Press Release

Half-year 2025 results on track
Full Year 2025 targets confirmed

• Significant progress in the execution of the Genesis transformation plan
o Reset of cost base well engaged, already impacting profitability
o Over 50% of the overall Genesis restructuring target incurred
at the end of June
o Growth pillar initial phase achieved to deliver long-term ambition
• Operating Margin up 80 bps proforma from 2.0% to 2.8%, to €113m
(+15.4% yoy) despite the material decline in revenue, as anticipated
o Atos SBU: +1.7 pts to 5.7% driven by initial benefits from the
restructuring plan and tight contract management
o Eviden SBU: -1.7 pts to -7.9% - consistent with previously
announced seasonality
• Significant improvement in Free Cash Flow1 to -€96m (including -€154m
cash restructuring) from -€593m in H1 2024
• H1 revenue at €4,020m, down 17.4% organically due to expected impact
of contracts exit and low business traction in 2024.
• Achieved a 10 pts yoy Book-to-Bill improvement reaching 83% despite
soft market environment with:
o Improved or flat order entry in all regions apart from France
o Continued strategic deal wins with 11 large multi-year contracts
signed vs. 5 in H1 2024. The positive commercial momentum is
expected to continue in H2 2025
o Rolling 12-month pipeline increased by €1.5bn in Q2 including
€1.3bn in large deals (over €30m)
• Full Year 2025 targets and long-term trajectory confirmed
• Share Purchase Agreement signed with the French State for the sale of
Advanced Computing activities




1
Excluding change in Working Capital Actions



1
Paris, August 1st, 2025 - Atos, a leading provider of AI-powered digital transformation, today
announces its half year 2025 financial results.

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

“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.”




H1 2025 performance highlights


Organic
In € million H1 2025 H1 2024 Var. H1 2024*
Var.
Revenue 4,020 4,964 (944) 4,865 (845)
Operating Margin 113 115 (2) 98 +15
In % of revenue 2.8% 2.3% +0.5 pts 2.0% +0.8 pts

OMDA 309 373 (64)
In % of revenue 7.7% 7.5% +0.2 pts

Net income – Group share -696 -1,941 + 1,245
Free Cash Flow 2
-96 -593 + 497
Net debt (excl. IFRS 9 adjustment) -1,681 -4,218 + 2,537
*: at constant scope and June 2025 average exchange rates




2
Excluding change in Working Capital Actions



2
Operational performance


Group revenue reached 4,020 million euros in the first half 2025, reflecting a 17.4% organic
decline compared to the first half of 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 soft market environment. The Atos SBU generated revenue of 3,603
million euros, down 17.9% organically compared to the first half of 2024. The Eviden SBU revenue
was down 11.9% compared to the first half of 2024, to 417 million euros in the first half of 2025.


Group operating margin reached 113 million euros in the first half of 2025, representing an
organic 15% increase compared to the first half of 2024 and 2.8% of revenue (compared to 2.0%
in the first half of 2024), despite a 845 million revenue decline year-on-year. This performance
demonstrates the initial benefits of the cost reduction measures engaged since the beginning of
the year, especially in the Atos SBU where the operating margin improved 18% year-on-year.
The Eviden SBU profitability was lower than last year, as expected, due to a strong seasonality
throughout the year.


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. These are those that will be
presented in the consolidated financial statements for the first half of 2025, which will be included in the
2025 half year report. Atos has identified Atos France, Atos BNN Benelux & the Nordics, Atos UK&I, Atos
USA & CA, Atos GACE, Atos IM, 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.


