Voucher providers Pluxee, Edenred fall on Turkey antitrust probe

Pluxee

08/09/2025 14:26

** Shares in French voucher provider Pluxee NV PLX.PA and Edenred EDEN.PA drop on Monday after the Turkish Competition Authority launched a probe into the companies as part of its investigation into the four largest voucher providers in the country

** "We see this as a risk over the mid-term on potential fines and increased risk of respective domestic operations," says Jefferies

** Shares in Pluxee NV PLX.PA drop 7.6%, paring losses after falling as much as 8.6%

** Shares in Edenred also down 3.9%, paring losses after falling as much as 7.1%, lowest since September 29, 2017

** "While Turkey makes up only 2% and 4%, respectively, of operating revenues at Edenred and Pluxee, due to hyperinflation, accounting its contribution to growth has been much higher," broker adds

** Edenred has 30% market share in Turkey, accounting for less than 2%, or 52 million euros of 2024 operating revenue, while 4% of Pluxee's operating revenues, also 50 million euros, come from Turkey, says Jefferies

(Reporting by Dimitri Rhodes)

((Dimitri.rhodes@thomsonreuters.com))