Financing policy

The Capgemini financing policy is intended to provide the Group with adequate financial flexibility and based on the following main criteria:

• a moderate use of debt leverage: over the past ten years, Capgemini has striven to maintain at all times a limited level of net debt, including in the manner in which it finances its external growth;

• diversified financing sources adapted to the Group’s financial profile: Capgemini bases its financing around “bank” sources (mainly a €1,000 million multi-currency syndicated credit facility undrawn at December 31, 2024 and bilateral credit facilities totaling €750 million, also undrawn at December 31, 2024) and “market” sources: bond issues totaling €5,100 million in principal at December 31, 2024 and a €1,500 million short-term negotiable debt securities program, unused at December 31, 2024;

• a good level of liquidity and sustainable financial resources, which means:
  • maintaining an adequate level of liquidity on the balance sheet (€3,057 million at December 31, 2024), supplemented mainly by a €1,000 million multi-currency syndicated credit facility secured on February 9, 2021 and maturing on February 7, 2028, and bilateral credit facilities totaling €750 million secured in the second half of 2024, with a 12-month maturity and an additional 12-month extension option (subject to the approval by the banks),
  • borrowings with maturities up to 2032, with only a limited portion falling due within 12 months (borrowings contractual cash flows due within less than one year), representing only 16% of total borrowings contractual cash flows at December 31, 2024.

Net debt

Net debt as at December 31, 2024 is as follows:

Financial rating

The credit rating attributed by the financial rating agency Standard & Poor’s since May 21, 2024, is BBB+, with stable outlook.

Bonds

Outstanding bonds issued by the Group are: