Interim Condensed Consolidated Financial Statements of

CGI INC.

For the three and nine months ended June 30, 2025 and 2024
(unaudited)


























Interim Consolidated Statements of Earnings
For the three and nine months ended June 30
(in thousands of Canadian dollars, except per share data) (unaudited)
Three months ended June 30Nine months ended June 30
Notes2025202420252024
$$$$
Revenue104,090,182 3,671,977 11,898,836 11,015,761 
Operating expenses
Costs of services, selling and administrative
3,423,833 3,070,655 9,955,180 9,199,955 
Restructuring, acquisition and related integration costs
683,695 100 163,471 93,486 
Net finance costs
730,861 8,765 54,104 23,495 
    Foreign exchange loss (gain)
206 (1,510)132 286 
3,538,595 3,078,010 10,172,887 9,317,222 
Earnings before income taxes 551,587 593,967 1,725,949 1,698,539 
Income tax expense142,975 153,843449,019 441,747
Net earnings408,612 440,124 1,276,930 1,256,792 
Earnings per share
Basic earnings per share5b1.84 1.94 5.71 5.49 
Diluted earnings per share5b1.82 1.91 5.64 5.40 
See Notes to the Interim Condensed Consolidated Financial Statements.

CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    1

Interim Consolidated Statement of Comprehensive Income
For the three and nine months ended June 30
(in thousands of Canadian dollars) (unaudited)
Three months ended June 30Nine months ended June 30
2025202420252024
$$$$
Net earnings408,612 440,124 1,276,930 1,256,792 
Items that will be reclassified subsequently to net earnings (net of
income taxes):
Net unrealized (losses) gains on translating financial statements of
   foreign operations
(82,106)106,602 453,069 222,132 
        Net gains (losses) on cross-currency swaps and on translating long-
     term debt designated as hedges of net investments in foreign
   operations
33,755 (20,936)(92,151)(50,555)
Deferred (costs) gains of hedging on cross-currency swaps
(18,692)5,746 (7,322)6,947 
Net unrealized (losses) gains on cash flow hedges
(17,359)6,346 (3,797)5,746 
Net unrealized (losses) gains on financial assets at fair value through
     other comprehensive income
(477)368 319 2,238 
Items that will not be reclassified subsequently to net earnings (net of
income taxes):
Net remeasurement gains (losses) on defined benefit plans
4,388 (7,877)(512)2,220 
Other comprehensive (loss) income(80,491)90,249 349,606 188,728 
Comprehensive income328,121 530,373 1,626,536 1,445,520 
See Notes to the Interim Condensed Consolidated Financial Statements.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    2

Interim Consolidated Balance Sheet
(in thousands of Canadian dollars) (unaudited)
NotesAs at
June 30, 2025		As at
September 30, 2024
$$
Assets
Current assets
Cash and cash equivalents9c and 111,130,220 1,461,145 
Accounts receivable 1,554,623 1,398,402 
Work in progress1,368,172 1,208,095 
Current financial assets1111,842 8,334 
Prepaid expenses and other current assets205,823 211,279 
Income taxes3,661 23,271 
Total current assets before funds held for clients4,274,341 4,310,526 
Funds held for clients 978,749 506,780 
Total current assets5,253,090 4,817,306 
Property, plant and equipment 371,663 366,823 
Right-of-use assets509,497 466,115 
Contract costs 367,140 344,029 
Intangible assets 1,006,664 718,575 
Other long-term assets104,503 110,440 
Long-term financial assets158,311 149,237 
Deferred tax assets 238,125 242,567 
Goodwill 11,182,236 9,470,376 
19,191,229 16,685,468 
Liabilities
Current liabilities
Accounts payable and accrued liabilities1,045,303 999,790 
Accrued compensation and employee-related liabilities1,186,776 1,165,903 
Deferred revenue570,240 536,788 
Income taxes86,717 150,300 
Current portion of long-term debt413 999 
Current portion of lease liabilities167,122 150,252 
Provisions76,776 27,471 
Current derivative financial instruments1113,270 13,073 
Total current liabilities before clients’ funds obligations3,146,617 3,044,576 
Clients’ funds obligations976,068 504,515 
Total current liabilities4,122,685 3,549,091 
Long-term debt3,574,761 2,687,309 
Long-term lease liabilities501,810 469,843 
Long-term provisions28,250 18,951 
Other long-term liabilities 312,859 301,082 
Long-term derivative financial instruments 11150,119 19,704 
Deferred tax liabilities 93,687 21,132 
Retirement benefits obligations 197,364 190,366 
8,981,535 7,257,478 
Equity
Retained earnings7,545,260 7,129,370 
Accumulated other comprehensive income4800,859 451,253 
Capital stock 5a1,522,022 1,470,333 
Contributed surplus341,553 377,034 
10,209,694 9,427,990 
19,191,229 16,685,468 
See Notes to the Interim Condensed Consolidated Financial Statements.

CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    3

Interim Consolidated Statements of Changes in Equity
For the nine months ended June 30
(in thousands of Canadian dollars) (unaudited)
NotesRetained earningsAccumulated other comprehensive
income 		Capital
stock 		Contributed surplusTotal
equity
$$$$$
Balance as at September 30, 20247,129,370 451,253 1,470,333 377,034 9,427,990 
Net earnings1,276,930 — — — 1,276,930 
Other comprehensive income
— 349,606 — — 349,606 
Comprehensive income
1,276,930 349,606 — — 1,626,536 
Share-based payment costs
— — — 54,053 54,053 
Income tax impact associated with share-based payments— — — (1,900)(1,900)
Exercise of stock options
5a— — 64,457 (10,671)53,786 
Settlement of performance share units
5a(21,256)— 45,588 (76,963)(52,631)
Purchase for cancellation of class A subordinate voting shares and related tax5a(738,014)— (45,033)— (783,047)
Purchase of Class A subordinate voting shares held in trusts
5a— — (13,323)— (13,323)
Cash dividends declared
5a(101,770)— — — (101,770)
Balance as at June 30, 20257,545,260 800,859 1,522,022 341,553 10,209,694 
NotesRetained earningsAccumulated other comprehensive
 income		Capital
stock 		Contributed surplusTotal
equity
$$$$$
Balance as at September 30, 20236,329,107 158,975 1,477,180 345,032 8,310,294 
Net earnings1,256,792 — — — 1,256,792 
Other comprehensive income— 188,728 — — 188,728 
Comprehensive income1,256,792 188,728 — — 1,445,520 
Share-based payment costs — — — 50,601 50,601 
Income tax impact associated with share-based payments— — — 4,245 4,245 
Exercise of stock options5a— — 70,066 (11,580)58,486 
Settlement of performance share units
5a775 — 13,575 (29,231)(14,881)
Purchase for cancellation of Class A subordinate voting shares
5a(846,788)— (43,022)— (889,810)
Purchase of Class A subordinate voting shares held in trusts5a— — (66,847)— (66,847)
Balance as at June 30, 20246,739,886 347,703 1,450,952 359,067 8,897,608 
See Notes to the Interim Condensed Consolidated Financial Statements.

CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    4

Interim Consolidated Statements of Cash Flows
For the three and nine months ended June 30
(in thousands of Canadian dollars) (unaudited)
Three months ended June 30Nine months ended June 30
Notes2025202420252024
$$                        $ $
Operating activities
Net earnings408,612 440,124 1,276,930 1,256,792 
Adjustments for:
Amortization, depreciation and impairment172,843 131,535 461,767 413,809 
Deferred income tax expense (recovery)
8,394 (27,236)(9,821)(89,077)
Foreign exchange loss (gain)
11,681 (4,832)3,710 (6,533)
Share-based payment costs14,019 18,921 54,053 50,601 
Gain on sale of property, plant and equipment and on
   lease terminations
— — (712)— 
Net change in non-cash working capital items and others9a(128,944)(61,787)(214,744)(49,670)
Cash provided by operating activities486,605 496,725 1,571,183 1,575,922 
Investing activities
Net change in short-term investments(2,778)112,866 (1,289)84,055 
Business acquisitions (net of cash acquired) 8(1,839)(764)(1,592,433)(50,155)
Loan receivable — 1,898 9,915 5,520 
Purchase of property, plant and equipment(36,058)(27,878)(88,866)(86,348)
Proceeds from sale of property, plant and equipment— — 1,295 — 
Additions to contract costs(29,404)(22,691)(79,392)(71,865)
Additions to intangible assets(39,626)(40,569)(119,682)(120,850)
Purchase of long-term investments(51,712)(6,511)(94,285)(11,104)
Proceeds from sale of long-term investments51,663 10,498 85,979 40,552 
Cash (used in) provided by investing activities(109,754)26,849 (1,878,758)(210,195)
Financing activities
Increase of long-term debt11— — 923,922 — 
Repayment of long-term debt11— (960)— (679,085)
Settlement of derivative financial instruments11— — — 18,087 
Payment of lease liabilities(46,670)(40,169)(126,115)(118,349)
Repayment of debt assumed in a business acquisition— — (2,172)— 
Purchase for cancellation of Class A subordinate voting
    shares and related tax
5a(286,186)(499,284)(783,765)(885,399)
Issuance of Class A subordinate voting shares5a12,882 6,841 53,798 58,486 
Purchase of Class A subordinate voting shares held in trusts5a— — (13,323)(66,847)
Withholding taxes remitted on the net settlement of
    performance share units		5a(934)(613)(52,631)(14,881)
Cash dividends paid5a(33,580)— (101,770)— 
Net change in clients' funds obligations425,949 14,818 471,101 48,743 
Cash provided by (used in) financing activities
71,461 (519,367)369,045 (1,639,245)
Effect of foreign exchange rate changes on cash, cash equivalents and cash included in funds held for clients7,330 16,699 73,993 24,008 
Net increase (decrease) in cash, cash equivalents and
    cash included in funds held for clients
455,642 20,906 135,463 (249,510)
Cash, cash equivalents and cash included in funds held for
    clients, beginning of period		1,374,550 1,567,667 1,694,729 1,838,083 
Cash, cash equivalents and cash included in funds
    held for clients, end of period		1,830,192 1,588,573 1,830,192 1,588,573 
 Cash composition:
 Cash and cash equivalents1,130,220 1,155,400 1,130,220 1,155,400 
 Cash included in funds held for clients699,972 433,173 699,972 433,173 
See Notes to the Interim Condensed Consolidated Financial Statements.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    5

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
1.Description of business
CGI Inc. (the Company), directly or through its subsidiaries, provides managed information technology (IT) and business process services, business and strategic IT consulting and systems integration services, and intellectual property (IP) business solutions to help clients effectively realize their strategies and create added value. The Company was incorporated under Part IA of the Companies Act (Québec), predecessor to the Business Corporations Act (Québec) which came into force on February 14, 2011 and its Class A subordinate voting shares are publicly traded. The executive and registered office of the Company is situated at 1350 René-Lévesque Blvd. West, Montréal, Québec, Canada, H3G 1T4.
2.Basis of preparation
These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB). In addition, the interim condensed consolidated financial statements have been prepared in accordance with the accounting policies set out in Note 3, Summary of material accounting policies, of the Company’s consolidated financial statements for the year ended September 30, 2024 which were consistently applied to all periods presented, except for the new accounting standard amendments adopted on October 1, 2024, as described below in Note 3, Accounting policies.
These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the year ended September 30, 2024.
During the first quarter ended December 31, 2024, the Company combined the previously reported Acquisition-related and integration costs and the Cost optimization program into one operating expenses line called Restructuring, acquisition and related integration costs. Comparative figures were combined to align with the new presentation with no other impact on the interim condensed consolidated financial statements.
The Company’s interim condensed consolidated financial statements for the three and nine months ended June 30, 2025 and 2024 were authorized for issue by the Board of Directors on July 29, 2025.
3.Accounting policies
ADOPTION OF ACCOUNTING STANDARD AMENDMENTS
The following standard amendments have been adopted by the Company on October 1, 2024:
Classification of Liabilities as Current or Non-current and Information about long-term debt with covenants –Amendments to IAS 1
In January 2020, the IASB amended IAS 1 Presentation of Financial Statements, clarifying that the classification of liabilities as current or non-current is based on existing rights at the end of the reporting period, independent of whether the Company will exercise its right to defer settlement of a liability. Subsequently, in October 2022, the IASB introduced additional amendments to IAS 1, emphasizing that covenants for long-term debt, regardless whether the covenants were compliant after the reporting date, should not affect debt classification; instead, companies are required to disclose information about these covenants in the notes accompanying their financial statements.
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7
In May 2023, the IASB amended IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to introduce new disclosure requirements to enhance the transparency on supplier finance arrangements and their impact on the Company’s liabilities, cash flows and liquidity exposure. The new disclosure requirements include information such as terms and conditions, the carrying amount of liabilities, the range of payment due dates, non-cash changes and liquidity risk information around supplier finance arrangements.
The implementation of these standard amendments resulted in no impact on the Company's interim condensed consolidated financial statements.

CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    6

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
3.    Accounting policies (continued)
ACCOUNTING STANDARD CLARIFICATIONS
International Financial Reporting Interpretations Committee (“IFRIC”) Agenda Decision on Segment Reporting
In 2024, the IFRS Interpretations Committee issued an agenda decision clarifying disclosure requirements for reportable segments under IFRS 8 Operating Segments. The decision emphasizes the need to disclose certain specified items if these are included in the measure of segment profit or loss reviewed by the Chief Operating Decision Maker (CODM) or are otherwise regularly provided to the CODM, even if not included in that measure of segment profit or loss. Following its evaluation of the IFRIC agenda decision, the Company has expanded its segment disclosures to reflect salaries, other employee costs and contracted labour costs. The comparative financial information has been updated accordingly.
FUTURE ACCOUNTING STANDARD CHANGES
There have been no significant updates to future accounting standard changes applicable or consequential to the Company since those disclosed in the annual consolidated financial statements for the year ended September 30, 2024.
4.    Accumulated other comprehensive income
As at
June 30, 2025		As at
September 30, 2024
$$
Items that will be reclassified subsequently to net earnings:
Net unrealized gains on translating financial statements of foreign operations, net of
  accumulated income tax expense of $63,634 ($44,210 as at September 30, 2024)
1,349,328 896,259 
Net losses on cross-currency swaps and on translating long-term debt designated as hedges of
  net investments in foreign operations, net of accumulated income tax recovery of $45,617
  ($48,921 as at September 30, 2024)
(481,108)(388,957)
Deferred gains of hedging on cross-currency swaps, net of accumulated income tax expense of
  $1,612 ($2,907 as at September 30, 2024)
11,709 19,031 
Net unrealized losses on cash flow hedges, net of accumulated income tax recovery of
  $2,158 ($1,421 as at September 30, 2024)
(10,727)(6,930)
Net unrealized gains on financial assets at fair value through other comprehensive income,
  net of accumulated income tax expense of $812 ($707 as at September 30, 2024)
2,766 2,447 
Items that will not be reclassified subsequently to net earnings:
Net remeasurement losses on defined benefit plans, net of accumulated income tax recovery
 of $23,597 ($24,817 as at September 30, 2024)
(71,109)(70,597)
800,859 451,253 
For the nine months ended June 30, 2025, $5,847,000 of the net unrealized gains on cash flow hedges, net of income tax expense of $1,905,000, previously recognized in other comprehensive income, were reclassified in the consolidated statements of earnings ($10,087,000, net of income tax expense of $3,541,000 were reclassified for the nine months ended June 30, 2024).
For the nine months ended June 30, 2025, $9,209,000 of the deferred gains of hedging on cross-currency swaps, net of income tax expense of $1,407,000, were also reclassified in the consolidated statements of earnings ($2,978,000, net of income tax expense of $455,000 were reclassified for the nine months ended June 30, 2024).


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    7

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
5.    Capital stock, share-based payments and earnings per share
a)Capital stock and share-based payments
Class A subordinate voting sharesClass B shares (multiple voting)Total
   NumberCarrying valueNumberCarrying valueNumberCarrying value
$$$
As at September 30, 2024203,774,163 1,436,680 24,122,758 33,653 227,896,921 1,470,333 
Release of Class A subordinate voting
shares held in trusts
— 45,588 — — — 45,588 
Purchased and held in trusts— (13,323)— — — (13,323)
Issued upon exercise of stock options797,571 64,457 — — 797,571 64,457 
Purchased and cancelled
(5,181,943)(45,033)— — (5,181,943)(45,033)
As at June 30, 2025199,389,791 1,488,369 24,122,758 33,653 223,512,549 1,522,022 
i)Performance shares units and shares held in trusts
During the nine months ended June 30, 2025, 674,259 performance share units (PSUs) were granted, 758,860 were settled and 391,728 were forfeited (799,418 were granted, 269,717 were settled and 239,049 were forfeited during the nine months ended June 30, 2024). The PSUs granted in the period had a weighted average grant date fair value of $159.44 per unit ($137.90 per unit during the nine months ended June 30, 2024).
During the nine months ended June 30, 2025, 433,899 Class A subordinate voting shares held in trust were released (165,603 during the nine months ended June 30, 2024) with a recorded value of $45,588,000 ($13,575,000 during the nine months ended June 30, 2024) that was removed from contributed surplus.
During the nine months ended June 30, 2025, the Company settled the withholding tax obligations on behalf of the employees under the Share Unit Plan in relation to the settlement of PSUs for a cash payment of $52,631,000 ($14,881,000 during the nine months ended June 30, 2024).
During the nine months ended June 30, 2025, the trustees, in accordance with the terms of the Share Unit Plan and Trust Agreements, purchased 84,456 Class A subordinate voting shares of the Company on the open market (463,364 during the nine months ended June 30, 2024) for a total cash consideration of $13,323,000 ($66,847,000 during the nine months ended June 30, 2024).
As at June 30, 2025, 2,251,913 Class A subordinate voting shares were held in trusts under the Share Unit Plan (2,607,504 as at June 30, 2024 and 2,601,356 as at September 30, 2024).
ii)Exercises of stock options
During the nine months ended June 30, 2025, 797,571 stock options were exercised and nil were forfeited (999,434 were exercised and 10,984 were forfeited during the nine months ended June 30, 2024).
The carrying value of Class A subordinate voting shares includes $10,671,000, which corresponds to a reduction in contributed surplus representing the value of accumulated compensation costs associated with the stock options exercised during the nine months ended June 30, 2025 ($11,580,000 during the nine months ended June 30, 2024).
iii)Shares purchased and cancelled
On January 28, 2025, the Company’s Board of Directors authorized and subsequently received regulatory approval from the Toronto Stock Exchange (TSX) for the renewal of its Normal Course Issuer Bid (NCIB) which allows for the purchase for cancellation of up to 20,196,413 Class A subordinate voting shares on the open market through the TSX, the New York Stock Exchange (NYSE) and/or alternative trading systems or otherwise pursuant to exemption orders issued by securities regulators. The Class A subordinate voting shares were available for purchase for cancellation commencing on February 6, 2025, until no later than February 5, 2026, or on such earlier date when the Company has either acquired the maximum number of Class A subordinate voting shares allowable under the NCIB or elects to terminate the bid.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    8

