Business
Aubay : 2025 Half-Yearly Results : First half in line with expectations and impacted by an unfavorable seasonal effect - Annual objectives confirmed
Aubay : 2025 Half-Yearly Results : First half in line with expectations and impacted by an unfavorable seasonal effect - Annual objectives
About this update from Aubay Sa
In € thousands H1 2025 H1 2024 Change Revenue 269,012 272,265 -1.2% Operating profit from ordinary activities 19,258 22,139 -13.0% As a % of revenue 7.2% 8.1% Cost of performance shares (535) (551) Other operating income and expenses (787) (757) Operating profit 17,936 20,831 -13.9% Financial income 1,243 1,738 Tax (expense)/income (5,156) (5,694) Net income from consolidated companies 14,023 16,875 -16.9% As a % of revenue 5.2% 6.2% Net income attributable to owners of the parent 14,023 16,875 Earnings per share 1.10 1.30 Headcount 7,474 7,551 Net cash 106,565 95,948 +11.1% Aubay's Board of Directors, which met on September 17, 2025 under Chairman Christian Aubert, approved the consolidated financial statements for the first six months of 2025. The financial statements have been reviewed by the company's Statutory Auditors who will shortly issue their reports. In an uncertain economic climate that is causing clients to adopt a wait-and-see approach, Aubay demonstrated its resilience, supported by its strategic positioning, European presence and significant exposure to the banking and insurance sectors. Business remained very similar to the levels posted in the prior-year period, with the slight downturn due solely to the unfavorable calendar effect which affected all geographic regions over the first half. Half-year operating margin from ordinary activities of 7.2% The unfavorable calendar effect logically weighed on profitability over the first half. Perfectly in line with the forecasts made in July, operating profit from ordinary activities amounted to €19.3 million, translating to an operating margin from ordinary activities of 7.2%, compared with 8.1% the H1 prior-year period, breaking down as 7.0% for activities in France and 7.4% internationally. The more favorable calendar effect in the second half (five more working days compared to the first half) will contribute to a clear rebound in operating profitability in second-half 2025. Operating profit of €17.9 million Operating profit came to €17.9 million, down 13.9%, after taking into account the cost of performance shares for €0.5 million and a net expense of €0.8 million under " other operating income and expenses ", primarily comprising restructuring expenses. Net income came in at €1.2 million , compared with €1.7 million in the prior-year period. Net income attributable to owners of the parent (5.2% of net margin) Net income attributable to owners of the parent stood at €14.0 million , compared with €16.9 million in the first half of 2024. The tax expense of €5.2 million resulted in an average tax rate of 27% compared with 25% for the same prior-year period. Net cash (excluding rental liabilities) climbed to €106.6 million, after dividend payment Cash flow stood at €22.7 million, compared with €26.8 million at end-June 2024, reflecting the unfavorable seasonal effect over the period. The change in WCR amounted to a negative €10 million compared to a negative €1.5 million for the same period of the previous year. As a result, cash flow from operating activities amounted to €9.8 million. After taking the 2024 €10.2 million dividend payout in May into account, and the €0.8 million in purchases of treasury shares, net cash stood at €106.6 million at June 30, 2025, up 12% year on year. Proposed interim dividend of €0.60 In light of the good level of net income and the Group's excellent financial position, the Board of Directors has decided to pay an interim dividend of €0.60 per share in respect of 2025. The interim dividend will be paid on November 7, 2025. Date Events In trading days (before payment) November 4 Last trading day with dividend rights D-3 November 5 Ex-dividend date for interim dividend D-2 November 6 Record date set by Euroclear to determine dividend entitlements D-1 (record date) November 7 Payment of interim dividend based on ownership as of November 6 (evening) Payment date Outlook for full-year 2025 and consolidation of Solutec as from the second half of the year The Group expects to see its performance improve in the second half of the year, driven by a favorable calendar effect (five more working days in the second half), as well as price trends and a solid productivity rate that will support the Group's business. On a like-for-like basis, the Group confirms its objectives, with expected organic growth of between 0% and 3%, and an operating margin from ordinary activities of between 8.5% and 9.5%. By incorporating Solutec, which has been consolidated since July 1, 2025 and whose profitability, to date, is lower than that of Aubay, the Group is expecting to generate annual revenue within the range of €592 million and €608 million, representing reported growth of between 9.6% and 12.5%, and an operating margin from ordinary activities of between 8.0% and 9.0%. Aubay will publish its 2025 third-quarter revenue on Wednesday October 29, 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 eurozone, any impact from changes in exchange rates is minimal. 