2024 INTERIM FINANCIAL REPORT

CONTENTS

Financial highlights    .............................................................................................................................................................................                   3

Statutory auditors' report on the 2024 half-yearly financial information   ...........................................................................                                4

Interim financial review      .....................................................................................................................................................................                   5

Condensed interim consolidated financial statements for the half-year ended June 30, 2024   .....................................                                    9

Declaration by the person responsible for the interim financial report     ..............................................................................                             28

Financial highlights

CONSOLIDATED FINANCIAL STATEMENTS

* Operating margin, normalized earnings per share, net debt / net cash and cash equivalents and organic free cash flow, alternative performance measures monitored by the Group, are defined in Note 3 - Alternative performance measures, to the consolidated interim financial statements for the half-year ended June 30, 2024.

** First-half 2020 data reflects the consolidation of Altran from April 1, 2020.

Statutory auditors' report on the 2024 half-yearly financial information

Statutory auditors’ report on the half-yearly financial information

(For the period from January 1, 2024 to June 30, 2024)

To the Shareholders

CAPGEMINI SE

11 rue de Tilsitt

75017 Paris

In compliance with the assignment entrusted to us by Annual General Meeting and in accordance with the requirements of article L. 451-1-2 III of the French Monetary and Financial Code (“Code monétaire et financier”), we hereby report to you on:

–          the review of the accompanying condensed half-year consolidated financial statements of Capgemini SE, for the period from January 1, 2024 to June 30, 2024;

–          the verification of the information presented in the half-year management report.

These condensed half-year consolidated financial statements are the responsibility of the Board of Directors. Our role is to express a conclusion on these financial statements based on our review.

I - Conclusion on the financial statements

We conducted our review in accordance with professional standards applicable in France.

A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-year consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34- standard of the IFRSs as adopted by the European Union applicable to interim financial information.

II - Specific verification

We have also verified the information presented in the half-year management report on the condensed half-year consolidated financial statements subject to our review. We have no matters to report as to its fair presentation and consistency with the condensed half-year consolidated financial statements.

French original signed by

Neuilly-sur-Seine and Courbevoie, July  30, 2024

The Statutory Auditors

                            PricewaterhouseCoopers Audit                                                                                             FORVIS MAZARS

                Itto El Hariri                              Romain Dumont                                                 Anne-Laure Rousselou                        Emilie Loréal

Interim financial review

In an economic environment which remained soft, Capgemini demonstrated in the first half of 2024 the strength of its positioning, as illustrated by the performance of the Strategy & Transformation business, and the resilience of its operating model.

Clients remained focused on driving efficiency through cost transformation programs. Demand for non-strategic and discretionary deals remained soft. In that context, the Group’s most innovative services in Cloud, Data & AI (Artificial Intelligence) and Intelligent Industry continued to enjoy a solid traction.

As anticipated, after having passed the trough in the first quarter, with a -3.3% revenue contraction at constant currency, revenue growth rates improved in the second quarter in all businesses and almost all regions and sectors, as the demand environment is starting slowly to improve. Q2 revenues contraction was limited to -1.9% at constant currency, with a visible improvement of the North America region which had declined the most in Q1.

Overall, revenue came down in the first half of the year, as anticipated, by -2.6% at constant currency. With the improvement of its mix of offerings toward more value-added services, the Group was able to maintain its operating margin and improve its cash flow generation compared with the first half of 2023.

FINANCIAL PERFORMANCE

Capgemini generated revenues of €11,138 million in H1 2024, down -2.5% year-on-year on a reported basis and -2.6% at constant exchange rates. On an organic basis (i.e., restated for changes in Group scope and exchange rates), revenues contracted by -3.0%.

Bookings totaled €11,793 million in the first half of 2024, down -1.7% at constant exchange rates, leading to a book-to-bill ratio of 1.06 for the period. Booking trends also improved in Q2:  at €6,138 million, Q2 bookings were stable year-on-year at constant currency and the book-to-bill ratio reached 1.09, which is above historical average and reflects ongoing robust commercial momentum.

The continued shift in Capgemini’s mix of offerings towards more innovative and value-added services more than compensated for the inflation impact, illustrating the resilience of the Group’s operating model. The 50-basis point increase in gross margin to 26.7% has offset the investment in selling efforts to fuel future growth. Selling expenses reached €824 million in H1 2024 or 7.4% of revenues, compared with 7.0% in H1 last year, while general and administrative expenses totaled €766 million or 6.9% of revenues, compared with 6.8% in H1 2023.

