Atos Stock

Good day, and thank you for standing by. Welcome to the Atos Group H1 2026 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Philippe Salle, Group Chairman and CEO. Please go ahead.

Thank you. Good morning, everybody. So let's jump to the presentation. As you've seen, there are 4 different topics. I will take the first 2, the business highlights and the operational performance. Jacques-Francois will talk about the financial results, and I will finish with the outlook.

So let's start with the business highlights. So in a nutshell, first of all, for us, it's a strong H1 performance with a full year targets that I confirm, and I will come back to this at the end. Ongoing further delivery of restructuring. So Genesis is well underway. I will also comment on this one. The commercial traction also is building further. Now it's a long run this one. We know it takes some time to rebuild, I'll say, confidence with customers. And last point, increasing momentum around our 3 strategic pillars, and I will come back also on this one.

So if we look at the key numbers, so on what we call the going forward perimeter without Bull, without Latin America and also the small divestitures that we have done in Northern Europe. The revenues were EUR 1.661 billion, which is roughly minus 6% versus last year. It was in line with what we have guided, in fact, at the end of Q1. So it's easing versus Q1. And also it's the first time sequentially that Q2, in fact, is above Q1. It was not the case, in fact, in '25. The operating margin for the perimeter is EUR 190 million as we are close to 6 points of EBIT. And in fact, we are -- you will see that for Bull for Atos and flat roughly at 0 we shared it. And in fact, in Eviden, we have also invested heavily in the commercial activities, and we have been impacted slightly, I would say, by the Middle East.

Order intake is at 91% at EUR 1.5 billion. It's also, I would say, getting some momentum. And you will see also that the qualified pipeline also has increased. Net change in cash that was done, in fact, in mid of July. So it's still minus EUR 120 million. And just for information, the restructuring cost was minus EUR 130 million. We are still contemplating a total cash out around, let's say, we say between EUR 150 million and EUR 200 million, in fact, in Q1. It will be probably between EUR 190 million to EUR 200 million this year. So it means that probably in the second half, it's maximum EUR 70 million.

Net debt is roughly at EUR 2 billion, but it's normal also that the net debt is higher in H1 because we're going to have a positive cash flow. We will have also a client in advance payment. It's always lower, in fact, at the end of June. It will be much higher, in fact, at the end of December. So the net debt, of course, will go down by the end of the year. And the liquidity is close to EUR 1 billion. It's far more than we need, in fact, as we have lowered, I would say, the cash trap close to roughly EUR 100 million.

Okay. Next slide. You can see the momentum. So you can see the, I would say, the different number that we have shown on the growth of Atos. So I would say, for the first time, we are now close to minus 7%. Remember that last year, we suffered a lot from the stop of contracts and also, let's say, stop of clients, unfortunately, from there in '24 and in early '25. We can say right now that there is no loss, in fact, in H1 this year. And in fact, we don't foresee any loss, in fact, in the course of H2, and that's why it's easing versus, I would say, last year.

In terms of group OM, last year was EUR 133 million in H1. Remember that it's with the new perimeter, without the new perimeter, it was around EUR 110 million. And this year, we are at EUR 190 million, so roughly 2 points above last year. Now if we zoom a little bit on Genesis. So Genesis, we launched it, in fact, early '25. I have commented it, in fact, in the CMD in May. The Genesis, the first program, the EUR 650 million gains, in fact, has been done in Q1. So we have done the Genesis in 1 year. I have launched, in fact, a second phase of Genesis to ensure that the profitability will continue to increase, of course, in '27 and '28. So we are now at EUR 800 million or above. But the Genesis will be finished by the end of the year. So the restructuring will be really '25, '26. So we can refocus, I would say, the mind of the management to the top line, of course, which is the challenge for us. But definitely, we have good signs that it will come.

Now if we go to the next slide, you can see also on the workforce. So after, I would say, all the divestiture Genesis, we are back roughly to 54,000 people. We are probably at the right level. There will be probably some a little bit more, but not that much. What is interesting to note is the attrition rate at 12%, which is probably a little bit too low versus 16%, but it is for me a good signal that I would say our staff are motivated. And I would say that we have -- we suffer, I would say, a lot of -- an attrition, excuse me, that is very small. And just for information, we have done a survey on the morale of the employees worldwide and what we call our internal NPS went up by 11%. So it means that there is more -- I think the staff is understanding exactly what we are doing with the group.

If we go on the commercial traction, I think the very good news first is the book-to-bill. Remember that the book-to-bill at 91% doesn't mean that we're going to decrease just because, for example, the framework agreements, we don't count them in the book-to-bill. And if you see, for example, on the far right, with the European Public Sector Agency, it's a massive, I would say, contract that we have signed EUR 187 million for 4 years, but this is not in the book-to-bill. And the different framework agreement that you can see, one with the Dutch police, one with the European Patent police office, this is typically, I would say, contract that we don't book in fact in the portfolio.

Good news is that France, U.K. and Eviden are above 100% in Q2. So it means that there is traction in these countries. And I would say bit by bit, there will be traction in fact, in the different geos. The second good news is the qualified pipeline. It continues to increase by EUR 800 million. It was already up EUR 900 million in Q1. So it's roughly EUR 1.7 billion more, I would say, tenders in H1, which I think it's for me a sign that there is first that Atos is invited, of course, in the different tenders everywhere and also the fact that I would say the commercial activity has some traction. And of course, it will pace in the coming quarters.

Renewal rate is now 94%. So we are back to normal. It was the case, in fact, in 2024. And we have done also NPS, I would say, for the customers. We have I would say, good signs that the customer understand the strategy of Atos and also are confident that the group will continue, I would say, to serve them on their different challenge in the future. You can see some major contracts. And for example, in the U.K. on the left, it's a new logo, very interesting client where we start with CM&I and Digital Workplace, and we will continue with application AI in the future.

Just for the different pillars, so remember that the 3 different pillars that we have launched and where we are now focusing the group, which is Agentic, so identification of the, I would say, company, cybersecurity and sovereignty. This is a typical, I would say, wins that we had during H1. So Eurocontrol, it's a big client of us. We are now, let's say, modernizing, I would say, their applications. You can see by far CNA, the big contract we have signed with the U.S., it's a TCV of close to $500 million. And we're going to put also identification in the contract. You have also examples with Primetals and Comunidad.

I think what is important to understand is that AI is, in fact, embedded in the different projects that we do. So we have, of course, I would say, projects fully on data AI, data, for example, on data lake or making sure, I would say that the company has the right data momentum, let's say. And we have also some identification, but we have also, I would say, AI in the different contracts that we signed in Cyber and CM&I and Digital Workplace.

Now for the different pillars, remember, we also have signed different, I would say, we have, let's say, some other companies also that are accompanying us, I would say, in this journey. So for Agentic, we use AI, we have signed also a big contract with Microsoft. With Digital Sovereignty and Cybersecurity, you can see SAP, IBM and for example, CrowdStrike and Salesforce.

Now let's go on the operational performance of the first semester. So if we look at the top line revenues, so last year, it was roughly EUR 1.9 billion. Then of course, we need to restate from Latin America and Northern Europe, some foreign exchange. So in fact, I would say, on a like-for-like, the turnover was roughly EUR 1.8 billion, and we show EUR 1.7 billion, so minus 6.3% in Q2 in terms of inorganic growth.

Now if we look at the countries by countries, in fact, I would say that it's easing everywhere. We are a little bit, let's say, disappointing by North America. It could have been, let's say, probably better. It's probably the country where it's a little bit more difficult. North America, however, is roughly at $96 million revenue per month. I would say it's roughly flat, flat plus. But as I said, there is no major loss, I would say, in America. And of course, if you look at, for example, the revenues of North America in December last year, it was EUR 92 million. It means that we will restart growing probably in the course of Q4 this year.

For the rest, France is leading also at minus 5%, probably close to 0 in Q3. Germany also probably trying to be close to 0 in Q3. We will see. U.K. and Ireland continue, I would say, close at plus 9%. In international market, it's because a large client, in fact, I decided, I would say, to internalize, I would say, the CM&I business line. So in fact, it has a very big impact because it's by far the biggest customer in this market. And BNN roughly minus 5%. The good news, of course, is that Eviden, of course, is growing at plus 14%. We definitely see that in the defense, let's say, area, there are a lot of opportunities for Eviden and of course, for Atos.

Now if we look at the operating margin, as I said last year, we were at EUR 113 million. Then, of course, we restate with the loss of Bull because Bull was losing money in H1. It's always, I would say, a low negative EBIT in H1 and a positive EBIT in H2. Latin America also and then you have the foreign exchange, which means that on the same perimeter, we are at EUR 133 million, so 3.7% margin. And we have increased the EBIT roughly by 43% on a decreasing turnover. So it means that, of course, Genesis is yielding, I would say, the results we are, of course, expecting. And we are quite pleased, I would say, that the margin of Atos is above 6% already in H1.

If you look at the different components on Page 18 of the different operating margin. So on the right, you see the operating margin that is published. So it means with the loss of Bull because, as I say, Bull is always negative in H1. But on the current perimeter, it's on the left at EUR 190 million, and you can see the different numbers of the different geos.

And then I will go down geo by geo, let's say, in the coming slides. So if I start with Germany, revenues organic was roughly minus 9%. We still, in fact, a lot of contracts last year, there are some black contracts, and there are no more black contracts right now in Germany. And as you can see, the Genesis, of course, we have reduced the staff heavily, in fact, in Germany and also in the region, which, of course, then can produce, I would say, EUR 30 million EBIT, EUR 29 million exactly, and we estimate we will be probably close to EUR 90 million this year.

Then if we go to North America, as I say, that's the country where we decreased the most. It's still difficult. Remember that we decided not to renew a very big contract, EUR 100 million plus. This contract was in force until Q4 last year. So it has a 10% impact on, I would say, the growth plus the fact that we continue to have a different impact on some contracts we have stopped and lost. But it will ease, as I say, in Q4 this year. So definitely, what we are doing right now is just to make sure, I would say, the profitability stays around 10% and of course, now pushing hard to make the rebound in the U.S.

France, minus 5% in organic growth, just also because the public sector was again weak in Q1, but it was the case also in '25. We have roughly stabilized, I would say, the margin, and we have done a lot of actions where we think we can increase the EBIT. It will be probably in '27 with different actions we take in place with Genesis. Unfortunately, France takes more time, I would say, than the rest of the different geos. If we go to the U.K. this is the country, I would say, that has done is a turnaround in the course of '25 with a new CEO, in fact, in the beginning of last year. So we have a 9% organic growth. We have signed a lot of different contracts and new logos. And we have been able, I would say, to push quite hard, I would say, the profitability. So we are quite pleased with a double-digit margin.

Now with international markets on Page 23, as I say, the main, let's say, decrease is just one customer, unfortunately, in Asia. We have made the turnaround, in fact, in the rest of the different geos, it's mainly Spain and Switzerland. And of course, with this healthy, let's say, customer, the margin is a little bit down, but we are still able, I would say, to show a 6% margin.

Last Belux, also minus 5% in terms of top line. We have also with Genesis, we have restarted, I would say, to protect the margin going forward. So there are more actions to come. So in fact, for Genesis, it's mainly right now, let's say, Belux, so Belgium and Netherlands and France that where we're going to do, I would say, more in the course of H2. The rest is almost done.

Eviden, our product brand. So there is a good traction, in fact, with Eviden. Remember that, in fact, we could have done much higher because one business, Vision AI has been impacted heavily, in fact, by the Middle East. And in fact, the revenue is almost close to 0 but we definitely think that there will be a catch-up in H2. But there is, of course, we work in the defense industry, there is a lot of, let's say, opportunities there. The margin is roughly at 0, but it's also a change of the global cost allocation. So probably, I would say, the comparison with last year is not the right one. But for sure, we need to do something in the profitability, and it will be the case, in fact, in H2 and of course full year.

With that, I hand over to Jacques-Francois on the financial results.

Thank you, Philippe, and good morning, everyone. So I will now take you through the financial section of this presentation, starting with the P&L below operating margin, then moving to free cash flow, net debt, liquidity and our updated debt maturity profile following the refinancing completed in the first half.

The key message is that while the group continued to record a net loss in the first half of 2026, this loss mainly reflects the continued execution of our restructuring plan and the financial effects of the refinancing. At the same time, our cash performance was controlled. Our liquidity remained strong and the first step of refinancing materially improved our debt profile.

So let me start with the bridge from operating margin to net income. In H1 2026, reported operating margin amounted to EUR 169 million, including the negative contribution of divested businesses. This compared with EUR 113 million in H1 '25. This improvement is consistent with the improvement at current perimeter and reflects the benefits of our operational transformation and cost discipline despite continued revenue pressure.

Other operating income and expense amounted to minus EUR 314 million compared with minus EUR 566 million in H1 '25. The main components were Genesis-related reorganization costs of EUR 113 million rationalization and associated costs of EUR 8 million, amortization of intangible assets for EUR 17 million, equity-based compensation of EUR 18 million and other items for EUR 157 million. These other items mainly included onerous contracts and customer losses for EUR 44 million and litigation for EUR 94 million. As a result, operating loss stood at EUR 145 million in H1 '26 compared with EUR 452 million in H1 '25. Below operating loss, net cost of financial debt amounted to EUR 294 million compared with EUR 162 million last year. This increase mainly reflects the impact of the refinancing completed during the period, including accelerated depreciation of fair value adjustment for EUR 47 million according to IFRS 9 and the anticipated first lien bond early repayment call premium for EUR 63 million.

Other financial expenses net amounted to EUR 27 million, including debt lease-related charges and pension-related charges. After a tax charge of EUR 37 million, net income amounted to minus EUR 504 million compared with minus EUR 695 million in H1 '25. The important takeaway is that the net loss has reduced by EUR 190 million year-on-year, even though it still reflects the cost of restructuring and refinancing actions required to strengthen the group for the long term.

Turning now to cash flow. At current perimeter, net change in cash amounted to minus EUR 120 million in H1 '26. This figure starts with OMDA at EUR 315 million after reintegration of CapEx and leases amortization. From there, CapEx represented EUR 33 million, lease payments amounted to EUR 118 million and the change in working capital requirements, excluding working capital actions, was minus EUR 14 million. It was impacted by the unwinding of bonus payments for the fiscal year '25 in the first half of '26.

Restructuring cash out amounted to EUR 127 million in the first half. This is an important element of the cash flow bridge as it reflects the continued execution of the transformation plan. Tax paid amounted to EUR 21 million, net cost of financial debt paid to EUR 82 million and cash outflows related to onerous contracts and litigation amounted to EUR 39 million. As a result, net change in cash at current perimeter, excluding change in working capital actions, stood at minus EUR 120 million. This performance reflects both the normal first half seasonality and the restructuring cash out, and it also confirms that underlying cash discipline remains strong.

Let me now move to the debt, the net debt. At the end of December '25, net debt, excluding IFRS 9 fair value treatment stood at EUR 1.843 billion. As of 30th of June 2026, it stood at EUR 1.998 billion. The increase over the period reflects the negative net change in cash at current perimeter as well as the impact of completed divestments, changes in gross financial debt due to peak and call premium on the first lien refinancing. It also reflects change in working capital actions that reduced by EUR 146 million in the first half.

This is made of 2 elements. Firstly, the reduction in the unsolicited cash received in advance of the payment due date for EUR 153 million because most of the cash in advance takes place at year-end, so there is logically less of that at the end of June. Secondly, the initial positive impact of receivables factoring. The reason I am highlighting factoring, although it is a small amount for now, is that we expect the program to ramp up over the coming months, and we see that as a secure, sustainable and relatively cheaper source of financing. Overall, this evolution should be read in the context of the first half seasonality, the execution of the restructuring plan and the refinancing completed during the semester.

Importantly, despite the slight increase in net debt during the half, the group maintained a strong liquidity position at 30th of June '26 and strengthened its financial profile with the December '24 first lien refinancing, giving us the financial flexibility to continue executing our transformation road map. Indeed, during the first half of '26, we successfully completed the first step of our December '24 debt refinancing. This was a major milestone for the group. The transaction included the issuance of EUR 950 million of senior secured fixed rate notes due May 31 and EUR 300 million of senior secured floating rate notes due in May 31 for a total amount of EUR 1.250 billion. The proceeds were used together with cash on the balance sheet to repay the first lien term loan and repurchase or redeem the first lien notes, including accrued interest and call premium.

This financing strengthened our financial profile in several important ways. Firstly, it reduced the weighted average cost of financial debt by around 220 basis points down to 7.4% total cost of debt was reduced by EUR 59 million per annum. Secondly, it extended the average maturity of our debt by 7 months to around 5 years. This was achieved in a market context where the transaction attracted significant investor interest, confirming the market's confidence in the group's transformation trajectory. It was a first step towards the normalization of our capital structure.

Following the refinancing, the group now has no debt maturity before December 30 when the first 1.5 lien debt is due. The total amount of this tranche has reduced in the semester, thanks to EUR 109 million of bond buyback on the open market. as well as EUR 38 million from the early repayment corresponding to the proceeds from the sale of our South American operations in April. Let me mention, by the way, that we intend to disclose clearly that we are considering buying back more debt in the coming months. The new capital structure gives Atos Group a materially improved runway to execute its transformation plan, continue improving profitability and move progressively towards sustainable cash generation and deleveraging. At the end of June, our leverage ratio was 3.4x. We aim at reducing it to below 1.5x at the end of fiscal year '28.

That concludes my presentation, and I'll now hand over back to you, Philippe.

Okay. Thank you. So on the last slide on Page 33. So I think the message, of course, is that with the, let's say, the profile of the U.S., we estimate that the organic growth will be around minus 5%. So we guided between minus 1% and minus 5%. In fact, I was waiting, let's say, probably better data from the U.S. I think it's more prudent to say we will be around minus 5% if I would say the U.S. doesn't pick up. So it's, let's say, at EUR 96 million roughly per month. Of course, we want to beat that. So it's probably conservative, but I definitely think that it's reasonable.

The operating margin, it's like last year, I think whatever happened on the top line, we will deliver, I would say, the bottom line, and we are quite confident, in fact, because we have accelerated, of course, the Genesis. And then the net change in cash should be positive. Remember that in H1, we paid a bonus of roughly EUR 110 million. And we have also EUR 130 million of Genesis second quarter, no bonus payments and also Genesis probably max EUR 70 million. So just, I would say, the difference between the 2, it's roughly EUR 160 million of cash more, of course, than, I would say, H1. And of course, we have more EBIT. We're going to have less interest. We're going to have less also black accounts, and we can continue, of course, to work on the DSO. That's why we are quite confident also that the cash also will be back to positive, and that's why the net debt, of course, will decrease at the end of the year.

Remember also that we are launching the factoring. We will see if we can touch several hundred million, which is the target for us. And of course, it will help us, I would say, probably to buy back against some bonds to reduce, I would say, the debt. We continue, I would say, to consider that after that, we're going to accelerate. As I said, Genesis will be finished by the end of the year. We are very confident now, I would say that we are focusing on the top line. We think that the market is healthy. There is no problem for us, and we are still, I would say, a small player versus, I would say, the size of the market. There are many opportunities. AI is not disrupting a company like us, like it's not disrupting in fact, the competition. In fact, it's a big opportunity for us.

And AI for me, it's a marathon. It's probably a 5- to 7-year, I would say, effort, probably, let's say, slower in Europe than probably in the U.S. So for '28, continued the acceleration growth between 5% and 7%. We continue to think that we will be around 10% in operating margin. In fact, next year, we will be probably above 8% and then we continue, of course, to deleverage because the cash flow, of course, will be highly positive in '27 and '28. So we will start, of course, deleveraging with the cash and also with the increase, of course, of the profitability.

So I would say the management is confident. I definitely think that I would say we are doing our job. It's not an easy one. This turnaround is not an easy one, but I definitely think that we have a good sign now that I would say the activity is picking up. We have done the job on the cost and of course, on the cash. And we are now, I would say, very highly confident that there will be, I would say, signs of restarting, I would say, the top line growth probably this year and if not, of course, in the course of '27.

With that, I hand over to the questions.

[Operator Instructions] Our first question comes from the line of Frederic Boulan of Bank of America.

Maybe firstly, Philippe, if you can come back on the demand environment. You flagged some better commercial traction. It would be great to have any color around the nature of discussion, any impact from the current macro uncertainty, interest rate environment, et cetera? And then maybe within that, what's going on in terms of competitive or pricing dynamics? And I don't know if you want to contrast between the U.S., France and the rest. And then Jacques-Francois, would love to hear your thoughts around what's next for you to do after a lot of work around the portfolio from an asset perspective, from a refinancing perspective. Any opportunities ahead? Any specific moving parts you want to call out for the rest of this year and next year?

Okay. Frederic. So first, I would say that if you talk to CEOs, and of course, I see -- and I will see a client again this afternoon, I would say, several of them every week. And probably you're right, between U.S. and Europe, I definitely think that the pace is probably a little bit different. But I would say at Board level, for me, 2 topics are very important, which is cyber and AI. Sovereignty also probably is a board topic, but I would say probably less to an extent than probably AI and cyber. So we see, I would say, and that's why the 3 big bets that we have, I think, are completely in line with, I would say, what the Board and the CEOs right now have in their mind regarding the technology.

So AI, it's a long run. As I say, AI, it's not an easy catch. We see a lot of things, but it's not identification of a process or identification of operations, it takes some time. I think I have already said that it's not a problem of technology because building an agent is not that difficult. It's mainly for data and process first. And that's why we simplify. We have, let's say, more and more consulting, let's say, projects on this one because you start first to look at your data and look at your process.

So I would say, top of mind cyber and AI. Of course, sovereignty in Europe probably is more important than, let's say, in the rest of the world. Also in the U.S. also, they are talking about sovereignty. But I would say in the U.S., they have everything in the country to be, of course, sovereign. Europe is probably a different play. But what we see for the moment is that first, the budget of CIOs are not decreasing. I think they are still at a level or above. There is, of course, a lot of questions on AI because, yes, there is so many articles right now in the press that is difficult, let's say, to escape that kind of conversation. But as I say, it's not an easy catch. So it doesn't translate immediately, let's say, to AI projects.

So my view is that in technology, the sentiment is okay. There is still a lot of work, the switch to cloud for some of the companies, installation of ERPs, we have a lot of demand, for example, for SAP, where we are very strong. And of course, the modernization of the, let's say, applications and modernizing, I would say, with agent, it's not an easy ride. It takes some time. It's sometimes very -- it could be, I would say, let's say, dangerous in terms of cyber because it depends on the LLMs you are using.

So I would say, for me, the environment is healthy. There is no problem for me of demand. As I say, we are small compared to the size of the market. The market is several hundred billion in the U.S. and Europe. And as I said, the market share in the U.S. is less than 1% and we are roughly at several points in Europe. So that's what I say to the team. I think that there are many opportunities. Competition is fierce because I think that they are not that much, I would say, in good shape. They are fighting, I would say, to keep market share, specifically in Europe. But I would say we have win a lot of -- we have been able, I would say, to win some contracts in France in different countries in Europe and show, I would say, the difference between Atos and the competition.

So for me, I think that the market is there. Atos now is back to normal. We need, I would say, of course, to continue to reinsure, let's say, the clients because it takes some time. I would say the '24 event was a shock to a lot of clients. And I see also in the U.S. because I go there every quarter that the sentiment also is gaining traction. And in fact, some -- in fact, I have said that we lost a lot of clients, and we will finish probably at EUR 1.2 billion this year. And at the peak, we had EUR 2.3 billion. So we lost roughly EUR 1 billion plus. Some of the contracts we're happy to lose. probably several contracts of EUR 100 million, we will probably regain them because I think that when I talk to some customers, they are not happy, in fact, with the competition.

So there is a big opportunity, in fact, for the U.S. to make a rebound either in '27 or '28, it depends, I would say, on the length of the contracts that we have lost, some of them will appear in '27 and some of them will appear in '28. But overall, I would say I'm quite confident on the market. I think that there are quite a lot of opportunities. The fact that we are, let's say, shifting the profile of Atos on the 3 bets that we have, AI, cyber and sovereignty, definitely, we see a lot of traction in terms of client discussions. Now of course, like you, I want to see the result on the top line, and that's exactly what we're going to show. In fact, it's going to ease again in Q3. So in Q3, will be much better, of course, than Q2, like Q2 is much better than Q1 in terms of inorganic growth. So it's easing, and we are still aiming, I would say, to probably be flat, flat plus by Q4. That's the goal we have, of course, for this year. And then, of course, then after that, an acceleration of the top line in the course of '27.

Jacques-Francois, if you want to.

Yes. Fred, so with regards to your question on the asset portfolio, it's true that when we look back, a lot of things have taken place in the last 18 months since Philippe joined and the exit -- the announced and executed exit of the Bull perimeter, the sale of some assets in South America. Then in terms of capital structure as well, the first step of the refi, which has taken place in May '26.

So a couple of answers there. The first one is that in terms of asset disposal, there is nothing big, nothing big to expect. We just have a few tail of country exits, which were announced at the Capital Market Day with Genesis, country with a little perspective of growth or synergy with the rest of the group. That's on the M&A front. And not so much in the short term in terms of acquisitions because our capital allocation policy has not changed. This is priority to deleveraging. So we want to reduce the debt. We have demonstrated in H1 that we have bought EUR 109 million of bonds on the open market. We have clearly signaled our intention to do so in the future.

Priorities in terms of capital structure, this is to refi. So I cannot give you a date because it depends on many things, when are we ready, what are the economics, what are the different levers to pull, et cetera. But clearly, in the next 12 to 18 months, we want to make some other significant steps with regards to getting out of the December '24 capital structure because that's still attached to the restructuring, and we want to get out of that as soon as we can in good conditions, of course.

Our next question comes from the line of Sam Morton of Invesco.

My question is for Jacques-Francois, please. So I guess first on the phasing of the factoring program. Can you help us understand the sort of the cadence at which those factoring proceeds will come into the company? And then also maybe how you would look to use the proceeds as they come in? And then I think the second question is really about the liquidity statement. And in particular, I think the conservative outlook you provided for year-end 2026. I think that caused some disappointment in the bond market. And I was just hoping that you could go through some of the areas where you think that you're being particularly conservative and maybe talk about the potential areas of upside if the conservative outlook proved to be misplaced.

Sure. Thank you, Sam. Good question to clarify. And actually, your 3 questions are, in the end, it's -- for me, it's one question. Because the answer to your second question with regards to why we have decided for the first liquidity test to be in our forecast at the level of 1.1 is precisely because the cadence of the factoring, even if we are working hard on that, is taking some time. And it's not something which goes with a finger or clips. It's taking time to ramp up. We have signed already one geography before the end of June. This is starting to ramp up as we speak. We are in the process of negotiating to open 3 more geographies, which should place in the coming months.

