Exhibit 99.2

Interim Condensed Consolidated Financial Statements of

CGI INC.

For the three and six months ended March 31, 2025 and 2024

(unaudited)

Interim Consolidated Statements of Earnings

For the three and six months ended March 31

(in thousands of Canadian dollars, except per share data) (unaudited)


			Three months ended March 31				Six months ended March 31

	Notes	2025		2024		2025			2024

			$		$		$			$
Revenue	10		4,023,409		3,740,814		7,808,654			7,343,784
Operating expenses
Costs of services, selling and administrative			3,357,197		3,110,185		6,531,347			6,129,300
Restructuring, integration and acquisition-related costs	6		66,412		43,546		79,776			93,386
Net finance costs	7		16,631		7,472		23,243			14,730
Foreign exchange loss (gain)			553		2,174		(74	)		1,796
			3,440,793		3,163,377		6,634,292			6,239,212
Earnings before income taxes			582,616		577,437		1,174,362			1,104,572
Income tax expense			152,878		150,565		306,044			287,904
Net earnings			429,738		426,872		868,318			816,668
Earnings per share
Basic earnings per share	5b		1.92		1.86		3.86			3.55
Diluted earnings per share	5b		1.89		1.83		3.81			3.50

See Notes to the Interim Condensed Consolidated Financial Statements.


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2025 and 2024		1

Interim Consolidated Statement of Comprehensive Income

For the three and six months ended March 31

(in thousands of Canadian dollars) (unaudited)


		Three months ended March 31						Six months ended March 31

	2025			2024			2025			2024

		$			$			$			$
Net earnings		429,738			426,872			868,318			816,668
Items that will be reclassified subsequently to net earnings (net of income taxes):
Net unrealized gains on translating financial statements of foreign operations		305,833			68,639			535,175			115,530
Net losses on cross-currency swaps and on translating long-term debt designated as hedges of net investments in foreign operations		(50,678	)		(37,253	)		(125,906	)		(29,619	)
Deferred gains (costs) of hedging on cross-currency swaps		8,809			(3,382	)		11,370			1,201
Net unrealized (losses) gains on cash flow hedges		(8,461	)		10,088			13,562			(600	)
Net unrealized gains on financial assets at fair value through other comprehensive income		1,179			18			796			1,870
Items that will not be reclassified subsequently to net earnings (net of income taxes):
Net remeasurement gains (losses) on defined benefit plans		971			12,082			(4,900	)		10,097
Other comprehensive income		257,653			50,192			430,097			98,479
Comprehensive income		687,391			477,064			1,298,415			915,147

See Notes to the Interim Condensed Consolidated Financial Statements.


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2025 and 2024		2

Interim Consolidated Balance Sheet

(in thousands of Canadian dollars) (unaudited)


	Notes	As at March 31, 2025	As at September 30, 2024

		$	$

Assets

Current assets

Cash and cash equivalents	9c and 11	1,099,450	1,461,145

Accounts receivable		1,510,169	1,398,402

Work in progress		1,304,254	1,208,095

Current financial assets	11	22,228	8,334

Prepaid expenses and other current assets		217,661	211,279

Income taxes		5,554	23,271

Total current assets before funds held for clients		4,159,316	4,310,526
Funds held for clients		553,639	506,780

