Leading the SBF 120 index, Atos (+8.33%, at 58.25 euros) soared following the release of its annual results. The IT group confirmed sequential improvement in the fourth quarter. Atos reported 2025 revenue of 8.001 billion €, broadly in line with expectations. Fourth-quarter revenue came in at 2.004 billion €, slightly below forecasts, with organic decline of 9.3% year-on-year—a somewhat steeper drop than anticipated, but an improvement compared to Q3 (-10.5%).

By division, Atos SBU posted an organic decrease of 9.0%, reflecting a clear sequential rebound after -19.3% in Q3, visible across most regions, notably North America and the UK/Ireland, where the comparison base was more favorable. Eviden SBU fell by 11.2%, penalized by the absence of a major HPC contract.

Order intake is firming up: the book-to-bill ratio rose to 122% in Q4 (after 117% in Q4 2024). However, there remains a sharp contrast between activities: Atos SBU posted 106%, down 19 points year-on-year, while Eviden soared to 229%, buoyed by the Alice Recoque supercomputer contract in Advanced Computing.

Finally, 2025 free cash flow amounted to -327 million €, including 431 million € in restructuring charges. Cash at the end of December 2025 is estimated at 1.267 billion € (excluding undrawn RCF), compared to 1.739 billion € a year earlier, a decline mainly linked to a negative currency effect.
"Overall, the release is considered unsurprising: the organic decline in the core business (Atos SBU) is broadly in line, while Eviden disappoints and free cash flow is as expected. The contrast is also seen in orders: Eviden shows strong momentum, but Atos SBU's book-to-bill appears more mixed, despite the Siemens contract extension. The persistent weakness in Atos SBU's commercial activity (annual book-to-bill below 90%) thus calls for caution regarding the potential for a growth rebound," explains AlphaValue, which maintains its Neutral recommendation on the stock. 

The company indicates it should exceed its 2025 profitability target, with an operating margin expected above 340 million € (more than 4% of revenue). The group has not yet announced financial targets for 2026, which will be presented with the annual results on March 6, but confirms its medium-term ambitions: 8.5–9.0 billion € in revenue by 2028, an operating margin close to 10%, and leverage below 1.5x (net debt/OMDAL).