Pluxee N : Halfjaarlijkse financiële verslaggeving

First Half

Fiscal

2024

Financial Report

Contents

01 First Half Fiscal 2024 Activity Report 03

02 Condensed Consolidated Financial

Statements for the First Half Fiscal

202417

03 Statutory Auditor's Report

51

04 Statement of the Persons Responsible for the First Half Fiscal

2024 Report	53

First Half Fiscal 2024

Financial Report

We are Pluxee, a global player in employee benefits and engagement. Pluxee helps companies attract, engage, and retain talent thanks to a broad range of solutions across Meal & Food, Wellbeing, Lifestyle, Reward & Recognition, and Public Benefits.

2024 First Half Fiscal Financial Report

01

02		2024 First Half Fiscal Financial Report

01

First Half Fiscal 2024 Activity Report

(February 29, 2024)

1.1	First Half Fiscal 2024 Highlights	04
1.2	First Half Fiscal 2024 Performance	06
1.3	Consolidated financial position	10
1.4	Outlook	12
1.5	Principal risks and uncertainties	12
1.6	Related party transactions	13
1.7	Subsequent Events	13

1.8 Glossary and Alternative performance

measure (APM) definitions

14

2024 First Half Fiscal Financial Report

03

01 First Half Fiscal 2024 Activity Report

First Half Fiscal 2024 Highlights

1.1 First Half Fiscal 2024 Highlights

1.1.1 Executive Summary

Pluxee delivered strong performance in the First Half Fiscal 2024, executing on its strategic growth plan presented at Capital Markets Day.

• Total Revenues reaching 593 million euros in the First Half Fiscal 2024, a +21.5% increase compared to First Half Fiscal 2023, including a -2,5% negative currency translation effect and reflecting +24.0% organic growth fueled by positive market dynamics across all regions and a favourable macro environment:
• • Operating revenue of 518 million euros, up +17.4% organically excluding a -1.7% currency translation effects. In Q2 FY 2024, Operating revenue grew +19.9% versus First Half Fiscal 2023 on an organic, basis, accelerating from +14.5% pro-forma growth in the first quarter,
  • Float revenue raising to 75 million euros, increasing +97.3% organically, of which +87.6% in Q2 FY 2024, as result of the continuous growth of the Float and the overall progressive stabilization of interest rates at a high level.
• Strong Recurring EBITDA at 201 million euros, representing +28% organic growth:
• • 34.4% Recurring EBITDA margin at constant rate, representing +90bps improvement year-on-year.

• Net profit of 68 million euros reflecting higherone-time items, mostly spin-off related.
• Recurring Free cash flow of 228 million euros, with strong cash conversion of 113%.
• Net cash position of 1,065 million euros, increasing by 206 million euros since August 31, 2023.

Based on the strong financial performance delivered in the First Half Fiscal 2024, Pluxee is raising its financial objectives for Fiscal 2024.

• Organic revenue growth is expected between 15% to 17% compared to low double-digitinitially.
• Recurring EBITDA margin objective is raised to at least 35% including standalone costs, from at least 34.5%.

All otherfinancial objectives remain unchanged, with the Group reiterating its mid-term ambition to reach:

• low double digit organic growth per year for Fiscal 2025 and 2026;
• c.37% Recurring EBITDA margin in Fiscal 2026; and
• above 70% cash conversion on average over Fiscal 2024 to 2026.

Aurélien Sonet, Chief Executive Officer of Pluxee, commented:

"Our first results as a standalone listed company demonstrate excellent progress in delivering the Group strategic growth plan as well as on ourfinancial objectives. Strong business momentum continued during the First Half of Fiscal 2024, with topline growth exceeding expectations and strong improvement in recurring EBITDA. This success is a testament to the excellent work and unrelenting commitment of our entire team and I would like to thank all our colleagues for their contribution to this robust set of results.

