Thank you very much for attending this presentation. We have just released our H1 revenue for 2026.

So... The revenue for the first half of 2026 stands at €324.8 million, which is a 0.7% reported growth, 0.8% like-for-like.

As you may remember, first quarter was down 1%, mainly due to a negative base effect at the Cloud and Support segment. We'll remind you later on, but it was due to a major outsourcing contract which had come to an end, as well as a strong trading period in Q1 2025.

Second quarter came with a growth of 2.5% reported, 2.4% like-for-like, benefiting from the growth at the Business Services business unit, partly due to the upcoming first round of e-invoicing reform in France starting on September 1st, 2026. Also, the third-party payment activity is still well-oriented, as you may have seen on the last quarters.

Also, international subsidiary of health and provident insurance, as well as healthcare professional, kept their uptrend going in Q2. I reminded you this negative base effect on the right there.

It's worth noting also that the group sticks to its outlook for a full year like-for-like growth over 2%, and an adjusted operating income increase, and also operating income increase. I suggest that we will go in every BU.

First, on this bridge, you can see that the like-for-like growth is 0.8%. We have a negative currency impact of 0.2%, which is mainly due to the sterling pound.

We have a small positive effect on the structure impact of €0.2 million. This is due to the acquisition of Medoucine by Cegedim Santé on April 30th, sorry.

It's a leading French platform for booking appointments with verified practitioners in complementary care fields, such as osteopath, sophrologist, and many others. These are the two effects.

You're now used to our business units, and I suggest that we just go into detail for each of them. First one is the Health and Provident Insurance.

In H1, it was almost 26% of the group revenue. It stands with a €84.1 million revenue on first half, which is a 0.7% reported growth, 0.8% like-for-like.

The first segment is the software business. In the UK, we still have a solid growth over the first half.

Q2 was in the same line as Q1 with this growth. While in France, you may remember that on Q1, we had a slight drop, but the project-based revenue picked up in Q2, resulting in a flat performance over the first half for this segment.

On the third-party payer, as I mentioned in the introduction, still a strong growth in Q2 as well as Q1. This trend has been experienced for the last quarters, especially thanks to its fraud detection solution and also a new client started in Q1.

It helped this growth of 8.2% over the first half. Last segment is the BPO, and as we had mentioned in our previous call, this segment is impacted by a decrease in the number of beneficiaries managed by our own clients, which is an adverse trend for the moment.

Also, the overflow solution experienced a weak first half. These two things explain this negative performance over H1.

All in, it's a positive growth for the Health and Provident Insurance over the first half. On the second business unit that you are used to also is the Business Services unit, it was 29.5% of the total revenue of the group on first half.

€95.7 million over the half-year, which is 4.2% reported growth, 4.3% like-for-like. We've seen in Q2 the same trends as in Q1, with very positive growth at the HR software segment, which stems from the positive impact from the starting up of HR contracts won in 2025.

Second segment is the e-business segment, in which you have the e-invoicing business. As we had talked about it on the last quarters.

We have this reform in France starting up on September 1st this year, 2026. We can see this segment experience an accelerating momentum as companies affected by the first round of e-invoicing are getting more business for us.

It's 3.9% growth reported, 4.2% like-for-like over the first half. Last but not least, the BPO segment here has gained some new clients.

We had already seen that also in Q1. Those new clients started during the first six months of 2026.

All in all, it's a positive first half for the Business Services business unit. The third business unit is the Healthcare Professionals business unit, it was almost 20% of the group revenue for the first half.

€64.7 million generated. Or you remember on Q1, the business unit had a decrease of 2.7% in its revenue, and you can see that in Q2, we had a better Q2 with a flattish performance in Q2 over this business unit.

It posted over the first half a decrease of 1.2% reported and like-for-like. In this business unit, you know that we have this Cegedim Santé group.

Experience a slight decrease over the first half: 1.6% reported, 2.3% like-for-like. It's mainly due to its legacy solutions, on which they have a churn mainly caused by professionals getting retired.

It's experiencing solid growth at the Maiia suite and the Claude Bernard database. Also, the gap between the reported and like-for-like growth is due to the integration of Medoucine on May 1st in our accounts.

As I mentioned earlier, it's a platform for booking appointments with complementary care fields practitioners. The second one is the doctors outside France, where you can see a very strong growth of 14% over the first half.

The trend that had been experienced in Q1 was even stronger in Q2, especially in Spain, where we have a boost really coming from Spain, especially thanks to the project in the Balearic Islands that is really performing well. Also, a new project in Belgium, which is gaining traction after its certification in late 2025, explaining this strong growth at the doctors outside France during the first half.

The last segment on this business unit is the pharmacists software activity. You can see that we are still experiencing a decrease over the first half, even though Q2 was slightly better than Q1.

