Atos (ATO) investor relations material

Executive summary

• Achieved strong H1 2026 performance with improved profitability and commercial momentum, despite organic revenue decline year-over-year; full-year targets and ongoing cost restructuring through the Genesis program, now in its second phase, are confirmed.

• Commercial traction increased, with momentum across strategic pillars such as AI, cybersecurity, and sovereignty, supported by major contract wins in public sector, energy, and defense.

• Employee engagement and customer confidence improved, with voluntary attrition down to 11.8–12% and NPS scores up 10.8 points.

• Major divestitures included Advanced Computing (Bull), Ideal GRP, and South American operations, aligning with the Genesis transformation plan.

Financial highlights

• H1 2026 revenue at current perimeter: €3,304 million, down 8.9% year-over-year; operating margin at current perimeter: €190 million (5.7% of revenue), up €57 million and +2.1 pts year-over-year.

• Net loss Group share: €-504 million for H1 2026, improved from €-696 million in H1 2025, mainly due to restructuring and refinancing costs.

• Net change in cash: €-120 million, reflecting seasonality, improved profitability, and restructuring outflows.

• Liquidity at June 30, 2026: €1,805 million (€948 million after July debt repayment); net debt at €1,998 million as of June 30, 2026.

• Book-to-bill ratio at 91% in Q2 2026, with renewal rate at 94%.

Outlook and guidance

• FY 2026 organic revenue growth expected at the low end of the -1% to -5% range, with operating margin targeted at approximately 7%.

• Positive net cash flow anticipated in H2 2026, with net debt expected to decrease by year-end.

• Acceleration of profitable growth and cash generation expected in 2027–2028, with organic revenue CAGR of 5–7% and operating margin target of ~10% by FY 2028; leverage ratio targeted below 1.5x.

• Confident in top-line rebound by Q4 2026 or during 2027.