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
5.    Capital stock, share-based payments and earnings per share (continued)
a)Capital stock and share-based payments (continued)
iii)    Shares purchased and cancelled (continued)
During the nine months ended June 30, 2025, the Company purchased for cancellation 5,181,943 Class A subordinate voting shares under its previous and current NCIB for a total cash consideration of $770,200,000 and the excess of the purchase price over the carrying value in the amount of $725,167,000 was charged to retained earnings.
During the nine months ended June 30, 2024, the Company purchased for cancellation 1,627,300 Class A subordinate voting shares under its previous NCIBs for a total cash consideration of $225,852,000 and the excess of the purchase price over the carrying value in the amount of $212,373,000 was charged to retained earnings.
On February 23, 2024, the Company entered into a private agreement with the then Founder and Executive Chairman of the Board of the Company, as well as a wholly-owned holding company, to purchase for cancellation 1,674,930 Class A subordinate voting shares under its previous NCIB for a total cash consideration of $250,000,000 excluding transaction costs of $370,000. The excess of the purchase price over the carrying value in the amount of $244,821,000 was charged to retained earnings. The 1,674,930 Class A subordinate voting shares purchased for cancellation on February 23, 2024 included 1,266,366 Class B shares (multiple voting) converted into Class A subordinate voting shares on February 23, 2024, by a holding company wholly-owned by the then Founder and Executive Chairman of the Board of the Company. The repurchase transaction was reviewed and recommended for approval by an independent committee of the Board of Directors of the Company following the receipt of an external opinion regarding the reasonableness of the financial terms of the transaction, and ultimately approved by the Board of Directors. The purchase was made pursuant to an exemption order issued by the Autorité des marchés financiers and was considered within the annual aggregate limit that the Company was entitled to purchase under its previous NCIB.
During the nine months ended June 30, 2024, the Company purchased for cancellation 2,887,878 Class A subordinate voting shares under its previous NCIB from the Caisse de dépôt et placement du Québec (CDPQ) for a total cash consideration of $400,000,000. The excess of the purchase price over the carrying value in the amount of $375,636,000 was charged to retained earnings. The purchase was made pursuant to an exemption order issued by the Autorité des marchés financiers and was considered within the annual aggregate limit that the Company was entitled to purchase under its previous NCIB.
In addition, during the nine months ended June 30, 2024, the Company paid for and cancelled 68,550 Class A subordinate voting shares under its previous NCIB, with a carrying value of $558,000 and for a total cash consideration of $9,177,000, which were purchased but were neither paid nor cancelled as at September 30, 2023.
During the nine months ended June 30, 2025, the Company recorded $12,847,000 related to a 2.0% tax on the value of Class A subordinate voting shares repurchased, net of the value of new equity issued through stock options exercised, as part of accrued liabilities and with a corresponding reduction in retained earnings ($13,588,000 during the nine months ended June 30, 2024). In addition, during the nine months ended June 30, 2025, the Company paid $13,565,000 in relation to such tax (nil during the nine months ended June 30, 2024).








CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    9

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
5.    Capital stock, share-based payments and earnings per share (continued)
a)Capital stock and share-based payments (continued)
iv)    Dividends
During the nine months ended June 30, 2025, the Company declared and paid the following quarterly cash dividends to holders of Class A subordinate voting shares and Class B shares (multiple voting):
20252024
Dividend Payment MonthDividend per ShareValueDividend per ShareValue
December0.15 34,133 — — 
March 0.15 34,057 — — 
June0.15 33,580 — — 
101,770 — 
On July 29, 2025, the Company’s Board of Directors approved a quarterly cash dividend for holders of Class A subordinate voting shares and Class B shares (multiple voting) of $0.15 per share. This dividend is payable on September 19, 2025 to shareholders of record as of the close of business on August 15, 2025.
b)Earnings per share
The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended June 30:
Three months ended June 30
20252024
Net
earnings
Weighted average number of shares outstanding1
Earnings
per share		Net
earnings
Weighted average
number of shares outstanding1
Earnings
per share
$$$$
Basic
408,612 221,781,407 1.84 440,124 227,154,246 1.94 
Net effect of dilutive stock
    options and PSUs2
2,575,144 3,386,720 
Diluted408,612 224,356,551 1.82 440,124 230,540,966 1.91 
Nine months ended June 30
20252024
Net
earnings
Weighted average number of shares outstanding1
Earnings
per share		Net
earnings
Weighted average
number of shares outstanding1
Earnings
per share
$$$$
Basic
1,276,930 223,752,383 5.71 1,256,792 229,023,242 5.49 
Net effect of dilutive stock
    options and PSUs2
2,815,675 3,584,746 
Diluted1,276,930 226,568,058 5.64 1,256,792 232,607,988 5.40 
1    During the three months ended June 30, 2025, 1,919,410 Class A subordinate voting shares purchased for cancellation and 2,251,913 Class A subordinate voting shares held in trust were excluded from the calculation of the weighted average number of shares outstanding as of the date of the transaction (3,506,678 and 2,607,504, respectively, during the three months ended June 30, 2024).
During the nine months ended June 30, 2025, 5,181,943 Class A subordinate voting shares purchased for cancellation and 2,251,913 Class A subordinate voting shares held in trusts were excluded from the calculation of the weighted average number of shares outstanding as of the date of the transaction (6,190,108 and 2,607,504, respectively, during the nine months ended June 30, 2024).
2    For the three and nine months ended June 30, 2025 and 2024, no stock options were excluded from the calculation of the diluted earnings per share as all stock options were dilutive.

CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    10

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
6.    Restructuring, acquisition and related integration costs
Three months ended June 30
Nine months ended June 30
2025202420252024
$$$$
Restructuring45,547 — 98,000 — 
Cost optimization program— — — 91,063 
Acquisition and related integration costs38,148 100 65,471 2,423 
83,695 100 163,471 93,486 
The Company continued executing its restructuring program announced during the three months ended December 31, 2024, most of which continues to be targeted within its Continental European operations. During the three and nine months ended June 30, 2025, the Company recorded costs for terminations of employment of $45,236,000 and $92,987,000, respectively, under this initiative, as well as costs of vacating leased premises of $311,000 and $5,013,000, respectively.
During the year ended September 30, 2023, the Company initiated a cost optimization program to accelerate actions to improve operational efficiencies, including the increased use of automation and global delivery, and to rightsize its global real estate portfolio. As at March 31, 2024, the Company completed its cost optimization program for a total cost of $100,027,000. During the three and nine months ended June 30, 2024, the Company recorded nil and $91,063,000, respectively of costs under the cost optimization program, which included costs for terminations of employment of nil and $69,500,000, respectively, and costs of vacating leased premises of nil and $21,563,000, respectively.
During the three and nine months ended June 30, 2025, the Company incurred $38,148,000 and $65,471,000, respectively, of acquisition and related integration costs ($100,000 and $2,423,000 for the three and nine months ended June 30, 2024, respectively). The acquisition and related integration costs during the three and nine months ended June 30, 2025, were mainly costs related to redundancy of employment of $14,462,000 and $23,171,000, respectively ($100,000 and $380,000 for the three and nine months ended June 30, 2024, respectively), costs of vacating leased premises of $13,024,000 and $14,225,000, respectively (nil and $798,000 for the three and nine months ended June 30, 2024, respectively), as well as legal and professional fees of $30,000 and $11,235,000 respectively (nil and $174,000 for the three and nine months ended June 30, 2024, respectively).
7.    Net finance costs
Three months ended June 30,Nine months ended June 30
2025202420252024
$$$$
Interest on long-term debt24,202 11,510 56,663 35,695 
Interest on lease liabilities7,721 7,139 22,102 21,809 
Net interest costs on net defined benefit pension plans1,703 1,998 4,752 5,977 
Other finance costs5,674 3,661 6,610 6,800 
Finance costs39,300 24,308 90,127 70,281 
Finance income(8,439)(15,543)(36,023)(46,786)
30,861 8,765 54,104 23,495 
8.    Investments in subsidiaries
a)     Acquisitions and disposals
The Company made the following acquisitions during the nine months ended June 30, 2025:
–On December 13, 2024, the Company acquired all of the issued and outstanding equity interests of Daugherty Systems, Inc. (Daugherty), a professional services firm specializing in artificial intelligence, data analytics, strategic IT consulting, and business advisory services, based in St. Louis, U.S., for a total purchase price of $343,024,000. Daugherty employed approximately 1,100 professionals and the acquisition is reported under the U.S. Commercial and State Government operating segment.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    11

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
8.    Investments in subsidiaries (continued)
a)     Acquisitions and disposals (continued)
–On February 24, 2025, the Company acquired all of the issued and outstanding shares of BJSS Ltd (BJSS), a technology and engineering consultancy known for its IT solutions and software engineering expertise, based in the U.K., for a total purchase price of $1,255,577,000. BJSS employed approximately 2,400 professionals and the acquisition is mainly reported under the U.K. and Australia operating segment.
–On March 20, 2025, the Company acquired all of the issued and outstanding shares of Novatec Holding GmbH (Novatec), a professional services firm specializing in cloud-based solutions, agile software development, digital strategy, and business and IT consulting, based in Germany with operations in Spain. Novatec employed approximately 300 professionals and the acquisition is mainly reported under the Germany operating segment.
–On March 24, 2025, the Company acquired all of the issued and outstanding shares of Momentum Technologies Inc. (Momentum), a professional services firm specializing in digital transformation, managed services, cloud computing, and enterprise software development, based in Québec City, Canada. Momentum employed approximately 250 professionals and the acquisition is reported under the Canada operating segment.
These acquisitions were made to further expand CGI’s footprint in their respective regions and to complement CGI's proximity model.
The following table presents the estimated fair value of assets acquired and liabilities assumed for the acquisitions, based on the preliminary estimate of acquisition-date fair value of the identifiable tangible and intangible assets acquired and liabilities assumed:
DaughertyBJSSOtherTotal
$$$$
Accounts receivable53,546 112,358 20,382 186,286 
Work in progress14,303 6,508 582 21,393 
Prepaid expenses and other current assets4,142 5,383 1,145 10,670 
Property, plant and equipment378 4,534 2,095 7,007 
Right-of-use assets15,538 20,592 10,759 46,889 
Intangible assets1
79,408 219,987 22,233 321,628 
Other long-term assets3,124 — — 3,124 
Goodwill2
213,425 1,057,356 71,202 1,341,983 
Accounts payable and accrued liabilities(18,466)(69,600)(6,438)(94,504)
Other current liabilities(31,851)(67,515)(11,213)(110,579)
Deferred tax liabilities— (54,984)(7,096)(62,080)
Long-term debt— — (2,162)(2,162)
Lease liabilities(15,538)(23,206)(12,056)(50,800)
Long-term provisions— — (411)(411)
318,0091,211,41389,0221,618,444
Cash acquired25,01544,16414,02783,206
Net assets acquired343,0241,255,577103,0491,701,650
Consideration paid335,9341,238,94189,2541,664,129
Consideration payable7,09016,63613,79537,521
1 Intangible assets are composed of client relationships.
2 The goodwill arising from the acquisitions mainly represents the future economic value associated to acquired work force and synergies with the Company’s
operations. The goodwill is only deductible for tax purposes for Daugherty.
The estimated fair value of all assets acquired and liabilities assumed for the above acquisitions are preliminary and will be completed as soon as management will have gathered all the significant information available and considered necessary in order to finalize this allocation.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    12

