A gradual start to FY 2026,with fundamentals moving in the right direction
Full-year targets confirmedwith organic growth range narrowed
Gradual start in a volatile Q1 2026 with slightly softer-than-expected revenue ramp-up, while commercial initiatives are being implemented to support growth:
Reported revenues of €1,739 million, or €1,640 million at go-forward perimeter1
Organic revenue growth of c. -11% at the go-forward perimeter1, of which c.3 points were related to low profitability contracts
Commercial engine progressively restarting with book-to-bill at 87% (89% for Atos Strategic Business Unit), up c.4 points vs strong Q1 2025, and qualified pipeline up c.€900 million in the quarter
Softer-than-expected revenue ramp-up in North America with some clients' wait-and-see approach, while commercial initiatives supported business momentum: Q1 2026 book-to-bill at above 160% and a qualified pipeline increasing by c.20% in the quarter, alongside improved quality
Ongoing operational turnaround steadily delivering profitability gains
Genesis savings achieved at the end of the quarter delivering margin as per expectations
Genesis plan extended to increase three-year savings target
Strong liquidity position, further strengthened following the disposal of Advanced Computing activities
Liquidity at €1,736 million at the end of March, benefiting from c.€252 million cash flow impact in Q1 2026 from the Bull transaction (completed on March 31)
Net change in cash2 estimated at €-47 million in the quarter, reflecting usual business seasonality, as well as accelerated implementation of restructuring plans (c.€-71 million cash restructuring costs) and negative operational cash flow of Advanced Computing that was still consolidated in Q1
€62 million debt repayment through bond purchase on the open market
Accelerated ramp-up on the three strategic technology growth pillars
Agentic AI: Atos Sovereign Agentic Studios launch, a sovereign and governance-centered approach
Cybersecurity: Atos Threat Research Center launch
Sovereign: Sovereign MXDR (Managed eXtended Detection and Response) service launch in the UK, an industry-leading Microsoft integrated managed security service
FY 2026 outlook confirmed1
Organic revenue growth range narrowed to -1% to -5%
Operating margin expected at c. 7%
Positive net change in cash2
Paris, April 21, 2026, Atos Group, a global leader of AI-powered digital transformation, today announces its Q1 2026 performance.
Philippe Salle, Atos Group chairman of the board of directors and chief executive officer, stated:
"In the first quarter of 2026, we saw continued and concrete progress from the implementation of the Genesis strategic and transformation plan. As observed across the market, a volatile macroeconomic environment is influencing the pace of commercial decision-making. While this is temporarily affecting the timing of certain tangible conversions, it does not call into question the underlying momentum of our growth engine.
Against this backdrop, we continue to take decisive and structuring actions. First, we are deploying targeted commercial initiatives with an unwavering focus on disciplined execution. Second, we are further strengthening our portfolio around our three technology strategic growth pillars, agentic AI, sovereignty and cybersecurity, as the rapid adoption of AI continues to drive demand for secure, mission-critical and sovereign digital infrastructures. This momentum is illustrated by the launch of the Atos Sovereign Agentic Studios in four countries, alongside the creation of an Atos Threat Research Center.
Overall, business outlook remains solid. Underlying demand is robust, and client engagement is improving. Our strategic repositioning is delivering tangible results, as reflected in the strong and qualitative book-to-bill and commercial pipeline. We continue to adapt proactively, maintaining agility as market conditions evolve.
While the environment remains demanding, our focus on execution is clear. Genesis is delivering structural progress, and we are confident in our ability to relaunch the Group on a stronger, resilient and AI-enabled growth trajectory."
Operational performance
Group reported revenue reached €1,739 million in Q1 2026, or €1,640 million at the go-forward perimeter3 reflecting a c. -11% organic decline compared to Q1 2025.
The Atos Strategic Business Unit, SBU, generated reported revenue of €1,593 million, or €1,561 million at the go-forward perimeter3 down -11.4% organically compared to Q1 2025.
The Eviden SBU reported revenue was €146 million in Q1 2026, or €69 million at go-forward perimeter3, down -2.9% compared to Q1 2025, mainly due to the absence of Vision AI activity since the start of the Iran conflict, partially offset by growing demand in the US and Europe.
Disclosure in this section reflects the revised reporting structure of Atos Group, following the implementation of the new organization in the first half of 2025 reporting period. Atos has identified Atos France, Atos BNN (Belux, Netherlands, Nordics), Atos UK & Ireland, Atos North America, Atos GACE (Germany, Austria & Central Europe), Atos IM (International Markets) Atos Global Delivery Centers, Eviden and Global Structures as the operating segments, mirroring the internal reporting structure. This reflects the review, management and assessment of the Group's operating results by Group Management following the implementation of the new organization.
