Cegedim generated LFL revenue growth of 1.1% in 2025

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

Quarterly financial information as of December 31, 2025
IFRS - Regulated information - Not audited

Cegedim generated LFL revenue growth of 1.1% in 2025

• Full year revenue rose 1.1% like for like to €649.2 million
• Fourth quarter 2025 revenue slipped 1.5% like for like to €173.0 million
• Cegedim Group confirms its target for FY adjusted operating income growth of at least 15%

Boulogne-Billancourt, France, January 29, 2026, after the market close

Revenue

Cegedim’s consolidated fourth quarter 2025 revenues came to €173.0 million, down 3.2% as reported and 1.5% like for like² compared with the same period in 2024. Growth in the healthcare professionals business internationally, and in e-business and Cegedim Santé in France, was mitigated by weaker sales to pharmacies in France and in data-related activities abroad.

Over the full year 2025, revenues rose 1.1% like for like but dipped 0.8% as reported compared with 2024. Cegedim’s HR, Cloud, e-business, Health and 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.

Cegedim Group confirms its target for FY adjusted operating income growth of at least 15%.

Analysis of business trends by division

Software & Services

Revenue at Cegedim Santé rose 2.5% as reported and like for like in the fourth quarter, notably owing to the impact of the second wave of Ségur public health investments. Over the full year, revenue fell 0.5% as reported and 2.6% like for like compared with 2024, with the difference attributable to the consolidation of Visiodent starting March 1, 2024. A data service agreement that was renewed at a lower rate weighed on the unit’s growth and overshadowed dynamic sales for Maiia and the Claude Bernard database throughout the year, and especially in the fourth quarter.

Other French subsidiaries saw revenue fall 7.2% in the fourth quarter and 1.7% over the full year. Weaker growth in the segment was chiefly due to struggles at the pharmacy business, which spent the second half of the year focused on reorganizing its teams in France after announcing a workforce restructuring plan during the summer. On the other hand, the health and provident insurance and HR businesses posted solid growth over the full year.

International businesses returned to like-for-like growth for both the fourth quarter (+21.8%) and the full year (+5.1%), although reported growth was affected—as expected—by the deconsolidation of INPS on December 10, 2024. In the UK, both the pharmacists business and Activus, a software solution for health and provident insurance for expats, are generating strong sales thanks to new client wins and project-based business. Spain also had a very successful year, thanks notably to computer solutions for doctors affiliated with the country’s National Sports Council and to phase one of implementing a new electronic medical records system for the Balearic Islands.

Flow

Revenue growth in e-business, e-invoicing and digitized data exchanges came to 9.1% like for like in the fourth quarter and 7.7% over the full year. Growth was driven particularly by the Invoicing & Procurement segment in France in the run-up to phase one of implementing e-invoicing reforms (scheduled for September 2026) and by Healthcare Flow Management, which continues to post solid performances.

The digital data flow business dealing with reimbursement of healthcare payments in France (Third-party payer) experienced 4.1% growth over the full year. It was boosted by demand for its fraud and long-term illness detection offerings, which had a record level of sales in Q4 2024, which explains why Q4 2025 shows a dip by comparison.

Data & Marketing

Data revenue fell 4.1% in the fourth quarter of 2025 but were virtually stable over the full year. Relatively weak market conditions abroad overshadowed a solid performance in France.

On the Marketing side, advertising in pharmacies posted full-year growth of 2.9%, beating a forecast for stable growth after a 2024 bolstered by unusually strong activity related to the Paris Olympic Games. As a result, the passing weakness in the fourth quarter is nothing to be concerned about.

BPO

Insurance BPO revenue was nearly stable, at -0.3% in the fourth quarter, and slightly positive over the full year, at +0.8%. Some clients have seen a decline in policyholder numbers, and after three years of strong expansion, growth in overflow services is moderating.

Business Services BPO (HR and digitalization) reported a 1.0% dip in the fourth quarter and 1.6% growth over the full year on the back of a popular compliance offering.

Cloud & Support

Cloud & Support division revenue was down 9.9% in the fourth quarter because a significant outsourcing contract was not renewed in the second quarter of 2025. Despite that, full year growth was still positive at 2.6% owing to good momentum in cloud sales, with new clients added in late 2024 contributing to recurring revenue.

Highlights and significant transactions or events post December 31, 2025

To the best of the company’s knowledge, there were no events or changes, that would materially alter the Group’s financial situation.

Outlook

Reported and like-for-like¹ revenue growth in 2025 was below the bottom of the announced ranges of respectively 0% to 2% and 2% to 4% compared with 2024. This performance is unlikely to jeopardize the outlook for adjusted operating income, which the Group expects to continue improving by at least 15%.

WEBCAST ON JANUARY 29, 2026, AT 6:15 PM (PARIS TIME)

The webcast is available at: www.cegedim.fr/webcast

The FY 2025 revenue presentation is available at:
https://www.cegedim.fr/documentation/Pages/presentation.aspx

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 January 29, 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.

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Annexes

Breakdown of revenue by quarter and division

Year 2025

Year 2024

Revenue breakdown by geographic zone, currency and division at December 31, 2025

Revenue breakdown by quarter and Business Unit

Year 2025

Year 2024

Revenue breakdown by geographic zone, currency and BU at December 31, 2025

Notes

1. At constant scope and exchange rates.
2. The negative scope effect of 1.5% was attributable to the deconsolidation of INPS as of December 10, 2024. The negative currency impact of 0.2% was mainly due to the pound sterling.
3. The negative scope effect of 1.8% was attributable to the deconsolidation of INPS as of December 10, 2024. The negative currency impact of 0.1% was mainly due to the pound sterling.