Ourrecent successful listing and inaugural bond issue have enabled Pluxee to take a significant step towards realizing ourlong-standing vision of being a leading global pure playerin Employee Benefits & Engagement. We are well-positioned to continue delivering on ourstrategic plan, underpinned bya distinctivevalue proposition and supported bya wealth of expertise across ourteam, powerful tech and data capabilities and a disciplined M&A strategy. Given our strong start to the year, we are raising our Fiscal 2024 organic growth and EBITDA margin objectives while reiterating our mid-term targets, reflecting our confidence in the second half of Fiscal 2024 and beyond."

04		2024 First Half Fiscal Financial Report

1.1.2 Highlights

Pluxee Group ("the Group") was formed during the 2023 calendar year through February 2024. It encompasses the formerBenefits & Rewards Services business segment of Sodexo Group, separated from Sodexo's On-Site Services through the distribution of Pluxee N.V. ("the Company") ordinary shares to Sodexo shareholders ("the Spin-off").

1.1.2.1. Spin-off and listing of Pluxee on Euronext Paris

Preliminary Spin-off transactions

The Spin-off required the implementation of certain preliminary transactions involving the transfer of interests in order to separate Pluxee's operations (formerBenefits & Rewards Services business segment of Sodexo) from other activities of Sodexo.

In particular, Pluxee entered into the following transactions in the course of the 2023 calendar year:

• on August 31, 2023, the Company acquired 11.95% of the shares of Pluxee International SAS from Sodexo S.A.;
• on September 1, 2023, Sodexo S.A. contributed the remaining 88.05% of Pluxee International SAS shares to the Company. As compensation forthis contribution, 146,348,320 new ordinaryshares of the Company with a par value of 0.01 euro each were issued; Through this transaction, the Pluxee business was carved out to prepare a complete separation from the other activities of Sodexo.

Financing implemented in connection with the Spin-off

In October 2023, the Group entered into a 2.15 billion euros financing package with a syndicate of international banks. Such financing package included (i) a 1.5 billion euros bridge loan, and (ii) a 0.65 billion euros revolving credit facility (see 2024 Condensed Consolidated Financial Statements, note 8.4 of this Half-YearReport).

The bridge loan was partly drawn for an amount of

1. billion euros on January 11, 2024, to repay the short- term borrowings due to Sodexo. The bridge loan was repaid on March 4, 2024, with the proceeds of the

1. billion euros bonds issue (see 2024 Condensed Consolidated Financial Statements, note 9.3 of this Half-YearReport).

First Half Fiscal 2024 Activity Report

First Half Fiscal 2024 Highlights

Separation agreements

Pluxee N.V. and Sodexo S.A. entered into separation and services agreements with effect from February 1, 2024 (see 2024 Condensed Consolidated Financial Statements, note 9.5 of this Half-YearReport).

Listing on Euronext Paris

On February 1, 2024, Pluxee N.V.'s ordinary shares were admitted to listing and trading on compartment A of Euronext in Paris, a regulated market of Euronext Paris, underthetickerPLXandtheISINcodeNL0015001W49.

On February 5, 2024, Sodexo S.A. distributed by way of an exceptional distribution in kind 100% of Pluxee N.V. shares held by Sodexo S.A. to its shareholders.

Additional operation on share capital

On February 5, 2024, Pluxee N.V. increased its capital for a total amount of 622,505 euros by issuing 62,250,485 new special voting shares, bringing the total number of shares issued to 147,174,692 ordinary shares and 62,250,485 special voting shares.

1.2.2. Other Highlights of the period

On November 16, 2023, the Paris Court of Appeal confirmed the conviction issued by the French competition authority to rule against the meal benefit issuers and fined Pluxee France S.A. (formerly Sodexo Pass France S.A.), jointly and severally with Sodexo S.A., for an amount of 126 million euros. The Group recorded a provision of 127 million euros in Other Income and Expenses as of August 31, 2023. Vigorously contesting this decision, Sodexo and Pluxee France filed an appeal in cassation on December 18, 2023, and therefore the challenge against the French competition authority's decision is still ongoing (see 2024 Condensed Consolidated Financial Statements, note 6.2 of this Half-YearReport for more details).

