Aubay Société Anonyme (AUB) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 revenue reached €136.2 million, down 3.0% year-over-year, reflecting negative calendar effects, especially in Italy.

• Performance aligned with expectations; pricing trends remained positive, partially offsetting lower international headcount.

• Group headcount stood at 7,425 at March 31, 2025, with a productivity rate of 92.4%.

Financial highlights

• France revenue: €74.1 million, down 1.7% year-over-year; stable when adjusted for calendar effects.

• International revenue: €62.1 million, down 4.4% year-over-year; stable on a comparable working day basis.

• Total Q1 2025 revenue: €136.2 million, compared to €140.3 million in Q1 2024.

Outlook and guidance

• Annual organic growth expected between 0% and 3%, targeting €540–556 million in revenue for 2025.

• Recurring operating margin guidance set between 8.5% and 9.5%.

• Favorable demand trends and positive pricing effects support confidence in full-year outlook.