Aubay Surpasses 600 Million Euros in Revenue by 2025 with a Growth of 11.4%

Financial Performance in 2025

During the fiscal year 2025, Aubay achieved a revenue of 601.7 million euros, an increase of 11.4% compared to the 540.3 million euros in 2024. The organic growth stands at 1.2%. In the fourth quarter, revenue reached 172.6 million euros, up 24.3% with an organic growth of 4.1%. This quarterly performance reflects the contribution from Solutec and a significant improvement in the operational environment. Aubay indicates that these results are in line with its upwardly revised forecasts from last October. The group has 9,049 employees as of December 31, 2025. In France, the annual revenue amounts to 350.9 million euros, up 23.9% with 4.5% organic growth. The integration of Solutec, effective from July 1, 2025, contributes 55 million euros to this performance. Internationally, the annual revenue is set at 250.8 million euros, down 2.4%. In the fourth quarter, international activity is nearly stable at 66.5 million euros compared to 66.8 million euros a year earlier. This stability represents a significant improvement compared to the first half of 2025, which showed an organic decline of 4.4%.

Performance by Region

In France, the internal growth of 4.5% exceeds the group's expectations. Traditional markets in financial services and new positions in the energy and transport sectors fuel sustained demand. Selling prices remain correctly oriented. The integration of Solutec continues under excellent conditions with commercial synergies enabling access to previously inaccessible markets. Internationally, the Italian and Iberian zones show a clear positive inflection in the second half with respective internal growths of 2.8% and 2.2% in the fourth quarter. The Belux area is impacted by the loss of positions with European institutions, not replaced at this stage. The operating margin is expected to be at the high end of the range between 8.5% and 9.0%, this target having been tightened upwards at the end of the third quarter. The activity rate reached 92.1% in the fourth quarter compared to 92.7% a year earlier. At constant scope, the fourth quarter is the second best quarter of the year in terms of net recruitment.

Outlook for 2026

For 2026, Aubay anticipates an improvement in its prospects in a favorable context characterized by the maintenance of sustained demand across all its main markets. The group forecasts revenue between 676 and 690 million euros, corresponding to a published data growth of 12% to 15% and an organic growth of 3% to 5% compared to 0% to 3% last year. The operating margin is expected between 9.0% and 9.5% compared to 8% to 9% in 2025. Aubay observes a continuation of the positive price effect and an increase in staff numbers at the beginning of 2026 compared to last year. Recruitment levels remain high at the start of 2026. In terms of governance, Christian Aubert, the founding President, will hand over the chairmanship of the Board of Directors to Philippe Rabasse, the current CEO, at the end of the general meeting on May 12, 2026. Philippe Rabasse will pass on operational management to the duo of David Fuks and Vincent Gauthier.