Interim Condensed Consolidated Financial Statements of

CGI INC.

For the three and six months ended March 31, 2026 and 2025
(unaudited)

























Interim Consolidated Statements of Earnings
For the three and six months ended March 31
(in thousands of Canadian dollars, except per share data) (unaudited)
Three months ended March 31Six months ended March 31
Notes2026202520262025
$$$$
 Revenue104,156,169 4,023,409 8,234,524 7,808,654 
 Operating expenses
Costs of services, selling and administrative
3,464,596 3,357,197 6,887,300 6,531,347 
Restructuring, acquisition and related integration costs
640,904 66,412 67,149 79,776 
Net finance costs
733,035 16,631 62,111 23,243 
    Net foreign exchange (gain) loss(35)553 503 (74)
3,538,500 3,440,793 7,017,063 6,634,292 
 Earnings before income taxes 617,669 582,616 1,217,461 1,174,362 
 Income tax expense172,949152,878330,745306,044
 Net earnings444,720 429,738 886,716 868,318 
 Earnings per share
 Basic earnings per share5b2.10 1.92 4.15 3.86 
 Diluted earnings per share5b2.09 1.89 4.12 3.81 
See Notes to the Interim Condensed Consolidated Financial Statements.

CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    1

Interim Consolidated Statements of Comprehensive Income
For the three and six months ended March 31
(in thousands of Canadian dollars) (unaudited)
Three months ended March 31Six months ended March 31
2026202520262025
$$$$
Net earnings444,720 429,738 886,716 868,318 
Items that will be reclassified subsequently to net earnings
(net of income tax):
Net unrealized gains (losses) on translating financial statements of
  foreign operations
78,314 305,833 (111,936)535,175 
Net (losses) gains on cross-currency swaps and on translating
  long-term debt designated as hedges of net investments in foreign
  operations
(24,169)(50,678)17,859 (125,906)
Deferred gains (costs) of hedging on cross-currency swaps
568 8,809 (2,050)11,370 
Net unrealized (losses) gains on cash flow hedges
(27,639)(8,461)(36,147)13,562 
Net unrealized (losses) gains on financial assets at fair value through
  other comprehensive income		(1,602)1,179 (2,536)796 
Items that will not be reclassified subsequently to net earnings
(net of income taxes):
Net remeasurement gains (losses) on defined benefit plans
6,035 971 6,779 (4,900)
Other comprehensive income (loss)31,507 257,653 (128,031)430,097 
Comprehensive income476,227 687,391 758,685 1,298,415 
See Notes to the Interim Condensed Consolidated Financial Statements.





CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    2

Interim Consolidated Balance Sheets
(in thousands of Canadian dollars) (unaudited)
NotesAs at
March 31, 2026		As at
September 30, 2025
$$
 Assets
 Current assets
Cash and cash equivalents9c and 11708,444 864,209 
Accounts receivable 1,561,512 1,613,777 
Work in progress1,378,492 1,367,989 
Current financial assets119,047 6,167 
Prepaid expenses and other current assets199,488 193,896 
Income taxes34,838 28,705 
 Total current assets before funds held for clients3,891,821 4,074,743 
Funds held for clients 1,067,806 978,436 
 Total current assets4,959,627 5,053,179 
 Property, plant and equipment 363,516 377,900 
 Right-of-use assets526,121 541,987 
 Contract costs 388,660 370,932 
 Intangible assets 845,312 888,006 
 Other long-term assets147,257 143,320 
 Long-term financial assets151,649 162,438 
 Deferred tax assets 207,668 239,284 
 Goodwill 11,714,904 11,744,782 
19,304,714 19,521,828 
 Liabilities
 Current liabilities
Accounts payable and accrued liabilities1,019,690 1,014,834 
Accrued compensation and employee-related liabilities1,159,911 1,269,767 
Deferred revenue693,028 577,286 
Income taxes149,831 79,333 
Current portion of long-term debt836,923 845,253 
Current portion of lease liabilities181,317 173,071 
Provisions95,510 144,331 
Current derivative financial instruments1146,231 24,622 
 Total current liabilities before clients’ funds obligations4,182,441 4,128,497 
Clients’ funds obligations1,063,965 973,673 
 Total current liabilities5,246,406 5,102,170 
 Long-term debt2,797,456 2,792,582 
 Long-term lease liabilities487,236 520,413 
 Long-term provisions35,943 39,665 
 Other long-term liabilities 306,351 341,173 
 Long-term derivative financial instruments 11182,005 173,105 
 Deferred tax liabilities 51,532 71,673 
 Retirement benefits obligations 196,584 198,715 
9,303,513 9,239,496 
 Equity
 Retained earnings7,338,251 7,428,172 
 Accumulated other comprehensive income4874,313 1,002,344 
 Capital stock 5a1,471,478 1,499,917 
 Contributed surplus317,159 351,899 
10,001,201 10,282,332 
19,304,714 19,521,828 
See Notes to the Interim Condensed Consolidated Financial Statements.

CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    3

Interim Consolidated Statements of Changes in Equity
For the six months ended March 31
(in thousands of Canadian dollars) (unaudited)
NotesRetained earningsAccumulated other comprehensive
income 		Capital
stock 		Contributed surplusTotal
equity
$$$$$
Balance as at September 30, 20257,428,172 1,002,344 1,499,917 351,899 10,282,332 
Net earnings886,716 — — — 886,716 
Other comprehensive loss— (128,031)— — (128,031)
Comprehensive income (loss)886,716 (128,031)— — 758,685 
Share-based payment costs
— — — 30,082 30,082 
Income tax impact associated with share-based payments— — — (2,751)(2,751)
Exercise of stock options
5a— — 25,843 (4,273)21,570 
Settlement of performance share units
5a1,656 — 37,031 (57,798)(19,111)
Purchase for cancellation of Class A subordinate voting shares
and related tax
5a(905,054)— (72,150)— (977,204)
Purchase of Class A subordinate voting shares held in trusts
5a— — (19,163)— (19,163)
Cash dividends declared
5a(73,239)— — — (73,239)
Balance as at March 31, 20267,338,251 874,313 1,471,478 317,159 10,001,201 
NotesRetained earningsAccumulated other comprehensive
 income		Capital
stock 		Contributed surplusTotal
equity
$$$$$
Balance as at September 30, 20247,129,370 451,253 1,470,333 377,034 9,427,990 
Net earnings868,318 — — — 868,318 
Other comprehensive income— 430,097 — — 430,097 
Comprehensive income868,318 430,097 — — 1,298,415 
Share-based payment costs — — 40,034 40,034 
Income tax impact associated with share-based payments— — — (1,545)(1,545)
Exercise of stock options5a— — 49,062 (8,125)40,937 
Settlement of performance share units
5a(21,267)— 44,548 (74,978)(51,697)
Purchase for cancellation of Class A subordinate voting shares
and related tax
5a(471,048)— (28,250)— (499,298)
Purchase of Class A subordinate voting shares held in trusts5a— — (13,323)— (13,323)
Cash dividends declared
5a(68,190)— — — (68,190)
Balance as at March 31, 20257,437,183 881,350 1,522,370 332,420 10,173,323 
See Notes to the Interim Condensed Consolidated Financial Statements.

CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    4

Interim Consolidated Statements of Cash Flows
For the three and six months ended March 31
(in thousands of Canadian dollars) (unaudited)
Three months ended March 31Six months ended March 31
Notes2026202520262025
$$                        $ $
 Operating activities
 Net earnings444,720429,738 886,716 868,318 
 Adjustments for:
Amortization and depreciation 165,365 147,406 314,117 288,924 
Deferred income tax (recovery) expense(1,599)(21,209)21,926 (18,215)
Net foreign exchange loss (gain)6,510 613 5,015 (7,971)
Share-based payment costs
11,973 15,756 30,082 40,034 
Gain on sale of property, plant and equipment and on
   lease terminations
(348)(764)(244)(712)
 Net change in non-cash working capital items and others9a(175,538)(133,385)65,396 (85,800)
 Cash provided by operating activities451,083 438,155 1,323,008 1,084,578 
 Investing activities
 Net change in short-term investments(2,860)— (3,917)1,489 
 Business acquisitions (net of cash acquired)
8(8,261)(1,560,553)(113,972)(1,590,594)
 Loan receivable
— 8,557 — 9,915 
 Purchase of property, plant and equipment(31,655)(26,810)(56,384)(52,808)
 Proceeds from sale of property, plant and equipment— — — 1,295 
 Additions to contract costs(35,860)(27,735)(58,706)(49,988)
 Additions to intangible assets(36,994)(45,143)(75,920)(80,056)
 Purchase of long-term investments(29,640)(25,707)(61,667)(42,573)
 Proceeds from sale of long-term investments29,786 22,757 56,024 34,316 
 Cash used in investing activities(115,484)(1,654,634)(314,542)(1,769,004)
 Financing activities
 Increase of long-term debt11— 923,922 — 923,922 
 Payment of lease liabilities(44,685)(37,827)(91,784)(79,445)
 Repayment of debt assumed in a business acquisition11— (2,172)(13,899)(2,172)
 Purchase for cancellation of Class A subordinate voting
shares and related tax
5a(396,880)(344,630)(973,493)(497,579)
 Issuance of Class A subordinate voting shares5a6,653 24,632 21,570 40,916 
 Purchase of Class A subordinate voting shares held in trusts5a— — (19,163)(13,323)
 Withholding taxes remitted on the net settlement of
    performance share units		5a(1,625)(21,538)(19,111)(51,697)
 Cash dividends paid5a(36,239)(34,057)(73,239)(68,190)
 Net change in clients' funds obligations
275,450 (392,978)90,448 45,152 
 Cash (used in) provided by financing activities
(197,326)115,352 (1,078,671)297,584 
 Effect of foreign exchange rate changes on cash, cash equivalents and cash included in funds held for clients
9,991 6,561 (1,289)66,663 
 Net increase (decrease) in cash, cash equivalents and
    cash included in funds held for clients
148,264 (1,094,566)(71,494)(320,179)
 Cash, cash equivalents and cash included in funds held for
    clients, beginning of period		1,348,954 2,469,116 1,568,712 1,694,729 
 Cash, cash equivalents and cash included in funds
    held for clients, end of period		1,497,218 1,374,550 1,497,218 1,374,550 
 Cash composition:
 Cash and cash equivalents708,444 1,099,450 708,444 1,099,450 
 Cash included in funds held for clients788,774 275,100 788,774 275,100 
See Notes to the Interim Condensed Consolidated Financial Statements.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    5

