Atos has published preliminary results for FY 2025, marked by mixed signals but broadly in line with its "Genesis” strategic plan. Annual revenue came to €8bn, in line with management expectations, although still showing a sharp organic decline. Q4 nevertheless fell less than in Q3, on the SBU division side (-9% vs -19.3% in Q3).

Profitability clearly improved. Operating profit exceeded €340m, representing over 4% of annual revenue, above the initial target (but in line with market expectations). In 2024, the margin was half the level, at around 2%. Its liquidity position stood at €1.707bn as of 31 December 2025, despite a net cash change of -€327m over the year. Management says that this level is more than €1bn above the threshold required by creditors. This buffer reflects prudent management, with no use of factoring or one-off optimisation measures. AlphaValue notes that consensus expected free cash flow of -€346m, making the
-€327m figure slightly better than forecast.

More dynamic order intake at year-end

Commercial momentum accelerated toward the end of the year, with a book-to-bill ratio of 122% in Q4. The ratio reached 229% for Eviden, notably supported by the signing of the Alice Recoque contract in high-performance computing. For Atos, the ratio came in at 106%, driven by strong performance in North America and Germany.

While the 2026 targets will be communicated on 6 March when the audited accounts are published, management says it is maintaining its long-term financial ambitions, in a context still shaped by transformation efforts and strategic refocusing.