Capgemini Se · EURONEXT:CAP
Capgemini — Capgemini Se Ord — H1 2025 Earnings Presentation
37 slides from Capgemini's earnings presentation, Jul 30, 2025
Slide 1: H1 2025 Results
H1 2025 Results July 30, 2025 Capgemini®
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: Good resilience in a challenging environment
Good resilience in a challenging environment REVENUES BOOKINGS BOOK-TO-BILL +0.2% cc YoY € 11,993m 1.08 € 11,107m € 6,109m Q2 1.10 Q2 OPERATING MARGIN NORMALIZED EPS ORGANIC FCF 12.4% € 6.00 € 60m € 1,377m +2% YoY - € 103m YoY H1 2025 Results | July 30, 2025 All numbers are H1 except stated otherwis
Slide 5: Q2 growth improving outside of Continental Europe
Q2 growth improving outside of Continental Europe BUSINESSES SECTORS UK & Ireland Strategy & North America +6.0% Transformation Manufacturing -5.0% +1.6% France Q2 : +8.0% +1.3% Q2 : +1.4% Q2 : -4.0% Q2: +2.4% -5.0% Rest of Europe Applications & Financial Q2 : -5.0% Services -2.3% Technology Q2 : -2
Slide 6: Bookings continues to be driven by Cloud and Data & AI
Bookings continues to be driven by Cloud and Data & AI CLOUD DATA & AI GLOBAL EUROPE MIDDLE-EAST EUROPE EUROPE APAC INTELLIGENT AEROSPACE UTILITY MANUFACTURING TELCO UTILITY BANKING INDUSTRY AI powered engineering Climate tech Industrial efficiency with AI-led network services Cloud Infrastructure D
Slide 7: Growing traction in proven and new areas
Growing traction in proven and new areas Proven solutions with continuous momentum Fast-rising and accelerating momentum Cloud Intelligent operations Digital Core Defense & Sovereignty Data & AI GenAI & Agentic AI H1 2025 Results | July 30, 2025 © Capgemini 2025. All rights reserved | 7
Slide 8: Fueling growth with Gen AI and Agentic AI capabilities
Fueling growth with Gen AI and Agentic AI capabilities Release of our Resonance AI framework Our end-to-end AI transformation approach Resonance AI framework AI-first offers portfolio RAISE Designed to help organizations anchor Packaged AI offers to help organizations Enterprise-ready Gen AI and AI
Slide 9: 2025 Outlook
2025 Outlook REVENUE GROWTH OPERATING MARGIN ORGANIC FCF -1.0% 13.3% around to +1.0% to 13.5% € 1.9 bn at constant exchange rates was -2.0% to +2.0% Note: above-mentioned financial targets for 2025 do not include the proposed acquisition of WNS H1 2025 Results | July 30, 2025 © Capgemini 2025. All r
Slide 10: Nive Bhagat, Chief Financial Officer
Nive BHAGAT Chief Financial Officer
Slide 11: Financial Overview
Financial Overview Constant Currency in € m H1 2024 H1 2025 Variation Growth Revenues 11,138 11,107 -0.3% +0.2% Operating expenses -9,754 -9,730 Operating margin 1,384 1,377 -0.5% (in % of revenues) 12.4% 12.4% 0.0pt Other operating income and expenses -237 -401 Operating profit 1,147 976 -15% (in %
Slide 12: Quarterly Revenue Growth
Quarterly Revenue Growth in € m Constant Currency Growth Q2: +0.7% YoY H1: +0.2% YoY 5,527 5,611 5,581 5,553 5,554 5,377 Q1 2025 Q2 2025 H1 2025 Year-on-Year Constant Currency -0.4% +0.7% +0.2% Currencies +0.9pts -1.7pts -0.5pts Reported +0.5% -1.0% -0.3% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2
Slide 13: Bookings & Book-to-Bill
