Capgemini Se · EURONEXT:CAP
Capgemini — Capgemini Se Ord — H1 2026 Earnings Presentation
40 slides from Capgemini's earnings presentation, Jul 30, 2026
Slide 1: H1 2026 Results
H1 2026 Results July 30, 2026
Slide 2: Disclaimer
Disclaimer This document may contain forward-looking statements. Such statements may include projections, estimates, or assumptions, and may relate to plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development,
Slide 3: Aiman Ezzat, Chief Executive Officer
Aiman Ezzat Chief Executive Officer
Slide 4: Making AI Real
H1 2026 HIGHLIGHTS Making AI Real Accelerating on the execution of our strategy while delivering a robust H1 1. 2. 3. Robust New AI Value-realizing H1 growth value pools acquisitions Reflecting our Meeting client needs From WNS to Intelligent AI market relevance Business Operations Driving market ex
Slide 5: Robust H1 growth, reflecting our AI market relevance
1. Robust H1 growth, reflecting 1. H1 2026 RESULTS our AI market relevance. Robust H1 growth, outperforming the market and reflecting our AI market relevance H1 Revenues Contributing factors AI as #1 driver of new demand +11.3% CC YoY Building dedicated AI enterprise hubs with €12,082m strategic tec
Slide 6: Targeted clients' investments drive growth acceleration
1. Robust H1 growth, reflecting 1. H1 2026 RESULTS our AI market relevance. Targeted clients’ investments drive growth acceleration Activity trends Market evolution Defense & Security 7% of revenues AI scaling: double-digit growth ROI driven Sovereignty imperative Large now systematically addressed
Slide 7: Operating Margin and Organic FCF on track
1. Robust H1 growth, reflecting 1. H1 2026 RESULTS our AI market relevance. Operating Margin and Organic FCF on track H1 Operating Margin H1 Organic FCF H1 Normalized EPS 12.5% +10 bps YoY €37m €5.29 H1 2026 Results | July 30, 2026 © Capgemini 2026. All rights reserved. 7
Slide 8: Five new value pools driving market expansion
2. NEW AI VALUE POOLS Five new value pools driving market expansion 4 New Transform 1 2 3 Agentic Products & Services Accumulated debt New New Dual Enterprise Agentic Agentic Value Creation Technology Technology Control Model Modernization Stack Plane 5 New Agentic Enterprise Operate Processes H1 20
Slide 9: Enterprise Technology Modernization
2. NEW AI VALUE POOLS Transform Enterprise Agentic Products & Services Enterprise Agentic Agentic Dual Technology Technology Control Value Creation Modernization Stack Plane Model Agentic Technology Modernization Enterprise Processes Operate What has What agentic What we are accumulated AI changes d
Slide 10: Agentic Enterprise Processes: Intelligent Operations
2. NEW AI VALUE POOLS Transform Agentic Enterprise Processes: Agentic Products & Services Enterprise Agentic Agentic Dual Technology Technology Control Value Creation Modernization Stack Plane Model Agentic Intelligent Operations Enterprise Processes Operate A business Two sources of What we are del
Slide 11: Building a Global Leader in Intelligent Operations
3. VALUE-REALIZING ACQUISITIONS Building a Global Leader in Intelligent Operations Intelligent Business Operations: a new global business line Strong early momentum since WNS acquisition Combining WNS's industry and domain process expertise with Capgemini's global reach, AI, technology and Combined
Slide 12: Upgraded 2026 Outlook
1. Robust H1 growth, reflecting our AI market relevance. Upgraded 2026 Outlook Revenue Growth Operating Margin Organic FCF around around +8.5% 13.6% €1.8bn to to to +9.0% 13.8% €1.9bn at constant currency was around +6.5% to +8.5% unchanged unchanged Inorganic contribution estimated at Takes into ac
Slide 13: Nive Bhagat, Chief Financial Officer
Nive Bhagat Chief Financial Officer
Slide 14: Financial Overview
Financial Overview Constant Currency in € m H1 2025 H1 2026 Variation Growth Revenues 11,107 12,082 +8.8% +11.3% Operating expenses -9,730 -10,576 Operating margin 1,377 1,506 +9.3% (in % of revenues) 12.4% 12.5% +0.1pts Other operating income and expenses -401 -628 Operating profit 976 878 -10.1% (
Slide 15: Quarterly Revenue Growth
Quarterly Revenue Growth in € m Constant Currency Growth Q2: +11.6% YoY 5,965 5,943 6,139 H1: +11.3% YoY 5,553 5,554 5,393 Q1 2026 Q2 2026 H1 2026 Year-on-Year Constant Currency +11.0% +11.6% +11.3% Currencies -4.0pts -1.1pts -2.5pts Reported +7.0% +10.5% + 8.8% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 20