InDecember2023,theGroupdisposeditsminoritystake in ePassi for66 million euros.This non-controlling interest was initially recognized in non-current financial assets measured at fair value through Other Comprehensive Income (investments in non-consolidated companies) and reclassified as of August 31, 2023 as assets held forsale in accordance with IFRS 5 "Non-current assets held for sale and discontinued operations".

2024 First Half Fiscal Financial Report

05

01 First Half Fiscal 2024 Activity Report

First Half Fiscal 2024 Performance

1.2 First Half Fiscal 2024 Performance

1.2.1 Simplified Consolidated Income statement

	First Half	First Half		Variation at
(in millions of euros)	Fiscal 2024	Fiscal 2023	Variation	constant rate
Total Revenues	593	488	21.5%	24.0%
Operating expenses	(392)	(325)	20.7%	22.1%
Recurring EBITDA	201	163	23.1%	27.7%
Depreciation, amortization, and impairment	(40)	(35)	13.7%	14.6%
Recurring operating profi t (Recurring EBIT)	161	128	25.7%	31.4%
Other operating income and expenses	(41)	(3)
Operating Profit (EBIT)	120	125	-4.1%	1.3%
Financial result	(10)	11
Profit before tax for the period	110	136	-19.2%	-12.4%
Income tax expense	(42)	(44)
Net profi t for the period	68	92	-25.6%	-18.0%
Of which:
Attributable to the equity holders of the parent	66	89	-26.4%
Attributable to non-controlling interests	3	3
Basic earnings per share (in euro)	0.45	0.61	-26.6%
Diluted earnings per share (in euro)	0.44	0.61

1.2.2 Total Revenues

1.2.2.1 Total Revenues by nature

	First Half	First Half	Organic	Currency	Total
(in millions of euros)	Fiscal 2024	Fiscal 2023	Growth	effect	Growth
Operating revenue	518	448	17.4%	-1.7%	15.7%
Float revenue	75	40	97.3%	-11.8%	85.5%
Total Revenues	593	488	24.0%	-2.5%	21.5%

Total Revenues reached 593 million euros in First Half Fiscal 2024, a +21.5% increase compared to First Half Fiscal 2023, of which +24% organic growth and -2.5% negative currency translation effect including the application of hyperinflationary accounting to Turkey.

This was the result of a +16% increase in Operating revenue (+17% organic growth), up +70 million euros, and a +86% increase in Float revenue (+97% organic growth), up +35 million euros.

06		2024 First Half Fiscal Financial Report

First Half Fiscal 2024 Activity Report

First Half Fiscal 2024 Performance

1.2.2.2 Operating revenue

	First Half	First Half	Organic	Currency	Total
(in millions of euros)	Fiscal 2024	Fiscal 2023	Growth	effect	Growth
Continental Europe	233	204	13.9%	0.0%	13.9%
Latin America	200	161	21.5%	2.8%	24.3%
Rest of the world	86	83	18.4%	-14.8%	3.6%
Total Operating revenue	518	448	17.4%	-1.7%	15.7%

For the First Half Fiscal 2024, Operating revenue increased to 518 million euros from 448 million euros in the First Half Fiscal 2023, representing +16% total growth over the prior period (+17% organic growth). Operating revenue organic growth remained strong quarter after quarter and across all regions, rising from +14% in Q1 FY 2024 pro-forma basis up to +20% in Q2 FY 2024.

The increase in Operating revenue was primarily driven by increased activity in Latin America, where Operating revenue grew by +24% (+21% organic growth), up +39 million euros, supported by strong growth in Brazil and Mexico. Operating revenue in Continental Europe

grew by +14% (+14% organic growth), up +29 million euros, to 233 million euros for the First Half Fiscal 2024, driven especially by Belgium, Romania and France, against the high comparison basis in Public Benefits in First Half Fiscal2023.ExcludingPublicBenefits,Operatingrevenue in Continental Europe increased by +16% (+16% organic growth).

Operating revenue for the Rest of the world were 86 million euros in the First Half Fiscal 2024, showing a growth of +4% (+18% organic growth) compared to the First Half Fiscal 2023.