H1 2025 H1 2024* Organic H1 2025 H1 2024 H1 2025 Organic
In € million
Revenue Revenue variation OM OM* OM variation*
ATOS 3,603 4,391 -17.9% 204 173 5.7% +18.2%
Germany, Austria &
767 831 -7.6% 1 -11 0.1% ns
Central Europe
USA & Canada 695 978 -29.0% 70 92 10.1% -24.4%
France 591 663 -10.8% 13 9 2.1% +45.4%
UK & Ireland 583 821 -29,0% 50 48 8.6% +4.5%
International
561 668 -16.0% 46 39 8.2% +18.8%
Markets
BNN Benelux & the
Nordics
402 425 -5.4% 23 -1 5.6% ns
Global Delivery
Centers
5 6 -18.7% 2 -3 0.1% ns
Eviden 417 474 -11.9% -33 -30 -7.9% +11.5%
Global Structures - - - -57 -45 -1.4% +28.8%
Group total 4,020 4,865 -17.4% 113 98 2.8% +15.4%
*: at constant scope and June 2025 average exchange rates




3
Atos - Germany, Austria & Central Europe revenue was 767 million euros in the first half of
2025, representing a 7.6% organic decline compared to the first half of 2024 with a significant
ramp down from a couple of large clients who implemented insourcing strategies. It also stemmed
from managed exits from low profitability contracts. That was partially offset by successful
fertilization and cross selling at existing clients.

Operating margin improved by 140 basis points year-on-year despite the non-recurring treatment
of some reorganization expenses in the first half of 2024. It reached breakeven in the first half of
2025 thanks to the restructured delivery of existing contract portfolio and benefits from cost-
saving initiatives.

Atos - USA & Canada revenue decreased by 284 million euros year-on-year on a proforma basis.
This was driven essentially by 2024 large contract completions and ramp-downs as well as an
uncertain macro and political environment. Churn on small size contracts was more than offset
by growing activity at existing clients and new contracts during the period.

Operating margin improved 60 basis points compared to the first half of 2024 despite the material
impact from revenue fall thru, thanks to the Genesis-led margin optimization actions already in
place. It stood at 70 million euros in the first half of 2025.

Atos - France revenue reached 591 million euros in the first half of 2025, down 10.8% organically
from the first half of 2024, due to high exposure to the recently muted public sector and the
impact of financial restructuring on client perception in 2024.

Operating margin improved by 80 basis points year-on-year thanks to the benefit of cost-cutting
initiatives on indirect costs, an improved billability rate despite revenue decline and improving
low profitability contract management, quality of delivery and automation.

Atos - UK & Ireland revenue reached 583 million euros in the first half of 2025, down 29%
organically year-on-year mostly as a result of planned large public sector BPO contracts
completion in the fourth quarter of 2024.

Operating margin improved 280 basis points compared to the first half of 2024. In absolute terms,
it was stable year-on-year despite the sharp decrease in revenue, thanks to the restructuring of
low profitability contracts, successful delivery of new business and an already visible impact from
cost-saving initiatives.

Atos - International Markets revenue was down 16% organically in the first half of 2025, to
561 million euros, mostly driven by softer performance in Asia Pacific, Switzerland and Major
events that had benefited from the Olympics in the first half of 2024. That was partially offset by
growing revenues in South America.

Operating margin improved by 240 bps compared to the first half of 2024 and reached 46 million
euros in the first half of 2025 (up 7 million year-on-year). The contribution from lost revenue was
more than offset by improved productivity, benefits from the Genesis transformation plan and
lower one-off costs year-on-year with Olympics-related marketing costs incurred in the first half
of 2024.

Atos – BNN, Benelux and the Nordics revenue stood at 402 million euros in the first half of
2025, down 5.4% organically compared to the first half of 2024 with churn partially offset by
growing activity at existing clients.

Operating margin turned positive in the first half of 2025, to 23 million euros, or 5.6% of
revenues. This was driven by the ramp up of higher profitability contracts and positive contribution
from the Genesis action plan and continued positive service and project delivery.




4
Eviden revenue was 417 million euros in the first half of 2025, down 11.9% organically year-on-
year, driven by the anticipated strong seasonality in Advanced Computing (down 10.9%
compared to the first half of 2024).
Operating margin was –33 million euros, compared to -30 million euros in the first half of 2024
again, due to the seasonality in Advanced Computing. Significant revenue and profit recognition
is expected in the fourth quarter of 2025. On a full-year basis the business unit is expected to
generate positive operating margin.

