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Simon Azoulay Chairman of the Board ANNUAL RESULTS 2025 Bruno Benoliel Deputy Chief Executive Officer Paris, February 25th, 2026 Cyril Malargé Chief Executive Officer
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2 | DISCLAIMER Annual Results 2025 “This presentation may contain information that may be considered forward-looking. This information represent either trends or targets and should not be regarded as forecast of the Company’s results or any other performance indicator. By its nature, this information is subject to risk and uncertainty, which may be outside the Company’s control in certain cases. A more detailed description of these risks and uncertainties appears in the Company’s Universal Registration Document, available on its website (www.alten.com).”
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3 | SUMMARY Annuals Results 2025 1. Business & Highlights 2025 2. Annual Results 2025 3. CSR policy 4. Growth strategy 5. Appendices / Q & A Bruno BENOLIEL Deputy CEO Simon AZOULAY Chairman of the Board Cyril MALARGE CEO
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BUSINESS AND HIGHLIGHTS 1.
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5 | ALTEN, LEADER IN ENGINEERING AND TECHNOLOGY CONSULTING REVENUE: €4,099M OPA: €346.5M 57,400 EMPLOYEES INTERNATIONAL 65.4% €2,680.2 M: -3,7% of which -6.3 % organic +1.4 % forex FRANCE 34.6% €1,418.8M: +4.3% of which -3.6 % organic -1.1% of which -4.5% organic 8.5% of revenue 51,000 engineers ► DECEMBER 2024: 9.1% of revenue ► DECEMBER 2024: -12.5% ► DECEMBER 2024: 51,900 (incl. WG) 88% OF TOTAL HEADCOUNT ► DECEMBER 2023: 50,000 GEARING: -17.5% FOOTPRINT IN OVER 35 COUNTRIES
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6 | GEOGRAPHIC FOOTPRINT PER CONTINENT (number of engineers) AMERICA 2,620 Dec. 2025 FRANCE 11,800 Dec. 2025 EUROPE (OUTSIDE FRANCE)20,490 21,000 Dec. 2025 Dec. 2024 MIDDLE-EAST I AFRICA 2,190 2,100 Dec. 2025 Dec 2024 ASIA I PACIFIC 13,900 13,480 Dec. 2025 Dec. 2024+ - GROUP51,000 Dec. 2025 * incl. Worldgrid SLIGHT DECREASE IN NORTH AMERICA AND EUROPE. MEA & APAC ARE GROWING. + 12,510* Dec. 2024 2,810 Dec. 2024 - 51,900* Dec. 2024 - -
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16,4% 8,7% 4,5% 8,6%7,7% 11,9% 8,8% 15,5% 2,7% 15,2% Market trend 32.7% Automotive & Rail Aerospace, Defense, Security & Naval Energy, Life Sciences, Telecoms & Industrial Equipment Service, Retail, Bank Media & Public sector Aerospace Defense, Security & Naval Bank, Finance & Insurance Retail, Services, Media & Public sector Telecoms AutomotiveRail Energy Industrial equipment & Electronics Airbus, Airbus DS, Rolls-Royce, Safran, Thales, Dassault Aviation, Leonardo, CNES, Arianegroup… Airbus DS, Thales, MBDA, Naval Group, Leonardo… EDF, Total Energies, Technip, Engie, ENI, Chevron, Siemens, GE… ASML, ABB, Valmet, Infineon, HP, Saint-Gobain, Kone… Sanofi, Novartis, Roche, Johnson&Johnson, Merck, Pfizer… Stellantis, Volkswagen, Renault, Volvo, ZF, BMW, Ford, Continental, GM… Alstom- Bombardier, Siemens… BNP Paribas, Société Générale, Morgan Stanley, HSBC, La Caixa, Crédit Agricole, BPCE, Reliance, Axa, Santander, Intesa… Decathlon, Amadeus, Carrefour, Accor Hotels, Manpower Ebay, Prisa, Canal+… Bouygues, Orange, Ericsson, Telefonica, Nokia… Life Sciences € 4,099 M 7 As at December 31st, 2025 Market trend 24.3% Market trend 17.9% Market trend 25.1%
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8 | OUR MARKETS (IN % OF REVENUE) AUTOMOTIVE ALTEN’S GLOBAL AUTOMOTIVE FOOTPRINT ENABLES THE COMPANY TO: o meet customers’ proximity requirements by operating close to key R&D centers, o accelerate offshoring (primarily for European programs) while supporting customers in China, o leverage its global centers of expertise and scale AI capabilities across regions. 15.2% The uneven pace of the transition to electrification is forcing OEMs and suppliers to recalibrate their strategies: a slowdown in the United States, as decarbonization is no longer a priority, continued acceleration in Europe (27% EV penetration in 2025), but the 2035 regulatory framework has recently been revised (90 % ZE only in 2035), acceleration in Asia, particularly in China, which offers the most mature and cost-competitive EV ecosystem. Significant capital investments are required across the value chain: batteries (despite current execution challenges in Europe), design and development of dedicated EV platforms, unified software architectures (EE V&I), autonomous driving, ADAS, connectivity systems, and circular-economy solutions. Combustion engines are not expected to disappear, particularly in the US market. European OEMs are actively adapting their strategies through licensing agreements and joint ventures with Chinese partners, increased pooling of R&D investments, reduction in the number of platforms, component standardization, expansion of connected services, accelerated automation together with shorter development cycles and increased use of offshoring. While the market contraction has slowed, budgetary pressure remains high across the industry.
