Slides
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Simon Azoulay Chairman of the Board HALF - YEAR RESULTS 2026 Bruno Benoliel Deputy Chief Executive Officer Paris, September 25th, 2026 Cyril Malargé Chief Executive Officer
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2 | DISCLAIMER First Half 2026 “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 First Half Results 2026 1. Business & Highlights 2. Half-Year Results 2026 3. 4. Growth strategy 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 | REVENUE: €2,109.2M OPA: € 187.3M HEADCOUNT: 58,700 INTERNATIONAL 64.5% €1,359.5M: -0.5% of which FRANCE 35.5% €749.6M: +4.4% of which +3.3% organic +1.2% 8.9% of revenue 52,200 engineers ► JUNE 2025: 7.3% of revenue ► JUNE 2025: -12.6% GEARING: -14.0% ALTEN, LEADER IN ENGINEERING AND TECHNOLOGY CONSULTING ► DECEMBER 2025: 51,000 ► JUNE 2025: 51,340 89% OF TOTAL HEADCOUNT ► DECEMBER 2024: 50,900 -1.4% organic +2.2% Forex +0.8% like for like of which +1.6% like for like FOOTPRINT IN OVER 35 COUNTRIES 5 | ENGINEERS
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6 | H1 2018 H1 2023 32.0% H1 2024 32.8% ACTIVITY RETURNED TO GROWTH IN H1 2026 : +1.2% REPORTED AND +1.6% LIKE FOR LIKE. FRANCE GREW ON A LFL BASIS +3.3%, WHILE INTERNATIONAL REVENUE WAS BROADLY STABLE: +0.8%. France France 34.5% France H1 2025 68.0% 54.2% 45.8% 1.099.9 26,500 engineers 50,550 engineers 2,047.9 51,390 engineers 2,108.0 67,2% 6 EVOLUTION OF THE ACTIVITY Revenue in €M International International International France 51,340 engineers 2,084.1 65.5% International 32.0% 32.8% 34.5% France FranceFrance H1 2026 2,109.2 52,200 engineers 64.5% International 35.5% France
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7 | 7 H1 2026 HIGHLIGHTS 7 | FRANCE IS PERFORMING WELL (ASD, ENERGY = 63% OF REVENUE). GERMANY & UK HAVE RETURNED TO ORGANIC GROWTH AERONAUTICS, SPACE, DEFENSE & ENERGY ARE STRUCTURALLY GROWING MARKETS = 40% OF ALTEN REVENUE AUTOMOTIVE IS NOW LESS THAN 14% REVENUE (VS 20% IN 2022). Organic growth is back ORGANIC GROWTH 1.7% - 1.9% OPERATING MARGIN ON ACTIVITY AROUND 9.2% Improving results in 2026 FY
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8 | GROWTH IS BACK IN ALL AREAS GEOGRAPHIC FOOTPRINT PER CONTINENT (number of engineers) AMERICA3,060 FRANCE 12,100 EUROPE (OUTSIDE FRANCE)20,640 20,490 MIDDLE-EAST I AFRICA2,300 2,190 ASIA I PACIFIC14,100 13,900 GROUP 51,000 52,200 11,800 2,620 June 2026 December 2025 8 |
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9 | OUR MARKETS (IN % OF REVENUE) STRONG GROWTH MAINLY DRIVEN BY: Studies in engineering and conception. Manufacturing engineering and supply chain efficiency. TCO and maintenance optimization. Airbus, Airbus Helicopters, Airbus Atlantic, Safran, Rolls-Royce, Airbus Aerostruct., Thales, Dassault Aviation, Liebherr… AERONAUTICS 16.0% New launches, new satellite constellations. SPACE 1.6% Airbus DS, Thales, GE Aeropsace, ArianeGroup, CNES Group Increasing military budgets in all types of equipments. Increasing export markets. Next-Generation of aircraft carrier and submarines. DEFENCE AND SECURITY, NAVAL Thales, Airbus DS, Leonardo, Naval Group, Safran, MBDA, SAAB, Navantia, BAE Systems… 9.7% MARKET TREND MARKET TREND MARKET TREND
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10 | OUR MARKETS (IN % OF REVENUE) Progressive stabilisation of the business on a sequential basis among the OEM, not the manufacturers. Highly competitive environment, driven by outsourcing in India. 13.7% GROWTH ACCELERATION MAINLY DRIVEN BY: The signalling and communication systems. Manufacturers increasing markets. RAIL Stellantis, Renault, Volkswagen, Volvo, BMW, Traton, Ford, Mercedes-Benz, Geely, GM… Alstom, Hitachi Rail, RATP, CAF, Siemens… AUTOMOTIVE 3.0% Industrial equipment activities are stabilizing. Electronics and semiconductor markets remains difficult in outsourced R&D as investments are mainly dedicated to new manufacturing capabilities. INDUSTRIAL EQUIPMENT & ELECTRONICS Inditex, ABB, Kone, SSAB, Philip Morris, Valmet, Hitachi… 8.1% MARKET TREND MARKET TREND MARKET TREND
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11 | OUR MARKETS (IN % OF REVENUE) Structural growth in nuclear activities. Investments in renewable energies. New Oil & Gas projects. ENERGY & ENVIRONMENT EDF, Schneider Energies, Altera, Technip, ENI, Total Energies, Siemens, Red Electrica, GE Vernova, Rolls Royce… 11.9% Gradual stabilization of activity. Tough CRO market around clinical studies and pharmacovigilance as some activities are transferred to the US. More resilient market in manufacturing activities and medical devices. LIFE SCIENCES Sanofi, GSK, Boehringer, Johnson&Johnson, Servier, Lilly, UCB Pharma… 7.4% Equipment makers and Operators are continuously cutting investment since 5G deployment is over. TELECOM Bouygues, Telefonica, Orange, Ericsson, Cisco, Deutsche Telecom, Altice, Nokia… 3.7% MARKET TREND MARKET TREND MARKET TREND
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12 | 16.4% OUR MARKETS (IN % OF REVENUE) BANK, FINANCE & INSURANCE Services, Media and Public Sector improved during H1. Highly heterogeneous market according to the different banking activities and geographical markets. Should stabilize over H2. RETAIL, SERVICES &PUBLIC SECTOR 8.5% BNP Paribas, La Caixa, HSBC, Banco Comercial Português, Morgan Stanley, Santander, Société Générale, Intesa, Crédit Agricole… Amadeus, HM Courts & Tribunal Service, Alphabet, Bundesagentur, Aruba, Carrefour, British Ministry of Defence, Amazon, Fastweb MARKET TREND MARKET TREND
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13 | Business Sector AI Offering Key Takeaway of the project Aerospace AI 4 Tech Data & Product Design AI-Analysis of Product Design changes, with HIL (Human In The Loop) Saving up to 80% of effort & lead time to cascade impacts across process Defense & Security AI 4 Testing AI-driven Test Plan & Non-regression Test Prioritization Up to 40% reduction in test plan creation time, 70% in Test coverage Automotive AI 4 Supply Chain Multi Agent AI-assisted Procurement flows Automated ordering, secured supply-chain, real-time supplier monitoring Rail & Mobility AI 4 Voice-bot Agentic AI Agentic voice-bot with OCR features Reduced leadtime for document modification Energy & Environment AI 4 Software Development AI-powered development of energy billing solution, with AI-assisted code, documentation and testing 15% overall delivery productivity gain at team level Life Sciences AI 4 Doc Management Medecine legal Side effect documentation secured 90% Faster processing leadtime, better reliability than human-powered Industrial equipment AI 4 Quality & AI 4 Manufacturing Predictive maintenance fuelled by Machine learning patterns Reduced downtime and improved quality Telecom AI 4 Customer Support Customer ChatBot, 6 million users supported 20-30% automated Ticket resolution, Improved customer satisfaction Banking, Finance, Insurance AI 4 Sovereign data AI Deployment Deployment of a customised Mistral solution at an insurance company Several thousands users being deployed, in a sovereign platform Retail, Services & Media AI 4 Code Modernization Complete Code modernisation with Google tooling of a critical App in a Retail company (5000 stores) Reliable deployment of a critical application with significant reduction of TCO Public Services & Government AI 4 Data governance AI Consulting Advisory to a major city in terms ofData Governance and Performance Management Enhanced analytics, increased data literacy access across the town ALL SECTORS FDE ALTEN is deploying Forward Deployed Engineers acorss all sectors Resulting in higher scalability of Use Cases, more robust solution ROI achieved in AI deployments SOME AI ACHIEVEMENTS ACROSS ALTEN PROJECTS DELIVERING TANGIBLE BUSINESS VALUE ACROSS ALL SECTORS AND OFFERINGS
