Aubay Société Anonyme (AUB) Q4 2025 TU earnings summary

Executive summary

• Revenue reached €601.7 million in 2025, up 11.4% year-over-year, surpassing the €600 million mark and aligning with revised forecasts.

• Second half of 2025 saw a strong turnaround, driven by the integration of Solutec and improved market conditions.

• Corporate governance changes announced, with Philippe Rabasse to become Chairman and operational management transitioning to David Fuks and Vincent Gauthier.

Financial highlights

• Q4 2025 revenue was €172.6 million, up 24.3% year-over-year; organic growth for the quarter was 4.1%.

• Full-year organic growth was 1.2%, with France at 4.5% and international at -2.4%.

• Operating margin from ordinary activities expected at the higher end of the 8.5%–9.0% target range.

• Headcount at year-end was 9,049, with strong net recruitment in Q4.

Outlook and guidance

• 2026 revenue guidance set at €676–690 million, representing 12%–15% reported growth and 3%–5% organic growth.

• Recurring operating margin expected between 9.0% and 9.5% for 2026.

• Sustained demand and positive price effects anticipated across all main markets.