The development of digital technology is increasing, both in the product cycle (design, production or operation/maintenance in operational conditions) and in client relations (web and mobile, user experience/user interface). Over the course of 2024, the geopolitical environment changed significantly, and the economic outlook varied by region and by sector. Even so, R&D investment worldwide continued to grow slightly, and the outlook remains positive for the next 3 years (+2%/year in France between now and 2028). Generative AI is entering its industrial deployment phase, while explorations into use cases continue. This is fuelling market growth, along with cybersecurity, data and machine learning, PLM and digital twins.

In France, according to Pierre Audoin Conseil (PAC), the expected evolution of the ETC (Engineering and Technology Consulting) market accessible to ALTEN is summarised in the following table:

An offering covering all technological Engineering & IT Services projects.

The ALTEN group is involved in all projects with a technological dimension for the Technical, Research & Development Divisions and Information Systems Divisions of major corporate, telecom and service clients, requiring the involvement of high‑level Consultant-engineers.

This strategic positioning is based on:

• ●Engineering,
• ●IT Services;

• ●Core business ALTEN offering,
• ●specific offers through subsidiaries specialising in Engineering and IT Services:

ALTEN’s historical core business is Engineering and it has been recognised for more than 37 years as the benchmark technological partner of major clients within the industry. The Group has developed a complementary positioning in IT Services to provide high value-added technological responses on:

• ●end‑to‑end control of the application lifespan;
• ●software testing;
• ●data management and valuation;
• ●infrastructures and networks;
• ●migration to the cloud, data protection and Cybersecurity;
• ●integration of third‑party software, such as ERP, CRM or PLM tools;
• ●training in IT methods and business lines. The ALTEN Academy, deployed in several of the countries where the Group operates, offers international certification courses: ISTQB, IREB, IQBBA, SAFe, Scrum.org, ITIL and PMI.

ALTEN has a technical organisation recognised worldwide for its excellence. ALTEN’s project management methodologies are based on the Capability Maturity Model & Integration (CMMI Services) framework.

ALTEN’s core business, consulting, helps clients meet their needs by providing functional, technical or support skills. The project is carried out on the client’s premises based on the commitment of providing resources and time spent, and under the responsibility of an ALTEN Manager. ALTEN engineers take charge of the project.

The main Industries in which the ALTEN group operates are described in page 1.5.2 and following, Section 1.5.2 - Industries, of this Document.

The tables below supplement this information.

ALTEN SA is the parent company of the ALTEN group. ALTEN SA conducts both operational activities and operational holding activities for the Group. It conducts the following activities as part of its parent‑subsidiary relationship with Group subsidiaries:

• ●management and strategy consultancy;
• ●communication and marketing;
• ●finance (accounting, management control, cash management, taxation, etc.);
• ●legal (company law, contracts, dispute resolution, labour law, claims, mergers and acquisitions, etc.);
• ●internal development (recruitment and training of Sales Managers, etc.);
• ●administration and human resource management (career management, payroll, employee relations, etc.);
• ●computing (IT Systems and Networks/Telecoms);
• ●purchases (policy, invitations to tender, negotiations);
• ●general resources, management of premises (logistics, care, maintenance, etc.).

The subsidiaries are billed for these services in line with the transfer pricing policy implemented within the Group.

ALTEN SA has formed a central corporate treasury within the Group through its subsidiary, ALTEN CASH MANAGEMENT.

ALTEN SA also allows some of its subsidiaries to benefit from major client referrals.

At 31 December 2024, the ALTEN group was composed of just over 200 subsidiaries located in Europe, North and South America, Asia, Africa and the Middle East.

The list of the main subsidiaries is presented in Section 3.1 - List of companies in the scope of consolidation on page 3.1 and following of this Document.

ALTEN has implemented a risk management framework based on both a Group and an annual mapping of major risks, and a review of its main processes.

The purpose of this framework is to allow Group Management to maintain risks at an acceptable level for the business, thus preserving the Group’s reputation and value of its assets.

The risk management framework deployed within ALTEN includes:

• ●a continuous steering of the risk management framework led by the Group Risk and Compliance Department;
• ●a risk management process for the identification, analysis and treatment of risks;
• ●a network of Group Risk Referents selected for their business expertise (e.g. Finance Department for financial category risks).

Step 1: local mapping of major risks (risk identification and assessment performed by all subsidiaries and corporate departments for their own respective scope).

Step 2: consolidation of local mappings by the Group Risk and Compliance Department.

Step 3: Group’s major risk mapping conducted by the Group Risk and Compliance Department with the support of the Group Risk Referents. The analysis is carried out based on the local mappings and the business expertise of the Risk Referents.

Step 4: validation by General Management of the Group’s major risk mapping along with the summary of the main risks that are intended to be included in the Universal registration document.

Step 5: approval by the Audit Committee of the Board of Directors of the Group’s major risk mapping.

The table below highlights the Group’s main risks on the date of filing this Universal registration document.

These risks are classified by category and ranked according to their priority area. As described in Section 2.1.2.1 - Risk assessment, the risk priority area results from its criticality (obtained with the probability of occurrence and the level of negative impact) combined with the level of control by ALTEN.

Risk factors and associated prevention and management measures are described below in Section 2.3 - Risk factors and risk management [GRI 102-11].

