H1 2025 results

H1 2025 revenues of €11,107 million, -0.3% year-on-year on a reported basis
Growth at constant exchange rates* of +0.2% in H1 and +0.7% in Q2
Operating margin* at 12.4%, stable year-on-year
Organic free cash flow* of €60 million
Updated 2025 financial targets
- Constant currency revenue growth of -1.0% to +1.0% (was -2.0% to +2.0%);
- Operating margin of 13.3% to 13.5% (unchanged);
- Organic free cash flow of around €1.9 billion (unchanged).
Share buyback program of €2 billion

Paris, July 30, 2025 – The Board of Directors of Capgemini SE, chaired by Paul Hermelin, convened yesterday in Paris to review and adopt the accounts^[1] of Capgemini Group for the first half of 2025.

Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “The Group’s performance continued to improve in Q2. Momentum was positive in North America, the UK and APAC & LatAm and stable in Continental Europe, including France. Our bookings were solid, with a strong book-to-bill ratio of 1.08, and the operating margin was stable at 12.4%. In a challenging environment, our performance in H1 demonstrates the resilience of the Group’s operating model.

Client demand continues to be driven by efficiency and cost optimization. We benefit from good traction in cloud, data & AI and digital core and have built a strong pipeline in generative and agentic AI, which accounted for more than 7% of Group bookings in Q2. On this front, we launched our Resonance AI Framework and further enhanced our AI offerings and partnerships with major players such as Mistral AI and SAP. Demand is increasing in the emerging areas of defense and sovereignty, as well as in digital business process services primarily driven by intelligent operations.