Cegedim: profitability continues to improve

Cegedim
137 rue d’Aguesseau, 92100 Boulogne-Billancourt
Tel.: +33 (0)1 49 09 22 00
www.cegedim.fr
SA (corporation) with capital of €13,431,769.27
SIRET 350 422 622 00141
R. C. S. Nanterre B 350 422 622

PRESS RELEASE

Full-year financial information as of December 31, 2025
IFRS - Regulated information - Audited

Full year 2025 results: profitability continues to improve

• Adjusted EBITDA¹ of €134.6 million, equal to 20.7% of revenue
• Adjusted operating income up 25.1% to €49.4 million
• Generation of €43 million in cash and a reduction in net debt

Boulogne-Billancourt, France, March 26, 2026, after the market close

Cegedim generated consolidated 2025 revenue of €649.2 million, a 1.1% like-for-like increase, and adjusted EBITDA¹ of €134.6 million, a €11.1 million or 9.0% increase. Adjusted operating margin¹ came to 7.6% compared with 6.0% in 2024. The Groupe generated €43 million in cash and reduced net debt.

Consolidated revenues came to €649.2 million in 2025 compared with €654.5 million in 2024, down €5.3 million or 0.8%. The negative scope effect of €12.0 million, or 1.8%, was attributable to the deconsolidation of INPS in the UK on December 10, 2024. The negative currency impact was €0.4 million, or 0.1%, chiefly owing to appreciation of the pound sterling against the euro. Like-for-like³ revenues grew €7.1 million or 1.1% over the period. Cegedim’s HR, Cloud, e￾business, Health & provident insurance and Marketing businesses delivered the most solid growth over the full year. The pharmacy business ran into difficulties in France, leading to a decision to restructure those operations, which weighed on Group growth.

Analysis of business trends by Business Unit

• Health & Provident Insurance: Revenue rose €3.8 million, or 3.0%, over fiscal 2025 thanks in part to the boost to the software business from projects and in part to the third-party payer business’s successful fraud and long-term illness detection offerings. Adjusted operating income¹ fell €0.9 million, or 6.6%, to €14.6 million in 2025 from €15.7 million a year earlier, chiefly because BPO clients suffered a decrease in the number of beneficiaries they cover, which reduces the volume of healthcare services processed and therefore the business’s profitability.
• Business Services: Revenue rose €11.7 million, or 6.9%. The HR Software division is reaping the rewards of its diversification strategy, and the Invoicing & Procurement segment in France was was buoyed by the approach of the first phase of implementing e-invoicing reforms, scheduled for September 2026. Growth at the BPO business was more modest, 1.6%, as some clients have reduced their workforce. Adjusted operating income¹ rose €2.8 million, or 11.9%, to €26.0 million in 2025 from €23.2 million in 2024. The main drivers were cost containment at the HR software business, which more than offset those arising from the preparation of the aforementioned reform.
• Healthcare professionals

Sales at Cegedim Santé slowed, mainly because a service agreement came to an end in late 2024 and was renewed in the second quarter of 2025 at a lower rate. Even so, EBITDA rose over the period thanks to good cost management—particularly for personnel costs—and despite a €1.8 million drop in R&D capitalization. On the other hand, adjusted operating income¹ was a €0.3 million loss whereas in 2024 it had reported a profit of €0.3 million. owing to an increase in R&D amortization charges over the period.

The Doctors ex. France business was impacted by the deconsolidation of INPS as of December 10, 2024, resulting in a 47.3% drop in revenue as reported, whereas revenue actually rose 4.3% like for like. Similarly, adjusted operating income¹ rose €6.5 million, putting it in positive territory at €0.2 million. Part of the improvement was also due to Spain.

The Pharmacy software business saw its revenue and adjusted operating income¹ fall by respectively €11.6 million, or 22.5%, and €1.1 million, or 14%. The unit was mainly hampered by struggles at the pharmacy business, which spent the second half of the year focused on reorganizing its teams after announcing a workforce restructuring plan during the summer.

• Data & Marketing: The Data business posted full-year revenue growth of 0.2%, with relatively poor conditions abroad obscuring a moderate performance in France. The Marketing segment beat its target of stability after a 2024 inflated by record sales related to the Olympic Games—revenue rose 2.9%. Adjusted operating income (1) rose €0.7 million year on year between 2024 and 2025, an increase of 4.3%, mainly attributable to the Marketing division.
• Cloud & Support: Adjusted operating income¹ for 2025 returned to positive territory—at €0.9 million vs. a €1.8 million loss in 2024—due to an active cost-control policy.

