This Management’s Discussion and Analysis of the Financial Position and Results of Operations (MD&A) is a responsibility of management and has been reviewed and approved by the Board of Directors. This MD&A has been prepared in accordance with the rules and regulations of the Canadian Securities Administrators. The Board of Directors is ultimately responsible for reviewing and approving the MD&A. The Board of Directors carries out this responsibility through its Audit and Risk Management Committee, which is appointed by the Board of Directors and is comprised entirely of independent and financially literate directors.

Throughout this document, CGI Inc. is referred to as “CGI”, “we”, “us”, “our” or “Company”. This MD&A provides information management believes is relevant to an assessment and understanding of the consolidated results of operations and financial condition of the Company. This document should be read in conjunction with the audited consolidated financial statements and the notes thereto for the years ended September 30, 2025 and 2024. CGI’s accounting policies are in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards). All dollar amounts are in Canadian dollars unless otherwise noted.

During the first quarter of Fiscal 2025, the Company combined the previously reported items Acquisition-related and integration costs and Cost Optimization Program into one operating expenses line called Restructuring, acquisition and related integration costs. Comparative figures were combined to align with the new presentation. See section 3.6.1. for more details.

This MD&A includes information we believe is material to investors. We consider something to be material if it results in, or would reasonably be expected to result in, a significant change in the market price or value of our shares, or if it is likely that a reasonable investor would consider the information to be important in making an investment decision.

This MD&A contains “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable United States safe harbours. All such forward-looking information and statements are made and disclosed in reliance upon the safe harbour provisions of applicable Canadian and United States securities laws. Forward-looking information and statements include all information and statements regarding CGI’s intentions, plans, expectations, beliefs, objectives, future performance, and strategy, as well as any other information or statements that relate to future events or circumstances and which do not directly and exclusively relate to historical facts. Forward-looking information and statements often but not always use words such as “believe”, “estimate”, “expect”, “intend”, “anticipate”, “foresee”, “plan”, “predict”, “project”, “aim”, “seek”, “strive”, “potential”, “continue”, “target”, “may”, “might”, “could”, “should”, and similar expressions and variations thereof. These information and statements are based on our perception of historic trends, current conditions and expected future developments, as well as other assumptions, both general and specific, that we believe are appropriate in the circumstances. Such information and statements are, however, by their very nature, subject to inherent risks and uncertainties, of which many are beyond the control of the Company, and which give rise to the possibility that actual results could differ materially from our expectations expressed in, or implied by, such forward-looking information or forward-looking statements. These risks and uncertainties include but are not restricted to: risks related to the market such as the level of business activity of our clients, which is affected by economic and political conditions, additional external risks (such as pandemics, armed conflict, climate-related issues, inflation, tariffs and/or trade wars) and our ability to negotiate new contracts; risks related to our industry such as competition and our ability to develop and expand our services to address emerging business demands and technology trends (such as artificial intelligence), to penetrate new markets, and to protect our intellectual property rights; risks related to our business such as risks associated with our growth strategy, including the integration of new operations, financial and operational risks inherent in worldwide operations, legal and operational risks inherent in contracting with government clients, foreign exchange risks, income tax laws and other tax programs, the termination, modification, delay or suspension of our contractual agreements, our expectations regarding future revenue resulting from bookings and backlog, our ability to attract

and retain qualified employees, to negotiate favourable contractual terms, to deliver our services and to collect receivables, to disclose, manage and implement environmental, social and governance (ESG) initiatives and standards, and to achieve ESG commitments and targets, including without limitation, our commitment to net-zero carbon emissions, as well as the reputational and financial risks attendant to cybersecurity breaches and other incidents, including through the use of artificial intelligence, and financial risks such as liquidity needs and requirements, maintenance of financial ratios, our ability to declare and pay dividends, interest rate fluctuations and changes in creditworthiness and credit ratings; as well as other risks identified or incorporated by reference in this MD&A and in other documents that we make public, including our filings with the Canadian Securities Administrators (on SEDAR+ at www.sedarplus.ca) and the U.S. Securities and Exchange Commission (on EDGAR at www.sec.gov). Unless otherwise stated, the forward-looking information and statements contained in this MD&A are made as of the date hereof and CGI disclaims any intention or obligation to publicly update or revise any forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. While we believe that our assumptions on which these forward-looking information and forward-looking statements are based were reasonable as at the date of this MD&A, readers are cautioned not to place undue reliance on these forward-looking information or statements. Furthermore, readers are reminded that forward-looking information and statements are presented for the sole purpose of assisting investors and others in understanding our objectives, strategic priorities and business outlook as well as our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Further information on the risks that could cause our actual results to differ significantly from our current expectations may be found in section 10 - Risk Environment, which is incorporated by reference in this cautionary statement. We also caution readers that the risks described in the previously mentioned section and in other sections of this MD&A are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial could also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation.

The reader should note that the Company reports its financial results in accordance with IFRS Accounting Standards. However, we use a combination of GAAP, non-GAAP and supplementary financial measures and ratios to assess the Company’s performance. The non-GAAP measures used in this MD&A do not have any standardized meaning prescribed by IFRS Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with IFRS Accounting Standards.

The table below summarizes our most relevant key performance measures:

Capital Structure			Net debt (non-GAAP) – is obtained by subtracting from our debt and lease liabilities, our cash and cash equivalents, short-term investments, long-term investments and adjusting for fair value of foreign currency derivative financial instruments related to debt. Management believes its use of the net debt metric to monitor the Company's financial leverage is useful for investors as it provides insight into its financial strength. A reconciliation of net debt to its closest IFRS Accounting Standards measure can be found in section 4.5. of the present document.
			Net debt to capitalization ratio (non-GAAP) – is a measure of our level of financial leverage and is obtained by dividing the net debt by the sum of shareholders' equity and net debt. Management believes its use of the net debt to capitalization ratio is useful for investors as it monitors the proportion of debt versus capital used to finance the Company's operations.
			Return on invested capital (ROIC) (non-GAAP) – is a measure of the Company’s efficiency at allocating the capital under its control to profitable investments and is calculated as the proportion of the net earnings excluding net finance costs after-tax for the last twelve months, over the last four quarters' average invested capital, which is defined as the sum of shareholders' equity and net debt. Management believes its use of this ratio is useful for investors as it assesses how well it is using its capital to generate returns.

Effective October 1, 2024, the Company realigned its management structure, resulting in the reorganization of its operating segments. The former operating segments of Scandinavia and Central Europe (Germany, Sweden, and Norway) and Northwest and Central-East Europe (primarily Netherlands, Denmark, and Czech Republic) were reorganized into Scandinavia, Northwest, and Central-East Europe operating segment (primarily Sweden, Netherlands, Norway, Denmark, and Czech Republic), and Germany operating segment. As a result, the Company is managed through the following nine operating segments: Western and Southern Europe (primarily France, Portugal and Spain); United States (U.S.) Commercial and State Government; U.S. Federal; Canada; Scandinavia, Northwest and Central-East Europe (primarily Sweden, Netherlands, Norway, Denmark and Czech Republic); United Kingdom (U.K.) and Australia; Germany; Finland, Poland and Baltics; and Asia Pacific Global Delivery Centers of Excellence (mainly India and Philippines) (Asia Pacific).

The Company has restated the segmented information for the comparative period to conform to the new segmented information structure.

