.1 billion in business volume issued over the fiscal year. This means that we have already reached 80% of our EUR 3 billion target over 3 years. In addition, we are quite confident for the year ahead given the recent announcement in terms of increases in sales value legal cap in several countries.

We will now take a closer look at each of these growth levers in the following slides, beginning with product offering on Slide 10. Over the past year, we have stayed focused on enhancing our offering, expanding both its breadth and depth to better serve our clients and consumers. Building on our strong Men food foundations, we have significantly broadened our portfolio to support consumer lifestyle, health, financial, and mental well-being alongside an expanding range of employee engagement solutions. At the same time, we are bringing all these benefits together in a single unified experience through Pluxee global consumer app.

The programmatic rollout of the app is well underway. We are progressively expanding it across our key markets while accelerating the launch of new features and benefit integration to ensure continuous innovation for clients and our end users. The key strength of our global solution lies in its payment flexibility, being fully payment agnostic, it integrates the most popular digital payment options such as Google Pay, Apple Pay, and QR code solutions to ensure maximum convenience.

Innovation drives our growth with AI being a key accelerator of both efficiency and creativity. In France, for example, our AI-powered chatbots already filter and direct requests to ensure that each user receives the right level of support at the most relevant stage of its journey. Together, this initiative strengthened our commitment to deliver a richer, intuitive, and seamless experience to our customers across our 28 countries.

Product offering lies at the heart of our value proposition to clients. Let's look at how it fueled our commercial performance, starting with new client acquisition on Slide 11. The sales momentum has remained very strong over the year, allowing us to deliver more than EUR 1.5 billion in new client development with a positive contribution from our 3 regions. It has been sustained by several structural drivers, namely, first, the full activation of our high-performing commercial engine, powered by a strong sales discipline, advanced data-driven marketing, and an omnichannel client engagement.

And second, a growing contribution from SME. As we continue to accelerate the penetration of this segment. Automation enables us to scale SME acquisition, which now represents 31% of total new business, highlighting the success of our digital self-service journey and our distribution partnerships. Let me briefly highlight 2 key contract wins that illustrate what I've just mentioned. First, our Brazilian team won a major employee benefits contract with Energisa, a leading energy provider in Brazil. This success was achieved through the full activation of our partnership with Santander, serving more than 20,000 additional end users.

Second, we won a nationwide benefits program with Randstad, covering over 8,000 workers in Italy. I would like to take this opportunity to make a brief side comment on Italy. Following intensive efforts from our local sales team, we successfully managed to almost entirely absorb the regulatory change impact on merchant commissions. This was achieved by renegotiating with our clients to restore a sustainable balance between all the stakeholders. Looking ahead, supported by a solid and diversified pipeline, we are confident in our ability to deliver on our EUR 1.3 billion target in fiscal 2026.

Let's now turn to how we are unlocking the full potential of our existing client portfolio on Slide 12. Over fiscal 2025, Pluxee continued to deliver strong performance across its existing client portfolio. Client loyalty improved by plus 20 basis points, and the group continued to demonstrate strong engagement to optimize existing client portfolio through further sales value increases and cross-selling.

However, tougher macroeconomic context has translated into hiring increases and, in some markets, workforce reductions, especially in some European countries such as France and Mexico as well. This has progressively put a growing pressure on our end-user portfolio, which turned negative in H2.

Despite this headwind, it has been another solid year in terms of net retention, maintained at 100%, demonstrating the strength and resilience of our business model. One notable example worth highlighting is the renewal of our long-standing partnership with Capgemini. We successfully won a major tender, resulting in a long-term strategic contract serving more than 68 active users across 9 countries. Beyond the business volumes, this renewal reinforces our position as a global trusted partner for our clients. It also offers strong potential for future value growth, supported by Capgemini's continued expansion and its increasing focus on employee engagement and retention.

Altogether, this performance reinforces our confidence in the strength of our value proposition, our market positioning, and the resilience of our growth drivers even in a fast-changing macroeconomic context. Now that we have discussed organic growth, let's move on to our M&A strategy and how we've been progressing with recent integration on Slide 13.

Since the spin-off, we have completed 8 transactions, comprising 1 strategic partnerships and 7 bolt-on acquisitions, including the most recent one signed in early fiscal 2026. We have been and we will remain guided by our clear strategic framework centered on 3 key priorities: expand business volumes to consolidate the group's market share, broaden our offering and product portfolio to deliver more value to both employers and employees, and enrich our technology capabilities to accelerate innovation, scalability, and end user engagement.

Step by step, we are strengthening our track record in sourcing and acquiring targets while demonstrating our ability to successfully integrate them and generate growth synergies. Looking ahead, our M&A pipeline remains strong and diversified, spanning multiple geographies and deal sizes, consistent with our global strategic road map. Let's now take a closer look at how we are integrating these acquisitions and the tangible impact that they are already having on our strategic positioning and performance on Slide 14.

All these recent partnerships and acquisitions are progressively delivering incremental value, including through initial synergy. Starting with Brazil, where our strategic partnership with Santander is showing strong traction. While Ben's integration has been seamless, maintaining a high level of client loyalty, the distribution agreement is now fully activated, allowing us to leverage the 4,500 Santander sales team, with around 22% of them having already sold at least one Pluxee solution. In less than a year, monthly business generated through the Santander distribution network has doubled year-on-year, confirming the value of this alliance as a growth accelerator.

Still in Brazil, the acquisition of BenefÃcio Facil further enhances our multi-benefit offering by internalizing the employee mobility benefit. Integration is well advanced with 95% of the streams completed, and commercial traction is already picking up, driven by strong new client acquisitions, notably through Santander's distribution network.

Turning to Spain. The successful integration of Cobee has propelled Pluxee to the #1 market position. It is built on our best-in-class multi-benefit platform, which offers a broad and diversified product range from health insurance to training, and our proven ability to engage employees through a fully digital, intuitive, and flexible experience. The results are tangible. Employee opt-in rates have increased by 50% on the client migrated, demonstrating both the appeal of the Cobee model and the success of our integration. Beyond growth, our ambition is also to generate sustainable profitability, as we'll see on Slide 15.

One of the key pillars of our value creation journey is the group's strong potential for margin expansion. There are 2 main drivers behind this margin expansion. First, operating leverage generated by our highly scalable business model and our increasingly global operating model. This effect has been further amplified by the increased contribution of our latest M&A transactions and by the near full digitization of our business, with around 94% of our BVI now being digitized, including France, up to 90% at the end of the fiscal year.

Second, efficiency gains driven by the normalization 18 months after the spin-off of our cost structure, combined with tight cost discipline and rigorous portfolio monitoring, constantly assessing product and country performance. This disciplined approach led, for example, in fiscal 2025 to the decision of exiting from Indonesia. The key point is that in fiscal 2025, the bulk of the EBITDA margin increase came from operating EBITDA of plus 235 basis points. This shift is particularly important as it shows that our margin expansion is now coming from structural operational improvements.

Looking ahead to fiscal 2026, this trend should continue to intensify as Float revenues are expected to remain stable and therefore, dilutive to overall EBITDA margin expansion.

Now before giving the floor to Stephane, I'd like to briefly touch on our sustainability road map, in which our strategy is fully embedded on Page 16. Our sustainability road map is built around 4 core values, each supported by clear measurable targets.

First, Pluxee acts as a trusted partner, with 98.7% of our employees being trained in responsible business conduct. Second, we empower individuals while promoting diversity, with 40.6% of women currently holding a leadership position. Third, we strengthened local communities with EUR 7 billion in business volumes reimbursed to small and mid-sized merchants. And finally, we reduced our environment impact with the current 23% reduction in carbon emissions compared to our 2017 baseline. It is also worth noting that in fiscal 2025, we achieved an EcoVadis rating of 78 out of 100 and obtained our first CDP score of B, both reflecting the strong recognition of our sustainability performance.

And with that, I will hand over to Stephane to go in more details on our financial performance.

Thank you, Aurelien, and good morning, everyone. It's my pleasure to be with you today to present our fiscal 2025 results in more details, starting as usual with our business volume bridge on Page 18. The sustained growth in business volume issued or BVI has been one of the key growth drivers to Pluxee's top-line growth over fiscal '25. Over the year, total BVI reached EUR 24.5 billion. It was fueled by Employee Benefits BVI, which reached EUR 18.7 billion, up plus 7.6% or plus 8.5% when excluding the one-off effect related to the purchasing power program in Belgium.

Such growth in Employee Benefits BVI was driven, as Aurelien already mentioned by: first, strong new client development across both large accounts and SMEs. Second, the net retention rate maintained around 100%, supported by enhanced client loyalty, further increase in face value, and steady cross-selling. And third, the positive contribution from recent M&A transactions through both growth synergies and favorable scope effect. However, performance was also affected by persistent macroeconomic headwinds, leading to increased pressure on end users portfolio across an expanding set of markets, notably Continental Europe and Mexico, and within sectors like temporary staffing, consulting, and manufacturing.

On its side, BVI from other products and services remained stable in fiscal '25 at EUR 5.8 billion, a decline versus fiscal '24 due to the Public Benefit segment, reflecting the discontinuation of large programs during the year, primarily in Romania and Chile, the latter being fortunately partially renewed from March 2025 onwards.

Let's now see how the BVI organic growth fueled our solid revenue organic growth on Slide #19. Total revenues reached EUR 1.287 billion in fiscal '25, up plus 10.6% organically, fully in line with the group's low double-digit growth target. On a reported basis, total revenues growth reached plus 6.4% year-on-year, including, first, a negative currency translation impact of minus 7%, coming mainly from operation in Brazil and Turkey, and to a lesser extent from Mexico.

