Cegedim first-half 2026 results: profitability continues to improve
Cegedim
137 rue d’Aguesseau, 92100 Boulogne-Billancourt
Tel.: +33 (0)1 49 09 22 00
www.cegedim.fr
SA (corporation) with capital of €13,431,769.27
SIRET 350 422 622 00141
R. C. S. Nanterre B 350 422 622
PRESS RELEASE
First-half financial information as of June 30, 2026
IFRS - Regulated information - Not audited
First-half 2026 results: profitability continues to improve
- Adjusted EBITDA1 of €62.0 million, equal to 19.1% of revenue
- Adjusted operating income1 of €19.7 million, up 6.9%
- Operating income of €17.3 million, up 82.9%
Boulogne-Billancourt, France, September 24, 2026, after the market close
Cegedim generated consolidated H1 2026 revenue of €324.8 million, a +0.8% year-on-year organic growth, and adjusted EBITDA1 of €62.0 million, up €0.8 million or +1.3%. Adjusted operating margin1 came to 6.1% compared with 5.7% at June 30, 2025. Operating income came to €17.3 million, a €7.8 million or +82.9% increase.
Artificial intelligence lies at the heart of the Cegedim Group’s strategy, which is structured around three key areas. AI is equipping the Group's development factory to boost R&D productivity while optimizing its use through cost-efficiency monitoring. The Group is developing AI tools to improve its internal productivity, notably for case handlers in the Payroll and Insurance BPO businesses as well as in customer support. Lastly, Cegedim aims to enrich its client offering by rolling out AI features, as it already does with the Maiia suite, the Claude Bernard Database, the HR business, and fraud detection in Third-party payer.
| H1 2026 In €m | H1 2026 In % | H1 2025 In €m | H1 2025 In % | Change In €m | Change In % | |
|---|---|---|---|---|---|---|
| Revenue | 324.8 | 100% | 322.5 | 100% | +2.3 | +0.7% |
| Adjusted EBITDA1 | 62.0 | 19.1% | 61.2 | 19.0% | +0.8 | +1.3% |
| Depreciation and amortization expenses | -42.3 | -42.7 | +0.4 | -1.1% | ||
| Adjusted operating income1 | 19.7 | 6.1% | 18.5 | 5.7% | +1.2 | +6.9% |
| Specific income and expenses affecting operating income | -1.3 | -1.6 | +0.3 | -17.5% | ||
| Non-recurring income and expenses | -1.1 | -7.4 | +6.3 | -84.8% | ||
| Operating income | 17.3 | 5.3% | 9.5 | 2.9% | +7.8 | +82.9% |
| Net financial income (expense) | -9.6 | -8.3 | -1.3 | +16.2% | ||
| Total tax | -3.5 | -1.0 | -2.5 | +266.6% | ||
| Net profit (loss) from affiliates | 0.0 | -0.1 | -0.1 | |||
| Consolidated net profit | 4.2 | 1.3% | 0.1 | 0.0% | +4.1 | |
| Non-controlling interest | -1.2 | -1.1 | -0.1 | +16.0% | ||
| Group share | 5.4 | 1.7% | 1.2 | 0.4% | +4.2 | |
| Adjusted earnings per share1 (in euros) | 0.4 | 0.2 | ||||
| Earnings per share (in euros) | 0.4 | 0.1 |
Consolidated revenue rose €2.3 million, or +0.7%, to €324.8 million in H1 2026 compared with €322.5 million in 2025. The positive scope effect of €0.2 million, or +0.1%, was attributable to the acquisition of Médoucine and its consolidation into the accounts as of May 1, 2026. The currency impact was negative at €0.5 million, or -0.2%, chiefly owing to the depreciation of the pound sterling. On an organic basis, revenue grew €2.6 million, or +0.8%, over the period. The strongest contributions to growth for the half came from the Business Services businesses in France (HR and e-business), the Third-party payer business in health insurance, as well as the Group's international subsidiaries in the Business Units Health & Provident Insurance and Healthcare Professionals.
