Atos (ATO) investor relations material

Executive summary

• Q3 revenue was €1,642m, down 2.4% organically; the decline narrowed from 11.0% in Q1 and 5.8% in Q2, marking a third consecutive quarter of improvement.

• Net change in cash was +€44m, the first cash-positive quarter since Genesis began; FY 2026 targets were reaffirmed.

• Recovery efforts increasingly focus on profitable growth in agentic AI, digital sovereignty and cybersecurity.

Financial highlights

• Q3 order entry was €1,024m, with book-to-bill of 62% versus 70% in Q3 2025; the quarter had fewer large-deal signing opportunities.

• Q3 net change in cash was +€44m, including ~€50m of restructuring cash outflow; cash-flow figures exclude specified financing, M&A, shareholder and other movements.

• Liquidity rose to €966m at September-end from €948m at June-end, remaining above the €650m minimum; the September total included €896m cash and a €70m undrawn RCF.

• Restructuring cash costs reached €170m through Q3, including €120m in H1 and €50m in Q3; ~€30m more was expected in Q4.

Outlook and guidance

• FY 2026 targets were confirmed: organic revenue decline of ~5%, operating margin of ~7% and positive net change in cash.

• Q4 revenue decline was expected at 0%–2%, with revenue above Q3 and book-to-bill above 100%.

• Year-end liquidity was projected at €1.3bn–€1.4bn, including possible client advances; Q4 net cash generation was expected to be at least €76m.

• 2026–2028 ambitions include 5–7% revenue CAGR, ~10% operating margin and net debt/OMDAL below 1.5x by 2028.