Nasdaq CopenhagenIFRS · EUR

Pleo Holding ApS

Pleo Holding ApS is a Danish holding company associated with Pleo, a business spend management platform for companies. Its business centers on software and payment tools that help organizations control employee spending, manage expense workflows, and administer company cards across multiple markets.

Revenue130m EUR
+24.8 %y/y
Operating profit (EBIT)-44.7m EUR
+9.9 %y/y
EBIT margin-34.4%
+13.2 ppy/y
Net income-45.8m EUR
−0.3 %y/y
Free cash flow-31.3m EUR
−11.3 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

-100-50050100150m EUR2023: 76 m EUR2023: EBIT -67 m EUR20232024: 104 m EUR2024: EBIT -50 m EUR20242025: 130 m EUR2025: EBIT -45 m EUR2025130-45
RevenueOperating profit (EBIT)

Business

Share of revenue
Spend management software45 %

Cloud software for tracking, approving, and analyzing employee and company spending.

Corporate cards30 %

Physical and virtual cards with embedded controls for employee and team purchases.

Expense management15 %

Tools for submitting, matching, and reimbursing expenses with receipt capture.

Accounts payable automation10 %

Workflow and payment tools for supplier invoices and bill processing.

Customers

Pleo sells to businesses that want to automate and control employee spending, typically finance teams, operations teams, and business leaders in growing organizations. The platform is used by companies that issue cards to staff, reimburse expenses, and want tighter visibility over approvals, budgets, and spend policies.

Finance teams

They buy controls, reconciliation, and analytics to govern company spending.

SMB and mid-market companies

They use Pleo to replace manual expense handling with card-based spend workflows.

Operations and procurement teams

They buy invoice and payment workflow tools to improve approval discipline.

Distributed workforces

They use employee cards and expense capture to manage decentralized purchasing.

Strategy

The company’s strategy is centered on expanding its spend management platform across European businesses and increasing the number of workflows handled inside the product. Broadening from cards and expenses into payable and analytics tools deepens customer usage and improves product stickiness.

Broaden platform usageMedium term

More workflows per customer increase retention and platform relevance.

Scale European reachMedium term

Multi-country expansion diversifies revenue and enlarges the addressable market.

Deepen customer control featuresShort term

Stronger policy and approval tools make the product harder to replace.

Geography

Pleo is headquartered in Denmark and operates as a multi-market European software business. Its customer base is spread across European countries, and the business depends on local card, payments, and regulatory infrastructure in each market where it operates.

Risks

Pleo faces execution risk typical of financial software platforms, including competition from other spend management and expense tools, as well as dependence on card and payments partners. Because the product is tied to regulated financial workflows, compliance, fraud prevention, and data security remain important operating risks.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Platform competition1Partner and network dependence2Regulatory compliance3Fraud and security4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Platform competitionImpact: HighLikelihood: High

    Customers can switch to other expense and spend management providers if features or pricing are less attractive.

    Exposure: Core SaaS and card workflow platform

  2. Partner and network dependenceImpact: HighLikelihood: Medium

    Card issuance and payment processing rely on third-party banking and network infrastructure.

    Exposure: Corporate cards and payment flows

  3. Regulatory complianceImpact: HighLikelihood: Medium

    Operating across countries requires adherence to payments, AML, and data protection rules.

    Exposure: European operations

  4. Fraud and securityImpact: MediumLikelihood: Medium

    Employee cards and digital workflows are exposed to unauthorized use and cyber risk.

    Exposure: Card usage and customer data

Accounting

Judgemental items
Revenue recognition

Subscription, platform, and transaction-linked fees may be recognized differently depending on performance obligations.

Impact: Affects reported revenue timing and comparability

Gross vs net presentation

Card and payment arrangements may require judgment over whether Pleo acts as principal or agent.

Impact: Can materially change reported revenue scale

Capitalized software development

Product development costs may be capitalized and amortized over time.

Impact: Affects operating expense timing and asset values

Provisions and chargebacks

Card usage and payment operations can create expected loss and dispute provisions.

Impact: Influences operating expenses and liabilities

Publicly listed companies with a comparable business focus.

Last updated: 24/10/2026