Atos - comment

Despite the restructuring process of prior years, Atos's results are difficult to comprehend, given that the Company embarks on a further 4-year operational restructuring. The Company have new reporting lines, and coupled with the divestment/wind-down of previous business lines, comparables are near impossible. In that case, it is best to focus on cash. Net debt rose to €1.68 billion by end‑June, up from €1.24 billion at end‑2024. Liquidity remains solid at around €2 billion, providing runway until at least 2029.

Revenue declined by approximately 17.4 %, from €4.97 billion in H1 2024 to around €4.0 billion in H1 2025. Order intake fell to €3.3 billion, down about €300 million versus the prior year. However, the book‑to‑bill ratio improved to 83 %, up from 73 % a year earlier. Low‑margin contracts were reduced from seven to three, trimming operating losses to approximately €16 million in H1 2025, an improvement on the €52 million loss reported in H1 2024 

Atos reaffirmed its 2025 revenue guidance of €8.5 billion, unchanged despite the weaker first half. It also reiterated plans to boost operating margin to around 4 % for the full year, c. 2 % higher than FY 2024.