Slide 1: FY 2024 Results Agfa-Gevaert Group
FY 2024 Results Agfa-Gevaert Group March 12, 2025
Slide 2: 2024: strong performance from growth engines offsets decline in traditional film markets
2024: strong performance from growth engines offsets decline in traditional film markets Strong Q4 revenue growth, profitability and free cash flow, with record performances of the growth engines. Savings program to align the costs base to the evolution of the traditional film markets on track. ▪ He
Slide 3: Sales 2024: strong Q4 for the growth engines, slightly lower FY sales
Sales 2024: strong Q4 for the growth engines, slightly lower FY sales Q4 2024 sales = € 325 m FY 2024 sales = € 1138 m +3.7% -1.1% 325 1.150 1.138 313 19 68 75 18 106 425 383 116 75 8% 242 -3% 70 249 109 125 15% 409 438 7% Q4 2023 Q4 2024 FY 2023 FY 2024 % growth ’23 -’24 Conops RAD HE IT DPC 3
Slide 4: Adj. EBITDA 2024: strong Q4 for the growth engines, FY Adj. EBITDA at € 70 m
Adj. EBITDA 2024: strong Q4 for the growth engines, FY Adj. EBITDA at € 70 m Q4 2024 Adj. EBITDA = € 30 m FY 2024 Adj. EBITDA* = € 70 m -5.1% -7.8% 32 30 76 1 0 3 70 6 6 14 38 16 20 33 6% 27% 15 31 31 65% 9 19 5 83% -4 -5 -14 -15 Q4 2023 Q4 2024 FY 2023 FY 2024 % growth ’23 -’24 Conops RAD HE IT DPC
Slide 5: Agfa's transformation journey 2020 - 2024
Agfa’s transformation journey 2020 - 2024 Sales in mio € Adj. EBITDA in mio € Growth engines: growth rate 9% per year Growth engines: growth rate 34% per year +1% 1.063 119 1.004 -10% 594 79 668 -3% 103 27 -28% 9% 34% 469 52 336 16 CAGR ’20 -’24 2020 2024 mature businesses growth engines 2020 2024 G
Slide 6: Update savings program to align the costs base to the evolution of the traditional film markets
Update savings program to align the costs base to the evolution of the traditional film markets Ambitious operational excellence plan created, + Enablers put in place to implement successfully owned and signed-off by the business and sustain impact • Social plan signed and agreed with social partner
Slide 7: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss in million euro Q4 ’24 Q4 ’23 ∆% FY’24 FY’23 ∆% Key figures Sales 325 313 3.7% 1138 1150 -1.1% Profit & Loss Incl. IFRS 16 Gross Profit* 102 100 1.8% 354 359 -1.3% as a % of sales 31.4% 32.0% 31.2% 31.2% Operational -82 -80 3.2% -327 -329 -0.4% expenses* as a % of s
Slide 8: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss in million euro Q4’24 Q4’23 FY’24 FY’23 Key figures Adjusted EBIT* 20 21 27 31 -65 -13 -75 -39 Profit & Loss Adjustments and restructuring expenses Result from operating activities -45 7 -48 -8 Incl. IFRS 16 Net finance costs -7 -7 -27 -26 Share of profit of associa
Slide 9: Positive free cashflow Q4 2024 of € 35 m
Positive free cashflow Q4 2024 of € 35 m 11 5 50 2 38 12 3 35 30 Adj. EBITDA Working CAPEX Provisions Income taxes Adj. FCF Pensions & Adjustments FCF capital - net & other LT & termination restructuring benefits items Free Cash Flow (FCF): The sum of ‘Net cash from / (used in) operating activities’
Slide 10: Free cashflow FY 2024
Free cashflow FY 2024 Net financial debt (excl IFRS16 and excl pension debt) at year-end 2024 = € 37 m 70 18 Covenant calculation Q4 2024 Net debt*/12 months rolling Adjusted EBITDA = 0.7 (max 3) 45 Adjusted EBITDA/12 months rolling interest = 12.3 (min 5) 3 19 16 44 21 -46 Adj. EBITDA Working CAPEX
Slide 11: Pension Status (4 material countries) Excluding Belgian DC Plans
Pension Status (4 material countries) Excluding Belgian DC Plans Improvement of funded status vs ‘23 mainly due in million Euro FY’23 FY’24 Est FY’25 to Belgium and Germany (employer contributions (BE)/benefit payments (DE) > DB cost) Funded status (439) (388) 2025 expectations • DB-cost: Pension co
Slide 12: HealthCare IT
HealthCare IT 12
Slide 13: HealthCare IT: sales and adjusted EBITDA
HealthCare IT: sales and adjusted EBITDA FY 2024 sales = € 242 m FY 2024 adj. EBITDA* = € 33 m +5.5% -3% 33 249 242 31 FY 2023 FY 2024 FY 2023 FY 2024 • Order intake**: + 32% in FY order intake to € 165 m versus € 125 m LY, • Mainly due to product/mix effects and increased service with a high share
Slide 14: HealthCare IT: Profit & Loss
HealthCare IT: Profit & Loss in million euro Q4 ’24 Q4 ’23 ∆% FY’24 FY’23 ∆% Key figures Sales 75 70 7.6% 242 249 -3.0% Profit & Loss Gross Profit* 41 36 15.4% 118 116 1.8% Incl. IFRS 16 as a % of sales 55.2% 51.4% 48.8% 46.5% Operational -24 -22 6.6% -93 -92 0.8% expenses* as a % of sales 31.5% 31.
