Capgemini (CAPP.PA): 2Q/1H26 preview: See similar macro as 1Q, focus to be on organic growth trajectory and margin dynamics; Buy

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Capgemini (CAPP.PA): 2Q/1H26 preview: See similar macro as 1Q, focus to be on organic growth trajectory and margin dynamics; Buy

Equity Research

22 June 2026 | 8:04PM BST

Capgemini (CAPP.PA): 2Q/1H26 preview: See similar macro as 1Q, focus

to be on organic growth trajectory and margin dynamics; Buy

We update our estimates for Capgemini ahead of 2Q/1H26 results on July 30, 2026, Mohammed Moawalla

+44(20)7774-1726 |

where we expect a broadly similar macro environment to the end of 1Q given the mohammed.moawalla@gs.com

Goldman Sachs International

geopolitical uncertainty. While recently global IT services peers like Accenture have

Deepshikha Agarwal

flagged impacts from this uncertainty, we believe a similar impact from the same on +1(212)934-6961 |

Capgemini’s growth would be less likely given it’s relatively lower exposure to deepshikha.agarwal@gs.comGoldman Sachs India SPL

affected regions like the Middle East as well as already depressed levels of Uzair Merchant

discretionary spend, an area which is most likely to be impacted in an uncertain +44(20)7774-7645uzair.merchant@gs.com|

environment and has been weak for Capgemini for the past two years. As a result, we Goldman Sachs International

Haouachkeep our FY26 quarterly organic revenue growth trajectory broadly unchanged, Ahlam | +44(20)7051-8714

expecting 2Q organic revenue growth of +3.7% (vs +3.5% previously and Visible ahlam.haouach@gs.com Goldman Sachs International

Alpha Consensus: +3.7%) with unchanged FY26 organic growth at +3.3% (Consensus:

+3.4%), closer to the top-end of company’s guidance of FY26 revenue growth of

+2.0% to +3.5% organic ex-fx, which factors in no mega deals. Having said that, we

see potential risks to our estimates if prolonged geopolitical uncertainty persists