Notes to the Interim Condensed Consolidated Financial Statements
For the three and six months ended March 31, 2026 and 2025
(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 years ended September 30, 2025 and 2024 which were consistently applied to all periods presented.
These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the years ended September 30, 2025 and 2024.
The Company’s interim condensed consolidated financial statements for the three and six months ended March 31, 2026 and 2025 were authorized for issue by the Board of Directors on April 28, 2026.
3.Accounting policies
FUTURE ACCOUNTING STANDARD CHANGES
The following standard amendments have been issued and will be effective as of October 1, 2026 for the Company, with earlier application permitted. The Company has initiated a detailed assessment of these amendments and is progressing its evaluation of the potential impact on its interim condensed consolidated financial statements.
Classification and measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7
In May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments, which amend IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The standard amendments clarify that a financial liability is derecognized on the settlement date, specifically when the related obligation is discharged or cancelled or expires or the liability otherwise qualified for derecognition. Furthermore, they clarify the treatment of non-recourse assets and contractually linked instruments and they introduce additional disclosures for financial assets and liabilities with contractual terms that reference a contingent event, and equity instruments classified at fair value through other comprehensive income. The new requirements will be applied retrospectively. An entity is required to disclose information about financial assets that change their measurement category due to the standard amendments.
The following standard has been issued by the IASB and will be effective as of October 1, 2027 for the Company, with earlier application permitted. The Company has initiated a detailed assessment of these amendments and is progressing its evaluation of the potential impact on its interim condensed consolidated financial statements.
IFRS 18 - Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements which is set to replace IAS 1 Presentation of Financial Statements. The new IFRS accounting standard is aimed to improve comparability and transparency of communication in financial statements. While a number of sections from IAS 1 have been brought forward to IFRS 18, the standard introduces new requirements on presentation within the statement of profit or loss, including specified totals and subtotals. It also requires disclosure of management-defined financial performance measures used in public communications outside financial statements and includes new requirements for aggregation and disaggregation of financial information based on the identified roles of the primary financial statements and the notes. Retrospective application is required in both annual and interim financial statements.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    6

Notes to the Interim Condensed Consolidated Financial Statements
For the three and six months ended March 31, 2026 and 2025
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
4.    Accumulated other comprehensive income
As at
March 31, 2026		As at
September 30, 2025
$$
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 $54,842 ($59,141 as at September 30, 2025)
1,477,044 1,588,980 
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 $47,561 ($46,173 as at September 30, 2025)
(524,450)(542,309)
Deferred gains of hedging on cross-currency swaps, net of accumulated income tax expense of $1,279 ($2,538 as at September 30, 2025)
15,080 17,130 
Net unrealized losses on cash flow hedges, net of accumulated income tax recovery of $21,936 ($10,042 as at September 30, 2025)
(70,506)(34,359)
Net unrealized gains on financial assets at fair value through other comprehensive income, net of accumulated income tax expense of $497 ($1,361 as at September 30, 2025)
1,792 4,328 
Items that will not be reclassified subsequently to net earnings:
Net remeasurement losses on defined benefit plans, net of accumulated income tax recovery of $9,207 ($11,755 as at September 30, 2025)
(24,647)(31,426)
874,313 1,002,344 
For the six months ended March 31, 2026, $4,705,000 of the net unrealized losses on cash flow hedges, net of income tax recovery of $1,414,000, previously recognized in other comprehensive income were reclassified in the consolidated statements of earnings ($4,571,000 of the net unrealized gains on cash flow hedges, net of income tax expense of $1,539,000, were reclassified for the six months ended March 31, 2025).
For the six months ended March 31, 2026, $5,781,000 of the deferred gains of hedging on cross-currency swaps, net of income tax expense of $883,000, were also reclassified in the consolidated statements of earnings ($6,336,000 net of income tax expense of $968,000, were reclassified for the six months ended March 31, 2025).
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, 2025195,939,991 1,466,264 24,122,758 33,653 220,062,749 1,499,917 
Release of Class A subordinate voting
shares held in trusts
— 37,031 — — — 37,031 
Purchased and held in trusts— (19,163)— — — (19,163)
Issued upon exercise of stock options306,362 25,843 — — 306,362 25,843 
Purchased and cancelled
(8,117,527)(71,710)— — (8,117,527)(71,710)
Purchased and not cancelled— (440)— — — (440)
As at March 31, 2026188,128,826 1,437,825 24,122,758 33,653 212,251,584 1,471,478 



CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    7

Notes to the Interim Condensed Consolidated Financial Statements
For the three and six months ended March 31, 2026 and 2025
(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)
i)Performance share units and shares held in trusts
During the six months ended March 31, 2026, 882,465 performance share units (PSUs) were granted, 520,755 were settled and 185,183 were forfeited (674,259 were granted, 744,146 were settled and 369,508 were forfeited during the six months ended March 31, 2025). The PSUs granted in the period had a weighted average grant date fair value of $123.78 per unit ($159.44 per unit during the six months ended March 31, 2025).
During the six months ended March 31, 2026, 363,047 Class A subordinate voting shares held in trust were released (423,652 during the six months ended March 31, 2025) with a recorded value of $37,031,000 ($44,548,000 during the six months ended March 31, 2025) that was removed from contributed surplus.
During the six months ended March 31, 2026, the Company remitted $19,111,000 in cash to tax authorities on behalf of employees, representing withholding taxes deducted from employees under the Share Unit Plan ($51,697,000 during the six months ended March 31, 2025).
During the six months ended March 31, 2026, the trustees, in accordance with the terms of the Share Unit Plan and Trust Agreements, purchased 153,783 Class A subordinate voting shares of the Company on the open market (84,456 during the six months ended March 31, 2025) for a total cash consideration of $19,163,000 ($13,323,000 during the six months ended March 31, 2025).
As at March 31, 2026, 2,038,090 Class A subordinate voting shares were held in trusts under the Share Unit Plan (2,262,160 as at March 31, 2025 and 2,247,354 as at September 30, 2025).
ii)Exercises of stock options
During the six months ended March 31, 2026, 306,362 stock options were exercised and nil were forfeited (615,460 were exercised and nil were forfeited during the six months ended March 31, 2025).
The carrying value of Class A subordinate voting shares includes $4,273,000, which corresponds to a reduction in contributed surplus representing the value of accumulated compensation costs associated with the stock options exercised during the six months ended March 31, 2026 ($8,125,000 during the six months ended March 31, 2025).
iii)Shares purchased and cancelled
On January 27, 2026, 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 18,975,360 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 may be purchased for cancellation commencing on February 6, 2026, until no later than February 5, 2027, 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.
During the six months ended March 31, 2026, the Company purchased for cancellation 8,086,327 Class A subordinate voting shares under its previous and current NCIB for a total cash consideration of $958,761,000 and the excess of the purchase price over the carrying value in the amount of $886,611,000 was charged to retained earnings.
Of the purchased Class A subordinate voting shares, 49,100 Class A subordinate voting shares with a carrying value of $440,000 and a purchase value of $4,988,000 were neither paid nor cancelled as at March 31, 2026. Furthermore, during the six months ended March 31, 2026, the Company paid for and cancelled 80,300 Class A subordinate voting shares under its previous NCIB, with a carrying value of $708,000 and for a total cash consideration of $9,935,000, which were purchased but were neither paid nor cancelled as at September 30, 2025.
During the six months ended March 31, 2026, the Company recorded $18,443,000 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 ($7,801,000 during the six months ended March 31, 2025). In addition, during the six months ended March 31, 2026, the Company paid $9,785,000 in relation to such tax ($13,565,000 during the six months ended March 31, 2025).
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    8

Notes to the Interim Condensed Consolidated Financial Statements
For the three and six months ended March 31, 2026 and 2025
(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 six months ended March 31, 2026, the Company declared and paid the following quarterly cash dividends to holders of Class A subordinate voting shares and Class B shares (multiple voting):
20262025
Dividend Payment MonthDividend per ShareValueDividend per ShareValue
$$$$
December0.17 37,000 0.15 34,133 
March 0.17 36,239 0.15 34,057 
73,239 68,190 
On April 28, 2026, 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 $0.17 per share. This dividend is payable on June 19, 2026 to shareholders of record as of the close of business on May 15, 2026.

