Atos CEO claims the company is 90% through its savings plan, with 2025 as the "reset" and 2026 as the "rebound," focusing on Cyber and Agentic AI. The company is attempting a distressed turnaround. If they successfully refinance debt in 2026 as claimed, the equity (currently depressed) acts as a call option on survival. Watch for signs of successful debt refinancing; high risk. Failure to refinance debt; continued revenue decline.