Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — Q1 2025 Earnings Presentation
37 slides from Agfa-gevaert Nv's earnings presentation, May 14, 2025
Slide 1: Q1 2025 Results Agfa-Gevaert Group
Q1 2025 Results Agfa-Gevaert Group May 1 14, 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 ▪ Q1 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: Q1 2025: Group Adj. EBITDA stable
Q1 2025: Group Adj. EBITDA stable – improved sales mix and good cost control compensated for decline in film Q1 – as usual a weak quarter of the year – continued to show the success of the company’s strategic transformation HealthCare IT: strong Q1 and continued successful transition to cloud-enable
Slide 6: Financial review – Pascal Juéry, CEO, Fiona Lam, CFO
Financial review – Pascal Juéry, CEO, Fiona Lam, CFO 6
Slide 7: Q1 2025 by division: step up of the growth engines in Adj. EBITDA
Q1 2025 by division: step up of the growth engines in Adj. EBITDA Sales in € m Adj. EBITDA* in € m -3.2% +24.6% 250 242 2.1 21 15 3 1.7 +288% 87 73 4 5 +129% 57 12% 1 2 51 1 -1 -4 -5 97 6% 91 -3 Q1 2024 Q1 2025 Q1 2024 Q1 2025 % growth ’24 -’25 Conops RAD HE IT DPC Corporate 7 * Adjusted EBIT/EBITDA
Slide 8: Q1 2025: improved mix positively contributing to Adj. EBITDA
Q1 2025: improved mix positively contributing to Adj. EBITDA Sales in € m Adj. EBITDA* in € m -1% +83% 229 227 2.8 1.5 133 127 2.9 -4% -104% 2.0 4% 679% 96 100 -0.1 -0.5 Q1 2024 Q1 2025 Q1 2024 Q1 2025 % growth ’24 -’25 mature businesses growth engines Growth engines: HealthCare IT, Digital Printing
Slide 9: Q1 2025: Adj. EBITDA bridge
Q1 2025: Adj. EBITDA bridge in € m 0 Adj. EBITDA* Adj. EBITDA* margin 0.7% margin 0.9% ▪ Gross profit: decline of gross profit of 5 5 Radiology almost compensated by increase of gross profit of HE IT and of the growth engines in DPC 1 ▪ R&D expenses: increase mainly driven by 2.1 HE IT investments a
Slide 10: FCF Q1 2025 of minus €27 m largely driven by working capital
FCF Q1 2025 of minus € 27 m largely driven by increase in working capital in € m 2 ▪ Working capital: increase mainly driven by build up of inventories ▪ Capex: driven by investment in the ZIRFON plant and capitalized R&D for HE IT To be -23 updated ▪ Provisions & other: cash in mainly -12 due to th
Slide 11: Evolution of total debt
Evolution of total debt: net financial debt + pension debt in € m 506 543 553 60 491 484 463 498 520 51 66 492 3 48 48 44 43 48 52 37 72 ▪ Net financial debt excl IFRS 16 evolved from 50 49 positive cash position in ‘23 to net debt position of € 72 m ▪ Net pension debt reducing gradually 511 ▪ Curre
Slide 12: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss in million euro Q1 ’25 Q1 ’24 ∆% Key figures Sales 242 250 -3.2% Profit & Loss Gross Profit* 74 75 -0.8% Incl. IFRS 16 as a % of sales 30.7% 29.9% Operational expenses* -81 -84 -2.7% as a % of sales 33.6% 33.5% Adj. EBITDA** 2 2 24.6% as a % of sales 0.9% 0.7% Adj.