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9 | OUR MARKETS (IN % OF REVENUE) RAIL THE MARKET IS EXPECTED TO RETURN TO GROWTH. ALTEN is approved by the main manufacturers (ALSTOM – BOMBARDIER; SIEMENS; HITACHI). ALTEN is mainly involved in industrial process optimisation, cost efficiency, signalling, communication systems, and predictive maintenance 2.7% Massive investments are planned in the coming years, supported by the EU and Member States. Digitalisation of Operations: ERTMS (European Rail Traffic Management System): replacement of national signalling systems with this digital standard to enable full interoperability across Europe by 2030. ATO (Automatic Train Operation): the development of autonomous (or driver-assist) trains helps optimize energy consumption. FRMCS (Future Railway Mobile Communication System): the transition from legacy GSM-R technology to railway 5G is underway to support the massive data flows required for safety and maintenance. Predictive maintenance (sensors, IoT, artificial intelligence) and real-time data management systems. Decarbonisation of Non-Electrified Lines (40% of the European network) through two technologies: • Hydrogen (e.g. Alstom Coradia iLint) ● Batteries (BEMU) Rail Freight Revolution, which is crucial for the climate, driven by the Digital Automatic Coupling (DAC), expected by 2030. DAC will enable automatic coupling and data connectivity between wagons, making rail freight as fast and flexible as road transport. Modernisation of infrastructure Launch of the European TGV project to strengthen industrial competitiveness and standardisation to face Asian competition (notably China’s CRRC).
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10 | Major decarbonization challenge for the sector in a context of strong air traffic growth: SAFs, hybrid-electric propulsion, hydrogen-powered engines, … Architecture and Materials – Radical aerodynamics, thermoplastic composite materials, “Open Fan” engines (Safran & GE). Productivity and cost reduction: AI, Digital twins for engine design and conception, increased automation, offshoring, … Improve supply chain efficiency: AI, manufacturing engineering, lean processes and organisation, PMO and quality assurance. TCO & maintenance optimization : AI, predictive analytics, optimization of MRO efficiency, …. New urban Air Mobility based on electric vertical take-off and landing vehicles (eVTOL). Air Traffic Management Systems – Single European Sky (unification of air traffic management in Europe) and SESAR programme. CIVIL AERONAUTICS NUMEROUS CIVIL AERONAUTICS PROJECTS HAVE BEEN POSTPONED SINCE 2024, BUT THE ACTIVITY SHOULD GROW IN 2026. ALTEN is a leading player of outsourced engineering activities among the industry. The activity should be progressing in 2026. 14.2% OUR MARKETS (IN % OF REVENUE)
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11 | Strong development of new private players (new launchers, satellite constellation, space communication, etc). Europe must restore its competitiveness and independence and scale up a European New Space ecosystem. Need to develop reusable launchers. The IRIS2 constellation of telecoms satellites will be launched in 2030. Ariane Group having successfully launched Ariane 6, must achieve 9 to 10 launching per year by 2027 Airbus, Leonardo and Thales signed an MOU to create a leading European player in the space industry. SPACE Visibility remains reduced but promising outlook for upcoming years. ALTEN is tier one supplier of all the main players among the industry. 1.3% OUR MARKETS (IN % OF REVENUE)
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12 | Higher military budgets (design of new “intelligent” equipment systems and munitions; interoperability of weapons systems, digitization of conflicts; prevention of cyber attacks, AI- autonomous system, etc.). Hypersonic missiles, long-range strike weapons programs to invest in. Massive investments in early detection (advanced radars, space-based sensors). Continuation of European sovereignty programs (Eurodrone, European Char, …). Supply-chain efficiency to accelerate production ramp-up. DEFENCE, SECURITY ALTEN, tier one supplier, already benefits from the expansion of military budgets which are expected keep on growing in the coming years. Next-Generation of