Assystem: Nuclear Sector Drives Q1, but Currency Fluctuations Offset Growth
In the first quarter of 2026, Assystem reported a revenue of 165.8 million euros, nearly stable compared to the previous year. Beneath this apparent stability, a clear contrast emerges: nuclear activities show a robust growth of 8.0%, while international operations struggle, hindered by currency fluctuations and a decline in non-nuclear activities.
Financial Overview
The engineering consulting group posted a consolidated revenue of 165.8 million euros in Q1 2026, compared to 166.3 million a year earlier. This near-stability, however, masks opposing trends. A positive organic growth of 2.2% was completely offset by a negative currency exchange impact of 2.5%. In France, activities grew organically by 4.4%, reaching 102.6 million euros compared to 98.3 million in Q1 2025, now accounting for 62% of the consolidated revenue. Internationally, however, revenue fell by 7.1% to 63.2 million euros, with 6.0 percentage points attributable to currency variations, particularly the British pound, Indian rupee, and Saudi riyal. Organically, international revenue declined by 1.1%, due to a decrease in non-nuclear activities in Saudi Arabia and India, linked respectively to an unfavorable base effect and a sluggish start to the year.
Strategic Importance of Nuclear Activities
Nuclear activities consolidate their strategic importance within the group. They now represent 81% of the first quarter's revenue, up from 76% a year earlier. This expansion is based on the dynamics of the fuel cycle, new constructions, and project management and digitalization tasks. In the UK, despite a challenging baseline, the nuclear dynamic remains strong in both civil and defense sectors. Three strategic announcements during the quarter highlight Assystem's role in British infrastructure programs: the signing of the Rolls-Royce SMR contract for three small modular reactors at Wylfa, Assystem's selection as a tier 1 supplier on the Government Commercial Agency's CPS2 framework agreement for specialized nuclear, and its inclusion in the list of partners by the UK Ministry of Defence for defense and nuclear submarine projects.
2026 Objectives and Shareholder Returns
Assystem reaffirms its objectives for the fiscal year 2026 without detailing them in this release. Regarding shareholder returns, the group will propose at the General Meeting on May 22 the payment of a regular dividend of 1.0 euro per share, unchanged from the previous year, for a total amount of approximately 14.8 million euros. The payment will occur on July 9, 2026, with detachment on July 7. Concerning geopolitical risks, the group indicates that the conflict in the Middle East had no impact on the activity of the first quarter, but remains cautious about its potential future effects, given the regional macroeconomic uncertainties.
