Alten (ATE) H1 2026 earnings summary

Executive summary

• Revenue reached €2,109.2m, up 1.2% reported and 1.6% like-for-like; France grew 4.4% and international like-for-like growth was 0.8%.

• Operating profit on activity rose 23.2% to €187.3m, with margin improving to 8.9% from 7.3% in H1 2025.

• Net income attributable to owners increased 37.8% to €113.8m; free cash flow rose 33% to €104.3m.

• FY 2026 guidance was raised to 1.7%-1.9% organic growth and approximately 9.2% operating margin on activity.

• Net cash was €313m at June-end, with gearing at -14%.

Financial highlights

• Operating profit was €158.3m, up 26.9%, including €12.5m of other operating expenses and a €2.6m disposal gain.

• Net income attributable to owners was €113.8m, or 5.4% of revenue, versus €82.6m and 4.0% in H1 2025; basic EPS was €3.36 versus €2.37.

• Gross cash flow before borrowing costs and tax was €217.2m; operating cash flow was €149.7m and free cash flow €104.3m.

• France revenue was €749.6m, up from €718.3m; international revenue was €1,359.5m, versus €1,365.8m.

• Capex was €8.1m, or 0.4% of revenue.

Outlook and guidance

• FY 2026 organic growth at constant scope and exchange rates is expected at 1.7%-1.9%, assuming conditions remain unchanged.

• FY 2026 operating margin on activity is expected to reach approximately 9.2%, higher than in 2025.

• Growth and margin guidance were raised following improved activity, particularly in Aerospace & Defence.