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Aubay : 2025 annual results: Aubay posts record results for 2025 and exceeds all its targets
Aubay : 2025 annual results: Aubay posts record results for 2025 and exceeds all its
About this update from Aubay Sa
Revenue: €601.6 million (up 11.4%) Operating margin from ordinary activities: 9.1% Net income attributable to owners of the parent: €38.1 million Proposed dividend up at €1.40 per share In € thousands 2025 2024 Change Revenue 601,620 540,297 +11.4% Operating profit from ordinary activities 54,969 49,587 +10.9% As a % of revenue 9.1% 9.2% Cost of performance shares (1,377) (1,027) Amortization of acquisition-related intangible assets (640) Other operating income and expenses (2,774) (2,682) Operating profit 50,178 45,878 +9.4% Financial income 400 2,835 Tax (expense)/income (12,443) (11,069) Net income from consolidated companies 38,135 37,644 +1.3% As a % of revenue 6.3% 7.0% Net income attributable to owners of the parent 38,135 37,644 Earnings per share 3.00 2.94 +2.0% Headcount as of December 31 9,049 7,483 +20.9% Aubay's Board of Directors, which met on March 18, 2026 under Chairman Christian Aubert, approved the statutory and consolidated financial statements for 2025. 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. 2025 ended with a remarkable financial performance, driven by the Group's capacity for adaptation in a ever-changing environment. All targets announced at the beginning of the year were met or exceeded . Revenue growth (up 11.4%), an increase in operating profit (up 10.9%), record net income attributable to owners of the parent of €38.1 million, and a proposed dividend up at €1.40 per share underscore the strength of the business model and the soundness of the strategic decisions made in recent years. REVENUE: up 11.4% to €601.6 million, Revenue for 2025 reached €601.6 million , up 11.4% , driven by particularly strong growth in France ( up 23.9% ) and a gradual stabilization of international business ( down 2.4% ). This growth, which is in line with forecasts that were revised upward during the year, reflects improved demand in the Group's key sectors and the upswing of commercial synergies following the acquisition of Solutec. OPERATING MARGIN FROM ORDINARY ACTIVITIES AT 9.1%, exceeding expectations At 9.1%, operating margin from ordinary activities exceeded the target range . Operating profit increased by 10.9% to €55 million. This performance reflects effective operational execution, buoyed by: the ongoing increase in new market share; the continuous adapting of our offerings and services to best address our customers' needs; and disciplined management of key operational indicators, including productivity and the wage/price ratio. OPERATING PROFIT: up 9.4% to €50.2 million Operating profit rose by 9.4% to €50.2 million. This result includes the cost of free shares in the amount of €1.4 million, the amortization of customer relationships for €0.6 million, and other operating income and expenses, which remained stable at €2.8 million. RECORD NET INCOME OF €38.1 MILLION, REPRESENTING 6.3% OF REVENUE Group financial income further improved, growing by €0.4 million, after a growth of €2.8 million in 2024, including €2.0 million in financial income from cash investments. The average tax rate came to 25%. Net income attributable to owners of the parent reached a record high of €38.1 million , up by 1.3% compared to last year's net income (up 2.6% excluding amortization of customer relationships). VERY HEALTHY FINANCIAL POSITION Cash flows linked to operations amounted to €44.8 million , representing 7.4% of revenue. The Group disbursed €2.1 million in CapEx and €66.7 million on the acquisition of Solutec. After taking into account dividends paid of €17.9 million, share buybacks totaling €5.6 million, new bank debt of €30 million, and the repayment of financial debt (bank debt and IFRS 16) of €9.7 million, net cash stands at €56.2 million. PROPOSED DIVIDEND CLIMBS TO €1.40 PER SHARE In light of this solidly maintained performance and the Group's comfortable cash-assets, the Board of Directors has decided to propose a dividend of €1.4 per share in respect of 2025 to the Annual General Meeting to be held on May 12, 2026, up 7.7%, of which €0.60 was part of an interim distribution in November last year. The payout ratio would be around 47%. 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 14, 2026 Ex-dividend date May 15, 2026 Date on which Euroclear finalizes positions to determine dividend entitlements May 18, 2026 (record date) Payment May 19, 2026 (payment date) OUTLOOK FOR 2026 The improvement in market conditions observed at the end of 2025 continues to drive Aubay's business across all of its geographic regions. Aubay is capitalizing on the commercial and cost synergies arising from the operational integration of Solutec's operations in France, slightly ahead of schedule. Overseas, streamlining efforts – particularly in Italy – have helped restore an organic growth trend. Against this more favorable backdrop, after more than two years of focusing on margin preservation, Aubay now aims to return to stronger organic growth. In 2026, Aubay therefore anticipates the following financial targets: Revenue of between €676 million and €690 million, corresponding to reported growth of 12% to 15% and calculated organic growth of 3% to 5%, compared with 0 to 3% last year, Operating margin from ordinary activities between 9.0% and 9.5%, compared with 8% to 9% in 2025. Aubay will publish its 2026 first-quarter revenue on April 29, 2026 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 eurozone, any impact from changes in exchange rates is minimal. Change as a % Cumulative 12 months 2025 Organic growth +1.2% France +4.5% International -2.4% Impact of changes in scope +10.2% France +19.4% International - Growth as reported +11.4% France +23.9% International -2.4% 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. Disclaimer This press release may contain forward-looking statements based on assumptions and estimates made by General Management as of the publication date. This information is subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. No guarantees can be given concerning their achievement. 