Capgemini upgrades its 2026 outlook

Media elatio s:Victoi e G uxTel.: +33 6 04 52 16 55victoi e.g ux@capgemi i.com

I vesto elatio s:Vi ce t Bi audTel.: +33 1 47 54 50 87vi ce t.bi aud@capgemi i.com

Capgemi i upg ades its 2026 outlook

• Reve ues of €12,082 millio i H1 2026, up +8.8% yea -o -yea
• Reve ue g owth at co sta t excha ge ates^* of +11.3% fo H1, a d +11.6% i Q2
• Ope ati g ma gi ^* up +10bps yea -o -yea to 12.5% of eve ues
• O ga ic f ee cash flow^* at €37 millio
• Upg aded 2026 fi a cial ta gets
  • Co sta t cu e cy eve ue g owth of a ou d +8.5% to +9.0% (was a ou d +6.5% to +8.5%)
  • Ope ati g ma gi of 13.6% to 13.8% (u cha ged)
  • O ga ic f ee cash flow of a ou d €1.8 billio to €1.9 billio (u cha ged).

Pa is, July 30, 2026 – The Boa d of Di ecto s of Capgemi i SE, chai ed by Paul He meli , co ve ed o July 29, 2026 i Pa is to eview a d adopt the accou ts¹ of the Capgemi i G oup fo the fi st half of 2026.

Aima Ezzat, Chief Executive Office of the Capgemi i G oup, said: “Ou fi st-half pe fo ma ce demo st ates that the st ategy we outli ed at ou Capital Ma kets Day is delive i g esults. We achieved solid g owth, slightly ahead of expectatio s, while co ti ui g to outpe fo m the ma ket. G owth st e gthe ed ac oss geog aphies, with pa ticula ly st o g mome tum i No th Ame ica, the UK a d APAC, a d a etu to g owth i F a ce.

This pe fo ma ce co fi ms the eleva ce of ou st ategy to make AI eal – helpi g clie ts move beyo d expe ime tatio a d tu AI ambitio i to measu able busi ess outcomes. Age tic AI is ow at the ce te of vi tually eve y clie t co ve satio , a d Capgemi i is ecog ized as the pa t e of choice fo AI-d ive , e d-to-e d busi ess a d ope atio s t a sfo matio . We a e also bei g ecog ized by i dust y a alysts as a leade i Physical AI, which is the ext f o tie of e te p ise t a sfo matio .

We a e t a slati g this mome tum i to ta gible g owth oppo tu ities. Followi g the i teg atio of WNS, ou ew I tellige t Busi ess Ope atio s busi ess li e is al eady ge e ati g sig ifica t comme cial t actio . Ou pipeli e has expa ded substa tially, eflecti g g owi g clie t dema d fo AI-powe ed t a sfo matio of busi ess ope atio s at scale, with seve al la ge deals secu ed i ece t mo ths.

At the same time, we a e ideally positio ed to be efit f om accele ati g i vestme ts i tech ology sove eig ty, defe se a d secu ity, pa ticula ly i Eu ope, whe e these themes a e becomi g st ategic p io ities.

With this mome tum, we a e aisi g ou full yea co sta t cu e cy g owth ta get to a ou d +8.5% to +9.0%. We a e co fide t i delive i g ou full yea ma gi outlook, suppo ted otably by the impleme tatio of ou Fit-fo -G owth i itiatives, a d ou o ga ic f ee cashflow ta get.”

Key figu es fo H1 2026

Capgemi i delive ed a obust pe fo ma ce i H1 2026. The G oup is accele ati g the executio of its st ategy, st e gthe i g its positio as the go-to-pa t e fo AI-d ive e te p ise t a sfo matio a d ope atio s, helpi g clie ts move f om AI expe ime tatio to busi ess impact at scale. This is eflected i the t actio fo la ge AI E te p ise t a sfo matio p ojects, whe e Capgemi i combi es its deep i dust y k owledge, tech ology capabilities a d e d-to-e d executio to tu clie ts’ AI i vestme ts i to ta gible busi ess impact ac oss the e te p ise.

Clie ts co ti ue to i vest i busi ess t a sfo matio while accele ati g thei adoptio of Age tic AI to captu e its fi st ta gible be efits. This is d ivi g st o g dema d fo Capgemi i’s I tellige t Ope atio s offe i gs, which help u lock e te p ise value th ough the age tificatio of co e busi ess p ocesses. At the same time, o ga izatio s a e steppi g up the mode izatio of legacy systems, ecog izi g that a esilie t a d mode digital co e is esse tial to deployi g AI at scale.

