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The lower revenue outlook increases pressure on credit metrics, as weaker topline performance constrains deleveraging and heightens reliance on
Atos has completed the sale of Bull, its Advanced Computing activities, to the French State for an EV of up to €404m, including contingent
Management continues to frame the turnaround in simple terms: 2025 as the restructuring year, 2026 as a stabilisation phase, and growth returning from
Atos sought to present a constructive narrative in its statement this morning; however, the underlying performance remains weak, with Q4
Atos continues to make progress on disposals of non-core assets, announcing on 26 December the sale of its South American operations to
Atos released very weak revenue figures. However, as the Company does not disclose EBITDA figures, we are unable to verify
As per popular demand, we’ve made the Client Call presentations available as part of our new Client Call layout.
Atos is blowing its own trumpet this morning, having secured a contract with the European Commission’s CLOUD II Dynamic Purchasing
Atos appointed four senior executives to assist in its operational turnaround, which is required to right-size the business. The four appointments, in various
Please find our updated analysis on Atos here.
We have remained sceptical of the Atos turnaround story, but many of you have asked us to look at the name again. We have started our analysis from scratch, focusing on the
We have remained sceptical of the Atos turnaround story, but many of you have asked us to look at the name again. We have started our analysis from
Despite the restructuring process of prior years, Atos's results are difficult to comprehend, given that the Company embarks on a further
Atos released its H1 liquidity position as required by various credit agreements. Cash and liquidity have deteriorated by €374 million but
In November 2024, the French state made a non-binding offer for the Advanced Computing Activities of Atos for an EV of €500m and up to
Atos is holding its Capital Markets Day in Paris today, unveiling a new four-year strategic plan following the completion of its financial restructuring in
With a new CEO, Atos’s 6th in the last 2 years, the Company were unwilling to offer any guidance, instead reminding that the Company are going to hold a Capital Markets Day on
The company’s initially resounding rebuttal this morning narrows significantly in the admission that there was a security breach of “data mentioning the
The French state, determined to buy the Advanced Computing segment from Atos, has resubmitted a non-binding offer of €500m with exclusivity
Our main concern with the restructuring proposal which Atos is progressing through the courts is the business remains over-leveraged. We keep an eye on
The option held by the French state to acquire the Advanced Computing, Mission-Critical Systems and Cybersecurity Products businesses of
Atos have updated the market, stating they have obtained the additional two-month extension to the accelerated
Atos has again revised their projections downwards for 2024-2027. Management are expecting yet lower top-line revenue, driven by underperformance in the
(Aengus on Tomá’s behalf) The new CEO is a banker by trade, so his skill set is a fit for a company undergoing debt restructuring. We expect Mustier to
Atos announced yesterday (Wednesday) the opening of accelerated safeguard proceedings in the Commercial Court of Nanterre. At the
Atos has not disclosed the % of financial creditors who have signed the Lock-up Agreement, which implies the number is low, only stating a
We have not been fans of ATOS bonds at any time so far. We are still not interested in taking a position, even as we previously indicated that a
Atos continue to make progress with its restructuring proposal, with the Company providing a further update to the market today. Atos has completed the
Despite the speculation, there is no room for EPEI (Kretinsky) in the confirmed creditor plan. The creditor plan is broadly the same as first proposed in partnership
The soap opera that is Atos continues. Creditors now have the opportunity/obligation to go it alone, as David Layani and OnePoint are forced to
All the pieces appear to be falling into place for a definitive financial restructuring by July this year. Atos today received a non-binding offer from the
To move the restructuring forward, Atos released a statement this morning, seeking bondholders and banks who wish to participate in the new money and equity