Slide 1: Results H1 2025
Results H1 2025 18 September 2025 Philippe Rabasse David Fuks Vincent Gauthier CEO Deputy CEO Deputy CEO Classification C2 - confidential
Slide 2: Financial Results - H1 2025, Solutec acquisition, Outlook
Financial Results - 01 H1 2025 02 Solutec acquisition 03 Outlook 2 Classification C2 - confidential
Slide 3: A good half-year period marked by a negative calendar effect
A good half-year period marked by a negative calendar effect Organic growth Workforce -1.2% 7,474 INCLUDING +1.7% IN FRANCE VS. 7,483 AS AT 31/12/2024 Operating margin Net income 7.2% €14.0M VS. 8.1% IN H1 2024 VS €16.9M AS AT 30/06/2024 Structuring acquisition of Solutec €106.6M of Net Cash Flow 3
Slide 4: Financial Results - H1 2025
Financial Results - 01 H1 2025 4 Classification C2 - confidential
Slide 5: Turnover H1 2021 to H1 2025
TURNOVER H1 2021… H1 2025 Changes in turnover (in €M) 233.1 258.5 274.8 272.3 269.0 46% OUTSIDE FRANCE 144,4 143,8 146,2 131,4 118,3 +5% 5-YEAR CAGR 114,8 127,1 130,4 128,5 122,8 92.8% UTILISATION RATIO S1 2021 S1 2022 S1 2023 S1 2024 S1 2025 Other countries France 5 Classification C2 - confidential
Slide 6: Changes in turnover by business sector - H1 2025
CHANGES IN TURNOVER BY BUSINESS SECTOR - H1 2025 Comparison between H1 2025 and H1 2024 Industry/ Transport 9% Services/ +32% Utilities/Energy Public sector 11% 5% -17% -12% Breakdown of turnover for each business sector Telecoms Insurance 13% 20% – YoY -6.3% +2.7% Banking/Finance Distribution Propo
Slide 7: Workforce (full-time equivalent)
WORKFORCE (full-time equivalent) Breakdown for each geographic region Belgium/ Luxembourg o France = 3,046 165 vs 209 o International = 4,428 TOTAL: 7,474 France/UK 3,046 vs 2,927 91.6% performing assets Italy 1,925 vs 1,984 30/06/2025 31/12/2024 Spain/Portugal 2,338 vs 2,363 7 Classification C2 - c
Slide 8: Income statement highlights H1
INCOME STATEMENT HIGHLIGHTS H1 IN €K H1 2025 H1 2024 Variance Turnover 269,012 272,265 -1.2% Business operating income 19,258 22,139 -13.0% As a % of turnover 7.2% 8.1% Cost of performance shares (535) (551) Other operating income and expenses (787) (757) Operating income 17,936 20,831 -13.9% Financ
Slide 9: Income statement by region H1 2025 vs H1 2024
INCOME STATEMENT BY REGION H1 2025 vs H1 2024 TURNOVER BUSINESS (IN €M) OPERATING MARGIN H1 2025 H1 2024 H1 2025 H1 2024 Group 269.0 272.3 -1.2% 7.2% 8.1% France 146.2 143.8 +1.7% 7.0% 8.1% Internationally 122.8 128.5 -4.4% 7.4% 8.2% 9 Classification C2 - confidential
Slide 10: Balance sheet
BALANCE SHEET ASSETS LIABILITIES In €M 30/06/25 31/12/24 In €M 30/06/25 31/12/24 Goodwill 131.3 131.3 Shareholders’ equity 275.6 271.9 Other tangible assets 25.4 26.0 Non-current liabilities 20.7 22.7 including usage rights 17.6 18.4 including leasing debts 13.5 14.4 Other non-current assets 6.0 8.3
Slide 11: Cash flow statement
CASH FLOW STATEMENT In €M H1 2025 H1 2024 Organi c Cash flow 22.7 26.8 -15.3% In % of turnover 8.4% 9.8% Taxes paid 2.9 (4.3) Variation in WCR 10.0 (1.5) Net cash provided by operating 9.8 21.0 activities Net cash flow from investing (1.1) (1.1) activities Cash flow from financing activities 14.4 (1
Slide 12: Change in net cash position
CHANGE IN NET CASH POSITION in €M 106,6 95,9 83,4 83,5 74,8 44,6 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 12 Classification C2 - confidential
Slide 13: Solutec acquisition
02 Solutec acquisition 13 Classification C2 - confidential
Slide 14: Solutec: The perfect geographic addition
