In 2025, the Group expects to generate: c.8.5 billion euros in revenue, down from reported revenues of 9.6 billion euros in 2024 due to perimeter changes, voluntary contract reviews, and low business traction prior to the completion of the financial restructuring. Around 4% operating margin, up c.2pp from FY 2024, benefiting from voluntary contract reviews and the initial impact of cost reduction initiatives.
Net change in cash before debt repayment of c. -350 million euros.
In 2026, the Group expects to generate positive organic growth and net change in cash before debt repayment and M&A.
In 2028, taking the assumption of disposal of Advanced Computing and a progressive reduction of its geographic footprint, the Group expects:
To grow revenues organically to 8.5 to 9 billion euros, representing a 5-7% CAGR between 2025 and 2028. Strategic, targeted, and disciplined M&A could further increase revenue to up to 9 to 10 billion euros.
To reach an operating margin of around 10 percent with the full benefit of the cost reduction initiatives and structurally profitable growth, partially offset by accelerated investment in R&D;
To achieve a leverage ratio below 1.5x net debt/OMDAL2. On the path to an investment grade rating, the Group expects to achieve a BB profile in 2027.
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