Interim Condensed Consolidated Financial Statements of

CGI INC.

For the three and nine months ended June 30, 2026 and 2025
(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
Notes2026202520262025
$$$$
 Revenue104,193,022 4,090,182 12,427,546 11,898,836 
 Operating expenses
Costs of services, selling and administrative
3,511,371 3,423,833 10,398,671 9,955,180 
Restructuring, acquisition and related integration costs617,214 83,695 84,363 163,471 
Net finance costs
730,538 30,861 92,649 54,104 
    Net foreign exchange (gain) loss(25)206 478 132 
3,559,098 3,538,595 10,576,161 10,172,887 
 Earnings before income taxes 633,924 551,587 1,851,385 1,725,949 
 Income tax expense168,723 142,975499,468 449,019
 Net earnings465,201 408,612 1,351,917 1,276,930 
 Earnings per share
 Basic earnings per share5b2.24 1.84 6.38 5.71 
 Diluted earnings per share5b2.23 1.82 6.34 5.64 
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, 2026 and 2025    1

Interim Consolidated Statements 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
2026202520262025
$$$$
Net earnings465,201 408,612 1,351,917 1,276,930 
Items that will be reclassified subsequently to net earnings
(net of income tax):
Net unrealized gains (losses) on translating financial statements of
  foreign operations
192,727 (82,106)80,791 453,069 
Net (losses) gains on cross-currency swaps and on translating
  long-term debt designated as hedges of net investments in foreign
  operations
(37,185)33,755 (19,326)(92,151)
Deferred gains (costs) of hedging on cross-currency swaps
702 (18,692)(1,348)(7,322)
Net unrealized gains (losses) on cash flow hedges
5,963 (17,359)(30,184)(3,797)
Net unrealized gains (losses) on financial assets at fair value through
  other comprehensive income		964 (477)(1,572)319 
Items that will not be reclassified subsequently to net earnings
(net of income taxes):
Net remeasurement gains (losses) on defined benefit plans
15,214 4,388 21,993 (512)
Other comprehensive income (loss)178,385 (80,491)50,354 349,606 
Comprehensive income643,586 328,121 1,402,271 1,626,536 
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, 2026 and 2025    2

