Capgemini Se · EURONEXT:CAP
Capgemini — Capgemini Se Ord — FY 2025 Earnings Presentation
39 slides from Capgemini's earnings presentation, Feb 13, 2026
Slide 1: FY 2025 Results
FY 2025 Results February 13, 2026
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product developme
Slide 3: Aiman Ezzat, Chief Executive Officer
Aiman EZZAT Chief Executive Officer
Slide 4: 2025 performance above or in line with targets
2025 performance above or in line with targets Revenues Bookings Operating Margin €22,465m €24,356m 13.3% +3.4% cc YoY 1.08 Book to Bill stable Organic FCF Normalized EPS Dividend per share €1,949m €12.95 €3.40 stable +5.8% YoY stable FY 2025 Results | February 13, 2026 © Capgemini 2026. All rights
Slide 5: Growth accelerated throughout 2025 across geographies, businesses and sectors
Growth accelerated throughout 2025 across geographies, businesses and sectors Businesses Sectors Strategy & Transformation Financial Services +2.4% +9.2% Q4: +6.0% Q4: +20.4% UK & Ireland Applications & Technology Public Sector +10.5% +4.6% +4.0% North America Q4: +21.8% Q4: +7.4% Q4: +8.6% +7.3% Fr
Slide 6: 2025 ESG policy achievements
2025 ESG policy achievements Environment Social Governance Scope 1 & 2 emissions Gender Balance Cybersecurity Women in CyberVadis score -94% Reduction vs. 2019 baseline 40.5% global workforce +0.8pts vs. 2024 990 +13pts vs. 2024 (out of 1000) Business Travel Emissions Gender Balance in Leadership Pr
Slide 7: Shift from AI hype to AI realism accelerates
Shift from AI hype to AI realism accelerates Few players can shape AI foundations or Organizations are increasing their AI AI is now a table stake to enter the market industrialize it at a global scale: investments with a focus on long-term value as a services provider Capgemini does both Building A
Slide 8: Client demand on Intelligent Operations confirmed
Client demand on Intelligent Operations confirmed Largest showcase of the value of Agentic AI The challenge The ambition Intelligent Operations deals Strong interest from clients Reshape and run End-to-end Agentic AI-powered strategic value business operations creation Multiple functions and end-to-
Slide 9: Sovereignty demand driven by AI, privacy regulations and geopolitical tensions
Sovereignty demand driven by AI, privacy regulations and geopolitical tensions Over 50% of services contracts will include sovereignty requirements by 2029, up from 5% in 2025* Reinforces position on this attractive market Leveraging our core partners to double down on with Cloud4C acquisition sover
Slide 10: 2026 Outlook
2026 Outlook Revenue Growth Operating Margin Organic FCF Around Around +6.5% 13.6% €1.8bn up to to to +8.5% at constant exchange rates 13.8% €1.9bn Taking into account an increase in restructuring Inorganic contribution estimated at around cash outflow of around €200 million compared 4.5 to 5 points
Slide 11: Nive Bhagat, Chief Financial Officer
Nive BHAGAT Chief Financial Officer
Slide 12: Financial Overview
Financial Overview Constant Currency FY 2024 FY 2025 Variation Growth Revenues 22,096 22,465 +1.7% +3.4% Operating expenses -19,162 -19,482 Operating margin 2,934 2,983 +1.7% (in % of revenues) 13.3% 13.3% Stable 0.0pt Other operating income and expenses -578 -784 Operating profit 2,356 2,199 -6.7%
Slide 13: Quarterly Revenue Growth
Quarterly Revenue Growth in € m Constant Currency Growth 5,965 Q4: +10.6% YoY 5,527 5,611 5,581 5,553 5,554 5,393 FY: +3.4% YoY 5,377 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Year-on-Year Constant Currency -0.4% +0.7% +2.9% +10.6% +3.4% Currencies +0.9pts -1.7pts -2.6pts -3.7pts -1.7pts Reported +0.5
Slide 14: Bookings & Book-to-Bill
