H1 2020 results
BezonsJuly 27, 2020

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-lookingstatements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as
market conditions or competitors behaviors. Any forward-looking statements made in this document are statements about Atos’ beliefs andexpectations 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 those described in this document due to a number of risks and uncertainties that are described within the2019 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on March 3, 2020 under the registration numberD.20-0096. 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’ shares for sale or an invitation orinducement to invest in Atos’ shares in France, the United States of America or any other jurisdiction.
▶ 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, andBusiness Transformation Services), Public Sector & Defense (Defense, Education, Extraterritorial Organizations, Public Administration,Public Community Services and Major Events), Telecom, Media & Technology (High Tech & Engineering, Media, and Telecom), Resource& Services (Energy, Retail, Transportation & Hospitality, and Utilities) and Healthcare & Life Sciences (Healthcare and Pharmaceutical).
▶ Regional Business Units include North America (USA, Canada, and Mexico), Northern Europe (United Kingdom & Ireland, Belgium,Denmark, Estonia, Finland, Lithuania, Luxembourg, The Netherlands, Poland, Russia, and Sweden), Central Europe (Germany, Austria,Bulgaria, Croatia, Czech Republic, Greece, Hungary, Israel, Romania, Serbia, Slovakia and Switzerland), Southern Europe (France, Spain,Portugal, and Italy) and Growing Markets including Asia-Pacific (Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, NewZealand, Philippines, Singapore, Taiwan, and Thailand), South America (Argentina, Brazil, Colombia, and Uruguay), Middle East & Africa(Algeria, Benin, Burkina Faso, Egypt, Gabon, Ivory Coast, Kingdom of Saudi Arabia, Lebanon, Madagascar, Mali, Mauritius, Morocco, Qatar,Senegal, South Africa, Tunisia, Turkey and UAE), Major Events, Global Cloud hub, and Global Delivery Centers.

AGENDA

1.H1 2020 highlights
2.H1 2020 performance

3.Conclusion and Q&A

H1 2020 highlights
Elie Girard
Chief Executive Officer

H1 2020 HIGHLIGHTSl Strong sales
activity+9% Order Entry
yoy+21% Pipelineyoyl Spring
transformation
driving Industry
dynamic acrossthe Groupl Covid-19 costsaving actions
well on trackl Cybersecurity,Decarbonization
and Bolt-on
acquisitions
momentum with
5 transactions ofwhich today:l Worldline saleproviding room
for sizeable andtransformativeM&AH1 2020 KEY FIGURES

Revenue organic evolution

Operating margin rate

8.0%€-172m

Q2 at -4.8%

9.1% in H1 2019

Shifts to H2-2.8%

Normalized diluted EPS

Free cash flow

Total headcount€2.93

106,980€3.21 in H1 2019*-1.6% vs December 2019at constant scope*from continuing operations

STRONG COMMERCIAL DYNAMIC IN H1 2020
Order entry

Book to bill ratio€6.3bn121% in Q2+9.4% YoY

112% in H1 2020

Backlog

Weighted pipeline€22.5bn€8.6bn€ +0.6bn vs December 2019

€ +1.2bn vs December 2019

FLAGSHIP DEALS SIGNED IN EVERY INDUSTRY IN Q2 2020
MANUFACTURING

FINANCIAL SERVICES& INSURANCE

Equipment Loans group inmanufacturer
the UKin the USDigital
Workplace

Application
modernization

PUBLIC SECTOR& DEFENSETELECOM, MEDIA& TECHNOLOGY

US financial
servicescompany

Knowledge
Process
Outsourcing

DigitalWorkplace

Mainframe
services

Robotic
Process
Automation

RESOURCES& SERVICESHEALTHCARE& LIFE SCIENCES

Belgian grid
operator

Globalproducer ofvaccines

Cloud
ManagementDigitalWorkplace

OFFERINGS IN THE PIPE WITH HIGH REPLICABILITY POTENTIAL

FULL STACK CLOUD

DIGITAL WORKPLACE

DIGITAL SECURITY

DECARBONIZATIONl Application
modernization –replatforming of businesscritical applications inPrivate or Public Cloudsl Migration to cloud
based with Microsoftand VMware
technologies

l Identity/Privileged
Access Managementl Decarbonizationassessmentsl Cloud Security forremote officel Smart metering tosupport renewableenergy optimizationl Data Center andMainframe take-outs –Legacy to Cloud and Data
Center Transformationl Transformation to AI,
chatbots, intelligent
automation leveraging
Cloud platforms(ServiceNow)l Data driven service
delivery withexperience levelagreementsl Encryption As aServicel Secured and Crypted
communicationl AI/ML/Big Data tooptimize fuelconsumption

SPRING TRANSFORMATION: STEP 1 COMPLETED, OFF TO STEP 2

H1 2020► Setup of 6 Industries

H2 2020► Ramp-up of vertical portfolio► Transfer client facing roles fromDivisions to account teams inIndustries► Development of Industry-specific Goto-Market► Ramp-up of Industry Consulting &Marketing► Appointment of Client Executive
Partners, the ‘CEO’ of each account► Implement Industry Operations► 5 Regional Business Units to support
locally the transformation► Appointment of Client Delivery
Executives, the ‘COO’ of each accountNote: H2 evolution subject to completion of applicable social processes