The major risk mapping exercise carried out by the Group in 2024 showed that overall exposure and control levels for the Group's main risks had stabilised.

Nevertheless, two developments should be highlighted: the appearance of new risks linked to the adoption of Artificial Intelligence in priority 1 area, as this is an emerging risk for which control measures are currently being deployed; and a change in the methodology for assessing foreign exchange risk, highlighting its higher criticality and increased level of control.

The Group’s insurance policy is associated with a strong initiative to prevent and protect against risks. All Group companies are insured through top‑ranking insurance companies for all major risks that could significantly impact their business, results or assets.

The main risks insured are those related to:

• ●liability (contractual and extracontractual) for damage caused to third parties;
• ●damage suffered by the Group, such as property damages and business interruptions.

The risk management and internal control systems contribute to the control of the Group’s activities. The Group relies on the reference framework and its application guide published by the French Financial Markets Authority (AMF - Autorité des Marchés Financiers).

The internal control and risk management framework is established in the Group as a process implemented by the General Management and all employees to provide reasonable assurance on:

• ●the compliance with laws and regulations;
• ●the prevention and detection of fraud and errors;
• ●the implementation of guidelines and strategies set by General Management;
• ●the optimisation of operational activities;
• ●the proper functioning of the Group’s internal processes, especially those affecting the protection of its assets;
• ●the reliability and quality of information used within the Group and disseminated externally;
• ●generally, the control of its activities, the efficiency of its operations and the effective use of its resources.

The Group ensures that this framework is applied to all of its subsidiaries, i.e. ALTEN SA and all companies consolidated using the full consolidation method. Recently acquired companies or groups of companies are gradually integrated into the risk management and internal control framework.

One of the objectives of the internal control framework is to prevent and limit all risks resulting from the Group’s activities, particularly accounting, financial, operational, strategic and compliance risks. However, it cannot provide an absolute guarantee that objectives will be achieved or that the risks, whose likelihood of occurrence and potential impact it seeks to reduce, will be eliminated.

ALTEN SA (hereinafter the “Company” or "ALTEN") refers to the recommendations of the Middlenext Corporate Governance Code (hereinafter the “Middlenext Code”). The Middlenext Code is available online at the following address: www.middlenext.com.

ALTEN complies with all the recommendations of the Middlenext Code, with the exception of the recommendation relating to assignments that may be entrusted to the Statutory Auditors.

This point is included in the 2nd recommendation on conflicts of interest. It is recommended that services other than certification of accounts (SOCA) be entrusted to firms other than those that certify the issuer's accounts.

Due to its numerous acquisitions throughout the world, ALTEN considers that excluding the networks of its Statutory Auditors as a matter of principle from all of its audit work on acquisition targets or one-off consulting assignments, tax or financial, would be likely to reduce, very narrowly in certain countries, the panel of suppliers with the necessary resources and skills. ALTEN also believes that such an exclusion would have an adverse impact on the costs of missions as well as on their quality. The position adopted by the Company, which publishes the fees paid in this context, complies with the provisions of the French Commercial Code.

In accordance with the 22nd recommendation of the Middlenext Code, the points of vigilance set out in the Code are reviewed annually by the Company's Board of Directors. The Board of Directors carried out this last review on 24 October 2024 and noted the effectiveness of all the points of vigilance within ALTEN.

On the recommendation of the Remuneration and Nomination Committee, and taking into account the recommendations of the Middlenext Code, the Board of Directors has established a remuneration policy for the Corporate Officers of ALTEN SA. This policy is in line with the Company’s corporate interest and contributes to its sustainability through the search for a balanced medium- and long-term performance, in particular by aligning the interests of management and shareholders. It is part of its commercial strategy, as described in Chapter 1 of this Universal registration document.

At the last General Meeting, the remuneration policies applicable for 2024 to the Directors and the Chairman and Chief Executive Officer were adopted in the amount of 99.70% and 94.20% respectively.

No item of remuneration, of whatever nature, can be decided, allocated or paid by the Company, and no commitment can be made by the Company if it does not comply with the approved remuneration policy.

The process of deciding, revising and implementing the remuneration policy of Corporate Officers is carried out by the Board of Directors, based on the opinions and recommendations of the Remuneration and Nomination Committee. It should be noted that the Chairman and Chief Executive Officer, member of the Board of Directors, does not participate in the deliberations and vote on these matters.

As part of the decision-making process followed for the determination and review of the remuneration policy, the conditions of remuneration and employment of ALTEN SA employees have been taken into account by the Remuneration and Nomination Committee and the Board of Directors as follows:

• ●account taken of equity ratios;
• ●study of changes in remuneration.

In the event of changes in governance personnel, the remuneration policy will be applied to the Company’s new Corporate Officers, and with the necessary adaptations where appropriate.

In accordance with Article L. 22-10-8 of the French Commercial Code, the Board of Directors may, in exceptional circumstances, depart from the application of the remuneration policy, provided that the departure applied is temporary and in line with the Company's interests and is necessary to ensure the Company's continuity or viability. In such a case, the Board of Directors would be in a position to grant an element of remuneration not provided for in the remuneration policy previously approved by the General Meeting but made necessary by these exceptional circumstances.

