Earnings call transcript: Cegedim Q3 2026 revenue rises 1.5% as cloud sales fall

Cegedim reported a 1.5% rise in third-quarter revenue to EUR 155.9 million, with like-for-like growth of 1.2%. The increase was driven by strong performance in Business Services and Health & Provident Insurance units, while the Cloud & Support segment saw a significant 40% decline. Full-year 2026 revenue guidance remains at 2% growth, with adjusted EBIT expectations ranging from EUR 55 million to EUR 60 million.

The company anticipates e-invoicing to become a major profit driver in 2027, contributing about EUR 5 million in additional EBIT. Despite the mixed results across divisions, Cegedim remains profitable and has a decent financial health score of 3.09 out of 5. The weak performance in pharmacy software and legacy systems is being addressed through the migration to the new Maiia platform.

Internationally, software for doctors in Spain and Belgium showed strong growth, while France and Spain saw steady progress. Overall, Cegedim is in a transition phase, shifting towards more profitable activities and benefiting from regulatory reforms in e-invoicing.