Cegedim Sa · EURONEXT:ALCGM
Cegedim Sa — FY2025 Earnings Presentation
27 slides from Cegedim Sa's earnings presentation, Jan 29, 2026
Slide 1: FY 2025 Revenue
FY 2025 Revenue January 29, 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: Highlights 2025
Highlights 2025 2025 €649.2m -0.8% reported Highlights +1.1% Like-for-Like • Like-for-Like annual growth of 1.1%, reported Q4 €173.0m decrease of 0.8% -3.2% reported -1.5% Like-for-Like Q3 • Annual growth best performers: HR, Cloud, Health Insurance and Marketing Q2 50 • Confirmation of FY adjusted
Slide 4: Q4 & FY Revenue growth
Q4 & FY Revenue growth Q4 2025 -1.5% Like-for-Like growth 1.1% Like-for-Like growth €178.7m -1.5% -1.5% -0.2% +1.1% -1.8% -0.1% €173.0m 654.5m €649.2m -€2.6m -€2.6m -€0.5m +€7.1m -€12.0m -€0.4m Like-for-Like Structure Currency Like-for-Like Structure Currency growth impact impact growth impact impac
Slide 5: Revenue by BU
Revenue by BU aa cegedim © Cegedim 2026
Slide 6: Q4 Revenue by Business Unit (BU)
Q4 Revenue by Business Unit (BU) Health and Provident Cegedim Insurance Business Services* Revenue = €43.6m Revenue = €46.2m -0.9% rep. • -0.7% LfL +5.3% rep. • +5.4% LfL €16.8m • +1.9% €24.2m • +4.7% €11.4m • -5.5% Cloud €16.3m • +8.7% €15.4m • -0.3% & Support €5.7m • -1.0% * HR and e-business Reve
Slide 7: FY Revenue by Business Units (BU)
FY Revenue by Business Units (BU) Health and Provident Cegedim Insurance Business Services* Revenue = €167.6m Revenue = €181.5m +3.0% rep. • +3.0% LfL +6.9% rep. • +6.9% LfL €63.6m • +4.4% €95.5m • +7.7% €43.5m • +4.1% Cloud €62.9m • +7.6% €60.5m • +0.8% & Support €23.1m • +1.6% * HR and e-business
Slide 8: Revenue by division
Revenue by division © Cegedim 2026 8
Slide 9: Data & Marketing reported revenue growth bridge by division
Reported revenue growth bridge Bridge by division Q4 Bridge by division 2025 Reported growth Reported growth -4.1% +2.4% -4.6% -0.5% +9.9% -4.9% +6.1% +1.5% +1.0% +2.6% €178.7m -€3.3m +€0.7m -€1.8m €173.0m €654.5m -€15.1m +€6.1m +€1.9m €649.2m -€0.1m -€1.2m +€0.9m +€0.9m Software & Services Software
Slide 10: Software & Services
Growth +€15.1m Software & Services 45.0% €292.7m Reported -4.9% Like-for-Like -0.8% of FY 2025 revenue Revenue 2025 €292.7m 2025 Change By quarter -4.9% reported By activity Revenue -0.8% LfL 2025 / 2024 FY FY % % €m €76.8m 2025 2024 reported LfL in millions of euros Q4 -4.1% reported -0.4% LfL Tota
Slide 11: Flow
Growth +€6.1m Flow 16.4% €106.4m Reported +6.1% Like-for-Like +6.2% of FY 2025 revenue Revenue 2025 €106.4m 2025 +6.1% reported By activity Change By quarter +6.2% LfL Revenue 2025 / 2024 €27.7m FY FY €m % % Q4 +2.4% reported 2025 2024 reported LfL +2.6% LfL in millions of euros Q3 Total Flow 106.4
Slide 12: Data & Marketing
Growth +€1.9m Data & Marketing 19.7% €127.8m Reported +1.5% Like-for-Like +1.3% of FY 2025 revenue Revenue 2025 €127.8m +1.5% reported 2025 By quarter By activity Change +1.3% LfL Revenue 2025 / 2024 €36.6m FY FY % % Q4 -4.6% reported €m 2025 2024 reported LfL -4.5% LfL in millions of euros Total Da
Slide 13: BPO
Growth +€0.9m BPO 12.9% €83.6m reported +1.0% Like-for-Like +1.0% of FY 2025 revenue Revenue 2025 €83.6m +1.0% reported 2025 By quarter +1.0% LfL By activity Change Revenue 2025 / 2024 €21.1m FY FY % % Q4 -0.5% reported €m 2025 2024 reported LfL -0.5% LfL in millions of euros Q3 Total BPO 83.6 82.7
Slide 14: Cloud & Support
