Thank you very much for attending this presentation. We have just released our H1 revenue for 2026. The revenue for the first half of 2026 stands at EUR 324.8 million, which is a 0.7% reported growth, 0.8% like-for-like. As you may remember, first quarter was down 1%, mainly due to a negative base effect at the Cloud & Support segment. We'll remind you later on, but it was due to a major outsourcing contract which had come to an end, as well as a strong trading period in Q1 2025. Second quarter came with a growth of 2.5% reported, 2.4% like-for-like, benefiting from the growth at the Business Services business unit, partly due to the upcoming first round of e-invoicing reform in France, starting on September 1, 2026. The third-party payment activity is still well-oriented as you may have seen on the last quarters.
International subsidiary of Health & Provident Insurance, as well as Healthcare Professionals, kept their uptrend going in Q2. I reminded you this negative base effect on the right there. It's worth noting also that the group sticks to its outlook for a full year like-for-like growth over 2% and an adjusted operating income increase, and also operating income increase. I suggest that we will go in every BU. First, on this bridge, you can see that the like-for-like growth is 0.8%. We have a negative currency impact of 0.2%, which is mainly due to the sterling pound. We have a small positive effect on the structure impact of EUR 0.2 million. This is due to the acquisition of Médoucine by Cegedim Santé on April 30.
It's a leading French platform for booking appointments with verified practitioners in complementary care fields such as osteopath, sophrologist, and many others. These are the two effects. You know you are now used to our business units, and I suggest that we just go into detail for each of them. First one is the Health & Provident Insurance. In H1, it was almost 26% of the group revenue. It stands with a EUR 84.1 million revenue on first half, which is a 0.7% reported growth, 0.8% like-for-like. The first segment is the software business. In the U.K., we still have a robust growth, solid growth over the first half. Q2 was in the same line as Q1 with this growth.
In France, you may remember that on Q1 we had a slight drop, but the project-based revenue picked up in Q2, resulting in a flat performance over the first half for this segment. On the third-party payer, as I mentioned in the introduction, still a strong growth in Q2, as well as Q1. This trend has been experienced for the last quarters, especially thanks to its fraud detection solution. A new client started in Q1. It had this growth of 8.2% over the first half. Last segment is the BPO. As we had mentioned in our previous call, this segment is impacted by a decrease in the number of beneficiaries managed by our own clients, which is an adverse trend for the moment. The cash flow solution experienced a weak first half. These two things explain this negative performance over H1.
All in, it's a positive growth for the Health & Provident Insurance over the first half. On the second business unit, that you are used to also, is the Business Services unit. It was 29.5% of the total revenue of the group. On first half, EUR 95.7 million over the half year, which is a 4.2% reported growth, 4.3% like-for-like. We've seen in Q2 the same trends as in Q1, with a very positive growth at the HR software segment, which stems from the positive impact from the starting up of HR contracts won in 2025. Second segment is the e-business segment in which you have the e-invoicing business. As you know, we had talked about it on the last quarters. We have this e-invoicing reform in France starting up on September 1, 2026.
We can see this segment experience an accelerating momentum as companies affected by the first round of e-invoicing are getting more business for us. It's a 3.9% growth, reported 4.2% like-for-like over the first half. Last but not least, the BPO segment here has gained some new clients. We had already seen that also in Q1. Those new clients started during the first six months of 2026. All in all, it's a positive first half for the Business Services business unit. The third business unit is the Healthcare Professionals business unit. It was almost 20% of the group revenue for the first half, EUR 64.7 million generated. You can see that, or you remember in Q1, the business unit had a decrease of 2.7% in its revenue.