So honestly, I cannot give you a precise phasing or a precise amount. But as Philippe mentioned earlier today on the call, we are talking about several hundreds of millions. And this is the determining factor for putting more and having more because, of course, when we get that money, that's not the only element. Now there are other elements, I will come to the others. But when we have this money, you recall that above EUR 100 million, 50% of these amounts go in immediate early mandatory repayments, which we will, of course, implement. That leaves EUR 100 million plus 50% of what is above. So we are very seriously contemplating utilizing this money for earlier than December '26/January '27 early reimbursement through purchases on the open market.

You have to put yourself in our position, which is that when we do a forecast, I think that's a very important element despite our upbeat confidence and perspective, which we are reiterating today, we confirm the free cash flow positive, the margin trajectory, the guidance on revenue. Despite that, we need to be prudent. I don't want to give away some money before I have it and before this is materializing. So if there is any grain of salt in the process, which is whatever delaying, preventing, creating issues, et cetera, I don't want to have given that money away. So factoring was clearly the building block the most important.

There is another one, which is quite significant as well. I mentioned in my slides that the cash in advance, which is the unsolicited payment at the end of the year in advance of the due date is something which typically happens quite a lot at the end of the year. And it's true less so at the different quarters, Q1, Q2 and Q3. Now our scope has moved. We don't have the Bull perimeter anyway. So the -- I can say, the content of the different business units and geographies, et cetera, has evolved a little bit. So that's another reason to be prudent and not completely bank the full amount which we had in prior years, which were between EUR 200 million and EUR 300 million at the end of the year of this cash in advance. So those are the most important building blocks. But rest assured that this is completely a priority, as I said as well in the earlier question to Frederic, deleveraging, reducing the amount of debt is absolutely a priority for the company.

Our next question comes from the line of Raman Narula from Principal Asset Management.

The first, just a quick clarification. Did I hear correctly that you said you're targeting EUR 700 million for the factoring program ultimately?

Several, several. Several means -- it doesn't mean 7. Several, yes. Thank you for allowing us to clarify.

Okay. Perfect. Yes. I guess the first question I had just on the renewals. Like if we don't count sort of bundling increases, if we don't count bundling of other services into the renewed contract, are you renewing contracts on similar scope and terms, i.e., price duration? I guess what I'm trying to gauge like if there's any price deflation when you are renewing these contracts in some of your product lines?

So most of the renewals is, I would say, on the same scope. Where you are right is that when we are a given contract or a given customer, we want to do what we call fertilization. So we want to increase the different scope that we can provide like cyber, digital applications, et cetera. But I would say renewals, it's really, I would say, most of it, it's mainly on the same scope. And the price deflation, when I look at the margin of the contracts we have signed, the margin is close to 25%. So there is no price pressure or we are also managing, I would say, so that if there is some price, of course, effect and it happens, but we are also managing, I would say, our internal delivery to ensure we stabilize, I would say, the project margin. So there is no -- I don't see price pressure right now, in fact, in the P&L.

Understood. And I guess the second question I had was on the incremental Genesis savings above EUR 650 million, the original plan. Is this all going to be a reduction in personnel costs? Or are there other cost lines that are going to see costs taken out?

No, it's mainly personnel costs. You're right. In fact, the fact that we have -- in fact, when I launched Genesis last year, I was, let's say, expecting probably less a decrease in the top line in '25 and '26. So that's why we tailored, I would say, the Genesis plan with, let's say, better top line. Unfortunately, it didn't happen and also because we lost a lot of customers in the U.K. and the U.S. So I have just adjusted, let's say, Genesis to protect the margin. So the idea for me is really to be at 7% this year to be between 8% and 9% next year and of course, above 9% in the course of '28, between 9% and 10%, in fact. Whatever is the top line, of course.

And of course, if we accelerate and I definitely think it will come, the marginal growth will bring a lot of -- because I will keep the cost roughly flat plus. So it means that the marginal growth, of course, will bring marginal EBIT. And that's exactly the way I would say, as far as. So in fact, I have ensured, I would say that with the decrease of '25 and '26, we continue to deliver the margin that we have, in fact, put at the CMD last year. And that's why I'm quite confident that we can reach, I would say, the 10% margin in '28 is just because we have increased the shaving of cost and it's mainly personnel costs, yes. In fact, when I say Genesis is finished, all the actions will be taken by this year. There will be no new actions, in fact, in the course of '27. Of course, some actions we're going to take in September to December, for example, in France and Netherlands, they will have some impact in the course of '27. So that's why it will continue -- let's say, I would say the exits will continue in the course of '27.

But I would say at the end of the year, my main message to the team is really we finish completely Genesis. We know exactly what kind of reduction we want to have going forward. We just need, I would say, to execute the decisions we're going to take in the course of '26. And of course, now I would say the mindset should be on the top line and the delivery, of course. It's very important also that we keep the quality of delivery. And I think Atos has probably a moat on this one. I think we are very well known, I would say, the excellence of delivery of the different projects that we have.

Got it. So just to be clear, the total restructuring cash cost of circa EUR 200 million that you expect to spend this year, this will take you to the cumulative EUR 800 million of Genesis savings?

Yes, exactly. But in fact, the total cost, so we spent roughly EUR 300 million -- roughly EUR 400 million plus last year in Genesis. This year, close to EUR 200 million, a little bit below. So we will be probably EUR 600 million plus. And I always said Genesis is roughly a EUR 700 million envelope. So we will stay in this envelope for Genesis. So it means that there will be still between EUR 50 million and maximum EUR 100 million next year. And with the same envelope, instead of EUR 650 million, we're going to have EUR 800 million plus of savings here.

Understood. That's very helpful. And just the last one for me. Can you sort of give us a sense of how H1 '26 on a constant perimeter, the performance has been across the various sort of product lines you have, so CM&I, Digital Workplace, et cetera. And if you're able to give an indication of the current product mix of the backlog, that would be helpful as well.

So we don't track the profitability per business line, not yet. Probably we need to do that in the future. What I see is that, of course, Eviden, the product and data AI is double-digit growth. We see more and more projects on data AI. But as I said, the data AI business line, we track only projects focusing 100% on data AI. But in fact, we do also data AI in different projects in CM&I, in Digital Workplace, et cetera, even in Cyber. So it's impossible for me, I would say, to give you that kind of information. But there is no pattern of one business line, except data AI that is growing very fast, except Eviden. The rest roughly is in line with what we have done, I would say, we have shown. There is no one business line going, let's say, deeper in terms of decrease in top line.

Okay. Understood.

The only business line where I don't push very hard, it's Digital Workplace. That's the -- because I don't -- for me, it's not really, let's say, an IT project. So this is -- and in fact, that's the business line with the lowest project margin, which is normal. It's more a commodity, let's say, product. So that's the one where I don't, let's say, push the team to fight on this one. The rest, I definitely think that, of course, it's a pure IT managed services, for example, of mainframe, et cetera, or switch to cloud. And if we -- let's say, if we say the only business line that we probably will decrease the most will be Digital Workplace, but on purpose because I definitely think that we can propose different options, I would say, to the client than this one.

Our next question comes from the line of Laurent Daure of Kepler Cheuvreux.

I have 3 questions, in fact. The first one is going back to the P&L and below the restated operating profit, you still have a lot of other losses. So if you could clarify the litigation and client losses you put below? And why do you treat that as exceptional? And more importantly, if I remember well in a year or 2 ago, you were planning to achieve a pretty clean P&L midterm. So I want to be certain that maybe this is the last time we have such elements below the line.

My second question is on your 5% to 7% midterm growth. I think none of your competitor is expecting this kind of growth rate, even the very best. Does it mean that you are planning more because you think you're going to win back part of the losses -- client losses you had in past years? And do you already have clear evidence of that?

And my last question, I want to -- I would like to have a clear update on the additional P&L savings coming from Genesis 2 -- 2027 versus 2026. And if I got you right, between '27 and '28, you are not expecting more savings, right?

So first, on the growth of 5%, I don't know what the competition is saying, and I don't care, sorry. Also remember that we are now a medium player. We have also a lot of opportunities in the U.S. because I definitely think that we have lost contracts we should not have, I would say, losses because of the credit rating of the debt. And of course, for example, there are 2 or 3 clients at EUR 100 million plus. So if we gain 2 or 3 clients like this, I think it's EUR 200 million, EUR 300 million, it's already more than 5% growth, in fact, around this 5%. So yes, I'm quite confident that we're going to regain this.

And then there are traction that we see, I would say that Atos is back. So we are invited in all tenders in the different countries. So we see we can regain, I would say, some of the traction we have lost. I definitely think that we have probably lost too much. I know that the financial instability was, of course, a big question mark for clients and especially for contracts for 5 or 7 years. But I think that there is -- yes, there is a rebound possible because we will catch up, I would say, the loss that we have unfortunately witnessed in '24 and '25. We will see. You will see.

And then I would say the competition is different, fairly, they are much bigger. And if you talk about cap, no, I can't share, they are probably in a different space for me. Some of them suffer from engineering. So I think that I would say we don't have exactly the same pattern. Remember that we don't do BPO and BPO will suffer a lot with Agentic. So I think we are well positioned for the future. In terms of savings for Genesis, yes, there is EUR 100 million plus going from '27 to '26. So it means -- and of course, again, we have increase of salary, et cetera. So there will be minus, of course, in '27 versus '26. But I would say the savings that we're going to have pro forma and going forward, let's say, for '27 is around EUR 100 million.

The question is that we are going to have more savings in '28? It's possible also because I'm going to identify also the process. Even, I would say, our own back office. So I don't -- it's possible that we have even more, I would say, it's not Genesis anymore for me. It's the fact that we're going to be smart in terms, let's say, of cost in G&A. In fact, when you look at the G&A as a percentage, the goal was roughly to be at 5%. We're not there yet because, of course, the turnover is too low. So it's possible that I do an action probably to have more savings in the course of '28.

For the first question, Jacques-Francois, over to you.

Yes. Thank you, Philippe. So your question about the P&L, full clean P&L, midterm, et cetera, and what -- how reason does that happen? And is that already completely clean? Remember, last time we discussed, we explained Genesis is a 3-year program. We -- Philippe just reminded us a couple of minutes ago about the fact that there is still some cost to come with Genesis, even some cash -- even if some cash will be out of the door next year. But in terms of P&L and other items and extraordinary items, I think you're putting the finger on the line other, which I commented very briefly upon, but I can elaborate a little bit.

Mainly, this is driven by 2 things. One is litigation. So I don't want to give any name, but you have noticed that during the second quarter, there were some developments and some things happening on the front of the litigation for us. So in the spirit of being absolutely well covered even if we are fighting to defend our position, we completed our existing provisions just to make sure we are very well covered. That's the first point on litigation. Regarding onerous contract, we've been as well very transparent consistently about the 2 big black accounts remaining for the company. One of them is not in run, but still in project mode. And it's true that at the end of December, we thought and we took the provision, which we assessed at the time as being right. Now or 6 months later, we have to reassess and add some other amounts of provision for this onerous contract.

So at the moment now, when I'm speaking, I'm confident this is the right amount. Can I commit that nothing else will come in the future? I'm afraid at this stage, I cannot because we still have this black account, which is still in project mode. So it's not completely over. When the migration will happen, it will be in run mode, we'll be, of course, 100% comfortable. That's not the case yet. And maybe to conclude on your -- when do we have the clean P&L? Well, it's -- the target is this year.

Yes. Remember that it's a 4-year project, Genesis, we are year 2. So you say mid project, yes, I think by the end of '26, the P&L will be clean. So normally, I would say, sorry, the rest for '27, you should not expect, I would say, big amount, except probably the refinancing cost if we refinance in the '27 of course.

So to be clear, the onerous contract is mostly one contract. It's not all over the place, right?

Yes, correct. 95% is one contract, and it is treated as extraordinary because we are consistent with the previous accounting methods applied. So in a way, we don't have the choice but to book it there, which is abnormal, infrequent and extraordinary event. So remember that we are finishing the cleaning of this company. It's not a new black contract. There are no new. In fact, back contract, there are only 2. There is one that is losing roughly EUR 10 million per year, that is going to be maximum of 2 years, and we are probably trying to sell an upside in the course of '27. So we could have some good news. So we are back to. And then on mitigation, you know exactly that's also the legacy, unfortunately, of the past.

There are no further questions. Speakers, please continue.

Okay. So if there are no more questions, I think as a conclusion, I think -- as you can imagine, we are quite confident. I think that Genesis now is fully in place. As I said, the second part will be fully in place by the end of the year. And as I said, the mindset of the management team, including mine, of course, is really to accelerate the top line and continue, of course, let's say, the restructuring that we have done and the turnaround of this company. But I definitely think that after year 2, we will be in a different path in the course of '27. So I'm quite pleased with the work that the team has done in 18 months. And we are -- and we will show you, in fact, in Q3 that it's easing in terms of top line, and we are ready for the rebound.

So thank you for your time this morning. I know that there are a lot of different publications. So free your time. And of course, if there are any other questions or whatever, we remain at your disposal. So have a good day and talk to you for Q3 at the end of October.

This concludes today's conference call. Thank you for participating. You may now disconnect.

Good morning, ladies and gentlemen, dear shareholders, I'd like to welcome you to the Annual General Meeting of Atos. And I'd like to thank you for your presence. For those who cannot be here physically, this meeting is broadcasted directly on our Internet site, and this recording will be available at a later stage.

On my left, I have Jacques-Francois de Prest, who's the Financial Manager of the group. And on my right-hand side, Cecile Kavalses, Secretary General, Legal Manager of the Group and Secretary of the Board. The summary of this general meeting, you have it here in front of you. We'll go through all the sections. And now I would like to proceed with the opening formalities. The committee of this general meeting includes 2 scrutineers who are the 2 members of the meeting who have the greatest number of votes and who have accepted this role. Simon Poggioli, representative of Melqart Asset Management, not yet here, but he is going to arrive; and Nicolas Buisine, who is the representative of ING. I'd like to thank them for having accepted this role.

At the committee, the role of the Secretary of this general meeting is assured by Cecile on my right-hand side and some members of the Board are present here in the hall. Laurent Collet-Billon, who is the Lead Director and Chair of the Nominations and Governance Committee; Jean-Jacques Morin, who is the Chair of the Audit Committee; Sujatha Chandrasekaran, Chair of the Remuneration Committee; Francoise Mercadal-Delasalles, Chair of the CSR Committee, Fares Louis, Employee Director; whose term will end at the end of this general meeting; and Christian Ernst, who is also present, who is his successor. And Joanna is also a Director, and she is attending today.

All the legal documents required to hold this meeting have been put together and submitted to the committee according to law. The documents must be communicated to the general meeting and have been put at the disposal on the Internet site for 21 days preceding this current meeting and have been put at the disposal of the shareholders at the head office for 2 weeks. So therefore, I would like to ask you to dispense us from reading all the reports.

The documents availed include the notices of meeting and convening notices -- the convening brochure that includes the report of the Board, a copy of the convening letters addressed to the statutory auditors, the Articles of Association of the company and the various reports of the auditors. Let you recall that the universal registration document for 2025 is accessible on our Internet site.

This general meeting will deliberate on the agenda indicated in the meeting notice published in the BALO on the 1st of April 2026 and it's also in the convening notice published in the BALO and in the Journal Officiel the April 29, 2026. in accordance with the legal provisions and the brochure. The necessary quorum to hold this meeting is 1/4, that is 25% of the shares having voting rights and 1/5 for the ordinary resolutions. The attendance sheet shows that the shareholders present or represent at this stage 8,532,007 shares that is 43.20% of the shares having a voting right. The meeting having legal quorum as per the law, is legally constituted and can deliberate.

Now this being said, ladies and gentlemen, I would like to open this general meeting. First, I will present the highlights for 2025 after a short introductory film.

[Presentation]

So you can find this video on our site, of course. I'm not going -- to take the first section, I'd like to tell you what happened in 2025. 2025 was a year of transformation. I arrived on the 1st of February as the CEO and with the teams, we launched our Capital Market Day in May and we announced our 2025-2028 plan. So one of the major thrusts last year for the financial performance was very strong with signs of recovery. And then we launched our transformation plan that we call Genesis. 100% of the savings objectives were reached in Q1 2026. So Genesis 1 plan is completed, and I relaunched a second plan, which is underway. And the positive commercial momentum, which was not simple because the environment is very complex, as you know. And technological focusing on 3 major pillars that we launched during 2026, which is related to Agentic. We have launched manifesto, sovereignty and cybersecurity and the manifesto is going to arrive in a few weeks from now.

When we look at the performance -- look at the figures. 2025 revenue, Jacques-Francois will go back on this. It was EUR 8.1 billion. To be very precise, we had an objective, which was around EUR 8 billion. The operating margin, EUR 351 million, that is 4.4% of the revenue at the beginning of the year. Last year, we had -- we were at EUR 240 million with a margin of 4%, a net cash variation, which is better than the guidance we had given, which was a maximum cash of EUR 350 million, and we spent EUR 326 million of cash, which is a lot of money. And in this EUR 326 million, there was EUR 445 million related to the Genesis plan out of an envelope of EUR 700 million. In terms of liquidity, in our banking documentation, after our new debt that was set up in December 2024, we have a covenant that shows that we have outstanding greater than EUR 650 million, and we finished at EUR 1.7 billion at the 31st of December 2025.

So Genesis, I think that you already know about this. If you've looked at our site, so there were 7 pillars there was a pillar on the growth where we made a lot of actions to set up the commercial teams, the sales teams and accelerate all the technological initiatives. The second pillar, which is HR. We reviewed the bonuses. We have a long-term incentive plan, and we have a leadership culture after what happened in 2023 and 2024.

Country review because in this Genesis plan, we said that we would simplify the group's scope. And we have disposed of our activities in South America. This was announced. We closed at the end of April. We disposed of our northern countries activities. That's mainly Norway and Finland. This was closed at the end of January, and we closed Bull at the end of March and this was disposed to the state.

A review of the portfolio. We had 250 offers. We tried to simplify them and have just 40. There are 6 business lines at Atos. There are 3 product lines at Eviden, and we have the consulting center that already exists, but we have a brand now Amplify. And especially for Advantix and artificial intelligence, a lot of topics will begin with consulting, and then they will develop into technology. The fifth is project margin, gross margin. So we have reviewed our project margins, our gross margin. The way we look at our P&L, this is our revenue. And then we have the PM, the project margin, which is very important and the gross margin, these are the costs between the PM and R&D and all the support and technology activities, including benchmarking.

The invoicing rate, the objective was 85%. This is very important. And we are close to 85% at the end of April. And we've also tried to do a little more offshoring because Atos is less offshoring than our competitors. But this is also due to the fact that we are very strong in certain sectors.

Cost review, but nothing new here. And cash, we have a DSO, which is still quite high. So we'll keep working on this, this year and next year. This is an ongoing effort. And the CapEx, we've tried to control them. We'll have EUR 100 million of CapEx in 2023 because of the Bull activity consumed a lot of CapEx. So now we have a company that is lighter in terms of CapEx expenditure.

And in the Genesis 2 plan that I launched at the beginning of the year, you can see the 2 priorities, which is growth and the portfolio review. We are trying to have a technological company that is Atos profile, and we want to have growth, and that's our objective for the second half of this year. Now in terms of -- I'm not going to look at -- go through the entire slide, but some customers trust us now. 2025, that's what we did. I think '26 will be better than '25, but not as good as '27. We are confident. I mean, customers lose trust and it takes more time to regain their trust. We've given you a few figures on the top of the slide, 75% of the revenue, that's the backlog in 2026, we're secured. We have a pipeline. A lot of our salespeople are finding the path back. And we are answering a lot of tenders, EUR 900 million in our pipeline, EUR 1 billion in Q1. The renewal rate is at 92%, close to 95%, which was the rate in 2021, 2022. So we're going back to a renewal rate, which is quite traditional for Atos, which is very important. A few strategic contracts, we signed some 19 last year, and there's a good momentum for certain activities like the switch to cloud, cyber and data and AI.

As I was telling you, there are 3 topics on which we are focusing. We would like to improve the group's profile. The first is the Agentic AI. With AI, a lot of things are happening on the planet. It's going faster in the United States right now and in China, most certainly, but we are not that present there. And it's a bit slower here in Europe, but a lot of things are happening. And this is, as Americans say, a journey that's going to last 2 to 5 years. A lot is going to happen. Everything is going to happen immediately, and our clients are asking us a lot of questions to find out how we can help them implement artificial intelligence in their own processes.

The second is cybersecurity. I don't need to go back on this. I think that every day, there are topics, a lot of sites, a lot of companies are hacked. And with Agentic and AI, there are more threats. And so this comforts Atos. We are #1 in terms of services in cybersecurity and a lot of people come to see us to find out how they can be better protected in terms of artificial intelligence. And sovereignty is a major topic. Sovereignty is not just in Europe, Canada also wants to be sovereign, the Middle East, Asia, et cetera. So it is a multi-zone and the European zone is the main zone for us.

In terms of the execution of our growth pillars, as I told you, our 3 major topics. Here, you have the details on what we are doing. We have come up with manifestos. The one on Agentic and sovereignty and the one on cybersecurity is going to come about soon. In Agentic, we're trying to set up studios. These are Agentic studios. This allows clients to implement Agentic in their processes. We are doing well in the United States and the U.K., and we're beginning in France and in Germany. And then there are other countries that we launched also.

Sovereignty, it's a major topic, especially in Europe. We see that there is momentum. We want to be more sovereign than what we were in the past. And we let things happen vis-a-vis a lot of companies that are based in the U.S. and most of our clients want to see how they can protect their data and protect their applications. They want to make sure that there will be no disruption in the services. And cybersecurity is a major topic. And it's a major issue for all the CEOs on the planet.

And last year, one of the first things we did, you know that there was a project in 2022, which was launched in 2023, which was to divide the company into 2, which was a major strategic error. We've brought together the activities now. I used the 2 brands that were present, but each one of them have a different scope. So Atos is the world of services with 6 activity lines and Eviden its products. Bull within Eviden was disposed, and we have 3 products, MCS, mission-critical systems, all that is related to security that other products and all that is related to Vision AI, that is artificial intelligence that is used at the airports in the stations to try and detect behaviors, abandoned luggage that requires action.

And then you have Atos Amplify. We've kept the brand Atos because it's related to our services, brands, and this is the brand that will be used for consulting. And we have the group of -- the name of the group, which is Atos Group. And as a shareholder, you're going to be voting on that because now the name of the company will be Atos Group. And this will allow us to have the main brand that will host the 3 other brands, which is Atos Services, Atos Eviden and Atos Amplify. Now once we sold Bull and Ideal, which was the company in the Nordics and Latin America, we closed on a number of countries.

What does the group look like at the end of December 2025. So at the end of December 2025, once we had a stable scope, the revenue was EUR 7.2 billion, versus the EUR 8 billion announced earlier on. And here on the right-hand side, you have CM&I, 30% digital application, 20%. You have the percentages for the EUR 7.2 billion of our 6 business lines and Eviden, which is products.

The operating margin is EUR 314 million once we remove Latin America and Bull, 58,000 employees at the end of last year, not including Bull Latin America and 54 operational countries. 54 is still too much. I think we'll close some 10 more countries. The scope is more or less stable. We just have to close down a few more countries, but this will have a limited impact on the revenue.

Now this being said, I'm going to give the floor to Jacques-Francois, who's going to talk about the financial performance.

Thank you, Philippe. Dear shareholders, good morning. I'd like to talk about the financial performance, the consolidated figures of the group for fiscal 2025. I'd like to start off by zooming in on our revenue figure for 2025. This stood at EUR 8 billion for all of the fiscal year. This is down compared to 2024, and that's for 3 main reasons. Firstly, changes in scope. They are mainly connected with the divestment of WorldGrid. They represent an impact of minus EUR 148 million. Secondly, ForEx effects, which contributed negatively to the tune of minus EUR 144 million. Thirdly, the organic dip in the revenues of minus 13.8% affected by the exit and end of contracts because of certain customers who were having difficulties financially in 2024 and also our decision -- strategic decision to not pursue certain contracts whose profitability was not satisfactory.

This slide shows the breakdown of the EUR 8 billion worth of revenues between Eviden and Atos geography by geography. On the right-hand side, you can see the breakdown of the EUR 7.2 billion that Philippe mentioned corresponding to the current scope, restated to take account of the disposal that took place in the first quarter of 2026.

Page 16 here now. No, 15, perhaps we'll focus on 15 for a minute, if you don't mind, showing #15. This is the geographical breakdown of the revenues. And then the next slide is 16. So concerning our profitability. The Group's operating margin stood at EUR 351 million in 2025. That's 4.4% of the revenue figure as opposed to 1.9% for fiscal 2024 on a comparable basis in terms of scope and ForEx, that is on a like-for-like basis. This represents organic growth of 104% over the period of the year, driven by the improvement of our operational efficiency and the benefits also of the transformation actions undertaken in the context of our Genesis plan and all of that in spite of the drop in the revenue figure in the fiscal year. Just like for the revenue figure, you can see here the breakdown of the profits per business activity or geographical zone according to 2 scopes, the scope as of end of December 2025 and the current scope that is restated to take account of the businesses disposed in the first quarter.

Let's now go down in the P&L statement, right as far as the net income. The nonrecurring items represented a net charge of EUR 828 million, and I'll comment on the main features here. Firstly, the reorganization costs that stood at EUR 540 million. That's an increase compared with the EUR 119 million we committed last year, and this is connected with the implementation of the Genesis transformation plan. Secondly, the rationalization costs and the costs associated with that stood at EUR 102 million. That's an increase compared with the EUR 37 million we committed in the previous year, representing provisions connected with lease contracts and impairments of real estate assets.

Thirdly, the impairment of goodwill and other noncurrent assets stood at minus EUR 166 million. That is anticipating the disposal of the advanced computing businesses.

Fourthly, the other items include mainly losses connected with onerous contracts to the tune of EUR 123 million and also provisions for litigation to the tune of EUR 145 million.

Fifthly, the cost of financial debt -- net financial debt stood at EUR 333 million as opposed to EUR 178 million last year. That reflects our new debt structure that was set up following the 2024 refinancing. This includes, in particular, the PIK, payment in kind and also the depreciation of the adjustments -- fair value adjustments recorded in 2024.

Sixthly, the other net financial charges stand at minus EUR 102 million in respect of fiscal 2025, mainly connected with lease contracts, also charges connected with pension schemes and provisions on nonconsolidated investments. The net income group share stood, therefore, at minus EUR 1.4 billion at the end of December 2024.

