Luis Inácio Lula da Silva signed a decree modernizing the PAT, limiting merchant discount fees on meal and food vouchers to 3.6%. The rules require full interoperability across voucher brands within one year, 15‑day reimbursement with entry in up to 90 days, and opening large systems within 180 days. Edenred and Pluxee shares fell on Euronext Paris and both said they are evaluating lawsuits, with Edenred now guiding to an 8%–12% organic EBITDA decline in 2026 if the changes take effect. Analysts estimate the cap would trim Edenred’s EBITDA by roughly 10%–16% and Pluxee’s by more than 20%. Sector responses are divided, as supermarket and hospitality groups praised expected cost relief, the ABBT warned of weaker oversight and unworkable deadlines, and small operators said they do not plan immediate price cuts; the Finance Ministry’s SRE projects up to R$7.9 billion in annual savings, about R$225 per worker.
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