Aubay Société Anonyme (AUB) H1 2025 TU earnings summary

Executive summary

• Q2 2025 revenue reached €132.8 million, up 0.7% year-over-year, with strong performance in France and stable international results despite calendar effects.

• H1 2025 revenue totaled €269.0 million, down 1.2% year-over-year, mainly due to unfavorable calendar impacts across all regions.

• Integration of Solutec in France broadened offerings and was well received by customers and employees.

Financial highlights

• France Q2 revenue grew 5.3% year-over-year to €72.1 million, outperforming the market.

• International Q2 revenue declined 4.4% year-over-year to €60.7 million, impacted by calendar effects and headcount adjustments.

• Group consultants' productivity rate improved to 93.2% in Q2 2025.

• Group headcount at June 30, 2025 was 7,474, matching December 31, 2024 levels.

Outlook and guidance

• Like-for-like organic growth expected between 0% and 3%, with operating margin from ordinary activities between 8.5% and 9.5%.

• Including Solutec, annual revenue guidance is €592–608 million, with reported growth of 9.6%–12.5% and operating margin from ordinary activities of 8.0%–9.0%.

• Medium-term goal is to return to a normative operating margin of 8.5%–9.5%.