Cegedim: Like-for-like revenue rose 0.9% over the first nine months of 2026
PRESS RELEASE
Quarterly financial information as of September 30, 2026
IFRS - Regulated information - Not audited
Cegedim: Like-for-like revenue rose 0.9% over the first nine months of 2026
- Third-quarter 2026 revenue of €155.9 million, up 1.2% like for like
- Digitization, HR and third-party payer were the most dynamic businesses over the quarter
- The Group maintains its target of 2% like-for-like growth for 2026
Boulogne-Billancourt, France, October 22, 2026, after the market close
Revenue
| in millions of euros | Third quarter | Change Q3 2026 / 2025 | ||
|---|---|---|---|---|
| 2026 | 2025 | Reported | Like-for-like12 | |
| Health & Provident Insurance | 41.6 | 40.4 | +3.0% | +2.9% |
| Business Services | 47.6 | 43.5 | +9.5% | +9.5% |
| Healthcare Professionals | 32.6 | 32.3 | +0.9% | -0.4% |
| Data & Marketing | 28.2 | 27.7 | +1.9% | +2.0% |
| Cloud & Support | 5.9 | 9.8 | -40.0% | -40.0% |
| Cegedim | 155.9 | 153.7 | +1.5% | +1.2% |
| in millions of euros | First nine months | Change 9M 2026 / 2025 | ||
|---|---|---|---|---|
| 2026 | 2025 | Reported | Like-for-like13 | |
| Health & Provident Insurance | 125.7 | 124.0 | +1.4% | +1.5% |
| Business Services | 143.3 | 135.2 | +5.9% | +6.0% |
| Healthcare Professionals | 97.3 | 97.8 | -0.5% | -1.0% |
| Data & Marketing | 93.3 | 91.1 | +2.4% | +2.4% |
| Cloud & Support | 21.1 | 28.0 | -24.7% | -24.6% |
| Cegedim | 480.7 | 476.1 | +1.0% | +0.9% |
Cegedim’s consolidated third-quarter 2026 revenues came to €155.9 million, up 1.5% as reported and 1.2% like for like2 compared with the third quarter of 2025. Revenues for the first nine months of the year were up 1.0% as reported and 0.9% like for like compared with the same period in 2025. The digitization, HR and third-party payer businesses posted solid growth over the quarter. As anticipated, Cloud & Support revenues fell €3.9 million.
The biggest contributors to growth since the start of the year were Business Services activities in France (HR and e-business), the third-party payer business in health and provident insurance, and the Marketing business in pharmacies.
Analysis of business trends by Business Unit
Health & Provident Insurance
| Health & Provident Insurance in millions of euros | Third quarter | Change Q3 2026 / 2025 | First nine months | Change 9M 2026 / 2025 | ||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | Reported | Like-for-like1 | 2026 | 2025 | Reported | Like-for-like1 | |
| Software | 15.9 | 15.7 | +1.4% | +1.3% | 47.0 | 46.8 | +0.6% | +0.7% |
| Third-party payer | 11.5 | 10.8 | +6.0% | +6.0% | 34.5 | 32.1 | +7.4% | +7.4% |
| BPO | 14.2 | 13.9 | +2.3% | +2.3% | 44.2 | 45.1 | -2.0% | -2.0% |
| Health & Provident Insurance | 41.6 | 40.4 | +3.0% | +2.9% | 125.7 | 124.0 | +1.4% | +1.5% |
The software business, which is non-recurring, grew at a similar pace in the UK and in France in the third quarter, and has posted slightly positive growth since the start of the year. Third-party payer revenue continued the growth trajectory seen in previous quarters, driven by its offering to support fraud detection and long-term illness (ALD) investigation, and by the go-live of new clients. BPO revenue rose in the third quarter thanks to renewed project activity, which partly offset the decline in business since the start of the year resulting from a decrease in the number of covered individuals at certain managed clients.
