France · Delayed Price · Currency is EUR Cegedim Earnings Call Transcripts
Fiscal Year 2026
-
Q3 growth was led by Business Services and third-party payer activity, while Cloud & Support contracted sharply after contract exits. The 2026 outlook was maintained, with €4m of Ségur revenue timing a key earnings uncertainty.
-
Revenue and profitability improved in H1 2026, with adjusted operating income up 6.9% and net income group share rising to €5.4 million. Strong cash flow and reduced net debt supported investments in AI, new data centers, and international expansion.
-
H1 2026 revenue grew modestly, with strong Business Services and Data & Marketing offsetting declines in Healthcare Professionals and Cloud & Support. Management maintains guidance for over 2% like-for-like growth and higher EBIT, with e-invoicing reforms and Ségur subvention expected to boost H2 results.
-
Q1 2026 revenue declined slightly due to tough comparisons in cloud and support, but growth was seen in business services and international health segments. Full-year guidance remains for over 2% like-for-like growth, with e-business expected to accelerate in 2027.
Fiscal Year 2025
-
Adjusted operating income rose 25% to €49.4M with margin up to 7.6%, while net income swung to €8.3M from a loss last year. Strong cost control and tax reimbursement drove results, with net debt reduced by 25%.
-
Full year 2025 revenue was €649.2M, up 1.1% like-for-like, with strong HR, e-business, and insurance segments offset by pharmacy reorganization and deconsolidation impacts. Adjusted operating income is targeted to grow at least 15%, with 2026 revenue growth expected at 2–4%.
-
Q3 revenue declined 2% reported but grew 0.5% like-for-like, with nine-month growth at 2.1%. Full-year guidance is maintained, with adjusted operating income and EBIT expected to improve, driven by strong cloud, HR software, and insurance segments.
-
Revenue grew 1.1% to EUR 322.5 million in H1 2025, with adjusted operating income up 78% and strong cash flow reducing net debt by 15%. Restructuring in the pharmacy segment and the sale of In Practice Systems impacted non-recurring items, while all divisions reported positive adjusted operating income.
-
Revenue grew 2.8% like-for-like in H1 2025, led by health insurance, HR, and digitalization. Major restructuring in pharmacy software will cut 100 jobs, with exceptional charges in H1. Outlook remains positive, with improved cash and EBIT expected post-restructuring.
-
Q1 2025 revenue grew 3.5% reported and 4.5% like-for-like, driven by marketing, health insurance, HR, and cloud. Software and services faced headwinds from a renegotiated data contract, while Maiia bundles saw strong growth. EBIT margin improved with cost controls and removal of loss-making units.
Fiscal Year 2024
-
Revenue grew 6.3% to €654.5M and recurring operating income rose 24.7%, but net income was a €14.7M loss due to non-cash impairments. Strong cash flow and segment growth were offset by exceptional items and increased net debt from acquisitions.
-
Full-year 2024 revenue grew 6.3% to €654.5 million, with all divisions contributing and strong Q4 momentum. The exit from UK physician software will reduce 2025 revenue and incur over €20 million in non-cash, non-recurring costs, but EBIT margin is expected around 5.5%.
-
Nine-month revenue grew 5.9% reported and 4.3% like-for-like, with all divisions except Software and Services contributing positively. Full-year growth is expected at the lower end of guidance, as UK market exit and absence of subsidies weigh on results.
-
Revenue grew 6% to €319M in H1 2024, with EBITDA up 6.9% and margin at 16.4%. Recurring operating income declined due to higher R&D amortization, while net profit was nearly breakeven. H2 is expected to be stronger, with improved profitability from the Allianz contract and continued focus on cost control.
-
First half revenue grew 6% reported to €319 million, driven by digitization, marketing, and cloud, with strong BPO and cloud growth offsetting declines in Cegedim Santé and data. Full-year guidance of 5%-8% growth and higher recurring operating income is maintained.