CGI renews its Normal Course Issuer Bid

Rhea-AI Summary

CGI (TSX: GIB.A / NYSE: GIB) renewed its Normal Course Issuer Bid, subject to TSX approval, to purchase for cancellation up to 18,975,360 Class A Shares (≈10% of public float as of Jan 23, 2026).

The NCIB may run from Feb 6, 2026 to Feb 5, 2027 (or earlier if limits are reached). ADTV on the TSX was 460,867, setting the daily TSX purchase limit at 115,216 shares. Under the prior NCIB the company repurchased 12,945,271 shares at a weighted average price of $133.10 for total consideration of $1,722,951,291.23. An automatic purchase plan is in place for blackout-period purchases.

Positive

• Authorized repurchase of up to 18,975,360 Class A Shares (~10% of public float)
• Prior NCIB activity: 12,945,271 shares repurchased at an average of $133.10 per share
• Automatic purchase plan implemented to allow purchases during self-imposed blackout periods

Negative

• Daily purchase cap limited to 115,216 shares on the TSX (25% of ADTV), restricting repurchase pace
• Repurchase window expires on Feb 5, 2027, limiting flexibility beyond that date

News Market Reaction – GIB

-2.13%

3 alerts

-2.13% News Effect

-$441M Valuation Impact

$20.26B Market Cap

0.1x Rel. Volume

On the day this news was published, GIB declined 2.13%, reflecting a moderate negative market reaction. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $441M from the company's valuation, bringing the market cap to $20.26B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares outstanding: 190,635,136 Class A Shares Public float: 189,753,602 Class A Shares NCIB authorization: 18,975,360 Class A Shares +5 more

8 metrics

Shares outstanding 190,635,136 Class A Shares Outstanding as of close January 23, 2026

Public float 189,753,602 Class A Shares Approximately 99.54% of shares, per TSX rules

NCIB authorization 18,975,360 Class A Shares Up to 10% of public float under renewed NCIB

ADTV (TSX) 460,867 Class A Shares Average daily trading volume, 6 months ended Dec 31, 2025

Daily NCIB limit 115,216 Class A Shares 25% of ADTV as TSX daily purchase cap

Current NCIB max 20,196,413 Class A Shares Maximum repurchases approved under NCIB starting Feb 6, 2025

Shares repurchased 12,945,271 Class A Shares Bought back under current NCIB as of Jan 23, 2026

Buyback spend $1,722,951,291.23 Total consideration at weighted average price $133.10 per share

Market Reality Check

Price: $73.50 Vol: Volume 420,512 vs 20-day ...

normal vol

$73.50 Last Close

Volume Volume 420,512 vs 20-day average 297,817 (relative volume 1.41x) indicates elevated trading activity ahead of the NCIB. normal

Technical Shares at 88.23 are trading below the 200-day MA of 96.46 and about 28.15% under the 52-week high of 122.79.

Peers on Argus

GIB fell 1.08% while peers were mixed: LDOS (-0.82%), CDW (-1.57%), IT (-1.6%), ...

GIB fell 1.08% while peers were mixed: LDOS (-0.82%), CDW (-1.57%), IT (-1.6%), BR (-0.53%) declined and WIT rose (+2.76%). This points to stock-specific factors around the NCIB renewal rather than a uniform sector move.

Historical Context

5 past events · Latest: Jan 21 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 21	AGM and earnings timing	Neutral	+0.7%	Details on AGM logistics and Q1 FY2026 results release schedule.
Jan 20	AI partnership expansion	Positive	-4.9%	Expanded Google Cloud alliance to scale Gemini Enterprise and agentic AI delivery.
Jan 15	AI fraud platform launch	Positive	-2.1%	AI-powered FWA platform added to U.S. Treasury FM QSMO marketplace.
Jan 08	Industry recognition	Positive	+2.6%	Named Major Contender in Everest PEAK Matrix for GCC set-up and transformation.
Jan 05	Poland acquisition	Positive	-0.1%	Closed Comarch Polska SA acquisition, expanding headcount and regional footprint.

Pattern Detected

Recent CGI headlines have been generally positive (AI initiatives, acquisition, recognition), but price reactions have often been mixed, with several positive updates followed by negative or muted moves.

Recent Company History

Over the past month, CGI reported multiple strategic developments, including an acquisition in Poland, AI platform launches, and recognition in GCC transformation, alongside routine items like AGM and earnings timing. Price reactions have been inconsistent: some positive technology and recognition news saw gains, while other AI and platform announcements coincided with declines. Against this backdrop, the renewed NCIB adds a capital return component as the share price trades below the 200-day MA and well under the 52-week high.

Market Pulse Summary

This announcement renews CGI’s Normal Course Issuer Bid, allowing repurchases of up to 18,975,360 Cl...

