Press Release
FY 2025 Preliminary and Unaudited Figures Highlighting Significant Progress in the Execution of the Genesis Plan
Cash and Profitability Targets Exceeded
Revenue Target Achieved
Book-to-bill in Line with Expectations
- FY 2025 revenue estimated at €8,001 million – or €8,030 million at September 30 currency, in line with target
- Inflexion point in top line trajectory reached in Q4 2025: quarter-on-quarter improvement in estimated Group organic revenue performance, to -9.3% yoy
- Q4 2025 revenue estimated at €2,004 million
- Atos Strategic Business Unit (SBU) estimated revenue down –9% organically (vs
–19.3% in Q3 2025) to €1,738 million
- Eviden SBU estimated revenue of €265 million, a 11.2% decrease on an organic basis
- FY 2025 estimated net change in cash1 limited to c. €-327 million, above target
- Delivered without any usage of account receivable factoring or specific optimization on trade payables
- Including estimated restructuring impact of €431 million
- Strong liquidity position at year-end at €1,707 million
- Q4 2025 book-to-bill at 122%, in line with expected acceleration in year-end order entry level
- Atos SBU at 106%, driven by strong performance in North America, Germany and Benelux
- Eviden SBU at 229%, including the signature of the Alice Recoque supercomputer contract in HPC
- FY 2025 operating margin expected to exceed target, at above €340m (representing above 4% of revenues)
- Longer-term ambitions unchanged
Revenue
Group revenue is estimated at €2,004 million in Q4 2025, reflecting a -9.3% organic decline compared to Q4 2024, driven by 2024 contract losses and voluntary contract exits, especially in the Atos Strategic Business Unit (SBU), as well as overall weak market environment.
The Atos SBU generated estimated revenue of €1,738 million, down -9% organically compared to Q4 2024, reflecting quarter-on-quarter improvement in top line trajectory in most regions, especially in North America and UK & Ireland. The Eviden SBU estimated revenue was down
-11.2% compared to Q4 2024, to €265 million in Q4 2025, in the absence of large HPC contract delivered in Q4 2025.
On a full-year basis, Group revenue is estimated at €8,001 million, or €8,030 million at September 30, 2025, currency, in line with previously communicated target of “above €8 billion2”. Atos SBU generated estimated revenue of €6,963 million, down -16.2% organically compared to FY 2024. The Eviden SBU revenue is estimated up +6.7% compared to FY 2024, to €1,039 million in FY 2025.
Commercial activity
Order entry reached €2,444 million in Q4 2025 thanks to positive commercial momentum in Atos business lines and in Advanced Computing. By region, North America, Germany and Benelux showed acceleration in the quarter, benefiting notably from the application of the customer relationship agreement (CRA 2.0) between Atos SE and Siemens AG, based on the results achieved as of December 31, 2025.
The book-to-bill ratio stood at 122% in Q4 2025, up +4 points vs Q4 2024.
- Atos SBU Q4 2025 book-to-bill was 106%, down -19 pts compared to the same period last year due to very high comps following the December 2024 financial restructuring.
- Eviden SBU book-to-bill was 229% in Q4 2025, up +156 pts year-on-year thanks to the contribution of the Alice Recoque supercomputer contract in Advanced Computing.
Liquidity Position
As a reminder, the publication of the quarterly liquidity position is part of the regular reporting requirements defined and agreed with the Group’s financial creditors.
In line with expectations, net change in cash3 for the quarter is estimated at c. €-327 million, including a €431m estimated impact of restructuring, without any usage of account receivable factoring or specific optimization on trade payables. This is before the estimated impacts of i/ exchange rate fluctuation for €-94 million, ii/ M&A for €-8 million and iii/ change in unsolicited payments received in advance of the invoice payment due date during the year for €-43 million.
As of December 31, 2025, Atos Group liquidity is estimated at €1,707 million, compared to €2,191 million as of December 31, 2024 and more than €1 billion above the minimum €650 million level required by credit documentation. It was comprised of:
| In € million | December 31, 2025 (estimated) | December 31, 2024 (actuals) | Variation |
| Cash & cash equivalent | 1,267 | 1,739 | -472 |
| Of which payments received in advance of invoice payment due date | 276 | 319 | -43 |
| Undrawn revolving credit facility | 440 | 440 | – |
| Total liquidity4 | 1,707 | 2,191 | -472 |
Outlook
The Group expects to exceed its profitability target for FY 2025 with an operating margin above €340 million (representing above 4% of revenues). Longer-term financial ambitions remain unchanged.
Financial targets for fiscal year 2026 will be communicated on March 6, 2026 when the Group will release its audited financial statements for fiscal year 2025. Management will host a conference call and webcast on that occasion.
Disclaimer
This document contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group’s expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors’ behaviors. Any forward-looking statements made in this document are statements about Atos’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Atos’s plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2024 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on April 10, 2025 under the registration number D.25-0238 and the half-year report as of June 30, 2025 published by Atos Group on August 1, 2025. Atos does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law.
This document does not contain or constitute an offer of Atos’s shares for sale or an invitation or inducement to invest in Atos’s shares in France, the United States of America or any other jurisdiction. This document includes information on specific transactions that shall be considered as projects only. In particular, any decision relating to the information or projects mentioned in this document and their terms and conditions will only be made after the ongoing in-depth analysis considering tax, legal, operational, finance, HR and all other relevant aspects have been completed and will be subject to general market conditions and other customary conditions, including governance bodies and shareholders’ approval as well as appropriate processes with the relevant employee representative bodies in accordance with applicable laws.
About Atos Group
Atos Group is a global leader in digital transformation with c. 63,000 employees and annual revenue of c. €8 billion, operating in 61 countries under two brands — Atos for services and Eviden for products. European number one in cybersecurity, cloud and high performance computing, Atos Group is committed to a secure and decarbonized future and provides tailored AI-powered, end-to-end solutions for all industries. Atos Group is the brand under which Atos SE (Societas Europaea) operates. Atos SE is listed on Euronext Paris.
The purpose of Atos Group is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.
Contacts
Investor Relations: investors@atos.net
Individual shareholders: +33 8 05 65 00 75
Media Relations: globalprteam@atos.net
1 Net change in cash before debt repayment, and calculated before the estimated impacts of i/ exchange rate fluctuation,
ii/ M&A and iii/ change in unsolicited payments received in advance of the invoice payment due date during the year
2 At September 30, 2025 currency
3 Net change in cash before debt repayment, and calculated before the estimated impacts of i/ exchange rate fluctuation,
ii/ M&A and iii/ change in unsolicited payments received in advance of the invoice payment due date during the year
4 Liquidity is defined as the sum of (i) the consolidated cash and cash-equivalent position of the Group and (ii) the amounts available under any undrawn committed facilities (including committed overdrafts). Consolidated cash and cash-equivalent includes trapped cash and unpooled cash and excludes cash held in escrow accounts in order to provide cash collateral
