Alten (ATE) Q1 2025 TU earnings summary

Executive summary

• H1 2025 turnover reached €2.84 billion, up from €2.1 billion last year, but organic business declined by 3.6% on a like-for-like basis; Q1 2025 revenue was €1,062.0 million, down 0.5% year-over-year, with France up 4.2% and international down 2.8%.

• Revenue for H1 2025 was reported as €2,084.1M, a decrease of 1.1% year-over-year, with organic revenue down 5.6%.

• Activity was penalized by fewer business days and sector-specific downturns, notably in automotive, telecommunications, and banking.

• Defense & Security and Energy segments grew, while Automotive and Telecoms saw declines of over 10%.

• Macroeconomic prospects worsened due to tariff barriers and budget freezes, especially in industry sectors.

Financial highlights

• Turnover for the second semester was €1.041 billion, a 1.8% decline compared to 2024.

• Group revenue: €1,062.0 million in Q1 2025 vs. €1,067.0 million in Q1 2024.

• France saw a 5.7% decline in turnover; business level for the semester was 91.1%, close to last year's 91.2%.

• Group headcount at end of June was 57,900, with a net decline in engineers, offset by the integration of 996 engineers from Worldgrid.

• Scope changes contributed +4.7% to revenue; exchange rate impact was +0.3%.

Outlook and guidance

• 2025 outlook remains gloomy with low visibility; organic decline expected between -5.2% and -6%, slightly better than the -6% previously anticipated.

• Operational margin for the year projected at around 8% to 8.1%, impacted by fewer business days and ongoing sector challenges.

• Stabilization of business is expected only around 2026, not before the end of 2025.