FY 2020
Results

Bezons, February 18, 2021

Disclaimer
This document contains forward-looking statements that involve risks and uncertainties, including references, concerning theGroup'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 the control of the Company and notprecisely estimated, such as market conditions or competitor's behaviors. Any forward-looking statements made in thisdocument are statements about Atos’ beliefs and expectations and should be evaluated as such. Forward-looking statements
include statements that may relate to Atos’ 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 from thosedescribed in this document due to a number of risks and uncertainties that are described within the 2019 Universal
Registration Document filed with the Autorité des Marchés Financiers (AMF) on March 3, 2020 under the registration number
D.20-0096 and the Amendment to the 2019 Universal Registration Document filed with the AMF on July 30, 2020 under
number D.20-0096-A01. Atos does not undertake, and specifically disclaims, any obligation or responsibility to update oramend any of the information above except as otherwise required by law. This document does not contain or constitute anoffer of Atos’ shares for sale or an invitation or inducement to invest in Atos’ shares in France, the United States of America or
any other jurisdiction.
Atos consolidated and statutory financial statements for the year ended December 31, 2020, were approved by the Board of
Directors on February 17, 2021. Audit procedures are in progress.
Revenue organic growth is presented at constant scope and exchange rates.
Industries include Manufacturing (Aerospace, Automotive, Chemicals, Consumer Packaged Goods (Food & Beverage),
Discrete Manufacturing, Process Industries, Services and Siemens), Financial Services & Insurance (Insurance, Banking &Financial Services, and Business Transformation Services), Public Sector & Defense (Defense, Education, Extraterritorial
Organizations, Public Administration, Public Community Services and Major Events), Telecom, Media & Technology (HighTech & Engineering, Media, and Telecom), Resources & Services (Energy, Retail, Transportation & Hospitality, and Utilities)
and Healthcare & Life Sciences (Healthcare and Pharmaceutical).
Regional Business Units include North America (USA, Canada, Guatemala and Mexico), Northern Europe (United Kingdom& Ireland, Belgium, Denmark, Estonia, Belarus, Finland, Lithuania, Luxembourg, The Netherlands, Poland, Russia, andSweden), Central Europe (Germany, Austria, Bulgaria, Bosnia, Croatia, Czech Republic, Greece, Hungary, Romania, Serbia,
Slovenia, Slovakia, Israel, and Switzerland), Southern Europe (France, Andorra, Spain, Portugal, and Italy) and Growing
Markets including Asia-Pacific (Australia, China, Hong Kong, India, Japan, Malaysia, New Zealand, Philippines, Singapore,
Taiwan, and Thailand), South America (Argentina, Brazil, Chile, Colombia, Uruguay, and Peru), Middle East & Africa (Algeria,
Benin, Burkina Faso, Egypt, Gabon, Ivory Coast, Kenya, Kingdom of Saudi Arabia, Madagascar, Mali, Mauritius, Morocco,
2Qatar, Senegal, South Africa, Tunisia, Turkey and UAE), Major Events, Global Cloud Hub, and Global Delivery Centers.

Agenda3

1

FY 2020 overview and 2021 objectives

2

FY 2020 highlights

3

FY 2020 performance4

Conclusion and Q&A

SECTION 1

FY 2020 Overview
and 2021 Objectives

2020

All objectives set in April achieved
All foundations for growth laid down✓2020 objectives
ACHIEVED✓ACHIEVEDRECORD HIGH BOOKINGS

Revenue Organic Evolution-3.0%

Step 1
Feb 2020

Order Entry+10% yoy at cc

Operating Margin Rate
9.0%

Step 2
Jul 2020

Pipeline+23% yoy at cc

Free Cash Flow
€ 513 mStep 3 (last)Feb 2021

Backlog+€ 2.0 bn yoy at cc

Reshaping of offering
Digital, Cloud, Security& Decarbonization at
46% of revenue
5

Commercial Activity

M&A Execution

10 acquisitions in Digital, Cloud,Security & Decarbonization
Total revenue above €300m in 2019

2021

A year of growth between 3.5% and 4.0%
A clear path towards mid-term targets
2021*

Mid-term+3.5%
to +4.0%+5.0%
to +7.0%+40 to +80 bps
vs 202011%
to 12%

Revenue growth(at constant currency)
Operating Margin(% of revenue)

Free cash flow/
cash conversion(% of operating margin)€550m
to €600m

Pivoting Atos▶

Full effect of Springtransformation to accelerate
growth

▶

65% of revenue in Digital, Cloud,Security & Decarbonization midterm

M&A Strategy▶

Self-financed bolt-on acquisitions
in Digital, Cloud, Security &Decarbonization to accelerate
growth▶

Leverage available for larger M&A
if in line with growth agenda andmid-term targets> 60%* based on the current macroeconomic scenario of a progressive recovery over the year
6

