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Cegedim (CGM) investor relations material
Cegedim H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for H1 2025 reached €322.5M, up 1.1% year-over-year, with like-for-like growth of 2.8%.
Adjusted operating income rose 78–79% to €18.5M, with margin improving to 5.7% from 3.2% in H1 2024.
Adjusted EBITDA increased 17.2% to €61.2M, representing a 19.0% margin.
Net income group share improved to €1.2M from €0.6M last year.
Major events included SBTI validation of decarbonization targets, conversion of credit facility to a sustainability-linked loan, workforce restructuring in pharmacy, and sale of INPS business.
Financial highlights
Operating free cash flow grew to €56.6M, up €34.4M year-over-year.
Net debt decreased 15% to €182M, with cash at €49.9M at period end.
Payroll costs remained stable or increased slightly, with a 2.4% reduction in headcount.
Nonrecurring items totaled €9M, mainly from pharmacy restructuring.
Net financial expense rose due to higher refinancing costs.
Outlook and guidance
Like-for-like revenue growth for 2025 expected in the 2–4% range, with adjusted operating income projected to continue substantial improvement.
Cost savings from pharmacy restructuring expected to materialize in 2026, with €4–5M annual savings.
CapEx expected to remain stable at around 13% of revenue, focused on growth initiatives.
Guidance may be revised if geopolitical, macroeconomic, or currency risks worsen.
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