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, 2025, the Group had 9,049 employees in seven countries (France, Belgium, Luxembourg, Italy, Spain, Portugal and the United Kingdom). Aubay generated revenue of €602 million in 2025. 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, 2025 ASSETS (in € thousands) Dec. 31, 2025 Dec. 31, 2024 Goodwill 185,935 131,305 Intangible assets 14,056 1,485 Property, plant & equipment 10,500 3,744 Right of use relating to leases 29,826 18,351 Equity-accounted investees Other financial assets 4,118 2,341 Deferred tax assets 4,689 4,666 Other non-current assets 5,063 3,680 NON-CURRENT ASSETS 254,187 165,572 Inventories and work in progress 867 686 Assets on contracts 36,274 32,311 Trade receivables 141,704 118,208 Other receivables and accruals 47,240 40,265 Marketable securities 7,100 29,064 Cash at bank and in hand 80,983 84,667 CURRENT ASSETS 314,168 305,201 TOTAL ASSETS 568,355 470,773 EQUITY AND LIABILITIES (in € thousands) Dec. 31, 2025 Dec. 31, 2024 Capital 6,369 6,396 Additional paid-in capital and consolidated reserves 246,062 227,818 Net income attributable to owners of the parent 38,135 37,644 Shareholders' equity attributable to the Group 290,566 271,858 Minority interests 0 0 SHAREHOLDERS' EQUITY 290,566 271,858 Borrowings and financial liabilities: non-current portion 21,810 541 Rental liabilities due in more than 1 year 24,599 14,373 Deferred tax liabilities 3,136 0 Provisions for contingencies and expenses 9,213 7,255 Other non-current liabilities 989 1,106 NON-CURRENT LIABILITIES 59,747 23,275 Borrowings and financial liabilities: current portion 10,077 1,227 Rental liabilities due within 1 year 7,055 4,881 Trade and other payables 37,468 37,160 Contract liabilities 29,332 21,866 Other current liabilities 134,110 110,506 CURRENT LIABILITIES 218,042 175,640 TOTAL EQUITY AND LIABILITIES 568,355 470,773 Income statement for 2025 In € thousands 2025 % 2024 % Change Revenue 601,620 100% 540,297 100% +11.4% Other operating income 316 176 Purchases used in production and external charges (132,797) (134,018) Staff costs (400,330) (344,217) Taxes other than on income (6,001) (4,200) Amortization, depreciation and provisions (7,465) (7,788) Change in inventories of work in progress and finished goods Other operating income and expenses (374) (663) Operating profit from ordinary activities 54,969 9.1% 49,587 9.2% +10.9% Expenses linked to restricted share units and similar awards (1,377) (1,027) Amortization of acquisition-related intangible assets (640) Current operating profit 52,952 8.8% 48,560 9.0% Other operating income and expenses (2,774) (2,682) Operating profit 50,178 8.3% 45,878 8.5% +9.4% Income from cash and cash equivalents Net borrowing costs (1,593) (876) Other financial income and expenses 1,993 3,711 Financial income 400 2,835 Income tax expense (12,443) (11,069) 23% Income from equity-accounted investees Net income before results of discontinued operations or assets held for sale 38,135 37,644 Net income after tax of discontinued operations or assets held for sale Net income 38,135 6.3% 37,644 7.0% +1.3% Attributable to owners of the parent 38,135 37,644 Minority interests 0 Basic weighted average number of shares 12,713,548 12,788,180 Earnings per share 3.00 2.94 Diluted weighted average number of shares 12,916,048 12,864,680 Diluted earnings per share* 2.95 2.93 Cash flow statement for 2025 (in € thousands) 2025 2024 Consolidated net income (including minority interests) 38,135 37,644 Income from equity-accounted investees Net depreciation, amortization and provisions and right of use relating to leases 8,085 7,531 Non-cash expenses and income relating to share-based payments 1,377 1,027 Other non-cash items Dividend income (27) (31) Gains and losses on disposals of fixed assets (220) 77 Cash flow after net interest expense and tax 47,350 46,248 Net borrowing costs 1,593 876 Tax expense (including deferred taxes) 12,443 11,069 Cash flow before net interest expense and tax (A) 61,386 58,193 Income tax payments (B) (16,387) (11,639) Change in trade and other receivables (C) (33,125) 5,957 Change in trade and other payables (C) 32,873 2,485 Change in WCR linked to operations (including debt related to employee benefits) (252) 8,442 Net cash provided by (used in) operating activities (D) = (A+B+C) 44,747 54,996 Outflows for the acquisition of tangible and intangible fixed assets (2,131) (1,878) Inflows from the disposal of tangible and intangible fixed assets 11 8 Outflows for the acquisition of financial assets (1) Inflows from the disposal of financial assets Change in loans and advances granted (613) (85) Disbursements (cash) related to business combinations, net of cash and cash equivalents (66,689) Dividends received 27 31 Other operating cash flows Net cash provided by (used in) investing activities (E) (69,395) (1,925) Proceeds from capital increases Amounts received upon the exercise of stock options Purchases of treasury shares for cancellation (5,648) (12,677) Purchases of and proceeds from the sale of treasury shares Dividends paid in the period: - Net dividends paid to parent company shareholders (17,908) (15,584) - Dividends paid to the non-controlling shareholders of consolidated companies Inflows from new borrowings 30,268 Repayment of loan debt (3,803) (535) Repayment of rental liabilities (5,955) (4,994) Net interest payments (1,593) (876) Purchase of non-controlling minority interests Other financial cash flows Net cash provided by (used in) financial activities (F) (4,639) (34,666) Effects of changes in foreign exchange rates (G) (13) 35 Change in net cash (D+E+F+G) (29,300) 18,440 Cash and cash equivalents at the beginning of the period 113,306 94,867 Cash and cash equivalents at end of period 84,006 113,307 This publication embed "🔒 Actusnews SECURITY MASTER ". - SECURITY MASTER Key: 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