(1) Alternative performance indicator. See pages 117 to 120 of the 2025 Universal Registration Document.
PRESS RELEASE
Adjusted EBITDA1 : rose €0.8 million between H1 2026 and H1 2025, or +1.3%, to €62.0 million compared with €61.2 million in 2025. This improvement was attributable to good cost management, driven by the continued reduction in the use of external service providers and lower payroll costs following the workforce restructuring plan for the pharmacy software business in France.
Depreciation and amortization expenses were down slightly, by €0.4 million or -1.1%, reflecting two offsetting effects. R&D amortization rose €0.6 million, from €23.8 million in H1 2025 to €24.4 million at June 30, 2026. Conversely, depreciation and amortization of other non-current assets and of right-of-use assets (IFRS 16) fell by €1.0 million.
Adjusted operating income 1 rose €1.2 million to €19.7 million in H1 2026, compared with €18.5 million at June 30, 2025. It represented 6.1% of revenue in H1 2026, compared with 5.7% a year earlier. This increase came even as the net impact of R&D narrowed by €0.8 million: it moved from a positive effect in the 2025 results to a near-neutral effect in 2026 (the Group now amortizes roughly as much as it capitalizes). Operationally, the half-year results were driven both by the strong performance of the human resources, Third-party payer, and UK insurance activities, and by lower payroll costs in the pharmacy software business following the reorganization carried out in France in 2025.
Other non-recurring operating expenses1 and specific items affecting operating income1 came to €2.4 million in H1 2026, compared with €9.0 million in H1 2025, a decrease of €6.6 million. In H1 2025, the Group had notably set aside a €6.0 million provision for the workforce restructuring plan for the pharmacy software business in France, which has now been completed, but had to recognize just over €1 million of costs not covered by the provision in early 2026.
After taking these items into account, operating income came to €17.3 million at June 30, 2026, compared with €9.5 million a year earlier, up €7.8 million or +82.9%.
Net financial income (expense) came to -€9.6 million, compared with -€8.3 million in H1 2025, a decrease of €1.3 million.
Tax expense amounted to €3.5 million in H1 2026, compared with €1.0 million in H1 2025, reflecting the increase in taxable income.
Analysis of business trends by Business Unit:
| Total | Health & Provident Insurance | Business Services | Healthcare Professionals | Data & Marketing | Cloud & Support | |
|---|---|---|---|---|---|---|
| Revenue | 2025 | 83.6 | 91.8 | 65.5 | 63.4 | 18.2 |
| 2026 | 84.1 | 95.7 | 64.7 | 65.1 | 15.2 | |
| Change | +0.7% | +4.2% | -1.2% | +2.6% | -16.4% | |
| Adjusted operating income1 | 2025 | 5.6 | 12.3 | -8.7 | 9.2 | 0.1 |
| 2026 | 7.1 | 14.9 | -6.8 | 6.1 | -1.6 | |
| Change | +27.5% | +21.4% | -22.2% | -34.4% | n.m. | |
| Adjusted operating margin 1 | 2025 | 6.7% | 13.4% | -13.3% | 14.6% | 0.4% |
| 2026 | 8.5% | 15.6% | -10.5% | 9.3% | -10.5% |
- Health & Provident Insurance: revenue rose €0.5 million, or +0.7%, in H1 2026. The UK software business is performing well, and the French Third-party payer business remains well-oriented, both for its flagship fraud detection and long-term illness investigation offerings and for the roll-out of new clients. Adjusted operating income1 rose €1.5 million, or +27.5%, to €7.1 million in H1 2026, compared with €5.6 million a year earlier, notably due to the continued reduction in the use of external service providers.
(1) Alternative performance indicator. See pages 117 to 120 of the 2025 Universal Registration Document.
