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• CGI is like Accenture for global IT consulting and managed services.
• Think of them as Capgemini or the services division of IBM for large-scale IT outsourcing and systems integration.

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• Consulting Services: CGI advises clients on technology strategy, digital transformation, and business process optimization to achieve their strategic goals.
• Systems Integration & Custom Application Development: They design, build, and implement complex IT systems and tailor-made software solutions, integrating new technologies with existing infrastructures.
• Managed IT Services: CGI provides ongoing management and support for clients' IT infrastructure, applications, and business processes, ensuring operational efficiency and reliability.
• Proprietary Solutions & Intellectual Property (IP): They develop and offer industry-specific software products and platforms that provide specialized capabilities to clients, often as part of broader service engagements.

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CGI (symbol: GIB) primarily sells its information technology (IT) consulting and business process services to other companies, government agencies, and organizations globally. Due to the highly diversified nature of its client base and confidentiality agreements, CGI typically does not disclose specific major private company customers by name.

Instead, CGI serves thousands of clients across a wide array of industries, with its major customers best categorized by the industry sectors they operate within. These categories represent the primary "other companies" and organizations that constitute CGI's customer base:

• Government Agencies: This is CGI's largest client segment, encompassing federal, provincial/state, and local government entities across North America, Europe, and Asia-Pacific. Examples of services include managing critical IT infrastructure, digital transformation, and cybersecurity for various public sector departments.
• Financial Services Companies: Including major banks, credit unions, insurance providers, and capital markets firms. CGI provides services like core banking solutions, risk management, regulatory compliance, and digital customer experience platforms.
• Utilities and Energy Companies: Serving electric, gas, water, and waste management utilities, as well as oil and gas companies. CGI helps with smart grid implementation, enterprise resource planning (ERP), and operational technology solutions.
• Manufacturing, Retail & Consumer Services Companies: Providing IT services to businesses in automotive, aerospace, industrial manufacturing, retail chains, and other consumer-facing industries for supply chain optimization, e-commerce solutions, and customer relationship management.
• Communications, Media & Technology Companies: Working with telecommunication providers, broadcasting and media corporations, and technology firms. CGI assists with network transformation, digital content delivery, and software development.
• Healthcare Companies: Including hospitals, health systems, pharmaceutical companies, and health insurance providers. Services focus on electronic health records, health analytics, and digital patient engagement.

As the major customers are described by categories of companies and organizations rather than specific named public companies that dominate revenue, individual public company symbols for these broad segments are not applicable.

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• Microsoft (MSFT)
• Amazon (AMZN)
• Alphabet (GOOGL)
• SAP (SAP)
• Oracle (ORCL)
• IBM (IBM)

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François Boulanger, President and Chief Executive Officer

François Boulanger was appointed President and Chief Executive Officer of CGI in October 2024. He joined CGI in 1998 and has held various leadership roles, including Chief Financial Officer and corporate controller, and President and Chief Operating Officer from 2022 to 2024. Prior to joining CGI, he served as financial controller at SHLSystem House and Alex Informatique and as a senior auditor at Deloitte. Mr. Boulanger has been actively involved in integrating numerous companies acquired by CGI, such as IMR Global, Cognicase, AMS, Stanley, and Logica. He is a Chartered Professional Accountant and holds a Bachelor of Business Administration degree from HEC Montréal.

Steve Perron, Executive Vice-President and Chief Financial Officer

Steve Perron was appointed Executive Vice-President and Chief Financial Officer in October 2022. He has 30 years of experience in the IT and professional services industry and joined CGI 23 years prior to his CFO appointment. Before becoming CFO, he held several senior finance roles, including corporate controller starting in 2019.

Serge Godin, Founder and Co-Chair of the Board of Directors

Serge Godin founded CGI in 1976 at the age of 26 in the basement of his home. He served as President and Chief Executive Officer from CGI's founding until 2006, when he became Executive Chairman of the Board. In 2025, he transitioned to Co-Chair of the Board, with a focus on overseeing transformational acquisitions and large-scale client engagements. Mr. Godin grew CGI into one of the world's largest IT and business consulting firms through a "build and buy" strategy, involving organic growth and more than 70 acquisitions, notably the 2012 acquisition of Logica, which doubled the company's size. He is the controlling shareholder of CGI and also established a family foundation supporting causes related to poverty, education, and health.

