Core Insights - Capgemini exceeded its revenue growth objectives for 2025, achieving a revenue of €22,465 million, which represents a year-on-year increase of +1.7% and a constant currency growth of +3.4% [8][11] - The company reported a stable operating margin of 13.3% of revenues, with net profit decreasing by -4.2% to €1,601 million [9][15] - Capgemini's strategic focus on AI, cloud, and digital services has driven growth, with generative AI accounting for over 10% of Group bookings in Q4 [4][7] Financial Performance - Revenues for 2025 reached €22,465 million, up +1.7% from 2024, with a constant currency growth of +3.4% [8][11] - Operating profit decreased to €2,199 million, representing 9.8% of revenues, down from 10.7% in 2024 [9][13] - Basic earnings per share fell by -3.7% to €9.46, while normalized earnings per share increased by +5.8% to €12.95 [15] Market Dynamics - The demand for Capgemini's services in cloud, data, and AI has been strong, particularly in North America and the UK, where revenues grew by +7.3% and +10.5% respectively [20][21] - The company has seen a significant increase in bookings, with a total of €24.4 billion for the year, reflecting a book-to-bill ratio of 1.08 [12] - Capgemini's strategic acquisition of WNS has enhanced its capabilities in delivering AI-powered operations [6] Regional Performance - North America accounted for 29% of Group revenues, with a +7.3% increase at constant exchange rates, driven by strong performance in Financial Services [20] - The UK and Ireland region saw a +10.5% revenue increase, primarily from Financial Services and Public sectors [21] - France experienced a revenue decline of -4.1%, attributed to challenges in the Manufacturing and Energy sectors [22] Strategic Initiatives - Capgemini plans to invest approximately €700 million over the next two years for workforce and skills adaptation initiatives [5][38] - The company aims for revenue growth of +6.5% to +8.5% in 2026, with an operating margin target of 13.6% to 13.8% [7][42] - Capgemini is focusing on AI-led transformation programs and intelligent operations to drive future growth [7][10] ESG Performance - Capgemini has made significant progress in its ESG commitments, achieving a 94% reduction in Scope 1 and 2 emissions and reaching 100% renewable electricity for all operations [33][34] - The company aims to maintain a gender balance of 40% women in its global workforce and has achieved 30.5% in executive leadership positions [35] - Capgemini's commitment to responsible business practices is reflected in 72% of total purchases made with ESG-compliant suppliers [36]

Core Insights - Capgemini is set to acquire WNS for $76.50 per share, totaling $3.3 billion, which represents a premium of 28% over the last 90-day average share price [2][5] - The acquisition is expected to enhance Capgemini's normalized EPS by 4% in 2026 and 7% in 2027 post-synergies [2][20] - The transaction has been unanimously approved by the boards of both companies and is anticipated to close by the end of the year [5][22] Strategic Rationale - The acquisition aims to create a leader in Intelligent Operations, leveraging Agentic AI to transform business processes [3][12] - Capgemini will gain scale and vertical expertise to capitalize on the shift from traditional Business Process Services (BPS) to AI-powered operations [3][5] - WNS's high-growth Digital BPS will enhance Capgemini's service offerings and increase its presence in the US market [4][10] Financial Impact - The combined entities are projected to generate revenues of €1.9 billion in Digital BPS by 2024 [10] - WNS has shown a consistent revenue growth of approximately 9% over the last three fiscal years, reaching $1,266 million in fiscal year 2025 with an 18.7% operating margin [8][9] - Capgemini expects revenue synergies of €100 million to €140 million and cost synergies of €50 million to €70 million by the end of 2027 [20] Market Positioning - The acquisition positions Capgemini to meet the growing demand for AI-driven business process transformation, addressing client needs for efficiency and agility [3][12] - The combination of Capgemini and WNS will create a robust platform for innovation and growth, enhancing their competitive edge in the market [6][17] - Both companies share a vision for Intelligent Operations, which will facilitate a smooth integration and unlock new opportunities for clients [6][21]