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14 | AI AT ALTEN MAJOR ENGINEERING CUSTOMERS ARE ASKING TO REDIRECT THE SAVINGS FROM AI DEPLOYMENT TOWARDS ADDITIONAL SERVICES (TECHNICAL DEBT REDUCTION, ADDITIONAL PROJECTS) RATHER THAN BUDGET CUTS @ ALTEN AI PLATFORMS & INFRASTRUCTURESAI GO TO MARKET & PARTNERSHIPAI FOR PROJECT PERFORMANCE WORKFORCE: 75% OF EMPLOYEES TRAINED ON AI FORWARD DEPLOYED ENGINEERS AND AI EXPERTS ACROSS ALL COUNTRIES Strong acceleration: in 2026H1 more than 1000 work-packages are deployed with AI impacting over 7000 engineers worldwide. Significant added value to customers resulting in an average 10% productivity improvement on workpackages AI accelerators & tools deployed on most important customer projects Detailed AI Training for the Technical Direction world-wide AI is now infused in 30 % of the Group projects 80% of the value of RFPs is AI infused AI Value proposition significantly extended, to cover now 20 offers Detailed AI Sales Training with associated certification world-wide Partnerships with Google, OpenAI, Microsoft, Mistral, Nvidia, Dataiku, AWS, Snowflake, … Secured and dedicated ALTEN AI platforms to drive efficiency and scalability: - Multiple platforms deployed: Mistral, Open AI, Anthropic Claude, Google Gemini, Microsoft Copilot, …, - AI development and production platforms - Agentic environments - Token and cost optimization rules defined and deployed
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15 | CONTINUED GROWTH STRATEGY THROUGH ACQUISITIONS 2 ACQUISITIONS • A company specialized in IT Services mainly in France (90% of revenue) (revenue: €68 million, 470 consultants). • A company specialized in the automotive sector (mechanical design & software-defined) in Germany (revenue: €22 million, 230 consultants). 1 DISPOSAL • A company specialized in Life Sciences internationally (revenue: €11.5 million, 61 consultants). M&A PROCESS ACCELERATION - M ORE THAN 8 COMPANIES UNDER DUE DILIGENCE PROCESS WITH INTERNATIONAL FOOTPRINT
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16 | SHAREHOLDER AS AT SEPTEMBER 18, 2026 • CAPITALIZATION: € 2,343 M • NUMBER OF SHARES: 35,461,076 EURONEXT PARIS COMPARTIMENT A FR 0000071946 (SRD ) % OF VOTING RIGHTS Founder 26.32% Employees 3.06% Public 70.62% Employees 2.34 % Founder 14.59% Self detention 5.43% Public 77.64%% in actions
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2. HALF - YEAR RESULT S 2026
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18 | GROWTH IN BUSINESS - GROUP 1.2% 1.6% -1.4% In €M H1 2025 H1 2026 Change/l-f-l vs H1 2025 2,081.3 2.8 2,115.5 22.8 -29.1 2,084.1 2,109.2 Revenue on a l-f-l basis Change in scope FX impact Consolidated revenue 1.0% Still a significant FX impact on revenue