SECTION 2

FY 2020 highlights

2020

Key Figures
Revenue

OMDA

Operating Margin

Headcount€ 11,181m€ 1,661m€ 1,002m

104,430

14.9% of revenue-70 bps yoy

9.0% of revenue-112 bps yoy

o/w 1,830 frombolt-on acquisitions

Net income

Normalized
Diluted EPS

Free Cash FlowNet Debt€550m€ 6.65€ 513m€ 467m

-2.3% yoy, constantcurrency-3.0% yoy, organic€ 414m in 2019*€ 7.74 in 2019*

51% ofoperating margin

Net debt freeassuming the fullconversion of the OEB

Proposed dividend at € 0.90 per share
8*from continuing operations

2020

Record High Bookings
3,773

3,623

*

3,373

3,295

3,277

2,908

*
124%

2,728
121%

2,452
103%

130%

121%
113%
100%

86%
Q1

Order Entry 2019 (at cc)* excl. € 3 bn Siemens renewal and expansion
9

Q2

Order Entry 2020

Q3

Book to Bill 2019

Q4

Book to Bill 2020

2020

Q4 Main Wins
Manufacturing

Financial
Services& Insurance

Upgrade,harmonize andstandardize
technology
platforms andapplications
across theglobe

End to end
pensionplatform andoperations
includingmission criticalapplications in
the Cloud10

Public Sector& Defense

Telecom, Media& Technology

Resources& Services

Healthcare& Life Sciences

Modern andflexible
Digitalinfrastructure

Transform andmanage Digital
Workplace

Consumerexperienceenhanced byedge
computing,connected IoT
vending
machines andAI

Design,implementationand support ofElectronic
Health Record
System (EHRS)

2020

Technology investments to support mid-term ambition

Full Stack Cloud

Cybersecurity

Digital Identities as aservice
GAIA-X
Industry Data platform
Cloud EDGE continuum
BareMetal as a service

11

Data Sanctuary for
Data Sovereignty
Managed Extended
Detection & Response

Quantum

Decarbonization

Quantum Learning MachineFirst Quantum Applications
Q-ScoreNISQ Quantum accelerator
for 2023

Quantum safe Cryptographyadvisory

BullSequana X
Greenest supercomputer
ever designed
Grid optimisation, smart
metering, smart cities

2020

Key Non-Financial Information
Net promoter scorefrom our clients

tCO2 Emissions /M€ revenue% of total spend
assessed by Ecovadis

65%

15.4*

63%

vs 59% in 2019vs 56% in 2019

reduced by -50%
since 2015

New Digital
Certifications

Great Place To Work% of Women in
Executive Management(top 450)

85,21665%

30%

vs 51,376 in 2019+9 points vs 2019first quartile of Digitalindustry* Scopes under control: 1, 2 & 3a; including Covid-19 impact of -2.7 tons / M€ revenue
12from 13% in 2019

2020

Net Zero Ambition from 2035 to 2028 – Scopes 1, 2, 3a & 3b

Co2
Under
controlCo2
undercontrolANDinfluence

2019
Carbon neutral since
2018

13

-15%

vs 20192020
Of which:–10% structural–5% Covid-19 impact-50%

vs 2019baseline

2025

2030

Reaching
SBT milestone
5 years in advanceNet Zero 2028
Offsetting 100%
residual emissions

2028

2035

Reaching
Paris agreement
22 years in advanceSECTION 3

FY 2020 Performance

2020

Financial Overview
€M

FY
2020

FY
2019

11,181

11,529Operating Margin*

1,002

1,163

% operating margin rate*

9.0%

10.1%

OMDA

1,661

1,802

% OMDA rate

14.9%

15.5%

Normalized Net income**

725

834

Net income**

550

414

Free Cash Flow***

513

605

Net debt

467

1,736

Revenue*

Variation Variation atconstant
currency* 2019 at constant scope and exchange rates** from continuing operations*** 2019 excluding € +37 million of one-off item related to the Optional Exchangeable Bond
15

-3.0%
-112 bps-70 bps

-2.3%

2020

Backlog Development
Backlog (€ bn), end of period

FY Highlights
23.7*
23.0*

Full backlog grew by+10% yoy

22.5
21.9
21.3

22.1

21.2

20.8

Q1

At Jan 1st, backlog for 2021
+ 8% yoy

Q2

Q3

Q4

Q1

2019
* excl. € 3 bn Siemens renewal and expansion

16

Q2

Q3

2020

Q4

Well balanced acrossIndustries

2020

Acceleration of revenue mix towards mid-term target

65%

FY Highlights

Mid-term

Cloud, Digital,
Security and
Decarbonization in% of Group revenue

46%>70% of pipeline in
Cloud, Digital, Security
and Decarbonizationin 202040%

in 2019
17

Reinforced by 10
acquisitions in 2020

2020

Self Financed M&A
Cloudc.2,600

AI and Machine Learning

Experts

SAP for Energy & Utilities
Cyber and IoT Security>€300mManaged Detection & Response2019 Annual
Revenue

