Hello, everyone. Good evening. Thanks for joining. We are just going to wait a few more seconds before we start the presentation. Well, I guess we are going to start. People will join in during the presentation. Thanks a lot for attending this presentation. It is about the revenue for the third quarter of 2026 that we have just released. Sorry, went a bit too far. On Q3, the revenue stood at EUR 155.9 million, a 1.5% growth reported, 1.2% like-for-like. Since the beginning of the year, the revenue stands at EUR 480.7 million, 1% growth reported, 0.9% like-for-like. As we will see later on, Q3 growth, the third quarter growth, was driven by Business Services and third-party payer activities, essentially. We maintain our outlook on growth and profitability, and we will come back to that later on at the end of the presentation.
Especially on Q3, you can see the like-for-like growth was 1.2%. The structure impact that you can see of 0.3% is due to the integration of Médoucine. On May 1st, we already talked about it. Just for you to remember, it is a leading French platform for booking appointments with verified practitioners in complementary care fields such as osteopaths, sophrologists, and many others. Basically, not much currency impact on this quarter. As you can see on the right-hand side, the Business Services business unit grew by 9.5% on this quarter, partly fueled by the e-invoicing reform in France. You can see that the Cloud & Support business unit went down 40% on this quarter. It is due to the end of a significant outsourcing contract, combined with a demanding comparison with a strong trading period in the third quarter of 2025.
We expected this, so it is no surprise, and we come back on this when we jump into the various business units. Since the beginning of the year, on the nine months period, you can see the like-for-like growth of 0.9%, a structural impact of 0.2%. This is the integration of Médoucine, and an adverse currency impact of 0.1%, mainly due to the sterling pound. You can see on the right-hand side the contribution of each of the business units. We mentioned Cloud & Support before, and we come back on this when we jump into the various BUs, which is what we are going to do right now. You remember the way we introduced the company now with the five business units. We start with the Health & Provident Insurance unit.
As you can see on the left-hand side, Q3 revenue stood at EUR 41.6 million, a 3% growth reported, 2.9% like-for-like. As you can see, it is growing quarter on quarter, first quarter to second quarter to fourth quarter. Its revenue on the nine months period stands at EUR 125.7 million, a 1.4% reported, 1.5% growth like-for-like. In the software activity, the third quarter confirms a positive trend that started in Q2 in France. Remember in Q1 it was slightly negative. There has been a pickup in projects in France in Q2 and Q3 that confirmed this. The growth is still robust in the U.K., even though Q3 is a bit less strong than the two first quarter, which were very strong. Overall, the software activity posts a positive growth year- to- date.
The third-party payer activity is still growing on Q3, like in previous quarters and half years for the last meetings we had together. It is still fueled by the same reasons. It is fraud detection and long-term illness solution, and also the start of some new clients, which makes it to post a 7.4% growth since the beginning of the year. The third activity of this Health & Provident Insurance business unit is the BPO. Remember we had said in the previous quarter that our clients were impacted by a decrease in the number of their beneficiaries, which is still true in Q3. However, we saw a renewed project activity in Q3, which meant get a bit better on this side. So it posted a decrease of 2%.
Overall, the business unit grew by 1.4%, reported 1.5% like-for-like on this quarter and represents about a quarter of the whole activity of the group.
The second business unit we talk about is the Business Services unit. It is almost 30% of the revenue on this Q3 on nine months basis. You can see that the Q3 grew by 9.5% reported and like-for-like for a revenue of EUR 47.6 million. Here also you can see a growth which is accelerating from quarter to quarter. This is due partly to the e-invoicing reform, which rolled out on September 1st for the companies affected by, especially on the e-business side. The growth was 13% in the Q3. On a nine-month basis, this is 6.9% reported, 7.1% reported for the e-business activity, benefiting then from this reform in France that we had talked about. You can see quarter on quarter that the closer we get to the reform, the stronger the revenue.
The BPO activity also has experienced a very strong Q3 growth, stronger than its year-to-date growth. This is thanks to the same momentum that we had talked previously, which is the gain of new clients from various sizes, from very large clients to more medium or smaller clients. The BPO activity posted a 6.1% growth reported in like-for-like since the beginning of the year. The diversification of clients that I just talked about for the BPO is the driving force behind the growth at the HR software activity that you can see on the top right-hand side, which has benefited from the starting up of those contracts won in 2025 with these various clients.