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19 | BREAKDOWN OF TURNOVER PER GEOGRAPHICAL AREA AS AT JUNE 30TH 2026 H1 Change COUNTRY 2025 % 2026 % Published Change in scope Forex Organic, excl. Forex effect FRANCE 718.3 34.5% 749.6 35.5% 4.4% 1.0% 0.0% 3.3% IBERIC 231.5 11.1% 253.6 12.0% 9.5% 2.6% 0.0% 7.0% ITALY 176.1 8.5% 180.0 8.5% 2.2% 0.0% 0.0% 2.2% GERMANY 151.7 7.3% 153.3 7.3% 1.1% 0.0% 0.0% 1.1% UK 130.2 6.2% 127.3 6.0% - 2.2% - 0.8% - 2.9% 1.5% BENELUX 103.4 5.0% 99.0 4.7% - 4.3% 0.0% 0.0% - 4.3% EASTERN EUROPE 72.1 3.5% 68.7 3.3% - 4.7% 0.0% - 0.8% - 3.9% NORDICS 69.5 3.2% 62.0 2.9% - 10.8% 0.0% 1.7% - 12.5% EUROPE (W/O FRANCE) 934.5 44.8% 943.9 44.8% 1.0% 0.5% - 0.3% 0.8% NORTH AMERICA 225.1 10.8% 209.9 10.0% - 6.8% 2.1% - 5.0% - 3.9% ASIA PACIFIC 171.7 8.2% 167.3 7.9% - 2.6% 1.3% - 8.4% 4.5% OTHERS 34.5 1.7% 38.5 1.8% 11.5% 1.9% - 1.4% 11.0% TOTAL 2,084.1 100% 2,109.2 100% 1.2% 1.0% - 1.4% 1.6%
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20 | In €M H1 2025 H1 2026 Change Revenue 2,084.1 2,109,2 1,2% Operating Profit on Activity As % of Revenue 152.1 7.3% 187.3 8.9% 23,2% Share-based payments -11.4 -12.3 Amort. of intangible assets recognized in business combinations -6.1 -6.7 Non-recurring result -9.9 -12.5 Proceeds from disposal 2.6 Operating Profit As % of Revenue 124.7 6.0% 158.3 7.5% 26,9% Financial Income -5.1 3.2 Income tax expense -37.1 -47.7 EMCs and minority interests 0.0 -0.1 Net income, Group share As % of Revenue 82.6 4.0% 113.8 5.4% 37,8% 20 CONDENSED INCOME STATEMENT STRONG INCREASE IN RESULTS
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21 | ANALYSE DU RÉSULTAT FINANCIER (EN M€) H1 2025 H1 2026 Cost of net financial debt 3.0 5.7 Interests on leasing contracts (IFRS16) -2.5 -2.8 Cost of financial debt and leasing 0.5 2.9 FX income -5.9 1.1 Other net financial income 0.3 -0.8 FINANCIAL INCOME -5.1 3.2 21 FINANCIAL INCOME ANALYSIS
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22 | In M€ H1 2025 France H1 2025 International H1 2025 Group H1 2026 France H1 2026 International H1 2026 Group Revenue 718.3 1,365.8 2,084.1 749.6 1,359.5 2,109.2 Operating Profit on Activity As % of revenue 39.5 5.5% 112.6 8.2% 152.1 7.3% 56.0 7.5% 131.3 9.7% 187.3 8.9% Share-based payments -6.6 -4.7 -11.4 - 8.7 -3.7 -12.3 Amortizations of intangible assets recognized in business combinations -4.6 -1.5 -6.1 -5.2 -1.5 -6.7 Non-recurring result -0.7 -9.1 -9.9 -2.9 -9.6 -12.5 Proceeds from disposal 2.6 2.6 Operating Profit As % of revenue 27.5 3.8% 97.2 7.1% 124.7 6.0% 39.2 5.2% 119.2 8.8% 158.3 7.5% Financial Income -1.9 -3.2 -5.1 3.6 -0.5 3.2 Income tax expense EMCs and minority interests -5.1 0.0 -32.0 0.0 -37.1 0.0 -12.8 0.0 -34.9 -0.1 -47.7 -0.1 Net income, Group share As % of revenue 20.5 2.9% 62.0 4.5% 82.6 4.0% 30.0 4.0% 83.8 6.2% 113.8 5.4% 22 CONDENSED INCOME STATEMENT BY REGION
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23 | GEARING : -14.0% Net cash position: 348.3 Net cash position: 266.7 CURRENT ASSETS: 1,557.0 o/w customer receivables: 1,307.7 NON-CURRENT ASSETS: 1,830.0 o/w goodwill: 1,298.6 o/w intangible o/acquis.: 138.6 o/w rights of use: 193.0 3,653.7 N-C LIABILITIES: 231.4 o/w lease debts: 146.1 CURRENT LIABILITIES: 1,118.6 o/w lease debts: 62.3 o/w customer driven liabilities: 229.8 SHAREHOLDER’S EQUITY: 2,240.5 o/w Group share: 2,240.5 23 A HEALTHY BALANCE SHEET ASSETS EQUITIES & LIABILITIES 3,636.8 3,636.8 NON-CURRENT ASSETS: 1,741.8 o/w goodwill: 1,241.5 o/w intangible o/acquis.: 145.4 o/w rights of use: 205.8 CURRENT ASSETS: 1,546.7 o/w customer receivables 1,262.5 SHAREHOLDER’S EQUITY: 2,223.4 o/w Group share: 2,223.4 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 DECEMBER 2025 JUNE 2026 DECEMBER 2025 JUNE 2026 Current financial liabilities : 58.7 Current financial liabilities : 63.2 3,653.7
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24 | FREE CASH -FLOW : 104.3 Net cash 31/12/2025 Net cash 30/06/2026 Other financial flows Cash flow from operating activities Tax paid Change in WCR Financial investments DividendsCapex Flows from lease debt IFRS16 217.2 390.2 Incl. +0.9 IFRS16 -36.8 -30.6 -8.1 -37.4 -73.0 313.0 -51.5 8.0 CHANGE IN NET CASH POSITION (€M) -65.0 Share Buy-back program Incl. +36.5 IFRS16