Julie Godin, Executive Chair of the Board of Directors

Julie Godin is the Executive Chair of the CGI Board of Directors. She joined CGI in 2009. Prior to her tenure at CGI, Ms. Godin founded Oxygène Santé Corporative (Oxygen Corporate Health) in 2004, a company dedicated to promoting health and well-being in the workplace. As CEO of Oxygen, she oversaw its strategic planning, growth, and operations. Oxygen later merged its activities with CGI to offer comprehensive health and well-being services to CGI professionals. Ms. Godin also co-founded the Godin Family Foundation in 2000.

George D. Schindler, Member of the Board of Directors

George D. Schindler served as President and Chief Executive Officer of CGI from 2016 to 2024 and is now a member of the Board of Directors. He joined CGI in 2004 through the company's acquisition of American Management Systems, Inc. (AMS), where he started his career as a coder. During his time at CGI, Mr. Schindler held numerous leadership positions, including leading CGI's U.S. strategy and growth for commercial and government clients, overseeing Canadian operations, and serving as President of CGI Federal, which included a $1 billion acquisition. He was President and Chief Operating Officer before his appointment as CEO.

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1. Exposure to the U.S. Federal Government and Weak IT Consulting Market: CGI Inc. faces significant growth challenges due to its over 13% revenue exposure to the U.S. federal government. The U.S. government has been reducing and terminating discretionary IT consulting projects, directly impacting CGI's revenue streams. Furthermore, the broader IT consulting market experienced weakness, contributing to a 1.3% decline in CGI's total bookings in fiscal year 2024.
2. Integration Challenges and Margin Pressure from Acquisitions: CGI's strategy of growth through acquisitions introduces integration challenges. These challenges have led to an increase in Days Sales Outstanding (DSO) to 45 days in fiscal year 2025, up from 41 days in the prior year, which ties up working capital. The company also experiences near-term margin pressure due to restructuring and the integration of newly acquired businesses. Ongoing integration complexities could limit future margin growth and earnings momentum.
3. External Market Volatility and Macroeconomic Uncertainty: The company is exposed to external market volatility and its clients' business activity is influenced by economic and political conditions. Persistent macroeconomic uncertainty is identified as a factor that could constrain CGI's margin growth and overall earnings momentum. Potential deterioration in the Canadian economy, possibly stemming from U.S.-Canada tariff disputes, could further hinder CGI's growth.

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The rapid advancement and adoption of Generative AI (GenAI) and other advanced automation technologies poses a clear emerging threat. These technologies can automate significant portions of IT services, including code generation, testing, documentation, and initial solution design, potentially reducing the demand for human-intensive consulting, development, and managed services. This could lead to the commoditization of many traditional IT tasks that CGI currently offers, increase clients' self-sufficiency by augmenting their internal teams with AI tools, and enable new, leaner, AI-native competitors to offer services at a lower cost or with greater efficiency.

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CGI (symbol: GIB) operates within several large addressable markets for its main products and services, primarily in IT and business consulting, systems integration, managed IT and business process services, and application services. These markets exhibit significant global and regional valuations:

• IT and Business Consulting: The global IT consulting market size is expected to reach approximately USD 111.95 billion in 2025 and is projected to grow to USD 184.72 billion by 2029, with a compound annual growth rate (CAGR) of 13.3%. Another estimate places the global market at USD 117.1 billion by the end of 2025, reaching USD 278.779 billion by 2033, growing at a CAGR of 11.452%. North America holds a substantial share of this market, accounting for 27.75% of the global market revenue in 2025.
• Systems Integration: The global system integration market was valued at USD 410.25 billion in 2024 and is projected to reach USD 442.53 billion in 2025, with an expected growth to USD 932.66 billion by 2032, at a CAGR of 11.2%. Another report estimates the global market at USD 590.09 billion in 2025, forecasted to reach approximately USD 1,946.37 billion by 2034, accelerating at a CAGR of 14.18%. North America is a dominant region, holding a 34.06% market share in 2024 and surpassing USD 186.05 billion in 2024, with a projected CAGR of 14.34%.
• Managed IT and Business Process Services: The global managed services market size was estimated at USD 335.37 billion in 2024 and is projected to reach USD 731.08 billion by 2030, growing at a CAGR of 14.1%. Another source indicates the global managed IT service providers market was USD 385.24 billion in 2024, projected to reach USD 409.57 billion in 2025 and USD 649.84 billion by 2033, with a CAGR of 5.94%. North America leads this market, dominating with a 37% global share, and a share of over 33% in 2024, with some reports indicating over 40% of the global IT managed services market share.
• Application Services (including Application Management Services): The global application management services market size was estimated at USD 34.40 billion in 2023 and is projected to reach USD 121.75 billion by 2030, growing at a CAGR of 20.2%. Another valuation places the global market size at USD 41.98 billion in 2024, predicted to reach around USD 264.74 billion by 2034, expanding at a CAGR of 20.22%. The global managed application services market reached USD 15.7 billion in 2024 and is expected to reach USD 44.6 billion by 2033, showing a CAGR of 11.66%. North America was the largest revenue-generating market for application management services in 2023, with the North American managed application services market anticipated to grow at a CAGR of 17.10% over the forecast period.

