Balanced View on Pluxee: Cost-Driven Margin Upside Offsetting Softer Revenue Momentum Supports Hold Rating

Analyst Hannes Leitner of Jefferies maintained a Hold rating on PLUXEE N.V., retaining the price target of €11.50.

Hannes Leitner has given his Hold rating due to a combination of factors that balance modest growth with solid cost discipline. Revenue slightly undershot expectations, reflecting softer operating revenue momentum, yet the company still delivered mid‑single‑digit growth in the first half, which supports a neutral rather than bullish stance.

At the same time, Pluxee’s EBITDA performance was notably stronger than anticipated, driven by tight operating expense control and resulting in meaningful margin expansion. With full‑year FY26 guidance maintained despite looming regulatory changes in Brazil, Leitner views the risk‑reward as fairly balanced at current levels, justifying a Hold recommendation instead of a more aggressive rating.