Bookings & Book-to-Bill Quarterly Full-Year Book-to-Bill Book-to-Bill 1.06 1.10 0.96 1.21 1.06 1.08 1.08 Bookings Bookings 24.4 in € bn in € bn 23.9 23.8 7.2 5.9 6.1 5.2 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2023 FY2024 FY2025 Constant currency growth YOY (in %) Constant currency growth YOY (in %) +2.8
Slide 15: 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% Q4 2025 +4.2% +20.4% +8.6% +6.8% +13.9% +9.9% +17.9%
Slide 16: Revenues & Operating Margin By Region
Revenues & Operating Margin By Region UK & Ireland APAC & North America France Rest of Europe LATAM Revenues in € m, year-on-year revenue growth at constant currency in % of FY25 13% 19% Group revenues 29% 30% 9% 1,708 791 1,094 1,802 570 5,965 Q4 2025 Revenues +19.9% +21.8% -1.9% +3.3% +23.9% +10.6
Slide 17: Revenues by Business
Revenues by Business Strategy & Applications & Operations & Transformation Technology Engineering 29% Year-on-year Operations & Engineering revenue growth at constant currency 8% Strategy & Transformation Q4 2025 +6.0% +7.4% +20.8% 63% Applications & Technology FY 2025 +2.4% +4.6% +4.9% in % of FY25
Slide 18: Headcount Evolution
Headcount Evolution Headcount Evolution (1) Last-12-Months Attrition (2) Dec. 2024 Net variation Net variation Dec. 2025 Offshore Onshore +24% 14.9% -0.8pts +82,300 Stable 423,400 341,100 (1) Primarily reflecting the integration of WNS team members (2) Before integration of WNS data which will be ta
Slide 19: Operating Margin Analysis
Operating Margin Analysis in € m FY 2024 FY 2025 Revenues 22,096 22,465 Cost of services rendered -16,044 -16,390 in % of revenues -72.6% -72.9% Gross margin 6,052 6,075 in % of revenues 27.4% 27.1% Selling expenses -1,634 -1,611 in % of revenues -7.4% -7.2% General & administrative expenses -1,484
Slide 20: Net Financial Result & Income Tax
Net Financial Result & Income Tax in € m FY 2024 FY 2025 Interest on bonds -100 -121 Other interest income and expense 160 114 Net interest expense 60 -7 Other financial income and expenses -47 -23 Net financial income / expense 13 -30 in € m FY 2024 FY 2025 Income tax -681 -534 Effective tax rate 2
Slide 21: Net Profit Analysis
Net Profit Analysis in € m FY 2024 FY 2025 Variation Operating margin 2,934 2,983 +1.7% Other operating income and expenses -578 -784 Restructuring costs -124 -205 Amortization of intangible assets acquired through business combinations -125 -138 Acquisition and integration costs -52 -97 Expenses re
Slide 22: Organic Free Cash Flow
Organic Free Cash Flow Organic FCF Evolution Organic FCF in € m € 1,949m vs € 1,961m in FY 2024 1,873 1,963 1,961 1,949 1,852 1,288 Net Debt 1,071 1,080 1,160 1,119 (1) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 € 5.3bn as of Dec 31, 2025 vs € 2.1bn as of Dec 31,
Slide 23: Q&A
Q&A Aiman EZZAT Nive BHAGAT Chief Executive Officer Chief Financial Officer
Slide 24: Appendix
Appendix Capgemini@
Slide 25: Appendix - Index
Appendix - Index 1. Alternative Performance Measures 2. Revenue Quarterly Evolution 3. Q4 & FY 2025 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 26: 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 27: Revenue Quarterly Evolution
Revenue Quarterly Evolution Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenues (in € m) 5,527 5,611 5,377 5,581 5,553 5,554 5,393 5,965 Year-on-Year CC growth -3.3% -1.9% -1.6% -1.1% -0.4% +0.7% +2.9% +10.6% Year-on-Year CC growth by Region North America - 7.1% - 3.7% - 3.9% -
Slide 28: Q4 & FY 2025 Revenues by Region
Q4 & FY 2025 Revenues by Region Q4 2024 Q4 2025 Variation FY 2024 FY 2025 Variation Revenues Year-on-Year Revenues Year-on-Year Constant Constant (in €m) (in €m) Reported (in €m) (in €m) Reported Currency Currency North America 1,550 1,708 +10.1% +19.9% 6,188 6,371 +3.0% +7.3% UK & Ireland 683 791 +
