On January 29, 2026, CIBC maintained its Neutral rating on CGI and adjusted its 12-month price target downward, following the company’s Annual General Meeting in Montréal. At the meeting, all 13 directors proposed for election secured overwhelming shareholder support, with individual vote-for tallies ranging from 95.5% to 99.7% and vote-withheld percentages below 4.5% across the slate. The director election results reaffirmed confidence in the existing board’s strategic oversight as CGI marks its 50th year of operations and continues to pursue digital transformation mandates for clients worldwide.

CGI reported first‐quarter revenue of C$4.08 billion, up 7.7% year-over-year (3.4% in constant currency), driven by growth in managed services and AI-enabled modernization projects. Earnings before income taxes rose 1.4% to C$599.8 million, yielding a 14.7% margin, while adjusted EBIT increased 7.1% to C$655.1 million for a 16.1% margin. Net earnings climbed to C$442.0 million (10.8% margin) and adjusted net earnings reached C$461.0 million (11.3% margin), supporting diluted EPS growth of 5.7% to C$2.03 and adjusted diluted EPS growth of 7.6% to C$2.12. Operating cash flow set a record at C$871.9 million, representing 21.4% of revenue, while bookings of C$4.47 billion yielded a book-to-bill ratio of 109.5% and backlog stood at C$31.32 billion.

CGI’s board has authorized the renewal of its Normal Course Issuer Bid, subject to Toronto Stock Exchange approval, permitting the repurchase and cancellation of up to 18.98 million Class A subordinate voting shares, representing 10% of the public float (approximately 189.8 million shares as of January 23, 2026). Under the previous program, which concludes February 5, 2026, CGI repurchased 12.95 million shares at an average of C$133.10 per share for a total of C$1.72 billion. Daily purchases under the renewed bid will be capped at 115,216 shares, equivalent to 25% of six-month average daily volume, with repurchases commencing February 6, 2026.