Earnings release
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PRESS RELEASE Paris, September 25, 2026 5:40pm 1 Engineering and Technology Consulting 2026 HALF-YEAR RESULTS Return to organic growth Strong increase in earnings and free cash flow 2026 targets revised upwards In € millions June 2025 June 2026 Var. Revenue France International 2,084.1 718.3 1,365.8 2,109.2 749.6 1,359.5 +1.2% +4.4% -0.5% Operating Profit on Activity As a % of revenue 152.1 7.3% 187.3 8.9% +23.2% Operating Profit As a % of revenue 124.7 6.0% 158.3 7.5% +26.9% Net income. Group share As a % of revenue 82.6 4.0% 113.8 5.4% +37.8% Free Cash flow 78.4 104.3 +3.0% As a % of revenue 3.8% 4.9% Headcount 57,900 58,700 ACTIVITY AT END-JUNE 2026: +1.2% In the first half, activity growth stood at +1.2%: +4.4% in France and -0.5% outside France. At constant scope and exchange rates, growth was +1.6% (+3.3% in France and +0.8% outside France). ALTEN returned to organic growth in the second quarter of 2026, driven by more dynamic activity than anticipated. Activity improved across all geographies, with most delivering organic gro wth, including Germany. Only Benelux and the Nordics were still down by more than 5%. Activity growth accelerated in Aerospace, Defence / Security / Naval, Rail, and, to a lesser extent, Energy. The decline slowed in the other sectors. OPERATING MARGIN ON ACTIVITY: 8.9% OF REVENUE Operating Profit on Activity amounted to €187.3 million, up 23% compared with June 2025. The operating margin on activity therefore rose sharply, from 7.3% of revenu e in June 2025 to 8.9% in June 2026. It increased both in France and internationally. Improved margins in several geographies that faced difficulties last year, produc tivity gains on projects, and the significant reduction in SG&A initiated several half -years ago enabled the Group’s operating margin on activity to increase sharply.
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PRESS RELEASE 2 © ALTEN Management - www.alten.com OPERATING PROFIT: 7.5% OF REVENUE Operating profit amounted to €158.3 million, up 27% compared with th e first half of 2025 (€124.7 million). It includes €12.3 million in share-based payments, €6.7 million in amortisation of acquisition-related intangible assets, €12.5 million in non -recurring costs (mainly restructuring costs and acquisition fees), and a €2.6 million disposal gain. NET INCOME, GROUP SHARE: 5.4% OF REVENUE After taking into account the financial result (+€3.2 million), the income tax expense (€47.7 million), and the share of profit or loss of equity -accounted companies ( -€0.1 million), net income, Group share, amounted to €113. 8 million, representing 5.4% of revenue, up 38% compared with June 2025. NET CASH: €313M / GEARING: -14% Cash flow from operations before the cost of net financial debt and tax (exclud ing IFRS 16) amounted to €180.7 million (8.6% of revenue). Working capital requirements increased by €31.6 m illion as a result of organic growth and the seasonal increase in DSO. Taxes paid amounted to €36.8 million, while Capex remained low (€8.1 million, or 0.4% of revenue). Consequently, free cash flow amounted to €104.3 million, or 4.9% of re venue, a significant increase of 33%. After taking into account net financial investments (€73 million), dividends paid (€51.5 million), the share buyback programme (€65 million), and other financing flows (+€7.9 million), net cash stood at €313 million at end-June 2026. ALTEN therefore has significant investment capacity (gearing: -14.0%). EXTERNAL GROWTH: 2 acquisitions ▪ A company specialising in IT Services in France (90% of revenue) – (revenue: €68 million, 470 consultants). ▪ A company specialising in automotive engineering (mechanical design & software -defined) in Germany (revenue: €22 million, 230 consultants). 1 disposal ▪ An international company specialising in Life Sciences – (revenue: €11.5 million, 61 consultants). 2026 OUTLOOK: This half-year confirmed the improvement in activity observed since the final quarter of 2025, particularly in the Aerospace & Defence sectors, which recorded strong growth. Although the macroeconomic and geopolitical environment r emains uncertain, assuming conditions remain unchanged, ALTEN is once again raising its outlook for 2026. Organic growth at constant scope and exchange rates is expected to be between 1.7% and 1.9%. The operating margin on activity will be higher than in 2025 and is expected to be approximately 9.2% in 2026. Next publication: 27 October after market close: Q3 2026 activity About ALTEN For further information: www.alten.com/investors / Media contact: alten@hopscotch.fr A European leader in Engineering and Technology Consulting (ETC), ALTEN carries out design and research projects for the technical and information systems departments of major industrial, telecommunications and service-sector companies. ALTEN shares are listed on Compartment A of Euronext Paris (ISIN FR0000071946), are included in the SBF 120, CAC 50 IT and MIDCAP 100 indices, and are eligible for the deferred settlement service (SRD).
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PRESS RELEASE 3 © ALTEN Management - www.alten.com APPENDIX TO THE PRESS RELEASE: Definitions and reconciliation of alternative performance measures with IFRS indicators The ALTEN Group uses alternative performance measures selected to monito r its operating activities. The Group believes that these measures provide additional information enabling u sers of periodic financial information to assess the Group’s performance mor e comprehensively. These alternative performance measures should be considered complementary to IFRS indicators. Revenue growth at constant data (or organic growth) Growth at constant data (constant scope and exchange rates) is calculated by excluding the impacts of changes in exchange rates and changes in the scope of consolidation over the period. The foreign exchange impact is determined by converting revenue for the period at the average exchange rate for the previous financial year. The scope impact is determined by excluding, for acquisition s, revenue for the period and, for disposals, revenue for the previous period, so that the scope for the period is identical to that of the previous period. This indicator identifies the Group’s underlying operating performance over the period. H1 2026 activity trends €m Revenue H1 2025 Revenue H1 2026 Change % Revenue at constant data 2,081.3 2,115.5 + 1.6% France 718.3 742.2 3.3% International 1,363.0 1,373.3 0.8% Change in scope 2.8 22.8 +1.0% France - 7.4 1.0% International 2.8 15.4 0.9% Foreign exchange effect - -29.1 - 1.4% France - - - International - - 29.1 - 2.2% Group revenue 2,084.1 2,109.2 + 1.2% France 718.3 749.7 4.4% International 1,365.8 1,359.5 - 0.5% Operating Profit on Activity Operating Profit on Activity is operating profit before expenses relating to s hare-based payments, gains or losses on disposals of significant assets, goodwill impairment, and other significant and un usual items recorded under other operating income and expenses. As share-based payment expense can vary significantly from year to year, this measure, presented in the financial statements, provides a direct view of the Group’s operating performance and makes it comparable from one period to another.
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PRESS RELEASE 4 © ALTEN Management - www.alten.com Net cash (or Net debt) Net cash, as defined and used by the Group, corresponds to cas h and cash equivalents less gross financial debt (bank overdrafts, bank borrowings and other similar financial liabilities). This indicator is referred to as “net cash” when cash and cash equivalents exceed gross financial debt, and as “net debt” in the opposite situation. Free Cash-Flow Free cash flow corresponds to cash flows generated by operating activities less net operating investments and financing cash flows relating to repayment of lease liabilities.
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PRESS RELEASE 5 © ALTEN Management - www.alten.com BALANCE SHEET (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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PRESS RELEASE 6 © ALTEN Management - www.alten.com INCOME 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 bu siness 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
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PRESS RELEASE 7 © ALTEN Management - www.alten.com CASH FLOW STATEMENT (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 -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