Cegedim S.A. (0DYQ) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

So good evening. Thank you for attending it. So it's about the revenue in Q1 twenty twenty six first quarter. So the revenue on this first quarter stood at €159,600,000 a slight decrease by 1% on reported data, 0.8% like for like. The difference between both is the currency impact only. There's no scope effect on this quarter. So this decline is mainly explained by negative comparison effects at the Cloud and Support business unit. And, more specifically, in its outsourcing activities. We had anticipated it. It's not a surprise. It comes from two main points, I would say. The first one is the end of this significant outsourcing contract that we had talked during 2025 and that ended on April one last year. So we still have this quarter this comparison for this first quarter. And the second one is that we had a very strong trading period last year on the first quarter that, you may remember, had boosted sales on Q1 twenty twenty five, and we don't have this trading the strong trading period this year. So as you can see on the left hand side, the revenue at the Cloud and Support business unit declined by 25%. Otherwise, you can see that we experienced some growth in France, especially in the business services activities, which are mainly HR and E business. We'll come back when we go to the various business units. Also, it's worth noting that we experienced growth in international subsidiaries in the health and provident insurance as well as in the health care professional business units we will develop later on. Also, it is worth noting, too, that the group sticks to its outlook for the full year and the like for like growth of 2% and an adjusted operating income increase over 2026. In this next slide, you can see that, as I mentioned before, the impact between like for...