Remember, we are first targeting the larger clients, and we made some solution to address smaller clients, and it posted a solid growth through all those three first quarters, and it is a growth of 5.3% on a year-to-date basis. In total, the Business Services posted EUR 143.3 million since the beginning of the year at 5.9% gross reported, 6% like-for-like. The third business unit that we introduce here is the Healthcare Professionals. It is 20% of the revenue on a nine months basis. You can see that the third quarter got a bit better with a revenue of EUR 32.6 million, 0.9% reported, decreasing by 0.4% like-for-like. The whole business unit on a nine months basis is EUR 97.3 million, a decrease of 0.5% reported, - 1% like-for-like. The gap between reported and like-for-like is the integration of Médoucine that I already talked about just previously.
Regarding its various activities, the Cegedim Santé group decreased by 1.1% reported and 2.3% like-for-like. The gap is Médoucine, mainly on its legacy solution, mainly due to the churn caused by professionals getting retired. There is a very solid growth on Q3 too on the Maiia suite and the Base Claude Bernard database. The same trend that we had talked about on the previous quarters. On the activity on doctors, on software for doctors outside France, a very strong Q3 in line with the robust performances that it had experienced in the previous quarters. The boost mainly comes from Spain, especially thanks to the project in the Balearic Islands. Also, as we had talked about, the new product in Belgium, Nova, is gaining traction after its certification in late 2025 and experiencing growth. Also Romania is experiencing a solid growth.
Overall, Spain is the main boost, but we have growth in most of the countries we are in. Last but not least, the third activity is the pharmacists in France and in the U.K. You can see a decrease of 5% reported, 4.3% like-for-like. The gap is due to the sterling pound. It is still decreasing, even though it is improving quarter on quarter. The main reason is due to France. As you know, we had this restructuring in 2025 and impacted sales because the commercial forces were paused during this restructuring. It impacted the growth at the pharmacists. Fourth business unit we talk about is the Data & Marketing business unit. It is almost 20% of the nine months group revenue. Its third quarter stood at EUR 28.2 million in revenue, a growth of 1.9% reported, 2% like-for-like.
On the nine months basis, it is EUR 93.3 million, 2.4% growth reported and like-for-like. On its sub-activity, first one is data. The Q3 confirms the improvement seen in Q2 in the international operation, and it still experienced a solid business activity in France. It posted 1% growth on a nine-month basis. The second one is the marketing, with a robust growth of 3.7%. Two main factors here. France is still experiencing strong growth despite a very demanding comparison with 2025, which was also a demanding comparison with 2024. Even though 2024 and 2025 were very strong, 2026 still very strong, still a growth in France. Also, as we had talked in our previous calls, we have launched the activity in Spain, with its new subsidiary, Cegedim-MEDIA España, which is generating revenue since the beginning of the year.
Overall, it is a growth of 2.4% for this business unit. The fifth one is the Cloud & Support business unit. As you can see, the third quarter, and I talked a bit about it at the beginning of this webcast, the revenue stood at EUR 5.9 million, a decrease of 40% reported and like-for-like. This is due to two main effects. First one is the end of a significant outsourcing contract this summer, and it is combined with a demanding comparison, as we had a very strong trading period in Q3 in 2025. Overall, on the nine months basis, the revenue is at EUR 21.1 million, a decrease of 24.7% reported and almost like-for-like. As you can see on the right-hand side, you have the same figures, and this decrease is due to the third quarter and the first quarter, we have had the same reason.
First one is that we had the end of two major contracts. The one I talked about in this Q3 2026. Another one that we had talked in the Q1, that ended in H2 2025. Also we had these two very strong trading period last year, in 2025, in January and in Q3 2025. It means that we have these two demanding effects, comparison effects, that impacted this Cloud & Support business unit. It is worth reminding that these sales are the sales outside the group, and most of the business, about 80% of the business of the Cloud & Support business unit, is done internally.
Also, it is worth reminding that first, we had foreseen those effects, and also, the fact that we want to reduce the trading activity as it is not very high margins, and also reduce and stop the outsourcing contract to focus on more profitable activities. As we had mentioned, this year is a transition year for this business unit, and you can see it in the figures. Last, the outlook for 2026. We stick to our outlook on the full-year revenue growth, and also on the growth on recurring operating income and operating income that we expect to increase. Also, something that will impact positively the cash flow statement, and that we mentioned in the press release, is that we have received a liquidation dividend of EUR 3.7 million from our U.K. subsidiary, In Practice Systems.
This amount represent a partial repayment of trade receivables and a current account that we had been fully provisioned. That will impact our cash flow statement full year. Here is the financial agenda for 2027. Now I suggest that we switch to the Q&A, and as usual, could you please raise the hand so that I can give you the floor for your question. Thank you. Yes, Amira. The floor is yours. Yes. I do not hear you, Amira.
Now can you hear me?
Yes. Fine.
