The Capgemini Group has significantly raised its full-year revenue growth target for 2025, a move that signals a successful strategic realignment toward high-demand technology sectors and strong operational execution in core markets. The revised outlook comes on the heels of a better-than-expected third quarter, where the firm delivered solid growth, particularly driven by its focused positioning as an AI-powered business and technology partner.
Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “The Group delivered a strong Q3, better than expected, thanks to the relevance of our AI-powered business and technology partner positioning and the targeted actions initiated a year ago, in a demand environment that is largely unchanged. Revenue growth improved in all regions, with a significant acceleration in North America. Demand continued to be driven by cloud, data and AI, with a strong focus on efficiency and optimization.
We are accelerating the integration of generative AI across our service portfolio to enable clients to achieve tangible business value. Our investments in proprietary platforms, delivery frameworks, and talent – combined with strategic partnerships – position us as a leader in AI. This is reflected in robust deal wins in generative and agentic-AI.
With the acquisition of WNS now complete, we lead in the fast-growing Intelligent Operations market addressing client demand for agentic AI-powered business operations.
On the back of this strong performance, we raise our growth target for 2025 to between +2.0% and +2.5% – as a reminder, this is above the top-end of the growth outlook communicated in February 2025 – and narrow our operating margin target to between 13.3% and 13.4%.”
Capgemini’s consolidated revenues for Q3 2025 stood at €5,393 million, representing a robust 2.9% increase at constant exchange rates compared to the previous year. This performance, which notably accelerated from the 0.7% growth reported in Q2, has prompted the leadership to update its financial guidance. The new forecast projects constant currency revenue growth to be between +2.0% and +2.5% for the full year 2025. This marks a substantial upgrade from the prior guidance, which had spanned a much broader range of -1.0% to +1.0%, effectively placing the company’s anticipated performance above the prior high-end projection.
The driving force behind this optimism is a strategic pivot that has allowed the firm to capitalize on persistent client demand for efficiency-focused technology solutions. Aiman Ezzat, Chief Executive Officer of the Capgemini Group, noted that the Group delivered a strong Q3, better than expected, thanks to the relevance of its AI-powered business and technology partner positioning and the targeted actions initiated a year ago, even in a largely unchanged demand environment. He highlighted that revenue growth improved across all regions, with a significant acceleration in North America. Demand, he added, continues to be driven by cloud, data, and AI, with a strong focus on efficiency and optimization.
Geographically, Capgemini saw remarkable acceleration in critical growth markets. The North America region, which accounts for 28% of the Group’s 2024 revenues, posted a powerful 7.0% increase at constant exchange rates. This surge was primarily fueled by strong demand in the Financial Services, TMT (Telecoms, Media, and Technology), and Manufacturing sectors, with Life Sciences proving particularly strong.
Similarly, the United Kingdom and Ireland region delivered an impressive 9.0% growth, demonstrating robust and broad-based expansion across its key Financial Services and TMT client bases. The highest growth, however, was recorded in the Asia-Pacific and Latin America region, which grew by 13.6%, showcasing significant momentum driven by the Financial Services, Manufacturing, Energy & Utilities, and TMT sectors. Conversely, demand remained softer in France and the Rest of Europe, where revenues saw modest declines, largely due to ongoing weakness in the Manufacturing sector.
From a service line perspective, the core business engine, Applications & Technology services, which accounts for 62% of the Group’s revenues, recorded solid total revenue growth of 5.7%. This expansion underscores the firm’s successful focus on digital core modernization and data estate management. Crucially, the Group is rapidly integrating generative AI across its service portfolio, evidenced by robust deal wins in the generative and agentic-AI space, positioning itself as a leader in this transformative technology.
Further strengthening this strategic direction is the recent completion of the WNS acquisition, which the firm believes cements its leadership in the fast-growing Intelligent Operations market. This integration directly addresses client demand for sophisticated, agentic AI-powered business operations.
While the Group raised its top-line growth target, it also narrowed its operating margin guidance to between 13.3% and 13.4% (from 13.3% to 13.5%), and maintained its organic free cash flow target at around €1.9 billion. This updated outlook reflects a confidence in sustained momentum through strategic investments and targeted actions, signaling Capgemini’s successful navigation of a dynamic technology landscape.