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• Strategic Acquisitions: CGI consistently leverages a "build and buy" growth strategy, with recent acquisitions such as BJSS in the U.K. and a planned acquisition of Comarch in Poland significantly expanding its geographic footprint and service offerings. These acquisitions contribute to revenue growth by integrating new clients and extending services in key areas like AI, data, cloud, and engineering. The company's financial strength enables it to continue as an active consolidator, making acquisitions "at the right price at the right time."
• Expansion in AI and Emerging Technologies: CGI is making strategic investments in Generative AI and other emerging technologies, enhancing its service offerings and improving operational efficiencies for clients. The company plans to allocate $1 billion over three years to expand AI services and solutions, and its pipeline of AI-integrated opportunities has increased significantly. This focus on embedding AI into enterprise workflows and processes, particularly within managed services, is expected to drive growth.
• Growth in Managed Services and Intellectual Property (IP) Solutions: There is strong and anticipated robust demand for CGI's managed services, driven by economic conditions and the company's ability to help clients improve productivity and reduce costs. Managed services constitute a significant portion of CGI's bookings, contributing to longer deal sizes and higher margins. The company also continues to invest in developing proprietary intellectual property solutions that cater to niche industry needs, further enriching its revenue streams and strengthening its market position.
• Strong Demand in Key Sectors (Government and Financial Services): CGI has demonstrated continued growth in sectors such as government and financial services. Significant contract extensions, like a $200 million agreement with the State of California and a new climate monitoring initiative with the European Space Agency, exemplify the strong demand in these areas. The company's positioning as a leader in AI services for state and local government further highlights opportunities in the public sector.

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Share Repurchases

• CGI has actively repurchased its shares, including significant private agreements with Caisse de dépôt et placement du Québec (CDPQ) in February 2020 for approximately $600 million and in May 2024 for approximately $400 million.
• In February 2024, CGI repurchased 1.67 million Class A shares from its founder and Executive Chairman, Mr. Serge Godin, for $250 million.
• CGI renewed its Normal Course Issuer Bid (NCIB) in January 2025, authorizing the repurchase of up to 20,196,413 Class A shares (10% of public float) by February 5, 2026. Under the prior NCIB ending February 5, 2025, the company repurchased over $1 billion in Class A shares. The company invested $1.3 billion in share buybacks in fiscal 2025.

Outbound Investments

• In fiscal 2025, CGI acquired businesses for an investment of $1.8 billion net of cash acquired.
• Notable acquisitions include Momentum Consulting Corp. (October 2023), and the intent to acquire Aeyon (July 2024), and Comarch Polska SA (October 2025).
• Earlier acquisitions in the period include Harris, Mackessy & Brennan, Inc.'s Professional Services Division (January 2021) and the intent to acquire Sense Corp (April 2021).

Capital Expenditures

• Capital expenditures for the trailing twelve months ended September 2025 were -$192.59 million. For fiscal 2025, CGI invested $368.4 million back into its business.
• A primary focus of capital expenditures includes strategic investments in Agentic and Generative AI.
• CGI plans to invest $1 billion over the next three years to expand its Artificial Intelligence services and solutions. These investments will cover AI-related consulting services, responsible and ethical-use delivery platforms, intellectual property AI-enablement, and global employee training.