Growth +€0.9m Cloud & Support 6.0% €38.7m reported +2.6% Like-for-Like +2.6% of FY 2025 revenue Revenue 2025 €38.4m 2025 +2.6% reported By quarter By activity +2.6% LfL Change Revenue 2025 / 2024 Q4 €10.8m -9.9% reported -9.9% LfL FY FY % % Q3 €m 2025 2024 reported LfL in millions of euros Q2 Total
Slide 15: Outlook
Outlook 2025 Adjusted Operating Income (1) Growth of at least 15% Based on currently available information. (1) “Adjusted operating income” is entirely comparable to the “recurring operating income” figures reported until 2024 to ensure continuity in the indicators Cegedim Group has historically use
Slide 16: Financial agenda
Financial agenda 2026 2026 2026 October 22 After the market closes April 23 July 23 Q3 2026 After the market closes 2026 After the market closes Revenue 2026 Q1 2026 2026 H1 2026 Revenue Revenue September 24 March 26 June 12 H1 2026 After the market closes Earnings Shareholders’ Full Year 2025 gener
Slide 17: Q&A
a. i ma cegedim © Cegedim 2026 Q&A 17
Slide 18: Appendix
a. i ma cegedim © Cegedim 2026 Appendix 18
Slide 19: Revenue by division
Revenue by division © Cegedim 2026 19
Slide 20: Revenue 2025 – By quarter and by division
Revenue 2025 – By quarter and by division in millions of euros Q1 Q2 Q3 Q4 Total Software & Services 72.4 72.0 71.5 76.8 292.7 Flow 27.6 25.8 25.3 27.7 106.4 FY 2025 Data & Marketing 29.9 33.5 27.7 36.6 127.8 BPO 21.1 22.1 19.3 21.1 83.6 Cloud & Support 10.3 7.8 9.8 10.8 38.7 Revenue Groupe 161.3 16
Slide 21: Revenue par division
Revenue par division Q4 Change 2025 / 2024 FY Change 2025 / 2024 Like-for-Like Like-for-Like in millions of euros Q4 2025 Q4 2024 reported (1)(2) 2025 2024 reported (1)(3) Software & Services 76.8 80.1 -4.1% -0.4% 292.7 307.8 -4.9% -0.8% Flow 27.7 27.0 +2.4% +2.6% 106.4 100.3 +6.1% +6.2% Data & Mark
Slide 22: Revenue 2025 – Geographies and currencies
Revenue 2025 – Geographies and currencies Geographical area Currency In % of consolidated revenue EMEA France Americas Euro GBp Others excl. France Software & Services 86.6% 13.3% 0.1% 90.5% 7.6% 1.9% Flow 92.0% 8.0% 0.0% 94.4% 5.6% 0.0% Data & Marketing 96.5% 3.5% 0.0% 98.2% 0.0% 1.8% BPO 100.0% 0.
Slide 23: Revenue by BU
Revenue by BU © Cegedim 2026 23
Slide 24: Reported revenue growth bridge by BU
Reported revenue growth bridge by BU Q4 FY 2025 Reported growth Reported growth -0.9% +5.3% -11.5% -4.6% -9.9% +3.0% +6.9% -24.7% +1.5% +2.6% €178.7m -€0.4m +€2.3m -€4.6m -€1.8m €173.0m €654.5m €649.2m -€1.2m +€4.9m +€11.7m -€15.6m +€1.9m +€0.9m Health and Provident Insurance Health and Provident In
Slide 25: Revenue 2025 – By quarter and by BU
Revenue 2025 – By quarter and by BU in millions of euros Q1 Q2 Q3 Q4 Total Health and Provident Insurance 47.5 42.1 40.4 43.5 167.5 Cegedim Business Services 46.5 45.3 43.5 46.2 181.5 Exercice Healthcare professionals 33.1 32.5 32.3 35.9 133.7 2025 Data & Marketing 29.9 33.5 27.7 36.6 127.8 Cloud &
Slide 26: Revenue 2025 – zones géographiques et devises
Revenue 2025 – zones géographiques et devises Geographical area Currency In % of consolidated revenue EMEA France Americas Euro GBp Others excl. France Health and Provident Insurance 95.1% 4.9% 0.0% 95.1% 4.9% 0.0% Cegedim Business Services 95.2% 4.8% 0.0% 96.6% 3.3% 0.1% Healthcare professionals 76
Slide 27: Thank you for your attention
Thank you for your attention For more information [email protected]