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Letter to shareholders
# 1 • August 2025
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Message from Philippe Salle,
Chairman and Chief Executive Officer
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We are looking ahead to the rest of the year and beyond with confidence and a single focus: executing on our strategy.
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Dear Madam, Dear Sir, Dear shareholder,
I am delighted to share with you the first edition of our newsletter dedicated to individual shareholders. Through this publication, we aim to strengthen our relationship with you by transparently sharing our progress, ambitions, and the highlights of your company's history – starting with our results for the first half of 2025.
In a challenging environment, I am very encouraged by the determination of our teams in rolling-out the Genesis transformation plan with no delay. The voluntary optimization of the Group cost base is already starting to show initial benefits as shown through our half-year results: the operating margin is improving by over 15% year-on-year, a positive momentum which we intend to pursue. Our limited cash consumption is reflecting our disciplined approach to cash management, and we notice a sheer increase in enthusiasm among our customers towards the strategic refocusing of the Group.
We also reached a new significant milestone towards the sale of our Advanced Computing activities with the signature of a share purchase agreement with the French State.
We are looking ahead to the rest of the year and beyond with confidence and a single focus: executing on our strategy. We remain strongly committed to our 2025 targets and our long-term financial trajectory.
I would like to sincerely thank all the teams involved in the implementation of our plan, as well as our employees, clients, and partners for their continued support.
Thank you for your loyalty and your trust.
Philippe Salle,
Chairman and Chief Executive Officer
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1st half 2025: on the right track to meet our 2025 annual targets
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Revenue
€4.02 bn
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-17.4% vs first half 2024, organic
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Operating Margin
€113 m
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2.8% of revenue
+15% vs first half 2024, organically
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Order entry
€3,3 bn
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Book-to-Bill ratio: 83% (up from 73% in first half 2024)
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Free cash flow
before debt repayment, M&A & FX
€-96 m
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Including €-154 m restructuring vs €-593 m in first half 2024
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Net debt
(excluding IFRS 9 fair value treatment)
€1.681 bn
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Net debt including IFRS 9 debt fair value treatment of €1.238 bn
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Liquidity
€1.804 m
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at June 30, 2025
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Few takeaways
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Significant progress in the execution of the Genesis transformation plan.
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Operating Margin up 80 bps proforma from 2.0% to 2.8%, to €113 m (+15.4% year-on-year) despite the material decline in revenue, as anticipated.
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Significant improvement in Free Cash Flow (excluding change in Working Capital Actions) to €-96 m (including €-154 m cash restructuring) from €-593 m in first half 2024.
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First Half revenue at €4,020 m, down 17.4% organically due to expected impact of contracts exit and low business traction in 2024.
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Achieved a 10 pts year-on-year Book-to-Bill improvement reaching 83% despite soft market environment.
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Full Year 2025 targets and long-term trajectory confirmed.
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Share Purchase Agreement signed with the French State for the sale of Advanced Computing activities.
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Atos Group is a global leader in digital transformation with c. 70,000 employees and annual revenue of c. € 10 billion, operating in 67 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 is a SE (Societas Europaea) and listed on Euronext Paris.
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Genesis - Strategic and transformation plan
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Cash generation and disciplined capital allocation as key drivers to deleveraging
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Paving the way to become a global AI-powered technology partner of choice delivering secure end-to-end digital journeys
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Simplifying branding, geographic footprint, governance and offering to refocus on most promising and strategically valuable businesses
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Renewed and streamlined leadership team and stronger operating model for a more efficient organization
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Leaner cost structure to deliver industry standard performance
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Accelerated investment in innovation and rapidly scaling technology services with a significant AI drive
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Ambitious and achievable financial targets for FY 2028 fueled by cash generation and disciplined capital allocation:
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€9-10 Billion revenues
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10% operating margin
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towards investment grade credit rating profile
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Atos Group Insights
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Paris, France – June 19, 2025
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Atos and IGM Financial successfully complete public cloud transformation
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Atos announces the completed data center migration project of Canada’s leading diversified wealth and asset management company IGM Financial Inc., transforming assets to a modern, agile and secure solution built on Microsoft Azure and Google Cloud Platform (GCP). With more than 19,500 cloud experts worldwide and four global cloud centers, Atos is a trusted advisor to provide transformation expertise at every stage of the cloud continuum, delivering on the promise of enabling business agility, continual optimization, innovation at speed and growth for its customers.
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Paris, France – June 2, 2025
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Atos Group receives confirmatory offer from the French State to acquire part of its former Advanced Computing business
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Vision AI activities excluded from the transaction
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Atos SE announces it has received a confirmatory offer from the French State to acquire its Advanced Computing business, excluding Vision AI activities (the latter including mainly the Ipsotek subsidiary acquired in 2021), for an enterprise value of €410 million, including €110 million earn-outs that are based on profitability indicators for fiscal years 2025 (€50 million should be paid upon closing) and 2026 (€60 million). The revised EV in comparison with the one communicated in November 2024 reflects the reduced scope of the transaction.
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Paris, France – June 12, 2025
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Eviden launches its XMC Ethernet switch card, a cyber-secure and sovereign solution for critical environments
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Eviden, the Atos Group product brand, today announces the availability of a cybersecure and sovereign Ethernet switching solution, the XMC Ethernet switch card, specifically designed for mission-critical environments. This innovative solution, designed and manufactured in France, uses a protocol break of communications to achieve the security and independence of critical communication systems.
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Our CSR roadmap
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Atos published its first Sustainability Report as per CSRD
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 Atos published its first Sustainability Statement in accordance with the new reporting Framework set by the Corporate Sustainability Reporting Directive (CSRD).
In Accordance with the provisions of CSRD and the European Sustainability reporting Standards (ESRS), the 2024 Sustainability Statement details Atos Impacts, Risks and Opportunities (IROs), identified by the Double Materiality Assessment methodology, and the policies, actions targets and metrics that were set to manage these IROs. It involved transversal collaboration among several departments across Group functions and geographies.
Atos 2024 Sustainability Statement may be found in Section 5.1 of the 2024 Universal Registration Document.
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Shareholder's corner
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10 000
OLD
SHARE
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=
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1
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NEW
SHARE
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=
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1€
PAR
VALUE
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On April 24, 2025, Atos SE completed the reverse stock split of its share capital. This reverse stock-split involved exchanging 10,000 old shares with a par value of €0.0001 for 1 new share with a par value of €1. Following the reverse split, 19,035,872 shares with a par value of €1, eligible for the DSS (Deferred Settlement Service), were admitted to trading on the regulated market of Euronext in Paris under ISIN code FR001400X2S4.
Shareholders who were unable to obtain a number of old shares forming a multiple of 10,000 were compensated for their fractional rights by their financial intermediary.
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One question, one answer
Is Atos embracing the technological transition to AI, and if so, how?
Atos is fully committed to the shift towards artificial intelligence (AI). In response to growing customer demand, we are refocusing our activities around this key technology. And we are doing so while remaining true to our mission: to empower everyone to move forward in an AI-driven world with confidence, reliability and innovation.
In concrete terms, Atos has already made significant progress: a new division called Data & AI has been created to develop AI solutions for customers. It brings together all of the Group's expertise in this field, with 2,000 experts already on board and a target of 10,000 by 2028.
The company is integrating AI into all its existing offerings, such as:
- generative AI for software development and testing,
- AI for cloud operations,
- intelligent automation for workstations.
And this is just the beginning!
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October 20, 2025
After trading hours
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Publication Third quarter 2025 revenue
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Individual Shareholder Relations Department
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