Global Structures costs stood at -57 million euros in the first half of 2025, compared to -45
million euros in the first half of 2024, due to the non-recurring treatment of reorganization costs
in the first half of 2024 and the UEFA marketing costs incurred centrally in the first half of 2025.


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 regrouped
under 7 pillars:

- Growth
- Human Resources
- Countries review
- Portfolio review
- Gross Margin
- Cost review
- Cash

During the first half of 2025 significant progress was achieved, including the following:

- Growth transformation: it has now passed the initial phase with a new growth and sales
teams operating model deployed in all geographies and centrally. That included the right
sizing and upskilling of the teams and sales enablement initiatives as well as prioritization
to ensure frontline excellence and support future growth ambition. With that, processes
were streamlined and optimized, enabling the sales force to concentrate efforts on meeting
client needs. It is anticipated to yield results from the second half onwards
- Countries review: to sharpen the geographical focus as announced in the Capital Markets
Day, the Group exited one country and formally launched disposal processes for additional
non-core countries
- Contract portfolio review: in the first half of 2025, the Group reduced its exposure to
low margin contracts (ie contracts with a project margin below 5%) to only three
significant ones (vs seven at the end of 2024), and totaling a c.16 million euros negative
impact on operating margin compared to c.52 million euros in the first half of 2024
- Delivery and G&A optimization: the billability rate improved from 76% to 79% during
the first half, and the General & Administrative cost base was reduced by 10% compared
to the same period last year. Overall, over 50% of the 3-year restructuring envelope of
700 million euros was incurred at the end of June. The total headcount was 69,597 at
the end of the period




5
Order entry and backlog


Commercial activity


Order entry reached €3.3 billion in H1 2025, slightly lower than the reported H1 2024 level, due
to:
- Muted commercial activity in France where significant organizational changes are being
implemented to improve commercial efficiency, enrich our offering and secure long term
business performance. All other regions delivered roughly flat or growing order entry in
the first half of the year
- The soft market environment observed in the last few months

Book-to-bill ratio was 83% in the first half of 2025, up from 73% in the same period of 2024.
Main contract signatures in the second quarter of 2025 included two 4+ years Digital workplace
deals totaling 140 million euros (of which 100 million euros in North America and 40 million
euros in the UK), a 5+ years 80 million euros mainframe deal with a North American wholesaler
of technology products, a 4+ years 50 million euros Cybersecurity contract in the public sector
in Belgium, and two 3+ years digital applications contracts in Europe for a cumulative amount
of 90 million euros with a consumer goods player on one side and a public sector body on the
other.

Backlog & commercial pipeline


At the end of June 2025, the full backlog reached €12 billion representing 1.5 years of revenue.
The full qualified pipeline amounted to €4.1 billion at the end of June 2025, representing 6.1
months of revenue.


Net income


OOI
Other operating income and expenses amounted to –566 million euros in the first half of 2025,
compared to –1,819 million euros in the first half of 2024. It mostly included restructuring and
other non-recurring charges in relation to the Genesis transformation plan, as well as litigation
provisions.

Financial income
Net financial expense was -202 million euros in the first half of 2025, compared to -175 million
euros in the first half of 2024, reflecting the new debt structure of the Group and the fair value
adjustment of the net debt.

Tax
Tax charge stood at -41 million euros in the first half of 2025, compared to -62 million euros in
the first half of 2024.

Net result group share
As a result of the above net result Group share was a loss of –696 million euros in the first half
of 2025, compared to a loss of –1,941 million euros in the first half of 2024.




