Fiscal 2025 Annual Report

This copy of the annual financial reporting of Pluxee N.V. for the year ended August 31, 2025 is not presented in the ESEF-format as specified in the Regulatory Technical Standards on ESEF (Delegated Regulation (EU) 2019/815). The ESEF single reporting package is available at: www.afm.nl/en/sector/registers.

Fiscal 2025 was another milestone year for Pluxee, marked by strong execution, profitable growth, and continued progress in delivering on our strategic vision.

Pluxee continues to execute its growth ambition in a world moving at great speed, capturing opportunities in our high potential Employee Benefit and Engagement market. Robust, sustained demand for the Group’s solutions in Fiscal 2025 underlined the strength and resilience of our business model, amid a challenging political and economic environment. In Fiscal 2025, Pluxee further strengthened its global leadership position, supported by its continuously enhanced digital multi-benefit offering. The Group is also particularly proud to have expanded its global presence through strategic acquisitions across its three regions, including Europe, Latin America, and Asia.

The outlook for the Employee Benefit and Engagement sector remains promising, as companies recognize the importance of fostering employee engagement to sustain their competitive advantage. At the center of a virtuous B2B2C ecosystem, Pluxee continues to demonstrate the strength of its strategy, today serving over 500,000 corporate clients and their more than 37 million employees, while connecting them with over 1.7 million merchant partners. The Board of Directors is proud to support a Group that creates such a positive impact for businesses, public institutions, and beneficiaries worldwide.

Following last year’s successful spin-off, Pluxee has firmly established itself as a full-fledged, autonomous player, with a strong identity and clear strategic roadmap. The achievements of Fiscal 2025 are first and foremost a testament to our 5,626 employees, whose energy and commitment have been key to developing the business and attaining such impressive results.

“Pluxee has firmly established itself as a full-fledged, autonomous player, with a strong identity and clear strategic roadmap.”

As we enter the new fiscal year, Pluxee is embarking on an exciting new chapter. We will continue to enhance what is already the market’s most comprehensive offering, consolidating our position as the leading pure player in the Employee Benefit and Engagement sector.

The employee engagement sector has continued to grow over the last fiscal year. What is driving this momentum?

In today’s fast-changing world, where companies are facing rising pressure to deliver stronger performance, employee engagement has become an imperative for any successful business.

To better understand what drives engagement, we recently conducted a global study. The results were striking: while 83% of employees say they “like” or even “love” their company, lasting engagement depends on clear signs of care and recognition. Employees are looking for companies that help them to balance their personal and professional priorities, at all stages of life.

Another significant insight is that employee benefits are the second biggest factor of a company’s appeal, just after attractive salaries, underlining the continued relevance of Pluxee’s mission: to create a personalized and sustainable employee experience, at work and beyond.

What were the highlights of Pluxee’s fiscal year 2025?

Fiscal 2025 was a pivotal year for Pluxee. We stepped up the execution of our strategy to strengthen our leadership by reinforcing our activities in Meal & Food benefits, while expanding our global Employee Benefit and Engagement offerings.

Of course, what stands out for this fiscal year is that we achieved all our financial targets, delivering +10.6% Total revenue organic growth, in line with our low double-digit objective, +230 basis point Recurring EBITDA margin on an organic basis and 89% Recurring cash conversion.

This year’s strong performance provided a powerful demonstration of our strategy execution, with business volume issued (BVI) totaling 24 billion euros. I am very proud of these results, achieved thanks to the steadfast commitment of our teams around the world.

Over the past year, Pluxee has brought new expertise and talent on board through strategic acquisitions. How has M&A supported your growth ambitions?

M&A played a decisive role strengthening our presence in key markets, broadening our offering, and integrating innovative technologies.

It was a busy year including the integration of Cobee and its roll-out in Spain, Mexico and Portugal, together with the acquisitions of Benefício Fácil, a provider of mobility solutions for public transport in Brazil, and MyBenefits, a Romanian company that has developed innovative technology to offer flexible benefits. We are equally excited to bring on board two local employee benefit players, Welfare Solutions in Italy and Benefity in the Czech Republic, as well as Skipr, a state-of-the-art employee mobility solution in Belgium, and ProEves, a leading corporate childcare player in India.

At the same time, our partnership with Santander is now bearing fruit. The venture is fully operational, with Santander’s nearly 4,500 sales force managers — of whom around 2,500 focus on SMEs — working to significantly strengthen our commercial presence and growth potential in Brazil.

Looking ahead, how are you developing and driving innovation through your offerings?

We are the only pure player in Employee Benefits and Engagement, serving more than 37 million consumers. Behind Pluxee’s large end-user base are hundreds of thousands of merchant relationships and millions of daily transactions, giving us unique insights to better serve our clients and meet employees’ needs. Drawing on these extensive data assets, we are able to deliver the most comprehensive range of solutions in the market, with over 250 products.

Employees increasingly seek personalized and flexible benefits: they want to choose what works for them. I’m excited about how our product range is evolving to meet these expectations. For instance with the acquisition of Skipr, we are accelerating our mobility offering, powered by cutting-edge SaaS technology. It enables employees to select their preferred mobility options each day, while giving human resources teams a flexible tool to personalize benefits, manage expenses efficiently, and track carbon footprints.

How is technology driving Pluxee’s growth and ambitions?

We invest a substantial share of our Total Revenues each year. Around 90% of these investments are directed to information technology, data and digital infrastructure, representing around 100 million euros annually.

Through these investments, we have built a cutting-edge modular one-platform ecosystem that processes more than four million transactions daily. It allows us to structure and automate data at scale so that we can analyze behavior in real time, deepen our consumer knowledge, and monetize our findings, creating real value for Pluxee and our stakeholders. For example, in Romania, we leveraged our data assets to create premium solutions for merchants, providing actionable insights to optimize their performance. Adoption accelerated rapidly: within months, over 40% of merchants used one of these solutions, showing clear market demand.

Increased digitalization also means we are paying constant attention to cybersecurity, which is why we continue to invest in recruiting leading experts to strengthen our capabilities.

Finally, artificial intelligence is also a key focus. We empower our teams to use AI effectively and explore how it can enhance the experience of all our stakeholders, starting with client services. In France, we use AI chatbots to filter requests and guide consumers to human support at the optimal moment in their journey.

“Behind Pluxee’s large end-user base are hundreds of thousands of merchant relationships and millions of transactions, giving us unique insights to better serve our clients and meet employees’ needs.”

In a fast-changing world, how does the Group address regulatory changes across the countries where it is present?

Regulatory evolution is inherent to the employee benefit business, in every country where we operate. Continuously modernizing local frameworks is vital to meet evolving consumer needs and consumption patterns.

That is why Pluxee actively engages in constructive dialogue with public authorities to ensure regulatory changes reflect the needs of all stakeholders — employers, the end-user employees, and our merchant partners. By continuously adapting to market and regulatory developments, the Group contributes to the long-term sustainability and broader deployment of the employee benefit ecosystem.

Merchants are an integral part of the Pluxee ecosystem. How are you supporting them?

The more than 1.7 million merchants in our network are key partners. We continuously support their businesses by generating incremental volumes, streamlining operations, and providing complementary services. All of this helps them to drive growth, optimize costs, and build loyalty.

As an example,, our data and analytics expertise enables merchants in Colombia and Mexico to deploy marketing campaigns, dynamically segmented for their user base, with measurable return on investment. In France, we integrated geolocation into our apps to spotlight affiliated merchants that embrace sustainable sourcing practices.

The value we bring is clear: 7.0 billion euro business volume, at constant foreign exchange rates, were reimbursed to small and medium merchants in Fiscal 2025, with the ambition to grow this number to 8 billion euros by the end of Fiscal 2026.

Employee engagement is at the core of Pluxee’s business. How are you engaging your own teams to deliver on these ambitions?

Our mission is simple yet powerful: to create a personalized and sustainable employee experience, both at work and beyond. This shared mission fuels our growth, individually and as one team.

We began by focusing on how we work together. At the heart of our business is Life@Pluxee, our cultural framework defined in Fiscal 2024, which outlines how we collaborate to be a smart leader in Employee Benefits and Engagement. Complementing this is our Leadership Compass, which ensures managers consistently bring our values to life across the organization.

This year, we reviewed our Employee Value Proposition, the experience we promise to current and future employees. Built around four key pillars - Inspire, Impact, Grow and Belong - it serves as a strategic lever to attract and retain a high-performing, diverse workforce.

When it comes to benefits, we lead by example. All 5,626 employees enjoy meaningful, universal benefits including a minimum of 12 weeks of parental leave, psychological support, a family-care leave option to assist loved ones, and financial protection. These benefits have been instrumental in enhancing engagement, with our employee Net Promoter Score rising to +33.1 this year.

Sustainability is a strategic priority for Pluxee. How is it shaping Pluxee’s future, and is there a project you are particularly proud of?

Developing our growth ambition sustainably is at the center of our business model, shaping everything we do: from building trust with our stakeholders and promoting employee well-being, to supporting local communities and reducing our environmental impact to achieve carbon neutrality by 2035.

In Fiscal 2025, we strengthened these commitments, making demonstrable headway in our objective of expanding the reach of our offering to small and medium-sized merchants through a suite of services tailored to them. It is gratifying to know that we contribute to the growth of their businesses while empowering them with digital capabilities through accessible, business-enhancing tools.

We also supported our local communities in expanding financial inclusion for underprivileged populations. For instance, in the Czech Republic, we launched a scholarship program in partnership with Stop Hunger and Czechitas to support the professional integration of women in vulnerable situations. By providing comprehensive and personalized support in training, mentoring, and job search activities, we helped several participants secure stable employment in the tech sector this year — a success that makes both me and our employees particularly proud.

What’s next for Pluxee?

All these accomplishments reflect the dedication of our global and local teams, the strategic leadership of our Executive Committee, the ongoing support of our Board, and the confidence placed in us by clients, consumers, and merchant partners.

In an increasingly challenging and uncertain environment, Pluxee has been able to deliver robust commercial performance, driven by strong new-client momentum and healthy net retention. These positive business trends give us confidence in our ability to leverage Pluxee’s resilient business model, activate our growth drivers, and pursue greater operational efficiencies to navigate the current context while sustaining profitable growth over the long run.

A rich B2B2C ecosystem

As the beating heart of a rich and expanding B2B2C ecosystem of clients, merchants, and  consumers, Pluxee continues to drive the expansion of the Employee Benefit and Engagement market.

Making a real impact for Pluxee’s employees

People are the cornerstone of Pluxee’s success. The company is dedicated to cultivating an engaging employee experience that gathers teams around a shared culture and fuels its ambition to be a smart leader in Employee Benefits and Engagement.

Key Figures – Fiscal 2025

Life@Pluxee

Life@Pluxee, the Group’s corporate culture framework, defines how Pluxee engages with all its stakeholders, striving to be a Smart Leader of Employee Benefits and Engagement.

In Fiscal 2025, it was broadly deployed across Pluxee, with 99% of employees participating in dedicated workshops.

During the year, Pluxee took the model one step further by creating the Life@Pluxee Leadership Compass. This tool outlines eight leadership competencies that will foster Pluxee’s culture and business.

Shaping the employee experience at Pluxee

In 2025, Pluxee strengthened its commitment to its employees with an enriched employee value proposition. This promise stems from one ambition: to be a smart leader of Employee Benefits and Engagement. It is supported by four key pillars:

Achieving recognition as a Great Place to Work

In Fiscal 2025, Pluxee was awarded the Great Place to Work certification in multiple locations around the world, demonstrating the Group’s success in creating an environment where employees thrive.

The new rules of engagement

“Employees cannot divide their lives into two separate parts. They seek to blend various aspects of their lives into a unified whole. The true challenge is not balancing work and life, but rather finding synergies between both.”

Jean-Baptiste Barféty

Public policy expert on work, digital transition, and the common good

► Measured Engagement: work as a part of a broader work-life equation

Employees view their work as a meaningful part of their lives, alongside personal and community commitments. However, they do not want to feel pressured to choose between work and their personal priorities. A vast majority of respondents (71%) say work is essential but not the sole focus of their lives.

Engagement at work is not something employees unquestioningly adopt and it is not as simple as being all in or all out. Rather, it is a living, breathing spectrum that people navigate, from doing the bare minimum to achieving peak performance. Measured Engagement is a consistent phenomenon observed across all generations of employees, accounting for 32 to 35% of the workforce. These employees choose to engage with their work intentionally, without compromising their boundaries, personal values, or the balance they seek to strike between work, personal life, and community commitments.

“Workers often feel more in control of their lives as they find their own ways to engage, which can lead to a satisfying sense of empowerment and increased agency.”

Brigid Schulte

Pulitzer Prize-winning journalist and Director of the Better Life Lab at New America

► Shades of engagement: a matter of time and life stages

The study highlights two primary factors that influence engagement: the importance placed on life versus work, and whether people’s focus is more personal or collective. These elements combine to create eight distinct profiles, each reflecting a different shade of engagement people might experience throughout their careers. These profiles range from those who take a measured approach to engagement, such as The Seeker, who searches for a greater sense of purpose outside of the workplace, to highly engaged profiles like The Work Centric, who prioritizes work over personal life.

In the words of expert Jean-Baptiste Barfety, these eight shades of engagement paint a picture of employee engagement that fluctuates with people’s life stages and priorities: they commit to their work while setting boundaries, they commit to social causes when they can, and conversely, they recharge their batteries when they feel the need.

The Eight Shades of Engagement

► Reciprocity: the key to unlocking full engagement potential

Employees know exactly what they seek in return for their contributions. They are particularly drawn to companies that focus on material benefits, growth and autonomy, and that foster human connections. These three key employee expectations establish a strong foundation for companies seeking to build a mutually beneficial relationship with their employees. For engagement to truly benefit both parties, organizations need to take it to the next level by gaining a deeper, more up-close and personal view of who their employees are.

When asked about the main factors that make a company attractive, more than one-third of employees mentioned benefits that genuinely meet their needs. Meeting this growing demand for personalized benefits is the way companies can unleash the full potential of their employees.

Delivering profitable growth

Financial performance

Fiscal 2025 was a second key year in the Group’s strategic development, marked by strong execution and the delivery of all targeted financial and strategic objectives. Commercial performance remained robust, with Business volumes issued exceeding 24 billion euros and driving Total Revenues organic growth up +10.6%. Recurring EBITDA margin expanded by +230 basis points on an organic basis, while the Group sustained a strong Recurring Cash Conversion rate of 89% — both well above initial objectives.

Source: Group information as of Fiscal 2025. For more information, see section 3 Business performance; Financial indicator not defined in IFRS, see section 3.5 Alternative performance measure (APM) definitions

Continuous execution of the M&A roadmap

Disciplined strategy around three pillars

In Fiscal 2025, Pluxee continued to advance the execution of its M&A strategy, supporting strategic ambitions and delivering incremental contributions to revenue organic growth over the year.

Advancing the deployment of our partnership and the integration of strategic acquisitions

Recent M&A Deals

Pluxee also completed several strategic acquisitions of companies that strengthen the Group’s presence and competitive position in key markets across Continental Europe, Latin America and Rest of the world. These acquisitions are accelerating the Group’s multi-benefit product innovation and enhancing its digital and technology capabilities.

*  Acquisition closed in September 2025

** Agreement to acquire signed in September 2025

Driving sustainable impact

Sustainability is more than a responsibility: it is a driving force behind the way Pluxee does business

As the beating heart of our communities, Pluxee ensures its business is grounded in integrity, reliability, and respect. Building on this trust, the Group empowers its teams by cultivating safe, inclusive workplaces that embrace diversity, equity, and inclusion. Through our products, we amplify the impact we have on our clients’ employees. Progress unfolds when people come together, which is why Pluxee drives virtuous growth by supporting local communities, promoting sustainable consumption and inclusion, and advancing environmental awareness.

Since 2020, Pluxee has achieved major milestones on sustainability by setting inaugural ESG targets and an SBTi-validated net-zero trajectory toward 2035. The Group also joined the United Nations Global Compact and participated in its Target Gender Equality Accelerator program.

In Fiscal 2025, the Group completed its first Carbon Disclosure Project (CDP) submission — which received a B score — and earned an EcoVadis Gold medal for its second consecutive annual assessment, underscoring the accelerating maturity of Pluxee’s sustainability agenda.

Beyond Fiscal 2026, Pluxee will continue to move ahead to meet its ESG commitments, guided by a clear roadmap, and with a focus on contributing to a sustainable future for people, communities and the planet.

Pluxee’s Sustainability commitments

• For information on how this indicator is calculated, see section 5.7.1.1 Governance -Trusted Partner
• Leadership positions include Group CEO, Pluxee’s Executive Committee and their direct reports, excluding executive assistants, and Local Leadership (members of country-level executive committees)
• At constant Fiscal 2023 foreign exchange rates
• For the definition of renewable electricity see section 5.7.1.1 Environment - Energy
• GHG: Market-based greenhouse gas emissions reduction from Fiscal 2017 baseline; For further details on Pluxee’s net-zero trajectory and related targets, see section 5.5.1

The Pluxee Group is an Employee Benefit and Engagement solutions pure player with significant Public Benefit activities.

As of August 31, 2025, Pluxee is present in 28¹ countries and is the second largest provider worldwide of Employee Benefit and Engagement solutions. The group is the largest player in 17 countries in at least one benefit category locally, according to available public and market sources.

The Group sells a comprehensive suite of benefits to more than half a million clients across the globe, comprised of public and private companies spanning all sizes and industries, as well as public institutions.

Pluxee helps clients boost employee engagement by offering a suite of benefits that enhance compensation packages while remaining efficient for employers. Operating in a B2B2C model, Pluxee reaches 37 million+ consumers through its client base. These consumers have access to Pluxee’s proprietary merchant network comprised of 1.7 million+ partners and 600 delivery and e-commerce platforms (as of August 31, 2025).

Reflecting Pluxee’s mission to “bring to life a personalized and sustainable employee experience at work and beyond”, the Group provides a wide range of benefits through its rich network of merchant partners who offer meal, food, gift, employee mobility, health, financial well-being, leisure and personal growth, among others, for all stages of work and life.

Beyond giving clients a way to offer all employees a comprehensive suite of benefits — enhancing purchasing power, healthy lifestyles, work-life balance, and eco-responsibility at the collective level — Pluxee also provides Reward & Recognition solutions to act at the individual level. In addition, through partnerships such as The Happiness Index, Pluxee equips clients with tools to measure and drive engagement. Together, these solutions help companies attract, grow, and retain talent.

Driven by people and enabled by technology, Pluxee has developed an advanced and rapidly evolving digital ecosystem integrating three groups of stakeholders: clients, consumers, and merchants. This highly interconnected ecosystem is at the heart of Pluxee’s B2B2C business model.

This ecosystem provides a compelling consumer experience, seamlessly supporting daily recurrent benefit usage through meal, food, and mobility benefits or more occasional interactions (mental and physical well-being, leisure, etc.). Consumers use pre-paid benefit cards, often fully virtualized, to make purchases at affiliated merchants’ points of sale, both physical and online. With 94%, on average, of its total business volumes issued (BVI) digitalized during Fiscal 2025, Pluxee manages more than 4 million transactions daily.

