EX-99.2 3 cgi-fy25_q3xfs.htm EX-99.2
Interim Condensed Consolidated Financial Statements of
CGI INC.
For the three and nine months ended June 30, 2025 and 2024
(unaudited)

Interim Consolidated Statements of Earnings
For the three and nine months ended June 30
(in thousands of Canadian dollars, except per share data) (unaudited)

|  | Three months ended June 30 |  | Nine months ended June 30 |
| Notes | 2025 | 2024 |  | 2025 | 2024 |
|  | $ | $ |  | $ | $ |
Revenue | 10 | 4,090,182 |  | 3,671,977 |  |  | 11,898,836 |  | 11,015,761 |  |
Operating expenses |  |  |  |  |  |  |
Costs of services, selling and administrative |  | 3,423,833 |  | 3,070,655 |  |  | 9,955,180 |  | 9,199,955 |  |
Restructuring, acquisition and related integration costs | 6 | 83,695 |  | 100 |  |  | 163,471 |  | 93,486 |  |
Net finance costs | 7 | 30,861 |  | 8,765 |  |  | 54,104 |  | 23,495 |  |
Foreign exchang e loss (gain) |  | 206 |  | (1,510) |  |  | 132 |  | 286 |  |
|  | 3,538,595 |  | 3,078,010 |  |  | 10,172,887 |  | 9,317,222 |  |
Earnings before income taxes |  | 551,587 |  | 593,967 |  |  | 1,725,949 |  | 1,698,539 |  |
Income tax expense |  | 142,975 |  | 153,843 |  | 449,019 |  | 441,747 |
Net earnings |  | 408,612 |  | 440,124 |  |  | 1,276,930 |  | 1,256,792 |  |
Earnings per share |  |  |  |  |  |  |
Basic earnings per share | 5b | 1.84 |  | 1.94 |  |  | 5.71 |  | 5.49 |  |
Diluted earnings per share | 5b | 1.82 |  | 1.91 |  |  | 5.64 |  | 5.40 |  |

See Notes to the Interim Condensed Consolidated Financial Statements.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 1

Interim Consolidated Statement of Comprehensive Income
For the three and nine months ended June 30
(in thousands of Canadian dollars) (unaudited)

| Three months ended June 30 |  | Nine months ended June 30
| 2025 | 2024 |  | 2025 | 2024
| $ | $ |  | $ | $
Net earnings | 408,612 |  | 440,124 |  |  | 1,276,930 |  | 1,256,792 |
Items that will be reclassified subsequently to net earnings (net of income taxes): |  |  |  |  |
Net unrealized (losses) gains on translating financial statements of foreign operations | (82,106) |  | 106,602 |  |  | 453,069 |  | 222,132 |
N et gains (losses) on cross-currency swaps and on translating long- term debt designated as hedges of net investments in foreign operations | 33,755 |  | (20,936) |  |  | (92,151) |  | (50,555) |
Deferre d (costs) gains o f hedging on cross-currency swaps | (18,692) |  | 5,746 |  |  | (7,322) |  | 6,947 |
Net unrealiz e d (losses) gains on cash flow hedges | (17,359) |  | 6,346 |  |  | (3,797) |  | 5,746 |
Net unrealiz ed (losses) gains on financial assets at fair value through other comprehensive income | (477) |  | 368 |  |  | 319 |  | 2,238 |
Items that will not be reclassified subsequently to net earnings (net of income taxes): |  |  |  |  |
Net remeasur ement gains (losses) o n defined benefit plans | 4,388 |  | (7,877) |  |  | (512) |  | 2,220 |
Other comprehensive (loss) income | (80,491) |  | 90,249 |  |  | 349,606 |  | 188,728 |
Comprehensive income | 328,121 |  | 530,373 |  |  | 1,626,536 |  | 1,445,520 |

See Notes to the Interim Condensed Consolidated Financial Statements.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 2

Interim Consolidated Balance Sheet
(in thousands of Canadian dollars) (unaudited)

| Notes | As at June 30, 2025 | As at September 30, 2024
|  | $ | $
Assets |  |  |
Current assets |  |  |
Cash and cash equivalents | 9c and 11 | 1,130,220 |  | 1,461,145 |
Accounts receivable |  | 1,554,623 |  | 1,398,402 |
Work in progress |  | 1,368,172 |  | 1,208,095 |
Current financial assets | 11 | 11,842 |  | 8,334 |
Prepaid expenses and other current assets |  | 205,823 |  | 211,279 |
Income taxes |  | 3,661 |  | 23,271 |
Total current assets before funds held for clients |  | 4,274,341 |  | 4,310,526 |
Funds held for clients |  | 978,749 |  | 506,780 |
Total current assets |  | 5,253,090 |  | 4,817,306 |
Property, plant and equipment |  | 371,663 |  | 366,823 |
Right-of-use assets |  | 509,497 |  | 466,115 |
Contract costs |  | 367,140 |  | 344,029 |
Intangible assets |  | 1,006,664 |  | 718,575 |
Other long-term assets |  | 104,503 |  | 110,440 |
Long-term financial assets |  | 158,311 |  | 149,237 |
Deferred tax assets |  | 238,125 |  | 242,567 |
Goodwill |  | 11,182,236 |  | 9,470,376 |
|  | 19,191,229 |  | 16,685,468 |
Liabilities |  |  |
Current liabilities |  |  |
Accounts payable and accrued liabilities |  | 1,045,303 |  | 999,790 |
Accrued compensation and employee-related liabilities |  | 1,186,776 |  | 1,165,903 |
Deferred revenue |  | 570,240 |  | 536,788 |
Income taxes |  | 86,717 |  | 150,300 |
Current portion of long-term debt |  | 413 |  | 999 |
Current portion of lease liabilities |  | 167,122 |  | 150,252 |
Provisions |  | 76,776 |  | 27,471 |
Current derivative financial instruments | 11 | 13,270 |  | 13,073 |
Total current liabilities before clients’ funds obligations |  | 3,146,617 |  | 3,044,576 |
Clients’ funds obligations |  | 976,068 |  | 504,515 |
Total current liabilities |  | 4,122,685 |  | 3,549,091 |
Long-term debt |  | 3,574,761 |  | 2,687,309 |
Long-term lease liabilities |  | 501,810 |  | 469,843 |
Long-term provisions |  | 28,250 |  | 18,951 |
Other long-term liabilities |  | 312,859 |  | 301,082 |
Long-term derivative financial instruments | 11 | 150,119 |  | 19,704 |
Deferred tax liabilities |  | 93,687 |  | 21,132 |
Retirement benefits obligations |  | 197,364 |  | 190,366 |
|  | 8,981,535 |  | 7,257,478 |
Equity |  |  |
Retained earnings |  | 7,545,260 |  | 7,129,370 |
Accumulated other comprehensive income | 4 | 800,859 |  | 451,253 |
Capital stock | 5a | 1,522,022 |  | 1,470,333 |
Contributed surplus |  | 341,553 |  | 377,034 |
|  | 10,209,694 |  | 9,427,990 |
|  | 19,191,229 |  | 16,685,468 |

See Notes to the Interim Condensed Consolidated Financial Statements.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 3

