Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — Q2 2025 Earnings Presentation
39 slides from Agfa-gevaert Nv's earnings presentation, Aug 27, 2025
Slide 1: Q2 2025 Results Agfa-Gevaert Group
Q2 2025 Results Agfa-Gevaert Group August 1 27, 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 ▪ Q2 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: Q2 2025: strong HealthCare IT performance, further decline in medical film
Q2 2025: strong HealthCare IT performance, stable DPC performance but further decline in medical film, net profit supported by income of the AgfaPhoto arbitration Group performance ▪ Strong HealthCare IT performance and stable DPC performance not sufficiently offsetting negative impact from continue
Slide 6: Financial review – Pascal Juéry, CEO, Fiona Lam, CFO
Financial review – Pascal Juéry, CEO, Fiona Lam, CFO 6
Slide 7: Q2 2025 by division: continued step up of HealthCare IT
Q2 2025 by division: continued step up of HealthCare IT, stable evolution in DPS and GHS, negative impact of Radiology Sales in € m Adj. EBITDA* in € m -41.2% -1.6% 286 281 22.5 18 1 22 13.2 7 2 98 80 6 9 +57% 58 61 5% 12 10 -14% 112 118 6% -3 -5 -3 Q2 2024 Q2 2025 % growth ’24 -’25 Q2 2024 Q2 2025
Slide 8: Q2 2025: decrease in film businesses not yet offset by growth engines
Q2 2025: decrease in performance of film businesses not yet offset by increased results of growth engines Sales in € m Adj. EBITDA* in € m -3.2% -43% 268 259 24.3 156 12.7 144 -7% 13.9 1.3 -90% 3% 12.6 +9% 112 115 11.6 Q2 2024 Q2 2025 Q2 2024 Q2 2025 % growth ’24 -’25 mature businesses growth engine
Slide 9: Q2 2025: Adj. EBITDA bridge
Q2 2025: Adj. EBITDA bridge in € m Adj. EBITDA* Adj. EBITDA* margin 7.9% margin 4.7% 2 ▪ Gross profit: significant decline of 22 5 gross profit of Radiology not yet 1 compensated by increase of gross profit of HE IT and of the growth 13 engines in DPC 6 5 13 ▪ R&D expenses: almost stable 1 2 ▪ SG&A
Slide 10: Free Cash Flow Q2 2025 – working capital decreased
Free Cash Flow Q2 2025 of minus € 3 m – working capital decreased in € m ▪ Working capital: decreased from 32% 4 of sales end of Q1 to 30% 15 13 2 ▪ Capex: driven by investment in the 12 ZIRFON plant and capitalized R&D for 8 HE IT To be -23 12 updated ▪ Provisions & other: cash in partly due to the
Slide 11: 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 506 543 553 positive cash position in ‘23 to a net debt 60 491 484 463 498 51 66 492 520 521 position of € 85 m in Q2 ’25 driven by a lower 48 3 72 operational performance and by the cash
Slide 12: New revolving credit facility and covenants
New revolving credit facility and covenants New 3-year revolving credit facility signed on August 1, 2025 amounting € 180 m euro maturing August 1, 2028 New financial covenants applicable as of Q3 onwards: ▪ Leverage: Net financial debt*/Adj. EBITDA** (calculated excluding IFRS 16 over the last 12 m
Slide 13: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss in million euro Q2 ’25 Q2 ’24 ∆% 6m ’25 6m ’24 ∆% Key figures Sales 281 286 -1.6% 523 536 -2.4% Profit & Loss Gross Profit* 85 96 -10.9% 160 171 -6.4% Incl. IFRS 16 as a % of sales 30.4% 33.5% 30.5% 31.8% Operational -81 -84 -4.0% -162 -167 -3.4% expenses* as a % of
Slide 14: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss In million Euro Q2’25 Q2’ 24 6m’25 6m’24 5 12 -2 3 Key figures Adjusted EBIT* Adjustments and restructuring expenses 28 -5 26 -7 Profit & Loss Result from operating activities 33 7 23 -4 Incl. IFRS 16 Net finance costs -1 -8 -7 -13 Result before taxes 32 0 17 -17 Ta
Slide 15: HealthCare IT
HealthCare IT 15
Slide 16: HealthCare IT – Highlights
HealthCare IT – Highlights • Strong performance, mainly in core market North America, based on successful transition to cloud-enabled Enterprise Imaging • Top line growth of 4.8% versus LY (currency comparable 8.5%) and recurring revenue growth of 4.1% (7.6% currency comparable) – recurring revenue
Slide 17: HealthCare IT: sales and adjusted EBITDA
HealthCare IT: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m • Top line growth of 4.8% versus LY (currency comparable 8.5%) and recurring revenue growth of 4.1% (7.6% currency comparable) – recurring revenue now amounts to 58% of the +57.3% total Q2 revenue +4.8% 9 61 • Mainly due to pr
Slide 18: HealthCare IT: Profit & Loss
HealthCare IT: Profit & Loss in million euro Q2 ’25 Q2 ’24 ∆% 6m’25 6m ‘24 ∆% Key figures Sales 61 58 4.8% 118 109 8.2% Profit & Loss Gross Profit* 30 27 12.1% 58 49 16.8% Incl. IFRS 16 as a % of sales 49.9% 46.6% 48.9% 45.3% Operational -23 -23 -0.9% -47 -46 2.2% expenses* as a % of sales 38.0% 40.