See sections 3.4., 3.7., 5.4. and 5.5. of the present document and note 29 of our audited consolidated financial statements for additional information on our operating segments.

In this document, we:

•Provide a narrative explanation of the audited consolidated financial statements through the eyes of management;

•Provide the context within which the audited consolidated financial statements should be analyzed, by giving enhanced disclosure about the dynamics and trends of the Company’s business; and

•Provide information to assist the reader in ascertaining the likelihood that past performance may be indicative of future performance.

In order to achieve these objectives, this MD&A is presented in the following main sections:

Founded in 1976 and headquartered in Montréal, Canada, CGI is a leading IT and business consulting services firm with approximately 94,000 consultants and professionals worldwide. We use the power of technology to help clients accelerate their holistic digital transformation.

CGI has a people-centered culture, operating where our clients live and work to build trusted relationships and to advance our shared communities. Our consultants and professionals are committed to providing actionable insights that help clients achieve their business outcomes. CGI’s global delivery centers complement our proximity-based teams, offering clients added options that deliver scale, innovation and delivery excellence in every engagement.

CGI delivers end-to-end services that help clients achieve the highest returns on their digital investments. We call this ROI-led digitization. Our insights-driven end-to-end services and solutions work together to help clients design, implement, run and operate the technology critical to achieving their business strategies. Our portfolio encompasses:

i.Business and strategic IT consulting, and systems integration services: CGI helps clients drive sustainable value in critical consulting areas, including strategy, organization and change management, core operations and technology. Within each of these areas, our consultants also deliver a broad range of business offerings to address client executives' priorities, including designing and advancing strategies for the responsible use of artificial intelligence (AI), sustainable supply chain management, environmental, social and governance (ESG), mergers and acquisitions, and more. In the area of systems integration, we help clients accelerate the enterprise modernization of their legacy systems and adopt new technologies to drive innovation and deliver real-time and insight-driven customer and citizen services.

ii.Managed IT and business process services: Working as an extension of our clients’ organizations, we take on full or partial responsibility for managing their IT functions, freeing them up to focus on their strategic business direction. Our services enable clients to reinvest, alongside CGI, in the successful execution of their digital transformation roadmaps. We help them increase agility, scalability and resilience; deliver operational efficiencies, innovations and reduced costs; and embed security and data privacy controls. Typical services include: application development, modernization and maintenance; holistic enterprise digitization, AI and automation, hybrid and cloud management; and business process services. When clients partner with CGI as part of a managed services engagement, they also benefit from CGI DigiOps, our AI-powered service delivery approach that can deliver sustainable double-digit efficiency improvements.

iii.Intellectual property (IP) business solutions: CGI's portfolio of IP solutions are highly configurable “business platforms as a service” that are embedded within our end-to-end service offerings and utilize integrated security, data privacy practices, provider-neutral cloud approaches, and advanced AI capabilities to provide immediate benefits to clients. We invest in, and deliver, market-leading IP to drive business outcomes within each of our target industries. We also collaborate with clients to build and evolve IP-based solutions while enabling a higher degree of flexibility and customization for their unique modernization and digitization needs.

CGI has long-standing and focused practices in all of its core industries, providing clients with a partner that is not only an expert in IT, but also an expert in their respective industries. This combination of business knowledge and digital technology expertise allows us to help our clients navigate complex challenges and focus on value creation. In the process, we evolve the services and solutions we deliver within our targeted industries and provide thought leadership and detailed industry blueprints. These blueprints map the structures, processes, data flows, and regulatory frameworks across the full industry ecosystem—including supply chains, partner networks, and other interdependencies—delivering actionable insights to help clients drive growth and resilience.

Our targeted industries include financial services (including banking and insurance), government (including space), manufacturing, retail and distribution (including consumer services, transportation and logistics), communications and utilities (including energy and media), and health (including life sciences). To help orchestrate our global posture across these industries, our leaders regularly participate in cabinet meetings and councils to advance the strategies, services and solutions we deliver to our clients.

Macro trends such as changing political, fiscal and regulatory environments, supply chain reconfiguration, climate change and energy transition, and demographic shifts including aging populations and talent shortages require new business models and ways of working. At the same time, technology is reshaping our future and creating new opportunities.

Accelerating digitization provides the inclusive, economically vibrant, and sustainable future our clients’ customers and citizens demand. Leveraging technology to its fullest, including the responsible use of data, AI, and other emerging technologies, helps clients to lead within their industries. Our end-to-end digital services, industry and technology expertise, and operational excellence combine to help clients advance their holistic digital transformation.

Through our proprietary Voice of Our Clients research, we analyzed the characteristics of leading digital organizations and found these common attributes:

•Strategic alignment and business agility: Digital leaders have highly agile business models to address digitization and are better at aligning and integrating business and IT operations to support and execute strategy.

•Digitization: They have mature strategies to leverage data and digitization to achieve business model resilience, are less challenged by legacy systems, strategically leverage secure cloud-based solutions, and extend their digitization strategy to their external ecosystem.

•Data, automation and AI: They adopt a holistic data strategy for the enterprise and ecosystem and have a higher rate of being in progress with or having implemented both traditional and generative AI.

•Data privacy and protection: They produce greater results from their data privacy and protection strategy, which also extends to their external ecosystem. Their cybersecurity programs are highly mature in terms of connected assets.

Digital leaders across industries seek new ways to evolve their strategy and operational models and use technology and data-driven insights to improve how they operate, deliver products and services, and create value.

CGI helps clients adopt leading digital attributes and design, manage, protect and evolve their digital value chains to accelerate business outcomes.

Our clients expect consistent service wherever and whenever they engage us. We have an outstanding track record of on-time, within-budget delivery as a result of our commitment to excellence and our robust governance model - CGI's Management Foundation.

Our Management Foundation provides a common business language, frameworks and practices for managing operations consistently across the globe, driving continuous improvement. We also invest in rigorous quality and service delivery standards including the International Organization for Standardization (ISO) and Capability Maturity Model Integration (CMMI) certification programs, as well as a comprehensive Client Satisfaction Assessment Program, with signed client assessments, to ensure high satisfaction on an ongoing basis.

CGI is unique compared to most companies, as our vision is based on a dream: “To create an environment in which we enjoy working together and, as owners, contribute to building a company we can be proud of.” This dream has motivated us since

our founding in 1976 and drives our vision: “To be a global, world-class end-to-end IT and business consulting services leader helping our clients succeed.”

In pursuing our dream and vision, CGI has been highly disciplined throughout its history in executing a Build and Buy profitable growth strategy comprised of four pillars that combine profitable organic growth (Build) and accretive acquisitions (Buy):

Pillar 1: Win, renew and extend contracts

Pillar 2: New large managed IT and business process services contracts

These first two pillars relate to driving profitable organic growth through the pursuit of contracts with new and existing clients in our targeted industries. As such, CGI engages with new and existing clients on four levers in our portfolio of end-to-end services and solutions: Business and Strategic IT Consulting, Systems Integration, Managed Services and IP-based services. Successes in these pillars reflect the strength of our end-to-end portfolio of capabilities, the depth of expertise of our consultants in business and IT, client satisfaction in our delivery excellence, and the appreciation of the proximity model by our clients, both existing and potential.

