H1 2023 Results

Bezons,July 28, 2023

© 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 2022 Universal Registration Document filed with the Autorité desMarchés Financiers (AMF) on April 21, 2023 under the registration number D.23-0321 . 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 document 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 bemade 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, Luxembourg, The Netherlands and Sweden)
and Asia-Pacific (Australia, China, Hong Kong, India, Japan, Malaysia, New Zealand, Philippines, Singapore, Taiwan, andThailand), Central Europe (Germany, Austria, Bulgaria, Bosnia, Croatia, Czech Republic, Greece, Hungary, Israel, Poland,
Romania, Serbia, Slovenia, Slovakia, and Switzerland), Southern Europe (France, Andorra, Spain, Portugal, and Italy) andRest 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| 28-07-2023 | © Atos

Today’s presenters

Group CFO

3

Nourdine Bihmane

Diane Galbe

Philippe Oliva

Nathalie SénéchaultGroup CEOCo-CEO, in charge ofTech Foundations

Group SEVP in charge ofstrategic projects andsupport functions

Co-CEO, in charge of the
Eviden perimeterGroup
Chief Financial Officer| 28-07-2023 | © AtosAgenda1.

H1 2023 Highlights

2.

Progress in Strategic Transformation Project3.

H1 2023 Financial Results

4.

Outlook

5.

Q&A

4

| 28-07-2023 | © Atos

01. H1 2023 Highlights
Nourdine Bihmane& Philippe Oliva

H1 2023 highlights

Atos shows continued operational improvement with robust H1 results
Solid commercial traction in Q2 results in 112% book-to-bill

Robust organic revenue growth at +2.3% and strong increase in operating margin to 3.8%,
tripling compared to H1 2022
Full-year revenue growth outlook upgraded, operating margin outlook confirmed€-969m free cash flow in H1 and full-year amount expected broadly similarreflecting high pace of major transformative actions carried out throughout the year andworking capital normalization as announced at June 2022 CMD
Major milestones in strategic transformation project achieved:
Successful completion of internal operational carve-out within 12-month timeframe;€700m divestment program now fully secured and expanded by an additional €400m
6| 28-07-2023 | © AtosTech Foundations’ Analyst Day takeaways
Clear path to value creation

Redefined portfolio>40% higher Total Addressable
Market with 3-5% 2022-2026 CAGR

Comprehensive
transformation plan

driving 0-2% p.a. core revenue
growth in next 2 years,
accelerating thereafter€1.2bn gross run-rate benefits by
FY26 65-70% delivered by FY24

Technology Advisory &Customized Services

DigitalWorkplace€ 0.9 bn

€ 1.2 bn

€ 5.4 bn
Hybrid Cloud& Infrastructure

Pivoting to industry
leading offerings

Total
Revenue*€ 2.1 bn

Digital Business
Platforms€ 0.3 bn
Non-core revenues(BPO/ VAR)

€ 0.9 bn

Upgraded mid-term ambitions✓ 6-8% OM in 2026
✓ FCF1 turning positive in 2025 and >€250m in 2026
✓ >€300m higher cumulative FCF1 over 2022-2026
compared to previous plan
1 Free Cash Flow before interest and tax| © Atos*In 2022,| 28-07-2023
excluding UCC
and Italian activities

Tech Foundations: embedding Gen-AI to enhance all aspects of ourbusiness
Hybrid cloud &infrastructure delivery

Digital workplace delivery
Personalized experiences
Knowledge Management
Co-pilot offering readiness

Automated incident triage, ticket
routing and problem resolution
Coding assistance

New Gen-AI offerings
Highly industrialized Gen-AI
platform available
Two new solution released
Specific strategic partnership in
progress

Support functions
Automated bid/Proposal drafting
Back-office support8| 28-07-2023 | © Atos

Upskilling

Gen-AI

Multidisciplinary practice to focus
on business line use cases
Dedicated curriculum into Atos
Digital Academy
Responsible Gen-AI guidelines