You can see that in Q2, we had a better Q2 with a normal, a flattish performance in Q2 over this business unit. In which you have, it posted over the first half a decrease of 1.2% reported and like-for-like. In this business unit, you know that we have this Cegedim Santé group, experience a slight decrease over the first half, 1.6% reported, 2.3% like-for-like. Well, it's mainly due to its legacy solutions, on which they have a churn mainly caused by professionals getting retired. But it's experiencing solid growth at the Maiia Suite and the Claude Bernard database. Also, the gap between the reported and like-for-like growth is due to the integration of Médoucine on May 1 in our accounts. As I mentioned earlier, it's a platform for booking appointments with complementary care fields practitioners.
The second one is the doctors outside France, where you can see a very strong growth of 14% over the first half. The trend that had been experienced in Q1 was even stronger in Q2, especially in Spain, where we have a boost really coming from Spain, especially thanks to the project in the Balearic Islands that is really performing well. Also a new project in Belgium, which is gaining traction after its certification in late 2025, explaining the strong growth at the doctors outside France during the first half. The last segment on this business unit is the pharmacist software activity. You can see that we are still experiencing a decrease over the first half, even though Q2 was slightly better than Q1. The main reason, still mainly due to the French business, as sales were paused during the 2025 restructuring.
We say that's a consequence of the restructuring for the moment on the business activity. Overall, for this business unit, the growth was a negative 1.2% over first half with a better Q2 than Q1. The fourth business unit is the Data & Marketing BU, it's 20% of the group's revenue over the first half. A revenue of EUR 65.1 million. It's a 2.6% reported growth and like-for-like. You may remember that the data business in Q1 had experienced a drop, now growth is back in Q2 and also over first half too. It's due to still a very solid business activity in France and also an improvement in the international operations for the data business in Q2. The marketing business, still a very important growth of 3.8%, even though France has a very demanding comparison basis in H1 2025.
We are still experiencing growth over there. Also, we have a bit of growth coming from the new operation in Spain that started at the beginning of the year. It's a growth of 2.6% for the business unit over the first half. Sorry. The fifth business unit is the Cloud & Support business unit. It was 4.7% of the total group revenue over first half, EUR 15.2 million. It's a decrease of 16.4% reported and like-for-like on H1. You can see that the Q1, as we had mentioned in April, was suffering from a demanding comparison due to the end of a significant outsourcing contract and a strong period in Q1, trading period in Q1 2025. Q2 was a bit better, still a moderate decrease. Overall, it's a decrease over the first half on the Cloud & Support business unit.
As we had mentioned earlier on, 2026 is a changing year for this activity. We'll have more growth in 2027. All in, as I mentioned earlier in the introduction, we keep our outlook for 2026 with like-for-like growth above 2% over the year, and also an increase in the recurring operating income and operating income. Last, the next meetings we'll have. On September 24th, we'll have the release of our H1 earnings, and on October 22nd we have the release of our revenue for Q3. That was the presentation. Now you are used to the way we function, I suggest that if you have any question, please raise your hand on here and we'll give you the floor for your question. Amadou, the floor is yours.
Hello, Damien. Thanks for having me. For me it's maybe two questions. Both are AI related. The first one is, are you seeing new entrants in your markets? Right? Are there people or entrepreneurs using AI to try to compete with you with new offers or self-coded apps, and so on?
Okay.
Second one is, how are you using AI yourself in your business, in your research and development? If you like, you can give some color on that.
Right. I think that's my two most important ones. Thank you.
Okay. Thank you, Amadou, for your questions. The use of AI, of course we have three main fields for AI. The one you mentioned is that we provide AI for our developers, different kinds of AI. That's now a major trend in our industry. We need them to have those tools to develop the products in the future. We also have AI in our products. We are integrating AI in various products. For instance, for the Maiia Médecin solution, we have integrated AI in order to have reports with the doctor talking to the patient. Also, we have the Claude Bernard AI solution, which helps also the doctors. We are able to integrate more and more AI to help our customers.
The third field, to put it in a nutshell, is also to help our business units, especially in the fields which are labor intensive. For instance, in our BPO operations in the insurance. We help them a lot with some new projects we have in order to facilitate and ease the treatment of various documents. On the new entrants in the market, we haven't seen any major entrants coming into our markets. They may have some. Still, we are in business which are very much regulated, and which you need to have a good experience of the business also. I would say for the moment, no disruptive entrant in our market.
