A decline limited to -0.4% at constant exchange rates
FinTech BizNews Service
Mumbai, April 29, 2025: The Capgemini Group reported Q1 2025 revenues of € 5,553 million, up +0.5% at current exchange rates and a decline limited to -0.4% at constant exchange rates.
Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “We delivered a Q1 slightly better than our expectations in a macro and geopolitical environment that remains challenging. Clients continue to focus on transformation programs aimed at improving the agility, cost and efficiency of their operations.
We are well positioned and are taking advantage of the growing appetite of our clients for generative AI and agentic AI which represented more than 6% of our bookings in Q1. We continue to invest in training and assets and to reinforce our ecosystem in this domain with new initiatives with Nvidia and Google Cloud.
We are focused on opportunities in the fields of defense, sovereignty and cyber in Europe while continuing to benefit from global growth in digital core and digital continuity.
Considering the current context on international trade and tariffs, we are confirming our financial objectives for 2025 and as such we retain the cautious stance adopted at the beginning of the year.”
| Revenues (in millions of euros) |
| Change | ||
| 2024 | 2025 |
| Reported | At constant exchange rates* |
Q1 | 5,527 | 5,553 |
| +0.5% | -0.4% |
Capgemini revenues reached €5,553 million in Q1 2025, corresponding to a revenue decline limited to -0.4% at constant currency*. This represents a +0.7 points improvement on the year-on-year growth rate reported in Q4 2024, primarily driven by the North America and United Kingdom and Ireland regions.
In a more volatile economic environment due to rising geopolitical tensions, the Group has not seen at this stage a material impact on client decisions. Large companies and organizations remain decidedly focused on transformation programs aimed at improving the agility and efficiency of their operations, at the expense of growth-oriented projects.
In that context, Capgemini’s high value-added services around Cloud, Data & AI and digital continuity enjoyed robust growth in Q1.
OPERATIONS BY REGION
At constant exchange rates, revenues in North America (28% of 2024 Group revenues) were back to slight growth in Q1, up +0.8% year-on-year. This performance was mostly driven by the TMT (Telecoms, Media and Technology) and Financial Services sectors, and partly offset by a decline in the Manufacturing sector.
The United Kingdom and Ireland region (12% of 2024 Group revenues) accelerated further on Q4 2024 growth rate with revenues up +3.9% year-on-year. The Public Sector and Energy & Utilities sector contributed the most to this growth, and Financial Services remained dynamic.
Revenues in France (20% of 2024 Group revenues) declined by -4.9% year-on-year, most notably due to persisting weakness in the Manufacturing and Energy & Utilities sectors.
In the Rest of Europe region (31% of 2024 Group revenues), revenues were down by -2.3% year-on-year, reflecting the decline in the Manufacturing sector whereas other sectors were broadly stable.
Finally, the Asia-Pacific and Latin America region (9% of 2024 Group revenues) enjoyed solid growth with revenues up +7.6% year-on-year. The Public Sector and TMT sector posted a strong growth, complemented by robust momentum in the Financial Services and Manufacturing sectors.
OPERATIONS BY BUSINESS
At constant exchange rates, total revenues* of Strategy & Transformation consulting services (9% of 2024 Group revenues) grew by +1.2% year-on-year in Q1.
Total revenues of Applications & Technology services (62% of 2024 Group revenues and Capgemini’s core business) were up +1.9% year-on-year.
Finally, total revenues of Operations & Engineering services (29% of 2024 Group revenues) declined by -2.6% year-on-year.
HEADCOUNT
At March 31, 2025, the Group’s total headcount stood at 342,700, up +1.6% year-on-year and +0.5% compared to the end of December 2024.
Onshore headcount decreased by -1.4% to 143,300, while offshore headcount was up +3.9% to 199,400, i.e., 58% of total employees.
BOOKINGS
Bookings totaled €5,884 million in Q1 2025, up +2.8% year-on-year at constant exchange rates. The book-to-bill ratio stands at 1.06, above the historical average for the period.
OUTLOOK
The Group’s financial targets for 2025 are:
