A gradual start to FY 2026, with fundamentals moving in the right direction. Full-year targets confirmed with organic growth range narrowed.

Press Release

A gradual start to FY 2026,

with fundamentals moving in the right direction

Full-year targets confirmed

with organic growth range narrowed

• Gradual start in a volatile Q1 2026 with slightly softer-than-expected revenue ramp-up, while commercial initiatives are being implemented to support growth:
  • Reported revenues of €1,739 million, or €1,640 million at go-forward perimeter¹
  • Organic revenue growth of c. -11% at the go-forward perimeter¹, of which c.3 points were related to low profitability contracts
  • Commercial engine progressively restarting with book-to-bill at 87% (89% for Atos Strategic Business Unit), up c.4 points vs strong Q1 2025, and qualified pipeline up c.€900 million in the quarter
  • Softer-than-expected revenue ramp-up in North America with some clients’ wait-and-see approach, while commercial initiatives supported business momentum: Q1 2026 book-to-bill at above 160% and a qualified pipeline increasing by c.20% in the quarter, alongside improved quality
    
    
    
    
• Ongoing operational turnaround steadily delivering profitability gains
  
  
  
  
  • Genesis savings achieved at the end of the quarter delivering margin as per expectations
  • Genesis plan extended to increase three-year savings target
    
    
    
    
• Strong liquidity position, further strengthened following the disposal of Advanced Computing activities
  
  
  
  
  • Liquidity at €1,736 million at the end of March, benefiting from c.€252 million cash flow impact in Q1 2026 from the Bull transaction (completed on March 31)
  • Net change in cash² estimated at €-47 million in the quarter, reflecting usual business seasonality, as well as accelerated implementation of restructuring plans (c.€-71 million cash restructuring costs) and negative operational cash flow of Advanced Computing that was still consolidated in Q1
  • €62 million debt repayment through bond purchase on the open market

• Accelerated ramp-up on the three strategic technology growth pillars
  • Agentic AI: Atos Sovereign Agentic Studios launch, a sovereign and governance-centered approach
  • Cybersecurity: Atos Threat Research Center launch
  • Sovereign: Sovereign MXDR (Managed eXtended Detection and Response) service launch in the UK, an industry-leading Microsoft integrated managed security service
• FY 2026 outlook confirmed¹
  • Organic revenue growth range narrowed to -1% to -5%
  • Operating margin expected at c. 7%
  • Positive net change in cash²

Paris, April 21, 2026 – , a global leader of AI-powered digital transformation, today announces its Q1 2026 performance.

Philippe Salle, Atos Group chairman of the board of directors and chief executive officer, stated:

“In the first quarter of 2026, we saw continued and concrete progress from the implementation of the Genesis strategic and transformation plan. As observed across the market, a volatile macroeconomic environment is influencing the pace of commercial decision-making. While this is temporarily affecting the timing of certain tangible conversions, it does not call into question the underlying momentum of our growth engine.

Against this backdrop, we continue to take decisive and structuring actions. First, we are deploying targeted commercial initiatives with an unwavering focus on disciplined execution. Second, we are further strengthening our portfolio around our three technology strategic growth pillars – agentic AI, sovereignty and cybersecurity – as the rapid adoption of AI continues to drive demand for secure, mission-critical and sovereign digital infrastructures. This momentum is illustrated by the launch of the Atos Sovereign Agentic Studios in four countries, alongside the creation of an Atos Threat Research Center.

Overall, business outlook remains solid. Underlying demand is robust, and client engagement is improving. Our strategic repositioning is delivering tangible results, as reflected in the strong and qualitative book-to-bill and commercial pipeline. We continue to adapt proactively, maintaining agility as market conditions evolve.

While the environment remains demanding, our focus on execution is clear. Genesis is delivering structural progress, and we are confident in our ability to relaunch the Group on a stronger, resilient and AI-enabled growth trajectory.”

Operational performance

Group reported revenue reached €1,739 million in Q1 2026, or €1,640 million at the go-forward perimeter³ reflecting a c. -11% organic decline compared to Q1 2025.

The Atos Strategic Business Unit – SBU – generated reported revenue of €1,593 million, or €1,561 million at the go-forward perimeter³ down -11.4% organically compared to Q1 2025.