Total current assets		4,712,955	4,817,306

Property, plant and equipment		373,831	366,823

Right-of-use assets		516,550	466,115

Contract costs		364,914	344,029

Intangible assets		1,065,463	718,575

Other long-term assets		90,189	110,440

Long-term financial assets		163,682	149,237

Deferred tax assets		223,693	242,567

Goodwill		11,212,113	9,470,376

		18,723,390	16,685,468

Liabilities

Current liabilities

Accounts payable and accrued liabilities		1,039,955	999,790

Accrued compensation and employee-related liabilities		1,105,645	1,165,903

Deferred revenue		642,979	536,788

Income taxes		161,536	150,300

Current portion of long-term debt		873	999

Current portion of lease liabilities		163,989	150,252

Provisions		43,691	27,471

Current derivative financial instruments	11	4,570	13,073

Total current liabilities before clients’ funds obligations		3,163,238	3,044,576

Clients’ funds obligations		550,153	504,515

Total current liabilities		3,713,391	3,549,091

Long-term debt		3,697,230	2,687,309

Long-term lease liabilities		505,783	469,843

Long-term provisions		23,907	18,951

Other long-term liabilities		324,975	301,082

Long-term derivative financial instruments	11	42,752	19,704

Deferred tax liabilities		54,782	21,132

Retirement benefits obligations		187,247	190,366

		8,550,067	7,257,478

Equity

Retained earnings		7,437,183	7,129,370

Accumulated other comprehensive income	4	881,350	451,253

Capital stock	5a	1,522,370	1,470,333

Contributed surplus		332,420	377,034

		10,173,323	9,427,990

		18,723,390	16,685,468

See Notes to the Interim Condensed Consolidated Financial Statements.


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2025 and 2024		3

Interim Consolidated Statements of Changes in Equity

For the six months ended March 31

(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				868,318			—		—			—			868,318

Other comprehensive income				—			430,097		—			—			430,097

Comprehensive income				868,318			430,097		—			—			1,298,415

Share-based payment costs				—			—		—			40,034			40,034

Income tax impact associated with share-based payments				—			—		—			(1,545	)		(1,545	)

Exercise of stock options		5a		—			—		49,062			(8,125	)		40,937

Settlement of performance share units		5a		(21,267	)		—		44,548			(74,978	)		(51,697	)

Purchase for cancellation of Class A subordinate voting shares and related tax		5a		(471,048	)		—		(28,250	)		—			(499,298	)

Purchase of Class A subordinate voting shares held in trusts		5a		—			—		(13,323	)		—			(13,323	)

Cash dividends declared		5a		(68,190	)		—		—			—			(68,190	)

Balance as at March 31, 2025				7,437,183			881,350		1,522,370			332,420			10,173,323

	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				816,668			—		—			—			816,668

Other comprehensive income				—			98,479		—			—			98,479

Comprehensive income				816,668			98,479		—			—			915,147

Share-based payment costs				—			—		—			31,680			31,680

Income tax impact associated with share-based payments				—			—		—			8,211			8,211

Exercise of stock options		5a		—			—		61,853			(10,208	)		51,645

Settlement of performance share units		5a		764			—		13,143			(28,175	)		(14,268	)

Purchase for cancellation of Class A subordinate voting shares		5a		(373,852	)		—		(13,446	)		—			(387,298	)

Purchase of Class A subordinate voting shares held in trusts		5a		—			—		(66,847	)		—			(66,847	)

Balance as at March 31, 2024				6,772,687			257,454		1,471,883			346,540			8,848,564

See Notes to the Interim Condensed Consolidated Financial Statements.


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2025 and 2024		4

Interim Consolidated Statements of Cash Flows

For the three and six months ended March 31

(in thousands of Canadian dollars) (unaudited)


			Three months ended March 31						Six months ended March 31

	Notes		2025			2024			2025			2024

			$			$			$			$

Operating activities

Net earnings				429,738			426,872			868,318			816,668

Adjustments for:

Amortization, depreciation and impairment				147,406			149,068			288,924			282,274

Deferred income tax recovery				(21,209	)		(47,773	)		(18,215	)		(61,841	)

Foreign exchange loss (gain)				613			2,558			(7,971	)		(1,701	)

Share-based payment costs				15,756			12,918			40,034			31,680

Gain on sale of property, plant and equipment and on lease terminations				(764	)		—			(712	)		—

Net change in non-cash working capital items and others		9a		(133,385	)		(41,618	)		(85,800	)		12,117

Cash provided by operating activities				438,155			502,025			1,084,578			1,079,197

Investing activities

Net change in short-term investments				—			2,244			1,489			(28,811	)

Business acquisitions (net of cash acquired)		8		(1,560,553	)		—			(1,590,594	)		(49,391	)

Loan receivable				8,557			1,840			9,915			3,622

Purchase of property, plant and equipment				(26,810	)		(29,974	)		(52,808	)		(58,470	)

Proceeds from sale of property, plant and equipment				—			—			1,295			—

Additions to contract costs				(27,735	)		(27,253	)		(49,988	)		(49,174	)

Additions to intangible assets				(45,143	)		(45,325	)		(80,056	)		(80,281	)

Purchase of long-term investments				(25,707	)		(4,593	)		(42,573	)		(4,593	)

Proceeds from sale of long-term investments				22,757			14,850			34,316			30,054

Cash used in investing activities				(1,654,634	)		(88,211	)		(1,769,004	)		(237,044	)