Slide 16: Bookings & Book-to-Bill
Bookings & Book-to-Bill Quarterly Half-Year Book-to-Bill Book-to-Bill 1.06 1.10 1.02 1.07 1.06 1.08 1.04 Bookings 2025 2026 Bookings 12.6 in € bn in € bn 11.8 12.0 6.5 5.9 6.1 6.1 Q1 2025 Q2 2025 Q1 2026 Q2 2026 H1 2024 H1 2025 H1 2026 Constant currency growth YoY (in %) Constant currency growth YoY
Slide 17: Revenues by Sector
Revenues by Sector Financial Consumer Telcos, Media Energy & Manufacturing Public Sector Services Services Goods & Retail & Technology Utilities Year-on-year revenue growth at constant currency in % of FY25 Group revenues 25% 22% 15% 13% 12% 8% 5% Q2 2026 +5.0% +19.1% +9.6% +15.6% +6.2% +10.5% +20.7
Slide 18: Revenues & Operating Margin By Region
Revenues & Operating Margin By Region North America UK & Ireland France Rest of Europe APAC & LATAM Revenues in € m, year-on-year revenue growth at constant currency in % of FY25 13% 19% Group revenues 29% 30% 9% Q2 2026 1,780 893 1,077 1,775 614 6,139 Revenues +18.9% +20.4% +1.8% +3.4% +25.2% +11.6
Slide 19: Revenues by Business
Revenues by Business Strategy & Applications & Operations & Transformation Technology Engineering Year-on-year Operations & Engineering revenue growth at constant currency Strategy & Transformation Q2 2026 +12.2% +5.3% +24.2% Applications & Technology H1 2026 +9.2% +5.0% +24.7% in % of FY25 Group re
Slide 20: Headcount Evolution
Headcount Evolution Headcount Evolution (1) Last-12-Months Attrition (2) June 2025 Net variation Net variation June 2026 Offshore Onshore 18.6% -1.3pts +20% +69,300 -1,100 417,600 349,400 (1) Primarily reflecting the integration of WNS team members in Q4 2025 (2) Attrition year-on-year variation is
Slide 21: Operating Margin Analysis
Operating Margin Analysis in € m H1 2025 H1 2026 Revenues 11,107 12,082 Cost of services rendered -8,171 -8,931 in % of revenues -73.6% -73.9% Gross margin 2,936 3,151 in % of revenues 26.4% 26.1% Selling expenses -812 -802 in % of revenues -7.3% -6.6% General & administrative expenses -747 -843 in
Slide 22: Net Financial Result & Income Tax
Net Financial Result & Income Tax in € m H1 2025 H1 2026 Interest on bonds -45 -106 Other interest income and expense 63 54 Net interest expense 18 -52 Other financial income and expenses -2 -13 Net financial income / expense 16 -65 in € m H1 2025 H1 2026 Income tax -260 -305 Effective tax rate 26.2
Slide 23: Net Profit Analysis
Net Profit Analysis in € m H1 2025 H1 2026 Variation Operating margin 1,377 1,506 +9.3% Other operating income and expenses -401 -628 Restructuring costs -136 -346 Amortization of intangible assets acquired through business combinations -69 -114 Acquisition and integration costs -31 -40 Expenses rel
Slide 24: Organic Free Cash Flow
Organic Free Cash Flow Organic FCF Evolution Organic FCF in € m 163 €37m vs €60m in H1 2025 60 37 Net Debt (1) -53 €6.5bn H1 H1 H1 H1 as of June 30, 2026 2023 2024 2025 2026 vs €5.3bn as of Dec 31, 2025 H1 2026 Results | July 30, 2026 © Capgemini 2026. All rights reserved. 24
Slide 25: Q&A
Q&A Aiman EZZAT Nive BHAGAT Chief Executive Officer Chief Financial Officer
Slide 26: Appendix
Appendix Canqomini@e
Slide 27: Appendix - Index
Appendix - Index 1. Alternative Performance Measures 2. Revenue Quarterly Evolution 3. Q2 & H1 2026 Revenues by Region 4. Operating Margin by Region 5. Operating Margin – Analysis by Nature of Costs 6. Attrition, Utilization & Offshore Leverage 7. Net Cash Evolution (Chart) 8. Net Cash Evolution (Ta
Slide 28: Alternative Performance Measures
Alternative Performance Measures ▐ Year-on-year revenue growth at constant exchange rates is calculated by comparing revenues for the reported period with those of the same period of the previous year restated with the exchange rates of the reported period. ▐ When determining activity trends by busi
Slide 29: Revenue Quarterly Evolution
Revenue Quarterly Evolution Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenues (in € m) 5,553 5,554 5,393 5,965 5,943 6,139 Year-on-Year CC growth -0.4% +0.7% +2.9% +10.6% +11.0% +11.6% Year-on-Year CC growth by Region North America +0.8% +2.4% +7.0% +19.9% +20.7% +18.9% UK & Ireland +3.9% +8.
