Assystem (ASY) H1 2025 earnings summary

Executive summary

• Revenue increased 8.3% year-over-year to €326.4m in H1 2025, with 4.7% organic growth and 3.7% from acquisitions, driven by strong international and nuclear sector performance and the consolidation of Mactech Energy Group in the UK.

• EBITA rose 10.2% to €20.4m, with margin up to 6.2% from 6.1% year-over-year, reflecting higher international contributions and increased business development costs.

• Net profit declined to €4.3m from €5.0m, mainly due to a significant increase in share-based payment expenses.

• The nuclear sector accounted for 76% of revenue, with France and the UK as key markets.

• Acquisition of Mactech Energy Group in the UK strengthened nuclear workforce capabilities and contributed to international growth.

Financial highlights

• France revenue grew 1.8% year-over-year to €193.0m, with Q2 organic growth accelerating to 2.9%.

• International revenue rose 19.4% to €133.4m, with 9.7% organic growth, notably in the UK.

• EBITA in France: €11.4m (5.9% margin); International: €11.6m (8.7% margin).

• Free cash flow was negative €14.7m, slightly improved from negative €15.9m in H1 2024.

• Net debt rose to €86.2m from €49.3m at year-end, reflecting acquisition, share buybacks, and negative free cash flow.

Outlook and guidance

• Full-year 2025 guidance maintained: organic revenue growth of around 5% and a stable EBITA margin versus 2024, despite ongoing economic and geopolitical uncertainties.