REGISTERED NUMBER: 08452862 (England and Wales)

for

Page

Company Information  

1

Strategic Report  

2

Report of the Directors  

5

Statement of Directors' Responsibilities  

7

Report of the Independent Auditors  to the Members of

Alten Ltd

8

Profit and Loss account and Other Comprehensive Income

11

Balance Sheet  

12

Statement of Changes in Equity  

13

Cash Flow Statement  

14

Notes to the Financial Statements

15

DIRECTORS:

P Bonhomme

Societe Generale Pour Les Technologies Et L'ingenierie (STGI)

D Federico

REGISTERED OFFICE:

Saffron House

6-10 Kirby Street

London

EC1N 8TS

REGISTERED NUMBER:

08452862 (England and Wales)

AUDITORS:

KPMG

1 Stokes Place

St. Stephen's Green

Dublin 2, Ireland

D02 DE03

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company's principal activity is the provision of technology and engineering services. Alten Ltd supports the development strategy of its customers in innovation, R&D and IT.

In April 2024, Alten Ltd acquired 100% of Woodford Engineering Consultancy (UK) Limited, a company whose activities are directly linked to Alten Ltd's own operations.

The company's employees include mainly engineers, but also business managers, and technical and project experts.

The year to 31 December 2024 showed slight decrease in the business with a reported turnover of £81m (£86.4m in 2023). In the same time, the profit before taxation increased to reach £11.4m (£9.8m in 2023).

The main challenges were associated to the continuous growth, staffing, inflation and payments from customers as result of tightened financial environment.

Alten Ltd is managed as an autonomous subsidiary of the Alten Group with Alten SA being the ultimate parent company. Alten SA is listed on the French stock exchange.

The Directors expect no change on business for the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES

There are many actual and potential risks which could have a material impact on Alten Ltd operations, its financial results, reputation with clients and colleagues and the value of its assets. These could cause future results to miss forecast and have other material adverse consequences. Every year the management carries out an assessment of the principal risks facing the company including those that could impact its business model, future performance and solvency. The table below identifies the principal risks but is not intended to be exhaustive

-  staff recruitment and retention

-  lack of new business development

-  customer churn

-  financial weakness

-  systems collapse

The Management reviews and agrees policies for managing risk and keeps a register which is effective at anticipating and planning for high probability low impact events such as management or client loss.

As the general financial outlook changes during 2024 as a result of high inflation rates and the corresponding interest rate increases additional risk on receivable was considered when entering into new engagements.

The Directors have carried out a robust assessment of the principal risks of the likelihood and consequences of the market financial outlook, which could cause disruption of the operational activities, and taken appropriate measures including review of payment terms.

There has been no material change to Alten risk profile from previous years and the board considers its risk assessment processes to be reasonable robust and comprehensive for a company of its size.

SECTION 172(1) STATEMENT

STATEMENT BY THE DIRECTORS IN PERFORMANCE OF THEIR STATUTORY DUTIES IN ACCORDANCE WITH SECTION 172 (1) OF THE UK COMPANIES ACT 2006

The Directors are well aware of their duty under Section 172 of the Companies Act 2006 to act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of shareholders as a whole and, in doing so, to have regard (amongst other matters) to:

- The likely consequences of any decision in the long term.

- The interests of the Company's employees.

- The need to foster business relationships with suppliers, clients and others.

- The impact of the Company's operations on the community and the environment.

- The desirability of the Company maintaining a reputation for high standards of business conduct.

- The need to act fairly towards all shareholders of the Company

DIRECTORS' INDUCTIONS AND TRAINING

Following appointment, all new Directors receive an induction tailored to their individual requirements. They are encouraged to meet and be briefed on the roles of key people across the Group and have open access to all business areas and employees to build up an appropriate level of knowledge of the business that extends beyond formal papers and presentations to the Board.

All Directors have received an appropriate induction for their roles, including some or all of the following:

- The nature of the Group, its business, markets and relationships.

- Meetings with the external auditors, lawyers and relevant operational and functional senior management.

- Board procedures, including meeting protocols, committee activities and terms of reference, and matters reserved for the Board.

- The Group approach to risk management.

- Ongoing training and briefings are also given to all Directors, including external courses as required.

ENGAGEMENT WITH STAKEHOLDERS

To deliver our strategy successfully, we need to understand our operating environment, and the relationships between our organisation and the stakeholders we impact.