And second, a positive scope effect of plus 2.8%, primarily reflecting the integration of the Santander Brazil Employee Benefits activity as well as the acquisition of Cobee in Spain, Portugal, and Mexico, and of BenefÃcio Facil, in Brazil. Fiscal '25 total revenues were made of EUR 1.125 billion in operating revenue, up plus 10.3% organically, and EUR 162 million in float revenue, up plus 12.6% organically. This strong performance in fiscal '25 underlines Pluxee's ability to deliver sustained top-line growth in an increasingly challenging and volatile environment. In this context, we also managed to deliver a strong fourth quarter with total revenues growing by plus 9.6% organically, excluding a plus 2% scope effect and a minus 4.8% currency impact, and driven notably by strong performance in Latin America.

Let's now take a closer look at the underlying trend behind both Operating and Float revenue, starting with Operating revenue on Page 20. The momentum in Operating revenue was driven by Employee Benefits, which reached EUR 963 million in fiscal '25, up plus 12% organically, excluding a minus 7.4% currency impact and a plus 3.3% scope effect. Strong business momentum in Employee Benefits was driven by a solid organic growth in business volume issued, particularly in Latin America and Rest of the World as anticipated, and the quick progressing of circa plus 20 basis points year-on-year to 5.1% on average.

In Q4 '25, Pluxee generated operating revenue of EUR 265 million in Employee Benefits, delivering plus 11.6% organic growth, confirming the ongoing positive momentum. On other products and services generated operating revenue of EUR 162 million in fiscal '25, showing flat growth year-on-year, with the fourth quarter being slightly negative. This trend reflected the discontinuation of large public benefit contracts in Romania and temporarily in Chile, as well as the ongoing repositioning of Pluxee's offering in the U.K. and the U.S. As mentioned, operating revenue organic growth was mainly driven by Latin America and Rest of the World. Let's take a closer look at this on Slide 21.

Turning to geographies. Regions delivered strong double-digit organic growth in fiscal '25, namely Latin America and Rest of the World, while Continental Europe was tempered by a challenging macroeconomic environment and a high comparable base. Starting with Europe. Operating revenue reached EUR 506 million, up plus 5.1% organically for fiscal '25 with a Q4 organic growth of plus 2.2%. While the group continued to benefit from solid momentum in Southern Europe, particularly in Spain, supported by the Cobee acquisition, growth was tempered by several factors in the region, including: first, the increasing challenging economic and political environment across the region.

Second, adverse impact from public benefit program, especially in Romania, following postponed ordering or reduction linked to budget deficit measures. And third, a high comparison base from 2024 one-offs, such as the Belgium purchasing power program and the Paris Olympic Games.

In Latin America, operating revenue reached EUR 429 million for fiscal '25, up plus 14.5% organically, excluding a plus 4.7% scope effect and a minus 13.3% currency impact.

In Q4, organic growth in the region accelerated significantly to 19.8%. This strong performance was driven primarily by Brazil, notably fueled by the fully operational Santander partnership and the further penetration of the market, especially among SMEs.

Commercial momentum also remained strong across Hispanic LatAm, particularly in Chile, where the [indiscernible] public benefit program was renewed from March 2025, even if with distinct economic terms. However, Mexico continued to face headwinds linked to U.S. policy changes. In Rest of the World, operating revenue totaled EUR 190 million in fiscal '25, up plus 14.2% organically, excluding a minus 7.7% currency impact, mostly due to the Turkish lira devaluation.

Double-digit organic growth in the region was driven by Turkey, where the group continued to unlock increased sales value from existing clients and to penetrate further the benefits market through new contracts. As expected, performance in U.K. and U.S. remained below group standards, still affected by the ongoing business repositioning in both markets.

Complementing operating revenue, let's now move to the float revenue performance analysis on Page 22. Fiscal '25, revenue growth slowed down compared to fiscal '24, even if still above initial expectations. Gross revenue reached EUR 162 million, up plus 12.6% organically, excluding a plus 3.4% scope effect and a minus 11% Q translation impact. In Q4, it continued to gradually decelerate to plus 7.6% organically. Organic growth in revenue over fiscal '25 was supported by higher business volume issued in nonrestricted cash, particularly in Latin America and rest of the world. However, this trend was not reflected in the overall float position remaining stable at EUR 2.7 billion at year-end due to the less dynamic trend in programs issued in restricted cash.

The overall positive trend in volumes was reinforced by a higher average investment yield year-on-year, reaching 6% in fiscal '25 compared to 5.7% in fiscal '24 as a result of the group's efficient investment strategy tailored to local financial market conditions and the high interest rates in Brazil and Turkey.

This section on top-line performance, let's now turn to profitability, starting with recurring EBITDA on Slide 23. Recurring EBITDA rose strongly, up plus 22.2% organically to EUR 471 million, up plus 9.4% on a reported basis. Recurring EBITDA margin reached 36.6%, up plus 202 basis points, including currency and effect, driven by solid operating profitability gains across all 3 regions. This robust performance was primarily supported by the inherent operating leverage embedded in the group's business model. It was further enhanced by the initial positive contribution from certain recently closed acquisitions, largely commented by Aurelien.

The margin expansion also reflects efficiency gains achieved through: first, the strict cost base monitoring; second, our constant portfolio rationalization efforts; and third, the end of one-off effects related to the spin-off. Altogether, this translated into a plus 235 basis points organic expansion in recurring operating EBITDA margin, I mean, excluding [indiscernible]. It was further supported at the recurring EBITDA level by favorable flow-through from still growing flow of revenue, notably in Latin America and rest of the world. This strong growth in recurring EBITDA fueled solid performance further down the income statement, all the way down to adjusted net profit, as we can see on Page 24.

Let me walk you through the key items below the recurring EBITDA line, starting with recurring operating profit, which stood at EUR 361 million, up plus 5.7% includes minus EUR 110 million of depreciation, amortization and impairment charges in fiscal '25 compared to minus EUR 89 million in fiscal '24, an increase mainly reflecting the amortization of intangibles acquired through the Santander partnership and the Cobee and BenefÃcio Facil business combination.

Other operating income and expenses amounted to a net expense of minus EUR 26 million in fiscal '25 compared to minus EUR 92 million in fiscal '24, reflecting the expected normalization post spin-off, notably once the H1 '25 residual ISI [Indiscernible] cost had been accounted for. Net financial expenses totaled minus $17 million in fiscal '25 versus minus $20 million in the prior year. Gross borrowing costs declined slightly, driven by the nonrepetition of spin-off refinancing costs and more favorable financing conditions. Income tax expense amounted to minus EUR 100 million in fiscal '25, corresponding to an almost normalized effective tax rate of 31.4% compared to 39.5% in fiscal '24 due to the spin-off, including carve-out and other related one-off costs.

Adjusted net profit group share reached EUR 221 million, up plus 8.4% year-on-year, while the adjusted basic EPS came in at EUR 1.52. This performance demonstrates a strong acceleration in growth and profitability throughout the P&L.

We will now look at how these elements also translated into the strong cash generation and conversion that we delivered once again in this fiscal year on Page 25.

We are indeed once again very pleased with our cash flow generation this year, up plus 10% year-on-year. We delivered a record recurring free cash flow of EUR 417 million compared to EUR 379 million in fiscal '24, resulting in a cash conversion rate of 89%, well above our 3-year average target of 75%.

Let me detail the main factors contributing to this solid performance beyond the strong recurring EBITDA. CapEx amounted to EUR 98 million, representing a temporarily lower 7.6% of total revenue, mainly due to the finalization of the IT carve-out during the first half of fiscal '25. Nonetheless, the group maintained a strong investment focus over fiscal '25 in data and payment capabilities, technology innovation, and infrastructure, as well as cybersecurity, all essential to underpin future growth and efficiency improvements.

Change in working capital, excluding restricted cash variation, stood at plus EUR 128 million, while fiscal '24 change in working cap was boosted by positive one-off effects, including the impact from the regulatory change in Brazil and from the Paris Olympic Games in France.

Income tax paid decreased to minus EUR 86 million, reflecting the near normalization of the effective tax rate following the spin-off, as mentioned earlier. This strong cash generation and high cash conversion clearly demonstrates the group's disciplined execution, sustained operational efficiency and enhanced financial flexibility. This strong cash generation was also a key driver to fuel the further increase in the group's net financial cash position in fiscal '25, as we see on Slide 26. 

The group's net financial cash position increased by plus EUR 108 million, up to EUR 1.163 billion of net cash as of year-end. It was mainly driven by the positive inflow from the EUR 417 million of recurring free cash flow, as we have seen. Main outflows over the year included, first, minus EUR 148 million linked to the payment and related impact of the acquisition completed in fiscal '25, notably Cobee, which was partly offset by the disposal of the nonconsolidated investment in Cobee. 

And then these outflows included minus EUR 65 million related to dividend distribution to both shareholders and noncontrolling interest, minus EUR 5 million of other impacts related mainly to the cash out from other income and expenses, and the purchase of treasury shares, and minus EUR 47 million of currency effect on cash position, excluding [indiscernible] net cash position is also reflected in our BBB+ rating from S&P. 