Let's now move on to the net cash variation. The net cash variation has improved substantially from 1 year to the next, going from minus EUR 735 million at the end of 2024 to minus EUR 326 million at the end of 2025. Let's look at the key features of this development. The OMDA stood at EUR 883 million in 2025. Operational CapEx stood at EUR 170 million, representing 2.1% of the revenue figure and including, in particular, EUR 60 million connected with the advanced computing businesses. The variation in the working capital requirement, excluding WCA, contributed to the tune of EUR 33 million. That is mainly because of a lower level of business volume in 2025. The total of the reorganization, rationalization and integration costs stood at EUR 445 million, reflecting the restructuring measures undertaken in the context of our Genesis plan.

The other cash out figures comprised taxes paid for EUR 31 million, the cost of the net financial debt for EUR 160 million and also litigation and onerous contracts to the tune of EUR 157 million. So the net cash variation stood at EUR 326 million, a level that was better than anticipated in spite of higher restructuring costs.

Let's now look at the trend in the net debt in the course of fiscal 2025. It stood at EUR 1.843 billion at the end of December 2025 as opposed to EUR 1.238 billion at the end of December 2024. Beyond the free cash flow, this trend reflects the variation of WCAs, that's EUR 43 million, also a negative ForEx effect of EUR 104 million and other items such as the PIK component of our debt to the tune of EUR 132 million. At the end of December 2025, the group had total liquidity of EUR 1.7 billion that includes EUR 1.3 billion worth of cash and cash equivalents. The financial leverage ratio of the group stood at 3.17x. That is a level that's very close to what we had at the end of 2024. I'd like to recall that our objective is indeed to bring this ratio below 1.5x by 2028 -- at the end of 2028.

Now on the 12th of May 2026, the group announced the refinancing of its 1L existing debt, the Tier 1 debt that is via the success of an issuance of EUR 1.250 billion of new senior guaranteed bond at a fixed rate and at a variable rate, concomitantly with the setting up of a new RCF and guaranteed lines for a total amount of EUR 110 million. This offer gave rise to a lot of interest. And indeed, we have had oversubscription on the basis of the pro forma refinancing amount and the reimbursement of the 1.5L category debt connected with the disposal of assets, the weighted average maturity is now about 5 years. The existing 1L debt had a total cost of 15% per annum and represented about EUR 150 million of annual interest. The new instruments have a weighted average cost of about 7.97% and represent about EUR 100 million worth of annual interest. Also, the renewable credit facility existing -- the existing one, I mean, EUR 440 million will be replaced by a new line of EUR 110 million with a lower interest rate. Assuming that this new RCF remains undrawn, the savings in terms of annual interest will be EUR 9 million annually.

So this transaction enables us to substantially reduce almost EUR 60 million worth at the annual interest expenses. Also, we are doing fully away with the PIK component of the 1L debt. The refinancing of the 1L debt constitutes the first step towards the total normalization of the capital structure of the group. And also, we're exiting the scheme, which we call the planned debt, which we hope to complete as soon as possible if the market conditions allow us to do so. The framework that's envisaged enabled us to -- hopefully will enable us to substantially increase the quality of our credit rating in the group, thanks to a reduction in the gross debt and an improvement that has been made in the generation of cash flow, and we will also bolster the liquidity. The structured plan is a major priority for the group, and we hope to come back to investment-grade category as soon as we possibly can.

I'd like to now give you an overview of the performance of the first quarter of 2026. This quarter was marked by the confirmation of the pursuit of our commercial dynamic. The book-to-bill ratio, EUR 1.5 billion in the quarter. That's a book-to-bill ratio that was 87% -- 89% for the Atos SBU, up by 4 points compared to the first quarter of 2025. Book-to-bill ratio, therefore, which is at an all-time high over the last 5 years. The revenue figure of the group stood at EUR 1.739 billion. That's EUR 1.640 billion according to the current scope, which excludes the impact of the disposal made in the first quarter of this year, that is organically down by 11% compared to 2025. The net cash variation comes out at about EUR 47 million in the first quarter of 2026 compared with minus 40 million in the first quarter of 2025. It's important to note that this figure includes EUR 71 million worth linked to restructuring efforts and also the consumption of cash of Bull in the quarter. So the liquidity position stands at EUR 1.736 billion. That's a level that's slightly higher to what we had at the end of 2025.

Let's move on to the statutory accounts of Atos SE for fiscal year 2025. The revenue figure of the parent company stood at EUR 54 million, and it's mainly constituted of brand royalties received by Atos SE from its subsidiaries. The operating income stood at plus EUR 82 million. This trend is explained mainly by the accounting of EUR 108 million worth of other nonrecurring operating income items, mainly connected with the unwinding of the financial agreement with Mitel in the context of the Unify case. We should also note that because of the change in presentation connected with the regulation of ANC 2022-06, certain items previously presented in the exceptional items are now accounted for in the operating income. This is particularly the case of about EUR 57 million worth of consultancy fees connected with the refinancing and the restructuring of the group.

The financial income stood at EUR 1.589 billion and it is mainly driven by EUR 500 million worth of dividends received from subsidiaries and also EUR 1.449 billion of write-backs of provisions and impairments in respect of investment securities. These positive items are partially offset by financial charges of EUR 408 million linked mainly to the cost of the debt and other financial charges in the fiscal year. The exceptional result is 0 in 2025. This mainly stems from the entrance force of regulation ANC 2022-06, which redefines the scope of the exceptional income and leads to reclassifications in terms of our presentation. So the amounts for 2024 and 2025 will not be directly comparable in this line.

The taxes on our income come out at EUR 9 million. In total, the net income stands at EUR 1.680 billion. That's quite a big turnaround compared to 2024. Finally, on the 31st of December 2025, the stockholders' equity of Atos SE have come into the positive again to the tune of EUR 749 million. This evolution reflects mainly dividends received from subsidiaries and also the write-backs that were recorded in respect of investment securities enabling us to restore a basis for our equity base. Therefore, that is positive at the level of the parent company. These items reflect in the statutory accounts of Atos SE, a gradual normalization that's going on in the status of the parent company after the effects that we saw that were particularly marked in 2024.

Let's look at the risk management processes of the group. As a company, Atos Group is exposed to different risks. So as to reduce our exposure and beyond that to succeed and develop in a secure and sustainable way, Atos Group has set up a system of risk management at different levels. The governance of this could be described as follows: The first line of defense is guaranteed by all of the employees of Atos in their daily jobs under the supervision of their managers. They define and execute operational processes, systems and controls so as to vouch safe the resilience and the compliance with legislations, regulations contractual obligations and the group standards and policies.

The first line also does the identification, evaluation and management and reporting of the day-to-day risks.

The second line of defense provides supervision and controlling functions. On the basis of the analysis of risks conducted with the assistance of complementary approaches, we define here the requirements in terms of governance of the risk at the level of the company and also those concerning the resilience of our operational activities. This level defines the functional policies, the limits of authority and maintains the framework for internal control whilst overseeing the efficiency of the controls conducted by the first line with the support of those who are in charge of internal control activities and the risk and internal control coordinators.

The third line of defense is constituted by the internal audit team, which works to an annual audit plan approved by the management of the group and the Audit Committee. It conducts audits, surveys and assignments in terms of providing advice also in order to supply independent reassurance about the efficiency of the first and second lines of protection. The Chairman and CEO and the Executive Committee of the group receive regularly updates on the subjects connected with internal control, internal audit and risk. The Audit Committee is informed of the internal audit activities at least 6 times per year as well as receiving the periodic reports on the contracts presenting important risks and updates on the internal control and the management of risk overall.

Apart from the risk mapping of the company, this chart shows also on this slide, the major risk class per category. Thank you for your attention, ladies and gentlemen, dear shareholders, I'll give the floor now to Marie de Scorbiac, who will talk about the nonfinancial performance of the group in 2025.

Thank you. Good morning. 2025 was a decisive moment in the decarbonization of Atos Group. The group achieved its SBTI short-term objective that consisted in reducing its absolute greenhouse gas effects by 50% between 2019 and 2025. As you can see it on this slide, the percentage of reduction reached 58%. This has outperformed our initial objective. This achievement is the result of a solid environmental program based on several levers, policies, processes, certain guidelines, action plans supported by the environmental management of the group. After having reached its 2025 objective, Atos Group commits to pursue its efforts in the field of decarbonization, and the objective is to have zero net emissions by 2050 as well as intermediary goals that will be submitted to the validation of SBTI in 2026.

Thanks to our environmental performance in 2025 and thanks to the group's initiatives in the social area and in governance, covering all the CSR dimensions, the group maintained in 2025, its first rank in terms of sustainability. As we can see in the ratings presented here on this slide, especially the EcoVadis rating, which progressed by 4 points. Atos is, therefore, in its successful year, top 1%. Dear shareholders, thank you for your attention. I have to give the floor now to Philippe Salle.

Thank you, Marie. I'm going to talk about the growth and the financial journey. We're going to tell you about this. The guidance given by Jacques-Francois at the end of Q1, well, as you can see, it was a year of stabilization. 2025 was a reset year. 2026 was a year for stabilization and '27, '28 will be years of acceleration. So yes, this year, there's a drop in the revenue between minus 1% and minus 5%. Last year, we were between minus 13%, minus 14%, and it was obvious that stabilizing the company would mean that the first half would be negative, and we hope to have organic growth from Q3 onwards. But our operating margin will increase by 7% was at 4.4% last year. We're quite confident whatever the landing of the revenue between minus 1% and minus 5% will have a margin of 7%, and we have a net cash variation, which is positive. This year, we'll be at 0%, and this variation is not including the ForEx and the scope.

And in 2028, these are the objectives we had fixed on the Capital Market Day in May 2025. We want to exert our growth between 5% and 7%. We're still aiming at a margin, which would be at 10% in 2028. And as Jacques-Francois said, a clear deleveraging, our net debt versus OMDA under minus 1.5x, and we will have a BBB objective either in 2028 or 2029, we hope. So those were our objectives for this year and those are the objectives for '27 and '28 for our plan 2025-2028.

Let's go on to the second part of this meeting, corporate governance and remuneration and nominations. So I'm going to give the floor now to Laurent Collet-Billon who is the Lead Director and who is the Chairman of the Governance and Nominations Committee, and he's going to present the directors as an independent Lead Director and the Chair of this committee.

I'm going to present the report on the work of the committee and the main elements related to the governance of Atos. You will find all the detailed information in the universal registration document 2025 and the convening notice, which is available on the site of Atos.

I'll begin my presentation with the Board and the changes that will be presented to your meeting. I'd say a few words about the work of the Board in 2025. And I would like to recall a few points on general management and the mode of governance of our company.

First, the composition of the Board. It is presented here on the screen. The composition is stable during the past financial year, which translates a continuity in its governance and its operations. So there are 10 members, 9 directors and 1 censor. Among them, the Board has a lead independent director, that's myself, and a director representing the employees who was Fares Louis. The composition of the Board shows high governance standards that goes beyond the legal requirements on the market. First of all, more than 87% of the directors are independent, not including the employee director. And we have a perfect equality, 50% men, 50% women, not including the censor and employee director. And we have 6 nationalities representing and reflecting the international dimension of the group and the age average is 61.

After this general meeting, we would like to have a tight independent Board, which will be very rich because of the diversity of its members. We have 2 terms that are reaching completion. That is the term of Philippe Salle and myself. Therefore, if you vote in favor of the resolutions presented, the composition will remain stable with a balance that will remain unchanged in terms of parity, independence and international dimension of the Board. But there are 2 changes to be noted. First, the term of Fares Louis, Employee Director, which will be terminated at the end of this Board. And in accordance with our legal status, it is up to the trade union that has received the greatest number of votes in the first round of professional elections within the group to appoint the lead director representing the employees, and they appointed Christian Ernst, who will be the new director.

His term will begin after this general meeting for a period of 3 years. And Mandy Metten, who is the Censor, her term is also reaching an end. The renewal of this term is not proposed set to align with the best governance practices. This term as a Censor allowed us to have a transition after the expiry of Mandy Metten's term as an employee. I'd like to thank Fares Louis and Mandy Metten for their precious contribution to the work of the Board. I'd like to warmly welcome Christian Ernst.

And now I'd like to present the resolutions that you'll be voting on. You know the 2 candidates for whom we are asking your renewal. A few words on their profile and their journey and the reasons why we are asking for the renewal. So this is in the continuity of our governance first, and it will be a recognition of their commitment and their contribution to the work of the group and to the group's transformation. I'd like to specify also that the Nomination Committee and the Governance Committee has examined with great care the compliance of this renewal with the diversity policy of the group -- this policy's fixes clear objectives in terms of age, balance between the genders, professional experience, international representation and the independence of all the members.

I'll begin with Philippe Salle. Philippe Salle has been a Director of Atos since the 14th of October 2024. He has worked as the Chair of the Board on the 14th of October 2024 until the 31st of January 2025, and he's been occupying the role of the CEO of the company until now, until today. Since he's arrived, Philippe Salle has clearly managed the group. The transformation plan Genesis was implemented, thanks to him. There was a very demanding context. The first results of the plan have been reached. They have been exceeded. The objectives set for the first year were fulfilled, therefore, and as shown to you. The proposal to renew his term is based on his results, and it is based on his experience as corporate manager and the company is changing. He was at Altran, Elior and Emeria. He's providing strategic skills to the group, financial skills and operational skills, which are fundamental. His skills are essential to accompany the group's transformation. The renewal of his term is also based on 2 key elements. The first is to ensure the continuity and the stability of the governance of Atos so as to be coherent. This model respects the balance of powers thanks to the presence of an independent lead director, and there are many mechanisms. I'll go back on this in the last part of my presentation.

The second element, the Board is trusting him fully. It is based on the contribution of Philippe Salle to the work of the Board and he's extremely assiduous because he attended all the meetings. In addition, from the financial point of view, Philippe Salle has committed personally when he arrived in the company, he holds more than 303,000 shares that is 1.56% of the voting rights of the group, which shows his attachment to the group. The Board fully renews its trust to him, and we suggest you renew his term for a period of 3 years. If his term is renewed, the Board has decided to maintain the unicity of the functions of the Board as CEO. And the Board judges that this is adapted because of the context of the group of adaptation.

So as for the second term, which will be renewed, that is Laurent Collet-Billon, and I'm taking the floor so that Laurent might not have to introduce himself. Laurent is an independent director since the 20th of June 2023, and he's a Lead Director since the 13th of June 2025. So he's attended, of course, the entire financial restructuring period. He was Vice Chair of the Board until the 5th of March 2026. The Board has noted that this function met a very specific context, and it is a minority practice in the French listed companies. So we have only retained this function as a Lead Director, and to propose his candidacy, we are basing ourselves on his experience in the field of defense, security, digital. This is very useful for the group's activities. The deep knowledge he has acquired on the company since 2023 and during the restructuring and transformation phases that have been crossed by the company.

And of course, he will pursue his role as a Lead Director, which is essential for the proper balance for the governance and for an efficient functioning of the Board. The Board would also like to underline that his attendance of 100% to all the Board meetings and 100% of all the 3 committees in which he is participating, this is very important. And so the Board has decided to renew its trust to him for a period of 3 years. If this term is renewed today, the Board has decided to maintain him in his functions as a Lead Director and Independent Director. I have to give the floor to Laurent for the rest of the present of this report on the committees and the governance.

Thank you, Philippe. Just a few words on the activities of the Board and its committees in 2025. The Board and I have the great honor to be the lead director was deeply committed and mobilized this year. It's met 17 times in 2025. The attendance rate was greater than 95%, which shows the great involvement of all its members. This sustained pace was indispensable because of the context, there were structuring operations and also because of tight implementation of the strategic plan and close control of this plan, and the Board and its committees carried out an external evaluation according to the AFEP-MEDEF code. And there were significant changes.

The committees -- the Board is basing itself on these specialized committees and it's just preparing this analysis in 2025, the Board permanent committees met 27 times with an attendance rate, which is excellent, which is about 97%. The composition of certain committees was strengthened to better meet the issues of the group, and we'll keep you informed of all the changes after this general meeting. I think that we can welcome the essential contribution and the great quality of the work of these committees that is strengthening the decisions of the Board. You will find a full presentation of the work of the Board and its committees in the universal registration document.

Now a few words on the governance of Atos. So the Board has decided to maintain the unicity of the functions of the CEO of Philippe Salle to renew his function. And it has decided to renew me in my functions as the reference director. The Board believes that unified governance is the best solution, the most adapted solution, the most relevant one considering the group's specificities. We want to be pragmatic. We want to have a clear, stable management and align the strategy validated by the Board and we want to have a concrete implementation. And this mode of governance is associated with a strong balance in our powers. We have done our best to reinforce this mechanism.

We have a great independence in our Board and 87.5% of the directors are independent, and all the chairs of the committees are also independent. We have a lead independent director. His powers and resources have been reinforced. He plays a key role in the application of the governance standards and a certain number of topics require the prior authorization of the Board and they are determined in the internal rules of procedure of the Board. We have executive sessions that are held regularly within our Board, and this is done without the presence of our managers. This concludes my presentation on the governance. And I would like to thank you for your attention, dear shareholders.

Thank you, Laurent. And as the Chair of this committee. I would like to thank the committee for all this work. Now let's go on to the remuneration of the officers -- of the corporate officers. And I would like to give the floor to Sujatha, who is going to present the information on the remuneration. And Suja is here, and she is available to answer all your questions. The video recording has been carried out so that we can have a translation in print of her presentation. Let's look at the video.

Remuneration Committee. It is my responsibility to present information on the compensation of your company's senior executives in accordance with the say-on-pay procedure. We will now review together Resolutions 8 to 11 which are being submitted for your vote today. I suggest we look at them in 3 parts: First, the compensation paid or granted in respect of the 2025 financial year; second, the compensation policy proposed for directors for 2026; and third, the compensation policy proposed for the Chairman and CEO in 2026. All the details relating to the resolutions submitted for your vote have been made available to you in Section 4.3 of the 2025 Universal Registration Document as well as in the meeting brochure for this general meeting.

The first part concerns the compensation items paid or granted in respect of the 2025 financial year. This corresponds to the eighth resolution on the agenda relating to Philippe Salle in his capacity as Chairman and Chief Executive Officer for the period from February 1, 2025 to December 31, 2025. This is the only resolution submitted for your vote in respect of 2025 as no other compensation was paid to any other corporate officers during the year. Indeed, for the period from January 1 to January 31, 2025, both Jean-Pierre Mustier and Philippe Salle waived their remuneration for their respective roles of CEO and Chairman of the Board at the time. They also did not receive compensation in their capacity as directors.

This being said, the eighth resolution concerns the compensation paid or granted to Philippe Salle as Chairman and CEO from February 1 to December 31, 2025. As you know, the applicable compensation policy for 2025 was approved by the general meeting held on January 31, 2025, under the 27th resolution with 92.5% of votes in favor. In accordance with this policy, Philippe Salle first received a fixed compensation paid pro rata temporis amounting to EUR 1,100,000. Second, he is entitled to a variable compensation based on criteria pre established by the Board of Directors. 60% is linked to financial objectives, 30% based on the group operating margin and 30% based on the change in the group net cash. 20% is linked to the execution of the Genesis Transformation Plan and the remaining 20% is tied to CSR objectives.

At its meeting on March 5, 2026, the Board reviewed the achievement of these objectives based on the recommendation of the Remuneration, Audit and CSR committees, meeting in joint sessions. The achievement of these criteria is shown on the screen, and more details are available in the 2025 universal registration document and the meeting brochure.

In summary, the Board has noted that overall performance against the 2025 criteria was very strong. As you know, the operating margin and group net change in cash in 2025 were in line with the objectives communicated to the market during the Capital Markets Day of May 2025. Regarding the Genesis Transformation Plan, it was successfully executed and progressed ahead of schedule.

Finally, the group delivered a very strong CSR performance with solid results in both decarbonization and key talent retention. Following this assessment, the annual variable compensation amounted to EUR 1,275,010, corresponding to the achievement rate of 115.91% of the target variable compensation. However, in light of the group's recovery and transformation context, Philippe Salle voluntarily decided to cap this amount to 100% of target, that is a total amount of EUR 1,100,000 for the 2025 fiscal year. In addition, a multiyear variable compensation in shares was granted in compliance with the 2025 compensation policy announced in January last year. Accordingly, the Board allocated 425,675 performance shares to Philippe Salle on March 6, 2025, under the performance share plan. As a reminder, the plan is a 4-year plan. It means that no other shares will be allocated before December 31, 2028. The grant is subject to share price performance over the 4-year period.

To receive the full allocation, the share price must quadruple compared to the subscription price of the capital increase with preferential subscription rights, that is compared to EUR 37.

There are 3 vesting dates, 31st December 2026, 2027 and 2028 with a catch-up mechanism and the CEO is subject to a holding requirement until December 31, 2030. The annualized long-term variable compensation in shares represents 136% of the CEO's maximum total gross compensation, that is EUR 3 million and therefore, does not constitute a disproportionate share of it.

Regarding benefits, Philippe Salle was covered by the group's health insurance scheme, representing an annual employer contribution of EUR 10,185. Finally, Philippe Salle did not receive any directors' fees in 2025.

In summary, the total compensation paid to Philippe Salle for the 2025 financial year amounted to EUR 1,110,185. In addition, he is entitled to EUR 1,100,000 in respect of his variable compensation, subject to your approval and has been granted performance shares in line with the compensation policy approved by the general meeting. As part of the ex-post say-on-pay procedure, you are asked in the usual way to approve the information set out in Article L22-10-9 of the French Commercial Code concerning the compensation of corporate officers in respect of the 2025 financial year. This information is presented in the 2025 universal registration document. You will note that the total directors' compensation for 2025 amounts to EUR 999,996.80, in line with the compensation policy approved by the general meeting.

I will now move to the second part of my presentation, which concerns the compensation policy applicable to directors for 2026. This is the purpose of the 10th resolution. For 2026, on the recommendation of the Remuneration Committee, the Board decided to maintain that annual total remuneration envelope for directors at EUR 1 million. The Board also reviewed the rules governing the allocation of this compensation, which are presented on the screen. Let me briefly walk you through the main points. First, for the Board of Directors, the fixed annual compensation remains unchanged at EUR 20,000 per director. The specific compensation previously attached to the role of Vice Chairman has been removed versus EUR 100,000 in 2025. At the same time, the additional compensation for the lead independent director has been increased to EUR 40,000 to better reflect the importance of this role and align with market practices. The variable compensation also remains unchanged at EUR 3,500 per meeting attended.

As for the committees, the rules remain unchanged and continue to be based on attendance, EUR 6,000 per meeting for the Chair of the Audit Committee, EUR 5,000 per meeting for the chairs of the other committees, EUR 3,000 per meeting for committee members. A censor, if applicable, receives 50% of the amounts defined under these rules, unchanged from 2025.

Finally, the other more specific rules remain unchanged. In particular, the Board may decide that successive meetings held on the same day are considered as a single meeting for compensation purposes and may also treat several meetings held over a short period of time on related matters as one. Written consultations are not remunerated and directors are reimbursed for expenses incurred in the performance of their duties, notably travel and accommodation. No other form of compensation is granted beyond those I have just described.

Finally, the last part of my presentation concerns the compensation policy for the Chairman and Chief Executive Officer of 2026. This is the subject of the 11th resolution. If approved, this compensation policy will apply to Philippe Salle from January 1, 2026. On December 17, 2025, on the recommendation of the Remuneration Committee and the CSR Committee, the Board of Directors decided to renew the 2025 compensation policy for 2026, except for the definition of new performance criteria for the annual variable compensation. As was the case in 2025, the Chairman and CEO's compensation policy follows a pay-for-performance approach and links a large part of the Chairman and CEO's remuneration to the group's challenges and strategy, aligning his interest with those of the shareholders and all stakeholders.

The compensation for 2026 consists of the following elements: First, a cash compensation, including a fixed portion and a variable portion, subject to performance conditions with a target variable equal to 100% of the fixed compensation. Second, a multi-variable incentive and shares, also subject to performance conditions. This long-term component was already approved under the 2025 policy and granted in 2025 with no new allocation before December 31, 2028. And third, a potential exceptional compensation linked to the successful and early refinancing of Atos' debt.

Let me now detail the main components. First, the fixed annual compensation is set at EUR 1.2 million, unchanged from the amount set out in the 2025 compensation policy. This level of compensation reflects the scope and complexity of the responsibilities and remains fully aligned with the Chairman and CEO's experience, track record and leadership profile. Given Philippe Salle's extensive experience in comparable senior roles, along with his broad strategic and operational expertise across several sectors, the Board proposes maintaining this level of compensation on the recommendation of the Remuneration Committee.

Second, the variable annual compensation is based on predefined readable and demanding performance criteria, all quantitative with financial and nonfinancial criteria. The target level is set as a percentage of fixed compensation. As was the case last year, the target annual variable compensation is set at EUR 1.2 million, that is 100% of the fixed compensation with a maximum capped at 150% of the target, that is EUR 1.8 million. No minimum payment is guaranteed. The 150% cap is consistent with the 2025 policy and aligned with market practices, reflecting the level of performance required to deliver the group's strategy. The total maximum cash compensation fixed plus variable for 2026 would amount to EUR 3 million.

For 2026, the Board has set relevant and demanding performance criteria. 30% is based on the group's recurring operating margin. 25% is based on the group's net change in cash before debt repay, 25% is based on the group's external revenue. Finally, 20% of the variable compensation is based on CSR objectives, including 10% linked to climate objectives, specifically the reduction of greenhouse gas emissions across Scopes 1, 2 and 3 compared to the 2025 baseline and 10% linked to initiatives supporting education and employability in artificial intelligence for all employees.

Third, regarding long-term compensation, no new multiyear variable compensation in shares will be granted in 2026. As a reminder, under the 2025 policy, a 4-year performance share plan was implemented with vesting dependent on share price performance through December 31, 2028. Under this plan, Philippe Salle was granted 425,675 shares in March 2025. Consequently, no additional long-term equity compensation will be awarded before the end of 2028, and the 2026 policy does not include any new long-term incentive. Finally, in the same way as in 2025, Philippe Salle may be eligible for exceptional compensation if Atos were to successfully refinance its debt ahead of the initial maturities at the end of 2029. More specifically, if Atos debt is successfully refinanced by the end of the 2026 financial year, the Chairman and CEO would receive exceptional compensation equal to 3x his fixed annual compensation. That is EUR 3.6 million. If this is achieved by the end of the 2027 financial year, he would be entitled to an amount equal to 2x his fixed annual compensation, that is EUR 2.4 million.

The slide sets out in detail the other elements of compensation. For example, there is no severance package. A noncompetition indemnity is provided for in accordance with the recommendations of the AFEP-MEDEF code. We have now covered all the resolutions relating to say-on-pay. Thank you for your attention, ladies and gentlemen.

Thank you, Suja. And as Chairman of the Committee, and I'd like to thank the committee for all its work. And now we will go on to the presentation of the statutory auditors. [indiscernible], who represents the joint auditors, will present the reports of the statutory auditors.