Business Services
| Business Services in millions of euros | Third quarter | Change Q3 2026 / 2025 | First nine months | Change 9M 2026 / 2025 | ||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | Reported | Like-for-like1 | 2026 | 2025 | Reported | Like-for-like1 | |
| HR software | 25.0 | 23.5 | +6.5% | +6.5% | 75.1 | 71.3 | +5.3% | +5.2% |
| E-business | 16.5 | 14.5 | +13.5% | +13.4% | 49.8 | 46.6 | +6.9% | +7.1% |
| BPO | 6.1 | 5.5 | +11.8% | +11.8% | 18.4 | 17.3 | +6.1% | +6.1% |
| Business Services | 47.6 | 43.5 | +9.5% | +9.5% | 143.3 | 135.2 | +5.9% | +6.0% |
The HR services business grew in the third quarter in line with previous quarters, benefiting from the momentum of starting up contracts won in 2025 as a result of the diversification of its client base. The roll-out of e-invoicing on September 1 at companies affected by the first round of the reform enabled the e-business activity to further accelerate this quarter its already strong year- to-date growth. The BPO business continued to show very positive momentum in the third quarter, as it has since the start of the year, thanks to new client wins.
Healthcare Professionals
| Healthcare Professionals in millions of euros | Third quarter | Change Q3 2026 / 2025 | First nine months | Change 9M 2026 / 2025 | ||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | Reported | Like-for-like1 | 2026 | 2025 | Reported | Like-for-like1 | |
| Cegedim Santé | 19.6 | 19.6 | -0.1% | -2.2% | 57.4 | 58.0 | -1.1% | -2.3% |
| Doctors ex. France | 4.1 | 3.4 | +19.1% | +19.6% | 11.8 | 10.2 | +15.8% | +16.3% |
| Pharmacists | 8.9 | 9.3 | -3.7% | -3.9% | 28.1 | 29.6 | -5.0% | -4.3% |
| Healthcare Professionals | 32.6 | 32.3 | +0.9% | -0.4% | 97.3 | 97.8 | -0.5% | -1.0% |
Over the quarter, as since the start of the year, Cegedim Santé posted solid growth on the Maiia suite and the Claude Bernard database, but the decline in legacy solutions (higher attrition, retirements, etc.) weighed on its overall growth. Doctor software ex. France continued to be driven by Spain, notably thanks to the project in the Balearic Islands, as well as by the ramp-up of the new product for Belgium and solid momentum in Romania. Revenue with pharmacists fell over the quarter, as it has since the start of the year, mainly in France. This was an expected consequence of sales activity being affected by the 2025 restructuring.
Data & Marketing
| Data & Marketing in millions of euros | Third quarter | Change Q3 2026 / 2025 | First nine months | Change 9M 2026 / 2025 | ||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | Reported | Like-for-like1 | 2026 | 2025 | Reported | Like-for-like1 | |
| Data | 15.5 | 15.4 | +0.8% | +1.0% | 44.6 | 44.1 | +1.0% | +1.1% |
| Marketing | 12.7 | 12.3 | +3.3% | +3.3% | 48.7 | 47.0 | +3.7% | +3.7% |
| Data & Marketing | 28.2 | 27.7 | +1.9% | +2.0% | 93.3 | 91.1 | +2.4% | +2.4% |
Data revenue posted similar growth over the quarter and since the start of the year, with France still on the rise and international business confirming its return to positive territory. In Marketing, ads in pharmacies also showed similar momentum over the quarter and over nine months. Business in France remains solid, following an outstanding 2025, and was complemented by the launch of the Spanish subsidiary, C-Media España.
Cloud & Support
| Cloud & Support in millions of euros | Third quarter | Change Q3 2026 / 2025 | First nine months | Change 9M 2026 / 2025 | ||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | Reported | Like-for-like1 | 2026 | 2025 | Reported | Like-for-like1 | |
| Cloud & Support | 5.9 | 9.8 | -40.0% | -40.0% | 21.1 | 28.0 | -24.7% | -24.6% |
Cloud & Support division revenue was down over the quarter and since the start of the year, as anticipated. This trend is attributable to the end, this quarter, of a second significant outsourcing contract, combined with a demanding comparison with a strong trading period in the third quarter of 2025.
Q3 2026 highlights
To the best of the company’s knowledge, there were no events or changes during the period that would materially alter the Group’s financial situation.