We have Doctolib.
Yeah.
Doctolib has some features, up to now, we do not see that it changes the decisions of clients.
Okay. Eric.
The effect of AI on our BPO business. We will see it at the beginning of next year. We have a plan where we will reduce staff, we start by reducing external staff. The positive effect on profitability will be seen next year.
I don't know if you can hear me.
Yes, Eric.
Can you hear me now?
Yes.
Okay.
We hear you perfectly well.
Hello. Just about AI, precisely in the pay domain. Sorry, I have to speak in English. In the HR business, is there any competition coming from AI automatic system, which seems to grow in this field. Apparently, your growth is still there, is there any competition of new product, automatic, which use AI, in fact?
There are a lot of announcements, we don't see difference in the products up today. We have started a new development, which is a HR management system to make some functions on, [Non-English content] How do you say [Non-English content]?
Recruitment
salaries.
Recruitment, management of the people, whether they are working in their home or whether they are on site. A lot of new functions. To make this development, it will be fully AI developed. This is an example where we use AI to make quicker developments in order to launch new product quicker. Some of the functions will use AI. Most of the functions are to answer questions of clients, for instance. This is an example of what we are doing. Until now, we don't see a lot of competitors on this field. Of course, it will come. It will come anyhow.
Is there any pressure on prices?
No.
No?
We don't see it now.
That means that all the business field is with a good growth. I think it make you confident on the profitability.
Yes.
And-
On Business Services.
Yeah.
The e-business, which is invoices dematerialization. We are now in the setup process, because there is a rush. All of our clients, they want to be ready on September 1st, and of course, a lot of them are late. This is a loss-making business in the Business Services area. All businesses are profitable except this one. Once the reform will be on, we know that there will be some delay, but we can say that the beginning of 2027, we will go to the run phase, where we will invoice the clients on the number of invoices we will be managing. We think that it will become profitable. On this part, Business Services, we feel rather confident on the future in terms of revenue and in terms of profits.
In front of your numbers of the first half, you are more confident on your profitability forecast than at the beginning of the year or less?
Globally? On the group?
Yeah.
We are on the same trend, which is probably having +10% on the current EBIT.
With a free cash flow?
Yeah. Yes. Free cash flow will be lower than last year because last year,
Yeah
we have had the IP Box cash-in, which was, if I remember well, EUR 12 million, which was an exceptional cash- in. For the rest, we have no
You have some cash- out for the PSE.
There is one cash- out, which is Médoucine.
Which is mainly on the first half?
It has been done. It is EUR 4.9 million.
It's-
No problem on the cash.
It's done in terms of provision, the cash- out is done also?
Yes. It has been paid. Company has been paid.
On the first half or?
Yes, on the first half.
Okay. About just you said that Maiia have a good progress. We don't see it in the numbers.
No. We don't see it because we are still losing clients doctors on our legacy softwares. Unfortunately, we are not compensated. There is not compensations between new clients and old clients leaving. We are still having some negative results.
In front of who?
Oh, the main competitor is Doctolib.
It still has.
Yeah.
They increased their price. I have heard about that.
Yeah. You see, they have such a position in the pure agenda area that they are commercial people. They go to see the doctors and they say, "Okay, you have the agenda. We are now a fully connected software to manage.
Sure
your practice." Of course, we show that Maiia Médecin is more performant. It is fully connected to Maiia, of course, but it's a process which is difficult. The second half should be better because second half, we will receive Ségur subvention.
Subvention.
Of course, it's a once off. Ségur will be positive on doctors on second half. In 2027 and 2028, we will receive Ségur for [Non-English content] and nurses. Of course it brings revenues. It's very positive, but it is not a recurrent revenue.
It could be how much for the second half?
EUR 4 million, in addition to the existing business.
It's clearly.
