FY 2023 Results

Bezons,March 26, 2024

© AtosToday’s presenters

2

Paul
Saleh

Carlo
d’Asaro Biondo

Jacques-François
de Prest

Group CEOGroup COO

Group CFO

| 26-03-2024 | © 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 tofactors out of the control of the Company and not precisely estimated, such as market conditions orcompetitor's behaviors. Any forward-looking statements made in this document are statements about Atos’s
beliefs and expectations and should be evaluated as such. Forward-looking statements include statementsthat may relate to Atos’s plans, objectives, strategies, goals, future events, future revenues or synergies, or
performance, and other information that is not historical information. Actual events or results may differ fromthose described in this document due to a number of risks and uncertainties that are described within the 2022
Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on April 21, 2023 under
the registration number D.23-0321 . Atos does not undertake, and specifically disclaims, any obligation or
responsibility to update or amend any of the information above except as otherwise required by law. This
document does not contain or constitute an offer of Atos’s shares for sale or an invitation or inducement toinvest 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 andconditions 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 andother 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) andSouth America (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, Norway and Sweden) and Asia-Pacific (Australia, China, Hong Kong, India,
Japan, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and South Korea), Central Europe(Austria, Bosnia and Herzegoniva, Bulgaria, Croatia, Czech Republic, Germany, Greece, Hungary, Israel, Poland,
Romania, Serbia, Slovenia, Slovakia, and Switzerland), Southern Europe (Andorra, France, Italy, Portugal, andSpain) and Rest of the World including Middle East & Africa (Abu Dhabi , Algeria, Benin, Burkina Faso, Egypt,
Gabon, Ivory Coast, Kenya, Lebanon, Madagascar, Mali, Mauritius, Morocco, Namibia, Qatar, , Kingdom of
Saudi Arabia, Senegal, South Africa, Tunisia, Turkey and UAE), Major Events and Global Delivery Centers.

3| 26-03-2024 | © AtosAgenda1. Key messages
2. 2023 Business Highlights
3. 2023 Financial Results
4. Key takeaways
5. Q&A4| 26-03-2024 | © Atos

01. Key messages
Paul SalehKey messages

1

2

6

| 26-03-2024 | © Atos

Full year 2023 revenue growth and operating margin objectives met:•

Organic growth and improved operating margin at Eviden for the full year•

Execution of Tech Foundations transformation plan leading to improved
profitability and increased win-rates with existing and new clientsFree cash flow for H2 of €-109m primarily from deal slippage, FY23 free cash
flow of €-1.1bn reflecting higher restructuring & separation costs and lower
working capital actions

3

Cash at year end of €2.4bn, including working capital actions.

4Completion of the separation into 2 distinct operational units – Tech
Foundations and Eviden – with strategy to leverage our offerings througha coordinated go-to-market approach

Key messages

5

Evaluation of strategic alternatives following end of discussions on
potential sale of Tech Foundations and BDS

6

Discussions with banks and bondholders on a refinancing plan toprogress within the framework of a conciliation procedure

7•

Targeting a global agreement by July ‘24•

Atos to present the parameters of its proposed refinancing
framework to its financial creditors the week of April 8th 2024 andto update the market

Sufficient liquidity to operate the business until a refinancing plan isreached•Ongoing discussions with banks and creditors for interim financing toprovide additional liquidity cushion

8
7| 26-03-2024 | © Atos

Favorable decision vacating entirely the compensatory award
related to Trizetto case

Full year 2023 operational objectives met for revenue growthand operating margin
FY’23

Revenue

OperatingmarginFCF

8

FY’22 organic growth

Guidance FY 23€ million

Organic growth

Group

0.1%

0.0% to 2.0%

10,693

0.4%

Eviden2.0

Acceleration vs. 2022

5,089

2.9%

TF

-1.6%

Managed decrease

5,604

-1.7%

FY’22 OM% published

Guidance FY 23€ million

OM%

Group

3.1%

4% to 5%

467

4.4%

Eviden5.2%

Improvement vs. 2022

294

5.8%

TF

1.3%

Positive territory

172

3.1%

FY’22 published

Guidance FY 23€ million-187c. €-1,000-1,078Group| 26-03-2024 | © Atos

✓
✓
✓

✓
✓
✓



Eviden: leading global player providing mission critical IT services€5.1bn

Revenue mix

2023 revenue

Southern
Europe
25%

BDS
29%

Others1%

Americas24%

47k+
Employees

Northern Europe& APAC24%

Central Europe
26%

Digital71%

45
Countriesof operations+2,100Patents

50,000+
Certifications

9| 26-03-2024 | © Atos

Earning trust of our clients

20+

89%

97+ %

of Top 30 clients havebeen with us for 10+ years

Contract
Renewal rate

Revenue generated
from existing clientsEviden: Distinctive offerings and trusted capabilities
Key offerings

