H1 2022 Results

Bezons,July 27, 2022

© AtosDisclaimer

This document contains forward-looking statements that involve risks and uncertainties, including references,
concerning the Group's expected growth and profitability in the future which may significantly impact the expected
performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of thecontrol of the Company and not precisely estimated, such as market conditions or competitor's behaviors. Any
forward-looking statements made in this document are statements about Atos’s beliefs and expectations and shouldbe evaluated as such. Forward-looking statements include statements that may relate to Atos’s plans, objectives,
strategies, goals, future events, future revenues or synergies, or performance, and other information that is nothistorical information. Actual events or results may differ from those described in this document due to a number ofrisks and uncertainties that are described within the 2021 Universal Registration Document filed with the Autorité desMarchés Financiers (AMF) on April 6, 2022 under the registration number D.22-0247. Atos does not undertake, andspecifically disclaims, any obligation or responsibility to update or amend any of the information above except asotherwise required by law. This document does not contain or constitute an offer of Atos’s shares for sale or aninvitation or inducement to invest in Atos’s shares in France, the United States of America or any other jurisdiction.
This presentation includes information on specific transactions that shall be considered as projects only. In particular,
any decision relating to the information or projects mentioned in this document and their terms and conditions will only
be made after the ongoing in-depth analysis considering tax, legal, operational, finance, HR and all other relevant
aspects have been completed and will be subject to general market conditions and other customary conditions,
including governance bodies and shareholders’ approval as well as appropriate processes with the relevant employee
representative bodies in accordance with applicable laws.
Revenue organic growth is presented at constant scope and exchange rates.
Regional Business Units include Americas including North America (USA, Canada, Guatemala and Mexico) and SouthAmerica (Argentina, Brazil, Chile, Colombia, Uruguay, and Peru), Northern Europe and APAC including Northern Europe(United Kingdom & Ireland, Belgium, Denmark, Estonia, Belarus, Finland, Lithuania, Luxembourg, The Netherlands andSweden) and Asia-Pacific (Australia, China, Hong Kong, India, Japan, Malaysia, New Zealand, Philippines, Singapore,
Taiwan, and Thailand), Central Europe (Germany, Austria, Bulgaria, Bosnia, Croatia, Czech Republic, Greece, Hungary,
Israel, Poland, Romania, Russia, Serbia, Slovenia, Slovakia, and Switzerland), Southern Europe (France, Andorra, Spain,
Portugal, and Italy) and Rest of the World including Middle East & Africa (Algeria, Benin, Burkina Faso, Egypt, Gabon,
Ivory Coast, Kenya, Kingdom of Saudi Arabia, Madagascar, Mali, Mauritius, Morocco, Qatar, Senegal, South Africa,
Tunisia, Turkey and UAE), Major Events and Global Delivery Centers.

2

Today’s presenters

Group CFO

Nourdine Bihmane

Diane Galbe

Philippe Oliva

Nathalie Sénéchault

Co-CEO, in charge ofTech Foundations

Group SEVP in charge ofstrategic projects andsupport functions

Co-CEO, in charge of the
Evidian perimeter

Group CFO

3

Agenda1.

H1 2022 Highlights

2.

H1 2022 Financial Performance

3.

FY 2022 Objectives

4.

Key take-aways

5.

Q&A

4

01. H1 2022 Highlights

H1 2022

Highlights
Clear strategy in place, announced at June 14 CMD
Going forward: Group fully focused on operations under new leadership teamFinancing of the envisaged transformation plan successfully secured:an important progress in Atos transformation plan
Renewed commercial momentum: strong sequential improvement in book-to-billat 101% in Q2 vs. 72% in Q1

H1 2022 results reflecting seasonal and market factors
Increased Operating Margin and Free Cash Flow expected in H2
2022 objectives confirmed and refined
16,000+ hirings in H1 (gross)
Demonstrating Atos’ intact attractiveness and ensuring conditions for future growth6