Where applicable, the Board of Directors would decide on the recommendation of the Remuneration and Nomination Committee and would verify whether such a derogation is in line with the Company’s interest and necessary to ensure the continuity or viability of the Company. All the justifications would be brought to the attention of the shareholders in the following report on corporate governance. It should be noted that the Chairman and Chief Executive Officer, member of the Board of Directors, does not participate in the deliberations and vote on these matters.

The remuneration policy for the Chairman and Chief Executive Officer was set on 20 February 2025 by the Board of Directors, on the recommendation of the Remuneration and Nomination Committee, as follows:

The General Meeting of 18 June 2020 set the annual remuneration of Board members at €200,000, until further notice. At the General Meeting of 12 June 2025, a proposal will be made to increase this amount to €250,000 to take account of the increased workload of Board and Committee members.

The criteria for distributing remuneration allocated by the General Meeting to Board members were set by the Board of Directors on 20 February 2025, on the proposal of the Remuneration and Nomination Committee, and are:

• ●attendance by Board members at Board Meetings;
• ●their membership of Board Committees;
• ●whether they are Independent Directors.

Accordingly:

• ●€1,500 per Board Meeting attended is allocated to each Independent Director, and the amount is increased to €3,000 for each attendance by the Director beyond the threshold of 75% attendance;
• ●€1,000 per Board Meeting attended is allocated to each non-executive and non-independent Director, and the amount is increased to €2,000 for each attendance by the Director beyond the threshold of 75% attendance;
• ●€1,500 per Director is allocated for each attendance at the Remuneration and Nomination Committee;
• ●€1,500 per Director is allocated for each attendance at the Audit Committee;
• ●€1,500 per Director is allocated for each attendance at the CSR Committee;
• ●in the event of the creation of new specialised committees, the Board, at the suggestion of the Remuneration and Nomination Committee, may add to these rules;
• ●an amount of €1,500 per assignment day is allocated in the event of the completion of a specific assignment entrusted by the Board of Directors;
• ●no remuneration is awarded to Executive Directors (linked to ALTEN SA by a corporate mandate and/or an employment contract);
• ●Directors’ transport expenses will be reimbursed on presentation of receipts.

The table below indicates the duration of the office of the Company’s Executive Corporate Officers and, where applicable, the work or service contracts concluded with the Company, notice periods and the applicable termination conditions:

The list of offices held by Simon Azoulay is presented on the page Information on the offices and positions held and in force as of the date of this Document in this Document.

It is also specified that none of the Company’s other Corporate Officers have concluded a service contract with ALTEN SA and that only the Director representing employees has an open-ended employment contract with the Company or one of its direct or indirect subsidiaries.

This document has been prepared on the basis of the following texts:

• ●the Global Reporting Initiative (GRI) G4 essential compliance option;
• ●the Corporate Sustainability Report Directive (CSRD) resulting from the Delegated Regulation (EU) 2023/2772 of the Commission of 31 July 2023;
• ●Article L. 225-102-1 of the French Commercial Code, enactment into French law of the CSRD;
• ●the 17 Sustainable Development Goals and the 10 Principles of the United Nations Global Compact;
• ●the 7 Women’s Empowerment Principles (WEPs);
• ●the Taskforce on Climate-related Financial Disclosures (TCFD);
• ●the Greenhouse Gas Protocol Corporate Reporting and Accounting Standard;
• ●Regulation EU 2020/852 (European Taxonomy) of the European Parliament and Council of 18 June 2020;
• ●the French Duty of Care and the “Sapin II” law (fight against corruption) applicable in France since 2017 and 2016 respectively.

These texts support the teams involved in the Group’s CSR approach on a daily basis.

The guidelines for calculating and establishing performance indicators are available upon request by e-mail: alten.csr@alten.fr.

To limit the risks detailed in 4.1.3.5 - Internal control and risk management for sustainability reporting [GOV-5],  ALTEN sets up dedicated working groups as part of the preparation of the annual reporting framework. These working groups are composed of multidisciplinary experts and representatives of the Group’s different countries. They ensure that the reporting metrics and their definitions are understandable and relevant in each country. These working groups also identify new stakeholder needs, which should lead to the creation of new metrics.

ALTEN has not made use of the option that would allow it to omit certain classified or sensitive information, in particular relating to intellectual property, know-how or the results of innovation, as provided for in the chapter 7.7 of the ESRS 1 standard.

The various metrics cover the Group's global scope for the period from 1 January 2024 to 31 December 2024, excluding WORLDGRID, given that it joined the scope on 1 December 2024.

In cases where the scope differs, this is clearly stated in the relevant chapter.

The performance metrics reported for France and international markets cover 100% of the Group's workforce and revenue at 31 December 2024.

They result from the consolidation of data from two sources:

• ●the collection of information from 56 international subsidiaries and 13 French subsidiaries of the Group (CSR scope), representing 85% of the Group’s revenue and 87% of the Group’s workforce at 31 December 2024;
• ●the extrapolation of data for entities not subject to the Group’s reporting or for entities that were unable to meet certain metrics.

ALTEN has historically been involved in actions to promote the feminisation of its business lines, particularly those in Engineering.

