Capgemini Group achieved consolidated revenues of €4,008 million in Q3 2020

Capgemini Group achieved consolidated revenues of €4,008 million in Q3 2020

Capgemini Group achieved consolidated revenues of €4,008 million in Q3 2020, up 15.6% year-on-year at current exchange rates and 18.4% year-on-year at constant exchange rates*.

Aiman Ezzat, Chief Executive Officer of Capgemini Group, said: “The quarter, which came in better than expected, brought a significant performance improvement over Q2 across all our regions and businesses. Digital and Cloud continues to expand, up more than 10% year-on-year, and bookings remain strong. We expect Q4 to confirm this favorable trend and record a further but limited improvement, due to recent developments in the health situation. In this framework, our performance for 2020 should exceed the mid-point of the range announced, both for growth and operating margin, and we remain confident in the prospects for further improvement in 2021.

In addition, Altran integration is developing as planned. A 5G & Edge offering was launched, the first of a series of Intelligent Industry offerings.

Finally, the quarter was marked by the adoption of the Group’s Purpose: “Unleashing human energy through technology for an inclusive and sustainable future.” Developed in collaboration with all of the Group’s stakeholders, this Purpose is founded on our belief that technological innovation should benefit all of humanity”. 

  (in millions of euros)   Change


2019 2020


  At current
exchange rates
At constant
exchange rates
Q3 3,468 4,008   +15.6% +18.4%
9 months 10,475 11,589   +10.6% +11.3%

The Group’s Q3 performance improved significantly on Q2, both for growth at constant exchange rates* and organic* growth. As in the previous quarter, Capgemini benefited fully in Q3 from the consolidation of Altran Technologies (“Altran”) in the Group scope.

With Q3 2020 revenues of €4,008 million, growth at constant exchange rates was +18.4% year-on-year, a considerable improvement on Q2 growth of +13.4%.

The improvement in organic performance (i.e. adjusted for the impacts of currency fluctuations and changes in Group scope) was also substantial, with Q3 revenues contracting only -3.6% year-on-year, compared with -7.7% in Q2.

All Group businesses and regions contributed to this improvement. It also reflects demand, which accelerated once again in Digital and Cloud services. With growth of more than 10%, these activities accounted for over 60% of the Group’s activity in Q3 2020.

For the first nine months of the year, Capgemini growth reached +10.6% on a reported basis and +11.3% at constant exchange rates. Group organic growth saw a limited decline of -3.5%. In the face of the Covid-19 crisis, this demonstrates the resilience of Capgemini’s revenues, strengthened in recent years by the sector and geographic diversification of the Group’s client base and the development of a portfolio of innovative offerings.


    Change in revenues vs. 2019
at constant exchange rates


    Q1 2020 Q2 2020 Q3 2020
North America   -0.6% +9.0% +10.0%
United Kingdom and Ireland   -2.6% +3.7% +9.1%
France   +3.3% +11.8% +20.1%
Rest of Europe   +5.1% +24.9% +32.7%
Asia-Pacific and Latin America   +11.2% +11.7% +14.0%
TOTAL   +2.3% +13.4% +18.4%

The robust Q3 performance was fueled by stronger year-on-year growth rates across all Group regions compared to those of Q2. These higher regional constant currency growth rates, presented in the above table, directly reflect greater underlying organic momentum (i.e. at constant scope and exchange rates).

In Q3 2020, the Rest of Europe region (30% of Group revenues in Q3 2020) reported a return to organic growth year-on-year. Momentum also strengthened in North America (31% of Group revenues) and the United Kingdom and Ireland (11% of Group revenues), despite these regions reporting an organic decline on Q3 2019. While France (21% of Group revenues) continues to report the largest organic contraction, the situation improved significantly on the previous quarter. Finally, the Asia-Pacific and Latin America region (7% of Group revenues) accelerated further in Q3 and remained the Group’s most dynamic region.

While sector performance remained highly contrasted in Q3, due to major differences in the pandemic’s impact, all sectors improved on Q2. Accordingly, on an organic basis: the public sector (13% of Group revenues in Q3 2020) accelerated further in Q3. Financial Services (the largest sector generating 25% of Group revenues) returned to growth in the quarter. The TMT sector (13% of Group revenues) also significantly boosted its momentum, but contracted slightly during the period. The Q3 decline reported by the Consumer Goods & Retail (11% of Group revenues) and Energy & Utilities (10% of Group revenues) sectors improved marginally on Q2. Finally, the Manufacturing sector (23% of Group revenues and also including the Life Sciences sector) and the Services sector (5% of Group revenues and includes transportation services, hospitality and catering), which were the hardest hit by the crisis in Q2, reported a marked improvement, contracting significantly less in Q3.


    Change in total revenues* vs. 2019
at constant exchange rates
    Q1 2020 Q2 2020 Q3 2020  
Strategy & Transformation   +9.6% +7.6% +13.5%  
Applications & Technology   +2.1% -4.5% +0.3%  
Operations & Engineering   +3.5% +69.4% +70.4%  

In Q3, annual growth rates improved compared to Q2 levels in each of the Group’s businesses, both at constant exchange rates (see table above) and organically, that is at constant scope and exchange rates.

Accordingly, on an organic basis: Strategy & Transformation consulting services (6% of Group revenues in Q3 2020) reported a smaller decline in total revenues*, but remain, unsurprisingly, the hardest hit by the crisis. Applications & Technology services (61% of Group revenues), the Group’s core business, rallied significantly, but is still slightly down year-on-year. Operations & Engineering services (33% of Group revenues) also reported improved momentum, driven by stronger growth in Cloud infrastructure services and a slight improvement in the performance of Engineering services.

At constant exchange rates, total revenue growth for Operations & Engineering services mainly reflects the consolidation of Altran, which primarily delivers Engineering services. Altran’s consolidation had a far more limited impact on the other business lines.


At September 30, 2020, the Group’s total headcount stood at 264,600, up 20.6% year-on-year, mainly following the integration of 50,000 Altran team members. Over 140,000 employees work in offshore centers, i.e. 53% of the total headcount.


Bookings totaled €3,896 million in Q3 2020, a 17.4% year-on-year increase at constant exchange rates. The book-to-bill ratio is 97%, largely stable year-on-year, but eight points above the five-year Q3 average. This reflects a high level of client demand and is encouraging for the coming quarters.


On the publication of its H1 2020 results, the Group set the following objectives for 2020 as a whole:

  • Revenue growth at constant exchange rates of between +12.5% and +14.0%, with an estimated contribution from acquisitions of 17.0%;
  • An operating margin reduction of 0.6 to 0.9 points compared with the 2019 rate of 12.3%, illustrating a clear improvement in our resilience;
  • Organic free cash flow above €900 million.


Aiman Ezzat, Chief Executive Officer and Carole Ferrand, Chief Financial 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.


February 17, 2021       FY 2020 results

April 29, 2021              Q1 2021 revenues

May 20, 2021               Combined Shareholders’ Meeting


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