Cegedim SA ($ALCGM)

So good evening. Thank you for attending it. So it's about the revenue in Q1 2026, first quarter. So the revenue on this first quarter stood at EUR 159.6 million, a slight decrease by 1% on reported data or 0.8% like-for-like. The difference between both is the currency impact only. There's no scope effect on this quarter. So this decline is mainly explained by negative comparison effects at the Cloud & Support business unit, and more specifically, in its outsourcing activities. We had anticipated it. It's not a surprise. It comes from 2 main points, I would say. The first one is the end of the significant outsourcing contract that we had talked during 2025, and that ended on April 1 last year. So we still have this quarter this comparison for this first quarter. And the second one is that we had a very strong trading period last year on first quarter that, you may remember, had boosted sales on Q1 2025. And we don't have this strong trading period this year. So as you can see on the left-hand side, the revenue at the Cloud & Support business unit declined by 25%. Otherwise, you can see that we experienced some growth in France, especially in the business services activities, which are mainly HR and e-business. We'll come back when we go to the various business units. Also, it's worth noting that we experienced growth in international subsidiaries, in the Health & Provident Insurance as well as in the Healthcare Professionals business units. We will develop later on. Also, it is worth noting, too, that the group sticks to its outlook for the full year and the like-for-like growth of 2% and an adjusted operating income increase over 2026. In this next slide, you can see that, as I mentioned before, the impact between like-for-like growth and reported growth is mainly currency impact, and you can see the bridge with the various divisions -- business units, sorry, on the right-hand side. Now, you know that we present the group as with business units, and I just put them here as a reminder for you. I think you're getting used to it. And now, I suggest we deep dive into each of these business units. The first one is the Health & Provident Insurance, which was about 26% of the revenue on Q1 with a total revenue of EUR 41.6 million on this first quarter, a reported growth of 0.3%, so quite stable. You can see on the software business, it's actually 2 main differences, one main difference between France and the U.K. In France, we have seen a slight drop in project-based revenue. This is mainly due to projects being delayed to the end of the year or next year. And it's worth noting also that U.K. reported a very robust growth in the first quarter. We had talked about it in 2025, with some new clients and new projects at the software in the U.K. So it's a slight decrease of 1.5% like-for-like on the software activity in the Health & Provident Insurance business unit. Worth noting that the third-party payer activity reported a strong growth, 7.4% growth on this first quarter. This is due to 2 main reasons. First one is that the trend that it had experienced in 2025 is still valid, especially for its fraud detection solution. And also, there's been a new client started in Q1, which explained the strong growth during the quarter. Last activity in the Health & Provident Insurance is the BPO. So you can see the BPO is slightly decreasing on this quarter. We had talked about this trend in 2025, especially during the earnings release. This activity is impacted by the decrease in the number of beneficiaries managed by our clients in BPO. Still, it's a relative decrease of 2.5% reported and like-for-like over the quarter. So the revenue went to EUR 41.6 million this quarter and quite stable, slightly growth. Our second business unit is the Business Services unit. So you can see it's 30% of the revenue generated in Q1 for the group at EUR 48 million, a growth of more than 3% reported and like-for-like. You can see in its software activity, which is mainly HR software activity, a growth of 3% on this quarter. You have seen the trend last year, gaining some contracts. And on this first quarter, we have the impact of starting up those contracts won in 2025. The second activity is the e-business activity, which is -- which has experienced a 3% growth on this quarter, reported 3.4% like-for-like. We had also mentioned this also. You know that in France, there's going to be an e-invoicing reform taking place on September 1 this year. So we can see an acceleration in momentum for the companies, which are interested in our services, so -- which explains this growth. And the last activity for the Business Services is the BPO, which reported a 3.5% growth on this quarter, mainly due to the gain of new clients during this first quarter. So overall, as I mentioned, the revenue for Business Services stood at EUR 48 million on this first quarter and a growth of 3.1% reported, 3.2% like-for-like. The third business unit is the Healthcare Professionals. So it was about 20% of the revenue of the group on Q1, a total revenue of EUR 32.1 million on first quarter, a slight decrease of 2.7% reported, 2.2% like-for-like. The first activity is the Cegedim Santé Group. That was just a very slight decrease going to EUR 18.9 million to EUR 18.7 million on this first quarter. This slight decrease is mainly on its legacy solutions due to the churn as we have some professionals getting retired. But it's worth noting there has been some solid growth on the Maiia suite services and solutions and also on the Claude Bernard database. On the doctors outside France, you can see a solid 4% growth over the quarter. Main boost is coming from Spain. You may remember that we had started in Q4 2025, and it's keeping on, on this beginning of the year of the project in the Balearic Islands. Also, the new product in Belgium is gaining traction on this first quarter after they had been certificated in late 2025. So these are the both main reasons for this growth at the doctors outside France. Last activity on the Healthcare Professionals, that activity is the Pharmacists software activity. So you can see there is decrease of 8% reported, 6.7% like-for-like. This is mainly due to the French operation as the sales were paused during the 2025 restructuring plan that we had mentioned on the second half of 2025. However, also worth noting that the U.K. has continued its upward trend that began in late 2025 with a gain of some new pharmacists in the U.K. The fourth business unit that you are used to is the Data & Marketing business unit. It's almost 19% of the revenue in Q1 with a total revenue of EUR 30.2 million during this quarter. It's a growth of 1.1% for the business unit. You can see the first activity is the data activity, which is experiencing the same trend that it had in 2025, meaning that we can see some growth in France, but still some challenging business abroad. That explains this slight decrease in revenue for the Data that stood up at EUR 13.6 million this quarter compared to EUR 13.8 million last year. The second activity is the marketing activity, which still experienced some growth, 3.1% reported and like-for-like, despite a very demanding comparison with 2025, which was already very demanding compared to 2024. So still a very good trend. And part of this growth in the first quarter is due to its new Spanish subsidiary, which started generating revenue this quarter. So it's worth noting. And I think we will talk about it on the next quarters also. It will be a good part of the growth this year. Last is the Cloud & Support business unit that I had mentioned at the beginning of this call. So you can see that it was a bit less than 5% of the revenue of the group in the first quarter with a total revenue of EUR 7.7 million. So this decrease of 25%, as I mentioned, is due to 2 main demanding comparison effects. First one is the end of this major outsourcing contract that ended last year on March 31, creating a tough comparison effect for us in the Q1 2026. And also, the strong trading period that we had experienced last year, and that had supported a very strong growth for the group in Q1 last year. So this was planned and actually anticipated. So that does not affect our outlook for 2026. As I mentioned, we keep to -- we stick to our view on the like-for-like growth above 2% on the full year on sales and revenue. And also, we still expect, of course, to increase our recurring operating income and operating income. This is the financial agenda that you know. So we'll have our Shareholder General Meeting on June 12, the first half revenue on July 23 and the earnings of this first half on September 24 and Q3 revenue on October 22. So that was pretty much our message today. I suggest we switch to questions if you have some. And as usual, please raise your hand so that I can give you the floor for your questions.

