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PRESS RELEASE |
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First-half financial information as of June 30, 2025
IFRS – Regulated information – Not audited
Cegedim’s profitability improving as expected
- Revenue up 1.1% as reported and 2.8% LFL to €322.5 million
- Adjusted EBITDA (1) of €61.2 million, equal to 19.0% of revenue
- Adjusted operating margin(1) of 5.7% vs. 3.2% in 2024
Boulogne-Billancourt, France, September 25, 2025, after the market close
Cegedim generated consolidated H1 2025 revenue of €322.5 million, a 1.1% year-on-year increase as reported, and adjusted EBITDA(1) of €61.2 million, a €9.0 million or 17.2% increase. Adjusted operating margin(1) came to 5.7% compared with 3.2% in 2024. Adjusted operating income(1) was positive at every division.
| H1 2025 | H1 2024 | Change | ||||
| In €m | In % | In €m | In % | In €m | In % | |
| Revenue | 322.5 | 100.0% | 319.0 | 100.0% | 3.5 | 1.1% |
| Recurring EBITDA(2) | 59.6 | 18.5% | 52.2 | 16.4% | 7.4 | 14.2% |
| Depreciation and amortization expenses | (42.7) | (41.9) | (0.8) | 2.1% | ||
| Recurring operating income (2) | 16.9 | 5.2% | 10.3 | 3.2% | 6.6 | 63.2% |
| Other non-recurring operating income and expenses (2) | (7.4) | (2.6) | (4.8) | 183.3% | ||
| Operating income | 9.5 | 2.9% | 7.7 | 2.4% | 1.8 | 22.4% |
| Net financial income (expense) | (8.3) | (5.0) | (3.3) | 65.3% | ||
| Total tax | (1.0) | (2.9) | 1.9 | -66.8% | ||
| Share of profit (loss) for the period from affiliates | (0.1) | 0.1 | (0.2) | – | ||
| Consolidated net profit | 0.1 | 0.0% | (0.1) | 0.0% | 0.2 | – |
| Non-controlling interest | (1.1) | (0.7) | (0.3) | 47.8% | ||
| Group share | 1.2 | 0.4% | 0.6 | 0.2% | 0.6 | 87.5% |
| Recurring earnings per share(3) (in euros) | 0.1 | – | 0.0 | – | ||
| Earnings per share (in euros) | 0.1 | – | 0.0 | – | ||
| Adjusted indicators | H1 2025 | H1 2024 | Change | |||
| In €m | In % | In €m | In % | In €m | In % | |
| Operating income | 9.5 | 2.9% | 7.7 | 2.4% | 1.8 | 22.4% |
| Other non-recurring operating income and expenses | (7.4) | (2.6) | ||||
| Other items affecting operating income | (1.6) | |||||
| Sub-total: specific items affecting operating income | (9.0) | (2.8)% | (2.6) | (0.8)% | (6.4) | 243.6% |
| Operating income adjusted(1) for specific items | 18.5 | 5.7% | 10.3 | 3.2% | 8.2 | 78.4% |
| Depreciation and amortization expenses | (42.7) | (41.9) | (0.8) | 2.1% | ||
| Adjusted EBITDA(1) | 61.2 | 19.0% | 52.2 | 16.4% | 9.0 | 17.2% |
“Adjusted” indicators: As mandated by the new accounting standards that took effect in France on January 1, 2025 (Nouveau Plan Comptable Général), the Group only records a limited number of specific transactions in the non-recurring operating income and expenses line of its parent company financial statements. The approach is the same for the consolidated financial statements, with certain specific items for the fiscal year still recorded in the relevant lines under recurring operating income. Until 2024, these specific items were reported under other non-recurring operating income and expenses. As a result, 2025 “adjusted” indicators are comparable to the 2024 “recurring” indicators, allowing the Group to continue presenting its financial information using the same format.
Consolidated revenues rose €3.5 million, or 1.1%, to €322.5 million in H1 2025 compared with €319.0 million in H1 2024. The negative scope effect of €5.6 million, or 1.8%, was attributable to the deconsolidation of INPS in the UK on December 10, 2024, which was only partly offset by the consolidation of Visiodent over six months vs. four months in 2024. The positive currency impact was €0.2 million, or 0.1%, chiefly owing to appreciation of the pound sterling against the euro. Like-for-like(2) revenues grew 2.8% over the period, in line with the Group’s public projections.
Adjusted EBITDA(4) rose €9.0 million between the first half of 2024 and 2025, or 17.2%. The improvement was attributable to good cost management—particularly for external costs, with less use of contract workers in favor of bringing skills in-house while still keeping payroll costs under control. The deconsolidation of INPS also contributed to the improvement.
Depreciation and amortization expenses rose slightly, by €0.8 million or 2.1%, chiefly due to an increase in R&D amortization, which was €23.8 million at June 30, 2025, compared with €22.7 million a year earlier, or a €1.1 million increase.
Adjusted operating income(1) climbed €8.2 million to €18.5 million in H1 2025 (5.7% of revenue) compared with €10.3 million in H1 2024 (3.2%). The increase came despite a €4.2 million headwind from R&D—the Group capitalized €3.1 million less in the first half and amortized €1.1 million more than in the first half of 2024. This improvement was spurred by good performances in pharmacy advertising, human resources, insurance and data, as well as the deconsolidation of INPS.
Other non-current operating costs(5) amounted to €7.4 million in H1 2025, and there were another €1.6 million of specific items(1) that affected operating income, for a total of €9.0 million on a comparable basis, compared with €2.6 million in the same period in 2024. The biggest items were a €6.0 million provision and €1.4 million in related costs for workforce restructuring at the pharmacy business in France, as well as various other reorganizational costs.
Taking these elements into account, operating income came to €9.5 million at June 30, 2025, compared with €7.7 million a year earlier, a 22.4% increase.
Financial expense came to €8.3 million, compared with a €5.0 million expense in H1 2024, as the Group refinanced its debt at higher interest rates on July 31, 2024.
Tax amounted to €1.0 million in the first half of 2024 compared with €2.9 million a year earlier.
Analysis of business trends by division
| in millions of euros | Total | Software & Services | Flow | Data & Marketing | BPO | Cloud & Support |
| Revenue | ||||||
| 2024 | 319.0 | 152.1 | 49.5 | 59.3 | 39.9 | 18.1 |
| 2025 | 322.5 | 144.4 | 53.4 | 63.4 | 43.2 | 18.2 |
| Change | +1.1% | (5.1)% | +7.8% | +6.9% | +8.1% | +0.3% |
| Adjusted operating income(1) | ||||||
| 2024 | 10.3 | (1.4) | 5.9 | 5.3 | 1.9 | (1.3) |
| 2025 | 18.4 | +1.9 | 5.7 | 9.2 | 1.5 | +0.1 |
| Change | +78.4% | +233.6% | (2.9)% | +75.6% | (21.2)% | +105.3% |
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Adjusted operating margin(1) (as a % of revenue) |