Assystem (ASY) Q3 2024 earnings summary

Executive summary

• Nine-month 2024 revenue reached €445.4m, up 5.6% year-over-year, with organic growth of 5.2%.

• Q3 2024 revenue grew 3.5% to €144.1m, with growth slowing due to weaker international infrastructure activity and lower-than-expected nuclear new-builds in France.

• Full-year 2024 revenue and EBITA margin targets revised down to €610m and 6.5%, respectively, citing project delays and budget uncertainties in France and the UK.

Financial highlights

• France contributed €278.9m (63% of total), up 2.1% year-over-year, with 4.5% organic growth; nuclear activities made up 87% of French revenue.

• International revenue was €166.5m (37% of total), up 12.0% year-over-year, with 6.3% organic growth and a 5.3% boost from acquisitions.

• Q3 2024 France revenue rose 3.2% (6.4% organic), while international revenue growth slowed to 4.0% (0.4% organic decrease).

Outlook and guidance

• 2024 revenue target revised to €610m (from €620m) and EBITA margin to 6.5% (from 7%) due to delayed nuclear projects and budget constraints in key markets.