Thank you, Mr. Chairman. Ladies and gentlemen, dear shareholders, I'd like to present on behalf of the joint auditors, the officers, Grant Thornton and Mazars, the reports that we have established for you. These reports are availed to you by your company. In the framework of the general meeting -- the ordinary general meeting, we have issued 3 reports on the consolidated financial statements, the annual financial statements and the related party agreements. Forvis Mazars has also issued a report on information communicated by the company in terms of sustainability. I will not read the report fully, if you don't mind.

As for the report on the consolidated and annual financial statements, the objective of our mission is to obtain a reasonable assurance that these accounts don't have any misstatements -- any material misstatements. And we have taken into account all the specificities characteristic to your group. As for the law, we've taken into account a few key points of this audit. For the consolidated financial statements, this is the valuation of the recoverable goodwill, the accounting of the revenue on the services, multi-annual contracts and lump sums and the litigation with the TriZetto company. As for the statutory accounts of Atos SE we have taken into account the valuation of the securities. So we'd like to certify the consolidated and annual financial statements without any reservation.

As for the annual financial statements, we would like to draw your attention on the change in the accounting method, and this is an application of Regulation #2022-06 of the ANC. As for the special report on related party agreements, we have not received any notice nor any authorized convention that were concluded during the past financial year. We have also issued a limited insurance report on the information in the field of sustainability, and this is presented in the management report. This report says that there are no mistakes or emissions on this information.

And finally, as for the reports issued for the extraordinary general meeting, we have issued 3 reports on the issuance of shares of various values, which are summarized here on this page. Our reports have not showed any particular comments for these operations that are part of the conditions provided by the Code of Commerce.

Ladies and gentlemen, dear shareholders, I'd like to thank you for your attention. Thank you very much. I have to thank our statutory auditors for their work. The reports of the auditors are, of course, available on the Internet site of the company. And now we're going to go on to the presentation of the resolutions that will be then submitted to your vote. I'd like to give the floor to Cecile.

Thank you, Philippe. Ladies and gentlemen, dear shareholders, 24 resolutions will be submitted to your vote to date. For a great number of them, they have already been approached during the different presentations. This presentation will, therefore, focus on the topics that have not yet been approached. First of all, we have the ordinary part of this meeting. The first 3 resolutions concern the approval of the financial statements and the net income. I'm not going to go into the details because these topics were mentioned in the presentation of the financial manager.

The fourth and fifth resolutions concern the composition of the Board. These elements were presented to you earlier on by the Chairman of the Nominations and Governance Committee. The sixth resolution concerns the appointment of BDO Fares as the statutory auditor in charge of the certification of the accounts of the company. I'd like to remind you that the term of Grant Thornton will expire after this general assembly, and it will not be renewable anymore because of the rules limiting the duration of these terms of office. The Board, therefore, proposes on the on the recommendation of the Audit Committee to appoint BDO Fares for 6 terms, that is until the general meeting that will approve the accounts in 2031. This proposal takes into account the knowledge of BDO of the activities and the group's organization, the expertise of its teams and its audit approach. For information, this company, BDO has said that they would accept this term in case of a favorable vote of this resolution and that there is no incompatibility nor any ban that would be likely to stop BDO from exercising this function.

The seventh resolution concerns the usual approval of the auditor's report on the related party agreements. I will not say more because this report does not mention any related party agreement. No related party agreement has been authorized or pursued in 2025.

The eighth up to the 11th resolutions concern the remuneration of the corporate managers. This was presented to you in full details by the Chair lady of the Remunerations Committee. I'll not going back on that section.

The 12th resolution is the traditional resolution for the buyback of shares by the company. This resolution presents the same characteristics as the one approved by the general meeting on the 13th of June 2025, apart from the maximum purchasing price that was fixed at EUR 125. Besides, it cannot be implementation during the public tender for the shares of the company. In a traditional way, the buyback of shares could have several goals, including the management of the liquidity contract or the implementation of employee share ownership plans. I'd like to specify that apart from these standard goals, no buyback -- share buyback program is planned before 2028 in compliance with what was announced during the Capital Market Day on the 14th of May 2025.

I'm going to pursue with the extraordinary part of this general meeting. As for resolutions 13 to 21, we ask the general meeting to decide about a certain number of resolutions on the share capital of the company. In other terms, the financial resolutions that are submitted to your vote this year are similar to the ones that you approved in January 2025, and that will expire very soon. Now to go back through the characteristics -- the common characteristics that is from resolutions 13 to 21. These delegations of authority cannot be used in a period of public tender. So it is not a mechanism of defense. They have a duration of 18 to 26 months. Therefore, the general assembly is regularly consulted in this respect. They are all capped with, first of all, overall limit, 40% of the capital and with a sub-cap at 10% of the capital and to that we write off the amount of increase in capital with suppression of preferential subscription right, sorry to forget. Some specific sub-caps can apply according to the operations aimed at.

Now as for the capital increase, which are mentioned in these resolutions. There is the capital increase, which is traditional with maintenance or suppression of the DPS. Resolution 13 to maintain the DPS that will allow the existing shareholders, if they wish so, to subscribe according to the pro rata of their participation.

Resolutions 14, 15 and 17 are increases in capital with a -- without preferential subscription rights with the traditional increase in capital, 14th resolution, an increase in capital for qualified investors in the 15th resolution, increase in capital without preferential subscription rights in favor of one or more specifically designated persons in the 13th resolution.

Resolution #18, which is the greenshoe capital. So the increase of capital with or without DPS, that takes place well, we can increase the number of securities to be issued to pursue the other delegations concerning other types of increases in capital, the increase in capital as to remunerate contributions in kind, that is Resolution #16. The company is granting shares in exchange of contributions in kind.

The increase in capital with inclusion of premiums and reservations, that is Resolution 19, the company would grant shares to all its shareholders.

And finally, Resolutions 20 and 21 concern the increase in capital reserves to the employees, those who own an employee shareholding plan or specific plans.

Now to continue with resolutions 22 and 23, the objective is to change several articles in our Articles of Association. First, the 22nd resolution concerns the modification of the company's corporate name that would go from Atos SE to Atos Group. This change aims at aligning the corporate name with the brand Atos Group, which has been used since the Capital Market Day on the 14th of May 2025 when the company announced its new strategic and transformation plan.

And then we propose a change that concerns Article 28 of our Articles of Association on the provisions coming to the general meeting. We want it to be in compliance with the applicable provisions and want to take into account the 13th of February 2026 decree that has changed the record date that is the registration of the securities date where we appreciate the shareholders who can participate in the general meetings and who can obtain certain rights. This record date has gone from the second to the fifth day and the general assembly proposes a modification of the Articles of Association on this point.

And the last resolution is a traditional resolution on the powers granted to carry out all these formalities. I'd like to thank you for your attention and to give the floor back to Philippe Salle.

Thank you, Cecile. Before going on to the vote, let's go on to the Q&A session. I'd like to invite all the shareholders present here to ask the hostesses for a microphone. And please introduce yourself if you have any questions.

I wrote down a few questions in the dark. So in your CV, it says -- well, this is not the most interesting question, though. On your CV, it says that you have 303,740 shares. And in the presentation by Mrs. Sujatha or Suja, it says 200 -- 425,675. I'd like to know why there is this discrepancy. It's detail but why EUR 303,000 in your CV and EUR 425,000 in her presentation. I'd like to know if the EUR 9 million you had invested a few months ago that you had invested in the capital increase, EUR 37. The EUR 9 million, so if you calculate EUR 9 million divided by EUR 37 shares, 243,000 shares. I'd like to know with all these figures, 303,00 and 425,000 and the 243,000 capital increase. I can't really understand all this. Can I ask you more questions? I'll ask.

So 303,000, that's what I've bought in December '24, and I bought some more last summer. So there was a capital increase, 240,000. I bought 60,000 more in August. These are shares that I already hold, but 425,000 is that the free shares that were proposed by the Board. So these are 2 different things. Okay. So 303,000 plus 425,000. Yes, if I obtain the 425,000 because this is related to certain performance criteria, share price criteria.

So why close down some small countries? As you said, you said there are some 10 countries you'd like to close, although the revenue is small for those countries. If there is revenue, there is revenue, although it might not be that big. Now the profitability between the staff necessary to have this -- obtain this revenue, is it too high? Is it a question of profitability? And in absolute terms to be present in 10 countries that are still getting some revenue, it's still useful.

Well, for me, it was a question of focusing and there are shortages in the world, shortage of time, shortage of money. And my vision is that there's a shortage of time. Imagine cannot work on X number of topics all at the same time. And in the Capital Market Day in 2025, we decided that some countries would be priority and like us to spend more time on those countries to just simplify our scope.

Okay. I have another question. You said that you were #1 in cybersecurity, the champions in cybersecurity in Europe. How is this proven?

I mean, it's through the revenue.

Okay. And the last question, why did the stock price was 2x EUR 60, EUR 61 twice. It went to EUR 33, EUR 32. And the 2x 60, finally, we wonder why.

Well, I can explain why. So the price -- share price, I cannot control it. So I cannot tell you why the price is changing. The price is just the translation of the shares we are taking and the robustness of the company. We were at EUR 50 at the end of 2025. We were at EUR 60 in January. And from the end of January, something happened. There were articles, many articles on -- they call that the apocalypse -- on all the effects of artificial intelligence, all the effects of AI on companies like Atos on software. There was a panic on the markets and all the services companies lost their share price since February 2026.

The stock exchange is always in the extremes. When things are fine, it's fine. And when things are going wrong, it crashes. And it's the same thing for the Atos share. There was a panic. And as usual, it is no point explaining that no, we have to prove it with our figures, and this is what all our competitors are doing, and we'll see each and every quarter. A company like Atos is not going to disappear because of artificial intelligence. I think there will be a lot of opportunities we will have to transform ourselves, but this is what happened in February 2026. And right now, we're still in this area of turbulence. There are a lot of questions on the impact of artificial intelligence in companies such as Atos.

And the other question, well, I can't tell you, it's not in my control. From February onwards, well, in Wall Street, in particular, in the European stock markets, too, there were 2 categories, AI losers and AI winners that were called, the ones who win out and the ones who stand to lose. We're classed by them in the category of losers. Don't ask me why. That's just the way it was decided by people who gave companies' names. And some of my competitors found themselves in the loser category too. But you can imagine there were lots of investors talking about this. The thing is we react when these things are said. The only thing we can do is to deliver good results and prove our worth. And that's what we're currently doing. You see the half yearly results at the end of July, and we'll have to just prove that our company won't disappear with AI, with the advent of AI. I think the company will do better and better in the upcoming quarters if we deliver our results and if we manage to show that Atos is continuing to bolster its business in a market that's changing constantly.

A last question, if you like, yes. I've seen that there were ups and downs, all right in the stock price. Stock price is going up, but it's gained a bit. What can you say about the trend in the stock price?

Well, there are funds who like to short their positions. When in that kind of world, there's a lot of volatility around. So some funds make money quickly that way when stock prices go up or down. So I'm not the one -- I'm not the market maker who decides all that. Like lots of CEOs, I'm against that kind of position because it's playing on the ultimate drop in our stock price, placing bets and that kind of thing. But that's part of the stock market rules. People do that. They're allowed to do it. and shortening stock prices, I don't think it's a good thing. But anyway, that's maybe a reason why.

So aret there questions in the room perhaps? If you could introduce yourself.

Yes. I'm an individual shareholder in several companies. Now the first remark is that I'm very happy there's a woman taking the floor because at shareholders' meetings, you don't often hear women's voice, especially with the first question. So there's only one other company I've seen a woman taking the floor first. I was the person there, too, so the lady who asked the question first. So it's great to see women monitoring shareholder interest actively. So anyway, I just wanted to make a technical point. In the room, apart from the Board members and the shareholders and the organizing team, are there other people present I wanted to know?

And then I wanted to ask a question as such. Could you tell us what are the business plans of Atos right now? I mean there are disposals that have taken place and there possibly be other ones to deleverage the company going forward. So we've lost some revenues. And the data you have on carbon emissions, it's good to reduce the emissions. But if it's not a constant scope, it doesn't mean much, does it when there are changes. So what are the emissions like currently? I mean, how important was the scope effect in our carbon emissions? -- can you tell us per employee or something that will give us the yardstick so as to have comparable figures on that?

Regarding the Board members, I'm very happy when there are people who continue to attend Board meetings and the present Board meetings after they would -- normal retirement age. And it's great to have their wealth of experience in boards. And that's great. I hope we'll renew the people whose terms are up for renewal. It would be nice to have young blood in too, though. And because who've been mentioned, people like that who could maybe sit on our Board, people less than 40 years of age who might be a useful contribution to the Board, people with the skills, of course.

And sometimes there are young people with 13 or 15 years of age who are hacking websites. So if youngsters of 13 or 15 can do that, I think people of 25 or 30 years of age who are competent in such matters would have the rightful place in Boards of directors of technology companies. People in the room, it's mainly shareholders and some members of the Board and some managers too, to answer that question. No, I'd just like to say, you said the scope might change? No, it's finished now. We've changed the scope and it's not going to change anymore. There won't be any more disposals to deleverage through our own cash flow.

Now as I presented to you, you've got 2 brand names. Each of them has their own specific business area. The Atos area has -- I mean, there are 4 business -- 6 business areas, sorry, infrastructure, cloud and so on and cybersecurity in terms of services, data and AI, everything to do with the setting up of data and then AI with the Agentic Studios and you have the digital workplace, smart platforms, that's the setting up of ERPs and digital applications, that's the development of applications, which are in-house applications are tailored once. So there are the 6 main business areas of Atos. We were doing that before, and we're continuing to do that. In Eviden, there are 3 business lines, mission-critical systems, cyber products, these are products there encryption so on and then Vision AI, that's artificial intelligence connected with crowd processing.

So our scope hasn't changed. It's just been reduced a bit with the disposals we made. But otherwise, we're really talking about all the business lines affecting IT departments and companies, meeting all their needs that they have in IT departments of companies.

Regarding the Board, well, should we be younger or not? Well, the Board in its wisdom will decide who should join the Board when the time comes as post become free. It won't happen this year, as you've seen, maybe in the coming years. Thank you for those questions. Are there other questions here from our shareholders present in the room?

About decarbonization?

Decarbonization. I'll let Jacques-Francois answer that.

You're quite right in making that point. Yes, of course. He says, yes, we have planned to restate the baseline so as to have comparable scopes, restate as a function of the disposals so that we can have a comparable data set. Obviously, when you reduce your scope, your emissions go down, but we want to reduce it by working unit as well, go faster than the scope reductions, of course, in reducing our carbon emissions.

Any other questions? Yes, I see a hand going up. You're going to be given the microphone, sir.

It's not a question. It's a comment on Slide #46. I suggest you enhance the photographs because you weren't in the limelight and your lead independent director was.

I think the photograph should be retaken, improve the quality of the photos on that Slide #46, please. Thank you. We'll bear that in mind for next year. Somebody over there has a question too.

I'm a shareholder. And I would like to say our French President has announced quantum computing support going up by EUR 1 billion. Are you going to avail that kind of support from the French government?

Well, that's a good question. On quantum computing, is -- that will be the Bull activities, the ones we disposed of. They were very active on quantum computers and their start-ups doing it very well here in France as well. So it's not the scope of Atos right now -- of Atos Group. In cybersecurity, of course, yes, indeed, we'll be able to look into how we can help out in those respects. But obviously, with AI, lots of things are happening in the world of cybersecurity, too. I can't tell you right now exactly with respect to what the French President announced how Atos will be part of the process. But regarding cybersecurity, of course, we will have a role to play.

Well, if there are no other questions, perhaps we can move on to the last part of our general meeting, which is the poll on the resolutions. So I'll give you the quorum, the final quorum, the definitive quorum, 43.21% that's 2,745 shareholders representing 8,503,422 shares. So 43.21% is the quorum. So in order to vote on the resolutions in proper order, I'd like to ask you to stay in the room until the end of the poll on the resolutions, and we will provide you with electronic voting tablets or you've been given them or others, you enter the room. And at the end of the meeting, please hand back your tablets also to the host or the host as you leave the room. And if you leave the room, you're exiting for good. You may not come back in. So we'll now screen a short film that will explain how to vote using the tablet.

To vote upon the resolutions of the general meeting, you've been given a tablet. It is strictly personal and is to be used only at this general meeting. When we announced the opening of the poll, the voting screen will open automatically on your tablet even though it may be in standby mode. Now in order to vote, it's very simple, press on the button that corresponds to your choice for withhold your vote or against. green, amber and red. -- press the okay button to submit your vote before we close the poll. Once your vote has been validated, you cannot change it. You may not modify it anymore. Thank you in advance for handing back your tablet as you leave the room.

Thank you. I'll give the floor then to Cecile Kavalses, so as to organize the poll on the resolutions.

Thank you, Philippe. We will go through each resolution one after the other. So I will read out a summary of each of the resolutions, and I'll reduce the tackle because you've already received communication of the resolution.

First resolution, approval of the company's statutory financial statements for the financial year ending 31st of December 2025. The poll is now open.

[Voting]

The poll is now over. This motion stands approved, 99.92% of the votes in favor.

Resolution #2. Approval of the consolidated financial statements for the financial year ending December 31, 2025. Please vote now.

[Voting]

The poll is now over. This motion is approved, 99.92% of votes in favor.

Third resolution, allocation of the net income for the financial year ending December 31, 2025. Please vote now.

[Voting]

The poll is now closed. This resolution is carried, 99.91% of votes in favor. Thank you.

Next is the fourth resolution, renewal of Mr. Philippe Salle's term of office as Director. The poll is now open.

[Voting]

The poll is now closed. This motion is approved, 94.35% of votes in favor.

Resolution #5, renewal of Mr. Laurent Collet-Billon term of office as Director. The poll is now open.

[Voting]

The poll is closed. This resolution is approved, 99.6% of votes in favor. Thank you.

Resolution #6, appointment of BDO Fares as statutory auditor. The poll is open.

[Voting]

The poll is closed. This motion is carried, 99.91% of votes in favor.

Next is the seventh resolution, the special report of the auditors regarding the agreements referred to in Articles L225 to 38 and the following of the French Commercial code. The poll is now open.

[Voting]

The poll is closed. This motion is approved, 99.89% of votes in favor.

Eighth resolution, approval of the compensation components paid or granted for the period from February 1, 2025 to December 31, 2025, to Mr. Philippe Salle, Chairman and Chief Executive Officer. The poll is open.

[Voting]

The poll is closed. This motion is carried, 92.44% of votes in favor.

Ninth resolution, approval of the information relating to the compensation of the company officers referred to in Article L2210-9 of the French Commercial Code. The poll is open.

[Voting]

The poll is now closed. This motion is carried, 99.07% of votes in favor. Thank you.

Next is Resolution #10, approval of the compensation policy applicable to directors for 2026. The poll is open.

[Voting]

The poll is closed. This resolution is carried, 99.49% of votes in favor.

11th resolution, approval of the compensation policy applicable to the Chairman and Chief Executive Officer for 2026. The poll is now open.

[Voting]

The poll is closed. This resolution is approved, 98.35% of votes in favor.

12th resolution, authorization to be granted to the Board of Directors for the purpose of purchasing, holding or transferring shares in the company. The poll is now open.

[Voting]

The poll is now closed. This motion is adopted, 99.79% of votes in favor. Thank you.

13th resolution, delegation of authority to be granted to the Board of Directors to decide the issue of shares or securities giving access to share capital or securities carrying a right to the allocation of debt while maintaining preferential subscription rights. The vote is open.

[Voting]

The poll is closed. The resolution is adopted at 99.71%.

14th resolution, delegation of authority to be granted to the Board of Directors to decide the issue of shares without preferential subscription rights through public offerings other than those referred to in Article L.411-2 of the French Monetary and Financial Code without preferential subscription rights. The vote is open.

[Voting]

The poll is closed. The resolution is adopted at 99.24%.

15th resolution delegation of authority to be granted to the Board to issue shares without preferential subscription rights through a public offering referred to in Article L411-2 of the French Monetary and Financial Code. The vote is open.

[Voting]

The poll is closed. The resolution is adopted at 99.03%.

16th resolution, delegation of powers to be granted to the Board to decide the issue of shares without preferential subscription rights, giving access to share capital as consideration for contributions in kind of equity securities. The vote is open.

[Voting]

The poll is closed. The resolution is adopted at 99.35%.

17th resolution, delegation of powers to be granted to the Board to decide the issue of shares without any preferential subscription rights in favor of one or more specifically designated persons. The poll is open.

[Voting]

The poll is closed. Resolution 17 is adopted at 99%.

18th resolution, delegation of authority to be granted to the Board to increase share capital -- to increase the number of securities to be issued in connection with the share capital increase with preferential subscription rights maintained or canceled. The poll is open.

[Voting]

The poll is closed. This resolution is adopted at 99.20%.

19th resolution, delegation of authority to be granted to the Board to decide the increase of the share capital through the capitalization of premiums, reserves, profits or other items. The poll is open.

[Voting]

The poll is closed. The resolution is adopted at 99.75%.

20th resolution, delegation of authority to be granted to the Board to increase the share capital of the company without preferential subscription rights in favor of members of the company savings plan. The vote is open.

[Voting]

The vote is closed. This resolution is adopted at 99.69%.

21st resolution, delegation of authority to be granted to the Board to increase the share capital of the company by issuing shares reserved for certain categories of persons without preferential subscription rights in favor of such persons in connection with the implementation of an employee shareholding plan. The poll is open.

[Voting]

The poll is closed. This resolution is adopted at 99.70%.

22nd resolution, change of the company's corporate name and corresponding amendment to Article 3 of the Articles of Association. The poll is open.

[Voting]

The poll is closed. This resolution is adopted at 99.85%.

23rd resolution, amendment of Article 28 of the Articles of Association relating to the provisions common to general meetings in order to bring it in compliance with the applicable provisions. The poll is open.

[Voting]

The poll is closed. This resolution is adopted at 99.89%.

24th resolution, powers. The vote is open.

[Voting]

[Foreign Language]

[Foreign Language] I declare the general meeting closed. Thank you for your attention, and see you next year.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

Good day, and thank you for standing by. Welcome to Atos Group Q1 2026 Performance Conference Call. [Operator Instructions] Please be advised that today's call is being recorded.

I would now like to hand the conference over to your first speaker today, Mr. Philippe Salle, Group Chairman and CEO. Thank you. Please go ahead, sir.

Thank you very much. Good morning, everybody. I am today with Jacques-Francois, and we're going to talk about Q1. So let's go directly on Page 6, on the business highlights. So first point is solid financial performance. I think we are quite happy, let's say, with the start of the year. We have always said that's the lowest point of the year. And then we gradually, I would say, improve the growth. Further progress in the execution of the Genesis plan.

So the Genesis is doing also very well. We will finish the first Genesis plan probably by mid of this year. And we have extended the plan, I would say, with another savings to be finished probably by the end of 2026. The idea, of course, is to have the full savings of the new, I would say, the extended plan in the course for the year 2027.

We have a positive business momentum, and I will come back to this. With, I would say, book-to-bill that is the highest for the last 5 years. And so now, we have a clear focus on our strategic pillars. Agentic AI, we have launched a manifesto. Sovereign, we have launched also a manifesto internally, and it's going to be externally in the coming weeks. And, of course, Cyber, where we are #1 in Europe.

So if we go on the key numbers on Page 7, order entry is EUR 1.5 billion. It's 89% for Atos. It's 87% with Eviden. And of course, as you can imagine, with Eviden, the order entry was a little bit low in Q1 with the war. We definitely think that it's going to be much better after, let's say, the war, but we don't know, unfortunately, when it's going to be finished. Revenue is EUR 1.7 billion plus.

It's roughly EUR 1,640 million what we call with the go-forward perimeter, the go forward, it's without Build that we have sold on the 31st of March and Latin America, and we expect to close Latin America next week. If it's not next week, beginning of May, but we will try, I would say, to finish this transaction, let's say, next week, which means that the perimeter is roughly the perimeter going forward.

There are still some countries we want to close, but are very small. But in terms, let's say, of sale, I think it's finished. Net change of cash, I think very good news. It's minus EUR 47 million. So you have to understand that we have EUR 71 million of restructuring. So it means that we have produced roughly EUR 24 million of cash. And also, we have the Build cash consumption.

Unfortunately, we are not able to estimate that cash consumption for now. We will do this, in fact, when we're going to close H1 -- just for information, build EBITDA was around minus EUR 25 million; CapEx, minus EUR 30 million. So EBITDA minus CapEx is minus EUR 55 million. We estimate that probably there is a positive working cap, but it's possible, of course, that Build has an impact of, let's say, around EUR 10 million, EUR 20 million, EUR 30 million, we'll see.

So it means, in fact, that the production of cash is much higher than, in fact, EUR 24 million. And then the liquidity EUR 1.7 billion, it's a little bit above last year, December 2025. And remember also that we have bought already EUR 62 million of the EUR 1.5 [indiscernible]. So of course, there is less cash, but we have also less debt.

So let's go on the 3-year for the Genesis. So I'm not going to highlight -- remember that there were 7 pillars in Genesis. There are a lot of things that we are doing. So the first one, is the growth. So as I say, we have redesigned completely for me the engine of growth. And it's going to, I would say, produce a lot of, I would say, of course, results in the coming months now and years. So I would say the teams are in place, most of them.

We have, I would say, also put a focus with Florin, the CTO on our 3 strategic pillars, so Agentic, Sovereign and Cyber. We have now launched this morning for 2 or 3 months campaign also in France, I would say, to, let's say, push the image of Atos. And I would say the main, I would say, message is that Atos is back. And as I say on the term, the target operating model, in fact, in sales is completely in place. You will see also, for example, that the pipeline has increased almost by EUR 1 billion in 1 quarter. And that's -- I would say that gives, of course, a very good signs for the rebound that we estimate that will happen, in fact, in Q3.

In terms of country review, so we sold iDEAL, it's a company that was in Nordics. It's mainly, in fact, Norway and Finland. So we closed the deal on end of Jan. South America, as I say, next week, and Build was done also end of March. In terms of operational costs, I think we are continuing, I would say, the progress.

The billability rate now is above 80%, and it's, in fact, close to 85%, the target that we have. We are now, let's say, recalculating a little bit differently this billability rate because we take into account the average salary of the people that are not billed versus, I would say, the salary of people that are billed.

And then there is -- and we see that there is, of course, a discrepancy and there is no, I would say, magic, but usually the people that are more costly, unfortunately, are more on the bench than the people that are billed. So I would say we will not recalculate, I would say, this rate, but we will adjust it, I would say, to the salaries.

Legal entities, we continue to simplify the number of entities. We want to shave, I would say, the number of entities by hundreds still. And then we are also putting some AI internally. And right now, for example, we are testing AI on the revenues.

So in fact, we are looking at all the contracts that we have, it's several thousands, and we look also at the options I would say, the paragraph in the different contracts that we have signed where we can extend the pricing or bill a little bit differently. So it can give, I would say, some rooms of improvement in terms of margin and revenues for the teams.

