Aubay Société Anonyme (AUB) H2 2024 earnings summary

Executive summary

• 2024 saw record net income of €37.6 million, up 12.7% year-over-year, and net cash reached €112 million, a 20.4% increase.

• Revenue grew 1.2% to €540.3 million, with organic growth in both France (+1.0%) and internationally (+1.3%).

• Operating margin from ordinary activities was 9.2%, at the high end of guidance, and all financial targets were achieved.

• Dividend proposed at €1.30 per share, up 8.3%, with a payout ratio reduced to 44% of net income.

Financial highlights

• Operating profit from ordinary activities rose 4.6% to €49.6 million; operating profit up 8.4% to €45.9 million.

• Earnings per share increased 15% to €2.94.

• Cash flow from operations reached €55.0 million, supporting strong net cash after €15.6 million in dividends and €12.6 million in share buybacks.

• Financial income improved, including €3.7 million from cash investments and a capital gain on Micropole shares.

Outlook and guidance

• 2025 revenue expected between €540 million and €556 million, reflecting organic growth of 0% to 3%.

• Recurring operating margin forecasted between 8.5% and 9.5%.

• Cautious approach due to macroeconomic uncertainty and a negative calendar effect in H1 2025.