The strong [ Tepi ] net cash position allows us to actively deploy our capital allocation strategy, which I will review on Page 27 before handing over back to Aurelien. Since January '24, we have consistently reiterated that our capital allocation strategy relies on 3 central pillars: investing for future organic growth through CapEx, pursuing targeted and value-accretive M&A opportunities, and returning capital to shareholders. 

First, we maintain our ambitious investment policy targeting to remain below 10% of total revenues in CapEx to support sustainable organic growth. Although this year's ratio was temporarily slightly below target, our investment focus remains strong, particularly in technology and data. 

Second, we continue to deploy our targeted and disciplined M&A strategy. As Aurelien  highlighted earlier, all our recent acquisitions have fully met expectations, clearly evidenced by their progressive positive contribution to growth once integrated. 

And lastly, we remain fully committed to returning value to our shareholders. Initial step in our shareholder return policy is the dividend. The shift last year to adjusted net profit as the basis for dividend payout sent a clear and confident signal to our shareholders. Accordingly, we are proposing this year to increase the dividend from EUR 0.35 to EUR 0.38 per share, representing a plus 9% uplift. In addition, we have a strong and accelerating free cash flow generation as well as a higher year-end net cash position in fiscal 2025. 

As we are confident that this will not compromise our investment capacity for growth, we have decided a EUR 100 million share buyback program. This is a testament to our focus to shareholder returns and our confidence in the group's future outlook.

And with that, I will now hand it over back to Aurelien , who will take us through our financial objective for fiscal '26 and the conclusion. 

Thank you, Stephane. Let me now wrap up this presentation with our outlook. Back in January 2024, we set ourselves ambitious medium-term financial objectives. And over the first 2 years of the plan, we can clearly say that we have delivered and even outperformed on them. That said, the environment in which we operate is no longer the same. A more challenging macroeconomic context has created headwinds in several markets, making us enter fiscal 2026 with caution. However, we remain strongly confident in our structural growth drivers and in the significant potential for further margin improvement and robust cash generation. 

Consequently, we are now committed to delivering for fiscal 2026, first high single-digit total revenue organic growth. This will be driven by solid momentum in Employee Benefits operating revenue, while other products and services are expected to remain dilutive to overall group growth, and float revenue should stay broadly stable in value based on the latest forward curves. 

This high single-digit growth in fiscal 2026 would translate into a 3-year CAGR of at least plus 12%, firmly within the low double-digit range. Second, plus 100 basis points recurring EBITDA margin organic expansion, upgraded from the previous plus 75 basis points, backed by the group's significant potential for continued margin enhancement. This should translate into an overall margin expansion exceeding 500 basis points, well above our initial 250 basis points 3-year target. Third, above 80% recurring cash conversion on average over fiscal 2024 to 2026, representing a second upgrade from our initial 70% objective. 

Now, before opening the floor to questions, I'd like to highlight once again that fiscal 2025 has been another very strong year. As we enter fiscal 2026, we look ahead with confidence, supported by solid fundamentals, a loyal client base, and a strong commercial pipeline, but also with prudence given the challenging environment that we face in several of our markets. Building on our strengths, we remain fully committed to executing on our long-term value creation road map.

And with that, Stephane and I are very pleased to answer your questions. 

[Operator Instructions]. The first question is from Julien Richer from Kepler Cheuvreux, Research Division. 

So 2 questions for me, please. The first one, you posted a low double-digit organic revenue growth in '25. '26 guidance is for revenue to grow high single digit. What proportion of this will be volume versus sales value increases? And how sustainable are these drivers if macro conditions soften? Second question on Cobee. Could you please elaborate on the cross-sell potential between your platform and Cobee, the impact of Cobee on your average revenue per user, and any early signs of scalability to other geographies, please? 

So I'm going to start with your question regarding Cobee, Julien, and Stephane, you might answer the first question of Julien. So regarding Cobee, as we are mentioning, we see 2 very positive effects when we migrate our existing Pluxee clients on the Cobee's platform,  the first one is, as I was mentioning, is the activation of users because in Spain, it's not always collective benefits. It's more a salary sacrifice model. And so we see a boost in the level of activation. So this is the first driver. And the second one is the amount converted by the end user into benefits. And we see that the budget is increasing because the full range of benefits bring much more satisfaction and answers much more to our clients' employees. So those are the 2 strong synergies. And this is still the start, and it was our plan, and we see that we are meeting our initial plan.

Now, in terms of expansion and rollout plan of our Cobee offering, we are already working in Portugal and in Mexico. And in both countries, we are seeing very encouraging signs. The market is answering quite positively, and for the moment, we really want, I mean, Spain, Portugal, and Mexico to be successful. So those are our top priorities for '26. Stephane, regarding the first question? 

So, regarding your question about how much the high single-digit growth is going to be fueled by average face value versus volume. So, as a reminder for everyone, average face value increase is a key contributor to the growth in business volumes. But you're right, within this business volume, there are some factors like this increased average face value versus new client gain or some potential losses that we try to avoid as much as possible.

So what I can tell you in terms of average face value contribution we are fully on track with our initial commitment, which was to deliver EUR 3 billion of increase in average face value over 3 years, and we have delivered more than EUR 1 billion in fiscal '24 and once again in fiscal '26, and we are targeting even though this is not a guidance, but we are targeting the same magnitude of increase in average face value in the coming fiscal year '26. 

The next question is from Estelle Weingrod from JPMorgan. 

On regulation, first, both France and Brazil, just where do we stand now? And what is your best guess on timing? The second one on the outlook as well. You're guiding for another strong year in terms of margin expansion. Can you just elaborate a bit more? What is it driven by? Have you identified new efficiency gains? 

So starting with the regulation for France and Brazil. So France, at the moment, the main topic is about the 8% taxation measure that was introduced by the government on the all employee benefits. Quite recently, an amendment related to this measure and related to the cancellation of this measure was passed at the social committee level. So this is, I mean, a very good news for the 21 million French worker that would be impacted by this kind of measure. 

Now discussions are still going on at the first chamber before going to the second chamber to the higher chamber. So we still remain vigilant regarding this topic, but it's a positive evolution. 

Regarding the meal benefit platform, which has been our topic for the past almost 2 years, as you can imagine, for the moment, this is not the current priority of our existing government. But even though we don't have the visibility on the timing when the discussion will resume, I remain optimistic that this topic will be rediscussed first. And regarding the content of this reform, I would expect that it would contain similar measures, given that the past 3 governments came out with the same conclusion and recommendation. So from a timing standpoint, we don't have a clear visibility yet. 

So, back to Brazil. So over the last months, the macro environment has been marked by still a relatively high level of inflation. So Lula government has been put under strong pressure to find solution to reduce the food inflation and to enable access to food for all consumers and to face or to help the government face the challenge, we remain in constant dialogue, both with the Ministry of Labor, but also the Ministry of Finance to discuss ways to enhance the meal benefit system the path and to do it over the long term. 

So we do share a common objective, which is to ensure the sustainability and the extension of this program. And when we look more precisely at the different measures, so regarding portability and interoperability, so the decree that is required for this implementation is still pending on the portability, and we shared this during the last call. We've been actively engaged to establish the appropriate framework and based on the proposal that we submitted through our association. But there is no specific update since then. 

And regarding other possible measures. As previously discussed, we are also closely monitoring the situation. And we'll come back to you in due time when there is a significant evolution, which has not been the case over the past months. 

So this is for the regulation. And regarding how we plan to deliver 100 basis point margin expansion. First, we will continue to fuel our platform model with steady business volume growth, both organically and inorganically to fully capture the benefit of our operating leverage. Second, as mentioned by Stephane during the presentation, we continue to strengthen our cost discipline. 

We are also implementing additional efficiency programs that includes process simplification, more selective investment allocation, and further digitalization of our processes. And indeed, these measures are designed to offset the impact of the slower top-line growth in order to sustain our EBITDA margin. And third, we've been reviewing our portfolio to ensure that our capital is deployed where we see the highest potential. And we share with you Indonesia. So this could include exit from smaller or less strategic markets or products. 

The next question is from Justin Forsythe from UBS. 

I appreciate the 2 questions here. So the first one, I wanted to come back to the guidance a little bit. So I just wanted to first confirm that, that was only tied to the macro impacts that you were flagging. 

And does that mean that we'll be back at low double digit once we've lapped or grown through these macro impacts? And it also sounds like face value developments have been quite positive since the last results, and more broadly. So I suppose it's fair to assume also that the benefit from face value is quite meaningfully offset by macro, maybe more so than before. Also, I wanted to talk a little bit about the SME penetration. I think you gave some color around the Capital Markets Day back in 2021 around where we sat different geographies. I believe France was 10%, Brazil was 20%. Maybe you could just update us on penetration levels today, because you seem to continue to flag the continued penetration of SME increasing.

Okay. Thanks, Justin. Stephane, maybe you want to -- you take the first question regarding the guidance.

So regarding the slight shift because it just a slight moving from low double digit to high single digit, which is still an exciting organic growth that we are targeting for fiscal '26. There are a number of factors that need to be considered. The first one is the change in the float growth. So, this is not a guidance because we are just guiding on total revenue.

But as said by Aurelian during the presentation and clearly stated in the press release, we are guiding -- we are adding some color on the float revenue growth, and we are seeing it to remain stable in fiscal '26. And so, this means that the float revenue organic growth is going to be dilutive to total gross revenue. And if you do the math compared to fiscal year '25, you would see that this is going to hit the organic growth by 150 basis points approximately. So, this is the first factor.

