Aubay Société Anonyme (AUB) Q4 2024 TU earnings summary

Executive summary

• 2024 revenue reached €540.3 million, up 1.2% year-over-year, meeting the target range.

• Organic growth accelerated to 3.3% in the second half of 2024.

• Productivity rate for consultants improved to 93.7%, up 0.9 point.

• Sales price increases offset a slight decline in headcount, especially internationally.

Financial highlights

• France revenue: €283.3 million, up 1.0% year-over-year.

• International revenue: €257.0 million, up 1.3% year-over-year; Q4 international growth at 5.1%.

• Total Q4 2024 revenue: €138.8 million, up 2.5% from Q4 2023.

• Operating margin from ordinary activities expected in the middle of the 8.5%–9.5% target range.

Outlook and guidance

• 2025 organic growth targeted between 0% and 3%, with revenue guidance of €540–556 million.

• Recurring operating margin expected between 8.5% and 9.5% for 2025.

• Market environment remains cautious, with stable project volume but limited macroeconomic visibility.