The main reason, still mainly due to the French business, as sales were paused during the 2025 restructuring. We'd say that it's a consequence of the restructuring for the moment on the business activity.

Overall for this business unit, the growth was a negative 1.2% over first half with a better Q2 than Q1. The fourth business unit is the Data and Marketing BU, it's 20% of the group's revenue over the first half.

A revenue of €65.1 million. It's a 2.6% reported growth and like-for-like.

You may remember that the data business in Q1 had experienced a drop, but now growth is back in Q2, and also over first half, too. It's due to still a very solid business activity in France, and also an improvement in the international operations for the data business in Q2.

The marketing business, still a very important growth of 3.8%. Even though France has a very demanding comparison basis in H1 2025, we are still experiencing growth over there.

Also, we have a bit of growth coming from the new operation in Spain that started at the beginning of the year. It's a growth of 2.6% for the business unit over the first half.

Sorry. The fifth business unit is the Cloud and Support business unit, it was 4.7% of the total group revenue over first half, €15.2 million.

It's a decrease of 16.4% reported and like-for-like on H1. You can see that the Q1, as I—as we had mentioned in April, was suffering from a demanding comparison due to the end of a significant outsourcing contract and a strong period in—in Q1 trading period in Q1 2025.

Q2 was a bit better, but still a moderate decrease. Overall, it's a decrease over the first half on the Cloud and Support business unit.

As we had mentioned earlier on, 2026 is a—is a—is a changing year for—for—for this—for this activity. We'll have more growth in 2027.

All in, as I mentioned earlier in the—in the introduction, we keep our outlook for the 2026—for 2026, sorry, with like-for-like growth above 2% in—over the year, and also an increase in the recurring operating income and operating income. Last, the next meetings we'll have: so on September 24th, we'll have the release of our H1 earnings, and on October 22nd, we have the release of our revenue for Q3.

We have the revenue for Q3. That was the presentation.

Now you are used to the way we function, I suggest that if you have any question, please raise your hand on the here, and we'll give you the floor for your question. Amadou, the floor is yours.

Hello Damien, thanks for having me. For me, it's maybe two questions.

Both are AI-related. The first one is: are you seeing new entrants in your markets, right?

Are there people or entrepreneurs using AI to try to compete with you with new offers or self-coded apps and so on?

Okay.

Second one is: how are you using AI yourself in your business, in your research and development? Or if you like, you can give some color on that, right?

I think that's my two most important ones. Thank you.

Thank you Amadou for your questions. The use of AI: so of course, we have three main fields for AI.

The one you mentioned is that we provide AI for developers, different kinds of AI, so that now it's a major trend in our industry. We need them to have those tools to develop the products in the future.

We also have AI in our products. We are integrating AI in various products, for instance, for the Maiia Médecin solution.

We have integrated AI in order to have reports with the doctor talking to the patient. Also, we have the Claude Bernard AI solution, which helps also the doctors.

We are able to integrate more and more AI to our customers, to help our customers. The third field, to put it in a nutshell, is also to help our business units, especially in the fields which are labor-intensive.

For instance, in our BPO operations in the insurance, we have them a lot with some new projects we have, in order to facilitate and ease the treatment of various documents. On the new entrants in the market, we haven't seen any major entrants coming into our markets.

They may have some. Still, we are in business which are very much regulated, and which you need to have a good experience of the business also.

I would say for the moment, no disruptive entrant in our market.

We have Doctolib. Doctolib has some features.

Up to now, we do not see that it changes decisions of clients.

Okay.

The effect of AI on our BPO business, we will see it at the beginning of next year. We have a plan where we will reduce staff, and we start by reducing external staff, the positive effect on profitability will be seen next year.

Je ne sais pas si vous m'entendez.

Yes, Eric,

you can... Vous m'entendez là?

Yes, we hear you perfectly well.

Bonjour. I have to speak in English.

In the HR business, is there any competition coming from automatic system, which seems to grow in this field? Apparently, your growth is still there, but is there any competition of new product automatic, which use AI, in fact?

There are a lot of announcements. We don't see difference in the products up today.

We have started a new development, which is a HR management system to make some functions on new hires...

Recruitment.

Recruitments, managements of the people, whether they are working in their home or whether they are onsite, a lot of new functions. To make this development, it will be fully AI-developed.

This is an example where we use AI to make quicker developments, in order to launch new product quicker. Some of the functions will used AI.

Most of the functions are to answer questions of clients, for instance. This is an example of what we are doing.

Until now, we don't see a lot of competitors on this field. It...

It will come. It will come anyhow.

Is there any pressure on prices?

No.

No?

We don't see it now.

That means that all the business field is with a good growth. I think it make you confident on the profitability?

Yes.

And...

On Business Services, the e-business, which is invoices dematerialization, we are now in the setup process. There is a rush all over our clients.

They want to be ready on September 1st, and of course a lot of them are late. This is an loss-making business.

