2024 Half-Yearly Results: Half-year operating margin from ordinary activities: 8.1% - Net income attributable to owners of the parent remained stable: EUR 16.9 million - Net cash flow generated by operating activities: up EUR 21 million

Aubay's Board of Directors, which met on September 18, 2024 under Chairman Christian Aubert, approved the consolidated financial statements for the first six months of 2024. The financial statements have been reviewed by the company's Statutory Auditors who will shortly issue their reports.

Aubay proved very resilient in the first half of 2024, with revenue and net income virtually stable compared with the same period of the previous year.

Half-year operating margin from ordinary activities of 8.1%

In a sluggish market environment, Aubay has been able to rely on the resilience of its operating profit, thanks to the good management of all its key performance indicators. Although slightly down by 80 basis points compared with the first half of 2023 (8.1% vs. 8.9%), the operating margin from ordinary activities remains solid, especially as it was mainly impacted by an unfavorable calendar effect. This decline should be offset in the second half by a more favorable seasonal effect.

Operating profit of €20.8 million

Operating profit was down 8.4%, after taking into account the cost of performance shares for €0.6 million and a net expense of €0.8 million under "Other operating income and expenses", primarily comprising restructuring expenses.

Net income rose sharply to €1.7 million from €0.3 million in 2023, thanks to higher interest received and the capital gain on Micropole shares.

Net income attributable to owners of the parent remained stable (6.2% of net margin)

Net income attributable to owners of the parent was stable at €16.9 million, compared with €17.0 million in the first half of 2023. The tax expense of €5.7 million resulted in an average tax rate of 25% compared with 26% for the same period of the previous year.

Net cash (excluding rental liabilities) up sharply at €95.9 million, after dividend payment

Cash flow stood at €26.8 million or 9.8% of revenue, compared with €28.1 million in 2023. The change in WCR amounted to a negative €1.6 million compared to a negative €6.6 million for the same period of the previous year.

Cash flow from operating activities amounted to €21.0 million, a sharp increase compared to first half 2023 (€13.1 million).

After taking the 2023 €9.1 million dividend payout in May into account, and the €4.8 million purchases of treasury shares for cancellation, net cash stood at €95.9 million at June 30, 2024, and should continue to increase during the second half of the year.

Proposed interim dividend of €0.50

In light of the good level of net income and the Group's excellent financial position, the Board of Directors has decided to pay an interim dividend of €0.50 per share in respect of 2024. The interim dividend remains unchanged from 2023 and will be paid on November 8, 2024.

Outlook for 2024

Market trends over the summer show no particular improvement or deterioration in the conditions observed since the start of the year. Customers are still showing restraint and caution in their investments, given the uncertain macroeconomic context. Business outlook for the second half of 2024 is unchanged.

Aubay remains focused on maintaining profitability and cash generation.

In light of this, Aubay confirms its annual targets, which are:

• organic growth of between 0% and 3%, i.e., annual revenue of between €534 million and €550 million;
• operating margin from ordinary activities between 8.5% and 9.5%.

Aubay will publish its 2024 third-quarter revenue on Wednesday October 23, 2024 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. With 7,551 employees in seven countries (France, Belgium, Luxembourg, Italy, Spain, Portugal and the United Kingdom) at June 30, 2024, Aubay generated revenue of €534.1 million in 2023.

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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