Results fourth quarter 2025

ACTIVITY AS OF END DECEMBER 2025: – 1.1%

At the end of December, activity decreased by –1.1%: +4.3% in France, –3.7% outside France.
At constant scope and exchange rates, the decline is –4.5% (–3.6% in France and –4.9% outside France).

In Q4, ALTEN generated a revenue of €1,023M, down –0.35% compared to Q4 2024. At constant data, organic decline was –2.2%: –2.4% in France and –2.2% outside of France.

The decline is mainly due to a sharp drop in the Automotive sector (–16%), and to a lesser extent in Telecoms, Other Industries, Electronics, and the Public Sector.
Defense/Security, Naval, and Energy sectors showed notable growth.

Q4 activity performed better than expected. The Aerospace sector returned to growth, as did Banking/Finance.

Southern Europe continues to grow satisfactorily; Eastern Europe and APAC are stable. Other regions remain in decline, but the situation is gradually improving, except in the UK, Benelux, and Nordics.

The relative improvement in Q4 will logically contribute to an improvement in operational margin, which will therefore be above 8.1% in 2025 (estimated from 23 October 2025).

OUTLOOK FOR 2026:

Activity appears to be gradually stabilizing, sequentially, across most sectors, with Aerospace and Banking/Finance already returning to growth in Q4 2025.
The first semester 2026 will be key to confirm this trend and clarify the outlook expectations for the year.