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25 | FREE CASH FLOW ANALYSIS H1 2025 H1 2026 H1 2026 12 month OPERATIONAL CASH FLOW AS % OF REVENUE 144.7 6.9% 180.7 8.6% 317.5 7.7% 353.5 8.6% DEPRECIATION OF RIGHTS OF USE AND FINANCIAL COSTS 39.6 36.5 76.4 73.3 CASH-FLOW (IFRS16) 184.3 217.2 393.9 426.8 TAX PAID (49.1) (36.8) (97.1) (84.8) CHANGE IN WCR (9.0) (30.6) 33.5 11.9 FLOWS FROM LEASE DEBT (IFRS16) (40.1) (37.4) (78.7) (76.0) CASH FROM OPERATIONS AS % OF REVENUE 86.1 4.1% 112.4 5.3% 251.7 6.1% 278.0 6.1% CAPEX (7.7) (8.1) (11.8) (12.2) FREE CASH FLOW AS % OF REVENUE 78.4 3.8% 104.3 4.9% 239.9 5.9% 265.8 6.4% 2025 12 month
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26 | FREE CASH-FLOW ANALYSIS Free cash flow amounted to €104.3 million, representing 4.9% of revenue, an increase by 33 % compared with H1 2025 (€78.4 M). FCF amounts to 6.4 % of revenue on a 12 months basis, close to its normative level (7%). Operating cash flow (excluding the impact of IFRS 16) amounted to €180.7 M, representing 8.6% of revenue, close to the Operating Profit on Activity. Taxes paid amounted to €36.8 M, lower than the income tax expense, as the payment of final tax balances related to fiscal year 2025 in several countries so as tax instalments paid in 2026 are computed upon 2025 results (expected to be lower than the 2026 ones). WCR increase was €31.6 M (excluding IFRS 16). This increase is mainly due to: An increase in trade receivables of €68.7 M, of which €28.5 M resulted from organic growth and €40.2 M from a 3.5-day increase in DSO, at 90 days (vs 86.5 days at December 2025), as a result of seasonality effect and an unfavourable country mix. It improved by 3 days compared to H1 2025 (93 days). An increase in social and tax liabilities of €35.3 M in line with business trends and seasonality. Other activity-related changes, which were not material. Capex remained low, at 0.4 % of revenue.
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27 | OPA increased by 23 % and FCF by 33% compared with H1 2025. ALTEN self-financed M&A, dividends and the share buy back program. Still, its net cash position amounts to €313 M and its gearing to –14%, leaving room for further M&A. Accordingly, if the economic environment remains unchanged, the outlook for 2026 should improve: growth on a like for like basis should range between 1.7 and 1.9 % and the Operating Margin on Activity should reach 9.2% of revenue. ALTEN returned to growth in Q2 2026, thanks to Civil Aeronautics, Space, Defense, Naval, Rail and Energy (42% of revenue together). Automotive is still slightly declining (mainly the manufacturers) but represents only 13.7 % of revenue and should stabilize soon. The operating margin on activity increased dramatically from 7.3% in H1 2025 to 8.9% in H2 26. All countries have improved their OPA, including Germany, Nordics being the last geography where the OMA remains below 5%. SUMMARY
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3. GROWTH STRATEGY
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29 | Despite a challenging economic environment in 2024 and 2025, ALTEN consolidates its position as a global leader in engineering and IT services. ALTEN doubled its size between 2017 and 2022 despite covid, With more than 53,000 engineers. STRATEGY & DEVELOPMENT INTERNATIONAL MANAGEMENT STRATEGIC M&A STRONG OFFERS AI CAPACITIES FOR PROJECTS GLOBAL SALES & TECHNICAL ORGANISATION To maintain its Top 3 position, with AI change and massive Offshoring in India, ALTEN has to succeed a strong worldwide transformation.