Generative AI

Digital• Transformation
Acceleration• Smart platforms• Cloud migrationand operations• Sustainability

Key strategic priorities
•
•
•
•
•
•
•

Mission critical service operator, modernizing client applications
Digitalization at scale, delivering integrated business & customer service platforms
Thought leader for Sovereignty
Leader in data management and AI, focusing on actionable insights
Gen AI: High Performance Computing-as-a-service
Digital security: threat identification and protection
Advanced Computing
Leader in
Data & Analytics
2022

BDS
• Digital Security• Advanced Computing

Market Leader
Managed Security
Services| 26-03-2024 | © Atos

2023

Challenger
Public Cloud2023# 1 Europe# 3 Worldwide
SuperComputers“Leaders of leaders”
in Edge/AI

2022

2023

2022

Top player and Leader inEurope in Cyber Security

Leader in SAP

Leader in Digital Twin

2023

2023

2023
10

Leader in Generative
Enterprise Services

Tech Foundations: Strong client base with long-term relationships€5.6 bn
2023 revenue

48k+
Employees

69
Countriesof operations

25+ years
Empowering CIOs
for mission-criticaloperations

11| 26-03-2024 | © Atos

Revenue mix
BPO
10%Business
Platforms
6%
Technical
Services
20%

UCC
7%

Southern
Europe19%

Hybrid Cloud &Infrastructure
36%

Digital Workplace
21%

CentralEurope21%

Others4%
Americas21%
Northern
Europe & APAC
35%

Earning trust of our clients
10-year Average relationshipacross Top 170 clients

90+ % Renewal rate

20+ %Points above industry
NPS in client satisfaction

Tech Foundations: Leading IT infrastructure player
Key offerings
Hybrid & Cloud
infrastructure

Technology advisory &customized services

Key strategic priorities
•
•
•
•
•

End-to-end digital orchestrator across the cloud continuum with integrated security
Autonomous operations powered by AI
Transformed go-to market model optimized for next generation offerings
Talent aligned to post generative AI business model
Leader in sustainability and DE&I

Leader in Outsourced
Digital Workplace Services

Magic Quadrant for
Industrial IoT Platforms

2016-2024

2019

Business platforms

2021
US Workplace
Support Services

Digital Workplace

Leader in ISG Provider
Lens™ Quadrant Reportfor Data Analytics
Services in the U.S.

2023

Winner of Juniper
Networks Elevate Award#1“Data Centerof the Future”

Leader in Data Center
Outsourcing and Hybrid
Infrastructure Managed
Services in North America
2021

2023
12

| 26-03-2024 | © Atos

02. 2023 Business Highlights
Carlo d’Asaro BiondoEviden transformation journey continues
Continued organic revenue growth€5,089 m
2023 revenue+2.9%
Organic
revenue growth€ 294 m2023
Operating margin
5.8% of Revenue✓ Mid-single digit growth in BDS, led by High Performance Computing andDigital Security✓ Strong revenue growth of Digital in Europe✓ Decline in Americas in H2:✓ Clients taking longer to decide on discretionary spend✓ Tougher comparison due to delivery of a major HPC machine in prior year

Improved operating margin while investing in
product design (Generative AI, Cloud frameworks)+110 bps
4.7%

2022*
H1
2022

5.8%

H120232023

OM at 5.3% in H1 2023 and 6.3% in H2 2023
✓ Value based pricing and cost take-out actions✓ Improved delivery quality✓ Better utilization of billable resources✓ Higher fixed costs absorption in Advanced
Computing*: At constant scope and foreign exchange rates
14| 26-03-2024 | © AtosEviden: 100% book-to-bill in Q4, well-balanced between
Digital and Big Data & Security (BDS)94%
FY book-to-bill✓ Continuous focus on smaller, low-risk contracts✓ 49% short-term bookings with faster revenue yield✓ 10% Increase in Win rate for large deals

