Aubay Starts 2026 with a 30.9% Increase in Revenue in the First Quarter
Aubay reported a revenue of €178.2 million in the first quarter of 2026, up 30.9% compared to the same period in 2025. This increase is largely due to the integration of Solutec and positive perimeter effects (+20.3%), while organic growth reached 10.6%. The group confirms its annual targets, which include an expected organic growth of 3% to 5% for the full year.
Strong Acceleration in France, Organic Growth Advances Internationally
In France, revenue grew by 50.5% to €111.6 million, with 13.3% from organic growth. According to the group, this dynamism reflects a generalized improvement in demand and a significant increase in the number of projects won. Internationally, revenue reached €66.6 million, up 7.4%, entirely from organic growth without perimeter effects contributions. The restart observed in Italy and the improved trend in the Iberian zone explain this development.
Aubay benefits from an expanded client portfolio and the integration of AI expertise for IT within its commercial offerings. Growth is achieved in sectors targeted by the group: financial services, energy, utilities, industry, and transport. The workforce increased by 225 net recruitments over the quarter to reach 9,274 employees, and the activity rate improved to 92.7% from 92.4% a year earlier.
Growth Driven by Perimeter, with Organic Exceeding Expectations in Q1
The organic growth of 10.6% in Q1 contrasts with the overall expansion of 30.9%, highlighting the significant impact of acquisitions on the reported results. The annual organic growth target, set between 3% and 5%, remains below the organic pace observed in the first quarter. Price effects remain favorable across all geographic areas, and Aubay notes good alignment of recruitment with demand, indicating improved business conditions.
2026 Targets Confirmed Despite Cautious Organic Outlook
Aubay confirms its annual targets, aiming for a revenue between €676 million and €690 million, corresponding to a published growth of 12% to 15% and an organic growth of 3% to 5%. The operating margin is expected to be between 9.0% and 9.5%, an improvement from the 8% to 9% range mentioned for 2025. The group observes an acceleration of demand in its markets confirming the recovery that began in 2025 and indicates that the start of the second quarter is no exception. A reevaluation of the targets may occur at the end of the second quarter if necessary.
