Mixed results for Aubay: rise in France, international stability

In the second quarter of 2025, Aubay posted revenue of €132.8 million, a modest increase of 0.7% compared to 2024, despite an unstable economic environment. In France, revenue increased by 5.3%, outperforming market forecasts and performance, notably thanks to solid results in the banking and insurance sectors. This momentum is supported by increased recruitment and positive sales prices.

Abroad, business activity remained in line with expectations, despite negative calendar impacts in the Iberian region and Italy. Overall, half-year revenue stood at €269 million, marking a slight decline of 1.2% compared to the previous year.

The forecast for 2025 remains optimistic, with an organic growth target of between 0 and 3% and an operating margin of 8.5 to 9.5%. The integration of Solutec starting in the second half of the year could boost revenue growth to 12.5% by the end of the year.