Thank you so much for the presentation, Damien. I have just one small question. Regarding the outlook and without providing formal guidance for 2027 at this stage, do you believe the expected acceleration in Business Services, particularly from e-invoicing, could drive stronger group growth next year compared with 2026?
Pierre, you want to answer or?
We think we will have a double-digit growth on this specific department, which is the e-invoicing department. So a bit more than 10% growth.
For the group?
No, for the group, it is too early to make some expectation. To be careful, I would say that we will be between 2% and 5%, but we still have some evaluation to make on the last BU, the Cloud & Support business unit, to have some more precise expectations.
Okay. Thank you.
Thank you, Amira.
Maxence, I think you had a question, so you can ask it.
Yes. Hello, thank you for the presentation. Do you hear me well?
Yes. Perfect.
Okay, great. Thank you. On the Cloud division, you mentioned that the profitability of the sales lost are dilutive for the group. You didn't mention dilutive, but it's what I understood. Can you comment on what extent is this dilutive, this roughly EUR 8 million sales that you are losing on this division? What is the level of margin compared to the rest of the group?
I can make two answers. First one, the margin on those EUR 8 million, it was around, let's say, 10%, something like EUR 1 million. But it doesn't mean that we are going to make EUR 1 million profit more on this business unit. The reason is that the main businesses of this unit is to provide IT services to the rest of the group. As you know, we have a strong increase in the cost of licenses, especially coming from U.S. software. We have a strong increase in the cost of the IT service. Part of this increase of costs will remain in this business unit in the sense that the transfer price to the other units will be not impacted at 100% by those increase of costs. We think that it will be loss-making.
But globally, if we speak of the group, we know that we will have an increase of profitability.
Okay. Yeah, that was the sense of my question, because I guess if you lose EUR 8 million in this division and you get EUR 8 million in other division, the mixed profit should be a benefit to the group.
Yeah. But it will not be logic. It would not stay in this business unit. The profits will be spread into the other business units.
Because these business units, the goal is to be breakeven, because most of the business should be at cost-plus.
Understood.
Okay.
Thank you.
Thank you, Maxence. Eric, I thought you had your hand raised, so the floor is yours.
Do you hear me now?
Yes, we can hear you.
Okay. Just
Well, there's a lot sound.
Sorry. That's better?
Way better.
Okay. Just globally, if we take in account the growth on the first nine months, as you maintain your target of 2% for the full year, that means that the fourth quarter should be quite strong. On this point, can you give some detail about when the Ségur de la Santé is coming, and in which division?
Okay, this is part of the uncertainty about the last quarter. The amount of S égur is EUR 4 million. Everything on our side is okay. The administration should pay this amount this year. The problem is, as you know, the administration is not very efficient, especially those days. There might be a risk that we receive this money next year. Then we will have to have some discussions with our auditors on whether we should still consider that those EUR 4 million should be 2026 revenues. We think it should be, because we have made the job. This has to be discussed. There may be some transfer impact between 2026 and 2027 of roughly EUR 4 million due to this topic, which is not solved. Meaning that if we can put into our accounts those EUR 4 million in 2026, we will have a brilliant year.
If we are not able to do that, we will have a positive year in the sense that anyhow, profitability will grow, but not at the same level as what we would have if we could take those EUR 4 million into our 2026 accounts.
Right now, the EUR 4 million are in your assumption of 2% for full year?
No, it is on top of that.
Okay. That means EUR 4 million of profit.
More or less, yes.
Okay.
Because we have made the job.
Can you give us also some granularity about the trend in Spain? Because Spain is small, but it is losing money. It is a good loss. I think it is a loss of a startup.
Yeah.
Is the business doing well? Are you confident to come to breakeven quickly on Spain or not?
Let me look at the figures, but I don't think it's loss-making now.
It was loss-making on the first half, you told us.
It was loss-making.
You are talking about Cegedim España, Eric, right?
Cegedim España is loss-making because it is a startup. I thought you were speaking about the software for doctors.
No, no, it's Cegedim. Sorry.
Yes. Cegedim .
It is going well in terms of sales?
Yeah, it is going as we had expected it. No problem. You see, it is a strong fixed cost business.
Yeah.
Because we have to equip the pharmacies. So anyhow, even if the revenue is okay, we know that we are going to make some losses there. I am looking at our-
Because as soon as the sales are coming the loss could start to decline.
Yes. The budget is -EUR 2 million.
In sales?
No, no.
In loss?
In loss.
For full year?
Yeah.
On the first half, it was?
I think it was 900K, no?
I have this in mind. I am just going to check.
All right.
Okay. Breakeven, you think it could be-
Next year. We think we need three years to start, really, so end of next year, we should be breakeven.