Financing activities

Increase of long-term debt		11		923,922			—			923,922			—

Repayment of long-term debt		11		—			(4,862	)		—			(678,125	)

Settlement of derivative financial instruments		11		—			—			—			18,087

Payment of lease liabilities				(37,827	)		(45,230	)		(79,445	)		(78,180	)

Repayment of debt assumed in a business acquisition				(2,172	)		—			(2,172	)		—

Purchase for cancellation of Class A subordinate voting shares and related tax		5a		(344,630	)		(259,979	)		(497,579	)		(386,115	)

Issuance of Class A subordinate voting shares		5a		24,632			24,814			40,916			51,645

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		(21,538	)		(2,058	)		(51,697	)		(14,268	)

Cash dividends paid		5a		(34,057	)		—			(68,190	)		—

Net change in clients’ funds obligations				(392,978	)		(86,667	)		45,152			33,925

Cash provided by (used in) financing activities				115,352			(373,982	)		297,584			(1,119,878	)

Effect of foreign exchange rate changes on cash, cash equivalents and cash included in funds held for clients				6,561			20,041			66,663			7,309

Net (decrease) increase in cash, cash equivalents and cash included in funds held for clients				(1,094,566	)		59,873			(320,179	)		(270,416	)

Cash, cash equivalents and cash included in funds held for clients, beginning of period				2,469,116			1,507,794			1,694,729			1,838,083

Cash, cash equivalents and cash included in funds held for clients, end of period				1,374,550			1,567,667			1,374,550			1,567,667

Cash composition:

Cash and cash equivalents				1,099,450			1,266,854			1,099,450			1,266,854

Cash included in funds held for clients				275,100			300,813			275,100			300,813

See Notes to the Interim Condensed Consolidated Financial Statements.


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2025 and 2024		5

Notes to the Interim Condensed Consolidated Financial Statements

For the three and six months ended March 31, 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, integration and acquisition-related 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 statements for the three and six months ended March 31, 2025 and 2024 were authorized for issue by the Board of Directors on April 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 will 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 six months ended March 31, 2025 and 2024		6

Notes to the Interim Condensed Consolidated Financial Statements

For the three and six months ended March 31, 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 March 31, 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 $50,479 ($44,210 as at September 30, 2024)		1,431,434			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 $49,403 ($48,921 as at September 30, 2024)		(514,863	)		(388,957	)

Deferred gains of hedging on cross-currency swaps, net of accumulated income tax expense of $4,668 ($2,907 as at September 30, 2024)		30,401			19,031

Net unrealized gains (losses) on cash flow hedges, net of accumulated income tax expense of $3,221 (net of accumulated income tax recovery of $1,421 as at September 30, 2024)		6,632			(6,930	)

Net unrealized gains on financial assets at fair value through other comprehensive income, net of accumulated income tax expense of $1,029 ($707 as at September 30, 2024)		3,243			2,447

Items that will not be reclassified subsequently to net earnings:

Net remeasurement losses on defined benefit plans, net of accumulated income tax recovery of $25,303 ($24,817 as at September 30, 2024)		(75,497	)		(70,597	)

		881,350			451,253

For the six months ended March 31, 2025, $4,571,000 of the net unrealized gains on cash flow hedges, net of income tax expense of $1,539,000, previously recognized in other comprehensive income, were reclassified in the consolidated statements of earnings ($7,556,000 and $2,663,000, respectively, were reclassified for the six months ended March 31, 2024).

For the six months ended March 31, 2025, $6,336,000 of the deferred gains of hedging on cross-currency swaps, net of income tax expense of $968,000, were also reclassified in the consolidated statements of earnings ($2,978,000 and $455,000, respectively, for the six months ended March 31, 2024).


