Core Insights - Assystem S.A. reported consolidated revenue of €484.2 million for the nine months ended 30 September 2025, reflecting an 8.7% increase compared to the same period in 2024 [1][4]. Revenue Breakdown - The group's revenue growth consisted of 5.4% organic growth, a positive 4.1% impact from changes in the scope of consolidation, and a negative 0.8% currency effect [4]. - Revenue from France was €284.8 million, representing 59% of the total, with a 2.1% growth entirely from organic sources [7]. - International revenue reached €199.3 million, accounting for 41% of the total, with a significant 19.7% year-on-year increase, including 10.9% organic growth [7]. Quarterly Performance - In Q3 2025, consolidated revenue increased by 9.4% to €157.7 million, with organic growth at 6.8% [3][12]. - The positive impact from changes in the scope of consolidation was 4.8%, while currency effects negatively impacted revenue by 2.2% [3]. Strategic Developments - Assystem's nuclear activities contributed to 76% of total revenue for the nine-month period, indicating a strong focus on this sector [4]. - The company is expanding internationally, with new subsidiaries in Kazakhstan and Canada to support nuclear program implementations and North American market needs [7]. Future Outlook - Assystem maintains its full-year 2025 targets, aiming for around 5% organic consolidated revenue growth and a stable EBITA margin [5][6].

Core Insights - Capgemini has acquired 100% of SEIMAF, enhancing its nuclear engineering capabilities in Europe, particularly in France and the UK, amidst a growing demand for nuclear energy [1][2] - SEIMAF, founded in 1994, employs over 100 skilled engineers and technicians, with a focus on productivity improvement in the nuclear, energy, and industrial sectors, with approximately 75% of its team specializing in nuclear [2][3] - The acquisition positions Capgemini as a strategic partner for industrial clients, leveraging SEIMAF's expertise to support energy transition and industrial growth [3][4] Company Overview - Capgemini is a global business and technology transformation partner with a workforce of 350,000 across more than 50 countries, reporting global revenues of €22.1 billion in 2024 [4] - The company focuses on helping organizations transition to a digital and sustainable world, offering end-to-end services from strategy and design to engineering, powered by capabilities in AI, cloud, and data [4]

Core Viewpoint - Mirion Technologies experienced a significant stock price increase of nearly 11% due to positive financing news and favorable analyst opinions, outperforming the S&P 500 index's 0.6% gain on the same day [1]. Financing Activities - Mirion announced a secondary stock issue, selling over 17.3 million shares of Class A common stock at $21.35 per share, expected to generate nearly $370 million in gross proceeds, exceeding the initial estimate of $350 million [2]. - The company also upsized a planned flotation of convertible senior notes, increasing the aggregate principal amount to $325 million from the original $250 million. These notes are non-interest bearing and mature in 2031 if not converted [4]. - The initial conversion rate for the notes is approximately 34.7 shares per $1,000 principal amount, translating to about $28.82 per share at the current price [5]. Use of Proceeds - The net proceeds from these financing activities will be utilized for various purposes, including funding the acquisition of Paragon Energy Solutions, a privately held nuclear engineering firm, for around $585 million in cash [6]. Investor Sentiment - Investors have shown strong confidence in Mirion's ability to quickly and effectively raise capital, as evidenced by the successful upsizing of both the stock issue and the convertible notes [7].