Interim Consolidated Balance Sheets
(in thousands of Canadian dollars) (unaudited)
NotesAs at
June 30, 2026		As at
September 30, 2025
$$
 Assets
 Current assets
Cash and cash equivalents9c and 11625,634 864,209 
Accounts receivable 1,582,542 1,613,777 
Work in progress1,457,335 1,367,989 
Current financial assets1111,657 6,167 
Prepaid expenses and other current assets211,900 193,896 
Income taxes8,778 28,705 
 Total current assets before funds held for clients3,897,846 4,074,743 
Funds held for clients 1,103,982 978,436 
 Total current assets5,001,828 5,053,179 
 Property, plant and equipment 360,848 377,900 
 Right-of-use assets517,357 541,987 
 Contract costs 404,850 370,932 
 Intangible assets 817,185 888,006 
 Other long-term assets172,999 143,320 
 Long-term financial assets176,402 162,438 
 Deferred tax assets 200,552 239,284 
 Goodwill 11,929,635 11,744,782 
19,581,656 19,521,828 
 Liabilities
 Current liabilities
Accounts payable and accrued liabilities1,119,799 1,014,834 
Accrued compensation and employee-related liabilities1,238,552 1,269,767 
Deferred revenue621,337 577,286 
Income taxes129,186 79,333 
Current portion of long-term debt852,263 845,253 
Current portion of lease liabilities179,220 173,071 
Provisions71,285 144,331 
Current derivative financial instruments1138,514 24,622 
 Total current liabilities before clients’ funds obligations4,250,156 4,128,497 
Clients’ funds obligations1,100,670 973,673 
 Total current liabilities5,350,826 5,102,170 
 Long-term debt2,824,598 2,792,582 
 Long-term lease liabilities481,010 520,413 
 Long-term provisions34,468 39,665 
 Other long-term liabilities 315,178 341,173 
 Long-term derivative financial instruments 11177,908 173,105 
 Deferred tax liabilities 53,099 71,673 
 Retirement benefits obligations 197,979 198,715 
9,435,066 9,239,496 
 Equity
 Retained earnings7,389,725 7,428,172 
 Accumulated other comprehensive income41,052,698 1,002,344 
 Capital stock 5a1,383,308 1,499,917 
 Contributed surplus320,859 351,899 
10,146,590 10,282,332 
19,581,656 19,521,828 
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, 2026 and 2025    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
$$$$$
Balance as at September 30, 20257,428,172 1,002,344 1,499,917 351,899 10,282,332 
Net earnings1,351,917 — — — 1,351,917 
Other comprehensive income— 50,354 — — 50,354 
Comprehensive income1,351,917 50,354 — — 1,402,271 
Share-based payment costs
— — — 47,670 47,670 
Income tax impact associated with share-based payments— — — (4,247)(4,247)
Exercise of stock options
5a— — 29,187 (4,838)24,349 
Settlement of performance share units
5a5,003 — 41,102 (69,625)(23,520)
Purchase for cancellation of Class A subordinate voting shares
and related tax
5a(1,286,418)— (111,868)— (1,398,286)
Purchase of Class A subordinate voting shares held in
trusts
5a— — (75,030)— (75,030)
Cash dividends declared
5a(108,949)— — — (108,949)
Balance as at June 30, 20267,389,725 1,052,698 1,383,308 320,859 10,146,590 
NotesRetained earningsAccumulated other comprehensive
 income		Capital
stock 		Contributed surplusTotal
equity
$$$$$
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 income1,276,930 349,606 — — 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 options5a— — 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 tax
5a(738,014)— (45,033)— (783,047)
Purchase of Class A subordinate voting shares held in trusts5a— — (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 
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, 2026 and 2025    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
Notes2026202520262025
$$                        $ $
 Operating activities
 Net earnings465,201 408,612 1,351,917 1,276,930 
 Adjustments for:
Amortization and depreciation 153,377 172,843 467,494 461,767 
Deferred income tax expense (recovery)5,471 8,394 27,397 (9,821)
Net foreign exchange loss282 11,681 5,297 3,710 
Share-based payment costs
17,588 14,019 47,670 54,053 
Gain on sale of property, plant and equipment and on
   lease terminations
(1,152)— (1,396)(712)
 Net change in non-cash working capital items and others9a(36,233)(128,944)29,163 (214,744)
 Cash provided by operating activities604,534 486,605 1,927,542 1,571,183 
 Investing activities
 Net change in short-term investments(198)(2,778)20,885 (1,289)
 Business acquisitions (net of cash acquired)
8(49,596)(1,839)(163,568)(1,592,433)
 Loan receivable
— — — 9,915 
 Purchase of property, plant and equipment(27,683)(36,058)(84,067)(88,866)
 Proceeds from sale of property, plant and equipment— — — 1,295 
 Additions to contract costs(32,727)(29,404)(91,433)(79,392)
 Additions to intangible assets(44,607)(39,626)(120,527)(119,682)
 Purchase of long-term investments(21,176)(51,712)(82,843)(94,285)
 Proceeds from sale of long-term investments16,047 51,663 47,071 85,979 
 Cash used in investing activities(159,940)(109,754)(474,482)(1,878,758)
 Financing activities
 Increase of long-term debt11— — — 923,922 
 Payment of lease liabilities(42,541)(46,670)(134,325)(126,115)
 Repayment of debt assumed in a business acquisition11— — (13,899)(2,172)
 Purchase for cancellation of Class A subordinate voting
shares and related tax
5a(412,895)(286,186)(1,386,388)(783,765)
 Issuance of Class A subordinate voting shares5a2,779 12,882 24,349 53,798 
 Purchase of Class A subordinate voting shares held in
trusts
5a(55,867)— (75,030)(13,323)
 Withholding taxes remitted on the net settlement of
    performance share units		5a(4,409)(934)(23,520)(52,631)
 Cash dividends paid5a(35,710)(33,580)(108,949)(101,770)
 Net change in clients' funds obligations
36,514 425,949 126,962 471,101 
 Cash (used in) provided by financing activities
(512,129)71,461 (1,590,800)369,045 
 Effect of foreign exchange rate changes on cash, cash equivalents and cash included in funds held for clients
17,403 7,330 16,114 73,993 
 Net (decrease) increase in cash, cash equivalents and
    cash included in funds held for clients		(50,132)455,642 (121,626)135,463 
 Cash, cash equivalents and cash included in funds held for
    clients, beginning of period		1,497,218 1,374,550 1,568,712 1,694,729 
 Cash, cash equivalents and cash included in funds
    held for clients, end of period		1,447,086 1,830,192 1,447,086 1,830,192 
 Cash composition:
 Cash and cash equivalents625,634 1,130,220 625,634 1,130,220 
 Cash included in funds held for clients821,452 699,972 821,452 699,972 
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, 2026 and 2025    5