Pluxee also provides digital interfaces and solutions to its clients to optimize their experience at each stage of their journey. These tech-enabled tools provide a smooth experience when onboarding new clients, interacting with existing ones, or assisting them when they consider purchasing new benefits. The Group has developed optimized client journeys for small and medium enterprises to facilitate their access to benefit products. Its digital solutions also enable merchants to go fully digital, from affiliation to virtual payment and reimbursement tracking.

Pluxee is a trusted partner to local businesses, fostering sustainable growth by helping merchants attract new consumers, supporting their daily operations, and strengthening client loyalty.

Additionally, Pluxee leverages its know-how to help local authorities and public institutions reach people in need, facilitating the distribution of social benefits. The Group’s services help public authorities promote the welfare of vulnerable residents by providing access to food, transport, and other social aid services. The Group also provides efficient means for public authorities to channel specific purpose funds to targeted groups of individuals to encourage specific spending behaviors (eco-responsible, buying local, etc.). Pluxee thereby enhances the effective distribution of public programs, leading to positive outcomes for a broad range of stakeholders.

The Group’s business model is based on corporate clients, who load funds representing the amount of benefits that their employees will spend, onto a Pluxee account. Funds from this account are paid out to merchants progressively as employees use their benefits in the merchant network. This pre-paid B2B2C model provides revenue sources from clients, merchants, and Float investment. It leads to a platform that initially requires volumes sufficient to amortize fixed costs, and eventually becomes scalable with growth (for more on Pluxee’s cash-generative business model, including an explanation of Float, see section1.3).

1. Number of countries in which Pluxee has active business operations as of September 1, 2025, following cessation of activity in a non-core country in Fiscal 2025.

The Employee Benefit and Engagement market presents a very attractive growth opportunity, fueled by three powerful structural elements:

• A sizable addressable market with significant potential for increased market penetration;
• Robust, sustained market growth underpinned by mid-term positive macroeconomic trends in key countries, and the continuous growth of the employee population, particularly in developing markets;
• The combination of compelling megatrends and supportive regulation in key markets, including an upward trend in the value of authorized tax exemption thresholds.

These macroeconomic expectations and global trends lead to an estimated annual growth rate for the Meal & Food Benefit direct captured market in a range of 7 to 9% for Fiscal 2024 to Fiscal 2026.

Specific dynamics within job markets in Pluxee’s countries, and evolving consumer trends also underpin the growth case for the services Pluxee offers:

• the increase in demand for enhanced employee engagement solutions driven by competition for talent among companies;
• the growing adoption of employee benefits, driven by increasing penetration of the small and medium-sized enterprise segment;
• the growth in demand for flexibility among increasingly empowered employees;
• the positive impact of the shift to more work-from-home, with an evolution toward digital meal benefits or hybrid offers.

Pluxee operates in an attractive and vastly underpenetrated global market.

Employee Benefit and Engagement addressable market

1. Total addressable Employee Benefit and Engagement market: Aggregate BV of all companies that are eligible to provide employee benefits, including those that do not offer these services to their employees.

The size of the global addressable Employee Benefit and Engagement market in Fiscal 2025 was estimated to be more than 1,000 billion euros in business volume. This estimate takes into account the aggregate potential business volume of all companies that are eligible to grant employee benefits (regardless of whether or not they actually offer such benefits to their employees), calculated on the basis of:

• the estimated maximum allowance that could be granted to an employee as a benefit in a given country;
• multiplied by the total number of employees that are eligible to receive employee benefits in that country.

The markets for both employee benefits and engagement are estimated to be largely underpenetrated and to be growing dynamically and continuously.

Notably in Meal & Food, accounting for 20 to 30% of the total Employee Benefit and Engagement business, the market is estimated to grow on a 7 to 9% CAGR over Fiscal 2024 to Fiscal 2026, with a penetration rate that stands at approximately 25% of the total addressable market. Within Meal & Food, the small and medium-sized enterprise segment has a significantly lower penetration rate than larger companies, and provides a particularly compelling growth opportunity.

Pluxee operates at the heart of an ecosystem that encompasses three large groups of stakeholders:

• 500,000+ clients, comprised essentially of large, small, and medium-sized enterprises, whose human resources departments contract benefit products and services on behalf of their employees;
• 37 million+ consumers, comprised of the employees who are granted Pluxee-branded benefits by their employers;
• 1.7 million+ merchants sell their products which are redeemed through Pluxee’s various benefit products and solutions.

Pluxee at the heart of a highly connected B2B2C ecosystem

Pluxee operates a prepaid business, collecting cash from clients when they order the Group’s solutions, and then loading the cards and digital wallets of the clients’ employees, the end-consumers. The amount loaded onto cards and digital devices corresponds to the Group’s business volumes issued (BVI). The end-users, or consumers, then spend their benefits within the merchant network. Finally, the Group reimburses the merchants (business volume reimbursed, or BVR). This model generates three main sources of revenue:

• commissions paid by clients;
• commissions paid by merchants;
• revenue generated by the investment of the Float¹.

The Float is made up of the cash collected from clients before employee benefits are issued. It remains on Pluxee’s balance sheet until these funds are reimbursed to the merchants where the end-consumers disbursed their benefits. At August 31, 2025, the Float stood at 2.7 billion euros.

Pluxee thus operates a highly scalable B2B2C business model, in which more business volume leads to revenue growth, which in turn positively impacts Pluxee’s profitability.

1. In a 3-Corner model

Pluxee’s B2B2C ecosystem is the foundation of its cash-generative and highly scalable business model.

A highly cash generative and scalable business model

Pluxee is a tech-enabled partner, offering a value proposition that fits the needs and requirements of each stakeholder in its B2B2C ecosystem.

A value proposition for each stakeholder in Pluxee’s B2B2C ecosystem

Since January 2024, Pluxee has been committed to executing the strategic roadmap presented at its first Capital Markets Day.

The Group’s strategic plan aims to drive ongoing profitable growth by combining global scale and deep local roots to further address a large underpenetrated market with high growth potential.

Pluxee’s competitive advantages enable the Group to accelerate the expansion of its Employee Benefit and Engagement products and solutions.

A Clear Strategy to Drive Profitable Growth

To consolidate and amplify its strong market position and to continue to drive profitable growth, Pluxee builds the expansion of its business on two key strategic pillars:

• Pluxee’s strong leadership position in the Meal & Food benefit market;
• Pluxee’s Employee Benefit and Engagement offering beyond Meal & Food.

Pluxee leverages its foundational enablers — digital and engaged talent, best-in-class and scalable tech & data, and targeted and disciplined M&A — to continue to drive growth, market share, and profit.

In pursuing Pluxee’s strategy, sustainability is integrated into everything the Group does. Pluxee acts as a trusted partner to its customers and merchant networks, empowers individuals, strengthens local communities, and works to minimize its carbon footprint.

This section of the Annual Report describes relevant elements of Pluxee’s corporate governance practices and provides the information required by the Dutch governmental Decree on Corporate Governance (Besluit inhoud bestuursverslag). This section also includes an explanation of how Pluxee applies the principles and best practices of the Dutch Corporate Governance Code (the “Code”), and the Dutch governmental Decree on article  10 of the Takeover Directive 2004/25 (Besluit artikel 10 overnamerichtlijn).

In the context of this Annual Report, which addresses the fiscal year starting on September 1, 2024, Pluxee refers to its adherence to the principles and best practices of the version of the Code dated December 20, 2022. An updated version of the Dutch Corporate Governance Code dated March 20, 2025 (the “Code 2025”) applies to financial years starting on or after January 1, 2025, and will thus be applicable from Pluxee’s Fiscal 2026 Annual Report. The Code is publicly available on the website of the Dutch corporate governance code monitoring committee at www.mccg.nl.

Pluxee N.V. is a public limited liability company (naamloze vennootschap) governed by the laws of the Netherlands (in particular volume 2 of the Dutch civil code), the Code (on a comply or explain basis) and by its articles of association (the “Articles of Association”). The corporate seat of the Company is in Amsterdam, the Netherlands. Since its incorporation, the Company has, and intends to continue to have, its place of effective management and sole registered location in France, moved during Fiscal 2024 to the Company’s address, 16 rue du Passeur de Boulogne, 92130 Issy-les-Moulineaux, France. The Articles of Association are publicly available on Pluxee N.V.’s website at www.pluxeegroup.com/governance-documents.

Pluxee N.V. is subject to various legal provisions of the Dutch financial supervision act (Wet op het financieel toezicht) and of the Dutch financial reporting supervision act (Wet toezicht financiële verslaggeving). As such, disclosure and reporting of share ownership by Pluxee’s shareholders is regulated by various provisions of Dutch law, as described in the listing prospectus dated January 10, 2024. In addition, given that Pluxee N.V.’s shares trade on the regulated market of Euronext Paris, the Company is also subject to certain French laws and regulations, and is therefore subject to the oversight of both the Dutch AFM and the French AMF, notably with respect to the European market abuse prevention regulations. Overall, as a listed issuer incorporated and listed in the European Union, Pluxee N.V. is subject to high standards of corporate governance and regulation.

Pluxee operates under a governance structure comprising two main governing and executive bodies: the Board of Directors and the Executive Committee.

2.2.1.1  Governance structure

In accordance with its Articles of Association, Pluxee has a one-tier Board of Directors consisting of one Executive Director and nine Non-Executive Directors. The Board of Directors appointed the Executive Director as Executive Chair, as well as a Lead Director from among the independent Non-Executive Directors who serves as the chairperson (voorzitter) of the Board under Dutch law and within the meaning of the Code. The Board did not designate any vice chair. The Company adopted this governance structure on January 31, 2024 in the context of the Spin-off. Prior to that date the Company had a sole managing director.

In accordance with the Board Rules, the Executive Chair has the following role:

• define, in cooperation with the Chief Executive Officer, the strategy and propose it to the Board for approval;
• demonstrate the highest values of integrity and probity, giving very clear guidance and expectations regarding the Company’s culture and values, and dedicate sufficient time, energy and attention to ensure the diligent performance of its duties;
• ensure, in cooperation with the Lead Director, that work and functioning of the Board meets the defined standards of corporate governance;
• assume all relevant responsibilities defined in the Board Rules; and
• supervise and support the Chief Executive Officer.

The Lead Director, in regular consultation with the Executive Chair, shall notably ensure that:

• the Non-Executive Directors have proper contact with the Executive Director, and the General Meeting;
• there is sufficient time for deliberation and decision-making by the Board and that the Directors receive all information that is necessary for the proper performance of their duties in a timely fashion;
• the Board and the Committees have a balanced composition and function properly;
• the functioning of individual Directors is reviewed at least annually;
• the Directors follow their induction program, as well as their education or training program;
• the Executive Director performs activities in respect of corporate culture;
• the Board is responsive to signs of misconduct or irregularities from the Company’s business; and
• effective communication with the Company’s shareholders is assured.

2.2.1.2  Powers, responsibilities, and functioning

The Board is entrusted with the management of the Company subject to the restrictions contained in the Articles of Association and the law. This includes setting the Company’s policy and strategy. The Board may allocate its duties among the Directors by means of the Board Rules or otherwise in writing, with due observance of any limitations provided for by law or in the Articles of Association. The Board may determine in writing, in or pursuant to the Board Rules or otherwise pursuant to resolutions adopted by the Board, that one or more Directors can validly pass resolutions in respect of matters which fall under his/ their duties. In performing their duties, Directors shall be guided by the interests of the Company and of the business connected with it.

The Executive Director, i.e., the Executive Chair, shall be entrusted primarily with the Company’s day-to-day operations and the Non-Executive Directors shall be entrusted primarily with the supervision of the performance of the duties of the Directors as specified in the Articles of Association and the Board Rules. The Non-Executive Directors also perform any duties allocated to them under, or pursuant to, the law and the Articles of Association.

The power to represent the Company vests in the Board of Directors and in the Executive Chair individually. The Board vested the salaried Chief Executive Officer, Aurélien Sonet, with representation powers pursuant to a power of attorney included in the Board Rules. The Chief Executive Officer operates in close coordination with the Executive Chair, who in turn has limitations of authorities from the Board of Directors. These limitations and authorities are reflected in the Board Rules (see section 2.2.1.3).

The Chief Executive Officer is vested with the operational authorities as follows, inter alia:

• manage and lead the Company in its day-to-day operations and monitor the operational and financial performance of the Subsidiaries;
• be responsible for delivering financial and extra-financial performance of the Company and its Subsidiaries in line with the Company’s business plan;
• manage the implementation and proper functioning of risk management and control systems within the group;
• define, in cooperation with the Executive Chair, the Company’s strategy and propose it to the Board for approval;
• implement the Company’s Board-approved strategy and prepare and set up the necessary KPIs for monitoring the implementation and achievement of the Company’s Board-approved strategy;
• prepare the draft of the annual accounts with the corresponding annual report, in cooperation with the Chief Financial Officer of the Company;
• ensure compliance by the Company and its subsidiaries with laws and regulations, as well as applicable policies and codes of conduct;
• Demonstrate the highest values of integrity and probity, giving very clear guidance and expectations regarding the Company’s culture and values.

The Board, at its meeting dated July 2, 2025, amended the Board Rules and the respective layers of operational responsibilities of the Executive Chair and of the Chief Executive Officer, under the oversight of the Board, as summarized below. In case the thresholds indicated for the Executive Chair are exceeded, then the corresponding financial commitment becomes subject to the prior approval of the Board.

1. In case the thresholds indicated for the Executive Chair are exceeded, then the corresponding financial commitment becomes subject to the prior approval of the Board.
2. The Board is also competent to decide if the term of such commitments exceeds 10 years.

2.2.1.3 Board Rules

Pursuant to the Articles of Association, the Board has established Board Rules concerning its organization, decision-making and other internal matters, with due observance of the Articles of Association. In performing their duties, the directors act in compliance with the Board Rules. The Board Rules, as amended by the Board during Fiscal 2025, are available on the Company’s website (www.pluxeegroup.com/governance-documents).

2.2.1.4 Composition, appointment and removal

This section deals with the rules included in the Articles of Association and the Board Rules which support and apply to the above-mentioned governance structure of the Company.

The Articles of Association provide that the Board consists of one or more Executive Directors and one or more Non-Executive Directors. The Board shall be composed of individuals. The Board shall determine the number of Executive and Non-Executive Directors. Pursuant to the Board Rules, the Board shall be composed of at least eight Directors, consisting of one or two Executive Directors and, for the remainder, of Non-Executive Directors.

The Board may designate as Chief Executive Officer an Executive Director or any other employee or officer of the Company or Group Companies. The Board may also designate an Executive Director as Executive Chair. The Board shall further designate a Non-Executive Director as the Chair of the Board (voorzitter) for purposes of Dutch law. Such Non-Executive Director will carry the title “Chair”. However, if, and for as long as an Executive Chair is elected, the Chair of the Board (voorzitter) for purposes of Dutch law will carry the title of “Lead Director” instead of the title “Chair”. Certain duties and powers of the Chief Executive Officer, the Executive Chair and the Chair or Lead Director, as applicable, are set out in the Articles of Association and the Board Rules. If and for as long as (i)  a Chief Executive Officer has been elected who is not an Executive Director and (ii)  an Executive Chair has been elected, the Board’s tasks and responsibilities, as well as its decision-making authority, in respect of the matters that are delegated to the Chief Executive Officer pursuant to the Board Rules are instead delegated to, and shall be resolved upon by, the Executive Chair. The Executive Chair shall then authorize the Chief Executive Officer to implement and put into effect such matters, under the supervision of the Executive Chair, and ensure that the appropriate checks and balances are put in place to ensure appropriate oversight over the Chief Executive Officer’s exercise of its authorities set out in the Board Rules. The Board may designate one or more other Non-Executive Directors, other than the Chair or Lead Director, as applicable, as Vice-Chair.

The General Meeting shall appoint the Directors and may at any time suspend or dismiss any Director. Upon the appointment of a person as a Director, the General Meeting shall determine whether that person is appointed as Executive Director or as Non-Executive Director. In addition, the Board may at any time suspend an Executive Director. A resolution of the General Meeting to suspend or dismiss a Director can be passed by simple majority of votes cast representing more than one third of the issued share capital. A second meeting as referred to in article 2:120(3) BW cannot be convened. If a Director is suspended and the General Meeting does not resolve to dismiss him or her within three months from the date of such suspension, the suspension shall lapse.

2.2.1.5 Term of appointment

Pursuant to the Board Rules, a person may be appointed as Executive Director or Non-Executive Director for a term up to the end of the annual General Meeting held in the fourth calendar year after the year of appointment, without limitation on the number of consecutive terms which an Executive Director or Non-Executive Director may serve. The Board drew up a rotation schedule for the Non-Executive Directors which may evolve over time, to achieve a staggered end to terms of office. In this regard, upon the recommendation of the Nomination and Remuneration Committee, and with a view to ensuring an orderly succession plan, the Board has decided to propose, when appropriate, the renewals of certain terms of office before they reach their official end.

2.2.1.6 Board meetings and decisions

Resolutions of the Board shall be passed by a simple majority of votes cast, unless the Board Rules provide otherwise. Each Director entitled to vote may cast one vote in the decision-making of the Board. Where there is a tie in any vote of the Board, the Executive Chair has a casting vote, except for certain resolutions in which the Executive Chair shall not take part as set forth in the Board Rules (§6.15 referring to article 19.6 of the Articles of Association): the determination of the compensation of Executive Directors; and the instruction of an auditor to audit the annual accounts if the General Meeting has not granted such instruction. Otherwise, the relevant resolution shall be rejected.

Under the current set up, the Board shall meet as often as the Lead Director or the Executive Chair or any group of three directors jointly deem(s) necessary or appropriate and at least quarterly. A Board meeting may be convened by, or at the request of, the Lead Director, the Executive Chair or a group of three directors jointly by means of a written notice sent to all directors.

The Board’s meetings may take place virtually or at a physical location, and they are normally held at the Company’s offices in France, or another location in France, with the Executive Directors, the Chair or the Lead Director (as applicable), and a majority of directors physically attending. Meetings may only incidentally take place virtually. In compliance with the above principles, the form and location of the meetings will be determined by the Director convening the meeting as desirable given the circumstances.

Subject to the previous paragraph, Directors entitled to vote shall be given the opportunity to attend the meeting of the Board by telephone, videoconference or electronic communication, provided that (i)  all participants can hear each other simultaneously, and (ii)  Directors are not physically located in the Netherlands during such meeting unless exceptional circumstances require this. The Lead Director or the Executive Chair determines whether exceptional circumstances apply. Directors attending the meeting by telephone, videoconference or electronic communication are considered present at the meeting.

A Director can be represented by another Director entitled to vote holding a written proxy for the purpose of the deliberations and the decision-making of the Board.

The approval of the General Meeting is required for resolutions of the Board concerning a material change to the identity or the character of the Company or the business, including in any event:

• transferring the business or materially all of the business to a third party,
• entering into or terminating a long-lasting alliance of the Company or of a Group Company either with another entity or company, or as a fully liable partner of a limited partnership or general partnership, if this alliance or termination is of significant importance for the Company, and
• acquiring or disposing of an interest in the capital of a company by the Company or by a Group Company with a value of at least one third of the value of the assets, according to the balance sheet with explanatory notes or, if the Company prepares a consolidated balance sheet, according to the consolidated balance sheet with explanatory notes in the Company’s most recently adopted Annual Accounts,

provided that the absence of approval of the General Meeting shall not affect the powers of representation of the Board or of the Directors.

