Slide 1: Q2 2024 Results Agfa-Gevaert Group
Q2 2024 Results Agfa-Gevaert Group August 28, 2024
Slide 2: Q2 2024: solid quarter, powered by growth engines
Q2 2024: solid quarter, powered by growth engines • HealthCare IT: • Highest ever quarterly order intake recorded: 22% increase in the 12 months rolling order intake versus the year before, mainly based on cloud-related contracts • Digital Print & Chemicals: • Continuous double-digit growth for Gree
Slide 3: Q2 2024 sales and Adjusted EBITDA
Q2 2024: solid quarter, powered by growth engines Q2 2024 sales = € 286 m Q2 2024 Adj. EBITDA* = € 22 m Δ -0.2% Δ*-0.1% Δ +67.1% € 22 m € 286 m € 287 m 58 62 6 € 13 m 112 104 5 12 3 HE IT 98 103 HE IT 7 10 DPC 18 18 DPC Radiology 1 Conops = 0 Q2 2024 Q2 2023 Radiology Q2 2024 Q2 2023 Conops Conops *
Slide 4: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss in million euro Q2 ’24 Q2 ’23 ∆% (excl.curr.) Sales 286 287 -0.2% (-0.1%) Gross Profit* 96 87 10.8% as a % of sales 33.5% 30.2% Operational -84 -85 -0.9% expenses* as a % of sales 29.3% 29.5% Adj. EBITDA* 22 13 67.1% as a % of sales 7.9% 4.7% Adj. EBIT* 12 2 517.6%
Slide 5: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss in million euro Q2’24 Q2’23 Adjusted EBIT* 12 2 Restructuring/non-recurring -5 -10 Operating result 7 -8 Non-operating result -8 -6 Profit before taxes 0 -14 Taxes 0 -4 Result from continuing operations -1 -17 Result from discontinued operations 5 3 Result for the p
Slide 6: Group Working Capital: seasonal impact, freight issues and silver price
Group Working Capital in m €: seasonal impact as well as influence from freight issues in the Middle East and the silver price 373 381 371 369 317 333 32 33 32 27 29 33 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 m€ 373 381 371 317 333 369 % of sales 32 33 32 27 29 33 Working Capital : the sum o
Slide 7: Free cashflow Q2 2024
Free cashflow Q2 2024 Free Cash Flow: The sum of ‘Net cash from / (used in) operating activities’ and ‘Net cash from / (used in) investing activities excluding the impact of ‘Acquisitions of subsidiaries, net of cash acquired’, ‘Interests received’ and the ‘Net cash from / (used in) operating and in
Slide 8: HealthCare IT
HealthCare IT 8
Slide 9: HealthCare IT: sales and Adjusted EBITDA
HealthCare IT: sales and Adjusted EBITDA Q2 2024 sales = € 58 m Q2 2024 Adj. EBITDA* = € 6 m Δ -6.4% Δ +23.9% Δ*-6.9% 58 62 6 5 Q2 2024 Q2 2023 Q2 2024 Q2 2023 • The majority of the sales decline is related to hardware, • Gross margin improved thanks to increased service a sign of the shift to cloud
Slide 10: HealthCare IT: Profit & Loss
HealthCare IT: Profit & Loss in million euro Q2 ’24 Q2 ’23 ∆% (excl.curr.) Sales 58 62 -6.4% (-6.9%) Gross Profit* 27 27 0.2% as a % of sales 46.6% 43.5% Operational -23 -24 -4.0% Expenses* as a % of sales 40.2% 39.2% Adjusted EBITDA* 5.6 4.6 23.9% as a % of sales 9.7% 7.3% Adjusted EBIT* 3.8 2.7 37
Slide 11: HealthCare IT – Highlights
HealthCare IT – Highlights • Highest ever quarterly order intake**: + 22% in 12 months rolling order intake to € 153 m versus € 126 m the year before, mainly based on cloud-related contracts. FY 2024, we expect a mid to high teens % increase in 12 months rolling order intake versus FY 2023 • Q2 2024
Slide 12: Digital Print and Chemicals
Digital Print and Chemicals 12
Slide 13: Digital Print & Chemicals: sales and Adjusted EBITDA
Digital Print & Chemicals: sales and Adjusted EBITDA Q2 2024 sales = € 112 m Q2 2024 Adj. EBITDA* = € 12 m Δ 7.7% Δ +334.5% 112 Δ*8.4% 104 8 5 58 56 12 46 43 3 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Digital Print Specialty Film and Chemicals Green Hydrogen Solutions • Green Hydrogen Solutions: sales growth
Slide 14: Digital Print & Chemicals: Profit & Loss
Digital Print & Chemicals: Profit & Loss in million euro Q2 ’24 Q2 ’23 ∆% (excl.curr.) Sales 112 104 7.7% (8.4%) Gross Profit* 36 25 42.5% as a % of sales 31.9% 24.1% Operational Expenses* -28 -27 5.6% as a % of sales 25.2% 25.8% Adjusted EBITDA* 11.6 2.7 334.5% as a % of sales 10.4% 2.6% Adjusted E
Slide 15: Digital Printing Solutions – Highlights
Digital Printing Solutions – Highlights • Sales increase of 8% versus Q2 2023 • Equipment: impact of new product launches and EFI partnership • Inks grow with 24% driven by higher sales across all segments as well as ongoing ink swap program for Inca installed base • In the UK, the 1st SpeedSet Orca
Slide 16: Green Hydrogen Solutions – Highlights
Green Hydrogen Solutions – Highlights “ ZIRFON is the only membrane making the • Sales increase of 62% versus Q2 2023 ” production of green hydrogen affordable. • Continued manufacturing efficiency improvement and industrial ramp-up of ZIRFON production on track • Market developments slower due to d
Slide 17: Radiology Solutions
Radiology Solutions AGFA &
Slide 18: Radiology Solutions: sales and Adjusted EBITDA
Radiology Solutions: sales and Adjusted EBITDA Q2 2024 sales = € 98 m Q2 2024 Adj. EBITDA* = € 7 m Δ -4.6% Δ*-4.8% 98 103 Δ -28.6% 38 38 10 7 60 65 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Medical Film CR/DR • Medical film: • Profitability negatively impacted by the volume decrease, partly • continued impact
Slide 19: Radiology Solutions: Profit & Loss
Radiology Solutions: Profit & Loss in million euro Q2 ’24 Q2 ’23 ∆% (excl.curr.) Sales 98 103 -4.6% (-4.8%) Gross Profit* 31 33 -5.9% as a % of sales 32.0% 32.5% Operational -28 -29 -1.5% Expenses* as a % of sales 28.6% 27.7% Adjusted EBITDA* 7.1 9.9 -28.6% as a % of sales 7.2% 9.6% Adjusted EBIT* 3
Slide 20: Radiology Solutions – Highlights
Radiology Solutions – Highlights • Medical film: continued impact of the Chinese centralized procurement practices - reorganization of the go-to-market in China continued • DR: mid-single digit top line increase, partly driven by the pick- up of the business in North America • Profitability negative
Slide 21: Contractor Operations & Services - former Offset (CONOPS)
Contractor Operations & Services - former Offset (CONOPS) 21
Slide 22: CONOPS: sales and Adjusted EBITDA
CONOPS: sales and Adjusted EBITDA Q2 2024 sales = € 18 m Q2 2024 Adj. EBITDA* = € 1 m Δ +1.0% Δ*+1.0% Δ +276.1% 1 18 18 0 Q2 2024 Q2 2023 Q2 2024 Q2 2023 * excluding currency effect ▪ CONOPS represents the supply of film and chemicals as well as a set of support services delivered by Agfa to ECO3. ▪
Slide 23: Outlook 2024: continued growth and further profitability improvements
Outlook 2024: continued growth and further profitability improvements for the growth engines, continuous weakness in Radiology Solutions Continued growth and further profitability improvements for the growth engines. The Outlook weakness in Radiology Solutions is expected to continue in the second h
Slide 24: Sustainability at Agfa
Sustainability at Agfa 24
Slide 25: The road to 2030 & beyond: Sustainable and Profitable growth
The road to 2030 & beyond Sustainable and Profitable growth Focus on our Planet ▪ Reinvestment plan for energy production in Belgium is on track → reduction of combined scope 1 + 2 GHG absolute emissions set at 62% by 2030 from a 2006 base year for Belgian manufacturing sites considering the revised
Slide 26: Questions and answers
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Slide 27: 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 non-recurring results. ▪ Adjusted EBITDA: The result from continuing operating activities before depreciation, amortization, restructuring expenses and
Slide 28: Definitions of non-IFRS financial measures (APMs)
Definitions of non-IFRS financial measures (APMs) ▪ Order intake: The financial value of all new orders accepted by Agfa HealthCare IT during the period, including Licenses, Implementation services, Hardware and/or Cloud computing, but excluding Support/Software Maintenance Agreements. ▪ Support/Sof