The second factor is this macro headwind that we are seeing basically in all the regions, which is going to drive lower growth from all the regions, even though it's going to remain with a good momentum in Latin America and rest of the world, but with a lower growth in Continental Europe for the reason we already shared and notably, this lower or even sometimes negative end user portfolio growth, which is going to weigh on our organic growth.

And then on top of this, while the overall the Employee Benefit segment is going to remain very dynamic, we are facing some changes in other products and services we refer to these changes or headwinds during the presentation. The first one is that because of the macroeconomic environment, there are some public benefit contracts which are not renewed, which are postponed, and which is going to weigh on this from public benefit to the total revenue organic growth.

And at the same time, we are repositioning ourselves in the U.S. and the U.K., which is temporarily weighing as well on this organic growth. And then something that we should not forget as well is that we delivered very strong growth in fiscal '24 and fiscal '25, which is creating a high comparison base, notably in Q4. If you look at the presentation again and what we delivered in terms of organic growth in Q4, which is a fantastic outcome result as part of what we are getting from this Santander partnership.

Yes, this is creating a very high comparison basis. And in Q4 of '26, we might face lower growth, which is also contributing as well to a lower growth in fiscal year '26 versus fiscal year '25. So overall, in order to make it short and in terms of segment, we are still committed to deliver very high organic growth in terms of employee benefits, but lower for other products and services, which is going to be dilutive to the organic growth. Don't forget the impact of the float. I think that's it. We are not going to share more color for what is going to come further in '26. We are right now fully committed to deliver our 3-year plan, and we'll see later what we plan for '27.

And then regarding your question on SME, so we shared with you the performance this year. I mean 31% of our total new business is coming from SME. This remains a top priority for our largest markets. And all of them contributed to this performance. So, we see the good traction. We mentioned this commercial engine. I mean and the processes and the end-to-end digital journey that we put in place this was implemented in all those markets. The momentum is good.

But still, it's fair to say that we -- in some countries such as France, we see a slowdown due to the macroeconomic context because this uncertainty weighs on the decision of those small or mid-sized companies. And sometimes it could even have an impact on their own future. So, we still expect a strong contribution, but it's likely that there's going to be a slowdown in specific market.

Having said this, regarding the penetration and just, I mean, more macro view, even though we did -- we delivered a great performance, there is still a high level of potential. The level of penetration remains still low. So overall, we still have a very good potential to capture.

Stephane, I think you said 150 basis points impact from the float growth change. By my math, that's roughly $19 million, $20 million impact tied to float. Is that the right math there?

If you simulate 0 organic growth in float in '25, compared to the 12.6% that we delivered, you will end up with 150 -- a little bit more than 160 basis points impact overall. And so, this is what I was trying to explain. This is a way to assess it applying to fiscal '25, what we are sharing with you in terms of color for fiscal year '26. If you do it again, you will see that we have 100 -- a bit more than 150 basis points impact in our organic growth for '25.

The next question is from Andre Juillard from Deutsche Bank.

First, congratulations for this strong fiscal year '25 results. One question for me in reality. Just looking for more clarification about the capital allocation. You have a very strong cash net position of EUR 1.16 billion. You announced a share buyback of EUR 100 million this morning. That means that you will keep a very comfortable position with a cash net position. What do you plan to do with this cash? Is there a very strong pipeline of M&A? Or could we expect further good news in terms of return to shareholders?

Stephane, do you want to answer?

So regarding capital allocation, which has remained unchanged, we have a fully consistent calculation that we unveiled at the time of the Capital Market Day, and the purpose of which is to feed the organic growth with further CapEx to accelerate even more our organic growth by seizing opportunities in a disciplined and very targeted manner in terms of M&A and returning value to shareholders.

So, we truly believe that there is a strong potential behind M&A opportunities in order, as I was saying to capture this highly underpenetrated market is there, and by seizing M&A opportunities, we could accelerate, expand our offering, acquire new tech, increase our market share. So, this really remains a very strong pillar in terms of development for Pluxee, even though we are very disciplined, cautious in order to make sure that every time we acquire a new company, this is for creating new value.

So as Aurelien said, we have a strong pipeline that we will remain disciplined. That being said, we always said that we will be agile and that from time to time, we might accelerate return to shareholders. This is what we decided to do with strong support from the Board for this fiscal year '25. This is a step. We'll see. We'll see. There is no commitment at all. This is, I think, very good that some companies like Pluxee are highly performing, and companies are able to return value to their shareholders. This is one of our commitments. 

Other commitments like growing as much as we can and as quickly as we can, by investing in CapEx, and seizing M&A opportunities. So I think this EUR 100 million share buyback program is really fully consistent and fully aligned with the request we also received from many investors, as well, that we are listening to our shareholders. 

And to finish my answer, this is a very good sign of our confidence in the Pluxee potential. And we are aware of where the stock price is currently trading, and versus the value we consider we are able to create from this company. And so this is also a sign we wanted to share with the financial market. 

So, as a summary, the message is step by step. 

As always. 

The next question is from Pravin Gondhale from Barclays.

Firstly, you flagged that Q4 organic growth was impacted by the postponement of ordering of some large programs in Europe. Could you please offer more color on the potential size of those orders? And when do you expect it to resume? And then on free cash flow conversion guidance, which is about 80%, now you delivered close to 90% in the last 2 years. So next year, how should we be sort of thinking about it? Can we expect some catch-up CapEx there, given it was lower this year? And any other moving parts to that guidance, that would be helpful. 

Stephan, do you want to answer Pravin's question regarding the free cash flow guidance and potentially the organic growth impact, I mean, from the program in Q4? 

In terms of our free cash flow guidance, we delivered very strong cash conversion in fiscal year '24 and fiscal year '25, which is a good basis for improving our commitment to deliver over 3 years now 80% of cash conversion remaining, aware of the potential for working capital. We always made it very clear that good business is the strength of our business model. As long as we deliver growth, we have some positive effect on our free cash flow from the working cap variance. 

However, this could be hit positively or negatively by some changes in some regulations, as this happened in '24, '23 with Brazil, and it was a positive effect. And we could also have some negotiation, notably related to the public benefit contract, where we could have some hit on the working cap. So this is why guiding you on an 80% average over the 3 years, this is another step-up in our guidance that you should take very positively. And this is over 80%. So, on average, over 80%. So we are not guiding on an 80% achievement, we are guiding on over 80% growth. Regarding the organic growth and the impact from the large programs, public benefit programs. So I don't have in mind the impact in terms of basis points. 

But yes, there are some countries, especially in Western Europe, like Romania or Austria, for example, where some decisions were taken by the state, and because of some budget constraints, to suspend or to reduce some of these programs. So these programs remain very attractive because we are always very selective in this kind of program, making sure that they are accretive to our profitability. But they are weighing at least temporarily, and we'll see further on our organic growth, notably because we did good, very good in '24 and '25 in this segment, creating a high comparison base. 

The next question is from Sabrina Blanc from Bernstein. 

I have 2 questions from my part, please. The first one is that you have not mentioned a lot of cross-selling this morning. Can you come back on the evolution and potentially how it represents compares to the meal voucher? And my second question is regarding the retention, which went to 100%. Could we have more color on the different aspects of the retention compared to 2024 to understand where it comes from, the limited slowdown this year compared to last year? 

Okay. Regarding the net retention, I mean, most of the evolution between '24 and '25 came from the evolution of the end user portfolio, which was contributing quite significantly in '24. And as we mentioned in '25, I mean, even on H2, it turned negative. So this is the main explanation that supports this decrease between '24 and '25. 

And regarding the cross-selling evolution, we still see, I mean, a positive improvement, and actually, it translates our multi-benefit strategy. We mentioned Cobee, for example, which is definitely paving the way to a much stronger multi-benefits approach and a way for us to activate the full value from our existing clients. 

Having said this, we know that we have much more potential. And so for us, it's going to be one of the drivers that will help us not only keep but boost our net retention for the coming years. 

But could we have an idea of the weight of the, let's say, the solution which are not a milk voucher compared to the milk voucher in the operating revenues, for example? 

What I would say is that the contribution coming from the cross-selling in percentage is higher than the overall growth. 

The next question is from Joanne Jordan from ODDO BHF. 

Also, 2 questions from my side. First, can you share some comments on the early start of the gift card season, please? And second question, regarding the evolution of the take rate, it's up 20 basis points in '25. What are the main drivers behind this increase? Is it mostly coming from merchants or the client fee? 

So, regarding the Christmas campaign, it's too early to give you, I mean, color. But I can tell you that, I mean, the teams in many geographies are on it as we speak. And for us, Q1 will be the moment when we will be in a position to give you a much more precise color. But to date, it's too early. But it's part of our plan. It's embedded into our growth trajectory. And again, I mean, more to come in the Q1 announcement. Regarding your second question on the take-up rate, Stephane? 

So, regarding the take-up rate, there is a global trend over the last 4 years, and there is one happening in fiscal '25. So overall, as a reminder, and over the last 4 years, we have improved our take rate of 50 basis points and with a vast majority of this improvement coming from the increase in the client commission. And then from 1 year to another, there might be some slight changes. And when we compare '25 to '24, there is a bit of an increase on the merchant side as well, as long as we are able to deliver more value to the merchants, offering them new services, and having them notice how much we can bring to them. And there is also the mix effect. 

So, we were not expecting an increase. If you remember last year when we guided you, we shared some color on the take rate, and we didn't have a specific target in terms of increasing the take-up rate, but this is the outcome of all the initiatives we took with some merchants with our merchant network in order to provide them with some additional services. 

