Cegedim (CGM) investor relations material

Executive summary

• Q1 2026 revenue was €159.6 million, down 1.0% reported and 0.8% like-for-like, mainly due to a sharp decline in Cloud & Support following the end of a major outsourcing contract and tough prior-year comparisons.

• Growth was observed in France in Business Services (HR and e-business) and in international subsidiaries in Health & Provident Insurance and Healthcare Professionals.

• No material events post-March 31, 2026, affecting the financial situation.

Financial highlights

• Consolidated Q1 2026 revenue: €159.6 million, a decrease of €1.7 million year-over-year.

• Health & Provident Insurance: €41.6 million (+0.3% reported, +0.5% like-for-like), stable performance with strong UK software and third-party payer growth.

• Business Services: €48.0 million (+3.1% reported, +3.2% like-for-like), driven by HR and e-business contracts.

• Healthcare Professionals: €32.1 million (-2.7% reported, -2.2% like-for-like), with stable doctor software ex-France and decline in pharmacists due to French restructuring.

• Data & Marketing: €30.2 million (+1.1% reported, +1.1% like-for-like), with marketing boosted by new Spanish subsidiary.

• Cloud & Support: €7.7 million (-25.4% reported, -25.2% like-for-like), impacted by contract end and tough comparison.

Outlook and guidance

• Full-year 2026 like-for-like revenue growth expected above 2%.

• Adjusted operating income anticipated to increase in 2026.

• Double-digit growth expected in e-business segment in 2027 due to electronic invoicing reform.

• No earnings estimates or forecasts provided.