Cegedim Sa · EURONEXT:ALCGM
Cegedim Sa — TP ICAP Midcap Conference 2026
40 slides from Cegedim Sa's conference presentation, May 6, 2026
Slide 1: TP ICAP Midcap Conference
TP ICAP Midcap Conference May 6, 2026
Slide 2: Disclaimer
Disclaimer This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. By th
Slide 3: Contents
Contents Presentation of the Group and its BU p 4 FY 2025 Group earnings p 12 FY 2025 earnings by Business Units p 20 Q1 2026 revenue p 26 Outlook & agenda p 34 © Cegedim 2026 3
Slide 4: Presentation of the Group and its BU
Presentation of the Group and its BU © Cegedim 2026 4
Slide 5: Cegedim Group
Shareholding as of 31/03/2026 Cegedim Group FCB 60.6% Public 37.1% Cegedim SA 2.3% Revenue annual growth 2021 - 2025 +5.5% (cagr) Founded in 1969, Cegedim is an innovative technology and services group in the field of 10,0% digital data flow management for healthcare ecosystems and B2B, and a busine
Slide 6: Cegedim Group
Cegedim Group A leading integrated player in healthcare, with a unique A strong European presence ecosystem © Cegedim 2026 6
Slide 7: Health & Provident Insurance
Health & Provident Insurance 25.8% of FY 2025 Revenue 1 193 18.4% of employees Revenue annual growth 2021 - 2025 +7.9% (cagr) 20,0% The Insurance Business Unit comprises Cegedim Assurances in France and Cegedim Insurance Solutions in the United Kingdom. 15,0% • Cegedim Assurances houses the Group’s
Slide 8: Business Services
Business Services 28.0% of FY 2025 Revenue 1 135 17.5% of employees Revenue annual growth 2021 - 2025 +9.4% (cagr) 200,0 20,0% Cegedim Business Services specializes in three fields: 150,0 13,7% 14,3% 15,0% ▪ Enhancing HR efficiency: Payroll & Human Resources solutions; 12,5% 12,1% 11,7% ▪ Digitizing
Slide 9: Healthcare Professionals
Healthcare Professionals 20.5% of FY 2025 Revenue 1 291 19.9% of employees Revenue annual growth 2021 - 2025 -2.9% (cagr) The Healthcare Professionals Business Unit specifically targets:: 10,0% • doctors and healthcare centers (France, Belgium, Spain, Italy, Chile); 5,0% • paramedical professionals:
Slide 10: Data & Marketing
Data & Marketing 19.7% of FY 2025 Revenue 426 6.6% of employees Revenue annual growth 2021 - 2025 +6.7% (cagr) 20,0% 16.8% 13.9% Data & Marketing encompasses the following activities : 14.8% 13.1% 13.5% 15,0% • data and analysis for the healthcare market, aimed at health authorities, healthcare prof
Slide 11: Cloud & Support
Cloud & Support 6.0% of FY 2025 Revenue 2 492 37.6% of employees Revenue annual growth 2021 - 2025 +11.0% (cagr) • The Cloud & Support division primarily provides support to the various business units, and also offers sovereign cloud solutions, IT services and cybersecurity services to all types of
Slide 12: FY 2025 Group earnings
FY 2025 Group earnings © Cegedim 2026 12
Slide 13: The Big Picture
The Big Picture Adjusted Specific items Revenue Operating affecting Income operating €649.2m income -€5.3m €49.4m -€19.2m -€23.7m -0.8 % +1.1 % reported Like-for-Like +25.1 % +9.9m FY 2025 FY 2024 Employees Net debt Operating FCF Excl. IFRS 16 €138.4m 6 487 €152.2m -25.0% -€46.0m -2.6% -172 +€50.1m
Slide 14: R&D Investment
R&D Investment Impact on Adjusted Capitalized R&D D&A of R&D Operating Income -13.4% +4.8 % -7.5m +€2.2m €56.5m €48.1m €45.9m €49.0m Capitalized R&D -€7.5m D&A of R&D -€2.2m Impact on Adjusted -€9.7m Operating Income 2024 2025 2024 2025 © Cegedim 2026 14
