Atos (ATO) Q4 2025 TU earnings summary

Executive summary

• FY 2025 preliminary unaudited results show revenue of €8,001 million, meeting targets and marking a turning point in quarterly revenue trends.

• Cash and profitability targets were exceeded, with operating margin above €340 million, representing over 4% of revenues.

• Book-to-bill ratio reached 122% in Q4 2025, indicating strong order intake momentum.

Financial highlights

• Q4 2025 revenue estimated at €2,004 million, a -9.3% organic decline year-over-year, mainly due to prior contract losses and exits.

• Atos SBU Q4 revenue down -9% organically to €1,738 million; Eviden SBU down -11.2% to €265 million.

• Full-year Atos SBU revenue down -16.2% to €6,963 million; Eviden SBU up +6.7% to €1,039 million.

• Net change in cash for FY 2025 estimated at €-327 million, including €431 million restructuring impact.

• Year-end liquidity position at €1,707 million, well above minimum required levels.

Outlook and guidance

• Profitability target for FY 2025 expected to be exceeded, with operating margin above €340 million.

• Longer-term financial ambitions remain unchanged; FY 2026 targets to be communicated in March 2026.