Results

1st half of 2023

14 September 2023

1
01 Operating highlights

02 Financial results

03 Outlook

2
01 Operating highlights

3
A GOOD HALF-YEAR OVERALL IN A
LESS FAVOURABLE ENVIRONMENT

Organic growth on target despite 6.3%

unfavourable calendar VS. THE 5% TO 7% FORECAST

Satisfactory operating margin

impacted by slightly low utilisation rate 8.9 %
VS. 10.3% IN H1 2022

Modest growth in workforce with a 7,841

clear slowdown in the second quarter VS. 7,819 ON 31/12/2022

Net income virtually stable €17.0 M

VS. 17.3 IN H1 2022

4
02 Financial results

5
 REVENUE 2019... 2023

Revenue growth (in €M)

Autres pays
Other countries France
274.8
258.5

214.8
233.1 47 %
208.1 OUTSIDE
FRANCE
131,4 144,4
118,3
107,3 110,2

127,1 130,4
+7 %
100,8 104,6 114,8 FIVE-YEAR CAGR

2019 2020 2021 2022 2023

92.3 %
UTILISATION RATE

6
 REVENUE GROWTH
BY ACTIVITY SECTOR 2023
Comparison between 2023 and 2022

Industry/
Transport
Services 6%
/Utilities +26%
Public sector
13% 6%
+6% -1%
Revenue
by business
sector (YOY)
Telecomms
Insurance
15%
20% +2%
+6%

Banking/Finance Distribution
Share of revenue 2023
38% 2% Revenue growth 2023 vs. 2022
+6% +15%

7
 WORKFORCE (full-time equivalent)
Since 31/12/22

+ 22
Talents

Belgium/Luxembourg
219 vs 223
Breakdown by
geographical area
o France = 3,044
France/UK
o International = 4,797 3,044 vs 3,012
TOTAL: 7,841
Italy
2,117 vs 2,154

91.7% of productive workforce

H1 2023
vs 2022
Spain/Portugal
2,461 vs 2,430
8
 INCOME STATEMENT HIGHLIGHTS

in €K H1 2023 H1 2022 Var

Revenue 274,775 258,480 +6.3%
Operating income 24,485 26,600 -8.0%
As % of revenue 8.9% 10.3%
Cost of performance actions (690) (635)
Other operating income and expenses (1,059) (941)
Operating profit 22,736 25,024 -9.1%
Financial result 340 (565)
Tax income/(expense) (6,090) (7,091)
Net income from companies accounted for by the equity
method
Net income of consolidated companies 16,986 17,368 -2.2%
As % of revenue 6.2% 6.7%
RNPG 16,986 17,329
Earnings per share 1.28 € 1.31 €

9
 INCOME STATEMENT BY REGION

REVENUE OPERATING MARGIN

(IN €M)

H1 2023 H1 2022 H1 2023 H1 2022

Group 274.8 258, 5 +6.3% 8.9% 10.3%

France 144.4 131.4 +9.9% 8.5% 8.7%

International 130.4 127.1 +2.6% 9.4% 11.9%

10
 BALANCE SHEET

ASSETS EQUITY AND LIABILITIES

in €M 30/06/23 31/12/22 in €M 30/06/23 31/12/22
Goodwill 131.3 131.3 Equity PG 259.6 250.7
Other fixed assets 27.7 21.5 Equity IM - 0.2
of which rights of use 20.5 13.9
Other non-current 4.7 4.4 Non-current liabilities 28.5 21.1
of which rental debt 21.0 14.3
assets
Financial liabilities 2.2 2.4
Other current assets 208.4 202.8
Current liabilities 167.5 171.4
Cash 85.7 85.9
Total assets 457.8 445.8 Total liabilities 457.8 445.8

11
 CASH FLOW STATEMENT

in €M H1 2023 H1 2022 Var.