PRESS RELEASE
- Business Services : Revenue grew €3.9 million, or +4.2%, in H1 2026. The business was driven by the roll-out of contracts signed in 2025 for HR services, the acceleration in e-business ahead of September 1, 2026 — the date electronic invoicing has taken effect in practice for companies covered by the reform's first wave — and new clients starting up in BPO. Adjusted operating income 1 rose €2.6 million, or +21.4%, to €14.9 million in H1 2026, compared with €12.3 million a year earlier, mainly thanks to cost control in the HR Software business and lower costs in the BPO business, which offset the increase in costs generated by the reform preparation mentioned above.
- Healthcare Professionals
| H1 2026 | H1 2025 | Change 2026 / 2025 | |
|---|---|---|---|
| Revenue | 64.7 | 65.5 | -0.8 -1.2% |
| Cegedim Santé (Group) | 37.7 | 38.4 | -0.7 -1.6% |
| Doctors ex. France | 7.8 | 6.8 | +1.0 +14.2% |
| Pharmacists | 19.2 | 20.3 | -1.1 -5.6% |
| Adjusted operating income1 | -6.8 | -8.7 | +1.9 -22.2% |
| Cegedim Santé (Group) | -5.1 | -3.2 | -1.9 +61.9% |
| Doctors ex. France | -0.1 | +0.1 | -0.2 n.m. |
| Pharmacitss | -1.6 | -5.6 | +4.0 -78.0% |
Cegedim Santé revenue declined 2.3% on an organic basis and 1.6% as reported, reflecting the integration of Médoucine as of May 1, 2026. The decline was driven by legacy solutions (higher attrition, retirements), while growth continued for the Maiia suite and the Claude Bernard Database. Adjusted operating income1 showed a loss of €5.1 million, a deterioration compared with the €3.2 million loss in 2025. This was due to lower revenue and higher R&D amortization over the period.
The Doctors ex. France business grew €1 million, or +14.2%, in H1 2026, driven by Spain, which has been very dynamic since 2025 thanks to the two major projects won last year, along with the early ramp-up of the new Belgian product. Adjusted operating income showed a slight decline of €0.2 million.
Revenue at the pharmacy software business fell €1.1 million, or -5.6%, an expected consequence of reduced activity in the second half of 2025 during the implementation of the workforce restructuring plan. Adjusted operating income, however, while still showing a loss of €1.6 million, improved by €4.0 million, or +78.0%, compared with H1 2025, owing to lower payroll costs.
- Data & Marketing : the Data business posted revenue growth of +1.1% in H1 2026, with France remaining welloriented and the international business turning positive. The Marketing business posted half-year growth of +3.8%, thanks to consistently solid business in France and the first sales generated by its Spanish subsidiary C-Media España. Adjusted operating income1 came to €6.1 million in H1 2026, down €3.1 million compared with H1 2025. Results from the international Data business remain fairly volatile due to the fixed costs associated with launching new offerings, and the early-stage business in Spain is weighing on Marketing profits.
- Cloud & Support: revenue fell €3.0 million, or -16.4%, in the first half, in line with budget expectations, due to the end of a major outsourcing contract combined with unusually high reselling activity in Q1 2025. Adjusted operating income1 declined €1.7 million versus 2025, a smaller decrease than the revenue decline, thanks to good control of payroll costs.
Highlights
On April 30, 2026, Cegedim Santé acquired Médoucine, a leading French platform for booking appointments with verified practitioners in complementary health practices: osteopaths, sophrologists, and many others. Over 400,000 verified client reviews attest to the quality of the experience offered.
No material events after the June 30, 2026 closing
To the Company's knowledge, no event has occurred since June 30, 2026 that would be likely to significantly alter the Group's financial position.
(1) Alternative performance indicator. See pages 117 to 120 of the 2025 Universal Registration Document.
PRESS RELEASE
Outlook
Based on the currently available information, the Group expects 2026 like-for-like revenue growth2 to exceed 2% relative to 2025. Adjusted operating income 3 should continue to improve significantly.