Profits.
Profits, huh? Yeah.
Yeah. Because all the development that have been done, we have launched the clients with the new functions, now it's just an administrative process. We need to receive, to have all the documents ready to the administrations so that they accept to pay. Well, we are ready with the documents, but they are not ready quick on the fact that they have to pay. We are confident in the fact that until the end of this year, we will receive the cash.
You are losing doctors at what rate? Which rate?
I don't know. I'm not the figures kind.
You think it's going to be stabilized?
We have some positive sign, but it is not in the figures.
Okay.
As you may remember, we had some data has been stolen by some hackers.
It has had a rather negative effect on doctors. We have not lost doctors due to that, but we have seen that it was more difficult to make prospections. Some doctors were saying, "Okay, I don't want to receive you because I'm not confident in the fact that you manage well the data," and so on. What we see from the beginning of June is that it's over. It's not still in the doctor's mind. The commercial people, they say that it is more easy or it is less difficult to have meetings with the doctors and to show the software and to sign. We may have some positive effects during the second half. Difficult to say how much today.
The mood of the team is much better now than three months ago when we have newspapers saying that Cegedim Santé was not reliable in managing medical datas.
Doctors in U.K. is going better?
No, in U.K. it's finished.
No, I would say pharmacists.
It's pharmacists, yes. You see that pharmacists is globally negative, the French pharmacists is more negative than the global. Meaning that we have some growth in pharmacists in U.K. We are on the way to be break-even this year because we were having losses last year due to the fact that by having.
Yeah
separated pharmacists and doctors, we had some extra costs. Now, the target which is to be at zero at the end of the year, it will be reached. Due also to some growth.
It was still EUR 2 million lost.
Yeah
last year?
Yeah. Roughly, yes.
Pharmacist France, now you have done the PSE. Your sales are going down by the.
Yeah
Due to that part. The break-even is.
No
On Pharmacist or.
No. It's still very difficult because we are still losing a lot of clients.
Okay.
The main competitor is Winpharma.
Yeah.
And-
Even against you
It's very difficult because maybe some clients are thinking that we are going to stop the business because we have fired 120 people. It is still very negative in terms of revenues. We are still losing clients. Although we have reduced strongly the charges We are not, how do you say, out of the woods. We are not on flow.
Okay. Thank you very much.
You're welcome.
Thank you, Eric. We had some question written. One is, how do you consider SecNumCloud obligations qualification required by governments? As you may know, we have the SecNumCloud certification since 2025, mainly for our activities, especially at the Business Services activity. How do we consider it? We are in the right mood, and there's no problem for us with this obligation as we meet it. We had also, since I'm talking about Business Services, we have a question around the revenue in the Business Services segment, especially the e-invoicing area development between 2026 and 2028. We forecast a growth for the e-invoicing activity between 5% and 10% on these years, 2026, 2027, 2028. There's a question also regarding, I will read it, when we launch the 10% share buyback program involving the retirement of shares.
As you have seen in the general meeting, the resolution was voted in order to give the management the latitude to cancel up to 10% of the shares that Cegedim may have bought. It's more like an option than a share buyback already decided right now. It's more to have the ability to do it if we feel that it would be the best things to do to return value to the shareholders. We generated, as Pierre mentioned earlier, a good free cash flow. It helps also to reduce our net debt. The will of the management was to have this tool, I would say, in our hands, in order to, if we feel it's the best way to give back value to the shareholders, to activate it. We don't have a date to give on this matter.
Hello?
Brian, I think the floor is yours.
Thank you. The question I was hoping to ask is, how should we think about the FCB loan, and its interest rate, which is Euribor + 4.5%? First of all, why borrow through FCB as opposed to, say, the banks, where it looks like for Tranche A and Tranche B, your interest rate is lower, Euribor + 2.25% or Euribor + 3.5%?