Consequently, operating expenses totaled €9,754 million in H1 2024 compared with €10,013 million in H1 2023, and the operating margin amounted to €1,384 million or 12.4% of revenues, a stable % year-on-year.

Looking at operating costs by nature, as a % of Group revenues, personnel costs increased from 69.7% in H1 2023 to 70.1% in H1 2024, fully offset by a decrease in most of other categories of costs.

Other operating income and expenses represent a net expense of €237 million, down by €25 million year-on-year. This decrease is mainly attributable to lower restructuring charges (€53 million in H1 2024 compared with €68 million in H1 last year).

Consequently, the operating profit amounts to €1,147 million, almost flat year-on-year in value and up +20 basis points in % of Group revenues, to 10.3%.

Net financial result is an income of €20 million compared with a €22 million expense in H1 2023, reflecting mainly higher interest income.

The income tax expense is €326 million, up by €13 million. The effective tax rate is 28.0% in H1 2024, compared with 27.8% for the same period last year.

Taking into account the share of profits of associates and joint-ventures as well as non-controlling interests, for an aggregate amount of -€6 million, the Group share in net profit for H1 2024 is up +3% year-on-year at €835 million. Basic earnings per share increased by +4% year-onyear to €4.88. Normalized earnings per share stands at €5.88, compared with €5.80 in H1 2023.

Group cash from operations decreased to €1,560 million in H1 2024 from €1,658 million in H1 2023, mainly driven by lower Group revenues over the period. Income tax paid decreased by €86 million to €101 million. The change in operating working capital requirement also decreased, from €1,227 million in H1 2023 to €1,003 million in H1 2024. Consequently, net cash from operating activities increased to €456 million, compared with €244 million in H1 last year. Capital expenditure (net of disposals) totaled €135 million or 1.2% of revenues, compared with 1.1% in H1 2023. Taking into account interest paid and received as well as lease debt repayment, organic free cash flow generation amounted to €163 million in H1 2024, compared with -€53 million for the same period last year.

Capgemini announced or closed four acquisitions since the beginning of the year. Total cash outflow for acquisitions amounted to €30 million in H1. The Group also paid dividends of €580 million (€3.40 per share) and allocated €325 million (net) to share buybacks.

HEADCOUNT

The Group’s total headcount stands at 336,900 as at June 30, 2024, down -4% year-on-year and virtually stable since the end of March. The offshore workforce stands at 192,500 employees or 57% of the total headcount.

OPERATION BY REGION

                                                                                 Revenues                              Year-on-year growth                           Operating margin rate

At constant exchange rates, revenues in the North America region (28% of Group revenues in H1 2024) decreased by -5.4% year-on-year. The Financial Services, TMT (Telecoms, Media and Technology) and Consumer Goods & Retail sectors contributed the most to this decline, partly offset by growth in the Manufacturing sector. Operating margin increased to 15.5%, compared with 15.2% in H1 last year.

Revenues in the United Kingdom and Ireland region (12% of Group revenues) declined by -2.8%, mostly driven by the Financial Services and Consumer Goods & Retail sectors. Conversely, the Energy & Utilities and Services sectors enjoyed a solid growth. Operating margin rose from 18.4% to 20.5%.

Activity in France (20% of Group revenues) was down -2.7%. Solid momentum in the Public Sector was more than offset by visible softness in the TMT, Manufacturing and Financial Services sectors. Operating margin decreased from 11.1% in H1 2023 to 9.1%.

Revenues in the Rest of Europe region (31% of Group revenues) were virtually stable at -0.1%. The underlying sector performance proved quite contrasted, with a strong momentum in the Energy & Utilities and Public Sectors offset by a visible contraction of the TMT sector. Operating margin increased to 11.1%, compared with 10.5% in H1 last year.

Finally, revenues in the Asia-Pacific and Latin America region (9% of Group revenues) were down -1.6%. This contraction was mainly driven by the decline of the Financial Services sector, partly offset by the Consumer Goods & Retail and Public Sectors which proved quite dynamic over the period. The region reported an operating margin of 10.5%, up from 10.2% in H1 2023.