Analysis

This announcement renews CGI’s Normal Course Issuer Bid, allowing repurchases of up to 18,975,360 Class A shares, roughly 10% of the 189,753,602-share public float, between February 6, 2026 and February 5, 2027. Under the current NCIB, CGI has already bought back 12,945,271 shares for about $1.72 billion. With the stock below its 200-day MA and well under the 52-week high, investors may watch how actively the company uses this renewed capacity.

Key Terms

normal course issuer bid, public float, average daily trading volume, automatic share purchase plan

4 terms

normal course issuer bid financial

"CGI renews its Normal Course Issuer Bid ("NCIB"), subject to approval..."

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

public float financial

"representing a public float of 189,753,602 Class A Shares as calculated..."

Public float is the total number of a company's shares that are available for trading by the general public. It excludes shares held by company insiders or large stakeholders who are unlikely to sell them easily. This figure helps investors understand how much of the company's stock is actively available, which can influence its liquidity and how easily its price might change.

average daily trading volume financial

"The average daily trading volume of the Class A Shares on the TSX..."

The average daily trading volume is the typical number of shares or units of a security that change hands each trading day, calculated over a set period. It tells investors how active a market is—like average traffic on a road—so higher volume usually means easier, faster trades and smaller price swings when buying or selling, while low volume can make orders harder to fill and cause bigger price moves.

automatic share purchase plan financial

"CGI has implemented an automatic share purchase plan with its designated broker..."

An automatic share purchase plan is a pre-arranged agreement that allows investors to buy a set amount of a company's shares at regular intervals without needing to make individual decisions each time. It helps investors steadily build their holdings over time, much like setting a recurring deposit into a savings account, making investing more disciplined and less influenced by short-term market fluctuations.

AI-generated analysis. Not financial advice.

Stock Market Symbols
GIB.A (TSX)
GIB (NYSE)
cgi.com/newsroom

MONTRÉAL, Jan. 28, 2026 /PRNewswire/ - CGI (TSX: GIB.A) (NYSE: GIB) announced today that its Board of Directors has authorized the renewal of its Normal Course Issuer Bid ("NCIB"), subject to approval by the Toronto Stock Exchange (the "TSX").

CGI's management and Board of Directors believe that the purchase for cancellation of the Company's Class A subordinate voting shares ("Class A Shares") is a proper use of funds, and the NCIB will provide the flexibility to purchase Class A Shares from time to time as the Company considers it advisable, as part of its efforts to increase shareholder value.

At the close of business on January 23, 2026, there were 190,635,136 Class A Shares outstanding, of which approximately 99.54% were widely held (representing a public float of 189,753,602 Class A Shares as calculated in accordance with the rules of the TSX).

Under the terms of the NCIB, subject to TSX approval, the Company may purchase for cancellation on the open market through the facilities of the TSX and the New York Stock Exchange (the "NYSE") and through alternative trading systems in Canada, as well as outside the facilities of the TSX pursuant to exemption orders issued by securities regulators or other statutory exemptions, up to 18,975,360 Class A Shares, representing approximately 10% of the Company's public float as of the close of business on January 23, 2026. The average daily trading volume of the Class A Shares on the TSX for the six-month period ended December 31, 2025 was 460,867 Class A Shares (the "ADTV"). Consequently, and in accordance with the requirements of the TSX, the daily purchase limit under the NCIB on the TSX will be 115,216 Class A Shares, representing 25% of the ADTV. All Class A Shares will be purchased at their market price at the time of acquisition, except for purchases effected outside the facilities of the TSX pursuant to exemption orders issued by securities regulators or other statutory exemptions which will be at a discount to the market price as provided in such exemption orders or in such statutes. All Class A Shares purchased under the NCIB will be cancelled.

Repurchases of Class A Shares under the renewed NCIB may commence on February 6, 2026 and will end on the earlier of February 5, 2027 or the date on which the Company has either acquired the maximum number of Class A Shares allowable under the NCIB or otherwise decided not to make any further purchases for cancellation under it.

Under its current NCIB that commenced on February 6, 2025 and will end on February 5, 2026, the Company received the approval of the TSX to purchase for cancellation up to 20,196,413 Class A Shares. As at January 23, 2026, CGI has repurchased 12,945,271 Class A Shares by means of open market transactions, through the facilities of the TSX, NYSE and through alternative trading systems in Canada, at a weighted average price of $133.10 per Class A Share, for a total consideration of $1,722,951,291.23.

CGI has implemented an automatic share purchase plan with its designated broker in connection with the NCIB in order to allow, if deemed advisable by the Company, for share purchases for cancellation during self-imposed blackout periods.

About CGI
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 94,000 consultants and professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. CGI Fiscal 2025 reported revenue is $15.91 billion and CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.

