AUBAY: 2024 annual results: Operating margin from ordinary activities: 9.2% - Net income attributable to owners of the parent: EUR 37.6 million (up 12.7%) - Record net cash: EUR 112 million - Dividend on the rise at EUR 1.30 per share

In € thousands	2024	2023	Change
Revenue	540,297	534,116	+1.2%
Operating profit from ordinary activities	49,587	47,385	+4.6%
As a % of revenue	9.2%	8.9%
Cost of performance shares	(1,027)	(1,328)
Other operating income and expenses	(2,682)	(3,728)
Operating profit	45,878	42,329	+8.4%
Financial income	2,835	1,047
Tax (expense)/income	(11,069)	(9,968)
Net income from consolidated companies	37,644	33,408	+12.7%
As a % of revenue	7.0%	6.3%
Net income attributable to owners of the parent	37,644	33,408
Earnings per share	2.94	2.56	+15.0%
Net cash	111,963	92,992	+20.4%

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.

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:

Last cum dividend date	May 8, 2025
Ex-dividend date	May 9, 2025
Date on which Euroclear finalizes positions to determine dividend entitlements	May 12, 2025 (record date)
Payment	May 13, 2025 (payment date)

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.

	2024
Organic growth	+1.2%
Impact of changes in scope	-
Growth as reported	+1.2%

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: [phone] - E-mail: [e-mail]

David Fuks - Co-Chief Operating Officer - Finance Department - Tel.: [phone] - E-mail: [e-mail]

APPENDICES

Statement of financial position as of December 31, 2024
ASSETS (in € thousands)	Dec. 31, 2024	Dec. 31, 2023
Goodwill	131,305	131,305
Intangible assets	1,485	884
Property, plant & equipment	3,744	4,283
Right of use relating to leases	18,351	19,829
Equity-accounted investees		-
Other financial assets	2,341	2,181
Deferred tax assets	4,666	3,929
Other non-current assets	3,680	1,530
NON-CURRENT ASSETS	165,572	163,941
Inventories and work in progress	686	736
Assets on contracts	32,311	34,932
Trade receivables	118,208	121,914
Other receivables and accruals	40,265	41,139
Marketable securities	29,064	42,330
Cash at bank and in hand	84,667	52,566
CURRENT ASSETS	305,201	293,617
TOTAL ASSETS	470,773	457,558

EQUITY AND LIABILITIES (in € thousands)	Dec. 31, 2024	Dec. 31, 2023
Capital	6,396	6,532
Additional paid-in capital and consolidated reserves	227,818	221,411
Net income attributable to owners of the parent	37,644	33,408
Shareholders' equity attributable to the Group	271,858	261,351
Minority interests	0	0
SHAREHOLDERS' EQUITY	271,858	261,351
Borrowings and financial liabilities: non-current portion	541	1,078
Rental liabilities due in more than 1 year	14,373	15,439
Deferred tax liabilities	0	1
Provisions for contingencies and expenses	7,255	8,896
Other non-current liabilities	1,106	358
NON-CURRENT LIABILITIES	23,275	25,772
Borrowings and financial liabilities: current portion	1,227	824
Rental liabilities due within 1 year	4,881	5,084
Trade and other payables	37,160	36,917
Contract liabilities	21,866	20,595
Other current liabilities	110,506	107,015
CURRENT LIABILITIES	175,640	170,435
TOTAL EQUITY AND LIABILITIES	470,773	457,558

Income statement for 2024
In € thousands	2024	%	2023	%	Change
Revenue	540,297	100%	534,116	100%	+1.2%
Other operating income	176		236
Purchases used in production and external charges	(134,018)		(131,913)		+1.6%
Staff costs	(344,217)		(342,543)		+0.5%
Taxes other than on income	(4,200)		(4,509)
Amortization, depreciation and provisions	(7,788)		(8,038)
Change in inventories of work in progress and finished goods
Other operating income and expenses	(663)		36
Operating profit from ordinary activities	49,587	9.2%	47,385	8.9%	+4.6%
Expenses linked to restricted share units and similar awards	(1,027)		(1,328)
Current operating profit	48,560	9.0%	46,057	8.6%	+5.4%
Other operating income and expenses	(2,682)		(3,728)
Operating profit	45,878	8.5%	42,329	7.9%	+8.4%
Income from cash and cash equivalents
Net borrowing costs	(876)		(771)
Other financial income and expenses	3,711		1,818
Financial income	2,835		1,047
Income tax expense	(11,069)	23%	(9,968)	23%
Income from equity-accounted investees
Net income before results of discontinued operations or assets held for sale	37,644		33,408
Net income after tax of discontinued operations or assets held for sale
Net income	37,644	7.0%	33,408	6.3%	+12.7%
Attributable to owners of the parent	37,644		33,408		+12.7%
Minority interests			0
Basic weighted average number of shares	12,788,180		13,055,712
Earnings per share	2.94		2.56		+15.0%
Diluted weighted average number of shares	12,864,680		13,129,462
Diluted earnings per share*	2.93		2.54

Cash flow statement for 2024
(in € thousands)	2024	2023
Consolidated net income (including non-controlling interests)	37,644	33,408
Income from equity-accounted investees
Net depreciation, amortization and provisions and right of use relating to leases	7,531	9,142
Non-cash expenses and income relating to share-based payments	1,027	1,328
Other non-cash items
Dividend income	(31)	(58)
Gains and losses on disposals of fixed assets	77	208
Cash flow after net interest expense and tax	46,248	44,028
Net borrowing costs	876	771
Tax expense (including deferred taxes)	11,069	9,968
Cash flow before net interest expense and tax (A)	58,193	54,767
Income tax payments (B)	(11,639)	(10,979)
Change in trade and other receivables (C)	5,957	4,756
Change in trade and other payables (C)	2,485	(7,041)
Change in WCR linked to operations (including debt related to employee benefits)	8,442	(2,285)
Net cash provided by (used in) operating activities (D) = (A+B+C)	54,996	41,503
Outflows for the acquisition of tangible and intangible fixed assets	(1,878)	(1,805)
Inflows from the disposal of tangible and intangible fixed assets	8	17
Outflows for the acquisition of financial assets	(1)	(5)
Inflows from the disposal of financial assets
Change in loans and advances granted	(85)	(74)
Disbursements (cash) related to business combinations, net of cash and cash equivalents
Dividends received	31	58
Other operating cash flows
Net cash provided by (used in) investing activities (E)	(1,925)	(1,809)
Proceeds from capital increases
Amounts received upon the exercise of stock options
Purchases of treasury shares for cancellation	(12,677)	(8,419)
Purchases of and proceeds from the sale of treasury shares
Dividends paid in the period:
- Net dividends paid to parent company shareholders	(15,584)	(15,901)
- Dividends paid to the non-controlling shareholders of consolidated companies
Inflows from new borrowings
Repayment of loan debt	(535)	(559)
Repayment of rental liabilities	(4,994)	(5,025)
Net interest payments	(876)	(771)
Purchase of non-controlling minority interests
Other financial cash flows
Net cash provided by (used in) financial activities (F)	(34,666)	(30,675)
Effects of changes in foreign exchange rates (G)	35	9
Change in net cash (D+E+F+G)	18,440	9,028
Cash and cash equivalents at the beginning of the period	94,867	85,839
Cash and cash equivalents at end of period	113,307	94,867

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