In € million
Q1 2026Reported revenue
Q1 2026Revenue at go-forward perimeter3
Q1 2025Revenue at go-forward perimeter3*
Organic variation at go-forward perimeter3
Atos
1,593
1,561
1,763
-11.4%
Germany, Austria & Central Europe
333
333
382
-12.9%
North America
243
243
332
-26.9%
France
275
275
304
-9.5%
UK & Ireland
306
306
291
5.2%
International Markets
250
220
249
-11.8%
BNN (Belux, Netherlands, Nordics)
184
183
203
-9.7%
Global Delivery Centers
2
2
2
-20.1%
Eviden
146
69
71
-2.9%
Global Structures
0
10
10
0.0%
Group total
1,739
1,640
1,844
-11.0%
*: at constant scope and March 2026 average exchange rates
Atos, Germany, Austria & Central Europe revenue was €333 million in Q1 2026, representing a -12.9% organic decline compared to Q1 2025. This performance was mainly driven by a few large client ramp-downs following insourcing strategies. It also stemmed from the managed exit of low-profitability contracts. That was partially offset by successful fertilization and cross-selling to existing clients.
Atos, North America revenue totaled €243 million in Q1 2026, an organic decline of -26.9% compared to Q1 2025. This decrease was mostly driven by low profitability contract exits and a net scope reduction at existing clients. The business is not yet benefiting from improving commercial momentum, although signs of recovery are visible with significantly growing order entry and pipeline year-on-year.
Atos, France revenue reached €275 million in Q1 2026, down -9.5% organically from Q1 2025. The performance was impacted by the public sector being on hold during the quarter and with local elections in March slowing down the decision process at some clients, reflecting political uncertainty and resulting in an unexpected reduction in activity. Performance was also affected by the managed exit from low-margin contracts, partially offset by positive contributions from fertilization activities.
Atos, UK & Ireland revenue reached €306 million in Q1 2026, up +5.2% organically, firming up the organic growth trajectory initiated in Q4 2025. This was supported by new wins and increased adoption of offerings among existing clients, notably in the public sector.
Atos, International Markets reported revenue was €250 million in Q1 2026. It was down -11.8% organically at the go-forward perimeter4 in Q1 2026, to €220 million. The decrease was primarily attributable to contract ramp‑down in APAC and Switzerland. Positive trends in Southeast Europe, Middle East and Turkey, delivering modest organic growth in the quarter, offset by later-than-expected contracts starts in the Middle East, with limited impact at this stage.
Atos, BNN (Belux, Netherlands & Nordics) reported revenue stood at €184 million in Q1 2026, down -9.7% organically at the go-forward perimeter5 compared to Q1 2025, with a few large client ramp-downs following insourcing strategies. It also stemmed from the managed exit of low-profitability contracts, partially offset by successful fertilization and cross-selling to existing clients.
Eviden reported revenue was €146 million in Q1 2026. It was €69 million at the go-forward perimeter6, down -2.9% organically compared to Q1 2025. The performance reflects the significant slowdown in Vision AI activity since the start of the Iran conflict, partially offset by growing demand in the US and Europe, as well as a higher comparison base in Mission Critical Systems following a large project deployment through 2025.
Commercial activity
Since 2025, the Group has carried out a comprehensive reset of its commercial organization to improve efficiency, increase accountability, and strengthen go-to-market performance. First benefits were already visible, particularly in productivity and pipeline quality.
Order entry reached €1.5 billion in Q1 2026, with Data & AI and Cybersecurity business lines up year-on-year. By region, North America and International Markets were growing year-on-year, reflecting improvement in commercial momentum. Key contracts signed during the quarter include:
Contract renewal with existing leading US commercial property and casualty insurance client, CNA, mainly in Cloud & Modern Infrastructure, Cybersecurity Services and Digital Workplace, for +$480 million for eight additional years
Contract win with the UK Ministry of Housing, Communities and Local Government, in Digital Applications, for £63 million and signed for a seven-year term
A new framework agreement in Cybersecurity services, with Gigalis, a regional public digital services operator in France, signed for four years
A €48 million, nine-year contract win with ÖBB, an Austrian railway operator
The book-to-bill ratio stood at 87% in Q1 2026, up c.4 points vs strong Q1 2025.
Atos SBU Q1 2026 book-to-bill was 89%, up 4 pts compared to the same period last year.
Eviden SBU7 book-to-bill was 62% in Q1 2026, down 15 pts from the same period last year due to weak demand in the public sector in France and in the Middle East.
The renewal rate reached 94% in Q1 2026, compared to 91% in Q1 2025.
The full backlog at the end of March 2026 was €9.5 billion, representing 1.4 years of revenue. The qualified pipeline ...