Procurement
RFP generation
Supplier assessments

Tech Foundations: book-to-bill soars to 106% in Q2
Reaping the benefits of refocused go-to-market strategy
106%
54% 59%

68%

67%
57%

83%

94%

✓ Successful fertilization of top 100 accounts

54% 58%✓ Strong revenue retention✓ Improved traction in the US

2021
2022
2023

Q1

Q2

Q3

Q4

Q2 main wins
US leading
entertainment
company
5-year extension of DWP
contract with one of thelargestentertainment
companies worldwide formanagementof
80k
laptops/ desktops
9| 28-07-2023 | © Atos

Atos
PrivateCloud
andMainframe-as-a-Service model
selected to deliver adaptive,
resilient, cost-effective, andsecure services to over 35 stateagencies

3-year contract renewal tocontinue modernization anddelivery of Digital Workplace
services to 3,500 associates
and >25,000 dealers acrossthe UK and Europe

Contract extension after
15 years of successful
collaboration with theEuropeanCommission
DIGIT to accelerate IT
transformation projects

Tech Foundations: continued strong execution delivers robust H1
performance
Portfolio rationalization driving managed revenue decrease€2,923 m
H1 2023 revenueCorebusiness only

+0.1%

Total TF

-1.6%
H1 organic revenue growth-0.1% core revenue growth

-0.1%
-0.6%

-2.6%
Q1 2023

Q2 2023

-0.1%
-1.6%

✓ Stabilization of core business revenue✓ Deliberate reduction in non-strategic activities(BPO, VAR) and ongoing divestment of UCC

H1 2023

Strong improvement in operating margin

€73 m

2.5%
✓ Delivering steadily on margin expansion plan:
32% of targeted €1,2bn gross benefits achieved

H1 operating margin
2.5% of revenue-1.0%
H1 202210| 28-07-2023 | © Atos

H1 2023

Eviden: expanding the possibilities of data and technology

Unique sovereign capabilities and complementarities across service lines
Deep industry expertise enhanced by efficient delivery model and strong IP portfolio

Opening of 3 new Cloud
Centers in India

Launch of AIsaac
Cyber Mesh

New Campus and leading
R&D center in Grenoble‘Post-quantum ready’solutions for digital identity

Reinforcing
end-to-end
cloud offering (engineering,migration, operation) and
offshore delivery capabilities

Cutting-edge cybersecurity
detection and response
solution
poweredbygenerative AI technologies,
in partnership with AWS

New innovation center with
1,300
peoplecapacity
bringing expertise in artificial
intelligence, decarbonization
andhigh-performancecomputing

Eviden’s products (IDnomic PKI,
Cryptovision Greenshield) to
evolve and be adapted toquantum threats by year-end

11| 28-07-2023 | © AtosEviden: Building Gen-AI offerings from applications to orchestration,model factory and infrastructure
Helping our customers leverage the potential of Generative AI:
Gen-AI Business Value driven services and solutions

Local

PublicLow latency, fromsupercomputers to
dedicated edge

Cloud services
with Microsoft,
Google, AWS…

Industry
Pre-Packaged
PROPOED
industry-driven
use cases

Code

Protection

Code accelerators
to build, manage& optimize

Data protection of
IP and businessknowledge

Scalable, responsible, sovereign Gen-AI platforms & Cyber Security

Applying Generative AI to ourselves:
consulting and sales, marketing, development (Developer Assist), support (Knowledge Genie)…
12| 28-07-2023 | © AtosEviden: 119% book-to-bill in Q2, well-balanced between Digital and
Big Data & Cybersecurity

119%
Q2 book-to-bill13✓ Continuous focus on smaller, low-risk contract✓ 48% short-term bookings with faster revenue yield✓ Main wins showcasing differentiating factors that set Eviden apart✓ Highly synergistic
portfolio✓ Leading HPC
manufacturer worldwide✓ Sovereign cloudoffering✓ Deep expertise in
selected industries

Coca-Cola
Hellenic
Bottling Company: public
cloud migration, data
analytics,
AI & machinelearning,
application
development
andcybersecurity

India Ministry of Earth
Sciences: first major HPC
contract outside Europe.
Two new HPCs based on
BullSequana
XH2000technology for weathermodeling and climate
research

European engineering &technology
company:
AI-as-a-Service
offeredthrough Eviden’s Nimbix
Portal. Key to Sovereign
Cloud strategy and a
blueprint for further AI
offering developments.