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2025 and 2024		7

Notes to the Interim Condensed Consolidated Financial Statements

For the three and six months ended March 31, 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		—			44,548			—		—		—			44,548

Purchased and held in trusts		—			(13,323)			—		—		—			(13,323)

Issued upon exercise of stock options		615,460			49,062			—		—		615,460			49,062

Purchased and cancelled		(3,209,833	)		(27,790)			—		—		(3,209,833	)		(27,790)

Purchased and not cancelled		—			(460	)		—		—		—			(460	)

As at March 31, 2025		201,179,790			1,488,717			24,122,758		33,653		225,302,548			1,522,370

i)	Performance shares units and shares held in trusts

During the six months ended March 31, 2025, 674,259 performance share units (PSUs) were granted, 744,146 were settled and 369,508 were forfeited (796,326 were granted, 260,196 were settled and 218,326 were forfeited during the six months ended March 31, 2024). The PSUs granted in the period had a weighted average grant date fair value of $159.44 per unit ($137.89 per unit during the six months ended March 31, 2024).

During the six months ended March 31, 2025, 423,652 Class A subordinate voting shares held in trust were released (160,337 during the six months ended March 31, 2024) with a recorded value of $44,548,000 ($13,143,000 during the six months ended March 31, 2024) that was removed from contributed surplus.

During the six months ended March 31, 2025, the Company settled the withholding tax obligations on behalf of the employees under the Share Unit Plan in relation to the settlement of PSUs for a cash payment of $51,697,000 ($14,268,000 during the six months ended March 31, 2024).

During the six months ended March 31, 2025, the trustees, in accordance with the terms of the Share Unit Plan and Trust Agreements, purchased 84,456 Class A subordinate voting shares of the Company on the open market (463,364 during the six months ended March 31, 2024) for a total cash consideration of $13,323,000 ($66,847,000 during the six months ended March 31, 2024).

As at March 31, 2025, 2,262,160 Class A subordinate voting shares were held in trusts under the Share Unit Plan (2,612,770 as at March 31, 2024 and 2,601,356 as at September 30, 2024).

ii)

Exercises of stock options

During the six months ended March 31, 2025, 615,460 stock options were exercised (877,466 during the six months ended March 31, 2024).

The carrying value of Class A subordinate voting shares includes $8,125,000, which corresponds to a reduction in contributed surplus representing the value of accumulated compensation costs associated with the stock options exercised during the six months ended March 31, 2025 ($10,208,000 during the six months ended March 31, 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 six months ended March 31, 2025 and 2024		8

Notes to the Interim Condensed Consolidated Financial Statements

For the three and six months ended March 31, 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 six months ended March 31, 2025, the Company purchased for cancellation 3,262,533 Class A subordinate voting shares under its previous and current NCIB for a total cash consideration of $491,497,000 and the excess of the purchase price over the carrying value in the amount of $463,247,000 was charged to retained earnings. Of the purchased Class A subordinate voting shares, 52,700 Class A subordinate voting shares with a carrying value of $460,000 and a purchase value of $7,483,000 were held by the Company and were paid and cancelled subsequent to March 31, 2025.

During the six months ended March 31, 2024, the Company purchased for cancellation 1,008,500 Class A subordinate voting shares under its previous NCIB for a total cash consideration of $136,928,000 and the excess of the purchase price over the carrying value in the amount of $128,661,000 was charged to retained earnings. Of the purchased Class A subordinate voting shares, 67,000 Class A subordinate shares with a carrying value of $563,000 and a purchase value of $9,990,000 were held by the Company and were paid and cancelled subsequent to March 31, 2024. In addition, during the six months ended March 31, 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.

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 which were paid subsequent to March 31, 2024. 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 three months ended March 31, 2024, a holding company wholly owned by the then Founder and Executive Chairman of the Board of the Company converted a total of 1,422,948 Class B shares (multiple voting) into 1,422,948 Class A subordinate voting shares.

During the six months ended March 31, 2025, the Company recorded $7,801,000 of accrued liabilities related to a 2.0% tax on the fair market value of Class A subordinate voting shares repurchased, net of the value of new equity issued through stock options exercised with a corresponding reduction in retained earnings (nil during the six months ended March 31, 2024). In addition, during the six months ended March 31, 2025, the Company paid $13,565,000 in relation to such tax (nil during the six months ended March 31, 2024).

iv)

Dividends

During the six months ended March 31, 2025, the Company declared and paid the following quarterly cash dividends 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		—		—

				68,190				—

On April 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 dividend is payable on June 20, 2025 to shareholders of record as of the close of business on May 16, 2025.


