Alten

Earnings Release • Sep 25, 2025

PRESS RELEASE

2025 FIRST HALF RESULTS

• Organic decrease: - 5.6%
• Operating profit on activity: 7.3% of revenue

€ million	June 2024	June 2025	YoY change
Revenue	2,108.0	2,084.1	- 1.1%
 France	692.1	718.3	+ 3.8%
International	1,415.9	1,365.8	- 3.5%
Operating Profit on Activity	177.2	152.1
As % of revenue	8.4%	7.3%	- 14.2%
Operating Profit	159.8	124.7
As % of revenue	7.6%	6.0%	- 21.9% *
Net profit. Group share	118.2	82.6
As % of revenue	5.6%	4.0%	- 30.2% *
Free cash flow	98.0	78.4
As % of revenue	4.6%	3.8%
Restated Free cash flow *	58,300	57,900
As % of revenue

*The decrease in operating income and Group net income amounts to -18.1% and -25.0% respectively, after adjustments for amortization charges on intangible assets recognized as part of the purchase price allocation for the Worldgrid acquisition.

ACTIVITY AT END OF JUNE 2025: - 1.1%

In the first half of the year, the Group's activity declined by -1.1% overall, with +3.8% growth in France and -3.5% outside France. On a like-for-like basis and at constant exchange rates, the decline was -5.6% (-4.3% in France, -6.2% outside France).

The activity was impacted by 1.5 fewer working days compared to the first half of 2024. At constant working days, the decline would have been -4.7%.

The Group's performance was significantly affected by the sharp downturn in the Automotive sector (-15%). Excluding Automotive, the Group's decline was -3.4% (-2.5% at constant working days).

Only the Defence/Security/Naval, Energy, and Railway sectors recorded growth.

Except for Southern Europe, which continued to grow, and Eastern Europe, which remained stable, all other geographical areas experienced varying degrees of decline.

OPERATING MARGIN ON ACTIVITY: 7.3% OF REVENUE

Operating Profit on Activity totalled €152.1 M (7.3% of revenue compared to 8.4% in June 2024), mainly penalized by 1.5 fewer working days than in 2024.

Furthermore, due to the crisis in the Automotive sector in particular, certain countries have faced difficulties internationally (Germany, Sweden, USA, etc.), contributing to the contraction of the operating margin from activity.

PRESS RELEASE

OPERATING PROFIT: 6.0% OF REVENUE

Operating Profit totalled €124,7 M. It includes €11.4 M in share-based payments, €6.1 M of amortization of intangible assets recognized in business combinations, and €9.9 M in non-recurring costs (primarily costs related to restructurings (€7.2M) and fees and earn-out on acquisitions (€2.1 M)).

NET PROFIT, GROUP SHARE: 4.0% OF REVENUE

Financial income totaled €-5.1 M. After considering tax expenses of €37.1 M, Group share came out to €82,6 M.

NET CASH POSITION: €275.9 M / GEARING: - 12.6%

Cash flow (excluding the impact of IFRS 16) totaled €144.7 M (6.9% of revenue) in line with OPA. Working capital requirements increased by €9.6 million. Capex remained low at €7.7 million, representing 0.4% of revenue, while taxes paid amounted to €49.1 million. As a result, free cash flow reached €78.4 million. After accounting for net financial investments (-€15.2 million), dividends paid (-€52.2 million), and other financing flows (-€10.7 million), net cash stood at €275.9 million at the end of June 2025, a stable level compared to December 2024.

ALTEN has significant investment capacity (gearing: -12.6%).

EXTERNAL GROWTH: 1 ACQUISITION OVERSEAS

In India and USA: a company specializing in Life Science, positioned in the CRO (Revenue: €7.5M, 120 consultants) was acquired at the end of July 2025.

Several companies across all continents are currently undergoing due diligence

OUTLOOK FOR 2025:

Activity in the first half of the year continued to slow, extending the deceleration observed at the end of 2024. The macroeconomic environment remains uncertain and volatile.

