Alten S.A.

Hello, everybody. Hello. I would like to thank you for being with us for our conference, and we will talk about the figures by end of March 2026, a first quarter which has revealed an activity and half notes, not really good. The figures you will see have improved for some of them and others are still decreasing. By the end of March 2026, we had 1.7 billion euros turnover, which is a decline of 0.8% compared with the same period last year. In France, we progressed by 1.3% and out of France, a minus 1.3%. We had bad conditions in terms of exchange rates and we have managed to come back to an increasing organic turnover by 1.6%, which is stable out of France. For this quarter, we have no calendar. and the activity is almost identical to the one last year and it is at the stable perimeter. At the same constant perimeter, we have improved the turnover thanks to acquisition. Alten was having 54,000 people working for this company. We are... We have 154,000 altogether, of which 51,851 engineers. The acquisitions have contributed thanks to the increase of the engineers part. At Constant Perimeter, we have a better progression out of France. According to the different geographical zones, this is what the activity looks like and it has developed the following way. In France, the activity is stable, plus 0.3 year to year. The automobile sector is not decreasing by minus 1.9%. Aerospace, security, defense are increasing slightly. However, for living sciences, tertiary, telecoms, this activity has decreased. In the Iberian zone, 85% for Spain, the rest of Portugal. The growth is still very positive. We have an increase of 6%. Apart from the automobile sector, thanks to SEAT, and a slight decrease in the bank sector. In Italy, the activity has slowed down. We have 0.2% decline apart from the bank and finances, which is declining more, but all the other sectors are increasing, including the automotive activity. In Germany we have a performance which with turnover is decreasing in particular because of the automotive sector we had already the same phenomenon in 24 and 25. It seems that as we had indicated during the last communication that the activity is getting stable in Germany year to year minus 2%. In the sequences, we will have a look and take a close look at that during the next quarter, but it seems that the activity is going back to stable. The automobile is decreasing by 30% year to year, but at the same time, the whole activity is slowing down in this sector. The aerospace representing 22% of the German turnover is at plus 2% year to year. Same for safety and security. It represents now 7% of the turnover and is increasing by 1%. Still in Germany, the activity is, from a qualitative point of view, has strongly increased. That's quality. We have started the sectoral development, but this policy really reveals to be fruitful. We are hopeful and we hope that the activity is going to stabilize completely and will turn back to growth by the end of the year. UK. The activity is stable for this quarter. The automotive sector is representing 10% and aerospace is still declining both activities, but defense is increasing by more than 1% and represents 10% of the turnover, the same for energy. As regards the public sector, That represents 40% of the British turnover. The decline has stabilized now. Benelux. The activity is still declining, but is improving by and by. In Belgium, the activity is stable, but it declines in the Netherlands because of the half semiconductors for K, S, and L. In Eastern Europe, a decreasing activity of 5.6%. Poland represents the three-quarter of the zone, declines by 3%. Romania is losing 3% because of the tertiary sector. Nordics, it remains the only geographical zone where the decline is still very important. In Nordics, the activity has drawn back by 6% even if... We know that overall it tends to reach the minus 5%. And still the same reasons, automobile, life science and office activity. In Finland it's a little bit better, close to zero for tool machines. North America, the activity has decreased by 5%, but we think that it's going to increase in the coming quarters. The United States of America represents a decline by 10%, but that's because of automobile industry and life science. It is stable progressively and stabilizing in Canada at plus 7% thanks to aerospace and bank and finance. Then Asia-Pacific is back to growth this quarter. The activity is stable in China, one third of the zone, increasing more than 10% in India, another third, and 6% growth in Japan, and Korea decreases strongly because of the automobile industry. Considering as we usually do, if we consider the activity by sector, the automobile industry represents 13% of Alten. However, it declines and it goes on. By 2.6%, a little bit less in sequential analysis, OE and are declining too, and hopefully by the second quarter we will reach the balance, maybe at the third quarter. Rail. As we had indicated during the last conference, rail needs to tackle modernization. Growth is back during the first quarter, which represents 10% of this activity in a sector that should progress further on in 26 over the whole year. We hope that the problems of Alstom, as you could read in the press, is not going to bring them about to decrease their investments. Aerospace has confirmed the growth of last quarter, last year. Even aerospace has really reacted very well. Defense, security and naval goes on to progress very strongly. We have almost 10% increase year to year. Thank you very much. Industrial equipment and electronics this time, as well as semiconductors, is declining by 8%. In the overall industries, we have minus 6%. The activity tends to stabilize by and by, and we hope it will turn stable at the second or even third quarter. That's the only field of activities which is really at minus 18, a very strong decrease. It is a decline that has to be split up between operators and telecom. Then we have balanced finances, insurance. Last quarter was positive of 25, but now it slightly decreases during this first quarter because of France, Italy, Spain, and Southern Europe in general. But there is one activity that has increased in other geographical fields where bank finance insurance is important. It is Portugal, Poland, as well as North America or Canada. And then it has to be pointed out, public service and retail. This was decreasing over the last quarters, but during the first quarter, 26, it has rebalanced and we have a slight decrease only. We hope it's turning back to stability and we hope we will grow again during this year of 26. So you see that globally, apart from the telecom sectors, all the activities are coming back to growth or are stable. This looks much better for all our activities than one year ago, as well as for this first quarter that tends to confirm the stabilization of our activities. As M&A is concerned, we have signed but not completely closed It will happen in the coming days. A company for which we have communicated about its clinic we saw it two and a half months ago.

They have 60 million turnover. A company that has 470 consultants

Many external people working for this company, they are working on data, IT, cloud, software development. It's a company that reinforces our critical size in IT in France, in particular out of Paris, south-east of France, but not only. Our forecast for the year to come, macroeconomic, geopolitical context is of a high uncertainty and so it is extremely difficult to have a forecast. However, in this given environment we are working in, Thank you very much. According to this hypothesis, the operational margin should increase compared with the one that we achieved in 25. We have no precise guidance for this time. Of course, we talk about operational margin of the activity. We do not expect an explosion. I'm going to leave the floor to... And now I am going to hand over to you, participants to this conference, if you want to raise questions, you are very welcome, and I will answer your questions. Thank you very much. So we open now for the question and answer. Nicolas David has a first question. He has raised his hand, and you have the floor, Nicolas David. Here I am. Hello and hello Bruno. I would like to come back on the guidance. I understood that it does not take into account a degradation even at the bottom. But I'm surprised because when we hear the comments, we hear a lot of increase or stability, automobile, but also even Germany. If there is an increase, if there is an improvement, then do we have countries who are going to deteriorate? It is just countries or activities. Is it possible to find out if it has a link with Iran? This is my first question. Well, data is being published on a year-to-year basis. Now, you have to understand that there is a business dynamism We have a first quarter which is quite acceptable from an activity point of view. But this can be explained by two different things. First of all, we had first and second quarters of 25 which were not good, with the coming back to growth by the end of the last quarter, and then at the beginning, of the first half year, 26, it degraded again a little bit, because you know that's how it is, it's the beginning of the year, we have projects that do stop on the 31st of December, and then it goes up again, and during those activities and expansion periods, we again come to a crossroads with the loss that we had at the beginning of the quarter, which is going to be mixed with the growth that has been generated. Now, this year...