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16/09/2026 18:00
2026 Half-Yearly Results: Growth of 30.8% (11.4% on an organic basis) - Improvement in operating margins - Raised 2026 objectives confirmed
Aubay's Board of Directors, which met on September 16, 2026 under Chairman Philippe Rabasse, approved the consolidated financial statements for the first six months of 2026. The financial statements have been reviewed by the company's Statutory Auditors who will shortly issue their reports. Aubay recorded excellent results in the first half of 2026. Driven by particularly robust sales momentum, the recovery in investment in Southern Europe and the successful integration of Solutec, the Group posted double-digit organic growth, a significant 37.9% improvement in operating profit from ordinary activities, and a 22.9% increase in net income attributable to owners of the parent. On the back of this momentum, Aubay confirms its 2026 ambitions.
Half-year operating margin from ordinary activities climbs to 7.5% Operating profit from ordinary activities climbed to €26.6 million, up 37.9% compared with the first half of 2025, translating to a margin of 7.5%, compared with 7.2% a year earlier. This growth, which is in line with expectations and the usual seasonal trends in results, was driven in particular by a favorable price effect and a carefully managed growth strategy, supported by rigorous cost management.
*As a percentage of revenue. International profitability increased significantly to 8.6%, up from 7.4% a year earlier, driven by a marked improvement in performance in Italy – which is expected to continue in the second half of the year – and, to a lesser extent, in Spain and Portugal. In France, the margin came in at 6.9%, almost returning to the level achieved prior to the acquisition of Solutec, whose profitability was significantly lower than that of Aubay. Operations in France will continue to see their margins increase as a result of the improved overall performance of the combined operations.
Operating profit of €23.7 million After taking into account an expense of €0.9 million related to share-based payments and the amortization of acquisition-related intangible assets for €0.6 million, recurring operating profit amounted to €25.0 million (up 33.4%), representing a margin of 7.1%. Factoring in non-recurring operating expenses of €1.3 million, primarily restructuring costs, operating profit came in at €23.7 million, up 32.3%. Net financial expense amounted to €0.7 million, compared with net financial income of €1.2 million in the first half of 2025, due to the financing of the acquisition of Solutec. The tax expense amounted to €5.8 million, representing an effective tax rate of 25%, down from 27% in the first half of 2025.
Net income attributable to owners of the parent Net income attributable to owners of the parent stood at €17.2 million, up 22.9% from €14.0 million in the same prior-year period. Earnings per share came in at €1.36, up 23.6% from €1.10 a year earlier. Earnings per share grew at a faster rate than net income, driven by the Group's share buyback program for share cancellation (96,000 shares held at June 30, 2026).
Net cash (excluding rental liabilities) of €44.3 million Available cash stood at €68.8 million. Net cash excluding rental liabilities stood at €44.3 million at June 30, 2026, compared with €56.2 million at December 31, 2025. This decrease can be attributed to the seasonal increase in WCR, amplified by strong business growth, investments made over the period, dividend payments, and share buybacks. Cash generation is consistently stronger during the second half of the year. Gross debt excluding rental liabilities decreased to €24.6 million, compared with €31.9 million at December 31, 2025.
Completion of the Solutec merger The universal transfer of assets and liabilities (transmission universelle du patrimoine - TUP) from Solutec to Aubay SA took place on July 1, 2026. This transaction, which had no impact on the Group's consolidated financial statements, completed the legal and operational integration of the company acquired on July 7, 2025.
Proposed interim dividend of €0.70 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 €0.70 per share in respect of 2026. The interim dividend will be paid on November 10, 2026.
Outlook for full-year 2026: Raised objectives confirmed In light of the sales momentum in the first half of the year and the acceleration observed internationally in the second quarter, Aubay confirms its 2026 objectives, which were raised in July, now aiming for revenue of between €695 and €705 million (compared to the previous objective of between €676 and €690 million), translating to an operating margin from ordinary activities of between 9% and 10% (increased from between 9% and 9.5%).
Aubay will publish its 2026 third-quarter revenue on Wednesday October 28, 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.
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 9,406 employees in seven countries (France, Belgium, Luxembourg, Italy, Spain, Portugal and the United Kingdom) at June 30, 2026, Aubay generated revenue of €601.6 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
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