Pillar 3: Metro market acquisitions

Pillar 4: Large, transformational acquisitions

The third and fourth pillars focus on growth through accretive acquisitions. The third pillar for metro market acquisitions complements the proximity model and helps to provide a fuller range of end-to-end services. The fourth pillar for large transformational acquisitions helps to further expand our geographic footprint and reach the critical mass required to compete for large managed IT and business process services contracts and broaden our client relationships. Both the third and fourth pillars are supported by three levers. First, is our range of end-to-end services that allow us to consider a broad range of acquisitions. A second lever is CGI's industry sector mix that helps us mirror the IT spend of each metro market over time. A final lever across pillars three and four focuses on IP-based services firms that offer consulting services and managed services that leverage their solutions.

CGI will continue to be a consolidator in the IT and business consulting services industry by being active across these four pillars.

CGI’s strategy is executed through a business model that combines client proximity with an extensive global delivery network to deliver the following benefits:

• Local relationships and accountability: We live and work near our clients to provide a high level of responsiveness, partnership, and innovation, and invest in the economies, digital talent and infrastructure of the countries and metro markets where we operate. Our local consultants and professionals speak our clients' language, understand their business and industries, and collaborate to meet their goals and advance their business.

• Global reach: Our local presence is complemented by an expansive global delivery network that ensures our clients have 24/7 access to best-fit digital capabilities and resources to meet their end-to-end needs. In addition, clients benefit from our unique combination of industry domain and technology expertise within our global delivery model. We also help clients build and run global capability centers (GCCs) that go beyond cost efficiency to unlock agility, resiliency, and innovation in an AI-first world.

• Committed experts: Two of our key strategic goals are to be our clients’ partner and expert of choice. To achieve this, we invest in developing and recruiting professionals with extensive industry, business and in-demand technology expertise and provide comprehensive learning programs and development initiatives to continuously deepen their knowledge, achieve their career aspirations, and deliver tangible business outcomes for our clients. Individually and collectively, each of our experts embody partnership behaviors in all they do by being consultative and building trusted relationships with each other, our clients, shareholders, and within our communities. In addition, a majority of consultants and professionals are also owners through our Share Purchase Plan, which, combined with the Profit Participation Plan, provide an added level of commitment to the success of our clients.

• Everyday innovation: Our approach to client engagements is to continuously bring forward actionable insights that support clients’ ROI-led digitization priorities. Through our client satisfaction program, we regularly assess the degree to which clients find that CGI introduced applicable innovation to the engagements we deliver for them, including through our ideas, processes, tools and offerings. We also scale innovative solutions co-created with clients through a global governance model.

• Comprehensive quality processes: CGI’s investment in quality frameworks and rigorous client satisfaction assessments has resulted in a consistent track record of on-time and within-budget project delivery. With regular reviews of engagements and transparency at all levels, the Company ensures that client objectives and its own quality objectives are consistently followed at all times. This thorough process enables CGI to generate continuous improvements for all stakeholders by applying corrective measures as soon as they are required.

• ESG strategy: At CGI, our ESG strategy is key to contributing to our strategic goal to be recognized by our stakeholders as an engaged, ethical and responsible corporate citizen within our communities. Our commitments align with the United Nations (UN) Global Compact’s 10 principles and the Science Based Target initiative (SBTi) and we are recognized by leading international indices, including EcoVadis, Carbon Disclosure Project (CDP) and the S&P Global Corporate Sustainability Assessment (CSA). We prioritize partnerships with clients, while also collaborating with educational institutions and local organizations, on three global priorities: people, communities and climate. We demonstrate our commitment to a sustainable world through projects delivered in collaboration with clients and through operating practices, supply chain management, and community service activities.

As market dynamics and industry trends continue to increase client demand for ROI-led digitization, CGI is well-positioned to serve as a digital partner and expert of choice. We work with clients across the globe to implement digital strategies, roadmaps and solutions that help clients transform the customer/citizen experience, drive the launch of new products and services, and deliver efficiencies and cost savings.

CGI’s competition is comprised of a variety of firms, from local companies providing specialized services and software, government pure-plays to global business consulting and IT services providers. All of these players are competing to deliver some or all of the services we provide.

Many factors distinguish the industry leaders, including the following:

• Depth and breadth of industry and technology expertise;

• Local presence and strength of client relationships;

• Extensive and flexible global delivery network, including onshore, nearshore and offshore options;

• Breadth of digital IP solutions;

• Embedding AI to drive business outcomes across the clients’ transformation journey;

• Total cost of services and value delivered;

• Ability to deliver practical innovation for measurable results; and

• Consistent on-time, within-budget delivery everywhere clients operate.

CGI is one of the leaders in the industry with respect to the combination of these factors. CGI is one of few firms with the scale, reach, and capabilities to meet clients’ enterprise business and technology needs.

1    Approximately $12.0 billion of our backlog as at September 30, 2025 is expected to be converted into revenue within the next twelve months, $10.5 billion within one to three years, $4.6 billion within three to five years and $4.4 billion in more than five years.

2    See Adjusted EBIT by Segment, Adjusted Net Earnings and Adjusted Earnings per Share and Selected Measures of Capital Resources and Liquidity sections of each year's respective MD&A for the reconciliation of non-GAAP financial measures.

3     Long-term debt and lease liabilities include both the current and long-term portions of the long-term debt and lease liabilities.

4     Long-term financial liabilities include the long-term portion of the debt, long-term portion of lease liabilities and the long-term derivative financial instruments.

2.2.1. Fiscal 2025 Trading Summary

CGI’s shares are listed on the Toronto Stock Exchange (TSX) (stock quote – GIB.A) and the New York Stock Exchange (NYSE) (stock quote – GIB) and are included in key indices such as the S&P/TSX 60 Index.

1     Includes the average daily volumes of both the TSX and alternative trading systems.

On January 28, 2025, the Company’s Board of Directors authorized and subsequently received regulatory approval from the TSX for the renewal of its NCIB, which allows for the purchase for cancellation of up to 20,196,413 Class A subordinate voting shares (Class A shares) representing 10% of the Company’s public float as of the close of business on January 23, 2025. Class A shares may be purchased for cancellation under the NCIB commencing on February 6, 2025, until no later than February 5, 2026, or on such earlier date when the Company has either acquired the maximum number of Class A shares allowable under the NCIB or elects to terminate the bid.

During the year ended September 30, 2025, the Company purchased for cancellation 8,861,543 Class A shares under the previous and current NCIB for a total cash consideration of $1,258.5 million, at a weighted average price of $142.01.

As at September 30, 2025, of the 8,861,543 Class A Shares purchased for cancellation, 80,300 Class A Shares remain unpaid for $9.9 million.

As at September 30, 2025, the Company could purchase up to 12,769,469 Class A shares for cancellation under its current NCIB.

The following table provides a summary of the Capital Stock and Options Outstanding as at October 31, 2025:

During the year ended September 30, 2025, the Company declared and paid quarterly cash dividends for holders of Class A shares and Class B shares (multiple voting) of $0.15 per share representing $135.1 million (nil for the twelve months ended September 30, 2024).

On November 4, 2025, the Company’s Board of Directors approved a quarterly cash dividend for holders of Class A shares and Class B shares (multiple voting) of $0.17 per share. This dividend is payable on December 19, 2025 to shareholders of record as of the close of business on November 21, 2025.

