Atos (ATO) AGM 2025 summary

Opening remarks and agenda

• The meeting was opened with all board members present and a summary of the agenda, including financial performance, board updates, compensation, auditor reports, and voting on 17 resolutions.

• Legal and regulatory formalities were confirmed, with all required documents made available to shareholders in advance.

• The quorum was achieved, allowing the meeting to proceed with deliberations and voting.

Financial performance review

• 2024 revenue was €9.6 billion, down 5.6% organically from 2023, with an operating margin of €199 million (2.1%).

• Free cash flow was negative €2.2 billion, mainly due to the end of one-off working capital optimizations and higher CapEx.

• Net debt after restructuring was €1.2 billion nominal, with liquidity at €2.2 billion at year-end.

• Major non-recurring items included €2.4 billion in goodwill impairment and €3.5 billion in financial income from debt restructuring.

• Q1 2025 revenue was €2.1 billion (down 15.9% organically), but cash consumption improved to minus €40 million.

• 2025 targets: €8.5 billion revenue, ~4% operating margin, negative cash variation of €350 million; 2028 targets: €9–10 billion revenue, ~10% margin, gearing under 1.5x EBITDA.

Board and executive committee updates

• Board composition was updated, maintaining 10 members (9 directors, 1 censor), with strong gender and international diversity.

• High independence (87.5% of directors) and 50% women (excluding employee director) were highlighted.

• New appointments and renewals included Jean-Jacques Morin, Françoise Mercadal de la Salle, Serge Chatterjee, and Mandy Menton as censor.

• The board held 51 meetings in 2024, with over 92% attendance.

• Philippe Salle was appointed Chairman and CEO in February 2025, bringing renewed momentum.