Capgemini group delivers a solid Q3 performance with growth of +2.3% at constant exchange rates

  • Revenues of €5,480 million in Q3 2023, up +2.3% at constant exchange rates*
  • Revenues of €16,906 million in the first nine months, up +6.0% at constant exchange rates

Paris, November 7, 2023 – The Capgemini Group reported consolidated revenues of €5,480 million in Q3 2023, down -1.3% at current exchange rates and up +2.3% at constant exchange rates* year-on-year.

Aiman Ezzat, Chief Executive Officer of the Capgemini Group, commented: “The Group delivered a solid performance in the third quarter in a challenging economic environment.

The dual transition to a digital and sustainable economy continues to be at the top of our clients’ strategic agendas. Their appetite for technology has never been greater, fueled by constant innovation such as generative AI and the proliferation of its use cases to drive growth, deliver new services and optimize operations. Demand for generative AI accelerated in the third quarter with over 100 projects signed and a strong pipeline. As part of our 2 billion euros investment plan announced in July, we launched our Gen AI campus to scale up training for all our employees.

We have become a major business and technology partner to our clients across their entire value chains playing a significant role from product innovation to customer interactions and services. Our portfolio of industry-specific innovative offerings meets client demand for value-creating solutions and contributes to our sustained operating margin improvement.

Thanks to this third-quarter performance, we confirm all our full-year objectives.

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Capgemini’s performance in Q3 2023 was a prolongation of the trends observed since the start of the year, extending as expected the gradual slowdown seen in previous quarters. The Group posted revenues of €5,480 million in Q3, up +2.3% at constant exchange rates. Organic growth* i.e., excluding the impacts of currency fluctuations and changes in Group scope, is +2.0% for the quarter. For the first nine months of the year, growth stands at +4.1% on a reported basis and +6.0% at constant exchange rates, while organic growth reaches +5.5%.

In a macroeconomic context that remains challenging, clients are holding onto their digital transformation ambitions. They are increasingly focusing on projects with faster payback, such as those boosting operational efficiency, which in turn fuels steady growth of the Group’s innovative offers. The Group’s activities involving Data and Artificial Intelligence and those in Intelligent Industry were the fastest growing in Q3.


Overall, the contrast in growth rates between regions is unchanged since the beginning of the year.

The United Kingdom and Ireland region (12% of Group revenues in Q3 2023) continued its solid momentum, growing +5.0% at constant exchange rates. This performance was primarily driven by the strong growth in the Public Sector and the Consumer Goods & Retail Sector, while the Financial Services and TMT (Telecoms, Media and Technology) sectors were down.

The Rest of Europe region (30% of Group revenues) also performed well with growth of +5.4% at constant exchange rates, primarily fueled by the Public Sector and the Manufacturing, Energy and Utilities sectors.

France revenues (19% of Group revenues) were up by +3.7% at constant exchange rates. The momentum recorded in the Public Sector and the solid performance delivered by the Consumer Goods & Retail and Manufacturing sectors contrasted with the decline in TMT.

Revenues in the North America region (29% of Group revenues) were down by -4.0% at constant exchange rates. Manufacturing sector growth remained solid during the quarter, whereas TMT sector further contracted and Financial Services growth turned negative.

The Asia-Pacific and Latin America region (10% of Group revenues) boosted its growth with a +7.6% increase in revenues at constant exchange rates. This improvement was primarily driven by the Asia-Pacific region, with solid growth in the Public Sector and Consumer Goods & Retail and Manufacturing sectors.


Strategy & Transformation services (8% of total Group revenues* in Q3 2023) maintained robust growth, with a +5.1% increase in total revenues at constant exchange rates compared to Q3 2022.

Applications & Technology services (63% of Group revenues and Capgemini’s core business) reported growth in total revenues of +2.8% at constant exchange rates.

Finally, Operations & Engineering total revenues (29% of Group revenues) grew +0.9% at constant exchange rates.


At September 30, 2023, the Group’s total headcount stood at 342,700, down by 4% year-on-year. Onshore workforce was virtually stable at 146,700 employees, while the offshore workforce is down 7% to 196,000 employees, i.e. 57% of the total headcount.


Bookings totaled €5,275 million in Q3 2023, a +1% increase at constant exchange rates year-on-year. This translates into a book-to-bill ratio of 0.96, which is a strong performance given the usual seasonality of bookings.


The Group’s financial targets for 2023 are:

  • Revenue growth of +4% to +7% at constant currency;
  • Operating margin of 13.0% to 13.2%;
  • Organic free cash flow of around €1.8 billion.

The inorganic contribution to growth should be 0.5 points at the lower end of the target range and 1.0 point at the upper end.


Aiman Ezzat, Chief Executive Officer, accompanied by Carole Ferrand, Chief Financial Officer, and Olivier Sevillia, Chief Operating Officer, will present this press release during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year.

All documents relating to this publication will be posted on the Capgemini investor website at


February 14, 2024         FY 2023 results

April 30, 2024               Q1 2024 revenues

May 16, 2024               Shareholders’ Meeting

The full and always up-to-date calendar is available at



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About Capgemini

Capgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology. The Group is guided every day by its purpose of unleashing human energy through technology for an inclusive and sustainable future. It is a responsible and diverse organisation of 360,000 team members in more than 50 countries. With its strong 55-year heritage and deep industry expertise, Capgemini is trusted by its clients to address the entire breadth of their business needs, from strategy and design to operations, fueled by the fast evolving and innovative world of cloud, data, AI, connectivity, software, digital engineering, and platforms. The Group reported in 2022 global revenues of €22 billion (about $23 billion USD at 2022 average rate).

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