| In € million | Q2* 2026 | Q2 2025 | Reported change | Organic change | H1* 2026 | H1 2025 | Reported change | Organic change |
| France | 105.5 | 72.1 | +46.4% | +12.3% | 217.1 | 146.2 | +48.5% | +12.8% |
| International | 68.1 | 60.7 | +12.0% | +12.0% | 134.7 | 122.8 | +9.7% | +9.7% |
| Total | 173.6 | 132.8 | +30.7% | +12.2% | 351.8 | 269.0 | +30.8% | +11.4% |
*Currently being audited
Aubay reported second-quarter 2026 revenue of €173.6 million, up by 30.7% as reported and 12.2% on an organic basis. As a result, the Group delivered a second consecutive quarter of double-digit organic growth despite a more challenging basis of comparison.
In first-half 2026, revenue totaled €351.8 million, up 30.8% as reported and 11.4% on an organic basis. This performance, which significantly outperformed the market, confirms the Group's business momentum and the effectiveness of its strategy in supporting its clients' transformation projects.
FRANCE: ROBUST SALES MOMENTUM
In France, business came to €105.5 million in the second quarter, representing an increase of 46.4% and 12.3% on an organic basis. Revenue totaled €217.1 million for the first half of the year, up 48.5%, or 12.8% on an organic basis.
This momentum is driven by strong commercial activity, favorable pricing trends, and the Group's ability to gain market share among customers seeking greater operational efficiency by streamlining their supplier base. Following the successful integration of Solutec, which merged with Aubay on July 1, 2026, the Group is fully leveraging its increased scale to secure new projects.
INTERNATIONALLY: ACCELERATION IN GROWTH
Internationally, revenue came to €68.1 million in the second quarter and €134.7 million for the first half of the year, representing pure organic growth of 12.0% for the quarter and 9.7% for the half-year. This acceleration quarter to quarter was driven especially by a continuing positive price effect. The Group is also benefiting from the recovery in investments in Southern Europe, particularly in Spain, Portugal and Italy, as well as its exposure to more relevant sectors continuing to see large-scale investment in their information systems (financial services, energy, and utilities, etc.).
HEADCOUNT AND ACTIVITY INDICATORS
The occupancy rate remained high, standing at 93.1% in the second quarter of 2026.
Net recruitment amounted to 132 employees for the quarter, bringing the net total to 357 employees over the first half of the year. On June 30, 2026, Aubay's headcount was 9,406 employees.
Operating margin is expected to come to around 7.5%, higher than in first-half 2025. This is fully in line with the business plan, taking into account the persisting seasonality this year due to calendar effects.
OUTLOOK: OBJECTIVES RAISED
Given the sales momentum in the first half of the year and the acceleration observed internationally in the second quarter, Aubay is revising its 2026 objectives, now aiming for revenue of between €695 and €705 million, as compared to the previous €676-690 million range, with a profit margin of between 9% and 10%, revising the top end of the range.
Aubay is striving to follow this trajectory by leveraging its expanded scale, its high-quality expertise, and its positioning in the field of critical and complex information systems across the most dynamic sectors.
Aubay's first-half 2026 results will be published on Wednesday, September 16, 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 eurozone, any impact from changes in exchange rates is minimal.
| Change as a % | H1 2026 |
| Organic growth | +11.4% |
| France | +12.8% |
| International | +9.7% |
| Impact of changes in scope | +19.4% |
| France | +35.7% |
| International | - |
| Growth as reported | +30.8% |
| France | +48.5% |
| International | +9.7% |
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. With more than 9,400 employees across 7 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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