2025 Organic growth -1.2% Impact of changes in scope 0 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. With 7,474 employees in seven countries (France, Belgium, Luxembourg, Italy, Spain, Portugal and the United Kingdom) at June 30, 2025, Aubay generated revenue of €540.3 million in 2024. About AUBAY Group Aubay is a digital services company working alongside some of the biggest names in the Banking, Finance, Insurance, Manufacturing, Energy, Transport and Telecoms sectors. Aubay has 7,425 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 June 30, 2025 ASSETS (€ thousands) June 30, 2025 Dec. 31, 2024 Goodwill 131,305 131,305 Intangible assets 1,633 1,485 Property, plant & equipment 3,768 3,744 Right of use relating to leases 17,568 18,351 Equity-accounted investees Other financial assets 2,391 2,341 Deferred tax assets 4,48 4,666 Other non-current assets 1,56 3,68 NON-CURRENT ASSETS 162,705 165,572 Inventories and work in progress 682 686 Assets on contracts 41,991 32,311 Trade and other receivables 117,445 118,208 Other receivables and accruals 41,101 40,265 Marketable securities 6,887 29,064 Cash at bank and in hand 101,185 84,667 CURRENT ASSETS 309,291 305,201 TOTAL ASSETS 471,996 470,773 EQUITY AND LIABILITIES (€ thousands) June 30, 2025 Dec. 31, 2024 Capital 6,396 6,396 Additional paid-in capital and consolidated reserves 255,142 227,818 Net income attributable to owners of the parent 14,023 37,644 Shareholders' equity attributable to the Group 275,561 271,858 Minority interests SHAREHOLDERS' EQUITY 275,561 271,858 Borrowings and financial liabilities: non-current portion 271 541 Rental liabilities due in more than 1 year 13,489 14,373 Deferred tax liabilities 1 0 Provisions for contingencies and expenses 6,613 7,255 Other non-current liabilities 641 1,106 NON-CURRENT LIABILITIES 21,015 23,275 Borrowings and financial liabilities: current portion 1,235 1,227 Rental liabilities due within 1 year 5,014 4,881 Provisions for contingencies and expenses 1,037 1,636 Trade and other payables 35,551 37,16 Contract liabilities 17,725 21,866 Other liabilities and accruals 114,858 108,87 CURRENT LIABILITIES 175,42 175,64 TOTAL EQUITY AND LIABILITIES 471,996 470,773 (in € thousands) First-half 2025 % First-half 2024 % Revenue 269,012 100% 272,265 100% Other operating income 214 99 Purchases used in production and external charges -63,888 -68,167 Staff costs -179,895 -175,877 Taxes other than on income -2,247 -2,221 Amortization, depreciation and provisions -3,628 -3,664 Change in inventories of work in progress and finished goods Other operating income and expenses -310 -296 Operating profit from ordinary activities 19,258 7.2% 22,139 8.1% Expenses linked to restricted share units and similar awards -535 -551 Current operating profit 18,723 7.0% 21,588 7.9% Other operating income and expenses -787 -757 Operating profit 17,936 6.7% 20,831 7.7% Income from cash and cash equivalents Net borrowing costs -444 -397 Other financial income and expenses 1,687 2,135 Financial income 1,243 1,738 Income tax expense -5,156 27% -5,694 25% Income from equity-accounted investees Net income before results of discontinued operations or assets held for sale 14,023 16,875 Net income after tax of discontinued operations or assets held for sale Net income 14,023 5.2% 16,875 6.2% Attributable to owners of the parent 14,023 16,875 Minority interests 0 0 Basic weighted average number of shares 12,788,413 12,966,382 Earnings per share 1.10 1.30 Diluted weighted average number of shares 12,863,913 13,042,882 Diluted earnings per share 1.09 1.29 Cash flow statement for first-half 2025 In € thousands First-half 2025 First-half 2024 Consolidated net income (including non-controlling interests) 14,023 16,875 Income from equity-accounted investees Net depreciation, amortization and provisions and right of use relating to leases 2,512 3,258 Non-cash expenses and income relating to share-based payments 561 551 Other non-cash items Dividend income -26 -31 Gains and losses on disposals of fixed assets 11 72 Cash flow after net interest expense and tax 17,081 20,725 Net borrowing costs 444 397 Tax expense (including deferred taxes) 5,156 5,694 Cash flow before net interest expense and tax (A) 22,681 26,816 Income tax payments (B) -2,882 -4,337 Change in trade and other receivables (C) -12,017 -5,19 Change in trade and other payables (C) 1,979 3,683 Net cash provided by (used in) operating activities (D) = (A+B+C) 9,761 20,972 Outflows for the acquisition of tangible and intangible fixed assets -1,025 -1,02 Inflows from the disposal of tangible and intangible fixed assets 2 Outflows for the acquisition of financial assets Inflows from the disposal of financial assets Change in loans and advances granted -56 -102 Disbursements (cash) related to business combinations, net of cash and cash equivalents Dividends and subsidies received 26 31 Net cash provided by (used in) investing activities (E) (1,055) (1,089) Proceeds from capital increases Amounts received upon the exercise of stock options Purchase of treasury shares for cancellation and allocation to employees -853 -4,811 Purchases of and proceeds from the sale of treasury shares Dividends paid in the period: - Net dividends paid to parent company shareholders -10,23 -9,13 - Dividends paid to the non-controlling shareholders of consolidated companies Inflows from new borrowings Repayment of loan debt -270 -268 Repayment of rental liabilities -2,565 -2,625 Net interest payments -444 -397 Purchase of non-controlling minority interests Other financial cash flows Net cash provided by (used in) financial activities (F) -14,362 -17,231 Effects of changes in foreign exchange rates (G) -9 34 Change in net cash (D+E+F+G) -5,665 2,686 Cash and cash equivalents at beginning of period 113,307 94,867 Cash and cash equivalents at end of period 107,642 97,553 This publication embed "🔒 Actusnews SECURITY MASTER ". - SECURITY MASTER Key: xWqeYZlvYZqZyJqfapZqm2lpmG5hkmGaa2OYxZSaZsqZbJxnlJuVZ5rGZnJllWlp - Check this key: https://www.security-master-key.com . 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