Transformation Gaining Momentum in Q3 2025 with Estimated Net Change in Cash Limited to €-38m FY25 Profitability and Cash Targets Confirmed as the Genesis Plan Progresses Steadily

Press Release

Transformation Gaining Momentum in Q3 2025
with Estimated Net Change in Cash Limited to €-38m

FY25 Profitability and Cash Targets Confirmed as the Genesis Plan Progresses Steadily

• Q3 2025 estimated net change in cash¹ limited to c. €-38 million
  • Delivered without any usage of account receivable factoring or specific optimization on trade payables
  • Including restructuring impact in Q3 2025 (est. at €-87 million)
• Reset of the commercial strategy combined with continued pricing discipline
  • Signs of recovery in North America with large deals signature and in the Germany, Austria and Central Europe (GACE) region
  • Cloud and Cyber services business lines up year-on-year while regional offers are more affected by macro uncertainty and stronger selectivity
  • Cross selling and renewals improving year-on-year
  • Overall book-to-bill ratio in Q3 2025 at 66%, flat year-on-year, with Atos SBU (Strategic Business Unit) growing 9 pts and Eviden SBU decreasing 52 pts because of strong seasonality
  • Commercial pipeline continues to gain momentum, with growing contribution from cross-selling activity

• Q3 2025 revenue of €1,977 million, down -10.5% organically, bringing YTD revenue to €5,998 million (representing -15.2% organic growth)
  • Atos SBU down 19% organically to €1,621 million in revenue in Q3 2025, impacted by exits from low-margin or non-strategic contracts, combined with strengthened commercial discipline and a soft market environment
  • Eviden SBU generated €356 million in revenue in the third quarter, an increase of 77% on an organic basis, driven by the contribution of c.€200 million from the Jupiter contract in Q3 2025
• Further progress in the execution of the Genesis transformation plan
  • New Leadership team appointments to strengthen strategic plan execution capacity
  • Continued workforce reduction and cost optimization in line with plans
• FY 2025 profitability and cash generation targets confirmed, while top line evolution expected to reflect forex impact, lower revenue generated from low profitability and loss-making contracts and soft market environment
• FY 2026 targets confirmed: resuming organic growth and positive cash generation supported by stronger and more qualitative sales pipeline and further optimization of the cost base

Paris, October 20, 2025 – Atos Group, a global leader of AI-powered digital transformation, today announces its Q3 2025 performance.

Philippe Salle, Atos Group Chairman of the Board of Directors and Chief Executive Officer, declared:

“I am very pleased with the progress we made in the third quarter of this year. We continued to execute on our strategy and transformation plan. Business fundamentals are being restored. Our cost base is under control with further restructuring and savings achieved over the summer. We are resetting our growth engine and maintaining strict pricing discipline. Early signs of commercial recovery are already visible despite a soft market environment. The leadership team has been further strengthened with the appointment of high-caliber experts to successfully drive the turnaround. We are on track to achieve our full year profitability and cash generation targets with another quarter of limited cash consumption.

We are paving the way for the 2026 relaunch when we expect to resume organic growth and positive cash flow generation. Our priority is very clear: building solid foundations to drive future growth. I would like to thank the teams for their relentless efforts. Together, we’re building the new Atos Group.”

Operational Performance

Group revenue reached €1,977 million in Q3 2025, reflecting a -10.5% organic decline compared to Q3 2024, driven by 2024 contract losses and voluntary contract exits, especially in the Atos Strategic Business Unit (SBU) in the United States and the United Kingdom, as well as overall weak market environment.

The Atos SBU generated revenue of €1,621 million, down -19.3% organically compared to Q3 2024.

The Eviden SBU revenue was up +77.1% compared to Q3 2024, to €356 million in Q3 2025.

Disclosure in this section represents the revised reporting structure of Atos Group, following the implementation of the new organization in the first half 2025 reporting period. Atos has identified Atos France, Atos BNN (Belux, Netherlands, Nordics, Atos UK&I, Atos North America, Atos GACE (Germany, Austria & Central Europe), Atos IM (International Markets) Atos Global Delivery Centers, Eviden and Global Structures as the operating segments, mirroring the internal reporting structure. This reflects the review, management and assessment of the group’s operating results by Group Management following the implementation of the new organization. 