OPERATIONS BY BUSINESS

When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its businesses change, an increasing number of contracts require a range of business expertise for delivery, leading to a rise in inter-business flows.

                                                                                                                        Total revenues                                       Year-on-year growth

At constant exchange rates, total revenues of Strategy & Transformation services (9% of the Group’s total revenues in H1 2024) increased by +2.7% year-on-year at constant exchange rates. Client demand for strategic consulting on their transition towards a more digital and sustainable model is supplemented by their growing interest in exploring the broad GenAI opportunity.

Total revenues of Applications & Technology services (62% of the Group’s total revenues and Capgemini’s core business) declined by -3.4%.

Lastly, Operations & Engineering (29% of the Group’s total revenues) total revenues decreased by -1.8%.

ANALYSIS OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED JUNE

30, 2024

Consolidated Income Statement

Revenues for the first-half 2024 totaled €11,138 million, compared with €11,426 million for the first-half 2023, representing a decrease of -2.5% on a reported basis and a -2.6%  revenue decreasing at constant exchange rates.

The operating margin for the first six months of 2024 was €1,384 million, compared with €1,413 million for the same period in 2023, representing a margin rate of 12.4% as for first half-year 2023.

Operating profit is €1,147 million for the first-half 2024 compared with €1,151 million for the first-half 2023, after taking into account other operating income and expense representing a net expense of €237 million in the first-half 2024 compared with €262 million in the first-half 2023.

The net financial income was €20 million in the first-half 2024 compared with a net financial expense of €22 million for the same period in 2023.

The income tax expense for the first-half 2024 is €326 million, compared with €313 million for the first-half 2023. The effective tax rate is 28.0% for the first six months of 2024 compared with 27.8% in the first-half 2023.

Profit for the period attributable to owners of the Company is therefore €835 million for the first-half 2024 compared with €809 million for the first-half 2023. Normalized earnings per share are therefore €5.88 based on an average of 170,981,563 ordinary shares outstanding in the first-half 2024, compared with €5.80 based on an average of 171,947,414 ordinary shares outstanding in the first-half 2023.

Consolidated Statement of Financial Position

Equity attributable to owners of the Company totaled €10,843 million at June 30, 2024, up €389 million on December 31, 2023. This increase was mainly due to:

        ►       the net profit for the period of  €835 million,

        ►            the positive impact of other comprehensive income of €355 million, including translation adjustments of €229 million,

► the impact of incentive instruments and employee share ownership of €109 million, partially offset by the payment to shareholders of dividends of €580 million and the elimination of treasury shares bought back during the period for €332 million.

Non-current assets totaled €15,252 million at June 30, 2024, up €296 million on December 31, 2023, mainly due to the impact of the appreciation of the US dollar on goodwill denominated in this currency and the increase in the defined benefit pension plan surplus in the United Kingdom linked to the increase in discount rates.

Non-current liabilities totaled €6,202 million at June 30, 2024, down €776 million on December 31, 2023 due to the reclassification of 2020 bond maturing in June 2025.

Trade receivables and contracts assets totaled  €5,459 million at June 30, 2024 compared with €5,088 million at December 31, 2023. Trade receivables and contract assets excluding contract costs and net of contract liabilities totaled €4,212 million at June 30, 2024 compared with €3,624 million at December 31, 2023.

Accounts and notes payable mainly consist of trade payables and related accounts, personnel costs and accrued taxes other than income tax and total €4,400 million at June 30, 2024 compared with €4,568 million at December 31, 2023.

Consolidated net debt totaled €2,775 million at June 30, 2024 compared with €2,047 million at December 31, 2023. This €728 million increase in net debt on December 31, 2023 was mainly due to :

        ►        the payment to shareholders of dividends of €580 million,

        ►         net cash outflows of €332 million in respect of transactions in treasury shares,

►    cash outflows on business combinations, net of cash and cash equivalents acquired, of €30 million, partially offset by organic free cash flow generation in the first-half 2024 of €163 million.

RELATED PARTIES

No material transactions with related parties took place in the first-half 2024.

MAIN RISKS AND UNCERTAINTIES FOR THE SECOND-HALF OF 2024

The nature and degree of risks to which the Group is exposed have not changed from those presented on pages 109 to 135 of the 2023 Universal Registration Document.

