Capgemini: Growth ahead of consensus in Q2 and 2026 organic growth guidance increased

研报英文原文证据摘录

Capgemini: Growth ahead of consensus in Q2 and 2026 organic growth guidance increased

J P M O R G A N Europe Equity Research

30 July 2026

Capgemini Neutral

CAPP.PA, CAP FP

Growth ahead of consensus in Q2 and 2026 organic Price (29 Jul 26):€107.10

growth guidance increased Price Target (Dec-27):€150.00

Our Take: Capgemini reported Q2 revenue growth of 11.6% Y/Y CC versus European Tech Software & IT

consensus of 10.6% Y/Y. H1’26 adj. EBIT margin was 12.5%, 10bps ahead of Services

consensus at 12.4% and H1’26 FCF of €36m was above consensus of -€50m; Toby Ogg AC

normalised EPS looks below consensus (higher tax rate in H1 seems to be a (44-20) 7742-3278

contributor). The full year 2026 revenue growth guidance has been lifted to 8.5%- toby.ogg@jpmorgan.com

9% Y/Y CC versus 6.5%-8.5% Y/Y CC previously. The M&A contribution is now J.P. Morgan Securities plc

5pts versus 4.5-5pts guided previously. This implies that the organic revenue Joseph George

growth midpoint for 2026 is now 3.75% Y/Y versus 2.75% Y/Y previously, 25bps (44-20) 3493-6990

joe.george@jpmorgan.com

above consensus looking for 3.5% Y/Y organic. The full year margin guidance for J.P. Morgan Securities plc

13.6% to 13.8% and organic FCF guidance of around €1.8bn to €1.9bn are both Priya R Suneja

unchanged. In Q2, bookings increased 9% Y/Y with a book-to-bill of 1.07. Overall, (91-22) 6157 4721

while the bar has likely been raised following better-than-expected prints from priya.suneja@jpmchase.com

recent European IT Services names (e.g. Sopra Steria and Alten), this looks to be J.P. Morgan India Private Limited

a solid set of results on initial blush with continued organic growth momentum. Giulio Gambardella

Focus on the call at 7am UK will likely be drivers of the better than expected Q2 (44-20) 3493-4181