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2025 and 2024		9

Notes to the Interim Condensed Consolidated Financial Statements

For the three and six months ended March 31, 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)

b)	Earnings per share

The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended March 31:


	Three months ended March 31

	2025				2024
		Net earnings	Weighted average number of shares outstanding¹	Earnings per share		Net earnings	Weighted average number of shares outstanding¹	Earnings per share
		$		$		$		$

Basic		429,738	224,275,024	1.92		426,872	229,602,790	1.86

Net effect of dilutive stock options and PSUs²			2,915,004				3,661,466
Diluted		429,738	227,190,028	1.89		426,872	233,264,256	1.83


	Six months ended March 31

	2025				2024
		Net earnings	Weighted average number of shares outstanding¹	Earnings per share		Net earnings	Weighted average number of shares outstanding¹	Earnings per share
		$		$		$		$

Basic		868,318	224,737,870	3.86		816,668	229,952,633	3.55

Net effect of dilutive stock options and PSUs²			2,924,284				3,660,050
Diluted		868,318	227,662,154	3.81		816,668	233,612,683	3.50

During the three months ended March 31, 2025, 2,334,934 Class A subordinate voting shares purchased for cancellation and 2,262,160 Class A subordinate voting shares held in trust were excluded from the calculation of the weighted average number of shares outstanding as of the date of the transaction (1,808,730 and 2,612,770, respectively, during the three months ended March 31, 2024).

During the six months ended March 31, 2025, 3,262,533 Class A subordinate voting shares purchased for cancellation and 2,262,160 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 (2,683,430 and 2,612,770, respectively, during the six months ended March 31, 2024).

²	For the three and six months ended March 31, 2025 and 2024, no stock options were excluded from the calculation of the diluted earnings per share as all stock options were dilutive.

6.	Restructuring, integration and acquisition-related costs


	Three months ended March 31				Six months ended March 31

	2025		2024		2025		2024

		$		$		$		$

Restructuring		44,153		—		52,453		—

Cost optimization program		—		43,401		—		91,063

Integration and acquisition-related costs		22,259		145		27,323		2,323

		66,412		43,546		79,776		93,386

The Company increased the scope of the 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 six months ended March 31, 2025, the Company recorded costs for terminations of employment of $39,451,000 and $47,751,000, respectively, under this initiative, as well as costs of vacating leased premises of $4,702,000 for both periods.


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2025 and 2024		10

Notes to the Interim Condensed Consolidated Financial Statements

For the three and six months ended March 31, 2025 and 2024

(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)

6.	Restructuring, integration and acquisition-related costs (continued)

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 six months ended March 31, 2024, the Company recorded $43,401,000 and $91,063,000, respectively of costs under the cost optimization program, which included costs for terminations of employment of $38,347,000 and $69,500,000, respectively, and costs of vacating leased premises of $5,054,000 and $21,563,000, respectively.

During the three and six months ended March 31, 2025, the Company incurred $22,259,000 and $27,323,000, respectively, of integration and acquisition-related costs ($145,000 and $2,323,000 for the three and six months ended March 31, 2024, respectively). The integration and acquisition-related costs during the three and six months ended March 31, 2025, were mainly costs related to redundancy of employment of $7,690,000 and $8,709,000, respectively ($48,000 and $280,000 for the three and six months ended March 31, 2024, respectively) as well as legal and professional fees of $9,717,000 and $11,205,000, respectively ($108,000 and $108,000 for the three and six months ended March 31, 2024, respectively).

7.	Net finance costs


	Three months Ended March 31,						Six months ended March 31

	2025			2024			2025			2024

		$			$			$			$

Interest on long-term debt		17,552			11,437			32,461			24,185

Interest on lease liabilities		7,287			7,281			14,381			14,670

Net interest costs on net defined benefit pension plans		1,428			1,996			3,049			3,979

Other finance costs		850			988			936			3,139

Finance costs		27,117			21,702			50,827			45,973

Finance income		(10,486	)		(14,230	)		(27,584	)		(31,243	)

		16,631			7,472			23,243			14,730

8.	Investments in subsidiaries

a)	Acquisitions and disposals

The Company made the following acquisitions during the six months ended March 31, 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 $343,023,000. Daugherty employed approximately 1,100 professionals and the acquisition is reported under the U.S. Commercial and State Government operating segment.

–

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 $1,258,286,000. 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.