OUTLOOK FOR FISCAL YEAR 2024

The Group’s financial targets for 2024 are updated as follows:

        ►         Revenue growth of -0.5% to -1.5% at constant currency (was 0% to 3%);

        ►        Operating margin of 13.3% to 13.6% (unchanged);

        ►        Organic free cash flow of around €1.9 billion (unchanged).

The inorganic contribution to growth should be around half a point (was ranging from a marginal impact up to 1 point).

  Condensed interim consolidated financial statements for the half-year ended June 30, 2024

Consolidated Income Statement

                                                                                                                                   2023                                   First-half 2023                                         First-half 2024

(in millions of euros)                                                                                        Notes                      Amount                         %                     Amount                        %             Amount                            %

Consolidated Statement of Comprehensive Income

(in millions of euros)                                                                                                                                                             Notes                                 2023            First-half 2023                  First-half 2024

⁽¹⁾  Other items of comprehensive income that will not be reclassified subsequently to profit or loss.

⁽²⁾  Other items of comprehensive income that may be reclassified subsequently to profit or loss.

Consolidated Statement of Financial Position

(in millions of euros)                                                                                                                         Notes                          June 30, 2023               December 31, 2023                               June 30, 2024

                                                                                                            Notes                         June 30, 2023               December 31, 2023                               June 30, 2024

(in millions of euros)

Consolidated Statement of Cash Flows

(in millions of euros)                                                                                                                                                                                      Notes                        2023         First-half 2023   First-half 2024

Consolidated Statement of Changes in Equity

Income and expense

Number of Share ^Additional paid-in Treasury shares Consolidated earnings and retained recognized in equity (to owners of attributable Equity controlling interests^Non- Total equity shares capital capital other reserves adjustmentsTranslation Other the Company)

(in millions of euros)

Income and expense

                                                                                                                     Consolidated                    recognized in equity                     Equity

                                               ^{Number of} shares capital^Share Additional paid-in capital          ^Treasury shares      earnings and retained other (to owners of attributable the                                                            controlling interestsNon- Total equity

                                                                                                                          reserves adjustmentsTranslation      _Other             Company)

(in millions of euros)

5.2.6 Notes to consolidated financial statements for the half-year ended June 30, 2024

NOTE 1              Accounting basis

The condensed interim consolidated financial statements for the half-year ended June 30, 2024, and the notes thereto were drawn up under the responsibility of the Board of Directors and reviewed by the Board of Directors' meeting of July 25, 2024.

A) IFRS standards base

The condensed interim consolidated financial statements for the first-half 2024 have been prepared in accordance with lAS 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB), and endorsed by the European Union. They therefore do not include all the information required under IFRS for full financial statements. These condensed interim consolidated financial statements nonetheless present a selection of notes explaining the major events and transactions of the period in order to understand the changes in the Group’s financial position and performance since the last annual consolidated financial statements.

These condensed interim consolidated financial statements for the half-year ended June 30, 2024 should be read in conjunction with the Group’s annual consolidated financial statements for the year ended  December 31, 2023.

The Group also takes account of the positions adopted by Numeum (merger of Syntec Numérique and TECH IN France), an organization representing major consulting and computer services companies in France, regarding the application of certain IFRS.

B) New standards and interpretations applicable in 2024

a)                    New standards, amendments and interpretations of mandatory effect at January 1^st, 2024

The accounting policies applied by the Capgemini Group are unchanged on those applied for the preparation of the December 31, 2023 consolidated financial statements.

The standards, amendments, and interpretations which entered into mandatory effect on January 1^st, 2024 did not have a material impact on the Group financial statements.

b)                    Other new standards not yet in effect at January 1^st, 2024 or adopted early The Group did not adopt early any new standards not yet in effect at January 1^st, 2024.

C) Use of estimates

The preparation of consolidated financial statements involves the use of estimates and assumptions which may have an impact on the reported values of assets and liabilities at the period end or on certain items of either net profit or the income and expenses recognized directly in equity for the year. Estimates are based on economic data and assumptions which are likely to vary over time and interpretations of local regulation when necessary. They have notably been made in an ongoing uncertain economic and geopolitical context. These estimates are subject to a degree of uncertainty and mainly concern revenue recognition on a percentage-of-completion basis, provisions, measurement of the amount of intangible assets and deferred tax assets, provisions for pensions and other post-employment benefits, the fair value of financial instruments and the calculation of the tax expense.