H1 2022
Key Financial Figures

Revenue

Operating Margin

Normalized net income€ 5.6 bn

1.1%€-119 m-0.6% yoy, cst. curr.
-2.1% yoy, organicof revenue

Free Cash FlowNet Debt

Headcount€-555 m

€ 1,792 m

112,180+2.1% organic

7

Strong sequential improvement in order entry and book-to-billOrder Entry

Book to Bill

€2.8 bn
Q2 2022€2.0 bn
Q1 202272%
Q1 2022101%
Q2 2022

Backlog

Renewedcommercial
traction in Q2 thanks to
new business lines focus€22.6 bn
Backlog at end June 2022
= 2.0 years or revenue
8

Intact ability to attract talents

Ensuring conditions for H2 revenue growth+16,089
109,135

Headcount as of
31/12/21

112,180

+742

Scope

Hiring(12,370)(1,416)

Leavers

Restructuring,dismissals & transfers

H1 hirings predominantly in offshore and nearshore locations
Selective hirings planned in H2
9

Headcount as of
30/06/22

Clear strategy announced at our June 14 CMD

Unlocking value by envisaged split into 2 leaders in their respective markets

SpinCo (Evidian)

TFCo (new Atos)

Digital, Big Data and Security

Digital Infrastructure and Workplace

Leading digital transformation partner
leveraging deep expertise and proprietary
technology

Leader in digital workplace, managed
infrastructure services, hybrid cloud services
with market-recognized assets

Achieve strong growthand double-digit margin on buoyant markets

Maximize cash generation
on markets with shifting dynamics€0.4 bn investment in growth and margin€1.1 bn investment in complete

acceleration (2022-2026)

turnaround (2022-2026)

10Financing of transformation plan successfully secured
Banks commitments received, covering full amount of financing plan presented at theJune 14 CMD

Important progress in Atos envisaged transformation plan, demonstrating strong support
from banking partners

Financial covenant reset at 3.75x net debt / OMDA, tested annuallyGroup liquidity significantly strengthened, interim period ahead of envisaged split
fully financed
11

In motion to deliver on our strategic transformation
Main achievements since CMD

Clarified Governance

Financing successfully secured

New leadership team to ensure delivery of ourstrategic roadmap both on performance andenvisaged spin off✓ New financing secured, ensuring strong liquidity
throughout the transition period and launch ofturnaround plan
✓ Detailed roadmap of assets earmarked for sale,with total value > €700m target. Program to be
optimized based on offers received, timing,
execution risk

Execution progressing according to plan

Strong commitments to our Customers and Talents✓ All carve out workstreams launched withsignificant progress on structuring✓ Employees’ consultation process starting
early September 2022

✓ Significant commercial wins since CMD✓ Intact attractiveness for our employees✓ Talent retention and change management program
deployed

12Evidian’s project: bring together Digital and BDS expertise toaccelerate profitable growth and unleash value creation

DigitalBDS

Dynamic organic
revenue growth at+7% CAGR 20222026

12%
Develop differentiating offerings and tap fertilization opportunities

Secured cloud

Cloud continuum

Fertilization
opportunities

Public cloud migration andoperation
combined withworldwide leading security
expertise

Combining cloud and edge
expertise complemented bystrong AI/ML competence

Cloud
offering
toBDS
customers in Public Sector
andDefense;
HPC-as-a
service offering to Digital’s
customers

13

OM in 2026

c. €700 m
FCF before interestand tax in 2026

Evidian in H1: strong book-to-bill underpinning growth acceleration
in H2€2,539 m
H1 revenue

Digital: robust trends in applications and cloudGrowth mitigated by volume reductions and decrease in VAR+2.0%

Acceleration expected in H2 underpinned by strong order entry in Q2

H1 revenue growth atconstant curr.
vs. +10.6% in FY21

Atos: Visionary in 2022 Magic Quadrant for Public Cloud IT
Transformation Services Worldwide