Pursuant to the Articles of Association and the Board Rules, resolutions of the Board may, instead of at a meeting, be passed in writing, provided that all directors are familiar with the resolution to be passed and none of them, insofar as entitled to vote, objects to this decision-making process.

2.2.1.7 Directors’ training

The Nomination and Remuneration Committee oversees the induction and training programs and provides advice on the training plans for Directors. In this regard, various topics are regularly addressed such as strategy, governance, legal affairs, finance, culture, social, sustainability and business specificities.

In Fiscal  2025, all Board members participated in a Board training session focused on Corporate Social Responsibility (including climate change aspects). This session covered the directors’ missions, duties and responsibilities, the specific regulatory environment, as well as the relevant reporting and disclosure requirements in this area.

The Non-Executive Directors also discussed and received regular updates during Board meetings on commercial developments and the competitive landscape, notably including commercial and financial KPIs.

In addition, as part of the Board annual evaluation, each Non-Executive Director is able to identify the aspects on which he or she requires training or education. The Board took into account the results of the annual evaluation for the purpose of the ongoing Director training program (for more information, see section 2.2.3.3).

2.2.1.8 Directors’ share ownership

On July 3, 2024, the Board of Directors adopted “Share ownership guidelines for members of the Board of Directors” whose purpose is to align the directors’ interests with the long-term interests of the shareholders of Pluxee: each member of the Board is expected to buy and own at least 500 ordinary shares by the end of his/her first year on the Board, and to hold them from that date until the end of the term of his/her office with Pluxee. Each Director shall comply with all legal trading obligations/prohibitions as set forth in the “Insider Trading Prevention Policy” as approved by the Board.

2.2.1.9 Directors’ positions outside the Company

The Board carefully considers the various investor policies in this area and has not deemed it necessary at this point to adopt specific guidelines limiting or prohibiting Directors from serving on boards and/or committees of other organizations. Serving on other boards and/or committees shall be consistent with the provisions of the Articles of Association and the Board Rules relating to conflicts of interest, and all applicable laws and regulations. In accordance with the Board Rules, the acceptance by an Executive Director of a position as supervisory director or non-executive director with another company or entity shall be subject to the approval of the Board with a simple majority of Directors’ votes, including a simple majority of the Non-Executive Directors’ votes. A Director shall notify the Board in advance of any other position he wishes to pursue.

Until the end of Fiscal 2025, the Company was not yet subject to Dutch statutory rules on over-boarding. Nevertheless, all Directors comply with the restrictions of Dutch law in respect of the overall number of management and supervisory positions that executive and non-executive directors of a “large Dutch company” may hold: a person may not be appointed as a managing or executive director of a “large Dutch company” if he or she already holds a supervisory position at more than two other “large Dutch companies” or if he or she is the chairperson of the supervisory board or one-tier board of another “large Dutch company”. Also, a person cannot be appointed as a supervisory director or non-executive director of a “large Dutch company” if he or she already holds a supervisory position at five or more other “large Dutch companies”, whereby the position of chairperson of the supervisory board or one-tier board of another “large Dutch company” is counted twice.

The Chief Executive Officer, Mr. Sonet, leads a senior management team, the Executive Committee. This executive team, comprised of 12 senior leaders from across the Group, encompasses a diverse range of educational backgrounds, professional experience, skill sets, nationalities, and age groups. The Executive Committee reflects a diversity of senior management experience gained within large and scale-up companies, French and non-French entities, and companies at different stages of their digital transformation. It is gender-balanced, as 42% of its members are women. The Executive Committee also benefits from a diversity of corporate perspectives. It is comprised of senior executives who held positions of different tenure lengths within the Sodexo Group (prior to the February 2024 Pluxee spin-off), or who had leadership roles at other global corporations before joining Pluxee. All these leaders have significant international management experience.

Pluxee Group’s executive team is composed of the following persons:

Ordinary Shares

The Ordinary Shares are ordinary shares in the issued and outstanding share capital of Pluxee with a nominal value of 0.01 euro each. In accordance with the Articles of Association, they rank pari passu with each other and holders of Ordinary Shares are entitled to dividends and other distributions declared and paid on them, if any. Each Ordinary Share carries dividend rights and entitles its holder to attend and to cast one vote at any General Meeting of the Company’s shareholders. There are no restrictions on voting rights attached to the Ordinary Shares.

Each holder of Ordinary Shares (a “Shareholder”) holding their Ordinary Shares in pure administrative form (nominatif pur) may at any time elect to participate in the loyalty voting structure by requesting that Pluxee register all or some of their Ordinary Shares in the loyalty register of Pluxee (the “Loyalty Share Register”). The registration of Ordinary Shares in the Loyalty Share Register blocks such shares from trading. If such number of Ordinary Shares has been registered in the Loyalty Share Register (and thus blocked from trading) for an uninterrupted period of four years in the name of the same Shareholder, such Shareholder becomes eligible to receive Special Voting Shares in the share capital of Pluxee with a nominal value of 0.01  euro each (“Special Voting Shares”) and the relevant Shareholder will be entitled to receive one Special Voting Share for each such Ordinary Share.

Pursuant to the loyalty voting structure foreseeing a grandfathering system described in the Prospectus, any holder for at least four years in their own name of fully paid-up Sodexo Shares in registered form was entitled to request within 20  trading days following the payment date, i.e. on February 5, 2024 that holding of the Ordinary Shares be deemed to have commenced on the first day of the period for which such Sodexo Grandfathering Ordinary Share was uninterruptedly held by such holder in their own name.

If, at any time, such Ordinary Shares are de-registered from the Loyalty Share Register for whatever reason, the relevant Shareholder will lose their entitlement to hold a corresponding number of Special Voting Shares. Shareholders holding Special Voting Shares are entitled to exercise one vote for each Ordinary Share held and one vote for each Special Voting Share held.

Upon issue of Ordinary Shares or grant of rights to subscribe for Ordinary Shares, each Shareholder shall have a pre-emptive right in proportion to the aggregate nominal amount of their Ordinary Shares. Shareholders do not have pre-emptive rights in respect of the Ordinary Shares issued: (i)  to employees of the Company or of a Group Company, (ii) against contribution other than in cash, and (iii) to a person exercising a previously acquired right to subscribe for Ordinary Shares. Pre-emptive rights may be restricted or excluded by a resolution of the General Meeting or another corporate body authorized by the General Meeting for this purpose for a specified period not exceeding five years.

There are no restrictions on the transferability of the Ordinary Shares in the Articles of Association or under Dutch law. However, the transfer of Ordinary Shares to persons located or resident in, or who are citizens of, or who have a registered address in jurisdictions other than the Netherlands, however, may be subject to specific regulations or restrictions according to their securities laws.

Special Voting Shares

The Special Voting Shares are governed by the provisions included in the Articles of Association and the Loyalty Voting Plan. These documents govern the issuance, allocation, acquisition, sale, holding, repurchase and transfer of the Special Voting Shares and certain aspects of the transfer and the registration of the Ordinary Shares in the Loyalty Share Register. These documents provide in particular that:

• Shareholders holding Special Voting Shares are entitled to exercise one vote for each Ordinary Share held and one vote for each Special Voting Share held;
• no entitlement to Ordinary Shares’ dividend distributions is attached to Special Voting Shares. However, pursuant to the Articles of Association, holders of Special Voting Shares will be entitled to a minimum dividend, which is allocated to a separate Special Voting Shares dividend reserve (see below). The Company has no intention to propose any distribution from the Special Voting Shares dividend reserve; and
• a transfer of Special Voting Shares shall require the prior approval of the Board (see article 15 of the Articles of Association).

Rights to reserve

After the adoption of the Company’s financial statements that show that such distribution is allowed, the profits shown in the Annual Accounts in respect of a financial year shall be appropriated as follows, and in the following order of priority: (i) the Board shall determine which part of the profits shall be added the Company’s reserves, (ii) out of the remaining profits, an amount equal to one percent (1%) of the aggregate nominal value of the issued and outstanding Special Voting Shares, determined at the end of the last day of the previous financial year, shall be added to the Company’s special dividend reserve, provided that such amount shall be reduced, but never below zero, by any amounts added to the special dividend reserve in respect of any interim distribution from profits of the same financial year, and (iii) subject to article 27 of the Articles of Association, the remaining profits shall be at the disposal of the general meeting of shareholders for distribution on the Ordinary Shares. The Board shall determine how a shortfall that is determined by the adoption of the Company’s financial statements shall be accounted for. A loss may be set off against the reserves to be maintained by law only to the extent permitted by applicable law. All reserves maintained by the Company shall be attached exclusively to the Ordinary Shares, except for the special dividend reserve and the special capital reserve maintained for the holders of Special Voting Shares pursuant to the Articles of Association. The special voting capital reserve shall be applied exclusively for facilitating an issue of Special Voting Shares. For this purpose, the Board may allocate any part of the balance of the Company’s share premium reserve to the special capital reserve and vice versa.

Dissolution or liquidation

If the Company is dissolved or liquidated, the Company’s assets shall be paid to secured creditors, preferential creditors (including tax and social securities authorities) and unsecured creditors, in that order. The balance of the assets of the Company remaining after all liabilities and the costs of liquidation have been paid shall be distributed to the Shareholders in the following order of priority and in accordance with the Articles of association: (i) the amount paid up on the Special Voting Shares shall be repaid on such Special Voting Shares and (ii) any remaining assets shall be distributed to the holders of Ordinary Shares.

This section, which represents the Remuneration Report, has been prepared by the Nomination and Remuneration Committee, with due observance of the requirements of Dutch law and the Code. It provides an overview of the implementation of the applicable remuneration policy for the Board of Directors, including the Executive Chair, in Fiscal 2025.

At the Fiscal 2024 Annual General Meeting, Pluxee’s shareholders voted on Pluxee’s remuneration report for the first time since the Company’s listing, with an 85.7% level of support.

Following the Annual General Meeting, the Board reviewed the voting results and shareholder’s feedback. It initiated a constructive dialogue with investors and proxy advisors to identify areas for additional disclosure, in particular with respect to the Executive Chair’s remuneration. Although the remuneration framework was acknowledged as sound and aligned with Dutch law and the Code’s requirements, following this process and upon the recommendation of the Nomination and Remuneration Committee, the Board of Directors introduced enhancements to the Fiscal 2025 Remuneration report, including in particular:

• disclosure of the level of performance achieved against each criterion;
• more detailed explanations of the achievement of both financial and non-financial objectives;
• additional detail on the vesting scales; and
• prospective disclosure of the contemplated Fiscal 2026 annual variable remuneration criteria.

These improvements reflect Pluxee’s commitment to continuous progress in governance practices and to maintaining a constructive dialogue with shareholders. The Board will continue engaging with investors to ensure their perspectives are taken into account.

Pluxee’s current remuneration policy for the Board of Directors was adopted as disclosed in the Prospectus by the Company’s (pre-listing) shareholder on January 31, 2024 with immediate effect (the “Remuneration Policy”). No amendment to this existing remuneration policy, as applicable to the Board including the Executive Chair, will be submitted to the shareholders at the Annual General Meeting to be held on December 17, 2025.

2.5.1.1 Remuneration Policy objectives

The objective of the Remuneration Policy is to establish a competitive remuneration and benefits framework that enables the Company to attract, retain, and motivate Directors who possess the essential leadership qualities, skills, and experience to drive exceptional business performance and promote the sustainable success of the Company.

The Remuneration Policy promotes the achievement of Pluxee’s strategic short and long-term performance objectives contributing to the achievement of Pluxee’s sustainable long-term value creation. Accordingly, the Remuneration Policy and its implementation serve Pluxee’s long-term interests and promote its sustainable success.

The Remuneration Policy establishes a fair, responsible, and transparent remuneration framework, consistent with Pluxee’s identity, mission, and corporate principles.

The Remuneration Policy establishes a remuneration framework that discourages Directors from acting in their personal interest or engaging in risk-taking that is inconsistent with Pluxee’s strategic objectives and corresponding risk appetite.

A summary of the main remuneration and benefit elements for the Executive Director and Non-Executive Directors as applicable as from January 31, 2024, is presented below for information purposes.

2.5.1.2 Non-Executive Director remuneration

The remuneration and benefits awarded to Non-Executive Directors are proportional to their role and responsibilities on the Board and its Committees, as well as the time devoted to their duties and responsibilities.

Non-Executive Directors will be awarded fixed cash, consisting of (i) an annual retainer fee, (ii) an additional annual retainer fee, in respect of the Chair or Lead Director’s (as applicable) additional responsibilities assumed on the Board, and (iii) additional annual fees for their responsibilities assumed as Committee member and/or Committee chairperson.

1. Committee chairpersons are eligible for both the Committee member fees and the additional Committee chairperson fees.

Non-Executive Directors are also eligible to receive a separate fee for each Board and Committee meeting they attend. These fees are set at a level to provide appropriate compensation for the Non-Executive Director’s time, without encouraging them to organize an excessive number of Board or Committee meetings:

The Non-Executive Directors’ remuneration may be paid out in several installments. The Board determined that from Fiscal 2025, payments of the Non-Executive Directors’ remuneration would take place twice a year, in March and in September following each half of the fiscal year.

Other benefits

The Remuneration Policy provides for certain flexibility and other usual benefits in favor of Non-Executive Directors such as reimbursement of expenses and costs reasonably incurred in connection with the performance of their duties and responsibilities. Non-Executive Directors are not eligible for additional benefits such as retirement or pension plans or benefits related to a removal from office.

2.5.1.3 Executive Director remuneration

Currently, Didier Michaud-Daniel is the only Executive Director of Pluxee, and as such, he is the only Director who is subject to the remuneration framework for Executive Directors outlined in the Remuneration Policy.

In the context of the Spin-off, Didier Michaud-Daniel was appointed Executive Chair with effect from January  31,  2024. The Board of Directors on January 31, 2024 set the remuneration of the Executive Chair in accordance with the Remuneration Policy.

The Executive Chair has signed an employment contract with Bellon  S.A., of an unspecified duration, under which he is currently assigned to the position of Executive Chair of Pluxee.

The remuneration of the Executive Chair falls within the limits of the Remuneration Policy applicable to Executive Directors, including severance payment under the circumstances specified in the Remuneration Policy. The remuneration of the Executive Chair consists of:

• Fixed annual remuneration: 430,000 euros.
• Target annual variable remuneration (cash): 25% of the fixed annual remuneration (107,500 euros) with a maximum annual variable remuneration set at 150% of the target annual variable remuneration amount, i.e., 37.5% of the fixed annual remuneration (161,250 euros). The annual variable remuneration comprises performance-based remuneration that is linked to the achievement of predetermined performance targets aligned with the Remuneration Policy objectives. The annual variable remuneration promotes the achievement of Pluxee’s strategic short-term performance objectives that contribute to Pluxee’s sustainable long-term value creation.

As per the Remuneration Policy, Executive Directors may be eligible for long-term variable remuneration in the form of shares, rights to acquire shares, or share-based remuneration (LTI). However, the current Executive Chair is not eligible for Pluxee share awards (long-term variable remuneration). The Executive Chair is eligible to receive customary fringe benefits as part of his overall remuneration and benefits package. These fringe benefits may include, but are not limited to, liability insurance, indemnification, collective health and benefit plans, retirement and pension plans, travel allowances, a company car, and other benefits that are considered appropriate and customary for executives in similar roles. The Executive Chair is not subject to any non-compete clause upon the end of his mandate.

In accordance with the service agreement described in the note 14.3 Related party transactions (in the Consolidated financial statements) and the Executive Chair secondment agreement, described in section 7.1.2.3 Relations with Bellon S.A., the Executive Chair’s remuneration (as well as related tax and social security costs) is re-invoiced to Pluxee up to the amount corresponding to the Executive Chair’s remuneration determined by Pluxee’s Board of Directors. This is in line with the Remuneration Policy, which provides for the possibility that the remuneration of an Executive Director is made payable via a third party. The Board of Directors shall review the re-invoicing of this compensation on an annual basis, thereby ensuring consistency between the amount awarded and the amount actually paid.

In the context of the Spin-off, Mr. Aurélien Sonet was appointed Chief Executive Officer as an employee of Pluxee with effect from February  1,  2024. Consequently, the Executive Chair, in coordination with the Board, determines the Chief Executive Officer’s remuneration.

The principles for the Chief Executive Officer’s remuneration are not part of the Remuneration Policy and thus are not subject to the approval of the shareholders. Therefore, there shall be no vote at the Annual General Meeting in respect of the Chief Executive Officer’s remuneration, whether on the principles or the way they have been implemented.

Nonetheless, for the sake of transparency and in line with its commitment to ongoing dialogue with the Company’s shareholders, the Board decided, as is done in respect of the Executive Chair’s remuneration, to disclose more detailed information in this section regarding the Chief Executive Officer’s remuneration, including prospective information, as well as to further disclose the LTI component of his remuneration.

Principles applicable to the Chief Executive Officer’s remuneration since February 2024:

The total remuneration of Pluxee’s Chief Executive Officer is aligned with short-term and long-term key objectives that reflect Pluxee’s strategy.

The Chief Executive Officer’s remuneration consists of three main components:

• annual fixed remuneration;
• annual variable remuneration with a 100% target compared to annual fixed remuneration and a maximum of 150% to reward outperformance;
• long-term incentive: award pursuant to a three-year performance-based share plan subject to continuous presence within the Group; and In addition, the Chief Executive Officer is eligible to a defined benefit pension plan.

The Chief Executive Officer is eligible for Pluxee’s long-term incentive awards pursuant to a Group policy that aims to offer competitive awards in view of the market environment. Both short-term and long-term incentives include demanding and measurable financial and non-financial performance conditions that reflect Pluxee’s progress in carrying out its strategy.

Seventy-five percent (75%) of the total remuneration (on-target) of the Chief Executive Officer is based on performance in alignment with Pluxee’s compensation strategy.

Chief Executive Officer Fiscal 2025 remuneration components on-target¹

1. This charter is based on the Chief Executive Officer’s compensation structure decided as of January 1, 2025 (with the remuneration increase of the fixed compensation effective from January 1, 2025; however, the long-term incentive will represent 200% of the fixed remuneration only from Fiscal 2026).

Development of the Chief Executive Officer’s remuneration

1/ In alignment with the Company’s strategic priorities and to reinforce accountability on externally communicated targets, a free cash flow-related indicator, the Recurring cash conversion rate, was included, reflecting its importance as a key component of the financial guidance provided to the market.

2/ Following its establishment on January 31, 2024 at the time of the Company’s listing, the Board, upon a recommendation from the Executive Chair and through its Nomination and Remuneration Committee, initiated a review process for the positioning of the Chief Executive Officer’s remuneration.

This process resulted in a decision of the Executive Chair to revise the Chief Executive Officer’s remuneration structure, with effect as from January 2025 in line with the employees’ remuneration reviews. These remuneration reviews aim at ensuring that remuneration remains competitive and supports key talent retention. This review was informed by a comprehensive compensation study conducted with the support of Willis Towers Watson, which included a benchmark analysis of a peer group drawn from the SBF 120 index which represents Pluxee’s primary local market index. The analysis revealed a noticeable gap between the Chief Executive Officer’s remuneration and the market median of the peer group, both in terms of annual fixed remuneration and total remuneration. Based on the recommendation of the Nomination and Remuneration Committee, the Board acknowledged that the Chief Executive Officer’s remuneration was below that of his peers and required adjustment, particularly in light of his pivotal leadership role following the Spin-off.