6
Free cash flow
Free cash flow for the period stood at –96 million euros for the period excluding changes in
working capital actions (WCA), reflecting the following items:
- Operating margin before depreciation and amortization (OMDA) of 309 million euros
- Capex of –93 million euros, or 2.3% of revenues
- Leases of –122 million euros
- Change in working capital requirement (excluding WCA) of 167 million euros, mostly
driven by lower activity in the first half of 2025
- Cash restructuring of –154 million euros, in relation to the Genesis transformation plan
- Tax paid of -13 million euros
- Net cash cost of debt of –80 million euros, including 18 million euros of financial income
- Other items for –109 millions, that included litigation and onerous contracts


Net debt and debt covenants
At June 30, 2025, net debt was 1,681 million euros (746 million euros including IFRS 9 debt fair
value adjustment), compared to 1,238 million euros as of December 31, 2024 (275 million euros
including IFRS 9 debt fair value adjustment), and mainly consisted of:
- Cash and cash equivalents for 1,364 million euros
- Borrowings for 3,057 million euros (nominal value, excluding PIK) or 2,186 million euros
including IFRS 9 fair value adjustment and PIK
The new credit documentation requires the Group to maintain:
- from 31 March 2025, a minimum liquidity level of €650 million, to be verified at the end
of each financial quarter
- from 30 June 2027, as from each half-year end, a maximum level of financial leverage
(“Total Net Leverage Ratio Covenant”), which is defined as the ratio of Financial
indebtedness (mainly excluding IFRS 16 impacts and IFRS 9 debt fair value treatment) to
pre-IFRS 16 OMDA; the ceilings thus applicable will be determined no later than 30 June
2026 with reference to a flexibility of 30% in relation to the Business Plan adopted by the
Group at that time; these ceilings will in any event remain between 3.5x and 4.0x.
As of June 30, 2025, the Group financial leverage ratio (as defined in glossary) was 4.0x.



Outlook
The Group confirms its full year 2025 targets:
- c. 8.5 billion euros revenue3
- around 4% operating margin
- net change in cash4 before debt repayment of c. -350 million euros

The long-term financial trajectory also remains unchanged.
In 2026, the Group expects to generate positive organic growth and net change in cash 4 before
debt repayment and M&A.
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:



3
At Dec 31, 2024 currency
4
At constant currency



7
- 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/OMDAL 5. On the path to an investment
grade rating, the Group expects to achieve a BB profile in 2027



Sale of Advanced Computing


On July 31, 2025, Atos Group signed a share purchase agreement with the French State for the
sale of its Advanced Computing business, excluding Vision AI activities, for an enterprise value
(EV) of €410 million, including €110m earn-outs that are based on profitability indicators for fiscal
years 2025 (€50 million potential earn-out that should be paid upon closing) and 2026 (€60
million additional potential earn-out). This EV is in line with the confirmatory offer received from
the French State on June 2, 2025 which has been approved by Atos Group Board of Directors.

Atos Advanced Computing business regroups the High-Performance Computing (HPC) & Quantum
as well as the Business Computing & Artificial intelligence divisions. The transaction perimeter is
expected to generate revenue of circa €0.8 billion in 2025.

The French State will become the new shareholder of these activities, further supporting the
business and its development over the long term.

Social processes for the signing of the SPA agreement are closed. The transaction is expected to
close over H1 2026 once the carveout is completed and relevant authorizations have been
received.




5
Defined as Operating Margin before Depreciations, Amortization and Leases



8
Interim condensed consolidated financial statements

Atos Group Board of Directors in its meeting held on July 31, 2025, has reviewed the Group
interim condensed consolidated financial statements closed at June 30, 2025. The Statutory
Auditors have completed their usual limited review of the half-year condensed consolidated
financial statements and issued their unqualified report.




Conference call


Atos Group’s Management invites you to attend the first half 2025 results conference call on
Friday, August 1st, 2025, at 08:00 am (CET – Paris).

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

https://edge.media-server.com/mmc/p/mz677p34


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

https://register-conf.media-
server.com/register/BIc7cb4acc36ee4ddbbe4878cdc98936fa

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


October 20, 2025 (After Market Close) Third quarter 2025 revenue




9
APPENDIX


H1 2024 revenue and operating margin at constant scope and exchange rates
reconciliation
For the analysis of the Group’s performance, revenue and OM for H1 2025 is compared with H1
2024 revenue and OM at constant scope and foreign exchange rates. Reconciliation between the
H1 2024 reported revenue and OM, and the H1 2024 revenue and OM at constant scope and
foreign exchange rates is presented below, by segment.