Interim Consolidated Statements of Changes in Equity
For the nine months ended June 30
(in thousands of Canadian dollars) (unaudited)

| Notes | Retained earnings | Accumulated other comprehensive income | Capital stock | Contributed surplus |  | Total equity
|  | $ | $ | $ | $ |  | $
Balance as at September 30, 2024 |  | 7,129,370 |  | 451,253 |  | 1,470,333 |  | 377,034 |  |  | 9,427,990 |
Net earnings |  | 1,276,930 |  | — |  | — |  | — |  |  | 1,276,930 |
Other comprehensive income |  | — |  | 349,606 |  | — |  | — |  |  | 349,606 |
Comprehensive income |  | 1,276,930 |  | 349,606 |  | — |  | — |  |  | 1,626,536 |
Share-based payment costs |  | — |  | — |  | — |  | 54,053 |  |  | 54,053 |
Income tax impact associated with share-based payments |  | — |  | — |  | — |  | (1,900) |  |  | (1,900) |
Exercise of stock options | 5a | — |  | — |  | 64,457 |  | (10,671) |  |  | 53,786 |
Settlement of p erformance share units | 5a | (21,256) |  | — |  | 45,588 |  | (76,963) |  |  | (52,631) |
Purchase for cancellation of class A subordinate voting shares and related tax | 5a | (738,014) |  | — |  | (45,033) |  | — |  |  | (783,047) |
Purchase of Class A subordinate voting shares held in trusts | 5a | — |  | — |  | (13,323) |  | — |  |  | (13,323) |
Cash dividends declared | 5a | (101,770) |  | — |  | — |  | — |  |  | (101,770) |
Balance as at June 30, 2025 |  | 7,545,260 |  | 800,859 |  | 1,522,022 |  | 341,553 |  |  | 10,209,694 |

| Notes | Retained earnings | Accumulated other comprehensive income | Capital stock | Contributed surplus |  | Total equity
|  | $ | $ | $ | $ |  | $
Balance as at September 30, 2023 |  | 6,329,107 |  | 158,975 |  | 1,477,180 |  | 345,032 |  |  | 8,310,294 |
Net earnings |  | 1,256,792 |  | — |  | — |  | — |  |  | 1,256,792 |
Other comprehensive income |  | — |  | 188,728 |  | — |  | — |  |  | 188,728 |
Comprehensive income |  | 1,256,792 |  | 188,728 |  | — |  | — |  |  | 1,445,520 |
Share-based payment costs |  | — |  | — |  | — |  | 50,601 |  |  | 50,601 |
Income tax impact associated with share-based payments |  | — |  | — |  | — |  | 4,245 |  |  | 4,245 |
Exercise of stock options | 5a | — |  | — |  | 70,066 |  | (11,580) |  |  | 58,486 |
Settlement of performance share units | 5a | 775 |  | — |  | 13,575 |  | (29,231) |  |  | (14,881) |
Purchase for cancellation of Class A subordinate voting shares | 5a | (846,788) |  | — |  | (43,022) |  | — |  |  | (889,810) |
Purchase of Class A subordinate voting shares held in trusts | 5a | — |  | — |  | (66,847) |  | — |  |  | (66,847) |
Balance as at June 30, 2024 |  | 6,739,886 |  | 347,703 |  | 1,450,952 |  | 359,067 |  |  | 8,897,608 |

See Notes to the Interim Condensed Consolidated Financial Statements.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 4

Interim Consolidated Statements of Cash Flows
For the three and nine months ended June 30
(in thousands of Canadian dollars) (unaudited)

|  | Three months ended June 30 |  | Nine months ended June 30
| Notes | 2025 | 2024 |  | 2025 | 2024
|  | $ | $ |  | $ | $
Operating activities |  |  |  |  |  |
Net earnings |  | 408,612 |  | 440,124 |  |  | 1,276,930 |  | 1,256,792 |
Adjustments for: |  |  |  |  |  |
Amortization, depreciation and impairment |  | 172,843 |  | 131,535 |  |  | 461,767 |  | 413,809 |
Deferred income tax expense (recovery) |  | 8,394 |  | (27,236) |  |  | (9,821) |  | (89,077) |
Foreign exchan ge loss (gain) |  | 11,681 |  | (4,832) |  |  | 3,710 |  | (6,533) |
Share-based payment costs |  | 14,019 |  | 18,921 |  |  | 54,053 |  | 50,601 |
Gain on sale of property, plant and equipment and on lease terminations |  | — |  | — |  |  | (712) |  | — |
Net change in non-cash working capital items and others | 9a | (128,944) |  | (61,787) |  |  | (214,744) |  | (49,670) |
Cash provided by operating activities |  | 486,605 |  | 496,725 |  |  | 1,571,183 |  | 1,575,922 |
Investing activities |  |  |  |  |  |
Net change in short-term investments |  | (2,778) |  | 112,866 |  |  | (1,289) |  | 84,055 |
Business acquisitions (net of cash acquired) | 8 | (1,839) |  | (764) |  |  | (1,592,433) |  | (50,155) |
Loan receivable |  | — |  | 1,898 |  |  | 9,915 |  | 5,520 |
Purchase of property, plant and equipment |  | (36,058) |  | (27,878) |  |  | (88,866) |  | (86,348) |
Proceeds from sale of property, plant and equipment |  | — |  | — |  |  | 1,295 |  | — |
Additions to contract costs |  | (29,404) |  | (22,691) |  |  | (79,392) |  | (71,865) |
Additions to intangible assets |  | (39,626) |  | (40,569) |  |  | (119,682) |  | (120,850) |
Purchase of long-term investments |  | (51,712) |  | (6,511) |  |  | (94,285) |  | (11,104) |
Proceeds from sale of long-term investments |  | 51,663 |  | 10,498 |  |  | 85,979 |  | 40,552 |
Cash (used in) provided by investing activities |  | (109,754) |  | 26,849 |  |  | (1,878,758) |  | (210,195) |
Financing activities |  |  |  |  |  |
Increase of long-term debt | 11 | — |  | — |  |  | 923,922 |  | — |
Repayment of long-term debt | 11 | — |  | (960) |  |  | — |  | (679,085) |
Settlement of derivative financial instruments | 11 | — |  | — |  |  | — |  | 18,087 |
Payment of lease liabilities |  | (46,670) |  | (40,169) |  |  | (126,115) |  | (118,349) |
Repayment of debt assumed in a business acquisition |  | — |  | — |  |  | (2,172) |  | — |
Purchase for cancellation of Class A subordinate voting sha res and related tax | 5a | (286,186) |  | (499,284) |  |  | (783,765) |  | (885,399) |
Issuance of Class A subordinate voting shares | 5a | 12,882 |  | 6,841 |  |  | 53,798 |  | 58,486 |
Purchase of Class A subordinate voting shares held in trusts | 5a | — |  | — |  |  | (13,323) |  | (66,847) |
Withholding taxes remitted on the net settlement of performance share units | 5a | (934) |  | (613) |  |  | (52,631) |  | (14,881) |
Cash dividends paid | 5a | (33,580) |  | — |  |  | (101,770) |  | — |
Net change in clients' funds obligations |  | 425,949 |  | 14,818 |  |  | 471,101 |  | 48,743 |
Cash provided by (used in) fi nancing activities |  | 71,461 |  | (519,367) |  |  | 369,045 |  | (1,639,245) |
Effect of foreign exchange rate changes on cash, cash equivalents and cash included in funds held for clients |  | 7,330 |  | 16,699 |  |  | 73,993 |  | 24,008 |
N et increase (decrease) i n cash, cash equivalents and cash included in funds held for clients |  | 455,642 |  | 20,906 |  |  | 135,463 |  | (249,510) |
Cash, cash equivalents and cash included in funds held for clients, beginning of period |  | 1,374,550 |  | 1,567,667 |  |  | 1,694,729 |  | 1,838,083 |
Cash, cash equivalents and cash included in funds held for clients, end of period |  | 1,830,192 |  | 1,588,573 |  |  | 1,830,192 |  | 1,588,573 |
Cash composition: |  |  |  |  |  |
Cash and cash equivalents |  | 1,130,220 |  | 1,155,400 |  |  | 1,130,220 |  | 1,155,400 |
Cash included in funds held for clients |  | 699,972 |  | 433,173 |  |  | 699,972 |  | 433,173 |