Climate change risks result from both increasingly frequent exposure to extreme weather events and transition to a low energy business model. The Group considers the financial consequences of damage directly related to extreme weather events to be limited. The Group has also taken the effects of its sustainable development policy into account in the main closing estimates.

NOTE 2               Changes in consolidation scope

There have been no major changes in the consolidation scope during the first semester of 2024.

Main alternative performance measures are reconciled below :

(in millions of euros)                                                                                                                                                                                                                       First-half 2023                         First-half 2024

      (1)        See Note 9 - Income Tax

(in millions of euros)                                                                                                                                                                                                                       First-half 2023                         First-half 2024

NOTE 4              Operating segments

The Group communicates segment information for the following geographic areas: North America, France, United Kingdom and Ireland, the Rest of Europe, Asia-Pacific and Latin America.

First-half 2024                                                                                      United                                              Asia-Pacific

                                                                     North                                        Kingdom                  Rest of                   and Latin                      HQ

(in millions of euros)                                                         America              France        and Ireland                   Europe                America ⁽¹⁾         expenses           Eliminations                         Total

⁽¹⁾           The Asia-Pacific and Latin America area includes the following countries in particular: India, Australia, Brazil, Mexico and other Asian Pacific and Latin American countries.

⁽²⁾           Operating margin, an alternative performance measure monitored by the Group, is defined in Note 3 - Alternative performance measures.

First-half 2023

                                                                                                           United                                              Asia-Pacific

                                                                     North                                        Kingdom                  Rest of                   and Latin                      HQ

(in millions of euros)                                                         America              France        and Ireland                   Europe                America ⁽¹⁾         expenses           Eliminations                        Total

⁽¹⁾                 The Asia-Pacific and Latin America area includes the following countries in particular:  India, Australia, Brazil, Mexico and other Asian Pacific and Latin American countries.

⁽²⁾                 Operating margin, an alternative performance measure monitored by the Group, is defined in Note 3 - Alternative performance measures.

2023

                                                                                                           United                                          Asia-Pacific

                                                                    North                                          Kingdom                Rest of                 and Latin                      HQ

(in millions of euros)                                                        America               France         and Ireland                 Europe              America ⁽¹⁾         expenses           Eliminations                            Total

⁽¹⁾           The Asia-Pacific and Latin America area includes the following countries in particular: India, Australia, Brazil, Mexico and other Asian Pacific and Latin American countries.

⁽²⁾           Operating margin, an alternative performance measure monitored by the Group, is defined in Note 3 - Alternative performance measures.

NOTE 5             Revenues

In the first-half 2024, revenues decreased by -2.5% compared with first-half 2023 on a reported basis. Revenues decreased by  -2.6% at constant exchange rates⁽¹⁾ compared to first-half 2023 , while organic growth⁽¹⁾ was negative at -3.0%.

                                                                                                                                                        Change

                                                                                                      First-half 2023                    reported      excat constant hange rates (1)                First-half  2024

(in millions of euros)

⁽¹⁾ Organic growth and growth at constant exchange rates, alternative performance measures monitored by the Group, are defined in Note 3- Alternative performance measures.

NOTE 6               Operating expenses by nature

2023

(in millions of euros)                                                                                                       Amount        revenues% of      Amount        revenues% of      Amount       revenues% of

NOTE 7                Other operating income and expenses

(in millions of euros)                                                                                                                                                                                                  2023                First-half 2023                     First-half 2024

Expenses relating to share based compensation

The expense relating to share based compensation  is €121 million, compared with €106 million in first-half 2023. This increase mainly results from the change in the share price over the period impacting the IFRS expense of new plans.

Expenses relating to employee ownership plan

As of December 31, 2023, expenses relating to employee ownership plan correspond to the 2023 ESOP plan, for which the capital increase was on December 19, 2023.

Restructuring costs

First-half 2024 restructuring costs primarily concern workforce reduction measures and real estate restructurings.

NOTE 8               Net financial expense / income

(in millions of euros)                                                                                                                                                                     Note                               2023          First-half 2023                First-half 2024

The variation in income from cash, cash equivalents and cash management assets over the period is mainly due to the increase in cash invested in the Group's various geographies, in a context of high interest rates.