Core Insights - Assystem S.A. reported a consolidated revenue increase of 8.3% year-on-year for the first half of 2025, reaching €326.4 million, driven by strong international operations and nuclear electricity programs [3][4][5] - The company's operating profit before non-recurring items (EBITA) rose by 10.2% to €20.4 million, with an EBITA margin of 6.2%, reflecting improved contributions from international segments [6][7][8] - Despite revenue growth, consolidated profit for the period decreased to €4.3 million from €5.0 million in H1 2024, primarily due to increased share-based payment expenses [12][9] Financial Performance - Revenue breakdown: - France contributed €193.0 million (59% of total), a 1.8% increase, all organic [4][5] - International operations generated €133.4 million (41% of total), a 19.4% increase, with 9.7% organic growth [5][25] - EBITA performance: - EBITA in France was €11.4 million (5.9% of revenue), slightly up from €11.3 million [8][26] - International EBITA reached €11.6 million (8.7% of revenue), up from €10.1 million [8][26] - Net debt increased to €86.2 million from €49.3 million at the end of 2024, reflecting a €36.9 million rise [3][17] Operational Highlights - The growth in revenue was attributed to the consolidation of Mactech Energy Group, which positively impacted international revenue [5][25] - Nuclear activities accounted for 76% of consolidated revenue in H1 2025, up from 73% in H1 2024, indicating a strong focus on this sector [5][4] - The company is committed to supporting energy transition through low carbon electricity and clean hydrogen initiatives [20][19] Shareholder Information - A dividend of €1.0 per share for 2024 was approved, totaling approximately €14.2 million, with payment completed in July 2025 [15][19] - The company maintains a significant treasury shareholding, ensuring coverage for outstanding free share plans [39][35]

Core Viewpoint - Balfour Beatty has been appointed by Rolls-Royce as the exclusive contractor for its fissile construction framework, highlighting the company's growing presence in the UK defense market [1][3]. Group 1: Contract Details - The contract involves providing nuclear licensed infrastructure for the production of fissile components that support the Royal Navy's submarine propulsion systems and the new AUKUS submarines [1]. - The scope includes developing new specialized manufacturing and processing facilities and upgrading existing nuclear plant infrastructure essential for fissile material production [2]. Group 2: Strategic Importance - Balfour Beatty's CEO emphasized that this appointment is a strong endorsement of the company's capabilities in the UK defense market, which is one of its four key strategic growth markets [3]. - The partnership with Rolls-Royce reinforces Balfour Beatty's commitment to delivering infrastructure of national importance to the UK [3]. Group 3: Previous Engagements - This announcement follows Balfour Beatty's earlier appointment as Rolls-Royce's non-fissile construction partner in May 2024, which involved expanding the Raynesway site in Derby [3]. - In July 2023, Balfour Beatty, along with Bouygues Travaux Publics and Laing O'Rourke, signed an agreement with Sizewell C for delivering the main civil works at a new power station in Suffolk, England [4].