Slide 13: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss In million Euro Q1’25 Q1’ 24 -7 -9 Key figures Adjusted EBIT* Adjustments and restructuring expenses -2 -2 Profit & Loss Result from operating activities -9 -11 Incl. IFRS 16 Net finance costs -6 -6 Share of profit of associates – net of tax 0 0 Result before taxes
Slide 14: HealthCare IT
HealthCare IT 14
Slide 15: HealthCare IT – Highlights
HealthCare IT – Highlights • Strong Q1 performance, based on successful transition to cloud-enabled Enterprise Imaging and record increase of 63% in 12 m rolling order intake • Q1 2025 order intake*: • Cloud deals = 15% • Net new customers = 29% • Project business = 64%, Recurring business =36% • Ac
Slide 16: HealthCare IT: sales and adjusted EBITDA
HealthCare IT: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m • Order intake**: + 63% in 12 m rolling order intake to € 186 m versus € 114 m LY, with a high share of cloud-related contracts +288.1% and net new customers +12.0% • The top line improved by 12.0% versus LY - recurring revenu
Slide 17: HealthCare IT: Profit & Loss
HealthCare IT: Profit & Loss in million euro Q1 ’25 Q1 ’24 ∆% Key figures Sales 57 51 12.0% Profit & Loss Gross Profit* 27 22 22.5% as a % of sales 47.9% 43.8% Incl. IFRS 16 Operational expenses* -24 -23 5.4% as a % of sales 42.3% 44.9% Adjusted EBITDA** 5.0 1.3 288.1% as a % of sales 8.8% 2.5% Adju
Slide 18: Digital Print and Chemicals
Digital Print and Chemicals 18
Slide 19: Digital Printing Solutions – Highlights
Digital Printing Solutions – Highlights • Sales in line with Q1 2024 • Order book showing good traction on recently launched products • Overall soft demand in Sign&Display market due to economic uncertainty • Ink top line +16% driven by higher consumption across portfolio, growing OEM inks, successf
Slide 20: 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 expected among Western European electrolyzer manuf
Slide 21: Digital Print & Chemicals: sales and adjusted EBITDA
Digital Print & Chemicals: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m +5.8% +128.8% • Sales Digital Printing Solutions: in line with LY • Equipment: overall soft demand in Sign&Display market due to 97 91 2 economic uncertainty • Inks: +16% due to higher consumption across portfolio,
Slide 22: Digital Print & Chemicals: Profit & Loss
Digital Print & Chemicals: Profit & Loss in million Euro Q1 ’25 Q1 ’24 ∆% Key figures Sales 97 91 5.8% Profit & Loss Gross Profit* 27 27 0.4% Incl. IFRS 16 as a % of sales 27.9% 29.3% Operational -29 -30 -1.7% expenses* as a % of sales 30.3% 32.6% Adjusted EBITDA** 2.3 1.0 128.8% as a % of sales 2.4
Slide 23: Radiology Solutions
Radiology Solutions AGFA &
Slide 24: Radiology Solutions – Highlights
Radiology Solutions – Highlights • Strong impact of the decline of the medical film markets, particularly in China • Profitability negatively impacted by the volume decrease in medical film, partly offset by measures to control costs - benefits from the global program to structurally reduce the cost
Slide 25: Radiology Solutions: sales and adjusted EBITDA
Radiology Solutions: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m -484.2% -15.6% • Sales: 87 • Medical film: volumes continued to decrease following 73 the overall declining market, particularly in China -1 • DR posted a 4.5% top line decrease, following a strong fourth quarter of 2024
Slide 26: Radiology Solutions: Profit & Loss
Radiology Solutions: Profit & Loss in million euro Q1 ’25 Q1 ’24 ∆% Key figures Sales 73 87 -15.6% Profit & Loss Gross Profit* 18 23 -22.9% Incl. IFRS 16 as a % of sales 24.0% 26.3% Operational expenses* -24 -28 -11.9% as a % of sales 33.1% 31.8% Adjusted EBITDA** -4.5 -0.8 -484.2% as a % of sales -
Slide 27: Outlook – Pascal Juéry, CEO
Outlook – Pascal Juéry, CEO 27
Slide 28: Outlook 2025: strong performances of the growth engines expected to continue
Outlook 2025: strong performances of the growth engines expected to continue Growth engines are expected to continue to perform strongly in 2025 - slower start of the year is expected, followed by a stronger 2H. This outlook is based on the current Outlook economic environment. 2025 outlook per divi
Slide 29: Tariff situation Agfa
Tariff situation Agfa FY’24 sales destination US DPC and RAD: € 127 m (75% DPC, 25% RAD) (HE IT not impacted) Relevant countries for DPC and RAD Agfa impact Today Potential change July • EU to US +10% +20% • DPS inks → passed on to customers • Specialty Film & Chemicals → limited, passed on • RAD eq
Slide 30: Strategy and transformation – Pascal Juéry, CEO
Strategy and transformation – Pascal Juéry, CEO 30
Slide 31: 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 32: 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 33: Growing sustainably in 2025 and beyond
Growing sustainably in 2025 and beyond Through meaningful climate action ▪ Capitalizing on the roll-out of the reinvestment plan for energy assets at its primary sites in Belgium, Agfa is committed to developing near- term science-based GHG emissions targets and submitting them for external validati
Slide 34: Questions and answers
Questions and answers
Slide 35: Stay tuned
Stay tuned Financial calendar ▪ Q2 2025 results: August 27, 2025 ▪ Q3 2025 results: November 13, 2025 35
Slide 36: 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 37: 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 ▪ Leverage ratio: Net Financial debt excluding IFRS 16 and excluding pension debt/Adju