Alten (ATE) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €2,109.2M, up 1.2% year-over-year, with organic growth of 1.6% and strong performance in France (+4.4%) and stabilization internationally (-0.5%).

• Operating profit on activity rose 23.2% to €187.3M, with operating margin improving to 8.9% (up from 7.3% in H1 2025).

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

• Free cash flow grew 33% to €104.3M (4.9% of revenue), supporting a robust net cash position of €313M and negative gearing of -14%.

• Headcount reached 58,700, with 64.5% of activity generated internationally as of June 30, 2026, following two acquisitions in IT and engineering services.

Financial highlights

• France delivered 4.4% revenue growth (3.3% organic), while international revenue was broadly stable (+0.8% like-for-like).

• Operating profit: €158.3M (+26.9% year-over-year), including €12.5M in non-recurring costs.

• All countries improved operating profit on activity, with Germany and UK returning to organic growth.

• Free cash flow as a percentage of revenue increased to 4.9% in H1 2026.

• Net cash position at June 30, 2026: €313M, with gearing at -14%.

Outlook and guidance

• Organic growth for 2026 is expected between 1.7% and 1.9%, with operating margin on activity projected at approximately 9.2% for the full year.

• Guidance revised upwards due to improved activity, especially in Aerospace & Defence.

• Optimism for continued growth in 2027, with ambitious plans to reach 80,000 engineers.