Press Release
Half-year 2025 results on track
Full Year 2025 targets confirmed
- Significant progress in the execution of the Genesis transformation plan
- Reset of cost base well engaged, already impacting profitability
- Over 50% of the overall Genesis restructuring target incurred
at the end of June - 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
- Atos SBU: +1.7 pts to 5.7% driven by initial benefits from the restructuring plan and tight contract management
- 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:
- Improved or flat order entry in all regions apart from France
- 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
- 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
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
| In € million | H1 2025 | H1 2024 | Var. | H1 2024* | Organic 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 Flow2 | -96 | -593 | + 497 | |||
| Net debt (excl. IFRS 9 adjustment) | -1,681 | -4,218 | + 2,537 |
*: at constant scope and June 2025 average exchange rates
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.
| In € million | H1 2025 Revenue | H1 2024* Revenue | Organic variation | H1 2025 OM | H1 2024 OM* | H1 2025 OM | Organic variation* | |
| ATOS | 3,603 | 4,391 | -17.9% | 204 | 173 | 5.7% | +18.2% | |
| Germany, Austria & Central Europe | 767 | 831 | -7.6% | 1 | -11 | 0.1% | ns | |
| 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 Markets | 561 | 668 | -16.0% | 46 | 39 | 8.2% | +18.8% | |
| 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
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.
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
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.
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 cash4 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:
- 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/OMDAL5. 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.
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 |
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 2024 published | Restatement | H1 2024 restated | Internal transfers | Scope effects | Exchange rates effects | H1 2024* |
| In € million | |||||||
| 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 |