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Résultats semestriels 2026 d’Alten.

La société spécialiste du conseil en ingénierie a notamment indiqué les éléments suivants :

« Au premier semestre la croissance de l’activité s’établit à + 1,2% : + 4,4% en France, – 0,5% hors de France. À périmètre et change constants, la croissance est de + 1,6% (+ 3,3% en France et + 0,8% hors de France). ALTEN a renoué avec la croissance organique dès le second trimestre 2026 grâce à une activité plus dynamique qu’anticipé. L’activité s’améliore dans l’ensemble des géographies, la plupart en progression organique, y compris l’Allemagne. Seuls le Benelux et les Nordics sont toujours en recul de plus de 5%. La croissance de l’activité a accéléré dans les secteurs de l’Aérospatial, de la Défense / Sécurité / Naval, du Ferroviaire et dans une moindre mesure de l’Energie. La décroissance ralentit dans les autres secteurs. Le résultat opérationnel d’activité s’établit à 187,3 M€, en hausse de 23% par rapport à juin 2025. La marge opérationnelle d’activité progresse donc fortement, de 7,3% du CA en juin 2025 à 8,9% du CA en juin 2026. Elle augmente tant en France qu’à l’international. L’amélioration de la marge dans plusieurs géographies en difficulté l’an passé, des gains de productivité sur projets, ainsi que la baisse sensible des SG&A engagée depuis plusieurs semestres ont permis à la marge opérationnelle d’activité du Groupe de progresser fortement. »

Retour sur les activités de la société et les perspectives pour les prochains mois.

Bruno Benoliel Directeur Général Adjoint Alten est mon invité.

Vous vous intéressez à la société Alten, retrouvez toutes les interviews déjà diffusées sur la Web Tv www.labourseetlavie.com via ce lien : Vidéos Alten

Interview in english for foreign investors.

Didier Testot : Hello, Bruno Benoliel. You are the Deputy CEO of Alten. You have just published your 2026 half-year results. What was important during this period? Many highlighted the return of organic growth. Was that an important point for you?

Bruno Benoliel: Yes, it is a very important point. Alten had been suffering for two years, mainly because we are highly exposed to the automotive market, which has experienced a strong decline over the past two years. Alten had to record a decline last year, so we were eagerly awaiting the return of organic growth, and it is now a reality. On the one hand, because the automotive market, while still declining, is gradually stabilizing. On the other hand, because we have other growth drivers, notably aeronautics, space, defense, and energy, which are on interesting trajectories. This will allow us to return to a more nominal organic growth for this year and, I hope, for the years to come.

Didier Testot: What probably hasn’t changed since our last meeting is the global geopolitical and economic context, especially if we add the issues related to inflation and oil. Being in engineering consulting, can this affect certain sectors and corporate investments?

Bruno Benoliel: Yes, of course. It has actually affected investments made by our own clients. Since our clients can only reinvest what they earn, as soon as their own markets face difficulties, they correspondingly reduce their research and development investments. However, we are in reliable markets. I mentioned aeronautics, which is somewhat decoupled from day-to-day geopolitics and economics, fitting into longer-term trends. Programs have been relaunched in aeronautics recently. In energy, we are seeing the return of nuclear power with investment programs that will span several years, or even decades. And then the defense industry must be mentioned: with geopolitics playing a role, the defense industry has rebounded extremely strongly today. All states, whether France, other countries in Europe, or elsewhere, are committing to very substantial investment programs that will span the coming years.

Didier Testot : Yes, we have even seen the automotive sector start to shift in this direction. We had talked about the German market, which, being heavily linked to automotive, had experienced difficulties. Today, we see this automotive sector struggling, but also this defense sector growing rapidly. For Alten, how did this play out?

Bruno Benoliel: In Germany, the situation is improving. We have returned to organic growth for the first time in several semesters. On the one hand, because the slowdown in the automotive decline is a reality. On the other hand, because aeronautics, the defense market, and the energy market have indeed taken over. The defense market is often a local market. While there are large transnational accounts like Airbus Defence, there are also many local players. Alten is well established and credible there with local resources, and we are often cleared to work in these markets. This provides us with real growth drivers that also allow us to redeploy skills from the automotive industry into the defense industry.

Didier Testot : Regarding automotive, there has been a lot of talk about the acceleration towards electrification in the face of very high gas prices. Is this truly the case in Europe, do you see an increase in this area?

Bruno Benoliel: If we look closely at the latest statistics, they do indeed show an acceleration in electric vehicle sales, due to the increase in pump prices. Will this be an underlying trend or a windfall effect? We shall see. The fact is that, in any case, Europe is committed to the electrification of its vehicle fleet, and with the 2035 deadlines that everyone knows, the fleet will eventually switch to electric.

Didier Testot: During our discussions, we also mentioned artificial intelligence. It is a daily topic today, and it interests both investors and companies. On the investor side, people wonder which companies will benefit from it. In relation to your clients, how is this accelerating?

Bruno Benoliel: We approach artificial intelligence as a new technology available to engineers, just like other technologies that have appeared on the market over the last ten or twenty years. Artificial intelligence is not used in the same way depending on the projects. We use it much more in software R&D or document management than in other activities like mechanics or design, for example. What is certain is that overall, AI will allow us to achieve productivity gains, which our clients have always asked for, and this helps us achieve their goals. However, it should not be seen as a technology that will shrink our markets. On the contrary, by achieving these productivity gains for clients working under constrained budgets, it allows them to continue investing at least as much as before. Artificial intelligence must absolutely not be perceived as a limitation on our revenue growth. Instead, I think that the players best equipped with AI—that is, those who have trained their engineers, set up infrastructures, and are capable of investing—will gain market share in the coming years.

Didier Testot: In terms of outlook, you have been able to raise your targets for 2026. Where does Alten’s confidence on this front come from?

Bruno Benoliel: From the first point you noted: organic growth has returned. It naturally allowed us to revise our sales targets upwards, since our revenues should be positive, in the range of 1.8 to 2%. We will see by the end of the year. This also allowed us to raise our margin targets, inevitably. We will see how 2027 shapes up, but I hope it will be another year of organic growth.

Didier Testot: Thanks to the sectoral developments mentioned, are you still looking at external growth opportunities? You have already made a few.

Bruno Benoliel: Yes, there are always opportunities in the M&A market, which remains quite competitive and where the presence of private equity funds (both on the buy and sell sides) is still significant. Multiples remain quite high, in any case higher than those at which engineering companies are currently trading on the stock market. However, certain acquisitions are of a strategic nature, and we have decided to pursue our external growth strategy. We made three acquisitions in the first half of the year, we currently have about ten companies in due diligence, and we will inevitably make others by the end of the year.

Didier Testot : Thank you, Bruno Benoliel, for being with us.

Bruno Benoliel: Thank you.