Half Year 2026 Capgemini SE Earnings Call Transcript
Key Points
- Revenue grew 11.3% year-on-year at constant currency to EUR12.08 billion, outperforming the market.
- AI-driven demand is accelerating, with double-digit growth in generative and agentic AI bookings.
- Intelligent Business Operations (WNS) delivered double-digit underlying growth and expanded the pipeline to EUR13.3 billion.
- North America and UK & Ireland both grew around 20%, driven by strong performance in financial services and manufacturing.
- Fit-for-Growth program is on track, with first benefits expected in H2 2026, supporting margin expansion to 13.6%-13.8%.
- Operating margin in France contracted 230 bps to 7.7% due to underutilization, weighing on group profitability.
- Restructuring costs surged by EUR210 million to EUR628 million in H1, impacting net profit.
- Normalized EPS fell 11.9% to EUR5.29, driven by higher financing costs and tax expenses.
- Organic free cash flow was only EUR37 million in H1, heavily weighted to the second half due to seasonality.
- Management remains cautious on Q4 2026 due to macro uncertainties, including inflation and geopolitical risks.
Good day, and thank you for standing by. Welcome to the Capgemini First Half 2026 Results Webcast and Conference Call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Aiman Ezzat.
Thank you. Good morning. Thank you for joining us for our first half results call. I'm joined today by our CFO, Nive Bhagat. So our performance in the first half confirms that our strategy is translating into tangible results.
We set out to make AI real for our clients, helping them move beyond experimentation and turn AI ambition into measurable business outcomes. That ambition is now materializing in the market in demand in growth and in market share gains.
So I want to focus today on three areas. First. One is the strength of our H1 performance and what it says about our AI relevance.
The second thing is the new AI value pools that are expanding our
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