Net interest on borrowings (€70 million) and the impact of amortized cost on borrowings (€6 million) total €76 million mainly comprise:

–          coupons on the 2018 bond issues of €7 million, plus an amortized cost accounting impact of €3 million,

–          coupons on the 2020 bond issues of €38 million, plus an amortized cost accounting impact of €3 million.

Exchange gains on financial transactions and losses on derivative instruments primarily concern inter-company loans denominated in foreign currencies and the impacts of the related hedging arrangements.

Other financial income and expense include in particular in the first half of 2024 the impact of the revaluation at fair value of certain shares in non-consolidated companies (cf. Note 11 - Other non-current assets).

NOTE 9              Income tax expense

The effective tax rate for the half-year is calculated by applying the estimated effective tax rate for the fiscal year to pre-tax net profits for the half-year to June 30.

In 2021, the Organization for Economic Co-operation and Development (OECD) adopted a reform of international tax rules proposing in particular a minimum tax of 15% on profits made by multinational groups meeting certain criteria. These “Global Rules to Combat Tax Base Erosion” or “GloBE Rules”, which are intended to be introduced by jurisdictions into their domestic law, require the concerned groups to calculate a “GloBE” profit and the related taxes jurisdiction by jurisdiction. When this calculation results in an effective tax rate (ETR) of less than

15%, they require the groups to pay additional tax on profits, the level of which must make it possible to achieve the minimum target ETR of 15%.

In December 2022, the Council of the European Union adopted the “Pillar 2” Directive, which aims to transpose the GloBE Rules homogeneously within Member States; these must transpose the directive for a progressive application of the measures from January 1^st, 2024.

France has thus transposed the rules of this directive into its national law through the Finance Law for 2024.

During the first-half of 2024, the Group carried out an analysis on the impact of the Safe Harbour measures, considering its geographic footprint and the implementation of certain additional national taxes.

Based on these estimates, for financial year 2024, the impact of this reform taken into account in the projected effective tax rate used as of June 30, 2024 is marginal and therefore has no significant impact on the Group’s tax expense and tax paid for the first-half 2024.

The effective income tax rate for the first-half 2024 is 28.0% based on pre-tax net profit of 1,167 million, compared with 27.2% at December 31, 2023 and 27.8% at June 30, 2023.

The effective income tax rate used to calculate normalized earnings per share at June 30, 2024 is 28.0%.

NOTE 10          Goodwill

The Group has not identified any indications of impairment calling into question the recoverable amount of the Cash Generating Units (CGU) at June 30, 2024.

NOTE 11             Other non-current assets

(in millions of euros)                                                                                                                                  Note                       June 30, 2023            December 31, 2023                             June 30, 2024

The increase in “Other non-current assets” during the period is mainly explained by the variation in the defined benefit pension plan surplus in the United Kingdom linked to the increase in discount rates over the first half of 2024 in this country as well as the revaluation to fair value of certain shares in non-consolidated companies.

NOTE 12                 Trade receivables, contract assets and contract costs

(in millions of euros)                                                                                                                                         June 30, 2023               December 31, 2023                           June 30, 2024

Total trade receivables and contract assets net of contract liabilities can be analyzed as follows in number of days’ annual revenue:

(in millions of euros)                                                                                                                                       June 30, 2023               December 31, 2023                           June 30, 2024

At June 30, 2024, no receivables were assigned with transfer of risk as defined by IFRS 9 to financial institutions (€2 million at December 31, 2023 and €152 million at June 30, 2023). These receivables were therefore derecognized in the Statement of Financial Position at December 31, 2023, and June 30, 2023 respectively.

NOTE 13            Other current assets

(in millions of euros)                                                                                                                                             June 30, 2023                December 31, 2023                            June 30, 2024

The increase in “Other current assets” during the period came mainly from the increase in certain prepaid expenses related to IT expenses and client projects.

NOTE 14               Net debt/net cash and cash equivalents

(in millions of euros)                                                                                                                                                            June 30, 2023                December 31, 2023                                June 30, 2024

(1) Net debt / net cash and cash equivalents, an alternative performance measure monitored by the Group, is defined in Note 3 - Alternative performance measures.