Major
US
healthcarecompany: public cloud
migration to MS Azure,combining
application
development
andcybersecurity| 28-07-2023 | © AtosEviden: strong momentum in H1€2,625 m
H1 2023 revenue

Continued strong organic revenue growth
+9.5%
+4.6%

+7.0%

Q1 2023

Q2 2023+7.0%✓ H1: strong growth in Digital Security andAdvanced Computing✓ Digital’s growth significantly improved vs. H1 2022

H1 2023✓ Q2: Fewer net working days
comparison basis (+270 bps vs. Q1 )andhigherOrganic revenue growth

Improved operating margin

5.3%
Operating margin

3.5%| 28-07-2023 | © Atos

✓ Positive impacts from transformation initiatives
despite continued cost inflation✓ Higher volumes in Advanced Computing resulting
in better fixed costs absorption
H1 202214

5.3%

H1 2023

02. Progress in Strategic
Transformation project
Diane GalbeInternal operational carve-out completed within 12-month timeframe
July 2023: local carve-outs successfully
executed in all geographies* …

Tech Foundations and Eviden
are now fully operational as separate
entities within the Atos Group

Covering

99.7%
of Group
revenue

Tech Foundations… across all key separation activities
Customers &Suppliers

Employees

Operations & IT

Change &Communications* Except 3 countries representing 0.3% of Group revenue

16| 28-07-2023 | © Atos

Tax & Legal
Structuring

EvidenDistinct operating models
Distinct portfolios
Distinct go-to-market strategies

Focused, client-centric organizations
fostering consistent value delivery

Non-core businesses divestment program fully secured
Streamlining portfolio and contributing to financing our transformation€700m
proceeds secured
within12 months

Expanded by an additional€400m

Transaction

SignedStatusWorldline stake

June 2022

Closed

EGSE

Sept. 2022

ClosedSislogOct. 2022

ClosedAtos Italia

Nov. 2022

ClosedUCC*

Jan. 2023

Closing expected in H2 23

Ecoact*July 2023

Closing expected in H2 23* Transactions are subject to the consultation of relevant employee representative bodies andother customary regulatory approvals

Divestment program representing 4% of Eviden 2022 revenue
and 11% of Tech Foundations 2022 revenue

17| 28-07-2023 | © AtosHeadcount evolution+8,431
110,797(8,164)(1,647)

107,013(2,404)

Restructuring: -1,356
Dismissals & transfers: -1,048
Headcount as of
31/12/22

Scope

61 Great Place to Workcertification achieved in 44
countries18| 28-07-2023 | © Atos

HiringLeavers

Restructuring,dismissals & transfers

15% attrition in Q2(18% LTM)

Headcount as of
30/06/23

03. H1 2023 Financial
Results
Nathalie Sénéchault

H1 2023

Financial overview€M

H1 2023

H1 2022

Variation

5,548

5,563

-0.3%

Operating Margin

212

59

+259%

In % of revenue

3.8%

1.1%

+270 bps

OMDA

487

369

+32.0%

In % of revenue

8.8%

6.6%

+220 bps

Normalized Net income

-113

-119

Net income

-600

-503

Free Cash Flow

-969

-555

Net debt

2,321

1,792

Revenue20| 28-07-2023 | © Atos

H1 2023 revenue bridge
Robust organic growth+0.5%
at constant currency
In €M:

5,563

+2.3%

-1.7%

-0.8%

5,548

Scope

Foreign Exchange

H1 2023 Revenue

Q1: +2.8%
Q2: +1.6%

H1 2022 Revenue
21| 28-07-2023 | © Atos

Organic

H1 2023 operating margin
Tripling compared to H1 2022

Improvement driven by both
perimeters:

x3.5

3.8%

✓ Steady delivery on margin
expansion plan with 32% oftargeted€1,2bngross
benefits achieved (€230m
gross increment in TF’s
operating margin in H1)

1.1%

H1 202222| 28-07-2023 | © Atos

Tech Foundations

H1 2023✓ Partly offset by
inflation,
backfills
revenue decrease

cost
and

Eviden✓ Cost-take-out actions✓ Portfolio rationalization✓ Higher volumes inAdvanced Computing
resulting in better fixed
costs absorption

Operating margin to Net income€M

H1 2023

H1 2022

Operating margin

212

59

Reorganization, Rationalization, Integration costs

-464

-124

Amortization of intangible assets

-60

-67

Equity based compensation

-14

-11

Impairment of goodwill and other non-current assets

-55

-91

Others-53-64

Operating income

-434

-298

Net financial expenses

-103

-129

Tax charge

-65

-77

2

-

-600

-503

Share of net profit (loss) of equity-accounted
investments
Net income – Group share23| 28-07-2023 | © Atos

Transformation costs including:• Accrual of new plan in Germany;• Costs associated with internalcarve out finalized in July 2023

Includes legal costs and impact ofvendor contract renegotiation

Includes cost of net debt for €-40m
vs. €-13m in H1 2022

Cash Flow Statement€M

H1 2023

H1 2022

212

59

293

327

2

5

-20

-21

487

369

Capital Expenditures

-110

-123

Lease payments

-181

-207

Change in working capital requirement

-645

-383

-450

-344

Adjusted CFO - excluding working capital normalization

-200

-344

Tax paid-40-21

Net cost of financial debt paid

-40

-13

Reorganization, Rationalization & Integration and acquisition costs

-274

-113

Other changes

-165

-64

Free cash flow

-969

-555

Operating Margin+ Depreciation of Right of Use and Fixed Assets+ Net book value of assets sold/written off+/- Net charge/(release) of provisions

Operating Margin before Depreciation & Amortization

Cash flow from operations (CFO)24| 28-07-2023 | © AtosFree cash flow

Underlying improvement in cash from operations; planned ramp-up of transformation
costs; WC normalization
In €M:

+101
+161

+46

+250

+144

(555)

CFO underlying
improvement

H1 2022
FCF(969)
H1 2023
FCF

25| 28-07-2023 | © Atos

Working Capital
normalization

Increase in RRIs
linked totransformation
plan∆ Interests& Tax∆ Others

H1 2023

Change in net debt
In €M:

(969)

(120)

(2,321)€ 2.6 bn

+218

Gross cash

(1,450)€ 0.3 bn
Undrawn credit facility

Net debt
Dec 202226| 28-07-2023 | © AtosFCF H1 2023

Proceeds from
disposals

FX & others

Net debt
June 2023

04. Full year outlook
Nourdine Bihmane2023 full-year outlook

Organic revenue
growthGroup

EvidenTech Foundations

0.0% to +2.0%

Acceleration

Managed decrease

Previously -1.0% to +1.0%+0.1% in 2022

Operating margin*(% of revenue)

4% to 5%
3.1% in 2022

Free Cash FlowFY broadly similar to H1€-969m in H1 2023

* Including Ecoact and UCC activities (divestment expected to close in H2 2023)
28| 28-07-2023 | © Atosvs. 2022

Core stabilization
Portfolio rationalization+2.0% in 2022

-1.6% in 2022

Improvementvs. 2022
5.2% in 2022

Positive territory
1.3% in 2022

05. Q&A

Thank you!
For more information please contact:Thomas Guillois – Head of Investor Relations
M+ 33 6 21 34 36 62
thomas.guillois@atos.net

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