Future dividends and the amounts will be at the discretion of the Board of Directors after taking into account the Company’s cash flow, earnings, financial position, market conditions and other factors the Board of Directors deems relevant, and will be communicated on a quarterly basis.

On December 13, 2024, the Company acquired all of the issued and outstanding equity interests of Daugherty Systems, Inc. (Daugherty), a professional services firm specializing in artificial intelligence, data analytics, strategic IT consulting, and business advisory services, based in St. Louis, U.S., for a total purchase price of $343.0 million. Daugherty employed approximately 1,100 professionals.

On February 24, 2025, the Company acquired all of the issued and outstanding shares of BJSS Ltd (BJSS), a technology and engineering consultancy known for its IT solutions and software engineering expertise, based in the U.K., for a total purchase price of $1,255.6 million. BJSS employed approximately 2,400 professionals.

On March 20, 2025, the Company acquired all of the issued and outstanding shares of Novatec Holding GmbH (Novatec), a professional services firm specializing in cloud-based solutions, agile software development, digital strategy, and business and IT consulting, based in Germany with operations in Spain. Novatec employed approximately 300 professionals.

On March 24, 2025, the Company acquired all of the issued and outstanding shares of Momentum Technologies Inc. (Momentum), a professional services firm specializing in digital transformation, managed services, cloud computing, and enterprise software development, based in Québec City, Canada. Momentum employed approximately 250 professionals.

On August 28, 2025, the Company acquired all of the issued and outstanding shares of Apside-Advance SAS (Apside), a leading provider of digital and engineering services having in-depth industry knowledge in manufacturing, finance, insurance and public sector, as well as its technology expertise in areas such as data, AI, cloud and cybersecurity, for a total purchase price of $229.9 million. Based in France, with operations in Belgium, Canada, Morocco, Portugal and Switzerland, Apside employed approximately 2,500 professionals, including nearly 2,200 in France.

On March 14, 2025, we issued US$650.0 million ($934.0 million) aggregate principal amount of 5-year senior unsecured notes, with the details below:

			Notional Amount			Maturity			Coupon Rate
2025 5-year USD Senior Notes1			US$650.0 million			March 14, 2030			4.95%

1Interest payable semi-annually on March 14 and on September 14 until maturity.

The aggregate net proceeds of the issuances, which were US$641.3 million ($921.5 million), were used to repay existing indebtedness and for general corporate purposes. In connection with the offering of the notes, the Company entered into a currency swap agreement to reduce the Canadian dollar equivalent cost of borrowing of the notes to 3.71% per annum.

Bookings for the year ended September 30, 2025 were $17.6 billion representing a book-to-bill ratio of 110.4%. The breakdown of the new bookings signed during the year is as follows:

The following charts provide additional information regarding our revenue mix for the year ended September 30, 2025:

IFRS Accounting Standards guidance on segment disclosures defines a single customer as a group of entities that are known to the reporting entity to be under common control. As a consequence, our work for the U.S. federal government including its various agencies represented 14.1% of our revenue for Fiscal 2025 as compared to 13.6% for Fiscal 2024.

The following table provides a summary of the year-over-year changes in our revenue, in total and by segment before eliminations, separately showing the impacts of foreign currency exchange rate variations between Fiscal 2025 and Fiscal 2024. The Fiscal 2024 revenues by segment were recorded reflecting the actual foreign exchange rates for the respective period. The foreign exchange impact is the difference between the current period’s actual results and the same period’s results converted with the prior year’s foreign exchange rates.

For the year ended September 30, 2025, revenue was $15,912.7 million, an increase of $1,236.5 million or 8.4% over the last year. On a constant currency basis, revenue increased by $680.1 million or 4.6%. The increase in revenue was mainly due to recent business acquisitions and organic growth within the government and financial services vertical markets. This was partially offset by lower demand within the MRD and communications and utilities vertical markets and lower volumes related to our IP enabled business process services in the U.S. Federal segment.

For the year ended September 30, 2025, revenue in the Western and Southern Europe segment was $2,679.2 million, an increase of $79.0 million or 3.0% over last year. On a constant currency basis, revenue decreased by $45.3 million or 1.7%. The change in revenue was mainly due to lower demand within the MRD vertical market and in business consulting services and two less available days to bill, partially offset by recent business acquisitions.

On a client geographic basis, the top two Western and Southern Europe vertical markets were MRD and financial services, generating combined revenues of approximately $1,572 million for the year ended September 30, 2025.

For the year ended September 30, 2025, revenue in the U.S. Commercial and State Government segment was

$2,523.0 million, an increase of $195.6 million or 8.4% over last year. On a constant currency basis, revenue increased by $125.6 million or 5.4%. The increase in revenue was mainly due to a recent business acquisition partially offset by the increased use of our Asia Pacific global delivery centers for client work.

On a client geographic basis, the top two U.S. Commercial and State Government vertical markets were government and financial services, generating combined revenues of approximately $1,613 million for the year ended September 30, 2025.

For the year ended September 30, 2025, revenue in the U.S. Federal segment was $2,247.9 million, an increase of

$246.6 million or 12.3% over last year. On a constant currency basis, revenue increased by $184.7 million or 9.2%. The increase in revenue was mainly due to a recent business acquisition and a ramp up of a new project, partially offset by lower volumes related to our IP enabled business process services.

For the year ended September 30, 2025, $1,911 million of revenues in the U.S. Federal segment were federal civilian based agencies.

For the year ended September 30, 2025, revenue in the Canada segment was $2,090.7 million, an increase of $55.7 million or 2.7% over last year. On a constant currency basis, revenue increased by $55.0 million or 2.7%. The increase in revenue was mainly due to recent business acquisitions and organic growth within the financial services vertical market, partially offset by lower demand within the MRD and communications and utilities vertical markets.

On a client geographic basis, the top two Canada vertical markets were financial services and government, generating combined revenues of approximately $1,525 million for the year ended September 30, 2025.

For the year ended September 30, 2025, revenue in the Scandinavia, Northwest and Central-East Europe segment was $1,688.9 million, an increase of $95.5 million or 6.0% over last year. On a constant currency basis, revenue increased by $4.2 million or 0.3%. The increase in revenue was mainly due to organic growth within the financial services vertical market, partially offset by two less available days to bill, a favourable contract settlement and project related equipment sales, both in the prior year.

On a client geographic basis, the top two Scandinavia, Northwest and Central-East Europe vertical markets were MRD and government, generating combined revenues of approximately $1,110 million for the year ended September 30, 2025.

For the year ended September 30, 2025, revenue in the U.K. and Australia segment was $2,020.0 million, an increase of $435.2 million or 27.5% over last year. On a constant currency basis, revenue increased by $324.1 million or 20.4%. The increase in revenue was mainly due to a recent business acquisition and organic growth within the government vertical market.

On a client geographic basis, the top two U.K. and Australia vertical markets were government and communications and utilities, generating combined revenues of approximately $1,580 million for the year ended September 30, 2025.

For the year ended September 30, 2025, revenue in the Germany segment was $901.6 million, an increase of $7.0 million or 0.8% over last year. On a constant currency basis, revenue decreased by $34.7 million or 3.9%. The change in revenue was mainly due to lower demand within the MRD and government vertical markets, partially offset by a recent business acquisition.

On a client geographic basis, the top two Germany vertical markets were government and MRD, generating combined revenues of approximately $690 million for the year ended September 30, 2025.