To maintain its commitment and influence this social issue at its own level, ALTEN will announce its plan to increase female representation consisting of concrete actions in 2025. Performance monitoring indicators will be defined and associated with Group objectives. It will focus on 3 areas:

• ●act within the ecosystem to inform girls from a young age about scientific careers, encourage those who embark on these sectors and then offer jobs to young female graduates
• ●take action to increase the number of females in its technical and sales professions, develop their expertise and support female employees as they rise to management positions;
• ●take action to boost the leadership of females in the Company's support functions, encourage them to take up management positions and support female employees in these career paths.

Various avenues will be explored to support this ambition, both in terms of skills development and working conditions.

In Italy, ALTEN obtained UNI PDR 125 AFNOR certification, highlighting ALTEN’s continuous efforts to create a fair and respectful working environment, where individual skills and talents are valued without discrimination.

Furthermore, as the Group is a key player in the professional integration of young people, it is committed to raising awareness and convincing females to join the technical and scientific professions. The partnerships forged with associations such as “Elles Bougent” in France, help with the provision of guidance and advice to female students. ALTEN is thus present as far upstream as possible, in secondary and high schools.

Finally, every year in March the Group runs a major campaign to promote females in the scientific professions. In 2024, 16 females from 16 different countries spoke to raise awareness of the vital role played by females in science and technology as innovators, experts and colleagues.

In 2023, ALTEN took part in the SDG Ambition accelerator proposed by the United Nations Global Compact and chose the "Gender Equality" benchmark. Through this acceleration programme, which ended in the 1st quarter of 2024, ALTEN set itself the objective of going even further in this area by:

• ●making a commitment to UN Women and the Global Compact by signing the Women's Empowerment Principles in March 2024;
• ●working on a precise inventory to set ambitious targets;
• ●reinvigorating its diversity plan through targeted actions carried out by the Group's various departments.

In 2025, ALTEN will present its plan to increase female representation, focusing on its ecosystem and internal operations.

ALTEN brings together human values, sustainable development and engineering culture in the service of performance to satisfy its stakeholders. The Group's corporate culture is based on key values shared by all employees, built around three structuring pillars: Engineering culture, sustainable growth and the development of human capital.

ALTEN teams cultivate the same sense of belonging to a technological environment based on:

• ●creativity;
• ●innovation;
• ●the search for solutions.

ALTEN is a financially solid company that is faithful to its commitments thanks to:

• ●the quality and rigour of its management;
• ●the quality of its teams;
• ●its rigorous management.

The Group’s core commitments are the following:

• ●cultivate talent;
• ●enable individual development;
• ●develop expertise;
• ●provide a springboard for the future.

In addition, the ALTEN group built its growth on the basis of fundamental principles of integrity and transparency. Executives and employees of the ALTEN group implement these principles in order to establish lasting relationships of trust with all of its stakeholders: employees, shareholders, public or private sector clients, suppliers, competitors and all other partners. As such, the ALTEN group complies with:

• ●the 10 principles of the United Nations Global Compact;
• ●the United Nations Universal Declaration of Human Rights;
• ●the various conventions of the International Labour Organization;
• ●the OECD Guidelines for Multinational Enterprises.

The Group’s commitments to carry out and develop its activities in strict compliance with national and international laws and regulations are formalised in three founding documents, distributed internally and externally.

• ●the Ethics Charter described below;
• ●the Sustainable Development Charter, presented in Section 4.3.3.2 - Presentation of the social policy [S1-1] [MDR-P] ;  4.4.3.2 - Prevention and detection of acts of corruption and influence peddling [G1-3] [G1-4] [GRI 102-17];
• ●the Responsible Purchasing Charter, presented in Section 4.4.5.3 - Responsible purchasing.

For several years now, the Ethics Charter has formalised the ALTEN group’s commitments regarding the way it conducts its business and sets out a framework for the conduct expected of all its employees. The  Ethics Charter takes into account the following matters in particular:

• ●human rights;
• ●diversity, inclusion and non-discrimination;
• ●prevention of harassment;
• ●environment and sustainable development;
• ●employee health and safety;
• ●protection of personal data;
• ●protection of intellectual property and know-how.

The Ethics Charter is distributed to each employee upon joining the Group and is made available on the Group’s intranet and website. Its purpose is to make ALTEN group employees aware of the matters related to business ethics through practical examples and guiding principles. The Ethics Charter is available for consultation by all stakeholders at the following address:
www.alten.com/fr/le‑groupe/alten‑une‑entreprise‑engagee/. The Ethics Charter was updated in 2024 in order to include several practical examples.

In addition, the Ethics & Compliance Department programme aims to ensure that ALTEN’s business practices and corporate culture embed a culture of integrity and transparency throughout the world.

Other key policies, such as the Anti-corruption Code of Conduct, the Responsible Purchasing Charter and the Sustainable Development Charter, will be described in more detail later in this chapter. These demonstrate ALTEN's commitment to responsible, ethical and sustainable governance.

The Group’s values are widely disseminated:

• ●they appear in job descriptions and HR documents;
• ●they are included in induction training for new employees, in France and abroad;
• ●They are regularly reiterated during annual appraisal interviews and through internal communication campaigns (intranet, newsletters, management seminars, videos, etc);
• ●they are supported by exemplary management through the actions of the Ethics & Compliance Department, which ensures that they are applied throughout the Group.

The corporate culture is assessed both qualitatively and quantitatively using a number of tools:

• ●monthly internal satisfaction surveys carried out among consultants, to assess their perception of the social climate, the working environment and the quality of management (the system is described in Section 4.3.6.1.2 - Retaining talent);
• ●HR management metrics (mobility, loyalty, internal promotion, professional equality, etc);
• ●feedback from alert or reporting channels, managed confidentially and securely.

These assessments identify strengths in the corporate culture as well as areas for improvement, which feed into the Group's HR, management and ethical action plans.

ALTEN is actively involved with numerous associations and NGOs to support social, medical and environmental causes. This commitment reflects ALTEN’s desire to play a positive and responsible role with local communities, actively participating in the development of the regions.

In 2024, ALTEN supported more than 100 non-profit associations, foundations and NGOs around the world via cash donations, donations of objects or skills sponsorship. The latter enables employees to use their skills in associations and foundations in IT, operational and functional projects.

In France, in 2024, several strong actions were carried out through the unit in charge of solidarity operations, ALTEN Solidaire, including:

• ●collections:
  • –national collection for the benefit of “Restos du cœur” made it possible to collect 1.5 tons of products (food, hygiene, toys, books, clothing),
  • –400 greetings cards made for the benefit of isolated elderly people for the "Petits frères des pauvres" charity,
  • –a donation of €5,100 for the purchase of toys to benefit the "Burns and Smiles" charity,
  • –sponsorship of a CM2 (Year 6) class for the solidarity race organised by the ELA charity for the benefit of children with leukodystrophies,
  • –purchase of toys for children for the Red Cross.
• ●helping associations with support projects through skills sponsorship, such as:
  • –Phyto-Victimes, support for the deployment of a commercial relations tool and an improved database calculation tool,
  • –France Nature Environnement in the development of its digital communication and information system,
  • –France Parrainage in the implementation of a financial monitoring tool and its partnership development,
  • –the Salvation Army, support for the training of office tools.

At the same time, within the same scope, since 2013, ALTEN has been developing IT partnerships with various kinds of associations in the areas of:

• ●education;
• ●inclusion;
• ●professional reintegration.

It provides equipment enabling these associations to offer computer training or access to PCs for job hunting. ALTEN refurbishes its obsolete PCs in-house and equips them with internally developed applications for:

• ●job search assistance;
• ●help with CV writing;
• ●and job interview preparation tutorials.

Since 2013, over 9,000 computers or IT devices have been donated to some forty associations (one-off assistance, follow-up of development projects for the beneficiaries).

ALTEN is committed to supporting reservists wishing to dedicate time to society through missions entrusted by the army.

As part of the double materiality analysis conducted in 2024, positive impacts and opportunities relating to the issue of environmental innovation were material. This chapter aims to describe ALTEN’s approach to maintaining the level and aiming to maximise these levels. The methodology of the double materiality analysis is described in Section 4.1.6.1 - Double materiality methodology [IRO-1].

The results relating to the sustainable innovation challenge are presented in the following tables:

In 2024, ALTEN carried out innovation projects in response to social matters, for example around health topics. In 2025, the Group will endeavour to comprehensively map its innovation activities relating to all sustainability matters. In 2024, the analysis was only carried out on projects addressing environmental matters. The approach is described below.

ALTEN, through its unique positioning combining Engineering professions with those of digital technology and business services, innovates to meet the challenges of sustainability.

This innovation is carried out both as part of projects sold to customers around the world and also on its own, according to a voluntary policy, materialised by the establishment of an Innovation Department (DIN), whose 11 Labs operated in France and the UK in 2024. ALTEN considers it crucial that a significant part of its innovation activities respond to sustainability and environmental matters in particular by contributing to the following areas: mitigation of and adaptation to climate change, preservation of water resources and the circular economy. This contribution via environmental innovation, which has been growing steadily since 2018, the year of the first measure, reached a level of 31% in 2023, without being managed with quantitative targets.

This approach fully addresses the opportunities and positive impacts mentioned above.

• 1 .Through its sustainable innovation activity, ALTEN is positioned as a visionary leader in its sector. This proactive approach fosters customer loyalty, attracts new talent sensitive to environmental matters and paves the way for strategic collaborations with players committed to the transition to a more sustainable future. This approach strengthens the Company’s ability and legitimacy to help its customers meet their own challenges.
• 2 .By focusing on the creation of Engineering solutions with an essentially positive environmental impact, ALTEN fosters a continuous innovation dynamic that not only improves internal performance, but also positions the Company as a key player in the search for sustainable solutions. By developing in-depth knowledge and proposing innovative solutions, ALTEN actively contributes to the protection of the environment while consolidating its reputation for excellence and responsibility. The impacts of the projects carried out by ALTEN are thus directly contributing to the process of meeting current societal challenges, such as the fight against climate change, the preservation of natural resources and biodiversity, and the promotion of the circular economy. This approach demonstrates the Company’s commitment to meeting contemporary societal challenges while strengthening its leadership position in the field of environmental innovation.
• 3 .ALTEN offers a unique, multidisciplinary and multi-sector field of investigation to all its consultants, combining Engineering with digital and business services. Supervised by experts and technical and scientific specialists, they build innovative value propositions within the ALTEN Labs that combine these different areas of expertise. By giving them the opportunity to engage in R&D projects that contribute to sustainability matters, the innovation approach actively nurtures the Engineering culture of employees and contributes to the strengthening of their expertise. It enables its employees to acquire new skills and familiarise themselves with the latest technological and methodological advances.

