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Cegedim (CGM) investor relations material
Cegedim Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Like-for-like revenue grew 2.1% over the first nine months of 2025, with Q3 2025 revenue at €153.7 million, up 0.5% like-for-like year-over-year, mainly due to cloud, HR, digitalization, and insurance segments, while Marketing faced a tough comparison due to the 2024 Olympics.
Cumulative 9M 2025 revenue reached €476.1 million, up 0.1% reported and 2.1% like-for-like compared to 9M 2024, in line with outlook.
The deconsolidation of the in-practice system (INPS) at year-end 2024 negatively impacted reported revenue growth.
Growth was mainly organic, with strong performances in BPO, Data & Marketing, and Cloud & Support segments.
Financial highlights
Q3 2025 revenue was €153.7 million, down 2.0% reported but up 0.5% like-for-like year-over-year; 9M 2025 revenue reached €476.1 million, up 0.1% reported and 2.1% like-for-like.
Health and provident insurance Q3 revenue: €40.4M, down 0.7% reported, 0.6% like-for-like; software activity up 7.5%.
Cegedim Business Services Q3 revenue: €43.4M, up 6.1% reported; software up 8.2%.
Data and marketing Q3 revenue: €27.7M, down 1.7% reported, 2.3% like-for-like; data up 2.1%.
Cloud and support Q3 revenue: €9.9M, boosted by new projects and a one-off trading contract.
Outlook and guidance
2025 like-for-like revenue growth is expected in the 2-4% range versus 2024, with adjusted operating income projected to improve substantially.
EBIT for the second half of the year expected to be similar or slightly better than last year, targeting €45M–€50M.
For 2026, current EBIT is expected to improve further, potentially reaching €55M–€60M, driven by BPO contract profitability, Maya revenue, and pharmacy business restructuring.
Organic growth of 3%–5% like-for-like targeted for 2026.
Guidance may be revised if geopolitical, macroeconomic, or currency risks worsen.
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