During the first-half 2024, the €728 million increase in net debt on December 31, 2023  chiefly reflects:

        ►        the payment to shareholders of dividends of  €580 million,

        ►         net cash outflows of €332 million in respect of transactions in treasury shares,

►    cash outflows on business combinations, net of cash and cash equivalents acquired, of €30 million, partially offset by organic free cash flow* generation in the first-half 2024 of €163 million.

Financial asset and liability fair value measurement methods and classifications are unchanged from December 31, 2023.

* Organic free cash flow, an alternative performance measure monitored by the Group, is defined in Note 3 - Alternative performance measures

NOTE 15                  Provisions for pensions and other post-employment benefits

(in million of euros)                                                                                                                         Note                  June 30, 2023                December 31, 2023                                June 30, 2024

The present value of pensions and other post-employement benefits obligations totaled €3,122 million at June 30, 2024 compared to €3,231 million at December 31, 2023.

The value of the plan assets is equal to €3,044 million at June 30, 2024 compared with €3,053 million at December 31, 2023.

NOTE 16              Non-current and current provisions

A provision is recognized in the Consolidated Statement of Financial Position at the year-end if, and only if, (i) the Group has a present obligation (legal or constructive) as a result of a past event, (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and (iii) a reliable estimate can be made of the amount of the obligation. Provisions are discounted when the impact of the time value of money is material.

Movements in non-current and current provisions break down as follows:

(in millions of euros)                                                                                                                                                              June 30, 2023               December 31, 2023                                June 30, 2024

At June 30, 2024, non-current provisions (€304 million) and current provisions (€101 million) concern risks relating to projects and contracts of €100 million (€111 million at December 31, 2023) and risks of €305 million (€334 million at December 31, 2023), mainly relating to labor and legal disputes in France and tax risks (excluding income tax) in India.

NOTE 17               Other non-current and current liabilities

(in millions of euros)                                                                                                                                        June 30, 2023                          December 31, 2023                                          June 30, 2024

Other current and non-current liabilities mainly include the non-current tax payables on tax audit, litigation or pre-litigation proceedings in India and France.

The change in “Other non-current and current liabilities” during first-half 2024 came mainly from the change in the fair value of hedging derivatives contracted as part of the centralized management of currency risk.

Liabilities related to acquisitions of consolidated companies mainly comprise earn-outs granted at the time of certain acquisitions.

NOTE 18            Number of employees

Average number of employees by geographic area

                                                                          First-half 2023                                                                    2023                                                                 First-half 2024

Number of                    Number of Number of employees   %                     employees   %                     employees  %

Number of employees at period-end by geographic area

                                                                          First-half 2023                                                                    2023                                                                 First-half 2024

Number of                    Number of Number of employees   %                     employees   %                     employees  %

NOTE 19              Off-balance sheet commitments

COMMITMENTS GIVEN

(in millions of euros)                                                                                                                                                                  June 30, 2023                  December 31, 2023                        June 30, 2024

COMMITMENTS RECEIVED

(in millions of euros)                                                                                                                                                                  June 30, 2023                  December 31, 2023                        June 30, 2024

Off-balance sheet commitments relating to Group financing remain unchanged compared to December, 31 2023.

Contingent liabilities

In the normal course of their activities, certain Group companies underwent tax audits, leading in some cases to revised assessments in the firsthalf 2024 and in previous fiscal years.

Proposed adjustments were challenged and litigation and pre-litigation proceedings were in progress on June 30, 2024. This is particularly the case in India, where Group subsidiaries have received several tax reassessment notices or proposed tax reassessment notices for income tax, particularly on a recurring basis on transfer pricing issues.

Most often, no amounts have been booked for these disputes in the consolidated financial statements in so far as the Group considers it can justify its positions with serious likelihood of winning.

NOTE 20            Subsequent events

None.

Declaration by the person responsible for the interim financial report

“I hereby declare that, to the best of my knowledge, the condensed interim consolidated financial statements for the half-year ended June 30, 2024 have been prepared in accordance with applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and results of the Company and all the other companies included in the scope of consolidation and that the interim financial review on page 5 gives a fair description of the material events that occurred in the first six months of the fiscal year and their impact on the financial statements, the main related party transactions, as well as a description of the main risks and uncertainties for the remaining six months of the year".

Aiman Ezzat

Chief Executive Officer