See Notes to the Interim Condensed Consolidated Financial Statements.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 5

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
1.Description of business
CGI Inc. (the Company), directly or through its subsidiaries, provides managed information technology (IT) and business process services, business and strategic IT consulting and systems integration services, and intellectual property (IP) business solutions to help clients effectively realize their strategies and create added value. The Company was incorporated under Part IA of the Companies Act (Québec), predecessor to the Business Corporations Act (Québec) which came into force on February 14, 2011 and its Class A subordinate voting shares are publicly traded. The executive and registered office of the Company is situated at 1350 René-Lévesque Blvd. West, Montréal, Québec, Canada, H3G 1T4.
2.Basis of preparation
These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB). In addition, the interim condensed consolidated financial statements have been prepared in accordance with the accounting policies set out in Note 3, Summary of material accounting policies, of the Company’s consolidated financial statements for the year ended September 30, 2024 which were consistently applied to all periods presented, except for the new accounting standard amendments adopted on October 1, 2024, as described below in Note 3, Accounting policies.
These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the year ended September 30, 2024.
During the first quarter ended December 31, 2024, the Company combined the previously reported Acquisition-related and integration costs and the 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 with no other impact on the interim condensed consolidated financial statements.
The Company’s interim condensed consolidated financial st atements for the three and nine months ended June 30, 2025 and 2024 were authorized for issue by the Board of Directors on July 29, 2025.
3.Accounting policies
ADOPTION OF ACCOUNTING STANDARD AMENDMENTS
The following standard amendments have been adopted by the Company on October 1, 2024:
Classification of Liabilities as Current or Non-current and Information about long-term debt with covenants –Amendments to IAS 1
In January 2020, the IASB amended IAS 1 Presentation of Financial Statements, clarifying that the classification of liabilities as current or non-current is based on existing rights at the end of the reporting period, independent of whether the Company will exercise its right to defer settlement of a liability. Subsequently, in October 2022, the IASB introduced additional amendments to IAS 1, emphasizing that covenants for long-term debt, regardless whether the covenants were compliant after the reporting date, should not affect debt classification; instead, companies are required to disclose information about these covenants in the notes accompanying their financial statements.
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7
In May 2023, the IASB amended IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to introduce new disclosure requirements to enhance the transparency on supplier finance arrangements and their impact on the Company’s liabilities, cash flows and liquidity exposure. The new disclosure requirements include information such as terms and conditions, the carrying amount of liabilities, the range of payment due dates, non-cash changes and liquidity risk information around supplier finance arrangements.
The implementation of these standard amendments resulted in no impact on the Company's interim condensed consolidated financial statements.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 6

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
3. Accounting policies (continued)
ACCOUNTING STANDARD CLARIFICATIONS
International Financial Reporting Interpretations Committee (“IFRIC”) Agenda Decision on Segment Reporting
In 2024, the IFRS Interpretations Committee issued an agenda decision clarifying disclosure requirements for reportable segments under IFRS 8 Operating Segments. The decision emphasizes the need to disclose certain specified items if these are included in the measure of segment profit or loss reviewed by the Chief Operating Decision Maker (CODM) or are otherwise regularly provided to the CODM, even if not included in that measure of segment profit or loss. Following its evaluation of the IFRIC agenda decision, the Company has expanded its segment disclosures to reflect salaries, other employee costs and contracted labour costs. The comparative financial information has been updated accordingly.
FUTURE ACCOUNTING STANDARD CHANGES
There have been no significant updates to future accounting standard changes applicable or consequential to the Company since those disclosed in the annual consolidated financial statements for the year ended September 30, 2024.
4. Accumulated other comprehensive income

| As at June 30, 2025 | As at September 30, 2024
| $ | $
Items that will be reclassified subsequently to net earnings: |  |
Net unrealized gains on translating financial statements of foreign operations, net of accumulated income tax expense of $63,634 ($44,210 as at September 30, 2024) | 1,349,328 |  | 896,259 |
Net losses on cross-currency swaps and on translating long-term debt designated as hedges of net investments in foreign operations, net of accumulated income tax recovery of $45,617 ($48,921 as at September 30, 2024) | (481,108) |  | (388,957) |
Deferred gains of hedging on cross-currency swaps, net of accumulated income tax expense of $1,612 ($2,907 as at September 30, 2024) | 11,709 |  | 19,031 |
Net u nrealized losses on cash flow hedges, net of accumulated income tax recovery of $2,158 ($1,421 as at September 30, 2024) | (10,727) |  | (6,930) |
Net unreali zed gains on financial assets at fair value through other comprehensive income, net of accumulated income tax expense of $812 ($707 as at September 30, 2024) | 2,766 |  | 2,447 |
Items that will not be reclassified subsequently to net earnings: |  |
Net rem e asurement losses on defined benefit plans, net of accumulated income tax recovery of $23,597 ($24,817 as at September 30, 2024) | (71,109) |  | (70,597) |
| 800,859 |  | 451,253 |

For the nine months ended June 30, 2025, $5,847,000 of the net unrealized gains on c ash flow hedges, net of income tax expense of $1,905,000, previously recognized in other comprehensive i ncome, were reclassified in the consolidated statements of earnings ($10,087,000, net of income tax expense of $3,541,000 were reclassified for the nine months ended June 30, 2024).
For the nine months ended June 30, 2025, $9,209,000 of the deferred gains of hedging on cross-currency swaps, net of income tax expense of $1,407,000, were also reclassified in the consolidated statements of earnings ($2,978,000, net of income tax expense of $455,000 were reclassified f o r the nine months ended June 30, 2024).
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 7

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
5. Capital stock, share-based payments and earnings per share
a)Capital stock and share-based payments