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2025 and 2024		11

Notes to the Interim Condensed Consolidated Financial Statements

For the three and six months ended March 31, 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)

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 acquisitions, based 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

111,726

14,727

179,999

Work in progress

14,303

4,292

5,482

24,077

Prepaid expenses and other current assets

4,142

5,391

933

10,466

Property, plant and equipment

378

4,535

2,111

7,024

Right-of-use assets

15,538

18,182

7,532

41,252

Intangible assets¹

79,408

219,988

22,233

321,629

Other long-term assets

3,124

—

3,124

Goodwill²

213,425

1,055,002

69,926

1,338,353

Accounts payable and accrued liabilities

(25,320

)

(75,523

)

(5,735

)

(106,578

)

Other current liabilities

(24,997

)

(56,463

)

(8,601

)

(90,061

)

Deferred tax liabilities

—

(54,825

)

(7,130

)

(61,955

)

Long-term debt

—

(2,172

)

(2,172

)

Lease liabilities

(15,538

)

(18,182

)

(9,996

)

(43,716

)

Long-term provisions

—

(353

)

(353

)

318,009

1,214,123

88,957

1,621,089

Cash acquired

25,015

44,163

14,092

83,270

Net assets acquired

343,024

1,258,286

103,049

1,704,359

Consideration paid

335,934

1,239,786

89,234

1,664,954

Consideration payable

7,090

18,500

13,815

39,405

¹	Intangible assets are composed of client relationships.

²	The goodwill arising from the acquisition mainly represents the future economic value associated to acquired work force and synergies with the Company’s operations. 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 are 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.

Since their respective dates of acquisition, Daugherty and BJSS have generated approximately $87,000,000 and $53,000,000, respectively, of revenues, and approximately $7,000,000 and $2,000,000, respectively, of net earnings to the financial results of the Company.

On a pro forma basis, for the six months ended March 31, 2025, these two acquisitions would have generated approximately $413,000,000 of revenues and approximately $17,000,000 of net earnings to the financial results of the Company had their acquisition dates been October 1, 2024.

There were no material disposals for the six months ended March 31, 2025.


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2025 and 2024		12

Notes to the Interim Condensed Consolidated Financial Statements

For the three and six months ended March 31, 2025 and 2024

(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)

8.	Investments in subsidiaries (continued)

b)	Business acquisitions realized in the prior fiscal year

During the three and six months ended March 31, 2025, the Company paid $2,845,000 and $8,910,000, respectively, related to an acquisition realized in the prior fiscal year.

9.	Supplementary cash flow information

a)	Net change in non-cash working capital items and others is as follows for the three and six months ended March 31:


	Three months ended March 31						Six months ended March 31

	2025			2024			2025			2024

		$			$			$			$

Accounts receivable		105,166			127,660			113,135			23,566

Work in progress		(120,518	)		(185,063	)		(21,383	)		(61,359	)

Prepaid expenses and other assets		(7,571	)		(15,537	)		24,595			16,711

Long-term financial assets		7,795			(5,562	)		4,850			(18,526	)

Accounts payable and accrued liabilities		(51,997	)		(26,299	)		(131,996	)		(26,925	)

Accrued compensation and employee-related liabilities		(107,964	)		(45,082	)		(177,103	)		(69,951	)

Deferred revenue		42,155			156,733			62,057			161,924

Income taxes		1,877			(72,093	)		24,114			(60,707	)

Provisions		18,816			18,401			18,469			30,162

Long-term liabilities		(25,287	)		1,872			(4,845	)		16,509

Derivative financial instruments		85			13			69			(79	)

Retirement benefits obligations		4,058			3,339			2,238			792

		(133,385	)		(41,618	)		(85,800	)		12,117

b)	Interest paid and received and income taxes paid are classified within operating activities and are as follows for the three and six months ended March 31:


	Three months ended March 31				Six months ended March 31

	2025		2024		2025		2024

		$		$		$		$

Interest paid		30,936		37,381		38,717		56,043

Interest received		17,213		21,549		34,462		44,358

Income taxes paid		157,343		239,623		265,397		364,876

c)	Cash and cash equivalents consisted of unrestricted cash as at March 31, 2025 and September 30, 2024.