3.5%
H1 Operating Margin

BDS: contraction in H1 due to HPC cyclicality, recovery expected
in H2

145%

Advanced Computing revenue and margin impacted by HPC cyclicality andsupply chain tensions; very high order entry underpinning recovery in H2

Q2 book-to-billvs. 86% in Q1Continued trajectory of above-market growth in Digital Security

14

Evidian: commercial traction evidenced by high-profile wins

Main wins

Major Pharmaceutical player

German automotive
manufacturer

DataSentics Artificial Intelligenceand Machine Learning

Connected
Factory

Asian government

MareNostrum5

Big data infrastructure for Edge &AI

Supercomputer
contractby
EuroHPC JU for Barcelona
Supercomputing Center

P

VehicleP

Signed after
the CMD
15

SoftwareSigned after
the CMD

Tech Foundations’ project: capitalize on market-leading assets andskillset to deliver complete turnaround by 2026

REFOCUSRECOVER

Stabilize revenue in2025 and pivot to
growth in 2026

Reset cost structure
Rationalize portfolio to pave
the way for turnaround▪ Reshape the portfolio▪ Sales funnel, large deal build up▪ Ramp up management team>600 bps

REBOUND

OM turnaroundby 2026

Drive growth with next
gen offeringsc. €150 m FCF
before interest andtax in 2026 +€50 meach year post 2026

16

Tech Foundations in H1: momentum building up quickly under neworganization€3,024 m
H1 revenue

Strong sequential improvement in revenue growth in H1
More contained decline in infrastructure services thanks to renewed focus-2.6%
H1 revenue growth atconstant curr.
vs. –11.4% in FY21

-1.0%
H1 Operating Margin

Robust growth in Professional Services and Digital Workplace
BPO stable; UCC impacted by supply chain tensions; continued deliberate wind
down of VAR business

Positive commercial traction
Good customer response to new organization and envisaged transformation plan
Book-to-bill expected to grow in Q3

67%
Q2 book-to-billvs. 59% in Q1

Atos: global leader in 2022 Magic Quadrant for datacenter
outsourcing and hybrid infrastructure managed services
17

Tech Foundations: commercial traction evidenced by high-profile
wins
Main wins

Major US Insurer

Asian Navigation Company

Mainframe Licensing andServices

End to end IT managed services

Public Central Procurement
AgencyGlobal Fast Service Restaurant
Chain

Infrastructure maintenance andtransformationforpublicadministrations
Signed after
the CMD

Digital Workplace services(renewal and extension)

P

P
18

Signed after
the CMD02. H1 2022 Financial
PerformanceH1 2022

Financial overview
€M

H1
2022

H1
2021

Variation

Variation atconstant currency

Revenue

5,563

5,424

+2.6%

-0.6%

59

302

% operating margin rate

1.1%

5.6%

-450 bps-460 bps

OMDA

369

633

% OMDA rate

6.6%

11.7%

Normalized Net income

-119

162

Net income

-503

-129

Free Cash Flow

-555

-369

Net debt

1,792

1,129

Operating Margin

20-510 bps

H1 2022

Revenue Bridge-0.6%
at constant currency
In €M:

5,424

-2.1%

+1.6%

+3.1%

5,563

Scope

Foreign Exchange

H1 2022 Revenue

Q1: -2.4%
Q2: -1.9%

H1 2021 Revenue

Organic

21

H1 2022

Performance by Regional Business Unit
In €M

Revenue

Operating Margin

OM %

H1
2022

H1
2021*

% YoY
@constantcurrency

Americas

1,353

1,348

+0.4%

73

159

5.4%

11.8%

Northern Europe & APAC

1,625

1,625

+0.0%

28

113

1.7%

7.0%

Central Europe

1,258

1,280

-1.7%

-30

24

-2.4%

1.9%

Southern Europe

1,198

1,231

-2.7%

40

46

3.4%

3.7%

129

111

+15.9%

-52

-24

NA

NA

5,563

5,594

-0.6%

59

317

1.1%

5.7%

Others incl. global structures

Total* At constant currency

22

H1
2022

H1
2021*

H1
2022

H1
2021*

H1 2022

Income Statement€M

H1 2022

H1 2021

5,563

5,424

59

302

Reorganization, Rationalization, Integration costs

-124

-143

Amortization of intangible assets (PPA from acquisitions)

