Pluxee remains optimistic about Fiscal 2026 following Brazil's regulatory reform announcement.

Regulatory Changes in Brazil: Pluxee is assessing the financial implications of new regulations affecting the Workers’ Food Program in Brazil, which include a cap on merchant commissions, reduced reimbursement delays, and interoperability of meal benefits.

Financial Outlook for Fiscal 2026: The company expects stable total revenues and slight organic growth in Recurring EBITDA margin for Fiscal 2026, adjusting previous forecasts due to uncertainties surrounding the implementation of the new measures.

Impact Beyond Fiscal 2026: The regulatory changes are anticipated to affect Pluxee's financials into the first half of Fiscal 2027, with a return to sustainable growth expected in the second half of that year.

Potential Legal Action: Pluxee is considering legal action against the implementation of the new measures, in collaboration with the Brazilian professional association ABBT.