The Eviden SBU reported revenue was €146 million in Q1 2026, or €69 million at go-forward perimeter³, down -2.9% compared to Q1 2025, mainly due to the absence of Vision AI activity since the start of the Iran conflict, partially offset by growing demand in the US and Europe.

Disclosure in this section reflects the revised reporting structure of Atos Group, following the implementation of the new organization in the first half of 2025 reporting period. Atos has identified Atos France, Atos BNN (Belux, Netherlands, Nordics), Atos UK & Ireland, Atos North America, Atos GACE (Germany, Austria & Central Europe), Atos IM (International Markets) 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.

*: at constant scope and March 2026 average exchange rates

Atos – Germany, Austria & Central Europe revenue was €333 million in Q1 2026, representing a -12.9% organic decline compared to Q1 2025. This performance was mainly driven by a few large client ramp-downs following insourcing strategies. It also stemmed from the managed exit of low-profitability contracts. That was partially offset by successful fertilization and cross-selling to existing clients.

Atos – North America revenue totaled €243 million in Q1 2026, an organic decline of -26.9% compared to Q1 2025. This decrease was mostly driven by low profitability contract exits and a net scope reduction at existing clients. The business is not yet benefiting from improving commercial momentum, although signs of recovery are visible with significantly growing order entry and pipeline year-on-year.

Atos – France revenue reached €275 million in Q1 2026, down -9.5% organically from Q1 2025. The performance was impacted by the public sector being on hold during the quarter and with local elections in March slowing down the decision process at some clients, reflecting political uncertainty and resulting in an unexpected reduction in activity. Performance was also affected by the managed exit from low-margin contracts, partially offset by positive contributions from fertilization activities.

Atos – UK & Ireland revenue reached €306 million in Q1 2026, up +5.2% organically, firming up the organic growth trajectory initiated in Q4 2025. This was supported by new wins and increased adoption of offerings among existing clients, notably in the public sector.

Atos – International Markets reported revenue was €250 million in Q1 2026. It was down           -11.8% organically at the go-forward perimeter⁴ in Q1 2026, to €220 million. The decrease was primarily attributable to contract ramp‑down in APAC and Switzerland. Positive trends in Southeast Europe, Middle East and Turkey, delivering modest organic growth in the quarter, offset by later-than-expected contracts starts in the Middle East, with limited impact at this stage.

Atos – BNN (Belux, Netherlands & Nordics) reported revenue stood at €184 million in Q1 2026, down -9.7% organically at the go-forward perimeter⁵ compared to Q1 2025, with a few large client ramp-downs following insourcing strategies. It also stemmed from the managed exit of low-profitability contracts, partially offset by successful fertilization and cross-selling to existing clients.

Eviden reported revenue was €146 million in Q1 2026. It was €69 million at the go-forward perimeter⁶, down -2.9% organically compared to Q1 2025. The performance reflects the significant slowdown in Vision AI activity since the start of the Iran conflict, partially offset by growing demand in the US and Europe, as well as a higher comparison base in Mission Critical Systems following a large project deployment through 2025.

Commercial activity

Since 2025, the Group has carried out a comprehensive reset of its commercial organization to improve efficiency, increase accountability, and strengthen go-to-market performance. First benefits were already visible, particularly in productivity and pipeline quality.

Order entry reached €1.5 billion in Q1 2026, with Data & AI and Cybersecurity business lines up year-on-year. By region, North America and International Markets were growing year-on-year, reflecting improvement in commercial momentum. Key contracts signed during the quarter include:

• Contract renewal with existing leading US commercial property and casualty insurance client, CNA, mainly in Cloud & Modern Infrastructure, Cybersecurity Services and Digital Workplace, for +$480 million for eight additional years
• Contract win with the UK Ministry of Housing, Communities and Local Government, in Digital Applications, for £63 million and signed for a seven-year term
• A new framework agreement in Cybersecurity services, with Gigalis, a regional public digital services operator in France, signed for four years
• A €48 million, nine-year contract win with ÖBB, an Austrian railway operator

The book-to-bill ratio stood at 87% in Q1 2026, up c.4 points vs strong Q1 2025.