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APPENDICES 4.
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31 | ASSETS / LIABILITIES (in thousands of euros) December 2025 June 2026 Goodwill 1 237 182 1 298 567 Rights of use 205 800 192 963 Intangible assets 150 472 144 494 Property, plant and equipment 47 613 46 978 Interests in associates 1 074 1 011 Non-current financial assets 71 222 119 867 Deferred tax assets 28 440 26 094 NON CURRENT ASSETS 1 741 804 1 829 974 Clients 1 000 754 924 098 Client contract assets 261 744 383 560 Other current assets 242 153 208 658 Current tax assets 42 007 40 655 Cash and cash equivalents 348 293 266 728 CURRENT ASSETS 1 894 951 1 823 699 TOTAL ASSETS 3 636 755 3 653 673 (in thousands of euros) December 2025 June 2026 Share Capital 37 110 37 234 Additional paid in capital 60 250 60 250 Consolidated reserves 2 019 110 2 029 222 Consolidated earnings 106 915 113 770 SHAREHOLDERS' EQUITY 2 223 386 2 240 477 NON CONTROLLING INTERESTS 0 0 Post-employment benefits 32 913 36 013 Non-currrent provisions 11 185 11 411 Non-current financial liabilities 8 705 1 872 Non-current Lease liabiliites 159 909 146 075 Other non-current liabilities 4 874 4 601 Deferred tax liabilities 31 872 31 438 NON CURRENT LIABILITIES 249 458 231 409 Current provisions 19 155 20 895 Current financial liabilities 58 738 63 240 Current lease liabilities 62 184 62 312 Trade payables 163 938 187 346 Other current liabilities 550 338 578 739 Client contract liabilities 275 622 229 836 Current tax liabilities 33 936 39 417 CURRENT LIABILITIES 1 163 911 1 181 787 TOTAL LIABILITIES 3 636 755 3 653 673
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32 | INCOME STATEMENT CASH FLOW STATEMENT (in thousands of euros) H1 2025 H1 2026 NET REVENUE 2 084 083 2 109 172 Purchase consumed -238 945 -241 406 Employee benefits expense -1 503 703 -1 504 378 External charges -131 369 -125 270 Other taxes and levies -8 220 -8 490 Depreciation and amortization charges -46 254 -42 876 Other operating expenses -6 721 -6 170 Other operating income 3 206 6 714 OPERATING PROFIT ON ACTIVITY 152 078 187 297 Share-based payments -11 370 -12 337 Amortizations of intangible assets recognized in business combinations -6 088 -6 739 PROFIT FROM ORDINARY ACTIVITIES 134 621 168 220 Other operating expenses -9 996 -12 876 Other operating income 113 374 Proceeds from disposal 0 2 608 OPERATING PROFIT 124 739 158 326 Net borrowing costs 480 2 903 Other financial expenses -18 972 -17 760 Other financial income 13 424 18 032 Income tax expense -37 104 -47 669 EARNING OF CONSOLIDATED ENTITIES 82 567 113 833 Earnings from associates -12 -62 NET OVERALL EARNINGS 82 556 113 771 NON-CONTROLLING INTERESTS 0 0 ATTRIBUTABLE TO OWNERS OF THE PARENT 82 556 113 771 (in thousands of euros) H1 2025 H1 2026 Consolidated net income 82 556 113 771 Earnings from associates 12 62 Depreciation, provisions and other calculated expenses 53 383 47 434 Share-based payments 11 370 12 337 Income tax expense 37 104 47 669 Capital gains or losses from disposals 76 -2 145 Net borrowings costs -480 -2 903 Financial cost on update and provisions 275 951 Gross cash flow before borrowings costs and tax 184 294 217 175 Taxes paid -49 094 -36 768 Change in working capital requirements -8 984 -30 687 NET CASH FLOW FROM OPERATING ACTIVITIES 126 216 149 720 Acquisitions/disposals of property, plant and equipment and intangible asse -7 650 -8 052 Acquisitions /disposals