Cash flow 28.1 29.1 -3.4%

In % of revenue 10.2% 11.3%
Taxes paid (8.5) (8.8)
Change in WCR (6.6) (17.5)
Net cash provided by operating 13.1 2.8
activities
Net cash flow from investing activities (0.7) (0.9)

Cash flow from financing activities (12.5) (14.5)

Dividends paid:
Change in cash and cash equivalents 0.2 (12.6) €9.3 M
Debt repayment:
Opening cash position 85.8 79.1 €0.3 M

Closing cash position 85.6 66.4

CASH + MARKETABLE 85.6 M€

SECURITIES =

BANK OVERDRAFTS = - €M

12
 CHANGE IN NET CASH POSITION

in €M

83,4 83,5
74,8

44,6

11,6

2019 2020 2021 2022 S1 2023

13
04 Outlook

14
 THE CONTEXT IS STILL
POSITIVE BUT MORE UNCERTAIN
AND LESS CLEAR-CUT

Clients are still showing caution and restraint in their investments. The number of calls for
tender remains high, but is down on the peak period of 2022. This finding is consistent across all
countries, sectors and types of service.

July and August were satisfactory, but below our expectations. There was a slight improvement
in early September but this has yet to be confirmed over time.

Faced with this more uncertain and less clear-cut situation, we have adopted a more cautious and
demanding strategy when it comes to recruitment.

The increase in sales prices is still offsetting the rise in wages.

The number of external growth projects we receive is rising significantly.

15
 2023 SHOULD BE
AT THE LOWER END OF THE RANGE
OUR STANDARD OBJECTIVES

The current year has two fewer working

days than 2022

REVENUE (IN €M)

540 M€ - 550 M€

OPERATING MARGIN
9.5% - 10.5%

16
 INTERIM DIVIDEND
/ SHAREHOLDING

ANNUAL DIVIDEND PERFORMANCE DIVIDEND

Still on the rise since inception The Board of Directors has decided to pay an interim
dividend of €0.5 (vs. €0.5 the previous year), payable on
in € 10 November 2023.
1,30
1,2
1,20
1,1
1,10
1,00
0,90
0,80
0,70 0,66
0,60
0,60 0,60 SHAREHOLDING AT 31/12/2022
0,50
0,47 % voting
0,41 % capital
0,40
0,30 rights
0,20 0,23
0,30
0,18 Associates/Mana
0,20 gers
45.31 60.63
0,10
0,00
Floating 54.58 39.37
12 13 14 15 16 17 18 19 20 21 22 Company
controlled
0.11 -

17
QUESTIONS?

18
AUBAY
IN BRIEF

3.1

19
 25 YEARS SHAPING A DISTINCTIVE
AND RECOGNISED IDENTITY

Today, Aubay is…

✓ The largest IT consulting company ✓ A culture of growth, balancing organic and

created since 1998 external growth:
• 30 acquisitions
✓ Pure Play in each of the two selected
areas: ✓ 7,819 talented employees, including 92%
• digital transformation & IT engineers or equivalent
industrialisation ✓ Tier-One customers exclusively

✓ A clear and compact organisation: ✓ A targeted geographical presence:

• 1 country = 1 legal entity • where our customers are and where
• The same organisation, the same brand they're going

✓ A stable management team that regularly ✓ Quality & proximity, with determination
adds new talent
✓ A virtuous development strategy: ambition
& caution

20
 AUBAY, A EUROPEAN IT COMPANY

STRONGER EUROPEAN revenue IN €M

PRESENCE
470,6 513,5
Founded in 1998, 417,8
426,4
400,6
listed on Breakdown 353,6
NYSE/Euronext of revenue
(SBF 250) France 51%
Italy 23%
21 offices in 7 Spain/
22% 2017 2018 2019 2020 2021 2022
European Portugal
countries Belux 4%

45.3% of capital
held by
managers

DELEGATION DELEGATION Delegationdeof

ENGINEERS AND France Délégation
OF OF responsabilities
CONSULTANTS 3,012 RESPONSIBILITIES responsabilités
SKILLS
AT 31/12/2022 Total = 7,819 Delegationde
Délégation
41% of skills
compétences
Spain/Portugal
2,430 Italy 59%
2,154
Belgium/
Luxembourg
223 21
 AUBAY, A EUROPEAN
CLIENTELE

38% BREAKDOWN OF revenue BY

BUSINESS SECTOR IN % 2022
TOP 15 Group clients

21%

15%
13%

6%
5%

2%

Banking / Insurance Public Industry/ Services/ Telecomms/ E-commerce/

Finance sector Transport Utilities Media/Games Distribution

22
 AN HISTORIC BUT GROWING
COMPANY
MANAGEMENT VERY INVOLVED IN
OPERATIONS…

revenue (in €M) Operating activity trend (in €M) Dividends paid (in €K)
600 50 10000
500 40 8000
400 6000
30
300
20 4000
200
100 10 2000
0 0 0
2008 2010 2012 2014 2016 2018 2020 2022 2008 2010 2012 2014 2016 2018 2020 2022 2008 2010 2012 2014 2016 2018 2020 2022

