Alten (ATE) Q4 2024 TU earnings summary

Executive summary

• 2024 saw a tougher-than-expected environment, with a broad-based slowdown across most sectors and geographies, especially in automotive and aerospace, despite resilience in France, Iberia, and Poland.

• Full-year 2024 revenue reached €4,143.3 million, up 1.8% year-on-year, with France growing 4.8% and international markets up 0.4%.

• The group headcount increased to 58,000, excluding the Worldgrid acquisition, which will be consolidated from January 2025.

Financial highlights

• Organic growth was -0.2% for the year, with France at +4.8% and international at -2.6%.

• Full-year 2024 revenue was €4,143.3M, up 1.8% from 2023; Q4 revenue was €1,026.6M, down 0.5% year-over-year.

• Q4 2024 saw France up 2% and international down 1.7%.

• Activity rate for Q4 was 91.3%, with a full-year average of 91.8%.

• Operational margin exceeded 8.6% of turnover, reaching 8.7%.

Segment performance

• Automotive (47% of revenue) declined 18% overall, with Germany and Sweden particularly hard hit; OEM projects in Germany down 45% year-over-year.

• Aerospace, Defense, Security & Naval represented 23.4% of revenue and grew 6% in some regions, but aerospace slowed in H2.

• Energy, Life Sciences & Industrial Equipment accounted for 29.9% of revenue, with energy up 7% in H2.

• Retail and public services (17% of revenue) down over 6% due to budget cuts.

• Iberia and Poland showed growth, while Germany, UK, Scandinavia, and Canada saw significant declines.