Capgemini SE (CAPMF) Full Year 2025 Earnings Call Highlights: Strong Bookings and Strategic AI …

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Fri, February 13, 2026 at 10:01 PM GMT+9 4 min read

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CAPMF

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**Revenue:** 22.46 billion, representing 3.4% growth at constant currency.

**Bookings:** 24.36 billion, with a book-to-bill ratio of 1.08 for the year and 1.21 in Q4.

**Operating Margin:** 13.3%, stable year on year.

**Organic Free Cash Flow:** 1.95 billion.

**Normalized EPS:** 12.95, up 5.8% year on year.

**Dividend Proposal:** 3.4 per share.

**Q4 Constant Currency Growth:** 10.6%, including a scope impact of about 6.5 points.

**Net Profit Group Share:** 1,601 million.

**Basic EPS:** 9.46.

**Headcount:** 423,400, up 24% year on year.

**Gross Margin:** 27.1%, down 30 basis points year on year.

**Net Debt:** 5.3 billion, with a net debt to EBITDA ratio of 1.6x.

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Release Date: February 13, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Capgemini SE (CAPMF) reported a solid operating margin of 13.3% and organic free cash flow of 1.95 billion, meeting their targets despite cost pressures.

The company achieved revenue growth of 3.4% at constant currency, surpassing the upgraded guidance, with significant contributions from cloud, data, AI, and digital business process services.

Bookings reached 24.36 billion, with a strong book-to-bill ratio of 1.21 in Q4, indicating sustained commercial traction and a higher number of large deals.

Capgemini SE (CAPMF) demonstrated resilience across all regions, with North America showing the strongest acceleration and improvements in the UK, Ireland, and other European regions.

The company made significant progress in its ESG roadmap, achieving 100% renewable electricity for operations and notable improvements in gender balance and cybersecurity.

Negative Points

France's performance remained challenging, with revenues decreasing by 4.1% due to persistent weakness in the manufacturing sector and other industries.

The company anticipates a 700 million restructuring over the next two years to adapt to technological changes and align capabilities with emerging opportunities.

Gross margin decreased by 30 basis points year-on-year, reflecting a prolonged soft market in continental Europe.

Capgemini SE (CAPMF) faces a complex macroeconomic environment, including geopolitical tensions and tariff discussions, which could impact future growth.

The integration of WNS and Cloud 4C acquisitions is ongoing, with expected synergies not fully realized yet, impacting short-term financial performance.

Q & A Highlights

Q: Can you provide more insight into the underlying organic trends in the main regions between the third and fourth quarters? A: Aiman Ezzat, CEO: Everything is trending in a positive direction. North America continues to see further acceleration, underlining the recovery. The UK, France, and the rest of Europe have also improved. The organic growth for the group was around 4% in Q4.

Story Continues  

Q: When discussing AI with clients, do they foresee a reduction in their budget due to AI savings? A: Aiman Ezzat, CEO: Clients are not thinking about budget reductions. They are focused on the strategic impact of AI and are willing to invest in it as they see it as critical to their future transformation. The focus is on value creation rather than cost reduction.

Q: Was there any exceptional budget flush in Q4 that affects your Q1 guidance? A: Aiman Ezzat, CEO: The Q4 to Q1 transition is more about seasonality. We are confident about the growth ahead, with no specific concerns for Q1. The focus is on delivering pertinent solutions for clients based on their needs.

Q: How is Capgemini adopting AI internally to drive efficiency, and what financial impact could this have long-term? A: Aiman Ezzat, CEO: We are pushing AI in our operations and delivery, though client environments can slow adoption. We are developing internal platforms and agent layers (HR, sales, finance) to improve efficiency. More details will be shared during the Capital Market Day.

Q: How does Capgemini maintain relevance in the new AI-driven ecosystem, and is there any specific area facing pricing pressure? A: Aiman Ezzat, CEO: We focus on execution and embedding AI across our offerings. The market is competitive, but demonstrating value creation potential allows for better margins. There is no specific area facing significant pricing pressure.

Q: Can you elaborate on the fit for growth program and its impact on headcount? A: Aiman Ezzat, CEO: The program aims to realign capabilities with emerging opportunities like AI and intelligent operations. It involves reskilling and adapting to market changes. Headcount will evolve based on business mix, with a focus on increasing revenue per headcount over time.

Q: What is the maturity of the pipeline for mega deals in intelligent operations, and can double-digit growth be sustained? A: Aiman Ezzat, CEO: The pipeline is strong, with large deals and multi-step projects. We are confident in sustaining double-digit growth in intelligent operations, supported by a robust pipeline and ongoing deals.

Q: How do you view the potential productivity gains from AI tools and plugins? A: Aiman Ezzat, CEO: Productivity gains are emerging gradually. While there are advancements, integrating AI into complex enterprise systems is challenging. We take claims seriously and analyze them in detail, ensuring realistic expectations about AI’s impact.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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