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Atos Refinancing Framework

TECHNOLOGY


  • Atos aims for EUR 600mn in funding for 2024-2025 via debt and/or equity, adds EUR 300mn revolving credit, and EUR 300mn bank guarantees. Targets BB rating by 2026, aiming for leverage below 3x by end-2025 and below 2x by end-2026 (from 3.34x at FY23).
  • 2024 goals include EUR 9.9bn revenue (from EUR 10.7 in FY23) with -2% organic growth, 4% operating margin (from 4.4%) and EUR -0.4bn FCF before the unwinding of EUR ~1.8bn in working capital (from a reported FCF of EUR -1.1bn at FY23)
  • Envisions 2027 revenue at EUR 11.4bn, 10% operating margin (EUR 1.2bn), and EUR 0.5bn FCF, driven by growth in Eviden's sector with generative AI and cloud demand.
  • Plans a 5yr maturity extension for residual financial debt, having secured EUR 450mn interim financing for liquidity until refinancing. Targeting agreement with financial creditors by July 2024.
  • Full details: https://atos.net/en/2024/press-release_2024_04_09/market-update-april-9-2024

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