Capgemini SE (CAPP.PA): Final thoughts into C1H26 results – Expected guidance upgrade unlikely to cheer sentiment near-term

Research evidence excerpt

Capgemini SE (CAPP.PA): Final thoughts into C1H26 results – Expected guidance upgrade unlikely to cheer sentiment near-term

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26 Jul 2026 22:53:49 ET │ 17 pages

Capgemini SE (CAPP.PA)

Final thoughts into C1H26 results – Expected guidance upgrade

unlikely to cheer sentiment near-term

CITI'S TAKE

Capgemini will report F1H26 result on 30th July with pre-market conference Buy

call. Recent results from global peers suggest client spend sentiment has

been in check at the best, and more likely is incrementally more cautious. Price (24 Jul 26 17:30) €89.88

Citi’s CIO survey points to better budget growth view, however it is being Target price €130.00

driven by AI spend (also at cost of traditional IT budget). In this backdrop, Expected share price return 44.6%we expect Capgemini to report peer group leading organic growth and raise

2026 outlook. Still, with investors observing dichotomy of the group’s Expected dividend yield 3.8%

acceleration vs. peers hard to sustain and being skeptical about margin Expected total return 48.4%

improvement target in a tough pricing environment, we see another solid Market Cap €15,273Mupdate (with puts & takes for 2H) as less likely to enthuse sentiment. Key

peers’ valuation compression limits room for near-term relative re-rating. US$17,363M

We expect firmer signs on sustained growth and margin improvement in

coming quarter to lead to sentiment recovery. Maintain Buy.

Macro appears weighing on the near-term demand environment — We note Citi’s Price Performance

economists have lowered global (and Western world) GDP forecast decent bit since (RIC: CAPP.PA, BB: CAP FP)

February – and it is unlikely that a moderating GDP will not weigh on enterprise

spend. IT Services peers in recent results have cited uncertain macro weighing on