Cegedim (CGM) H1 2026 earnings summary

Executive summary

• H1 2026 revenue reached €324.8m, up 0.7% reported and 0.8% like-for-like year over year.

• Adjusted operating income rose 6.9% to €19.7m; its margin improved to 6.1% from 5.7%.

• Net income attributable to shareholders increased to €5.4m from €1.2m; consolidated net income rose to €4.2m from €0.1m.

• AI initiatives advanced across R&D, internal efficiency and client offerings.

Financial highlights

• Adjusted EBITDA increased 1.3% to €62.0m; its margin rose to 19.1% from 19.0%.

• Reported operating income rose 82.9% to €17.3m as specific items fell to €2.4m from €9.0m.

• Operating cash flow was €58.9m versus €56.6m; operating free cash flow fell to €11.5m from €19.3m amid higher investment spending.

• Finance costs increased to €9.6m from €8.3m, and income tax expense rose to €3.5m from €1.0m.

• Adjusted EPS doubled to €0.40 from €0.20.

Outlook and guidance

• FY 2026 like-for-like revenue growth is expected to exceed 2% versus 2025; adjusted operating income is expected to continue progressing significantly.

• Second-half revenue and EBITDA typically exceed first-half levels due to seasonality; guidance remains subject to risks and uncertainties.

• Q3 revenue release scheduled for October 22.