Key Q4 2023 deals
Faster time toMarket and resilience

Renewing customer
interaction

Modernizing patient
experience

Innovation in sciencesurpassing Exascale
threshold

Global automotive
technology solution
providerMadrid’s water supply
management company(Canal de Isabel II)

Major US healthcarecompany

Jülich Supercomputing
Centre in Germany

15| 26-03-2024 | © AtosTech Foundations: delivering on transformation plan
Portfolio rationalization driving managed revenue decrease€ 5,604 m
2023 Revenue

-1.6%

-1.7%

FY 2022*

FY 2023-11.4%-1.7%
Organic
revenue growth

FY 2021*

Strong improvement in Operating margin(Core business down -2.0%)+210 bps
3.1%€ 172 m2023 Operating margin
3.1% of Revenue

1.0%

-0.4%
FY 2021*

FY 2022** Constant scope and exchange rates

16| 26-03-2024 | © Atos

✓ Deliberate reduction in non-core activities(Italy, UCC, VAR)
✓ Contained decline in legacy infrastructure andgrowth in all other business lines✓ New Generative AI related business streams:• Co-pilot scaling phase with 10 active
customer deployments• First 3 Gen-AI customer use cases secured

FY 2023

OM at 2.5% in H1 2023 and 3.7% in H2 2023
✓ Shift of the business portfolio towards
higher margin new offerings.
✓ Accelerated reduction of underperforming contracts✓ Better pricing of new businesses

Tech Foundations: Q4 book to bill at 117%✓ Successful renewal and add-on work on top 100 accounts

94%
FY book-to-bill✓ +110% increase in new logo deals over FY 2023
✓ Win rate at 60% in Q4 2023 (+7 pts vs 2022)

Key Q4 2023 deals
Digital services
company
5-year Hybrid Cloud andInfrastructure contract

4-year Technology Services contract
for French public sector

RENEWAL

RENEWAL17| 26-03-2024 | © Atos

Outsourcing of service deskfor 29k employees globallyNEW4-year Hybrid Cloud andInfrastructure contract
RENEWAL2023 Group organic growth and revenue by regional business unit
YoY Organic GrowthSouthern
Europe+3.9%

Americas-7.1%

Revenue Mix

Southern
Europe21%

Others3%
Americas23%€10.7bn
CentralEurope+2.2%

18| 26-03-2024 | © Atos

Northern
Europe & APAC

+1.3%

CentralEurope23%

Northern
Europe &APAC
30%

2023 Group organic growth and revenue by regional business unit
YoY Organic Growth
Eviden:High single digit growth :Southern
Europe+3.9%

CentralEurope+2.2%

Americas• Strong performance of BDS-7.1%• Delivery of High-Performance Computers(HPCs)

Northern
Europe & APAC

+1.3%

• Growth in Digital led by new customers
and strong demand for application
modernization & decarbonation solutions

Tech Foundations•

19| 26-03-2024 | © Atos

Low single-digit decline2023 Group organic growth and revenue by regional business unit
YoY Organic Growth
General slowdown in market conditions
Southern
Europe+3.9%

CentralEurope+2.2%

20| 26-03-2024 | © Atos

Americas

Eviden:-7.1%•

Comparative effect in BDS with thedelivery of an HPC recorded last year•

Softer market conditions led to volume
reductions in Digital

Northern
Europe & APAC

+1.3%

Tech Foundations•

Impacted by contract scope reductions

2023 Group organic growth and revenue by regional business unit
YoY Organic GrowthSouthern
Europe+3.9%

Americas

Eviden:-7.1%•

Solid double-digit growth inDigital and BDS

Tech Foundations
CentralEurope+2.2%

21| 26-03-2024 | © Atos

Northern
Europe & APAC

+1.3%

•

Revenue decline, with lower
activity in Manufacturing andBanking2023 Group organic growth and revenue by regional business unit
YoY Organic GrowthSouthern
Europe+3.9%

CentralEurope+2.2%

22| 26-03-2024 | © Atos

Americas-7.1%

Northern
Europe & APAC

+1.3%

Eviden:• Strong demand from Public Sector andsolid performance in the Financevertical in APAC
• Digital activities up high single digit• Lower HPC revenue compared with
2022 due to fewer deliveries• Signs of market softness in H2
Tech Foundations• Stronger revenue from Public Sector in
the UK and in Financial vertical in APAC