b)Earnings per share
The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended March 31:
Three months ended March 31
20262025
Net earnings
Weighted average number of shares outstanding1
Earnings
per share		Net
earnings
Weighted average
number of shares outstanding1
Earnings
per share
$$$$
Basic
444,720 211,723,757 2.10 429,738 224,275,024 1.92 
Net effect of dilutive stock
    options and PSUs2
1,383,917 2,915,004 
Diluted444,720 213,107,674 2.09 429,738 227,190,028 1.89 
Six months ended March 31
20262025
Net earnings
Weighted average number of shares outstanding1
Earnings
per share		Net
earnings
Weighted average
number of shares outstanding1
Earnings
per share
$$$$
 Basic
886,716 213,861,279 4.15 868,318 224,737,870 3.86 
 Net effect of dilutive stock
    options and PSUs2
1,541,611 2,924,284 
Diluted886,716 215,402,890 4.12 868,318 227,662,154 3.81 
1    During the three months ended March 31, 2026, 3,511,574 Class A subordinate voting shares purchased for cancellation and 2,038,090 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 (2,334,934 and 2,262,160, respectively, during the three months ended March 31, 2025).
During the six months ended March 31, 2026, 8,086,327 Class A subordinate voting shares purchased for cancellation and 2,038,090 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 (3,262,533 and 2,262,160, respectively, during the six months ended March 31, 2025).
2    For the three months ended March 31, 2026, 153,643 stock options were excluded from the calculation of the diluted earnings per share as they were antidilutive (nil for the three months ended March 31, 2025).
For the six months ended March 31, 2026 and 2025, 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 six months ended March 31, 2026 and 2025    9

Notes to the Interim Condensed Consolidated Financial Statements
For the three and six months ended March 31, 2026 and 2025
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
6.    Restructuring, acquisition and related integration costs
Three months ended March 31
Six months ended March 31
2026202520262025
$$$$
 Restructuring— 44,153 — 52,453 
 Acquisition and related integration costs40,904 22,259 67,149 27,323 
40,904 66,412 67,149 79,776 
During the year ended September 30, 2025, the Company initiated and completed a restructuring program which was targeted within its Continental European operations to realign its cost structure with current market conditions, for a total cost of $196,796,000.
During the three and six months ended March 31, 2026, acquisition and related integration costs were related to redundancy of employment of $22,232,000 and $42,300,000, respectively ($7,690,000 and $8,709,000 for the three and six months ended March 31, 2025, respectively), costs of vacating leased premises of $9,607,000 and $9,753,000, respectively ($34,000 and $1,201,000 for the three and six months ended March 31, 2025, respectively), integration costs toward the CGI operating model of $7,567,000 and $12,558,000, respectively ($4,818,000 and $6,208,000 for the three and six months ended March 31, 2025, respectively) as well as legal and professional fees of $1,498,000 and $2,538,000, respectively ($9,717,000 and $11,205,000 for the three and six months ended March 31, 2025, respectively).
7.    Net finance costs
Three months Ended March 31Six months ended March 31
2026202520262025
$$$$
 Interest on long-term debt24,472 17,552 48,421 32,461 
 Interest on lease liabilities7,992 7,287 16,111 14,381 
 Net interest costs on net defined benefit pension plans2,328 1,428 2,961 3,049 
 Other finance costs4,067 850 4,067 936 
 Finance costs38,859 27,117 71,560 50,827 
 Finance income(5,824)(10,486)(9,449)(27,584)
33,035 16,631 62,111 23,243 
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    10

Notes to the Interim Condensed Consolidated Financial Statements
For the three and six months ended March 31, 2026 and 2025
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
8.    Investments in subsidiaries
a)     Acquisitions and disposals
The Company made the following acquisitions during the six months ended March 31, 2026:
–On December 2, 2025, the Company acquired all of the issued and outstanding shares of Online Business Systems (OBS), an IT consulting firm, based in Canada with operations in the U.S. More than 350 professionals joined CGI from OBS. The acquisition is reported under the Canada and U.S. Commercial and State Government operating segments.
–On December 22, 2025, the Company acquired all of the issued and outstanding shares Comarch Polska SA (Comarch Polska), a subsidiary of Comarch SA, specializing in IT solutions, based in Poland. More than 460 professionals joined CGI from Comarch Polska. The acquisition is reported under the Finland, Poland and Baltics operating segment.
These acquisitions were made to further expand CGI’s footprint in their respective regions and to complement CGI's proximity model.
The purchase prices for the above acquisitions are mainly allocated to goodwill, which is not deductible for tax purposes, and mostly represents the future economic value associated with acquired work force and synergies with the Company’s operations. The estimated fair value of all assets acquired and liabilities assumed for these acquisitions is 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.
There were no material disposals for the six months ended March 31, 2026.
b)     Business acquisitions realized in the prior fiscal year
During the three months ended March 31, 2026, the Company finalized the fair value assessment of assets acquired and liabilities assumed for BJSS Ltd., Novatec Holding GmbH and Momentum Technologies Inc., with no significant adjustments.
During the six months ended March 31, 2026, the Company also finalized the fair value assessment of assets acquired and liabilities assumed for Daugherty Systems, Inc. with no adjustment.
During the three and six months ended March 31, 2026, the Company paid $8,287,000 and $12,812,000, respectively, related to acquisitions realized in the prior fiscal year.










CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    11

Notes to the Interim Condensed Consolidated Financial Statements
For the three and six months ended March 31, 2026 and 2025
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
9.    Supplementary cash flow information
a) Net change in non-cash working capital items and others is as follows for the three and six months ended March 31:
Three months ended March 31Six months ended March 31
2026202520262025
$$$$
 Accounts receivable7,641 105,166 96,063 113,135 
 Work in progress(195,072)(120,518)(16,753)(21,383)
 Prepaid expenses and other assets(19,492)(7,571)(6,816)24,595 
 Long-term financial assets11,314 7,795 5,505 4,850 
 Accounts payable and accrued liabilities10,875 (51,997)4,710 (131,996)
 Accrued compensation and employee-related liabilities(19,213)(107,964)(118,140)(177,103)
 Deferred revenue31,670 42,155 87,958 62,057 
 Income taxes35,475 1,877 51,189 24,114 
 Provisions(34,562)18,816 (51,262)18,469 
 Long-term liabilities(9,472)(25,287)4,148 (4,845)
 Derivative financial instruments55 85 19 69 
 Retirement benefits obligations5,243 4,058 8,775 2,238 
(175,538)(133,385)65,396 (85,800)
b) Interest paid and received and income taxes paid are classified within operating activities and are as follows for the three and six months ended March 31:
Three months ended March 31
Six months ended March 31
2026202520262025
$$$$
 Interest paid66,573 30,936 77,475 38,717 
 Interest received16,437 17,213 22,127 34,462 
 Income taxes paid138,393 157,343 236,799 265,397 
c) Cash and cash equivalents consisted of unrestricted cash as at March 31, 2026 and September 30, 2025.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    12

Notes to the Interim Condensed Consolidated Financial Statements
For the three and six months ended March 31, 2026 and 2025
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
10.    Segmented information
The following tables present information on the Company's operations which are managed through the following nine operating segments: Western and Southern Europe (primarily France, Portugal and Spain); United States (U.S.) Commercial and State Government; United Kingdom (U.K.) and Australia; Canada; U.S. Federal; Scandinavia, Northwest and Central-East Europe (primarily Sweden, Netherlands, Norway, Denmark and Czech Republic); Finland, Poland and Baltics; Germany; and Asia Pacific Global Delivery Centers of Excellence (mainly India and Philippines) (Asia Pacific).
Effective October 1, 2025, the Company realigned its management structure, resulting in the transfer of its Luxembourg operations from the Western and Southern Europe operating segment to the Scandinavia, Northwest, and Central-East Europe operating segment.
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. The Company has restated the segmented information for the comparative period to conform to the new segmented information structure.

For the three months ended March 31, 2026
Western and Southern EuropeU.S. Commercial and State GovernmentU.K. and AustraliaCanadaU.S. FederalScandinavia, Northwest and Central-East EuropeFinland, Poland and BalticsGermanyAsia Pacific EliminationsTotal
$$$$$$$$$$$
Segment revenue767,627 618,841 569,142 526,142 511,553 468,520 253,592 226,801 248,356 (34,405)4,156,169 
Segment earnings before
restructuring, acquisition and
related integration costs, net
finance costs and income tax
expense
103,928 102,433 92,301 127,960 70,428 63,664 36,911 19,098 74,885 — 691,608 
Restructuring, acquisition and
related integration costs
(Note 6)
(40,904)
Net finance costs (Note 7)(33,035)
Earnings before income
taxes
617,669 
Additional information:
Salaries, other employee
costs and contracted labour
costs
603,704 428,836 383,162 320,848 375,930 318,870 165,861 182,476 149,292 — 2,928,979 
 Amortization and depreciation24,234 26,699 18,400 16,124 17,472 25,158 10,728 10,032 8,833 — 157,680 
For the three months ended March 31, 2025

