Atos - comment

Atos sought to present a constructive narrative in its statement this morning; however, the underlying performance remains weak, with Q4 organic revenue declining by 9.3%. The contraction reflects ongoing contract losses and voluntary contract exits, compounded by a generally subdued market environment. Full-year FY25 group revenue totalled €8.0bn, only marginally exceeding the company’s stated target of “above €8bn”.

Liquidity remains adequate at €1.7bn, including €1.3bn of cash. The reported book-to-bill ratio presents a mixed picture. While the group ratio improved to 122%, up four percentage points year-on-year, this masks significant divergence between business units. The Atos Strategic Business Unit recorded a book-to-bill of 106%, down 19 points, whereas Eviden delivered a ratio of 229%, up 156 points, largely driven by the Alice Recoque supercomputer contract within Advanced Computing.

Atos is scheduled to report its audited FY25 results and provide financial guidance for FY26 on 6 March.

atos.net/wp-content/uploads/2026/01/260121-PR-Atos-Revenue-and-liquidity-position.pdf