Alten S.A.

Hello everybody. I would like to thank you very much for attending this conference, which is for Alten for the presentation of the activity and the turnover by the end of December 2025. The situations are different according to different geographical sectors. By the end of December 25, the turnover is at 4,143 billion euros compared to last year, more than 100 roughly. In France, the activity has... I'm sorry, I'm sorry. I was mixing up with the global level. The activity has increased by 4% out of France with a decrease of 7%. The activity has been reduced by constant change rates. Our activity has been penalized by less working days than last year. This has an impact that we have estimated by 0.25% of the turnover on internal growth. The organic growth would have been lying at 4.2%. To the country of the precedent quarter, the fourth one really is marked by a slowdown of the overall activity. The turnover is at 1.23 billion euros, a decrease of 35% compared with 24 where it was of 1.26 billion euros. At constant rate, The activity decreases by 2.4% at the fourth quarter, decreases by 2.4% in France and 2.2% out of France, which is a decreasing rate, a decline which is inferior to half of the precedence decline. We hope that this means, at last, a stability of the activity before starting again in 2016. The activity rate is relatively stable. It lies at 91.4% for the last quarter, equally to 24, 91.11% for the whole year, which is identical to the year 24, which was at 91.2%. Our headcount in a decreasing perimeter has decreased less during the last quarter than the one before. However, you will see that by the end of the year, by the end of December 25 years, by the year of 25, headcount that has slightly increased, where we have a splitting up between engineers and overall employees. Globally, from the 51,000 engineers that Alten had by the end of 25, 8,000 and a little bit more are in France and the rest out of France. At a constant scope since the beginning of the year 25, the engineering part has diminished by 96 people, 960 persons. And on the 1st of January, we had an increase of engineers, which means that we have, and thanks to the acquisition, we have compensated the decrease of the group. The increase of our activity by the last quarter as contrary to what we had anticipated has generated a supplement of 28 million euros, one-third in France, one-third internationally. The speeding up of the activity according to geographies is the following one. In France, the organic slow is of 3.6%. Next slide, please. But only 2.2% compared with the last quarter. The activity is penalized by a decline in the automotive sector, car building activity, which is very important for France. Telecom, minus 20%, with 5% of the activity for France. And the bank also, which is declining and decreasing by 17%. Aerospace on the country is booming again. It represents one third of the activity in France and it has increased by 3.5% year to year. The defense sector, 12% of the French turnover, 12% organic growth and rail, 5% organic growth have remained dynamic. At the last quarter, in sequential vision and not year-to-year. The activity has stabilized in the automobile industry, finance bank, and growth has increased in aerospace and defense beyond what we had anticipated. For Iberic zone, we have a good growth of 5% for the overall year and 6% by the end of the year, except the automotive sector that represents 6% of the turnover. All the sectors are booming, an increase which is very good by the end of the last quarter. In Italy, the activity has increased by 2.4% and 2.9% for the last quarter. After slowdown during the first quarter, And again, we have an increase of 2.8%. With the exception of the telecom sector, all the sectors have increased. Some have been better off than others, like aerospace and defense, as well as automobile. That has increased again. In Germany, year to year, we have 13% of the activity and you will see the rhythm of growth in the appendixes that we have published according to the different quarters and you will see that by the last quarter the rhythm of decline in Germany has slowed down. It moved from 20% by the end of 24 to 90% at the beginning of 25 and it is close to 3% by the time of end of December. Automobile represented almost 4% of the automotive turnover. It's declining. but the sequential decline has also diminished. So this sector declined till the end of the third quarter, but the activity went up again. In the aerospace sector that represents 20% of our turnover, it is an activity which has an organic growth during the last quarter. So year to year, but also in sequences. The same for telecoms, 9% of turnover. In Germany, the activity is developed very quickly. In the field of defense, it has increased where it has increased considerably, and now it represents 7% of the German turnover. A last quarter that reveals to be much more favorable than anticipated also in Germany, even if the activity remains very complicated in this country, which is not over now with all the problems around the automotive sector. In UK, the activity has declined by 12% and to the country of other countries, the fourth quarter has not been marked by an improvement. The decline has even increased in the automotive industry. It represents 15% of turnover in UK. Decline also in aerospace, civil aerospace, 20%. of the turnover minus 6% decline, the same for public sector which is decreasing by 20%. To the country of that, a sector that develops in a significant way is the one of defense with an increase of 11% and represents now almost 10% of the global turnover of the country. Benelux countries, the situation is almost identical to the one of UK, a decline of activity which has been accentuated during the last quarter, carrying all the problems of this zone, minus 2%. Belgium represents 40% of Benelux countries. has a decline of global activities by 9% because of automobile and tertiary activities. Netherlands, 60% of the zone. The activity has declined by 13% because of sectors out of industrial and energy. They do represent 40% of the turnover. Semiconductors. which is the best known for the Netherlands, is very stable. In Eastern Europe, the activity remained very stable with a growth of 3.5%. Romania has a decline of 10% because of the automotive and bank and finance sector. In the Nordics, global... The global activity has declined by almost 20%, and the rhythm of decline has slowed down in Sweden. That represents 30% of the overall turnover. Difficulties in the automobile and truck activity in Finland. The decline is of 12%, but in the field of tuning machines, The development is good. If we move from the Atlantic to Northern America, the activity has a decline of 6%. The growth has also slowed down. We have a sequential slowdown. In the US, 60% of the zone, automobile, life science and retail have declined. but are stable, progressively stable, lies by the fourth quarter. Canada, the activity has increased by 5% thanks to automobile, aerospace, bank, and finances.

