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June 13, 2024
PI Global Investments

Sodexo Spinoff Pluxee Sets Financial Targets Ahead of Feb. 1 Listing

Sodexo spinoff Pluxee has set short-term and midterm targets ahead of its planned listing on Feb. 1.

The employee-benefits company, which is being carved out of the French food-and-catering giant, said on Wednesday that it aims to grow revenue by a percentage in the low double digits in fiscal 2024, and has the same goal for fiscal 2026.

Pluxee said it is targeting a stable recurring earnings before interest, taxes, depreciation and amortization margin in fiscal 2024, and aims for a margin of around 37% in fiscal 2026.

Between fiscal 2024 and fiscal 2026, the company is targeting a cash conversion rate above 70%.

Pluxee’s capital expenditures will be around 10% of revenue on average, with a significant focus on tech, if all goes according to plan, it said. It is aiming for a dividend policy of at least 25% of net profit from fiscal 2024.

The company also posted results for the first quarter of its fiscal 2024, with revenue reaching 266 million euros ($290.8 million) compared with EUR225 million in the first quarter of fiscal 2023. Pluxee saw organic growth of 20%, it said. Currency effects accounted for a 1.8% hit, Pluxee said.

Pluxee said its employ benefits business took in EUR224 million in revenue, up from EUR183 million a year ago, while other products and services resulted in EUR42 million—the same as the prior-year quarter.

The Dutch Authority for the Financial Markets has approved the prospectus for the listing of Pluxee’s ordinary shares on Euronext Paris, Sodexo said.

Write to David Sachs at david.sachs@wsj.com

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