- WEBCAST ON SEPTEMBER 24, 2026, AT 6:15 PM (PARIS TIME)
The webcast is available at: www.cegedim.fr/webcast
The first-half 2026 results presentation is available:
On the website: https://www.cegedim.fr/finance/documentation/Pages/presentations.aspx
2026 financial calendar
2026 September 25 at 10:00 am
October 22 after the close
SFAF meeting
Q3 2026 revenue
Financial calendar: https://www.cegedim.fr/finance/agenda/Pages/default.aspx
Disclaimer
This press release is published in French and in English. In the event of any difference between the two versions, the original French version takes precedence. This press release may contain inside information. It was sent to Cegedim's authorized distributor on September 24, 2026, no earlier than 5:45 pm Paris time.
The figures cited in this press release include guidance on Cegedim's future financial performance targets. This forward-looking information is based on the opinions and assumptions of the Group's senior management at the time this press release is issued and naturally entails risks and uncertainty. For more information on the risks facing Cegedim, please refer to Chapter 7, “Risk management”, section 7.2, “Risk factors”, and Chapter 3, “Overview of the financial year”, section 3.6, “Outlook”, of the 2025 Universal Registration Document filed with the AMF on April 17, 2026, under number D.26-0260.
About Cegedim:
Founded in 1969, Cegedim is an innovative technology and services group specializing in the management of digital data flows for the healthcare ecosystem and B2B, as well as in the design of business software for healthcare and insurance professionals. Cegedim has nearly 6,500 employees in more than 10 countries and generated revenue of over €649 million in 2025. Cegedim SA is listed in Paris (EURONEXT GROWTH: ALCGM).
To learn more please visit: www.cegedim.fr
And follow Cegedim on X: @CegedimGroup, LinkedIn, and Facebook.
Aude Balleydier
Cegedim
Media Relations
and Communications Manager
Tel.: +33 (0)1 49 09 68 81
aude.balleydier@cegedim.fr
Damien Buffet
Cegedim
Head of Financial
Communication
Tel.: +33 (0)7 64 63 55 73
damien.buffet@cegedim.com
Coralie Voigt
Urban RP Agency
Media Relations
Tel.: +33 (0)6 16 11 08 86
coralie@urbanrp.fr
Follow Cegedim:
(1) At constant scope and exchange rates. (2) Alternative performance indicator. See pages 117 to 120 of the 2025 Universal Registration Document.
Cegedim
137 rue d’Aguesseau, 92100 Boulogne-Billancourt
Tel.: +33 (0)1 49 09 22 00
www.cegedim.fr
SA (corporation) with capital of €13,431,769.27
SIRET 350 422 622 00141
R. C. S. Nanterre B 350 422 622
Annexes
- Assets at June 30, 2026
| 6/30/2026 | 12/31/2025 | |
|---|---|---|
| Goodwill | 238,689 | 234,050 |
| Development costs | 26,457 | 1,352 |
| Other intangible assets | 157,949 | 182,092 |
| Intangible assets | 184,406 | 183,444 |
| Land | 594 | 594 |
| Buildings | 1,174 | 1,257 |
| Other property, plant and equipment | 52,316 | 50,494 |
| Right-of-use assets | 85,849 | 87,259 |
| Non-current assets in progress | 24,634 | 19,127 |
| Property, plant and equipment | 164,567 | 158,731 |
| Investments | 0 | 0 |
| Loans | 13,679 | 12,679 |
| Other financial assets | 7,630 | 6,301 |
| Long-term investments – excluding equity shares in equity method companies | 21,310 | 18,981 |
| Investments in affiliates | 9,220 | 9,714 |
| Deferred tax assets | 9,680 | 12,105 |
| Non-current tax credits | 20,052 | 15,942 |
| Long-term financial instruments | 1,513 | 585 |