Slide 15: Payroll costs
Payroll costs Payroll costs Headcount Offshore -1.1% -2.6% -€3.7m -172 employees Offshore 28,4% €349.8m €346.1m 6 659 -130 -42 6487 Inshore 71,6% FY 2024 FY 2025 Dec 2024 Offshore Inshore Dec 2025 © Cegedim 2026 15
Slide 16: FY P&L
FY P&L Change Change in millions of euros FY 2025 FY 2024 % m€ Revenue 649.2 654.5 -0.8% -5.3 Purchase used -28.0 -29.6 -5.5% +1.6 External expenses -135.8 -143.8 -5.6% +8.0 Payroll costs -346.1 -349.8 -1.1% +3.7 Others -4.7 -7.8 -39.4% +3.1 Adjusted EBITDA 134.6 123.6 +9.0% +11.0 Adjusted EBITDA ma
Slide 17: Free Cash Flow
Free Cash Flow in millions of euros FY 2025 FY 2024 Net Debt Net income, Group share 8.3 -15.1 Depreciation and amortization expenses and provisions 98.4 93.4 FY 2024 Cost of net financial debt 17.5 20.9 Capital loss on disposal (INPS exit) Share of earnings from equity method companies ; tax expens
Slide 18: Balance sheet
Balance sheet Assets Shareholders equity & liabilities in millions of euros 2025 2024 in millions of euros 2025 2024 Goodwill 234.0 235.7 Shareholder equity 291.8 282.5 Intangible assets 183.4 191.4 Tangible assets 158.7 148.4 Long-term financial debt 221.0 223.8 Financial assets 19.0 20.0 Other non
Slide 19: Financing
Financing Financement December 31, 2025 Drawn Total amount Maturity Bank Loan €174.0m €174.0m 2031 Shareholder loan €49.8m €49.8m 2031 RCF - €50.0m 2029 The group is in compliance with its covenants. Its net debt-to-EBITDA ratio is less than 1.5x, compared to a covenant of 2.5x © Cegedim 2026 19
Slide 20: FY 2025 earnings by Business Units
FY 2025 earnings by Business Units © Cegedim 2026 20
Slide 21: Health & Provident Insurance
Health & Provident Insurance 25.8% €167.5m Adj.EBIT €14.6m Adj.EBIT margin 8.7% of FY 2025 revenue 2025 revenue FY 2025 €167.5m FY 2025 Revenue +3.0% reported Adj.EBIT +3.0% LfL Adjusted €63.6m Operating Change Adj.EBIT Software +4.4% reported Income 2025 / 2024 margin +4.6% LfL (Adj.EBIT) €43.5m Th
Slide 22: Business Services
Business Services 28.0% €181.5m Adj.EBIT €26.0m Adj.EBIT margin 14.3% of FY 2025 revenue 2025 revenue FY 2025 €181.5m FY 2025 Revenue +6.9% reported Adj.EBIT +6.9% LfL Adjusted €95.5m Operating Change Adj.EBIT Software Income margin +7.7% reported +7.7% LfL 2025 / 2024 (Adj.EBIT) €62.9m 2025 2024 €m
Slide 23: Healthcare Professionals
Healthcare Professionals 20.5% €133.6m Adj.EBIT -€9.3m Adj.EBIT margin -7.0% of FY 2025 revenue 2025 revenue FY 2025 Adjusted €133.6m Revenue -15.6% reported Operating Change Adj.EBIT -7.7% LfL Income 2025 / 2024 margin (Adj.EBIT) 2025 2024 €m % 2025 2024 Cegedim €79.8m in millions of euros Santé -0
Slide 24: Data & Marketing
Data & Marketing 19.7% €127.8m Adj.EBIT €17.2m Adj.EBIT margin 13.5% of FY 2025 revenue 2025 revenue FY 2025 €127.8m FY 2025 Revenue +1.5% reported Adj.EBIT +1.3% LfL Adjusted Operating Change Adj.EBIT €65.6m Data +0.2% reported Income 2025 / 2024 margin -0.2% LfL (Adj.EBIT) 2025 2024 €m % 2025 2024
Slide 25: Cloud & Support
Cloud & Support 6.0% €38.7m Adj.EBIT €0.9m Adj.EBIT margin 2.3% of FY 2025 revenue 2025 revenue FY 2025 €38.7m FY 2025 Revenue +2.6 % reported Adj.EBIT +2.6 % LfL Adjusted Operating Change Adj.EBIT Income 2025 / 2024 margin (Adj.EBIT) Cloud & Support 2025 2024 €m % 2025 2024 in millions of euros Tot
Slide 26: Q1 2026 revenue
Q1 2026 revenue © Cegedim 2026 26
Slide 27: Q1 2026 Highlights
