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Capgemini records Q1 2024 revenues of €5.5 billion
in line with expectations•Revenues of €5,527 million, -3.5% at current exchange rates and -3.3% at constantexchange rates•Bookings of €5,655 million representing a solid book-to-bill ratio of 1.02

Paris, April 30, 2024 – The Capgemini Group reported Q1 2024 revenues of €5,527 million, -3.5% year-onyear at current exchange rates and -3.3% at constant exchange rates *.
Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “As anticipated, the market continued to slow
down in Q1, and we confirm the growth trough is now behind us. We expect the market to gradually pick up
toward an attractive exit growth rate in Q4, setting up for a more tangible acceleration in 2025.
The pipeline continues to grow and the demand for large-scale digital transformation projects remains strong.
Client focus remains on operational and cost efficiency programs, however we also see good traction for our highadded value services in Intelligent industry as well as for our sustainability offerings.
In generative AI, we launched a new platform to enable clients to experiment with industry-specific use cases,
and to industrialize them, at a controlled cost.
In that context, we reiterate all our objectives for the full year.”

Revenues

Change(in millions of euros)

Q1

2023

2024

Reported

5,729

5,527

-3.5%

At constantexchange rates*-3.3%

In line with the Group’s expectations, Capgemini’s Q1 revenues were down year-on-year at -3.3% at constantexchange rates* and -3.6% organically (i.e., adjusted for Group scope and exchange rates).
In a macro environment which remains soft, large corporations and organizations are still prioritizing operational
agility and cost efficiency programs with fast payback, at the expense of non-strategic and discretionary deals.
*The terms and Alternative Performance Measures marked with an (*) are defined and/or reconciled in the appendix to this press release.

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In that context, Capgemini’s high value-added service offerings - most notably in Intelligent Industry, as well asin activities driven by Cloud, Data & Artificial Intelligence - enjoyed a solid traction in Q1.
OPERATIONS BY REGION
At constant exchange rates, revenues in the North America region (28% of Group revenues in Q1 2024) declinedby -7.1% year-on-year, a rate similar to Q4 2023. The Financial Services and TMT (Telecoms, Media andTechnology) sectors contributed the most to this decline, partly offset by growth in the Manufacturing sector.
Revenues in the United Kingdom and Ireland region (12% of Group revenues) were down -3.2%, mostly
driven by the Financial Services and TMT sectors. Conversely, the Services and Energy & Utilities sectors enjoyedsolid momentum, as did the Manufacturing sector to a lesser extent.
Activity in France (20% of Group revenues) declined by -2.8%, with some softness in the Manufacturing andFinancial Services sectors and a dynamic Public sector.
Revenues in the Rest of Europe region (32% of Group revenues) were almost stable at -0.5%. The underlying
performance by sector showed more contrast, with good momentum in the Energy & Utilities and Public sectors
and a visible contraction of the TMT sector.
Finally, revenues in the Asia-Pacific and Latin America region (8% of Group revenues) were down -1.7%
almost entirely driven by the Financial Services and TMT sectors, while the Consumer Goods & Retail sector
proved quite dynamic.
OPERATIONS BY BUSINESSAt constant exchange rates, total revenues * of Strategy & Transformation services (9% of the Group’s total
revenues in Q1 2024) were up +1.6% year-on-year at constant exchange rates. This growth reflects client focus
on strategic initiatives to transform, optimize and adapt their business and operations to a challenging economicenvironment, as well as investment in Gen AI.
Total revenues of Applications & Technology services (62% of the Group’s total revenues and Capgemini’score business) declined by -4.0%.
Lastly, Operations & Engineering (29% of the Group’s total revenues) total revenues contracted by -3.0%.
HEADCOUNTThe Group’s total headcount stood at 337,200 as at March 31, 2024, down 6% year-on-year. The offshore
workforce represents 57% of the total headcount, i.e. 192,000 employees.
BOOKINGS
Bookings totaled €5,655 million in Q1 2024, down -3.5% year-on-year at constant exchange rates. The book-tobill ratio of 1.02 is above the Q1 historical average.
OUTLOOK
The Group’s financial targets for 2024 are:*•

Revenue growth of +0% to +3% at constant currency;•Operating margin of 13.3% to 13.6%;•Organic free cash flow of around €1.9 billion.

The terms and Alternative Performance Measures marked with an (*) are defined and/or reconciled in the appendix to this press release.