Western and Southern EuropeU.S. Commercial and State GovernmentU.K. and AustraliaCanadaU.S. FederalScandinavia, Northwest and Central-East EuropeFinland, Poland and BalticsGermanyAsia PacificEliminationsTotal
$$$$$$$$$$$
Segment revenue667,840 671,730 476,970 526,710 575,451 431,609 231,516 226,165 255,498 (40,080)4,023,409 
Segment earnings before
restructuring, acquisition and
related integration costs, net
finance costs and income tax
expense
96,314 99,151 69,077 115,939 77,953 65,708 37,634 25,636 78,247 — 665,659 
Restructuring, acquisition and
related integration costs
(Note 6)
(66,412)
Net finance costs (Note 7)(16,631)
Earnings before income
taxes
582,616 
Additional information:
Salaries, other employee
costs and contracted labour
costs
510,929 491,642 314,891 316,580 426,612 282,160 147,505 174,977 155,226 — 2,820,522 
Amortization and depreciation18,357 24,100 12,808 17,916 21,396 21,206 9,949 10,143 7,846 — 143,721 



CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    13

Notes to the Interim Condensed Consolidated Financial Statements
For the three and six months ended March 31, 2026 and 2025
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
10.    Segmented information (continued)
For the six months ended March 31, 2026
Western and Southern EuropeU.S. Commercial and State GovernmentU.K. and AustraliaCanadaU.S. FederalScandinavia, Northwest and Central-East EuropeFinland, Poland and BalticsGermanyAsia PacificEliminationsTotal
$$$$$$$$$$$
Segment revenue1,531,510 1,224,692 1,120,351 1,035,053 1,006,484 938,131 492,765 454,191 499,274 (67,927)8,234,524 
Segment earnings before
restructuring, acquisition and
related integration costs, net
finance costs and income tax
expense
211,866 183,722 180,319 249,728 128,487 128,357 73,437 44,477 146,328 — 1,346,721 
Restructuring, acquisition and
related integration costs
(Note 6)
(67,149)
Net finance costs (Note 7)(62,111)
Earnings before income
  taxes		1,217,461 
Additional information:
Salaries, other employee
costs and contracted labour
costs
1,196,123 866,864 749,891 621,989 753,355 632,448 320,941 355,601 306,060 — 5,803,272 
Amortization and depreciation47,686 52,111 36,188 33,232 28,929 47,834 20,653 21,321 18,226 — 306,180 

For the six months ended March 31, 2025

Western and Southern EuropeU.S. Commercial and State GovernmentU.K. and AustraliaCanadaU.S. FederalScandinavia, Northwest and Central-East EuropeFinland, Poland and BalticsGermanyAsia PacificEliminationsTotal
$$$$$$$$$$$
Segment revenue1,313,058 1,249,963 883,156 1,055,356 1,141,491 846,702 455,578 440,137 504,215 (81,002)7,808,654 
Segment earnings before
restructuring, integration and
acquisition-related costs, net
finance costs and income tax
expense
179,314 177,152 136,033 243,170 151,186 113,668 66,725 51,075 159,058 — 1,277,381 
Restructuring, integration and
acquisition-related costs
(Note 6)
(79,776)
Net finance costs (Note 7)(23,243)
Earnings before income
taxes
1,174,362 
Additional information:
Salaries, other employee
costs and contracted labour
costs
1,017,570 911,962 574,832 625,922 846,364 572,526 295,367 339,362 303,476 — 5,487,381 
 Amortization and depreciation36,797 50,000 23,256 34,497 42,511 41,834 19,523 19,960 15,595 — 283,973 


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 years ended September 30, 2025 and 2024. Intersegment revenue is priced as if the revenue was from third parties.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    14

Notes to the Interim Condensed Consolidated Financial Statements
For the three and six months ended March 31, 2026 and 2025
(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 six months ended March 31:
Three months ended March 31Six months ended March 31
2026202520262025
$$
$
$
Western and Southern Europe
France667,122 578,834 1,333,053 1,139,157 
Portugal35,188 33,219 69,928 65,376 
Spain 33,962 33,270 67,348 64,962 
Others13,294 8,100 26,431 16,418 
749,566 653,423 — 1,496,760 1,285,913 
U.S.1
1,200,439 1,322,532 2,376,933 2,534,299 
U.K. and Australia
U.K.598,731 511,070 1,177,808 948,902 
Australia20,671 18,476 40,351 39,284 
619,402 529,546 1,218,159 988,186 
Canada581,481 577,058 1,148,028 1,155,914 
Scandinavia, Northwest and Central-East Europe
Sweden205,421 181,420 409,110 354,117 
Netherlands174,309 170,012 350,604 335,844 
Norway29,402 29,368 57,824 56,450 
Denmark25,032 24,135 50,855 47,194 
Czech Republic22,407 19,516 45,915 38,099 
Others28,651 24,661 57,004 49,746 
485,222 449,112 — 971,312 881,450 
Finland, Poland and Baltics
Finland226,633 226,287 456,311 447,237 
Poland33,619 13,345 48,365 25,369 
Others8,335 6,566 16,498 12,794 
268,587 246,198 521,174 485,400 
Germany250,460 244,341 500,296 475,060 
Asia Pacific


Others1,012 1,199 1,862 2,432 
1,012 1,199 1,862 2,432 
4,156,169 4,023,409 — 8,234,524 7,808,654 
1    External revenue included in the U.S Commercial and State Government and U.S. Federal operating segments was $688,797,000 and $511,642,000, respectively, for the three months ended March 31, 2026 ($745,292,000 and $577,240,000, respectively, for the three months ended March 31, 2025). External revenue included in the U.S. Commercial and State Government and U.S. Federal operating segments was $1,370,168,000 and $1,006,765,000, respectively, for the six months ended March 31, 2026 ($1,389,367,000 and $1,144,932,000, respectively, for the six months ended March 31, 2025).



CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    15

Notes to the Interim Condensed Consolidated Financial Statements
For the three and six months ended March 31, 2026 and 2025
(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 six months ended March 31:    
Three months ended March 31Six months ended March 31
2026202520262025
$$
$
$
Managed IT and business process services2,260,721 2,231,534 4,475,434 4,397,840 
Business and strategic IT consulting and systems integration services1,895,448 1,791,875 3,759,090 3,410,814 
4,156,169 4,023,409 8,234,524 7,808,654 
MAJOR CLIENT INFORMATION
Contracts with the U.S. federal government and its various agencies, included within the U.S. Federal operating segment, accounted for $510,269,000 or 12.3% of revenues for the three months ended March 31, 2026 ($574,660,000 or 14.3% for the three months ended March 31, 2025) and $1,004,546,000 or 12.2% of revenues for the six months ended March 31, 2026 ($1,139,617,000 or 14.6% for the six months ended March 31, 2025).
11.    Financial instruments
All financial instruments are initially measured at their fair value and are subsequently classified either at amortized cost, at fair value through earnings (FVTE) or at fair value through other comprehensive income (FVOCI).
There were no changes in valuation techniques used for fair value measurements during the six months ended March 31, 2026.
The following table presents the financial liabilities included in the long-term debt measured at amortized cost categorized using the fair value hierarchy.
As at March 31, 2026As at September 30, 2025
LevelCarrying amountFair valueCarrying amountFair value
      $$$$
2021 U.S. Senior NotesLevel 21,390,259 1,319,135 1,386,564 1,310,044 
2021 CAD Senior NotesLevel 2598,250 579,186 597,892 580,561 
2024 CAD Senior NotesLevel 2747,509 758,816 747,001 766,844 
2025 U.S. Senior NotesLevel 2897,174 918,696 894,509 930,366 
Other long-term debtLevel 21,187 1,180 11,869 11,892 
3,634,379 3,577,013 3,637,835 3,599,707 
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.
On April 28, 2026, the Company's unsecured committed revolving credit facility was increased to $2,500,000,000 and is now comprised of a three-year tranche of $1,000,000,000 which matures in 2029 and a five-year tranche of $1,500,000,000 which matures in 2031. Both tranches can be further extended. There were no material changes in the terms and conditions including interest rates and banking covenants.
On December 18, 2025, the Company launched an offer to exchange all of its outstanding U.S. $650,000,000 in aggregate principal amount of senior unsecured notes, originally issued on March 14, 2025, for an equivalent amount of notes registered with the U.S. Securities and Exchange Commission. The exchange offer was completed on January 26, 2026.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    16

Notes to the Interim Condensed Consolidated Financial Statements
For the three and six months ended March 31, 2026 and 2025
(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 March 31, 2026As at September 30, 2025
$$
 Financial assets
FVTE
Cash and cash equivalents Level 2708,444 864,209 
Cash included in funds held for clientsLevel 2788,774 704,503 
Deferred compensation plan assetsLevel 1119,938 125,388 

1,617,156 1,694,100 
Derivative financial instruments designated as
     hedging instruments
Current derivative financial instruments included in current
      financial assets		Level 2
Cross-currency swaps1,175 1,011 
Foreign currency forward contracts280 1,481 
Long-term derivative financial instrumentsLevel 2
Cross-currency swaps642 395 
Foreign currency forward contracts280 459 

2,377 3,346 
FVOCI
Short-term investments included in current financial assetsLevel 27,592 3,675 
Long-term bonds included in funds held for clientsLevel 2271,032 240,932 
Long-term investmentsLevel 224,526 27,687 
303,150 272,294 
 Financial liabilities
Derivative financial instruments designated as
     hedging instruments
Current derivative financial instrumentsLevel 2
Cross-currency swaps2,405 3,036 
Foreign currency forward contracts43,826 21,586 
Long-term derivative financial instrumentsLevel 2
Cross-currency swaps111,036 136,155 
Foreign currency forward contracts70,969 36,950 
228,236 197,727 
There have been no transfers between Level 1 and Level 2 during the six months ended March 31, 2026.

CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2026 and 2025    17