H1 2024 revenue H1 Exchange
H1 2024 Internal Scope H1
Restatement 2024 rates
In € million published transfers effects 2024*
restated effects
ATOS 4,259 234 4,493 -3 -85 -13 4,391
Germany, Austria & Central Europe 779 62 841 0 -11 0 831
USA & Canada 949 38 987 0 0 -9 978
France 686 39 725 -4 -58 0 663
UK & Ireland 791 17 808 0 0 13 821
International Markets 675 27 702 0 -16 -17 668
BNN Benelux & the Nordics 375 49 424 1 0 0 425
Global Delivery Centers 4 2 6 0 0 0 6
Eviden 705 -234 471 3 0 0 474
Global Structures - - - - - - -
Group Total 4,964 0 4,964 0 -86 -13 4,865



H1 2024 Operating Margin H1 Exchange
H1 2024 Internal Scope H1
Restatement 2024 rates
In € million published transfers effects 2024*
restated effects
ATOS 175 -1 174 1 -15 12 173
Germany, Austria & Central Europe -16 2 -14 -2 -2 7 -11
USA & Canada 97 0 96 0 0 -4 92
France 14 -2 12 2 -10 5 9
UK & Ireland 47 0 47 0 0 1 48
International Markets 40 0 40 0 -3 2 39
BNN Benelux & the Nordics -4 3 -1 -3 0 3 -1
Global Delivery Centers -3 -3 -6 3 0 -1 -3
Eviden -16 2 -14 -2 0 -13 -30
Global Structures -44 -1 -45 1 0 -1 -45
Group Total 115 0 115 0 -15 -2 98
*: at constant scope and June 2025 average exchange rates

Restatement corresponds to the transfer of Cybersecurity Services from Eviden to Atos.

Scope effects amounted to €-86 million. They related to the divesture of Worldgrid in France,
International Markets (Iberia) and Germany.

Currency effects negatively contributed to revenue of -13 million. They mostly came from the
depreciation of the US dollar, the Brazilian real, the Argentinian peso and the Turkish lira, partially
compensated by the appreciation of the British pound.




10
Q1 2024 revenue at constant scope and exchange rates reconciliation
For the analysis of the Group’s performance, revenue for Q1 2025 is compared with Q1 2024
revenue at constant scope and foreign exchange rates.
Q1 2024 revenue Q1 Exchange
Q1 2024 Internal Scope Q1
Restatement 2024 rates
In € million published transfers effects 2024*
restated effects
ATOS 2,155 118 2,273 -1 -43 22 2,251
Germany, Austria & Central Europe 385 30 416 0 -6 0 410
USA & Canada 474 20 493 0 0 15 509
France 354 20 375 -2 -30 0 343
UK & Ireland 410 9 419 0 0 10 430
International Markets 339 14 352 0 -8 -4 341
BNN Benelux & the Nordics 190 25 215 0 0 0 215
Global Delivery Centers 2 1 3 0 0 0 3
Eviden 324 -118 206 1 0 1 207
Global Structures 0 0 0 0 0 0 0
Group Total 2,479 0 2,479 0 -44 23 2,458
* at constant scope and June 2025 average exchange rates



Q2 2024 revenue at constant scope and exchange rates reconciliation
For the analysis of the Group’s performance, revenue for Q2 2025 is compared with Q2 2024
revenue at constant scope and foreign exchange rates.