Aircraft Carrier and submarines leading to a strong growth in hull and structural studies, systems and software engineering and multi- disciplinary engineering studies. Decarbonisation of Maritime transport: new fuels - methanol - ammonia – hydrogen, Hybrid and electronic propulsion. Digitalisation through predictive maintenance, assisted navigation systems (autonomous vessels are being experimented) and increasing need for automation to lower high production costs in Europe versus Asia. NAVAL The activity should grow significantly supported by the European Defense Fund and European state members budgets. Increasing export markets. ALTEN participates in major programs: Barracuda, PANG (France), RNSC (Netherlands), Scorpène® (Indonesia), … 8.8% OUR MARKETS (IN % OF REVENUE)
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13 | Structural market growth in nuclear activities: EPR2, SMR, lifetime extension of powerplants , ITER programme (nuclear fusion). Renovation and performance of electricity transmission and distribution networks, Increasing investments in renewable energies, ... New Oil & Gas projects. ENERGY ENERGY MARKETS ARE EXPECTED TO GROW IN 2026. ALTEN is involved in EPR, SMR in France, HPC & SZC projects in the UK, as well as in extending the lifespan of the nuclear fleet in France. Worldgrid enables ALTEN to become a key player in nuclear projects. ALTEN contributes to offshore wind farm connection projects for RTE. ALTEN has a long-standing presence in the upstream Oil & Gas sector, particularly in exploration and infrastructure. LIFE SCIENCES ALTEN is present in all Life Science sectors (except for medical R&D) and supports its clients in their transformation projects in Europe and the USA. The activity is hindered by delays from the FDA in the US and reduced investment budgets in Europe. 11.9% 7.7% A quick evolving market: Increasing outsourcing of R&D in biotech and strengthening of CDMOs in production processes. Digitalization of factories and AI, improvement of production efficiency. Activity in clinical studies and pharmacovigilance are centralized, and some are transferred to the USA. Medical devices and equipments are set to be transformed by AI. Budgets are under pressure. OUR MARKETS (IN % OF REVENUE)
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14 | EQUIPMENT MAKERS Continued cuts in R&D budgets for 5G (Ericsson – Nokia), in Europe despite move to countries outside China for geopolitical issues. New projects in 4G/5G ran baseband software and RTEP (Radio Technology Evolution Program) and AI native networks. 6G R&D is starting but should not be rolled out before 2030. TELECOM In a highly competitive market with no short-term catalysts, ALTEN adapts to productivity demands by strengthening offshore operations. INDUSTRIAL EQUIPMENT & ELECTRONICS The semiconductor market is expected to return to growth soon, driven by AI. 4.5% 8.5% Investment in semiconductors and electronics should increase: - Relocation strategies in Europe and the US. - AI massive demand and miniaturization of components. - Development of connected objects and embedded software. The intermediate goods sector, which is cyclical, is still slowing down. OUR MARKETS (IN % OF REVENUE) OPERATORS Investment in data analysis, AI, machine learning and network slicing to improve customer satisfaction and margins. Satellite Mobile Convergence (NTN) to offer a universal coverage.
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15 | BANK, FINANCE & INSURANCE Activity should stabilize. ALTEN has supported its clients in their cost reduction strategies (adaptation of engagement modes, offshore, AI projects, etc.). ALTEN consolidates its position as a "tier one" partner with its main clients in a context of tightening shortlists. RETAIL, SERVICES &PUBLIC - SECTOR ALTEN has a Data and AI offering that will allow it to benefit from the resumption of investments. 8.8% 16.4% Expected rebound in IT investments: process automation, infrastructure and applications modernization to prepare for migration to the Cloud, cybersecurity projects and compliance (SOC, IAM, DLP, …). deployment of the European DORA regulation, reinforcement of the fight against IT & Cybercrime risks, Basel III, ESG standards... AI adoption (automation, fraud, KYC, …). Decrease of IT spending: merger of market players (Carrefour/Cora/Match ; Casino sale to Intermarché et Auchan ; LVMH acquisition of Pedemonte Group ; Fnac/Darty : acquisition of Nature et Découverte), IT cost optimization and productivity gains through the optimization of logistics flows. Acceleration of data & AI usage enhance operational performance, demand forecasting and customer experience. OUR MARKETS (IN % OF REVENUE)