of financial assets -882 -1 357 Impact of change in scope of consolidation and earn-outs -15 133 -71 823 NET CASH FLOW FROM INVESTING ACTIVITIES -23 665 -81 232 Net financial interest paid 2 370 2 297 Dividends paid to shareholders -52 191 -51 465 Capital increase 0 0 Acquisitions and disposals of treasury shares -30 -64 976 Change in non ‑ current financial liabilities 6 -6 352 Change in current financial liabilities -18 803 4 005 Change in lease liabilities -37 624 -34 629 NET CASH FLOW FROM FINANCING TRANSACTIONS -106 272 -151 120 Impact of exchange rate variations -7 463 1 067 CHANGE IN CASH POSITION -11 184 -81 565 Cash at beginning of period 288 098 348 293 Cash at end period 276 914 266 728 Cash as financial investments over 3 months 77 292 110 963 Bank loans -76 939 -63 185 Overtdrafts -1 372 -1 535 NET CASH POSITION 275 894 312 970
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33 | The IFRS16 lease debts are not included in the net cash position. They account for €208 M at the end of June 2026 (85% real estate, 13% vehicles, 2% other) ASSET EQUITY & LIABILITY BALANCE SHEET (€M) I NCOME STATEMENT (€M) F INANCING STATEMENT Rights of use 193.0 Deferred tax 1.0 194.0 Consolidated reserves -2.7 Net income -0.1 Lease debt 208.4 Accounts payable -1.3 Rent free period -10.3 Deferred tax 0.0 194.0 OPA 2.7 Net borrowing costs -2.7 Other financial result -0.1 Net result -0.1 No impact on P&L No impact on Group cash - flow statement and net cash position ( Treasury ) Cash-flow Depreciation of rights of use & financial costs 36.5 WCR 0.9 Cancellation of flows from lease debts -37.4 Free cash flow 0.0 IFRS16 FINANCIAL IMPACTS (€M)
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34 | I NCOME STATEMENT (€M) H1 2026 FY 2026 Year 3 to 5 (2027 to 2029) Year 5 to 10 (2030 to 2034) Year 10 to 20 (2035 to 2044) Operating profit on activity 0 0 0 0 0 Backlog amortization -2.7 -5.3 -5.3 - - Customer relationships amortization -3.4 -6.9 -6.9 -6.9 -5.8 Patents amortization -0.6 -0.8 -0.4 -0.4 - Operating profit -6.7 -13.0 -12.6 -7.3 -5.8 Tax 1.7 3.3 3.2 1.8 1.4 Net income -5.0 -9.7 -9.4 -5.5 -4.4 PPA - FINANCIAL BUSINESS COMBINATION IMPACTS AMORTIZATION PERIOD OF RECOGNIZED INTANGIBLE ASSETS IN BUSINESS COMBINATION: → backlog 5 years → customer relationships 10 or 20 years → Patents 10 years
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35 | Q1 2026 Q2 2026 H1 2026 COUNTRY Published Organic, excl. Forex effect Published Organic, excl. Forex effect Published Organic, excl. Forex effect FRANCE 1.3% 0.3% 7.6% 6.5% 4.4% 3.3% IBERIC 8.8% 6.2% 10.3% 7.7% 9.5% 7.0% ITALY 1.2% 1.2% 3.2% 3.2% 2.2% 2.2% GERMANY -2.2% -2.2% 4.5% 4.5% 1.1% 1.1% UK - 3.8% 0.0% - 0.5% 3.2% - 2.2% 1.5% BENELUX - 2.6% - 2.6% - 6.0% - 6.0% - 4.3% - 4.3% EASTERN EUROPE - 6.7% - 5.6% - 2.7% - 2.2% - 4.7% - 3.9% NORDICS - 11.2% - 14.2% - 10.4% - 10.7% - 10.8% - 12.5% EUROPE (W/O FRANCE) - 0.2% - 0.4% 2.2% 2.1% 1.0% 0.8% NORTH AMERICA - 10.1% - 5.1% - 3.3% - 2.7% - 6.8% - 3.9% ASIA PACIFIC - 5.4% 4.0% 0.3% 5.0% - 2.6% 4.5% OTHERS 22.3% 25.6% 0.2% - 4.4% 11.5% 11.0% TOTAL - 0.8% 0.1% 3.3% 3.2% 1.2% 1.6% BREAKDOWN OF TURNOVER PER GEOGRAPHICAL AREA AS AT JUNE 30TH 2026
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Q&A
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37 | Investor.relations@alten.com www.alten.com/investors/ +33 (0)1.46.08.71.79 221 bis boulevard Jean-Jaurès 92514 Boulogne-Billancourt Cedex Contact FIRST HALF RESULTS 2026