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 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 nine months ended June 30, 2026 and 2025 were authorized for issue by the Board of Directors on July 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 nine months ended June 30, 2026 and 2025    6

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2026 and 2025
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
4.    Accumulated other comprehensive income
As at
June 30, 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 $56,208 ($59,141 as at September 30, 2025)
1,669,771 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 $47,163 ($46,173 as at September 30, 2025)
(561,635)(542,309)
Deferred gains of hedging on cross-currency swaps, net of accumulated income tax expense of $2,225 ($2,538 as at September 30, 2025)
15,782 17,130 
Net unrealized losses on cash flow hedges, net of accumulated income tax recovery of $20,362 ($10,042 as at September 30, 2025)
(64,543)(34,359)
Net unrealized gains on financial assets at fair value through other comprehensive income, net of accumulated income tax expense of $895 ($1,361 as at September 30, 2025)
2,756 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 $4,113 ($11,755 as at September 30, 2025)
(9,433)(31,426)
1,052,698 1,002,344 
For the nine months ended June 30, 2026, $11,084,000 of the net unrealized losses on cash flow hedges, net of income tax recovery of $3,427,000, previously recognized in other comprehensive income were reclassified in the consolidated statements of earnings ($5,847,000 of the net unrealized gains on cash flow hedges, net of income tax expense of $1,905,000, were reclassified for the nine months ended June 30, 2025).
For the nine months ended June 30, 2026, $8,679,000 of the deferred gains of hedging on cross-currency swaps, net of income tax expense of $1,325,000, were also reclassified in the consolidated statements of earnings ($9,209,000 net of income tax expense of $1,407,000, were reclassified for the nine months ended June 30, 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
— 41,102 — — — 41,102 
Purchased and held in trusts— (75,030)— — — (75,030)
Issued upon exercise of stock options347,524 29,187 — — 347,524 29,187 
Purchased and cancelled
(12,539,327)(111,375)— — (12,539,327)(111,375)
Purchased and not cancelled— (493)— — — (493)
As at June 30, 2026183,748,188 1,349,655 24,122,758 33,653 207,870,946 1,383,308 



CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2026 and 2025    7

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 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 nine months ended June 30, 2026, 1,394,049 performance share units (PSUs) were granted, 604,462 were settled and 263,332 were forfeited (674,259 were granted, 758,860 were settled and 391,728 were forfeited during the nine months ended June 30, 2025). The PSUs granted in the period had a weighted average grant date fair value of $116.22 per unit ($159.44 per unit during the nine months ended June 30, 2025).
During the nine months ended June 30, 2026, 403,003 Class A subordinate voting shares held in trust were released (433,899 during the nine months ended June 30, 2025) with a recorded value of $41,102,000 ($45,588,000 during the nine months ended June 30, 2025) that was removed from contributed surplus.
During the nine months ended June 30, 2026, the Company remitted $23,520,000 in cash to tax authorities on behalf of employees, representing withholding taxes deducted from employees under the Share Unit Plan ($52,631,000 during the nine months ended June 30, 2025).
During the nine months ended June 30, 2026, the trustees, in accordance with the terms of the Share Unit Plan and Trust Agreements, purchased 775,415 Class A subordinate voting shares of the Company on the open market (84,456 during the nine months ended June 30, 2025) for a total cash consideration of $75,030,000 ($13,323,000 during the nine months ended June 30, 2025).
As at June 30, 2026, 2,619,766 Class A subordinate voting shares were held in trusts under the Share Unit Plan (2,251,913 as at June 30, 2025 and 2,247,354 as at September 30, 2025).
ii)Exercises of stock options
During the nine months ended June 30, 2026, 347,524 stock options were exercised and nil were forfeited (797,571 were exercised and nil were forfeited during the nine months ended June 30, 2025).
The carrying value of Class A subordinate voting shares includes $4,838,000, 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, 2026 ($10,671,000 during the nine months ended June 30, 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 nine months ended June 30, 2026, the Company purchased for cancellation 12,513,927 Class A subordinate voting shares under its previous and current NCIB for a total cash consideration of $1,371,663,000 and the excess of the purchase price over the carrying value in the amount of $1,259,795,000 was charged to retained earnings. Of the purchased Class A subordinate voting shares, 54,900 Class A subordinate voting shares with a carrying value of $493,000 and a purchase value of $4,994,000 were neither paid nor cancelled as at June 30, 2026. Furthermore, during the nine months ended June 30, 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 nine months ended June 30, 2026, the Company recorded $26,623,000 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 ($12,847,000 during the nine months ended June 30, 2025). In addition, during the nine months ended June 30, 2026, the Company paid $9,784,000 in relation to such tax ($13,565,000 during the nine months ended June 30, 2025).
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2026 and 2025    8