But Genesis is going very well. The Genesis, the initial plan will be finished mid-'26. So we estimate that the EUR 650 million saving plan is almost complete. And that's why we have extended now the plan to have, I would say, a plan that will finish end of '26. So it means it's a target above EUR 700 million. In terms of workforce on Page 9, as you can see, so we started the year at 63,000. We continue, I would say, the restructuring, and we also managed the levers versus hirings to be negative. So we finished at 61,000. You take out Build to 2,500. So we are now at a little bit below 59,000.

If you take South America, we are probably close to 56,000. So that's probably where we will be probably at the end of next week. And I would say we will -- I definitely think that we can -- we will land around 55,000 when Genesis will be complete. So we are almost there. We go on Page 10 on the order book. So first, the book-to-bill is very strong, 89 for -- and in North America, it's above 100.

Just for the analysts, that's the -- I always say that the book-to-bill is a proxy, unfortunately, of growth. And I think we have a very good example. The book-to-bill of North America is above 100. They continue to decrease, unfortunately, in terms of top line in Q1.

The book-to-bill of U.K. is below 100 and now they are growing. So as I say, unfortunately, it's not an immediate, I would say, readings when you have a book-to-bill at below 100 that it means that we're not going to grow. I don't think that it's the case. We are still looking to find a better measure. It's not an easy one, but we are working on it.

I hope that we can probably share some, let's say, results in H1 or at the end of the year. The qualified pipeline, as I say, is up roughly close to EUR 1 billion. We are now at EUR 13 billion roughly of qualified pipeline, so almost 2 years of revenues, a little bit less than 2 years, of course. The renewal rate also is 94%.

The good news is that we don't have big renewals now going forward. So in fact, for this year, I think we are not going to lose any other contracts. It has been done, of course, in the course of '25. The 2 big contracts in the U.S. have been renewed. One has been signed, in fact, in end of March with CNA.

It's a very big contract, $480 million. And we're also discussing probably to extend the contract to more than this $500 million. We will have probably -- we're still in negotiation in the course of Q2. And the second one also is in California. We have won the contract. It will be signed in the course of April or May. It's done. We are just waiting, I would say, the signature of the client. And then for the U.S., it's done.

We don't have big renewals, in fact, in other parts of the world. There is a medium-sized contract, in fact, in BN right now. We are waiting the answer probably next week. And that's all, which I think is very good news. And that's why we are very confident on the rebound of the top line in Q3. And then as you can imagine, we have a good traction in cloud, in cyber and in data AI because we are growing, in fact, in these 3 service line, let's say.

You can see below some contracts that we have renewed. So for example, CNA in the U.S., it's a very big contract. There is some CM&I, there is a digital workplace and cyber, and we are also now looking for digital applications and the data AI, in fact, for the client, and it's an insurance company.

So I definitely think that Agentic has a big impact in fact, in this company. We have, for example, with Gigalis in France, renewed a 4-year plan with cyber. It's what we call framework agreement. So it means that we have after that the possibility, I would say, to tender, put people or put, I would say, new projects in place.

Most of the work, in fact, are not in the book-to-bill. So we are very cautious on this. And that's why it doesn't -- I think probably the book-to-bill is a minor, I would say, minor of probably what is going to happen on the revenues going forward. In the U.K., we have won a very good contract with the Ministry of Housing at GBP 63 million 7 years for digital applications.

And for example, in the Germany, Austria, in Austria, we have won also a very big contract with OBB, EUR 48 million for 9 years. But I think that there is good traction. I see that there is more and more, I would say, appetite. Doors are open from the clients. I think it's much better than last year. And definitely, I think now we need to win, I would say, the contract.

So I would say we are back to a normal business. If we go on Page 11, this is the 3 pillars in terms of technology. This is where we're going to invest most of our R&D and push, I would say, very hard. So Agentic, sovereign, and cybersecurity.

So Agentic, as I say, we launched already the manifesto. We have already studios in place in the 4 big countries, and we have now signed different clients. And there is an ecosystem around us of start-ups that will help us, I would say, deliver the Agentic and the agents in the different scenarios of our clients.

Then with the sovereignty, so there is a manifesto also that we're going to produce. It has been already shared with the top 200 within Atos in fact, last week, and we're going to share it externally in the course of next week or probably beginning of May.

There is a lot of appetite, as you can imagine, right now, especially in Europe. And then cyber, of course, there are a lot of things going with this. We see also some developments with Agentic there. And of course, we have a very strong position, as you can imagine, in Europe, and we are pushing now also cyber in North America.

Now if I go to the next page. So the next section is the Q1 revenue performance. So I can go through, I would say, the main numbers. So first, as you can see, when we looked at the Q1 restated, it's roughly EUR 2 billion. We take out the scope and the foreign exchange, the divestitures.

So in fact, the perimeter going forward, which is without Build and without IDL and of course, without Latin America was roughly EUR 1.8 billion. We finished at EUR 1,640 million, which is roughly minus 11%. And as I say, we were, in fact, anticipating, let's say, a weak Q1. It will be much better, in fact, in Q2, and we are still looking to make the rebound in Q3.

If you look, in fact, on Page 14 by region, we were probably a little bit, let's say, not surprised, but North America probably is too weak, the sentiment, in fact, the economic sentiment is a little bit, let's say, challenging in this area. The rest is okay.

As you can see, U.K. now is growing at plus 5%. We estimate also that Germany will be on positive growth in Q2. So we see, I would say, region by region that I would say we are coming back to a positive territory in the coming quarters.

If I go, let's say, region by region, so I start with Germany on Page 15. I think Germany is doing quite well. As you can imagine, also the EBIT now is positive in Q1. It was negative last year. And by the way, just for information, the EBIT of the group has more than tripled with our bill in Q1 versus last year.

We don't publish, of course, the EBIT -- we will do this, in fact, in H1. But I would say we see the benefits of Genesis now going -- falling through, I would say, the P&L already, of course, in the beginning of '26. Then you have, I would say, some contract wins. I'm not going to go over, but I would say we are stabilizing, I would say, Germany. And as I say, we estimate that the rebound will happen in the course of this year.

Now North America is probably the most difficult, let's say, region. In fact, the start of the year was probably lower than anticipated, but we are signing, in fact, a lot of new contracts and the book-to-bill is 10 -- so it's big.

And definitely, now we estimate that we're going to ease, let's say, this contraction of revenues in coming quarters. You can see some below some big wins. The biggest one, of course, is CNA. And also, we have another one on CM&I at $30 million, as you can see below on the bottom, I would say, of the page. 17% is France.

So France is still also challenging. Remember also that we did not have a budget in January and February. So it freezes a lot of our public and defense customer and public and defense in France is 40% of the revenues.

So we know that the start of the year is probably, of course, lower than anticipated in the budget for us. But we have some very good signs for example, with SNCF, SNCF when I arrived last year, they said that they want to stop to work with Atos.

And finally, we work -- we won a very big contract with them. So it means that the doors are open, as I say, in many customers. Gigalis also, it's a big contract we have won also for cyber.

And you can see also other, I would say, wins and qualifications. U.K. on Page 18. So that's the rebound of the U.K. and also the profitability also is skyrocketing, as you can imagine. So we are very happy. And there is more to come.

I think we have win also a big contract in Q2 that will be probably public. So I would say we are quite confident right now in the U.K. And as I said, that's the first region to come back to growth, and there will be more, of course, in the coming quarters.

Last, international markets on Page 19. So we have taken out the 28, 30 that's Latin America. So in fact, without Latin America, it's around EUR 220 million, so minus EUR 12 million. It's mainly, in fact, impacted by one client in Asia, in fact, that is stopping the CM&I contract because they want to manage internally, I would say, their data.

The good news is that we suffered, in fact, in '25, and we continue to suffer in '26. But at the end of the year, this ramp down is completely finished. So it means that we are quite confident that we will restart growing, in fact, in the course of '27. You can see also some wins that we have in Singapore, Spain and Slovak governments.

Last, in fact, and it's not -- it was not international, sorry, is, of course, at Benelux, so Benelux or BN, what we call with Atos. This is also a slow, let's say, start of the year, but we are, I would say, quite confident also that this region is doing very well. We have win also different with Eurocontrol with -- in the automotive sector with DAF and also in the financial services, as you can see.

Now Eviden as you can see on Page 21. So without Build, in fact, the revenues were EUR 71 million, and we are roughly at EUR 69 million. It's roughly flattish. In fact, we have been impacted by the war because part, for example, for Vision AI, a big chunk of our business is in Middle East.

So we definitely think that it will be much better after the war concludes, but when nobody knows. But I would say we have a good traction in terms of also contracts, and we are very confident that we will accelerate both in the book-to-bill going forward and also, I would say, in the top line.

So that's it for me. I give the floor now to Jacques-Francois for the liquidity position.

Thank you, Philippe, and hi, everyone. So on Page 23, as a reminder, the publication of the quarterly liquidity position is part of our regular reporting requirements, which have been defined and agreed with the group's financial creditors.

So the certificates are available on our website. Our liquidity position remains strong at the end of March, thanks to the limited estimated cash consumption over the last quarter. In Q1, the net change in cash is estimated to be approximately minus EUR 47 million, which includes EUR 71 million spent related to the restructuring.

This figure is reported without any use of the account receivable factoring or without any specific optimization on trade payables. This number is also reflecting the results before the estimated impacts. So you can -- we take them from the left to the right on the slide.

So a, the change in the unsolicited payments received in advance of the invoice payment due date during the year. So that's the minus EUR 115 million. Then you have the exchange rate fluctuation, which amounts to approximately minus EUR 2 million.

You have the M&A impact, which is plus EUR 257 million, and you have the debt repayment of minus EUR 62 million. So these amounts are excluded from the net change in cash, which I announced is minus EUR 47 million.

And that brings us as a result, as of the end of March '26 to have the Atos Group's liquidity at EUR 1.736 billion, which is to be compared with EUR 1.705 billion at the end of December '25. And this is more than EUR 1 billion above the minimum requirement of EUR 650 million set by the credit documentation.

So with that, I'll now hand over to Philippe.

Okay. So just for the outlook, just I give you the numbers now with the FX at the end of March. So it's a little change just because, of course, as you can imagine, the dollar is weaker. So it gives in euro, let's say, a smaller revenues at the end of '25 with the FX of March.

So we are still at EUR 7.1 billion. So compared to EUR 7.1 billion, of course, at the end of '25, EUR 312 million as the EBIT. We are now close, as I said, to 56,000 people without. And we are now in 54, sorry, countries of operation. So as I say, we continue also to close some countries will below 50 by the end of the year.

Now if I go on Page 26 for the guidance of this year. So remember that at the beginning of this year, we say we will try to touch a positive, let's say, organic growth with, let's say, the start of this year and, let's say, the economic sentiment, we estimate that it's not going to be possible.

So we have narrowed, I would say, the range. It's between minus 1% and minus 5%. So we still keep, I would say, the worst case at minus 5%. We think we will do probably better than that. And the best case, let's say, to minus 1%, so roughly a flattish revenue. Operating margin confirmed at 7%. As I say, we have tripled -- more than tripled the EBIT, in fact, in Q1.

So we are very confident on the profitability of this group for '26, of course, and a positive net change in cash. So in fact, you've seen that we have already spent EUR 70 million with Genesis in Q1.

Genesis this year is probably between EUR 150 million and EUR 200 million. So we have, in fact, spent more than, I would say, the average that we should have by quarter, and it's normal because we are accelerating the plan.

And of course, the EBIT of the Q1 is always the lowest. So it means that it's a good sign, I would say, for the cash going forward. And then I would say for 2028, next year and 2028, we are still looking for an acceleration of the top line, still targeting around 10% of profitability.

And of course, the deleveraging will continue. In fact, I would say with this year, the deleveraging, in fact, will be seen already in fact, in '26. And in fact, with hundreds of millions of cash next year because, in fact, the Genesis in terms of cash outs next year will be very small. We will produce a lot of cash to either do M&A or deleverage, I would say, the balance sheet. With that, I can now, with Jacques-Francois, take any questions that you have on the Q1 results. Our Q1 performance, it's not really results because we don't produce the P&L.

[Operator Instructions] Our first question comes from the line of Frederic Boulan from Bank of America.

If I can ask 2. Firstly, on demand. So you flagged a strong order book momentum, a number of big contract wins. Can you discuss a little bit the nature of discussions with clients, any impact on demand from the current macro? I mean you flagged that for Eviden, but would be keen to hear any broader impact on the overall demand environment? And then specifically around pricing, it would be good to understand where you see price points in the deals you've been signing recently, how it's comparing versus, let's say, a year ago? And is this pricing driven by any kind of competitive or AI factors?

Yes. So on the second point, Frederic, for example, CNA, the margin is 25%, which is roughly in line with the former margin that we have with CNA. Remember that the goal we have is to be around 25%, 26%. It's very important. And I'm very adamant on this. So I think probably, and that's why also the book-to-bill also last year and this year is probably lower than what we can achieve because we are still watching very closely the margin that we want to produce.

Profitable growth, remember, is the goal for us. It's not very difficult to buy some contracts, but I would say it's far-ridden, of course, as you can imagine, since now beginning of '25. In fact, in some contracts, for example, like CNA, and it probably goes with the sentiment of the clients. Everybody, of course, is talking about AI. Nobody probably understands the impact of AI because it's very difficult right now to see what is going to happen.

There are a lot, of course, disappointments, in fact, with some clients trying to put some agents because it's not that easy. And my view is that Agentic is the new revolution. It's coming, but it will take probably 2 to 5 years to be really in force, probably more in the U.S. at the beginning and after in Europe.

So we see that in these contracts, for example, for its 8-year contracts, we're going to give, for example, some savings after year 3 and 4 in terms of -- let's say, in terms of Agentic. But in fact, we -- as I probably said already, since we don't know exactly the number of savings, in fact, we're going to share part of the savings that we're going to produce.

But it's difficult, in fact, for clients and even for us to see the impact -- the real impact, I would say, of the savings we're going to have. So there are a lot of studies, and I'm sure that you've read some of them saying that we can divide by 2 by 3 by whatever.

Unfortunately, there is one cost that nobody knows, it's the price per token. And we definitely think that this will probably say out in the future. And so it means that, in fact, there is a price for agents. There is probably, of course, less people cost in the contracts going forward. But the sum of the 2 right now is still, I would say, unknown. So I would say everybody is talking about AI.

Everybody wants to us, let's say, to give some rebates or not rebates, but I would say, to apply, let's say, Agentic in our delivery and then give, of course. But I would say it's too soon even with the big contracts we are signing right now. They understand that there will be an impact, but it's too soon to say that there is a big impact. And as I say, for us, we're going to protect the margin.

So we estimate that the margin of '25 probably will be more after that. And then we can probably produce more output on a given framework. Now the sentiment, I would say, of clients, it depends on the sectors. I think there are some sectors that are probably more difficult than the rest. Automotive is one, transportation, luxury goods. And other sectors, we don't see, in fact, a big impact on right now, let's say, the economy, the banking sector, insurance sector, defense, of course, and public, where we are very strong health care.

So I would say it's a mix of sentiment, but you know that in economy, unfortunately, the fact that we -- there is a lot of uncertainty, it doesn't give, I would say, the sentiment to clients that they can spend more, specifically with AI. So I would say that for the moment, probably there is a postponement of some contracts or projects. They are looking exactly probably waiting, let's say, to see how the economy is going to rebound after the war.

So there is more wait and see in some clients, let's say, for some projects. And that's why -- that's what we see for the moment. My view is that the projects will happen. But in fact, if you, of course, extend or postpone, let's say, by 3 to 6 months, it has an impact, in fact, in the -- for the '26 year. And then, of course, it will be good news for, let's say, end of this year and of course, in 2027.

[Operator Instructions] Our next question comes from Sam Morton from Invesco.

Two questions, please. The first is on the bond buyback. So I think you bought back EUR 62 million of the 1.5 lien. Certainly the last time we spoke, I think you've been buying back the second lien. So I'm trying to understand what's the change in strategy there? And then secondly, any update you can provide on the refinancing, that would be really helpful.

Yes. I think Jacques-Francois is going to answer your 2 questions.

Sam. So yes, the change of strategy is more or less in line, I think, with what we announced in the Q4 publication call, where we said that at the end of fiscal year '25, we thought the second lien was really very low actually and bought opportunistically a little bit of that. So last year, this was EUR 2.5 million of second lien. Now when we look at the NPV, the second lien has gone up. And it's true that the EUR 62 million amount we have bought back on the market, on the open market was only 1.5 lien bonds.

Again, we noticed that -- how can I say, this bond was momentarily trading below due to geopolitical situation, nothing to do with the performance of the company. So since we had a little bit excess of cash, we decided to take advantage of that. We signaled that, and we implemented this program, which is not finished, by the way. It might be pursued in the coming weeks or months. That's the first question.

On the second question, the refi, well, we are monitoring the market. The company is ready. So we have nothing to announce today other than we are checking how the market is evolving. We have some banks advising us. And when we think there is a good window allowing for a good operation and a good pricing, you and investors might hear from us.

Our next question comes from the line of Laurent Daure from Kepler Cheuvreux.

I have 2 really quick questions. The first is on revenue trends during the year. I think if I take the midpoint of your guide minus 3%. How do you see the phasing from Q1 to Q4? And what are the main drivers of improvement? Do you still have some contract ramp-up that makes the revenue trend much better, maybe starting in Q2? Or is it comps impact? Any granularity on how you see the year shaping would be helpful. And my second question is on the bond buyback. To clarify, you made EUR 62 million. are you cautiously looking at your balance sheet? Could you do much more than EUR 62 million, like EUR 200 million, EUR 300 million? Is it a question of liquidity of those bonds? So anything on the strategy on that would also help.

Yes. So in fact, for the -- we estimate Q2 will be around minus 6% and then positive in Q3 and Q4, the positive, then you calculate whatever you want. The central scenario, let's say, at minus 3% for me probably is okay. And of course, if you have minus 11%, minus 6%, then plus and plus, if you divide it after that by 4, you are probably around this minus 3%. So I would say the central is around minus 3%. The worst case is at minus 5%. Then for the bond buybacks, the question for us, of course, we have probably plenty of cash, as you can imagine. And also, in fact, we're going to produce some cash this year.

So if we start at minus EUR 50 million, of course, we're going to produce EUR 50 million plus now in the coming quarters. We want to buy, in fact, 1.5L bond, in fact, and that's the one we are looking at that is below EUR 100 million. So I think it's a good, let's say, buy for the group because it's cheaper than, I would say, the par, in fact, on -- for the bonds. And remember that the bond is around 9% yield.

We are -- remember that we are also looking at refinancing. So that's why we have to be a little bit cautious between the refinancing. And remember also that we have some repayments of the 1.5L with the proceeds of M&A that should occur, in fact, at the end of the year. So it's an equation, I would say, with all these variables. So we will see if we continue to buy back bonds or we refinance first and then we continue to buy back also, we will see.

So at the end of this year, you have to pay back with this half of your proceeds from M&A. Is it right?

Exactly. The proceeds of WorldGrid, the proceeds of Latin America of [indiscernible], of course, it's small amounts for the 2 and the proceeds of Bull, it could be EUR 500 million plus. So remember that we have this EUR 500 million plus cash out that will happen at the end of the year.

May I complement, Laurent, this is as part of the credit documentation. We have a couple of moments in time in the near future where we are going to do the liquidity test. There is a bar at EUR 1.1 billion of liquidity. At the end of June, we are testing that on a forward-looking basis meaning that the company will -- we will do our forecast internally and the amount which are above EUR 1.1 billion at the end of December, we will use them to reimburse as a mandatory early repayment the 1.5 lien tranche. That's the first test.

And the second test is we take the liquidity position, the actual liquidity position at the end of December. And again, against the EUR 1.1 billion, the amounts coming from the M&A proceeds will be used to repay early some -- the EUR 1.5 billion lien capped at the amount, which leaves us above the EUR 1.1 billion position. I hope it's clear.

To be even clearer, if you do all that, what is your best estimate in terms of interest savings in '27 versus 2026 at the group level?

I'm afraid there are too many unknowns in the question to give you a number.

If we do the refinancing, there are a lot of things that could happen again in the course of this year. So it's too soon to give you already, let's say, guidance on interest rates for '27. We can probably give this with the Q3 results. So probably in October I think we will have a better view.

Our next question comes from Benoit De Broissia from Keren Finance.

I have just one very quick question. It's -- you had one black contract in the U.K. involving Aegon. I noticed that Aegon sold its U.K. subsidiary in the weeks -- in a few weeks ago. Do you think that you could renegotiate with the purchaser, the contract you have and that is set to terminate in a few years in 2034, '33, if I'm not wrong.

It's a very good question. Yes, the end of the contract is 2034. Yes, you have noticed that Aegon U.K. has been sold. So we are talking now to the buyer. It will be in May. In fact, we need to wait. And of course, the buyer has already a platform. So the good news is that do they want to keep only one platform or not and then stop the platform of Aegon, which then, of course, will stop the contract.

It's too soon because, of course, we haven't talked yet, I would say, to the buyer. So we will have, of course, a better view in the coming months. But I think for us, it's a good news because I definitely think that they will not keep -- in terms of economies of scale, it doesn't make sense for them, I would say, to have 2 platforms. I think that their platform also is very efficient.

So we will see how they want to play this. So there is a possibility effectively that they ask us to stop the platform that we have and then transfer the data to their new platform. So it means that the contract can end in the course, for example, of 2027. We will see. I don't know yet. It's too soon. But it's a very good question. It gives a good opportunity for us, yes.

Our next questions will come from the line of Ryan Flew from PVTL Point.

Just one quick one for me. So you've given quite clear guidance on sort of the cash add-backs or the adjustments to net change in cash to get to a true sort of unlevered or pre-debt repayment cash generation. Can you just help steer us on your '26 guidance? And clearly, there's a range there, but it feels from the adjustments you've discussed that actually the net change in cash will be considerably better than just positive. So just any further sort of color you could give would be really helpful.

Jacques-Francois?

Well, Ryan, thanks for your trust and your faith. At this stage, our commitment and our guidance is to be free cash flow positive. I'm sorry, I will not deviate from that. Bear in mind that we have -- Philippe mentioned, the Genesis cash out impact is between EUR 150 million and EUR 200 million. So that's not nothing. And we have all the other lines of the cash flow statement, which are still consuming some cash. So yes, we're shooting for more, but our commitment is to be free cash flow greater than 0.

But as you say, it's probably a conservative guidance, let's say.

Our next question comes from Derric Marcon from Bernstein.

Two questions from me. The first one on the book-to-bill. I just want to understand if it's -- the 87% is applied to the reported figures or the fully planned scope. And in this book-to-bill, talking about in absolute term, what's the proportion between renewal and new business? That would be helpful to have this figure. And my second question is on the M&A, the EUR 257 million you mentioned, can you reexplain what is included in this figure?

Okay. So the 87%, it's Atos and Eviden. Atos only is 89% because as I say, Eviden has suffered from the war more than -- I would say the impact is more influenced, I would say, than Atos. And Eviden is more Europe, Middle East, in fact. So that's why probably I think the impact is higher. We definitely think that the rebound will come, but of course, we need to have more, let's say, stability. Then the book-to-bill between renewables.

Is it from the go-forward perimeter or on the reported perimeter?

Yes, the go forward...

EUR 1.7 billion or the EUR 1.6 billion.

No, no, it's only on the perimeter without Latin America and Bull. So 87%, 89%. 87% is the go forward and 89% is only Atos, okay? And it's Atos without Latin America, 87% is with Eviden without Bull. Then the renewals versus -- we don't have this number available right now. I cannot tell you. So we will come back to you on this one. And remember also, you're right that with renewals, of course, as I said, it inflates also the book-to-bill. And that's why it's a proxy for the book-to-bill. Be careful on this. It's not because the book-to-bill is below 100 that we're not going to grow on the company. I definitely think that it's possible. And in fact, we have shown this in the U.K.

Then for Bull. So Bull, in fact, remember, there is a lump sum of EUR 300 million at the beginning, plus 2 earn-outs. The EUR 300 million is the EV, the EUR 250 million is the equity. So in fact, we went from EV to equity without the provisions and the pensions, okay? So it means that the EUR 250 million was the equity check that we had for Bull without the 2 earn-outs.

Then the EUR 250 million, we take out the carve-out cost. We estimate around EUR 50 million. A part of it was expense, I would say, in the course of '25, the rest, of course, in Q1. We estimate around EUR 50 million. So it means that the net cash for us is close to EUR 200 million, okay? Remember also that Bull has a negative cash flow in Q1. We don't know how much. So we need to take this also into account. So the EUR 200 million will be probably less, EUR 170 million, EUR 180 million. I don't know yet exactly how much.

As I said, it depends on the working capital we're going to have on Bull, but it's quite tricky for us to calculate the working capital of Bull, because, in fact, for some of activities of they were on the same company as Atos or the other, Eviden. And that's why even on the bank accounts, unfortunately, we need to look line by line on the cash, I would say, to reconstruct, let's say, working capital. And that's why we're going to give you the figures with the H1 figure, in fact. So that's roughly EUR 200 million without carve-out cost and I would say, equity check, probably less with the cash outflow of Bull in Q1.

And then we still have the earn-out. The first one is maximum EUR 50 million, and we estimate we can gain around, let's say, EUR 40 million plus. We will see, I would say, they need to close their accounts. And it's, I would say, linked to the gross margin of Bull. And then the second earn-out is on the EBIT of Bull in '26. But of course, as you can imagine, the EBIT of Bull in '26 is not in my hand, unfortunately. So it's difficult to see what is going to happen on the second earn-out. So we will see what happens on the first one. It's going to be a negotiation that will start, I would say, after the closing of the accounts. Unfortunately, Bull is not very, let's say, quick on the closing accounts. So we will have probably -- numbers probably after the summer.

And so to get -- Philippe, to get to the EUR 257 million mentioned in the liquidity position. So you have Bull EUR 200 million after carve-out, if I understood correctly, plus other things like Scandi or Latin America...

So I can say the angle Philippe took was the angle of explaining the story for Bull. Now in the carve-out costs, some of that has been spent in '25 already, a little portion in Q1 '26, and there is a bit more to come in the rest of '26. The vast majority of the EUR 257 million you can see is coming from Bull, the vast majority of that. You have then a plus EUR 10 million and the minus EUR 10 million, which comes from the disposal of some other relatively small assets and some deduction for the carve-out cost for Cartier, but you can assume that 95% of that is Bull.

Okay. And Latin America and Scandi will come later in the year?

Scandi has been closed. Scandi has been closed already. That's what I was referring to as other proceeds. That has been completed in Q1 already. And for Latin America, the closing is scheduled in the coming weeks. So there is not a penny yet of proceeds from Latin America in our Q1 numbers.