Capgemi i co ti ues to see obust dema d ac oss Defe se a d Sove eig ty, st e gthe i g its leade ship positio as o ga izatio s i c easi gly p io itize secu ity, esilie ce, a d tech ological i depe de ce.

The G oup epo ted eve ues of €12,082 millio i H1 2026, up +8.8% yea -o -yea . Excludi g the 2.5 poi ts headwi d f om cu e cy fluctuatio s, co sta t cu e cy g owth^* was +11.3%, eflecti g solid u de lyi g g owth t e ds which we e compleme ted by the co t ibutio of acquisitio s ( otably WNS a d Cloud4C which we e completed i Q4 2025).  

The G oup mai tai ed a st o g comme cial mome tum with booki gs of €12,602 millio i H1 2026, ep ese ti g a 1.04 book-to-bill. I Q2, booki gs i c eased +9.2% yea -o -yea to €6,547 millio , achievi g a solid book-to-bill of 1.07.

The ope ati g ma gi ^* was up +9.3% to €1,506 millio . This ep ese ts a yea -o -yea imp oveme t of +10 basis poi ts to 12.5% of eve ues. The ope ati g ma gi expa ded i No th Ame ica a d co t acted i co ti e tal Eu ope, whe e the be efits of the Fit-fo -G owth i itiatives, a ou ced i Feb ua y 2026, will build p og essively f om H2 2026.

Othe ope ati g i come a d expe ses ep ese ted a et expe se of €628 millio , compa ed to €401 millio i H1 2025. This i c ease p ima ily eflects the est uctu i g cha ges elated to the Fit-fo -G owth i itiatives, i li e with the G oup’s expectatio s.

As a esult of the i c eased est uctu i g cha ges, Capgemi i’s ope ati g p ofit was €878 millio , o 7.3% of eve ues compa ed with 8.8% i H1 2025.

The G oup epo ted a et fi a cial expe se of €65 millio i H1 2026, compa ed to a et i come of €16 millio i H1 2025, mostly eflecti g highe fi a cial debt.

The i come tax expe se was €305 millio i H1 2026, ep ese ti g a effective tax ate (ETR) of 37.5%, compa ed to €260 millio a d 26.2% fo the same pe iod last yea . This amou t i cludes ce tai items maki g the ETR fo H1 ot ecessa ily ep ese tative of the full yea ETR.

Taki g i to accou t the sha e of p ofits of associates a d o -co t olli g i te ests, the G oup sha e i et p ofit is dow to €498 millio . Basic ea i gs pe sha e is dow to €2.96 a d No malized ea i gs pe sha e^* dec eased to €5.29.

O ga ic f ee cash flow* was €37 millio , compa ed with €60 millio fo the same pe iod last yea .

Capital allocatio & Bala ce sheet

I H1 2026, the G oup paid divide ds of €570 millio (€3.40 pe sha e) to Capgemi i SE sha eholde s a d allocated €315 millio to sha e buybacks u de its multiyea p og am.

I Ap il 2026, the G oup edeemed i full a d at matu ity its €800 millio bo d issued i Ap il 2020 a d successfully issued ew bo d i May 2026 fo €800 millio .

At Ju e 30, 2026, Capgemi i had cash, cash equivale ts a d cash ma ageme t assets of €2.6 billio . Afte accou ti g fo bo owi gs of €9.1 billio as well as fo de ivative i st ume ts, the G oup’s et debt* is €6.5 billio , compa edwith €5.3 billio as at Decembe 31, 2025, a d €2.8 billio at as Ju e 30, 2025.

Ope atio s by Regio

The G oup’s u de lyi g g owth (i.e. excludi g the impact of acquisitio s) i H1 2026 was solid a d d ive by the obust mome tum i No th Ame ica a d the U ited Ki gdom, as well as co ti ued imp oveme t i Co ti e tal Eu ope. Acquisitio s ( otably WNS a d Cloud4C) made a mate ial co t ibutio to g owth i the No th Ame ica, U ited Ki gdom & I ela d a d Asia-Pacific egio s.