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16 | AI ALTEN INVESTMENTS TO BUILD A SCALABLE AND EFFICIENT AI ORGANIZATION (HR) AND INFRASTRUCTURE (IT) IS A HIGH BAREER TO ENTRY WHICH WILL BENEFIT TO THE MAIN PLAYERS AND DRIVE FURTHER MARKET CONCENTRATION @ ALTEN 1 000 + Sales trained on AI value proposition and specific AI offers 5 000 + Data and AI experts. Partnerships with Mistral, Google, Microsoft, Nvidia, AWS, Prisme.AI, Snowflake, Dataiku, Smartesting, ISTQB, French Tech… AI events & roadshows Conceive, build and promote AI use- cases • Per vertical • Per activity (software devt, process automation, customer support, test & QA, mechanical design, …) Leverage on tailor made solutions and value proposition worldwide throughout ALTEN ambassadors network and centres of excellence. Help & support customers to infuse AI and prioritize AI adoption within their project portfolios Secured and dedicated ALTEN AI platforms to drive efficiency and scalability to: - deploy Multi LLM tools: Mistral, Open AI, Anthropic, Gemini, Copilot, …, - Make available AI development and Agentic environment. AI PLATFORMS & INFRASTRUCTURESAI GO TO MARKET & PARTNERSHIPAI FOR PROJECT PERFORMANCE WORKFORCE: 65% OF EMPLOYEES TRAINED ON AI – AI PROMPT ENGINEERING ACADEMY FOR ALL EMPLOYEES WORLDWIDE AI AMBASSADOR AND AI EXPERTS ACROSS ALL COUNTRIES AI ACCELERATORS & TOOLS ARE DEPLOYED ON MOST IMPORTANT CUSTOMER PROJECTS TWO ALTEN COMPANIES FULLY DEDICATED TO AI & DATA - ISO 42001 CERTIFICATED, 100% EMPLOYEES TRAINED AND EXPERTS
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17 | CONTINUED GROWTH STRATEGY THROUGH ACQUISITIONS ALTEN completed only 4 acquisitions in 2025: 880 consultants Several companies are currently under due diligence process In the US and India: Company specialized in Life science (Revenue: €7.5M, 120 consultants) In India: Company specialized in embedded software, mainly for the automotive industry (Revenue: €5.2 M, 270 consultants) In Spain & South America: Company specialized under Digital Transformation (Revenue: €19M, 300 consultants) In France & Belgium: Company specialized in Life Sciences (Revenue: €20.5M, 190 consultants)
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18 | SHAREHOLDER As at February 18, 2026 • CAPITALIZATION: €2,124 M • NUMBER OF SHARES: 35,343,326 EURONEXT PARIS COMPARTIMENT A FR 0000071946 (SRD ) % OF VOTING RIGHTS Founder 25.45% Employees 2.79% Public 71.76% Employees 2.15% Founder 14.64% Self detention 1.34% Public 81.87%% in actions
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ANNUAL RESULT S 2025 2.
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20 | EVOLUTION OF THE ACTIVITY 2,269.9 2018 2019 2022 2023 2024 2025 54,6% 45,4% 43,2% 31,1% 31,9% 32,8% 56,8% 68,9% 68,1% 67,2% 2017 1,984.8 58,7% 41,3% 4,099.0 65,4% 34,6% 2,624.0 32,550 engineers OPA : 9.9% 3,783.1 47,500 engineers OPA : 11.1% 4,068.8 50,000 engineers OPA : 9.4% 4,143.3 50,900 engineers OPA : 9.1% OPA : 8.5% 51,000 engineers 29,600 engineers OPA : 9.9% 24,700 engineers OPA : 9.8% ALTEN DOUBLED ITS SIZE BETWEEN 2017 AND 2022 DESPITE COVID, DRIVEN BY A VERY STRONG INTERNATIONAL GROWTH INT FR Revenue in €M
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21 | BUSINESS EVOLUTION -1.1% -4.5% -0.9% In €M 2024 revenue 2025 revenue Change/l-f-l 2024 revenue 4,134.4 8.9 3,949.2 188.5 -38.7 4,143.3 4,099.0 Revenue on a l-f-l basis Change in scope FX impact Consolidated revenue 4.3% Continued slowdown in activity