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 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 nine months ended June 30, 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 
June0.17 35,710 0.15 33,580 
108,949 101,770 
On July 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 September 18, 2026 to shareholders of record as of the close of business on August 14, 2026.

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
20262025
Net earnings
Weighted average number of shares outstanding1
Earnings
per share		Net
earnings
Weighted average
number of shares outstanding1
Earnings
per share
$$$$
Basic
465,201 207,765,623 2.24 408,612 221,781,407 1.84 
Net effect of dilutive stock
    options and PSUs2
1,084,625 2,575,144 
Diluted465,201 208,850,248 2.23 408,612 224,356,551 1.82 
Nine months ended June 30
20262025
Net earnings
Weighted average number of shares outstanding1
Earnings
per share		Net
earnings
Weighted average
number of shares outstanding1
Earnings
per share
$$$$
 Basic
1,351,917 211,864,387 6.38 1,276,930 223,752,383 5.71 
 Net effect of dilutive stock
    options and PSUs2
1,422,980 2,815,675 
Diluted1,351,917 213,287,367 6.34 1,276,930 226,568,058 5.64 
1    During the three months ended June 30, 2026, 4,427,600 Class A subordinate voting shares purchased for cancellation and 2,619,766 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 (1,919,410 and 2,251,913, respectively, during the three months ended June 30, 2025).
During the nine months ended June 30, 2026, 12,513,927 Class A subordinate voting shares purchased for cancellation and 2,619,766 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 (5,181,943 and 2,251,913, respectively, during the nine months ended June 30, 2025).
2    For the three months ended June 30, 2026, 562,022 stock options were excluded from the calculation of the diluted earnings per share as they were antidilutive (nil for the three months ended June 30, 2025).
For the nine months ended June 30, 2026, 149,821 stock options were excluded from the calculation of the diluted earnings per share as they were antidilutive (nil for the nine months ended June 30, 2025).

CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2026 and 2025    9

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 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 June 30
Nine months ended June 30
2026202520262025
$$$$
 Restructuring— 45,547 — 98,000 
 Acquisition and related integration costs17,214 38,148 84,363 65,471 
17,214 83,695 84,363 163,471 
During the year ended September 30, 2025, the Company initiated and completed a restructuring program which was targeted within its Continental European operations to realign its cost structure with current market conditions, for a total cost of $196,796,000.
During the three and nine months ended June 30, 2026, acquisition and related integration costs were related to redundancy of employment of $8,084,000 and $50,384,000, respectively ($14,462,000 and $23,171,000 for the three and nine months ended June 30, 2025, respectively), integration costs toward the CGI operating model of $7,548,000 and $20,106,000, respectively ($10,632,000 and $16,840,000 for the three and nine months ended June 30, 2025, respectively), costs of vacating leased premises of $809,000 and $10,562,000, respectively ($13,024,000 and $14,225,000 for the three and nine months ended June 30, 2025, respectively) as well as legal and professional fees of $773,000 and $3,311,000, respectively ($30,000 and $11,235,000 for the three and nine months ended June 30, 2025, respectively).
7.    Net finance costs
Three months ended June 30Nine months ended June 30
2026202520262025
$$$$
 Interest on long-term debt24,164 24,202 72,585 56,663 
 Interest on lease liabilities7,860 7,721 23,971 22,102 
 Net interest costs on net defined benefit pension plans1,750 1,703 4,711 4,752 
 Other finance costs706 5,674 4,773 6,610 
 Finance costs34,480 39,300 106,040 90,127 
 Finance income(3,942)(8,439)(13,391)(36,023)
30,538 30,861 92,649 54,104 
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2026 and 2025    10

