Aubay: Revenue up 30.8% in first half of 2026, margins improving
Aubay finalized its first half of 2026 accounts on September 16, 2026, marked by revenue growth of 30.8% (of which 11.4% organic) and an improvement in its operating margins.
Driven by the integration of Solutec, acquired on July 7, 2025, and by the recovery of investments in Southern Europe, the digital services company confirms the annual targets it had raised in July.
Operating activity result up 37.9% to €26.6 million
Operating activity result reached €26.6 million in the first half of 2026, up 37.9% compared to the first half of 2025, for a margin rate of 7.5% versus 7.2% a year earlier.
Current operating result amounts to €25.0 million (+33.4%), after a charge of €0.9 million related to share-based payments and amortization of €0.6 million on intangible assets linked to acquisitions. After non-recurring operating charges of €1.3 million, mainly restructuring costs, operating result stands at €23.7 million, up 32.3%.
Net income attributable to the Group reached €17.2 million, up 22.9% compared to €14.0 million in the first half of 2025. Earnings per share came in at €1.36, up 23.6% versus €1.10 a year earlier, a growth rate higher than that of net income, boosted by the share buyback program (96,000 shares held as of June 30, 2026).
Margins improving internationally and in France
International margin improved to 8.6% versus 7.4% a year earlier, driven by improved performance in Italy and, to a lesser extent, in the Iberian region. In France, the margin stands at 6.9%, a level close to that generated before the Solutec acquisition, whose profitability was lower than Aubay's.
Financial result comes out as a net charge of €0.7 million, compared to a net gain of €1.2 million a year earlier, due to the financing of the Solutec acquisition. The tax charge amounts to €5.8 million, representing an effective rate of 25%, compared to 27% in the first half of 2025.
Net cash excluding lease liabilities stood at €44.3 million as of June 30, 2026, compared to €56.2 million at December 31, 2025, a change that the company attributes to the seasonal increase in working capital requirements, investments made during the semester, dividend payments and share buybacks. Gross financial debt excluding lease liabilities decreased to €24.6 million, compared to €31.9 million at the end of 2025.
2026 targets confirmed: revenue of up to €705 million targeted
Aubay confirms the targets raised in July and targets revenue between €695 million and €705 million for fiscal year 2026 (compared to a previous range of €676 to €690 million), with an activity operating margin between 9% and 10% (compared to 9 to 9.5% previously).
The Board of Directors has also decided to pay an interim dividend of €0.70 per share for fiscal year 2026, with payment scheduled for November 10, 2026. The universal transfer of assets of Solutec to Aubay SA took place on July 1, 2026, completing the legal integration of the company acquired in July 2025.
As a reminder, Aubay achieved revenue of €601.6 million for fiscal year 2025. The publication of third quarter 2026 revenue is scheduled for October 28, 2026 after market close.