Forward-looking information and statements
This press release contains "forward-looking information" within the meaning of Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable United States safe harbours. All such forward-looking information and statements are made and disclosed in reliance upon the safe harbour provisions of applicable Canadian and United States securities laws. Forward-looking information and statements include all information and statements regarding CGI's intentions, plans, expectations, beliefs, objectives, future performance, and strategy, as well as any other information or statements that relate to future events or circumstances and which do not directly and exclusively relate to historical facts. Forward-looking information and statements often but not always use words such as "believe", "estimate", "expect", "intend", "anticipate", "foresee", "plan", "predict", "project", "aim", "seek", "strive", "potential", "continue", "target", "may", "might", "could", "should", and similar expressions and variations thereof. These information and statements are based on our perception of historic trends, current conditions and expected future developments, as well as other assumptions, both general and specific, that we believe are appropriate in the circumstances. Such information and statements are, however, by their very nature, subject to inherent risks and uncertainties, of which many are beyond the control of CGI, and which give rise to the possibility that actual results could differ materially from our expectations expressed in, or implied by, such forward-looking information or forward-looking statements. These risks and uncertainties include but are not restricted to: risks related to the market such as the level of business activity of our clients, which is affected by economic and political conditions, additional external risks (such as pandemics, armed conflict, climate-related issues, inflation, tariffs and/or trade wars) and our ability to negotiate new contracts; risks related to our industry such as competition and our ability to develop and expand our services to address emerging business demands and technology trends (such as artificial intelligence), to penetrate new markets, and to protect our intellectual property rights; risks related to our business such as risks associated with our growth strategy, including the integration of new operations, financial and operational risks inherent in worldwide operations, legal and operational risks inherent in contracting with government clients, foreign exchange risks, income tax laws and other tax programs, the termination, modification, delay or suspension of our contractual agreements, our expectations regarding future revenue resulting from bookings and backlog, our ability to attract and retain qualified employees, to negotiate favourable contractual terms, to deliver our services and to collect receivables, to disclose, manage and implement environmental, social and governance (ESG) initiatives and standards, and to achieve ESG commitments and targets, including without limitation, our commitment to reduce our carbon emissions, as well as the reputational and financial risks attendant to cybersecurity breaches and other incidents, including through the use of artificial intelligence, and financial risks such as liquidity needs and requirements, maintenance of financial ratios, our ability to declare and pay dividends, interest rate fluctuations and changes in creditworthiness and credit ratings; as well as other risks identified or incorporated by reference in this press release, in CGI's annual and quarterly Management's Discussion and Analysis, and in other documents that we make public, including our filings with the Canadian Securities Administrators (on SEDAR+ at www.sedarplus.ca) and the U.S. Securities and Exchange Commission (on EDGAR at www.sec.gov). Unless otherwise stated, the forward-looking information and statements contained in this press release are made as of the date hereof and CGI disclaims any intention or obligation to publicly update or revise any forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. While we believe that our assumptions on which these forward-looking information and forward-looking statements are based were reasonable as at the date of this press release, readers are cautioned not to place undue reliance on these forward-looking information or statements. Furthermore, readers are reminded that forward-looking information and statements are presented for the sole purpose of assisting investors and others in understanding our objectives, strategic priorities and business outlook as well as our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Further information on the risks that could cause our actual results to differ significantly from our current expectations may be found in the section titled Risk Environment of CGI's annual and quarterly Management's Discussion and Analysis, which is incorporated by reference in this cautionary statement. We also caution readers that the risks described in the previously mentioned section and in other sections of CGI's annual and quarterly Management's Discussion and Analysis and in our other documents and filings are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial could also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation.

View original content:https://www.prnewswire.com/news-releases/cgi-renews-its-normal-course-issuer-bid-302671897.html

SOURCE CGI Inc.

FAQ

What does CGI (GIB) announce about its Normal Course Issuer Bid on January 28, 2026?

CGI renewed its NCIB to buy for cancellation up to 18,975,360 Class A Shares (≈10% of public float). According to the company, purchases may occur from Feb 6, 2026 to Feb 5, 2027 or until the limit is reached.

How many shares can CGI (GIB) buy daily under the renewed NCIB on the TSX?

The daily TSX purchase limit is 115,216 Class A Shares, equal to 25% of ADTV. According to the company, ADTV was 460,867 shares for the six months ended Dec 31, 2025, driving the limit calculation.

How many Class A Shares did CGI (GIB) repurchase under the prior NCIB and at what cost?

CGI repurchased 12,945,271 Class A Shares under the prior NCIB at a weighted average price of $133.10. According to the company, total consideration for those repurchases was $1,722,951,291.23.

When will repurchases under CGI's (GIB) renewed NCIB begin and end?

Repurchases may commence on Feb 6, 2026 and end on Feb 5, 2027, or earlier if the maximum is acquired. According to the company, the NCIB also ends if the company decides to stop purchases.

Can CGI (GIB) buy shares outside the TSX under the renewed NCIB and at what price?

Yes, CGI may purchase shares on the NYSE, ATSs in Canada, and outside TSX under exemptions; purchases are generally at market price. According to the company, exempt purchases may be made at a discount as allowed by exemptions or statutes.