Headcount reduction driven by change in scope (-8.4%) andworkforce optimization (-5.3%)+14,839

110,797-9,331

Headcount as of
31/12/22

Scope95,140-15,258

HiringLeavers-5,907

Restructuring,dismissals & others

14.5% LTM attrition rate decrease
Down year-over year23

| 26-03-2024 | © Atos

January 2024 attrition rate of 12.5%, lowest January levels in the last 25 years

Headcount as of
31/12/23

Operational Takeaways

Maintain our recognizedclient satisfaction
through our delivery excellence24| 26-03-2024 | © Atos

Operate with two separate
entities, Tech Foundations
and Eviden, within AtosGroup through a coordinatedsales approach

Strengthen our leadership
position through our world-classoperational execution and newofferings deployment

Accelerate automation for digitaland cloud through solutions
powered by AI

Continue to invest in our people
with training programs andrecognized certifications for
future-proofing skills and talents

03. 2023 Financial Highlights
Jacques-François de Prest

2023 key financial figures

26

Operating margin

Free cash flow

€467m€-1,078m

Book-to-bill 94%
Q4 BtB at 108%

4.4% of revenue+170bps organic€660m restructuring€502m lower WCR
actions vs 2022

Net lossgroup share

Normalized
net income

Headcount

Net debt€-3,441m€73m

95,140€2,230m-5.7% organic

Impairment charge of€2,546m

Vs €-28m in 2022

Revenue

Order entry€10.7bn€10.1 bn

+0.4% yoy. organic| 26-03-2024 | © Atos

2023 revenue bridge (€m)
Organic growth at +0.4%
11,341

11,270-0.6%2022 revenue
Adoption of2022 revenue(published) new accounting(restated)
treatment(agent vs.
principal)

27| 26-03-2024 | © Atos

-3.9%

Scope

+0.4%

10,693

Organic
Growth

FY 2023
revenue-1.6%

Foreign
Exchange2023 operating margin improvement in both businesses+170 bps organic improvement vs 2022

Eviden: €294m

4.4%

2.7%
€467m
€289m

2022*

2023

*: At constant scope and exchange rates

28| 26-03-2024 | © Atos

✓ OM% at 5.8% up +110 bps organically✓ Cost take-out actions✓ Improved quality delivery✓ Better utilization of billable resources✓ Higher fixed costs absorption in Advanced Computing

Tech Foundations: €172m✓ OM% at 3.1%, up +210 bps organically✓ Execution of the transformation plan launched in 2022
• Shift of business portfolio towards higher margin new offering• Accelerated reduction of under-performing contracts• Better pricing of new businesses• Continued reduction of low margin non-core activities such as resale

Operating margin to Net income(in € million)

2023

2022

Operating margin

467

356

Reorganization

-696

-352

Rationalization and associated costs

-38

-69

4

-30

Amortization of intangible assets (PPA from acquisitions)

-108

-140

Equity-based compensation

-19

-25

-2,546

-177

-169

-359

Other operating income (expense)-3,573-1,151

Operating (loss)-3,106-795

Net financial income (expense)

-227

-175

Tax charge

-112

-46

Non-controlling interests-1-0

Share of net profit (loss) of equity-accounted investments

5

4-3,441-1,01273-28

Integration and acquisition costs

Impairment of goodwill and other non-current assets
Other items

Net (loss) – Attributable to owners of the parent
Normalized net income (loss)* – Attributable to owners of theparent* The normalized net income (loss) is defined as net profit before unusual, abnormal and infrequent items (net of tax)
29 | 26-03-2024 | © AtosOperating margin to Net income(in € million)

2023

2022

Operating margin

467

356

Reorganization

-696

-352

Rationalization and associated costs

-38

-69

4

-30

Amortization of intangible assets (PPA from acquisitions)

-108

-140

Equity-based compensation

-19

-25

-2,546

-177

-169

-359

Other operating income (expense)-3,573-1,151

Operating (loss)-3,106-795

Net financial income (expense)