The rate of the shareholder, the family loan is the same as the rate of Tranche C. This has been negotiated with the banks when we put those credits on. Today, we could make some repayments to the banks. We are not allowed to make repayments to the shareholder. As you know, the interests of the shareholders are capitalized, so it stays in the company. We have not decided to make repayments on Tranche A or Tranche B because we feel that we should keep some cash, because there will be some opportunities in the e-business area, for instance.
There are a lot of companies which have received the agreements to be a platform to manage the dematerialization of invoices, but we know that a lot of those companies, they won't be able to. I think there is more than 50 companies have even received the agreement, but we know that at the end there will be 5- 10 companies. There may be some interesting opportunities. We feel that we better keep the cash. Have I answered to your question, Pierre-Alain?
Yes. Thank you. If you could just remind me, strategically, why have the family loan at all as opposed to, I guess, borrowing exclusively at the rates of Tranche A and Tranche B?
Yeah. It was 20 years ago-
Yeah
When we have acquired. At that time, we had a big business, which was CRM for pharmaceutical companies, CRM for the reps. We have bought our U.S. competitors at that time. To get the financing of this acquisition, it was also negotiated with the banks at the time. Somehow the bank said, "Okay, we can" I think we have borrowed, if I remember well, something like $600 million. The bank asked for the family to make a loan to Cegedim company.
Every time we have renegotiated with the banks our new facilities, well, the bank said, "You should leave this money into the company." That's the reason why it is still there. Although from a pure financial position, it could be possible for Cegedim to repay this, but it's really a constraint made by the banks. That's it.
Okay. Understood. Thank you very much.
You're welcome.
Are there any other question? I think, Eric, you still have your hand raised, so please.
Yes. I just want to come back about the share buyback. You said, Pierre, that you can have some opportunities when you see the price of your share. Don't you think that this is the best opportunities ever you can have? That means, You can use the share buyback-
Yes
uh.
To send back some money and, yeah.
I don't know if you can.
I don't know.
a lot of shares, but.
You see it's a family company, the purpose, we have had some two to three years very difficult and making losses. Now we are improving strongly the profits. We still have some problems into the pharmacist France area. We see cash- in, and we are more focused now to have some growth opportunities by acquiring some companies. That's the reason why we keep the cash into the company.
That means that it's not.
Today there has been no decision on the buyback.
There is no decision, or it's a negative decision right now?
No, it's a negative decision until now. The fact that for the first time into the 50 years life of Cegedim, for the first time we have this in general assembly of shareholders, we have asked for this, means that it is in the mind. It could be possible. Before it was not even a question. Until now, no decision.
By the same time, you are becoming free cash flow.
Yeah.
Here also, it's the first time since a long time.
Yeah, it's true.
That means that, I don't know the level of free cash flow you are expecting, but I think that you can have a 20, 30-
Yeah
million euros without any problem.
Yeah.
It could be the interest of the family and-
Yeah
of the shareholder-
To make this move
to have that because it perhaps better than the dividend. The family have a sort of, kind of development.
Yeah. It's true. The thing is that
Okay. Go on.
There is You see, the last period where we were loss-making and we were burning cash.
Yeah.
The idea is we should be very careful. Probably in some future, we will be much more relaxed on that, we can make some operation and buy back.
It could be a good opportunity.
Yeah. Yeah.
I think.
It's true.
Because the [Non-English content] have invested at.
Yeah.
At-
2.5, I think.
12.5.
No, no, 2.5.
2.5%?
%. Yeah.
Yeah, at the price of EUR 12.5.
Oh.
Right?
It was EUR 12. Yeah.
Yeah. Okay. Thank you.
You're welcome.
There any other question that you would like to ask? Well, I guess we went through various topics, and I guess we answered your questions. I think we're going to end this webcast now. Thank you for attending it. I remind you that the next meeting will be on September 24th, for the earning of the first half of 2026. Thank you. Thank you very much for attending the presentation, and have a good evening. Thank you. Bye-bye.
Thank you.
Bye-bye.
Thank you. Bye-bye.