Decarbonization

Salesforce
Salesforce and Cloud>10%

Cybersecurity Consulting

Revenue
growth YoY

Managed Security Services
18

2020

Performance by Industry€M

REVENUEOPERATINGMARGIN
FY
FY

FY

FY

% YoY

% YoY

2020

2019*

ORGANIC@CONSTANTCURRENCY

2020

2,010

2,224

-9.6%

-9.3%

2,116

2,196

-3.6%

2,565

2,387

1,574

Resources & Services

Healthcare & Life
Sciences

Manufacturing
Financial Services &Insurance
Public Sector &DefenseTelecom, Media &Technology

Total

19

% OM RATE
FY

FY

2019*

2020

2019*

67

124

3.3%

5.6%

-2.5%

261

299

12.3%

13.6%

+7.5%

+7.5%

259

242

10.1%

10.1%

1,662

-5.3%

-3.7%

134

132

8.5%

7.9%

1,627

1,782

-8.7%

-7.9%

121

203

7.4%

11.4%

1,288

1,278

+0.7%

+1.4%

160

164

12.4%

12.8%

11,181

11,529

-3.0%

-2.3%

1,002

1,163

9.0%

10.1%

* At constant scope and exchange rates

2020

Performance by Regional Business Unit
€M

REVENUEOPERATINGMARGIN
FY
FY

FY

FY

% YoY

% YoY

2020

2019*

ORGANIC@CONSTANTCURRENCY

2020

North America

2,612

2,781

-6.1%

-2.2%

Northern Europe

2,717

2,697

+0.7%

Central Europe

2,699

2,763

Southern Europe

2,339

Growing Markets
Global Structures
Total

20

% OM RATE
FY

FY

2019*

2020

2019*

393

412

15.1%

14.8%

+1.1%

226

266

8.3%

9.8%

-2.3%

-3.2%

123

200

4.6%

7.2%

2,478

-5.6%

-4.4%

182

209

7.8%

8.4%

814

810

+0.5%

-4.3%

119

118

14.6%

14.6%

-

-

-

-

-42

-42

-0.4%

-0.4%

11,181

11,529

-3.0%

-2.3%

1,002

1,163

9.0%

10.1%

* At constant scope and exchange rates

2020

Performance by Division€M

REVENUE
FY

FY

% YoY

2020

2019*

ORGANIC

Infrastructure & Data Management

6,112

6,301

-3.0%

-2.1%

Business & Platform Solutions

3,832

4,159

-7.9%

-7.9%

Big Data & Cybersecurity

1,237

1,068

+15.8%+18.6%

Total

11,181

11,529

-3.0%

-2.3%

21

* At constant scope and exchange rates% YoY@CONSTANTCURRENCY

2020

Cost containment program
2020 status

Resource costs down c. – 2% YoY
thanks to hiring and salary containmentand subcos rationalization

Positive structural effects
Hiring focused on graduates, offshoreand experts
Continued actions on replacement ofhigh-cost subcontractors

Travel costs reduced by c. -70% YoY

Travel cost savings to remain atc. -50% pre-Covid

Non-personnel costs down by c. -2%
YoY

Office footprint to reduce by c. -30%
mid-term

22

2020

Syntel synergies
2020 Revenue
Synergies

2020 Operations
Highlights

2020 Wins
Highlights

353 Deals > € 1M
closed in 2020

Positive Customer
Satisfaction trend: Net
Promoter Score at 72%

Willis Towers Watson
Cloud and Digital Workplace,
Application Modernization

Secured synergy deals
leading to above$ 300+ M revenue in
2021
Leveraging both Atosand Syntel portfolios/
customer basePipeline at € 0.8 Bn

23$ 70 M run rate margin
improvement on business
transferred to Syntel

Real estate/ G&A/
Procurement synergies runrate at $ 20 M

A major Hospital Trust
Digital Workplace, Applications
Management, Cloud andCybersecurity
A multi-national insurer
Application management,
development and maintenanceactivities
Nest
Full Business Transformation,
Apps Management andCybersecurity

2020

Income Statement (statutory)€M

Impact of Worldlinetransactions

FY 2020

FY 2019

11,181

11,588

1,002

1,190

Reorganization, Rationalization, Integration costs

-205

-175

Amortization of intangible assets (PPA from acquisitions)

-153

-157

Equity based compensation

-74

-73

Others80-125

Operating income

650

660

Net financial expenses

-51

-208

Profit before tax

599

452

Fair value Optional Exchangeable
Bond (Net financial expenses)

