Alan Allman Associates returns to growth in third quarter: €77.8 million, up 0.3%
The consulting group halted its series of activity declines in the third quarter of 2026. In its publication of August 26, 2026, it reported a decline of 5.8% in its consolidated revenue at constant exchange rates. The past quarter marks an improvement of 5.1 percentage points in the trend compared to the second quarter.
The annual cumulative remains below expectations: over nine months, revenue stands at €236.3 million, down 4.2% at constant exchange rates.
The group also announced new contracts in Canada and Asia-Pacific, with the majority of revenue expected in 2027, as well as an increase in its margin target for the second half.
€77.8 million in the third quarter, €236.3 million over nine months
Alan Allman Associates published on October 28, 2026 unaudited consolidated revenue of €77.8 million for the third quarter. It is up 0.3% at constant exchange rates compared to the third quarter of 2025, and up 0.1% at current exchange rates.
Over the first nine months, activity reached €236.3 million, down 4.2% at constant exchange rates and 5.1% at current exchange rates. Excluding discontinued operations in 2025, the decline narrows to 3.9% at constant exchange rates.
In its August publication, the group cited the cessation of the licensing model in France, since the end of the first half of 2025, among the factors weighing on its business.
The group indicated that this level of activity as of September 30 is in line with its expectations, in continuity with the optimization plan initiated in summer 2025. According to the group, the quarter's momentum now places it in the upper range of its activity forecasts for the second half of 2026.
Europe stabilizes, Asia-Pacific returns to growth
Europe, which represents just over half of quarterly activity, achieved €39.8 million, up 0.5% at constant exchange rates. Over nine months, the region totaled €121.2 million, down 3.6%. The group continues to refocus on activities it considers strategic and with higher added value.
In North America, quarterly revenue stands at €32.9 million, down 1.3% at constant exchange rates and 2.8% at current exchange rates. The group describes a still contrasted environment, particularly in certain public sector segments. It prioritizes the quality of commitments and recurring revenues.
Asia-Pacific recorded €5.1 million in the third quarter, up 10.7% at constant exchange rates and 17.1% at current exchange rates. Over nine months, the region remains below 5.9%, at €13.2 million. Its first half had been marked notably by contract renewal delays.
ROA margin raised to between 11.5% and 12% for the second half
On the commercial front, the group signed contracts in Canada with two clients for an amount exceeding CAD 9.6 million. Services will begin in November 2026, and approximately CAD 6.1 million in revenue is expected to be recognized in 2027.
In Asia-Pacific, new orders are expected to generate just over €2.8 million in additional revenue in 2027. The group specifies that this amount does not prejudge the definitive schedule for revenue recognition.
The most structuring element of the publication concerns expected profitability. Alan Allman Associates has raised its Operating Activity Result (ROA) margin target for the second half of 2026: it is now expected to be between 11.5% and 12%, compared to a previous target of approximately 11%.
The group bases this target on the continuation of optimization plan effects, selectivity of commitments and the development of higher added-value services. It is subject to a reservation related to market conditions evolution.