For the year ended September 30, 2025, revenue in the Finland, Poland and Baltics segment was $903.7 million, an increase of $44.4 million or 5.2% over last year. On a constant currency basis, revenue increased by $2.3 million or 0.3%. The increase in revenue was mainly due to organic growth within the government and health, including IP-based revenue, vertical markets, partially offset by a ramp down of projects within the financial services market.

On a client geographic basis, the top two Finland, Poland and Baltics vertical markets were financial services and government, generating combined revenues of approximately $522 million for the year ended September 30, 2025.

For the year ended September 30, 2025, revenue in the Asia Pacific segment was $1,014.4 million, an increase of

$58.3 million or 6.1% over last year. On a constant currency basis, revenue increased by $61.0 million or 6.4%. The increase in revenue was mainly due to the continued demand for our global delivery centers for client work, partially offset by two less available days to bill.

Costs of services include the costs of serving our clients, which mainly consist of salaries, net of tax credits, performance based compensation and other direct costs, including travel expenses. These also mainly include professional fees and contracted labour costs, as well as hardware, software and delivery center related costs.

Costs of selling and administrative mainly include salaries, performance based compensation, office space, internal solutions, business development related costs such as travel expenses, and other administrative and management costs.

For the year ended September 30, 2025, costs of services, selling and administrative expenses amounted to

$13,301.0 million, an increase of $1,041.3 million when compared to the same period last year. As a percentage of revenue, costs of services, selling and administrative expenses increased to 83.6% from 83.5%.

As a percentage of revenue, costs of services increased compared to the same period last year, mainly due to lower billable utilization in the Western and Southern Europe and Germany segments, lower volumes related to our IP enabled business process services in the U.S. Federal segment and the temporary dilutive impact of recent business acquisitions.

As a percentage of revenue, costs of selling and administrative expenses decreased compared to the same period last year, mainly due to efficiencies resulting from the restructuring program partially offset by the temporary dilutive impact of recent business acquisitions.

During the year ended September 30, 2025, the translation of the results of our foreign operations from their local currencies to the Canadian dollar unfavourably impacted costs by $444.0 million, which was offset by the favourable translation impact of $556.4 million on our revenue.

During the year ended September 30, 2025, CGI incurred $0.7 million of net foreign exchange losses, mainly driven by the timing of payments combined with the volatility of foreign exchange rates. The Company, in addition to its natural hedges, uses derivatives as a strategy to manage its exposure, to the extent possible.

The following table provides a reconciliation between our earnings before income taxes, which is reported in accordance with IFRS Accounting Standards, and adjusted EBIT:

During the year ended September 30, 2025, the Company initiated a restructuring program which was targeted within its Continental European operations to realign its cost structure with current market conditions and which was completed for a total cost of $196.8 million, consisting of costs for terminations of employment of $190.0 million under this initiative, as well as costs of vacating leased premises of $6.8 million.

During the year ended September 30, 2023, the Company initiated a cost optimization program to accelerate actions to improve operational efficiencies, including the increased use of automation and global delivery, and to rightsize its global real estate portfolio. As at March 31, 2024, the Company completed its Cost Optimization Program for a total cost of $100.0 million. During the year ended September 30, 2024, the Company recorded $91.1 million of costs under the Cost Optimization Program, which included costs for terminations of employment of $69.5 million, and costs of vacating leased premises of $21.6 million.

During the year ended September 30, 2025, the Company incurred $88.2 million of acquisition and related integration costs ($5.9 million for the year ended September 30, 2024). These costs were mainly costs related to redundancy of employment of $27.5 million ($0.1 million for the year ended September 30, 2024), costs of vacating leased premises of $23.4 million ($0.9 million for the year ended September 30, 2024) as well as legal and professional fees of $12.3 million ($2.4 million for the year ended September 30, 2024).

Net finance costs mainly include interest on our long-term debt, lease liabilities and financial assets. For the year ended September 30, 2025, the net finance costs increased by $55.8 million, mainly driven by an increase in interest due to the issuance of senior unsecured notes in March 2025, and lower interest on our cash balances.

For the year ended September 30, 2025, adjusted EBIT was $2,610.9 million, an increase of $195.1 million when compared to last year. Adjusted EBIT margin decreased to 16.4% from 16.5%. The change in adjusted EBIT margin was mainly due to the temporary dilutive impact of recent business acquisitions and lower volumes related to our IP enabled process services within the U.S. Federal segment, partially offset by efficiencies resulting from the restructuring program.

For the year ended September 30, 2025, adjusted EBIT in the Western and Southern Europe segment was $354.4 million, an increase of $20.3 million when compared to last year. Adjusted EBIT margin increased to 13.2% from 12.9%. The increase in adjusted EBIT margin was mainly due to prior years adjustments for R&D tax credits in France, lower performance based compensation accruals and efficiencies resulting from the restructuring program, partially offset by lower billable utilization and two less available days to bill.

For the year ended September 30, 2025, adjusted EBIT in the U.S. Commercial and State Government segment was

$359.2 million, an increase of $21.8 million when compared to last year. Adjusted EBIT margin decreased to 14.2% from 14.5%. The change in adjusted EBIT margin was mainly due the temporary dilutive impact of a recent business acquisition and the impact of the reevaluation of cost to complete on a project, partially offset by higher billable utilization.

For the year ended September 30, 2025, adjusted EBIT in the U.S. Federal segment was $332.0 million, an increase of

$9.3 million when compared to last year. Adjusted EBIT margin decreased to 14.8% from 16.1%. The change in adjusted EBIT margin was mainly due to lower volumes related to our IP enabled business process services, partially offset by the impact of the reevaluation of cost to complete on a project in the prior year and a ramp up of a new project.

For the year ended September 30, 2025, adjusted EBIT in the Canada segment was $472.9 million, an increase of

$9.7 million when compared to last year. Adjusted EBIT margin decreased to 22.6% from 22.8%. The change in adjusted EBIT margin was mainly due to temporary dilutive impact of recent business acquisitions, partially offset by profitable organic growth within IP-based revenues within the financial services vertical market.

For the year ended September 30, 2025, adjusted EBIT in the Scandinavia, Northwest and Central-East Europe segment was $235.2 million, an increase of $43.5 million when compared to last year. Adjusted EBIT margin increased to 13.9% from 12.0%. The increase in adjusted EBIT margin was mainly due to efficiencies resulting from the restructuring program and profitable organic growth within most vertical markets, partially offset by two less available days to bill.

For the year ended September 30, 2025, adjusted EBIT in the U.K. and Australia segment was $299.3 million, an increase of $47.7 million when compared to last year. Adjusted EBIT margin decreased to 14.8% from 15.9%. The change in adjusted EBIT margin was mainly due to the temporary dilutive impact of a recent business acquisition and a favourable impact from a settlement with a supplier in the prior year.

For the year ended September 30, 2025, adjusted EBIT in the Germany segment was $108.1 million, an increase of

$19.7 million when compared to last year. Adjusted EBIT margin increased to 12.0% from 9.9%. The increase in adjusted EBIT margin was mainly due to efficiencies resulting from the restructuring program and the impact of the reevaluation of cost to complete on a project in the prior year, partially offset by lower billable utilization.

