Alten (ATE) investor relations material

Executive summary

• H1 revenue was €2,109.2M, up 1.2% year-over-year, with like-for-like growth of 1.6%.

• Operating profit on activity rose 23.2% to €187.3M; its margin improved to 8.9% from 7.3% in H1 2025.

• Net income increased 37.8% to €113.8M, or 5.4% of revenue.

• Free cash flow grew 33% to €104.3M; net cash was €313M, with gearing at -14%.

• FY 2026 guidance targets 1.7%-1.9% organic growth and a 9.2% operating margin on activity.

Financial highlights

• Revenue was €2,109.2M, including €749.6M in France (+4.4%) and €1,359.5M internationally (-0.5%).

• Operating profit on activity reached €187.3M, up 23.2%; reported operating profit was €158.3M, up 26.9%.

• Net income rose 37.8% to €113.8M; net income margin increased to 5.4% from 4.0%.

• Free cash flow was €104.3M (4.9% of revenue), up 33% from €78.4M in H1 2025.

• All countries improved operating profit on activity; Germany and the U.K. returned to organic growth.

Outlook and guidance

• FY 2026 organic growth at constant scope and exchange rates is expected at 1.7%-1.9%.

• Full-year operating margin on activity is forecast at 9.2%.

• Guidance was revised upward following improved activity, especially in Aerospace & Defence; the outlook assumes no significant changes in economic and geopolitical conditions.

• Management expects H2 activity to improve, while comparisons become tougher after the late-2025 recovery.