Cegedim Sa · EURONEXT:ALCGM
Cegedim Sa — H1 2025 Earnings Presentation
25 slides from Cegedim Sa's earnings presentation, Sep 25, 2025
Slide 1: H1 Earnings 2025
H1 Earnings 2025 September 25, 2025
Slide 2: H1 Group earnings
H1 Group earnings © Cegedim 2025 2
Slide 3: Highlights
Highlights − Workforce restructuring at the pharmacy business − Business activities of INPS sold − Cegedim Group shares transferred to trading on Euronext Growth − SBTi validates Cegedim’s decarbonization targets − Credit facility converted to a sustainability-linked loan © Cegedim 2025 3
Slide 4: The big picture
The big picture Adjusted Exceptional Revenue Operating items Income €322.5m +€3.5m €18.5m €(9.0)m €(2.6)m +1.1% +2.8% reported like-for-like +78.4% +8.2m H1 2025 H1 2024 Employees Net debt Operating FCF Excl. IFRS 16 6 605 56.6m€ €182m +€34.4m (15.0)% (32.0)m€ (2.4)% (164) H1 2025 vs H1 2024 © Ceged
Slide 5: P&L
P&L in million euros H1 2025 H1 2024 Change % Change€ Revenue 322.5 319.0 +1.1% +3.5 Purchase used (13.3) (14.0) (5.0)% +0.7 External expenses (67.7) (72.7) (6.9)% +5.0 Payroll costs (177.9) (173.2) +2.7 % (4.7) Others (2.4) (6.8) +35.3 % +4.4 Adjusted EBITDA 61.2 52.2 +17.2% +9.0 Adjusted EBITDA ma
Slide 6: R&D Investment
R&D Investment Impact on Adjusted Capitalized R&D D&A of R&D Operating Income (Adj.EBIT) (11.2)% +4.6 % €(3.1)m + € 1.1m €28.1m €25.0m €22.7m €23.8m Capitalized R&D €(3.1)m D&A of R&D €(1.1)m Impact on Adjusted €(4.2)m Operating Income 2024 2025 2024 2025 © Cegedim 2025 6
Slide 7: Payroll costs
Payroll costs Payroll costs Headcount Offshore +2.7% (2.4)% +€4.7m (164) employees Offshore 29,4% €177.9m €173.2m 6 769 +55 (219) 6 605 Onshore 70,6% H1 2024 H1 2025 June 2024 Offshore Onshore June 2025 © Cegedim 2025 7
Slide 8: Free Cash Flow
Free Cash Flow in million of euros H1 2025 H1 2024 Net Debt Net income, Group share 0.1 (0.1) Depreciation and amortization expenses and provisions 49.1 40.5 H1 2024 Cost of net financial debt 8.3 5.0 Share of earnings from equity method companies ; tax expenses 0.2 1.6 €214m Operating Cash flow bef
Slide 9: Financing
Financing Financing June,30 2025 Drawn Total amount Maturity Bank Loan €177.0m €177.0m 2031 Shareholder loan €47.7m €47.7m 2031 RCF - €50.0m 2029 © Cegedim 2025 9
Slide 10: Balance sheet
Balance sheet Assets Shareholders equity & liabilities in million of euros 30/06/2025 31/12/2024 in million of euros 30/06/2025 31/12/2024 Goodwill 235.2 235.7 Shareholder equity 282.0 282.5 Intangible assets 190.8 191.4 Tangible assets 145.4 144.7 Long-term financial debt 219.0 223.8 Financial asse
Slide 11: Earnings by divisions and BU
Earnings by divisions and BU © Cegedim 2025 11
Slide 12: Software & Services
Software & Services 44.8 % €144.4m Adj.EBIT €1.9m of H1 2025 revenue H1 2025 revenue Adj.EBIT margin 1.3% H1 2025 €144.4m H1 2025 Adjusted Revenue (5.1)% reported Adj.EBIT Operating Change 2025 Adj.EBIT (1.5)% LfL Income / 2024 margin (Adj.EBIT) Cegedim €38.4m (1.3)% reported 2025 2024 €m % 2025 202
Slide 13: Flow
