Atos (ATO) AGM 2025 summary

Opening remarks and agenda

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

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; liquidity at year-end was €2.2 billion.

• 2025 revenue target is €8.5 billion with a 4% operating margin; positive cash flow and organic growth expected from 2026.

• No dividends or share buybacks planned before 2028; deleveraging and investment grade rating targeted by 2028.

Board and executive committee updates

• Board consists of 10 members (9 directors, 1 censor), with 56% women and 87.5% independent directors.

• Renewals and new appointments include Jean-Jacques Marin, Françoise Mercadal de la Salle, Serge Chatterjee, and Mandy Menton as censor.

• Board and committees held 51 and 70 meetings respectively in 2024, with over 92% attendance.

• Philippe Salle became Chairman and CEO in February 2025, bringing renewed momentum and governance checks.