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 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 nine months ended June 30, 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 of 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.
–On April 2, 2026, the Company acquired all of the issued and outstanding shares of Stratfield, LLC (Stratfield), a management and technology consulting firm, based in Atlanta, U.S. Nearly 200 consultants joined CGI from Stratfield. The acquisition is reported under the U.S. Commercial and State Government 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, estimated at a total of $159,308,000 (less cash acquired), are mainly allocated to goodwill, which is only deductible for tax purposes for Stratfield, 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 has gathered all the significant information available and considered necessary in order to finalize this allocation.
There were no material disposals for the nine months ended June 30, 2026.
b)     Business acquisitions realized in the prior fiscal year
During the nine months ended June 30, 2026, the Company finalized the fair value assessment of assets acquired and liabilities assumed for Daugherty Systems, Inc. with no adjustment and for BJSS Ltd., Novatec Holding GmbH and Momentum Technologies Inc., with no significant adjustments.
Furthermore, during the nine months ended June 30, 2026, the Company recorded an increase of goodwill for Apside-Advance SAS of $15,944,000 mainly coming from a decrease in intangible assets and without significant impact on net earnings.
During the three and nine months ended June 30, 2026, the Company paid nil 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 nine months ended June 30, 2026 and 2025    11

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 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 nine months ended June 30:
Three months ended June 30Nine months ended June 30
2026202520262025
$$$$
 Accounts receivable(104)(49,049)95,959 64,086 
 Work in progress(53,950)(75,724)(70,703)(97,107)
 Prepaid expenses and other assets(16,099)5,652 (22,915)30,247 
 Long-term financial assets(15,053)(12,004)(9,548)(7,154)
 Accounts payable and accrued liabilities95,163 27,014 99,873 (104,982)
 Accrued compensation and employee-related liabilities59,553 72,183 (58,587)(104,920)
 Deferred revenue(85,302)(86,962)2,656 (24,905)
 Income taxes4,590 (65,012)55,779 (40,898)
 Provisions(34,776)35,070 (86,038)53,539 
 Long-term liabilities7,860 16,735 12,008 11,890 
 Derivative financial instruments32 (3)51 66 
 Retirement benefits obligations1,853 3,156 10,628 5,394 
(36,233)(128,944)29,163 (214,744)
b) Interest paid and received and income taxes paid are classified within operating activities and are as follows for the three and nine months ended June 30:
Three months ended June 30Nine months ended June 30
2026202520262025
$$$$
 Interest paid9,964 9,799 87,439 61,380 
 Interest received3,758 8,439 25,885 42,901 
 Income taxes paid150,278 198,979 387,077 464,376 
c) Cash and cash equivalents consisted of unrestricted cash as at June 30, 2026 and September 30, 2025.









CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2026 and 2025    12

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 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 (mainly 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 (mainly 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 June 30, 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 revenue738,613 622,035 585,107 533,731 573,268 458,140 246,876 217,963 254,209 (36,920)4,193,022 
Segment earnings before
restructuring, acquisition and related integration costs, net finance costs and income tax expense
83,035 95,109 94,262 126,297 94,264 60,482 35,932 13,505 78,790 — 681,676 
Restructuring, acquisition
and related integration costs
(Note 6)
(17,214)
Net finance costs (Note 7)(30,538)
Earnings before income
taxes
633,924 
Additional information:
Salaries, other employee
costs and contracted labour
costs
594,634 435,851 392,022 324,986 401,035 312,724 158,390 177,000 152,599 — 2,949,241 
 Amortization and depreciation1
19,425 28,907 17,186 18,756 16,747 21,230 11,791 9,687 8,719 — 152,448 
1 Amortization and depreciation includes an impairment in the Canada segment of $2,356,000 related to a business solution.