In this context, ALTEN expects an organic revenue decline of between -5.2% and -5.5% for the full year 2025. Consequently, the operating margin from activity will be impacted by an unfavorable calendar effect and a lower SG&A cost coverage ratio compared to the previous year, despite the cost-saving measures implemented. Assuming the economic environment remains unchanged, the operating margin from activity is expected to be in the range of 8.0% to 8.1% of revenue for the full year.

Next publication: Octobre 23 after market close: Q3 2025 Results

APPENDIX TO PRESS RELEASE:

Definition of alternative performance measures and reconciliation with IFRS standards

The ALTEN Group uses alternative performance measures especially selected to follow up on its operational activities. The Group has chosen these measures as they supply additional information allowing the users of periodic financial information to have a comprehensive understanding of the Group's performance. Such alternative performance measures are complementary to IFRS standards.

Revenue growth on a like-for-like basis (i.e. organic growth)

Growth on a like-for-like basis (and constant exchange rate) is calculated excluding the effects of exchange rate variations and the variations of the consolidation scope on a chosen period.

Exchange rate impacts are measured by converting the revenue of the period with the average exchange rate from the previous period.

Scope variation impacts are measured by excluding revenue of the period from acquisitions and revenue of the previous period from disposals in order to create a scope which is identical to the previous period. This alternative measure enables to identify the real performance of the Group in terms of activity on the chosen period.

This alternative measure enables to identify the real performance of the Group in terms of activity on the chosen period.

€M	H1 2024 Revenue	H1 2025 Revenue	Change %
Revenue on a like-for like basis	2,103.1	1,985.7	- 5.6%
France	692.1	662.2	- 4.3%
International	1,411.0	1,323.5	- 6.2%
Scope variation	4.9	103.2	4.7%
France	-	56.1	8.1%
International	4.9	47.1	3.0%
Exchange rate impact	-	- 4.8	- 0.2%
France	-	-	-
International	-	- 4.8	- 0.3%
Group Revenue	2,108.0	2,084.1	- 1.1%
France	692.1	718.3	3.8%
International	1,415.9	1,365.8	- 3.5%

Evolution of business in H1 2025

Operating Profit on Activity

Operating Profit on Activity is the operating income before taking into account the costs on share-based payments, results from significant transfers of assets, goodwill impairment, as well as other significant and uncommon elements considered as miscellaneous fees and operational activities.

Since payments on share-based compensation have noticeable heterogeneous annual changes, the tables included in our financial statements show the operational performance of the Group and make it possible to compare with previous or selected periods.

Net cash position

Net debt - as defined and used within the Group, stands for cash investments, cash and cash equivalent less gross financial debt (overdraft bank loans and other assimilated financial debts). This measure is called 'net cash position' when the amount of cash investments, cash and cash equivalent is higher than the gross financial debt; conversely, it is called 'net debt'.

Free cash flow

Free cash flow corresponds to net cash flow from operating activities minus net operating investments and net cash flow from financing activities related to payments of leasing debts.

About ALTEN

For more information: www.alten.com/investisseurs / Journalists' details: alten@hopscotch.fr

As a European Leader in Engineering and Technology Consulting (ETC). ALTEN carries out design and research projects for Technical and IT divisions of major clients in industry. telecoms and services.

ALTEN's stock is listed in compartment A of the Euronext Paris market (ISIN FR000001946); it is part of the SBF 120. the IT CAC 50 index and MIDCAP100. and is eligible for the deferred Settlement Service (SRD).