Class A subordinate voting shares | Class B shares (multiple voting) |  | Total
| Number | Carrying value | Number | Carrying value | Number | Carrying value
|  | $ |  | $ |  | $
As at September 30, 2024 | 203,774,163 |  | 1,436,680 |  | 24,122,758 |  | 33,653 |  | 227,896,921 |  | 1,470,333 |
Release of Class A subordinate voting shares held in trusts | — |  | 45,588 |  | — |  | — |  | — |  | 45,588 |
Purchased and held in trusts | — |  | (13,323) |  | — |  | — |  | — |  | (13,323) |
Issued upon exercise of stock options | 797,571 |  | 64,457 |  | — |  | — |  | 797,571 |  | 64,457 |
Purchased and cancelled | (5,181,943) |  | (45,033) |  | — |  | — |  | (5,181,943) |  | (45,033) |
As at June 30, 2025 | 199,389,791 |  | 1,488,369 |  | 24,122,758 |  | 33,653 |  | 223,512,549 |  | 1,522,022 |

i)Performance shares units and shares held in trusts
During the nine months ended June 30, 2025, 674,259 performance share units (PSUs) were granted, 758,860 w ere settled and 391,728 were forfeited (799,418 were granted, 269,717 were settled and 239,049 were forfeited during the nine months ended June 30, 2024). The PSUs granted in the period had a weighted average grant date fair value of $159.44 per unit ($137.90 per unit during the nine months ended June 30, 2024).
During the nine months ended June 30, 2025, 433,899 Class A subordinate voting shares held in trust were released (165,603 during the nine months ended June 30, 2024) with a recorded value o f $45,588,000 ($13,575,000 during the nine months ended June 30, 2024) that was removed from contributed surplus.
During the nine months ended June 30, 2025, the Company settled the withholding tax obligations on behalf of the employees under t he Share Unit Plan i n relation to the settlement of PSUs for a cash paymen t of $52,631,000 ($14,881,000 during the nine months ended June 30, 2024).
During the nine months ended June 30, 2025, the trustees, in accordance with the terms of the Share Unit Plan and Trust Agreements, purchase d 84,456 C lass A subordinate voting shares of the Company on the open market (463,364 during the nine months ended June 30, 2024) for a total cash consideratio n of $13,323,000 ($66,847,000 during the nine months ended June 30, 2024).
As at June 30, 2025, 2,251,913 C lass A subordinate voting shares were held in trusts under the Share Unit Plan (2,607,504 as at June 30, 2024 and 2,601,356 as at September 30, 2024).
ii)Exercises of stock options
During the nine months ended June 30, 2025, 797,571 stock options were exercised and nil were forfeited (999,434 were exercised and 10,984 were forfeited during the nine months ended June 30, 2024).
The carrying value of Class A subordinate voting shares includes $10,671,000, which corresponds to a reduction in contributed surplus representing the value of accumulated compensation costs associated with the stock options exercised during the nine months ended June 30, 2025 ($11,580,000 during the nine months ended June 30, 2024).
iii)Shares purchased and cancelled
On January 28, 2025, the Company’s Board of Directors authorized and subsequently received regulatory approval from the Toronto Stock Exchange (TSX) for the renewal of its Normal Course Issuer Bid (NCIB) which allows for the purchase for cancellation of up to 20,196,413 Class A subordinate voting shares on the open market through the TSX, the New York Stock Exchange (NYSE) and/or alternative trading systems or otherwise pursuant to exemption orders issued by securities regulators. The Class A subordinate voting shares were available for purchase for cancellation 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 subordinate voting shares allowable under the NCIB or elects to terminate the bid.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 8

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
5. Capital stock, share-based payments and earnings per share (continued)
a)Capital stock and share-based payments (continued)
iii) Shares purchased and cancelled (continued)
During the nine months ended June 30, 2025, the Company purchased for cancellation 5,181,943 Class A subordinate voting shares under its previous and current NCIB for a total cash consideration of $770,200,000 and the excess of the purchase price over the carrying value in the amount of $725,167,000 was charged to retained earnings.
During the nine months ended June 30, 2024, the Company purchased for cancellation 1,627,300 Class A subordinate voting shares under its previous NCIBs for a total cash consideration of $225,852,000 and the excess of the purchase price over the carrying value in the amount of $212,373,000 was charged to retained earnings.
On February 23, 2024, the Company entered into a private agreement with the then Founder and Executive Chairman of the Board of the Company, as well as a wholly-owned holding company, to purchase for cancellation 1,674,930 Class A subordinate voting shares under its previous NCIB for a total cash consideration of $250,000,000 excluding transaction costs of $370,000. The excess of the purchase price over the carrying value in the amount of $244,821,000 was charged to retained earnings. The 1,674,930 Class A subordinate voting shares purchased for cancellation on February 23, 2024 included 1,266,366 Class B shares (multiple voting) converted into Class A subordinate voting shares on February 23, 2024, by a holding company wholly-owned by the then Founder and Executive Chairman of the Board of the Company. The repurchase transaction was reviewed and recommended for approval by an independent committee of the Board of Directors of the Company following the receipt of an external opinion regarding the reasonableness of the financial terms of the transaction, and ultimately approved by the Board of Directors. The purchase was made pursuant to an exemption order issued by the Autorité des marchés financiers and was considered within the annual aggregate limit that the Company was entitled to purchase under its previous NCIB.
During the nine months ended June 30, 2024, the Company purchased for cancellation 2,887,878 Class A subordinate voting shares under its previous NCIB from the Caisse de dépôt et placement du Québec (CDPQ) for a total cash consideration of $400,000,000. The excess of the purchase price over the carrying value in the amount of $375,636,000 was charged to retained earnings. The purchase was made pursuant to an exemption order issued by the Autorité des marchés financiers and was considered within the annual aggregate limit that the Company was entitled to purchase under its previous NCIB.
In addition, during the nine months ended June 30, 2024, the Company paid for and cancelled 68,550 Class A subordinate voting shares under its previous NCIB, with a carrying value of $558,000 and for a total cash consideration of $9,177,000, which were purchased but were neither paid nor cancelled as at September 30, 2023.
During the nine months ended June 30, 2025, the Company recorded $12,847,000 related to a 2.0% tax on the value of Class A subordinate voting shares repurchased, net of the value of new equity issued through stock options exercised, as part of accrued liabilities and with a corresponding reduction in retained earnings ($13,588,000 during the nine months ended June 30, 2024). In addition, during the nine months ended June 30, 2025, the Company paid $13,565,000 in relation to such tax (nil during the nine months ended June 30, 2024).
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 9

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
5. Capital stock, share-based payments and earnings per share (continued)
a)Capital stock and share-based payments (continued)
iv) Dividends
During the nine months ended June 30, 2025, the Company declared and paid the following quarterly cash dividen ds to holders of Class A subordinate voting shares and Class B shares (multiple voting):

| 2025 |  | 2024
Dividend Payment Month | Dividend per Share | Value |  | Dividend per Share | Value
December | 0.15 |  | 34,133 |  |  | — |  | — |
March | 0.15 |  | 34,057 |  |  | — |  | — |
June | 0.15 |  | 33,580 |  |  | — |  | — |
|  | 101,770 |  |  |  | — |