*: at constant scope and September 2025 average exchange rates

Atos – Germany, Austria & Central Europe revenue was €359 million in Q3 2025, representing a -14.6% organic decline compared to Q3 2024. This performance was mainly driven by significant ramp-down, notably in value added resale contracts with low profitability profile, and accelerated insourcing at large clients, partially offset by cross-selling initiatives and the acquisition of new logos.

Atos – North America revenue totaled €299 million in Q3 2025, an organic decline of -28.8% compared to Q3 2024. This decrease was mostly driven by 2024 contract exits and a net scope reduction at existing clients. The business is not yet benefiting from improving commercial momentum, although signs of recovery are visible with growing order entry year-on-year.

Atos – France revenue reached €264 million in Q3 2025, down -11.6% organically from Q3 2024. The performance was notably impacted by the effectiveness of 2024 contract termination and some unexpected scope reduction in the public sector in the latter part of the quarter, driven by political uncertainty. This was partially offset by cross-selling activity.

Atos – UK & Ireland revenue reached €243 million in Q3 2025, down -30.5% organically year-on-year. This performance was largely driven by voluntary contract exits including BPO Business Process Outsourcing activities, especially the conclusion of the DWP PIP healthcare contract.

Atos – International Markets revenue was down -20% organically in Q3 2025, to €251 million. This decline was mainly driven by high comparables in 2024, notably linked to Paris Olympics 2024-related activities, as well as contract ramp downs in APAC and Switzerland.

Atos – BNN (Belux, Netherlands & Nordics) revenue stood at €202 million in Q3 2025, down -1% organically compared to Q3 2024. This performance reflected expected contract ramp downs and was partially mitigated by strong upsell and cross-selling opportunities, notably with public sector.

Eviden revenue was €356 million in Q3 2025, up +77.1% organically compared to Q3 2024. This strong performance was mainly driven by the c.€200 million contribution from the Jupiter contract, partially offset by other seasonality in Advanced Computing.

Order Entry and Backlog

Commercial activity

Order entry reached €1,310 million in Q3 2025. Cloud and cyber business lines were up year-on-year while regional offers were more affected by macro uncertainty & stronger selectivity​. By region, North America and Germany, Austria and Central Europe were growing year-on-year reflecting improvement in commercial momentum.

The book-to-bill ratio stood at 66% in Q3 2025, flat year-on-year.

• Atos SBU Q3 2025 book-to-bill was 69%, up 9 pts compared to the same period last year.
• Eviden SBU book-to-bill was 53% at Q3 2025, down 52 pts from Q3 2024 Proforma, established at 105% due to strong seasonality

Most of the increase in cross-sells and renewals were mainly enhanced by mid-sized deals in Q3 2025, especially driven by good traction in cloud and cyber business lines with growing order entry:

• Contract renewal with 12-years existing US public agency client, Texas Department of Information Resources, in Cloud & Modern Infrastructure, for $262 million for 2 additional years
• Contract win with a 15-years existing North American B2B workplace solutions provider, in Cloud & Modern Infrastructure, for $38 million converted order entry in Q3 25 and signed for a 4-year duration
• A new contract, in Data & AI, with an existing public client in Germany signed for 4 years, for €32 million
• A €31 million and 6-year contract extension with global engineering company also in Germany

Backlog and commercial pipeline

At the end of September 2025, the full backlog was €10.6 billion representing 1.3 years of revenue. The full qualified pipeline amounted to €4.3 billion at the end of September 2025.

Human Resources

The Group’s total headcount stood at 66,968 at the end of September 2025, representing a decrease of 3.8% compared with the beginning of July 2025.

During the third quarter of 2025, the Group hired 1,692 employees, of which 92% were direct employees. The attrition rate for Q3 2025 stood at 14.4%, compared with 17.7% in Q3 2024. Year-to-date voluntary attrition was 15.1%.

Update on the Genesis Plan Execution

At the Capital Markets Day that was held on May 14, 2025, the Group unveiled “Genesis”, its strategic and transformation plan for the next 4 years. It includes 22 workstreams gathered under 7 pillars: Growth, Human Resources, Countries review, Portfolio review, Gross margin, Cost review and Cash.