We have no further questions from the line. Allow me to hand the call back to management for closing.

Okay. Can you ask one more time if there are other questions or not, and then we can close.

[Operator Instructions]

Okay. If there are no more questions, then thank you, everybody, for this morning. We have some, let's say, a small road show, I would say, with some investors today and tomorrow. And we, of course, remain at your disposal if you have any questions. But overall, I would say we are very confident on the rebound of the company. I'm very pleased, I would say, on the results and very confident that this year of the rebound and in terms of cash flow, I think there is no surprise for us, neither on, I would say, the profitability and cash flow and the rebound will occur in the course of H2. So next time, I will talk to you end of July. So have a good day, and see you in 3 months. Bye-bye.

That does conclude today's conference call. Thank you for your participation. You may now disconnect your lines.

Good day, and thank you for standing by. Welcome to the Atos Group FY 2025 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Philippe Salle, Group Chairman and CEO. Please go ahead.

Hello. Good morning, everybody. Thank you for joining us for this call of the full year results of 2025. I'm here in the room with Jacques-Francois, the CFO; and Florin, our CTO, because we're going to talk also a lot about technology. And of course, we're going to talk about the future of the company. So the agenda of today is 4 topics. The first one is the 2025, let's say, business and strategic highlight that I will manage. Then Florin will take the floor to have a tech update. And today, we are announcing 2 things with the launch of Atos sify and launch of our agentic studios. Then I will come back on operational and financial results with Jacques-Francois. We're going to have together this section. And then I will finish by the outlook, and then we'll take Q&A.

So let's start with the first part, and I'm going to go on Page 6. So 2025 was the year for me of the reset. Remember that I want to have 3 phases, I would say, in the turnaround of the company, reset, rebound, acceleration. So '25 is a reset and '26 is the rebound.

In 2025, first, we have a very good financial improvement with clear signs of recovery, we'll see that. Second, a significant progress, of course, of our Genesis plan. And the third is that we have a positive business momentum and a commercial, I would say, traction.

If we go on Page 7, the key numbers of the company, first in terms of top line, the revenues at EUR 8 billion, EUR 8,001 million to be really clear, so above the target that we have set during the Q3 the last call, in fact. Operating margin, EUR 351 million, it's 4.4%. Just for information, that's the best margin we have for the last 5 years. And I think I'm very pleased to say that we have doubled the margin versus last year with a decrease in top line of minus 14%. And remember that we have guided EUR 340 million at the beginning of '25.

Net change in cash, it's minus EUR 326 million, although we have accelerated, I would say, Genesis, and we paid in fact, EUR [ 250 ] million roughly of exit cost and it's better, of course, than our guidance that we say that it will be EUR 350 million or below. And then the liquidity, and we published this already in Jan is EUR 1.7 billion. So it's far above, of course, I would say, the covenant that we have in our debt package that is EUR 650 million. So we have ample cash to finish the Genesis plan. And in fact, this year, we'll be already cash flow positive and the debt, in fact, will go down.

Now if we go on Page 8, you can see the inflection point in terms of revenues. So the fourth quarter and that's the figures we have published, in fact, in Jan was around minus 9%. So you can see, I would say, quarter-by-quarter that we had, in fact, a deceleration or, let's say, less momentum, I would say, better momentum in terms of revenue decrease. And then you can see also the number between Atos and Eviden and the organic growth that we have, which is around minus 9% in Q4.

In terms of the OEM for the EBIT, the pro forma of '24 for the information we hold are that -- we have sold in '24 and at a constant exchange rate is EUR 1.72. So you can see that we have more than doubled the margin and the margin was beyond 2% in '24 and in terms of '25 is at 4.4%.

And in terms of cash flow, the net change in cash was roughly minus EUR 700 million in '24, and we have roughly minus EUR 300 million in '25. If we go to Page 9, you can see also that the backlog -- the book-to-bill has also improved in the course of '25 at 94% for H2. And the total book-to-bill, in fact, for '25 was 89% versus 82% in '24.

Now if we go to Genesis on Page 10, remember exactly, I would say, the plan that we have sketched in May '25 with the 7 pillar. This is, I would say, exactly what we have shown, in fact, in May. And I will now -- if I go on Page 11, a little bit deep dive on what we have done. So on the first pillar, we have reviewed the top 100 accounts, and it has, I would say, produced EUR 1 billion plus of opportunities. Remember that during the CMD, I have said that the number of business line per account was around 1.4, and we want to push it, of course, to 2 or above, I would say, that level. And then we have also in terms of growth streamlined, I would say, the processes and also with, I would say, a better organization in terms of sales with salespeople in the different geo than in [indiscernible].

In terms of HR, so we have reviewed the bonus framework. We have launched our LTI plan with a share plan for the top 200, and we have started also to have a leadership culture. And this year, we're going to push very hard on the AI culture.

In terms of country reviews, so we have roughly 10 countries that are exited or in inactive. Remember that we want to go probably above around, let's say, 40 countries. We have also sold 7 countries in Latin America and also in Nordics, which is Norway and Finland. And this year, we want to continue to probably, let's say, close or inactive around 20 countries.

In terms of portfolio review, first, we have sketched, I would say, the different branding. So you have Atos Group, which is the holding. And under Atos Group, you have 3 brands. Atos, of course, service, let's say, company, Eviden product and software and Atos Amplify, the new name that we are launching today for the consulting arm. So we have 6 -- in Atos, 6 business lines and 6 geos. And with Eviden after the disposal of the high-computing, we have 3 product lines.

In terms of PM and GM, so in terms of project margin and gross margin, so that's the way we look at our P&L internally, you have revenues, project margin, gross margin. And then EBIT margin.

So we have, I would say, a plan, remember that we are looking at EUR 650 million of savings, and we have already achieved 88% of it, EUR 350 million roughly are in the P&L in fact of '25. And EUR 200 million more to come in the course of '26. We have increased the reliability ratio by 3x. We are now above 80%. We have also continue, I would say, to push the offshoring. And as you can see, we have also a different, I would say, actions on the reduction of the -- It's just switching, I would say, a bench people. We prefer, of course, to use I would utilize people on the bench and of course. Just for information, very important, the discipline also on the new contracts we have signed.

Remember that we want to have a margin of 25% to 26% in the future. And in fact, if you look at without the black contracts, we are already at that level. And on average last year, we have signed roughly all the contracts on the book-to-bill and for the EUR 8 billion plus -- EUR 7 billion is around 24%, which is roughly 2.5% above what we have done in the course of '24. And it's very important to understand that we could have probably a better book-to-bill in the course of '25, but the idea was really to protect the margin, and I prefer to say no for some tender, then I would say, to have, let's say, more revenues and less margin in the future.

Pillar 6 is the cost review, it's the G&A. So we have done a lot of things there for your information, we reduced the G&A by roughly 26%. Remember that the target we have in G&A is 5%, and we are close to 6%. So we still have 1 point to gain in the course of this year and next year.

And then in terms of cash for the Pillar #7, the DSO is at target. We have reduced over by 13%, reduced all the, in fact, by roughly 27%. And we have managed quite very well, I would say the CapEx, and we felt good, we are roughly at EUR 100 million plus.

Just on the bottom, you see also that we have completely reviewed the target operating model and also the government has been satisfied.

Now if we go on Page 12, today, we are launching, as I said, 2 things. I'm going to talk on Amplify and then we're going to talk on the Agentic Studio with Florin. So Amplify, that's the consulting arm or body, I would say, of Atos, still the brand of Atos because it's very linked to the services that we provide with Atos. And the idea is that we're going to refocus Amplify on AI. The idea for us, it's a door opener, in fact, in artificial intelligence that will help us after that, of course, to push the studio that we are going to.

In terms of workforce on Page 13, we are now at 63,000. So you can see the hiring, the levers and also the restructuring we have done. And if you want to see without Latin America and without view, we are close to 57,000 people. That's the number of staff that we're going to have after the divestment.

Last, on Page 14, that's the order book. So we have roughly -- we have the key numbers. As you can see, the renewal rate, in fact, is 92%. It's not bad. I want to have a little bit more this year. And in fact, in this year for the large accounts, what we call the large bit over EUR 30 million per year, we estimate that we're going to win most of them or all of them, in fact, a number of strategic deals 19. It was 10 in fact in '24. And there is a good traction in fact, in cloud, cyber and data AI where the business line we are pushing more than the rest. You can see, I would say, different names on the, I would say, extension or win. And for Siemens, of course, we continue to work with them. We're going to do probably EUR 250 million, in fact, the course of '26.

Last on Page 15, just to also recognize that we also continue, I would say, to be recognized as a sustainability in the IT sector, it's very important. So we have won or renewed, I would say, some award in terms of sustainability, you can see it on the left and then many business awards from the analysts that we continue to have in the course of '25.

I go quite fast, in fact, because I think it's very important that we spend some time on the technology today because there have been a lot of buzz on AI and probably a completely crazy movement for me on the share price in a different company as -- and we estimate in fact that for us, we are very well placed in AI. And in fact, we don't do BPO that is probably, I would say, the business that is going to be attacked for me by Agentic. And definitely, I think that there is a big opportunity for us, in fact, with AI going forward.

So with this, I'll give the floor to Florin, who is in the room with us, and he's going to talk about you about, I would say, the AI and the agentic we're going to launch this year, in fact, today.

Thank you so much, Philippe. Good morning, everybody. Thank you for joining us. Delighted to be here. So what I suggest we do for the next few minutes is for me to walk you through the way that we see the market developing in general in the space of technology, and I will double-click on AI, of course. And I will share with you how we are planning on attacking and delivering this very exciting space.

So I'm sure you're well familiar with the fact that global AI spending is booming, a lot of increase in AI infrastructure, AI services, AI software, AI cyber. And we genuinely and truly believe that Atos is very well placed to win in all of those areas. We do have some very strong moats. So the background and the history of Atos, as you all know, is to work and help our clients in highly regulated environments where security is a top concern, where sovereignty is increasingly becoming a priority, where the IT landscape is very complex and where a lot of the systems are truly life and death and are genuinely mission-critical.

And what we see happening is that in all of those environments, there is a flywheel convergence happening between sovereignty, AI and cyber. And the fact that we have this decades-long managed services relationships with the clients, the fact that we have really deep know-how of their environment of their data has truly enabled us to progress very fast into packaging those into agentic AI as a service offerings, and I'll cover this in more detail.

As you know, the technology space is quite complex right now. It's evolving super fast. There are daily announcements front and left, right and center. And our clients are really hungry for a level of clarity and assurance. And I think we play a very important role as if I'm allowed to use the word Switzerland of governance. The ones which are able to provide secure cross-platform neutral agentic AI. And we're doing this through a very exciting set of partnership with the big players, but also through a set of unique partnerships with AI native and sovereign start-ups.

So let me double-click on all of this into more detail. So if we go on the next slide, what you'll see is the 3 big bets for Atos going forward. We believe these 3 pillars are going to be substantial drivers of growth for us in 2026 and beyond.

The first one is mission-critical agentic AI. This type of agentic AI is fairly different to the type of AI that is most commonly mentioned in media. When you're doing agentic AI in really complex regulated environment with high level of governance, requirements around sovereignty, reliability, security and responsibility, the type of technology and the type of services is fairly different.

We're also seeing digital sovereignty be super important for our clients. And actually, this is the case in North America, in Europe and international markets as well. And what we're doing is that we have embedded digital sovereignty as a core design principle across all of our portfolio.

And last but not least, cybersecurity, of course, continues to be a high area of focus. Developments in AI are, of course, helping us to deliver cybersecurity services in a better, faster and more efficient way. But AI actually, of course, also opens up new attack surfaces and new potential vulnerabilities.

So what we see happening is that there is this flywheel of self-reinforcement powers between AI, sovereignty and cyber. And we believe we have the right to be winners in all of these 3 areas.

So sovereignty, of course, requires security controls to be able to be fully enabled. Sovereignty is, by definition, more complex than non-sovereign solutions, and therefore, AI can play a role to make them more affordable and more innovative.

As I mentioned, AI has a huge impact on security. There is a quest to secure AI, but also to use AI to drive more security solutions. So you will hear us going forward really focusing and doubling down on these 3 areas. And what I would like to do is to double-click into each and every single one of those to give you a flavor of what we're doing, the success we've seen so far, what we see happening in the marketplace and to give you a glimpse into the future.

So if we go to the next slide, Slide 19, we are very excited to have 4 Atos sovereign agentic studios come out of stealth mode in U.K., in U.S., France and Germany. This will serve the local markets based on their needs, the focus industries, their requirements, and they're all built for truly mission-critical production from day 1 with extraordinarily high focus on the topics which make AI adoption at scale more difficult in most organizations, which is governance, sovereignty, reliability, security and responsibility.

So the reason we're launching the studios is that we see that our client spend is converging services and technology budgets into a unified value pool. This value pool and the size of those budgets are increasing, of course. But they're also a very high demand for measurable value generation at scale. Everybody is sick and tired of pilots and proof of concepts and prototypes. Organizations really want to make sure that they have AI, which is secure, which is reliable, which adds business value at scale. And the main challenges in this space is governance and orchestration. And this is where we believe that Atos is an absolute key power player.

And then we're actually also seeing sovereignty emerge for AI as a very high priority. So our clients are very happy to use closed black box models for the typical back-office functions, which are important, but which are not differentiated. But they actually are increasingly becoming wary of developing their own brains, so to say, so they own their future, and they have full control of their data, the controls and the intelligence, which they're building. So we are very excited to announce a unique partnership with one of the absolute leaders in foundational models for agentic enterprise, which is [indiscernible]. And this will allow us to deploy and develop sovereign solutions in Europe, in North America, in international markets. And this will help and is helping already our clients to harness the full power of AI on their terms and without compromise.

We're, of course, also working with the major market leaders here such as Google Cloud, SAP, IBM, AWS, Microsoft. As a little anecdote, we've just received Frontier partner status with Microsoft given the fact that we're one of the leading organizations leading the path around AI and innovation. But we're also working with this really interesting set of AI native start-ups, which allow us to add unique value across the entire value chain of AI. So we're using KYP, which stands for Know your Potential to help our clients mine and redesign processes and to really understand the business case and the value generated with AI on a very specific and data-driven manner.

We are working with the likes of EMA and [ NAN ] as to create and orchestrate and manage the digital AI employees, the agents. We're working with AI to really be able to measure and value the highly, how should I put this, movable cost of AI consumption and to have the causality and the correlation to value. And we're working with clarity around helping our clients drive this continuous change. And we're using all of this technology for our own back office and front office transformation as well.

So I know I've used a lot of words here, a lot of concepts, but let me move to the next stage and try to make this very real for you with a number of client examples. So to be honest, we have more demand than we can almost handle right now. We have incredible interest in this agentic AI studios and just sharing with you a couple of examples here. One is Scottish Water, where we're working together to really transform the way they are doing operational planning, risk assessment, decision-making across the entire national and wastewater networks. And this is really mission-critical environments where AI agents are used to continuously monitor the network, to analyze proposed changes to automatically generate contextual risk assessment. And as you can imagine, this is the type of AI, which really needs to work, which really needs to be secure, which really needs to be accurate and timely.

Another example is Defra, the U.K. Department for Environment, Food and Rural Affairs. Their mission is to make the air purer, the water cleaner, the land greener and food more sustainable. So obviously, very important mission and vision. So what we're doing with Atos is that we're using a new set of highly differentiated agentic AI solutions we have developed to rapidly modernize and transform their entire application portfolio. We call those digital transformation engineers. They're AI agents which work in collaboration with our human experts to achieve things which frankly wouldn't have been possible to achieve just a few months ago. So we're seeing a close to 30% time-to-market efficiency gain around how to modernize those mission-critical applications.

Another example is mBank. We are really working very closely with them to develop their entire advanced digital foundation. And again, this is not AI, which is an add-on. It is mission-critical AI, which is being used to improve operational resilience, to create real efficiency in their business, to manage risk and to really make a difference around their customer experience. And there are many, many, many more examples of this.

So we're very proud about this sovereign agentic AI studios, much more to come in this space going forward.

If I go to the next slide, I'd like to share with you a perspective around how we're approaching the sovereign space. So what we see is that clients, they have an increasing desire to retain control, authority and accountability over their data, their infrastructure, their applications and digital operations and to have this be in compliance with all the applicable regulations to minimize dependency, exposure and disruption risk. And I think it's important to note that this is not just a European development.

We see sovereign requirements being very high in North America as well, both in United States and in Canada and also in our international markets. And in actual fact, there are data points which point to the fact that over 80% of requirements from clients going forward are going to include a critical demand for sovereignty. And this is a massive business opportunity. It's currently estimated to be in the EUR 40 billion to EUR 50 billion of total addressable market, and it is growing quite fast. And frankly, we believe that we are one of, if not the best player in this space.

I'd like to draw your attention to the quote on the bottom right corner from one of the leading independent analysts, which is basically and I'm quoting, "Few players can claim the unique combination offered by the Atos Group, an umbrella of sovereignty, which provides the whole with an unprecedented coherence."

So we are able to do this in a variety of models because sovereignty takes different shapes and forms in different countries. What U.K. means by sovereignty is slightly different than what France and Germany means by sovereignty, which is different than what U.S. means by sovereignty and so forth. So we're able to offer this full spectrum of solutions ranging from enhanced native clouds to controlled clouds to trusted clouds to disconnected clouds to fully sovereign AI, as I mentioned previously.

So I would like to give you, again, a little example of this. One of them is Eurocontrol. Eurocontrol, you might be familiar with, they are the organization, which manage and control the European skies. They are providing a really mission-critical service to the entire continent. If their systems and operations wouldn't work, then flights would not fly, that would obviously have a very, very high impact on the entire economy. So what Atos is doing is that we're one of their leading partners to ensure the strict resiliency, safety, security compliance requirements around the entire IT value chain. And we do this in a way which is coherent, is aligned with the industry regulation and generally spans infrastructure, application, artificial intelligence and so forth. And this is a solution where we are partnering with Microsoft as well around the Azure cloud.

If we move on to cyber, that is, of course, a very hot topic and it continues to be so. And what we're seeing is that AI security has really changed the game. So it's become the primary focus area for the way our clients spend. AI is truly redefining threats, defenses and vastly expands the attack surface. And cybersecurity is shifting to an always-on compliance model where our clients are requiring very much verifiable controls and sovereignty aware architectures.

And again, this is a space which is moving super fast and really redefining the game. So to give you a little anecdote, it is estimated that there are 80x more machine identities in any organization today compared with human identities. And this is, of course, because of the advent of agentic AI. So that type of AI where you have agents which perhaps only need to have split second life cycles. They need to be controlled. They need to have verifiable access controls. They need to be spun up and potentially terminated in under a second really redefines the rules of the game.

So we believe that we are super well positioned in this space. We have very much an end-to-end best-in-class set of cybersecurity services ranging from advisory which, Philippe just mentioned. We have very much embedded AI agents in our entire life cycle of threat intelligence, threat detection, investigation and response. We're also, we believe, one of the market leaders in post-quantum cryptography. And of course, with the Eviden Group, we have some fantastic EU, European sovereign cybersecurity products.

So again, to make this real, I'd like to give you a sense of the work that we're doing with the European Commission. This is one of the most important cybersecurity services in Europe, full stop. And Atos is on point and has won a substantial framework agreement to provide operations, incident response, digital forensics, threat intelligence, threat monitoring, offensive security in the areas of vulnerability management, penetration testing and red teaming. And again, I draw your attention to a number of independent analysts, which continue to recognize us as a market leader in the cybersecurity space.

So let's move on to the next slide and try to give you a big picture of where we're at and how we see AI impacting our businesses. So this might be a little bit of a busy slide, so please give me a chance to walk you through it.

So at the bottom of the slide, you're seeing our different historical business lines with data and AI, cyber, Eviden and so forth. Then the Harvey balls are representing the way we see AI impacting those specific business areas. So on the top row, you're seeing how AI is impacting the addressable market expansion with the full Harvey ball, meaning it is very high expansion, i.e., more opportunities for us or a limited partial Harvey ball demonstrating or indicating a limited expansion.

And then the AI top line pressure row is basically a way of indicating how we see AI impacting or having the potential to impact our top line revenue ranging from low to high. So all in all, all in all, we see AI being a strong driver for growth in Atos. We are very much on the offensive. We believe that AI is a game changer, and we are super well positioned in this space.

But the important bit to mention here is that we have a leading position in a number of these building blocks in the colorful table below. But what we are doing very successfully is to combine and recombine them into this 3 big bets that I've been talking to you for the last few minutes. So again, please remember the growth engines of Atos are agentic AI digital sovereignty and cybersecurity. And we're seeing substantial opportunities and a lot of momentum in those areas. And we truly believe we have the right to win.

So moving on to the last slide as a little bit of summary. We are still going through a massive transformation. We've turned the corner. We are reimagining and we have reimagined the entire technology function in Atos. We're attracting some absolute top-notch talent. We have done a full portfolio redesign, doubling down on agentic AI and AI in general, digital sovereignty and cyber. We have a very unique and differentiated approach to sovereignty and security. We're boldly and ambitiously embracing this new world of services software where increasingly, we are building very unique, very specialized AI solutions powered by software to augment and enhance our services. And the Agentic Sovereign Studios, which we have just launched are really a showcase of much more to come. We really look forward to sharing with you progress and a lot of success in this space.

So having said that, handing over to my colleague, Jacques-Francois, to walk you through some interesting numbers.

So thank you, Florin. I will take the lead before Jacques-Francois if that's okay. And in fact, Florin, you're right, we're going to have a special press release on the agentic next week on the other. We're going to much comment, let's say, much more in detail on what exactly we're going to do in the coming weeks and months, of course.

So now going back on the number -- topic #3 on the presentation. So we go to Page 26. So you can see the revenues of '25 versus last year. We call also the pro forma without the foreign exchange and scope. Scope is world grade, of course, in '24. And as you see, minus 14% in terms of sales.

If we go to Page 27, you have the EUR 8 billion between Eviden and also Atos in blue. And then in the different countries, Germany is #1, North America, France, U.K. and an international market and what we call BNN, which is Benelux, Netherlands and Nordics. And if you look on the right, this is the EUR 7.2 billion, that's the pro forma of '25 without Latin America and without BNN. And you can see that the base we're going to rebound for this year. And you see now, I would say, what is the split of revenues between Eviden, now, of course, much smaller on the EUR 300 million plus and I would say Atos with different yields.

Now if we go to Page 28, I'm very proud to say that we have doubled the margin in terms of EBIT and in terms of percentage more than that. So pro forma in '24, we were at EUR 172 million of EBIT, and we -- last year, we touched the EUR 351 million. So it's more than doubling in fact, the profitability and also a margin at 4.4%. And as I said, that's the biggest margin we have since 2021.

Now if you look at the operating margin by geography on Page 29, I will not go into detail but you can see on the left column, that's the results of '25. And on the right, that's the pro forma without -- and without Latin America. So that's the rebound. So the EUR 7.2 billion and EUR 314 million, that's the base impact of the rebound for '25 -- '26.

Now I will go very quickly on the different business units. But you can in fact that in Atos for the 6 geos, we have done quite a very good job.

Germany, we start first minus 10% on the top line. So tough year. We know also that some of the clients have decided to exit. For example -- of their platform. So it was nothing to do with Atos. Germany is for the first time probably of many years on a positive territory. And as I said to you, this year, we'll be probably close to EUR 100 million. I think the budget is EUR 90 million. So we have, I would say, with Genesis, more to come, of course, in the course of '26.

Atos North America on Page 31, that's the area that has been touched more, I would say, in terms of top line. A lot of clients have been frightened in the course of '24 and we -- they stopped, of course, some of the contracts. But as you can see, of course, the EBIT in terms of quantum is less than '24. But in terms of margin, we are double digit, and I think it has been a very good job done by the U.S. team.

Now if we go to France, the decrease is around minus 10%. And also, I would say, however, we have a decrease in terms of top line. We have been able, I would say, to stabilize the earnings a little bit more, in fact.

And of course, with Genesis, there is more to come in the course of '26. U.K. and Ireland also is an area on Page 33, where we have had also a -- it's like in the U.S. In fact, it has been a tough year because of a lot of clients stopping to work with us and stopping contracts. But as you can see, we have been flat in terms of EBIT and roughly at EUR 83 million versus EUR 82 million. But in terms of margin, we have increased the margin by roughly 1.6%.

International market is down also at minus 15%, but we have more than doubled the profitability. We have done a very good job, in fact, in the Genesis transformation in different countries in Middle East, in also South Europe and also in Asia.

And last, Benelux, where I would say probably we have been the more resilient in terms of top line. And so we are on Page 35, minus 4% in terms of organic -- inorganic growth, so a decrease in terms of organic, let's say, and a very, very good job from the team on the bottom line. As you can see, we have multiplied by 10 the EBIT with a margin around 7%. So as you can see, in fact, despite, of course, the top line, I would say, pressure, we have been able, I would say, to manage very well the bottom line.

Last slide on 36 is on Eviden. Of course, this is the part that is growing and mainly of the advanced computing activity. This activity was losing money, in fact, in '24, and we have done quite a good job to restore some profitability. It's still too low for me. But definitely, there is more to come in this business unit.

With this, I hand over to Jacques-Francois to go more on the P&L and balance sheet.

Okay. Thank you, Philippe. Good morning, everybody. Now that Philippe has gone through the drivers of our business operational performance, let me walk you through the P&L items below operating as well as the cash flow statement and the balance sheet.

So as Philippe indicated, our operating margin amounted to EUR 351 million in fiscal year '25. We incurred reorganization and rationalization charges for EUR 642 million in total, of which EUR 540 million reorganization costs as we made significant progress in the execution of our restructuring program and EUR 102 million provision related to leases and real estate asset impairment.

We impaired EUR 166 million of goodwill this year as a result of the upcoming disposal of the Advanced Computing business. Other items reached a negative EUR 331 million. They included losses related to some onerous contracts for EUR 123 million and litigation provisions for EUR 145 million.

The net cost of our debt reached EUR 333 million, up from EUR 178 million last year, reflecting our new debt structure post '24 refinancing and including PIK interest as well as the amortization of 2024 fair value adjustment. Other financial expenses were EUR 102 million in fiscal year '25 due to debt lease pensions and provisions on nonconsolidated investments. As a result, our net income group share amounted to minus EUR 1.4 billion.

On the next page, we see the cash flow generation, which improved significantly year-on-year from minus EUR 735 million in '24 to minus EUR 326 million in fiscal year '25. We generated EUR 883 million OMDA in fiscal year '25, and we expensed EUR 170 million in CapEx and EUR 278 million in leases.

Our change in working capital requirement, once we neutralize for the working capital actions, you recall that the unsolicited cash received in advance from some customers, this amounted to a positive EUR 33 million. It essentially reflected a lower activity level in 2025. Going forward, we expect further sustainable working capital improvement.

