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Third quarter of 2022: transformation in motion

Revenue up +5.7% in Q3 with growth at constant currency turning positive

Full-year revenue growth now expected in the upper half of the range

Significant progress achieved in separation project

Paris, October 26, 2022

Atos, a global leader in digital transformation, high-performance computing and information technology infrastructure, today announces its revenue for the third quarter of 2022.

Atos’ leadership team, Nourdine Bihmane, Diane Galbe and Philippe Oliva, declared: “In Q3, we remained fully focused on continuously improving the business performance: revenue growth at constant currency turned positive, with an earlier-than-anticipated stabilization at Tech Foundations, while Evidian continued to grow despite fluctuations in the HPC business, and is set to accelerate in Q4. Based on this robust performance, we confirm our full-year objectives, with revenue growth now expected in the upper half of the previously indicated range. In the meantime, we achieved important milestones in Q3 towards the envisioned separation. We finalized a €2.7 billion financing providing the means to execute our transformation until separation while ensuring the Group’s liquidity. We launched the works councils consultation process and made tangible progress in carve-out preparation workstreams. The separation project is well on track to be completed in H2 2023 as initially planned. Atos is resolutely pursuing its in-depth transformation: the whole organization is mobilized and committed to the successful execution of our strategic plan, which we are convinced will create significant value for all Atos’ stakeholders.”

In € million Q3 2022 Q3 2021 Change Change at constant currency
Evidian Perimeter revenue 1,278 1,191 +7.3% +2.1%
Tech Foundations perimeter revenue 1,540 1,475 +4.4% +0.3%
Group revenue 2,818 2,666 +5.7% +1.1%


Revenue growth at constant currency turning positive in Q3

Group revenue was €2,818 million in Q3 2022, up +5.7% year-on-year. Growth at constant currency turned positive in Q3, at +1.1%, while organic growth stabilized, at -0.1%, showing a strong sequential improvement compared to previous quarters (-1.9% in Q2 and -2.4% in Q1). This positive momentum reflects the continued improvement in operational performance brought by the Group’s new organization and management team. Acquisitions contributed +1.2% to the Group’s revenue growth. Foreign exchange contributed +4.6%, mainly reflecting the appreciation of the US Dollar against the Euro over the period.

Evidian’s revenue was up +2.1% at constant currency in Q3. Digital recorded a solid growth, driven by buoyant trends on digital transformation markets, as well as by the contribution from recent acquisitions. Q3 activity was supported by a good level of fertilization of existing customers. Cybersecurity continued to benefit from market leadership and strong customer demand. Revenue growth was affected by Advanced Computing, with a low level of HPC revenue, expected to ramp up from Q4 onwards based on the very high order entry recorded in Q2.

Tech Foundations’ revenue stabilized in Q3, at +0.3% at constant currency (+0.5% excluding UCC). This positive top line momentum is a clear sign of an earlier-than-anticipated improvement of the business line’s performance, resulting from renewed management focus under the Group’s new organization and strategic project. The core infrastructure business reported a much more contained decline than in 2021, while professional services grew strongly. Digital workplace services and UCC recorded a slight contraction due to persisting supply chain tensions.


Significant progress achieved in separation project

The Group is making significant progress in its separation project and confirms that it is well on track to complete it within the previously announced 12 to 18 months timeline[1].

The Group successfully signed a new €2.7 billion bank debt financing on July 29, 2022, ensuring the interim period leading to the envisioned separation is fully financed. The syndication of this new debt package was finalized in a short timeframe and received very strong support from the Group’s historical lenders. This unsecured debt package includes a €1.5 billion term loan with very satisfactory tenure and pricing conditions, a €0.9bn revolving credit facility supporting the Group’s liquidity, and a €0.3 billion bridge loan to be repaid out of the expected proceeds from the Group’s non-core businesses disposal program. Financial covenant was reset to 3.75x net debt to OMDA[2], tested at year-end.

On September 7, 2022, the information and consultation process of Atos European works council (SEC), regarding the Group’s envisioned separation into two listed entities, was launched in line with the project timetable. In parallel, social dialogue has also started at country level.

All separation workstreams are mobilized and progressing according to plan, across four pillars: (i) go-to-market and commercial continuity, (ii) carve-out operations covering tax and legal structuring, strategic agreements and preparation of carve-out financial statements, as well as Day-1 operational readiness, (iii) operating model and support functions set-up and (iv) program coordination.

Atos is convinced that this project is the most value-creating for all its stakeholders. Evidian will emerge as a global digital pure player fully focused on growing markets and combining a unique set of highly synergistic areas of expertise. Tech Foundations’ turnaround is already underway and showing encouraging signs of earlier-than-anticipated recovery. Once turned-around, Tech Foundations will take a fresh start as an end-to-end orchestrator of digital infrastructure, leveraging its core operations to deliver solid margins and cash generation.


Moving ahead with disposal program

On June 14, 2022, Atos announced a disposal program of non-core businesses representing €700 million of expected proceeds, as part of the financing of its transformation plan. On the same day, the Group completed the sale of its remaining 2.5% stake in Worldline, for net proceeds of c. €220 million. The remaining €480 million expected proceeds pertain to the disposal of non-core businesses mostly within the Evidian perimeter.