For the year ended September 30, 2025, adjusted EBIT in the Finland, Poland and Baltics segment was $142.1 million, an increase of $8.7 million when compared to last year. Adjusted EBIT margin increased to 15.7% from 15.5%. The increase in adjusted EBIT margin was mainly due to profitable organic growth within the government and health vertical markets, including IP-based revenue. This was partially offset by a ramp down of projects within the financial services vertical market and additional R&D tax credits in the prior year.

For the year ended September 30, 2025, adjusted EBIT in the Asia Pacific segment was $307.7 million, an increase of

$14.6 million when compared to last year. Adjusted EBIT margin remained strong at 30.3% compared to 30.7%.

For the year ended September 30, 2025, income tax expense was $583.9 million compared to $598.2 million last year and our effective tax rate decreased to 26.0% from 26.1%. When excluding the tax effects from restructuring, acquisition and related integration costs, the effective tax rate also decreased to 25.9% from 26.0%, which is mainly explained by a change in profitability mix in certain geographies.

The table in section 3.8.3. shows the year-over-year comparison of the tax rate with the impact of restructuring, acquisition and related integration costs removed.

Based on the enacted rates at the end of Fiscal 2025 and our current profitability mix, we expect our adjusted effective tax rate to increase to between 26.0% to 27.0% in Fiscal 2026, mainly due to a temporary tax increase in France.

For Fiscal 2025, CGI’s basic and diluted weighted average number of shares outstanding decreased compared to Fiscal 2024 due to the impact of the purchase for cancellation of Class A shares, partially offset by the exercise of stock options. The table in section 3.8.3. shows the year-over-year comparison of the weighted average number of shares outstanding. See notes 19, 20 and 21 of our audited consolidated financial statements for additional information.

CGI’s growth is financed through a combination of cash flow from operations, drawing on our unsecured committed revolving credit facility, the issuance of long-term debt, and the issuance of equity. One of our financial priorities is to maintain an optimal level of liquidity through the active management of our assets and liabilities as well as our cash flows.

$704.5 million. The following table provides a summary of the generation and use of cash and cash equivalents for the years ended September 30, 2025 and 2024.

For the year ended September 30, 2025, cash provided by operating activities was $2,234.2 million or 14.0% of revenue compared to $2,205.0 million or 15.0% of revenue for the same period last year.

1    Comprised of net foreign exchange loss, share-based payment costs and gain on sale of property, plant and equipment and on lease terminations.

2    Comprised of prepaid expenses and other assets, long-term financial assets (excluding long-term receivables), derivative financial instruments, long-term liabilities and retirement benefits obligations.

The increase of $29.2 million from our cash provided by operating activities was mostly due to additional unpaid restructuring expenses and acquisition related costs and the timing of tax instalment payments, partially offset by the timing of supplier payments and client collections.

For the year ended September 30, 2025, $2,200.6 million was used in investing activities while $775.4 million was used in investing activities over the same period last year.

The change of $1,425.2 million in cash used in investing activities during the year ended September 30, 2025 was mainly due to cash used for the recent business acquisitions of Daugherty, BJSS, Novatec, Momentum and Apside.

For the year ended September 30, 2025, $246.7 million were used in financing activities, while $1,607.7 million were used in over the same period last year.

The change of $1,361.0 million in cash used in financing activities during the year ended September 30, 2025 was mainly driven by the issuance of senior unsecured notes in March 2025 in the amount of $923.9 million (see section 2.4 of the present document), by the scheduled repayment in full in December 2023 of the unsecured committed term loan credit facility in the amount of $670.4 million (US$500.0 million), by the scheduled repayments in full of senior unsecured notes in the amount of $475.8 million (US$350.0 million) in September 2024 and by the net change in clients' funds obligations related to our payroll services. This was partially offset by the issuance of senior unsecured notes for an amount of $747.1 million in September 2024, an increase in cash used for the repurchase for cancellation of Class A shares and related tax under the NCIB program and by the cash dividends paid.

4.1.4. Effect of Foreign Exchange Rate Changes on Cash, Cash Equivalents and Cash Included in Funds Held for Clients

For the year ended September 30, 2025, the effect of foreign exchange rate changes on cash, cash equivalents and cash included in funds held for clients had a favourable impact of $87.0 million. This amount had no effect on net earnings as it was recorded in other comprehensive income.

The following provides a summary of capital resources information as at September 30, 2025:

1     Letters of credit in the amount of $3.8 million were outstanding against this $1,500.0 million unsecured committed revolving credit facility.

2    Excludes cash, term deposits and long-term bonds included in funds held for clients for $704.5 million, $33.0 million and $240.9 million, respectively.

Cash and cash equivalents and investments represented $895.6 million. Short-term and long-term investments include corporate bonds with maturities ranging from 91 days to five years, with a credit rating of A- or higher.

The Company also had $1,496.2 million available under its unsecured committed revolving credit facility which mature in 2030 and is generating a significant level of cash. CGI was showing a negative working capital (total current assets minus total current liabilities) of $49.0 million due to the upcoming maturity of the 2021 U.S Senior Notes of $835.9 million in September 2026. CGI's management considers that the available capital resources will allow the Company to fund its operations while maintaining adequate levels of liquidity. Letters of credit in the amount of $3.8 million were outstanding against this $1,500.0 million unsecured committed revolving credit facility.

The Company was in compliance with all of its restrictive covenants contained in its senior unsecured notes and its restrictive covenants and ratios contained in its unsecured committed revolving credit facility.

The tax implications and impact related to the repatriation of cash will not materially affect the Company’s liquidity.

We are committed under the terms of contractual obligations which have various expiration dates, primarily related to long-term debt and the rental of premises, computer equipment used in outsourcing contracts and long-term service agreements.

1     Excludes clients' funds obligations for an amount of $973.7 million payable in less than 1 year.

We use various financial instruments to help us manage our exposure to fluctuations of foreign currency exchange rates and interest rates. See note 32 of our audited consolidated financial statements for additional information on our financial instruments and hedging transactions.

1     As at September 30, 2025, long-term debt and lease liabilities were $3,637.8 million ($2,688.3 million as at September 30, 2024) and $693.5 million ($620.1 million as at September 30, 2024), respectively, including their current portions.

During the year ended September 30, 2025, our long-term debt and lease liabilities increased by $1,022.9 million mainly driven by the issuance of senior unsecured notes for an amount of $923.9 million in March 2025.

On October 30, 2025, the unsecured committed revolving credit facility was extended by one year to October 2030 and can be further extended. There were no material changes in the terms and conditions including interest rates and banking covenants.

We use the net debt to capitalization ratio as an indication of our financial leverage in order to realize our Build and Buy profitable growth strategy (see section 1.2. of the present document for additional information on our Build and Buy profitable growth strategy). The net debt to capitalization ratio increased to 25.1% in Fiscal 2025 from 16.2% in Fiscal 2024 mostly due to recent business acquisitions and by the repurchase of shares, partially offset by our cash generation during the last four quarters.

ROIC is a measure of the Company’s efficiency in allocating the capital under our control to profitable investments. The return on invested capital ratio decreased to 13.6% in Fiscal 2025 from 16.0% in Fiscal 2024. The decrease in ROIC was mainly the result of capital allocated to recent business acquisitions which are in the process of being integrated and restructuring costs.

DSO increased to 45 days at the end of Fiscal 2025 when compared to 41 days last year. This increase is mainly due to lower cash collections relative to our revenue growth and recent business acquisitions.