I H1 2026 a d at co sta t excha ge ates, eve ues i No th Ame ica (29% of 2025 G oup eve ues) i c eased by +19.8% compa ed to H1 2025. This otably eflects the st o g u de lyi g pe fo ma ce which was p ima ily fueled by high dema d i Fi a cial Se vices a d Ma ufactu i g. The ope ati g ma gi slightly imp oved to 16.5% f om 16.3% i H1 2025.

The U ited Ki gdom & I ela d egio (13% of 2025 G oup eve ues) posted a +21.1% i c ease i eve ues. U de lyi g pe fo ma ce was obust, d ive by st o g t actio i the Public a d Co sume Goods & Retail secto s, coupled with a dy amic Fi a cial Se vices secto . The ope ati g ma gi was stable compa ed to H1 2025 at 18.1%.

I F a ce (19% of 2025 G oup eve ues), eve ues i c eased by +0.4%, ma ki g a etu to g owth fo the egio th oughout the seco d qua te , as dy amic Fi a cial Se vices a d e ewed g owth i Ma ufactu i g mo e tha offset weake activity i the Public Secto . The ope ati g ma gi dec eased to 7.7% compa ed to 10.0% last yea .

I the Rest of Eu ope egio (30% of 2025 G oup eve ues), eve ues i c eased by +2.6%. St o g pe fo ma ce i the Public Secto , suppo ted to a lesse exte t by the Se vices a d Co sume Goods & Retail secto s, outweighed weak activity i Ma ufactu i g, despite imp ovi g t e ds i the secto . The ope ati g ma gi was 9.6%, dow f om 10.4% a yea ea lie .

Fi ally, eve ues i the Asia-Pacific & Lati Ame ica egio (9% of 2025 G oup eve ues) we e up +26.0% p ima ily suppo ted by the good pe fo ma ce i the Fi a cial Se vices, Co sume Goods & Retail a d E e gy & Utilities secto s. The ope ati g ma gi i c eased to 14.2% compa ed with 10.1% the yea befo e.

Ope atio s by Busi ess

At co sta t excha ge ates, St ategy & T a sfo matio (8% of 2025 G oup eve ues) epo ted +9.2% g owth i total eve ues i H1 2026, with g owth ac oss the G oup’s mai egio s. This demo st ates, i the e a of the Age tic AI evolutio , the eleva ce of Capgemi i’s i -depth k owledge of the busi ess challe ges of each i dust y.

Applicatio s & Tech ology (63% of 2025 G oup eve ues a d Capgemi i’s co e busi ess) epo ted a +5.0% i c ease i total eve ues, be efiti g f om the accele atio i legacy tech ology mode izatio p ojects a d the fi st clie ts’ i vestme ts to build the ew age tic tech stack.

Fi ally, total eve ues i Ope atio s & E gi ee i g (29% of 2025 G oup eve ues) i c eased +24.7% with double-digit g owth o a like-fo -like basis i I tellige t Busi ess Ope atio s, that combi es Capgemi i’s a d WNS’ Digital Busi ess P ocess Se vices.

Ope atio s i Q2 2026

Capgemi i’s u de lyi g yea -o -yea g owth ates emai ed obust i Q2 2026, be efiti g f om a etu to g owth i F a ce. With the co t ibutio of WNS a d Cloud4C, co sta t cu e cy g owth eached +11.6% a d eve ue totaled €6,139 millio .

At co sta t excha ge ates, eve ues i the No th Ame ica egio i c eased by +18.9%, with solid g owth of the Fi a cial Se vices a d Ma ufactu i g secto s a d g owi g t actio i the Co sume Goods & Retail secto . Reve ues i the U ited Ki gdom & I ela d egio g ew +20.4%, fueled by the good pe fo ma ce of the Public, Fi a cial Se vices a d Co sume Goods & Retail secto s. F a ce etu ed to g owth, posti g a +1.8% i c ease i eve ue d ive by a pickup i Ma ufactu i g a d good pe fo ma ce i the Fi a cial Se vices a d TMT secto s which mo e tha offset the decli e i the Public secto . Reve ues i the Rest of Eu ope egio i c eased by +3.4%, p ima ily d ive by the good pe fo ma ce of the Public secto as well as of the Se vices a d Co sume Goods & Retail secto s. Fi ally, eve ues i the Asia-Pacific & Lati Ame ica egio g ew by +25.2% suppo ted by the obust activity of the Co sume Goods & Retail, Fi a cial Se vices a d E e gy & Utilities secto s.