This disposal program is progressing as planned, with several disposal processes currently ongoing, including 2 small-sized transactions already signed, indicating market interest for the businesses selected by Atos as part of its disposal program, as well as the Group’s ability to execute swiftly, only four months after the disposal program was set up.


CSR: outstanding external recognition

In September 2022, for the third year in a row, Atos was awarded the EcoVadis Platinum Award for its Corporate Social Responsibility performance, with the highest score ever received by the Group, at 84 points out of 100. Atos therefore confirms its position in the top 1% companies assessed by EcoVadis within its sector.

In October 2022, Atos was upgraded to the highest rating available (the AAA rating) in the Morgan Stanley Capital International (MSCI) ESG rating 2022, ranking it among the top 7% of companies in the “Software and Service” industry with a good performance in Sustainability measured through the Environmental, Social and Governance dimensions. MSCI highlighted Atos’ leadership in clean technology initiatives, as well as the Group’s strengthened governance. Since the beginning of the year, Atos’ Board of directors has welcomed five new members: René Proglio, Astrid Stange, Elizabeth Tinkham, Caroline Ruellan and Katrina Hopkins, who collectively bring a wealth of experience in digital, finance, human resources and corporate governance.

Commercial activity

Order entry was € 2.0 billion in Q3 2022, representing a book-to-bill ratio of 71%.

For the Evidian perimeter, the book-to-bill ratio was 85%, impacted by fluctuations in the HPC deal flow, following a very high order intake in Q2, as well as a lower number of large application management services contracts.

On the Tech Foundations perimeter, the book-to-bill ratio was 58%, while Tech Foundations is in the process of gradually re-building a strong commercial pipeline and enhancing its sales capabilities. However, positive evolutions were noted in Q3, with a significant increase in order entry from new logos, and the benefits from a higher contract selectivity.

Book-to-bill ratio is expected to recover significantly across both perimeters in Q4.

At the end of September 2022, the Group’s full backlog reached € 21.8 billion, down €0.8 billion compared to the end of June 2022. It represented 1.9 year of revenue.

The full qualified pipeline amounted to € 7.1 billion at the end of September 2022, stable compared to the end of June 2022, representing 7.5 months of revenue.


Human resources

Total headcount was 112,344 at the end of September 2022, broadly stable compared to the end of June 2022 (112,180).

In Q3 2022, Atos hired 8,367 new employees (gross), of which 64% are located in offshore and nearshore countries.

In September 2022, Atos was listed for the first time by Great Place to Work® as one of ‘Europe’s Best Workplaces’ in the 2022 annual list. It is ranked 21st position in the multinational company category.


2022 full-year objectives confirmed and refined

Based on its robust Q3 performance, Atos refines its revenue growth objective for the full year, while operating margin and free cash flow objectives are unchanged. For the full year, the Group expects:

  • Revenue growth at constant currency in the upper half of the -0.5% to +1.5% range;
  • Operating margin at the lower end of the 3% to 5% range;
  • Free cash flow at the lower end of the €-150 million to €200 million range excluding additional impacts of the envisioned transformation plan. Such additional impacts are estimated around €-250 million, including the cost of financing, in line with information communicated at Atos Capital Markets Day in June.

Marks of interest received

As indicated on September 29, 2022, Atos received, on September 27, an unsolicited letter of intent from Onepoint, in association with private equity firm ICG, related to the potential acquisition of the Evidian perimeter, for an indicative enterprise value of €4.2 billion. Following the thorough examination of this preliminary and non-binding mark of interest, and upon the recommendation of its ad hoc committee, the Board of Directors convened and unanimously concluded that it was not in the interest of the Company and its stakeholders, and therefore decided not to proceed.

In addition, as indicated on October 24, 2022, since the presentation of its separation project at the CMD on June 14, Atos has been approached by several players interested in the Tech Foundations business. The Board of Directors reiterates that it is its duty to examine all marks of interest, and it will do so for the Tech Foundations business with regard to the Company’s corporate interest and value creation for its stakeholders.

Atos is fully mobilized on the progress of the separation project within the planned timetable, which remains the Group’s priority.


Analyst and investor conference call

Atos Management invites analysts and investors to a conference call on the Group 2022 third quarter revenue, on Wednesday, October 26, 2022, at 08:00 am (CET – Paris).

You can join the webcast of the conference:

  • via the following link: https://edge.media-server.com/mmc/p/nh2xut9f
  • by telephone with the dial-in, 10 minutes prior the starting time. Please note that if you want to join the webcast by telephone, you must register in advance of the conference using the following link:


Upon registration, you will be provided with Participant Dial-In Numbers, a Direct Event Passcode and a unique Registrant ID.

During the 10 minutes prior to the beginning of the call, you will need to use the conference access information provided in the email received upon registration.

After the conference, a replay of the webcast will be available on atos.net, in the Investors section.