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2025 and 2024		13

Notes to the Interim Condensed Consolidated Financial Statements

For the three and six months ended March 31, 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, 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 March 31, 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		675,302		671,730		575,451		526,710		424,147		476,970		226,165		231,516		255,498		(40,080	)		4,023,409

Segment earnings before restructuring, integration and acquisition-related costs, net finance costs and income tax expense		97,561		99,151		77,953		115,939		64,461		69,077		25,636		37,634		78,247		—			665,659

Restructuring, integration and acquisition-related costs (Note 6)																							(66,412	)

Net finance costs (Note 7)																							(16,631	)

Earnings before income taxes																							582,616

Additional information:

Salaries, other employee costs and contracted labour costs		516,506		491,642		426,612		316,580		276,583		314,891		174,977		147,505		155,226		—			2,820,522

Amortization and depreciation		18,386		24,100		21,396		17,916		21,177		12,808		10,143		9,949		7,846		—			143,721



			For the three months ended March 31, 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		682,728		597,772		496,279		516,717		406,842		402,151		232,380		217,012		234,215		(45,282	)		3,740,814

Segment earnings before restructuring, integration and acquisition-related costs, net finance costs and income tax expense		104,289		79,551		75,207		122,032		52,964		64,458		26,854		30,595		72,505		—			628,455

Restructuring, integration and acquisition-related costs (Note 6)																							(43,546	)

Net finance costs (Note 7)																							(7,472	)

Earnings before income taxes																							577,437

Additional information:

Salaries, other employee costs and contracted labour costs		520,805		415,676		367,598		319,399		272,316		256,461		179,913		141,488		140,891		—			2,614,547

Amortization and depreciation¹		17,267		30,436		17,680		15,361		21,102		11,296		12,549		9,175		7,362		—			142,228

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.


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2025 and 2024		14

Notes to the Interim Condensed Consolidated Financial Statements

For the three and six months ended March 31, 2025 and 2024

(tabular amounts only are in thousands of Canadian dollars, except per share data) (unaudited)

10.

Segmented information (continued)


			For the six months ended March 31, 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		1,327,823		1,249,963		1,141,491		1,055,356		831,937		883,156		440,137		455,578		504,215		(81,002	)		7,808,654

Segment earnings before restructuring, integration and acquisition-related costs, net finance costs and income tax expense		181,590		177,152		151,186		243,170		111,392		136,033		51,075		66,725		159,058		—			1,277,381

Restructuring, integration and acquisition-related costs (Note 6)																							(79,776	)

Net finance costs (Note 7)																							(23,243	)

Earnings before income taxes																							1,174,362

Additional information:

Salaries, other employee costs and contracted labour costs		1,029,172		911,962		846,364		625,922		560,924		574,832		339,362		295,367		303,476		—			5,487,381

Amortization and depreciation		36,929		50,000		42,511		34,497		41,702		23,256		19,960		19,523		15,595		—			283,973



			For the six months ended March 31, 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		1,335,783		1,156,764		979,517		1,015,921		811,038		773,468		454,928		435,900		467,525		(87,060	)		7,343,784

Segment earnings before restructuring, integration and acquisition-related costs, net finance costs and income tax expense		190,959		149,928		145,145		242,131		99,749		127,049		51,742		57,620		148,365		—			1,212,688

Restructuring, integration and acquisition-related costs (Note 6)																							(93,386	)

Net finance costs (Note 7)																							(14,730	)

Earnings before income taxes																							1,104,572

Additional information:

Salaries, other employee costs and contracted labour costs		1,031,983		827,660		726,910		621,561		547,555		491,220		350,899		288,768		279,625		—			5,166,181

Amortization and depreciation¹		35,539		52,543		29,552		29,568		42,307		22,302		18,775		18,830		14,306		—			263,722

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 six months ended March 31, 2025 and 2024		15

Notes to the Interim Condensed Consolidated Financial Statements

For the three and six months ended March 31, 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 six months ended March 31:


	Three months ended March 31				Six months ended March 31

	2025		2024		2025		2024

		$		$		$		$

Western and Southern Europe

France		578,834		593,831		1,139,157		1,162,041

Portugal		33,219		30,717		65,376		58,934

Spain		33,270		29,765		64,962		60,145

Others		15,761		14,712		31,615		30,001

		661,084		669,025		1,301,110		1,311,121

U.S.¹		1,322,532		1,152,876		2,534,299		2,250,164

Canada		577,058		556,519		1,155,914		1,100,893

Scandinavia, Northwest and Central-East Europe

Sweden		181,420		180,469		354,117		362,320

Netherlands		170,012		158,711		335,844		315,618

Norway		29,368		29,505		56,450		56,889

Denmark		24,135		22,967		47,194		44,855

Czech Republic		19,516		18,413		38,099		40,155

Others		17,000		16,275		34,549		31,000

		441,451		426,340		866,253		850,837

U.K. and Australia

U.K.		511,070		438,081		948,902		842,493

Australia		18,476		17,339		39,284		35,406

		529,546		455,420		988,186		877,899

Germany		244,341		248,917		475,060		486,255

Finland, Poland and Baltics

Finland		226,287		213,211		447,237		426,687

Others		19,911		17,617		38,163		34,985

		246,198		230,828		485,400		461,672

Asia Pacific

Others		1,199		889		2,432		4,943

		1,199		889		2,432		4,943

		4,023,409		3,740,814		7,808,654		7,343,784

External revenue included in the U.S Commercial and State Government and U.S. Federal operating segments was $745,292,000 and $577,240,000, respectively, for the three months ended March 31, 2025 ($654,239,000 and $498,637,000, respectively, for the three months ended March 31, 2024). External revenue included in the U.S. Commercial and State Government and U.S. Federal operating segments was $1,389,367,000 and $1,144,932,000, respectively, for the six months ended March 31, 2025 ($1,266,129,000 and $984,035,000, respectively, for the six months ended March 31, 2024).


CGI Inc. – Interim Condensed Consolidated Financial Statements for the three and six months ended March 31, 2025 and 2024		16

Notes to the Interim Condensed Consolidated Financial Statements

For the three and six months ended March 31, 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 six months ended March 31:


	Three months ended March 31				Six months ended March 31

	2025		2024		2025		2024

		$		$		$		$

Managed IT and business process services		2,231,534		2,006,851		4,397,840		3,978,695

Business and strategic IT consulting and systems integration services		1,791,875		1,733,963		3,410,814		3,365,089
		4,023,409		3,740,814		7,808,654		7,343,784

MAJOR CLIENT INFORMATION

Contracts with the U.S. federal government and its various agencies, included within the U.S. Federal operating segment, accounted for $574,660,000 and 14.3% of revenues for the three months ended March 31, 2025 ($495,035,000 and 13.2% for the three months ended March 31, 2024) and $1,139,617,000 and 14.6% of revenues for the six months ended March 31, 2025 ($975,932,000 and 13.3% for the six months ended March 31, 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 six months ended March 31, 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 March 31, 2025

As at September 30, 2024

Level

Carrying amount

Fair value

Carrying amount

Fair value

2021 U.S. Senior Notes

Level 2

1,429,823

1,322,374

1,342,758

1,223,120

2021 CAD Senior Notes

Level 2

597,563

572,769

597,212

564,768

2024 CAD Senior Notes

Level 2

746,547

763,202

746,144

759,375

2025 U.S Senior Notes

Level 2

922,151

947,643

—

Other long-term debt

Level 2

2,019

1,975

2,194

2,119

3,698,103

3,607,963

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 six months ended March 31, 2025 and 2024		17

Notes to the Interim Condensed Consolidated Financial Statements

For the three and six months ended March 31, 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 March 31, 2025

As at September 30, 2024

Financial assets

FVTE

Cash and cash equivalents

Level 2

1,099,450

1,461,145

Cash included in funds held for clients

Level 2

275,100

233,584

Deferred compensation plan assets

Level 1

114,671

112,270

1,489,221

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

20,422

5,055

Long-term derivative financial instruments

Level 2

Foreign currency forward contracts

9,784

2,644

30,206

7,699

FVOCI

Short-term investments included in current financial assets

Level 2

1,806

3,279

Long-term bonds included in funds held for clients

Level 2

228,538

223,196

Long-term investments

Level 2

30,497

24,209

260,841

250,684

Financial liabilities

Derivative financial instruments designated as
hedging instruments

Current derivative financial instruments

Level 2

Foreign currency forward contracts

4,570

13,073

Long-term derivative financial instruments

Level 2

Cross-currency swaps

38,402

9,500

Foreign currency forward contracts

4,350

10,204

47,322

32,777

There have been no transfers between Level 1 and Level 2 during the six months ended March 31, 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 March 31, 2025, the Company had committed a total of $281,190,000 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 six months ended March 31, 2025 and 2024		18

CGI INC 6-K