But again, I think the big trend is what you have to keep in mind over the last 4 years, we have increased our take-up rate by 50 basis points, with the vast majority of this change coming from the client side. 

There are no further questions registered at this time. I will now hand it over to Aurelien Sonet. 

Thank you, and thank you all for your attention this morning. In closing, I would like to reiterate our confidence in the future, supported by the strong performance delivered in fiscal 2025. Looking ahead, we remain deeply committed to establishing Pluxee as a sustainably profitable growth group over the long term. And with that, I wish you all a very good day. 

Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.

Good morning. Thank you for standing by, and welcome to the Pluxee Third Quarter 2025 Fiscal Results Presentation. [Operator Instructions] I advise you that this conference is being recorded today on Thursday, July 3, 2025.

At this time, I would like to hand the conference over to Ms. Pauline Bireaud. Please go ahead, madam, Head of Investor Relations.

Good morning, everyone. Thank you for joining us today for our Pluxee Third Quarter Fiscal 2025 Revenue Call. And I hope you are all ready to start the summer season. So I'm Pauline, Head of Investor Relations for Pluxee. So today, I'm joined with our CEO, Aurelien Sonet, CFO, Stephane Lhopiteau.

And so before we begin, let me walk you through today's agenda. So Aurelien will start with the highlights and the key figures for the third quarter of fiscal 2025 with an overview of our business performance highlighting some of our key achievements of the quarter, and Stephane will then take you through our financial performance in detail. Before Aurelien comes back to conclude on our outlook for fiscal 2025 and 2026.

And with that, I will hand over to Aurelien.

Thank you, Pauline, and good morning, everyone. I'm very pleased to be with you today to see the key achievements and milestones that Pluxee delivered in the third quarter of fiscal 2025.

Let's start with our key highlights on the next slide. Q3 marked another solid quarter. We maintained a strong focus on execution and continue to consistently deploy our strategic road map across the group. Let's start with revenue growth. Performance came in line with expectations both across regions and business segments, confirming the strength and resilience of our balanced business model, fueled by multiple growth drivers.

On the commercial front, momentum remained strong. Our sales engine has continued to deliver. We are seeing a steady pace of new client wins and a sustained net retention rate above 100%. This reflects not only the attractiveness and relevance of our solutions, but also the strength of the relationships that we have built with our clients.

Now on the execution of our M&A road map. First, we are pleased to announce the signing in Romania of the acquisition of MyBenefits, a fast-growing company recognized for its innovative technology that supports flexible and personalized employee benefit solutions. We are also making solid progress on the integration of Cobee in Spain and Benefício Fácil in Brazil.

Lastly, the strategic partnership with Santander is now running at full speed. We see strong commercial traction and encouraging results from our joint go-to-market approach. So all in all, the performance delivered in the first 9 months makes us confident in delivering on our financial and strategic objective for fiscal 2025.

Let's now look at our revenues performance in the next slide. In the third quarter, total revenues reached EUR 310 million, reflecting a solid plus 11.1% organic growth, in line with expectations. This performance was driven by a robust trend in operating revenue and slightly stronger-than-expected float revenue despite a progressive deceleration quarter after quarter.

Over the first 9 months of fiscal 2025, total revenue amounted to EUR 945 million, up plus 10.9% organically. The performance delivered so far demonstrates our ability to generate consistent top line growth while navigating and absorbing quarter-to-quarter volatility across geographies. So this puts us on track to deliver on our low double-digit organic growth target for the full year.

Let's now turn to our commercial trajectory, which continued to show strong momentum in the third quarter. Starting with new development. Over the first 9 months of the fiscal year, we signed EUR 1.1 billion in annualized business volume, in line with our full year target of EUR 1.3 billion. This strong performance reflects the relevance of our client value proposition and the effective execution of our go-to-market strategy across countries with SMEs remaining a key growth driver.

Moving on to net retention. It came in at 101%, consistently above the 100% target by fiscal 2026. This figure excludes the one-off impact from the purchasing power program launched in Belgium at the end of calendar 2023. I will come back later on the various drivers of the net retention. For now, I just wanted to highlight the contribution of the additional increase in face value over the first 9 months, representing approximately EUR 900 million, in line with the trend of last year. Altogether, this means that we have already delivered close to 75% of our EUR 3 billion cumulative objective for fiscal year 2024 to 2026.

Now let's take a closer look at some concrete examples of how our commercial strategy is translating into strong delivery on the ground. In the third quarter, we have remained very active on the new client acquisition front, thanks to a combination of direct sales execution and the contribution of our strategic partnership. While some mid- to large-sized clients may have shown a tendency towards slightly longer decision-making cycle, business momentum has remained strong with new client wins reaching EUR 1.1 billion over the first 9 months, as previously mentioned.

So now let me share 2 concrete examples, starting with Brazil, where we made great progress in rolling out our exclusive distribution agreement with Santander. First, all integration and transition phases have been successfully executed and the volume migration is now fully complete. Second, the collaboration is running at full speed with the share of Santander sales teams having sold the Pluxee solution rising from 14% to more than 20% in just 1 quarter.

And finally, we are seeing a strong commercial ramp-up, particularly through joint key account wins and deeper SME penetration, further reinforcing our market leadership in the country. Now in India, our consultative selling approach has continued to gain strong traction, powered by our compelling multi-benefit offering and disciplined commercial execution. As a result, we secured key B2B wins, adding over 35,000 new end users to our platform in a single quarter, which has allowed us to further expand our presence in this large and fast-growing market.

Let's now focus on our net retention rate. Our solid business performance is also reflected in our net retention rate, which remains above 100%, excluding the PPP program in Belgium. This is supported by, first, I mean, our high client retention with a notable 20 basis points improvement year-on-year; and second, our effective client portfolio management, driven by a robust trend of increasing face value over the first 9 months.

This strong performance enabled us to more than offset the impact of the macroeconomic environment on our end-user portfolio growth, particularly in Continental Europe and Mexico. To illustrate the importance of strong client engagement, let me share the example of our long-standing relationship with SKODA in Czech Republic. Since the very beginning of the contract in 2019, we've been constantly by our client side, which has enabled us to unlock significant cross-sell and upsell opportunities.

In response to SKODA's employee retention challenges, we have progressively implemented a broader benefit structure to address the evolving employee needs. This includes solutions such as culture, travel, pharmacy and even more recently, maternity support, while also advising the company on an attractive annual contribution per employee. Over the past 6 years, we have multiplied annual business volume by more than 40x. And today, over 37,000 active users benefit from our tailor multi-benefit solution.

This client journey is a great reflection of how we continue to grow and innovate alongside our clients, adapting our solutions to meet their evolving needs over time. So to sum up, Q3 marked another quarter of solid commercial momentum and top line growth, keeping the group firmly on track to achieve its full year target.

And with this, I will now hand over to Stephane to walk us through the financial figures.

Thank you, Aurelien, and good morning, everyone. It's a pleasure to be with you today to present in more details our top line performance for Q3 '25, starting with the business volumes issued on Page #11. In Q3 '25, total business volume issued or BVI reached EUR 5.7 billion, bringing the cumulative figure for the first 9 months to EUR 18.8 billion.

Focusing first on Employee Benefits, we recorded a plus 6.7% organic growth in Q3 and a plus 7.8% over the first 9 months or plus 9.0% if we exclude the one-off effect related to the purchasing power program in Belgium. As expected, Employee Benefits BVI growth remained geographically more weighted towards Latin America and Rest of the World, while Continental Europe showed contrasted dynamics. If Southern Europe stood out with strong commercial traction, this was tempered, as Aurelien mentioned, by the impact of macroeconomic headwinds, notably on end users portfolio growth in some other European countries.

Looking now at other products and services, which temporarily weighed on BVI growth this quarter. This line of service BVI reached EUR 1.2 billion in Q3 and EUR 4.7 billion over the first 9 months compared to EUR 1.4 billion and EUR 4.5 billion, respectively, in fiscal '24. Momentum in Public Benefit was restored, particularly in Latin America following the recovery of a large contract in Chile, but this was temporarily offset by phasing effects in ordering from 2 major contracts in Belgium and Romania.

Let's now take a closer look at the key drivers behind the growth in Employee Benefits BVI over the first 9 months on Slide #12. As we just saw on the previous page, Employee Benefits BVI increased from EUR 13.8 billion to EUR 14.2 billion, representing a gain of approximately EUR 400 million over the first 9 months of the fiscal year. The plus 7.8% organic growth in Employee Benefits BVI was driven by a combination of factors.

First, net retention contributed around EUR 200 million, supported by both strong client loyalties and higher average face value across regions. This growth was fully offset by the base effect from the last year one-off purchasing power program in Belgium. Second, new client wins added up to EUR 1.1 billion over the first 9 months, reflecting Pluxee's solid development trend, particularly among SMEs.

The BVI bridge disclosed on the page also includes a positive scope effect of EUR 500 million coming from the integration of the recently closed deals and a negative impact of currency fluctuation, mainly related to Brazil, Turkey and Mexico. This continued BVI positive momentum has translated into total revenues growth on Page #13.

In Q3 '25, total revenues reached EUR 310 million, up plus 11.1% organically and plus 4.3% on a reported basis. This brings our 9-month performance to plus 10.9% on an organic growth basis and plus 6.2% reported. Q3 '25 was indeed impacted by adverse currency effect, which brought a minus 10.3% impact on our total revenues reported growth, primarily due to the currency depreciation of the Brazilian real and the Turkish lira.

