Aubay Société Anonyme (AUB) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €269.0M, down 1.2% year-over-year, mainly due to unfavorable calendar effects impacting all geographies.

• Operational resilience was supported by strong positioning in banking and insurance sectors and a robust European presence.

• Net income attributable to the group was €14.0M, a 16.9% decrease from H1 2024, with a net margin of 5.2%.

• The Board confirmed annual objectives and announced an interim dividend of €0.60 per share, to be paid in November 2025.

• Workforce remained stable at 7,474 employees as of June 30, 2025.

Financial highlights

• Operating income for H1 2025 was €19.3M, down 13.0% year-over-year, with an operating margin of 7.2% (vs. 8.1%).

• Net income margin was 5.2% (vs. 6.2% in H1 2024).

• Cash flow from operations was €9.8M, impacted by a negative working capital variation of €10.0M.

• Available cash (including marketable securities) was €108.1M at June 30, 2025; net cash (excluding lease liabilities) was €107.6M.

• Dividend payout to shareholders totaled €10.2M in May 2025.

Outlook and guidance

• Organic growth for FY 2025 is expected between 0% and +3%, with an operating margin of 8.5% to 9.5%.

• Including the acquisition of Solutec, consolidated from July 1, 2025, revenue is projected between €592M and €608M, with a published growth of +9.6% to +12.5% and an operating margin of 8.0% to 9.0%.

• Improved profitability is anticipated in H2 2025 due to a more favorable calendar and price increases.