On July 29, 2025, the Company’s Board of Directors approved a quarterly cash dividend for holders of Class A subordinate voting shares and Class B shares (multiple voting) of $0.15 per share. This div idend is payable on September 19, 2025 to shareholders of record as of the close of business on August 15, 2025.
b)Earnings per share
The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended June 30:

|  |  |  | Three months ended June 30
| 2025 | 2024
| Net earnings | Weighted average number of shares outstanding 1 | Earnings per share | Net earnings | Weighted average number of shares outstanding 1 | Earnings per share
| $ |  | $ | $ |  | $
Basic | 408,612 |  | 221,781,407 |  | 1.84 |  | 440,124 |  | 227,154,246 |  | 1.94 |
Net effect of dilutive stock options and PSUs 2 |  | 2,575,144 |  |  |  | 3,386,720 |  |
Diluted | 408,612 |  | 224,356,551 |  | 1.82 |  | 440,124 |  | 230,540,966 |  | 1.91 |

|  |  |  | Nine months ended June 30
| 2025 | 2024
| Net earnings | Weighted average number of shares outstanding 1 | Earnings per share | Net earnings | Weighted average number of shares outstanding 1 | Earnings per share
| $ |  | $ | $ |  | $
Basic | 1,276,930 |  | 223,752,383 |  | 5.71 |  | 1,256,792 |  | 229,023,242 |  | 5.49 |
Net effect of dilutive stock options and PSUs 2 |  | 2,815,675 |  |  |  | 3,584,746 |  |
Diluted | 1,276,930 |  | 226,568,058 |  | 5.64 |  | 1,256,792 |  | 232,607,988 |  | 5.40 |

1 During the three months ended June 30, 2025, 1,919,410 Class A subordinate voting shares purchased for cancellation and 2,251,913 Class A subordinate voting shares held in trust were excluded from the calculation of the weighted average number of shares outstanding as of the date of the transaction (3,506,678 and 2,607,504, respectively, during the three months ended June 30, 2024).
During the nine months ended June 30, 2025, 5,181,943 Class A subordinate voting shares purchased for cancellation and 2,251,913 Class A subordinate voting shares held in trusts were excluded from the calculation of the weighted average number of shares outstanding as of the date of the transaction (6,190,108 and 2,607,504, respectively, during the nine months ended June 30, 2024).
2 For the three and nine months ended June 30, 2025 and 2024, no stock options were excluded from the calculation of the diluted earnings per share as all stock options were dilutive.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 10

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
6. Restructuring, acquisition and related integration costs

| Three months ended June 30 |  | Nine months ended June 30
| 2025 | 2024 |  | 2025 | 2024
| $ | $ |  | $ | $
Restructuring | 45,547 |  | — |  |  | 98,000 |  | — |
Cost optimization program | — |  | — |  |  | — |  | 91,063 |
Acquisition and related integration costs | 38,148 |  | 100 |  |  | 65,471 |  | 2,423 |
| 83,695 |  | 100 |  |  | 163,471 |  | 93,486 |

The Company continued executing its restructuring program announced during the three months ended December 31, 2024, most of which continues to be targeted within its Continental European operations. During the three and nine months ended June 30, 2025, the Company recorded costs for terminations of employm ent of $45,236,000 and $92,987,000, respectively, under this initiative, as well as costs of vacating leased premises of $311,000 and $5,013,000, respectively.
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 $100,027,000. During the three and nine months ended June 30, 2024, the Company recorded nil and $91,063,000, respectively of costs under the cost optimization program, which included costs for terminations of employment of nil and $69,500,000, respectively, and costs of vacating leased premises of nil and $21,563,000, respectively.
During the three and nine months ended June 30, 2025, the Company incurred $38,148,000 and $65,471,000, re spectively, of acquisition and related integration costs ($100,000 and $2,423,000 for the three and nine months ended June 30, 2024, respectively). The acquisition and related integration costs during the three and nine months ended June 30, 2025, were mainly costs related to redundancy of employment of $14,462,000 and $23,171,000, respectively ($100,000 and $380,000 for the three and nine months ended June 30, 2024, respectively), costs of vacating leased premises of $13,024,000 and $14,225,000, respectively (nil and $798,000 for th e three and nine months ended June 30, 2024, respectively), as well as legal and professional fees of $30,000 and $11,235,000 respectively (nil and $174,000 for the three and nine months ended June 30, 2024, respectively).
7. Net finance costs

| Three months ended June 30, |  | Nine months ended June 30
| 2025 | 2024 |  | 2025 | 2024
| $ | $ |  | $ | $
Interest on long-term debt | 24,202 |  | 11,510 |  |  | 56,663 |  | 35,695 |
Interest on lease liabilities | 7,721 |  | 7,139 |  |  | 22,102 |  | 21,809 |
Net interest costs on net defined benefit pension plans | 1,703 |  | 1,998 |  |  | 4,752 |  | 5,977 |
Other finance costs | 5,674 |  | 3,661 |  |  | 6,610 |  | 6,800 |
Finance costs | 39,300 |  | 24,308 |  |  | 90,127 |  | 70,281 |
Finance income | (8,439) |  | (15,543) |  |  | (36,023) |  | (46,786) |
| 30,861 |  | 8,765 |  |  | 54,104 |  | 23,495 |

8. Investments in subsidiaries
a) Acquisitions and disposals
The Company made the following acquisitions during the nine months ended June 30, 2025:
–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 $343,024,000. Daugherty employed approximately 1,100 professionals and the acquisition is reported under the U.S. Commercial and State Government operating segment.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 11

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
8. Investments in subsidiaries (continued)
a) Acquisitions and disposals (continued)
–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 $1,255,577,000. BJSS employed approximately 2,400 professionals and the acquisition is mainly reported under the U.K. and Australia operating segment.
–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 and the acquisition is mainly reported under the Germany operating segment.
–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 and the acquisition is reported under the Canada operating segment.
These acquisitions were made to further expand CGI’s footprint in their respective regions and to complement CGI's proximity model.
The following table presents the estimated fair value of assets acquired and liabilities assumed for the acquisitio ns, base d on the preliminary estimate of acquisition-date fair value of the identifiable tangible and intangible assets acquired and liabilities assumed:

| Daugherty | BJSS | Other | Total
| $ | $ | $ | $
Accounts receivable | 53,546 |  | 112,358 |  | 20,382 |  | 186,286 |
Work in progress | 14,303 |  | 6,508 |  | 582 |  | 21,393 |
Prepaid expenses and other current assets | 4,142 |  | 5,383 |  | 1,145 |  | 10,670 |
Property, plant and equipment | 378 |  | 4,534 |  | 2,095 |  | 7,007 |
Right-of-use assets | 15,538 |  | 20,592 |  | 10,759 |  | 46,889 |
Intangible assets 1 | 79,408 |  | 219,987 |  | 22,233 |  | 321,628 |
Other long-term assets | 3,124 |  | — |  | — |  | 3,124 |
Goodwill 2 | 213,425 |  | 1,057,356 |  | 71,202 |  | 1,341,983 |
Accounts payable and accrued liabilities | (18,466) |  | (69,600) |  | (6,438) |  | (94,504) |
Other current liabilities | (31,851) |  | (67,515) |  | (11,213) |  | (110,579) |
Deferred tax liabilities | — |  | (54,984) |  | (7,096) |  | (62,080) |
Long-term debt | — |  | — |  | (2,162) |  | (2,162) |
Lease liabilities | (15,538) |  | (23,206) |  | (12,056) |  | (50,800) |
Long-term provisions | — |  | — |  | (411) |  | (411) |
| 318,009 | 1,211,413 | 89,022 | 1,618,444
Cash acquired | 25,015 | 44,164 | 14,027 | 83,206
Net assets acquired | 343,024 | 1,255,577 | 103,049 | 1,701,650
Consideration paid | 335,934 | 1,238,941 | 89,254 | 1,664,129
Consideration payable | 7,090 | 16,636 | 13,795 | 37,521