SOLUTEC: The perfect geographic addition LILLE ~€108 M PARIS Turnover - France NANTES BORDEAUX LYON ~1,450 Talents in France including 1,000 in TOULOUSE regional positions New location Increased presence 14 Classification C2 - confidential
Slide 15: Solutec: A unique opportunity for sector diversification
SOLUTEC: A unique opportunity for sector diversification 2% 7% 4% 4% 6% 1% 45% 15% 3% 2% Services Banking / Finance / Energy 7% 23% 50% Insurance/social security 31% AUBAY FRANCE before AUBAY FRANCE after SOLUTEC SOLUTEC 15 Classification C2 - confidential
Slide 16: Solutec: Promising commercial synergies
SOLUTEC: Promising commercial synergies Powerful leverage points for growth Capacity to support our key clients across the regions (BPCE, Crédit Agricole, AXA, BNPP, Groupama, Generali, BPI, etc.) with HQ in Lyon Diversification of our business sectors with new clients in: ➢ Energy (EDF, ENEDIS, E
Slide 17: Outlook
03 Outlook 17 Classification C2 - confidential
Slide 18: Client demand trajectory maintained with some signs of improvement
THE TRAJECTORY OF CLIENT DEMAND HAS BEEN MAINTAINED WITH SOME SIGNS OF IMPROVEMENT Demand has been steadily maintained over the first half-year, with particularly good levels in the banking and insurance sectors. The Iberian zone and, in particular, Portugal appear to be showing some signs of improv
Slide 19: Confirmation of our 2025 objectives
CONFIRMATION OF OUR 2025 OBJECTIVES CONSTANT SCOPE NEW SCOPE CONFIRMATION OF TARGETS (AUBAY-SOLUTEC) TURNOVER (IN €M) TURNOVER (IN €M) 540–556 592–608 OPERATING MARGIN OPERATING MARGIN 8.5%–9.5% 8%–9% 19 Classification C2 - confidential
Slide 20: Dividend advances / shareholding
DIVIDENCE ADVANCES /SHAREHOLDING ANNUAL DIVIDEND PERFORMANCE INTERIM DIVIDEND Still on the rise since inception The Board of Directors has decided to pay an interim dividend of €0.60 (vs. €0.50 the previous year), payable in € on 7th November 2025. 1,40 1,3 1,30 1,2 1,2 1,20 SHAREHOLDING AS AT 31/12
Slide 21: Questions?
QUESTIONS? 21 Classification C2 - confidential
Slide 22: Financials
FINANCIALS 22 Classification C2 - confidential
Slide 23: Income statement as at 30/06/2025
INCOME STATEMENT AS AT 30/06/2025 IN €K 30/06/2025 % 30/06/2024 % Turnover 269,012 100% 272,265 100% Other operating income 214 99 Purchases consumed and external charges (63,888) (68,167) Personnel costs (179,895) (175,877) Taxes and duties (2,247) (2,221) Depreciation and provisions (3,628) (3,664
Slide 24: Statement of financial position as at 30/06/2025 (assets)
STATEMENT OF FINANCIAL POSITION AS AT 30/06/2025 ASSETS (in thousands of euros) 30/06/2025 31/12/2024 Goodwill 131,305 131,415 Intangible assets 1,633 1,485 Property, plant and equipment 3,768 3,744 Usage rights 17,568 18,351 Investments accounted for using the equity method - Other financial assets
Slide 25: Statement of financial position as at 30/06/2025 (liabilities)
STATEMENT OF FINANCIAL POSITION AS AT 30/06/2025 Equity and liabilities(in thousands of euros) 30/06/2025 31/12/2024 Capital 6,396 6,396 Share premium and retained earnings 255,142 227,818 Net income, Group share 14,023 37,644 Shareholders' equity - Group share 275,561 271,858 Minority interests 0 S
Slide 26: Cash flow statement as at 30/06/2025
CASH FLOW STATEMENT AS AT 30/06/2025 30/06/2025 30/06/2024 (in thousands of euros) Consolidated net result (including minority interests) 14,023 16,875 Income from equity affiliates Net depreciation, amortisation, provisions and rights of use related to leasehold agreements 2,512 3,258 Calculated in