Balance sheet – Assets / Liabilities

(in thousands of euros)	December 2024	June 2025
Goodwill	1 392 108	1 265 720
Rights of use	253 998	219 042
Intangible assets	7 461	154 199
Property, plant and equipment	52 460	49 742
Interests in associates	1 191	1 179
Non-current financial assets	125 922	112 162
Deferred tax assets	25 078	22 530
NON CURRENT ASSETS	1 858 218	1 824 574
Clients	1 063 565	951 514
Client contract assets	250 035	332 851
Other current assets	150 071	187 181
Current tax assets	32 694	38 259
Cash and cash equivalents	288 098	276 914
CURRENT ASSETS	1 784 463	1 786 718
TOTAL ASSETS	3 642 681	3 611 292
(in thousands of euros)	December 2024	June 2025
Share Capital	37 030	37 030
Additional paid in capital	60 250	60 250
Consolidated reserves	1 925 650	2 014 980
Consolidated earnings	186 419	82 556
SHAREHOLDERS' EQUITY	2 209 350	2 194 816
NON CONTROLLING INTERESTS	0	0
Post-employment benefits	32 961	33 959
Non-currrent provisions	10 008	10 165
Non-current financial liabilities	9 190	7 015
Non-current Lease liabiliites	200 466	170 829
Other non-current liabilities	4 263	3 687
Deferred tax liabilities	3 038	36 095
NON CURRENT LIABILITIES	259 926	261 750
Current provisions	11 019	10 755
Current financial liabilities	90 605	71 662
Current lease liabilities	70 624	63 563
Trade payables	174 118	191 676
Other current liabilities	547 251	562 143
Client contract liabilities	246 323	226 615
Current tax liabilities	33 464	28 314
CURRENT LIABILITIES	1 173 405	1 154 726
TOTAL LIABILITIES	3 642 681	3 611 293

Income statement

(in thousands of euros)	H1 2024	H1 2025
NET REVENUE	2 108 006	2 084 083
Purchase consumed	-218 895	-238 945
Employee benefits expense	-1 510 150	-1 503 703
External charges	-143 506	-131 369
Other taxes and levies	-7 845	-8 220
Depreciation and amortization charges	-48 081	-46 254
Other operating expenses	-4 940	-6 721
Other operating income	2 603	3 206
OPERATING PROFIT ON ACTIVITY	177 191	152 078
Share-based payments	-9 848	-11 370
Amortizations of intangible assets recognized in business combinations		-6 088
PROFIT FROM ORDINARY ACTIVITIES	167 343	134 621
Other operating expenses	-8 726	-9 996
Other operating income	1 172	113
OPERATING PROFIT	159 789	124 739
Net borrowing costs	1 607	480
Other financial expenses	-19 663	-18 972
Other financial income	20 027	13 424
Income tax expense	-43 685	-37 104
EARNING OF CONSOLIDATED ENTITIES	118 075	82 567
Earnings from associates	126	-12
NET OVERALL EARNINGS	118 201	82 556
NON-CONTROLLING INTERESTS	0	0
ATTRIBUTABLE TO OWNERS OF THE PARENT	118 201	82 556

Cash-flow statement

(in thousands of euros)	H1 2024	H1 2025
Consolidated net income	118 201	82 556
Earnings from associates	-126	12
Depreciation, provisions and other calculated expenses	48 598	53 383
Share-based payments	9 848	11 370
Income tax expense	43 685	37 104
Capital gains or losses from disposals	-1 558	76
Net borrowings costs	-1 607	-480
Financial cost on update and provisions	572	275
Gross cash flow before borrowings costs and tax	217 613	184 294
Taxes paid	-46 350	-49 094
Change in working capital requirements	-23 995	-8 984
NET CASH FLOW FROM OPERATING ACTIVITIES	147 268	126 216
Acquisitions/disposals of property, plant and equipment and intangible asse	-9 289	-7 650
Acquisitions /disposals of financial assets	3 473	-882
Impact of change in scope of consolidation and earn-outs	-78 922	-15 133
NET CASH FLOW FROM INVESTING ACTIVITIES	-84 738	-23 665
Net financial interest paid	1 593	2 370
Dividends paid to shareholders	-52 110	-52 191
Capital increase	0	0
‑ Acquisitions and disposals of treasury shares	-1 171	-30
Change in non current financial liabilities	-3 382	6
Change in current financial liabilities	8 746	-18 803
Change in lease liabilities	-37 785	-37 624
NET CASH FLOW FROM FINANCING TRANSACTIONS	-84 110	-106 272
Impact of exchange rate variations	273	-7 463
CHANGE IN CASH POSITION	-21 307	-11 184
Cash at beginning of period	323 402	288 098
Cash at end period	302 094	276 914
Cash as financial investments over 3 months	83 187	77 292
Bank loans	-100 889	-76 939
Overtdrafts	-17 242	-1 372
NET CASH POSITION	267 151	275 894