-227

-175

Tax charge

-112

-46

Non-controlling interests-1-0

Share of net profit (loss) of equity-accounted investments

5

4-3,441-1,01273-28

Integration and acquisition costs

Impairment of goodwill and other non-current assets
Other items

Net (loss) – Attributable to owners of the parent
Normalized net income (loss)* – Attributable to owners of theparent* The normalized net income (loss) is defined as net profit before unusual, abnormal and infrequent items (net of tax)
30 | 26-03-2024 | © Atos

• €343 m restructuring expenses• €353 m separation andtransformation costs

Operating margin to Net income(in € million)

2023

2022

Operating margin

467

356

Reorganization

-696

-352

Rationalization and associated costs

-38

-69

4

-30

Amortization of intangible assets (PPA from acquisitions)

-108

-140

Equity-based compensation

-19

-25

-2,546

-177

-169

-359

Other operating income (expense)-3,573-1,151

Operating (loss)-3,106-795

Net financial income (expense)

-227

-175

Tax charge

-112

-46

Non-controlling interests-1-0

Share of net profit (loss) of equity-accounted investments

5

4-3,441-1,01273-28

Integration and acquisition costs

Impairment of goodwill and other non-current assets
Other items

Net (loss) – Attributable to owners of the parent
Normalized net income (loss)* – Attributable to owners of theparent* The normalized net income (loss) is defined as net profit before unusual, abnormal and infrequent items (net of tax)
31 | 26-03-2024 | © Atos

Consisting of:• € 1,920m impairment of Eviden goodwill• €328m impairment of TF goodwill• €173 million impairment on PPA assets
Full annual goodwill impairment test
performed at year end, in compliance with
IAS 36 and in the context of the contemplated
disposals of assets.
Fair values determined based on amulticriteria approach, including Discounted
Cash Flows (“DCF”), discount rates reflecting
estimated execution risks, and adjusted
trading multiples, consistent with themethodology applied in prior years.

Operating margin to Net income(in € million)

2023

2022

Operating margin

467

356

Reorganization

-696

-352

Rationalization and associated costs

-38

-69

4

-30

Amortization of intangible assets (PPA from acquisitions)

-108

-140

Equity-based compensation

-19

-25

-2,546

-177

-169

-359

Other operating income (expense)-3,573-1,151

Operating (loss)-3,106-795

Net financial income (expense)

-227

-175

Tax charge

-112

-46

Non-controlling interests-1-0

Share of net profit (loss) of equity-accounted investments

5

4-3,441-1,01273-28

Integration and acquisition costs

Impairment of goodwill and other non-current assets
Other items

Net (loss) – Attributable to owners of the parent
Normalized net income (loss)* – Attributable to owners of theparent* The normalized net income (loss) is defined as net profit before unusual, abnormal and infrequent items (net of tax)
32 | 26-03-2024 | © Atos

• €36m: reassessment of onerous contracts• €65m: legal costs & vendor contract
renegotiations• €46m: net capital loss from asset disposals
mainly arising from the UCC asset sale

Operating margin to Net income(in € million)

2023

2022

Operating margin

467

356

Reorganization

-696

-352

Rationalization and associated costs

-38

-69

4

-30

Amortization of intangible assets (PPA from acquisitions)

-108

-140

Equity-based compensation

-19

-25

-2,546

-177

-169

-359

Other operating income (expense)-3,573-1,151

Operating (loss)-3,106-795

Net financial income (expense)

-227

-175

Tax charge

-112

-46

Non-controlling interests-1-0

Share of net profit (loss) of equity-accounted investments

5

4-3,441-1,01273-28

Integration and acquisition costs

Impairment of goodwill and other non-current assets
Other items

Net (loss) – Attributable to owners of the parent
Normalized net income (loss)* – Attributable to owners of theparent* The normalized net income (loss) is defined as net profit before unusual, abnormal and infrequent items (net of tax)
33 | 26-03-2024 | © Atos

Reflecting higher interest rates andchanges in the mix of debt

Operating margin to Net income(in € million)

2023

2022

Operating margin

467

356

Reorganization

-696

-352

Rationalization and associated costs

-38

-69

4

-30

Amortization of intangible assets (PPA from acquisitions)

-108

-140

Equity-based compensation

-19

-25

-2,546

-177

-169

-359

Other operating income (expense)-3,573-1,151

Operating (loss)-3,106-795

Net financial income (expense)