1 Intangible assets are composed of client relationships.
2 The goodwill arising from the acquisitions mainly represents the future economic value associated to acquired work force and synergies with the Company’s
oper ations. The goodwill is only deductible for tax purposes for Daugherty.
The estimated fair value of all assets acquired and liabilities assumed for the above acquisitions a re preliminary and will be completed as soon as management will have gathered all the significant information available and considered necessary in order to finalize this allocation.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 12

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
8. Investments in subsidiaries (continued)
a) Acquisitions and disposals (continued)
Since their respective dates of acquisition, Daugherty and BJSS have generated approximately $156,000,000 and $173,000,000, respectively, of revenues, and approximately $13,000,000 and $10,000,000, respectively, of net earnings excluding acquisition and related integration costs, to the financial results of the Company.
On a pro forma basis, for the nine months ended June 30, 2025, these two acquisitions would have generated approximately $604,000,000 of revenues and approximately $32,000,000 of net earnings excluding acquisition and related integration costs, to the financial results of the Company had their acquisition dates been October 1, 2024.
There were no material disposals for the nine months ended June 30, 2025.
b) Business acquisitions realized in the prior fiscal year
During the three and nine months ended June 30, 2025, the Company finalized the fair value assessment of assets acquired and liabilities assumed for Celero Solution's credit union business with no significant adjustments.
During the three and nine months ended June 30, 2025, the Company paid $2,600,000 and $11,510,000, respectively, related to acquisitions realized in prior fiscal years.
9. Supplementary cash flow information
a) Net change in non-cash working capital items and others is as follows for the three and nine months ended June 30:

| Three months ended June 30 |  | Nine months ended June 30
| 2025 | 2024 |  | 2025 | 2024
| $ | $ |  | $ | $
Accounts receivable | (49,049) |  | (46,550) |  |  | 64,086 |  | (22,984) |
Work in progress | (75,724) |  | 37,427 |  |  | (97,107) |  | (23,932) |
Prepaid expenses and other assets | 5,652 |  | (23,110) |  |  | 30,247 |  | (6,399) |
Long-term financial assets | (12,004) |  | (3,422) |  |  | (7,154) |  | (21,948) |
Accounts payable and accrued liabilities | 27,014 |  | (9,552) |  |  | (104,982) |  | (36,477) |
Accrued compensation and employee-related liabilities | 72,183 |  | 81,176 |  |  | (104,920) |  | 11,225 |
Deferred revenue | (86,962) |  | (75,852) |  |  | (24,905) |  | 86,072 |
Income taxes | (65,012) |  | (9,739) |  |  | (40,898) |  | (70,446) |
Provisions | 35,070 |  | (19,624) |  |  | 53,539 |  | 10,538 |
Long-term liabilities | 16,735 |  | 4,232 |  |  | 11,890 |  | 20,741 |
Derivative financial instruments | (3) |  | 261 |  |  | 66 |  | 182 |
Retirement benefits obligations | 3,156 |  | 2,966 |  |  | 5,394 |  | 3,758 |
| (128,944) |  | (61,787) |  |  | (214,744) |  | (49,670) |

b) Interest paid and received and income taxes paid are classified within operating activities and are as follows for the three and nine months ended June 30:

| Three months ended June 30 |  | Nine months ended June 30
| 2025 | 2024 |  | 2025 | 2024
| $ | $ |  | $ | $
Interest paid | 9,799 |  | 9,594 |  |  | 61,380 |  | 65,637 |
Interest received | 8,439 |  | 16,154 |  |  | 42,901 |  | 60,512 |
Income taxes paid | 198,979 |  | 184,372 |  |  | 464,376 |  | 549,248 |

c) Cash and cash equivalents consisted of unrestricted cash as at June 30, 2025 and September 30, 2024.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 13

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
10. Segmented information
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 operating segments reflect the revised management structure and the way that the Chief Operating Decision Maker (CODM), who is the President and Chief Executive Officer of the Company, evaluates the business. Furthermore, following its evaluation of the IFRIC agenda decision, the Company has expanded its segment disclosures to reflect salaries, other employee costs and contracted labour costs. The Company has restated the segmented information for the comparative period to conform to the new operating segments and the segment expense disclosures.

|  | For the three months ended June 30, 2025
| Western and Southern Europe | U.S. Commercial and State Government | U.S. Federal | Canada | Scandinavia, Northwest and Central-East Europe | U.K. and Australia | Germany | Finland, Poland and Baltics | Asia Pacific | Eliminations | Total
| $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $
Segment revenue | 670,326 |  | 645,301 |  | 558,350 |  | 526,634 |  | 440,052 |  | 570,821 |  | 226,544 |  | 236,138 |  | 254,835 |  | (38,819) |  | 4,090,182 |
Segment earnings before restructuring, acquisition and related integration costs, net finance costs and income tax expense | 80,255 |  | 95,129 |  | 91,992 |  | 117,900 |  | 59,614 |  | 78,154 |  | 27,343 |  | 39,085 |  | 76,671 |  | — |  | 666,143 |
Restructuring, acquisition and related integration costs (Note 6) |  |  |  |  |  |  |  |  |  |  | (83,695) |
Net finance costs (Note 7) |  |  |  |  |  |  |  |  |  |  | (30,861) |
Earnings before income taxes |  |  |  |  |  |  |  |  |  |  | 551,587 |
Additional information: |  |  |  |  |  |  |  |  |  |  |
Salaries, other employee costs and contracted labour costs | 527,339 |  | 460,720 |  | 404,315 |  | 327,732 |  | 295,648 |  | 389,649 |  | 175,090 |  | 147,160 |  | 154,384 |  | — |  | 2,882,037 |
Amortization and depreciation | 18,642 |  | 25,562 |  | 20,083 |  | 16,910 |  | 22,437 |  | 22,204 |  | 10,587 |  | 10,831 |  | 10,676 |  | — |  | 157,932 |

|  | For the three months ended June 30, 2024
| Western and Southern Europe | U.S. Commercial and State Government | U.S. Federal | Canada | Scandinavia, Northwest and Central-East Europe | U.K. and Australia | Germany | Finland, Poland and Baltics | Asia Pacific | Eliminations | Total
| $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $
Segment revenue | 643,571 |  | 592,233 |  | 499,046 |  | 506,750 |  | 407,398 |  | 390,041 |  | 215,704 |  | 220,231 |  | 241,597 |  | (44,594) |  | 3,671,977 |
Segment earnings before restructuring, acquisition and related integration costs, net finance costs and income tax expense | 78,097 |  | 94,282 |  | 83,515 |  | 110,169 |  | 48,900 |  | 62,292 |  | 12,825 |  | 37,155 |  | 75,597 |  | — |  | 602,832 |
Restructuring, acquisition and related integration costs (Note 6) |  |  |  |  |  |  |  |  |  |  | (100) |
Net finance costs (Note 7) |  |  |  |  |  |  |  |  |  |  | (8,765) |
Earnings before income taxes |  |  |  |  |  |  |  |  |  |  | 593,967 |
Additional information: |  |  |  |  |  |  |  |  |  |  |
Salaries, other employee costs and contracted labour costs | 507,371 |  | 415,697 |  | 358,672 |  | 322,410 |  | 274,251 |  | 248,447 |  | 178,108 |  | 139,355 |  | 143,557 |  | — |  | 2,587,868 |
Amortization and depreciation | 17,877 |  | 25,431 |  | 14,288 |  | 16,439 |  | 20,170 |  | 10,772 |  | 9,590 |  | 9,567 |  | 7,252 |  | — |  | 131,386 |

CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 14

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
10. Segmented information (continued)

|  | For the nine months ended June 30, 2025
| Western and Southern Europe | U.S. Commercial and State Government | U.S. Federal | Canada | Scandinavia, Northwest and Central-East Europe | U.K. and Australia | Germany | Finland, Poland and Baltics | Asia Pacific | Eliminations | Total
| $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $
Segment revenue | 1,998,149 |  | 1,895,264 |  | 1,699,841 |  | 1,581,990 |  | 1,271,989 |  | 1,453,977 |  | 666,681 |  | 691,716 |  | 759,050 |  | (119,821) |  | 11,898,836 |
Segment earnings before restructuring, acquisition and related integration costs, net finance costs and income tax expense | 261,845 |  | 272,281 |  | 243,178 |  | 361,070 |  | 171,006 |  | 214,187 |  | 78,418 |  | 105,810 |  | 235,729 |  | — |  | 1,943,524 |
Restructuring, acquisition and related integration costs (Note 6) |  |  |  |  |  |  |  |  |  |  | (163,471) |
Net finance costs (Note 7) |  |  |  |  |  |  |  |  |  |  | (54,104) |
Earnings before income taxes |  |  |  |  |  |  |  |  |  |  | 1,725,949 |
Additional information: |  |  |  |  |  |  |  |  |  |  |
Salaries, other employee costs and contracted labour costs | 1,556,511 |  | 1,372,682 |  | 1,250,679 |  | 953,654 |  | 856,572 |  | 964,481 |  | 514,452 |  | 442,527 |  | 457,860 |  | — |  | 8,369,418 |
Amortization and depreciation | 55,571 |  | 75,562 |  | 62,594 |  | 51,407 |  | 64,139 |  | 45,460 |  | 30,547 |  | 30,354 |  | 26,271 |  | — |  | 441,905 |

|  | For the nine months ended June 30, 2024
| Western and Southern Europe | U.S. Commercial and State Government | U.S. Federal | Canada | Scandinavia, Northwest and Central-East Europe | U.K. and Australia | Germany | Finland, Poland and Baltics | Asia Pacific | Eliminations | Total
| $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $
Segment revenue | 1,979,354 |  | 1,748,997 |  | 1,478,563 |  | 1,522,671 |  | 1,218,436 |  | 1,163,509 |  | 670,632 |  | 656,131 |  | 709,122 |  | (131,654) |  | 11,015,761 |
Segment earnings before restructuring, acquisition and related integration costs, net finance costs and income tax expense | 269,056 |  | 244,210 |  | 228,660 |  | 352,300 |  | 148,649 |  | 189,341 |  | 64,567 |  | 94,775 |  | 223,962 |  | — |  | 1,815,520 |
Restructuring, acquisition and related integration costs (Note 6) |  |  |  |  |  |  |  |  |  |  | (93,486) |
Net finance costs (Note 7) |  |  |  |  |  |  |  |  |  |  | (23,495) |
Earnings before income taxes |  |  |  |  |  |  |  |  |  |  | 1,698,539 |
Additional information: |  |  |  |  |  |  |  |  |  |  |
Salaries, other employee costs and contracted labour costs | 1,539,354 |  | 1,243,357 |  | 1,085,582 |  | 943,971 |  | 821,806 |  | 739,667 |  | 529,007 |  | 428,123 |  | 423,182 |  | — |  | 7,754,049 |
Amortization and depreciation 1 | 53,416 |  | 77,974 |  | 43,840 |  | 46,007 |  | 62,476 |  | 33,074 |  | 28,366 |  | 28,397 |  | 21,558 |  | — |  | 395,108 |

1 Amortization included an impairment in U.S. Commercial and State Government segment of $7,926,000 related to a business solution. This asset was no longer expected to
generate future economic benefits.
The accounting policies of each operating segment are the same as those described in Note 3, Summary of material accounting policies, of the Company’s consolidated financial statements for the year ended September 30, 2024. Intersegment revenue is priced as if the revenue was from third parties.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 15

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
10. Segmented information (continued)
GEOGRAPHIC INFORMATION
The following table provides external revenue information based on the client’s location which is different from the revenue presented under operating segments, due to the intersegment revenue, for the three and nine months ended June 30:

| Three months ended June 30 |  | Nine months ended June 30
| 2025 | 2024 |  | 2025 | 2024
| $ | $ |  | $ | $
Western and Southern Europe |  |  |  |  |
France | 571,647 |  | 556,656 |  |  | 1,710,804 |  | 1,718,697 |
Portugal | 32,614 |  | 30,057 |  |  | 97,990 |  | 88,991 |
Spain | 34,642 |  | 29,886 |  |  | 99,604 |  | 90,031 |
Others | 17,114 |  | 12,778 |  |  | 48,730 |  | 42,779 |
| 656,017 |  | 629,377 |  | — |  | 1,957,128 |  | 1,940,498 |
U.S.1 | 1,277,285 |  | 1,156,239 |  |  | 3,811,584 |  | 3,406,403 |
Canada | 578,050 |  | 549,100 |  |  | 1,733,964 |  | 1,649,993 |
Scandinavia, Northwest and Central-East Europe |  |  |  |  |
Sweden | 189,997 |  | 174,884 |  |  | 544,114 |  | 537,204 |
Netherlands | 173,243 |  | 160,145 |  |  | 509,087 |  | 475,763 |
Norway | 28,876 |  | 28,926 |  |  | 85,326 |  | 85,815 |
Denmark | 23,530 |  | 24,686 |  |  | 70,724 |  | 69,541 |
Czech Republic | 20,679 |  | 20,299 |  |  | 58,778 |  | 60,454 |
Others | 18,087 |  | 17,421 |  |  | 52,635 |  | 48,421 |
| 454,412 |  | 426,361 |  | — |  | 1,320,664 |  | 1,277,198 |
U.K. and Australia |  |  |  |  |
U.K. | 603,022 |  | 425,354 |  |  | 1,551,924 |  | 1,267,847 |
Australia | 20,439 |  | 18,681 |  |  | 59,723 |  | 54,087 |
| 623,461 |  | 444,035 |  |  | 1,611,647 |  | 1,321,934 |
Germany | 249,391 |  | 232,197 |  |  | 724,451 |  | 718,452 |
Finland, Poland and Baltics |  |  |  |  |
Finland | 229,980 |  | 215,912 |  |  | 677,217 |  | 642,599 |
Others | 20,476 |  | 17,777 |  |  | 58,639 |  | 52,762 |
| 250,456 |  | 233,689 |  |  | 735,856 |  | 695,361 |
Asia Pacific |  |  |  |  |
Others | 1,110 |  | 979 |  |  | 3,542 |  | 5,922 |
| 1,110 |  | 979 |  |  | 3,542 |  | 5,922 |
| 4,090,182 |  | 3,671,977 |  | — |  | 11,898,836 |  | 11,015,761 |