On this basis, the Executive Chair in coordination with the Board, decided the following:

• to increase the Chief Executive Officer’s annual fixed remuneration from 600,000 euros to 700,000 euros, effective January 1, 2025, to ensure that the fixed remuneration remains consistent with the Chief Executive Officer’s profile and market practice; and
• to raise the maximum LTI opportunity from 180% to 200% of the fixed annual remuneration (however calculated on the pre-increase fixed annual remuneration of 600,000 euros with regards to the LTI plan to be granted in 2025) to further enhance the alignment with shareholders’ long-term interest and drive long-term performance.

Following this increase, 75% of the Chief Executive Officer’s total remuneration will be performance-based, while overall remuneration will remain below the median of the peer group.

Chief Executive Officer’s remuneration structure for Fiscal 2025

As a result of that remuneration increase, the Chief Executive Officer’s remuneration structure had two distinct periods in Fiscal 2025, both assessed against the same performance criteria regarding the annual variable remuneration. This table shows these two remuneration structures across Fiscal 2025 (on an annual basis):

1. From Fiscal 2026, this component (200% of the fixed annual compensation) will be based on the increased fixed amount of 700,000 euros.

Further to the grants made under several performance share-based plans in February 2024 and February 2025, the outstanding 1,362,678 rights to performance shares represented 0.93% of Pluxee  N.V.’s ordinary share capital as of August 31, 2025.

Pluxee has a clear performance-based compensation philosophy and grants performance shares to approximately 200 employees each year. The eligibility is based on managerial decisions to retain and reward senior leaders and key talent. For Fiscal 2025 onward, the performance conditions are shared by all beneficiaries including quantitative financial and non-financial objectives in line with the Group strategy.

This plan is summarized below:

Fiscal 2025 long-term incentive plan

The Fiscal 2025 long-term incentive plan, which embeds similar financial criteria as in the annual variable remuneration and key diversity and sustainability objectives, ensures that short-term gains are not made to the detriment of long-term value creation. These criteria are critical in Pluxee’s industry and key drivers of performance. The Fiscal 2025 plan performance period will end on August 31,  2027, with vesting date of February 6, 2028 and delivery date of February 7, 2028. This performance share plan granted in Fiscal 2025 is based on Fiscal 2025-2026-2027 performance in accordance with the table below, and is vesting in Fiscal 2028.

1. The criterion Total Revenues Organic Growth is calculated based on the annual Total Revenues Organic Growth disclosed in the published annual report for each year concerned as achieved for fiscal years 2025, 2026 and 2027. The Total Revenues Organic Growth is defined as growth in the current period, calculated using the exchange rates for the prior fiscal period, and adjusted for the impact in the comparable prior period to include or remove the effect of acquisitions and/or divestitures that have occurred subsequent to that period.
2. The Recurring EBITDA margin consists of the ratio of Recurring EBITDA to Total Revenues (as reported in the consolidated income statement). Recurring EBITDA is calculated by deducting the impact of amortization, depreciation and impairment of intangible assets, property, plant and equipment, and right-of-use assets relating to leases (as reported in the line Depreciation, amortization and impairment of the consolidated income statement) from the Recurring operating profit (Recurring EBIT) presented in the consolidated income statement.
3. The Recurring cash conversion rate consists of the ratio of Recurring free cash flow to Recurring EBITDA. Recurring free cash flow is calculated as Net cash provided by operating activities as shown in the consolidated cash flow statement minus (i) Acquisitions of property, plant and equipment and intangible assets, (ii) Repayments of Lease liabilities and (iii) Restatement of Other operating income and expenses on Net cash from operating activities.
4. This ratio is based on selected functions identified as digital roles. In Fiscal 2025, Pluxee’s human resources team developed key actions to attract and retain female talent in digital roles. In addition to greater inclusion of women in traditional IT roles, this commitment encompasses all positions that meet three conditions: 1) they involve extensive use of technology or digital tools; 2) they require data-driven decision-making; and 3) they entail engagement in digital product development and/or architecture of data.
5. Performance is assessed over the full three-year period. If performance reaches the high point in the final year, the maximum opportunity is deemed achieved for the period.
6. Performance is assessed over the full three-year period. If average performance over the three years reaches a preset outstanding point, the maximum opportunity is granted for the period.

While Pluxee’s financial and strategic objectives are made public, the associated internal targets set for the performance share plans remain confidential given (i) the need to protect the confidentiality of the Group’s internal objectives, and (ii) the importance of safeguarding this information from competitors.

Fiscal  2024 and Fiscal 2023 long term incentive plans

The additional ongoing Fiscal 2024 and Fiscal 2023 plans are described in Fiscal 2024 Annual Report (see section 2.7.1).

In accordance with the Dutch Decree on article 10 of the Takeover Directive (Besluit artikel 10 overnamerichtlijn) (the “Takeover Decree”), the Company makes the following disclosures:

1. For information on the capital structure of the Company, the composition of the issued share capital and the existence of the classes of shares, see section 7.1.2 and note 9 to the Company financial statements. For information on the rights attached to the Ordinary Shares and the Special Voting Shares, see section 2.4.1 and the Articles of Association and the Loyalty Voting Plan which can both be found on the Company’s website. At August 31, 2025, the issued share capital of the Company consisted of 147,174,692 ordinary shares, representing 70.01% of the aggregate issued share capital amounting to 2,102,150.55 euros, and 63,040,363 Special Voting Shares, representing 29.99% of the aggregate issued share capital.
2. The Articles of Association do not provide for transfer restrictions for Ordinary Shares but do provide for transfer restrictions for Special Voting Shares (see article 15 of the Articles of Association). The Loyalty Voting Plan provides for transfer restrictions for Ordinary Shares included in the Loyalty Share Register and to Special Voting Shares (see articles 9 and 10 of the Loyalty Voting Plan).
3. For information on shares in the Company’s capital in respect of which pursuant to sections 5:34, 5:35 and 5:43 of the Dutch financial supervision act (Wet op het financieel toezicht) notification requirements apply, see section 7.1.3.4, which contains an overview of shareholders who declared holdings of 3% or more at the stated date.
4. No special control rights accrue to shares in the capital of the Company.
5. The Company has not yet launched any employee share participation program in the sense of article 1 sub 1(e) of the Takeover Decree. Pluxee’s employee shares partially result from the past Sodexo employee stock ownership plans. They are held indirectly through a Pluxee mutual fund (fonds commun de placement d’entreprise, “FCPE”) or held in direct shareholding. The FCPE’s unit-holders are current and former employees of Sodexo and Pluxee: three out of six members of the supervisory board of this mutual fund are elected members selected among the unit-holders employed by Pluxee. The supervisory board exercises the voting rights attached to the Ordinary Shares held within the fund based on the choices of these elected members.
6. No restrictions apply to voting rights attached to shares in the capital of the Company (see section 2.4). There are not any deadlines for exercising voting rights other than the final registration date for the general meetings of the Company. The Articles of Association allow the Company to cooperate in the issuance of depository receipts for shares in its capital. At August 31, 2025, no depository receipts have been issued for shares in the capital of the Company.
7. The Company is not aware of the existence of any agreements with Shareholders which may result in restrictions on the transfer of shares or limitation of voting rights.
8. The procedures regarding the appointment and dismissal of Directors are stated in article 17 of the Articles of Association. The procedure for the amendment of the Articles of Association is stated in article 27 of the Articles of Association. For further information on the rules governing the appointment and dismissal of Directors, see sections 2.2.1.4 and 2.2.1.5. For further information on rules regarding amendments of the Articles of Association, see section 2.4.2.4.
9. The general meeting of the Company resolved on January 31, 2024 to authorize the Board of Directors to issue Ordinary Shares and to grant rights to subscribe for such Ordinary Shares as well as to restrict or exclude pre-emptive rights accruing to Shareholders in connection with issuances or granting of rights under the aforementioned authorization (for more information see section 7.1.2.1). In addition, the Company has the authority to acquire shares in its own share capital and to cancel such shares (for more information see sections 7.1.3.2 and 7.1.3.3).
10. The Company is not a party to any significant agreements which will take effect, be altered or terminated upon a change of control of the Company as a result of a public offer within the meaning of Section 5:70 of the Dutch financial supervision act, provided that some of the loan and guarantee agreements entered into, and some notes issued, by Pluxee contain clauses that, as it is customary for such financial transactions, may require early repayment or termination in the event of a change of control of the guarantor or the borrower. In certain cases, that requirement may only be triggered if the change of control event coincides with other conditions, such as a rating downgrade.
11. The Company is not party to any contract with a director or an employee, which provides for a payment on termination of employment in connection with a public offer within the meaning of Article 5:70 of the Dutch financial supervision act.

• Robust commercial performance, with an increasing contribution from M&A synergies, reflecting disciplined execution of the strategic roadmap and the resilience of Pluxee’s business model in a challenging environment
• Total revenues of €1,287m up +10.6% organically, finishing the year on a high note in Q4; €1,125m in Operating revenue up +10.3% organically driven by strong growth in Employee Benefits and €162m in Float revenue
• Strong increase in Recurring EBITDA up to €471m growing +22.2% organically driving margin to 36.6%, a significant +230bps organic expansion — well above the Group’s +150bps Fiscal 2025 objective
• Adjusted net profit Group share of €221m leading to an Adjusted earnings per share of €1.52, up +9.1%
• Record Recurring free cash flow generation at €417m, up +10.0%, resulting in an 89% Recurring cash conversion rate, significantly above the Group’s 3 year average objective of 75%; Net financial cash position of €1,163m, up significantly by €108m year-on-year
• Significantly enhanced shareholder return for Fiscal 2025 including dividend of €0.38 per ordinary share, up +9% year-on-year, and launch of a €100m share buyback program reflecting Pluxee’s confidence in its outlook
• Backed by its structural growth drivers and profitability potential, while remaining cautious in light of the macroeconomic context in certain markets, Pluxee commits for Fiscal 2026 to deliver high single-digit Total Revenues organic growth, +100bps Recurring EBITDA margin organic expansion and above 80% Recurring cash conversion on average over 3 years

The supplemental non-IFRS financial measures are defined in section 3.5 Alternative performance measure (APM) definitions.

1. Attributable to the equity holders of the parent.

1. Supplemental non-IFRS financial measure defined in section 3.5 Alternative performance measure (APM) definitions.

3.2.1.1 Total Revenues

Total Revenues by nature

Total Revenues stood at 1,287  million euros in Fiscal 2025, reflecting robust organic growth rate of +10.6%, aligned with the Group’s financial objectives of delivering low double digit organic growth in Fiscal  2025. Currency fluctuations led to a -7.0% impact, mainly due to operations in Brazil and Türkiye, and to a lesser extent, in Mexico, while a +2.8% scope effect was recorded, related mainly to the integration of Santander Brazil’s employee benefit activity as well as the acquisitions of Cobee in Spain and Benefício Fácil in Brazil.

This performance underscores the Group’s ability to deliver sustained topline growth, even in a more challenging and volatile macroeconomic environment, particularly in Continental Europe.

Over Fiscal  2025, Operating revenue grew +10.3% organically (+6.6% Reported growth) to 1,125 million euros while Float revenue was up +12.6% organically (+5.1% Reported growth) to 162 million euros.

Total Revenues by region

Total Revenues in Continental Europe reached 563 million euros, growing +3.6% organically excluding a +1.9% scope effect, and accounting for 44% of Total Revenues.

Total Revenues in Latin America stood at 489 million euros, growing +14.8% organically excluding a +5.1% scope and a -13.4% currency effects, and accounting for 38% of Total Revenues.

Total Revenues in Rest of the world amounted to 235 million euros, growing +19.2% organically excluding a -10.7% currency impact, and accounting for 18% of Total Revenues.

Operating revenue by line of services

Operating revenue for Fiscal  2025 increased to 1,125 million euros, up +6.6% compared to Fiscal 2024, including a -6.4% currency effect and a +2.7% scope effect. With +10.3% organic growth delivered over the year, Pluxee maintained a sustained pace of growth in Operating revenue, driven by the robustness of the Employee Benefit line of service throughout Fiscal  2025, constantly delivering low double-digit organic growth quarter after quarter excluding a Purchasing Power program one-off impact in Q2 Fiscal 2025.

Employee Benefits generated 963 million euros in Operating revenue over Fiscal  2025, growing +12.0% organically, excluding a -7.4% currency effect and +3.3% scope effect, and accounting for 86% of Operating revenue. Performance in Employee Benefits was fueled by a combination of steady growth in business volumes issued, driven as expected by Latin America and Rest of the world, and an increasing take-up rate. Sustained growth in business volumes reflected continued, strong new client development across regions and among both large accounts and small and medium enterprises. It was further supported by the systematic approach and continuous efforts deployed by the local sales teams on the increasingly loyal existing client portfolio to unlock further increase in face value as well as cross-selling. These positive trends were partially offset by a temporary deterioration in the end-users portfolio as a result of the macro-economic environment in some countries, notably in Continental Europe and Mexico. Employee Benefits Operating revenue was further supported by an additional c. +20 basis points increase in the take-up rate throughout Fiscal 2025, reaching 5.1%.

Other Products & Services generated Operating revenue of 162 million euros in Fiscal 2025 compared to 163 million euros in Fiscal  2024 representing 14% of Operating revenue. The performance of Other Products & Services was impacted by the postponed ordering of a large Public Benefit program in Romania and the temporary discontinuation of the Junaeb contract in Chile, which was subsequently renewed from March 2025 on revised economic terms. Concurrently, the Reward & Recognition business in the United Kingdom and the United States performed below Group expectations over the period, in the context of an ongoing business repositioning.

Operating revenue by region

Operating revenue sustained performance was driven by continued strong business dynamics in Latin America and Rest of the world, contrasting with Continental Europe, which continued to face headwinds stemming from the current macroeconomic and political environment.

In Continental Europe, Operating revenue grew +7.2%, up +34 million euros to 506  million euros, reflecting +5.1% organic growth over the period. The Group continued to benefit from robust momentum in Southern Europe, especially in Spain supported by the Cobee acquisition, and the steady resilience of the meal benefit solution across countries. It was partly offset by a high comparable base resulting from specific one-off programs, namely Belgium’s Purchasing Power Program and the Paris 2024 Olympics, together with a challenging regional macroeconomic environment and some headwinds in large public benefit programs.

In Latin America, Operating revenue reached 429  million euros in Fiscal  2025, growing +14.5% organically, excluding a -13.3% currency impact attributable to Brazil and Mexico and a +4.7% scope effect related to the acquisition in Brazil of Santander’s employee benefit activity and Benefício Fácil.

Latin America’s very strong performance was driven by robust commercial performance in Brazil underpinned by the Santander partnership now operating at full capacity. This was complemented by sustained momentum across Hispanic Latin America, particularly in Chile where the Junaeb Public Benefit program was renewed, while Mexico continued to face challenges related to U.S. economic policies.

In Rest of the world, Operating revenue amounted to 190  million euros in Fiscal  2025, showing +14.2% organic growth, excluding a -7.7% currency impact mostly related to the evolution of the Turkish Lira. Regional Operating revenue organic growth was primarily attributable to Türkiye, where the Group continued to capitalize on the hyperinflationary environment, notwithstanding a progressive slowdown, to ensure further increases in average face value across its client portfolio and deepen penetration of the meal benefit segment through new contract wins. This positive trend was partly offset, as anticipated, business activity in the United Kingdom and the United States, which remained below Group standards, reflecting ongoing business repositioning.

Float revenue

Float revenue increased to 162  million euros in Fiscal  2025, growing +12.6% organically, excluding a +3.4% scope effect and a -11.0% currency effect.

Float revenue continued to grow organically in the low double-digit range in Fiscal 2025, driven primarily by a volume effect, supported by regularly increasing business volumes issued, notably in Latin America and Rest of the world.

This positive trend was also supported by average investment yield improving to 6.0% in Fiscal  2025 versus 5.7% in Fiscal  2024. Interest rates remained elevated globally, supported by high levels in Brazil and Türkiye while a gradual decline was observed in other countries, especially in Continental Europe. The Group’s ability to capture investment opportunities tailored to local macroeconomic conditions (longer maturities, fixed-rate instruments) further supported the increase in investment yield amid interest-rate volatility.

3.2.1.2 Recurring EBITDA

Recurring EBITDA increased to 471 million euros in Fiscal 2025, a strong organic rise of +22.2% driven across all three regions. On a reported basis, Recurring EBITDA rose +9.4%, including a -11.1% currency effect and -1.7% scope effect, which reflected the positive contribution from the integration of Santander’s employee benefit activity and Benefício Fácil, offset by the effect of Cobee acquisition in the first year.

Recurring EBITDA margin stood at 36.6%, up +230bps on an organic basis and +102bps reported, including currency and scope effects. This strong performance reflected the operating leverage embedded in the Group’s business model, further supported by the progressive contribution from recently integrated M&A transactions, and the efficiency gains achieved since the Spin-off through disciplined cost management at both local and global levels. Together, these factors delivered a +235bps organic expansion in Recurring EBITDA margin excluding Float revenue, reaching +27.4%. Recurring EBITDA margin was further supported by favorable flow-through from growing Float revenue in Latin America and Rest of the world.

3.2.1.3 Operating profit (EBIT)

Operating profit (EBIT) amounted to 335  million euros in Fiscal 2025 compared to 250 million euros for Fiscal 2024.

Depreciation, amortization and impairment stood at -110 million euros in Fiscal  2025. The year-on-year increase mainly reflected the impact of recent M&A transactions and related business combinations, including (i) amortization related to the intangible asset recognized for the exclusive distribution of Pluxee’s solutions in the Brazilian Santander network and the intangible assets recognized as part of the purchase price allocation for Santander Brazil’s employee benefit activity, recorded both from the last two months of Fiscal  2024, and (ii) the amortization charged on intangible assets acquired mostly through the Cobee business combination.

Other operating income and expenses amounted to a net expense of -26  million euros in Fiscal  2025, of which -5 million euros costs related to business combinations. Excluding M&A, Other operating income and expenses corresponded to (i) one-off residual charges related to the finalization of the IT carve-out as part of the Spin-off for -9 million euros, (ii) some asset write-offs related to consolidation scope changes, partly related to the closure of the Group’s activity in Indonesia, for -6 million euros, (iii) restructuring and rationalization costs for -5 million euros as well as (iv) costs related to business combinations for -5 million euros.

3.2.1.4 Financial income and expenses

Financial income and expenses totaled a net expense of -17 million euros in Fiscal 2025, compared to -20 million euros in Fiscal 2024.

Gross borrowing cost totaled -48 million euros in Fiscal  2025, reflecting (i) mainly, interest and expenses related to bonds issued on March 4, 2024, for -41 million euros, and, (ii) to a lesser extent, fees for the revolving credit facility and NEU CP issuance for -3 million euros as well as (iii) interest on lease liabilities for an additional -3 million euros. While Fiscal 2024 had been impacted by one-off refinancing costs related to the Spin-off (bridge loan implementation, revolving credit facility set-up fees, and former Sodexo intragroup financing costs), Pluxee also benefited from more favorable financing conditions in Fiscal 2025, translating into a c. 4 million euro decrease in Gross borrowing costs over the fiscal year.