-67

-79

Equity based compensation

-11

-33

Impairment of goodwill and other non-current assets-91-

Others-64-164

Operating income

-298

-118

Net financial expenses

-129

-3

Tax charge

-77

-6

Effective tax rate

NA

NA

Non-controlling interests--2

Share of net profit/(loss) of associates--0

Net income – Group share

-503

-129

Normalized net income – Group share

-119

162

Revenue

Operating margin

23

Related to assets held for saleo/w €-32m related to Russian
activities and €-25m related to Atostransformation plano/w €-109m related to the disposal ofWorldline sharesH1 2022

Cash Flow Statement€M

H1 2022

H1 202159

302+ Depreciation of fixed assets

135

167

+ Depreciation of right of use

192

176

5

6

+/- Net charge/(release) of pension provisions

-19

-16

+/- Net charge/(release) of provisions

-2

-2

369

633

Capital Expenditures

-123

-154

Lease payments

-207

-183

Change in working capital requirement

-383

-394

-344

-98

Tax paid-21-46

Net cost of financial debt paid

-13

-13

Reorganization, Rationalization & Integration and acquisition costs

-113

-147

Other changes

-64

-66

Free cash flow

-555

-369

Operating Margin+ Net book value of assets sold/written off

Operating Margin before Depreciation & Amortization

Cash from operations24

H1 2022

Change in net debt

(312)

In €M:(1,792)(555)+219(1,226)

Net debt
Dec 2021

FCF
H1 2022

Acquisitions

Sale of Worldline
Shares25+82

FX & others

Net debt
June 2022

03. 2022 full-year
objectives& conclusion

2022 full-year objectives confirmed and refined2022 Full-Year guidance

Revenue growthat constant currency

Operating margin(% of revenue)

Free cash flow

excl. additional impacts fromenvisaged transformation plan

July 27th precisions-0.5% to +1.5%

Unchanged

3% to 5%Lower end of the range€-150m to €200m

Lower end of the range

27

Uptick in operating margin expected in H2 thanks to performance
improvement plan launched in H1
3.0% to 3.5%

Performance improvement
plan launched in H1

1.1%- Unwinding of Spring program- Selective hirings- Subcos- Cost discipline
H1 2022
OperatingMarginUsualseasonality/
revenue growth

Supply chain
H1 catch-up

Incremental cost
Inflation

Note: size of boxes is indicative

28

Cost base

Tackling
underperforming
contracts

Pricing

FY 2022
Expected
OperatingMarginFree cash flow to improve markedly in H2, driven by increase inoperating margin€-555mMain H2 FCF drivers

Uptick in operating margin in H2

H1 2022 FCF
H2 OMDAH2 capex andleases

H2 seasonal WC inflow

H2 WC inflow

Conservatively assuming a partial reversal of H1
outflow

H2 tax paid
H2 cost of debt andothers€-150mEstimated additional impacts ofenvisaged transformation planc. €-250m
29

FY22 expected FCF
before transformation
costs

03. Key take-aways

H1 2022

Key take-aways
Clear strategy in place with new leadership team fully focused on customers,
employees and execution of Atos strategic project

Renewed commercial momentum in Q2 underpinning revenue growth expected in H2

Energic performance improvement measures in place driving significant increase in
Operating Margin and FCF in H2; full confidence in full-year objectives

Moving forward with our transformation plan, financing fully secured

3104. Q&A

Thank you

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