This issuance will enable the repayment of the 1L debt, while the second stage is expected in early 2027 with a one-third reduction of the 1.5L debt following completed divestments and the implementation of a factoring agreement.

These two operations will generate substantial savings in financial expenses (cash and PIK), which explains the upward revision of our 2027-2028 EPS (+10.7%/+8.2%), the lead analyst notes.

'The final step will be to complete the refinancing (late 2027 or early 2028) by raising debt at approximately 5%, once Atos has provided reassurance regarding its ability to generate FCF and return to organic growth', he adds.