Cegedim revenue rises 1.5% in third quarter, supported by business services
Key Facts
Cegedim's reported revenue rose 1.5% year on year in the third quarter of 2026, according to a company statement, as business services grew despite a decline in Cloud & Support. Quarterly revenue reached 155.9 million euros, compared with 153.7 million euros in the same period of 2025. Organic growth at constant scope and exchange rates was 1.2%. Over the first nine months, group revenue reached 480.7 million euros, compared with 476.1 million euros a year earlier. Reported growth for the period was 1.0%, while organic growth was 0.9%.
Business Services posted reported growth of 9.5% in the third quarter, with revenue rising to 47.6 million euros from 43.5 million euros a year earlier, according to the statement. By activity, e-business revenue reached 16.5 million euros, compared with 14.5 million euros in the corresponding period. The business recorded reported growth of 13.5% and organic growth of 13.4%. Cegedim said in its presentation that revenue benefited from the first phase of the electronic invoicing reform in September 2026. Human resources software revenue also rose to 25.0 million euros from 23.5 million euros. Growth in this business was 6.5% on both a reported and organic basis.
By contrast, Cloud & Support revenue fell a reported 40.0% in the third quarter, according to the company statement. Revenue declined to 5.9 million euros from 9.8 million euros in the same period a year earlier. The group attributed part of the decline to "the expiry of an outsourcing contract during the quarter," according to its results presentation. The contraction followed an earlier decline in the first half, when the unit's revenue was 15.2 million euros, compared with 18.2 million euros. The reported decline then was 16.4%, with the year-on-year contraction deepening in the third quarter. The unit's businesses include hosting critical applications and health data, alongside IT and cybersecurity services. It also includes support services provided from offshore and nearshore centres, according to the official description of the group's activities.
Performance across the group's other units was mixed in the third quarter, with Health Insurance & Protection revenue rising a reported 3.0%, according to the statement. The unit's revenue reached 41.6 million euros, compared with 40.4 million euros a year earlier. Healthcare Professionals generated revenue of 32.6 million euros, compared with 32.3 million euros. Its reported revenue rose 0.9%, while organic revenue fell 0.4% at constant scope and exchange rates. Data & Marketing revenue reached 28.2 million euros, compared with 27.7 million euros in the third quarter of 2025. Reported growth in this business was 1.9%, compared with organic growth of 2.0%.
The third-quarter performance follows a start to the year that saw reported revenue fall 1.0% in the first quarter to 159.6 million euros, according to the statement for that period. The group then returned to growth in the second quarter, when revenue reached 165.2 million euros, compared with 161.2 million euros a year earlier. Reported growth in that quarter was 2.5%, while organic growth was 2.4%. Year-on-year growth therefore slowed on both a reported and organic basis in the third quarter compared with the previous quarter. For the first half as a whole, the group recorded revenue of 324.8 million euros, compared with 322.5 million euros in the corresponding period. First-half revenue growth was 0.7% on a reported basis and 0.8% organically, according to the company statement.
After the end of September 2026, Cegedim received an initial liquidation payment of 3.7 million euros from its British subsidiary INPS, according to the third-quarter revenue statement. The payment represents a partial recovery of receivables against which the group had previously made a full provision. In its outlook for 2026, the company maintained its organic revenue growth target of more than 2%. It also expected recurring operating income to rise during the year, according to its presentation. It also forecast an increase in operating income. The group is scheduled to announce full-year revenue on 28 January 2027 after the market closes, according to its official financial calendar.