Aubay Achieves Record Revenue of €601.6M, But Margin Declines
Aubay closed 2025 in a strong position with a record revenue of €601.6M (+11.4%) and a net income of €38.1M, surpassing all its announced targets. However, the operating margin fell slightly to 9.1%, raising questions about the future profitability of this growth.
Robust Growth Driven by French Market
The digital services group Aubay recorded a revenue of €601.6M in 2025, up 11.4% from €540.3M in 2024. This growth was driven by an exceptionally strong performance in France, where revenues jumped by 23.9%, while international activities slightly declined by 2.4%. This growth is a mix of a moderate organic growth of 1.2% and a significant 10.2% contribution from changes in scope, particularly through the integration of Solutec. The group increased its workforce by 20.9% to 9,049 employees, reflecting both acquisitions and team reinforcements in France. This milestone of surpassing €600M in revenue comes after a year of rationalizing international activities and enhancing post-acquisition commercial synergies.
Operating Margin Dips as Revenue Soars
While revenue soared, the operating margin declined to 9.1% from 9.2% the previous year. In absolute terms, the operating income grew by 10.9% to €54.969M, but this growth lagged behind that of the revenue. This is where the main tension lies: Aubay is growing, but less profitably per euro generated. The operating result (including acquisition charges and other expenses) was €50.178M (+9.4%), while the net income reached a record level of €38.135M (+1.3%), representing 6.3% of the revenue. This profitability contraction reflects the costs associated with the integration of Solutec (€0.64M in customer relationship amortization), as well as profitability challenges in international activities, particularly in Italy where the group continues its rationalization efforts. Nevertheless, the group generated €44.747M in operational cash flow (7.4% of revenue), confirming the robustness of its business model.
Aiming for Stronger Growth and Improved Margins in 2026
For 2026, Aubay aims to achieve stronger growth while restoring its margins. The group anticipates a revenue between €676M and €690M, representing a 12 to 15% increase in reported figures and an organic growth of 3 to 5% (compared to 1.2% in 2025). Concurrently, the operating margin is expected to be between 9.0% and 9.5%, thus exceeding the 2025 ranges (8 to 9%). This more ambitious guidance is based on gradually improving market conditions, accelerating synergies from Solutec in France, and the initial results of rationalization abroad. The proposal to increase the dividend to €1.40 per share (+7.7%) and the comfortable net cash position of €56.2M demonstrate the management's confidence in the group's ability to finance its growth while rewarding shareholders. For investors, the main challenge lies in Aubay's ability to realize this margin recovery in 2026, after two years focused on preserving profitability.