Culture of GROWTH Profitability A strategy of giving back to

Balance between internal and Ambition and caution SHAREHOLDERS
external growth (adaptability) Dividend policy: approx. 30% of annual
net income (still rising since 2002)

…. FOR GRADUAL CREATION OF VALUE

23
 THE VIRTUOUS CIRCLE
OF GROWTH

GRADUAL MARGIN ACQUISITION

VALUE ADJUSTMENT OF COMPANIES
CREATION AND CASH FLOW WITH LOW PROFIT
& GENERATION BUT WELL
GIVING BACK TO & RAPID POSITIONED
SHAREHOLDERS INTEGRATION ON THEIR
UNDER A SINGLE MARKETS
BANNER

Education level
of employees recruited 30 acquisitions Our latest successful
successfully consolidated acquisitions

Bac +4/5 or Engineering

masters degree ✓ Quantic, France, 2019
43% 41% ✓ Commercial property,
BUY Italy, 2017
MANAGE, ✓ CastInfo, Spain, 2015
Bac +2/3 RECRUIT, SELL ✓ Norma4, Spain, 2014
16% & INNOVATE ✓ Aedian, France, 2013
✓ BSC, Italy, 2013
✓ Adex, France, 2010
INTEGRATE & ✓ Selex Elsag, Italy, 2011
+2,200 high-level new hires ✓ Projipe, France, 2006
RESTRUCTURE
by 2022, ✓ WhyNot, France, 2005
Relevant job offers
Attractive customers

24
FINANCIALS

3.2

25
 INCOME STATEMENT AT 30/06/2023

in €K 30/06/2023 % 30/06/2022 %
revenue 274,775 100% 258,480 100%
Other operating income 235 120
Purchases consumed and external charges (67,171) (57,932)
Personnel costs (177,525) (167,789)
Taxes and duties (2,233) (2,197)
Depreciation and provisions (3,783) (3,925)
Change in stocks of work in progress and finished goods 0
Other operating income and expenses 187 (157)
Operating income from ordinary activities 24,485 8.9% 26,600 10.3%
Expenses related to free shares and similar (690) (635)
Current operating profit 23,795 8.7% 25,965 10.0%
Other operating income and expenses (1,059) (941)
Operating profit 22,736 8.3% 25,024 9.7%
Income from cash and cash equivalents
Cost of net debt (327) (244)
Other financial income and expenses 667 (321)
Financial result 340 (565)
Income tax expense (6,090) 26% (7,091) 29%
Share of net income of companies accounted for by the equity method
Net income before earnings from discontinued operations 16,986 17,368
Net income from discontinued operations
Net earnings 16,986 6.2% 17,368 6.7%
Group share 16,986 17,329
Minority interests 0 39
Weighted average number of shares 13,289,283 13,252,256
Earnings per share 1.28 1.31
Diluted weighted average number of shares 13,366,283 13,332,256
Diluted earnings per share* 1.27 1.30

26
 STATEMENT OF FINANCIAL POSITION
AT 30/06/2023

ASSETS (in thousands of euros) 30/06/2023 31/12/2022

Goodwill 131,305 131,305

Intangible assets 468 597
Property, plant and equipment 4,654 4,978
Usage rights 20,499 13,850
Investments accounted for using the equity method - -
Other financial assets 2,026 2,053
Deferred tax assets 2,423 2,603
Other non-current assets 2,290 1,782
NON-CURRENT ASSETS 163,665 157,168
Stocks and stocks in progress 840 926
Assets on contracts 44,855 35,458
Clients and related accounts 122,802 127,890
Other receivables and accruals 39,971 38,510
Marketable securities 43,223 40,272
Liquid assets 42,447 45,581
CURRENT ASSETS 294,138 288,637
TOTAL ASSETS 457,803 445,805