-227

-175

Tax charge

-112

-46

Non-controlling interests-1-0

Share of net profit (loss) of equity-accounted investments

5

4-3,441-1,01273-28

Integration and acquisition costs

Impairment of goodwill and other non-current assets
Other items

Net (loss) – Attributable to owners of the parent
Normalized net income (loss)* – Attributable to owners of theparent* The normalized net income (loss) is defined as net profit before unusual, abnormal and infrequent items (net of tax)
34 | 26-03-2024 | © Atos

Includes non-recurring tax costs
associated with carve-out operations

Free cash flow impacted by lower working capital actions
and higher reorganization costs(in € million)

2023

2022

Operating Margin before Depreciation & Amortization (OMDA)

1,026

1,020

Capital expenditures

-205

-251

Lease payments

-358

-405

Change in working capital requirement*

-391

126

Cash from operations (CFO)

73

489

Tax paid-77-59

Net cost of financial debt paid

-102

-29

Reorganization, rationalization and integration costs

-660

-283

Other changes**

-312

-305

-1,078-187

Net (acquisitions) disposals

411

-109

Foreign exchange rate fluctuation on net cash (debt)

-75

77

Others (share buy-back, dividend paid, capital increase)

-38

-6

Opening net debt

-1,450-1,226

Closing net debt

-2,230-1450

Free Cash Flow (FCF)35| 26-03-2024 | © Atos"* Change in working capital requirement excluding the working capital requirement change related to items reported in other operating income and expense.
** ""Other changes"" include other operating income and expense with cash impact (excluding staff reorganization, rationalization and associated costs, integration and acquisition costs)
and other financial items with cash impact, net long term financial investments excluding acquisitions and disposals, and profit sharing amounts payable transferred to debt."

Free cash flow impacted by lower working capital actions
and higher reorganization costs(in € million)

2023

2022

Operating Margin before Depreciation & Amortization (OMDA)

1,026

1,020

Capital expenditures

-205

-251

Lease payments

-358

-405

Change in working capital requirement*

-391

126

Cash from operations (CFO)

73

489

Tax paid-77-59

Net cost of financial debt paid

-102

-29

Reorganization, rationalization and integration costs

-660

-283

Other changes**

-312

-305

-1,078-187

Net (acquisitions) disposals

411

-109

Foreign exchange rate fluctuation on net cash (debt)

-75

77

Others (share buy-back, dividend paid, capital increase)

-38

-6

Opening net debt

-1,450-1,226

Closing net debt

-2,230-1450

Free Cash Flow (FCF)36| 26-03-2024 | © Atos

Capex and lease payments down €-94 million• Spent optimization• Move to less capital-intensive activities"* Change in working capital requirement excluding the working capital requirement change related to items reported in other operating income and expense.
** ""Other changes"" include other operating income and expense with cash impact (excluding staff reorganization, rationalization and associated costs, integration and acquisition costs)
and other financial items with cash impact, net long term financial investments excluding acquisitions and disposals, and profit sharing amounts payable transferred to debt."

Free cash flow impacted by lower working capital actions
and higher reorganization costs(in € million)

2023

2022

Operating Margin before Depreciation & Amortization (OMDA)

1,026

1,020

Capital expenditures

-205

-251

Lease payments

-358

-405

Change in working capital requirement*

-391

126

Cash from operations (CFO)

73

489

Tax paid-77-59

Net cost of financial debt paid

-102

-29

Reorganization, rationalization and integration costs

-660

-283

Other changes**

-312

-305

-1,078-187

Net (acquisitions) disposals

411

-109

Foreign exchange rate fluctuation on net cash (debt)

-75

77

Others (share buy-back, dividend paid, capital increase)

-38

-6

Opening net debt

-1,450-1,226

Closing net debt

-2,230-1450

Free Cash Flow (FCF)37| 26-03-2024 | © Atos

Reflecting an €111 improvement in
operational working capital management
partially offsetting €502m lower working
capital actions compared with prior year"* Change in working capital requirement excluding the working capital requirement change related to items reported in other operating income and expense.
** ""Other changes"" include other operating income and expense with cash impact (excluding staff reorganization, rationalization and associated costs, integration and acquisition costs)
and other financial items with cash impact, net long term financial investments excluding acquisitions and disposals, and profit sharing amounts payable transferred to debt."