1.2.2.3 Operating Revenue by lines of services

	First Half	First Half	Organic	Currency	Total
(in millions of euros)	Fiscal 2024	Fiscal 2023	Growth	effect	Growth
Employee Benefits	431	364	20.5%	-2.1%	18.4%
Other Products and Services	87	84	4.2%	-0.2%	4.0%
Total Operating Revenue	518	448	17.4%	-1.7%	15.7%

Operating revenue from Employee Benefits increased by +18% (+21% organic growth), up +67 million euros, to 431 million euros in the First Half Fiscal 2024 from 364 million euros in the First Half Fiscal 2023. This increase was driven by the +12% organic growth in business volumes issued as a result of the continued increase in average face values as well as a positive business momentum in both portfolio expansion and

retention. The take-up rate also increased from 4.7% for Full Fiscal 2023, up to 5.0% in First Half Fiscal 2024, representing +30 basis point.

Operating revenue from Other Products and Services increased by +4% (+4% organic growth), to 87 million euros, from 84 million euros in the First Half Fiscal 2023.

2024 First Half Fiscal Financial Report

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01 First Half Fiscal 2024 Activity Report

First Half Fiscal 2024 Performance

1.2.2.4 Float revenue

	First Half	First Half	Organic	Currency	Total
(in millions of euros)	Fiscal 2024	Fiscal 2023	Growth	effect	Growth
Continental Europe	31	17	79.9%	0.5%	80.4%
Latin America	28	14	97.0%	5.4%	102.3%
Rest of the world	16	9	132.2%	-61.5%	70.7%
Total Float revenue	75	40	97.3%	-11.8%	85.6%

Float revenue increased to 75 million euros for the First Half Fiscal 2024 from 40 million euros in the First Half Fiscal 2023 at current rates, representing +86% total growth over the period (+97% organic growth). The increase in Float revenue was driven by the continuous growth of the Float as well as the progressive stabilization of interest rates at a high level overall compared to the First Half Fiscal 2023.

For the First Half Fiscal 2024, the increase in Float revenue was primarilydriven byincreases in Continental Europe and Latin America. In Continental Europe, Float revenue rose by +80% (+80% organic growth),

up +14 million euros, to 31 million euros for the First Half Fiscal 2024, from 17 million euros forthe First Half Fiscal 2023. In Latin America, Float revenue rose by +102% (+97% organic growth), up +14 million euros, to 28 million euros forthe First Half Fiscal 2024 from 14 million euros forthe First Half Fiscal 2023. Float revenue rose by +71% in the Rest of the world (+132% organic growth).

The increase in Float revenue in all regions was driven by the expansion of the Float, which was fueled by continuouslyincreasing businessvolumes and the ability of the countries to capture value from interest rates that remained high during the First Half Fiscal 2024.

1.2.3 Recurring EBITDA

	First Half	First Half	Organic	Currency	Total
(in millions of euros)	Fiscal 2024	Fiscal 2023	Growth	effect	Growth
Continental Europe	88	75	16.4%	0.5%	16.9%
Latin America	87	64	33.8%	2.1%	35.9%
Rest of the world	26	24	48.5%	-39.9%	8.6%
Total Recurring EBITDA	201	163	27.7%	-4.6%	23.1%
Recurring EBITDA Margin	33.9%	33.5%

For the First Half Fiscal 2024, Recurring EBITDA increased by+23% (+28% organic growth), up +38 million euros, to 201 million euros from 163 million euros in the First Half Fiscal 2023.

Forthe First Half Fiscal 2024, Recurring EBITDA margin, defined as Recurring EBITDA divided byTotal Revenues, equaled 33.9% (34.4% at constant rate), representing a +44 basis point improvement (+90 basis points at constant rate).

The increase in Recurring EBITDA was driven by steady growth in business volumes, which resulted in an increase in Operating revenue in all regions, as well as a positive contribution of Float revenue more than offsetting the new standalone costs on top of management fees still invoiced by Sodexo and the increase in operating expenses to capture growth and invest for the future.

All reported operating segments contributed to Recurring EBITDA increase, with +34% organic growth in Latin America, +16% organic growth in Continental Europe and +49% organic growth in Rest of the world.

08		2024 First Half Fiscal Financial Report