Significant resources are used to promote this environmental innovation policy.

The Innovation Department, which has more than 100 permanent staff and supervisors in its workforce in France and the United Kingdom, is structured in such a way as to be able to take on almost a quarter of the consultants on its books each year. To make its approach known beyond management and to enable employees working with customers to follow R&D news, web-conferences on research topics are held every week. These meetings are an opportunity for very rich discussions composed of questions and answers and the exchange of ideas.

The innovation topics addressed reflect the challenges of tomorrow, in which sustainability plays an important role. These topics are chosen using a bottom-up approach, integrating consultants working in the field on client missions and the visions of thematic experts.

As part of a continuous improvement approach and to contribute to the development of a quality innovation approach, ALTEN took part in the drafting of the ISO 56001 innovation management system standard in 2024. Management is currently considering the certification of the Group’s approach in accordance with this standard.

In addition to the resources deployed for innovation activities, the Group’s Executive Management decided to set up, in 2024, a team and a web tool to characterise and monitor the sustainability and/or innovative nature of all client assignments contributing to ALTEN’s revenue. This mapping will be supplemented in 2025 by projects responding to other sustainability matters, namely social matters (health or safety of people, for example) and ethical matters.

This is a translation into English of the statutory auditors report on the certification of sustainability information and verification of the disclosure requirements under Article 8 of Regulation (EU) 2020/852 of the Company issued in French and it is provided solely for the convenience of English-speaking users.

This report should be read in conjunction with, and construed in accordance with, French law and the H2A guidelines on “Limited assurance engagement - Certification of sustainability reporting and verification of disclosure requirements set out in Article 8 of Regulation (EU) 2020/852”.

Report on the certification of sustainability information and verification of the disclosure requirements under Article 8 of Regulation (EU) 2020/852 of ALTEN S.A. for the financial year ending December 31st, 2024

Year ended December 31st, 2024

To the General Assembly,

This report is issued in our capacity as statutory auditors of ALTEN S.A.. It covers the sustainability information and the information required by Article 8 of Regulation (EU) 2020/852, relating to the year ended December 31st, 2024 and included in section “Sustainability report” in the Group management report.

Pursuant to Article L. 233-28-4 of the French Commercial Code, ALTEN S.A. is required to include the above-mentioned information in a separate section of the Group management report. This information has been prepared in the context of the first-time application of the aforementioned articles, a context characterized by uncertainties regarding the interpretation of the laws and regulations, the use of significant estimates, the absence of established practices and frameworks in particular for the double-materiality assessment, and an evolving internal control system. It enables an understanding of the impact of the activity of the Group on sustainability matters, as well as the way in which these matters influence the development of the business of the Group, its performance and position. Sustainability matters include environmental, social and corporate governance matters.

Pursuant to Article L. 821-54 paragraph II of the aforementioned Code our responsibility is to carry out the procedures necessary to issue a conclusion, expressing limited assurance, on:

• ●compliance with the sustainability reporting standards adopted pursuant to Article 29 b of Directive (EU) 2013/34 of the European Parliament and of the Council of 14 December 2022 (hereinafter ESRS for European Sustainability Reporting Standards) of the process implemented by ALTEN S.A. to determine the information reported, and compliance with the requirement to consult the social and economic committee provided for in the sixth paragraph of Article L. 2312-17 of the French Labour Code;
• ●compliance of the sustainability information included in section “Sustainability report” of the Group management report with the requirements of L. 233-28-4 of the French Commercial Code, including ESRS; and
• ●compliance with the reporting requirements set out in Article 8 of Regulation (EU) 2020/852.

This engagement is carried out in compliance with the ethical rules, including independence, and quality control rules prescribed by the French Commercial Code.

It is also governed by the H2A guidelines on “Limited assurance engagement - Certification of sustainability reporting and verification of disclosure requirements set out in Article 8 of Regulation (EU) 2020/852”.

In the three separate sections of the report that follow, we present, for each of the sections of our engagement, the nature of the procedures that we carried out, the conclusions that we drew from these procedures and, in support of these conclusions, the elements to which we paid particular attention and the procedures that we carried out with regard to these elements. We draw your attention to the fact that we do not express a conclusion on any of these elements taken individually and that the procedures described should be considered in the overall context of the formation of the conclusions issued in respect of each of the three sections of our engagement.

Finally, where deemed necessary to draw your attention to one or more disclosures of sustainability information provided by ALTEN S.A. in the Group management report, we have included an emphasis of matter paragraph hereafter.

As the purpose of our engagement is to express limited assurance, the nature (choice of techniques), extent (scope) and timing of the procedures are less than those required to obtain reasonable assurance.

Furthermore, this engagement does not provide guarantee regarding the viability or the quality of the management of ALTEN S.A., in particular it does not provide an assessment, of the relevance of the choices made by ALTEN S.A. in terms of action plans, targets, policies, scenario analyses and transition plans, which would go beyond compliance with the ESRS reporting requirements.