KEY ENABLERS TO SUPPORT TRANSFORMATIONTECH DAYS

500 clients from 50 countries, 100 partners & startups

SCALER

Open innovation accelerator with 15 startups per year

TECHNOLOGY SKILLSFirst Innovation Week
New certifications up 50%+ to 34K during Covid period

EMPLOYEEENGAGEMENT

Employee share plan: x3 subscriptions vs last plan

DIVERSITY

From 13% to 31% women within Group Executives(top 450), reflecting Group demography

NET ZERO 2035

Decarbonize Atos to better decarbonize our customers

2020 OBJECTIVES CONFIRMED

Revenue organic evolution-2% to -4%

Operating margin rate
in % of revenue

9.0% to 9.5%

Free cash flow

€500m to €600m

Financialperformance
Uwe Stelter
Chief Financial Officer

CONSTANT SCOPE AND EXCHANGE RATES FIGURESRECONCILIATIONIn € million
Statutory revenue
Exchange rates effectRevenue at constant exchange rates
Scope effectExchange rates effect on acquired/disposed perimeters
Revenue at constant scope and exchange rates
Statutory operating margin
Scope effectExchange rates effectOperating margin at constant scope and exchange rates
as % of revenue

H1 2020
5,627

H1 2019
5,744
14% change
-2.0%

5,627

5,758

-2.3%

5,627

32
2
5,792-2.8%

450

450
8.0%

529-61525
9.1%-15.1%-14.4%▶ Exchange rate effects: mainly positive impact of US Dollar and negative impact of Argentinian Peso/
Brazilian Real▶ Scope effects: acquisitions of Maven Wave, Miner & Kasch, IDnomic, and X-PERION; disposal of somespecific Unified Communication & Collaboration and ITO activities; disposal and decommissioning of nonstrategic CVC businessH1 2020 PERFORMANCE BY INDUSTRY
Manufacturing
12%▶

Application project delays, reduction on discretionary expenses in Q2▶

Strong growth in Public Sector & Defense▶

Manufacturing impacted in Automotive and Discrete Manufacturing▶

Cost containment plan partially mitigated revenue effect

Manufacturing
Financial Services & Insurance
Public Sector & Defense
Telecom, Media & Technology
Resources & Services
Healthcare & Life Sciences
Total* At constant scope and exchange rates

H1 2020

H1 2019*

1,037
1,077
1,216836804
657
5,627

1,142
1,126
1,146885
827
665
5,792

14%Telecom, Media & Technology

15%
Resources & Services

22%

Healthcare & Life Sciences

Operating margin
Organic
evolution
-9.2%
-4.3%
+6.1%
-5.6%
-2.8%
-1.2%
-2.8%

Financial Services & Insurance
Public Sector & Defense

19%

RevenueIn € million

18%

Operating m argin %H1 2020

H1 2019*

H1 2020

H1 2019*

13126
116
84
4368
450

81
14797
55
73
71
525

1.2%
11.7%
9.5%
10.0%
5.3%
10.3%
8.0%

7.1%
13.1%
8.5%
6.2%
8.9%
10.7%
9.1%

H1 2020 PERFORMANCE BY REGIONAL BUSINESS UNIT▶

Northern Europe, Central Europe, and Growing Markets resilient▶

Application project delays and volume reduction in North America▶

Project postponements and less Big Data in Southern Europe▶

Strong cost actions implemented to partially mitigate revenue effect

7%

20%

North America
24%

Northern Europe
Central Europe

24%

24%

Southern Europe
Growing Markets

RevenueIn € million

North America
Northern Europe
Central Europe
Southern Europe
Growing Markets
Global structures
Total* At constant scope and exchange rates

Operating margin

Operating m argin %H1 2020

H1 2019*

Organicevolution

H1 2020

H1 2019*

H1 2020

H1 2019*

1,355
1,360
1,370
1,143399
5,627

1,423
1,368
1,372
1,229
399
5,792

-4.8%
-0.6%
-0.1%
-7.0%
-0.0%
-2.8%

208
101
4286
54-40
450

193
134868565-38525

15.3%
7.4%
3.1%
7.5%
13.4%
-0.7%
8.0%

13.5%
9.8%
6.3%
6.9%
16.4%
-0.7%
9.1%

H1 2020 REVENUE PERFORMANCE BY DIVISION▶

Resilient Infrastructure & Data Management business also inInfrastructure & DataManagement10%

Q2 on the back of multi-year contracts as well as higher
Digital Workplace activity▶

Business & Platform Solutions

Business & Platform Solutions impacted as anticipated byApplication projects delays and volume reductions in thecontext of Covid-19▶