While our float revenue natural hedge, which usually offsets negative currency effects through higher interest rates has worked at full strength in Brazil this quarter. This has not yet been the case in Turkey, but it is expected to start playing out from Q4 onwards now that interest rates have been raised again in Turkey. Such negative foreign exchange impacts were partially compensated by a plus 3% scope effect, mainly related to the acquisition of Ben as part of the partnership with Santander in Brazil and to the acquisition of Cobee in Spain and Benefício Fácil, in Brazil.

Excluding these currency and scope effects, total revenue organic performance in Q3 was driven by: first, solid low double-digit growth in operating revenue, reaching EUR 217 million, up plus 11.1% organically, supported notably by the easing of base effects in Employee Benefits as faced in Q2 '25. And second, slightly stronger-than-expected float revenue, reaching EUR 39 million, up plus 10.8% organically. While this low double-digit organic growth of total revenues was more regionally balanced than in Q2, Latin America and Rest of the World continued to stand out as key contributors as we will see later in the presentation.

Before that, I would like to take you through the underlying trends behind operating revenue by line of service on Page 14. As just mentioned, we recorded EUR 270 million in operating revenue in Q3 '25, reflecting a plus 11.1% organic growth. This momentum was primarily driven by Employee Benefits, which delivered plus 12.8% organic growth this quarter, resulted from a robust trend in business volume, combined with an improving take-up rate year-on-year in line with fiscal '24 full year level.

Operating revenue in Other Products and Services showed a minor improvement in Q3, reaching EUR 36 million reported, up plus 0.5% organically. The positive trend in public benefit programs, notably supported by the regaining of a large public benefit contract in Chile was partly compensated by the ongoing portfolio rationalization in the U.K. and the U.S.

Beyond this performance by line of business, let's now turn to geographic mix and explore how operating revenue organic growth was achieved across regions on Slide #15. As expected, operating revenue organic growth in Q3 and over the first 9 months of fiscal '25 was more weighted towards Latin America and the Rest of the World. Starting with Latin America, Q3 '25 organic growth reached plus 13.6%, slightly increasing compared to Q2 and a clear improvement compared to Q1.

This performance reflects notably the strong commercial execution in Brazil, further supported by the Santander partnership now operating at full speed and the recovery of a major public benefit contract in Chile. Meanwhile, Mexico's economic environment continued to face pressure stemming from the impact of U.S. economic policies. Overall, this performance is fully aligned with the trend we previously highlighted, and we expect momentum in LatAm to continue in the coming quarters.

Moving to Continental Europe. Q3 25 organic growth reached plus 8.8%, marking a rebound after plus 1.8% in Q2, in line with our anticipation. That said, we anticipate base effects to impact again the fourth quarter given that Q4 '24 operating revenue growth reached plus 12.7% last year in the region. This should be considered when evaluating Continental Europe's growth outlook for Q4 alongside the softening of macroeconomic conditions in the region.

Lastly, in Rest of the World, Q3 '25 organic growth reached plus 11.0%, primarily driven by strong business volume momentum in countries such as Turkey, India or the Philippines. Turkey remains a key growth contributor, but the country is also facing increasing base effect due to the exceptionally high growth achieved in the recent years.

Lastly, we have also continued over the quarter, the repositioning of our business towards core employee engagement solution in the U.K. and the U.S. Overall, in terms of operating revenue for all regions and after a strong performance in Q3, we anticipate a softer Q4. In fact, the pattern of organic growth between Q3 and Q4 is expected to mirror the phasing observed between Q1 and Q2 in the first half of the current fiscal year.

Before I hand it back to Aurelien, I have also one last page about the still strong Float revenue dynamics on Page #16. In Q3 '25, Float revenue grew slightly ahead of expectations, increasing by plus 10.8% organically to reach EUR 39 million. Over the quarter, Float revenue organic growth was fueled by a larger Float baseline on the balance sheet, supported by the continued increase in business volume issued and by an overall stronger investment yield year-on-year.

Looking at the first 9 months, Float revenue has reached EUR 123 million, growing plus 14.3% organically. As expected, the organic growth pace has gradually leveled off compared to fiscal '24 and compared to the first 2 quarters of this year. That's mainly because interest rates peaked last year in most of our markets, especially in Continental Europe. That said, we continue to benefit overall from higher rates in some countries, especially in Brazil and Turkey as well as from agile and disciplined investment strategy tailored to local conditions. As a consequence, we now expect Float revenue organic growth to land in the low double-digit territory for the full year.

And now I will hand over to Aurelien for the final outlook section combining our expectation in both operating and Float revenue trends.

Thank you, Stephane. In summary, so this quarter's performance confirms that we are on track to achieve our full year ambitions. As such, we are confident in reiterating our fiscal 2025 key financial objectives, which are: first, low double-digit total revenue organic growth; and second, plus 150 basis points of recurring EBITDA margin expansion calculated at constant fiscal 2024 exchange rates. In addition, we keep our fiscal 2026 financial objectives unchanged.

Now to conclude, I would say that in an environment increasingly marked by macroeconomic challenges, our performance this quarter and more broadly over the past 9 months highlights the resilience of our business model, supported by recurring revenue streams, a broad geographic footprint and a disciplined execution of our strategy.

And with that, we are now with Stephane, happy to take your questions.

[Operator Instructions] The first question comes from Andre Juillard of Deutsche Bank.

Congratulations for the solid revenues. First question about regulation. Could you give us some more visibility on what is going on in France with the recent announcement and where we are in Brazil? Second question, could you give us some more color about the dynamic on SMEs and big corporates, and give us maybe slightly more visibility on the weight of these 2 segments? And third question about M&A.

You announced this morning the acquisition of a company in Romania. Could you give us some more color about the weight in terms of revenues, profitability of the recent acquisitions you've been doing? And quantify maybe the spending on M&A you've been doing this year? And maybe give us some more color about what you plan to do in terms of deleveraging?

Thank you, Andre Juillard, for your 3 questions. I will start with the regulation to give you an update. So with France first. So last week, the Minister, Véronique Louwagie, announced the main measures for the meal benefits reform. So first, at Pluxee, we have welcomed the government's road map. We believe that it does support the modernization of the system by, I mean, better aligning the practices and the expectation of the key stakeholders and starting with merchants and employees, while still preserving the core purpose of the meal voucher, which is to enable employees to enjoy a healthy meal during the break.

So coming on the main measures that were part of the announcement. So there is a full digitization by January '27. The continued eligibility of I would qualify as non-immediately consumable food products -- and on this topic, we will continue to engage with governments in order to try and introduce a dual spending limit that could be differentiated by merchant category, and it would be a way for us to help restore a good balance between supermarkets and restaurants.

Another strong measure is the implementation of the transparency charter that will provide merchants with a common framework to clearly understand and compare the cost associated to the transaction. So that's -- I mean, the main measure contained in the announcement. In terms of political calendar, so for the moment, there is no clarity on the legislative vehicle nor the calendar for adoption. But what was said is that the draft of law could be submitted to the parliament either this fall -- or between this fall and next spring. So this is for France.

Now Brazil, just to remind you, over the last months, the macro environment in Brazil has been marked by reemerging higher level of inflation. And in this context, it puts the Lula's u government under a strong pressure to find solution to reduce the food inflation and the access to food for consumers. So we -- in this context, we remain in constant dialogue with the government to discuss ways to enhance the employee benefit system in Brazil that could definitely contribute to address this challenge.

And our main common objective, both for the government and issuers such as Pluxee, is really to ensure the sustainability of the system over the long term. So to be more precise on the interoperability and portability topic, the decree required for the implementation is still pending. And as you know, we are actively engaged in ongoing discussions to establish the appropriate framework. But for the moment, nothing was announced. And regarding possible other measures, we are constantly monitoring the situation, as we speak. So this is for the regulatory part.

In terms of development, you were asking about the development to give you a bit more of color. So first, with the EUR 1.1 billion over the 9 months, our new client wins have remained very strong. And given the robust pipeline that we've developed, we think that we are well on track to reach our target of over EUR 1.3 billion of new business on fiscal year '25. And interestingly enough, this momentum has been partly driven by an increasing contribution from SME, and this is true across markets.

And so far, so after 9 months, we have already surpassed the 30% target that we set for fiscal year 2026. And regarding mid- to large accounts, as I mentioned, we've seen some lengthening in the signing process in certain geographies that we associate to macro-related caution. But again, the overall pace of winning remains robust. Regarding M&A and the impact from the MyBenefits acquisition, Stephane, and the total envelope.

So the MyBenefits acquisition in Romania is a little bit like what we did with Benefício Fácil in Brazil. So this is a bolt-on acquisition with a company that we have been partnered with for some years, so a company that we know very well, which means that the integration of this company, we have been able to anticipate for it. This company is going to bring us a scalable tech asset, which is going to help us to reinforce the personalized experience of our consumer in -- our new clients in Romania.

It's going to be a highly synergistic acquisition. We are talking here about a few million, so in terms of stakes, financial stakes. So this is really a bolt-on and a few million of additional revenue, but with strong synergies and this acquisition is going to be accretive to the EBITDA margin starting the first year. Very, very much like what we did with Benefício Fácil a few weeks ago in Brazil.

And in terms of deleveraging, considering that you have a comfortable cash net position?

In terms of what you said? In terms of...

The deleveraging?

You mean in terms of credit metrics?

