Aubay : 2024 annual results: Operating margin from ordinary activities: 9.2% - Net income attributable to owners of the parent: EUR 37.6 million (up 12.7%) - Record net cash: EUR 112 million - Dividend on the rise at EUR 1.30 per share

About this update from Aubay Sa

In € thousands 2024 2023 Change Revenue 540,297 534,116 +1.2% Operating profit from ordinary activities 49,587 47,385 +4.6% As a % of revenue 9.2% 8.9%   Cost of performance shares (1,027) (1,328)   Other operating income and expenses (2,682) (3,728)   Operating profit 45,878 42,329 +8.4% Financial income 2,835 1,047   Tax (expense)/income (11,069) (9,968)   Net income from consolidated companies 37,644 33,408 +12.7% As a % of revenue 7.0% 6.3%   Net income attributable to owners of the parent 37,644 33,408           Earnings per share 2.94 2.56 +15.0% Net cash 111,963 92,992 +20.4%   Aubay's Board of Directors, which met on March 19, 2025 under Chairman Christian Aubert, approved the statutory and consolidated financial statements for 2024. The financial statements have been audited by the Statutory Auditors and the auditors' report will be issued once the procedures required to publish the company's Universal Registration Document have been completed. 2024 ended with a remarkable financial performance, once again demonstrating the Group's capacity for adaptation and resilience in the face of market fluctuations. All targets were achieved. Annual revenue, which has already been published, amounted to €540.3 million in 2024, up 1.2% in organic terms, with growth of 1.0% in France (to €283.3 million) and 1.3% internationally (to €257.0 million).   OPERATING MARGIN FROM ORDINARY ACTIVITIES AT 9.2%, AT THE HIGHER END OF THE FORECAST RANGE AND CLIMBING At 9.2%, the operating margin from ordinary activities was at the higher end of the forecast range announced at the start of the year. Despite a market slowdown, Aubay held its own, improving its operating profit from ordinary activities by 4.6% to €45.9 million. This solid performance was attributable to several factors: streamlined and efficient sales; rigorous management of consultant productivity; a slight improvement in gross margin management.   OPERATING PROFIT: up 8.4% to €45.9 million Operating profit climbed by 8.4% to €45.9 million, including the cost of free shares, down on the previous year at €1.0 million (vs. €1.3 million in 2023), and other operating income and expenses also decreasing to €2.7 million (vs €3.7 million in 2023).   RECORD NET INCOME OF €37.6 MILLION, REPRESENTING 7.0% OF REVENUE Group financial income further improved with a growth of €2.8 million, after a growth of €1.0 million in 2023, including €3.7 million in financial income from cash investments and the capital gain made on Micropole shares. The average tax rate was stable at 23%. Net income attributable to owners of the parent came to a record €37.6 million, up by 12.7% compared to last year's net income.   FINANCIAL POSITION Cash flow generated by the Group's activities reached an exceptional €55.0 million (vs. €41.5 million in 2023), enabling net cash to exceed the Group's expectations, at €112.0 million , excluding IFRS 16, after dividend payments of €15.6 million and the buyback of own shares for €12.6 million (271,591 shares canceled on December 27, 2024).   PROPOSED DIVIDEND CLIMBS TO €1.30 PER SHARE In light of this solidly maintained performance and the Group's high cash-assets, the Board of Directors has decided to propose a dividend of €1.30 per share in respect of 2024 to the Annual General Meeting to be held on May 6, 2025, up 8.3%. Taking into account the capital reductions carried out at the end of 2023 and 2024, and the interim dividend of €0.50 per share paid on November 8, 2024, the increase in the total dividend payout would be limited to 6.1% compared with the total dividend payout in the prior year. The payout ratio would be reduced from 47% to 44% of net income. Subject to approval by the Annual General Meeting, the final balance to be paid will amount to €0.80 per share , according to the following payment schedule: Last cum dividend date May 8, 2025 Ex-dividend date May 9, 2025 Date on which Euroclear finalizes positions to determine dividend entitlements May 12, 2025 (record date) Payment May 13, 2025 (payment date)     OUTLOOK FOR 2025 At the start of the year, Aubay did not notice any particular trends in demand in its main markets. The number of projects remains high, as do technological and regulatory challenges, in each of the Group's geographical regions and, globally, in each of its verticals. However, despite ongoing macroeconomic uncertainty, a range of customers are continuing to seek ways to optimize their IT services spending. As Aubay waits for a ramp-up of spending in its markets, and taking into account a negative calendar effect in 2025, particularly in the first half of the year, a cautious approach to the context allows it to anticipate: organic growth of between 0% and 3%, i.e., annual revenue within the range of €540 million and €556 million; recurring operating margin of between 8.5% and 9.5%.     Aubay will publish its 2025 first-quarter revenue on April 23, 2025 after the close of trading.   Glossary Organic revenue growth : This refers to growth calculated for a constant scope of activity for a given period, excluding revenues from companies that were acquired or sold during the period. As Aubay conducts most of its business in the euro zone, any impact from changes in exchange rates is minimal.    2024 Organic growth +1.2% Impact of changes in scope - Growth as reported +1.2%   Operating profit from ordinary activities : this indicator corresponds to operating profit before the cost of free shares and other income and expenses that are unusual, abnormal or infrequent and that are booked separately in order to facilitate understanding of an entity's recurring operating performance. Operating margin from ordinary activities : this indicator, which is expressed as a percentage, is the ratio of operating income from ordinary activities to revenue. Net debt or net cash (excluding rental liabilities) : this indicator represents the difference between an entity's cash and debt. If the result is negative, it is referred to as net debt. If it is positive, it is referred to as net cash.     About Aubay Aubay is a digital services company working alongside some of the biggest names in the Banking, Finance, Insurance, Manufacturing, Energy, Transport and Telecoms sectors. At December 31, 2024, the Group had 7,483 employees in seven countries (France, Belgium, Luxembourg, Italy, Spain, Portugal and the United Kingdom). Aubay generated revenue of €540.3 million in 2024. Euronext, Compartment: B - ISIN  FR0000063737-AUB -  Reuters  AUBT.PA -  Bloomberg  AUB:FP   Contacts Amaury Dugast – Actus Finance – Tel: +33 (0)1 53 67 36 74 – E-mail:  [email protected] David Fuks – Co-Chief Operating Officer – Finance Department – Tel.: +33 (0)1 46 10 67 67 – E-mail:  [email protected]   APPENDICES Statement of financial position as of December 31, 2024           ASSETS (in € thousands) Dec. 31, 2024 Dec. 31, 2023           Goodwill 131,305 131,305   Intangible assets 1,485 884   Property, plant & equipment 3,744 4,283   Right of use relating to leases 18,351 19,829   Equity-accounted investees   -   Other financial assets 2,341 2,181   Deferred tax assets 4,666 3,929   Other non-current assets 3,680 1,530   NON-CURRENT ASSETS 165,572 163,941   Inventories and work in progress 686 736   Assets on contracts 32,311 34,932   Trade receivables 118,208 121,914   Other receivables and accruals 40,265 41,139   Marketable securities 29,064 42,330   Cash at bank and in hand 84,667 52,566   CURRENT ASSETS 305,201 293,617   TOTAL ASSETS 470,773 457,558           EQUITY AND LIABILITIES (in € thousands) Dec. 31, 2024 Dec. 31, 2023 Capital 6,396 6,532 Additional paid-in capital and consolidated reserves 227,818 221,411 Net income attributable to owners of the parent 37,644 33,408 Shareholders' equity attributable to the Group 271,858 261,351 Minority interests 0 0 SHAREHOLDERS' EQUITY 271,858 261,351 Borrowings and financial liabilities: non-current portion 541 1,078 Rental liabilities due in more than 1 year 14,373 15,439 Deferred tax liabilities 0 1 Provisions for contingencies and expenses 7,255 8,896 Other non-current liabilities 1,106 358 NON-CURRENT LIABILITIES 23,275 25,772 Borrowings and financial liabilities: current portion 1,227 824 Rental liabilities due within 1 year 4,881 5,084 Trade and other payables 37,160 36,917 Contract liabilities 21,866 20,595 Other current liabilities 110,506 107,015 CURRENT LIABILITIES 175,640 170,435 TOTAL EQUITY AND LIABILITIES 470,773 457,558       Income statement for 2024                       In € thousands 2024 % 2023 % Change Revenue 540,297 100% 534,116 100% +1.2% Other operating income 176   236     Purchases used in