During third quarter of 2025, significant progress was achieved, including the following:

• People: the Data & AI business line organization has been fully effective since August 2025 across the group. Atos also initiated a Group-wide AI Skills Transformation Program to strengthen internal capabilities. This multi-stream initiative includes SAIL 2025, an 18-week strategic AI leadership program for senior executives. Complementary Foundational and AI Fluency programs are being deployed to upskill the global workforce. Sales enablement training and upskilling programs were developed and are being deployed. The new LTI (Long Term Incentive) program for key leaders was launched; it is fully aligned with shareholders’ interests.
• Countries review: the Group further streamlined its operations with six additional countries now commercially and operationally inactive (out of Global Delivery Centers activities).
• Delivery and G&A optimization: billability rates remained stable throughout the third quarter, despite continued growth in offshoring initiatives. The restructuring plan progressed at pace, with:
  • a reduction of 1,831 headcount over the period and a cash restructuring cost of €87 million.
  • the launch of a reorganization plan in France in September

Non-personal cost savings accelerated during Q3 2025, further contributing to improved operational efficiency.

Q3 2025 Liquidity Position

As a reminder the publication of the quarterly liquidity position is part of the regular reporting requirements defined and agreed with the Group’s financial creditors.

Net change in cash² for the quarter is estimated at c. €-38 million, including €-87m impact of restructuring, without any usage of account receivable factoring or specific optimization on trade payables. This is before the estimated impact of exchange rate fluctuation of €+11 million.

As of September 30, 2025, Atos Group liquidity is estimated at € 1,769 million, compared to €1,804 million as of June 30, 2025 and more than €1.1 billion above the minimum €650 million level required by credit documentation. It was comprised of:

Outlook

The Group confirms its full year 2025 profitability and cash targets while top line evolution is expected to reflect i/ unfavorable forex (c.€0.2 billion negative impact YTD vs December 31, 2024 rates), ii/ strategic actions under Genesis transformation plan to reduce revenue generated from low profitability and loss making contracts with strong commercial discipline, and iii/ overall market softness.

As a result, the Group expects:

• over €8 billion⁴ revenue⁵
• operating margin around €340 million, or above 4% of revenues
• net change in cash² better than –€350 million

The long-term financial ambition remains unchanged.

• In 2026, the Group expects to generate positive organic growth and net change in cash² before debt repayment, M&A and foreign exchange effects.
• In 2028, with the assumption of a disposal of Advanced Computing in FY 2026 and a progressive reduction of its geographic footprint, the Group expects:
  • to grow revenues organically to between 8.5 and 9 billion euros, representing a 5-7% CAGR between 2025 and 2028. Strategic, targeted and disciplined M&A could further increase revenue to up to 9 to 10 billion euros
  • to reach an operating margin of around 10%, supported by cost reduction measures and structural visible growth, partially offset by an acceleration of R&D investments
  • to achieve a leverage ratio below 1.5x net debt/OMDAL⁶. On the path to an investment grade rating, the Group expects to achieve a BB profile in 2027

Conference Call

Atos Group’s Management will host a conference call on Tuesday, October 21, 2025 at 08:00 am CEST (Paris time).

You can join the webcast of the conference via the following link:

https://edge.media-server.com/mmc/p/4e5rsrzf

If you want to join the conference by telephone, please register via this link:

https://register-conf.media-server.com/register/BIb6ce4860472e47c9b0a46144a97d6685

Upon registration, you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.

After the conference, a replay of the webcast will be available on atos.net, in the Investors section.

Forthcoming events

APPENDIX

Q3 2024 Revenue at Constant Scope and Exchange Rates Reconciliation

For the analysis of the Group’s performance, revenue for Q3 2025 is compared with Q3 2024 revenue at constant scope and foreign exchange rates.

Reconciliation between the Q3 2024 reported revenue, and the Q3 2024 revenue at constant scope and foreign exchange rates is presented below, by segment.

*: at constant scope and September 2025 average exchange rates

Restatement corresponds to the transfer of Cybersecurity Services from Eviden to Atos.
Scope effects amounted to €-38 million. They related to the divesture of Worldgrid in France, International Markets (Iberia) and Germany.
Currency effects negatively contributed to revenue of €-56 million. They mostly came from the depreciation of the US dollar, the British pound and the Argentinian peso.

Q3 YTD 2024 Revenue at Constant Scope and Exchange Rates Rreconciliation

For the analysis of the Group’s performance, revenue for Q3 YTD 2025 is compared with Q3 YTD 2024 revenue at constant scope and foreign exchange rates.