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The inorganic contribution to growth should be marginal at the lower end of the target range, and up to 1 pointat the upper end.
CONFERENCE CALL
Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, and Olivier Sevillia,
Chief Operating Officer, will present this press release during a conference call in English to be held today at
8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay
will also be available for a period of one year.
All

documents

relatingtothispublication

willbepostedontheCapgeminiinvestorwebsite

athttps://investors.capgemini.com/en/.
PROVISIONAL CALENDAR
May 16, 2024

Shareholders’ meeting

July 26, 2024

Half-Year 2024 results

The dividend payment schedule to be submitted to the Shareholders’ Meeting for approval would be:
May 29, 2024

Ex-dividend date on Euronext Paris

May 31, 2024

Payment of the dividend

DISCLAIMER
This press release may contain forward-looking statements. Such statements may include projections, estimates,
assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to futurefinancial results, events, operations and services and product development, as well as statements, regarding
future performance or events. Forward-looking statements are generally identified by the words “expects”,“anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects”, “may”, “would”, “should” or the negatives ofthese terms and similar expressions. Although Capgemini’s management currently believes that the expectations
reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking
statements are subject to various risks and uncertainties (including, without limitation, risks identified inCapgemini’s Universal Registration Document available on Capgemini’s website), because they relate to future
events and depend on future circumstances that may or may not occur and may be different from thoseanticipated, many of which are difficult to predict and generally beyond the control of Capgemini. Actual results
and developments may differ materially from those expressed in, implied by or projected by forward-lookingstatements. Forward-looking statements are not intended to and do not give any assurances or comfort as tofuture events or results. Other than as required by applicable law, Capgemini does not undertake any obligation
to update or revise any forward-looking statement.
This press release does not contain or constitute an offer of securities for sale or an invitation or inducement toinvest in securities in France, the United States or any other jurisdiction.
ABOUT CAPGEMINI
Capgemini is a global business and technology transformation partner, helping organizations to accelerate theirdual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It isa responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadthof their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy anddesign to engineering, all fueled by its market leading capabilities in AI, cloud and data, combined with its deepindustry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.
Get the Future You Want | www.capgemini.com***

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3

APPENDIX 1BUSINESS CLASSIFICATION•Strategy & Transformation includes all strategy, innovation and transformation consulting services.

•Applications & Technology brings together “Application Services” and related activities and notably localtechnology services.

•Operations & Engineering encompasses all other Group businesses. These comprise Business Services(including Business Process Outsourcing and transaction services), all Infrastructure and Cloud services, andR&D and Engineering services.

DEFINITIONS
Organic growth or like-for-like growth in revenues is the growth rate calculated at constant Group scopeand exchange rates. The Group scope and exchange rates used are those for the reported period. Exchange
rates for the reported period are also used to calculate growth at constant exchange rates.
Reconciliation of growth rates
Organic growth
Changes in Group scope

Q1 2024-3.6%+0.3 pts

Growth at constant exchange rates-3.3%

Exchange rate fluctuations-0.2 pts

Reported growth-3.5%

When determining activity trends by business and in accordance with internal operating performance measures,growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of interbusiness billing. The Group considers this to be more representative of activity levels by business. As its
businesses change, an increasing number of contracts require a range of business expertise for delivery, leading
to a rise in inter-business flows.
Operating margin is one of the Group’s key performance indicators. It is defined as the difference between
revenues and operating costs. It is calculated before “Other operating income and expense” which include
amortization of intangible assets recognized in business combinations, expenses relative to share-based
compensation (including social security contributions and employer contributions) and employee share ownershipplan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains
or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed
formal plan approved by the Group’s management, the cost of acquiring and integrating companies acquired by
the Group, including earn-outs comprising conditions of presence, and the effects of curtailments, settlements
and transfers of defined benefit pension plans.
Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in“Other operating income and expense”, net of tax calculated using the effective tax rate. Normalized earnings
per share is computed like basic earnings per share, i.e., excluding dilution.
Organic free cash flow is equal to cash flow from operations less acquisitions of property, plant, equipment
and intangible assets (net of disposals) and repayments of lease liabilities, adjusted for cash out relating to thenet interest cost.
Net debt (or net cash) comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of
Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii)cash management assets (assets presented separately in the Consolidated Statement of Financial Position due
1Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.

Press Release4to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact ofhedging instruments when these relate to borrowings, intercompany loans, and own shares.
RESULTS BY REGION
Revenues(in millions of euros)

Year-on-year growth

Q1 2023

Q1 2024

ReportedAt constantexchange rates

1,663

1,527-8.2%

-7.1%

686

684

-0.4%

-3.2%

France

1,163

1,131

-2.8%

-2.8%

Rest of Europe

1,739

1,729

-0.6%

-0.5%

478

456

-4.5%

-1.7%

5,729

5,527

-3.5%

-3.3%

North America
United Kingdom and Ireland

Asia-Pacific and Latin America
TOTAL

RESULTS BY BUSINESS
Total revenues*(% of Group revenues)
Q1 2023

Q1 2024

Year-on-year growthat constant exchange rates
in total revenues of the business

Strategy & Transformation

9%

9%

+1.6%

Applications & Technology

62%

62%

-4.0%

Operations & Engineering

29%

29%

-3.0%

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