Core Insights - Cegedim reported consolidated revenue of €322.5 million for H1 2025, reflecting a 1.1% increase year-on-year, with adjusted EBITDA rising to €61.2 million, a 17.2% increase [2][4][6] - The adjusted operating margin improved to 5.7% from 3.2% in 2024, indicating enhanced profitability across all divisions [2][4][9] Financial Performance - Revenue increased by €3.5 million, or 1.1%, from €319.0 million in H1 2024 to €322.5 million in H1 2025 [6] - Like-for-like revenue growth was reported at 2.8%, aligning with the Group's projections [6] - Adjusted EBITDA reached €61.2 million, representing 19.0% of revenue, up from 16.4% in the previous year [4][5] - Recurring operating income rose significantly by 63.2% to €16.9 million, compared to €10.3 million in H1 2024 [3][9] Cost Management - The increase in adjusted EBITDA was attributed to effective cost management, particularly in reducing external costs and optimizing workforce utilization [7] - Depreciation and amortization expenses increased slightly by €0.8 million, primarily due to higher R&D amortization [8] Division Performance - Revenue from the Software & Services division decreased by 5.1% to €144.4 million, while adjusted operating income improved to €1.9 million from a loss of €1.4 million [12][14] - The Flow division saw a revenue increase of 7.8%, driven by growth in digitalization services [16] - The Data & Marketing segment experienced robust growth, with revenue up 10.8% and adjusted operating income rising by 75.6% [22] Strategic Developments - Cegedim's decarbonization targets were validated by the Science Based Targets initiative (SBTi), reflecting the company's commitment to sustainability [18] - The Group transitioned its credit facility to a sustainability-linked loan, incorporating performance clauses related to ESG commitments [19] Future Outlook - The Group anticipates like-for-like revenue growth of 2-4% for 2025, with continued improvement in adjusted operating income expected [25]