€0.5 billion less working capital actions in FY23 compared with prior year
Working capital requirement

Working capital requirement (WCR)

Working capital actions-€0.5bn647€1.8 bn€2.3 bn

650-340

Dec. 2022

455

712

€-0.3 bn€-0.3 bn

862

WCR
38

• WCR stable at 31.12.20123: at €-0.3 billion, stablecompared with prior year

810

-319

Dec. 2023

Working capital requirement

Accounts receivable factoring

Cash in advance

Actions on trade payables| 26-03-2024 | © Atos

• Working capital optimized through:• Accounts receivable non-recourse
factoring ;• Cash in advance received from
customers ; and• Specific actions on trade payables• Atos does not have any reverse factoring
program• Plan to continue to reduce the working capitalactions

Free cash flow impacted by lower working capital actions
and higher reorganization costs(in € million)

2023

2022

Operating Margin before Depreciation & Amortization (OMDA)

1,026

1,020

Capital expenditures

-205

-251

Lease payments

-358

-405

Change in working capital requirement*

-391

126

Cash from operations (CFO)

73

489

Tax paid-77-59

Net cost of financial debt paid

-102

-29

Reorganization, rationalization and integration costs

-660

-283

Other changes**

-312

-305

Consisting of:• €605m restructuring cost, of which• €223m of restructuring• €382m one-off separation andtransformation costs;-1,078-187•

Net (acquisitions) disposals

411

-109

Foreign exchange rate fluctuation on net cash (debt)

-75

77

Others (share buy-back, dividend paid, capital increase)

-38

-6

Opening net debt

-1,450-1,226

Closing net debt

-2,230-1450

Free Cash Flow (FCF)39| 26-03-2024 | © Atos•

€47m of rationalization cost resulting from theclosure and consolidation of data centers,
mainly in North America;€8m integration costs"* Change in working capital requirement excluding the working capital requirement change related to items reported in other operating income and expense.
** ""Other changes"" include other operating income and expense with cash impact (excluding staff reorganization, rationalization and associated costs, integration and acquisition costs)
and other financial items with cash impact, net long term financial investments excluding acquisitions and disposals, and profit sharing amounts payable transferred to debt."

Free cash flow impacted by lower working capital actions
and higher reorganization costs(in € million)

2023

2022

Operating Margin before Depreciation & Amortization (OMDA)

1,026

1,020

Capital expenditures

-205

-251

Lease payments

-358

-405

Change in working capital requirement*

-391

126

Cash from operations (CFO)

73

489

Tax paid-77-59

Net cost of financial debt paid

-102

-29

Reorganization, rationalization and integration costs

-660

-283

Other changes**

-312

-305

-1,078-187

Net (acquisitions) disposals

411

-109

Foreign exchange rate fluctuation on net cash (debt)

-75

77

Others (share buy-back, dividend paid, capital increase)

-38

-6

Opening net debt

-1,450-1,226

Closing net debt

-2,230-1450

Free Cash Flow (FCF)40| 26-03-2024 | © Atos

Including:• €126m of costs incurred on onerous
contracts• €115m of past settlements with vendors
and customers and legal costs"* Change in working capital requirement excluding the working capital requirement change related to items reported in other operating income and expense.
** ""Other changes"" include other operating income and expense with cash impact (excluding staff reorganization, rationalization and associated costs, integration and acquisition costs)
and other financial items with cash impact, net long term financial investments excluding acquisitions and disposals, and profit sharing amounts payable transferred to debt."

Free cash flow impacted by lower working capital actions
and higher reorganization costs(in € million)

2023

2022

Operating Margin before Depreciation & Amortization (OMDA)

1,026

1,020

Capital expenditures

-205

-251

Lease payments

-358

-405

Change in working capital requirement*

-391

126

Cash from operations (CFO)

73

489

Tax paid-77-59

Net cost of financial debt paid

-102

-29

Reorganization, rationalization and integration costs

-660

-283

Other changes**

-312

-305

-1,078-187

Net (acquisitions) disposals

411

-109

Foreign exchange rate fluctuation on net cash (debt)

-75

77

Others (share buy-back, dividend paid, capital increase)

-38

-6

Opening net debt

-1,450-1,226

Closing net debt

-2,230-1450

Free Cash Flow (FCF)41| 26-03-2024 | © Atos

Net cash proceeds mainly from theasset disposals including Atos Italy,
EcoAct, State Street JV"* Change in working capital requirement excluding the working capital requirement change related to items reported in other operating income and expense.
** ""Other changes"" include other operating income and expense with cash impact (excluding staff reorganization, rationalization and associated costs, integration and acquisition costs)
and other financial items with cash impact, net long term financial investments excluding acquisitions and disposals, and profit sharing amounts payable transferred to debt."