Bookings & Book-to-Bill Quarter Half-Year Book-to-Bill Book-to-Bill 1.02 1.09 1.06 1.10 1.05 1.09 1.05 1.06 1.08 Bookings Bookings 11.6 12.0 11.8 12.0 in € bn 2024 2025 in € bn 9.1 6.1 6.1 5.9 5.7 Q1 2024 Q2 2024 Q1 2025 Q2 2025 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Constant currency growth YOY (i
Slide 14: Revenues by Sector
Revenues by Sector Financial Consumer Telco, Media & Energy & Manufacturing Public Sector Services Services Goods & Retail Technology Utilities Year-on-year revenue growth at constant currency in % of FY24 21% 15% 13% Group revenues 27% 11% 8% 5% Q2 2025 -4.0% +5.5% +1.4% -1.3% +5.5% +2.3% -1.7% H1
Slide 15: 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 FY24 12% 20% Group revenues 28% 31% 9% 1,540 756 1,058 1,710 490 5,554 Q2 2025 Revenues +2.4% +8.0% -5.0% -2.3% +9.7% +0.7% 3,
Slide 16: 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 2025 +1.4% +3.2% -0.4% Applications & Technology H1 2025 +1.3% +2.6% -1.5% in % of FY24 Group reven
Slide 17: Headcount Evolution
Headcount Evolution Headcount Evolution Last-12-Months Attrition June 2024 Net variation Net variation June 2025 Offshore Onshore +4% 16.1% +0.9pts 336,900 +13,900 -1,400 349,400 H1 2025 Results | July 30, 2025 © Capgemini 2025. All rights reserved | 17
Slide 18: Operating Margin Analysis
Operating Margin Analysis in € m H1 2024 H1 2025 Revenues 11,138 11,107 Cost of services rendered -8,164 -8,171 in % of revenues -73.3% -73.6% Gross margin 2,974 2,936 in % of revenues 26.7% 26.4% Selling expenses -824 -812 in % of revenues -7.4% -7.3% General & Administrative expenses -766 -747 in
Slide 19: Net Financial Result & Income Tax
Net Financial Result & Income Tax in € m H1 2024 H1 2025 Interest on bonds -51 -45 Other interest income and expense 87 63 Net interest expense 36 18 Other financial income and expenses -16 -2 Net financial income / expense 20 16 in € m H1 2024 H1 2025 Income tax -326 -260 Effective tax rate 28.0% 2
Slide 20: Net Profit Analysis
Net Profit Analysis in € m H1 2024 H1 2025 Variation Operating margin 1,384 1,377 -0.5% Other operating income and expenses -237 -401 o/w Restructuring costs -53 -136 o/w Amortization of intangible assets acquired through business combinations -64 -69 o/w Acquisition and integration costs -19 -31 o/
Slide 21: Organic Free Cash Flow
Organic Free Cash Flow Organic FCF Evolution Organic FCF in € m € 60m 163 vs € 163m in H1 2024 60 Net Debt -53 € 2.8bn as of June 30, 2025 H1 H1 H1 2023 2024 2025 vs € 2.8bn as of June 30, 2024 H1 2025 Results | July 30, 2025 © Capgemini 2025. All rights reserved | 21
Slide 22: Q&A
Q&A Aiman EZZAT Nive BHAGAT Chief Executive Officer Chief Financial Officer
Slide 23: Appendix
Appendix Capgemini®
Slide 24: Appendix - Index
Appendix - Index 1. Alternate Performance Measures 2. Revenue Quarterly Evolution 3. Q2 & H1 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 (Tabl
Slide 25: Alternate Performance Measures
Alternate 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 busine
Slide 26: Revenue Quarterly Evolution
Revenue Quarterly Evolution Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Revenues (in € m) 5,527 5,611 5,377 5,581 5,553 5,554 Year-on-Year CC growth -3.3% -1.9% -1.6% -1.1% -0.4% +0.7% Year-on-Year CC growth by Region North America -7.1% -3.7% -3.9% -1.6% +0.8% +2.4% UK & Ireland -3.2% -2.5% +0.
