Cegedim Group reported a slight expansion in half-year margins for 2026, with adjusted operating income rising nearly 7% even as revenue growth remained stubbornly modest. The French healthcare software company posted H1 revenue of €324.8 million, up just 0.7% year-over-year — or 0.8% on a like-for-like basis.
Adjusted EBIT came in at €19.7 million, up 6.9% from the same period last year, lifting the adjusted EBIT margin to 6.1% from 5.7%. Operating free cash flow totaled €58.9 million, a €2.3 million improvement, supported by a €4.4 million working capital contribution.
Net debt excluding IFRS 16 fell 17.3% to €150.4 million, a reduction of €31.4 million versus H1 2025. Total assets rose to €1,022.8 million from €1,001.2 million at end-2025, while shareholder equity climbed to €296.9 million from €291.8 million.
Business Services was the strongest contributor, generating €95.7 million in revenue with 4.3% like-for-like growth and an adjusted EBIT margin of 15.6%, up from 13.4%. Health & Provident Insurance also improved, with margin expanding to 8.5% from 6.7%. Data & Marketing saw its margin compress sharply to 9.3% from 14.6%, while Healthcare Professionals recorded an adjusted EBIT loss of €6.8 million, though less severe than the €8.7 million loss a year earlier. Cloud & Support, hit by the termination of a major outsourcing contract, reported a €1.6 million adjusted EBIT loss and revenue of just €15.2 million.
Cegedim reduced headcount by 113 employees to 6,492, primarily through offshore reductions. Capex rose to €52 million from €36.2 million in H1 2025, driven by increased intangible asset acquisitions linked to R&D capitalization and higher tangible asset spending.
The company reaffirmed its full-year 2026 target of like-for-like revenue growth above 2%, citing expected inflows of approximately €4 million in Ségur subsidies, momentum from France’s e-invoicing reform, and growth in Spain and Belgium. Financial costs came in at €9.6 million against net income attributable to the group of €5.4 million.
Shares in Cegedim (ALCGM) fell 2.55% to $11.48 following the results release. The stock has traded between $8.50 and $15.30 over the past 52 weeks. FCB retains a 61.1% controlling stake as of August 31, 2026. Full-year 2025 revenue came in at €649.2 million, with France accounting for 91.9% of total sales.