It does, however, allow us to express conclusions regarding the entity’s process for determining the sustainability information to be reported, the sustainability information itself, and the information reported pursuant to Article 8 of Regulation (EU) 2020/852, as to the absence of identification or, on the contrary, the identification of errors, omissions or inconsistencies of such importance that they would be likely to influence the decisions that readers of the information subject to this engagement might make.

Any comparative information that would be included in the Group management report is not covered by our engagement. It also does not cover the entity’s compliance with legal and regulatory provisions related to the vigilance plan published in accordance with Article L. 225-102-1 of the Commercial Code.

Model: Proportion of turnover from products or services associated with Taxonomy-aligned economic activities - Information for 2024

Model: Proportion of CapEx expenditure from products or services associated with Taxonomy-aligned economic activities - Information for 2024.

Template: Proportion of CapEx from Taxonomy-eligible and/or aligned economic activities per environmental objective - Information for 2024.

Model: Proportion of OpEx relating to products or services associated with Taxonomy-aligned economic activities - Information for 2024

Template: Proportion of OpEx from Taxonomy-eligible and/or aligned economic activities per environmental objective - Information for 2024.

Template 1 - Nuclear and fossil gas related activities

The ALTEN group uses alternative performance indicators to monitor its operational activity. The Group believes that these indicators provide additional information enabling users of periodical financial information to get a more complete picture of the Group’s performance. These alternative performance indicators complement the IFRS indicators.

ALTEN, the European leader in Engineering and Technology Consulting (ETC), carries out design and research projects for the Technical and Information Systems Divisions of major industrial, telecoms and service-provider clients.

The market encompasses the full range of ETC services, specifically:

• ●scientific and technical research;
• ●network architecture and IT systems.

Revenue in 2024 thus amounted to €4,143.3 million, up 1.8% compared to 2023. On a like-for-like basis, activity decreased by 0.2% (+4.8% in France; -2.6% outside France).

The distribution of revenue in 2024 by Industries is presented in Chapter 1 of this Universal registration document.

ALTEN has continued to expand in France and internationally through its strategy of external growth. International business represented 67.2% of the Group’s revenue, compared to 68.1% in 2023.

Finally, on 6 December 2024, ALTEN, via its subsidiary SESAME GROUP, sold LIDAZHITONG in China and its four subsidiaries (JINAN LIDAZHITONG and DALIAN LIDAZHITONG in China and RITATSU SOFT and NIHON RITATSU in Japan), LZT Group (estimated consolidated revenue of €8.9 million, 230 consultants).

To accelerate its development and strengthen its position in strategic sectors and activities, the Group is pursuing its targeted external growth strategy.

The Group generated consolidated revenue of €4,143.3 million in 2024 (compared with €4,068.8 million in 2023), up by 1.8% compared to the previous year (+4.8% in France and +0.4% internationally).

On a like-for-like basis, activity decreased by -0.2% in 2024 (+4.8% in France and -2.6% internationally).

At 31 December 2024, operating profit on activity amounted to €376.5 million, which represents 9.1% of the revenue, down by 1.6% compared to 31 December 2023 (€382.8 million, which represented 9.4% of the revenue).

Non-recurring income amounted to -€32.1 million at 31 December 2024. It includes acquisition fees for -€5.2 million, costs relating to tax and social security audits for -€8.4 million, restructuring costs for -€14.9 million (more than half of which in Germany), earnouts and bonuses in connection with acquisitions of -€3.5 million.

The sale of the LZT group generated a capital loss of -€3.2 million.

Goodwill impairments were recognized for -€44.0 million, mainly in Germany and the United Kingdom.

The IFRS cost of share-based payments was -€20.3 million (-€32.3 million in 2023).

After taking these items into account, operating profit was €277 million, which represents 6.7% of revenue, down compared to the previous year. In 2023, operating profit amounted to €319.9 million, 7.9% of revenue.

Financial income amounted to €3.3 million. It consists of the financial cost of net debt, which is an income of €2.4 million, (of which -€4.4 million in interest expenses related to the application of IFRS 16), a net gain on foreign exchange of +€1.9 million and other financial income and expenses of -€1.0 million, consisting in particular of impairment of non-consolidated shares.

Income tax expense was €94.0 million corresponding to an effective tax rate of 27.3%. Income from companies using the equity-accounted method was €0.03 million.

Consequently, net income (attributable to) owners of the parent, amounted to €186.4 million in 2024 (4.5% of the revenue), down by 20.1% compared to 2023 (€233.2 million, which represented 5.7% of revenue in 2023). Adjusted for goodwill impairment, the decline is only 1.2%.

None.

In 2024 the Group recorded organic growth of 8%. The main sectors contributing to growth were Defence/Security/Maritime, Aerospace and Automotive.

The General Shareholders' Meeting will be asked to approve the Company financial statements for the year ended 31 December 2024, which resulted in a profit of €62,288,595.56.

Source:

• ●net profit for the financial year: €62,288,595.56;
• ●other reserves: €420,013,098.23;
• ●retained earnings: €0.

It should be noted that part of the dividends distributed will be taken from other reserves.