Interest income generated on non Float-related cash and cash equivalents amounted to 41 million euros in Fiscal  2025, compared with 44 million euros in Fiscal 2024. It primarily reflects lower interest rates in most countries, along with reductions in non Float-related cash in some countries, particularly in Brazil following dividend distribution, including payments to minority interest holders.

Other financial income and expenses mainly consisted of a -5 million euros impact from the application of hyperinflation accounting in Türkiye, and -5 million euros in net foreign exchange losses, primarily related to the currency translation of dividend distributions from Brazil and Türkiye, following the depreciation of the respective currencies against the euro.

3.2.1.5 Profit before tax

Profit before tax amounted to 318 million euros for Fiscal 2025 compared to 230 million euros for Fiscal 2024, as a consequence of all above explanations.

3.2.1.6 Income Tax

Income tax expense amounted to -100 million euros for Fiscal  2025, compared with -91 million euros in Fiscal 2024.

The Effective tax rate (ETR) stood at 31.4% in Fiscal  2025, from 39.5% in Fiscal  2024. It reflected the near-normalization of the income tax rate post Spin-off, although Fiscal 2025 still included exceptional impacts, mainly related to the finalization of the IT carve-out in the first semester and the write-off of certain digital assets.

3.2.1.7 Net profit

Net profit for the year increased by +56.6% up +79 million euros, to 218 million euros in Fiscal 2025.

This significant increase was driven by a higher base of Total revenues and an expanding Recurring EBITDA margin, while reflecting the Group’s new capital structure and related stabilization of Financial expenses, plus the progressive normalization of Other operating expenses and Income tax expenses.

Net profit attributable to the Group, after 21 million euros of noncontrolling interests (mainly related to the strategic partnership signed with Santander in Brazil) reached 197 million euros, reflecting a +48.6% reported growth in Fiscal 2025.

3.2.1.8 Adjusted net profit

Adjusted net profit (Attributable to the equity holders of the parent) was 221 million euros for Fiscal  2025 compared to 203 million euros for Fiscal 2024.

3.2.1.9 Adjusted earnings per share

1. For further details on earnings per share calculation see Fiscal  2025 Consolidated Financial Statements, note 11.2 Earnings per share.

In January 2024, Pluxee announced its medium-term financial ambitions from Fiscal 2024 to 2026 centered on sustainable organic growth, margin improvement, and strong cash generation. Over the first two years of the plan, the Group has already met or even exceeded its initial targets.

Looking ahead and maintaining a cautious stance amid ongoing uncertainty, the Group relies on its structural performance drivers and profitability potential to deliver on refined Fiscal 2026 financial objectives:

• High single-digit Total Revenues Organic growth, compared to low double-digit previously;
• Recurring EBITDA margin expansion of +100 bps at constant exchange rates, upgraded from +75bps previously;
• Average Recurring cash conversion above 80% from Fiscal 2024 to Fiscal 2026, upgraded from above 75% previously, which had been already upgraded from above 70% initially.

These Fiscal 2026 financial objectives assume stable Float revenue year-on-year, based on current interest rate and foreign currency forward curves.

In September 2025, the Group completed the acquisition of Skipr SA (transaction mentioned in 3.1.2.3). The purchase price paid on the closing date was fully funded from existing cash resources with no impact on Group leverage. The agreement also includes an earn-out payment, which is contingent upon the achievement of several target financial performance indicators.

Adjusted basic / diluted earnings per share

Adjusted basic or diluted earnings per share are calculated by dividing Adjusted net profit (attributable to the equity holders of the parent) by respectively basic weighted average number of shares or diluted weighted average number of shares.

See section 3.2.1.9 Adjusted earnings per share.

Adjusted net profit

Adjusted net profit serves as the basis for calculating the dividend payout ratio. It consists of Net profit (attributable to Group equity holders) restated for the impact of items recognized in Other operating income and expenses, net of related income tax and related non-controlling interests.

See section 3.2.1.8 Adjusted net profit.

CAPEX-to-Revenue ratio

CAPEX-to-Revenue ratio is calculated by dividing Capital expenditures by Total Revenues.

See section 3.2.2.2 Recurring free cash flow generation and conversion.

Float-related cash

Float-related cash corresponds to the cash collected from clients in relation to the value loaded on cards or the issuance of digital solutions or paper vouchers, but not yet reimbursed to merchants (Float).

Float is calculated as Value in circulation and related payables minus Net trade receivables related to the float (corresponding to Trade receivables related to the float restated from Advances from clients).

See section 3.2.2.4 Float and non Float-related cash.

Net financial (debt) / cash position

Net Financial (debt) / cash evaluates the Group’s liquidity, capital structure and financial leverage. It consists of gross financial liabilities and lease liabilities, minus the Cash and cash equivalents (net of overdraft) and Current financial assets.

See section 3.2.2.3 Net financial cash position.

Non Float-related cash

Non Float-related cash is calculated as Cash, Cash equivalents and Current financial assets excluding the cash collected from clients in relation to business volumes issued.

See section 3.2.2.4 Float and non Float-related cash.

Recurring cash conversion rate

The Recurring cash conversion rate measures the ability of the Group to convert its Recurring EBITDA into Cash.

The Recurring cash conversion rate consists of the ratio of Recurring free cash flow to Recurring EBITDA.

See section 3.2.2.2 Recurring free cash flow generation and conversion.

Recurring EBITDA

Recurring EBITDA is used to assess the performance of reported operating segments.

Recurring EBITDA is calculated by deducting the impact of amortization, depreciation and impairment of intangible assets, property, plant and equipment, and right-of-use assets relating to leases (as reported in the line Depreciation, amortization and impairment of the consolidated income statement) from the Recurring operating profit (Recurring EBIT) presented in the consolidated income statement.

See sections 3.2.1.2 Recurring EBITDA and 3.2.1.3 Operating profit (EBIT).

Recurring EBITDA margin

Recurring EBITDA margin consists of the ratio of Recurring EBITDA to Total Revenues.

See section 3.2.1.2 Recurring EBITDA.

Recurring EBITDA margin organic growth

Recurring EBITDA margin organic growth is calculated as growth in the current period, calculated using the exchange rate for the prior fiscal period, and adjusted for the impact in the current period to include or remove the effect of acquisitions and/or divestitures that have occurred subsequent to the comparable prior period.

See section 3.2.1.2 Recurring EBITDA

Recurring free cash flow

The Recurring free cash flow measures the net cash generated from operations that is available for strategic investments (net of divestments), for financial debt repayment, and for payments of dividends to shareholders.

Recurring free cash flow is calculated as Net cash provided by operating activities as shown in the consolidated cash flow statement minus (i) Acquisitions of property, plant and equipment and intangible assets, (ii) Repayments of Lease liabilities and (iii) Restatement of Other operating income and expenses on Net cash from operating activities.

See section 3.2.2.2 Recurring free cash flow generation and conversion.

Recurring liquidity generated by operations

Recurring liquidity generated by operations provides information to measure the net cash generated from operations regardless of the differences in regulations governing the issuance of digitally delivered solutions, cards and paper vouchers.

Recurring liquidity generated by operations is calculated as Recurring free cash flow plus the Change in restricted cash related to the Float.

See section 3.2.2.2 Recurring free cash flow generation and conversion.

Recurring operating profit (Recurring EBIT)

Recurring operating profit (Recurring EBIT) corresponds to Operating profit (EBIT) before Other operating income and expenses.

See section 3.2.1.3 Operating profit (EBIT).

Revenue and Recurring EBITDA organic growth

Revenue and Recurring EBITDA organic growth is calculated as growth in the current period, calculated using the exchange rate for the prior fiscal period, and adjusted for the impact in the comparable prior period to include or remove the effect of acquisitions and/or divestitures that have occurred subsequent to that period.

See section 3.2.1.2 Recurring EBITDA

To: the general meeting and the board of directors of Pluxee N.V.

Report on the audit of the financial statements Fiscal 2025

Our opinion

In our opinion, the financial statements of Pluxee N.V. (‘the company’) give a true and fair view of the financial position of the Company and the Group (the company together with its subsidiaries) as at 31 August 2025, and of its result and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the European Union (‘EU’) and with Part 9 of Book 2 of the Dutch Civil Code.

What we have audited

We have audited the accompanying financial statements Fiscal 2025 of Pluxee N.V., Amsterdam – the Netherlands. The financial statements comprise the consolidated financial statements of the Group and the company financial statements.

The financial statements comprise:

• the consolidated and company statement of financial position as at 31 August 2025;
• the following statements for Fiscal 2025: the consolidated income statement, the consolidated and company statement of comprehensive income, the consolidated and company cash flow statement and the consolidated and company statement of changes in equity; and
• the notes to the financial statements, including material accounting policy information and other explanatory information.

The financial reporting framework applied in the preparation of the financial statements is IFRS Accounting Standards as adopted by the EU and the relevant provisions of Part 9 of Book 2 of the Dutch Civil Code.

The basis for our opinion

We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. We have further described our responsibilities under those standards in the section ‘Our responsibilities for the audit of the financial statements’ of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of Pluxee N.V. in accordance with the European Union Regulation on specific requirements regarding statutory audit of public-interest entities, the ‘Wet toezicht accountantsorganisaties’ (Wta, Audit firms supervision act), the ‘Verordening inzake de onafhankelijkheid van accountants bij assuranceopdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore, we have complied with the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of Ethics).

Our audit approach

We designed our audit procedures with respect to the key audit matters, fraud and going concern, and the matters resulting from that, in the context of our audit of the financial statements as a whole and in forming our opinion thereon. The information in support of our opinion, such as our findings and observations related to individual key audit matters, the audit approach fraud risks and the audit approach going concern was addressed in this context, and we do not provide separate opinions or conclusions on these matters.

Overview and context

Pluxee N.V. is a global leader in employee benefits and engagement solutions. Through a tech-enabled employee benefits and engagement platform, operating in a digital ecosystem, the company delivers a suite of digital and employee benefits solutions in 28 countries to help employees feel engaged, motivated, financially supported and cared for. The company is comprised of several components and therefore we considered our group audit scope and approach as set out in the section ‘The scope of our group audit’.

Pluxee N.V. operated for the first time on a stand-alone basis in 2024, after the spin-off from Sodexo. As part of the Spin-off, Pluxee N.V.’s ordinary shares were admitted to listing on Euronext Paris. During fiscal year 2025 Pluxee N.V. has been focusing on developing the existing business and on continuing to grow both organically as well as through acquisitions.

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we considered where the board of directors made important judgements, for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. In these considerations, we paid attention to, amongst others, the assumptions underlying the physical and transition risk related to climate change.

In paragraph 2.3 of the financial statements, the company describes the areas of judgement in applying accounting policies and the key sources of estimation uncertainty.

Pluxee N.V. also assessed the possible effects of climate change in this paragraph. The expected effects of climate change are not considered to impact the key audit matters.

We ensured that the audit teams at both group and component level included the appropriate skills and competences which are needed for the audit of Pluxee N.V. We therefore included experts and specialists in the areas of, amongst others, IT and valuations in our team.

The outline of our audit approach was as follows:

Materiality

The scope of our audit was influenced by the application of materiality, which is further explained in the section ‘Our responsibilities for the audit of the financial statements’.

Based on our professional judgement we determined certain quantitative thresholds for materiality, including the overall materiality for the financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the nature, timing and extent of our audit procedures on the individual financial statement line items and disclosures and to evaluate the effect of identified misstatements, both individually and in aggregate, on the financial statements as a whole and on our opinion.

We also take misstatements and/or possible misstatements into account that, in our judgement, are material for qualitative reasons.

We agreed with the board of directors that we would report to them any misstatement identified during our audit above €1.600.000 (Fiscal 2024: €1.400.000) as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons.

The scope of our group audit

Pluxee N.V. is the parent company of a group of entities. The financial information of this group is included in the consolidated financial statements of Pluxee N.V.

We are responsible for the identification and assessment of the risks of material misstatement of the financial statements of the group, including those with respect to the consolidation process. Based on our risk assessment, we tailored the scope of our audit to ensure that we, in aggregate, performed sufficient work on the financial statements to enable us to provide an opinion on the financial statements as a whole.

In setting the scope of our group audit we determined what audit work needed to be performed at group level or component level and whether involvement of component auditors was necessary.

We included 12 components in our audit for which audit procedures have been performed. Two of these components are considered significant components given that they are individually financially significant to the Group. Next to Pluxee N.V. this is Pluxee Beneficios Brasil S.A. With the 12 components included in our audit procedures we achieve appropriate coverage on financial line items in the consolidated financial statements.

In total, in performing these procedures, we achieved the following coverage on the financial line items:

None of the remaining components represented more than 3% of total group revenue or total group assets. For those remaining components we performed, among other things, analytical procedures to corroborate our assessment that there were no significant risks of material misstatements within those components.

The group engagement team performed the audit work for Pluxee N.V. stand alone. All other components were audited by (PwC) auditors who are familiar with the local laws and regulations to perform the audit work.

Where component auditors performed the work, we determined the nature, timing and extent of direction and supervision of the component auditors and review of their work.

We issued instructions to the component audit teams in our audit scope. These instructions included amongst others our risk analysis, materiality and the scope of the work. We explained to the component audit teams the structure of the Group, the main developments that were relevant for the component auditors, the risks identified, the materiality levels to be applied and our global audit approach. We had individual calls with each of the in-scope component audit teams both during the year and upon conclusion of their work. During these calls, we discussed the significant accounting and audit issues identified by the component auditors, their reports, the findings of their procedures and other matters, that could be of relevance for the consolidated financial statements.

The group engagement team visits the component teams and local management on a rotational basis. In the current year, the group audit team visited the Brazilian component given the financially significant importance of this component and the acquisition which took place during Fiscal 2025. For this location we reviewed selected working papers of the respective component auditor. The group team also visited the component Pluxee Odul Danismanlik Hizmetteri AS (Turkey) where the group engagement team reviewed selected working papers as well. We selected this component given the fact that this is the first year that this entity is audited by a PwC firm.

The group engagement team performed the audit work on the group consolidation, financial statement disclosures and a number of more complex items at the head office. These notably included the valuation of goodwill and share-based payments.

By performing the procedures outlined above at the components, combined with additional procedures exercised at group level, we have been able to obtain sufficient and appropriate audit evidence on the Group’s financial information, to provide a basis for our opinion on the financial statements.

Audit approach fraud risks

We identified and assessed the risks of material misstatements of the financial statements due to fraud. During our audit we obtained an understanding of Pluxee N.V. and its environment and the components of the internal control system. This included the board of directors’ risk assessment process, the board of directors’ process for responding to the risks of fraud and monitoring the internal control system. We refer to section 6. Risks and risk management in the Annual Report for their risk assessment including fraud.

We evaluated the design and relevant aspects of the internal control system with respect to the risks of material misstatements due to fraud and in particular the fraud risk assessment, as well as the code of conduct and whistleblower procedures. We evaluated the design and the implementation and, where considered appropriate, tested the operating effectiveness of internal controls designed to mitigate fraud risks.

We asked members of the board of directors as well as the internal audit department and legal affairs, whether they are aware of any actual or suspected fraud. This did not result in signals of actual or suspected fraud that may lead to a material misstatement.

As part of our process of identifying fraud risks, we evaluated fraud risk factors with respect to financial reporting fraud, misappropriation of assets and bribery and corruption. We evaluated whether these factors indicate that a risk of material misstatement due to fraud is present.

We identified the following fraud risks and performed the following specific procedures:

We incorporated an element of unpredictability in our audit. During the audit, we remained alert to indications of fraud. Furthermore, we considered the outcome of our other audit procedures and evaluated whether any findings were indicative of fraud or non-compliance with laws and regulations.

Audit approach going concern

The board of directors prepared the financial statements on the assumption that the entity is a going concern and that it will continue all its operations for at least 12 months from the date of preparation of the financial statements.

Our procedures to evaluate the board of directors’ going-concern assessment included, amongst others:

• considering whether the board of directors identified events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern (hereafter: going concern risks);
• considering whether the board of directors’ going concern assessment included all relevant information of which we were aware as a result of our audit and inquiring with the board of directors regarding the board of directors’ most important assumptions underlying its going concern assessment;
• evaluating the board of directors’ current budget including cash flows for at least 12 months from the date of preparation of the financial statements taken into account current developments in the industry and all relevant information of which we were aware as a result of our audit;
• analysing whether the current and the required financing has been secured to enable the continuation of the entirety of the entity’s operations, including compliance with relevant covenants.

Based on our procedures performed, we concluded that the board of directors’ use of the going-concern basis of accounting is appropriate, and based on the audit evidence obtained, that no material uncertainty exists related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the financial statements. We have communicated the key audit matters to the board of directors. The key audit matters are not a comprehensive reflection of all matters identified by our audit and that we discussed. In this section, we described the key audit matters and included a summary of the audit procedures we performed on those matters.

Report on the other information included in the annual report

The annual report contains other information. This includes all information in the annual report in addition to the financial statements and our auditor’s report thereon.

Based on the procedures performed as set out below, we conclude that the other information:

• is consistent with the financial statements and does not contain material misstatements; and
• contains all the information regarding the directors’ report and the other information that is required by Part 9 of Book 2 and regarding the remuneration report required by the sections 2:135b and 2:145 subsection 2 of the Dutch Civil Code.

We have read the other information. Based on our knowledge and the understanding obtained in our audit of the financial statements or otherwise, we have considered whether the other information contains material misstatements.

By performing our procedures, we comply with the requirements of Part 9 of Book 2 and section 2:135b subsection 7 of the Dutch Civil Code and the Dutch Standard 720. The scope of such procedures was substantially less than the scope of those procedures performed in our audit of the financial statements.

The board of directors is responsible for the preparation of the other information, including the directors’ report and the other information in accordance with Part 9 of Book 2 of the Dutch Civil Code. The board of directors are responsible for ensuring that the remuneration report is drawn up and published in accordance with sections 2:135b and 2:145 subsection 2 of the Dutch Civil Code.

Report on other legal and regulatory requirements and ESEF

Our appointment

We were appointed as auditors of Pluxee N.V. This followed the passing of a resolution by the shareholders at the annual general meeting held on 31 January 2024. Our appointment has been renewed by shareholders on 18 December 2024 and now represents a total period of uninterrupted engagement of 2 years.

European Single Electronic Format (ESEF)

Pluxee N.V. has prepared the annual report in ESEF. The requirements for this are set out in the Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a single electronic reporting format (hereinafter: the RTS on ESEF).

In our opinion, the annual report prepared in XHTML format, including the marked-up consolidated financial statements, as included in the reporting package by Pluxee N.V., complies in all material respects with the RTS on ESEF.

The board of directors is responsible for preparing the annual report, including the financial statements in accordance with the RTS on ESEF, whereby the board of directors combines the various components into a single reporting package.

Our responsibility is to obtain reasonable assurance for our opinion whether the annual report in this reporting package complies with the RTS on ESEF.

We performed our examination in accordance with Dutch law, including Dutch Standard 3950N ‘Assuranceopdrachten inzake het voldoen aan de criteria voor het opstellen van een digitaal verantwoordingsdocument’ (assurance engagements relating to compliance with criteria for digital reporting).

