Alten (ATE) Q2 2025 TU earnings summary

Executive summary

• Turnover for H1 2025 was €2.84 billion, up from €2.1 billion year-over-year, but activity eroded slightly with a 3.6% decline at constant scope.

• Revenue for H1 2025 was €2,084.1M, a decrease of 1.1% compared to H1 2024, with organic revenue down 5.6%.

• Business stabilized early in 2025 but faced renewed headwinds from tariff barriers and frozen budgets, especially in industry.

• Declines were less severe than anticipated, with France down 4.3% and international down 6.2%.

• Group headcount continued to decline, with 57,900 employees at June-end, including 51,000 engineers.

Financial highlights

• Q2 2025 revenue was €1,022.1M, down 1.8% year-over-year.

• Organic growth would have been 3.4% (or 2.45% with the same number of business days).

• Excluding the automotive sector, the group’s decline was 3.4% (or 2.5% at constant working days).

• Second semester turnover was €1.41 billion, a 5.7% decline year-over-year.

• Operational margin for the year is forecasted at 8–8.1%, impacted by fewer business days and seasonality.

Outlook and guidance

• 2025 outlook remains gloomy with low visibility; organic decline expected between -5.2% and -5.5%, slightly better than earlier forecast.

• No tangible signs of business recovery expected before end of 2025; stabilization anticipated in 2026.

• Operational margin loss of 1.5 points expected due to fewer business days.