Cegedim (CGM) Q4 2025 TU earnings summary

Executive summary

• Full year 2025 revenue reached €649.2 million, up 1.1% like-for-like but down 0.8% reported, mainly due to the deconsolidation of In Practice Systems in December 2024.

• Q4 2025 revenue was €173.0 million, down 1.5% like-for-like and 3.2% reported, with pharmacy activity in France and data activities outside France weighing on results.

• Growth was led by HR software, cloud, e-business, health insurance, and marketing, while pharmacy and international data activities lagged.

• Adjusted operating income is targeted to grow at least 15% for FY 2025.

Financial highlights

• Like-for-like annual revenue grew 1.1%, with reported revenue down 0.8% due to scope and currency effects.

• Q1 2025 showed the strongest growth: +3.5% reported, +4.5% like-for-like.

• Cloud and support posted 2.6% growth for the year despite the end of an outsourcing contract in Q2.

• Data and marketing division grew 1.5% reported, 1.3% like-for-like, with marketing up 2.9%.

• Health and provident insurance revenue grew 3% for the year, with software activity up 4.4%.

Outlook and guidance

• Adjusted operating income is expected to grow by at least 15% in 2025.

• For 2026, revenue growth is expected in the range of 2% to 4%, with positive trends in e-invoicing and Cegedim Santé.

• EBIT improvement in 2026 will be driven by pharmacy business restructuring and growth in Cegedim Santé.

• Management does not expect lower-than-expected revenue growth in 2025 to jeopardize the operating income outlook.