| Non-current assets | 649,436 | 633,551 |
| Goods held for resale | 3,718 | 3,241 |
| Advances and deposits received on orders | 5,043 | 737 |
| Current trade receivables | 176,404 | 166,750 |
| Other current receivables | 75,669 | 74,733 |
| Current tax credits | 7,582 | 7,839 |
| Short-term financial instruments | 0 | 0 |
| Prepaid expenses, short-term portion | 26,203 | 22,039 |
| Cash equivalents | 0 | 0 |
| Cash | 78,706 | 92,338 |
| Current assets | 373,324 | 367,677 |
| TOTAL Assets | 1,022,760 | 1,001,228 |
PRESS RELEASE
Liabilities and shareholders' equity at June 30, 2026
| 6/30/2026 | 12/31/2025 | |
|---|---|---|
| Share capital | 13,432 | 13,432 |
| Consolidated retained earnings | 266,331 | 255,887 |
| Group unrealized exchange gains/losses | -3,940 | -3,992 |
| Group earnings | 5,466 | 9,398 |
| Shareholders’ equity, Group share | 281,289 | 274,725 |
| Non-controlling interest | 15,637 | 17,045 |
| Equity | 296,926 | 291,769 |
| Non-current financial liabilities | 219,518 | 220,959 |
| Non-current lease liabilities | 79,324 | 80,417 |
| Financial instruments | 0 | 0 |
| Deferred tax liabilities | 1,082 | 1,032 |
| Post-employment benefit obligations | 33,072 | 32,079 |
| Non-current tax liabilities | 0 | 78 |
| Non-current provisions | 1,708 | 3,220 |
| Other non-current liabilities | 0 | 0 |
| Negative goodwill arising on acquisitions | 0 | 0 |
| Non-current liabilities | 334,704 | 337,785 |
| Current financial liabilities | 9,619 | 9,815 |
| Current lease liabilities | 13,695 | 13,400 |
| Short-term financial instruments | 0 | 38 |
| Trade payables, current | 54,938 | 55,793 |
| Current tax liabilities | 775 | 478 |
| Tax and social security liabilities | 120,805 | 125,152 |
| Current provisions | 2,388 | 2,041 |
| Other current liabilities | 188,910 | 164,957 |
| Current liabilities | 391,130 | 371,673 |
| TOTAL Liabilities | 1,022,760 | 1,001,228 |
PRESS RELEASE
Income statement items at June 30, 2026
| 6/30/2026 | 6/30/2025 | |
|---|---|---|
| Revenue | 324,841 | 322,497 |
| Purchases used | -14,213 | -13,341 |
| External expenses | -66,838 | -67,695 |
| Taxes | -4,171 | -4,328 |
| Payroll costs | -175,856 | -177,929 |
| Impairment of trade receivables and other receivables and on contract assets | -649 | 710 |
| Allowances to and reversals of provisions | -2,892 | -1,687 |
| Other operating income and expenses | -125 | 505 |
| Share of profit (loss) from affiliates on the income statement | 625 | 891 |
| EBITDA | 60,723 | 59,625 |
| Depreciation and amortization expenses other than for right-of-use assets | -34,416 | -34,342 |
| Depreciation of right-of-use assets | -7,888 | -8,420 |
| Recurring operating income | 18,419 | 16,863 |
| Impairment of goodwill arising on acquisitions | 0 | 143 |
| Non-recurring operating income and expenses | -1,130 | -7,556 |
| Other non-recurring operating income and expenses | -1,130 | -7,413 |
| Operating income | 17,289 | 9,450 |
| Income from cash and cash equivalents | 1,357 | 1,163 |
| Cost of gross financial debt | -11,021 | -10,078 |
| Other financial income and expenses | 97 | 680 |
| Net financial income (expense) | -9,567 | -8,234 |
| Income taxes | -1,298 | -198 |
| Deferred income taxes | -2,205 | -757 |
| Tax expense | -3,503 | -956 |
| Net profit (loss) from affiliates | -17 | -143 |
| Consolidated net profit | 4,202 | 117 |
| Group share | 5,438 | 1,182 |
| Non-controlling interest | -1,235 | -1,065 |
| Average number of shares excluding treasury stock | 13,653,192 | 13,741,571 |