Reconciliation between the Q3 YTD 2024 reported revenue, and the Q3 YTD 2024 revenue at constant scope and foreign exchange rates is presented below, by segment.

*: at constant scope and September 2025 average exchange rates

Glossary

Operational capital employed: Operational capital employed comprises net fixed assets and net working capital but excludes goodwill and net assets held for sale.

Current and non-current assets or liabilities: A current and non-current distinction is made between assets and liabilities on the consolidated statement of financial position. Atos has classified as current assets and liabilities those assets and liabilities that Atos expects to realize, use or settle during its normal cycle of operations, which can extend beyond 12 months following the period end. Current assets and liabilities, excluding the current portion of borrowings, lease liabilities and provisions, and current financial instruments represent the Group working capital requirement.

DSO: (Days of Sales Outstanding). DSO is the amount of trade accounts receivable (including contract assets) expressed in days of revenue (on a last-in, first-out basis). The number of days is calculated in accordance with the Gregorian calendar.

Organic growth: Organic growth represents the percent growth of a unit based on a constant scope and exchange rates basis.

CAGR: The Compound Annual Growth Rate reflects the mean annual growth rate over a specified period of time longer than one year. It is calculating by dividing the value at the end of the period in question by its value at the beginning of that period, raise the result to the power of one divided by the period length, and subtract one from the subsequent result. As an example:

2019-2021 revenue CAGR = (Revenue 2021 / Revenue 2018) (1/3) -1

Operating margin: Operating margin equals to External Revenues less personnel and operating expense. It is calculated before Other Operating Income and Expense as defined below.

Other operating income and expense: 

Other operating income and expense include:

• the amortization and impairment of intangible assets recognized as part of business combinations such as customer relationships, technologies and goodwill
• when accounting for business combinations, the Group may record provisions in the opening statement of financial position for a period of 12 months beyond the business combination date. After the 12-month period, unused provisions arising from changes in circumstances are released through the income statement under “Other operating income and expense”
• the cost of acquiring and integrating newly controlled entities, including earn out with or without presence conditions
• the net gains or losses on disposals of consolidated companies or businesses
• the fair value of shares granted to employees including social contributions
• the restructuring and rationalization expense relating to business combinations or qualified as unusual, infrequent and abnormal. When a restructuring plan qualifies for Other operating income and expense, the related real estate rationalization & associated costs regarding premises are presented on the same line
• the curtailment effects on restructuring costs and the effects of plan amendments on defined benefit plans resulting from triggering events that are not under control of Atos management
• the net gain or loss on tangible and intangible assets that are not part of Atos core-business such as real estate
• other unusual, abnormal and infrequent income or expense such as major disputes or litigation.

Gross margin and indirect costs: Gross margin is composed of revenue less the direct costs of goods sold. Direct costs relate to the generation of products and/or services delivered to customers, while indirect costs include all costs related to indirect staff (defined hereafter), which are not directly linked to the realization of the revenue. The operating margin comprises gross margin less indirect costs.

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization): for Atos, EBITDA is based on Operating Margin less non-cash items and is referred to as OMDA (Operating Margin before Depreciation and Amortization).

OMDA (Operating Margin before Depreciation and Amortization) is calculated as follows:

Operating margin:

• less – Depreciation of fixed assets (as disclosed in the “financial report”)
• less – Depreciation of right of use (as disclosed in the “financial report”)
• less – Net charge (release) of provisions (composed of net charge of provisions for current assets and net charge of provisions for contingencies and losses, both disclosed in the “financial report”)
• less – Net charge (release) of provisions for pensions (as disclosed in the “financial report”).

OMDAL: OMDA – lease repayments.

Gearing: The proportion, expressed as a percentage of net debt to total shareholders’ equity (Group share and minority interests).

Interest cover ratio: Operating margin divided by the net cost of financial debt, expressed as a multiple.

Leverage ratio: Net debt (before changes in working capital actions and IFRS 9 fair value adjustment) / OMDAL rolling 12-months.

Operating income (loss): Operating income (loss) comprises net income (loss) before deferred and current income taxes, net financial income (expense), and share of net profit (loss) of equity-accounted investments.

Cash flow from operations: Cash flow coming from the operations and calculated as a difference between OMDA, net capital expenditures, lease payment and change in working capital requirement.

