| In € millions | Q3 2025* | Q3 2024 | Reported change | Organic change | 9 months 2025* | 9 months 2024 | Reported change | Organic change |
| France | 98.6 | 67.4 | +46.3% | +6.3% | 244.8 | 211.2 | +15.9% | +3.1% |
| International | 61.5 | 61.8 | -0.5% | -0.5% | 184.3 | 190.3 | -3.1% | -3.1% |
| Total | 160.1 | 129.2 | +23.9% | +3.0% | 429.1 | 401.5 | +6.9% | +0.2% |
* Pre-audit figures
Aubay reported third-quarter 2025 revenue of €160.1 million, up sharply by 23.9%, benefiting from the consolidation of Solutec from July 1, 2025, and an acceleration in organic growth, which came out at 3.0% for the period, outperforming the end-July guidance. France stood out for its strong performance, while internationally, Italy and the Iberia region also swung back to growth.
Revenue for the first nine months of the year amounted to €429.1 million, up 6.9%.
France: sustained growth and a successful start to the integration of Solutec
Activity levels in France continued to improve, with organic growth coming out at 6.3% in the third quarter despite there being one less billable day. This positive trend is underpinned by stronger demand in financial services as well as strategic project wins. Other indicators are also performing well, with net recruitment now positive for three consecutive quarters, consultant productivity rates stable and satisfactory, and selling prices still on the rise. The integration of Solutec as from July 1 has significantly strengthened the French scope, bringing reported growth to 46.3%. The integration process is going smoothly, with commercial and operational synergies beginning to produce their first tangible effects, in terms of both performance and team cohesion.
International: gradual improvement
For the International segment, consolidated revenue amounted to €61.5 million, down slightly by 0.5% but representing a clear improvement in the region's performance over the period, following a 4.4% decline in the first half. Italy and the Iberia region swung back to growth, with several indicators trending upwards (an increase in calls for tender, net recruitment and price rises). In Belgium and Luxembourg, however, the performance remained less dynamic.
Headcount and activity indicators
On September 30, 2025, the Group had 8,999 employees. On a like-for-like basis, the third quarter was the best quarter of the year so far in terms of net recruitment, with no deterioration in productivity, confirming Aubay's strong business momentum.
Productivity rates reached 94.0% in the third quarter, virtually unchanged year on year, compared with 92.8% for the first half of the year.
Outlook for full-year 2025
Based on these solid results and a good start to the fourth quarter, the Group is confident in its performance for the full year and is therefore sharpening its guidance to the upper end of the range. The Group now expects revenue of between €600 million and €608 million and an operating margin from ordinary activities of between 8.5% and 9.0%.
Aubay will publish its full-year 2025 revenue on Wednesday, January 28, 2026 after trading.
Glossary
Organic revenue growth: this refers to growth calculated for a constant scope of activity for a given period, excluding revenue from companies that were acquired or sold during the period. As Aubay conducts most of its business in the eurozone, any impact from changes in exchange rates is minimal.
| Change as a % | Cumulative 9 months 2025 |
| Organic growth | +0.2% |
| France | +3.1% |
| International | -3.1% |
| Impact of changes in scope | +6.7% |
| France | +12.8% |
| International | - |
| Growth as reported | +6.9% |
| France | +15.9% |
| International | -3.1% |
Operating profit from ordinary activities: this indicator corresponds to operating income before the cost of free shares and other income and expenses that are unusual, significant or infrequent and that are booked separately in order to facilitate understanding of an entity's recurring operating performance.
Operating margin from ordinary activities: this indicator, which is expressed as a percentage, is the ratio of operating income from ordinary activities to revenue.
Net debt or net cash: this indicator represents the difference between an entity's cash and debt. If the result is negative, it is referred to as net debt. If it is positive, it is referred to as net cash.
About Aubay
Aubay is a digital services company working alongside some of the biggest names in the Banking, Finance, Insurance, Manufacturing, Energy, Transport and Telecoms sectors. Aubay has 8,999 employees in seven countries (France, Belgium, Luxembourg, Italy, Portugal, Spain, and the United Kingdom). Aubay generated revenue of €540.3 million in 2024.
Euronext, Compartment: B - ISIN FR0000063737-AUB - Reuters AUBT.PA - Bloomberg AUB:FP
Contacts
Amaury Dugast - Actus Finance - Tel: +33 (0)1 53 67 36 74 - E-mail: adugast@actus.fr
David Fuks - Co-Chief Operating Officer - Finance Department - Tel.: +33 (0)1 46 10 67 67 - E-mail: dfuks@aubay.com
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