Financial Data and Key Metrics Changes - The company reported revenues of $3.6 billion, reflecting a 2% growth year-over-year [7][27] - Adjusted EBITDA was $274 million, marking a 7% year-over-year growth with adjusted EBITDA margins increasing by 30 basis points to 7.7% [7][27] - Free cash flow for the quarter was $100 million, contributing to a year-to-date total of $255 million [7][30] - The net leverage ratio was reduced to 3.5 times, ahead of original expectations [8][31] Business Line Data and Key Metrics Changes - Digital Solutions generated revenues of $1.4 billion, representing a 12% growth driven by new contract awards [28] - Adjusted EBITDA for Digital Solutions increased to $114 million, with margins rising to 8% [28] - Global Engineering Solutions reported revenues of $2.1 billion, impacted by the ramp down of certain historical programs [29] - Adjusted EBITDA for Global Engineering Solutions was $160 million, benefiting from strong operational performance [29] Market Data and Key Metrics Changes - The company reported $3.4 billion in net bookings for the quarter, resulting in a book-to-bill ratio of 1.0 times [13] - The imputed book-to-bill ratio, including joint ventures, was 1.8 times for the quarter [13][39] - The total backlog at the end of the quarter was $45 billion, representing 3.2 times annual revenue [13] Company Strategy and Development Direction - The company is focused on optimizing its core business through divestitures, including the sale of its Rapid Solutions business [7][8] - The strategic focus is aligned with long-term growth priorities, particularly in defense and advanced engineering solutions [9][12] - The company aims to achieve at least $30 million in net run rate cost synergies by the end of the fiscal year [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the government’s efficiency and the timely execution of contracts, expecting a strong fourth quarter [64] - The company is well-positioned to capitalize on significant investments in national security and advanced technology solutions [9][12] - Management highlighted the importance of the nuclear sector, anticipating substantial growth driven by regulatory support and increasing demand for energy [80][81] Other Important Information - The company completed two divestitures during the quarter, focusing on core business optimization [7][8] - The fiscal year 2025 guidance was raised, with expected revenues between $13.975 billion and $14.175 billion [32] - The company anticipates free cash flow between $475 million and $525 million for the fiscal year [32] Q&A Session Summary Question: Clarification on bookings and Space Force pipeline - Management confirmed an imputed book-to-bill of 1.8 times for the quarter, highlighting the significance of the Space Force Range contract [39][40] Question: Expectations for budget flush opportunities - Management noted that the government is operating efficiently, with RFPs and awards coming out on time, expecting a strong fourth quarter [64][65] Question: Insights on the Golden Dome initiative - Management emphasized their engagement in missile defense and rapid deployment capabilities, viewing it as a significant opportunity [68][70] Question: Nuclear exposure and growth potential - Management indicated that the nuclear segment contributes over $2 billion in business, with a strong pipeline of projects expected to grow significantly [76][80] Question: Backlog and pipeline dynamics - Management reassured that the funded backlog is sufficient for mission-critical work, with a strong pipeline of joint ventures driving future growth [90][92]

Financial Data and Key Metrics Changes - The company reported revenues of $3.6 billion, reflecting a 2% growth year-over-year [6][27] - Adjusted EBITDA was $274 million, marking a 7% year-over-year growth with a margin increase of 30 basis points to 7.7% [6][27] - Free cash flow for the quarter was $100 million, contributing to a year-to-date total of $255 million [6][30] Business Line Data and Key Metrics Changes - Digital Solutions generated revenues of $1.4 billion, representing a 12% growth driven by new contract awards [28] - Global Engineering Solutions reported revenues of $2.1 billion, impacted by the ramp down of certain historical programs but offset by new contract growth [28][29] Market Data and Key Metrics Changes - The company secured $3.4 billion in net bookings for the quarter, resulting in a book-to-bill ratio of 1.0 [13][39] - The total backlog reached $45 billion, representing 3.2 times the annual revenue [13] Company Strategy and Development Direction - The company is focused on optimizing its core business through divestitures, having completed two significant divestitures during the quarter [6][7] - The company aims to achieve at least $30 million in net run rate cost synergies by the end of the fiscal year [7] - The strategic focus includes expanding offerings in defense, space, and nuclear sectors, aligning with government spending trends [9][12][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and the ability to meet fiscal year 2025 financial objectives [33] - The company anticipates strong demand in the nuclear sector, with a projected market growth that could double in size within the next decade [23][79] - Management highlighted the positive impact of recent government budget initiatives on future growth opportunities [9][12] Other Important Information - The company reduced its net leverage ratio to 3.5 times, ahead of expectations, and aims for less than three times by the end of fiscal year 2026 [31][32] - The company is positioned to benefit from significant investments in national security and infrastructure modernization [9][12] Q&A Session Summary Question: Clarification on JV adjusted quarterly book to bill and Space Force pipeline - The imputed JV book to bill for the quarter was 1.8, with strong performance in business development [38][39] - The Space Force contract is expected to enhance the company's position in commercial space integration [40][41] Question: Expectations for budget flush opportunities and federal contracting - Management noted that the government is operating efficiently, with RFPs and awards proceeding as planned [62][63] Question: Insights on the Golden Dome opportunity - The Golden Dome initiative emphasizes rapid deployment of defensive capabilities, with significant funding already allocated [66][68] Question: Nuclear exposure and growth potential - The company has over $2 billion in nuclear-related business, with a strong pipeline of projects expected to grow significantly [74][80] Question: Total backlog and pipeline picture - The funded backlog is impacted by timing but does not raise concerns about the company's ability to perform mission-critical work [88][90]