• Atos SBU Q1 2026 book-to-bill was 89%, up 4 pts compared to the same period last year.
• Eviden SBU⁷ book-to-bill was 62% in Q1 2026, down 15 pts from the same period last year due to weak demand in the public sector in France and in the Middle East.

The renewal rate reached 94% in Q1 2026, compared to 91% in Q1 2025.

The full backlog at the end of March 2026 was €9.5 billion, representing 1.4 years of revenue. The qualified pipeline increased by c. €900 million in the quarter.

Human resources

The Group’s total headcount stood at 58,771 at the end of March 2026, representing a decrease of 7.0% compared with the beginning of January 2025, essentially as a result of the execution of the Genesis headcount reduction program and the disposal of Bull.

During the first quarter of 2026, the Group hired 1,490 employees, of which 88% were direct employees. The voluntary attrition rate stood at 12.4%, compared with 16.1% in Q1 2025.

Update on the Genesis transformation plan execution

Since the launch in 2025, Genesis execution progressed faster than initially planned, with the three-year Genesis target savings now completed. The Group now extends Genesis to generate further efficiencies, while continuing to deliver tangible progress across its core pillars, including the following:

• Growth and offering portfolio management as key priorities of Genesis’ pillars going forward:
  • Accelerated initiatives to support the three strategic technology growth pillars presented at FY 2025 (agentic AI, sovereign and cyber)
  • Image recovery: advertising campaign launched in France
  • New commercial Target Operating Model (TOM) in place to strengthen go‑to‑market effectiveness

• Countries review:
  • Divestiture of Ideal GRP, one of Atos' Nordic businesses completed on January 31, 2026
  • Completion of the South America activities divestiture expected in the coming weeks
    
    
    
    
• Operational and cost efficiencies:
  
  
  
  
  • Billability rate above 80% at the end of the quarter
  • Further eight reductions in legal entities in the quarter
  • Progress in deployment of the AI-augmented revenue management program at scale (supporting improved application of billing and indexation contract clauses)

Q1 2026 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.

Net change in cash⁸ for the quarter is estimated at c. €-47 million, reflecting usual business seasonality, as well as accelerated implementation of restructuring plans (c.€-71 million cash restructuring costs) and negative operational cash outflow of Advanced Computing that was still consolidated in Q1, 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 €-2 million, (ii) M&A for €257 million, (iii) change in unsolicited payments received in advance of the invoice payment due date during the year for €-115 million and (iv) debt repayment for €-62 million (corresponding to bonds purchase on the open market).

As of March 31, 2026, Atos Group liquidity is estimated at €1,736 million, compared to €1,705 million as of December 31, 2025 and more than €1 billion above the minimum €650 million level required by credit documentation. It was comprised of:

Outlook

Reminder: the Group’s baseline for establishing future ambition excludes for all years the estimated impact of Advanced Computing activities, South America operations and Ideal GRP - that were or are expected to be divested. In FY 2025 it represented estimated revenues and operating margin of €7,187 million (or €7,087 million at March 2026, year-to-date exchange rates) and €314 million respectively.

The Group confirms its financial targets for the fiscal year 2026:

• Organic growth range: narrowed to -1% to -5%¹⁰
• Operating margin: around 7%
• Net change in cash¹¹: positive before debt repayment, M&A and at constant currency.
  
  
  
  

The Group foresees an acceleration of profitable growth and cash generation in 2027 and in 2028 and expects:

• To generate organic revenue CAGR of 5 to 7% between 2026 and 2028. Strategic, targeted and disciplined M&A could further increase revenue over the period
• To reach an operating margin of around 10% in FY 2028, supported by cost reduction measures and profitable growth, partially offset by an acceleration of R&D investments
• To achieve a leverage ratio below 1.5x net debt/OMDAL¹² in fiscal year 2028. On the path to an investment grade rating, the Group expects to achieve a BB profile in 2027.
  
  
  
  

Conference call

Atos Group’s Management will host a conference call on Tuesday, April 21, 2026 at 08:00 am CEST (Paris time).

You can join the webcast of the conference via the following link:

-server.com/mmc/p/6ctd2yc8/

If you want to join the conference by telephone, please register via this link:

Upon registration, you will receive the dial-in info and a unique PIN to join the conference call as well as an email confirmation with the details.