Significant events post September 30, 2026
Cegedim received a first liquidation payment of €3.7 million from its UK subsidiary INPS. This amount represents a partial repayment of trade receivables and a current account that had been fully provisioned.
Apart from the above, to the best of the company’s knowledge, there were no events or changes that would materially alter the Group’s financial situation.
Outlook
Based on the currently available information, the Group expects 2026 like-for-like1 revenue growth to be above 2% relative to 2025. Adjusted operating income2 should continue to improve substantially.
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WEBCAST ON OCTOBER 22, 2026, AT 6:15 PM (PARIS TIME)
The webcast is available at: www.cegedim.fr/webcast
The Q3 2026 revenue presentation is available at:
https://www.cegedim.fr/documentation/Pages/presentation.aspx
Financial calendar
| 2027 | ||
|---|---|---|
| January 28 after the close | 2026 revenue | |
| March 24 after the close | 2026 results | |
| March 25 at 10:00 am | SFAF meeting | |
| April 22 after the close | Q1 2027 revenue | |
| June 18 at 9:30 am | Shareholders’ general meeting | |
| July 22 after the close | H1 2027 revenue | |
| September 23 after the close | H1 2027 results | |
| September 24 at 10:00 am | SFAF meeting | |
| October 21 after the close | Q3 2027 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 October 22, 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: |
Annexes
Revenue breakdown by quarter and Business Unit
Year 2026
| in millions of euros | Q1 | Q2 | Q3 | Total |
|---|---|---|---|---|
| Health & Provident Insurance | 41.6 | 42.5 | 41.6 | 125.7 |
| Business Services | 48.0 | 47.7 | 47.6 | 143.3 |
| Healthcare Professionals | 32.1 | 32.6 | 32.6 | 97.3 |
| Data & Marketing | 30.2 | 34.9 | 28.2 | 93.3 |
| Cloud & Support | 7.7 | 7.5 | 5.9 | 21.1 |
| Consolidated Group revenue | 159.6 | 165.2 | 155.9 | 480.7 |
Year 2025
| in millions of euros | Q1 | Q2 | Q3 | Q4 | Total |
|---|---|---|---|---|---|
| Health & Provident Insurance | 41.5 | 42.1 | 40.4 | 43.5 | 167.5 |
| Business Services | 46.6 | 45.2 | 43.5 | 46.2 | 181.5 |
| Healthcare Professionals | 33.0 | 32.5 | 32.3 | 35.9 | 133.7 |
| Data & Marketing | 29.9 | 33.6 | 27.7 | 36.6 | 127.8 |
| Cloud & Support | 10.3 | 7.8 | 9.8 | 10.8 | 38.7 |
| Consolidated Group revenue | 161.3 | 161.2 | 153.7 | 173.0 | 649.2 |
Revenue breakdown by geographic zone, currency and BU at September 30, 2026
| as a % of consolidated revenues | Geographic zone | Currency | ||||
|---|---|---|---|---|---|---|
| France | EMEA ex. France | Americas | Euro | GBP | Other | |
| Health & Provident Insurance | 95.0% | 5.0% | 0.0% | 95.0% | 5.0% | 0.0% |
| Business Services | 95.3% | 4.7% | 0.0% | 96.5% | 3.3% | 0.1% |
| Healthcare Professionals | 75.4% | 24.5% | 0.1% | 85.4% | 10.5% | 4.1% |
| Data & Marketing | 96.5% | 3.5% | 0.0% | 98.3% | 0.0% | 1.7% |
| Cloud & Support | 99.7% | 0.3% | 0.0% | 99.8% | 0.0% | 0.2% |
| Cegedim | 91.6% | 8.3% | 0.1% | 94.3% | 4.5% | 1.2% |
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
Notes
- At constant scope and exchange rates.
- The positive scope effect of 0.3% was due to the acquisition of Médoucine. There was no currency impact.
- The positive scope effect of 0.2% was due to the acquisition of Médoucine and its consolidation as of May 1, 2026. The negative currency impact of 0.1% was mainly due to the pound sterling.
- At constant scope and exchange rates.
- Alternative performance indicator. See pages 117-120 of the 2025 Universal Registration Document.