Business PerformanceThe company mentions 'solid' net new development, although some sites were lost in Seniors in North America and there was a negative net new business in Education in Europe.
Financial HealthWith just €600m of debt to be pushed down to Pluxee, it will be spun with a meaningful net cash position & firepower for M&A. In contrast, the onsite business will have ~2.5x net debt/EBITDA vs 1-2x target, potentially constraining investment ability.
Market ExpansionRest of the World was below expectations.