Assystem (ASY) H2 2025 earnings summary

Executive summary

• Revenue reached €656.6m in 2025, up 7.4% year-over-year, with 4.5% organic growth and significant contribution from the Mactech Energy Group acquisition.

• EBIT-A rose 11.7% to €45.0m, with margin improving to 6.8%, driven by international operations and improved leverage in France.

• Profit for the period was €6.5m, down from €7.5m in 2024, impacted by non-recurring expenses, goodwill impairment, and higher share-based payment expenses.

• Expanded international presence with new subsidiaries in Kazakhstan and Canada, and strengthened UK position via Mactech acquisition.

• Dividend proposed at €1.0 per share for 2025, unchanged from the prior year.

Financial highlights

• France revenue rose 1.8% to €387.8m, all organic; international revenue surged 16.7% to €268.8m, with 8.9% organic growth and a positive scope effect from the Mactech acquisition.

• EBIT-A in France was €26.2m (6.7% margin), up from €24.9m (6.5% margin); international EBIT-A reached €24.3m (9.0% margin), up from €20.7m.

• Free cash flow was €33.5m (5.1% of revenue), down from €49.3m at end-2024 but up from €30.0m (4.9%) in the prior period.

• Net debt increased to €59.7m at year-end 2025, mainly due to acquisitions, dividends, and share buybacks.

• International operations contributed 41% of revenue, up from 38% the previous year.

Outlook and guidance

• 2026 targets: organic revenue growth between 2% and 4%, EBIT-A margin to increase to around 7%.

• Cautious on Middle East outlook due to regional conflict; employee safety prioritized.