In the normal course of operations, we may enter into agreements to provide financial or performance assurances to third parties on the sale of assets, business divestitures and guarantees on government and commercial contracts.

In connection with sales of assets and business divestitures, the Company may be required to pay counterparties for costs and losses incurred as a result of breaches in our contractual obligations, including representations and warranties, intellectual property right infringement claims and litigation against counterparties, among others.

While some of the agreements specify a maximum potential exposure, others do not specify a maximum amount or a maturity date or survival period. It is not possible to reasonably estimate the maximum amount that may have to be paid under such guarantees. The amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. No amount has been accrued in the consolidated balance sheets relating to this type of guarantee or indemnification as at September 30, 2025. The Company does not expect to incur any potential payment in connection with these guarantees that could have a material adverse effect on its audited consolidated financial statements.

In the normal course of business, we may secure bid and performance bonds from third party financial institutions to offer to certain clients, principally governmental entities. In general, we would only be liable for the amount of the bid bonds if we refuse to perform the project once we are awarded the bid. We would also be liable for the performance bonds in the event of a default in the performance of our obligations. As at September 30, 2025, we had committed a total of $275.2 million for these bonds. To the best of our knowledge, the Company complies with our performance obligations under all service contracts for which there was a bid or performance bond, and the ultimate liability, if any, incurred in connection with these guarantees, would not have a material adverse effect on the Company's consolidated results of operations or financial condition.

CGI's management believes that the Company has sufficient capital resources to support ongoing business operations and execute our Build and Buy profitable growth strategy. Our principal and most accretive uses of cash are: to invest in our business (procuring new large managed IT and business process services contracts and developing business and IP solutions); to pursue accretive acquisitions; to purchase for cancellation Class A shares and pay down debt. In terms of financing, we are well positioned to continue executing our four-pillar growth strategy in Fiscal 2025.

To successfully implement the Company's strategy, CGI relies on a strong leadership team, supported by highly knowledgeable consultants and professionals with relevant relationships and significant experience in both IT and our targeted industries. CGI fosters leadership development through the CGI Leadership Institute ensuring continuity and knowledge transfer across the organization. For key positions, a detailed succession plan is established and revised frequently.

As a Company built on human capital, the knowledge of our consultants and professionals are critical to delivering quality service to our clients. Our human resources program allows us to attract and retain the best talent as it provides competitive compensation and benefits, a favourable working environment, training programs and career development opportunities. Employee satisfaction is monitored annually through a Company-wide survey. In addition, a majority of our professionals are owners of CGI through our Share Purchase Plan, which, along with our Profit Participation Plan, allows them to share in the Company's success, further aligning stakeholder interests.

In addition to capital resources and talent, CGI has established the Management Foundation, which encompasses governance policies, organizational models and sophisticated management frameworks for our business units and corporate processes. This robust governance model provides a common business language for managing all operations consistently across the globe, driving a focus on continuous improvement. CGI’s operations maintain appropriate certifications in accordance with service requirements such as ISO and CMMI certification programs.

Bookings for the quarter ended September 30, 2025 were $4.8 billion representing a book-to-bill ratio of 119.2%. The breakdown of the new bookings signed during the quarter is as follows:

The following charts provide additional information regarding our revenue mix for the quarter ended September 30, 2025:

IFRS Accounting Standards guidance on segment disclosures defines a single customer as a group of entities that are known to the reporting entity to be under common control. As a consequence, our work for the U.S. federal government including its various agencies represented 13.6% of our revenue for Q4 2025 as compared to 14.2% for Q4 2024.

The following table provides a summary of the year-over-year changes in our revenue, in total and by segment before eliminations, separately showing the impacts of foreign currency exchange rate variations between Q4 2025 and Q4 2024. The Q4 2024 revenues by segment were recorded reflecting the actual foreign exchange rates for the respective period. The foreign exchange impact is the difference between the current period’s actual results and the same period’s results converted with the prior year’s foreign exchange rates.

For the three months ended September 30, 2025, revenue was $4,013.8 million, an increase of $353.4 million or 9.7% over the same period last year. On a constant currency basis, revenue increased by $200.7 million or 5.5%. The increase in revenue was mainly due to recent business acquisitions, partially offset by lower demand within the MRD vertical market and lower volumes related to our IP enabled business process services in the U.S. Federal segment.

Revenue in the Western and Southern Europe segment was $681.0 million in Q4 2025, an increase of $60.2 million or 9.7% over the same period last year. On a constant currency basis, revenue increased by $12.5 million or 2.0%. The increase in revenue was mainly due to recent business acquisitions, partially offset by lower demand within the communications and utilities and MRD vertical markets and one less available day to bill.

On a client geographic basis, the top two Western and Southern Europe vertical markets were MRD and financial services, generating combined revenues of approximately $410 million for the three months ended September 30, 2025.

Revenue in the U.S. Commercial and State Government segment was $627.7 million in Q4 2025, an increase of $49.4 million or 8.5% over the same period last year. On a constant currency basis, revenue increased by $42.7 million or 7.4%. The increase in revenue was mainly due to a recent business acquisition, partially offset by the increased use of our Asia Pacific global delivery centers for client work.

On a client geographic basis, the top two U.S. Commercial and State Government vertical markets were government and financial services, generating combined revenues of approximately $400 million for the three months ended September 30, 2025.

Revenue in the U.S. Federal segment was $548.1 million in Q4 2025, an increase of $25.3 million or 4.8% over the same period last year. On a constant currency basis, revenue increased by $19.7 million or 3.8%. The increase in revenue was mainly due to a recent business acquisition and a ramp up of a new project, partially offset by lower volumes related to our IP enabled business process services.

For the three months ended September 30, 2025, $471 million of revenues in the U.S. Federal segment were federal civilian based agencies.

Revenue in the Canada segment was $508.7 million in Q4 2025, a decrease of $3.6 million or 0.7% over the same period last year. On a constant currency basis, revenue decreased by $3.8 million or 0.7%. The change in revenue was mainly due to projects ended within the government vertical market and increased use of our Asia Pacific global delivery centers for client work, partially offset by organic growth in IP-based revenues within the financial services vertical market and recent business acquisitions.

On a client geographic basis, the top two Canada vertical markets were financial services and government, generating combined revenues of approximately $377 million for the three months ended September 30, 2025.

Revenue in the Scandinavia, Northwest and Central-East Europe segment was $416.9 million in Q4 2025, an increase of $41.9 million or 11.2% over the same period last year. On a constant currency basis, revenue increased by $7.0 million or 1.9%. The increase in revenue was mainly due to organic growth in most vertical markets, mainly within the financial services vertical market.

On a client geographic basis, the top two Scandinavia, Northwest and Central-East Europe vertical markets were MRD and government, generating combined revenues of approximately $272 million for the three months ended September 30, 2025.

Revenue in the U.K. and Australia segment was $566.0 million in Q4 2025, an increase of $144.7 million or 34.3% over the same period last year. On a constant currency basis, revenue increased by $119.7 million or 28.4%. The increase in revenue was mainly due to a recent business acquisition and organic growth within the government vertical market, partially offset by project related equipment sales in the prior year.

On a client geographic basis, the top two U.K. and Australia vertical markets were government and MRD, generating combined revenues of approximately $434 million for the three months ended September 30, 2025.

