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Atos (ATO) investor relations material
Atos Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
- Operating margin rose to 5.7% as cost savings offset revenue decline; FY 2026 targets reaffirmed.ATO
Q2 2026 - All AGM resolutions passed, confirming strategic transformation and no dividends before 2028.ATO
AGM 2025 - Strong recovery, transformation, and all resolutions approved, including Atos Group name change.ATO
AGM 2026 - Q1 2026 saw an 11% revenue drop but improved liquidity, pipeline, and confirmed FY guidance.ATO
Q1 2026 - Operating margin doubled to 4.4% on €8,001M revenue; AI and cash flow drive future growth.ATO
Q4 2025 - Operating margin and cash flow improved as transformation advanced, despite lower revenue.ATO
Q2 2025 - €1,941m net loss, €3.1bn debt cut, €1.75bn new funding, and major restructuring underway.ATO
Q2 2024 - Targets €9–10B revenue and 10% margin by 2028 through AI-driven transformation and cost actions.ATO
CMD 2025 - Restructuring drove a €3.5bn gain and net profit despite a 5.4% revenue decline.ATO
Q4 2024
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