End of 2027. Okay.
Yes.
Okay.
Confirm the figure of 900 loss on the first half that Pierre just mentioned.
Sorry?
I confirm what Pierre just said on the loss on the first half.
1.1?
EUR 900,000.
EUR 900,000.
Okay. Thank you very much.
Thank you.
Thank you, Eric. Johannes, I think you wanted the floor, so it is yours for your question.
Thank you for the presentation. Concerning the guidance, you reiterated that
There is a loss and we do not hear you very well.
Yes. Sorry. Test.
Still. No, we do not hear you anymore.
Is it better now?
Yeah. It's good. Thank you.
You reiterated that adjusted operating income should continue to improve significantly in 2026.
H1 was up EUR 1.2 million. Are you still comfortable with full year adjusted EBITDA clearly above EUR 53 million, which implies roughly 10% growth in H2 versus H2 2025? Is the EUR 55 million-EUR 60 million range mentioned in earlier investor discussions still a realistic ambition for this year?
55 is realistic if we have the EUR 4 million. Sorry, I think we have some technical problems now. EUR 55 is okay if we have those EUR 4 million coming from the Ségur.
Okay.
If we don't have it, you can make the deduction.
If it's not coming, then it will be more towards EUR 50.
No, 51, 52, because we have some.
Then concerning CapEx.
Yeah.
CapEx rose to EUR 47.6 million in H1, driven by the new data center servers bought ahead and screens for Cegedim-MEDIA España. Is the data center now fully paid for, and should we expect total CapEx in 2027 to fall back below the 2025 level of EUR 74 million or 11.5% of revenue? Or should we model CapEx at around 12%-13% of revenue for the next two to three years?
Okay. Not all the figures in my mind, but the data center is paid. The thing is that we have just bought some GPUs for EUR 6 million. Anyhow, the investments, the CapEx in the second half will be less than in the first half. In the first half, remember, we also acquired Médoucine for EUR 5 million.
Okay. Thank you. Then another question concerning net debt. Net debt, excluding IFRS 16, went up from EUR 138 million at year-end to EUR 150 million in June. What year-end 2026 net debt do you expect?
Yeah. We should generate roughly EUR 20 million. It should be EUR 150, roughly.
It was EUR 150 in June.
No, EUR 130.
Go back to EUR 130, am I right?
Yeah. EUR 130, sorry, yeah. A bit less than last year. Last year, it has been very positive in terms of cash because we have received EUR 11 million from the tax system due to the IP Box. Also, we had received EUR 4.5 million from our subsidiary in Italy. In Italy, we own 49% of this business, so it is not consolidated in the figures. But the owner of 51% wanted to receive a big dividend because he made an MBO, management buyout. Those two inputs were a bit exceptional. We will not have those inputs in the year 2026. There is only one exception about what I have just said, is the fact that we have received cash from the U.K. In Practice Systems, which was our subsidiary in the U.K. dealing with the software products, we have put it in under administration.
There is a liquidation payment of EUR 3.7 million that we have received. This is the only exceptional cash in, but as you can see, it is much less than the cash in exceptional we received last year.
Okay, thank you. Cegedim Santé, when do you think that will get break even?
Well, it should be break even this year. It should be positive this year if we receive the EUR 4 million coming from the Ségur. It gives you an idea of what it should be if we cannot put this EUR 4 million into the accounts today, this year.
Okay. Last question from my side. You will also grow your earnings next year, so what other drivers to further improve the recurring EBITDA in 2027?
It will come mainly from the two main business units, the Health & Provident Insurance business units and the Business Services unit. To give you an idea, in the Business Services unit, the e-invoicing reform business until now was loss-making because we have invested a lot into, first, the software, and second, the commercial activity. Now that the regulation is on, we will see a recurring revenue growing, and as I said before, by a bit more than 10%, and this will generate profits. So on this specific part, we will come from a negative EBITDA to a positive EBITDA. So that's the reason we think the improvement in terms of profits will be at the same level as the one we are going to see in 2026.
It is something like EUR 5 million additional improvement. Am I right?
Yeah. Everything will depend, I am sorry for that, but we have no solution today to explain, but everything will depend on the EUR 4 million of Ségur, whether it is 2026 profits or 2027 profits, it will change the comparison effect, of course.
Okay, thank you. I will go back in the queue. Thank you for your answer.
Okay. Thank you.
Thank you, Johannes. Is there any other question? Eric, you have another question?
Yes. As we are on 2027, could you give us some trend about the profitability of the part of the loss-making business of Maiia and pharmacist and doctors in France? Is there any hope to reduce the loss of those business?