Revenue in the Germany segment was $234.9 million in Q4 2025, an increase of $11.0 million or 4.9% over the same period last year. On a constant currency basis, revenue decreased by $5.4 million or 2.4%. The change in revenue was mainly due to lower demand within the MRD vertical market, partially offset by a recent business acquisition.

On a client geographic basis, the top two Germany vertical markets were government and MRD, generating combined revenues of approximately $178 million for the three months ended September 30, 2025..

Revenue in the Finland, Poland and Baltics segment was $212.0 million in Q4 2025, an increase of $8.9 million or 4.4% over the same period last year. On a constant currency basis, revenue decreased by $6.1 million or 3.0%. The change in revenue was mainly due to a ramp down of projects within the financial services market, partially offset by organic growth within health, including IP-based revenue, and government vertical markets.

On a client geographic basis, the top two Finland, Poland and Baltics vertical markets were financial services and government, generating combined revenues of approximately $118 million for the three months ended September 30, 2025.

Revenue in the Asia Pacific segment was $255.4 million in Q4 2025, an increase of $8.4 million or 3.4% over the same period last year. On a constant currency basis, revenue increased by $15.8 million or 6.4%. The increase in revenue was mainly due to the continued demand for our global delivery centers for client work, partially offset by one less available day to bill.

Adjusted EBIT for the three months ended September 30, 2025 was $667.4 million, an increase of $67.1 million when compared to Q4 2024. Adjusted EBIT margin increased to 16.6% from 16.4% when compared to last year. The increase in adjusted EBIT margin was mainly due to the impact of tax credits and efficiencies resulting from the restructuring program. This was partially offset by lower volumes related to our IP enabled business process services within the U.S. Federal segment, an impairment taken on a business solution and the impact of the reevaluation of cost to complete on a project within the U.S. Commercial and State Government segment.

Adjusted EBIT in the Western and Southern Europe segment was $92.6 million in Q4 2025, an increase of $27.5 million when compared to Q4 2024. Adjusted EBIT margin increased to 13.6% from 10.5% in Q4 2024. The increase in adjusted EBIT margin was mainly due to prior years adjustments for R&D tax credits in France and efficiencies resulting from the restructuring program. This was partially offset by lower billable utilization, one less available day to bill and the dilutive impact of recent business acquisitions.

Adjusted EBIT in the U.S. Commercial and State Government segment was $86.9 million in Q4 2025, a decrease of $6.2 million when compared to Q4 2024. Adjusted EBIT margin decreased to 13.8% from 16.1% in Q4 2024. The change in adjusted EBIT margin was due to an impairment taken on a business solution, the impact of the reevaluation of cost to complete on a project and the temporary dilutive impact of a recent business acquisition, partially offset by higher billable utilization.

Adjusted EBIT in the U.S. Federal segment was $88.8 million in Q4 2025, a decrease of $5.2 million when compared to Q4 2024. Adjusted EBIT margin decreased to 16.2% from 18.0% in Q4 2024. The change in adjusted EBIT margin was mainly due to lower volumes related to our IP enabled business process services, partially offset by a ramp up of a new project.

Adjusted EBIT in the Canada segment was $111.8 million in Q4 2025, an increase of $0.9 million when compared to Q4 2024. Adjusted EBIT margin increased to 22.0% from 21.6% in Q4 2024. The increase in adjusted EBIT margin was mainly due to profitable organic growth within IP-based revenues within the financial services vertical market, partially offset by lower tax credits.

Adjusted EBIT in the Scandinavia, Northwest and Central-East Europe segment was $64.2 million in Q4 2025, an increase of $21.1 million when compared to Q4 2024. Adjusted EBIT margin increased to 15.4% from 11.5% in Q4 2024. The increase in adjusted EBIT margin was mainly due to efficiencies resulting from the restructuring program and profitable organic growth within most vertical markets.

Adjusted EBIT in the U.K. and Australia segment was $85.2 million in Q4 2025, an increase of $22.8 million when compared to Q4 2024. Adjusted EBIT margin increased to 15.0% from 14.8% in Q4 2024. The increase in adjusted EBIT margin was mainly due to project related equipment sales at lower margin in the prior year, partially offset by the temporary dilutive impact of a recent business acquisition.

Adjusted EBIT in the Germany segment was $29.7 million in Q4 2025, an increase of $5.8 million when compared to Q4 2024. Adjusted EBIT margin increased to 12.6% from 10.7% in Q4 2024. The increase in adjusted EBIT margin was mainly due efficiencies resulting from the restructuring program.

Adjusted EBIT in the Finland, Poland and Baltics segment was $36.3 million in Q4 2025, a decrease of $2.3 million when compared to Q4 2024. Adjusted EBIT margin decreased to 17.1% from 19.0% in Q4 2024. The change in adjusted EBIT margin was mainly due to additional R&D tax credits in the prior year and a ramp down of projects in the financial services vertical market. This was partially offset by profitable organic growth within the health vertical market, including IP-based revenue.

Adjusted EBIT in the Asia Pacific segment was $71.9 million in Q4 2025, an increase of $2.8 million when compared to Q4 2024. Adjusted EBIT margin remained strong at 28.2% compared to 28.0% in Q4 2024.

For the three months ended September 30, 2025, income tax expense was $134.9 million compared to $156.5 million over the same period last year and our effective tax rate decreased to 26.1% from 26.4%. When excluding the tax effects from restructuring, acquisition and related integration costs, the effective tax rate decreased to 26.0% from 26.3%, which is mainly explained by a change in profitability mix in certain geographies.

For Q4 2025, CGI’s basic and diluted weighted average number of shares outstanding decreased compared to Q4 2024 due to the impact of the purchase for cancellation of Class A shares and related tax, partially offset by the exercise of stock options.

$704.5 million. The following table provides a summary of the generation and use of cash and cash equivalents for the quarters ended September 30, 2025 and 2024.

For the three months ended September 30, 2025, cash provided by operating activities was $663.0 million or 16.5% of revenue compared to $629.1 million or 17.2% of revenue for the same period last year.

1    Comprised of net foreign exchange loss, share-based payment costs and gain on sale of property, plant and equipment and on lease terminations.

2    Comprised of prepaid expenses and other assets, long-term financial assets (excluding long-term receivables), derivative financial instruments, long-term liabilities and retirement benefits obligations.

For the three months ended September 30, 2025, the increase of $34.0 million from our cash provided by operating activities was mostly due to additional unpaid restructuring expenses and acquisition related costs and the timing of tax instalment payments, partially offset by the timing of supplier payments and client collections.

For the three months ended September 30, 2025, $321.8 million were used in investing activities while $565.2 million were used in investing activities over the same period last year.

The change of $243.4 million in cash used in investing activities during the three months ended September 30, 2025 was mainly due to net impact of proceeds and purchases of our funds held for clients' investments in the prior year and lower business acquisition related payments.

For the three months ended September 30, 2025, $615.7 million were used in financing activities, while $31.6 million were provided by financing activities over the same period last year.

The change of $647.3 million was mainly driven by the issuance of senior unsecured notes for an amount of $747.1 million in September 2024 and by an increase in cash used for the repurchase for cancellation of Class A shares and related tax under the NCIB program. This was partially offset by the scheduled repayments in full of senior unsecured notes in the amount of $475.8 million (US$350.0 million) in September 2024 and repayment of debt assumed from business acquisitions.