Aubay's Board of Directors, which met on March 19, 2025 under Chairman Christian Aubert, approved the statutory and consolidated financial statements for 2024. The financial statements have been audited by the Statutory Auditors and the auditors' report will be issued once the procedures required to publish the company's Universal Registration Document have been completed.

2024 ended with a remarkable financial performance, once again demonstrating the Group's capacity for adaptation and resilience in the face of market fluctuations. All targets were achieved.

Annual revenue, which has already been published, amounted to €540.3 million in 2024, up 1.2% in organic terms, with growth of 1.0% in France (to €283.3 million) and 1.3% internationally (to €257.0 million).

OPERATING MARGIN FROM ORDINARY ACTIVITIES AT 9.2%, AT THE HIGHER END OF THE FORECAST RANGE AND CLIMBING

At 9.2%, the operating margin from ordinary activities was at the higher end of the forecast range announced at the start of the year. Despite a market slowdown, Aubay held its own, improving its operating profit from ordinary activities by 4.6% to €45.9 million.

This solid performance was attributable to several factors:

• streamlined and efficient sales;
• rigorous management of consultant productivity;
• a slight improvement in gross margin management.
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OPERATING PROFIT: up 8.4% to €45.9 million

Operating profit climbed by 8.4% to €45.9 million, including the cost of free shares, down on the previous year at €1.0 million (vs. €1.3 million in 2023), and other operating income and expenses also decreasing to €2.7 million (vs €3.7 million in 2023).

RECORD NET INCOME OF €37.6 MILLION, REPRESENTING 7.0% OF REVENUE

Group financial income further improved with a growth of €2.8 million, after a growth of €1.0 million in 2023, including €3.7 million in financial income from cash investments and the capital gain made on Micropole shares. The average tax rate was stable at 23%. Net income attributable to owners of the parent came to a record €37.6 million, up by 12.7% compared to last year's net income.

FINANCIAL POSITION

Cash flow generated by the Group's activities reached an exceptional €55.0 million (vs. €41.5 million in 2023), enabling net cash to exceed the Group's expectations, at €112.0 million, excluding IFRS 16, after dividend payments of €15.6 million and the buyback of own shares for €12.6 million (271,591 shares canceled on December 27, 2024).

PROPOSED DIVIDEND CLIMBS TO €1.30 PER SHARE

In light of this solidly maintained performance and the Group's high cash-assets, the Board of Directors has decided to propose a dividend of €1.30 per share in respect of 2024 to the Annual General Meeting to be held on May 6, 2025, up 8.3%.

Taking into account the capital reductions carried out at the end of 2023 and 2024, and the interim dividend of €0.50 per share paid on November 8, 2024, the increase in the total dividend payout would be limited to 6.1% compared with the total dividend payout in the prior year. The payout ratio would be reduced from 47% to 44% of net income.

Subject to approval by the Annual General Meeting, the final balance to be paid will amount to €0.80 per share, according to the following payment schedule:

OUTLOOK FOR 2025

At the start of the year, Aubay did not notice any particular trends in demand in its main markets.

The number of projects remains high, as do technological and regulatory challenges, in each of the Group's geographical regions and, globally, in each of its verticals. However, despite ongoing macroeconomic uncertainty, a range of customers are continuing to seek ways to optimize their IT services spending.

As Aubay waits for a ramp-up of spending in its markets, and taking into account a negative calendar effect in 2025, particularly in the first half of the year, a cautious approach to the context allows it to anticipate:

• organic growth of between 0% and 3%, i.e., annual revenue within the range of €540 million and €556 million;
• recurring operating margin of between 8.5% and 9.5%.

Aubay will publish its 2025 first-quarter revenue on April 23, 2025 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 revenues 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.

Operating profit from ordinary activities: this indicator corresponds to operating profit before the cost of free shares and other income and expenses that are unusual, abnormal 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 (excluding rental liabilities): 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. At December 31, 2024, the Group had 7,483 employees in seven countries (France, Belgium, Luxembourg, Italy, Spain, Portugal 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

APPENDICES