production and external charges (134,018)   (131,913)   +1.6% Staff costs (344,217)   (342,543)   +0.5% Taxes other than on income (4,200)   (4,509)     Amortization, depreciation and provisions (7,788)   (8,038)     Change in inventories of work in progress and finished goods           Other operating income and expenses (663)   36     Operating profit from ordinary activities 49,587 9.2% 47,385 8.9% +4.6% Expenses linked to restricted share units and similar awards (1,027)   (1,328)     Current operating profit 48,560 9.0% 46,057 8.6% +5.4% Other operating income and expenses (2,682)   (3,728)     Operating profit 45,878 8.5% 42,329 7.9% +8.4% Income from cash and cash equivalents           Net borrowing costs (876)   (771)     Other financial income and expenses 3,711   1,818     Financial income 2,835   1,047     Income tax expense (11,069) 23% (9,968) 23%   Income from equity-accounted investees           Net income before results of discontinued operations or assets held for sale 37,644   33,408     Net income after tax of discontinued operations or assets held for sale           Net income 37,644 7.0% 33,408 6.3% +12.7% Attributable to owners of the parent 37,644   33,408   +12.7% Minority interests     0     Basic weighted average number of shares 12,788,180   13,055,712     Earnings per share 2.94   2.56   +15.0% Diluted weighted average number of shares 12,864,680   13,129,462     Diluted earnings per share* 2.93   2.54         Cash flow statement for 2024      (in € thousands) 2024 2023 Consolidated net income (including non-controlling interests) 37,644 33,408 Income from equity-accounted investees     Net depreciation, amortization and provisions and right of use relating to leases 7,531 9,142 Non-cash expenses and income relating to share-based payments 1,027 1,328 Other non-cash items     Dividend income (31) (58) Gains and losses on disposals of fixed assets 77 208 Cash flow after net interest expense and tax 46,248 44,028 Net borrowing costs 876 771 Tax expense (including deferred taxes) 11,069 9,968 Cash flow before net interest expense and tax (A) 58,193 54,767 Income tax payments (B) (11,639) (10,979) Change in trade and other receivables (C) 5,957 4,756 Change in trade and other payables (C) 2,485 (7,041) Change in WCR linked to operations (including debt related to employee benefits) 8,442 (2,285) Net cash provided by (used in) operating activities (D) = (A+B+C) 54,996 41,503 Outflows for the acquisition of tangible and intangible fixed assets (1,878) (1,805) Inflows from the disposal of tangible and intangible fixed assets 8 17 Outflows for the acquisition of financial assets (1) (5) Inflows from the disposal of financial assets     Change in loans and advances granted (85) (74) Disbursements (cash) related to business combinations, net of cash and cash equivalents     Dividends received 31 58 Other operating cash flows     Net cash provided by (used in) investing activities (E) (1,925) (1,809) Proceeds from capital increases     Amounts received upon the exercise of stock options     Purchases of treasury shares for cancellation (12,677) (8,419) Purchases of and proceeds from the sale of treasury shares     Dividends paid in the period:      - Net dividends paid to parent company shareholders (15,584) (15,901)  - Dividends paid to the non-controlling shareholders of consolidated companies     Inflows from new borrowings     Repayment of loan debt (535) (559) Repayment of rental liabilities (4,994) (5,025) Net interest payments (876) (771) Purchase of non-controlling minority interests     Other financial cash flows     Net cash provided by (used in) financial activities (F) (34,666) (30,675) Effects of changes in foreign exchange rates (G) 35 9 Change in net cash (D+E+F+G) 18,440 9,028 Cash and cash equivalents at the beginning of the period 94,867 85,839 Cash and cash equivalents at end of period 113,307 94,867 This publication embed "🔒 Actusnews SECURITY MASTER ". - SECURITY MASTER Key: nJxyZ8pmYWqWy3FtY5xnl5JkaZmTx2iYmmSVxZJqY5/Ha2lll21ibZvHZnJhmmdo - Check this key: https://www.security-master-key.com . Regulated information: Inside Information: - News release on accounts, results Full and original press release in PDF: https://www.actusnews.com/news/90522-communique-aubay-ra-2024-vdef-uk.pdf Receive by email the next press releases of the company by registering on www.actusnews.com , it's free © 2025 ActusNews

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