Our cash restructuring expense was EUR 445 million. As expected, cash out accelerated in the second half of the year.

Tax paid was EUR 31 million and cash cost of debt EUR 160 million. Onerous contracts and litigations amounted to EUR 157 million. As a result, our net change in cash was limited to EUR 326 million, better than anticipated despite higher restructuring costs, cash at EUR 445 million.

Now the net debt as at December 31, '25. The net debt was EUR 1.8 billion compared to EUR 1.2 billion as at December 31, 2024. Beyond free cash flow, it reflected the impact of the change in working capital actions for EUR 43 million, negative ForEx impact for EUR 104 million and other elements such as the PIK component of the debt.

Net debt consisted firstly, of cash and cash equivalents for EUR 1.265 billion. And secondly, borrowings for a nominal value of EUR 3.64 billion. As at December 31, '25, the group financial leverage ratio was very similar to the end of '24 level at 3.17x. I remind you that our target is to reduce leverage below 1.5x at the end of the year 2028.

Thank you. And I now hand over back to Philippe.

Thank you, Jacques-Francois. So let's go over to the section, which is the outlook. So on Page 42, first, we want to come back on what is Atos -- do that we will give the keys at the end of the month, in fact, the end of March without also Latin America that we have sold and the closing is expected in fact in April and also the small divestiture that we have done in the Nordics.

So on the left side, you can see that the revenue is EUR 7.2 billion. Operating margin is EUR 314 million and that's the pro forma without, as I say, the new perimeter, roughly 57,000, 58,000 people without -- in Latin America and 54 countries of operation. And as I say, we want to be below the 40 threshold, so we continue to reduce the perimeter in this topic.

On the right, you can see the different business lines, the different geography. #1 market is now Germany. North America, #2. France, #3. And U.K. and Ireland, #4. And as you can see, these 4 countries is roughly more than 70% of our total revenues. And then you can see also the industries.

Now the financial ambition is on Page 43, and I know that a lot of people are waiting this moment. So the guidance for the 3 elements, which is top line, bottom line and cash. So on the top line, we are looking for a positive organic growth. That's the budget that we have internally. But we want to say that there is also a downside scenario possible that is limited to minus 5%. So it's very important that we are cautious. We don't want to over give, I would say, confidence.

It's very important that we deliver the numbers that we announced. And that's why we say that, of course, the budget is and our target internally is to grow. It could, I would say, there are some less good news in terms of top line. The maximum we can see this year is minus 5%. And remember, it went over minus 14%. So of course, the first half year will be negative, and we estimate that we will be probably around minus 9%, minus 10% in Q1. And then it will, of course, stabilize in Q3 and a rebound in Q3 or in Q4.

Operating margin around 7%. So it means that it's indeed, let's say, around EUR 500 million. So it's an increase by 60% versus '25, which is very important. And we are on, I would say, to the journey to touch this 10% margin by '28 and a positive net change in cash. So it's without, I would say, a divestiture of course, of -- So it means that with the cash that we're going to produce this year plus, of course, the cash we're going to have from the M&A, the debt will be reduced. The EBIT will increase. So the leverage for sure is going to decrease strongly, in fact, in the course of '26. And we are very, I would say, very confident that we're going to produce cash this year. And I think it's the result, of course, of this Genesis plan that we have accelerated in the course of '25.

Now for '28, we continue to say that the 3 phase, as I say, reset in '25, rebound in '26, accelerate now in '27 and '28. We continue to see an acceleration of the top line between 5% and 7%. We track probably do better than that. Still looking at an operating margin around 10% and of course, deleveraging to be below the 1.5% net debt by the -- the way we calculate this in the course of '28. So to have, let's say, a profile of BB and BBB probably in the course of '29. That's the goal we have.

Now if I have to sum up, I would say, what we have said today with Florin and Jacques-Francois. So on Page 44. First, we have a restore the foundation of Atos. We are very pleased to say that we have met or exceeded, I would say, the financial guidance that we have set. We have done a lot of job, in fact, in the commercial strategy, and I definitely think it's going to yield a lot of results. In fact, I would say the Genesis cost, it's a 1- to 2-year effect. We have done most of the plan in '25, we will finish in '26. And the rebound, it's a 2-, 3-year effort. We have done a lot of job in '25. We're going to see some of the results in the course of '26 and I definitely thing that we're going to accelerate in the course of '27.

As I said, the Genesis plan, we have done roughly 88% in terms of savings. It's a pro forma. So we have, of course, part of it in the P&L of '25, and there is more to come, of course, in the P&L of '26.

Second, I think we are very well placed for the AI journey, and I think Atos has as a unique position. We're going to reinforce, as I said, the 3 tech pillars that the Florin has said. So agentic AI with the launch of the studios, more to come next week, sovereignty and in cyber. And remember also that we have launched also the consulting we rebranded, I would say, the Atos Amplify. So today, we are announcing the launch of Amplify and also the launch of the Agentic Studio. And we have, in fact, a new website that you can see on the Atos group.

And then we have quite a promising outlook on the right part of this page. So stabilization in '26 with a rebound in H2 and then acceleration of top line and of course, production of a lot of cash in the course of '27 and '28 when we can probably resume M&A, we'll see if there are targets that are interesting, but it's also possible that we do probably less because we estimate that with agentic, we have a lot of opportunities we're going to have we probably will try also to invest also in the company more in our studios.

With this, I turn to the Q&A session that is open and then I will give the floor to Florin or Jacques-Francois depending on your questions.

[Operator Instructions] The first question today is from Frederic Boulan from Bank of America.

Two questions for me. Interesting discussion on your AI offering. Would be keen to understand how you define your competitive edge versus your key global competitors and players. And more broadly looking at your midterm targets, 5% to the kind of growth ambition, what kind of upside have you -- do you anticipate and have you penciled in on that kind of segment versus potential pressure on traditional, I mean, digital transformation, as you mentioned on that slide?

And maybe as a second question, is there any -- would be good to have an update on the kind of current pricing environment any kind of areas of your business where you do see kind of margins going down on new projects. I mean you mentioned some of competitive bids where you walked away. But where you do see already today Gen AI driving some price deflation?

So in fact, Frederic, you have to understand, I think the slide of Florin, which I think is not the most important, but I would say in the Page 23. The way we look at it is very simple. In fact, AI is going to touch the company in 2 types of impact. There is an impact on the coding, so the digital applications where we definitely think we're going to go faster and cheaper. And that's why we said there is an equal to negative impact. But here, in fact, what we see is that we're going -- it's not going to impact the top line that much, but we're going to produce much more for the same price.

And what we see from CIOs and the budget right now is that they are accelerating, in fact, their plan because there is a lot to do, in fact, in digitalization in many companies. And in fact, we can probably -- do probably twice as much that we were able, I would say, to provide in the past. We definitely think that, in fact, with AI, coding and testing is very simplified, and we can produce much more than we have done in the past with probably less people. And -- but for us, I think there is no impact on the top line. It's just the fact that we're going to accelerate the project and we're going to provide more.

The second impact for the rest is the agentic studio, so the AI on our operations, for example, on CMI, et cetera. And there, we definitely think that it's a big opportunity because we definitely think that with AI, we're going to provide more services or accelerate, for example, some work that we ask, I would say, by the client.

So we don't see for the moment, for example, for a big tender, we're going to announce one probably in the course of March, a very big one. We -- and it's a very long contract on CMI. In fact, the margin is up because also we apply also agentic on our own delivery. We pass, of course, some, I would say, the savings to the clients, but we protect the margin of Atos in fact in the future. So we -- that's why we say we are quite positive. Probably Florin, you want to answer on the strategic, I would say, advantage or competitive advantage we have versus the competition.

Yes, sure. Thanks. So if we go to Slide 17, I'll give you a summary of it. So I think one of the key differentiators is the fact that we have this very long relationships and know-how with a number of really important clients. And what we've been able to do is to bottle up this decades-long insights and data from running hundreds, if not thousands of managed services and long-running engagement into a series of agents, which are sitting on unique Atos foundational models.

So if you remember previously in the presentation, I mentioned our collaboration with Poolside. So we are creating a frontier level model, which is Atos native, which packages up this know-how developed the processes and the data built over decades, which we're providing on an Agentic-as-a service model.

I think the other differentiation we would have is this experience of working in highly regulated, secure mission-critical environments. So you need to remember that most of the time when people talk about AI today and agents, it's around things like customer service or B2C or call centers. And AI is, frankly, fairly easy to implement in those environments. The accuracy just needs to be good enough. And to be very direct, if a customer who calls a call center does not get the right answer, the sky does not fall down.

On the other hand, the type of agentic AI that we specialize in, like the super mission-critical one, it's a completely different ball game in terms of robustness and industrialization. So if our AI agents would not work properly when there is a flooding in Scotland, then we have a serious problem. If the AI solutions that we're creating together with Eurocontrol would not work properly. Well, then you have massive flight delays in Europe and the entire economy loses $1 billion a day.

So I think this know-how we have based on our heritage of working in areas which some people consider non-sexy, if I'm allowed to use that word, it's turning into a competitive advantage for us. We really know how to make AI work in those environments.

And you see some of the recognition we have in this space. So ISG has recognized us as an absolute leader in advanced analytics and services. We've just made a leader in all market segments with Nelson Hall around transforming business operations with Gen AI and so on and so forth.

So to summarize, we are neutral. We're the Switzerland of governance. We know how to make AI work in this super difficult environment. And we have bottled and packaged this know-how into unique models and unique agents, which nobody else would be able to replicate.

Thank you, Florin.

We'll now take the next question. This is from Nicolas David from ODDO BHF.

I have 3 questions on my side. The first one is regarding the cash guidance. Can you help us reconcile how this net change in cash you expect for 2026 is comparable to what could be a free cash flow to equity definition? What could be the difference between the 2 in terms of cash collection or cash outflow?

The second question is regarding the provisions you have passed in 2025, the EUR 123 million on onerous contract notably. Can you help us understand if it's just a cost overrun on this year -- on last year, and it was linked to cash out last year? Or is it a provision for multiyear upcoming losses on the contract you identified? And do you expect more in 2026 if you review more contracts? And also regarding the litigation, when do you expect the potential cash out? And the last question I have is what is -- what would be your strategy regarding the debt refinancing given that the debt market for tech companies is getting more tight right now?

Okay. I will just answer the last question, and then I give the floor to Jacques-Francois for the first 2. As we say, the door is open for us to renegotiate the debt after 1 year, in fact, it was on December last year in '25. And as you -- what we have done is that we are prepared, I would say, to take any opportunity to refinance the debt. And as you said, right now, the door is closed just because the markets are not in a good shape. So we will wait until I would say there is an opportunity. So we will see. So it could be in March, could be, I would say, in different other period. I think the message is that we are ready to do part of the refinancing as soon as the door is -- I would say the window is opening again, we will probably decide an opportunity on this, okay?

So we'll see what happens in the course of '26. I don't have a crystal ball. It's difficult also because, of course, you said for the tech, it has been shaky, I would say, in Feb. Now with Iran, I'm not sure it's going to be less shaky in the course of March. So let's wait and be patient. But if there is an opportunity, we're going to take it.

Now for the two first questions, I'll let Jacques-Francois answer to answer.

Yes, Nicolas. So the net change in cash is the way we call internally this free cash flow, which you're referring to. There are no reasons for differences just in our guidance, we are excluding the repayment of debt. We keep in there the interest to serve the debt, but repayment of debt is excluded, so is FX impact, so is M&A. So that's the first question.

Second question is regarding the provisions for onerous contracts and other items basically. So in terms of onerous contracts, Philippe has mentioned quite regularly in the calls that we had still a couple of significant black accounts on which we are losing some money. We have, can I say, the duty to assess these contracts regularly. Of course, management is trying to mitigate with action plans to reduce the losses. And to be clear, we're also trying to exit. But so far, we are bound. So in our reviews at the end of fiscal year '25, we have decided to provide more for future losses. So at this stage, you should not expect additional provisions to be added in '26 because the review we have done is quite prudent and should be comprehensive to cover all the future.

And in terms of litigation, well, by definition, it's a bit uncertain and it doesn't depend on us. So I'm afraid I cannot give you really a timing for the cash out of these provisions. But you will recall that the bulk of the litigation provisions has already been booked in H1 '25. So there is not so much which has been added in the second half of '25.

And in terms of black accounts, there are no new brand accounts, so don't worry. We are -- as I say, we have signed quite a very healthy project, and we are still managing the last 2 accounts in the U.K. Again, one account should finish mid-'27. So that's the goal that is to stop one. And the second one, we are in negotiation also to stop it, but the end of the contract is 2034.

We'll now take our next question. This is from Sam Morton from Invesco.

So in the release, I think you talked about considering to repurchase bond debt. Can you talk a little bit about what that would look like? Is there a particular tranche that you're looking at? Or is that just sort of repurchasing across the board?

And then I'd like to dig into the refinancing. Obviously, the window is challenging at the moment. But when you think about the refinancing, is this a piecemeal approach? Or will you -- are you looking to do all of the refinancing of the first lien and the 1.5 lien at the same time?

So I would say on the refinancing, the goal is first to refinance the 1L because it's 13% and we definitely think that we can be much cheaper right now with B- and also with a positive outlook. And then after that, if we can do 1 and 1.5, of course, we will do both. I would say it will depend on the depth of the market. But I would say 1L is more important for us just because it's too expensive. The 1.5L in fact, is cheaper and it's around 8% plus in terms of yield. So 1L is the priority. But if we can do 1L and 1.5L so that we can stop also the, I would say, the procedure that was in place since '24 for Atos, we will try to do both. But I would say the priority is 1L. Jacques-Francois, probably you want to...

Yes, on the repurchase of bonds, so forgive me, I'm not going to give you a straight answer. However, I can tell you that what is guiding our actions is we are making a standard calculation of value and we are targeting the instruments where there is the better value.

Okay. Sorry, can I just dive into that? So would you look at the lowest cash price? Or would you -- I mean, I'm just -- I mean, like what's the philosophy. You're looking at the lowest cash price? Or you're trying to facilitate the refinancing? I'm just trying to understand how you think about it.

Well, in the URD, which is going to be published next week, you will see that in '25, we have already bought a little bit of second lien bonds, a very tiny amount because it was not very liquid, but we have bought a little bit of 2L already in '25. Now we are looking at NPV, IRR. The first reason -- the first objective is to look at what's generating more money, what's -- because we are -- today, we consider we're a little bit in excess cash. We have some big proceeds coming on, namely with the proceeds for the closing of the advanced computing division in a few weeks. So we are trying to make the best use of our money.

[Operator Instructions] The next question is from the line of Derric Marcon from Bernstein.

I've got 4 questions, if you authorize me. The first one is on the range given for the guidance -- you gave for the guidance. So minus 50 plus or positive. Could you try to help us understand the difference between the low end of the range and the upper end of the range. At the bottom of the range, does it take into account significant revenue reduction with Siemens. And can you also explain us where you land with Siemens in 2025 versus 2024? And what do you expect in 2026? Just to understand if it's an important moving part in the construction of this range.

My second question is on the -- your commercial momentum. If we look to the full qualified pipeline number at the end of 2025, it does not improve much compared to previous quarters despite FX. So I'm trying to understand here what KPI do you have to, let's say, assess a much better, as you said, not Q1, but maybe Q2 or Q3 or Q4? And do you see really this momentum improving quarter after quarter? Because, unfortunately, on our side, we can't see through that number.

My third question is on CapEx. So as you said, really good performance in 2025 on that side. Do you expect CapEx to remain at the same level in 2026? Or will you be impacted by the massive price increase on memories? And what percentage of the CapEx of this EUR 150 million plus is linked to server plus memory, hardware, let's say. And that's it for me.

Okay. So on your first question on Siemens, roughly revenues of '25 was EUR 300 million. And this year, we anticipate the EUR 250 million plus. So it's only EUR 50 million, so it's less than 1% in terms of impact on the top line. Remember that with Siemens, we work with 3 different entities, in the Healthcare segment, Energy and Siemens AG. And in fact, we do roughly EUR 150 million plus and EUR 50 million, EU 50 million with the 2 others. And in fact, I would say there are also different dynamics with different accounts. But as I said, this year, we'll be at EUR 250 million plus because some of the contracts will stop also in the course of '25. But there is no, I would say, a big impact on Siemens, as you can see.

Now between minus 5 and 0 plus, as you, as you say, we want to be cautious this year. I don't want to say we're going to grow, I would say, and sign it today. The goal, of course, for us is to do it. But we want to be a little bit cautious and give you a range between minus 5% and 0% plus, let's say, between minus 5% and plus 1%. And then you will pick the number you want. But I think it's a cautious stance in the beginning of the year, and we will have probably more to give in the course of this year.

For the qualified pipeline, you're right, it's stable, but I think it's much more quality, I would say, for me than it was 1 year ago. And in fact, what makes me, let's say, more optimistic is that the win ratio is increasing right now. So I would say that the qualified, it's a pipeline where we are quite confident we can make a lot of wins in this pipeline.

And then your last point was what about CapEx number. Remember that is going away. After that, I would say for Eviden, the chips, it's not a big problem for us. And in fact, for some of our data centers, most of our contracts will pass, I would say, the increase that we see from our providers directly, I would say, to the client. So there is no much risk in fact in terms of CapEx. The CapEx we are looking for this year is at EUR 100 million plus without -- So that's the target that we have for this year.

Can I add just a small follow-up because on your explanation on AI, very helpful and interesting. And I'm on the same line than you about compensating price deflation with volume on most activities you are doing. But I was wondering if this reasoning can apply or could apply to digital workplace and cloud and infrastructure and modern infrastructure because here, I struggle to understand you will get this price deflation for sure, but I don't see where the increased volume will come from.

Florin, you can explain that.

Yes. So it's a great question. So actually, if we go into the cloud and modern infrastructure, so we see a quite substantial uptick around the work that we're doing based on the sovereign movement. So there is -- it is a quite complicated area where clients need a lot of help, everything from advisory to try to understand which workloads they do sovereign and which version of sovereign and to move and redesign both the application and the infrastructure space from those areas.

I would also say that we have substantially improved our partnership with a number of the hyperscalers. So we're driving a lot of additional new joint go-to-market campaigns and solutions in this space, which is acting as a net positive.

And I would also say that on cloud and modern infrastructure, actually, AI is opening up new opportunities, which historically wouldn't have been possible to do for our clients. So as AI is making the modernization and the digitalization of legacy applications possible in a way which, frankly, again, wouldn't have been realistic or cost efficient in the past. That drives substantial requirements for infrastructure and cloud modernization. So AI is actually a tailwind for us in cloud and modern infrastructure.

And when it comes to digital workplace, we are expanding the type of services we provide in digital workplace. So again, AI is, to some extent, a headwind because some of the services which we historically would have done with people are now done by agents, but we're able to improve our margins in that case. But we're also seeing AI act as a multiplier.

So one of the key demands we see from clients is how to have their people truly be able to use AI constructively, usefully and in a meaningful way. So we're actually adding AI enablement and AI capabilities as part of our digital workplace services.

We're also using AI to make the digital workplace experience a lot more enhanced to help with self-healing. So we're basically adding additional services, additional value-adding services in our digital workplace portfolio, which again are quite nicely balancing those tailwinds are nicely balancing the headwinds we would have had traditionally with digital labor replacing human labor. I hope that answers your question.

We'll now take the last question today. And the question is from Laurent Daure from Kepler Cheuvreux.

As for Derric, I have also 4 questions. First, I'd like to -- if you could come back on the way you have built your revenue plan for 2026. I mean, if you start the year with the first quarter close to minus 10, and you're not going to have much easier comps the following quarter. Does it mean that you're expecting to win sizable deals that will start during the year? Or what makes you so confident that you're going to end the year with strong growth in order to offset the first quarter?

Then my second question is, first, thanks for the clarification on Siemens. But if you could share with us exactly your relationship with your clients as of today. And in particular, I understand that you have 2 more years of business. But do you already have a visibility on what's going to happen for that client as of 2028?

And the last 2 questions, one is on the one-offs. At which timing do you expect the P&L to start to be quite clean with limited restructuring and provisions? Is it 2027?

And the final question is on the nice improvement you're expecting on EBIT. Could you share a bit the building blocks to go from 4% plus to 7% the main savings, that would be helpful as well.

So on your first one on Siemens, so we have what we call -- that was signed in 2020. It was a 5-year plus 2 year contract. So there is 2 more years. But after that, in fact, in the course of what we want is not to have any -- whatever with Siemens. It's to continue with Siemens exactly the way we continue with other clients. We just answer tenders and one project. So in fact, in '28, we will continue to answer the tender and win some of the projects. In fact, and when you look at the backlog in Siemens, we have already revenues for '28 and '29 for some of the projects that we have won in fact in the course of '25.

So I would say it's a normal client. There is no need, I would say, to resign whatever, it doesn't make sense. Also because, in fact, in the time that we have signed in 2020, you should know that there was a signing bonus that makes, in fact, the margin of the contract not that good. And in fact, now the margin has been restored in the course of '26. So we are quite happy on it. And the idea for me is to continue with the Siemens, like all other clients. There is no specific agreements that we need, I would say, with Siemens. And remember also that, as I said, Siemens, it's 3 different entities with 3 different, I would say, clients. So in fact, we have also client partners addressing the different entities of Siemens.

Now for your second question. Of course, if we start at minus 10 and we want to be positive, there is no magic. We need to be a strong growth in Q4. That's the anticipation that we have. I cannot go into details on which contracts we want to win or not. It's too difficult to do that. And I'm not sure it's very useful. But of course, that, I would say, the goal that we have in our budget is that to be roughly at 0 plus in Q3 and then have an acceleration of the growth in the last quarter.

And I would say that it would if we are able to be at 0 plus, it's a very good result for us because it means that we are have, let's say, growth going forward in the course of '27. The bar is high, Laurent, I don't say it's an easy one. Please be careful on that. Don't estimate that everything is easy. But of course, we have an ambition, and we definitely think that we have the pipeline and the projects to rebound, I would say, in the course of Q3 and Q4.

For your other question, I don't remember. Yes, go on, Jacques-Francois.

Well, I think, Laurent, you were asking when do we stop the one-offs and do we when do we have a P&L which is clean. Well, I think already '26. I mean, for me, the numbers we are publishing now are taking everything we know into account. So of course, in '26, we still have the continuation of the Genesis restructuring plan because we said that we booked a large chunk in '25. If you remember, the full envelope was EUR 700 million. So we're still a bit below. So there is still somehow -- a portion of that to come in '26. But beyond that, I would say that '26 already should be expected to be clean. That's the question on the one-offs. Your last question, I don't know if you want to take it, which is the further -- the building blocks of the path to the 9% to 10% margin.

I think yes, well, first, we were at 6% in H2. Remember that we have roughly EUR 200 million of savings of Genesis in the P&L coming this year. So if you start with EUR 300 million plus, plus the EUR 200 million, we are already at EUR 500 million, then you need to get rid, of course, we're going to have an increase of salaries and it's an impact of EUR 70 million plus. So your building block is EUR 314 million, plus EUR 200 million, minus EUR 70 million and then plus the other actions that we are going to take in the course of this year. But that's why we are quite confident on the 7% margin.

Philippe, if I could add on the new scope question on the seasonality of the margins because you improved nicely from first half to second half. But do you have part of that is coming from seasonality? Or going forward, do you expect when you will have stabilized the operations to have a similar margin level between the 2 halves?

In fact, it's going to be always more marginal in H2 than H1, but with less Eviden -- is out. And that's most of the explanation why H1 and H2 are very different. It's not going to be the case in the course of '26. So you will see a more stable revenue and I would say, EBIT stream between H1 and H2. But usually and all the companies, and it's the case of, there is more margin in H2 than H1, but not, I would say, like it was, in fact, in the course of '25, to a smaller extent.

And remember that I said already in the CMD last year that there will be close to 0, I would say, nonrecurring expense in terms of cash in '28. We cash out, I would say, Genesis. So this year, we estimate that it's going to be between EUR 150 million and EUR 200 million. We have done EUR 450 million last year and then the rest in the course of '27. No more, I would say, cash out in '28. Same thing for the litigations, we estimate that most of the litigation will be done. And then for the black account, as I said, there will be probably only one in '28. So it will be, I would say, a small impact in terms of cash. So EBIT will be clean this year, but I would say, in terms of cash also it will be clean in the course of '27 and '28.

There are no further questions at this time. So I will hand the conference back to the speakers for any closing comments.

Okay. So thank you, everyone, for this long call. We are very happy as you have seen, I think the focus was on technology today because there were a lot of questions on our industry and also on Atos. Have a good day. And of course, we will talk to you probably for Q1 and in the coming months, and we are, of course, focused to the rebound of the company. Have a good day. Bye-bye.

Thank you. This concludes today's conference call. Thank you for participating, and you may now disconnect. Speakers, please stand by.

Ladies and gentlemen, welcome to the Atos Group Third Quarter 2025 Performance. The call will be structured in 2 parts. First, a presentation by the Atos Group management team represented by Philippe Salle, Chairman and CEO; and Jacques-François de Prest, CFO. [Operator Instructions]. I will now hand over to the management team. Gentlemen, please go ahead.

Thank you, operator. Good morning, everybody, or good afternoon for some of you in Asia. So we're going to do a presentation and then after that, of course, taking all the questions you have. I'm, of course, together with Jacques-François, the CFO of the group; and Marie the IR of the group.

So let's start with the first slide. So we're going to -- go on one more. Okay. Perfect. So in Q3, first, the performance is in line, I would say, with the full year profitability and cash trajectory. I think it's very important. I understand, in fact, that probably the team has the credit on cash and cost. And of course, we're going -- we are spending now quite a lot of time, I would say, on the top line, and I will give you more info during this call. The second is on bottom left, the Genesis plan is in motion to restore the strong financial performance. I just want to highlight that Genesis, it's a 2-part project for me.

The first one is the project on cost. And as you see, we are doing the job. We will probably execute Genesis on this one by mid-'26. We estimate that probably in 18 months, we will have finished probably the job, except 1 or 2 countries where, of course, it's a little bit slower because it takes more time, I would say, to do the negotiations with the unions, and you can imagine what countries are there.

The second part of the Genesis plan that is very important is the top line. So Genesis is reducing cost and also, I would say, it's restarting, I would say, the growth engine. And of course, I would say the cost takes roughly 18 months, the restart of the engine growth, it's roughly a 2-year effort. So it's -- we have done a lot of job, I would say, in '25. We have reshuffled completely the organization, changed a lot of people in the growth engine. And the idea, of course, is to start to produce results in '26 and of course, accelerating after that the top line in '27 and '28 according to our plan.