After the conference, a replay of the webcast will be available on our website, in the Investors section.

Forthcoming events

APPENDIX

Q1 2025 revenue at constant scope and exchange rates reconciliation

For the analysis of the Group’s performance, Q1 2026 revenue is compared with Q1 2025 revenue at constant scope and foreign exchange rates.

Reconciliation between the Q1 2025 reported revenue, the Q1 2025 revenue at constant scope and foreign exchange rates and the Q1 2025 revenue after divestitures at constant scope and foreign exchange rates is presented below, by segment.

*: at constant scope and March 2026 average exchange rates

Restatement reflects a change in revenue recognition methodology.

Scope effects amounted to €-6 million, related to the disposal of two non-material entities.

Currency effects negatively impacted revenue by €-68 million. They mostly came from the depreciation of the US dollar, the British pound, the Indian Rupee, the Hong Kong dollar and the Argentinian peso.

Glossary

Operational capital employed: Operational capital employed comprises net fixed assets and net working capital but excludes goodwill and net assets held for sale.

Current and non-current assets or liabilities: A current and non-current distinction is made between assets and liabilities on the consolidated statement of financial position. Atos has classified as current assets and liabilities those assets and liabilities that Atos expects to realize, use or settle during its normal cycle of operations, which can extend beyond 12 months following the period end. Current assets and liabilities, excluding the current portion of borrowings, lease liabilities and provisions, and current financial instruments represent the Group’s working capital requirement.

DSO: (Days of Sales Outstanding). DSO is the amount of trade accounts receivable (including contract assets and liabilities) expressed in days of revenue (on a last-in, first-out basis). The number of days is calculated in accordance with the Gregorian calendar.

Organic growth: Organic growth represents the percent growth of a unit based on a constant scope and exchange rates basis.

CAGR: The Compound Annual Growth Rate reflects the mean annual growth rate over a specified period of time longer than one year. It is calculated by dividing the value at the end of the period in question by its value at the beginning of that period, raising the result to the power of one divided by the period length, and subtracting one from the subsequent result. As an example:

2019-2021 revenue CAGR = (Revenue 2021 / Revenue 2018) (1/3) -1

Operating margin: Operating margin equals External Revenues less personnel and operating expenses. It is calculated before Other operating income and expenses as defined below.

Other operating income and expense: 

Other operating income and expenses include:

• The amortization and impairment of intangible assets recognized as part of business combinations, such as customer relationships, technologies and goodwill
• When accounting for business combinations, the Group may record provisions in the opening statement of financial position for a period of 12 months beyond the business combination date. After the 12-month period, unused provisions arising from changes in circumstances are released through the income statement under “other operating income and expenses”
• The cost of acquiring and integrating newly controlled entities, including earn out with or without presence conditions
• The net gains or losses on disposals of consolidated companies or businesses
• The fair value of shares granted to employees including social contributions
• The restructuring and rationalization expense relating to business combinations or qualified as unusual, infrequent and abnormal. When a restructuring plan qualifies for Other operating income and expense, the related real estate rationalization & associated costs regarding premises are presented on the same line
• The curtailment effects on restructuring costs and the effects of plan amendments on defined benefit plans resulting from triggering events that are not under control of Atos management
• The net gain or loss on tangible and intangible assets that are not part of Atos core-business such as real estate
• Other unusual, abnormal and infrequent income or expense such as major disputes or litigation
  
  
  
  

Gross margin and indirect costs: Gross margin is composed of revenue less the direct costs of goods sold. Direct costs relate to the generation of products and/or services delivered to customers, while indirect costs include all costs related to indirect staff (defined hereafter), which are not directly linked to the realization of the revenue. The operating margin comprises gross margin less indirect costs.

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization): For Atos, EBITDA is based on Operating Margin less non-cash items and is referred to as OMDA (Operating Margin before Depreciation and Amortization).

