Capgemini Narrows 2025 Growth, Excludes WNS Impact

Capgemini has revised its 2025 revenue growth forecast to between a 1% decline and a 1% increase at constant currency, citing ongoing economic uncertainty and soft demand. First-half revenues reached €11.11 billion, down 0.3% year-on-year, with net profit falling 13% to €724 million and operating profit down 15% to €976 million. The company's operating margin for the first half was 12.4%, and Capgemini reaffirmed its full-year margin target of 13.3% to 13.5%. A new multi-year €2 billion share buyback program, funded by organic free cash flow, was announced. Capgemini reported subdued client spending, particularly for non-essential services, but noted some signs of stability in the third quarter. The 2025 guidance and other targets do not reflect the potential impact of the proposed $3.3 billion acquisition of WNS, which aims to boost Capgemini’s AI capabilities.