At co sta t excha ge ates, St ategy & T a sfo matio se vices epo ted +12.2% g owth i total eve ues i Q2. Total eve ues f om Applicatio s & Tech ology se vices g ew +5.3%. Fi ally, Ope atio s & E gi ee i g se vices total eve ues i c eased by +24.2%, fueled by the st o g mome tum i I tellige t Busi ess Ope atio s.

Headcou t

At Ju e 30, 2026, the G oup’s total headcou t stood at 417,600, up 68,200 o +20% yea -o -yea , p ima ily eflecti g the i teg atio of WNS team membe s, a d dow 5,800 compa ed to the e d of 2025.

The o sho e wo kfo ce was dow 2,400 yea -to-date to 141,800 employees. The offsho e wo kfo ce is dow 3,400 yea -to-date to 275,800 employees, i.e., 66% of the total headcou t.

Outlook

The G oup’s fi a cial ta gets fo 2026 a e updated as follows:

• Reve ue g owth of a ou d +8.5% up to +9.0% at co sta t excha ge ates (was a ou d +6.5% to +8.5%). The i o ga ic co t ibutio is estimated at a ou d 5 poi ts (was a ou d 4.5 poi ts to 5 poi ts);
• Ope ati g ma gi of 13.6% to 13.8% (u cha ged);
• O ga ic f ee cash flow of a ou d €1.8 billio to €1.9 billio (u cha ged).

The o ga ic f ee cash flow ta get takes i to accou t a i c ease i est uctu i g cash outflow of a ou d €200 millio compa ed to 2025 elated to the Fit-fo -G owth i itiatives.

Co fe e ce call

Aima Ezzat, Chief Executive Office , accompa ied by Nive Bhagat, Chief Fi a cial Office , will comme t o this publicatio du i g a co fe e ce call i E glish to be held today at 8.00 a.m. Pa is time (CEST). You ca follow this co fe e ce call live via webcast at the followi g li k. A eplay will also be available fo a pe iod of o e yea .

All docume ts elati g to this publicatio will be posted o the Capgemi i i vesto website at https://i vesto s.capgemi i.com/e /.

P ovisio al cale da

Octobe 30, 2026                Q3 2026 eve uesFeb ua y 16, 2027        FY 2026 esultsAp il 29, 2027                Q1 2027 eve uesMay 20, 2027                Sha eholde s’ Meeti g

Disclaime

This docume t may co tai fo wa d-looki g stateme ts. Such stateme ts may i clude p ojectio s, estimates, o assumptio s, a d may elate to pla s, objectives, i te tio s a d/o expectatio s with espect to futu e fi a cial esults, eve ts, ope atio s a d se vices a d p oduct developme t, as well as futu e pe fo ma ce o eve ts. Fo wa d-looki g stateme ts a e ge e ally ide tified by the wo ds “ta gets”, “aims”, “outlook”, “ambitio s” o “fo ecast”, o simila exp essio s. Although Capgemi i’s ma ageme t cu e tly believes that the expectatio s eflected i such fo wa d-looki g stateme ts a e easo able, i vesto s a e cautio ed that fo wa d-looki g stateme ts a e subject to va ious isks a d u ce tai ties (i cludi g without limitatio isks ide tified i Capgemi i’s U ive sal Regist atio Docume t available o Capgemi i’s website), ma y of which a e difficult to p edict a d ge e ally beyo d the co t ol of Capgemi i. Actual esults a d developme ts may diffe mate ially f om those exp essed i , implied by o p ojected by fo wa d-looki g stateme ts. Fo wa d-looki g stateme ts a e ot i te ded to a d do ot give a y assu a ces o comfo t as to futu e eve ts o esults. Othe tha as equi ed by applicable law, Capgemi i does ot u de take a y obligatio to update o evise a y fo wa d-looki g stateme t.

This docume t does ot co tai o co stitute a offe of secu ities fo sale o a i vitatio o i duceme t to i vest i secu ities i F a ce, the U ited States o a y othe ju isdictio .

About Capgemi i

Capgemi i is the busi ess t a sfo matio pa t e fo e te p ises i the age of AI. We help o ga izatio s imagi e a d build a i tellige t, sustai able futu e, combi i g AI, tech ology a d huma i ge uity to t a sfo m how they ope ate, i ovate a d g ow. With u ique e d-to-e d capabilities spa i g st ategy, tech ology, e gi ee i g a d i tellige t ope atio s, we b i g togethe deep i dust y expe tise a d ma ket-leadi g capabilities i AI, cloud a d data to tu ambitio i to measu able busi ess outcomes at scale. Suppo ted by a obust ecosystem of pa t e s a d ea ly 60 yea s of expe tise, Capgemi i is a espo sible a d dive se global o ga izatio of ove 410,000 team membe s i mo e tha 50 cou t ies. The G oup epo ted 2025 eve ues of €22.5 billio .