OMDA (Operating Margin before Depreciation and Amortization) is calculated as follows:

Operating margin, plus:

• Depreciation of fixed assets (as disclosed in the “financial report”)
• Depreciation of right of use (as disclosed in the “financial report”)
• Net book value of assets sold/written of (as disclosed in the "financial report")
• Net charge (release) of provisions (composed of net charge of provisions for current assets and net charge of provisions for contingencies and losses, both disclosed in the “financial report”)
• Net charge (release) of provisions for pensions (as disclosed in the “financial report”)
  
  
  
  

OMDAL: OMDA – lease repayments.

Gearing: The proportion, expressed as a percentage of net debt to total shareholders’ equity (Group share and minority interests).

Interest cover ratio: Operating margin divided by the net cost of financial debt, expressed as a multiple.

Leverage ratio: Net debt (before IFRS 9 fair value adjustment) / OMDAL last 12-months

Operating income (loss): Operating income (loss) comprises net income (loss) before deferred and current income taxes, net financial income (expense), and share of net profit (loss) of equity-accounted investments.

Cash flow from operations: Cash flow coming from the operations and calculated as a difference between OMDA, net capital expenditures, lease payment and change in working capital requirement.

Net cash or net debt: Net cash or net debt comprises total borrowings (bonds, short-term and long-term loans, securitization and other borrowings), short-term financial assets and liabilities bearing interest with maturity of less than 12 months, less cash and cash equivalents. Liabilities associated with lease contracts and derivatives are excluded from the net debt.

Free Cash Flow (FCF): The Free Cash Flow represents the change in net cash or net debt, excluding capital increase, share buyback, dividends paid to shareholders and non-controlling interests, net acquisition or disposal of companies.

Earnings (loss) per share (EPS): Basic EPS is the net income (loss) divided by the weighted-average number of common shares outstanding during the period. Diluted EPS is the net income (loss) divided by the diluted weighted-average number of common shares for the period (number of shares outstanding plus dilutive instruments with dilutive effect).

Revenue: Revenue related to Atos’s sales to third parties (excluding VAT).

TCV (Total Contract Value): The Total Value of a Contract at signature (provision or estimation) over its duration represents the firm order and contractual part of the contract excluding any clause on the decision of the client, as anticipated withdrawal clause, additional option or renewal.

Order entry/bookings: The TCV, orders or amendments signed during a defined period. When an offer is won (contract signed), the total contract value is added to the backlog and the order entry is recognized.

Book-to-bill: The book-to-bill is the ratio expressed as a percentage of the order entry in a period divided by the revenue of the same period.

Backlog/Order cover: The value of signed contracts, orders and amendments that remain to be recognized over their contract lives. It may include revenue recognized on contracts based on the actual use of billable services, such as volume-based considerations. It therefore does not represent the transaction price allocated to performance obligations not yet satisfied (backlog) as defined by IFRS 15.

Pipeline: The value of revenues that may be earned from outstanding commercial proposals issued to clients. A qualified pipeline applies an estimated percentage likelihood of proposal success.

Direct Staff: Direct staff include permanent staff and subcontractors, whose work is billable to a third party.

Indirect staff: Indirect staff include permanent staff or subcontractors, who are not billable to clients. Indirect staff are not directly involved in the generation of products and/or services delivered to clients.

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 2025 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on March 10, 2026 under the registration number D.26-0075. 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 is a global leader in digital transformation with c. 59,000 employees and annual revenue of c.   € 7.2 billion, operating in 61 countries under two brands — Atos for services and Eviden for products and systems. European number one in cybersecurity and cloud, 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    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.

Contact

Investor relations:

Individual shareholders: 75

Media relations:

1 Group’s baseline for establishing future ambition: for all years, excluding the estimated impact of Advanced Computing activities, South America operations and Ideal GRP divestitures

2 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

3 Group’s baseline for establishing future ambition: for all years, excluding the estimated impact of Advanced Computing activities, South America operations and Ideal GRP divestitures

4 Excluding South America operations

5 Excluding Ideal GRP

6 Excluding Advanced Computing activities

7 Excluding Advanced Computing activities

8 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

9 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

10 Previously communicated range: “positive organic growth, with a downside scenario limited to –5% in a challenging market environment”

11 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

12 Defined as Operating Margin before Depreciation, Amortization and Leases

13 Group’s baseline for establishing future ambition: for all years, excluding the estimated impact of Advanced Computing activities, South America operations and Ideal GRP divestitures

Attachment