Our examination included amongst others:

• Obtaining an understanding of the entity’s financial reporting process, including the preparation of the reporting package.
• Identifying and assessing the risks that the annual report does not comply in all material respects with the RTS on ESEF and designing and performing further assurance procedures responsive to those risks to provide a basis for our opinion, including:

• obtaining the reporting package and performing validations to determine whether the reporting package containing the Inline XBRL instance document and the XBRL extension taxonomy files have been prepared in accordance with the technical specifications as included in the RTS on ESEF;
• examining the information related to the consolidated financial statements in the reporting package to determine whether all required mark-ups have been applied and whether these are in accordance with the RTS on ESEF.

No prohibited non-audit services

To the best of our knowledge and belief, we have not provided prohibited non-audit services as referred to in article 5(1) of the European Regulation on specific requirements regarding statutory audit of public-interest entities.

Responsibilities for the financial statements and the audit

Responsibilities of the board of directors

The board of directors is responsible for:

• the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards as adopted by the EU and Part 9 of Book 2 of the Dutch Civil Code; and for
• such internal control as the board of directors determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the board of directors is responsible for assessing the Company’s ability to continue as a going concern. Based on the financial reporting frameworks mentioned, the board of directors should prepare the financial statements using the going-concern basis of accounting unless the board of directors either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so. The board of directors should disclose in the financial statements any event and circumstances that may cast significant doubt on the Company’s ability to continue as a going concern.

Our responsibilities for the audit of the financial statements

Our responsibility is to plan and perform an audit engagement in a manner that allows us to obtain sufficient and appropriate audit evidence to provide a basis for our opinion. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high but not absolute level of assurance, and is not a guarantee that an audit conducted in accordance with the Dutch Standards on Auditing will always detect a material misstatement when it exists. Misstatements may arise due to fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

Materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion.

A more detailed description of our responsibilities is set out in the appendix to our report.

Zwolle, 29 October 2025

PricewaterhouseCoopers Accountants N.V.

F.S. van der Ploeg RA

Appendix to our auditor’s report on the financial statements Fiscal 2025 of Pluxee N.V.

In addition to what is included in our auditor’s report, we have further set out in this appendix our responsibilities for the audit of the financial statements and explained what an audit involves.

The auditor’s responsibilities for the audit of the financial statements

We have exercised professional judgement and have maintained professional scepticism throughout the audit in accordance with Dutch Standards on Auditing, ethical requirements and independence requirements. Our audit consisted, among other things of the following:

• Identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the intentional override of internal control.
• Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
• Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the board of directors.
• Concluding on the appropriateness of the board of directors’ use of the going-concern basis of accounting, and based on the audit evidence obtained, concluding whether a material uncertainty exists related to events and/or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report and are made in the context of our opinion on the financial statements as a whole. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluating the overall presentation, structure and content of the financial statements, including the disclosures, and evaluating whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We are responsible for planning and performing the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the financial statements. We are also responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with the board of directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. In this respect, we also issue an additional report to the audit committee in accordance with article 11 of the EU Regulation on specific requirements regarding statutory audit of public-interest entities. The information included in this additional report is consistent with our audit opinion in this auditor’s report.

We provide the board of directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related actions taken to eliminate threats or safeguards applied.

From the matters communicated with the board of directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The foundations of Pluxee’s sustainability journey precede the Group’s existence as a standalone company. They were developed over more than a decade when, as Sodexo’s BRS division, Pluxee contributed to the broader Sodexo sustainability roadmap. The Pluxee Group’s sustainability journey has accelerated and delivered concrete achievements over the past years, as highlighted in the timeline below.

Pluxee’s sustainability foundations are global in scope. They have been recognized at the local entity level in several Pluxee countries such as Mexico, where the Group obtained the “Social Responsible Company” distinction by the Mexican Philanthropy Center (Cemefi). Additionally, Pluxee Mexico was included in the “Most Ethical Companies” ranking by AMITAI (a local organization that evaluates ethics management) and on Expansion magazine’s list of “Responsible Companies 2025,” among others.

In France, Pluxee obtained the Numérique Responsable (Sustainable IT) label in recognition of its efforts toward more green, accessible and secure information technology management.

Pluxee has also earned a number of sustainability certifications. In Italy the company obtained the gender parity certification UNI/Pdr 125:2022 and the ISO 30415 certification for diversity and inclusion management. In Brazil, the Group obtained the ISO 14001 certification for environmental management.

Pluxee’s sustainability heritage and the roadmap the Group has travelled since 2020 provide a solid base for developing and meeting its environmental, social, and governance commitments. The Group will continue to build on this base as it navigates the journey toward its sustainability vision to Fiscal 2026 and beyond.

Pluxee’s Sustainability Journey

› Establishment of Pluxee’s inaugural ESG targets, based on material topics specific to its business and activities › Definition of a net-zero trajectory to 2035 › Pluxee’s net-zero targets validated by the Science Based Targets initiative (SBTi) › Pluxee joined the United Nations Global Compact › Earned an EcoVadis Bronze medal; first sustainability performance assessment as a standalone company › Joined the UN Global Compact’s Target Gender Equality Accelerator program › Joined Euronext’s CAC SBT 1.5°, an index of SBF 120 companies with emissions reduction targets in line with the 1.5° Paris Agreement goal › Submitted a CDP disclosure for the first time, obtaining a score of B, a recognition of Pluxee’s effectiveness in managing its environmental impact › Earned an EcoVadis Gold medal for the Group’s second annual assessment, with +18-points compared to the previous year’s evaluation⁽¹⁾

1. Medal earned for being in the top 5% of companies evaluated by EcoVadis over the past year in the sector identified as “Other business support service activities”.

Pluxee has established an ESG roadmap, aligned with the Company’s corporate strategy, that prioritizes four key pillars:

• act as a trusted partner in everything it does;
• empower individuals;
• strengthen local communities;
• reduce its impact on the environment.

Pluxee’s Commitments to Fiscal 2026 and Beyond

1. For information on how this indicator is calculated, see section 5.7.1.1 Governance -Trusted Partner
2. Leadership positions include Group CEO, Pluxee’s Executive Committee and their direct reports, excluding executive assistants, and Local Leadership (members of country-level executive committees)
3. At constant Fiscal 2023 foreign exchange rates
4. For the definition of renewable electricity see section 5.7.1.1- Environment - Energy
5. GHG: Market-based greenhouse gas emissions reduction from Fiscal 2017 baseline; For further details on Pluxee’s net-zero trajectory and related targets, see section 5.5.1

A trusted partner

As a trusted partner, Pluxee engages its stakeholders in the Group’s value chain to develop reliable technology and manage data responsibly, as well as to ensure the highest standards of business ethics and compliance. This enables the Company to provide the best user experience across the Pluxee ecosystem.

The Group has deployed a comprehensive Responsible Business Conduct training program, aligned with Pluxee’s guiding principles and Ethics Charter. This program addresses topics such as harassment, anti-corruption and anti-bribery, data privacy, conflicts of interest, and fair competition (for more, see section 5.2).

Empower individuals

Pluxee brings to life an inclusive and sustainable employee experience at work and beyond for its team members and its clients’ employees. The Group believes that the sense of belonging and well-being of its own employees contributes to their professional satisfaction and engagement, motivating them to build their careers at Pluxee, and contribute to the Group’s growth and development. Pluxee aims to extend this positive impact toward the employees of its clients through its suite of Pluxee benefits (for more, see section 5.3).

Strengthen local communities

Pluxee contributes to the development of local communities by generating value for the small and medium-sized (SME) merchants that add dynamism to its network. Pluxee products and services lead to growth in consumer traffic. The Group’s support of SME merchants also enables consumers to benefit from a more diversified offer in their local areas. Moreover, through Pluxee’s partnerships for community outreach, the Group participates in the empowerment of women and young people (for more, see section 5.4).

Reduce environmental impact

Pluxee is strongly committed to minimizing its impact on the environment. The Group works to reduce the greenhouse gas (GHG) emissions generated by its operations, and aims to achieve its net-zero emissions objective by no later than 2035 (for more, see section 5.5).

5.1.1.1 Governance

Sustainability topics are addressed across the organization, and are coordinated by the Global Sustainability Team, reporting to the Group General Counsel, a member of Pluxee’s Executive Committee. Sustainability performance and progress against ESG objectives are overseen by both the Audit Committee and the Nomination and Remuneration Committee of the Board of Directors, which review the congruence of Pluxee’s sustainability commitments with the company’s strategic imperatives.

Specifically, the Audit Committee periodically reviews and makes recommendations on the Company’s main sustainability initiatives, objectives and disclosures, based on its knowledge of current and emerging trends as well as stakeholder views regarding sustainability matters. The Nomination and Remuneration Committee periodically reviews and proposes changes to environmental, social, and governance (ESG)-related components (namely, specific KPIs) of the remuneration packages of individual executives, in support of sustainable long-term value creation, and in observance of the approved Remuneration Policy. All directors are required to have an understanding of ESG topics. The Nomination and Remuneration Committee identifies and calls for relevant training, as needed. In Fiscal 2025, two sustainability training activities were conducted for the Board and/or its committees.

Local Sustainability Steering Committees have been established in 14 Pluxee countries. They are responsible for the identification of sustainability issues and initiatives in their respective locations. Resource allocation decisions related to the implementation of sustainability initiatives are made by the local leadership or similar local or regional decision-making body. Additionally, a network of 47 sustainability champions take part in bi-monthly webinars to share best practices and make progress on Pluxee’s sustainability roadmap.

Sustainability Governance

* Local leadership includes the Pluxee Group’s country leadership team members, i.e. the members of the country executive committees.

5.1.1.2 Stakeholder engagement

Pluxee values stakeholder engagement as a way to build trust, include diverse viewpoints, and maximize the sustainable value the Group is able to co-create with internal and external stakeholders. The Group has established contacts and touchpoints for each category of Pluxee stakeholders.

Pluxee’s Stakeholders

Employee awareness and engagement drive sustainability performance

Pluxee employees play a key role in the optimal implementation of the Group’s sustainability priorities and achievement of its targets. The Company has established specific cross-functional initiatives to communicate Pluxee’s objectives and to motivate employees to accomplish them.

Pluxee’s first and fundamental commitment is to act as a trusted partner by ensuring the integrity and transparency of its governance and operations. To meet this commitment, the Group requires that its employees comply with the Ethics Charter and its principles of integrity, reliability and respect. Pluxee trains its team members in responsible business conduct, with a target of maintaining a level of more than 99% employees trained by Fiscal 2026.

Being a trusted partner means developing reliable technology and managing data responsibly to provide the best user experience across Pluxee’s value chain. It also entails contributing to the development of actionable policy in a transparent way, and establishing partnerships with suppliers who are responsible for assuming the same level of commitment to conduct ethical business as Pluxee. This section further develops all actions that help Pluxee build and maintain credibility for long-term relationships with stakeholders.

The Group’s Foundation: Pluxee’s Ethics Charter

Pluxee embeds the highest standards of ethics as well as legal and regulatory compliance in all of the Group’s activities. This fosters a culture of accountability and transparency, ensuring adherence to laws, regulatory expectations, and internal policies. Pluxee thus acts as a trusted partner to its employees, clients, shareholders, and other stakeholders.

When Pluxee became a standalone company in 2024, it embarked on a collective effort to explicitly define its ethical principles. The resulting Pluxee Ethics Charter, launched in Fiscal 2024, is the convergence of the Group’s strong heritage and its own principles, applied to Pluxee’s daily business activities. The Pluxee Ethics Charter sets forth the ethical principles, compliance standards, and responsibilities to be met by each Pluxee employee and collaborator.

The Ethics Charter is available on Pluxee’s intranet and through Pluxee’s learning platform, marking the first step in a broad and ongoing communication strategy. External stakeholders may also access the Ethics Charter via Pluxee’s corporate website. The Group thus provides the means for full awareness of its ethical commitments.

Pluxee expects the principles outlined and defined in the Ethics Charter to be applied uniformly in all countries where the Group does business. All Pluxee employees are responsible for understanding and respecting these principles. This requirement is enforced, regardless of the challenges inherent in operating a business across numerous countries and multiple cultures. As of August 31, 2025, 98.7% of employees had acknowledged their understanding of Pluxee’s Ethics Charter and its principles. For an explanation of how this indicator is calculated, see section 5.7.1.1 Governance - Trusted Partner.

The Ethics Charter also provides guidelines for ensuring that all employees use sound judgment in their business-related decisions. Pluxee strives to be legally compliant and remain a good corporate citizen. The Group adheres steadfastly to all applicable laws and regulations across its operational landscape and commits to raising ethical standards whenever possible, inspired by the three main principles of its Ethics Charter: Integrity, Reliability, and Respect.

Pluxee’s Ethics Charter is the cornerstone of all existing and forthcoming compliance programs

Governance

The Group level Ethics and Compliance department oversees all compliance activities across Pluxee, and reports to the Group General Counsel, a member of Pluxee’s Executive Committee. The department communicates principles and provides training to the local Ethics and Compliance committees at Pluxee’s entities across the globe. The local committees report to the Group level Ethics and Compliance department as well as to their country managing directors on a regular basis regarding the Ethics and Compliance activities, issues, and potential risk exposures of their respective entities.

In an effort to further strengthen its ability to monitor and enforce its ethics and compliance program across the Group, in Fiscal 2025 Pluxee appointed two additional regional compliance officers to oversee the work carried out by the local Ethics and Compliance committees. The new compliance officers — who are assigned to Hispanic Latin America and to Europe, Middle East, Asia, and Africa (EMEAA) — join the Pluxee Brazil compliance officer for a total of three regional compliance officers across the Group.

Pluxee’s Group Ethics and Compliance department reports regularly to the Pluxee Executive Committee on the status of compliance activities across the Group. The implementation of the ethics and compliance program is carried out by a specialized team based at Pluxee’s corporate headquarters. The mission of the various Ethics and Compliance teams across the Group is to support the entire organization in “doing the right thing” to uphold reliability, integrity, and respect.

The Ethics and Compliance department implements a program that is carried out at three levels to strengthen ethics and compliance across the organization:

• Culture: promoting integrity and ethical leadership;
• Control: ensuring compliance with laws, regulations, and internal rules;
• Confidence: enabling trust through transparency and remediation.

Ethics and Compliance Governance

Anti-Money Laundering and Counter Financing of Terrorism (AML-CFT)

Pluxee operates primarily in local limited-service networks. Consequently, Pluxee’s services and products are minimally exposed to the risk of money laundering and terrorism financing. Nevertheless, Pluxee has established policies and procedures to ensure that its services and solutions are not diverted from their primary function. These procedures are led by Compliance Officers, trained to apply appropriate AML-CFT regulations, internal processes, and methodologies in their daily business activities.

In Fiscal 2024, the Pluxee Group issued a policy for the prevention of money laundering and terrorism financing risks. In parallel, all of the Group’s entities worldwide began an ongoing assessment and classification of risks related to this topic.

Building on this work, in Fiscal 2025, additional controls were put in place, further enhancing Pluxee’s ability to mitigate AML-CFT risk. During the year, Pluxee’s Ethics and Compliance team began to develop a roadmap to further amplify knowledge of the AML-CFT topic and keep all employees at Pluxee up to date on detection and risk mitigation tactics by implementing dedicated training sessions.

The digitalization of Pluxee’s products, along with the robustness of its compliance organization, enable the Company to better detect and report suspicious activity that may arise in relation to clients, consumers, and merchants.

Fighting bribery and corruption

Pluxee has a zero-tolerance policy for any form of corruption or bribery, whether private or public, for all its activities wherever the Company operates. The Group is adamant about winning and maintaining business the right way: by being the best provider of Employee Benefit and Engagement products, services, and client care.

To enforce this zero-tolerance policy, Pluxee has developed an anti-corruption program. It consists of a dedicated governance structure, risk mapping, policies, and procedures, all of which are monitored by the highest governance bodies (such as the Executive Committee and Audit Committee of the Board of Directors). Anti-corruption training for employees is also a key element of the system, with 98.7% of all eligible employees successfully trained in responsible business conduct (including anti-corruption among other topics) as of August 31, 2025. It should be noted that this data does not include the employees of entities acquired by the Group within the past year due to the technical adjustments required to fully integrate their employees into the organization’s systems.

In Fiscal 2025, Pluxee strengthened the implementation of its anti-bribery and anti-corruption program by issuing Pluxee’s Anti-Corruption Code of Conduct.

At the local level, Pluxee Brazil received ISO 37001 certification for its anti-corruption management system and ISO 37301 for its compliance management systems. Other local entities have also engaged with locally-recognized rankings that reward efforts in this area.

Global efforts have focused on harmonizing Pluxee’s anti-bribery and corruption program standards to ensure consistent understanding and integration of the following key policies:

• Anti-Corruption Code of Conduct;
• Whistleblowing Policy;
• Third-Party Policy;
• Conflicts of Interest Policy;
• Supplier Code of Conduct;
• Gifts and Invitations Policy;
• Sponsorship and Donations Policy.

By aligning standards globally, the Group strengthens its ethics culture, making it more resilient and sustainable for the long term.

Anti-Trust: ensuring fair play with competition standards

Pluxee operates under the principles of fair and legal competition, as established by the global free enterprise system and applicable laws and regulations.

In Fiscal 2025, the Group Ethics and Compliance department conducted awareness and training activities for the senior management of Pluxee’s entities. Select executive teams have received targeted training and local legal frameworks from specialized legal counsel. During the year, the Ethics and Compliance department also disseminated guidelines across the Group for addressing anti-trust and for mitigating the risk of anti-trust conduct

Finally, the Group also provides all employees, as well as third parties, with a whistleblowing channel for reporting any suspected breaches, including those related to competition law.

Compliance with international sanctions

As a global company, Pluxee strives to adhere to all applicable regulations pertaining to economic sanctions. All entities of the Group are prohibited from conducting or facilitating business with or for the benefit of individuals or entities targeted by applicable economic sanctions.

Human Rights commitment

At Pluxee, the respect and promotion of human rights is a fundamental commitment in the Company’s approach to conducting business responsibly. It sets the baseline for the way Pluxee interacts with employees, clients, consumers, partners, and suppliers.

Pluxee understands human rights as the set of principles that are recognized internationally through documents such as the International Bill of Human Rights and the International Labor Organization’s Declaration on Fundamental Principles and Rights at Work. The United Nations Guiding Principles on Business and Human Rights, as well as Pluxee’s commitment to the ten principles of the United Nations Global Compact, provide a framework for the Group’s action through its employees, and for its overall understanding of the topic.

No underage labor

All Pluxee entities are committed to upholding the minimum working age regulations in every country or local jurisdiction where they operate. This minimum working age should never be lower than the age specified in the International Labor Organization (ILO) conventions.

No forced or hidden labor

Pluxee does not tolerate any form of forced or hidden labor in any of its operations or business relationships. The Group understands forced labor as any work performed involuntarily and/or under the threat of violence, or through intimidation, manipulation, detention, or other threats. Hidden labor is understood as omitting to declare as an employee someone who works in the Company.

Whistleblowing: Pluxee’s Speak Up Policy

Pluxee’s whistleblowing platform, the Speak Up Ethics Hotline, enables all Group employees and partners (in particular suppliers, clients, and consumers) to report any wrongful acts, unethical behavior, or violations of the Group’s internal policies. Managed and secured independently by a third-party supplier in alignment with local laws and regulations, this platform is available to all employees in 28¹ countries and in all languages spoken at Pluxee, through Pluxee’s global and local intranets, and on the Group’s corporate website. In Pluxee’s Fiscal 2025 Pulse survey, 86% of employees stated that they would feel comfortable reporting unethical behavior through the Speak Up platform.