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22 | FY Change COUNTRY 2024 % 2025 % Published Change in scope Forex Organic, excl. Forex effect FRANCE 1 360.3 32,8% 1 418.8 34.6% 4.3% 7.9% 0.0% -3.6% IBERIC 411.8 9.9% 464.6 11.3% 12.8% 7.4% 0.0% 5.5% ITALY 340.9 8.2% 349.2 8.5% 2.4% 0.0% 0.0% 2.4% GERMANY 318.2 7.7% 301.6 7.4% -5.2% 8.6% 0.0% -13.8% UK 284.2 6.9% 248.5 6.1% -12.6% 0.0% -1.0% -11.6% BENELUX 225.1 5.4% 201.4 4.9% -10.5% 0.6% 0.0% -11.2% EASTERN EUROPE 133.2 3.2% 142.2 3.5% 6.8% 6.6% 0.8% -0.6% NORDICS 159.2 3.8% 129.4 3.2% -18.7% 0.0% 1.8% -20.5% SWITZERLAND 52.5 1.3% 44.4 1.1% -15.4% 0.0% 1.4% -16.7% EUROPE (W/O FRANCE) 1 924.9 46.5% 1 881.3 45.9% -2.3% 3.5% 0.1% -5.9% NORTH AMERICA 486.2 11.7% 432.6 10.6% -11.0% 0.0% -4.4% -6.6% ASIA PACIFIC 353.5 8.5% 337.5 8.2% -4.5% 1.3% -5.1% -0.7% OTHERS 18.4 0.4% 28.7 0.7% 55.9% -0.2% -7.5% 63.5% TOTAL 4 143.3 100% 4 099.0 100% -1.1% 4.3% -0.9% -4.5% BREAKDOWN OF TURNOVER PER GEOGRAPHICAL AREA AS AT DECEMBER 31ST 2025
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23 | CONDENSED INCOME STATEMENT In €M 2024 2025 FY Change % H1 H2 FY H1 H2 FY Revenue 2,108.0 2,035.3 4,143.3 2,084.1 2,014.9 4,099.0 -1.1% Operating Profit on Activity As % of Revenue 177.2 8.4% 199.3 9.8% 376.5 9.1% 152.1 7.3% 194.4 9.6% 346.5 8.5% -8.0% Share-based payments -9.8 -10.4 -20.2 -11.4 -9.6 -21.0 Non-recurring profit -7.6 -24.5 -32.1 -9.9 -36.4 -46.3 Amortization of intangible assets (IFRS3) - - - -6.1 -6.1 -12.2 Profit on disposal - -3.2 -3.2 - - - Impairment of goodwill - -44.0 -44.0 - -67.4 -67.4 Operating Profit As % of Revenue 159.8 7.6% 117.2 5.8% 277.0 6.7% 124.7 6.0% 74.8 3.7% 199.6 4.9% -28.0% Financial Income 2.0 1.4 3.4 -5.1 1.1 -4.0 Income tax expense EMCs and minority interests -43.7 0.1 -50.3 -0.1 -94.0 0.0 -37.1 0.0 -51.4 -0.1 -88.5 -0.1 Net income. Group share As % of Revenue 118.2 5.6% 68.2 3.3% 186.4 4.5% 82.6 4.0% 24.4 1.2% 106.9 2.6% -42.6% 23 Operating margin on activity was impacted by the slowdown in activity mainly in some geographical areas. Audit in progress
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24 | 24 FINANCIAL INCOME ANALYSIS 2024 H1 H2 2025 Cost of net financial debt 6.8 3.0 2.9 5.9 Interests on leasing contracts (IFRS16) -4.4 -2.5 -2.3 -4.8 Cost of financial debt and leasing 2.4 0.5 0.6 1.1 FX income 1.9 -5.9 2.4 -3.5 Other net financial income -1.0 0.4 -2.0 -1.6 FINANCIAL INCOME 3.3 -5.0 1.0 -4.0
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25 | In €M 2024 France 2024 International 2024 Group 2025 France 2025 International 2025 Group Revenue 1,360.3 2,783.0 4,143.3 1,418.8 2,680.2 4,099.0 Operating Profit on Activity As % of Revenue 104.0 7.6% 272.6 9.8% 376.5 9.1% 102.6 7.2% 243.9 9.1% 346.5 8.5% Share-based payments -11.2 -9.0 -20.2 -14.2 -6.8 -21.0 Non-recurring profit -7.8 -24.3 -32.1 -24.6 -21.6 -46.3 Amortization of intangible assets (IFRS3) - - - -9.2 -3.0 -12.2 Profit on disposal - -3.2 -3.2 - - - Impairment of goodwill - -44.0 -44.0 -27.1 -40.3 -67.4 Operating Profit As % of Revenue 85.0 6.2% 192.1 6.9% 277.0 6.7% 27.6 1.9% 172.0 6.4% 199.6 4.9% Financial Income 7.4 -4.1 3.3 0.9 -4.9 -4.0 Income tax expense EMCs and minority interests -20.2 0.0 -73.8 0.0 -94.0 0.0 -18.3 0.0 -70.2 -0.1 -88.5 -0.1 Net income, Group share As % of Revenue 72.1 5.3% 114.3 4.1% 186.4 4.5% 10.2 0.7% 96.7 3.6% 106.9 2.6% 25 CONDENSED INCOME STATEMENT BY REGION
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26 | GEARING : -17.5% Cash & cash equivalent: 288.1 Cash & cash equivalent: 348.3 CURRENT ASSETS: 1,546.7 o/w customer receivables: 1,262.5 NON-CURRENT ASSETS: 1,741.8 o/w rights of use: 205.8 3,636.8 3,636.8 N-C LIABILITIES: 249.5 o/w lease debts: 159.9 CURRENT LIABILITIES: 1,105.2 o/w lease debts: 62.2 o/w customer driven liabilities: 275.6 SHAREHOLDER’S EQUITY: 2,223.4 o/w Group share: 2,223.4 26 A HEALTHY BALANCE SHEET ASSETS EQUITIES & LIABILITIES 3,642.7 3,642.7 NON-CURRENT ASSETS: 1,858.2 o/w rights of use: 254.0 CURRENT ASSETS: 1,496.4 o/w customer receivables 1,313.6 SHAREHOLDER’S EQUITY: 2,209.3 o/w Group share: 2,209.3 N-C LIABILITIES: 259.9 o/w lease debts: 200.5 CURRENT LIABILITIES: 1,082.9 o/w lease debts: 70.6 o/w customer driven liabilities: 209.8 DECEMBER 2024 DECEMBER 2025 DECEMBER 2024 DECEMBER 2025 Current financial liabilities : 90.6 Current financial liabilities : 58.7
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27 | FREE CASH -FLOW : 239.9 Net cash 31/12/2024 Net cash 31/12/2025 Other financial flows Cash flow from operating activities Tax paid Change in WCR Financial investments DividendsCapex Flows from lease debt IFRS16 393.9 275.5 Incl. +76.4 IFRS16 Incl. +2.3 IFRS16 -97.1 33.5 -11.8 -78.7 -62.9 390.2 -52.2 -10.1 CHANGE IN NET CASH POSITION (€M)