Slide 27: Q2 & H1 2025 Revenues by Region
Q2 & H1 2025 Revenues by Region Q2 2025 H1 2024 H1 2025 Variation Revenues Revenues Year-on-Year Constant (in €m) (in €m) (in €m) Reported Currency North America 1,540 3,108 3,122 +0.5% +1.6% UK & Ireland 756 1,380 1,484 +7.5% +6.0% France 1,058 2,245 2,134 -5.0% -5.0% Rest of Europe 1,710 3,470 3,3
Slide 28: Operating Margin by Region
Operating Margin by Region H1 2024 H1 2025 Operating Operating Revenues Revenues Margin Margin (in €m) (in €m) (%) (in €m) (in €m) (%) North America 3,108 481 15.5% 3,122 509 16.3% UK & Ireland 1,380 282 20.5% 1,484 269 18.1% France 2,245 205 9.1% 2,134 213 10.0% Rest of Europe 3,470 384 11.1% 3,399
Slide 29: Operating Margin – Analysis by Nature of Costs
Operating Margin – Analysis by Nature of Costs in € m H1 2024 H1 2025 Revenues 11,138 11,107 Personnel costs -7,807 -7,763 in % of revenues -70.1% -69.9% Purchases and subcontracting expenses -1,403 -1,380 in % of revenues -12.6% -12.4% Travel expenses -145 -143 in % of revenues -1.3% -1.3% Rent, fa
Slide 30: Attrition, Utilization & Offshore Leverage
Attrition, Utilization & Offshore Leverage Strategy & Transformation Applications & Technology Operations & Engineering LTM Attrition LTM Attrition LTM Attrition 15.8% +1.9pts 15.5% +1.3pts 17.0% +0.1pts Utilization Rate Utilization Rate 79% 80% 80% 81% 79% 80% Group Offshore 67% 69% 69% 69% 67% 69%
Slide 31: Net Cash Evolution
Net Cash Evolution in € m Operating Amortization Lease debt Working Net Capex net Organic Returns to Tax paid Others margin & Provisions repayment capital Interests of disposal FCF shareholders M&A Others FX 0 -147 +285 -155 NET DEBT Dec 2024 -2,107 NET DEBT -964 June 2025 -2,799 +1,377 -38 -125 -17
Slide 32: Net Cash Evolution
Net Cash Evolution in € m H1 2024 H1 2025 Profit for the period 838 726 Depreciation, amortization and impairment of fixed assets and right-of-use 339 350 Change in provisions -45 -12 Losses on disposals of assets and other 5 21 Net finance costs -36 -18 Income tax expense / (income) 326 260 Other n
Slide 33: Cash Flow Statement
Cash Flow In € m Profit for the period H1 2024 838 H1 2025 726 Statement Depreciation, amortization and impairment of fixed assets and lease right-of-use assets Change in provisions 339 -45 350 -12 Losses on disposals of assets and other 5 21 Expenses relating to share grants 109 116 Net finance cos
Slide 34: Balance Sheet
Balance Sheet ASSETS EQUITY & LIABILITIES June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, In € m In € m 2024 2024 2025 2024 2024 2025 (1) Equity 10,843 11,775 10,972 Non-controlling interests 22 22 23 Total equity 10,865 11,797 10,995 Goodwill 11,357 12,343 11,454 Long-term borrowings 4,276 4,
Slide 35: Comprehensive Income & Change in Equity
Comprehensive Income & Change in Equity in € m H1 2024 H1 2025 (1) Actuarial gains and losses on defined benefit pension plans, net of tax 71 31 (2) Remeasurement of hedging derivatives and net investment, net of tax 56 -40 Translation adjustments (2) 229 -1,059 Other, net of tax (1) -1 0 OTHER ITEM
Slide 36: Bond Debt Maturity Profile
Bond Debt Maturity Profile in € m 800 1,200 redeemed at maturity in June 2025 1,000 800 800 800 600 500 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 (Jul.) (Oct.) (June) (Apr.) (Apr.) (Apr.) (June) (Apr.) H1 2025 Results | July 30, 2025 © Capgemini 2025. All rights reserved | 36
Slide 37: About Capgemini
About Capgemini Biraud, Vincent Massoni, Patrick Head of Investor Relations Senior Manager, Investor Relations Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible i