Alten (ATE) Q3 2025 TU earnings summary

Executive summary

• Revenue at the end of September 2025 declined by 1.3% year-over-year, with organic decline at 5.2% on a like-for-like and constant currency basis.

• France saw revenue growth of 4.0% while international revenue decreased by 3.9% compared to the same period last year.

• Q3 2025 revenue was €991.9 million, down 1.7% year-over-year; organic decline was 4.5%.

• Activity dropped sharply in Automotive, and also declined in Telecom, Electronics, Public sector, and Other Industries, but grew in Defense & Security/Naval, Energy, and Rail.

• Three international acquisitions were completed in the US, India, Spain, and South America.

Financial highlights

• Group revenue for the first nine months of 2025 was €3,076.0 million, down from €3,116.7 million in 2024.

• Organic revenue at constant scope and currency was €2,947.1 million, a 5.2% decline year-over-year.

• France contributed €1,059.5 million (+4.0%), while international operations contributed €2,016.4 million (-3.9%).

• Exchange rate impact was minimal at -0.6%.

Outlook and guidance

• Forecast for full-year 2025 is an organic decline between 5.2% and 5.5%.

• Operating margin is estimated at 8%–8.1% of revenue for 2025.

• Macroeconomic environment remains uncertain, with no clear signs of recovery, though some positive signals are seen for 2026.