Make it eal | www.capgemi i.com

* *

*

APPENDIX3F²

Busi ess classificatio

• St ategy & T a sfo matio i cludes all st ategy, i ovatio a d t a sfo matio co sulti g se vices.
• Applicatio s & Tech ology b i gs togethe all applicatio s se vices a d elated activities.
  • Ope atio s & E gi ee i g e compasses all othe G oup busi esses. These comp ise I tellige t Busi ess Ope atio s, all I f ast uctu e a d Cloud se vices, a d R&D a d E gi ee i g se vices.

Defi itio s

Yea -o -yea eve ue g owth at co sta t excha ge ates is calculated by compa i g eve ues fo the epo ted pe iod with those of the same pe iod of the p evious yea estated with the excha ge ates of the epo ted pe iod.

Whe dete mi i g activity t e ds by busi ess a d i acco da ce with i te al ope ati g pe fo ma ce measu es, g owth at co sta t excha ge ates is calculated based o total eve ues, i.e., befo e elimi atio of i te -busi ess billi g. The G oup co side s this to be mo e ep ese tative of activity levels by busi ess. As its busi esses cha ge, a i c easi g umbe of co t acts equi e a a ge of busi ess expe tise fo delive y, leadi g to a ise i i te -busi ess flows.

Ope ati g ma gi is o e of the G oup’s key pe fo ma ce i dicato s. It is defi ed as the diffe e ce betwee eve ues a d ope ati g costs. It is calculated befo e “Othe ope ati g i come a d expe ses” which i clude amo tizatio of i ta gible assets ecog ized i busi ess combi atio s, expe ses elative to sha e-based compe satio (i cludi g social secu ity co t ibutio s a d employe co t ibutio s) a d employee sha e ow e ship pla , a d o – ecu i g eve ues a d expe ses, otably impai me t of goodwill, egative goodwill, capital gai s o losses o disposals of co solidated compa ies o busi esses, est uctu i g costs i cu ed u de a detailed fo mal pla app oved by the G oup’s ma ageme t, the cost of acqui i g a d i teg ati g compa ies acqui ed by the G oup, i cludi g ea -outs comp isi g co ditio s of p ese ce, a d the effects of cu tailme ts, settleme ts a d t a sfe s of defi ed be efit pe sio pla s.

No malized et p ofit is equal to p ofit fo the yea (G oup sha e) adjusted fo the impact of items ecog ized i “Othe ope ati g i come a d expe se”, et of tax calculated usi g the effective tax ate. No malized ea i gs pe sha e is computed like basic ea i gs pe sha e, i.e., excludi g dilutio .

O ga ic f ee cash flow is equal to cash flow f om ope atio s less acquisitio s of p ope ty, pla t, equipme t a d i ta gible assets ( et of disposals) a d epayme ts of lease liabilities, adjusted fo cash out elati g to the et i te est cost.

Net debt (o et cash) comp ises (i) cash a d cash equivale ts, as p ese ted i the Co solidated Stateme t of Cash Flows (co sisti g of sho t-te m i vestme ts a d cash at ba k) less ba k ove d afts, a d also i cludi g (ii) cash ma ageme t assets (assets p ese ted sepa ately i the Co solidated Stateme t of Fi a cial Positio due to thei cha acte istics), less (iii) sho t- a d lo g-te m bo owi gs. Accou t is also take of (iv) the impact of hedgi g i st ume ts whe these elate to bo owi gs, i te compa y loa s, a d ow sha es.

Ope atio s by Secto

Summa y i come stateme t a d ope ati g ma gi

No malized a d diluted ea i gs pe sha e

Cha ge i cash a d cash equivale ts a d o ga ic f ee cash flow

Net Debt

¹ Audit p ocedu es o the co solidated fi a cial stateme ts have bee completed. The audito s a e i the p ocess of issui g thei epo t.² Note that i the appe dix, ce tai totals may ot equal the sum of amou ts due to ou di g adjustme ts.

Attachme ts