Q2 2024 revenue Q2 Exchange
Q2 2024 Internal Scope Q2
Restatement 2024 rates
In € million published transfers effects 2024*
restated effects
ATOS 2,105 116 2,220 -2 -42 -35 2,140
Germany, Austria & Central Europe 394 31 425 0 -5 0 420
USA & Canada 476 18 494 0 0 -24 470
France 331 18 350 -2 -28 0 320
UK & Ireland 380 9 389 0 0 2 391
International Markets 337 13 350 0 -8 -13 327
BNN Benelux & the Nordics 184 25 209 0 0 0 210
Global Delivery Centers 2 1 3 0 0 0 3
Eviden 381 -116 265 2 0 0 266
Global Structures - - - - - - -
Group Total 2,486 0 2,486 0 -42 -36 2,407
* at constant scope and June 2025 average exchange rates




11
Q1 2025 and Q2 2025 revenue according to the new Group reporting structure
Q1 2025 Q1 2024* Organic Q2 2025 Q2 2024* Organic
In € million
Revenue Revenue variation* Revenue Revenue variation*
ATOS 1,861 2,251 -17.3% 1,742 2,140 -18.6%
Germany, Austria & Central
385 410 -6.1% 382 420 -9.1%
Europe
USA & Canada 370 509 -27.3% 324 470 -31.0%
France 304 343 -11.4% 287 320 -10.2%
UK & Ireland 302 430 -29.6% 280 391 -28.4%
International Markets 290 341 -14.8% 271 327 -17.1%
BNN Benelux & the Nordics 206 215 -4.4% 196 210 -6.4%
Global Delivery Centers 2 3 -10.6% 2 3 -23.9%
Eviden 208 207 0.1% 210 266 -21.3%
Global Structures - - - - - -
Group total 2,068 2,458 -15.9% 1,952 2,407 -18.9%
* at constant scope and June 2025 average exchange rates




H1 2025 consolidated Profit & Loss Account
6 months ended 6 months ended
(in € million) June 30, 2025 June 30, 2024
Revenue 4,020 4,964
Personnel expense -2,115 -2,615
Non-personnel operating expense -1,792 -2,235
Operating margin 113 115
% of revenue 2.8% 2.3%
Other operating income and expense -566 -1,819
Operating income (loss) -452 -1,704
% of revenue -11.3% -34.3%
Net cost of financial debt -162 -73
Other financial expense -62 -135
Other financial income 22 33
Net financial income (expense) -202 -175
Net income (loss) before tax -654 -1,879
Tax charge -41 -62
Net income (loss) -695 -1,941
Of which:
▪ attributable to owners of the parent -696 -1,941
▪ non-controlling interests 1 0




12
H1 2025 Consolidated Cash Flow Statement
6 months 6 months
ended ended
in € million June 30, 2025 June 30, 2024
Net income (loss) before tax -654 -1,879
Depreciation of fixed assets 134 125
Depreciation of right-of-use 99 138
Net addition (release) to operating provisions -1 -10
Net addition (release) to financial provisions 6 28
Net addition (release) to other operating provisions 199 -55
Amortization of intangible assets (PPA from acquisitions) 12 29
Impairment of goodwill and other non-current assets 24 1 570
Losses (gains) on disposals of non-current assets 3 71
Net charge for equity-based compensation - 3
Unrealized losses (gains) on changes in fair value and other - -1
Net cost of financial debt 162 73
Interests on lease liability 15 19
Net cash from (used in) operating activities
-3 111
before change in working capital requirement and taxes
Tax paid -13 -45
Change in working capital requirement 43 -1 477
Net cash from (used in) operating activities 28 -1,411
Payment for tangible and intangible assets -93 -278
Proceeds from disposals of tangible and intangible assets - 5
Net operating investments -93 -273
Amounts paid for acquisitions and long-term investments - -10
Net proceeds from disposals of financial investments 1 -1
Net long-term financial investments 1 -11
Net cash from (used in) investing activities -92 -284
Common stock issued 1 -
Purchase and sale of treasury stock - -1
Dividends paid* - -12
Dividends paid to non-controlling interests - -2
Lease payments -122 -159
New borrowings - 470
Repayment of borrowings - -10
Interests paid -80 -53
Other flows related to financing activities -6 -77
Net cash from (used in) financing activities -207 155
Increase (decrease) in net cash and cash equivalents -271 -1,540
Opening net cash and cash equivalents 1,739 2,295
Increase (decrease) in net cash and cash equivalents -271 -1,540
Impact of exchange rate fluctuations on cash and cash
-104 4
equivalents
Closing net cash and cash equivalents 1,364 759




