| In € million | Q1 2026* | Q1 2025 | Reported change | Organic change |
| France | 111.6 | 74.1 | +50.5% | +13.3% |
| International | 66.6 | 62.1 | +7.4% | +7.4% |
| Total | 178.2 | 136.2 | +30.9% | +10.6% |
* Pre-audit figures
In the first-quarter of 2026, Aubay reported consolidated revenues of €178.2 million, up 30.9% on the first quarter of 2025, including 10.6% on a like-for-like basis, a level ahead of the Group's expectations.
This performance reflects a general improvement in demand, combined with a strong sales momentum, a high level of activity and a favorable price effect in all the main geographical areas.
Aubay has benefited from the expansion of its customer portfolio, notably due to the integration of Solutec and the acquisition of numerous new accounts and projects. In particular, AI for IT is emerging as a strategic component of our offering, contributing to our development and commercial success.
Growth was achieved in the Group's key target sectors: financial services, energy and utilities, industry and transportation.
In France, Aubay reported strong revenue growth to €111.6 million, up 50.5% including 13.3% organic growth. Thanks to Aubay's positioning and the recognition of its expertise, the number of projects won has increased significantly. France remains fundamental to the Group's organic growth.
Internationally, revenue reached €66.6 million, representing a purely organic growth of 7.4%.
This trend is the result of the return to growth in Italy and continued improvement in the Iberian region. Demand is buoyant and price effects are also positive.
Headcount and activity indicators
On March 31, 2026, Aubay had 9,274 employees, a net increase of 225 new hires over the quarter to support business growth.
Productivity rate reached 92.7%, compared with 92.4% a year earlier, reflecting a good alignment between recruitment and demand.
Outlook for 2026: recovery confirmed
Aubay is seeing an acceleration in demand on its various markets, confirming at this stage the recovery that began in 2025. The start of the second quarter is no exception.
Against this favorable backdrop, Aubay remains confident and confirms its annual objectives. The advances achieved during the first-quarter should be confirmed over the coming months. Annual objectives will be reassessed, if necessary, at the end of the second quarter.
- Revenue of between €676 million and €690 million, corresponding to reported growth of 12% to 15% and calculated organic growth of 3% to 5%;
- Operating margin from ordinary activities between 9.0% and 9.5%, compared with 8% to 9% in 2025.
Aubay's second-quarter 2026 revenue will be published on July 23, 2026 after the close of 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 euro zone, any impact from changes in exchange rates is minimal.
| Change as a % | Q1 2026 |
| Organic growth | +10.6% |
| France | +13.3% |
| International | +7.4% |
| Impact of changes in scope | +20.3% |
| France | +37.2% |
| International | - |
| Growth as reported | +30.9% |
| France | +50.5% |
| International | +7.4% |
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 9,274 employees across seven countries (France, Belgium, Luxembourg, Italy, Spain, Portugal and the United Kingdom). Aubay generated revenue of €601.6 million in 2025.
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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