Slide 30: Q2 & H1 2026 Revenues by Region
Q2 & H1 2026 Revenues by Region Q2 2026 H1 2025 H1 2026 Variation Revenues Revenues Year-on-Year Constant (in €m) (in €m) (in €m) Reported Currency North America 1,780 3,122 3,501 +12.2% +19.8% UK & Ireland 893 1,484 1,746 +17.7% +21.1% France 1,077 2,134 2,142 +0.4% +0.4% Rest of Europe 1,775 3,399
Slide 31: Operating Margin by Region
Operating Margin by Region H1 2025 H1 2026 Operating Operating Revenues Revenues Margin Margin (in €m) (in €m) (%) (in €m) (in €m) (%) North America 3,122 509 16.3% 3,501 577 16.5% UK & Ireland 1,484 269 18.1% 1,746 316 18.1% France 2,134 213 10.0% 2,142 164 7.7% Rest of Europe 3,399 353 10.4% 3,506
Slide 32: Operating Margin – Analysis by Nature of Costs
Operating Margin – Analysis by Nature of Costs in € m H1 2025 H1 2026 Revenues 11,107 12,082 Personnel costs -7,763 -8,144 in % of revenues -69.9% -67.3% Purchases and subcontracting expenses -1,380 -1,803 in % of revenues -12.4% -14.9% Travel expenses -143 -164 in % of revenues -1.3% -1.4% Rent, fa
Slide 33: Attrition, Utilization & Offshore Leverage
Attrition, Utilization & Offshore Leverage Strategy & Transformation Applications & Technology Operations & Engineering LTM Attrition* LTM Attrition* LTM Attrition* 15.7% -0.1pts 14.4% -1.1pts 23.1% -1.5pts Utilization Rate Utilization Rate 79% 80% 79% 79% 78% 80% Group Offshore 71% 70% 71% 67% 69%
Slide 34: Net Cash Evolution
Net Cash Evolution in € m Operating Amortization Lease debt Working Net Organic Returns to Tax paid Capex net Others margin & Provisions repayment capital Interests FCF shareholders M&A Others FX 0 NET DEBT Dec 2025 -5,306 NET DEBT June 2026 -6,454 +301 -144 -214 -1,099 +1,506 -62 -114 -137 +37 -885
Slide 35: Net Cash Evolution
Net Cash Evolution in € m H1 2025 H1 2026 Profit for the period 726 500 Depreciation, amortization and impairment of fixed assets and right-of-use 350 414 Change in provisions -12 242 Losses on disposals of assets and other 21 2 Net finance costs -18 52 Income tax expense / (income) 260 305 Other no
Slide 36: Cash Flow Statement
In € m H1 2025 H1 2026 Cash Flow Profit for the period Depreciation, amortization and impairment of fixed assets and lease right-of-use assets 726 350 500 414 Statement Change in provisions -12 242 Losses on disposals of assets and other 21 2 Expenses relating to share grants 116 92 Net finance cost
Slide 37: Balance Sheet
Balance Sheet June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, in € m 2025 2025 2026 in € m 2025 2025 2026 Equity (1) 10,972 11,648 11,615 Non-controlling interests 23 24 25 Total equity 10,995 11,672 11,640 Goodwill 11,454 14,858 14,674 Long-term borrowings 3,484 7,451 8,245 Intangible assets
Slide 38: Comprehensive Income & Change in Equity
Comprehensive Income & Change in Equity in € m H1 2025 H1 2026 (1) Actuarial gains and losses on defined benefit pension plans, net of tax 31 43 Remeasurement of hedging derivatives and net investment, net of tax (2) -40 -40 (2) Translation adjustments -1,059 264 (1) Other, net of tax 0 0 OTHER ITEM
Slide 39: Bond Debt Maturity Profile
Bond Debt Maturity Profile in € m 1,250 1,250 1,200 Redeemed at maturity 1,000 1,000 in April 2026 800 800 800 500 500 Apr-26 Sep-27 Apr-28 Sep-28 Apr-29 Jun-30 Sep-31 Apr-32 May-33 Sep-34 Bond issued in May 2026 H1 2026 Results | July 30, 2026 © Capgemini 2026. All rights reserved. 39
Slide 40: About Capgemini
About Capgemini Capgemini is the business transformation partner for enterprises in the age of AI. Biraud, Vincent Massoni, Patrick We help organizations imagine and build an intelligent, sustainable future, Head of Investor Relations Senior Manager, Investor Relations combining AI, technology and h