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
8.    Investments in subsidiaries (continued)
a)     Acquisitions and disposals (continued)
Since their respective dates of acquisition, Daugherty and BJSS have generated approximately $156,000,000 and $173,000,000, respectively, of revenues, and approximately $13,000,000 and $10,000,000, respectively, of net earnings excluding acquisition and related integration costs, to the financial results of the Company.
On a pro forma basis, for the nine months ended June 30, 2025, these two acquisitions would have generated approximately $604,000,000 of revenues and approximately $32,000,000 of net earnings excluding acquisition and related integration costs, to the financial results of the Company had their acquisition dates been October 1, 2024.
There were no material disposals for the nine months ended June 30, 2025.
b)     Business acquisitions realized in the prior fiscal year
During the three and nine months ended June 30, 2025, the Company finalized the fair value assessment of assets acquired and liabilities assumed for Celero Solution's credit union business with no significant adjustments.
During the three and nine months ended June 30, 2025, the Company paid $2,600,000 and $11,510,000, respectively, related to acquisitions realized in prior fiscal years.
9.    Supplementary cash flow information
a) Net change in non-cash working capital items and others is as follows for the three and nine months ended June 30:
Three months ended June 30Nine months ended June 30
2025202420252024
$$$$
Accounts receivable(49,049)(46,550)64,086 (22,984)
Work in progress(75,724)37,427 (97,107)(23,932)
Prepaid expenses and other assets5,652 (23,110)30,247 (6,399)
Long-term financial assets(12,004)(3,422)(7,154)(21,948)
Accounts payable and accrued liabilities27,014 (9,552)(104,982)(36,477)
Accrued compensation and employee-related liabilities72,183 81,176 (104,920)11,225 
Deferred revenue(86,962)(75,852)(24,905)86,072 
Income taxes(65,012)(9,739)(40,898)(70,446)
Provisions35,070 (19,624)53,539 10,538 
Long-term liabilities16,735 4,232 11,890 20,741 
Derivative financial instruments(3)261 66 182 
Retirement benefits obligations3,156 2,966 5,394 3,758 
(128,944)(61,787)(214,744)(49,670)
b) Interest paid and received and income taxes paid are classified within operating activities and are as follows for the three and nine months ended June 30:
Three months ended June 30Nine months ended June 30
2025202420252024
$$$$
Interest paid9,799 9,594 61,380 65,637 
Interest received8,439 16,154 42,901 60,512 
Income taxes paid198,979 184,372 464,376 549,248 
c) Cash and cash equivalents consisted of unrestricted cash as at June 30, 2025 and September 30, 2024.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    13

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
10.    Segmented information
Effective October 1, 2024, the Company realigned its management structure, resulting in the reorganization of its operating segments. The former operating segments of Scandinavia and Central Europe (Germany, Sweden, and Norway) and Northwest and Central-East Europe (primarily Netherlands, Denmark, and Czech Republic) were reorganized into Scandinavia, Northwest, and Central-East Europe operating segment (primarily Sweden, Netherlands, Norway, Denmark, and Czech Republic), and Germany operating segment. As a result, the Company is managed through the following nine operating segments: Western and Southern Europe (primarily France, Portugal and Spain); United States (U.S.) Commercial and State Government; U.S. Federal; Canada; Scandinavia, Northwest and Central-East Europe (primarily Sweden, Netherlands, Norway, Denmark and Czech Republic); United Kingdom (U.K.) and Australia; Germany; Finland, Poland and Baltics; and Asia Pacific Global Delivery Centers of Excellence (mainly India and Philippines) (Asia Pacific).
The operating segments reflect the revised management structure and the way that the Chief Operating Decision Maker (CODM), who is the President and Chief Executive Officer of the Company, evaluates the business. Furthermore, following its evaluation of the IFRIC agenda decision, the Company has expanded its segment disclosures to reflect salaries, other employee costs and contracted labour costs. The Company has restated the segmented information for the comparative period to conform to the new operating segments and the segment expense disclosures.
For the three months ended June 30, 2025
Western and Southern EuropeU.S. Commercial and State GovernmentU.S. FederalCanadaScandinavia, Northwest and Central-East EuropeU.K. and AustraliaGermanyFinland, Poland and BalticsAsia Pacific EliminationsTotal
$$$$$$$$$$$
Segment revenue670,326 645,301 558,350 526,634 440,052 570,821 226,544 236,138 254,835 (38,819)4,090,182 
Segment earnings before
   restructuring, acquisition and
   related integration costs, net
   finance costs and income tax
   expense
80,255 95,129 91,992 117,900 59,614 78,154 27,343 39,085 76,671 — 666,143 
Restructuring, acquisition and
   related integration costs
(Note 6)
(83,695)
Net finance costs (Note 7)(30,861)
Earnings before income
   taxes
551,587 
Additional information:
Salaries, other employee
costs and contracted labour
costs
527,339 460,720 404,315 327,732 295,648 389,649 175,090 147,160 154,384 — 2,882,037 
Amortization and depreciation18,642 25,562 20,083 16,910 22,437 22,204 10,587 10,831 10,676 — 157,932 
For the three months ended June 30, 2024

