Cegedim: Net income of €4.2 million in the first half of 2026, profitability improves
Cegedim published on September 24, 2026, after market close, its accounts for the first half of 2026. The technology group based in Boulogne-Billancourt shows limited organic growth in its revenue, but a clear improvement in its operating profitability.
This progression in results is largely explained by the sharp decline in charges related to the restructuring plan undertaken in 2025 in pharmacy software, which had weighed on the year-on-year comparison.
Stable revenue, operating income multiplied
Over the first six months of 2026, Cegedim recorded consolidated revenue of €324.8 million, up 0.7% on a reported basis and 0.8% organically compared to €322.5 million in the first half of 2025. The acquisition of Médoucine, consolidated as of May 1, 2026, contributed a scope effect of €0.2 million, while the depreciation of sterling generated a negative currency impact of €0.5 million.
Adjusted EBITDA stood at €62.0 million, up 1.3%, representing 19.1% of revenue compared to 19.0% a year earlier. Adjusted operating income increased by 6.9%, to €19.7 million, bringing adjusted operating margin to 6.1% compared to 5.7% on June 30, 2025.
Operating income reached €17.3 million, up €7.8 million, or 82.9%. Consolidated net income reached €4.2 million, compared to €0.1 million in the first half of 2025.
End of restructuring plan eases charges
The magnitude of operating income growth is first due to the decline in non-recurring and specific items, reduced to €2.4 million compared to €9.0 million a year earlier, a decrease of €6.6 million. In the first half of 2025, the group had set aside a provision of €6.0 million for the workforce restructuring plan of the pharmacy software activity in France, which is now complete.
The improvement in adjusted EBITDA is attributed to good cost control, with reduced recourse to external service providers and lower personnel expenses following this reorganization. Adjusted operating income progressed even as the net R&D effect was reduced by €0.8 million, moving from a positive effect in 2025 to an almost neutral effect in 2026, as the group now depreciates roughly as much as it capitalizes.
By business unit, Health & Provident Insurance saw its adjusted operating income advance by 27.5%, to €7.1 million, and Business Services by 21.4%, to €14.9 million. Pharmacy software activity reduced its adjusted operating loss by €4.0 million, to €1.6 million. Conversely, the Data & Marketing division saw its adjusted operating income decline by €3.1 million, to €6.1 million, and the Cloud & Support division recorded a revenue decline of 16.4%, linked to the end of a major outsourcing contract and exceptionally high resale activity in the first quarter of 2025.
Annual growth expected above 2%
For the full year 2026, the group indicates it is targeting revenue growth at constant scope and exchange rates of more than 2% compared to 2025, and a continuation of the significant improvement in adjusted operating income.
This expected level of growth is above the organic performance of the first half, which stood at 0.8%. The strongest contributions to semi-annual growth came from Business Services activities in France (human resources and e-business), third-party payment in health insurance, as well as international subsidiaries of the Health & Provident Insurance and Healthcare Professionals units.
On the financial side, cash stood at €78.7 million on June 30, 2026, compared to €92.3 million at the end of 2025. The group notes that it complied with all its covenants on June 30, 2026. Third quarter 2026 revenue is expected on October 22, 2026.