And last, management team. So as you have seen, the top 20 is complete. The top 200 is almost complete. It will be probably by the end of the year. So I would say that the first circle and the second one will be, I would say, in force to execute, of course, executing in '26 and going forward. If we go to the next slide, some key numbers. So the order entry, EUR 1.3 billion, 66%. In fact, it's more 70% plus on Atos brand. It's lower in Eviden and mainly on HPC. Just as a comment, 2 things. The first one is that the book-to-bill in Q3 is always low. It's roughly 70% to 80% when you look, for example, at our numbers for the last years.

And secondly, it's very important that you understand that discipline is important, discipline in cost, discipline also in the portfolio in the top line. And for example, I have decided not to renew some contracts. And by doing that, I would say, we have lower, I would say, the book-to-bill. I can give you just one example. There was a big contract in the U.S. If I -- I could have resigned this, it's a book-to-bill roughly EUR 300 million plus. So it's roughly a 20% -- I would have increased, I would say, the book-to-bill by 20 points, but the margin was too low, and we decided, I would say, to stop the negotiation.

So it's very important to understand, of course, that the discipline on the portfolio lower the book-to-bill on the short term and of course, lower the revenues as we, of course, try to stop as many as possible contracts where we think it's impossible, I would say, to renegotiate the price with the customers. So revenue, it's EUR 2 billion. It's roughly minus 10% versus last year. You have seen that in Eviden, we are in a growing pattern. And in fact, we are decreasing with Atos.

Also, this one, I can give you one number on the discipline, 80% of the decrease in Atos, so 8-0 comes from the contract stop. So it's -- I would say we are managing the top line, and that's why it doesn't hurt, in fact, the profitability because we are stopping contracts with roughly 0% margin. Important to note that roughly 5% of our turnover is what we call black contracts, so contracts with roughly 0 profitability and roughly 15% its red contracts, its contract between 5% and 15%. So roughly 20%, EUR 1.5 billion plus are contracts where right now, I would say we have strong actions either to renegotiate, to, I would say, change the delivery to beef up the margin or stop, I would say, the revenues.

Net change in cash is roughly minus EUR 38 million. And in fact, we are not stopping Genesis. So it's not because we are trying, I would say, to slow down the Genesis. It's just because, in fact, we are also doing a lot of actions I would say, to decrease, for example, the accounts receivable, so to decrease the DSO. The teams are, I would say, in place to make sure that we are paid faster is very important. And it's, of course, on a recurring basis again.

And then the liquidity, we still have EUR 1.8 billion in cash. So I would say we are quite confident, of course, that everything is okay in terms of, I would say, liquidity for the plan and of course, to pay, I would say, the Genesis ramp down in terms of cost.

Next slide, please. commercial strategy. So as I say, the flip side of the decrease of cost is the increase of the top line. We are still aiming, I would say, to have 0 plus growth in the course of next year. So I would say probably in Q3 this year, we are at the bottom for Atos in terms of revenues, we will see. And then we have done a lot of things. So first, the commercial pipeline is gaining momentum. In fact, we have targeted the 100 accounts, the top 100 accounts for Atos. Just for information, it's roughly 2/3 of the revenues. And then for each CEP, so client executive partner of these accounts, they have now a plan, a 3-year plan where they look at the opportunities, I would say, in their own accounts and opportunities.

Remember that during the Capital Market Day, we say we have roughly 1.6 business line per account. And the idea, of course, is to go at 2, 3 for some of the accounts. So there was a lot of opportunities that have emerged, I would say, from this work, and it has been done, in fact, during the summer. Cross-sell, as I say again, increasing for a given customer, of course, the different, I would say, capabilities of the group. And of course, a good traction also in cloud and cyber. We are in the book-to-bill, in fact, above 100. And we see that there is more and more interest, especially, I would say, also in Europe, of course, with the private cloud and of course, I would say, the sovereignty subject. You have below some contract renewal and win. I'm not going to go in details on this one.

Next slide. The execution of Genesis. So in terms of people, we do also the AI, I would say, transformation. Of course, it's going to touch the delivery. It's going to touch, I would say, the service offerings that we're going to, I would say, propose to our clients. And it's going also to touch the back office of Atos, you can see that we have also trained a lot of our project managers and also of our engineers in the data and AI space.

Portfolio review is the number of countries. So we closed 6 additional countries. When we say we close, there is no more commercial activity. Sometimes we still have, I would say, a company there. So let's say, a geological structure that will close, of course, but it takes sometimes more time, I would say, than I would say, closing the business. And as I say, in the portfolio, we are resetting, I would say, the base of the portfolio. When I say resetting, it's really to shave the low profitability contracts.

Remember, 20% of my portfolio is not at the right profitability. And if you see, for example, the signed contracts that we have for the first 9 months of Atos, the margin is roughly 4 points above, I would say, the margin that I have on my P&L. So it means that the discipline is working. And for sure, I would say we are probably more selective in terms of, I would say, business increase.

And then delivery and G&A, I would say this one is really going very well. The billability is stable, but I would say during Q3, it's normal because with the holidays, there is an effect, of course, on this ratio. You will see probably an increase, in fact, in Q4. So we continue, I would say, to increase this ratio and heading, I would say, to the 85 in the course of '26. And in terms of restructuring, as you have seen, we have a reduction of, again, 2,600 people.

So we are now at 67 in the company. We spent roughly EUR 90 million and 9-0 of restructuring in terms of cash. And we launched also a social plan in France in September to continue. So we are -- I would say, when I look at the direct people, we have probably done roughly 3/4 of the job by the end of '25. And in terms of indirect, we will have complete the job, in fact, by the end of '25. So we are almost complete. And as I said, we will finish the job on direct people in the course of '26. Most of it will be done in H1.

Next slide. This is the workforce. As I say, we are now at 67 in the company. It will continue to slide. Remember that with HPC, roughly 2,500 people will leave. And with the countries exit, it's probably several thousand also that will be taken off by the end of the year. So we still have some countries we're going to close, in fact, in Q4 that will have a big impact. The one that we have closed, in fact, in Q3 are very small in terms of number of people.

Next slide, please. So if I go on the revenue performance, I would say, geo by geo. So let's go first on Atos. So this is, I would say, the bridge between Q3 -- pro forma Q3 without the scope. Remember that we have sold the WorldGrid last year that we have also foreign exchange hitting, I would say, the top line, mainly in fact, in the U.K. and the U.S., but also, for example, in Brazil. So on a -- I would say the pro forma is EUR 2.2 billion. And as I say, organic decrease was roughly minus EUR 200 million.

And in fact, 80% of this -- and in fact, it's more than EUR 233 million because it's mainly on Atos, 80%, so it's roughly close to EUR 300 million, EUR 250 million to EUR 300 million comes from contracts that we have decided not to renew. Revenues is roughly EUR 2 billion this quarter. And as I say, we maneuver in the EUR 2 billion area, I would say, per quarter, plus or minus, of course, it depends on the quarter. And that's why we have guided that we should, I would say, do to make EUR 2 billion plus again in Q4 to be roughly at EUR 8 billion plus at the end of the year.

Next slide. So this is, I would say, the split between Atos and Eviden. And then go next slide, we go, I would say, geo by geo. So you have, I would say, more color, I would say, by geo. So in Germany, I would say, contracts we have done is very important. There are contracts that we have decided to stop with a very low margin. Just for information, the OM, in fact, in Germany will be positive for the first time in many years this year. And in fact, for also the geo, we call this geo gas, GACE, G-A-C-E, which is Germany, Austria and Central Europe.

And next year, we will probably triple, I would say, the profitability. So we have -- I would say, we will see a lot of impacts of what we are doing in the course of '25. Next to Geo, we have North America, bigger decrease also with contracts exist. Again, I would say, for some of -- I would say, probably U.S. have been hit, I would say, hardly on the financial restructuring in '24. That's probably the geo that has suffered the most, I would say, from the situation in '24. And I would say we have quite a good traction right now and probably restarting, I would say, to grow in the course of '26.

Next geo, France also has suffered, I would say, from the situation in '24, but we have also reduced the scope, I would say, in some low-margin contracts. And remember also that in France, with the financial, let's say, instability coming from the country this time, not from Atos, the social -- the public sector, in fact, public and defense, it's a big sector for us and 30% plus, has suffered, in fact, with no budget in the beginning of '25. And in fact, it has, I would say, delayed some contracts that we had.

Next Geo. U.K. and Ireland is like the U.S. also. At first, it has suffered from, I would say, the financial situation in '24. BPO contracts were there, so we stopped a lot of BPO contracts. And there is one, in fact, the digital workplace of -- I would say that was a big one losing money. As I say, we have roughly 2 contracts in BPO going forward with a given size, it's roughly EUR 30 million plus for each contract, still losing money in '25. And we are, I would say, trying to be roughly cash neutral by '27. One of them will be probably stopped by that time.

Next geo, international markets. Again, you have first a comparable with the Olympics. So of course, because, in fact, the major events is in this geo and it's also in Spain and Spain is part of international markets. And we have also some contracts done, in fact, in APAC and Switzerland. Now for Benelux, that's the one that is probably, let's say, resisting the most. We still have, I would say, some contracts hands on but we have a good traction right now in the pipe, and we have quite, I would say, good opportunities right now with Europe, with the European Commission, in fact.

Okay. And then we have probably Eviden. So as I say, Eviden this quarter, in fact, we have the Jupiter. But remember also that without Jupiter, in fact, we had a lot of also revenues that have been pushed to Q4. So in fact, Jupiter was a good news, but we had also some other news that, in fact, is a mixed quarter for Eviden. And we still have, I would say, we still expect a strong quarter, in fact, in Q4. I think that's it for the, I would say, the revenues per geo. If we go to the next slide, then I will give the floor to Jacques-François on the liquidity position.

Thank you very much, Philippe. Hi, everybody. As a reminder, the publication of our quarterly liquidity position is part of the regular reporting requirements, which were defined and agreed with the group's financial creditors. So the certificates have been posted yesterday night on our website. Our liquidity position remains strong at the end of September, thanks to limited estimated cash consumption over the summer.

In Q3, the net change in cash is estimated at approximately minus EUR 38 million, which includes the minus EUR 87 million related to restructuring over the quarter. This figure is reported, of course, unlike previous quarters, without any use of accounts receivable factoring or specific optimization on trade payables. That number also reflects the results before the estimated impact of exchange rate fluctuations, which amounts to approximately plus EUR 11 million over the quarter.

As a result, as of September 30, Atos Group's liquidity is estimated at EUR 1.769 billion compared to EUR 1.804 billion at the end of June 2025. This is more than EUR 1.1 billion above the minimum requirement of EUR 600 million, which is set in our credit documentation.

All right. Thank you. With that, I will now hand back the mic to Philippe for the outlook.

Thank you. So if we go on the next Slide 25. So we have, let's say, put the guidance at EUR 8 million plus remember that versus the guidance that we had in May, EUR 8.5 billion, we have roughly EUR 200 million coming from FX. So in fact, the EUR 8.5 billion was more EUR 8.3 billion. We will finish between probably EUR 8 billion and EUR 8.1 billion. And most of the EUR 200 million that you will see is coming from low-margin contracts. And that's why I would say it doesn't harm the profitability for this year. As you then imagine, of course, then we continue to guide at the EUR 340 million in EBIT, which means that margin will be above 4%, 4.1% or 4.2%. And then the net change in cash will be better than EUR 350 million. We don't try, I would say, to, again, push back Genesis to '26. So if we -- I would say we are in the mindset of, I would say, doing the most that we can do in the course of '25. So it's possible that we will end probably between EUR 300 million and EUR 350 million because we have also a lot of exits coming in Q4.

In '26, we have started to review the budget already. So when I look at the bottom-up coming from the different geos, we are still looking on an organic growth. And we will guide, of course, what kind of organic growth in March next year. So please be patient. But I would say there is some confidence from the teams. It's not only coming, I would say, from Jacques-François and myself. And then still continue to guide that, in fact, with the organic growth, a much better, of course, EBIT because we're going to have the results of the Genesis '25 in the EBIT of '26.

We will have a positive or 0 plus, I would say, change in cash. And of course, this is before debt repayments, if we, of course, refinance the debt in the course of '26 and of course, any M&A impact. M&A, I said yesterday that if we restart, it will be probably after the summer. So starting in September '26, but I would say the goal for us is to restart M&A if there are interesting targets for us. And then we continue to, I would be confident in the 2028 figures, I would say, guidelines also that we have given in May during the CMD. still looking at EUR 8.5 billion to EUR 9 billion. So it means that we will accelerate the top line in the course of '27 and '28.

And definitely, I would say the growth engine will be in place. I think it will lead, I would say, results. Remember that between '23 and '25, we will have lost probably EUR 2 billion of sales. And definitely, there are contracts in '27 that will come back that we'll probably regain because, in fact, we lost them in '24 and some of our customers are not happy. So I definitely think that Atos has a card to play. And that's why I think we can outpace the -- probably the market growth.

Operating margin, we still, I would say, look at 10%. We have given, I would say, 9% to 10%. Remember that with Genesis, I have the 9% margin in my hands. And then going, I would say, from 9% to 10%, of course, it will be with the top line and with profitable growth again. I remember that's exactly what we are looking at. The average right now margin that we have signed for the first 9 months of '25 is around 24%, which is fair enough, I would say, to yield this 10% margin. Leverage ratio, of course, we will continue to deleverage. We will have a positive cash flow, of course, in '27 and '28.

M&A, of course, will be a cash out, but I would say it doesn't change the fact that the leverage ratio will decrease and we will have a BB, I would say, profile. I would say, in the course of '28 and I would say probably an investment grade in the course of '28 or '29, we will see, of course, with the rating agencies. But I would say with all the jobs that we have done in '25 with the fact that I have been in the company almost 1 year, we are very confident, and I'm very confident, I would say, on the path for '26-'28.

Next slide. And I think it's all for this morning in terms of presentation. So we are ready, I would say, to take any questions. Operator, I give you the floor.

[Operator Instructions] This question comes from Frederic Boulan from BofA.

Firstly, a question around demand. If you can discuss a little bit, demand and orders, how we can tie your book-to-bill ratio with your revenue growth ambitions for next year. I think you messaged before was the expectation of a book-to-bill to get close to 100% by the end of this year. You seem to be a bit more prudent now. Is it all down to you being more selective?

Or there's also some kind of more difficult demand environment. And then secondly, around -- if I can ask a second question around your black and red contracts. The 20%, is this as of Q3, is it still in the pipeline today in terms of weight of those contracts. And the plan here is more try to fix them from a margin standpoint, exit, upsell, I mean what's the kind of strategy on this?

So the book-to-bill, yes, we will be above 100%, I would say, the threshold of 100% in Q4, for sure. And we are still aiming, let's say, from 90 to 100 on a full year basis. There are big tracks we are renegotiating, 2 of them, in fact, that of course, can push, I would say, the book-to-bill to 100 but of course, we are in the negotiation with them. There is one in the U.S. I will be in the U.S. specifically, in fact, next week for that. The U.S. team also from our customers will be in France in November. And the second one is in Europe.

So yes, first, there have been also some contracts that we should have signed in Q3 that have slided to Q4, but that's life. It doesn't change, I would say, the '26 revenue for that. And that's why probably I would say also the book-to-bill has been quite low, let's say, this quarter for Q3. But yes, we still have, I would say, we know we have a very strong commercial activity in Q4 like last year, and there will be probably a lot of, I would say, good news coming in the coming weeks now.

Black and Red, when I say 20%, in fact, it's today at the end of August. So roughly an effect in September. I'm not sure that it's going to change a lot. So as I say, roughly 5% and 15%, it was more last year. Definitely, I would say, the black accounts, in fact, when I say black accounts, remember, it's the account with a margin below 5%. There are 2 big accounts -- well, 2 really, let's say, cash, let's say, negative account and the 2 BPO in the U.K. One is roughly -- burning roughly EUR 10 million cash this year, the other around EUR 40 million. So it's EUR 50 million of cost of cash, next year it will be less.

The rest, in fact, is a lot of small accounts with, I would say, margin that is close to 0. And some are big, but I would say that not that many. There is only one, in fact, that in the U.S. that we decided to stop. And this, of course, will continue to, I would say, to shrink in the course of '26. We have taken a lot of actions on this contract. So my main focus in '25 was on the black accounts. we are almost done, I would say. So there will be, I would say, less in terms of revenues in the course of '26. And now we are looking at the red accounts between 5% and 15% that, of course, is harming for me the profitability, probably the one between 5% and 10% for sure because the margin of next year will be above 5%.

And then we will -- we are now, I would say, trying to do, so for these accounts, there are 3 possibilities for us. The first one, we renegotiated the price. Sometimes, of course, it's difficult for some customers because they don't understand why we have been serving them for years. And then suddenly, we say, sorry, but the margin is not at the right level, and we need to increase price. So that's why when it's possible -- not possible, of course, we stopped the contract.

The second one, of course, we work on the delivery process and that's why we can beef up the margin with AI, with different, I would say, with more offshoring. It depends on -- I would say, it's a contract by contract. And it's all the situations, I would say, are very different, let's say, contract by contract and geo by Geo, of course. And the third possibility is, of course, to stop the contract. If we see that there is no possibility for us, I would say, to defer the margin or renegotiate then I prefer would say, to stop. And with some customer, they understand the rationale. They understand that we cannot continue, I would say, with that level of margin.

Next question comes from Nicolas David from ODDO BHF.

And congrats for a very good execution on the bottom line. Just talking about top line first. So you expect above EUR 8 billion revenue, which seems to imply on an organic basis, negative minus 5% in Q4. It looked like if we exclude HPC business Jupiter contract, it was minus 20% in Q3. So it's a nice improvement. We see that comps will help definitely. But what is going to drive the improvements beyond comps? Is it evident as you stated, Philippe, already? Or you also mentioned in the U.S. maybe. So any color would be helpful.

And my second question is regarding 2026, if the growth recovery doesn't happen as good as you are expecting. Do you have some leeway in terms of execution of the restructuring plan to go faster in order to deliver on your EBIT ambition, even if you're a bit lower in terms of top line, a bit like this year actually? That would be my next question.

That's a good question. I will take first this one. So yes, there is a Genesis 2 in place if something happens in the course of next year. So remember, Genesis in terms of cost, it's roughly EUR 650 million. We have probably around EUR 300 million already in the P&L this year, a little bit less. There will be probably, I would say, part of it, of course, in the course of next year, EUR 200 million probably and then we can accelerate some of the actions first. So there are some actions we can take.

We have already anticipated it. So I would say the idea, of course, is that if there is no growth next year, of course, it's not the case. We will protect the bottom line again, exactly what we have done, in fact, this year. So I would say, for the profitability, cash, there is no -- I'm not very, I would say, anxious about '26 and as you know, and you can imagine, I would say the focus I have now is really on the growth, so I spend every week on this topic because it's very important that we sign on projects.

Remember also that we have what we call, let's say, low -- small contracts, it's contracts below EUR 3 million. It's a big chunk, in fact, of our portfolio. And this is usually contracts with lower, I would say, duration. So that's the one also where we are spending a lot of time to make sure also that there will be also revenues in the course of next year. So that's why don't be afraid because the book-to-bill is below 100. It doesn't mean we're not going to grow next year. Because, of course, I would say the smaller contracts also, we have traction also in this in many geos, and it will yield, I would say, some results in the course of '26. So yes, we're going to protect '26 margin. And when we're going to guide, in fact, in March, the guidance for me is almost a given. I'm not very skeptical on the EBIT, we're going to deliver, in fact, in the course '26.

Whatever is the top line. And I would say the main focus and all the team now is really, I would say, understands that we need to deliver growth. The incentives, in fact, on the top 20 and top 200, we change, in fact, the bonus, 1/3 of their, I would say, bonus will be also on the organic growth and book-to-bill. I would say -- so I would say that there is a big incentive, I would say, to restart this path of growth in the cost of '26, yes.

And of course, for Q4, the comps are, of course, better because I think last year, the turnover was around EUR 2.1 billion, if my memory is good. I'm not sure, but probably Jacques-François has the number. So for sure, I would say we have a better comparison, of course, because the turnover was lower last year. Remember, of course, that in this turnover, you have FX effects and you have, again, worked again in the course of Q4 last year. I don't know if you have the number on Q4. Okay. I will give you the number.

[Operator Instructions] The next question comes from Laurent Daure from Kepler Cheuvreux.

Good morning gentlemen. I have 3 questions. The first is, if you could come back on the contract you are not renewing because you're not managing to bring them back to profitable, what are the customers doing when you don't renew, are they reinsourcing? Or do you have other players that have a better cost base than yours that are taking those deals?

The second one is on the cost in 2026. I was just wondering when you look at 2026 versus 2025, how much additional savings from the restructuring plan have you already secured? Or will you have secured by the end of this year? And on the third question, on the return to positive growth. Do you expect this to happen in the first half of next year? Or is '26 expected to be back-end loaded?

Yes. So first, for the low margin, that's a good question. We see some aggressiveness, I would say, from the competition to take some of our contracts. We are more than happy to take -- I would say that they take them. So no, it's not necessary that they in-source the business. It's true for some of them, for example, in Germany, there have been 1 or 2 clients insourcing, in APAC also for some banks, they have decided, I would say, to reinternalize, no problem.

But most of it, I would say, for example, the big one we have lost -- we have decided, I would say, to lose in the U.S. digital workplace contract, it was against the competition. I'm not sure that the competition has a better cost base than us because, for example, in the U.S., we offer most of our business. But I would say some of our competitors and I would say, we don't work with the federal state. So I would say we are not, let's say, harmed like probably some of my competitors. They are looking, I would say, to cope with the revenue decrease and probably trying to take some share.

I don't understand exactly how they're going to manage some of the contracts we have lost, but it's okay, we will see. For, of course, '26, as I say, we have roughly the run rate is around EUR 450 million. So it means we have roughly EUR 300 million of, I would say, the results of Genesis in the P&L this year. which means that, in fact, if we have not done a Genesis, we would have been, I would say, at a 0 EBIT and probably with the situation of the company. And you have at least EUR 150 million coming, I would say, that is already coming in the course of '26 with the results, I would say, with the action of '25.

So at least I would say, the EUR 340 million can, I would say, yields to roughly close to EUR 500 million, a little bit less. And I don't remember your third question, sorry. Yes, if it's backloaded. That's a good question. I don't know yet because I need to review. So we have -- right now, the budget is almost down for '26. I have the numbers for the year. I don't have the number by quarter, so give me a little bit more time before I can answer. The answer for me is that -- my view is that, of course, the comps will be better quarter-by-quarter. So it's probably an acceleration in H2 versus H1. That's my view, yes.

On the second question, the number you shared at EUR 300 million and over EUR 150 million is the cost you have in your P&L. I think if I understand right, I was just more thinking about the savings for 2026. I am not sure it's one for one.

Yes, it's actually the savings is EUR 400 million -- EUR 450 million plus. The EUR 300 million savings already in the P&L this year. So that's why we have been able, I would say, to show a EUR 300 million plus EBIT this year. and EUR 150 million coming already, I would say, in the P&L of the savings coming, I would say, in the P&L of '26. Of course, we have increasing cost. There is a lot of things coming, of course, in the P&L. But I would say the results of the Genesis in '25 gives already EUR 150 million of savings already, I would say, for 2026.

And you see, for example, in Germany, as I say, we're going to triple the profitability. It comes from the plan that we are exiting, I would say, putting in Q4. There is a bigger 1,000 people, in fact, exiting in Q4 in Germany. Part of it, in fact, in Q4, some of them, in fact, in the course of '26. I think I already said that in Germany, it will give roughly EUR 100 million of savings. So part of these savings roughly EUR 60 million plus will come already in fact in place for next year.

And just for information, the Q4. So I had the question, the Q4 last year was EUR 1.9 billion without, I would say, the FX and EUR 1.945 million exactly without FX and WorldGrid. So a little bit below EUR 2 billion.

The next question comes from Sam Morton from Invesco.

Just a couple of questions, please. So firstly, I think you mentioned refinancing during 2026. I guess, the liquidity position is very strong and the free cash flow is coming in quite nicely. Can you talk about what that refinancing looks like? And then secondly, the operating margins obviously coming in ahead for this year, but no change to the medium-term outlook. I'm just wondering what would give you the confidence to change in the medium-term outlook on the operating margin?

Okay. So first, refinancing, it's a will. It's too soon for me to say if we'll be able to do it. I definitely think that after '25 results with the guidance, the fact that we will be cash flow positive, we have, I think, a window that is opening, we will see. So I don't know yet if we will be able, I would say, to refinance. But definitely, the one, that is, of course, at 13% plus we want to refinance this instrument. We will have probably -- it's Q2 next year or Q3, it depends, I would say, on the window that will be open. It will depend, of course, on the market conditions, you know that better than me.

So we will come back probably in the yearly results of '25 because we will be prepared for that. So we are preparing ourselves, I will say, to refinance and then, of course, if it's possible, we'll do it, if it's not possible, then of course, we will wait. That I would say we will be -- but I think what is very important is that the company will be ready. And then we will see, of course, what is the market ready, I would say, to swallow in terms of, I would say, new debt versus old debt.

The guidance -- so yes, of course, the 10%, 9%, 10% margin, so 4% plus this year. Next year, there will be a big jump again, I would say we are -- and then, of course, it's more than -- between 4% and 10% you roughly more than -- so it's roughly 7%. We'll see if we go into what kind of guidance we're going to give next year, but there will be a jump for sure in the course of next year because of the results of the Genesis in '25 and then remember after that, that the growth coming on the top line, I will probably try to get, I would say, the cost of flattish plus. So for example, if we go, let's say, by, let's say, 4% in '27, gives probably EUR 300 million plus in terms of sales. At 25% margin, it's roughly EUR 75 million of OM IFRS 9, with roughly, I would say, a marginal increase.

And as you can see, EUR 75 million, it's roughly 1 point. So that's why I say it goes very fast, in fact, because we're going to master the cost and make sure, I will say they will be flattish and that's why the marginal growth also will bring, I would say, points in terms of EBIT margin. So the cost of Genesis, the reduction of cost will yield results, of course, in '25, '26 and '27. Most of it will be '27 and '26. There will be still, I would say, some improvements in the course of '27. And then the growth we take the relay, I would say, in '27 and '28. That's exactly the way we can play, I would say, this 10% margin for 2028.

There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.

Okay. Let's try once more. Any other questions? No. If not, thank you for your time. Thank you for your attention also, we are quite -- I would say, there were quite a lot of number of people at this call. We are very happy I think as a key message, confidence is there and discipline, I think it's very important that you remember this, I would say, we're disciplined for the top line discipline for the cost. And definitely, I would say that for me, Atos is back.

Have a good day, and talk to you for the next release, which is in March 6 for the full results of '25, but we think there will be probably a published in January with, of course, the revenues and also the liquidity position, so it will be in the course of January. Have a good day. Bye-bye.