In the Business Services area, all businesses are profitable except this one. Once the reform will be on, we know that there will be some delay, but we can say that the beginning of '27, we will go to the run phase where we will invoice the clients on the number of invoices we will be managing.

We think that it will become profitable. On this part, Business Services, we feel rather confident on the future in terms of revenue and in terms of profits.

In front of your numbers of the first half, you are more confident on your profitability forecast than at the beginning of the year, or less?

Globally, for the group?

Yeah. Oh,

we are on the same trend, which is probably having plus 10% on the EBIT, the current EBIT.

With a free cash flow?

Yes. As free cash flow will be lower than last year because last year,

remember,

we have had the IP box cash in, which was, if I remember well, 12—€12 million, which was an exceptional cash-in. For the rest, we have no...

You have some cash-out for the [unclear]...

There is one cash-out, which is Medoucine.

Which is mainly on the first half?

It has been done. It is €4.9 million.

Okay.

No problem on the cash.

It's done in term of provision, but the cash out is done also?

Yes, it has been paid.

On the first half or...?

Yes, on the first half.

Okay. About, just you say that Maiia have a good progress.

We don't see it in the numbers.

No, we don't see it because we are still losing clients, doctors, on our legacy softwares. Unfortunately, there's not compensations between new clients and old clients leaving.

They're still having some negative results.

In front of who?

Oh, the main competitor is Doctolib.

It's still...

Yeah. Because

they increase their price. I have heard about that,

but... You see they have such a position in the pure agenda area that they are commercial people, they go to see the doctors and they say, "Okay, you have the agenda.

We are now a fully connected software to manage your practice." Of course, we show that Maiia Médecin is more performant.

It is fully connected to Maiia, of course. It's a process which is difficult.

The second half should be better because second half, we will receive Ségur [subvention?] ,

yeah.

Of course it's a one-off. Ségur will be positive on doctors on second half.

Then in '27 and '28, we will receive Ségur for kinésithérapeutes and nurses. Of course it brings revenues.

It's very positive, but it is not a recurrent revenue.

It could be how much for second half?

€4 million, in addition to the existing business.

It's purely

profits?

Profits,

yeah. Because all the development that have been done, we have launched the clients with the new functions.

Now it's just an administrative process. We need to have all the documents ready to the administrations so that they accept to pay.

We are ready with the documents, but they are not quick on the fact that they have to pay. We are confident in the fact that until the end of this year, we will receive the cash.

You are losing doctors at what rate? Which rate?

I don't know. The figures can...

Do

you think it's going to be stabilized?

We have some positive signs, but it is not in the figures. As you may remember, we had had some data stolen by some hackers, and it has had a rather negative effect on doctors.

We have not lost doctors due to that, but we have seen that it was more difficult to make prospections. Some doctors were saying, "Okay, I don't want to receive you because I'm not confident in the fact that you manage well the data," and so on.

What we see from the beginning of June is that it's over. It's not still in the doctors' mind.

The commercial people, they say that it is more easy or it is less difficult to have meetings with the doctors and to show the software and to sign. We may have some positive effects during the second half.

Difficult to say how much today. The mood of the team is much better now than three months ago when we have newspaper saying that Cegedim Santé was not reliable in managing medical datas.

Doctors in UK is going better, or pharmacist?

No, in UK, it's finished.

No, I would say pharmacist.

Pharmacist, yes. In fact, you see that pharmacist is globally negative, but the French pharmacist is more negative than the global, meaning that we have some growth in pharmacist in UK.

We are on the way to be break-even this year. Because we were having losses last year due to the fact that by having separated pharmacist and doctors, we had some extra costs.

Now the target, which is to be at zero at the end of the year, it will be reached, due also to some growth.

It was still €2 million last year,

roughly? Roughly, yes.

Pharmacist France now you have done the PSE, your sales are going down by the

same

due to that, for part. The break-even is

done

in pharmacist, or it's...?

No, it's still very difficult because we are still losing a lot of clients.

Okay.

The main competitor is Winpharma.

Yeah.

It's very difficult because maybe some clients are thinking that we are going to stop the business because we have fired 120 people. It is still very negative in terms of revenues.

We are still losing clients. Although we have reduced strongly the charges, and the losses has been reduced.

We are not, je sais pas comment dire, sortis du gué, we are not on flow.

Okay. Thank you very much.

You're welcome.

Thank you, Eric. We had some question written.

One is, "How do you consider SecNumCloud obligations qualification required by governments?" As you may know, we have the SecNumCloud certification since 2025, mainly for our activities, especially at the Business Services activity.

How do we consider it? We are in the right mood, and there's no problem for us with this obligation, as we made it.

We had also, since I'm talking about Business Services, we have a question around the revenue in the Business Services segment, especially the e-invoicing area development between 2026 and 2028. We forecast a growth for the e-invoicing activity between 5% and 10% on these years, 2026, 2027, 2028.