Q1 2026 Highlights Q1 2026 €159.6m Highlights -1.0% reported -0.8% Like-for-Like • Growth: Reported :-1.0% ; Like-for-Like -0.8% Health & €41.6m Provident +0.3% reported Insurance +0.5% Like-for-Like • Growth in France held by Business Services activities (HR & e-business) Business €48.0m +3.1% repo
Slide 28: Q1 2026 Revenue
Q1 2026 Revenue Like-for-Like growth -0.8% Negative base effect in Cloud & Support -0.8% - -0.2% -2.7% +1.1% €161.3m €159.6m €161.3m +0.3% +3.1% -25.4% €159.6m -€1.4m - -€0.3m +€0.1m +€1.4m -€0.9m +€0.3m -€2.6m Like-for-Like Structure Currency growth Impact Impact Health & Provident Business Service
Slide 29: Health & Provident Insurance
26.1% €41.6m Growth +0.1m Health & Provident Insurance of Q1 2026 revenue Q1 2026 Revenue Reported +0.3% Like-for-Like +0.5% Q1 2026 €41.6m Q1 2026 Revenue Change +0.3% reported 2026 / 2025 +0.5% LfL Q1 Q1 % % €m 2026 2025 reported LfL in millions of euros €15.3m Total Health & 41.6 41.5 +0.1 +0.3%
Slide 30: Business Services
Growth +€1.4m Business Services 30.1% €48.0m Reported +3.1% of Q1 2026 revenue Q1 2026 Revenue Like-for-Like +3.2% Q1 2026 €48.0m Q1 2026 Revenue Change +3.1% reported 2026 / 2025 +3.2% LfL Q1 Q1 % % €m 2026 2025 reported LfL in millions of euros €24.5m Total Business Services 48.0 46.6 +1.4 +3.1% +
Slide 31: Healthcare Professionals
Growth -€0.9m Healthcare Professionals 20.1% €32.1m Reported -2.7% of Q1 2026 revenue Q1 2026 Revenue Like-for-Like -2.2% Q1 2026 €32.1m Q1 2026 Revenue Change -2.7% reported 2026 / 2025 -2.2% LfL Q1 Q1 % % €m 2026 2025 reported LfL in millions of euros Total Healthcare 32.1 33.0 -2.7% -2.2% Cegedim
Slide 32: Data & Marketing
Growth +€0.3m Data & Marketing 18.9% €30.2m Reported +1.1% of Q1 2026 revenue Q1 2026 Revenue Like-for-Like +1.1% Q1 2026 €30.2m Q1 2026 Change Revenue +1.1% reported 2026 / 2025 +1.1% LfL Q1 Q1 % % €m 2026 2025 reported LfL in millions of euros €13.6m Data -1.3% reported -1.2% LfL Total Data & Mark
Slide 33: Cloud & Support
Growth -€2.6m Cloud & Support 4.8% €7.7m Reported -25.4% of Q1 2026 revenue Q1 2026 Revenue Like-for-Like -25.2% Q1 2026 €7.7m Q1 2026 -25.4 % reported Change Revenue -25.2 % LfL 2026 / 2025 Q1 Q1 % % €m 2026 2025 reported LfL in millions of euros Cloud & Support Total Cloud & Support 7.7 10.3 -2.6
Slide 34: Outlook & Agenda
Outlook & Agenda © Cegedim 2026 34
Slide 35: Outlook 2026
Outlook 2026 Revenue Recurring Operating Income & Like-for-Like Operating Income growth above 2 % Expected to increase Disclosure: Based on currently available information. The Group does not provide earnings estimates or forecasts. © Cegedim 2025 35
Slide 36: Financial agenda
Financial agenda 2026 2026 October 22 After the market closes 2026 July 23 After the market closes Q3 2026 2026 Revenue June 12 H1 2026 Shareholders’ Revenue September 24 general meeting H1 2026 Earnings © Cegedim 2026
Slide 37: Q&A
a. i ma cegedim © Cegedim 2026 Q&A 37
Slide 38: Annexes
a. i ma cegedim © Cegedim 2026 Annexes 38
Slide 39: Adjusted revenue indicators
Adjusted revenue indicators Change Change in millions of euros FY 2025 FY 2024 % €m Adjusted EBITDA 134.6 123.6 +11.0 +9.0% Depreciation and amortization expenses -85.2 -84.1 -1.1 +1.4% Operating income adjusted for specific items 49.4 39.5 +9.9 +25.1% Other specific items affecting operating income
Slide 40: Thank you for your attention
Thank you for your attention For more information [email protected]