| Recurring earnings per share (in euros) | 0.33 | 0.15 |
| Earnings per share (in euros) | 0.4 | 0.1 |
| Diluted earnings per share (in euros) | 0.4 | 0.1 |
| H1 2026 In €m | H1 2026 In % | H1 2025 In €m | H1 2025 In % | Change In €m | Change In % | |
|---|---|---|---|---|---|---|
| Adjusted EBITDA1 | 62.0 | 19.1% | 61.2 | 19.0% | 0.8 | 1.3% |
| Depreciation and amortization expenses | -42.3 | -42.7 | 0.4 | -1.1% | ||
| Operating income adjusted1 for specific items | 19.7 | 6.1% | 18.5 | 5.7% | 1.2 | 6.9% |
| Specific income and expenses affecting operating income | -1.3 | -1.6 | 0.3 | -17.5% | ||
| Non-recurring income and expenses | -1.1 | -7.4 | 6.3 | -84.8% | ||
| Specific items affecting operating income | -2.4 | -0.7% | -9.0 | -2.8% | 6.6 | -73.0% |
| Operating income | 17.3 | 5.3% | 9.5 | 2.9% | 7.8 | 82.9% |
PRESS RELEASE
Cash flow statement as of June 30, 2026
| 6/30/2026 | 6/30/2025 | |
|---|---|---|
| Consolidated profit (loss) for the period | 4,202 | 117 |
| Share of profit (loss) from affiliates | -608 | -748 |
| Depreciation and amortization expenses and provisions | 42,159 | 49,113 |
| Capital gains or losses on disposals | 338 | -19 |
| Operating cash flow after cost of net financial debt and taxes | 46,091 | 48,462 |
| Cost of net financial debt | 9,567 | 8,234 |
| Tax expenses | 3,503 | 956 |
| Operating cash flow before cost of net financial debt and taxes | 59,161 | 57,652 |
| Tax paid | -4,690 | 1,343 |
| Impact of change in working capital requirements | 4,415 | -2,381 |
| Cash flow generated from operating activities after tax paid and change in working capital requirements | 58,885 | 56,614 |
| Acquisitions of intangible assets (net of change in financial liabilities) | -25,366 | -25,182 |
| Acquisitions of property, plant, and equipment (net of change in financial liabilities) | -22,085 | -12,459 |
| Acquisitions of financial assets | 0 | 0 |
| Disposals of property, plant, and equipment and intangible assets | 34 | 340 |
| Disposals of financial assets | 1,054 | 1,212 |
| Change in deposits received or paid | -1,198 | 383 |
| Impact of changes in consolidation scope | -4,394 | -475 |
| Dividends received | 0 | 0 |
| Net cash flows generated (used) by investing activities | -51,954 | -36,180 |
| Capital increase | 0 | 0 |
| Dividends paid to minority shareholders of consolidated cos. | 0 | 0 |
| Dividends paid to shareholders of the parent company | 0 | -1 |
| New borrowings | 0 | 0 |
| Repayments of borrowings | -3,339 | -3,277 |
| Employee profit sharing | -1,718 | -1,175 |
| Repayment of lease liabilities | -7,544 | -8,034 |
| Interest paid on loans | -5,455 | -5,813 |
| Other financial income received | 735 | 1,530 |
| Other financial expenses paid | -3,217 | -3,105 |
| Net cash flows generated (used) by financing activities | -20,537 | -19,877 |
| Change in net cash excluding currency impact | -13,606 | 557 |
| Impact of changes in foreign currency exchange rates | -26 | -207 |
| Change in net cash | -13,632 | 350 |
| Cash at beginning of fiscal year | 92,338 | 49,574 |
| Cash at end of fiscal year | 78,706 | 49,924 |
Financial covenants
The Group complied with all its covenants as of June 30, 2026.
Notes
- Alternative performance indicator. See pages 117 to 120 of the 2025 Universal Registration Document.
- At constant scope and exchange rates.
- Alternative performance indicator. See pages 117 to 120 of the 2025 Universal Registration Document.