Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — Q3 2025 Earnings Presentation
39 slides from Agfa-gevaert Nv's earnings presentation, Nov 13, 2025
Slide 1: Q3 2025 Results Agfa-Gevaert Group
Q3 2025 Results Agfa-Gevaert Group November 1 13, 2025
Slide 2: Safe harbour and glossary
Safe harbour and glossary Safe harbour statement This presentation may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materia
Slide 3: Agenda
Agenda ▪ Q3 Highlights - CEO ▪ Financial review – CFO & CEO Pascal Juéry CEO ▪ Outlook – CEO ▪ Strategy and transformation – CEO Fiona Lam CFO 3
Slide 4: Highlights – Pascal Juéry, CEO
Highlights – Pascal Juéry, CEO 4
Slide 5: Q3 2025: continued decline in medical film, strong growth cloud and SaaS in HealthCare IT, soft markets in DPC
Q3 2025: continued decline in medical film, strong growth cloud and SaaS in HealthCare IT, soft markets in DPC Group performance: • Top line decrease of 7.1% (-4.7% currency comparable): increase in Digital Printing & Chemicals not sufficiently offsetting impact from decline in medical film and from
Slide 6: Acceleration and extension of restructuring plans
Acceleration and extension of restructuring plans ▪ Acceleration and extension of the plan to optimize the cost base of the traditional film activities ▪ Acceleration of current € 50 m program through faster implementation ▪ Additional program of € 25 m related to manufacturing activities as well as
Slide 7: Financial review – Pascal Juéry, CEO, Fiona Lam, CFO
Financial review – Pascal Juéry, CEO, Fiona Lam, CFO 7
Slide 8: Q3 2025 by division: continued decline in medical film, strong growth cloud and SaaS
Q3 2025 by division: continued decline in medical film, strong growth cloud and SaaS in HealthCare IT, soft markets in DPC Sales in € m Adj. EBITDA* in € m -65.9% -7.1% 15 277 0 17 257 4 17 5 92 6 1 74 2 -67% 58 50 -13% 9 9 +2% -4 -4 110 115 5% -3 Q3 2024 Q3 2025 Q3 2024 Q3 2025 % growth ’24 -’25 Co
Slide 9: Q3 2025: soft market environment in DPC and cloud transition in HealthCare IT
Q3 2025: soft market environment in DPC and cloud transition in HealthCare IT, not offsetting decline in medical film Sales in € m Adj. EBITDA* in € m -7.6% -63% 260 18.9 240 7.3 147 137 -7% 7.0 -114% 11.5 -9% -31% 113 8.0 103 -1.0 Q3 2024 Q3 2025 Q3 2024 Q3 2025 % growth ’24 -’25 mature businesses
Slide 10: Q3 2025: Adj. EBITDA bridge
Q3 2025: Adj. EBITDA bridge in € m Adj. EBITDA* Adj. EBITDA* margin 5.5% margin 2.0% 15 2 4 ▪ Gross profit: significant decline in Radiology due to volume decline in 1 film and decline in HE IT due to accelerated transition to cloud 3 ▪ Operational expenses: decrease 4 due to tight cost control 7 5
Slide 11: Free Cash Flow Q3 2025 of € 21 m driven by improvement in working capital
Free Cash Flow Q3 2025 of € 21 m driven by improvement in working capital and cash in related to the AgfaPhoto arbitration in € m 21 ▪ Working capital: decreased from 30% of sales end of Q2 to 29% end of Q3 ▪ Capex: driven by investment in the 8 ZIRFON plant and capitalized R&D for HE IT 16 To be -2
Slide 12: Evolution of total debt: net financial debt + pension debt
Evolution of total debt: net financial debt + pension debt in € m ▪ Net financial debt excl IFRS 16 evolved from positive 543 553 cash position in ‘23 to a net debt position of € 65 m 484 463 498 520 521 in Q3 ’25 driven by a lower operational performance 51 66 492 492 3 72 and by the cash outs rela
Slide 13: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss in million euro Q3 ’25 Q3 ’24 ∆% 9m ’25 9m ’24 ∆% Key figures Sales 257 277 -7.1% 780 813 -4.0% Profit & Loss Gross Profit* 70 82 -14.5% 229 252 -9.0% Incl. IFRS 16 as a % of sales 27.1% 29.5% 29.4% 31.0% Operational -73 -77 -5.1% -235 -245 -3.9% expenses* as a % of
Slide 14: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss In million Euro Q3’25 Q3’ 24 9m’25 9m’24 -4 4 -6 7 Key figures Adjusted EBIT* Adjustments and restructuring -6 -3 19 -10 Profit & Loss expenses Incl. IFRS 16 Result from operating activities -10 1 14 -2 Net finance costs -7 -7 -14 -20 Result before taxes -17 -5 0 -2
Slide 15: Agfa-Gevaert Group: Free Cash Flow
Agfa-Gevaert Group: Free Cash Flow In million Euro Q3’25 Q3’ 24 9m’25 9m’24 5 15 20 39 Key figures Adjusted EBITDA Working Capital - net 16 -8 -5 -56 Profit & Loss CAPEX -8 -13 -25 -34 Incl. IFRS 16 Provisions & other -6 14 18 21 Income taxes -1 1 0 -2 Adjusted Free Cash Flow 5 9 8 -31 Pensions & lo
Slide 16: HealthCare IT
HealthCare IT 16
Slide 17: HealthCare IT – Highlights
HealthCare IT – Highlights • Transition to cloud: share of cloud in order intake keeps growing and is now increasingly impacting the P&L: Project order book decreasing as Cloud SaaS order book increases sharply • Q3 2025 order intake*: • Cloud deals = 39% • Net new customers = 70% • Project business
Slide 18: HealthCare IT's cloud transition: sales and profits recognized more gradually over time
HealthCare IT’s cloud transition: sales and profits to be recognized more gradually over time rather than upfront Cloud SaaS enables long-term value capture through more stable, recurring revenue streams vs. on-premise Sales in € m Perpetual license From: Implementation How cloud transitions On-prem
Slide 19: HealthCare IT: sales and adjusted EBITDA
HealthCare IT: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m • Successful transition to cloud: as expected, this transition has a temporary effect • Top line decrease of 13.0% versus LY (-8.7% excl. curr.) - recurring -13.0% -67.4% revenue grew by 0.6% (+5.0% excl. curr.) and now amount
Slide 20: HealthCare IT: Profit & Loss
HealthCare IT: Profit & Loss in million euro Q3 ’25 Q3 ’24 ∆% 9m’25 9m ‘24 ∆% Key figures Sales 50 58 -13.0% 168 167 0.8% Profit & Loss Gross Profit* 22 27 -18.3% 80 77 4.3% Incl. IFRS 16 as a % of sales 44.1% 47.0% 47.5% 45.9% Operational -22 -23 -3.8% -69 -69 0.3% expenses* as a % of sales 43.5% 3
Slide 21: Digital Print and Chemicals
Digital Print and Chemicals 21
Slide 22: Digital Printing Solutions – Highlights
Digital Printing Solutions – Highlights • Equipment sales in North America have slowed significantly, impacting overall growth • Reduced investment as customers lack visibility – high-end most impacted • Ink sales growth has slowed to 3% • Strategic growth initiatives • Packaging SpeedSet Orca solut
Slide 23: Green Hydrogen Solutions – Highlights
Green Hydrogen Solutions – Highlights “ ZIRFON is the only membrane making the • Contrasted market picture continues ” production of green hydrogen affordable. • Mainly small projects passing through Final Investment Decision • Further consolidation happening among Western European electrolyzer manu
Slide 24: Digital Print & Chemicals: sales and adjusted EBITDA
Digital Print & Chemicals: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m +5.1% • Sales Digital Printing Solutions: ink topline grew by 3% but overall +1.8% sales decreased by 5.5% impacted by soft demand in Sign & Display 115 110 9 9 market due to economic uncertainty mainly in North Am
Slide 25: Digital Print & Chemicals: Profit & Loss
Digital Print & Chemicals: Profit & Loss in million Euro Q3 ’25 Q3 ’24 ∆% 9m’25 9m ‘24 ∆% Key figures Sales 115 110 5.1% 331 313 5.6% Profit & Loss Gross Profit* 30 31 -1.6% 90 93 -2.7% Incl. IFRS 16 as a % of sales 26.1% 27.8% 27.4% 29.7% Operational -26 -26 -2.6% -83 -84 -1.6% expenses* as a % of