In Fiscal 2025, Pluxee’s Whistleblowing policy was redrafted and updated to match Pluxee’s culture. A document called “Speak up, we are listening!” outlines everything employees need to know about whistleblowing at Pluxee in a didactic and readable form. The document outlines the reasons for whistleblowing, namely in the event of potential corruption, unfair competition, and unethical labor practices, and makes clear that employees can speak up anonymously and without fear of retaliation if they do so in good faith (defined as having strong reasons to believe the issue is true at the time it is reported). The document outlines who can speak up and when, as well as the following issues as eligible for whistleblowing action:

• Actions that go against the Ethics Charter or Pluxee’s policies such as conflicts of interest or discrimination;
• Crimes or offenses;
• Violation of laws or offenses;
• Serious threats or harm to the public interest.

The document further discusses how to speak up, the process after filling out a report, and a reassurance of non-retaliation an protection of confidentiality,

The Pluxee Speak Up Ethics Committee meets frequently to monitor all new alerts, decides on conducting an investigation when applicable, and follows up on the progress of the alerts review. The Committee also implements improvements, and monitors and/or responds to any trends identified. Pluxee ensures the impartiality of all investigations. Statistics on whistleblowing cases are periodically shared with the Executive and Audit Committees.

1. Number of countries in which Pluxee has active business operations as of September 1, 2025, following cessation of activity in a non-core country in Fiscal 2025.

Pluxee’s Speak Up Process

Pluxee’s Ethics and Compliance team tracks the number and category of Speak Up alerts, as well as their outcome. In Fiscal 2025, 88 cases were received through the Speak Up channel and investigated, as illustrated below. A total of 51 cases (or 64% of all alerts) were fully or partially corroborated.

Breakdown of Speak Up alerts by category - Fiscal 2025

[CSRD S1-17] In addition to the 88 cases received through Speak Up, 2 incidents of discrimination (including harassment) were reported in Fiscal 2025. No severe human rights incidents were reported across the Group’s operations. No complaints concerning the Group have been filed to National Contact Points for OECD Multinational Enterprises.

[CSRD G1-4] Regarding corruption or bribery incidents, in Fiscal 2025, the Group has not been convicted for violation of anti-corruption and anti-bribery laws, and no fines for violation of anti-corruption and anti-bribery laws have been issued against the company.

[CSRD G1-3] Although certain people are more exposed to the risk of corruption, the Group has opted to provide all employees with e-learning training on the subject. By end of Fiscal 2025, 98.7% of employees had completed the anti-corruption training module. The target is a training rate of >99%.

Sanctions in Fiscal 2025

In keeping with Pluxee’s ethical principles and internal regulations, sanctions were applied to employees who were found to have been in breach of the Group’s Ethics Charter. The applicable sanctions encompass coaching, warnings, a reduction in incentive compensation, disciplinary demotion, and dismissal. The table below outlines the number of sanctions applied in Fiscal 2025.

[CSRD S1-17] The Group has not issued fines, penalties, or compensation for damages as result of incidents of discrimination, including harassment and complaints filed.

Pluxee’s second sustainability pillar addresses the Group’s direct impact on individuals. Pluxee’s purpose is to improve the employee experience at work and beyond for the benefit of its own workforce and for workers across thousands of organizations. The Group firmly believes that the positive impact of its value proposition begins with Pluxee itself. By caring for the well-being of its employees, addressing their professional development, and fostering inclusiveness among its team members, Pluxee positively impacts their motivation and engagement, and provides further incentives for them to develop their careers within the Group.

This chapter discusses Pluxee’s engaged talent; diversity, equity, and inclusion; and the positive impact of the Group’s employee benefit solutions.

1. Leadership positions encompass Pluxee Group Leadership (the Group CEO, Pluxee’s Executive Committee and their direct reports, excluding executive assistants) and Local Leadership (members of country-level executive committees).

Snapshot of Pluxee’s Workforce

By Gender

[CSRD S1-6, 50A]

By Country (representing at least 10% of total workforce)

[CSRD S1-6, 50A]

By Contract Type and Gender

[CSRD S1-6, 50B]

Employee Turnover Rate

[CSRD S1-6, 50C]

1. Including permanent and temporary contracts and all reasons for departures.

People are the cornerstone of Pluxee’s success. Pluxee endeavors to foster an attractive and inclusive corporate culture that welcomes a diversity of talent, where continuous learning and adaptation to ever-changing technologies and market demands are strongly encouraged, and performance is rewarded.

In this context, Pluxee ensures that it provides its employees with a structure, tools, and opportunities to thrive professionally. These are outlined in the Group’s People Strategy, and further detailed in Pluxee’s integrated Talent Management Framework.

Pluxee’s People Strategy: driven by six initiatives

Pluxee’s People Strategy provides the foundation for delivering on the Group’s ambition to elevate the employee experience while enabling business performance. This strategy is built around six key initiatives.

1. Elevate smart leadership on the employee experience by deploying Life@Pluxee, the Group’s corporate culture framework, and leading in leadership competencies;
2. Enable performance by strengthening a competitive compensation and benefits strategy and deploying incentive plans that present “stretch” opportunities;
3. Attract, Retain, and Grow engaged employees by designing and driving competency and professional development plans for targeted populations;
4. Digitize human resources by continuously improving the quality of human resources data and fully leveraging the power of the data at its fullest and best;
5. Drive business transformation by implementing organizational efficiency at the business and human resources levels through the deployment of a comprehensive and adaptive new operating model with a focus on effective integration of people post-M&A; ;
6. Implement dedicated human resources governance and budgeting to support business and corporate challenges.

These initiatives integrate people management with business performance, and often span a number of Pluxee endeavors, departments, and activities.

To support the delivery of its strategic human resources initiatives, Pluxee relies on a globally integrated Talent Management Framework that aligns its people practices with its business ambitions.

Pluxee’s Talent Management Framework

The Talent Management Framework defines how the Group attracts, develops, engages, and retains talent. It is fully enabled by digital tools such as CHRIS (the Group’s Collaborative Human Resources Information System) that ensure consistency, agility, and scalability across the employee journey. The strategy is complemented by essential commitments to fair compensation, employee well-being, safety, social dialogue, and workplace respect, creating the conditions for all employees to thrive.

The framework aims to provide the structure for a consistent, human, and purpose-led journey across the entire employee lifecycle, grounded in Pluxee’s long-term ambition, principles, and cultural identity. The framework is designed to ensure alignment between the company’s strategic direction and the employee experience at Pluxee.

The Talent Management Framework consists of nine components:

• Leadership and culture embedded at every level;
• Engaging talent attraction and onboarding;
• Performance and development, rooted in continuous feedback;
• Learning and mobility to promote internal growth and competency-building;
• Digital enablement across the talent lifecycle;
• Engagement and belonging strengthened through recognition and listening;
• Fair compensation and benefits, and ethical practices;
• Health, safety, and well-being;
• Social dialogue and respect for rights.

This chapter addresses Pluxee’s commitments, programs, and activities to develop, make progress on, and ensure the implementation of each of these components.

Leadership and culture embedded at every level

Through the Life@Pluxee corporate culture framework and the Leadership Compass, Pluxee fosters shared corporate principles, behaviors, leadership standards, and a strong sense of purpose.

Life@Pluxee

Pluxee’s principles and rules of engagement — both within the Group and with the outside world — are set forth in the Group’s corporate culture model, Life@Pluxee. This unique framework outlines and defines Pluxee’s foundational principles, ambitions, and differentiated operating culture.

Since its spin-off from Sodexo in February 2024, Pluxee has embarked on the establishment of its own innovative and purposeful corporate culture model, based on its legacy values of Service Spirit, Team Spirit, and Spirit of Progress. The result is Life@Pluxee, a framework that seeks to foster a sense of belonging and feeling of mutual recognition among all Pluxee employees, and to create a common mindset for engaging with the Group’s external ecosystem. Pluxee believes that this approach sets it apart from its peers and translates into a unique competitive advantage, enabling it to pursue its leadership of the Employee Benefit and Engagement industry.

The Life@Pluxee model is built on four guiding principles that underpin the Group’s position as a Smart Leader of Employee Benefits and Engagement:

• The beating heart of its communities

Pluxee’s culture begins with how the Group positions itself in the world. Pluxee places itself at the heart of an ecosystem comprised of very diverse communities. Internally, inclusion is the backbone of the Group’s culture. Externally, Pluxee seeks to connect and partner with companies and groups that consider employee engagement a priority. Additionally, Pluxee actively engages with small and medium-sized merchants through dedicated organizations and networks, and with underprivileged communities through its close association with Stop Hunger (for more see sections 5.4.1 and 5.4.3). By partnering with key players in its ecosystem, Pluxee seeks to create positive impact wherever it operates.

• Passionate about the employee experience

Pluxee develops and sells personalized solutions that enable opportunities for employees to make more out of life. Enhancing the employee experience is the Group’s passion and raison d’être.

• Moving the world of work forward

Pluxee’s products and services are designed and deployed based on data and insights that are collected in a diversity of work environments. The information gathered is analyzed, interpreted, and used as inspiration to provide the market with relevant solutions that move the world of work forward.

• Accountable for delivering global performance

Pluxee believes that its growth and economic success, driven by strong global performance, should benefit society and the planet at large. The Group relies on accountable, results-driven team players, working as One Team across all geographies, to bring this vision to life.

Moving Life@Pluxee forward in Fiscal 2025

To build an effective and long-lasting corporate culture Pluxee has developed a program to communicate, promote the adoption of, and nurture Life@Pluxee, In Fiscal 2025 Pluxee’s management and staff deployed a targeted program of activities to propagate the Group’s principles, working methods, and ways of doing business across the Company. These activities were carried out through collaborative workshops, spearheaded by Pluxee’s leadership and supported by the human resources teams across the Group’s countries. Notably, 99% of employees participated in Life@Pluxee workshops, underscoring the relevance and resonance of the model. These sessions were designed to help employees see how the culture connects to their day-to-day work, enabling them to relate to it personally and practically. The results and follow-up to these activities are centralized in Pluxee’s Collaborative Human Resources Information System (CHRIS), the Group’s digital platform for all aspects of human resources management (discussed further in the CHRIS Platform section of this chapter).

Pluxee’s Leadership Compass

During the year, the Group’s leadership leveraged the Life@Pluxee framework in a collaborative exercise across geographies to develop the Pluxee Leadership Compass. The objective of this effort is to translate Life@Pluxee into actions, practices, and behaviors for implementation by the Group’s leaders and managers.

The Pluxee Leadership Compass delves deeper into each of Life@Pluxee’s four guiding principles to define what is required of leaders to drive the model’s effectiveness. The Compass outlines the roles and competencies necessary to move forward on each one of the four principles and ensure alignment with the model.

The Leadership Compass applies to all Pluxee leaders and managers, whose understanding and use of this tool will ensure a consistent approach to Life@Pluxee across the organization. By deploying the Leadership Compass, Pluxee aims to create optimal conditions for success and continuous improvement for all its employees across the business.

Pluxee’s Leadership Compass

The training required to activate the Leadership Compass is carried out through standardized toolkits, guides, and e-learning, and other leadership touchpoints throughout the year. The objective of the training is to ensure that leaders and managers are fully equipped and prepared to bring the Leadership Compass to life.

In Fiscal 2025, Leadership Compass training was deployed over several months, with 68% of Pluxee leaders completing the training program. Learning to apply the Leadership Compass. enables leaders and managers to engage with each competency in a structured and meaningful way. Broad participation in Leadership Compass development areas will continue to grow as more leaders and managers complete the journey.

Going forward, Pluxee aims to embed the model across all its teams globally. To that end, the Group has developed a Fiscal 2026 roadmap to expand the reach of an adapted version of the Compass to the entire employee population.

Attracting talent and onboarding new employees

Pluxee’s talent attraction and onboarding activities are supported by a clearly defined employee value proposition, structured and fair recruitment processes, and a thoughtful onboarding experience tailored to individual and cultural considerations.

Pluxee’s Employee Value Proposition

In Fiscal 2025, Pluxee refreshed and enriched its Employee Value Proposition (EVP) to reflect the Group’s priorities as it transitioned to becoming a stand-alone, listed company. The new EVP is now fully harmonized with the Life@Pluxee corporate culture model and the Leadership Compass, translating the Group’s guiding principles into leadership behaviors and methods for agile work. The refreshed EVP strengthens the link between Pluxee’s culture and the promise the Group makes to current and future Pluxeers: to provide a workplace where they can learn, grow, and develop meaningful careers.

The EVP is structured on four pillars that mirror Pluxee’s cultural principles and are brought to life in the Group’s EVP narrative:

• Belong reflects the beating heart of Pluxee’s communities – being part of something bigger, an inclusive and connected community where everyone has a place, and every contribution counts.
• Inspire reflects moving the world of work forward – a creative, collaborative energy that turns bold ideas into possibilities and sparks new ways of working. By leveraging four decades of market insight in combination with data and technology, Pluxee employees build richer, more engaging digital experiences.
• Impact reflects being passionate about the employee experience – enabling small moments that matter. Pluxee makes a real difference in everyday work and in life across its ecosystem of clients, consumers, merchants, and communities. Impact is visible in Pluxee’s bold commitments to diversity, inclusion, sustainability, and its support for local economies around the world.
• Grow reflects being accountable for delivering global performance, working collectively as One Team. Each step, individually and communally, adds momentum, reinforcing collaboration and helping Pluxee to shape a brighter future for the communities it serves.

Taken as a whole, these four pillars define what it means to be part of Pluxee. The EVP is more than a communication framework. It is a strategic lever that strengthens Pluxee’s culture, enhances its attractiveness as an employer, aligns with the talent management objective of attracting and retaining a high-performing and diverse workforce, and ensures every Pluxeer feels connected to the Group’s shared journey to shape the future of the employee experience.

Pluxee’s EVP strengthens the Group’s commitment to professional growth, innovation, and community throughout the entire employee lifecycle. It fosters a work environment in which everyone can thrive and contribute meaningfully while growing alongside Pluxee, driving success and innovation.

Attracting Talent through Employer Branding

To promote its EVP externally, Pluxee invests in employee branding efforts. The aim of these efforts is to ensure that all external stakeholders are exposed to a true sense of the Pluxee workplace.

The Group’s employees serve as its primary ambassadors, and their experiences are central to shaping the perception of the Pluxee brand. Through their stories, insights, and daily interactions, they convey Pluxee’s mission, principles, and culture, contributing to an authentic image of the Group in the marketplace.

Pluxee uses two primary platforms to communicate and monitor the perception of the Pluxee employer brand:

• Pluxee regularly follows the performance of its profile on Glassdoor, a leading global recruitment site that provides insights into the recruitment process and company life through anonymous employee feedback. The Group’s strong performance is illustrated by key metrics, with 82% of participating employees stating that they would recommend working at Pluxee to their friends, and 91% approving of the Group CEO’s leadership.

As part of Pluxee’s ongoing effort to enhance employer brand perception and employee engagement, the Group has launched a structured process for managing Glassdoor story views. The program has been developed in coordination with the Communications team to provide clear response guidelines and a standardized response flow. Glassdoor community champions have been appointed across key countries with the task of managing bi-weekly engagement. This approach underscores. Pluxee’s commitment to transparency and to acting on employee feedback.

• Pluxee’s corporate LinkedIn page provides a dynamic window into the Group’s vibrant company culture, showcasing everyday moments that define Pluxee, from collaborative brainstorming sessions to team outings that emphasize the commitment to creativity, inclusivity, and mutual respect. The “Life” section of the Group’s LinkedIn page highlights Pluxee’s greatest asset — its people — through authentic stories that illustrate the Group’s principles and values, and strengthen its EVP. To ensure broader access to this information, Pluxee has created hashtags for content to be linked to the Life page.

An attractive company for all employees

Pluxee provides structured frameworks, designed to dovetail with the Life@Pluxee corporate culture model for recruitment, onboarding, talent management, and career development. Together, these define the Pluxee employee experience.

Recruitment process

Pluxee’s sourcing and recruitment process is designed to be both transparent and impartial, seeking to ensure that each applicant receives fair treatment and equal opportunity to join the organization. Pluxee uses an evaluation process that assesses the expertise and experience of each candidate through a defined approach, ensuring objectivity and enabling the Company to select the most qualified individuals, without bias.

In Fiscal 2025, Pluxee instituted additional measures to strengthen the Group’s capability for impartial hiring processes. These include:

• specialized training for hiring managers (with 76% of relevant managers trained in Fiscal 2025) to enable them to incorporate inclusion parameters in their searches;
• the reformulation of job descriptions to enhance the capacity for inclusivity;
• a commitment to ensure that each hiring process includes at least one candidate from an underrepresented group.

These hiring process undertakings are managed clearly and efficiently across regions, supported by CHRIS, and under the leadership of the global talent acquisition team.

Job applicants have access to the Pluxee Job Hub, where all current job openings can be filtered by skills and preferences, adding efficiency to the job search experience.

In Fiscal  2025, Pluxee successfully onboarded 1,116 new hires under permanent contracts, with a focus on critical product, tech & data, and sales roles.

In Fiscal 2025, the talent acquisition team members reviewed and validated 91% of existing job profiles. Moreover, the team took an average of 63 days to fill critical roles.

Onboarding

Pluxee has established a structured onboarding process to welcome new hires to the Group, and to ensure their smooth integration.

Onboarding spans the weeks before a new recruit’s start date to several months after they have joined the Company. The onboarding process includes face-to-face meetings with key internal stakeholders, enabling new employees to connect with colleagues from diverse departments and learn from them, thus fostering a sense of belonging.

Integration is assessed under regular check-ins conducted with the human resources team and functional managers, supplemented by surveys tracking the new joiner’s experience. This structured feedback loop endeavors to ensure that each employee feels connected and supported from day one.

Pluxee’s onboarding process is fully digital, enabling new staff members to be better aligned with the Life@Pluxee culture from their very first days as new employees. In Fiscal 2025, the CHRIS platform was further expanded to include features meant to enhance the onboarding experience. A new functionality called “Journeys” adds greater fluidity and dynamism to the process. Journeys is customizable by country and management level to provide broader access, and to ensure that it captures the specific conditions and requirements of each position.

Performance and development rooted in continuous feedback

Pluxee supports the development of its employees through behavior-based performance reviews, people development discussions, and clear growth expectations aligned with Pluxee’s principles and goals.

Performance and competency review: Redefining performance

At Pluxee, performance is how employees show up, not just what they deliver.

Pluxee’s performance and people reviews are integral components for crafting individual and global development plans, ensuring that the Company addresses the unique needs of its employees while aligning with its organizational goals.

In Fiscal 2025, the Group shifted from output-focused performance conversations to behavior-driven talent management. Pluxee’s new approach decodes both performance and potential through clear, observable behaviors, moving toward real evidence of growth, contribution, and leadership.

Performance at Pluxee is now defined not just by what gets done, but by how value is created — through mindset, collaboration, ownership, and culture. The Group now anchors employee evaluation in six Performance Behaviors:

Results: Achievement goes beyond meeting targets. It also encompasses ownership, initiative, and value creation beyond the basic task.

Quality: Performance means delivering work that is complete, timely, and respectful of resources: not just fast, but fit-for-purpose.

