Aubay raises annual target following third quarter with 8.5% organic growth
Aubay published on October 28, 2026 a revenue of €173.8 million for the third quarter, with organic growth of 8.5%, and raised its annual target to a range of €705 to €710 million, compared to €695 to €705 million previously. The group confirmed its operating margin target for the business, between 9.0% and 10.0%.
Quarter growth is based on the group's two zones: International (+10.0%) grew faster than France (+7.6%). The group, which had achieved €601.6 million in revenue in 2025, justifies this increase by its achievements at the end of September and by a good start to the fourth quarter.
€525.6 million over nine months, including 10.3% organic growth
Over the first nine months of 2026, Aubay's revenue reached €525.6 million, up 22.5%, including 10.3% organic growth.
The gap between these two rates corresponds to the contribution of acquired companies, which organic growth excludes by definition. During its half-yearly publication on September 16, 2026, the group highlighted its strengthened size following the integration of Solutec.
At constant scope, the cumulative progression is distributed in a similar way between France (+10.7%) and International (+9.8%). According to the group, third quarter performance proved higher than anticipated, continuing the trend of previous quarters.
Financial services and insurance, energy and utilities, as well as industry and transport constitute the main drivers of activity, according to the press release.
France at +7.6% facing a more demanding comparison base, International at +10.0%
In France, third quarter revenue stands at €106.2 million, with organic growth of 7.6%, compared to +10.7% over nine months. The group attributes this quarterly pace to a more demanding comparison base, a risk it had already identified during its half-yearly publication.
French operational indicators are progressing: net recruitment is positive for the third consecutive quarter, while consultant productivity and selling prices are increasing over the period.
Internationally, revenue reached €67.6 million, with organic growth of 10.0% in the quarter, compared to +9.8% over nine months. Italy and the Iberian zone drove this progression, supported by a positive calendar effect.
Calls for tenders, net recruitment and selling prices are trending upward there. The Belgium-Luxembourg zone returned to quasi-stable activity levels during the quarter.
As of September 30, 2026, Aubay had 9,530 employees, an increase of 531 over one year, including 124 in the third quarter alone. The activity rate stood at 93.3% for the quarter, virtually stable year-on-year, compared to 92.9% at the end of the first half of 2026.
Two revenue target increases in 2026
When publishing its 2025 accounts on March 18, 2026, Aubay was targeting revenue between €676 and €690 million for the current fiscal year. The group subsequently raised its revenue and profitability targets in July, then confirmed them in its half-yearly results, before again raising its revenue range to €705-710 million on October 28, 2026.
The operating margin target for the business is maintained between 9.0% and 10.0%. On September 16, 2026, the group reported a half-yearly margin of 7.5%, indicating that calendar effects were weighing on the seasonality of its results.
Annual 2026 revenue will be published on January 27, 2027 after market close. In the meantime, the central element of this publication remains the new annual target of €705 to €710 million, compared to €601.6 million achieved in 2025.
