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 an unfavorable calendar effect impacting all regions.

• Business operating income declined 13.0% to €19.3M, with a margin rate of 7.2% versus 8.1% in H1 2024.

• Net income (group share) was €14.0M, a 16.9% decrease year-over-year, with EPS at €1.10 compared to €1.30.

• 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, with a focus on improving consultant productivity.

Financial highlights

• Turnover: €269.0M (H1 2025) vs €272.3M (H1 2024), -1.2%.

• Business operating income: €19.3M, margin 7.2% (vs 8.1%).

• Net income: €14.0M, margin 5.2%.

• Earnings per share were €1.10, down from €1.30 year-over-year.

• Net cash (excluding rental liabilities) rose to €107.6M as of June 30, 2025.

• Self-financing capacity: €22.7M, down 15% year-over-year.

Outlook and guidance

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

• Including Solutec acquisition, FY 2025 revenue expected between €592M and €608M (+9.6% to +12.5%), with operating margin 8.0% to 9.0%.

• Second half expected to benefit from a more favorable calendar and rising prices.