[ Amadou ], the floor is yours for your question.

So for me, it's 2 questions, please. First one is for the Marketing segment. Where is the growth coming from? Is it still Spain? Or is it in France? Or are you expanding to other locations? And the second one is, I saw that you published your universal registration document, your annual report in French. Are you still publishing it in English? Is that expected to come?

Yes, sure. Thank you for mentioning it. I had forgotten to mention it. So yes, we released our universal registration document in French last week. And we are in the process of the translation of the English version. That will be available, I guess, beginning of May for all the investors. So yes, for sure, you'll have the English version quite soon. On your first question on the Marketing, the growth is coming both from Spain and France. Marketing is, in France, its main activity. And now it's expanding in the -- in Spain because we believe the market is very interesting. It looks like the market in France about 15 to 20 years ago, and we can go with -- on this market with our clients in France. So it's very interesting for us. I would say that the growth on this quarter is half-half; half France, half Spain. But there are no other location it's coming from. Are there other, any, questions? I guess we had already seen each other. Yes, Amira, the floor is yours.

Yes. Can you hear me?

Yes. Perfect.

I have just one question about the e-business segment. Given the upcoming electronic invoicing reform in September 2026, how much tangible backlog or signed business do you already have? And when should we expect this to translate into a visible acceleration in revenues?

Pierre, do want to answer or you want me to answer? So I don't have the backlog here. What we have for the moment is that people which are signing projects. So it's mainly many projects that we have in revenue on the e-business regarding the electronic invoicing. We have some run effect on -- starting on next year. This is really what I can say. Pierre, if you want some -- to add something.

We think that in '27, we should have a double-digit growth on this business due to the fact that the run, the regular revenue coming from the flows will be produced. So the expectation is more than 10% growth. Today, it's difficult to measure because we have some estimation of the number of invoices received and sent by our clients. The thing is that as we were -- as it was expected, unfortunately, most of our clients are not -- are late in the process of applying the reform. So the reform should start on September 1. Then, there are 3 months for all companies to apply the reform. We think that part of our clients won't be ready at that time. So we don't know exactly what will be the consequences for them. That's the reason why we are careful on some estimation of the revenue for next year. But anyhow, it will be double-digit growth.

Are there any more questions? I think we had already met about a month ago, so I guess we had answered most questions. So maybe there -- I'm just checking if there's any in the chat. No. Okay. Well, I believe we've been quite straightforward on this first quarter revenue presentation. If needed, you still can write to me or phone me and if you want some more explanation tomorrow or in the next days. So we're going to thank you for attending the presentation. Thank you for your questions, too. And the next time we'll meet will be for the first half revenue, which will happen in July -- by the end of July. So thank you very much, and we wish you a good evening. Thank you.

Thank you. Bye.

Bye-bye.