Capgemini demonstrated significant resilience and strategic foresight in the third quarter, posting a 2.9% revenue increase at constant exchange rates that surpassed expectations and prompted an upward revision of its full-year growth forecast.[1][2][3] The Paris-based technology and consulting group reported consolidated revenues of €5.393 billion, a figure that reflects a 0.3% rise on a reported basis.[4][2] This performance, achieved in what the company describes as a largely unchanged and uncertain economic environment, was substantially driven by a robust acceleration in its North American business and surging client demand for artificial intelligence, particularly generative and agentic AI solutions.[4][5] Bolstered by these results and the now-completed acquisition of WNS, Capgemini has raised its 2025 revenue growth target to a range of 2.0% to 2.5% at constant currency, a significant increase from its previous forecast of -1.0% to +1.0%.[1][2][6]

The company's stronger-than-expected quarter was largely propelled by a significant turnaround in its North American operations, which now stand as the group's primary growth engine.[5][7] Revenue in North America, which accounts for 28% of the group's total, surged by 7.0% at constant exchange rates, a notable acceleration from previous periods.[1][8] This growth was fueled by strong performance in the Financial Services, TMT (Telecoms, Media and Technology), and Manufacturing sectors, with a particular emphasis on life sciences.[1][5] The United Kingdom and Ireland also posted strong results with 9% growth.[1][9] This counteracted ongoing softness in Europe, where revenues in France declined by 4.7% and the Rest of Europe saw a 1.5% dip.[1][10] Overall, the demand environment shows clients continuing to selectively invest in initiatives that drive operational efficiency and strategic transformation, with sustained interest in cloud, data modernization, and AI-powered solutions.[4][8] Bookings for the quarter totaled €5.161 billion, a 1.5% increase at constant exchange rates, resulting in a book-to-bill ratio of 0.96, consistent with seasonal trends.[4][2][11]

A central pillar of Capgemini's current and future strategy is its deep investment in artificial intelligence, which is increasingly reflected in its service portfolio and deal wins.[4][12] CEO Aiman Ezzat credited the company's "AI-powered business and technology partner positioning" for the strong quarterly performance.[4][1] The company is accelerating the integration of generative AI across its services to deliver tangible business value, a move that is resonating with clients.[8][12] This is evidenced by robust deal wins in both generative and agentic AI.[4][8] Agentic AI, which involves autonomous systems that can make decisions to achieve goals with minimal human intervention, is seen as a key differentiator.[13][14][15] The agentic AI market is projected to grow significantly, reaching an estimated $243.15 billion by 2035, and Capgemini is positioning itself to capture a significant share of this expanding market.[16] The company’s research indicates that while trust in fully autonomous AI is still developing, a "hybrid workforce" of human-agent teams is expected to become prevalent, a trend Capgemini is prepared to support.[14]

The strategic importance of AI is further underscored by Capgemini's landmark acquisition of WNS, a digital business process management leader, for $3.3 billion.[17][18] Now completed, this acquisition is pivotal to Capgemini's ambition to lead the fast-growing "Intelligent Operations" market.[4][18] The integration of WNS's industry-specific expertise with Capgemini's AI and cloud capabilities is designed to create a global leader in Agentic AI-powered business operations.[19][18] The deal is expected to contribute approximately two percentage points to Capgemini's 2025 revenue growth.[1] The acquisition is not just about scale but about merging complementary strengths to deliver end-to-end intelligent operations and meet client demand for AI-driven business process transformation.[18][20] The transaction is expected to be accretive to Capgemini's earnings per share by 4% in 2026 and 7% in 2027, factoring in significant revenue and cost synergies.[13][21]

In conclusion, Capgemini's third-quarter results paint a picture of a company successfully navigating a complex global market by focusing on high-growth areas. The significant uptick in North American revenue demonstrates a successful strategic execution in a key market. More broadly, the company's aggressive and strategic push into generative and agentic AI, solidified by the transformative acquisition of WNS, positions it at the forefront of the next wave of technological transformation. By raising its full-year guidance, Capgemini signals strong confidence in its ability to leverage these strategic assets to drive sustained growth and deliver value to clients seeking to reinvent their businesses through intelligent, AI-powered operations. The company's performance indicates a clear understanding of market demands, where investments in technology for efficiency and strategic advantage are paramount.