Learning and Growth Ownership: High performers engage in personal growth with intention. They embrace feedback, seek out development opportunities, and actively evolve.

Mentorship: Knowledge is meant to be shared. True contributors elevate others by offering guidance, feedback, and developmental support.

Organizational citizenship: Performance includes integrity, collaboration, and proactive communication; contributing beyond one’s role is now part of the role.

Culture championship: Living the Pluxee culture daily sets high performers apart. These individuals bring the Group’s principles to life and inspire others to do the same.

By focusing on observable behaviors, Pluxee’s model enables fairer, clearer, and more consistent performance reviews. It also empowers employees with a roadmap: “Here’s what excellence looks like, and here’s how to grow into it.”

All team members with three or more months of tenure at Pluxee undergo an annual performance review to identify their strengths and development needs and to ensure their continued contribution to Pluxee’s overall results. A robust competency-based talent management framework, supported by CHRIS, evaluates and identifies each employee’s progress, competency gaps, and training needs.

The eight competencies from the Leadership Compass have been fully integrated into the performance reviews of Pluxee leaders and managers. This reinforces Pluxee’s commitment to embed the Compass into everyday leadership practices and to accelerate leadership readiness across the organization.

Evaluation results also directly inform the Group’s leadership development agenda for Fiscal 2026, ensuring that capability-building efforts are targeted and aligned with strategic needs.

This process dovetails with the learning management system (LMS) now deployed within CHRIS to map out an appropriate competency development path for each employee.

By incorporating the talent management process into its strategy, Pluxee ensures high performance standards while promoting the continuous growth of its employees. This approach highlights Pluxee’s commitment to a supportive work environment where every team member can thrive and create value.

Performance and competency review process

People review

In Fiscal 2025, Pluxee enhanced the People Review process to offer a more complete evidence-based view of each employee’s growth potential and impact on the organization. Fully integrated into CHRIS, this manager-led process complements the performance review and supports strategic workforce planning. The process includes two core elements:

• Behavioral potential assessment: evaluates potential based on six observable behavior areas including learning agility, drive, emotional intelligence, and leadership to identify how individuals may grow into broader, more complex, or future-fit roles. This approach reflects Pluxee’s shift to dynamic, behavior-based insights.
• Strategic talent factors: In addition to potential, the People Review evaluates four critical factors that shape talent actions and succession plans. These are readiness, critical impact, retention, risk, and succession planning.

Together, the Performance and People Review insights enable calibrated, consistent talent decisions across the organization, supporting more effective development planning, succession readiness, and targeted retention actions.

In Fiscal 2025, 97% of eligible employees completed annual performance reviews, and 65.6% of Pluxeers benefited from documented development plans in the system that addressed competency gaps to further support their career aspirations.

Learning and mobility to promote internal growth and competency-building

Pluxee is highly engaged in guiding its employees in developing their careers through engaging programs, career frameworks, and internal opportunities, all fully digitized through the CHRIS platform.

Career development framework

The Group’s career development framework emphasizes a three-way partnership between the employee, manager, and human resources team with employees firmly in the lead. Employees are encouraged to proactively manage their careers by growing their skill sets and experience. Managers provide support and encouragement for growth and mobility within the organization, while the human resources team acts as a business partner providing transversal career management, and providing the digital tools, systems, structure, and process to support employee growth and career development at scale.

Pluxee’s Career Development Framework

Training and Development

Pluxee lives its commitment to continuous improvement and professional development through the training it provides its employees. In Fiscal 2025, the number of training hours supplied across the Company totaled 88,090, equivalent to an average of 15.7 hours of training per employee during the year.

Providing learning opportunities is crucial for the development of top talent, leadership, and the entire Pluxee organization. In Fiscal 2025 a learning management system (LMS) was activated in CHRIS, with the aim of strengthening Pluxee’s global learning ecosystem by making it more accessible, relevant, inclusive, and scalable. In addition to enhancing the available learning topics and material with a refreshed list of new available content, the integrated, competency-based LMS enables employees to identify the skills they wish to acquire or further develop, provides a module for their managers to evaluate the stated training requests, and structures the discussion between managers and employees regarding the next steps in their career development. This framework brings together performance reviews, training and development preferences, available training courses, and career development opportunities, thus integrating the entire performance management and career development processes along a single continuum,

By investing in comprehensive training programs, the Group ensures that top talent remains at the forefront of innovation, employees are equipped with the skills and knowledge necessary to continue to drive Pluxee forward, leaders can inspire and guide their teams effectively, and the potential for internal mobility is strengthened. The commitment to continuous learning fosters a culture of growth and adaptability, enhancing individual performance and driving collective success.

Leadership development program

In Fiscal 2025, Pluxee launched a global, hybrid learning program to activate the Leadership Compass among its more than 1,200 leaders and managers. This marked a new phase in the Group’s approach to leadership development by focusing it on turning shared expectations into every day leadership practices.

The program combined live global sessions, local workshops, e-learning modules, and practical lectures, supported by a standardized, multilingual toolkit. Pluxee Leadership Compass ambassadors played a key role in the process by sharing real-life leadership stories that were later transformed into a CHRIS-hosted e-learning series.

This six-month blended journey enabled leaders and managers across markets to reflect, engage, and take ownership of the Compass in their day-to-day roles. It also set the foundation for a consistent leadership culture throughout the organization.

Looking ahead, insights gathered during this initial deployment will shape the next phase of Pluxee’s leadership development strategy, with a new program planned for Fiscal 2026 to support continued growth and strengthen leadership capabilities at every level.

Global mentoring program

Through the Global Mentoring Program, Pluxee invests in the personal and professional development. of its top talent and builds a leadership pipeline. Participants are connected to seasoned mentors among the Group’s leadership team who provide guidance, support, and valuable insights.

Bringing together 172 participants from 28¹ countries, the program pairs top talent with experienced senior mentors in a structured seven-month journey. Focused on leadership growth, global collaboration, and personal development, the program is supported by the CHRIS digital platform and reflects Pluxee’s ongoing investment in nurturing future-ready leaders aligned with its Leadership Compass.

Consultative sales training program

In Fiscal 2025, Pluxee launched a global Sales Training Program to strengthen its consultative selling capabilities across markets. Designed to support Pluxee’s ambition to be a thought leader in Employee Benefits and Engagement, the program equips sales teams with advanced techniques in value-based client engagement and pipeline management. The training combines global frameworks with local adaptations and includes foundational sales modules, competitive insights, and AI-powered simulations. Following a successful pilot in Brazil, the program was expanded to France and Romania, with a global roll-out planned for Fiscal 2026. This initiative is a cornerstone of Pluxee’s strategy to unlock growth, enhance client relationships, and elevate commercial performance through empowered and skilled sales teams.

Local talent development programs

Alongside the global frameworks and digital tools available through CHRIS, Pluxee teams around the world design and implement local development programs that reflect their unique business needs and cultural contexts. These initiatives complement the global talent strategy and help build critical capabilities from the ground up.

In Brazil, a talent development program was launched to strengthen future capabilities and succession readiness. Participants engaged in business simulations, behavioral interviews, role-playing, and feedback assessments, creating a well-rounded view of leadership potential and professional growth;

1. Number of countries in which Pluxee has active business operations as of September 1, 2025, following cessation of activity in a non-core country in Fiscal 2025.

In Türkiye, several initiatives supported targeted development needs:

• The HR Talks program enhanced consultative skills among sales and business teams, ending with panel discussions featuring human resources leaders from client organizations;
• The Grow on Tech program provided tailored technical and professional development for IT teams, combining classroom training, guest speaker events, and a personal learning budget;
• The Product Management Academy offered a modular training journey to upskill the product team in areas such as user research, product strategy, analytics, and stakeholder management;
• The Next Generation Internship program introduced university students to Life@Pluxee through immersive learning, mentoring, and sustainability projects;
• An Innovation Hackathon engaged high school students in a brand challenge focused on Gen Z insights and creativity.

In Poland, a strengths-based development program supported more than 100 employees in recognizing their unique talents, improving team collaboration, and reinforcing a culture of inclusion, empowerment, and shared learning;

In Romania, two signature programs supported both internal advocacy and future leadership:

• The Pluxee Ambassador Program trained employees in personal branding and storytelling to promote the Group’s principles across internal and external platforms;
• A talent program for high-potential employees encompassed individual development plans, targeted learning budgets, and workshops to build creativity and communication skills.

In Tunisia and Portugal, the “Speak Easy by Pluxee” language program helped employees improve their communication skills. These cross-departmental conversation classes were designed to support internal mobility, global collaboration, and customer-facing excellence;

Digital enablement across the talent lifecycle

Pluxee’s digital HRIS, CHRIS, integrates recruitment, onboarding, learning, reviews, mobility, and engagement to deliver a seamless and scalable human resources experience globally.

CHRIS: The digital employee experience

To ensure an optimized and seamless employee experience from recruitment to talent management, Pluxee has redesigned and integrated all its human resource processes into CHRIS. This tool seamlessly links all key stages of an employee’s lifecycle, including recruitment, onboarding, compensation management, performance management, learning development, career management, and employee engagement. Moreover, it offers robust analytics and reporting, enabling data-driven decision-making and strategic planning.

For employees, CHRIS delivers personalized and digital experiences and timely support, ensuring they feel valued and engaged. For Pluxee, it streamlines operations and supports a cohesive, well-informed and productive workforce.

The development of CHRIS — which is the result of focused collaboration between Pluxee’s human resources and IT departments — underscores the Group’s ability to bring together teams from different disciplines and backgrounds to produce a top-notch tech solution to a people-related function. This ability was recognized in Fiscal 2025, when Pluxee won Workday’s “Forward Thinker” award for rapidly implementing a fully independent, global Human Resources Information System, CHRIS, in just 15 months, across 28¹ countries, enabling access to 100% of employees. The award recognizes the Group’s innovative, data-driven approach, fast execution, and the diligent involvement of local human resources teams to support the Group’s growth.

1. Number of countries in which Pluxee has active business operations as of September 1, 2025, following cessation of activity in a non-core country in Fiscal 2025.

Pluxee Human Resources Information System modules (CHRIS)

Engagement and belonging strengthened through recognition and listening

Pluxee makes use of the Pulse survey and employee insights to build trust, motivation, and connection across all teams and geographies.

Measuring employee engagement

Pluxee regularly monitors employee well-being, and engagement through the Pluxee Pulse survey.

In Fiscal  2025, Pluxee Pulse attained a high 87.6% participation rate, reaffirming the commitment of employees to making their voices heard. The Group recorded an engagement rate of 73.7%, up from 71.2% in Fiscal 2024, signaling a rebound in energy and connection after a year of major transformation. The employee Net Promoter Score (eNPS) also improved to +33.1, well above the industry average. The survey explored a broad set of dimensions including culture alignment, purpose, personal growth, leadership support, inclusion, work/life balance, freedom at work, role clarity, collaboration, and overall happiness, which are all reflected in the engagement rate.

Results also reflect the growing resonance of the Life@Pluxee model, with employees expressing a strong connection to the Group’s purpose and culture.¹ An impressive 88% of respondents said they are committed to helping Pluxee succeed — a clear sign of shared purpose and alignment. Trust remains a cultural anchor, with 86% stating they would report unethical conduct. Inclusivity continues to be a lived value, with 85% affirming that Pluxee values diversity, and 83% feeling comfortable being their authentic selves at work. In addition, 84% enjoy working with their team, and 82% believe Pluxee is committed to being a socially and environmentally responsible organization, further reinforcing the Group’s commitment to creating a connected, inclusive, and empowering employee experience.

The CHRIS platform enables Pluxee Pulse to be monitored and managed from a central dashboard, with the ability to provide advanced analytics. The survey is integrated with CHRIS, enabling automated data to be exchanged with The Happiness Index (THI)-Pluxee Pulse platform. Dashboards are available on the THI platform linked to Pluxee’s systems with an Single Sign-On (SSO) access.

This continuous monitoring leads to the highlighting of issues that require prompt attention, which in turn enables Pluxee to shape a responsive and engaging work environment. At a local level, country ambassadors help colleagues understand the survey results and develop effective action plans.

1. Positive perception measured by the Pluxee Pulse survey is defined as the percentage of participants responding 8, 9, or 10 on a scale of 10.

In Fiscal 2025, Pluxee enhanced its capacity for measuring employee engagement by developing the ability for countries to deploy the engagement survey locally, independently from headquarters. All Pluxee countries are now able to launch and customize mini-surveys and other engagement tools throughout the year. The data collected at the country level is gathered and consolidated at the global corporate level for a comprehensive view of employee engagement across Pluxee.

Pluxee strives to enhance employee attraction and retention globally and locally through targeted efforts. In Fiscal 2025, the Group continued to receive awards in recognition of its commitment to creating a positive work environment.

Recognition for Pluxee as a great place to work

Pluxee has been recognized as a great place to work by specialized organizations in several countries. These recognitions include:

• Austria, Belgium, Germany and Luxembourg: Great Place to Work (certified 2024 - 2025);
• France (Pluxee International): Engagement Award from Women4Cyber France for advancing gender inclusion in tech and cybersecurity (2025);
• Luxembourg: Label Happy Trainees by Choose My Company;
• Romania: Best Place to Work in 2025;
• Türkiye: ranked #1 in Financial Services and Insurance in Best Workplaces^TM;
• United Kingdom: Investors in People (IIP) Gold Accreditation 2024-2027;
• India: Great Place to Work’s (certified each year from 2020 to 2025); DEIB (Diversity, Equity, Inclusion, and Belonging) Award in February 2025
• India: Gender, Equality, and Diversity (Level 3 mid-term audit score of 31);
• Uruguay: Part of the Best Place to Work for Seniors 2024.

Fair compensation and ethical practices

Pluxee strives to ensure that its compensation structures are competitive, transparent, and equitable. They are also aligned with Pluxee’s principles and legal responsibilities.

Employee Compensation

As a global leader in Employee Benefits and Engagement, Pluxee’s compensation and benefit strategy reflects the Group’s core principles and purpose. The aim is to attract and retain employees by offering a “Total Reward” package that encompasses a competitive and fair compensation and benefits package.

The objectives of Pluxee’s compensation and benefits offer are to:

• Ensure fair and consistent pay practices;
• Offer transparency on compensation and benefits while being aligned with local laws and market practices;
• Provide benefits that support employee well-being and that are aligned with the Group’s core business and principles;
• Motivate employees toward collective and individual performance;
• Reward individual contribution and merit;
• Attract and retain talent with a competitive and holistic Total Reward offer.

The Total Reward outlook at Pluxee embraces the underlying conviction that performance must be rewarded. Employee compensation usually encompasses a fixed salary, a variable remuneration component, a comprehensive package of benefits, training, and — for some employees — a long-term incentive component which incorporates financial and non-financial targets. The variable component of employee compensation is based on performance, and is earned through the achievement of both collective and individual objectives, established in the annual review process. These objectives are linked to the Life@Pluxee model, which in turn outlines the competencies required for the various functions and levels of management. In Fiscal 2025, 75% of employees received variable compensation. In line with Pluxee’s culture of rewarding performance, employees who outperform collective financial objectives are rewarded with a higher level of variable pay.

Pluxee strives to set employee remuneration packages at a competitive level. by benchmarking to the markets in which the Group operates. The Group abides by the minimum wage threshold in every country in which the Group operates.

[CSRD S1-10] Pluxee guarantees all its employees worldwide a base salary equal to or higher than the legal minimum wage in the country of employment, excluding bonuses and allowances.

Additionally, Pluxee works with data providers (Mercer, Korn Ferry, or WTW, depending on the country) to benchmark total reward packages based on the Group’s revised job architecture and catalogue. Pluxee uses this benchmark as an input to attract and retain employees.

Pluxee is committed to ensuring equal pay for women and men performing work of equal value, based on their skills and competencies. The Group promotes transparency in compensation and promotions, systematically addresses any unjustified pay differences, and fosters gender balance across all functions and management levels.

To reduce the gender pay gap, Pluxee conducts regular compensation analyses, implements corrective measures, monitors gender balance in recruitment and promotions, and provides managers with training to prevent unconscious bias in pay and career decisions.

In this context, for Fiscal 2025, the unadjusted gender pay gap for the Group as a whole stands at 22%. This figure offers a general indication but, accordingly, does not reflect structural factors such as differences in business activities (such as the gender gap representation in tech functions), geographic market disparities, and the proportion of women and men across internal grades and management levels. Taking these factors into account (including the distinction between Core and Non-Core businesses, and Pluxee’s new internal grading framework) the adjusted gender pay gap stands at 6%, which better reflects pay equity at comparable levels and guides the Group’s action plans going forward.

A comprehensive suite of Employee Benefits

In addition to employee compensation, Pluxee provides a suite of benefits to its employees which reflects the commercial offering in each specific country, and that aims to foster engagement and well-being. Pluxee commits to offering a common foundation of social benefits across its geographies, and delivers on this promise through a program called VITA. by Pluxee. For details of the Vita by Pluxee program, see the Health, Safety, and Well-being section of this report.

Pay Equity

Continuous monitoring to ensure pay equity is a key focus at Pluxee. Periodic monitoring and analysis on the topic are carried out in countries such as Brazil and France. Local country-level methodologies like Brazil’s Report on Salary Transparency and Gender Equality (Relatório de Transparência e Igualdade Salarial de Mulheres e Homens in Portuguese) provide an additional reference and analytical framework for approaching the topic.

Health, safety, and well-being

The well-being of employees is at the core of Pluxee’s people promise, through proactive programs that support physical, mental, and emotional health and wellness in a safe and caring work environment.

Personal Health, Safety, and Well-being

Pluxee’s first priority is the safety of its people. The Group believes that its success is rooted in the health and satisfaction of its employees. Pluxee seeks to nurture a work environment that supports the physical, mental, and emotional well-being of its workforce. Through its comprehensive approach to health and well-being, Pluxee fulfills its duty of care as an employer, and also strengthens its organizational resilience.

By embracing a holistic approach to health and well-being, Pluxee aims to create a culture in which employees can thrive personally and professionally. This entails creating a work environment that fosters safety, provides support for physical and mental health, promotes a positive work culture, encourages personal growth, and enables a balance between work and personal life.

Pluxee’s approach is governed by compliance standards and ethical principles that protect employee privacy while addressing both immediate health risks and long-term wellness opportunities, creating sustainable conditions for employee satisfaction and organizational success.

In Fiscal 2025, Pluxee developed a suite of workplace safety programs and initiatives to address both immediate health risks and long-term wellness opportunities affecting employees. The components of Pluxee’s health and well-being program (some of which are incorporated into Vita by Pluxee,) are:

• Work environment and occupational health, including prevention of work-related injuries and disease; emergency procedures; access to healthcare insurance; a life/death benefit; travel security measures and 24/7 emergency assistance; and digital and physical accessibility standards.
• Physical and mental health support including access to employee assistance programs; a whistleblowing system; training and awareness; and health promotion programs
• Work / personal life balance which entails flexible working arrangements; empowering employees with “the right to disconnect” by setting clear boundaries between their work and personal lives; parenting care leave; family care leave; recognition of senior employees; and encouraging employees to take vacation.
• Disability inclusion and accessibility including support programs, and training and awareness.
• Job satisfaction and fulfillment, derived from a sense of purpose and community contribution; guidance provided by the Life@Pluxee framework; the talent management cycle; employee engagement surveys; and workload management