Slide 19: Digital Print and Chemicals
Digital Print and Chemicals 19
Slide 20: Digital Printing Solutions – Highlights
Digital Printing Solutions – Highlights • Sales in line with Q2 2024 • Order book showing good traction on recently launched products • Overall soft demand in Sign & Display market due to economic uncertainty • Ink top line stable due to market softness • Development new solutions • Important produc
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. • Mainly small projects passing through Final Investment Decision • Further consolidation happening among Western European electrolyzer manu
Slide 22: Digital Print & Chemicals: sales and adjusted EBITDA
Digital Print & Chemicals: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m +6.1% -14.0% • Sales Digital Printing Solutions: in line with LY • Equipment: overall soft demand in Sign & Display market due to 118 112 12 economic uncertainty 10 • Inks: stable evolution due to overall market so
Slide 23: Digital Print & Chemicals: Profit & Loss
Digital Print & Chemicals: Profit & Loss in million Euro Q2 ’25 Q2 ’24 ∆% 6m’25 6m ‘24 ∆% Key figures Sales 118 112 6.1% 215 203 5.9% Profit & Loss Gross Profit* 33 36 -5.9% 60 62 -3.2% Incl. IFRS 16 as a % of sales 28.2% 31.9% 28.1% 30.7% Operational -28 -28 -0.6% -57 -58 -1.2% expenses* as a % of
Slide 24: Radiology Solutions
Radiology Solutions AGFA &
Slide 25: 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 26: Radiology Solutions: sales and adjusted EBITDA
Radiology Solutions: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m -170.1% • Sales: 7 • Medical film: volumes continued to decrease following -18.4% the overall declining market, particularly in China 98 • DR posted a 4.9% top line decrease, mainly driven by Europe 80 • Profitability ne
Slide 27: Radiology Solutions: Profit & Loss
Radiology Solutions: Profit & Loss in million euro Q2 ’25 Q2 ’24 ∆% 6m’25 6m ‘24 ∆% Key figures Sales 80 98 -18.4% 154 185 -17.1% Profit & Loss Gross Profit* 18 31 -43.1% 36 54 -34.6% Incl. IFRS 16 as a % of sales 22.4% 32.0% 23.1% 29.3% Operational -24 -28 -13.2% -49 -56 -12.6% expenses* as a % of
Slide 28: Outlook – Pascal Juéry, CEO
Outlook – Pascal Juéry, CEO 28
Slide 29: Outlook 2025: uncertain environment and continued decline in medical film
Outlook 2025: negative impact from uncertain business environment and continued acceleration of decline in medical film expected 2025 outlook per division - based on the current economic environment: Outlook ▪ HealthCare IT: performance is expected to improve compared to LY, good order intake moment
Slide 30: Tariff situation Agfa: still neutral, more impact from economic uncertainty
Tariff situation Agfa: still neutral, more impact from economic uncertainty 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 • EU to US 15% • DPS inks → passed on to customers • Specialty Film & Chemicals → limited
Slide 31: Strategy and transformation – Pascal Juéry, CEO
Strategy and transformation – Pascal Juéry, CEO 31
Slide 32: 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 33: 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 34: New organizational structure as a strategic enabler
New organizational structure as a strategic enabler • Agfa is refining its organizational structure to enhance agility, sharpen focus, and drive long- term value creation. • The activities will be regrouped according to business maturity — improving visibility into growth versus decline dynamics and
Slide 35: 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 36: Questions and answers
Questions and answers
Slide 37: Stay tuned
Stay tuned Financial calendar ▪ Q3 2025 results: November 13, 2025 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 ▪ Leverage ratio: Net Financial debt excluding IFRS 16 and excluding pension debt/Adju