Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — Q1 2026 Earnings Presentation
37 slides from Agfa-gevaert Nv's earnings presentation, May 12, 2026
Slide 1: Q1 2026 Results Agfa-Gevaert Group
Q1 2026 Results Agfa-Gevaert Group May 1 12, 2026
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: Robust Q1 2026 performance amid market challenges
Robust Q1 2026 performance amid market challenges • Group performance: • Revenue growth: top line up 1.7% excluding currency impact in a seasonally weaker quarter, driven by silver price uplifts in film and a step-up in Digital Printing Solutions • Profitability increase: strong adjusted EBITDA of €
Slide 6: Financial review – Pascal Juéry, CEO, Fiona Lam, CFO
Financial review – Pascal Juéry, CEO, Fiona Lam, CFO 6
Slide 7: Robust Q1 2026 performance amid market challenges
Robust Q1 2026 performance amid market challenges Sales in € m Adj. EBITDA* in € m +1.7% +466% -2.3% excl. curr. 242 12 236 142 143 2 13 +1% +400% 3 5 -44% 43 3 42 -2% 0 -2 -11% -4 +87% 57 51 % growth ’25 -’26 -3 Q1 2025 Q1 2026 Imaging and Chemicals Q1 2025 Q1 2026 Industrial Solutions HE IT Corpor
Slide 8: Q1 2026: Adj. EBITDA bridge
Q1 2026: Adj. EBITDA bridge in € m Adj. EBITDA* Adj. EBITDA* margin 0.9% margin 4.9% 0 12 5 ▪ Gross profit: the impact of the savings programs and the ability to pass on the silver price impact to customers were partly 3 counterbalanced by a decline in HE 2 IT due to the accelerated transition to cl
Slide 9: Free Cash Flow Q1 2026 of minus €42 m
Free Cash Flow Q1 2026 of minus € 42 m driven by increase in working capital mainly due to higher silver price and cash outs related to the transformation in € m ▪ Working capital improved in all non-film 12 related businesses versus Q1 25 and versus Q4 25. ▪ Working capital increased from € 285 m i
Slide 10: 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 553 543 520 521 cash position in ‘23 to a net debt position of € 58 m 484 463 498 51 66 492 492 end of Q1’26 driven by a lower operational 3 72 48 44 43 48 37 85 449 performance,
Slide 11: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss in million euro Q1 ’25 Q1 ’26 ∆% Key figures Sales 242 236 -2.3% Profit & Loss (+1.7% excl.curr.) Incl. IFRS 16 Gross Profit* 74 76 2.7% as a % of sales 30.7% 32.3% Operational expenses* -81 -73 -10.1% as a % of sales 33.6% 30.9% Adj. EBITDA** 2 12 466.4% as a % of
Slide 12: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss In million Euro Q1’ 25 Q1’26 Adjusted EBIT* -7 3 Key figures Adjustments and restructuring expenses -2 -6 Profit & Loss Result from operating activities -9 -3 Incl. IFRS 16 Net finance costs -6 -7 Result before taxes -15 -11 Taxes -6 3 Result from continued operatio
Slide 13: Agfa-Gevaert Group: Free Cash Flow
Agfa-Gevaert Group: Free Cash Flow In million Euro Q1’ 25 Q1’26 2 12 Key figures Adjusted EBITDA Working Capital - net -23 -33 Profit & Loss CAPEX -9 -6 Incl. IFRS 16 Provisions & other 13 6 Income taxes 5 3 Adjusted Free Cash Flow -12 -18 Pensions & long term termination benefits -9 -10 Cash outs f
Slide 14: HealthCare IT
HealthCare IT 14
Slide 15: HealthCare IT – Highlights
HealthCare IT – Highlights • Cloud transition: the shift to SaaS and cloud-based solutions continues to reshape order intake dynamics, as order intake varies strongly between quarters • Order intake varies strongly between quarters: as some larger deals shifted to Q2’26, 12 months rolling order inta
Slide 16: HealthCare IT's cloud transition: sales and profits recognized more gradually
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 17: 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 on topline and Adj. EBITDA • Excluding currency, recurring revenue increased by 5% (-1% -10.6% -4.9% -43.9% including currency) and now amou
Slide 18: HealthCare IT: Profit & Loss