Highlights

• Implementing IP Box tax rules
  The Group opted to implement the new IP Box tax rules starting in 2024. Under those rules, income from selling licenses for software developed in-house is taxed at a reduced rate of 10%. Cegedim had also asked to claim the reduced rate on revenue from the period 2021-23, and the approval of that request resulted in a €11.1 million reimbursement. The corresponding entries to the €11.1 million are €3.7 million of tax income recorded in net income and a €7.4 million reduction in tax assets receivables on the balance sheet.
• Tax dispute
  Cegedim has an ongoing dispute with French tax authorities over its use of tax loss carryforwards, which it does not expect to be resolved for several years. From now on, Cegedim will prioritize use of the IP Box rules and only use its tax loss carryforwards as a secondary option in the medium term. Given that the remaining deferred tax assets related to those carryforwards are unlikely to be used in the near term, they have been cancelled using a €4.1 million non-cash P&L entry.
  In the context of the dispute, Cegedim paid French tax authorities the tax amounts that had been reassessed and in return recorded a tax asset receivable. The final reassessment payment was made after the end of the fiscal year, in January 2026. No more cash payments will be made in respect of this tax dispute. The tax credit receivable from French tax authorities amounted to €15.9 million at the end of the fiscal year, or a total of €20.1 million including the January 2026 payment. A ruling in the Group’s favor would lead to a payment to Cegedim of that amount, plus interest on late payment. An unfavorable ruling would not result in any payment by the Group, but Cegedim would record a loss on of the tax expense asset receivable.
• Workforce restructuring at the pharmacy business
  The Group decided to restructure the workforce at its pharmacy management software business in France, making around 100 positions redundant. By rethinking its organization and reconfiguring to align with market trends and client needs, the Company ambitions to return to a level of performance that ensures a solid foundation for employees and innovation for clients. The impact is recognised in non-recurring expenses for the 2025 financial year and amounts to €7.4 million.
• Cegedim Group shares transferred to trading on Euronext Growth
  Trading in shares of Cegedim SA were transferred from the regulated market of Euronext Paris (compartment B) to Euronext Growth Paris on September 4, 2025. The Euronext admission committee approved the application to admit the shares to Euronext Growth Paris on August 29, 2025. We discussed the rationale for the move and its impacts in a press release dated June 13, 2025.
• Business activities of INPS sold
  The business activities of INPS have been sold during 2025 to OneAdvanced, a UK-based IT services provider, pursuant to a decision by the administrator in-law who has overseen the business since December 10, 2024. With this initial step now complete, the process of liquidating the subsidiary is currently underway. These events will not impact the Group’s financial statements until INPS is definitively liquidated, which is likely to happen during the first half of 2026, at which point Cegedim may receive a liquidation dividend.

Significant transactions and events post December 31, 2025

To the best of the company’s knowledge, there were no post-closing events or changes after December 31, 2025, that would materially alter the Group’s financial situation.

Outlook

Based on the currently available information, the Group expects 2026 like-for-like revenue growth³ to be more than 2% compared with 2025. Adjusted operating income² should continue to improve substantially.

These targets are not forecasts and may need to be revised if there is a significant worsening of geopolitical, macroeconomic or currency risks.

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The Audit Committee met on March 25, 2026. The Board of Directors, chaired by Jean-Claude Labrune, met on March 26, 2026, and approved the consolidated financial statements at December 31, 2025. The Interim Financial Report will be available in April, in French and in English, on our website.

• WEBCAST ON MARCH 26, 2026 AT 6:15 PM (PARIS TIME)
  The webcast is available at: www.cegedim.fr/webcast

The fiscal 2025 results presentation is available:

On the website: https://www.cegedim.fr/finance/documentation/Pages/presentations.aspx

2026 financial calendar

Financial calendar: https://www.cegedim.fr/finance/agenda/Pages/default.aspx

Disclaimer

This press release is available in French and in English. In the event of any difference between the two versions, the original French version takes precedence. This press release may contain inside information. It was sent to Cegedim’s authorized distributor on March 26, 2026, no earlier than 5:45 pm Paris time.
The figures cited in this press release include guidance on Cegedim's future financial performance targets. This forward-looking information is based on the opinions and assumptions of the Group’s senior management at the time this press release is issued and naturally entails risks and uncertainty. For more information on the risks facing Cegedim, please refer to Chapter 7, “Risk management”, Section 7.2, “Risk factors and insurance”, and Chapter 3, “Overview of the financial year”, Section 3.6, “Outlook”, of the 2024 Universal Registration Document filled with the AMF on April 7, 2025, under number D.24-0233.

About Cegedim:

Founded in 1969, Cegedim is an innovative technology and services group in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs nearly 6,500 people in more than ten countries and generated revenue of over €649 million in 2025.
Cegedim SA is listed in Paris (EURONEXT GROWTH: ALCGM).
To learn more please visit: www.cegedim.fr
And follow Cegedim on X: @CegedimGroup, LinkedIn, and Facebook.

Aude Balleydier
Cegedim
Media Relations
and Communications Manager
Tel.: +33 (0)1 49 09 68 81
aude.balleydier@cegedim.fr

Damien Buffet
Cegedim
Head of Financial
Communication
Tel.: +33 (0)7 64 63 55 73
damien.buffet@cegedim.com

Kévin Veyssière
Mantu Agency
Media Relations Consultant
Tel.: +33 (0)6 52 08 13 66
kveyssiere@mantu.com

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Annexes

Consolidated financial statements at December 31, 2025

Assets at December 31, 2025

Liabilities and equity at December 31, 2025

Income statement as of December 31, 2025

Adjusted indicators

“Adjusted” indicators

“Adjusted” indicators: As mandated by the new accounting standards that took effect in France on January 1, 2025 (Nouveau Plan Comptable Général), the Group only records a limited number of specific transactions in the non￾recurring operating income and expenses line of its parent company financial statements. The approach is the same for the consolidated financial statements, with certain specific items for the fiscal year still recorded in the relevant lines under recurring operating income. Until 2024, these specific items were reported under other non-recurring operating income and expenses.

The “adjusted” indicators for 2025 are therefore comparable to the “current” indicators for 2024, and allow the Group to maintain the presentation historically used in its financial reporting.

Cash flow statement as of December 31, 2025

Financial covenants

The Group complied with all its covenants as of December 31, 2025.

From this financial year onwards, the Group reports its activities organised by business units. The historical breakdown by division shown below is provided one last time for the sake of comparability with previous financial years.

Breakdown by division

Notes

1. The Group’s alternative performance indicators now include the term “adjusted”, which is defined on page 2 of this press release and pages 54-57 of the Interim Financial Report.
2. Alternative performance indicator. See pages 114-115 of the 2024 Universal Registration Document.
3. At constant scope and exchange rates.