Strong growth in Big Data & Cybersecurity maintainedIn € million

Infrastructure & Data Management
Business & Platform Solutions
Big Data & Cybersecurity
Total* At constant scope and exchange rates

H1 2020

H1 2019*

3,101
1,963
563
5,627

3,179
2,128
485
5,792

Organicevolution
-2.4%
-7.7%
+16.0%
-2.8%

35%

55%
Big Data & Cybersecurity

SYNTEL SYNERGIESCONTINUATION OF SALES, DELIVERY & COST SYNERGIES IN 2020
H1RevenueSynergies

l 107 Deals > €1M closed in H1. Pipeline
opportunities of €1.0Bn

H1Operations
Highlightl Leveraging both Atos and Syntel
portfoliosl Combined solutions to capture end toend digital transformation projects

l 97% Working from Home,
Rapid transition with no miss on
SLA or customer deliverablesl € 45M cost synergy run rate endof H1 both in G&A and direct costs

H1 2020 Win Highlights

Top 5 Global Insurer
Strategic Digital partnership

World’s leading food andbeverages company
S4HanaGlobal car manufacturer
Application and Digital services

Global truck manufacturer
Connected vehicles on Cloudand Big Data platformsLeading European
Conservation Charity
Digitalization of membershipand fundraising programs

Multinational Consumer
Credit Reporting Company
Digital Transformation of its
policy programFOLLOW UP 2020 COST INITIATIVES TO FACE COVID-19 IMPACT
FY

H1H2

€400m

43%

57%

Third party spend

€170m

24%

76%

Hiring Freeze / PartTime / Furlough

€80m

37%

63%

Salary freeze & Variable
compensation

€90m

71%

29%

Travel freeze

€40m

58%

42%

Other

€20m

62%

38%

Total Costs impact*
Of which:*versus initial guidance disclosed in February 19, 2020

INCOME STATEMENTIn € million

H1 2020

H1 2019

Revenue5,627

5,744

Operating margin% of revenue

450
8.0%

529
9.2%

Reorganization, Rationalization, Integration & acquisition costs
Amortization of intangible assets (PPA from acquisitions)
Equity based compensation
Others

-122
-78
-35
147

-104
-79
-34
-24

Operating income

362

288

-1-79

361

209

-34
18.5%*-38
18.3%

312330182-1-2329180

Net financial expenses
Profit before tax
Tax charge
Effective tax rate
Share of net profit/(loss) of associates
Net income from continuing operations
Non-controlling interests
Net income from continuing operations – Attributable to owners of the parent
Net income from discontinued operation – Attributable to owners of the parent

3,055*excluding the tax effects of the Worldline transaction that occured during the period**from continuing operations

From operating margin
to net income**
H1 2020 includes
Worldline impacts:▪ Sale of shares: +€120m▪ Valuation of the 3.8%
remaining stake at thedisposal date: +€54m▪ Net variance of the OEB
and underlying shares:+€41m

FREE CASH FLOWIn € million

H1 2020

H1 2019774835

as a % of revenue

13.8%

14.5%

Capital Expenditures
Lease payments
Change in working capital requirement
Cash from operations
Reorganization, Rationalization & Integration and acquisition costs
Tax paid
Net cost of financial debt paid
Other changes
Free cash flow
Net acquisitions/disposals
Capital increase
Share buy-backDividends paid
Change in net cash/(debt)
Net (cash)/debt from (used in) discontinued operation
Foreign exchange rate fluctuation on net cash/(debt)

-186
-172
-407
9-97-55
-21-7
-172
1,239
-45
-3
1,019
-62

-173
-167
-269
227-95-48-36-26
23-1115-76-58-10735
5Opening net cash/(debt)-1,736-2,872Closing net cash/(debt)-779-2,939Operating Margin before Depreciation & Amortization

Change in Working
Capital Requirement
includes:▪ Reduction of sales ofreceivables: c. €-65m▪ Third party payments
timing effect: c. €-50 m▪ Work in progress on HPC
deliveries: c. -€25m

BRIDGE FCF: FROM H1 TO FY
c. 10
c. 25

c. -60

c. 15

c. 20

c. 15

c. 50

c. 65
500-600

582-172

FCF H1 2020 FCF H2 2019
reported

OMDA
decreaseexcl. Pension
H2 20 vs H219Pension

Capex

Cost of debt

Sales ofreceivables
evolution

Large HPCprojectcompletions

Supplier
payments

OthersFCF FY 2020

H1 2020 HEADCOUNT EVOLUTION+374+7,176-6,372-2,515

106,980

108,317

Headcount as of
31/12/19

Scope

HiringLeavers

Restructuring& dismissals

Headcount as of
30/06/20

Conclusion
Elie Girard
Chief Executive Officer

H2 2020 MAIN PRIORITIES

Sustain high level ofcommercial activity

Complete Covid-19 costsaving and cash
conversion plans

Implement SPRING
step 2

Pursue bolt-on
acquisitions

On track to deliver 2020 objectives as animportant step towards mid-term targets| 25-07-2019 | © AtosQ&A

Thank YOU