For the Cegedim Santé, which is doctors, kinesitherapist, nurses, and so on, we are in a situation where we are roughly on break even, it should improve. Speaking about the pharmacist, it is not really very positive in the sense that although we have made a staff reduction of more than 100 people last year, we are still loss-making.
Layoffs.
We are on the situation where we are still losing clients. We are signing some new clients, but this is not very. This is not very.
Satisfactory.
It's not a satisfaction. The plan is that next year we should reconquer some part of the market, but we will still have something like EUR 2 million-EUR 4 million loss. Because we still invest a lot into commercial people and software development on this part.
Maiia could be better?
In fact, Maiia now, we don't compute any EBITDA on Maiia Agenda.
Yeah.
We have a suite. Maiia is good. Maiia is growing and is profitable, which is a bit complex for us, is that on the legacy systems, we are losing clients, and on some of them, we are not anymore positive breakeven. We need now to make the transfer of those old and legacy systems to Maiia, to the Maiia suite. This is part of the problem when you are an old provider in this market. We still have a lot of old clients on the legacy systems. Although those clients were profitable in the past, they are not anymore, and we need to push to transfer them to the more modern systems. Globally, it will be positive, but inside this positive, we have losses on some part of it.
Thank you.
Especially on doctors.
Thank you.
You are welcome, Eric.
Is there any other questions?
Yeah. There is a question about NVIDIA.
How do you see the entrance of NVIDIA in the capital of Doctolib, and whether they can still be aggressive for a long time?
Don't know. We don't know. It seems that the amount of the capital increase, I don't know if we have this amount, but on the market, what is said is that it's not that big. We think it will not change the Doctolib aggressivity, which will remain. But we don't really understand that it will change something for us. The expectation could be that having such a shareholder, it will push Doctolib to make profits. They are making losses for 10 years, and someday we hope that they will be obliged to make some profits and maybe to be a bit less aggressive, but we don't know. Frankly, we don't know at all what would be the future due to NVIDIA.
I don't know. Just on NVIDIA, I can ask you a question about the valuation of Doctolib?
Doctolib?
Of Doctolib, because I was a little surprised. I thought that it was EUR 6 billion in the books of Bpifrance, and I have seen that NVIDIA should enter on a valuation of EUR 3 billion.
Yeah.
You are surprised also?
No. It's very-
Confused.
Yeah. The value of Doctolib, it's really speculation, you see? We think that it should come back to more reasonable multiples. We do not know. They are making losses for years and years. They are burning cash a lot. Maybe less now, but in the past. I remember they had a EUR 6 billion evaluation two or three years ago. Now it will decrease. I do not know how.
NVIDIA have not bought shares of Cegedim, I think.
No.
Did Cegedim have bought some new shares in
Yeah, we are still buying. But as you know, Cegedim is buying its own shares on the market. But as you know, we have a restriction rule where we should not buy more than 25%.
Yes. The moving average, three months moving average. Yes.
Okay. As you know, unfortunately, the market now is very small, so we are buying shares, but it is not a lot.
Okay. Thank you.
Thank you.
Okay, I do not see other. Are there any other questions? Well, I see some hand raising from Johannes and Amira, but I do not know if you still have some question. If so, please ask. Okay. I think it was from the previous ones.
There is a question about the buyback.
Listening to the free share plan, are you concerned buyback with consolidation? Do you weight buybacks against early repayment of the bank tranches and further bolt-on acquisition like Médoucine? Yes, the share bought in Q3 are what Pierre told just before, on the fact that we are buying back some shares on the market. What are weights? How do we see it, buybacks against repayment of bank tranches and further bolt-on acquisition like Médoucine? Yes, we are told that we have those three possibilities: buying back shares, repaying some debt and doing some acquisition like Médoucine. On the acquisition side, we had mentioned that with the reform in France, with all the new actors and new players, there may be some opportunities emerging in maybe 2027. But for the moment as Pierre mentioned, the buybacks are not that much.
It doesn't wait on the other options for the moment. In my opinion, we have not decided yet what will happen.
No, the amount of shares bought is very small, and until now, no decision has been taken about any consolidation. We think we should keep some cash because there will be opportunities for acquisition. As said before, we are going to renegotiate our bank contract. Until now, we think it's better to keep cash and maybe to reduce the debts towards.
Okay. Is there any last question? I guess we have been through various topics and various questions. I guess you had the answers you were looking for. If you have some more, you can write to me in the next few days or whenever you want. Thank you for attending the presentation. Next one will be for the full year revenue, and it will happen on January 27th. Until then, thank you for attending and wish you a pleasant night. Thank you very much.
Thank you. Bye-bye.