Cegedim (CGM) H1 2025 earnings summary

Executive summary

• H1 2025 revenue reached €322.5m, up 1.1% reported and 2.8% like for like; adjusted operating income rose 78.4% to €18.5m, with margin improving to 5.7% from 3.2%.

• Adjusted EBITDA increased 17.2% to €61.2m, with margin rising to 19.0% from 16.4%.

• Pharmacy restructuring and the INPS business sale were significant developments; all divisions reported positive adjusted operating income.

Financial highlights

• Operating income rose 22.4% to €9.5m despite €9.0m of specific items, including pharmacy restructuring costs.

• Operating cash flow was €56.6m versus €22.2m; free cash flow from operations improved to €19.3m from a €23.1m outflow.

• Net financial debt excluding IFRS 16 fell 15% to €181.9m; cash and cash equivalents were €49.9m at June 30, 2025.

• Net profit attributable to shareholders rose to €1.2m from €0.6m; consolidated net profit was €0.1m versus a €0.1m loss.

• Financial expense increased to €8.2m from €5.0m, reflecting higher interest costs under the financing arrangement established in July 2024.

Outlook and guidance

• FY 2025 like-for-like revenue growth expected at 2–4%, with adjusted operating income expected to continue improving substantially.

• H2 2024 marketing performance benefited from the Olympics and is not expected to repeat in H2 2025.

• Guidance remains subject to geopolitical, macroeconomic and currency risks.