No. I mean the use of cash you have on your balance sheet. Could you consider some bigger acquisitions and/or some return to shareholders, to be clear?

We have -- sorry. So we have a strong potential M&A pipeline, but still keeping a very disciplined and targeted approach. And there might be some additional bolt-on or maybe a little bit of bigger size acquisition considered going forward, but nothing that is to be announced shortly. So we'll see. But we are still working on this lever. This M&A lever for us is important. This is a key complement to organic growth, being able to seize M&A opportunities so that we can then accelerate further inorganic growth going forward, thanks to synergies. So yes, we have a strong pipeline of potential acquisition of different size.

The next question is from Pravin Gondhale of Barclays.

Firstly, on the net retention rate, it was 101% at Q3 compared to 103% at full year last year. Can you just help explain the moving parts of this gradual decline in retention apart from -- I understand a part of that is coming from face value; revisions, which have moderated, but the other 2 parts, which is cross-selling and then client churn. Can you just explain how that has trended over the first 9 months?

And then secondly, you just suggested on Brazil regulation that topic of interoperability and portability. It's still pending. Can you please confirm that it's still under discussion or it's just been sort of pushed back a bit given the other priorities the government has?

So regarding maybe your second question, indeed, I think that the political agenda in Brazil has been a bit challenged recently, but for measures that are nothing to see with our business. But I think discussions are still ongoing. I mean, anyway, it's not a pushback to any time. We are still expecting a decision in the coming weeks, hopefully.

And regarding your question on the net retention performance, again, I mean, I would like to insist on the weight of the end user portfolio growth in this performance because -- and you said it, the net retention remains solid. But it's fair to say that the end user portfolio growth has been gradually weakening, showing for the first time this quarter, a slight overall negative contribution, albeit it's very limited in absolute terms.

And when we look more precisely on the trend, I would say that these trends mainly reflect the deterioration of the macroeconomic environment in certain Continental Europe, as mentioned by Stephane, for instance, France and Romania, where I mean, we see corporates, some corporates starting to freeze recruitment and adopting a more cautious approach to hiring. And we have a very similar situation that emerged in Mexico a bit earlier, where ongoing U.S. trade policy continues to weigh on the manufacturing sector.

But nonetheless, the improved client loyalty, the strong upward trend in face value growth and the continued resilience of our end user portfolio growth in countries such as Brazil and Southern Europe have more than offset the negative impact from the end user portfolio contraction elsewhere.

The next question is from Estelle Weingrod of JPMorgan.

One question on Other Products and Services. You mentioned both temporary phasing effects in ordering from 2 contracts in Belgium and Romania, but also some sort of business repositioning in the U.K. and the U.S. Could you just clarify a little more exactly between the 2, what's happening for Other and also the expected time frame for that? Would you mind just giving us also maybe a split, I mean, within your 3.6% scope this quarter, the split between the 3 recent acquisitions?

Stephane, do you want to take...

So on Other Products and Services, I don't know, Estelle if your question was just on the second part. So I'm going to elaborate a little bit on the 2 phasing effects first and then go into the details for the U.S. and U.K. So the phasing effects we are referring to in Belgium and Romania related to -- in Belgium, one program on which we received significant orders earlier in the year. So this means that for Q3, the ordering was lower compared to the year before because we had a significant upside in Q2.

Then the other contract is one contract in Romania for which the ordering is postponed to a later period either in this year or in the next year and with potentially lower amount. In the U.S. and the U.K., so we are -- these are countries which are more on reward and recognition solution than the pure employee benefits as we deliver them in many countries. And we are now refocusing more on pure core engagement solution for our clients rather than seeing that we are more closer to pure reward solution.

And so this led us to exit a few contracts, which weighed a little bit on the organic growth. And at the same time, we also made the decision to change the management team. So these are 2 countries where the country managing directors were changed in the last weeks.

And then regarding the 3.6% scope effect in the quarter. So these are fully related to the acquisition we have referred to, with the acquisition of Ben as part of the Santander partnership in Brazil being the biggest one, followed then by Cobee and Benefício Fácil is -- will be recorded as part of scope effect in the coming quarters because right now, in Q3, it was not -- it was a very small, very small part of the scope effect. So mainly 2/3 of it is related to the Santander, small 1/3 to Cobee and the rest related to Benefício Fácil.

The next question is from Hannes Leitner of Jefferies.

I got a couple of questions as well. Maybe just because you made this acquisition in Romania, and it seems like a small bolt-on acquisition. Maybe you can remind us how big your business is there in Romania. And then a couple of other questions are in -- you talked about M&A already, but maybe you can just like talk about what appetite for larger M&A you have? Or should we continue to think that you will do a series of small bolt-on acquisitions?

And then a question on the take-up rate. Take-up rate had been improving throughout last year and kind of, I think, expectations were that it will then level out. Where do you see take-up rate progressing from here? That's maybe a follow-up then.

Thank you, Hannes. Stephane, do you want to...

So we don't disclose. I'm sorry about this, but we don't disclose the size of our countries. We don't communicate, but I can tell you that Romania is a big country for us. We are -- we have a leadership position in these countries. So this is important for us to reinforce this leadership position with this kind of highly synergistic acquisition like the one we are making with MyBenefits.

So leading with your second question regarding M&A, of course, we might consider at some point some large M&A. As I was saying, our M&A potential pipeline is strong with many things we are looking at, but in a very disciplined way. We -- the objective remains the same and with a strong focus to be able to complement and extend our offering with engagement solution for our clients, while we are already very strong in terms of employee benefits that engagement solution to support our clients, retaining, getting strong commitment from our employees is an important focus for us.

And then in terms of take rate, so this take rate has improved a little bit versus the year before. So year-on-year for the first 9 months, we are delivering a plus 19 basis points improvement. If you look at our take-up rate over the last years, over the last 4 to 3 years, we have improved it a little bit, but on the back of improvement of client commission; while at the same time, over this 4 to 3 years period, the merchant commission has been slightly reduced. So this is really by improving overall the client commission that we've been able to increase it to something to close to 5%.

And we are considering that this is a fair rate, taking into account all the value we bring to clients, consumer and, of course, merchants, so we don't intend to increase it. Now there are some potential mix effect depending on the mix of our products. For example, you have in mind that our take-up rate is higher for gift than for meal and food, for example. And so depending on the weight of our business and the way our product offering is going to evolve over time, so there might have some additional impact on this take-up rate. But we don't have a target to increase the take-up rate as it is, we consider it fair right now.

Okay. And just maybe a follow-up here, on looking at FY '26, you maintained the margin target this year, you upgraded it and the upgrade was probably mostly on better Float expectations. Now Float for -- to get to your low double-digit growth for Float means actually Q4 will drop to probably low to mid-single-digit Float growth. How should we think about next year in terms of the margin progression and the moving parts between the different businesses?

We are confirming today our objective for next year. This is true that in terms of Float revenue, we are in a global environment in the world where interest rates are going down. Now there are other engine in order to improve the Float, which is -- in order to improve the Float revenue, which is the Float baseline on the balance sheet. So we expect to go on delivering some growth in terms of business volume in the coming years with all the growth engine that Aurelien have gone through in the previous question. So we'll see. But so far, our target remains the same, and we'll come back to you with further details when we release our full year numbers in the end of October for more details about what is going to happen next year.

And maybe just to add because, of course, we -- I mean, we are not immune against the macroeconomic context, but our model is quite resilient. And this is because we leverage a combination of key strengths. And I would mention our diversified footprint, both geographically, we are present in 29 countries. The nature of our client portfolio, we are serving public, private clients, small, mid and large-sized clients as well as the broad exposure by sector of this client portfolio.

We benefit from multiple growth drivers, and we do have this natural hedge against inflation through the increase of the face value and the currently risk through the Float revenue. And last but not least, the essential nature of our solutions because for clients, it remains key to retain and attract talent, especially in times of economic slowdown. So that's why also it makes us confident.

The next question is from Julien Richer of Kepler.

A couple of ones for me, if I may. The first one, if you can come back on the comments you made on Q4 being softer than Q3. If I understand it correctly, you said that the difference might be more or less similar to the one you posted in Q1 and Q2, I mean, Q2 being lower than Q1. If it is the same magnitude, it means that Q4 will be around 4% growth. So just want to confirm that and have your view on what is going to happen in 2026 because the exit rate of this year will be high single digit and not double digit?

And the second thing, maybe I missed it or did not understand it correctly, but can you please give us a bit additional color in the Float revenue evolution for next year based on the situation you are seeing today?

So regarding the exit rate for the next year, so I think -- so first of all, this is -- I mean, we -- I said it, the Q4 growth on operating revenue is going to be softer compared to what we delivered in Q3. And if you look at the difference between Q1 and Q2, yes, this is likely to be in the same order of magnitude in terms of operating revenue in between Q3 and Q4. I'm talking about operating revenue, total operating revenue for the group. Now it's not going to be as low as you are saying. If you do the math, you will notice that the difference doesn't give rise to such a low number.

Then on this growth, I would like also to point out something that you should consider when you all the analysts are working on your expectation in terms of delivery for the full year. This is the impact of the foreign exchange fluctuation. So we are currently facing strong headwinds in this field, which is due to Brazil, and this has lasted for a few months now, and there has been a new change in Turkey. In this respect, we are going to be able to benefit from -- and this is linked to the second part of your question.