Forthcoming events

February 28, 2023 (After Market Closing) Full year 2022 results

April 27, 2023 (Before Market Opening) First quarter 2023 revenue

July 26, 2023 (Before Market Opening) First half 2023 results


Investor Relations: Thomas Guillois +33 6 21 34 36 62


Media: Anette Rey +33 6 69 79 84 88




Q3 2022 revenue by Regional Business Unit

In € million Q3 2022 Q3 2021* Change at constant currency
Americas 776 752 +3.1%
Northern Europe & APAC 801 781 +2.6%
Central Europe 638 646 -1.2%
Southern Europe 544 556 -2.2%
Others & Global structures 60 53 +12.4%
Total 2,818 2,788 +1.1%
* At constant currency

Americas revenue grew by +3.1% at constant currency, driven by the contribution of recent acquisitions in multi-cloud services and in product lifecycle management, as well as a positive organic growth. A robust growth in Digital, in particular with a new logo in decarbonization, as well as in BDS, was mitigated by a decrease in Tech Foundations activities.

Northern Europe & APAC revenue grew by +2.6% at constant currency. In addition to the contribution of Cloudreach, Digital activities were driven by strong demand in application services, in particular from the public sector. Tech Foundations activities continued to improve, while BDS was impacted by fluctuations in the Advanced Computing business.

Central Europe revenue decreased by -1.2% at constant currency, as growth in digital applications, particularly in public sector, TMT and energy, and cybersecurity was offset by a decline in Tech Foundations’ activities, partly driven by the UCC business, and by lower hardware and software resale.

Southern Europe revenue decreased by -2.2% at constant currency primarily due to lower HPC sales, coming from a very high level in FY21, and to the continued deliberate decline of hardware and software resale. Digital activities benefitted from a good momentum in applications and public cloud services, while Tech Foundations activities were slightly up, driven by professional services.

Others and global structures encompass Middle East, Africa, Major Events as well as two cost centers: the Group’s global delivery centers and global structures. Revenue grew strongly, by +12.4% at constant currency, supported by the acquisition of Ipsotek in 2021, as well as a good performance in Africa and in Turkey.

Revenue at constant scope and exchange rates reconciliation

In € million Q3 2022 Q3 2021 % change
Statutory revenue 2,818 2,666 +5.7%
Exchange rates effect 122
Revenue at constant exchange rates 2,818 2,788 +1.1%
Scope effect 31
Exchange rates effect on acquired/disposed perimeters 3
Revenue at constant scope and exchange rates 2,818 2,821 -0.1%

Currency exchange rates effects positively contributed to revenue growth for €+122 million. They mostly came from the appreciation of the American Dollar against the Euro over the period.

Scope effects (including exchange rates effect on acquired/ disposed perimeters) amounted to € +33 million. They are related to the acquisition of Cloudreach, as well as other acquisitions closed in Q3 2021 (Nimbix, Ideal GRP, Visual BI, Cryptovision, AppCentrica, DataSentics).

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About Atos

Atos is a global leader in digital transformation with 112,000 employees and annual revenue of c. € 11 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 71 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.


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-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitor’s behaviors. Any forward-looking statements made in this document are statements about Atos’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Atos’s 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 the 2021 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on April 6, 2022 under the registration number D.22-0247 and the Amendment to the 2021 Universal Registration Documents filed with the AMF on August 5, 2022 under number D.22-0247-A01. 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’s shares for sale or an invitation or inducement to invest in Atos’s shares in France, the United States of America or any other jurisdiction.

This document includes information on specific transactions that shall be considered as projects only. In particular, any decision relating to the information or projects mentioned in this document and their terms and conditions will only be made after the ongoing in-depth analysis considering tax, legal, operational, finance, HR and all other relevant aspects have been completed and will be subject to general market conditions and other customary conditions, including governance bodies and shareholders’ approval as well as appropriate processes with the relevant employee representative bodies in accordance with applicable laws.

Revenue organic growth is presented at constant scope and exchange rates.

Regional Business Units include Americas including North America (USA, Canada, Guatemala and Mexico) and South America (Argentina, Brazil, Chile, Colombia, Uruguay, and Peru), Northern Europe and APAC including Northern Europe (United Kingdom & Ireland, Belgium, Denmark, Estonia, Belarus, Finland, Lithuania, Luxembourg, The Netherlands and Sweden) and Asia-Pacific (Australia, China, Hong Kong, India, Japan, Malaysia, New Zealand, Philippines, Singapore, Taiwan, and Thailand), Central Europe (Germany, Austria, Bulgaria, Bosnia, Croatia, Czech Republic, Greece, Hungary, Israel, Poland, Romania, Russia, Serbia, Slovenia, Slovakia, and Switzerland), Southern Europe (France, Andorra, Spain, Portugal, and Italy) and Rest of the World including Middle East & Africa (Algeria, Benin, Burkina Faso, Egypt, Gabon, Ivory Coast, Kenya, Kingdom of Saudi Arabia, Madagascar, Mali, Mauritius, Morocco, Qatar, Senegal, South Africa, Tunisia, Turkey and UAE), Major Events and Global Delivery Centers.

[1] Pending completion of the employee representative bodies consultation process

[2] Excluding IFRS 16