Net cash or net debt: Net cash or net debt comprises total borrowings (bonds, short term and long-term loans, securitization and other borrowings), short-term financial assets and liabilities bearing interest with maturity of less than 12 months, less cash and cash equivalents. Liabilities associated with lease contracts and derivatives are excluded from the net debt.

Free Cash Flow (FCF): The Free Cash Flow represents the change in net cash or net debt, excluding capital increase, share buyback, dividends paid to shareholders and non-controlling interests, net acquisition or disposal of companies.

Earnings (loss) per share (EPS): Basic EPS is the net income (loss) divided by the weighted-average number of common shares outstanding during the period. Diluted EPS is the net income (loss) divided by the diluted weighted-average number of common shares for the period (number of shares outstanding + dilutive instruments with dilutive effect).

Revenue: Revenue related to Atos’ sales to third parties (excluding VAT).

TCV (Total Contract Value): The Total Value of a Contract at signature (prevision or estimation) over its duration represents the firm order and contractual part of the contract excluding any clause on the decision of the client, as anticipated withdrawal clause, additional option or renewal.

Order entry/bookings: The TCV, orders or amendments signed during a defined period. When an offer is won (contract signed), the total contract value is added to the backlog and the order entry is recognized.

Book-to-bill: The Book-to-Bill is the ratio expressed in percentage of the order entry in a period divided by revenue of the same period.

Backlog/Order cover: The value of signed contracts, orders and amendments that remain to be recognized over their contract lives.

Pipeline: The value of revenues that may be earned from outstanding commercial proposals issued to clients. Qualified pipeline applies an estimated percentage likelihood of proposal success.

Direct Staff: Direct staff includes permanent staff and subcontractors, whose work is billable to a third party.

Indirect staff: Indirect staff includes permanent staff or subcontractors, who are not billable to clients. Indirect staff is not directly involved in the generation of products and/or services delivered to clients.

Disclaimer

This document contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group’s expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors’ behaviors. Any forward-looking statements made in this document are statements about Atos’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Atos’s plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2024 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on April 10, 2025 under the registration number D.25-0238 and the half-year report as of June 30, 2025 published by Atos Group on August 1, 2025. Atos does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law.

This document does not contain or constitute an offer of Atos’s shares for sale or an invitation or inducement to invest in Atos’s shares in France, the United States of America or any other jurisdiction. This document includes information on specific transactions that shall be considered as projects only. In particular, any decision relating to the information or projects mentioned in this document and their terms and conditions will only be made after the ongoing in-depth analysis considering tax, legal, operational, finance, HR and all other relevant aspects have been completed and will be subject to general market conditions and other customary conditions, including governance bodies and shareholders’ approval as well as appropriate processes with the relevant employee representative bodies in accordance with applicable laws.

About Atos Group

Atos Group is a global leader in digital transformation with c.         67,000 employees and annual revenue of c. €10 billion, operating in 61 countries under two brands — Atos for services and Eviden for products. European number one in cybersecurity, cloud and high-performance computing, Atos Group is committed to a secure and decarbonized future and provides tailored AI-powered, end-to-end solutions for all industries. Atos Group is the brand under which Atos SE (Societas Europaea) operates. Atos SE is listed on Euronext Paris.

The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

Contact

Investor relations: investors@atos.net

Individual shareholders: +33 8 05 65 00 75

Media relations: globalprteam@atos.net

¹ Net change in cash before debt repayment, M&A, foreign exchange effects and before changes in working capital optimization

² Net change in cash before debt repayment, M&A, foreign exchange effects and before changes in working capital
optimization

³ Liquidity is defined as the sum of (i) the consolidated cash and cash-equivalent position of the Group and (ii) the amounts available under any undrawn committed facilities (including committed overdrafts). Consolidated cash and cash-equivalent includes trapped cash and unpooled cash and excludes cash held in escrow accounts in order to provide cash collateral

² Net change in cash before debt repayment, M&A, foreign exchange effects and before changes in working capital
optimization

⁴ At September 30, 2025 currency

⁵ Compared to previous guidance as announced in Atos press release dated 14 May 2025
(https://atos.net/en/2025/press-release_2025_05_14/atos-group-new-strategic-and-transformation-plan-…)

⁶ Defined as Operating Margin before Depreciations, Amortization and Leases

Attachment

• 251020 – PR Atos – Q3 2025 performance