Allocation:

• ●legal reserve: €15,179.33;
• ●other reserves: €9,373,117.23;
• ●dividends (35,266,866 ordinary shares): €52,900,299;

After allocation:

• ●legal reserve: €3,703,020.93;
• ●other reserves: €429,386,215.46;
• ●retained earnings: €0.

ALTEN SA is a French public limited company (Société Anonyme) with a Board of Directors under French law, having its registered office located at 40, avenue André Morizet, Boulogne-Billancourt (92100).

ALTEN SA’s consolidated financial statements include:

• ●the financial statements for ALTEN SA;
• ●the financial statements for companies controlled by ALTEN SA and fully consolidated either directly or indirectly;
• ●interests in associates and joint ventures, consolidated using the equity-accounted method.

The economic unit is referred to as the “ALTEN Group”.

The ALTEN Group is the European leader in the Engineering and Technology Consulting (ETC) market. ALTEN carries out design and research projects for the Technical and Information Systems Divisions of major clients in the industrial, telecommunications and service sectors.

The consolidated financial statements presented in this Document were approved by the Board of Directors on 24 April 2025 and will be submitted for the approval of the General Meeting of 12 June 2025. They are presented in thousands of euros, unless otherwise indicated.

ALTEN SA’s consolidated financial statements included in this Document are published on the internet space dedicated to users of financial statements: http://www.alten.com/fr/investisseurs.

In accordance with European Regulation No. 1606/2002 of 19 July 2002, the ALTEN group’s consolidated financial statements at 31 December 2024 were prepared in compliance with international accounting standards as published by the IASB and approved by the European Union on the date these financial statements were prepared. These international standards include IAS (International Accounting Standards), IFRS (International Financial Reporting Standards) and interpretations (SIC and IFRIC).

The accounting principles and rules used to prepare the consolidated financial statements for the year ended 31 December 2024 are identical to those used for the financial year ended 31 December 2023, with the exception of the new standards, amendments, and interpretations mandatory as of 1 January 2024, applied by the Group, which did not have a significant impact.

Moreover, the Group did not apply in advance the latest standards, amendments or interpretations published by the IASB and adopted at European level but whose application was not mandatory on 1 January 2024. The impact of their application on the consolidated financial statements is currently being analysed, in particular that of IFRS 18 "Presentation of Financial Statements and Disclosures", which will come into force on 1 January 2027 (subject to adoption by the European Union).

The preparation of financial statements in accordance with IFRS standards requires that certain estimates and assumptions be made which may affect the amounts shown in these financial statements. These estimates and assessments are continuously made on the basis of past experience and other factors considered reasonable.

The main estimates made by Management when the consolidated financial statements are drawn up relate to the recognition of revenue in fixed-price contracts in the context of the percentage of completion method, the determining of provisions for loss-making contracts and the agent/principal analysis (Note 4.2), the assessment of the recoverable value of the assets in cash-generating units including goodwill and earn-outs (Note 5.1), lease liabilities (Note 5.2), equity instruments held (Note 5.5), deferred taxes (Note 9.2), employee benefits (Note 4.3.2) and provisions (Note 8), share-based payments (Note 4.3.3) and research tax credits.

Management revises these estimates if the circumstances on which they were based change, or in the light of new information or experience. As a result, the estimates applied at 31 December 2024 could be substantively modified at a later stage.

Furthermore, in an uncertain economic environment, the estimates, judgements and assumptions made by the Group in preparing the consolidated financial statements during this period relate more specifically to:

• ●the assessment of the recoverable value of Cash-Generating Units, and in particular goodwill (Note 5.1);
• ●and prospects for the use of deferred tax assets (Note 9.2).

Consideration of climate change risks

The Group's current exposure to the consequences of climate change is currently limited, and its impact on the 2024 financial statements is therefore not material.

However, to the best of its knowledge, the Group takes climate risks into account in its closing assumptions and incorporates their potential impact in its financial statements. In particular, the effects have been incorporated into the Group's business plans, on the basis of which the annual impairment tests are carried out (see Note 5.1).

Please also refer to Chapter 4.4 of the Universal registration document on the Group's climate-related commitments.

The following acquisitions were consolidated in 2024:

On 25 April 2024, ALTEN Europe acquired a Vietnamese group of companies specialising in the development of software products.

During the first half of the year, and for the financial year ended on 31 December 2023, €52.1 million of dividends were paid to ALTEN SA shareholders.

At the end of the year, ALTEN sold a group of companies in Asia (2024 revenue: €8.9 million and 230 consultants), which generated a capital loss of €3.2 million.

No significant event has occurred after the reporting period.

The two tables show the scope of consolidation respectively for France and International. The main changes compared to the previous financial year relate to the acquisitions and disposal made during the period, but also the rationalisation and simplification of the Group's organisation chart, carried out mainly by means of mergers. Certain companies that no longer have any operating activities, or significant assets and liabilities, have been liquidated or are in the process of being liquidated, have been removed from the scope of consolidation. A number of recently created companies have also been included in the scope of consolidation.

The contribution to revenue and operating profit on activity from the companies acquired and consolidated in 2024 amounted to €13.4 million, €2.3 million and €2.1 million respectively (see Note 2.1).