For the three months ended June 30, 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 revenue663,031 645,301 570,821 526,634 558,350 447,347 236,138 226,544 254,835 (38,819)4,090,182 
Segment earnings before
restructuring, acquisition and related integration costs, net finance costs and income tax expense
79,599 95,129 78,154 117,900 91,992 60,270 39,085 27,343 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
522,526 460,720 389,649 327,732 404,315 300,461 147,160 175,090 154,384 — 2,882,037 
Amortization and depreciation18,615 25,562 22,204 16,910 20,083 22,464 10,831 10,587 10,676 — 157,932 


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2026 and 2025    13

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2026 and 2025
(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, 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 revenue2,270,123 1,846,727 1,705,458 1,568,784 1,579,752 1,396,271 739,641 672,154 753,483 (104,847)12,427,546 
Segment earnings before
restructuring, acquisition and related integration costs, net finance costs and income tax expense
294,901 278,831 274,581 376,025 222,751 188,839 109,369 57,982 225,118 — 2,028,397 
Restructuring, acquisition
and related integration costs
(Note 6)
(84,363)
Net finance costs (Note 7)(92,649)
Earnings before income
  taxes		1,851,385 
Additional information:
Salaries, other employee
costs and contracted labour
costs
1,790,757 1,302,715 1,141,913 946,975 1,154,390 945,172 479,331 532,601 458,659 — 8,752,513 
Amortization and depreciation1
67,111 81,018 53,374 51,988 45,676 69,064 32,444 31,008 26,945 — 458,628 
1 Amortization and depreciation includes an impairment in the Canada segment of $2,356,000 related to a business solution.


For the nine months ended June 30, 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 revenue1,976,089 1,895,264 1,453,977 1,581,990 1,699,841 1,294,049 691,716 666,681 759,050 (119,821)11,898,836 
Segment earnings before
restructuring, acquisition and related integration costs, net finance costs and income tax expense
258,913 272,281 214,187 361,070 243,178 173,938 105,810 78,418 235,729 — 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
1,540,096 1,372,682 964,481 953,654 1,250,679 872,987 442,527 514,452 457,860 — 8,369,418 
 Amortization and depreciation55,412 75,562 45,460 51,407 62,594 64,298 30,354 30,547 26,271 — 441,905 


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 nine months ended June 30, 2026 and 2025    14

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 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 nine months ended June 30:
Three months ended June 30Nine months ended June 30
2026202520262025
$$
$
$
Western and Southern Europe
France637,835 571,647 1,970,888 1,710,804 
Portugal33,940 32,614 103,868 97,990 
Spain 34,897 34,642 102,245 99,604 
Others13,084 9,527 39,515 25,945 
719,756 648,430 — 2,216,516 1,934,343 
U.S.1
1,263,145 1,277,285 3,640,078 3,811,584 
U.K. and Australia
U.K.610,492 603,022 1,788,300 1,551,924 
Australia20,223 20,439 60,574 59,723 
630,715 623,461 1,848,874 1,611,647 
Canada596,959 578,050 1,744,987 1,733,964 
Scandinavia, Northwest and Central-East Europe
Sweden197,481 189,997 606,591 544,114 
Netherlands177,322 173,243 527,926 509,087 
Norway29,862 28,876 87,686 85,326 
Denmark23,548 23,530 74,403 70,724 
Czech Republic22,177 20,679 68,092 58,778 
Others26,714 25,674 83,718 75,420 
477,104 461,999 — 1,448,416 1,343,449 
Finland, Poland and Baltics
Finland223,071 229,980 679,382 677,217 
Poland29,839 12,975 78,204 38,344 
Others7,777 7,501 24,275 20,295 
260,687 250,456 781,861 735,856 
Germany243,644 249,391 743,940 724,451 
Asia Pacific


Others1,012 1,110 2,874 3,542 
1,012 1,110 2,874 3,542 
4,193,022 4,090,182 — 12,427,546 11,898,836 
1    External revenue included in the U.S. Commercial and State Government and U.S. Federal operating segments was $689,773,000 and $573,372,000, respectively, for the three months ended June 30, 2026 ($717,738,000 and $559,547,000, respectively, for the three months ended June 30, 2025). External revenue included in the U.S. Commercial and State Government and U.S. Federal operating segments was $2,059,941,000 and $1,580,137,000, respectively, for the nine months ended June 30, 2026 ($2,107,105,000 and $1,704,479,000, respectively, for the nine months ended June 30, 2025).



CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2026 and 2025    15

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 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 nine months ended June 30:    
Three months ended June 30Nine months ended June 30
2026202520262025
$$
$
$
Managed IT and business process services2,318,076 2,217,739 6,793,510 6,615,579 
Business and strategic IT consulting and systems integration services1,874,946 1,872,443 5,634,036 5,283,257 
4,193,022 4,090,182 12,427,546 11,898,836 
MAJOR CLIENT INFORMATION
Contracts with the U.S. federal government and its various agencies, included within the U.S. Federal operating segment, accounted for $572,001,000 or 13.6% of revenues for the three months ended June 30, 2026 ($557,650,000 or 13.6% for the three months ended June 30, 2025) and $1,576,547,000 or 12.7% of revenues for the nine months ended June 30, 2026 ($1,697,267,000 or 14.3% for the nine months ended June 30, 2025).
11.    Financial instruments
All financial instruments are initially measured at their fair value and are subsequently classified either at amortized cost, at fair value through earnings (FVTE) or at fair value through other comprehensive income (FVOCI).
There were no changes in valuation techniques used for fair value measurements during the nine months ended June 30, 2026.
The following table presents the financial liabilities included in the long-term debt measured at amortized cost categorized using the fair value hierarchy.
As at June 30, 2026As at September 30, 2025
LevelCarrying amountFair valueCarrying amountFair value
      $$$$
2021 U.S. Senior NotesLevel 21,415,865 1,349,510 1,386,564 1,310,044 
2021 CAD Senior NotesLevel 2598,403 583,862 597,892 580,561 
2024 CAD Senior NotesLevel 2747,728 761,605 747,001 766,844 
2025 U.S. Senior NotesLevel 2913,779 929,929 894,509 930,366 
Other long-term debtLevel 21,086 1,093 11,869 11,892 
3,676,861 3,625,999 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 nine months ended June 30, 2026 and 2025    16

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 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 June 30, 2026As at September 30, 2025
$$
 Financial assets
FVTE
Cash and cash equivalents Level 2625,634 864,209 
Cash included in funds held for clientsLevel 2821,452 704,503 
Deferred compensation plan assetsLevel 1137,631 125,388 

1,584,717 1,694,100 
Derivative financial instruments designated as
     hedging instruments
Current derivative financial instruments included in current
      financial assets		Level 2
Cross-currency swaps2,366 1,011 
Foreign currency forward contracts1,501 1,481 
Long-term derivative financial instrumentsLevel 2
Cross-currency swaps619 395 
Foreign currency forward contracts1,622 459 

6,108 3,346 
FVOCI
Short-term investments included in current financial assetsLevel 27,790 3,675 
Long-term bonds included in funds held for clientsLevel 2274,530 240,932 
Long-term investmentsLevel 227,733 27,687 
310,053 272,294 
 Financial liabilities
Derivative financial instruments designated as
     hedging instruments
Current derivative financial instrumentsLevel 2
Cross-currency swaps2,633 3,036 
Foreign currency forward contracts35,881 21,586 
Long-term derivative financial instrumentsLevel 2
Cross-currency swaps126,158 136,155 
Foreign currency forward contracts51,750 36,950 
216,422 197,727 
There have been no transfers between Level 1 and Level 2 during the nine months ended June 30, 2026.
12.    Contingencies
On July 20, 2026, the Company and certain of its officers were served with an Application for Authorization to Institute a Class Action and for Authorization to Bring an Action for Damages pursuant to Section 225.4 of the Securities Act (Québec) before the Superior Court of Québec. The application is sought on behalf of all persons who purchased the Company’s securities between January 29, 2025 and April 28, 2026, inclusively, and who held all or part of such securities at any time between January 28, 2026 and April 29, 2026, and alleges, among other things, misrepresentations and omissions in public disclosures, including alleged failures to disclose material information. The application requires court authorization before proceeding and seeks unspecified damages.
Considering that the application is at a very early stage and, although the Company believes the claims are without merit, it is not possible at this time for management to predict the outcome. The Company intends to vigorously defend against the claims asserted.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2026 and 2025    17