Tax charge

-51

-82

▶ 2020: € -52 M

8.6%

18.2%

▶ 2019: € -54 M

Non-controlling interests-3-3

Share of net profit/(loss) of associates

547

Net income – Group share

550

414

Normalized net income – Group share

725

834

Revenue
Operating margin

Effective tax rate*

24

Disposal of shares through ABO(Others)▶ 2020: Net gain on disposal of 13.1%
share capital of € +171 M▶ 2019: Loss on disposal of c. 10% sharecapital of € -53 M
Fair value underlying 3.8% Worldline
stake (Net financial expenses)▶ 2020: € +108 M▶ 2019: 0 as recorded under equity
methodShare of net profit/(loss) of
associates (equity method)▶ 2020: from January to the disposal
date (Feb)▶ 2019: From May to December*2020 excluding the tax effect of the Worldline transaction occurred in H1

2020

Carbon-Adjusted Normalized Diluted EPS
Normalized diluted EPS€ 6.65
FY
2020

FY
2019

Variation

CO2 emissions (M tons)(scope 1, 2, 3a & 3b)

2.8

3.3

-14.9%

Cost of CO2 emissions*(€/tCO2)

20

20

Total cost of CO2 emissions(€M) (scopes 1, 2, 3a & 3b)56

66€ 6.05-14.9%
2020 without CO2
emissions reduction* Average between European and US geographies where the Group operates

25€ 6.142020

Cost ofcarbon/share-14.9%

Carbonadjusted
dilutednormalized
EPS
+1.5%

2020

Cash Flow Statement€M

FY 2020

FY 2019

1,002

1,190

+ Depreciation of fixed assets

332

334

+ Depreciation of right of use

352

336

+ Net book value of assets sold/written off

15

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

-41

-60

1

-23

1,661

1,802

Capital Expenditures

-320

-324

Lease payments

-361

-345

-63

-130

916

1,004

-113

-99

-33

-64

-191

-172

Other changes*

-66

-62

Free cash flow*

513

605

Operating Margin+/- Net charge/(release) of provisions
Operating Margin before Depreciation & Amortization

Change in working capital requirement
Cash from operations
Tax paid
Net cost of financial debt paid
Reorganization, Rationalization & Integration and acquisition costs

26* 2019 excluding € 37 million of one-off item related to the Optional Exchangeable Bond2020

Net Debt Evolution
1,736

+470

(513)

+45

+131

467

(500)

(1,402)
Net debt
2019

27

FCF
FY 2020

M&A

Disposal ofWorldline
shares(33)
Sharebuy-back

FX & other

Net debt
2020

OEB

Net Cash
2020

2020

Headcount Evolution
108,317+1,837+11,802104,430(11,597)

Headcount as of
31/12/19

28

Scope

HiringLeavers(5,929)Restructuring, Headcount as of
dismissals &31/12/20
transfers

2021

A major step towards mid-term targets
2020
Revenue(at constantcurrency)

Operating Margin(% of revenue)
Free cash flow/
cash conversion(% of operating
margin)2021*

Mid-term

-2.3%

+3.5%
to +4.0%+5.0%
to +7.0%

9.0%+40 to +80 bps
vs 2020

11% to12%€ 513m€ 550
to € 600m> 60%▶ c. 2% self financed M&A▶ Progressive business mix

evolution towards 65%
share of: Cloud, Digital,
Security and Decarbonization▶ Back to pre-Covid levelin 2022▶ Reorganization, Rationalization,

Acquisition & Integration below
1% of revenue* based on the current macroeconomic scenario of a progressive recovery over the year
29

2021

From 2020 to 2021 Operating Margin

9.0%

SalaryWorkforceincrease Management

Real Estate& DataCenters
Procurement/
subcosPriceerosionAutomation
Project
Offshoremarginimprovement+40 to +80
bps vs 2020
M&A
Synergies

Business mix

OM rate2020

30

OM rate
2021

2021

From 2020 to 2021 Free Cash Flowc. +100

c. +10c. +20c. +10c. (40)

513

FCF
2020
31

OMDA
Additional FCF
Improvementfromacquisitions

Capex
reduction

Financialexpenses

Reorg/ Ratio/
Integration

550-600c. (25)Additional
Tax paidc. (10)

OthersFCF
2021

SECTION 4

Conclusion

2021

Main Priorities
Return to organic revenue growth
as soon as Q2
Maintain high commercial dynamism
over 2021
Focus on structural profitability
actions
Pursue pivoting of business profile
including through self-financed bolt-on
acquisitions
Maintain and reinforce #1 ESG
position in the Industry worldwide
33

All actions, programs,
projects performed in 2021
will support our growth
agenda and the achievementof mid-term targets

Q&A

34

ThankYou

Atos, the Atos logo, Atos|Syntel are registered trademarks of the Atos group.
February 2021. © 2021 Atos. Confidential information owned by Atos, to be usedby 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.