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28 | 2024 H1 2025 OPERATIONAL CASH FLOW AS % OF REVENUE 370.7 8.9% 144.7 6.9% 172.8 8.6% 317.5 7.7% DEPRECIATION OF RIGHTS OF USE AND FINANCIAL COSTS 78.7 39.6 36.8 76.4 CASH-FLOW (IFRS16) 449.4 184.3 209.6 393.9 TAX PAID (110.6) (49.1) (48.0) (97.1) CHANGE IN WCR 91.6 (9.0) 42.5 33.5 FLOWS FROM LEASE DEBT (IFRS16) (80.2) (40.1) (38.6) (78.7) CASH FROM OPERATIONS AS % OF REVENUE 350.2 8.5% 86.1 4.1% 165.6 8.2% 251.7 6.1% CAPEX (17.0) (7.7) (4.1) (11.8) FREE CASH FLOW AS % OF REVENUE 333.2 8.0 % 78.4 3.8% 161.5 8.0% 239.9 5.9 % H2 28 * FREE CASH FLOW ANALYSIS
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29 | FREE CASH-FLOW ANALYSIS Free cash flow amounted to €239.9 million, representing 5.9% of revenue, hit by unusual non-recurring items. Operating cash flow (excluding the impact of IFRS 16) amounted to €317.5 M, representing 7.7% of revenue. It is lower than our Operating Profit on Activity due to significant non-recurring items incurred this year. Taxes paid amounted to €97.1 million, exceeding the income tax expense, as a result of the decline in earnings in 2025 and the payment of final tax balances relating to fiscal year 2024 in several countries. WCR generated €31.3 M (excluding IFRS 16). This cash generation is mainly explained by: A decrease in trade receivables of €54.4 M, of which €23.7 M resulted from organic revenue decline and €30.7 M from a 2.5-day improvement in DSO, which decreased from 89 days at the end of 2024 to 86.5 days at the end of December 2025, despite an unfavourable country mix, A decrease in trade payables of €21.2 M due to reduced use of external subcontracting and other external expenses such as rent. Other activity-related changes, which were not material. Capex remained low, at 0.3% of revenue.
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30 | The slowdown in activity, down 4.5% on a like-for-like basis in FY 2025, decelerated in Q4 2025 to 2.2%, thanks to Civil Aeronautics and Banking Sectors returning to growth and Energy & Defense accelerating. Excluding the Automotive decline (-16%) and calendar effect, the organic decline would have been limited to 1.5% which is a satisfactory performance in the current environment. The operating margin on activity was mainly affected by the calendar effect, a decline in gross margin in some countries, despite lower SG&A costs. Thanks to a better than expected Q4, the decline in OPA remained limited to 8.5% (instead of 8.1% anticipated). Germany and Nordics weighed on the operating margin on activity, while other geographies achieved quite satisfactory performance. ALTEN self-financed M&A and dividends, improved its net cash position to €390 M and its gearing to -17.5%. Despite the improvement in business conditions experienced in Q4 2025, visibility remains reduced. The activity at the end of Q1 will allow to refine the outlook for 2026. SUMMARY
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CSR POLICY 3.
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32 | ESG ACHIEVEMENTS Rating agency Base year Final year of dissemination Level 2012 2024D A- Top 2 in the sector Maintained A- rating for 2 years 2009 202534/100 85/100 Top 1% Steady growth since 2009 – highest rating ever achieved in 2025 2019 202463/100 75/100 Ranked 8th in the sector ETHICAL AND RESPONSIBLE COMPANY A risk-based approach with a certified integrated management system An ethical trade policy An inclusive HR policy focused on employee development A long-term relationship with suppliers and subcontractors, in accordance with the ISO 20400 standard 7-point increase compared to 2024 Integrated management system (ISO/EN) 65% of the Group's workforce covered by an environmental management system and 60% by a health and safety management system Renewal of associated certifications Reduction our total GHG emissions by 60% compared to 2019, in line with the decarbonization trajectory validated by the SBTi, covering scopes 1, 2 and relevant categories of scope 3. Scope 1 & 2 target: -59,8% between 2019 and 2030 (absolute reduction) – Scope 3 target: -55,8% between 2019 and 2030 (Intensity-based reduction - ie per € million). PERFORMANCE ESG CERTIFICATION CARBONE TRAJECTORY
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GROWTH STRATEGY 4.