Slide 29: Operating Margin by Region
Operating Margin by Region FY 2024 FY 2025 Operating Operating Revenues Revenues Margin Margin (in € m) (in € m) (%) (in € m) (in € m) (%) North America 6,188 1,022 16.5% 6,371 1,080 16.9% UK & Ireland 2,753 542 19.7% 3,008 540 18.0% France 4,380 445 10.2% 4,199 458 10.9% Rest of Europe 6,851 823 12
Slide 30: Operating Margin – Analysis by Nature of Costs
Operating Margin – Analysis by Nature of Costs in € m FY 2024 FY 2025 Revenues 22,096 22,465 Personnel costs -15,134 -15,296 in % of revenues -68.6% -68.1% Purchases and subcontracting expenses -2,880 -3,083 in % of revenues -13.0% -13.7% Travel expenses -293 -318 in % of revenues -1.3% -1.4% Rent,
Slide 31: Attrition, Utilization & Offshore Leverage
Attrition, Utilization & Offshore Leverage Strategy & Transformation Applications & Technology Operations & Engineering LTM Attrition* LTM Attrition* LTM Attrition* 15.6% +0.6pts 14.5% -0.5pts 15.5% -1.5pts Utilization Rate Utilization Rate 79% 80% 80% 81% 79% 80% 79% 79% Group Offshore 71% 67% 69%
Slide 32: 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 -296 +519 -474 -242 -15 -222 0 -304 -1,122 -2,107 +2,983 +1,949 -5,306 -3,775 +26 -277 NET DEBT NET DEBT
Slide 33: Net Cash Evolution
Net Cash Evolution in € m FY 2024 FY 2025 Profit for the period 1,677 1,607 Depreciation, amortization and impairment of fixed assets and right-of-use 683 698 Change in provisions -61 -16 Losses on disposals of assets and others 27 23 Net finance costs -60 7 Income tax expense / (income) 681 534 Oth
Slide 34: Cash Flow Statement
Cash Flow In € m FY 2024 FY 2025 Profit for the period attributable to owners of the Company 1,671 1,601 Statement Non-controlling interests 6 6 Depreciation, amortization and impairment of fixed assets and lease right-of-use assets 683 698 Change in provisions -61 -16 (Gains) / Losses on disposals
Slide 35: Balance Sheet
Balance Sheet ASSETS EQUITY & LIABILITIES in € m Dec. 31, Dec. 31, in € m Dec. 31, Dec. 31, 2024 2025 2024 2025 Equity (1) 11,775 11,648 Non-controlling interests 22 24 Total equity 11,797 11,672 Goodwill 12,343 14,858 Long-term borrowings 4,281 7,451 Intangible assets 837 1,105 Deferred taxes 267 2
Slide 36: Comprehensive Income & Change in Equity
Comprehensive Income & Change in Equity in € m FY 2024 FY 2025 Actuarial gains and losses on defined benefit pension plans, net of tax (1) 66 117 Remeasurement of hedging derivatives and NIH, net of tax (2) -10 -101 Translation adjustments (2) 443 -1,206 Other, net of tax (1) 0 -3 OTHER ITEMS OF COM
Slide 37: Bond Debt Maturity Profile
Bond Debt Maturity Profile in € m 1,250 1,250 1,200 Redeemed 1,000 1,000 at maturity in June 2025 800 800 800 500 500 Jun-25 Apr-26 Sep-27 Apr-28 Sep-28 Apr-29 Jun-30 Sep-31 Apr-32 2033 Sep-34 Bonds issued in Sept. 2025 FY 2025 Results | February 13, 2026 © Capgemini 2026. All rights reserved | 37
Slide 38: ESG Policy Indicators
ESG Policy Indicators Baseline 2030 Target Pillars Objectives Key Performance Indicators (2018 or 2024 2025 (vs 2019) 2019) Scope 1 & 2 - Absolute emissions (market-based, ktCO₂e) 154.1 11.2 8.7 -80% absolute -55% per Scope 3 - Business travel emissions per employee (average total heacount, tCO₂e/he
Slide 39: About Capgemini
About Capgemini Capgemini is an AI-powered global business and technology transformation Biraud, Vincent Massoni, Patrick partner, delivering tangible business value. We imagine the future of Head of Investor Relations Senior Manager, Investor Relations organizations and make it real with AI, techno