CGI Inc.

Good morning, ladies and gentlemen. Welcome to CGI's first quarter fiscal 2026 conference call. I would now like to turn the meeting over to Mr. Kevin Linder, SVP of Investor Relations. Please go ahead, Mr. Linder.

Thank you, Julie, and good morning. With me to discuss CGI's first quarter fiscal 2026 results are Francois Belanger, our President and CEO, and Steve Perron, Executive Vice President and CFO. This call is being broadcast on CGI.com and recorded live at 9 a.m. Eastern Time on Wednesday, January 28, 2026. Supplemental slides, as well as the press release we issued earlier this morning, are available for download along with our MD&A financial statements and accompanying notes, all of which have been filed with both Cedar Plus and Edgar. Please note that some statements made on the call may be forward-looking. Actual events or results may differ materially. From those that are expressed or implied, NCGI disclaims any intent or obligation to update or revise any forelooking statements, whether as a result of new information, future events, or otherwise. The complete safe harbor statement is available in both our MD&N press release as well as on cgi.com. We recommend our investors read it in its entirety. We're reporting our financial results in accordance with International Financial Reporting Standards, or IFRS. As always, we will also discuss non-GAAP performance measures, which should be viewed as supplemental. The MD&A contains definitions of each one used in a reporting. All of the dollar figures expressed on this call are Canadian, unless otherwise noted. We are also hosting our annual general meeting this morning, so we hope you will join us live via the broadcast at 11 a.m. Now I'll turn the call over to Steve to review our Q1 financials, and then Francois will comment on our business and market outlook. Steve.

Thank you, Kevin, and good day, everyone. In our first quarter of fiscal 2026, we demonstrated discipline in the management of our operations while continuing to make the necessary investment guided by our AI strategy. In the quarter, We delivered $4.1 billion of revenue, up 7.7% year-over-year, or up 3.4% when excluding the impact of foreign exchange. Growth was driven by our recent business acquisitions and continued demand for our APAC delivery center, with this segment reporting growth of 5.8%, mainly through delivery of managed services. In our UK and Australia segment, with our acquisition of BJSS, growth was 31%. This acquisition is transformative to our UK operation, adding significant scale, and we can now showcase the breadth of CGI's end-to-end services to our new clients. In our Western and Southern Europe segment, growth was 9%, led by our acquisition of EPSID, which includes engineering services. As we indicated last quarter, our U.S. operations were impacted by the federal shutdown in the quarter. The timing and related impacts were in line with what we communicated last quarter. While a sequential improvement is expected in the next quarter, our U.S. federal segment is still operating in a very dynamic environment. Bookings in the quarter were $4.5 billion for a book-to-bill ratio of 110%, led by U.S. commercial and state government at 169%, Finland, Poland, and Baltics at 124%, and Scandinavia, Northwest, and Central East Europe at 113%. Bookings continue to be led by our managed services at a 117% book-to-bill. SINC book-to-bill was 100%, last reached in our first quarter of fiscal 2025. With the U.S. federal shutdown, we had previously called out that our bookings would be impacted in the quarter. This was indeed the case, and excluding U.S. Federal, our teams delivered a combined book-to-bill of 118%. On a trading 12-month basis, book-to-bill was 110%, with North America at 122% and Europe at 101%. On the same basis, managed services had a book-to-bill ratio of 122%, and the SINC book-to-bill ratio was 96%. Our contracted backlog reached $31.3 billion, or 1.9 times revenue. Turning to profitability. Adjusted EBIT in the quarter was $655 million, up 7.1% year-over-year, for a margin of 16.1%, down 10 basis points. In the quarter, our results were impacted by the U.S. federal shutdown and an $8 million one-time impact of past service costs related to statutory employee benefits in India due to a change of regulations. including acquisition and related integration costs of $26 million. Earnings before income taxes were $600 million for a margin of 14.7%. Our effective tax rate in the quarter was 26.3%, 40 business points higher than last year, mainly explained by the statutory tax increase in France. We expect our tax rate for future quarters to be in the range of 26 to 27%. Adjusted net earnings were $461 million for a margin of 11.3%. On the same basis, diluted EPS was $2.12, an accretion of 8% when compared to Q1 last year. Net earnings were $442 million for a margin of 10.8%, and diluted EPS was $2.03, an accretion of 6% when compared to Q1 last year. Turning to cash, we generated a strong $872 million in our cash from operations, representing 21.4% of total revenue. due to the strength of our collection efforts. DSO was 37 days in the quarter, an eight-day improvement sequentially and a one-day improvement when compared to the prior year. As a reminder, in general, our first quarter has the lowest DSO due mainly to higher levels of client prepayments or annual IT maintenance fees. In Q1, we continued to deploy our capital and invested $87 million back into the business, including strategic investment in advanced AI, $106 million on business acquisitions, $577 million to buy back our stock, and in addition, we returned $37 million to our shareholder under our dividend program. Yesterday, our Board of Directors approved the renewal of our NCIB program until February 2027, authorizing us to repurchase for cancellation up to 19 million shares over the next 12 months. At current share price levels, we expect to remain very active in our repurchase program. In addition, Our board of directors approve a quarterly cash dividend of 17 cents per share. This dividend is payable on March 20th, 2026 to shareholder of records as of the close of business on February 18th, 2026. With $2.4 billion in capital resources readily available and a net debt leverage ratio of one, CGI has the balance sheet strength and capacity to deliver on our profitable growth strategy. CGI's capital allocation priorities have remained consistent, focused on investing back in the business, pursuing accretive acquisition and share buybacks. Now, I will turn the call over to Francois to further discuss insights on the quarter, the progress on our AI strategy, and the outlook for our business and markets. Francois?