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34 | STRATEGY & DEVELOPMENT Despite a challenging economic environment in 2024 and 2025, ALTEN consolidates its position as a global leader in engineering and IT services. ALTEN must strengthen its international organization to succeed this challenge • Strengthen management in target countries through mobility or strategic external recruitment, mostly America & Asia. • Implementation of a global and worldwide HR organization. • Accelerated organic growth through M&A in target countries. • Increase the size of our offshore Delivery Centers (India, Morocco, Mexico, Romania, Vietnam) from 10,000 engineers today to over 20,000 in 4 years with local technical management. • Formalize the extensive catalog of ALTEN's offerings available in all countries. • Train all our business managers for deployment. • Integrate AI capacities in all customer project and internal function with 65% engineers already trained. • Implementation of an international structure to capitalize on and develop the 120 key accounts (78% of today's revenue). • Complete the deployment of the Technical Direction across all countries with a strong footprint for each industry. ALTEN doubled its size between 2017 and 2022 despite Covid, driven by a very strong international growth, and will grow from 51,000 to 70,000 FTE (engineers)
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35 | CONCLUSION ALTEN owns all the assets necessary To strengthen its worldwide development A strong positioning and offers which fit customers challenges. ALTEN is well recognized as a TOP 5 worldwide player in Engineering A healthy financial structure enabling to accelerate its growth through M&A and strategic investments. An internationally recognized organisation of Delivery; an AI capability to enhance efficiency. Technological and sector- specific centers of excellence designed to meet the needs of various industries. 35 Reach over 70,000 engineers Rapid return to an OPA of around 10 % THE GROUP IS CONFIDENT IN ITS TARGETS: AI expertise and capabilities to leverage on a performing organization, both for projects and support functions.
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APPENDICES 5.
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37 | ASSETS & LIABILITIES Audit in progress (in thousands of euros) December 2024 December 2025 Share Capital 37 030 37 110 Additional paid in capital 60 250 60 250 Consolidated reserves 1 925 650 2 019 110 Consolidated earnings 186 419 106 915 SHAREHOLDERS' EQUITY 2 209 350 2 223 386 NON CONTROLLING INTERESTS 0 0 Post-employment benefits 32 961 32 913 Non-currrent provisions 10 008 11 185 Non-current financial liabilities 9 190 8 705 Non-current Lease liabiliites 200 466 159 909 Other non-current liabilities 4 263 4 874 Deferred tax liabilities 3 038 31 872 NON CURRENT LIABILITIES 259 926 249 458 Current provisions 11 019 19 155 Current financial liabilities 90 605 58 738 Current lease liabilities 70 624 62 184 Trade payables 174 118 163 938 Other current liabilities 547 251 550 338 Client contract liabilities 246 323 275 622 Current tax liabilities 33 464 33 936 CURRENT LIABILITIES 1 173 405 1 163 911 TOTAL LIABILITIES 3 642 681 3 636 755 (in thousands of euros) December 2024 December 2025 Goodwill & Intangible assets 1 399 569 1 387 654 Rights of use 253 998 205 800 Property, plant and equipment 52 460 47 613 Interests in associates 1 191 1 074 Non-current financial assets 125 922 71 222 Deferred tax assets 25 078 28 440 NON CURRENT ASSETS 1 858 218 1 741 803 Clients 1 063 565 1 000 754 Client contract assets 250 035 261 744 Other current assets 150 071 242 153 Current tax assets 32 694 42 007 Cash and cash equivalents 288 098 348 293 CURRENT ASSETS 1 784 463 1 894 951 TOTAL ASSETS 3 642 681 3 636 755
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38 | INCOME STATEMENT Audit in progress CASH FLOW STATEMENT (in thousands of euros) FY 2024 FY 2025 NET REVENUE 4 143 287 4 098 971 Purchase consumed -437 185 -464 389 Employee benefits expense -2 937 932 -2 904 194 External charges -273 862 -263 856 Other taxes and levies -16 741 -14 100 Depreciation and amortization charges -94 460 -91 534 Other operating expenses -15 619 -24 726 Other operating income 9 056 10 285 OPERATING PROFIT ON ACTIVITY 376 544 346 456 Share-based payments -20 261 -21 006 Amortizations of intangible assets recognized in business combinations -12 175 PROFIT FROM ORDINARY ACTIVITIES 356 283 313 275 Other operating expenses -34 636 -46 892 