Assystem (ASY) H1 2025 earnings summary

Executive summary

• Revenue reached €326.4 million in H1 2025, up 8.3% year-over-year, with 4.7% organic growth and 3.7% from acquisitions, driven by strong international performance and the consolidation of Mactech Energy Group in the UK.

• EBITA increased by 10.2% to €20.4 million, with a margin of 6.2% versus 6.1% in H1 2024, reflecting a greater contribution from international operations and increased business development costs.

• Net profit declined to €4.3 million from €5.0 million, impacted by higher share-based payment expenses.

• International business, especially in nuclear and defense sectors, drove growth, while France remained stable.

• The nuclear sector accounted for 76% of revenue, with France and the UK as key markets.

Financial highlights

• France revenue grew 1.8% year-over-year to €193.0 million, with Q2 organic growth accelerating to 2.9%.

• International revenue rose 19.4% to €133.4 million, with 9.7% organic growth, notably in the UK.

• EBITA margin improved to 6.2% (up 0.1pt year-over-year).

• Free cash flow was negative €14.7 million, slightly improved from negative €15.9 million in H1 2024.

• Net debt increased to €86.2 million from €49.3 million at year-end 2024, mainly due to acquisition and share buybacks.

Outlook and guidance

• Full-year 2025 guidance maintained: organic revenue growth of around 5% and a stable EBITA margin versus 2024, despite ongoing economic and geopolitical uncertainties.