For Asia Pacific, we have a slight decline.

0.7% and the activity is globally stable for the second half year. The chemical activity is increasing. All the sectors are increasing apart from telecom. In India, we have a decline of 3% because of automobile and offices. The other sectors are increasing. Japan, 23% of the zones, an increase of 12% thanks to the automobile industry and also offices development. Korea is declining strongly because of automobile and also because of the loss of an important customer. Now, let's have a look at the activity as we usually do per sector as a percentage of revenue. You see that the automobile industry has globally declined by 7% for the same scope and change situation for... a decline of 12% for the builders and for equipment providers 27% decline. As you know, it is the strongest decline in Germany which is really accounting for this very strong decline for the OEM industry. This is due to Germany. This decline is now, I think, over. We have figures for the third and fourth quarter that reflect upon progressive and by and by stabilization of the activity. Rail is stable. It should develop for 26 if we listen to our customers. Aerospace activities represents 15.5% of the activity is again on a good trend for organic growth during the fourth quarter. The decline is at 2%. And even the space activities which were strongly impacted is growing again. We had communicated around organic growth for 26, but that started already during the last quarter, 25. Defense and security, naval, as well as naval, represent 8.8% of the turnover, have increased by 4%. The growth rhythm has reached 16% by the end of 2020. The year energy, 11.9% of turnover has grown thanks to nuclear activities as well as energy. Oil and gas is stable. Life sciences, a decline of 1.2% only for the fourth quarter. Medical equipment, pharma sector is declining by 2%. the activity in absolute value tends to reach a certain stability in a sequential way. The industrial equipment, semiconductors and electronics is declining by 1.1%, similar to other activities. We have an activity that has started to stabilize in the field of electronic and half conductors and it has deteriorated in other fields of the industries. Telecoms are declining by 8.8%. The activity has decreased by 10% for equipment providers and 7.5% for providers. It is still marked on year to year. but the absolute value is supposed to stabilize around 4%. And then bank finance and insurance remained stable. It decreased by the first half here, but the activity gained back in stability during the third and the fourth quarter. situation improved everywhere in the world during the last quarter of 25 and mainly in southern Europe and Canada. It is only in those countries and regions where the growth is really important. Then we have retail services and public sector, a decrease of 7.7% with a stability which is remarkable for the fourth quarter. As to M&A, Alten has acquired four companies this year. The three first ones between July and September have been communicated in October. A last one in the field of life sciences has been acquired during the fourth quarter. a company where the turnover is estimated at 20.4 million euros with an important growth rate. So to sum up the perspective, this is the year 25 and the perspective 26, even if 25 has a global decline by 4.5%, it seems that the last quarter really indicated that stabilization is possible, like for aerospace, like bank finances and insurance businesses. As always, by the end of the year, of the fourth quarter the activity following the end of the year celebrations is always a little bit slow but we will have to wait till the end of the first quarter to get an idea about the dynamism of 26. Supplementary working days are limited to one for the year 26 and of course the decline does not mean that we observe for the year 25 does not mean that the decline is going to happen and hold on for 26. The last quarter, 25, which is better than anticipated, helped us to generate more turnover, which is going to be accounting for the operational result. We had indicated an expectation of 8.2 by the end of 25, but it will be higher than that, and we will talk about it when publishing the results on the 25th of February. And now I'm going to hand over to our participants. If you could open up the conference to help the questions to pop up. We have Nicolas David.