Alten (ATE) Q4 2025 TU earnings summary

Executive summary

• Full-year 2025 revenue was €4,099 million, a decrease of 1.1% year-over-year, with organic revenue down 4.5% and signs of stabilization in Q4.

• Q4 2025 revenue reached €1,023 million, down 0.35% from Q4 2024, with organic revenue down 2.2% and activity exceeding expectations.

• France saw revenue growth of 4.3%, while international revenue decreased by 3.7%; activity outside France increased by 4%.

• Sectors such as Defense/Security, Naval, Aerospace, and Energy grew, while Automotive dropped sharply by 16% and Telecoms remained weak.

• Headcount slightly increased to 51,000 engineers globally, despite a net decrease of 960 engineers at constant scope.

Financial highlights

• Organic revenue declined 4.5% year-over-year, but would have been 4.2% growth excluding the impact of fewer working days.

• France contributed 34.6% of total revenue, with Europe (excluding France) at 45.9%, North America 10.6%, and Asia Pacific 8.2%.

• Q4 generated an extra €28 million in activity, split equally between France and international markets.

• Activity rate was stable at 91.4% in Q4 and 91.1% for the year.

• Scope variation impact: +4.3% in France, +2.6% internationally; exchange rate impact: −0.9%.

Outlook and guidance

• Management expects stabilization in activity, with the possibility of returning to growth in 2026, but visibility remains limited until after Q1.

• Operational margin for 2025 is expected to be above 8.1%, slightly exceeding prior guidance; 2026 margin guidance will be provided after H1.

• Recruitment will be limited to essential needs until activity resumes more robust growth.

• The first half of 2026 will be crucial to confirm the recovery trend.