Capgemini (CAP) investor relations material

Executive summary

• H1 2026 revenue reached €12.8 billion, up 11.3% year-on-year at constant currency, driven by strong AI demand, strategic acquisitions (WNS, Cloud4C), and market share gains in North America (+19.8%) and UK & Ireland (+21.1%).

• Bookings totaled €12.6 billion, with a book-to-bill ratio of 1.04, reflecting solid commercial momentum and robust pipeline growth in Intelligent Business Operations.

• AI was the primary driver of new demand, with clients shifting from experimentation to enterprise-wide transformation and dedicated enterprise hubs.

• Recent acquisitions and the launch of Intelligent Business Operations expanded the addressable market and opportunity pipeline to €13.3 billion.

Financial highlights

• Operating margin for H1 was 12.5%, up 10 bps year-on-year; North America and UK margins at historical highs (16.5% and 18.1%).

• Net profit (Group share) was €498 million, down 31.3% year-on-year; basic EPS at €2.96, normalized EPS at €5.29 (down 11.9%).

• Organic free cash flow was €37 million, consistent with seasonal patterns but down from €60 million in H1 2025.

• Gross margin was 26.1%, down 30 bps year-on-year, mainly due to underutilization in France and rest of Europe.

Outlook and guidance

• Upgraded full-year constant currency revenue growth guidance to 8.5%-9.0% (from 6.5%-8.5%), with inorganic contribution around five points.

• Operating margin guidance confirmed at 13.6%-13.8%, with 30-50 bps improvement year-on-year.

• Organic free cash flow target reaffirmed at €1.8-1.9 billion for the full year, factoring in €200 million higher restructuring outflows.