Cegedim Sa · EURONEXT:ALCGM
Cegedim Sa — FY2025 Earnings Presentation
22 slides from Cegedim Sa's earnings presentation, Mar 26, 2026
Slide 1: FY 2025 Earnings
FY 2025 Earnings March 26, 2026
Slide 2: 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 3: 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 3
Slide 4: Payroll costs
Payroll costs Payroll costs Headcount Offshore -1.1% -2.6% -€3.7m -172 salariés Offshore 28,4% €349.8m €346.1m 6 659 -130 +58 6487 Inshore 71,6% FY 2024 FY 2025 © Cegedim 2026 4
Slide 5: 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 6: 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 7: 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 8: 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 8
Slide 9: FY earnings by Business Unit
FY earnings by Business Unit © Cegedim 2026 9
Slide 10: Our Business Units
Our Business Units Health and Provident Business Services Insurance ▪ E-invoicing and procurement ▪ Software for supplementary health and provident insurers ▪ Healthcare flows ▪ Flow, Third party payment, ▪ Payroll and HR solutions and outsourced management and other services Cloud services & Suppor
Slide 11: Health and Provident Insurance
Health and Provident 25.8% €167.5m Adj.EBIT €14.6m Adj.EBIT margin 8.7% Insurance 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
Slide 12: 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 +7.7% reported Income 2025 / 2024 margin +7.7% LfL (Adj.EBIT) 2025 2024 €m % 2025
Slide 13: 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 14: 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 15: 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 & 2025 2024 €m % 2025 2024 Support in millions of euros Tot
Slide 16: 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 2026 16
Slide 17: 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 Q1 2026 2026 H1 2026 Revenue Revenue September 24 June 12 H1 2026 Earnings Shareholders’ general meeting © Cegedim 2026
Slide 18: Q&A
Bj cegedim © Cegedim 2026 Q&A 18
Slide 19: Annexes
Bj cegedim © Cegedim 2026 Annexes 19
Slide 20: Adjusted Operating Income by division
Adjusted Operating Income by division Software & Services Revenue = €292.7m Flow Adj.EBIT* = €15.6m +202.5%) Revenue = 106.4m Adj.EBIT margin* = 5.3% Cegedim Santé Adj.EBIT: -€0.3m • change -€0.6m Adj.EBIT* = 10.9m (-12.6%) Other activities France Adj.EBIT: €18.0m • Change +€4.7m Cloud International
Slide 21: 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 22: Merci pour votre attention
Merci pour votre attention Pour plus d’informations Investors.relations@cegedim.com