13
H1 2025 Balance Sheet


June 30, December 31,
(in € million) 2025 2024
ASSETS
Goodwill 574 653
Intangible assets 306 349
Tangible assets 524 580
Right-of-use assets 466 550
Equity-accounted investments 12 12
Non-current financial assets 98 131
Deferred tax assets 213 184
Total non-current assets 2,193 2,458
Trade accounts and notes receivable 2,190 2,435
Current taxes 90 102
Other current assets 1,340 1,510
Current financial instruments 0 2
Cash and cash equivalents 1,364 1,739
Total current assets 4,984 5,788
TOTAL ASSETS 7,176 8,246


June 30, December 31,
(in € million) 2025 2024
LIABILITIES AND SHAREHOLDERS’ EQUITY
Common stock 19 18
Additional paid-in capital 1,887 1,887
Consolidated retained earnings -1,302 -1,354
Net income (loss) attributable to the owners of the parent -696 248
Equity attributable to the owners of the parent -91 799
Non-controlling interests 1 -
Total shareholders’ equity -91 799
Provisions for pensions and similar benefits 664 782
Non-current provisions 465 345
Borrowings 2,174 2,089
Deferred tax liabilities 138 69
Non-current lease liabilities 438 498
Other non-current liabilities 4 3
Total non-current liabilities 3,884 3,787
Trade accounts and notes payable 971 1,018
Current taxes 66 75
Current provisions 386 315
Current portion of borrowings 11 17
Current lease liabilities 190 207
Other current liabilities 1,759 2,028
Total current liabilities 3,383 3,660
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7,176 8,246




14
Glossary • the net gains or losses on disposals of
Operational capital employed: Operational consolidated companies or businesses
capital employed comprises net fixed assets and • the fair value of shares granted to employees
net working capital but excludes goodwill and net including social contributions
assets held for sale. • the restructuring and rationalization expense
Current and non-current assets or liabilities: relating to business combinations or qualified as
A current and non-current distinction is made unusual, infrequent and abnormal. When a
between assets and liabilities on the consolidated restructuring plan qualifies for Other operating
statement of financial position. Atos has classified income and expense, the related real estate
as current assets and liabilities those assets and rationalization & associated costs regarding
liabilities that Atos expects to realize, use or settle premises are presented on the same line
during its normal cycle of operations, which can • the curtailment effects on restructuring costs and
extend beyond 12 months following the period the effects of plan amendments on defined benefit
end. Current assets and liabilities, excluding the plans resulting from triggering events that are not
current portion of borrowings, lease liabilities and under control of Atos management
provisions, and current financial instruments • the net gain or loss on tangible and intangible
represent the Group working capital requirement. assets that are not part of Atos core-business such
DSO: (Days of Sales Outstanding). DSO is the as real estate
amount of trade accounts receivable (including • other unusual, abnormal and infrequent income or
contract assets) expressed in days of revenue (on expense such as major disputes or litigation.
a last-in, first-out basis). The number of days is
calculated in accordance with the Gregorian Gross margin and indirect costs: Gross margin
calendar. is composed of revenue less the direct costs of
goods sold. Direct costs relate to the generation of
Organic growth: Organic growth represents the products and/or services delivered to customers,
percent growth of a unit based on a constant while indirect costs include all costs related to
scope and exchange rates basis. indirect staff (defined hereafter), which are not
CAGR: The Compound Annual Growth Rate directly linked to the realization of the revenue.
reflects the mean annual growth rate over a The operating margin comprises gross margin less
specified period of time longer than one year. It is indirect costs.
calculating by dividing the value at the end of the EBITDA (Earnings Before Interest, Tax,
period in question by its value at the beginning of Depreciation and Amortization): for Atos,
that period, raise the result to the power of one EBITDA is based on Operating Margin less non-
divided by the period length, and subtract one cash items and is referred to as OMDA (Operating
from the subsequent result. As an example: Margin before Depreciation and Amortization).
2019-2021 revenue CAGR = (Revenue 2021 / OMDA (Operating Margin before Depreciation and
Revenue 2018) (1/3) -1 Amortization) is calculated as follows:
Operating margin: Operating margin equals to Operating margin:
External Revenues less personnel and operating
expense. It is calculated before Other Operating • less - Depreciation of fixed assets (as
Income and Expense as defined below. disclosed in the “financial report”)
Other operating income and expense: • less – Depreciation of right of use (as
disclosed in the “financial report”)
Other operating income and expense include:
• less - Net charge (release) of provisions
• the amortization and impairment of intangible (composed of net charge of provisions for
assets recognized as part of business current assets and net charge of provisions for
combinations such as customer relationships, contingencies and losses, both disclosed in the
technologies and goodwill “financial report”)
• when accounting for business combinations, the • less - Net charge (release) of provisions for
Group may record provisions in the opening pensions (as disclosed in the “financial
statement of financial position for a period of 12 report”).
months beyond the business combination date. OMDAL: OMDA – lease repayments.
After the 12-month period, unused provisions
arising from changes in circumstances are Gearing: The proportion, expressed as a
released through the income statement under percentage of net debt to total shareholders’
“Other operating income and expense” equity (Group share and minority interests).
• the cost of acquiring and integrating newly Interest cover ratio: Operating margin divided
controlled entities, including earn out with or by the net cost of financial debt, expressed as a
without presence conditions multiple.




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Leverage ratio: Net debt (before changes in Revenue: Revenue related to Atos’ sales to third
working capital actions and IFRS 9 fair value parties (excluding VAT).
adjustment) / OMDAL rolling 12-months.
Operating income (loss): Operating income TCV (Total Contract Value): The Total Value of
(loss) comprises net income (loss) before deferred a Contract at signature (prevision or estimation)
and current income taxes, net financial income over its duration represents the firm order and
(expense), and share of net profit (loss) of equity- contractual part of the contract excluding any
accounted investments. clause on the decision of the client, as anticipated
withdrawal clause, additional option or renewal.
Cash flow from operations: Cash flow coming
from the operations and calculated as a difference Order entry/bookings: The TCV, orders or
between OMDA, net capital expenditures, lease amendments signed during a defined period.
payment and change in working capital When an offer is won (contract signed), the total
requirement. contract value is added to the backlog and the
Net cash or net debt: Net cash or net debt order entry is recognized.
comprises total borrowings (bonds, short term
and long-term loans, securitization and other Book-to-bill: The Book-to-Bill is the ratio
borrowings), short-term financial assets and expressed in percentage of the order entry in a
liabilities bearing interest with maturity of less period divided by revenue of the same period.
than 12 months, less cash and cash equivalents.
Liabilities associated with lease contracts and Backlog/Order cover: The value of signed
derivatives are excluded from the net debt. contracts, orders and amendments that remain to
be recognized over their contract lives.
Free Cash Flow (FCF): The Free Cash Flow
represents the change in net cash or net debt,
Pipeline: The value of revenues that may be
excluding capital increase, share buyback,
earned from outstanding commercial proposals
dividends paid to shareholders and non-
issued to clients. Qualified pipeline applies an
controlling interests, net acquisition or disposal of
estimated percentage likelihood of proposal
companies.
success.
Earnings (loss) per share (EPS): Basic EPS is
the net income (loss) divided by the weighted- Direct Staff: Direct staff includes permanent staff
average number of common shares outstanding and subcontractors, whose work is billable to a
during the period. Diluted EPS is the net income third party.
(loss) divided by the diluted weighted-average
number of common shares for the period (number Indirect staff: Indirect staff includes permanent
of shares outstanding + dilutive instruments with staff or subcontractors, who are not billable to
dilutive effect). clients. Indirect staff is not directly involved in the
generation of products and/or services delivered
to clients.




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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. 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. 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.

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




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