Assystem Earnings: Nuclear Growth Supports Revenue Outlook

Assystem earnings showed higher revenue for the first nine months of 2026, driven by nuclear activities, while a revaluation related to Expleo Group contributed to a first-half loss. The engineering company also refined its full-year growth target.

Key Takeaways

• Nine-month revenue rose 1.7% to €492.1 million, including organic growth of 2.8%.
• First-half EBIT-A increased to €21.1 million, but Assystem recorded a consolidated loss of €6.6 million.
• Assystem now expects approximately 3% organic revenue growth for 2026, within its previous 2% to 4% range.

Assystem earnings and nuclear revenue

Assystem said on October 27 that revenue for the nine months ended September 30 rose from €484.2 million a year earlier. A negative currency effect of 1.1% partially offset organic growth.

Nuclear activities, which accounted for 81% of consolidated revenue, grew 7.7% organically. Revenue in France rose 4.5% to €297.6 million, while international revenue fell 2.4% to €194.6 million.

The company said UK growth was supported by the ramp-up of civil nuclear and defence contracts. Business was subdued in the MECA region, partly because the Akkuyu nuclear contract in Türkiye and siting studies in Saudi Arabia had ended.

First-half profit and loss

Operating profit before non-recurring items, or EBIT-A, rose 3.4% to €21.1 million in the six months ended June 30. The EBIT-A margin widened to 6.4% from 6.2% a year earlier.

France’s EBIT-A improved, which Assystem attributed to factors including a higher activity ratio and greater operating leverage. International EBIT-A declined, reflecting expansion costs in Canada, unfavourable operating leverage in Saudi Arabia and contract timing.

The company reported a consolidated loss of €6.6 million, compared with a €4.3 million profit a year earlier. The result included a negative €19.0 million contribution from a fair-value remeasurement of Expleo Group convertible bonds.

Cash flow and 2026 targets

First-half free cash flow, excluding the impact of IFRS 16, was negative €19.1 million, compared with negative €14.7 million a year earlier. Net debt on the same basis stood at €81.3 million at June 30, up from €59.7 million at the end of 2025.

Alongside its approximately 3% organic revenue growth target, Assystem expects its EBIT-A margin to increase to around 7% of consolidated revenue for the full year. The targets are subject to no significant deterioration in the macroeconomic, political or geopolitical environment.

Next milestone

Assystem is scheduled to release its full-year 2026 revenue on February 11, 2027, after the market close.

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