The Directors have identified the Company's key stakeholders as shareholders, staff, associates and contractors, and customers. Engaging effectively with each group is crucial to the Company's ongoing success and sustainability. The following summarises the Directors' approach and engagement mechanisms with these stakeholders.

Shareholders

The key areas of interest for the shareholders is the current and future financial performance of the Company along with updates on HR and operational matters. Shareholders are provided with a quarterly report on the following topics: financial performance; sales performance; marketing; HR; operations; risks. The shareholders also determine the overall strategic direction of the Company taking into consideration the needs of all our stakeholders.

Our staff

The Company's long-term success is predicated on the commitment of our colleagues to our purpose and its demonstration of our values every day. We engage with our workforce to ensure that we are fostering an environment that they are happy to work in and supports their well-being. We are making significant investments in our workforce as we believe that maintaining low turnover rates across the entire workforce is a key source of efficiency and productivity. We engage through one-to-one meetings with managers, town hall meetings, update calls and our intranet.

Our associates and contractors

Our associates and contractors provide key niche skills and flexible capacity which enables us to deliver services to our customers. They are integrated into our project teams and are essential to the success of our projects. Regular communication between management and contractors occurs and the issues facing our contractors are fed back to the Board. The company is in the process of creating an intranet accessible by all our contractors to provide a more structured method of communication.

Our customers

We are in regular communication with our customers both during the delivery of services to ensure we are delivering high quality services, meeting their needs, and through events and ad hoc meetings to establish their longer terms needs and priorities. These discussions are an essential part of decisions both in the way we deliver and interact with our customers and to define current and future service offerings the company invests in.

KEY PERFORMANCE INDICATORS

Alten Ltd is a fast growing business having only been incorporated in 2013. The company has implemented different performance measures based on the Alten group experience to monitor the conduct of the business. The most important of them are included below as Key Performance Indicators (KPIs):

The intercontract rate in 2024 was 6.7% (9.1% in 2023) showing the time consultants are not employed on a customer project.

The average number of consultants decreased to 637 as of December 2024 from 806 in December 2023.

Turnover and profit before taxation are other KPIs that are closely followed. These have been detailed in the Review of Business section

ON BEHALF OF THE BOARD:

D Federico - Director

30 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

DIVIDENDS

For the year ended 31 December 2024 the company has issued dividend of £6.5m. (2023: NIL)

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

P Bonhomme

Societe Generale Pour Les Technologies Et L'ingenierie (STGI)

D Federico

POLITICAL DONATIONS AND EXPENDITURE

The Company made no political donations or incurred any political expenditure during the year. (No political donations made in year 2023).

DISABLED EMPLOYEES

The Company gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. Where existing employees become disabled, it is the Company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

STREAMLINED ENERGY AND CARBON REPORTING

The indicators reported for Alten Ltd cover 100% of the company's offices in 2023 and 2024.

Data related to energy consumption are based on invoices and statements from suppliers and service providers. When Alten Ltd does not lease the entire building (London and Coventry), the actual m2 is used by the landlord to calculate the energy consumption and invoice it to Alten Ltd.

CO2 emissions from energy consumption were calculated from the raw data using the Market Based method. The calculations use the emission factors of ADEME's carbon database and the Ecoinvent database.

2024

2023

Energy consumption use (in kWh)

277,181

340,594

Gas consumption emissions in metric tonnes CO2e

3.6

4.1

Electricity consumption emissions  in metric tonnes CO2e

74.0

161.0

======

======

Total gross emissions in metric tonnes CO2e

77.6

165.1

(FTEs)

758

944

Intensity ratio per staff

0.10

0.18

Intensity ratio per staff (Total carbon footprint)

2.5

2.8

The data reported in 2023 for Energy consumption has been adjusted. Alten Ltd received a refund from the landlord of the Moorgate office in London in 2024 for the 2023 Electricity consumption. Energy consumption emissions in metric tonnes CO2e has decreased in 2024 because of the following factors:

- In 2023, data for tonnes of CO2e from electricity were calculated using conventional electricity emissions factors, as no data were available regarding energy sources. However, in 2024, Alten Ltd used 100% renewable and nuclear energy, which was used to calculate the tonnes of CO2e.