We are going to be able to benefit from higher interest rates in these 2 countries. In Brazil, it took a bit of time before the Selic rate was increased by the local authorities. The current Selic rate is up to 15%. If you look at it, a few months ago, it was a little bit higher than 10%. So we have been able to benefit from a strong increase in the Selic rate. And this is also what happened very recently in Turkey, even though it took some time from the Turkish authorities to decide to increase again the rates, but the rates have been increased.

And so you should consider when you look at the fiscal year '26 outlook that in terms of Float revenue, of course, we might -- we suffer and we have to face situation where the interest rates are decreased by the local authorities. There are other countries like Brazil and Turkey, where the rates are increasing. And we are also benefiting from our disciplined and agile strategy.

In the last years, we have extended the maturity of our investment, which now is reaching something close to 11 months in average at the time of the subscription or 7 months in terms of residual length of maturity. And so this means that we benefit from the yield of this portfolio every time there are some changes in the market. And again, so this Float revenue will be supported in the next year by this existing portfolio of investment.

So on fiscal year '25, just to conclude, so all in all, and as Stephane explained, we expect a pattern of organic growth between Q3 and Q4 to mirror the phasing observed between Q1 and Q2. Still, we remain fully confident in achieving our full year total revenue organic growth guidance.

The next question comes from Justin Forsythe of UBS.

A few questions here for me. So I just wanted to circle back on the point around Europe operating revenue growth in the quarter. So thinking about the number, I know you had the really hard comparison in fiscal 2Q there. So it seems like what is that, about a 5-point acceleration despite a kind of much easier comparison. Just to be clear on exactly what the impacts within Europe are is the 2 contracts that you spoke about in other products and then a bit of employment weakness in France. Is there something else there?

Because I think you talked about offsets on the other direction, but in other geographies. And then maybe how we should think about Europe growth going forward in the context of all these moving pieces. And I think you also noted a higher comparison base in 4Q as well. I wanted to talk a little bit about the France regulation as well being proposed. So I guess my curiosity here is this seems to be taking quite a while. I mean this was initially raised with the prior government, the Macron government back in 2023. This government has been in place for, what, now over a year. It seems like we're talking about now getting into 2026.

I guess I'm curious why this seems to be taking so long. None of these proposals seem to be all that new. And do you think there's an appreciation the challenges that this uncertainty brings to businesses in the voucher space? And one further question on the dynamics there. I think it calls for the abolishment of the CNTR, that central voucher agency. Do you expect that to have any impact on the way that you engage with the broader voucher scheme in France?

So I will start with the French regulation, and thanks for your series of questions. So regarding the French regulation, I mean, actually, I mean, the government has not been put in place 1 year back. It's much more recent started -- I mean, this new government started in January. So they've been working actively to come out with their list of measures that they shared last week. Again, we are welcoming this move because it's a positive move. Do they realize that, I mean, it brings uncertainty as long as we don't have the reform being passed. I guess so.

But after they need to go through the political process, which means that a law needs to be voted by the parliament. So it has to be presented to the parliament. And the parliament has many -- they do have a quite busy backlog of bills to be discussed and approved. So that's why it's taking time. But the -- again, I think that the French government is moving quite actively in order to come out with a final bill that will be passed as soon as possible. Regarding the impact on Europe, maybe, Stephane, you want to take this one?

So the acceleration of the growth in Continental Europe in Q3 compared to Q2 is due to some impact on Q2 and not on Q3. So this is really what happened in Q2 at the time of the release of our H1 numbers. I think we explained that in Q2, we had to face 2 main effects in Continental Europe, but there was the impact of this purchasing power program in Belgium the year before, which had generated -- this was a one-off. This has generated strong growth in Q2 of fiscal year '24, so making the comparison base very high for Q2 '25. And we also had a very strong gift campaign in '24.

So raising the bar quite high. This gift campaign has been successful again in the Q2 of fiscal year '25. But to generate even more growth, that was really a challenge. And we had also other program, for example, Prima Bonus in Austria or Social Plus in Romania, which were with stronger volumes in '24 than in '25 and, again, in Q2. So Q3 of this year is with less impact. The impact I was referring to and that you pointed out, which are these phasing effects are more related to the business volume issue than revenue. And I don't want to go into too many details.

But when I was referring to one program in Belgium, so what happened is that there was a change in regulation in Belgium in the year-ed -- in the calendar year-end, so in the end of calendar year '24, which was a reduction of the potential of the tax benefit from the Belgian citizens when they use what is called the Titres-Service. And so this is a benefit that is available in Belgium. And the tax benefit related to this benefit was reduced. So this led many of the Belgian citizens to order a big amount before the year-end.

But this has no impact on the revenue because the related revenue is spread all over the next month. So this had a phasing impact on the ordering and on the business volume issued. If you look at our balance sheet at the end of H1, you might see the impact because this led to a significant increase in the voucher in circulation by something close to EUR 500 million. And at the same time, because we didn't have the cash in immediately, there is a significant amount by EUR 500 million in the receivable.

Yes. Got it. Sorry, I just -- I think that's super helpful. I guess what I'm trying to understand is it looks like on a 2-year basis, this is effectively the lowest growth of 2025 thus far organically in operating revenue in Europe in 3Q. And I think you were talking about some impacts to hiring and such that was maybe also serving to offset there. So just trying to think of -- and we've seen the growth rate kind of fluctuate in quite a volatile fashion across the year in Continental Europe going back 2 years really. So just trying to think about the jumping off point for 4Q, taking into consideration the challenging comp that you mentioned in 4Q.

Justin, as we said, the -- we expect Latin America and Rest of the World to keep on driving more the growth of Pluxee in the coming months, so it was the case. I mean, we expected it already a few quarters ago. So we do expect that this trend will pursue again in the coming months. And regarding the CNTR because I did not -- sorry, I mean, I didn't get the question straight ahead.

So indeed, I mean, one of the plan of the French government would be to evolve the governance of the system. Today, it is done through a public agency called Commission Nationale des Titres Restaurant. What will be the future of this entity, we don't know, but we consider it's good to keep an independent body helping us to ensure the right operation and the right governance of this so important system for the French employees.

[Operator Instructions] The next question comes from Sabrina Blanc of Bernstein.

Yes. I have 2 questions from my part. The first one is regarding the partnership with Santander. Can you provide a bit more color on how it goes and if you have any figures that you can share with us? And the second question is regarding, I would say, the cross-selling between meal voucher and the other employee benefits products. Could we have also an idea of the development and how you are happy with that?

Yes. So thank you, Sabrina, for your question. So regarding the partnership with Santander, so we said it during the presentation. So the -- I mean, the integration phase is now behind us. I mean all volumes from Santanders were migrated on the Pluxee platform with a very high level of satisfaction from Santander's clients. And it's fair to say that the feedback as well from Santander sales engines have been very positive. So that's why, I mean, it's a good driver.

It's a good incentive, I mean, to have them now sell our Pluxee solution. One number, I mean, that I'm pleased to share is the number of sales agents that have already signed one Pluxee contract, and it's more than 20%. And remember that Santander has a sales team of above 4,000 people. So it's -- I mean, looking at the size of our sales team, the dedicated Pluxee sales team, I mean, it's a big extension, and that's why we are confident in the future. So we are on track with the initial plans that we had.

And what I'd like to add is that we are signing both some very large clients but we are also taking advantage of the huge SME portfolio to further penetrate this segment. And regarding the cross-selling contribution and the performance in cross-selling, it's a steady performance. We don't see yet the full acceleration, but this is what we expect in -- for the years to come.

The last question is from Pavan Daswani of Citigroup.

I've got a couple. Firstly, I appreciate the color on the phasing of Q4 operating revenue growth. How should we think about the drivers of growth to accelerate back to kind of low double digits in 2026? And then secondly, on Italy, I appreciate it's a relatively small exposure, but could you provide an update on the renegotiation process ahead of the CCAP please?

Okay. Regarding Italy, so first, let me remind you that our meal and food business represents less than 3% of our total financial aggregate there. So as you know, the amendment capping the merchant commission at 5% came into effect for all new merchant contracts in January this year, and it will be applicable for our existing merchant network starting September 1, so meaning in almost 2 months. And we are currently in the middle of our client renegotiation campaign. So early feedback has been positive with rebalancing already underway on certain accounts.

So it should -- and it will help us mitigate the impact of this regulatory change, knowing that we said it and that we don't anticipate any impact on our ability to meet our financial objective for fiscal year '25 and '26 at group level. And regarding the drivers to accelerate the double-digit growth, a bit of color. Again, when you look at the performance of Q3 and over the past 9 months, when you exclude the one-off effects, our BVI growth continued to show healthy growth in Latin America and Rest of the World. And this relies on a robust development trend in new client acquisition.

And this is across regions, Europe, Continental Europe, Latin America and Rest of the World. Again, it does contribute to EUR 1.1 billion with a notable increase from SME. We also benefit from the solid net retention that continued to stand above 100%. And this is thanks to the combination of reduced churn rate, robust additional increase in face value that allows us to offset the recent end user portfolio evolution.

And last but not least, the M&A deals are helping us to deliver a progressive contribution through synergies and scope effect. So that's why we remain confident in our growth outlook as reflected in the objective fiscal year '26 that we have reaffirmed today. So thank you, Pavan. Thanks a lot.

So to wrap up, I'd like to highlight again that Q3 has been a solid quarter, both in terms of business momentum and financial performance. We are on track to deliver our strategic and financial objectives, which supports our reiteration of guidance for both fiscal 2025 and 2026. And now with that, I wish you a very good day and look forward to connecting again at the end of October for the release of our full year results.

Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephones.