Press Release
Full Year 2025 Results:
Atos Group has Delivered on its Commitments to Restore its Foundations
Growth Chapter Ready to be Opened
- FY 2025 financial and extra financial targets met or exceeded:
- Revenue at €8,001 million, reflecting a clear improvement in the organic growth trajectory in Q4
- Operating margin at €351 million, representing 4.4% of revenue, doubling year-on-year
- Net change in cash1 limited to €-326 million despite faster than expected execution of the restructuring program
- Greenhouse gas emissions reduced by 58% compared with the 2019 baseline.
- Execution of Genesis strategic and transformation plan ahead of schedule, with 88%2 of the three-year savings target completed in less than one year
- Strengthened commercial traction, with early signs of renewed client confidence
- Scaling artificial intelligence (AI) from targeted solutions to a fully integrated agentic AI-powered operating model across the Group, supported by Atos Sovereign Agentic Studios in France, Germany, the U.K. and the U.S.
- Confirmed promising outlook with positive cash generation from 2026 and accelerating in 2027 and 2028
- Solid capital structure to secure long-term ambition
- Strong liquidity position and long-term debt maturity
- Atos SE equity restored into positive territory
Paris, March 6th, 2025 – Atos, a leading provider of AI-powered digital transformation, today announces its full year 2025 financial results.
Philippe Salle, Atos Group Chairman of the Board of Directors and Chief Executive Officer, stated:
“The year 2025 marked a decisive turning point for our Group, confirming the relevance of the discipline, strategic clarity and transformation initiated under the Genesis plan. We met or exceeded our financial targets, improving the Group’s profitability and cash generation. We restored our operational foundations with a more resilient, and performance-driven operating model. Major commercial wins, industry recognition and strong market positions reflect renewed and growing client confidence across our businesses.
In a world being rapidly reshaped by AI acceleration, cybersecurity imperatives, and digital sovereignty, we have a unique business opportunity. We are stepping forward to expand our role as a trusted mission-critical technology partner. Our AI-first operating model powered by four newly launched agentic studios, the rapid ramp-up of our Data & AI workforce and the launch of our new consulting brand, positions us to support clients in adopting AI at scale, securely and responsibly. As we enter 2026, Atos Group is fundamentally transformed: more focused, more competitive and more agile. A new chapter of AI‑led growth is now opening and we are ready. The future doesn’t wait… neither do we.”
FY 2025 performance highlights
| In € million | FY 2025 | FY 2024 | Var. | FY 2024* | Organic Var. | |
| Revenue | 8,001 | 9,577 | -1,575 | 9,284 | -1,282 | |
| Operating Margin | 351 | 199 | +152 | 172 | +179 | |
| In % of revenue | 4.4% | 2.1% | +2.3 bps | 1.9% | -2.5 bps | |
| OMDA | 883 | 722 | +160 | |||
| In % of revenue | 11.0% | 7.5% | +3.5 bps | |||
| Net income – Group share | -1,404 | 248 | -1,652 | |||
| Net change in cash3 | -326 | -735 | +409 | |||
| Net debt (excl. IFRS 9 adjustment) | -1,844 | -1,238 | -606 |
*: at constant scope and December 2025 average exchange rates
Operational performance
On a full-year basis, Group revenue reached €8,001 million – or €8,030 million at September 30 currency – in line with the previously communicated target of “above €8 billion4“. Atos SBU generated revenue of €6,963 million, down -16.2% organically compared to FY 2024. The Eviden SBU revenue was up +6.7% compared to FY 2024, to €1,039 million in FY 2025.
Group operating margin reached €351 million in FY 2025 – or 4.4% of revenue (compared to 1.9% in FY 2024), above the previously communicated target of “around €340 million or above 4%”. This represents 104% organic growth year-on-year, despite a €1,282 million organic revenue decline. This performance demonstrates the benefits of the cost reduction measures implemented since the beginning of the year under the Genesis transformation plan.
| In € million
|
FY 2025 Revenue
|
FY 2024* Revenue
|
Organic variation
|
FY 2025 OM
|
FY 2024 OM*
|
FY 2025 OM (%)
|
Organic variation*
|
|
| Atos | 6,963 | 8,310 | -16.2% | 403 | 305 | 5.8% | +98 | |
| Germany, Austria & Central Europe | 1,504 | 1,665 | -9.7% | 26 | -16 | 1.7% | +42 | |
| North America | 1,266 | 1,756 | -27.9% | 135 | 154 | 10.7% | -19 | |
| France | 1,140 | 1,271 | -10.3% | 28 | 23 | 2.5% | +5 | |
| UK & Ireland | 1,128 | 1,465 | -23.0% | 82 | 83 | 7.2% | -1 | |
| International Markets | 1,112 | 1,312 | -15.2% | 90 | 45 | 8.1% | +44 | |
| BNN (Belux, Netherlands, Nordics) | 801 | 830 | -3.5% | 55 | 6 | 6.9% | +49 | |
| Global Delivery Centers | 11 | 10 | 9.9% | -14 | 9 | -0.2% | -22 | |
| Eviden | 1,039 | 974 | 6.7% | 48 | -42 | 4.6% | +89 | |
| Global Structures | 0 | 0 | 0.0% | -100 | -91 | -1.2% | -8 | |
| Group total | 8,001 | 9,284 | -13.8% | 351 | 172 | 4.4% | +179 |
*: at constant scope and December 2025 average exchange rates
Atos – Germany, Austria & Central Europe revenue totaled €1,504 million in FY 25, representing a -9.7% organic decline compared to FY 2024, with a few large client-ramp downs following insourcing strategies. It also stemmed from managed exits from low-profitability contracts. That was partially offset by successful fertilization, cross-selling to existing clients and the acquisition of new clients.
Operating margin improved by 269 basis points (bps) year-on-year, driven by the restructured delivery of the existing contract portfolio and benefits from Genesis-driven cost-cutting initiatives.
Atos – North America revenue was €1,266 million in FY 2025, representing a -27.9% organic decline compared to FY 2024. This decrease was mostly driven by 2024 contract exit decisions related to the Group’s financial situation before successful financial restructuring, as well as a net scope reduction among existing clients. The business has not yet benefited from improving commercial momentum, although signs of recovery are emerging with growing order entry and some ramp-ups.
Operating margin improved by 193 bps compared to FY 2024 despite the material impact from revenue fall through, driven by the Genesis-led margin optimization actions already in place.
Atos – France revenue reached €1,140 million in FY 2025, down -10.3% organically from FY 2024, due to high exposure to a recently muted public sector market that led to a significant ramp down, as well as the impact of the financial restructuring process on client perception in 2024.
Operating margin improved by 65 bps year-on-year despite declining revenues driven by the benefit of cost-cutting initiatives on indirect costs, an improved billability rate.
Atos – UK & Ireland revenue reached €1,128 million in FY 2025, down -23.0% organically year-on-year, mainly due to planned completion of large public sector Business Process Outsourcing (BPO) contracts in the fourth quarter of 2024. Subsequently, the fourth quarter has seen a return to organic growth (+2.5% yoy) supported by increased adoption of offerings among existing clients (notably with government clients), and new accretive revenue from new clients, especially in the financial services sector.
Operating margin improved by 159 bps compared to FY 2024. In absolute terms, it was stable year-on-year despite the sharp decrease in revenue due 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 -15.2% organically in FY 2025, to €1,112 million, mostly driven by softer performance in Asia Pacific, Switzerland and major events that benefited from the Olympics in fiscal year 2024.
Operating margin improved by 460 bps compared to FY 2024, doubling year-on-year in absolute terms. 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 fiscal year 2024.
Atos – BNN (Belux, Netherlands & Nordics) revenue stood at €801 million in FY 2025, down -3.5% organically compared to FY 2024, with churn partially offset by growing activity at existing clients.
Operating margin improved by 612 bps compared to FY 2024, to 6.9% in FY 2025, driven by the ramp down of lower profitability contracts, productivity improvement and positive impact from cost reduction initiatives.
Eviden revenue was €1,039 million in FY 2025, up 6.7% year-on-year, driven by the strong performance of the Advanced Computing activity with the delivery of the Jupiter supercomputer in the third quarter.
As a result, operating margin improved by 887 bps, reaching €48 million.
Global Structures costs stood at €-100 million in FY 2025, compared to -91 million euros in FY 2024 at constant scope and December 2025 average exchange rates.
Order Entry and Backlog
Commercial activity
In 2025, the Group carried out a comprehensive reset of its commercial organization to improve efficiency, increase accountability, and strengthen go-to-market performance. First benefits were already visible, particularly in productivity and pipeline quality.
Order entry reached €7,084 million in FY 2025, bringing the book-to-bill ratio to 89% vs 82% restated last year and indicating early signs of renewed client confidence. Main contract signatures in 2025 included:
- A Cybersecurity contract with the EU Commission
- A Digital Workplace contract with the UK Department for Environment, Food & Rural Affairs (Defra)
- A Cloud & Modern Infrastructure contract with a leading insurance company in North America
- The application of the extension of the customer relationship agreement with Siemens in Germany.
Renewal rate reached 92% in FY 2025, compared to 89% in FY 2024.
Backlog and commercial pipeline
At the end of December 2025, the full backlog reached €10.7 billion, representing 1.3 years of revenue. The full qualified pipeline amounted to €4.2 billion at the end of December 2025, representing 6.2 months of revenue and showing a year-on-year increase in key business lines, such as Digital Applications and Data & AI.
Update on the Genesis plan Execution
At the Capital Markets Day held on May 14, 2025, the Group unveiled “Genesis”, its strategic and transformation plan for the next four years. It includes 22 workstreams regrouped under seven pillars:
- Growth
- Human Resources
- Countries review
- Portfolio review
- Gross Margin
- Cost review
- Cash
During 2025 significant progress was achieved with 88%5 of the three-year savings target completed with initiatives implemented during the year, including the following:
- Countries review: To sharpen the geographical focus, the Group exited or terminated commercial operations in ten countries and disposal processes led or will lead to the exit of seven more
- Contract portfolio review: The Group reduced its exposure to low margin contracts (i.e., contracts with a project margin below 5%) to c.€16 million negative impact on operating margin compared to c. €122 million in 2024.
- Delivery and general and administrative (G&A) optimization: The billability rate improved from 76% to 79% and the G&A cost base was reduced by 26% compared to 2024. Overall, over three quarters of the three-year restructuring envelope of 700 million euros was incurred during the year. The total headcount was 63,193 at the end of the period.
ESG Performance in 2025 and Beyond
Atos Group has delivered on the promise it made in 2019 and has achieved its near-term Science Based Targets initiative (SBTi) objective to reduce its 2025 emissions by 50% compared to 2019. Furthermore, the Group reaffirmed its commitment during its Capital Markets Day in May 2025, to further reduce its GHG emissions to be net-zero by 2050 compared to 2025 and as defined by the SBTi. Atos Group will continue to mobilize its resources to decrease GHG emissions in its own operations and its supply chain, as well as to develop solutions and services to support its clients’ decarbonization ambitions.
Atos Group set a target to reach 40% female representation among new hires by the end of 2025. While significant progress was made and the target was not fully achieved, the Group continues to strengthen its initiatives to improve gender balance.
Atos Group also recognizes its responsibility to support and actively shape the transformation towards artificial intelligence and has therefore developed a training program. In 2025, 73% of the Group had completed the AI Fluency program, a strong indicator of our workforce readiness for AI-driven transformation.
Atos Group’s ambitions for sustainable digital business are reflected in very good assessment results. The Group is proud to be included for the 13th consecutive year in the S&P Global Sustainability Yearbook, reaffirming the company’s longstanding commitment to responsible business practices and leadership in environmental, social and governance (ESG) performance. Atos Group’s most recent Corporate Sustainability Assessment (CSA) score is 73/100, positioning the Group among the strongest performers worldwide across ESG dimensions within its industry.
In 2025, the company was included in CDP’s Climate “B List”, demonstrating performance above the global average in the management of climate related risks, governance, and strategic climate action. This result confirms the credibility and structure of Atos’ climate strategy.
Furthermore, Atos Group has once again been awarded EcoVadis Platinum Medal for its Corporate Social Responsibility (CSR) performance, with an improved score of 84 out of 100. This recognition places the Group in the top 1% of companies assessed by EcoVadis in its industry.
Acceleration of the Group’s Technological Ambition
Atos Group’s positioning in mission-critical, regulated, complex IT environments makes AI a structural opportunity for the Group. Rather than displacing core services, AI increases complexity, security requirements, compliance burdens, and integration demand — all areas where the group is deeply embedded.
The Group’s defensive characteristics — long-term client relationship, complex project management, cybersecurity expertise, and sovereign positioning — create resilience against AI disruption risk while offering upside through automation and higher-value AI-powered services.
Atos Group’s transformation is built on three mutually reinforcing tech‑strategic pillars — Agentic AI, Digital Sovereignty and Cybersecurity. Atos enters the AI‑first era with strong differentiators: deep partnerships, enterprise‑scale AI operations, mission‑critical expertise and secure‑by‑design delivery, enabling clients to move beyond proofs of concept and deploy AI in regulated, brownfield and operationally critical environments. AI becomes truly transformative when embedded into sovereign architectures and protected by advanced cyber capabilities, creating a self‑reinforcing flywheel where sovereignty ensures trust, cybersecurity ensures resilience and AI accelerates value creation.
In particular, Eviden – Atos Group branch providing security, cybersecurity and defense products and systems delivers deterministic, safety critical solutions — built on decades of expert data and robust command and control platforms, which remain unmatched for reliability. GenAI and agentic AI act as force multipliers, not replacements, expanding Eviden’s market through natural language control for non‑experts, context aware intelligence that enhances situational awareness, and optimized AI models deployable at the edge. With strong credentials in sovereignty and compliance, Eviden is positioned to provide safer, more resilient, and more predictive critical systems while remaining a trusted integrator for uptime, safety, and regulatory assurance.
Since 2025, Atos Group operationalized this strategy by appointing a new CTO, creating a dedicated Data & AI business line, developing workforce skills and launching a full portfolio redesign built around agentic AI, digital sovereignty and cybersecurity. It is now further accelerating industrialization through the launch of Atos Sovereign Agentic Studios in the U.S., the UK, France and Germany, enabling safe, governed, production‑grade AI agents embedded directly into clients’ operations and designed to scale autonomous execution, secure orchestration and software‑driven delivery for mission‑critical environments.
Atos Group also launched Atos Amplify, a unified AI‑powered consulting business unit designed to accelerate client transformation by combining deep industry expertise, advanced technology capabilities, and a strong focus on AI, cybersecurity and digital sovereignty. With a proven track record across major European and global clients, Atos Amplify brings an AI‑ready consult‑to‑build model that delivers tangible business outcomes, integrating Atos’ people, processes and assets with responsible AI guardrails to ensure secure, tailored and high‑impact transformation at scale.
Together, these moves position Atos to accelerate its development in the AI era with a robust, sovereign and secure foundation.
Human Resources
The total headcount was 63,193 at the end of December 2025, a decrease of -19.1% compared with the end of December 2024 essentially as a result of the execution of the Genesis headcount reduction program.
During the year, the Group hired 6,041 staff (of which 92.4% were direct employees), while attrition rate in FY 2025 was at 15.3% vs 15.6% in 2024.
Net income
Other Operating Income (OOI)
Other operating income and expenses amounted to €–1,179 million for full-year 2025, compared to –€2,858 million for full-year 2024. It mostly included restructuring and other non-recurring charges in relation to the Genesis transformation plan, as well as litigation and some onerous contracts provisions and asset impairment in the context of the disposal of Advanced Computing activities.
Financial income
Net financial expense was €-437 million for full-year 2025, compared to €3,121 million for full-year 2024, reflecting the new debt structure of the Group and the fair value adjustment of the net debt.
Tax
Tax charge stood at €-139 million for full-year 2025, compared to €-214 million for full-year 2024. It included a net change in deferred tax assets of €-60 million.
Net result Group share
As a result of the above net result Group share was a loss of €–1,404 million for full-year 2025, compared to a win of €248 million for full-year 2024.
Net Change in Cash6
Net change in cash6 for the period stood at €-326 million euros for the period, in line with the previously communicated target of “better than €-350 million”, and reflecting the following items:
- Operating margin before depreciation and amortization (OMDA) of €883 million
- Capex of €-170 million, or 2.1% of revenues
- Leases paid for €-278 million
- Change in working capital requirement (excluding WCA) of €33 million, mostly driven by lower activity in 2025
- Cash restructuring of €-445 million, mostly in relation to the Genesis transformation plan
- Tax paid of €-31 million
- Net cash cost of debt of €–160 million, including €34 million of financial income
- Other items for €–157 million, which included litigation and onerous contracts
Net Debt and Debt Covenants
At December 31, 2025, net debt was €1,843 million (€945 million including IFRS 9 debt fair value adjustment), compared to €1,238 million as of December 31, 2024 (€275 million including IFRS 9 debt fair value adjustment), and mainly consisted of:
- Cash and cash equivalents for €1,265 million
- Borrowings for €3,064 million (nominal value, excluding PIK) or €2,285 million including IFRS 9 fair value adjustment and PIK. The Group is considering the possibility of repurchasing bond debt on the market. It will evaluate any such transaction in the future in light of existing market conditions.
The credit documentation requires the Group to maintain:
- A minimum liquidity level of €650 million, to be verified at the end of each financial quarter starting March 31, 2025.
- A maximum level of financial leverage (“Total Net Leverage Ratio Covenant”), applicable from 30 June 2027, as from each half-year end, 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 December 31, 2025, the Group’s financial leverage ratio (as defined in the glossary) was 3.17x.
Outlook
Following the disposal of Advanced Computing activities, the Ideal GRP subsidiary in the Nordics and the Atos operations in South America, the Group’s baseline for establishing future ambition represented revenues and operating margin of €7,187 million and €314 million respectively7 in FY 2025.
From this baseline, in 2026, the Group anticipates a year of stabilization and aims to deliver:
- positive organic growth, with a downside scenario limited to –5% in a challenging market environment
- an operating margin of around 7%
- positive net change in cash8 before debt repayment, M&A and at constant currency.
The Group foresees an acceleration of profitable growth and cash generation to accelerate in 2027 and in 2028. Assuming the disposal of Advanced Computing in FY 2026 and a progressive reduction of its geographic footprint, the Group expects:
- To generate organic revenue CAGR of 5 to 7% between 2026 and 2028. Strategic, targeted and disciplined M&A could further increase revenue over the period
- To reach an operating margin of around 10% in FY 2028, supported by cost reduction measures and profitable growth, partially offset by an acceleration of R&D investments
- To achieve a leverage ratio below 1.5x net debt/OMDAL9 in fiscal year 2028. On the path to an investment grade rating, the Group expects to achieve a BB profile in 2027.
Consolidated Financial Statements
Atos Group’s Board of Directors in its meeting held on March 5, 2026, reviewed the Group consolidated financial statements as of December 31, 2025. Audit procedures on the consolidated financial statements have been carried out and the audit report is being issued.
Conference Call
Atos Group’s management will host a conference call on Friday, March 6, 2026 at 8:00 am (Paris – CET)
You can join the webcast of the conference via the following link:
If you want to join the conference by telephone, please register via this link:
Upon registration, you will receive the dial-in info and a unique PIN to join the conference call as well as an email confirmation with the details.
After the conference, a replay of the webcast will be available on our website, in the Investors section.
Forthcoming Events
| April 21, 2026 (before market opening) | First quarter 2026 revenue |
| May 22, 2026 | Annual general meeting |
| July 30, 2026 (before market opening) | First semester 2026 results |
| October 21, 2026 (before market opening) | Third quarter 2026 revenue |
APPENDIX
Q4 2025 revenue by segment
| In € million
|
Q4 2025 Revenue
|
Q4 2024* Revenue
|
Organic variation
|
|
| Atos | 1,738 | 1,910 | -9.0% | |
| Germany, Austria & Central Europe | 378 | 414 | -8.7% | |
| North America | 272 | 358 | -23.9% | |
| France | 285 | 309 | -7.9% | |
| UK & Ireland | 303 | 295 | 2.5% | |
| International Markets | 299 | 330 | -9.3% | |
| BNN (Belux, Netherlands, Nordics) | 198 | 201 | -1.9% | |
| Global Delivery Centers | 4 | 2 | n.s. | |
| Eviden | 265 | 299 | -11.2% | |
| Global Structures | 0 | 0 | 0.0% | |
| Group total | 2,004 | 2,209 | -9.3% |
*: at constant scope and December 2025 average exchange rates
FY 2024 revenue and operating margin at constant scope and exchange rates reconciliation
For the analysis of the Group’s performance, revenue and operating margin (OM) for FY 2025 are compared with FY 2024 revenue and OM at constant scope and foreign exchange rates. Reconciliation between the FY 2024 reported revenue and OM, and the FY 2024 revenue and OM at constant scope and foreign exchange rates is presented below, by Strategic Business Unit (SBU) and by geography for the Atos SBU.
| FY 2024 revenue | FY 2024 published
|
Restatement
|
FY 2024 restated
|
Internal transfers
|
Scope effects
|
Exchange rates effects
|
FY 2024*
|
| In € million | |||||||
| Atos | 8,152 | 450 | 8,602 | -5 | -148 | -140 | 8,310 |
| Germany, Austria & Central Europe | 1,565 | 119 | 1,684 | 0 | -21 | 1 | 1,665 |
| North America | 1,759 | 71 | 1,830 |