par AUBAY (EPA:AUB)
2025 annual results: Aubay posts record results for 2025 and exceeds all its targets
- 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: adugast@actus.fr
David Fuks – Co-Chief Operating Officer – Finance Department – Tel.: +33 (0)1 46 10 67 67 – E-mail: dfuks@aubay.com
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 |