Free cash flow impacted by lower working capital actions
and higher reorganization costs(in € million)

2023

2022

Operating Margin before Depreciation & Amortization (OMDA)

1,026

1,020

Capital expenditures

-205

-251

Lease payments

-358

-405

Change in working capital requirement*

-391

126

Cash from operations (CFO)

73

489

Tax paid-77-59

Net cost of financial debt paid

-102

-29

Reorganization, rationalization and integration costs

-660

-283

Other changes**

-312

-305

-1,078-187

Net (acquisitions) disposals

411

-109

Foreign exchange rate fluctuation on net cash (debt)

-75

77

Others (share buy-back, dividend paid, capital increase)

-38

-6

Opening net debt

-1,450-1,226

Closing net debt

-2,230-1450

Free Cash Flow (FCF)42| 26-03-2024 | © Atos

Incl. tax withheld on internal dividend
distributions"* Change in working capital requirement excluding the working capital requirement change related to items reported in other operating income and expense.
** ""Other changes"" include other operating income and expense with cash impact (excluding staff reorganization, rationalization and associated costs, integration and acquisition costs)
and other financial items with cash impact, net long term financial investments excluding acquisitions and disposals, and profit sharing amounts payable transferred to debt."

FY 2023 year-end capital structure
Net cash of €2.423 bn at year-end
Net cash, cash equivalent (€2.3 billion) and short term financial assets (€0,1 billion)

Net debt:€2,230 million

Bonds, bank loan and MTN maturity schedule, € million
1500*
750

500

800

580

350
50

Exchangeablebonds

Fiscal Year

2024

TLA

Existing
RCF
Existing
bonds

MTN

2025

2026

2027

*Term Loan A maturity is July 24 subject to a six-month extension at standard conditions.

43| 26-03-2024 | © Atos

Existing
bonds

Existing
bonds

2028

2029

Year-end
leverage ratio:
3.34x
within bankcovenants of
3.75x

Refinancing update•

Ongoing discussions with banks and bondholders on a refinancing plan for the Group’s financial debt.

•

Discussions to be framed under an amicable conciliation procedure in order to facilitate a global
agreement by July ‘24.

•

Sufficient liquidity to operate the business until a financing agreement is reached•

Ongoing discussions with banks and bondholders on an interim financing that will provide
additional liquidity cushion•

Strategic alternatives being actively evaluated following the end of discussions with EPEI and Airbus•€400m disposal program announced in July ‘23 underway•

Atos to present the parameters of its refinancing framework to its creditors the week of April 8th andto provide a market update•

Final refinancing plan agreed by all parties will result in the dilution of existing shareholdings•Group’s going concern risk if refinancing agreements with financial creditors is not reached44| 26-03-2024 | © AtosOutlook

Given current market uncertainties:• FY 2024 guidance will not be provided until a refinancing plan is reached• Withdrawing previously communicated financial objectives for FY 202645

| 26-03-2024 | © Atos

04. Key takeaways
Paul SalehKey takeaways•

Executing on our transformation plans for Eviden and Tech Foundations•

Strategy to leverage offering of both businesses through a coordinated go-to-market approach•

Active discussions with banks and bondholders on a refinancing plan to take now place within the framework of aconciliation procedure•

Atos to provide the parameters of its refinancing framework to its financial creditors the week of April 8 th
and to provide a market update••

Sufficient liquidity to operate the business until a refinancing plan is reached•

47

Targeting July for a final global refinancing agreement

Working with banks and bondholders on interim refinancing for additional liquidity cushion| 26-03-2024 | © Atos

05 Q&A session

Thank you!
For more information please contact:
David Pierre-Kahn – Head of Investor Relations
david.pierre-kahn@atos.net
M+ 33 6 28 51 45 96

Atos is a registered trademark of Atos SE. February 2024. © 2024 Atos. Confidential
information owned by Atos, to be used by the recipient only. This document, or any
part of it, may not be reproduced, copied, circulated and/ or distributed nor quoted
without prior written approval from Atos.

© Atos