- The Alten Ltd headquarters in Moorgate was closed in October 2024. All employees relocated to the Methods HQ at Saffron House. The energy consumption data for the London office are not included in the carbon footprint reporting for Q4 2024, as they were reported by Methods. These data will be included in the Alten Ltd carbon footprint reporting for 2025 and will be calculated based on occupancy.

- Active management of the gas heating system has been implemented. Temperatures are monitored by the office managers and in addition there is now passive timers in place with heating system turned off overnight and at weekends. Additionally, as the occupancy rate is low on Fridays, non-occupied floors are closed by office managers to reduce energy consumption

The global intensity ratio has been adjusted in 2023 (from 1.515 to 2.8) as more data is now considered in the carbon footprint calculations:

- In 2024, mileage for employees using their own cars for business travel was included in the calculations. This data was incorporated into the 2023 adjustment

- A new survey has been released in 2024 to gather more accurate data for commuting and to understand better commuting habits. Real data were not available in 2023

Globally, A better management has been in place in all Alten Ltd offices:  Awareness campaigns have been launched to encourage employees to switch off the lights when leaving offices and meeting rooms, and a better monitoring of Energy consumption is in place by office managers, and a new environmental induction has been deployed and made mandatory for all employees.

Alten Ltd achieved ISO 14001 certification for Environment Management System in March 2025.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

AUDITORS

Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG will therefore continue in office.

ON BEHALF OF THE BOARD:

D Federico - Director

30 September 2025

Opinion

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with ethical requirements that are relevant to our audit of financial statements in the UK, including the Financial Reporting Council (FRC)’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (the going concern period).

In our evaluation of the directors' conclusions, we considered the inherent risks to the Company’s business model and analysed how those risks might affect the Company’s financial resources or ability to continue operations over the going concern period.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events orconditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the Company will continue in operation.

Detecting irregularities including fraud

We identified the areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and risks of material misstatement due to fraud, using our understanding of the entity's industry, regulatory environment and other external factors and inquiry with the directors. In addition, our risk assessment  procedures included: inquiring with the directors as to the Company’s policies and procedures regarding compliance with laws and regulations and prevention and detection of fraud; inquiring whether the directors have knowledge of any actual or suspected non-compliance with laws or regulations or alleged fraud; inspecting the Company’s regulatory and legal correspondence; and reading Board minutes.

We discussed identified laws and regulations, fraud risk factors and the need to remain alert among the audit team.

The Company is subject to laws and regulations that directly affect the financial statements including companies and financial reporting legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items, including assessing the financial statement disclosures and agreeing them to supporting documentation when necessary.

The Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery, employment law, environmental law.

Auditing standards limit the required audit procedures to identify non-compliance with these non-direct laws andregulations to inquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.

We assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. As required by auditing standards, we performed procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition. We identified a fraud risk in relation to the Company fixed price contract revenue stream.

In response to the risk(s) of fraud, we also performed procedures including: identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation; evaluating the business purpose of significant unusual transactions; assessing significant accounting estimates for bias; and assessing the disclosures in the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws andregulations.

Other information

The directors are responsible for the other information presented in the Annual Report together with the financialstatements. The other information comprises the information included in the strategic report and the directors’ report. The financial statements and our auditor’s report thereon do not comprise part of the other information.

Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work we have not identified material misstatements in the other information.

Opinions on other matters prescribed by the Companies Act 2006

Based solely on our work on the other information undertaken during the course of the audit:

- we have not identified material misstatements in the directors' report or the strategic report;

- in our opinion, the information given in the directors’ report and the strategic report is consistent with the financial statements;

- in our opinion, the directors’ report and the strategic report have been prepared in accordance with the Companies Act 2006.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

We have nothing to report in these respects.

Respective responsibilities and restrictions on use

Responsibilities of directors for the financial statements

As explained more fully in the directors’ responsibilities statement set out on page 7, the directors are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud, other irregularities or error, and to issue an opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud, other irregularities or error and are considered material if, individually or in

the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the

basis of these financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at

www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

Our report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah-Jayne Naughton (Senior Statutory Auditor)

for and on behalf of KPMG

1 Stokes Place

St. Stephen's Green

Dublin 2, Ireland

D02 DE03

30 September 2025

TURNOVER

4

80,956,567

86,355,839

Cost of sales

(58,497,777

)

(64,169,042

)

GROSS PROFIT

22,458,790

22,186,797

Administrative expenses

(12,909,805

)

(13,241,540

)

9,548,985

8,945,257

Other operating income

5

1,321,791

997,242

OPERATING PROFIT

7

10,870,776

9,942,499

Interest receivable and similar income

9

560,530

18,302

11,431,306

9,960,801

Interest payable and similar expenses

10

(3,873

)

(119,813

)

PROFIT BEFORE TAXATION

11,427,433

9,840,988

Tax on profit

11

(2,750,497

)

(2,208,865

)

PROFIT FOR THE FINANCIAL YEAR

8,676,936

7,632,123

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

8,676,936

7,632,123

FIXED ASSETS

Intangible assets

13

158,313

1,871

Tangible assets

14

700,547

755,429

Investments

15

2,406,286

-

3,265,146

757,300

CURRENT ASSETS

Debtors

16

51,073,818

37,182,129

Cash at bank                                                             24

274,479

15,974,045

51,348,297

53,156,174

CREDITORS

Amounts falling due within one year

17

(15,390,460

)

(16,867,427

)

NET CURRENT ASSETS

35,957,837

36,288,747

TOTAL ASSETS LESS CURRENT

LIABILITIES

39,222,983

37,046,047

PROVISIONS FOR LIABILITIES

19

(50,000

)

(50,000

)

NET ASSETS

39,172,983

36,996,047

CAPITAL AND RESERVES

Called up share capital

20

100,000

100,000

Retained earnings

39,072,983

36,896,047

SHAREHOLDERS' FUNDS

39,172,983

36,996,047

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

D Federico - Director

Called up

share

Retained

Total

capital

earnings

equity

£   

£   

£   

Balance at 1 January 2023

100,000

29,263,924

29,363,924

Changes in equity

Total comprehensive income

-

7,632,123

7,632,123

Balance at 31 December 2023

100,000

36,896,047

36,996,047

Changes in equity

Dividends

-

(6,500,000

)

(6,500,000

)

Total comprehensive income

-

8,676,936

8,676,936

Balance at 31 December 2024

100,000

39,072,983

39,172,983

Cash flows from operating activities

Cash generated from operations

23

(5,488,940

)

9,988,233

Interest paid

(3,873

)

(119,813

)

Tax paid

(1,565,467

)

(2,292,322

)

Net cash from operating activities

(7,058,280

)

7,576,098

Cash flows from investing activities

Purchase of intangible fixed assets

(174,304

)

(1,439

)

Purchase of tangible fixed assets

(121,226

)

(66,789

)

Purchase of fixed asset investments

(2,406,286

)

-

Interest received

560,530

18,302

Net cash from investing activities

(2,141,286

)

(49,926

)

Cash flows from financing activities

Equity dividends paid

(6,500,000

)

-

Net cash from financing activities

(6,500,000

)

-

(Decrease)/increase in cash and cash equivalents

(15,699,566

)

7,526,172

Cash and cash equivalents at beginning of year

24

15,974,045

8,447,873

Cash and cash equivalents at end of year

24

274,479

15,974,045

1.

COMPANY INFORMATION

Alten Ltd is a company incorporated and domiciled in the United Kingdom under the Companies Act. The address of the registered office is given on page 1. The company's activities are described in the Strategic Report on page 2.

2.

STATUTORY INFORMATION

Alten Ltd is a private company, limited by shares, registered in England and Wales (registered number: 08452862). The company's registered number and registered office address can be found on the Company Information page.

3.

ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of  of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Company's ultimate parent undertaking, Alten S.A. includes the Company in its consolidated financial statements. The consolidated financial statements of Alten S.A. are prepared in accordance with International Financial Reporting Standards as adopted by the UK and are available to the public and may be obtained from [www.alten.com/investors]. In these financial statements, the Company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures:

- Cash Flow Statement and related notes; and

- Key Management Personnel compensation.

As the consolidated financial statements of ultimate parent undertaking include the disclosures equivalent to those required by FRS 102, the Company has also taken the exemptions available in respect of the following disclosures:

- Certain disclosures required by FRS 102.26 Share-based Payments, where the share-based payment arrangement concerns equity instruments of another group entity;

- Certain disclosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12 Other Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1; and

- Certain disclosures required by FRS 102.29 Income Tax in respect of Pillar Two Income Taxes.