Other operating income 2 554 633 Proceeds from disposal -3 193 0 Impairment of goodwill -43 989 -67 450 OPERATING PROFIT 277 019 199 567 Net borrowing costs 2 397 1 102 Other financial expenses -41 696 -32 251 Other financial income 42 637 27 124 Income tax expense -93 968 -88 510 EARNING OF CONSOLIDATED ENTITIES 186 390 107 032 Earnings from associates 30 -117 NET OVERALL EARNINGS 186 419 106 915 NON-CONTROLLING INTERESTS 0 0 ATTRIBUTABLE TO OWNERS OF THE PARENT 186 419 106 915 (in thousands of euros) FY 2024 FY 2025 Consolidated net income 186 419 106 915 Earnings from associates -30 117 Depreciation, provisions and other calculated expenses 148 712 177 898 Share-based payments 20 261 21 006 Income tax expense 93 968 88 510 Capital gains or losses from disposals 2 068 -256 Net borrowings costs -2 397 -1 102 Financial cost on update and provisions 421 847 Gross cash flow before borrowings costs and tax 449 422 393 935 Taxes paid -110 587 -97 076 Change in working capital requirements 91 562 33 541 NET CASH FLOW FROM OPERATING ACTIVITIES 430 397 330 400 Acquisitions/disposals of property, plant and equipment and intangible asse -16 955 -11 776 Acquisitions /disposals of financial assets 2 156 -34 529 Impact of change in scope of consolidation and earn-outs -311 266 -59 166 NET CASH FLOW FROM INVESTING ACTIVITIES -326 065 -105 471 Net financial interest paid 2 249 1 613 Dividends paid to shareholders -52 110 -52 191 Capital increase 0 0 Acquisitions and disposals of treasury shares -636 68 Change in non ‑ current financial liabilities -1 270 149 Change in current financial liabilities -13 830 -32 118 Change in lease liabilities -75 802 -73 887 NET CASH FLOW FROM FINANCING TRANSACTIONS -141 400 -156 364 Impact of exchange rate variations 1 764 -8 370 CHANGE IN CASH POSITION -35 304 60 195 Cash at beginning of period 323 402 288 098 Cash at end period 288 098 348 293 Cash as financial investments over 3 months 86 960 108 935 Bank loans -99 204 -63 927 Overtdrafts -337 -3 131 NET CASH POSITION 275 517 390 170
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39 | IFRS16 FINANCIAL IMPACTS The IFRS16 lease debts are not included in the net treasury. They account for €222 M at the end of December 2025 (87% real estate, 12% vehicles, 1% other) ACTIF PASSIF BALANCE SHEET (€M) INCOME STATEMENT (€M) CASH -FLOW STATEMENT (€M) Rights of use 205.8 Deferred tax assets 0.9 206.7 Consolidated reserves -1.7 Net income -0.9 Lease debt 222.1 Non-current provisions -1.0 Accounts payable -1.6 Rent free period -10.3 Deferred tax liabilities 0.1 206.7 OPA 3.7 Net borrowing costs -4.9 Income tax 0.3 Net result -0.9 Cash flow Depreciation of rights of use & financial costs 76.4 WCR 2.3 Cancellation of flows from lease debts -78.7 Free cash flow 0.0 39 P&L impact: - 0.9 No impact on Group cash - flow statement and net cash position (Treasury) IFRS16 FINANCIAL IMPACTS
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40 | BREAKDOWN OF TURNOVER PER GEOGRAPHICAL AREA As at December 31st 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Full Year 2025 COUNTRY Published Organic, excl. Forex effect Published Organic, excl. Forex effect Published Organic, excl. Forex effect Published Organic, excl. Forex effect Published Organic, excl. Forex effect FRANCE 4.2% -3.8% 3.4% -4.8% 4.3% -3.4% 5.3% -2.4% 4.3% -3.6% IBERIC 14.4% 6.7% 10.1% 3.0% 12.7% 5.7% 14.2% 6.6% 12.8% 5.5% ITALY 1.3% 1.3% 2.8% 2.8% 2.7% 2.7% 2.9% 2.9% 2.4% 2.4% GERMANY -10.7% -18.3% -9.5% -17.6% -4.5% -14.2% 5.7% -3.2% -5.2% -13.8% UK -6.0% -8.3% -15.2% -15.7% -14.1% -11.9% -15.0% -10.3% -12.6% -11.6% BENELUX -14.0% -14.3% -8.0% -9.7% -8.0% -8.2% -11.8% -12.1% -10.5% -11.2% EASTERN EUROPE 13.6% -2.5% 18.1% 3.4% 0.1% 0.1% -2.2% -2.9% 6.8% -0.6% NORDICS -22.5% -22.7% -18.7% -21.5% -17.8% -19.5% -14.7% -17.5% -18.7% -20.5% SWITZERLAND -17.9% -18.2% -16.6% -19.8% -11.3% -12.8% -15.3% -15.7% -15.4% -16.7% EUROPE (W/O FRANCE) -3.0% -7.3% -3.1% -7.5% -2.3% -5.3% -0.7% -3.3% -2.3% -5.9% NORTH AMERICA -4.6% -5.4% -12.7% -7.5% -14.2% -8.6% -12.5% -4.8% -11.0% -6.6% ASIA PACIFIC -1.7% -4.6% -0.7% 1.8% -5.2% -0.9% -10.0% 0.8% -4.5% -0.7% OTHERS 48.0% 48.0% 33.7% 41.6% 33.5% 40.3% 101.2% 115.7% 55.9% 63.5% TOTAL -0.5% -5.5% -1.8% -5.7% -1.7% -4.5% -0.3% -2.2% -1.1% -4.5%
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Q&A
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42 | comfi@alten.fr www.alten.com/com/investisseurs +33 (0)1.46.08.71.79 221 bis Boulevard Jean Jaurès 92100 Boulogne-Billancourt Cedex Contact ANNUAL RESULTS 2025