Cegedim (CGM) Q2 2026 TU earnings summary

Executive summary

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

• Q2 2026 saw a rebound with revenue up 2.5% reported and 2.4% like-for-like, reversing a Q1 decline.

• Growth was driven by Business Services, Data & Marketing, and Health & Provident Insurance, while Cloud & Support declined sharply.

• Management maintains full-year guidance for over 2% like-for-like revenue growth and increased adjusted operating income.

Financial highlights

• Business Services revenue grew 4.2% reported and 4.3% like-for-like to €95.7 million.

• Health & Provident Insurance increased 0.7% reported and 0.8% like-for-like to €84.1 million.

• Data & Marketing rose 2.6% reported and like-for-like to €65.1 million.

• Healthcare Professionals declined 1.2% reported and like-for-like to €64.7 million.

• Cloud & Support dropped 16.4% reported and 16.2% like-for-like to €15.2 million due to contract loss.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: like-for-like revenue growth above 2% and higher recurring/adjusted operating income.

• E-invoicing reform in France expected to drive further growth in Business Services from September 2026.

• E-invoicing activity forecasted to grow 5–10% annually from 2026 to 2028.

• Ségur subvention to add €4 million in non-recurring profit in H2 2026.