Cegedim (CGM) Q3 2026 TU earnings summary

Executive summary

• Q3 revenue was €155.9m, up 1.5% reported and 1.2% LFL; 9M revenue reached €480.7m, up 1.0% reported and 0.9% LFL.

• Business Services, digitization, HR and third-party payer activity drove growth; Cloud & Support remained a significant drag.

Financial highlights

• Q3 revenue increased from €153.7m; LFL growth contributed €1.8m and structural impact €0.4m, with no currency impact.

• 9M revenue increased from €476.1m, with a 0.2% structural impact and 0.1% adverse currency impact, mainly sterling.

Outlook and guidance

• 2026 LFL revenue growth is expected to exceed 2%; recurring operating income and operating income are expected to increase, with adjusted operating income expected to improve substantially.

• Adjusted EBITDA could reach €55m if €4m of Ségur revenue is recognized in 2026; without it, management indicated €51m–€52m.

• Preliminary 2027 group growth range was 2%–5%; e-invoicing revenue was expected to grow by slightly more than 10%.

• 2027 recurring EBITDA improvement was expected mainly from Health & Provident Insurance and Business Services; e-invoicing was expected to move from negative to positive EBITDA.