Western and Southern EuropeU.S. Commercial and State GovernmentU.S. FederalCanadaScandinavia, Northwest
and Central-East Europe		U.K. and AustraliaGermanyFinland, Poland and BalticsAsia PacificEliminationsTotal
$$$$$$$$$$$
Segment revenue643,571 592,233 499,046 506,750 407,398 390,041 215,704 220,231 241,597 (44,594)3,671,977 
Segment earnings before
   restructuring, acquisition and
   related integration costs, net
   finance costs and income tax
   expense
78,097 94,282 83,515 110,169 48,900 62,292 12,825 37,155 75,597 — 602,832 
Restructuring, acquisition and
related integration costs
(Note 6)
(100)
Net finance costs (Note 7)(8,765)
Earnings before income
   taxes
593,967 
Additional information:
Salaries, other employee
costs and contracted labour
costs
507,371 415,697 358,672 322,410 274,251 248,447 178,108 139,355 143,557 — 2,587,868 
Amortization and depreciation17,877 25,431 14,288 16,439 20,170 10,772 9,590 9,567 7,252 — 131,386 


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    14

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
10.    Segmented information (continued)
For the nine months ended June 30, 2025
Western and Southern EuropeU.S. Commercial and State GovernmentU.S. FederalCanadaScandinavia, Northwest and Central-East EuropeU.K. and AustraliaGermanyFinland, Poland and BalticsAsia Pacific EliminationsTotal
$$$$$$$$$$$
Segment revenue1,998,149 1,895,264 1,699,841 1,581,990 1,271,989 1,453,977 666,681 691,716 759,050 (119,821)11,898,836 
Segment earnings before
   restructuring, acquisition and
   related integration costs, net
   finance costs and income tax
   expense
261,845 272,281 243,178 361,070 171,006 214,187 78,418 105,810 235,729 — 1,943,524 
Restructuring, acquisition and
related integration costs
 (Note 6)
(163,471)
Net finance costs (Note 7)(54,104)
Earnings before income
  taxes		1,725,949 
Additional information:
Salaries, other employee
costs and contracted labour
costs
1,556,511 1,372,682 1,250,679 953,654 856,572 964,481 514,452 442,527 457,860 — 8,369,418 
Amortization and depreciation55,571 75,562 62,594 51,407 64,139 45,460 30,547 30,354 26,271 — 441,905 

For the nine months ended June 30, 2024

Western and Southern EuropeU.S. Commercial and State GovernmentU.S. FederalCanadaScandinavia, Northwest
and Central-East Europe		U.K. and AustraliaGermanyFinland, Poland and BalticsAsia PacificEliminationsTotal
$$$$$$$$$$$
Segment revenue1,979,354 1,748,997 1,478,563 1,522,671 1,218,436 1,163,509 670,632 656,131 709,122 (131,654)11,015,761 
Segment earnings before
   restructuring, acquisition and
   related integration costs, net
   finance costs and income tax
   expense
269,056 244,210 228,660 352,300 148,649 189,341 64,567 94,775 223,962 — 1,815,520 
Restructuring, acquisition and
related integration costs
 (Note 6)
(93,486)
Net finance costs (Note 7)(23,495)
Earnings before income
   taxes		1,698,539 
Additional information:
Salaries, other employee
costs and contracted labour
costs
1,539,354 1,243,357 1,085,582 943,971 821,806 739,667 529,007 428,123 423,182 — 7,754,049 
Amortization and depreciation1
53,416 77,974 43,840 46,007 62,476 33,074 28,366 28,397 21,558 — 395,108 
1Amortization included an impairment in U.S. Commercial and State Government segment of $7,926,000 related to a business solution. This asset was no longer expected to
generate future economic benefits.
The accounting policies of each operating segment are the same as those described in Note 3, Summary of material accounting policies, of the Company’s consolidated financial statements for the year ended September 30, 2024. Intersegment revenue is priced as if the revenue was from third parties.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    15

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
10.    Segmented information (continued)
GEOGRAPHIC INFORMATION
The following table provides external revenue information based on the client’s location which is different from the revenue presented under operating segments, due to the intersegment revenue, for the three and nine months ended June 30:
Three months ended June 30Nine months ended June 30
2025202420252024
$$
$
$
Western and Southern Europe
France571,647 556,656 1,710,804 1,718,697 
Portugal32,614 30,057 97,990 88,991 
Spain 34,642 29,886 99,604 90,031 
Others17,114 12,778 48,730 42,779 
656,017 629,377 — 1,957,128 1,940,498 
U.S.1
1,277,285 1,156,239 3,811,584 3,406,403 
Canada578,050 549,100 1,733,964 1,649,993 
Scandinavia, Northwest and Central-East Europe
Sweden189,997 174,884 544,114 537,204 
Netherlands173,243 160,145 509,087 475,763 
Norway28,876 28,926 85,326 85,815 
Denmark23,530 24,686 70,724 69,541 
Czech Republic20,679 20,299 58,778 60,454 
Others18,087 17,421 52,635 48,421 
454,412 426,361 — 1,320,664 1,277,198 
U.K. and Australia
U.K.603,022 425,354 1,551,924 1,267,847 
Australia20,439 18,681 59,723 54,087 
623,461 444,035 1,611,647 1,321,934 
Germany249,391 232,197 724,451 718,452 
Finland, Poland and Baltics
Finland229,980 215,912 677,217 642,599 
Others20,476 17,777 58,639 52,762 
250,456 233,689 735,856 695,361 
Asia Pacific


Others1,110 979 3,542 5,922 
1,110 979 3,542 5,922 
4,090,182 3,671,977 — 11,898,836 11,015,761 
1    External revenue included in the U.S Commercial and State Government and U.S. Federal operating segments was $717,738,000 and $559,547,000, respectively, for the three months ended June 30, 2025 ($655,181,000 and $501,058,000, respectively, for the three months ended June 30, 2024). External revenue included in the U.S. Commercial and State Government and U.S. Federal operating segments was $2,107,105,000 and $1,704,479,000, respectively, for the nine months ended June 30, 2025 ($1,921,310,000 and $1,485,093,000, respectively, for the nine months ended June 30, 2024).





CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    16

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
10.    Segmented information (continued)
INFORMATION ABOUT SERVICES
The following table provides revenue information based on services provided by the Company for the three and nine months ended June 30:    
Three months ended June 30Nine months ended June 30
2025202420252024
$$
$
$
Managed IT and business process services2,217,739 2,003,192 6,615,579 5,981,887 
Business and strategic IT consulting and systems integration services1,872,443 1,668,785 5,283,257 5,033,874 
4,090,182 3,671,977 11,898,836 11,015,761 
MAJOR CLIENT INFORMATION
Contracts with the U.S. federal government and its various agencies, included within the U.S. Federal operating segment, accounted for $557,650,000 and 13.6% of revenues for the three months ended June 30, 2025 ($497,155,000 and 13.5% for the three months ended June 30, 2024) and $1,697,267,000 and 14.3% of revenues for the nine months ended June 30, 2025 ($1,473,088,000 and 13.4% for the nine months ended June 30, 2024).
11.    Financial instruments
All financial instruments are initially measured at their fair value and are subsequently classified either at amortized cost, at fair value through earnings (FVTE) or at fair value through other comprehensive income (FVOCI).
There were no changes in valuation techniques used for fair value measurements during the nine months ended June 30, 2025.
The following table presents the financial liabilities included in the long-term debt measured at amortized cost categorized using the fair value hierarchy.
As at June 30, 2025As at September 30, 2024
LevelCarrying amountFair valueCarrying amountFair value
      $$$$
2021 U.S. Senior NotesLevel 21,355,282 1,260,219 1,342,758 1,223,120 
2021 CAD Senior NotesLevel 2597,712 576,026 597,212 564,768 
2024 CAD Senior NotesLevel 2746,757 763,824 746,144 759,375 
2025 U.S Senior NotesLevel 2874,152 896,242 — — 
Other long-term debtLevel 21,271 1,287 2,194 2,119 
3,575,174 3,497,598 2,688,308 2,549,382 
For the remaining financial assets and liabilities measured at amortized cost, the carrying value approximates the fair value of the financial instruments given their short-term maturity.
In March 2025, the Company issued senior unsecured notes (2025 U.S. Senior Notes) for a total principal amount of U.S. $650,000,000, less financing fees. This issuance is comprised of one series of notes with a maturity of 5 years at an interest rate of 4.95%, payable semi-annually. The Company also entered into a U.S. dollar to Canadian dollar cross-currency swap agreement for a notional amount of U.S. $650,000,000, which was designated as a cash flow hedge of the Company’s exposure to the currency risks related to these senior unsecured notes, reducing the Canadian dollar equivalent cost of borrowing to 3.71%.
In December 2023, the Company repaid in full the unsecured committed term loan credit facility of U.S. $500,000,000, for a total amount of $670,350,000. The Company also settled the related cross currency swaps with a notional amount of $670,039,000, for a net gain of $18,087,000, for which $311,000 related to the cash flow hedge was recorded in net finance costs and $17,776,000 related to the net investment hedge was recognized in other comprehensive income and will be transferred to earnings when the net investment is disposed of.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    17

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
11.    Financial instruments (continued)
The following table presents financial assets and liabilities measured at fair value categorized using the fair value hierarchy:
LevelAs at June 30, 2025As at September 30, 2024
$$
Financial assets
FVTE
Cash and cash equivalents Level 21,130,220 1,461,145 
Cash included in funds held for clientsLevel 2699,972 233,584 
Deferred compensation plan assetsLevel 1120,508 112,270 

1,950,700 1,806,999 
Derivative financial instruments designated as
     hedging instruments
Current derivative financial instruments included in current
      financial assets		Level 2
Foreign currency forward contracts7,274 5,055 
Long-term derivative financial instrumentsLevel 2
Foreign currency forward contracts2,275 2,644 

9,549 7,699 
FVOCI
Short-term investments included in current financial assetsLevel 24,568 3,279 
Long-term bonds included in funds held for clientsLevel 2228,777 223,196 
Long-term investmentsLevel 227,676 24,209 
261,021 250,684 
Financial liabilities
Derivative financial instruments designated as
     hedging instruments
Current derivative financial instrumentsLevel 2
Foreign currency forward contracts13,270 13,073 
Long-term derivative financial instrumentsLevel 2
Cross-currency swaps129,290 9,500 
Foreign currency forward contracts20,829 10,204 
163,389 32,777 
There have been no transfers between Level 1 and Level 2 during the nine months ended June 30, 2025.

12.    Guarantees
In the normal course of business, the Company may secure bid and performance bonds from third party financial institutions to offer to certain clients, principally governmental entities. In general, the Company would only be liable for the amount of the bid bonds if the Company refuses to perform the project once the bid is awarded. The Company would also be liable for the performance bonds in the event of default in the performance of its obligations. As at June 30, 2025, the Company had committed a total of $269,829,000 of these bonds ($49,441,000 as at September 30, 2024). To the best of its knowledge, the Company complies with its performance obligations under all service contracts for which there is a bid or performance bond, and the ultimate liability, if any, incurred in connection with these guarantees, would not have a material adverse effect on the Company’s consolidated results of operations or financial condition.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024    18