Assystem: Net Income Declines Despite 7.4% Growth to €656.6M
The nuclear engineering group Assystem reported its 2025 results on Wednesday, highlighting a consolidated growth of 7.4% to €656.6 million and an improvement in operating income from operations. However, the Group's net income decreased to €7.4 million from €8.3 million in 2024, reflecting the increasing burden of transformation costs and debt on actual profitability.
Revenue Growth Driven by International Expansion
Assystem recorded a consolidated revenue of €656.6 million in 2025, up 7.4% from €611.3 million in 2024. This growth was primarily fueled by international operations, which reached €268.8 million (+16.7%), boosted by the integration of Mactech Energy Group (+11.3% perimeter effect) and an organic growth of 8.9%. In France, business activities grew more modestly by 1.8% to €387.8 million, and accounted for 59% of the revenue. Nuclear activities continued to represent 77% of the overall business, confirming the group's strategic focus on this sector.
Operational Performance Overshadowed by Charges
The consolidated ROPA increased by 11.7% to €45.0 million, with an operating margin from operations rising to 6.8% from 6.6% in 2024. In France, the ROPA reached €26.2 million (+0.2 margin point), while internationally, the ROPA stood at €24.3 million with a stable margin of 9.0%. However, this operational performance was overshadowed by charges of €27.7 million related to free share action plans (AGA) and a goodwill impairment loss of €9 million in the Middle East and Central Asia, following the cessation of activities in Turkey and the end of the Akkuyu project. These two items, totaling about €37 million in charges, explain the decline in net income.
Positive Cash Flow and Debt Increase
The 2025 free cash flow was positive at €33.5 million (5.1% of revenue), up from €30.0 million in 2024. However, net debt excluding IFRS 16 stood at €59.7 million, an increase of €10.4 million from December 31, 2024. For 2026, Assystem aims for a revenue growth of between 2% and 4% organically and anticipates an improvement in the operating margin from operations. The group proposes a dividend of €1.0 per share, to be submitted for shareholder approval on May 22, 2026, signaling confidence in the viability of its model despite short-term turbulence.