1 External revenue included in the U.S Commercial and State Government and U.S. Federal operating segments w as $717,738,000 and $559,547,000, respectively, for the three months ended June 30, 2025 ($655,181,000 and $501,058,000, respectively, for the three months ended June 30, 2024). External revenue included in the U.S. Commercial and State Government and U.S. Federal operating segments was $2,107,105,000 and $1,704,479,000, res pectively, for the nine months ended June 30, 2025 ($1,921,310,000 and $1,485,093,000, respectively, for the nine months ended June 30, 2024).
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 16

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
10. Segmented information (continued)
INFORMATION ABOUT SERVICES
The following table provides revenue information based on services provided by the Company for the three and nine months ended June 30:

| Three months ended June 30 |  | Nine months ended June 30
| 2025 | 2024 |  | 2025 | 2024
| $ | $ |  | $ | $
Managed IT and business process services | 2,217,739 |  | 2,003,192 |  |  | 6,615,579 |  | 5,981,887 |
Business and strategic IT consulting and systems integration services | 1,872,443 |  | 1,668,785 |  |  | 5,283,257 |  | 5,033,874 |
| 4,090,182 |  | 3,671,977 |  |  | 11,898,836 |  | 11,015,761 |

MAJOR CLIENT INFORMATION
Contracts with the U.S. federal government and its various agencies, included within the U.S. Federal operating segment, accounted for $557,650,000 and 13.6% of revenues for the three months ended June 30, 2025 ($497,155,000 and 13.5% for the three months ended June 30, 2024) and $1,697,267,000 and 14.3% of revenues for the nine months ended June 30, 2025 ($1,473,088,000 and 13.4% for the nine months ended June 30, 2024).
11. Financial instruments
All financial instruments are initially measured at their fair value and are subsequently classified either at amortized cost, at fair value through earnings (FVTE) or at fair value through other comprehensive income (FVOCI).
There were no changes in valuation techniques used for fair value measurements during the nine months ended June 30, 2025.
The following table presents the financial liabilities included in the long-term debt measured at amortized cost categorized using the fair value hierarchy.

|  | As at June 30, 2025 | As at September 30, 2024
| Level | Carrying amount | Fair value | Carrying amount | Fair value
|  | $ | $ | $ | $
2021 U.S. Senior Notes | Level 2 | 1,355,282 |  | 1,260,219 |  | 1,342,758 |  | 1,223,120 |
2021 CAD Senior Notes | Level 2 | 597,712 |  | 576,026 |  | 597,212 |  | 564,768 |
2024 CAD Senior Notes | Level 2 | 746,757 |  | 763,824 |  | 746,144 |  | 759,375 |
2025 U.S Senior Notes | Level 2 | 874,152 |  | 896,242 |  | — |  | — |
Other long-term debt | Level 2 | 1,271 |  | 1,287 |  | 2,194 |  | 2,119 |
|  | 3,575,174 |  | 3,497,598 |  | 2,688,308 |  | 2,549,382 |

For the remaining financial assets and liabilities measured at amortized cost, the carrying value approximates the fair value of the financial instruments given their short-term maturity.
In March 2025, the Company issued senior unsecured notes (2025 U.S. Senior Notes) for a total principal amount of U.S. $650,000,000, less financing fees. This issuance is comprised of one series of notes with a maturity of 5 years at an interest rate of 4.95%, payable semi-annually. The Company also entered into a U.S. dollar to Canadian dollar cross-currency swap agreement for a notional amount of U.S. $650,000,000, which was designated as a cash flow hedge of the Company’s exposure to the currency risks related to these senior unsecured notes, reducing the Canadian dollar equivalent cost of borrowing to 3.71%.
In December 2023, the Company repaid in full the unsecured committed term loan credit facility of U.S. $500,000,000, for a total amount of $670,350,000. The Company also settled the related cross currency swaps with a notional amount of $670,039,000, for a net gain of $18,087,000, for which $311,000 related to the cash flow hedge was recorded in net finance costs and $17,776,000 related to the net investment hedge was recognized in other comprehensive income and will be transferred to earnings when the net investment is disposed of.
CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 17

Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended June 30, 2025 and 2024
(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)
11. Financial instruments (continued)
The following table presents financial assets and liabilities measured at fair value categorized using the fair value hierarchy:

| Level | As at June 30, 2025 | As at September 30, 2024
|  | $ | $
Financial assets |  |  |  |  |
FVTE |  |  |  |  |
Cash and cash equivalents | Level 2 |  | 1,130,220 |  |  | 1,461,145 |
Cash included in funds held for clients | Level 2 |  | 699,972 |  |  | 233,584 |
Deferred compensation plan assets | Level 1 |  | 120,508 |  |  | 112,270 |
|  |  | 1,950,700 |  |  | 1,806,999 |
Derivative financial instruments designated as hedging instruments |  |  |  |  |
Current derivative financial instruments included in current financial assets | Level 2 |  |  |  |
Foreign currency forward contracts |  |  | 7,274 |  |  | 5,055 |
Long-term derivative financial instruments | Level 2 |  |  |  |
Foreign currency forward contracts |  |  | 2,275 |  |  | 2,644 |
|  |  | 9,549 |  |  | 7,699 |
FVOCI |  |  |  |  |
Short-term investments included in current financial assets | Level 2 |  | 4,568 |  |  | 3,279 |
Long-term bonds included in funds held for clients | Level 2 |  | 228,777 |  |  | 223,196 |
Long-term investments | Level 2 |  | 27,676 |  |  | 24,209 |
|  |  | 261,021 |  |  | 250,684 |
Financial liabilities |  |  |  |  |
Derivative financial instruments designated as hedging instruments |  |  |  |  |
Current derivative financial instruments | Level 2 |  |  |  |
Foreign currency forward contracts |  |  | 13,270 |  |  | 13,073 |
Long-term derivative financial instruments | Level 2 |  |  |  |
Cross-currency swaps |  |  | 129,290 |  |  | 9,500 |
Foreign currency forward contracts |  |  | 20,829 |  |  | 10,204 |
|  |  | 163,389 |  |  | 32,777 |

There have been no transfers between Level 1 and Level 2 during the nine months ended June 30, 2025.
12. Guarantees
In the normal course of business, the Company may secure bid and performance bonds from third party financial institutions to offer to certain clients, principally governmental entities. In general, the Company would only be liable for the amount of the bid bonds if the Company refuses to perform the project once the bid is awarded. The Company would also be liable for the performance bonds in the event of default in the performance of its obligations. As at June 30, 2025, the Company had committed a total of $269,829,000 of these bonds ($49,441,000 as at September 30, 2024). To the best of its knowledge, the Company complies with its performance obligations under all service contracts for which there is 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 Inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended June 30, 2025 and 2024 18