There's a question also regarding, I will read it, "When will you launch the 10% share buyback program involving the retirement of shares?" As you have seen in General Meeting, the resolution was voted for in order to give the management the latitude to cancel up to 10% of the shares that Cegedim may have bought.

It's more like an option than a share buyback already decided right now. It's more to have the ability to do it if we feel that it would be the best things to do to return value to the shareholders.

We generated, as Pierre mentioned earlier, a good free cash flow, it helps also to reduce our net debt. The will of the management was to have this tool, I would say, in our hand in order to if we feel it's the best way to give back value to the shareholders, to activate it.

We don't have a date to give on this matter. Hello?

Hello?

Brian, I think the floor is yours.

Thank you. The question I was hoping to ask is: how should we think about the FCB loan and its interest rate which is Euribor plus 4.5%?

Why borrow through FCB as opposed to, say, the banks where it looks like for tranche A and tranche B, your interest rate is lower, Euribor plus 2.25% or Euribor plus 3.5%?

The rate of the shareholder, the family loan, is the same as the rate of tranche C. This have been negotiated with the banks when we put those credits on.

Today, we could make some repayments to the banks. We are not allowed to make repayments to the shareholder.

As the interest for the shares are capitalized, it stays in the company. We have not decided to make repayments on tranche A or tranche B because we feel that we should keep some cash because there will be some opportunities in the e-business area, for instance.

There are a lot of companies which have received agreements to be a platform to manage the dematerialization of invoices. I think there is more than 50 companies having received the agreement, but we know that at the end there will be five, five to 10 companies.

There may be some interesting opportunities, we feel that we better keep the cash. Have I answered to your question, Brian?

Yes. Thank you.

If you could just remind me strategically, why have the family loan at all as opposed to, I guess, borrowing exclusively at the rates of tranche A and tranche B?

Yeah. It was 20 years ago.

Yeah.

At that time, we had a big business which was CRM for pharmaceutical companies, CRM for the reps. We have bought our US competitors at that time.

To get the financing of this acquisition, it was also negotiated with the banks at that time. Somehow the banks said, "Okay, I think we have borrowed, if I remember well, something like $600 million."

The bank asked for the family to make a loan to Cegedim company. Then, every times we have renegotiated with the banks our new facilities, well, the banks said, "You should leave this money into the company."

That's the reason why it is still there. Although on a pure financial position, it could be possible for Cegedim to repay this, but it's really a constraint made by the banks.

That's it.

Understood. Thank you very much.

You're welcome.

Are there any other question? I think, Eric, you still have your hand raised, but...

Yes, I just want to come back about the share buyback. You say, Pierre, that you can have some opportunities.

When you see the price of your share, don't you think that this is the best opportunities ever you can have? That means you can use the share buyback...

To send back some money and yeah.

I don't know if you can

buy your

shares, but...

You see it's a family company, we have had some two, two to three years very difficult and making losses. Now we are improving strongly the profits.

We still have some problems into the pharmacist France area, but we see cash in and we are more focused now to have some growth opportunities by acquiring some companies. That's the reason why we keep the cash into the company.

That means that it's not...

Today, there has been no decision on the buyback.

There is no decision or it's a negative decision right now?

No, no, well, it's a negative decision until now. The fact that for the first time into the 50 years live of Cegedim, we have this in a General Assembly of shareholders, we have asked for this, means that it is in the mind.

It could be possible. Before, it was not even a question.

Until now, no decision. But...

By the same time, you are becoming free cash flow.

Yeah.

Here also it's the first time since a long time.

It's true.

That means that I don't know the level of free cash flow you are expecting, but I think that you can have a €20, €30 million without any problem.

That

it could be the interest of the family and of the shareholder...

To make this, yeah.

...to have that, because it perhaps better than the dividend. The family have a sort of a kind of dividend.

Yeah. It's true.

The thing is that...

Okay. Well...

You see the last period where we were loss-making and we were burning cash.

Now

we should be very careful. Probably in some future, we will be much more relaxed on that, and then we can make some operation and buyback.

It could be a good opportunity.

It's true.

Because the salaries have invested at...

Yeah.

...at... To

2.5%, I think.

€12.50?

No, no, 2.5%.

2.5%?

Yeah.

At the price of €12.50?

Oh, it was €12, yeah.

Yeah. Yeah.

Thank you.

You're welcome. Is

there any other question that you would like to ask? I guess we went through various topics, and I guess we answered your question.

I think we're going to end this webcast now. Thank you for attending it.

I remind you that the next meeting will be on September 24th for the earning of the first half of 2026. Thanks you very much for attending the presentation, and have a good evening.

Thank you. Bye-bye.

Thank you.

Bye-bye. Thank you.

Bye-bye.