Aubay Société Anonyme (AUB) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €272.3 million, down 0.9% year-over-year, reflecting a stable but sluggish market environment.

• Net income attributable to owners was stable at €16.9 million, maintaining a 6.2% net margin.

• Operating margin from ordinary activities was 8.1%, down from 8.9% in H1 2023, mainly due to an unfavorable calendar effect.

• Net cash flow from operating activities increased sharply to €21.0 million, up 60.6% year-over-year.

• Board approved an interim dividend of €0.50 per share, unchanged from 2023.

Financial highlights

• Revenue: €272.3 million (H1 2024), down 0.9% year-over-year.

• Operating profit from ordinary activities: €22.1 million, down 9.6% year-over-year.

• Operating profit: €20.8 million, down 8.4% year-over-year.

• Net income: €16.9 million, stable year-over-year; EPS: €1.30 (vs. €1.28 in H1 2023).

• Net cash (excluding rental liabilities): €95.9 million at June 30, 2024, up 14.9% from year-end.

Outlook and guidance

• Annual revenue target confirmed at €534–550 million, with organic growth between 0% and 3%.

• Operating margin from ordinary activities expected between 8.5% and 9.5% for 2024.

• Market conditions remain cautious; no significant improvement or deterioration expected in H2.