27
 STATEMENT OF FINANCIAL POSITION
AT 30/06/2023

Liabilities (in thousands of euros) 30/06/2023 31/12/2022

Capital 6,652 6,634
Share premium and retained earnings 235,982 208,443
Net income, Group share 16,986 35,629
Shareholder equity - group share 259,620 250,706
Minority interests 0 0
SHAREHOLDER EQUITY 259,620 250,706
Borrowings and financial debts: due in over a year 1,606 1,611
Rental debt: due in over a year 16,661 9,720
Deferred tax liabilities 1 1
Provisions for liabilities and charges 6,874 6,600
Other non-current liabilities 434 259
NON-CURRENT LIABILITIES 25,576 18,191
Borrowings and financial debts: due in under a year 557 832
Rental debt: due in under a year 4,390 4,555
Suppliers and related accounts 39,545 39,104
Contract liabilities 17,795 25,615
Other current liabilities 110,320 106,802
CURRENT LIABILITIES 172,607 176908
TOTAL LIABILITIES 457,803 445,805

28
 CASH FLOW STATEMENTS
AT 30/06/2023
30/06/2023 30/06/2022
(in thousands of euros)
Consolidated net result (including minority interests) 16,986 17,368
Income from equity affiliates
Net depreciation, amortisation, provisions and rights of use related to leasehold agreements 3,957 3,816
Calculated income and expenses related to stock options and similar 690 635
Other calculated income and expenses
Dividend income (58) (57)
Capital gains and losses on disposals 147 (6)
Cash flow after cost of net financial debt and tax 21,722 21,756
Cost of net financial debt 327 244
Tax expense (including deferred taxes) 6,090 7,091
Cash flow before cost of net financial debt and tax (A) 28,139 29,091
Taxes paid (B) (8,479) (8,798)
Change in clients and other debtors © (5,008) (21,165)
Change in trade and other payables (C) (1,596) 3,702
Change in operating working capital (including employee benefit liabilities) (6,604) (17,463)
Net cash flow from operating activities (D) = (A+B+C) 13,056 2,830
Cash outflows related to the acquisition of tangible and intangible assets (773) (1,102)
Cash inflows related to the disposal of tangible and intangible assets 6
Cash outflows related to the acquisition of financial assets (5) (4)
Cash inflows related to the disposal of financial assets
Change in loans and advances granted (36) 50
Cash outflows/inflows from business combinations, net of cash
Dividends received 58 57
Other flows
Net cash flow from investing activities (E) (756) (993)
Amounts received from shareholders in capital increases
Amounts received on exercise of stock options
Purchase of treasury shares for cancellation
Repurchases and resales of company-controlled shares
Dividends paid during the year:
- Dividends paid to shareholders of the parent company (9,304) (10,075)
- Dividends paid to minority shareholders of consolidated companies (44)
Proceeds from new borrowings
Loan repayments (279) (1,272)
Repayment of rental debts (2,602) (2,818)
Net financial interest paid (327) (244)
Purchase of non-controlling minority interests
Other flows
Net cash flow from financing activities (F) (12,512) (14,453)
Impact of changes in foreign exchange rates (G) 27 (11)
Net cash flow (D+E+F+G) (185) (12,627)
Opening cash position 85,839 79,056 29
Closing cash position 85,654 66,429
 CHANGES IN CONSOLIDATED EQUITY
AT 31/12/2022

Share premium and Net earnings, Total group

Share capital retained earnings group share share Minority Total
Equity at 31 December 2020 6,604 170,017 26,132 202,752 144 202,896
Capital increase and reduction 7 (7) 0 0
Share-based payments 1,021 1,021 1,021
Dividends paid (8,851) (8,851) (25) (8,876)
Appropriation of income 26,132 (26,132) - - -
Net earnings for the year 34,409 34,409 72 34,481
Change in company-controlled shares 51 51 51
Change in scope 0 0
Other movements 199 199 199
Other comprehensive income 179 179 179
Equity as of 31 December 2021 6,611 188,741 34,409 229,760 191 229,951
Capital increase and reduction 23 (23) 0
Share-based payments 1,164 1,164 1,164
Dividends paid (16,702) (16,702) (16,702)
Appropriation of income 34,409 (34,409) 0
Net earnings for the year 35,629 35,629 35,629
Change in company-controlled shares (157) (157) (157)
Change in scope 191 (191) 0
Other movements 191 673 673
Other comprehensive income 673 673 258
Equity as of 31 December 2022 6,634 208,554 35,629 250,816 0 250,816

30