Aeronautics2025 First Half Results
-5.6%
Organic decrease
7.3% of revenue
Operating profit on activity
*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.
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