par ALTEN (EPA:ATE)
ALTEN: 2026 First-Half results
PRESS RELEASE
Paris, September 24th, 2026
5:40pm CET
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 | 2,084.1 | 2,109.2 | +1.2% |
| France | 718.3 | 749.6 | +4.4% |
| International | 1,365.8 | 1,359.5 | -0.5% |
| Operating Profit on Activity | 152.1 | 187.3 | +23.2% |
| As a % of revenue | 7.3% | 8.9% | |
| Operating Profit | 124.7 | 158.3 | +26.9% |
| As a % of revenue | 6.0% | 7.5% | |
| Net income. Group share | 82.6 | 113.8 | +37.8% |
| As a % of revenue | 4.0% | 5.4% | |
| 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 growth, 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 revenue 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, productivity 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.
OPERATING PROFIT: 7.5% OF REVENUE
Operating profit amounted to €158.3 million, up 27% compared with the 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 (excluding IFRS 16) amounted to €180.7 million (8.6% of revenue). Working capital requirements increased by €31.6 million 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 revenue, 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 specialized in IT Services 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).
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 remains 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).
APPENDIX TO THE PRESS RELEASE:
Definitions and reconciliation of alternative performance indicators with IFRS indicators
The ALTEN Group uses alternative performance indicators selected to monitor its operating activities. The Group believes that these indicators provide additional information enabling users of periodic financial information to gain a more comprehensive view of the Group’s performance. These alternative performance indicators should be considered as complementary to IFRS indicators.
Revenue growth on a constant basis (or organic growth)
Growth on a constant basis (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 impact of foreign exchange is determined by converting revenue for the period at the average exchange rate of the previous year.
The scope impact is determined by excluding, for acquisitions, revenue for the period and, for disposals, revenue for the previous period, in order to make the scope of the period identical to that of the previous period.
This indicator makes it possible to identify the Group’s intrinsic business 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 share-based payments, gains or losses on disposals of significant assets, goodwill impairment, and other significant and unusual 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.
Net cash (or Net debt)
Net cash, as defined and used by the Group, corresponds to cash 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.
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 |
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 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 |
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 |