HealthCare IT: Profit & Loss in million euro Q1’25 Q1 ’26 ∆% Key figures Sales 57 51 -10.6% (-4.9% excl.curr.) Profit & Loss Gross Profit* 27 23 -15.8% Incl. IFRS 16 as a % of sales 47.9% 45.1% Operational -24 -22 -6.6% expenses* as a % of sales 42.3% 44.2% Adjusted EBITDA** 5.0 2.8 -43.9% as a % of
Slide 19: Industrial Solutions
Industrial Solutions Powerlul by nature> y /
Slide 20: Digital Printing Solutions – Highlights
Digital Printing Solutions – Highlights • Following the trend of end of 2025 the sign & display market continued to stabilize • Agfa’s order book is building, particularly the larger machines showed good traction - ink sales increased by 3.5% versus Q1 2025 • Strategic growth initiatives • Agfa join
Slide 21: Green Hydrogen Solutions – Highlights
Green Hydrogen Solutions – Highlights “ ZIRFON is the only membrane making the • Contrasted market picture continues ” production of green hydrogen affordable. • Increasing momentum in Asia does not yet compensate for delays in Western Europe, where legislation is still too complex and REDIII implem
Slide 22: Industrial Solutions: sales and adjusted EBITDA
Industrial Solutions: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m • Digital Printing Solutions: topline grew by 10.3% excl. curr., mainly due -1.9% +2.7% excl. curr. +87.1% to high-end equipment sales - ink sales +3.5% 43 42 6 3 • Green Hydrogen Solutions: 48% decrease in topline main
Slide 23: Industrial Solutions: Profit & Loss
Industrial Solutions: Profit & Loss in million Euro Q1 ’25 Q1 ’26 ∆% Key figures Sales 43 42 -1.9% Profit & Loss (+2.7% excl.curr.) Incl. IFRS 16 Gross Profit* 17 16 -4.7% as a % of sales 39.3% 38.1% Operational expenses* -22 -20 -7.5% as a % of sales 51.1% 48.1% Adjusted EBITDA** -2.1 -0.3 87.1% as
Slide 24: Imaging and Chemicals
Imaging and Chemicals AGFA
Slide 25: Imaging and Chemicals – Highlights
Imaging and Chemicals – Highlights • Film and Chemicals • Volume reductions for film products and Computed Radiography were overcompensated by silver-driven price increases • Partly driven by the high silver prices and top line growth for several industrial film products • Medical film market: conti
Slide 26: Imaging and Chemicals: sales and adjusted EBITDA
Imaging and Chemicals: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m +400.0% • Sales increase with 4.3% excl. curr. (+1.0% incl. curr.). 13 • Film: volume decline overcompensated by silver-driven +1.0% +4.3% price increases excl. curr. 142 143 • DR: posted 1.4% top line increase excl. c
Slide 27: Imaging and Chemicals: Profit & Loss
Imaging and Chemicals: Profit & Loss in million euro Q1 ’25 Q1 ’26 ∆% Key figures Sales 142 143 1.0% Profit & Loss (+4.3% excl. curr.) Incl. IFRS 16 Gross Profit* 30 38 29.4% as a % of sales 21.0% 26.9% Operational -32 -28 -11.6% expenses* as a % of sales 22.3% 19.5% Adjusted 2.6 12.8 400.0% EBITDA*
Slide 28: Outlook – Pascal Juéry, CEO
Outlook – Pascal Juéry, CEO 28
Slide 29: Outlook
Outlook This outlook is based on the current economic environment and the assumption of silver prices staying approximately at current levels. Outlook 2026 outlook per segment: HealthCare IT: the first half of 2026 is expected to be soft versus the strong first half of 2025. For the full year, the t
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 2026 and beyond
Growing sustainably in 2026 and beyond Through meaningful climate action o Capitalizing on the roll-out of its reinvestment plan for energy assets, Agfa has set GHG emission reduction targets for combined Scopes 1 and 2 at 62% by 2030, based on a 2006 baseline year, for its Belgian sites, primary co
Slide 34: Questions and answers
Questions and answers
Slide 35: Stay tuned
Stay tuned Financial calendar ▪ Q2 2026 results: August 26, 2026 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 ▪ Liquidity headroom covenant: cash and cash equivalents plus headroom under the Facil