Flow 16.5% €53.4m Adj.EBIT €5.7m of H1 2025 revenue H1 2025 revenue Adj.EBIT margin 10.7% H1 2025 €53.4m H1 Revenue +7.8% reported +7.7% LfL 2025 Adj.EBIT Adjusted Operating Change 2025 Adj.EBIT Income / 2024 margin €32.1m e-business +7.1% reported (Adj.EBIT) +7.0% LfL 2025 2024 €m % 2025 2024 in mi
Slide 14: Data & Marketing
Data & Marketing 19.7 % €63.4m Adj.EBIT €9.2m of H1 2025 revenue H1 2025 revenue Adj.EBIT margin 14.6% H1 2025 €63.4m H1 2025 Revenue +6.9% reported Adj.EBIT +6.9% LfL Adjusted Operating Change 2025 / Adj.EBIT Data €28.7m Income 2024 margin +2.5% reported +2.3% LfL (Adj.EBIT) 2025 2024 €m % 2025 202
Slide 15: BPO
BPO 13.4 % €43.2m Adj.EBIT €1.5m of H1 2025 revenue H1 2025 revenue Adj.EBIT margin 3.5% H1 €43.2m H1 2025 +8.1% reported +8.1% LfL 2025 Revenue Adj.EBIT Adjusted Operating Change 2025 / Adj.EBIT €31.2m Income 2024 margin Insurance BPO +8.8% reported (Adj.EBIT) +8.8% LfL 2025 2024 €m % 2025 2024 in
Slide 16: Cloud & Support
Cloud & Support 5.6% €18.2m Adj.EBIT €0.1m of H1 2025 revenue H1 2025 revenue Adj.EBIT margin 0.4% H1 2025 €18.2m H1 2025 Revenue +0.3 % reported Adj.EBIT +0.3 % LfL Adjusted Operating Change 2025 Adj.EBIT Income / 2024 margin (Adj.EBIT) Cloud & 2025 2024 €m % 2025 2024 Support in million of euros T
Slide 17: Revenue by BU as of 30/06/2025
Revenu by BU as of 30/06/2025 Health and Provident Cegedim Insurance Business Services* Revenue = €83.6m Revenue = €91.8m +7.1% rep. • +7.0% LfL +8.0% rep. • +8.0% LfL €31.1m • +4.4% €47.8m • +9.1% €21.3m • +8.8% Cloud €32.1m • +7.1% €31.2m • +8.8% & Support €12.0m • +6.4% * RH et e(business Revenue
Slide 18: Adjusted Operating Income by BU as of 30/06/2025
Adjusted Operating Income by BU as of 30/06/2025 Health and Provident Cegedim Insurance Business Services Revenue = €163m Revenue * = €170m Adj.EBIT** = €5.6m (+9,0%) Adj.EBIT** = €12.3m (+18,0%) Cloud Adj.EBIT** margin = 6.7 % Adj.EBIT** margin = 13.4 % & Support Revenue * = €38m Healthcare Adj.EBI
Slide 19: Outlook 2025
Outlook 2025 Revenue Recurring Operating Income Like-for-Like growth in a 2 % to Expected to 4% range increase Disclosure: Based on currently available information. The Group does not provide earnings estimates or forecasts. © Cegedim 2025 19
Slide 20: Financial agenda
Financial agenda 2025 2025 Septembre 26 October 23 after the market closes SFAF meeting 10 am Third Quarter Revenue © Cegedim 2025 20
Slide 21: Q&A
a. i ma cegedim © Cegedim 2025 Q&A 21
Slide 22: Appendix
a. i ma cegedim © Cegedim 2025 Appendix 22
Slide 23: P&L: Adjusted indicators
P&L: Adjusted indicators in million of euros H1 2025 H1 2024 Change % Change € Operating income 9.5 7.7 22.4% 1.8 Other non-recurring operating income and expenses (7.4) (2.6) Other items affecting operating income (1.6) Sub-total: specific items affecting operating income (9.0) (2.6) 243.6% (6.4) O
Slide 24: Business Units
Business Unites Health and Provident Cegedim Insurance Business Services ▪ Software for supplementary health and provident insurers ▪ Electronic Data Interchange ▪ Flow, Third party payment, ▪ Outsourced payroll and HR outsourced management management and other services Cloud & Support ▪ Critical ap
Slide 25: Merci pour votre attention
Merci pour votre attention Pour plus d’informations [email protected]