Financial Performance - Q3 FY25 revenue reached $3.6 billion, a 2% increase compared to $3.49 billion in Q3 FY24[43] - Adjusted EBITDA for Q3 FY25 was $274 million, up 7% from $257 million in Q3 FY24[43] - Adjusted Diluted EPS increased to $0.56 in Q3 FY25, compared to $0.51 in Q3 FY24[43] - Free Cash Flow for Q3 FY25 was $100 million[13] Business Development and Backlog - Backlog remained strong at $45 billion[13] - The company secured a Space Force Range Contract worth $4 billion, although it is currently under protest and not included in the backlog[22] - The company received multiple intelligence awards totaling over $500 million[24] - On-contract growth modifications and extensions provided a $2+ billion benefit in bookings[25] Debt and Deleveraging - Net leverage reduced to 3.5x, driven by operating and investing activity contributions[12, 52] - The company targets net leverage of less than 3x by FY26 year-end[54] - The company has $738 million in cash on hand and an $850 million undrawn revolving credit facility[57] Guidance - The company raised its FY25 organic revenue guidance to $13.975 - $14.175 billion[12, 58] - The company anticipates interest expense of $345M - $355M and capital expenditures of $35M - $40M for FY25[66] Nuclear Market - The global nuclear market demand is projected to reach $91 billion by FY2026 and $68 billion by FY2030[33] - The company's total addressable market in the nuclear sector is expected to more than double by 2035, reaching ~$20 billion[40]

Core Insights - Assystem S.A. reported consolidated revenue of €326.4 million for the first half of 2025, reflecting an 8.3% increase compared to €301.3 million in the same period of 2024 [1][3] - The organic growth rate for the same period was 4.7%, with a favorable impact of 3.7% from changes in the scope of consolidation and a negative currency effect of 0.1% [3] Revenue Breakdown - Revenue in France, which constitutes 59% of total consolidated revenue, reached €193.0 million, marking a 1.8% year-on-year growth, all of which was organic [4] - International revenue accounted for 41% of the total, amounting to €133.4 million, a significant increase of 19.4% year-on-year, driven by 9.7% organic growth and a 10.1% positive impact from the consolidation of Mactech Energy Group [5][8] Dividend and Share Buyback - Assystem's shareholders approved a dividend of €1.0 per share for 2024, totaling approximately €14.2 million, with the dividend paid on July 10, 2025 [6] - As of June 30, 2025, the company acquired 310,000 shares under its buyback program, holding a total of 1,481,938 treasury shares, which is 9.46% of its share capital [7] Future Outlook - For the full year 2025, Assystem targets an organic consolidated revenue growth of around 5% and aims to maintain a stable EBITA margin [7][15] - The company noted a slight increase in organic growth in France in Q2 2025 compared to Q1, with strong performance in international operations, particularly in the UK [8][10]

Group 1 - The Combined General Meeting of Assystem S.A. was held on May 23, 2025, with a quorum of 85.417% and all resolutions approved except for the fourth resolution regarding a related-party agreement [2][6] - The General Meeting approved the parent company and consolidated financial statements for the year ended December 31, 2024, and decided on a dividend payment of €1.00 per share for the 2024 financial year [6] - The dividend payment schedule includes an ex-date of July 8, 2025, a record date of July 9, 2025, and a payment date of July 10, 2025 [6] Group 2 - Assystem is a leading independent nuclear engineering company with over 55 years of experience, focusing on accelerating the energy transition [3] - The company operates in 12 countries with 7,750 experts supporting the development of low carbon electricity and clean hydrogen [3] - Assystem is part of various indices including Euronext Tech Leaders, CAC Small, and MSCI Small cap Index France [4]