Slide 26: Radiology Solutions
Radiology Solutions AGFA &
Slide 27: Radiology Solutions – Highlights
Radiology Solutions – Highlights • Medical film • Strong impact of the decline of the medical film markets, particularly in China • Acceleration and extension of the plan to optimize the cost base of the traditional film activities, including go-to-market review • Direct Radiography • Progress hampe
Slide 28: Radiology Solutions: sales and adjusted EBITDA
Radiology Solutions: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m -210.0% • Sales: 4 • Medical film: volumes continued to decrease following -19.4% the overall declining market, particularly in China 92 • DR posted 8.3% top line decrease, in line with the overall market evolution 74 53
Slide 29: Radiology Solutions: Profit & Loss
Radiology Solutions: Profit & Loss in million euro Q3 ’25 Q3 ’24 ∆% 9m’25 9m ‘24 ∆% Key figures Sales 74 92 -19.4% 228 277 -17.8% Profit & Loss Gross Profit* 17 25 -32.8% 52 79 -34.0% Incl. IFRS 16 as a % of sales 22.3% 26.8% 22.9% 28.5% Operational -23 -25 -8.6% -71 -80 -11.3% expenses* as a % of s
Slide 30: Outlook – Pascal Juéry, CEO
Outlook – Pascal Juéry, CEO 30
Slide 31: Outlook: negative impact from uncertain business environment and accelerated transition to cloud
Outlook: negative impact from uncertain business environment and accelerated transition to cloud, continued decline in medical film This outlook is based on the current economic environment. 2025 outlook per division: Outlook HealthCare IT: transition to cloud technology will continue, temporarily i
Slide 32: Strategy and transformation – Pascal Juéry, CEO
Strategy and transformation – Pascal Juéry, CEO 32
Slide 33: Agfa's strategy
Agfa’s strategy We invest in growth engines where we have market tailwinds and a clear path towards market leadership ➢ HealthCare IT ➢ Digital Printing Solutions ➢ Green Hydrogen Solutions We navigate market maturity by focusing on operational excellence and go-to-market ➢ Direct Radiography ➢ Film
Slide 34: Growth engines: market tailwinds & clear path towards market leadership
Growth engines: market tailwinds & clear path towards market leadership FROM: key achievements in the last years TO: a clear action plan set up for success Upgraded portfolio of equipment, inks, software & Grow in Sign&Display and Packaging (shift to digital service, pivoted towards larger & faster
Slide 35: Growing sustainably in 2025 and beyond
Growing sustainably in 2025 and beyond Through meaningful climate action o Capitalizing on the roll-out of the reinvestment plan for energy assets at its primary sites in Belgium, Agfa is committed to reducing GHG emissions in line with science-based pathways. However, the submission of targets for
Slide 36: Questions and answers
Questions and answers
Slide 37: Stay tuned
Stay tuned Financial calendar ▪ FY 2025 results: March 11, 2026 37
Slide 38: Definitions of non-IFRS financial measures (APMs)
Definitions of non-IFRS financial measures (APMs) ▪ Adjusted EBIT: The result from continuing operating activities before restructuring expenses and adjustments. ▪ Adjusted EBITDA: The result from continuing operating activities before depreciation, amortization, restructuring expenses and adjustmen
Slide 39: Definitions of non-IFRS financial measures (APMs)
Definitions of non-IFRS financial measures (APMs) ▪ Net debt: the sum of Net financial debt incl IFRS 16 and the liabilities for post-employment and long-term termination benefit plans - net balance sheet position ▪ Liquidity headroom covenant: cash and cash equivalents plus headroom under the Facil