Slide 15: HealthCare IT – Highlights
HealthCare IT – Highlights • Record Q4 performance, based on successful transition to cloud-enabled Enterprise Imaging • FY 2024 order intake*: 32% increase to € 165 m versus € 125 m the year before, mainly based on cloud-related contracts • Cloud deals = 27% • Net new customers = 33% • Project busi
Slide 16: Digital Print and Chemicals
Digital Print and Chemicals 16
Slide 17: Digital Print & Chemicals: sales and adjusted EBITDA
Digital Print & Chemicals: sales and adjusted EBITDA FY 2024 sales = € 438 m FY 2024 adj. EBITDA* = € 31 m +7.2% +65.2% 438 409 31 211 211 19 30 +27% 23 175 197 +13% FY 2023 FY 2024 FY 2023 FY 2024 Specialty Films and Foils Green Hydrogen Solutions Digital Printing • Margins several %-points up (+1.
Slide 18: Digital Print & Chemicals: Profit & Loss
Digital Print & Chemicals: Profit & Loss in million Euro Q4 ’24 Q4 ’23 ∆% FY’24 FY’23 ∆% Key figures Sales 125 109 14.7% 438 409 7.2% Profit & Loss Gross Profit* 34 28 21.2% 127 111 14.8% Incl. IFRS 16 as a % of sales 27.2% 25.8% 29.0% 27.1% Operational -29 -27 7.3% -113 -108 5.0% expenses* as a % o
Slide 19: Digital Printing Solutions – Highlights
Digital Printing Solutions – Highlights • Sales growth of +13% driven by consolidating position in Sign&Display segment • Successful launch of 3 new printers, shifting to faster and higher end • Growth in all segments of portfolio, except Onset with new product launch foreseen in 2025 • EFI partners
Slide 20: Green Hydrogen Solutions – Highlights
Green Hydrogen Solutions – Highlights “ ZIRFON is the only membrane making the • Contrasted market picture – “from Hype to Reality” ” production of green hydrogen affordable. • Globally number of new investment announcements decreasing year on year (2024 about 50% of 2022) but actual Final Investmen
Slide 21: Radiology Solutions
Radiology Solutions AGFA &
Slide 22: Radiology Solutions: sales and adjusted EBITDA
Radiology Solutions: sales and adjusted EBITDA FY 2024 sales = € 383 m FY 2024 adj. EBITDA* = € 16 m -9.8% -57.7% 425 38 383 263 220 16 161 163 FY 2023 FY 2024 FY 2023 FY 2024 Medical Film CR/DR • Profitability negatively impacted by the volume decrease and manufacturing • Medical film: volumes foll
Slide 23: Radiology Solutions: Profit & Loss
Radiology Solutions: Profit & Loss in million euro Q4 ’24 Q4 ’23 ∆% FY’24 FY’23 ∆% Key figures Sales 106 116 -9.0% 383 425 -9.8% Profit & Loss Gross Profit* 27 37 -25.5% 106 133 -20.3% Incl. IFRS 16 as a % of sales 25.9% 31.6% 27.8% 31.4% Operational -25 -28 -8.6% -106 -115 -7.9% expenses* as a % of
Slide 24: Radiology Solutions – Highlights
Radiology Solutions – Highlights • Medical film volumes followed overall decline of the market - driven by a strong Q4, 8% FY top line increase for DR in a stable market • Profitability negatively impacted by the volume decrease in medical film, partly offset by measures to control costs • Benefits
Slide 25: Outlook 2025: strong performances of the growth engines expected to continue
Outlook 2025: strong performances of the growth engines expected to continue Strong performances of the growth engines expected to continue with a slower start of the year, followed by a stronger 2H. This outlook is based on the current economic Outlook environment. 2025 outlook per division: Health
Slide 26: Sustainability at Agfa
Sustainability at Agfa 26
Slide 27: The Road to 2030 & Beyond: Sustainable and Profitable Growth
The Road to 2030 & Beyond Sustainable and Profitable Growth Focus on our Planet ▪ The reinvestment plan for energy assets in Belgium is being implemented → driver for reduction of combined scope 1 + 2 GHG absolute emissions set at 62% by 2030 from a 2006 base year for Belgian manufacturing sites con
Slide 28: Questions and answers
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Slide 29: 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 30: 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
Slide 31: Working Capital: significant decrease mainly driven by inventory reduction
Working Capital: significant decrease mainly driven by inventory reduction Working Capital 381 374 working capital in mio € 373 369 333 335 % of sales 317 271 32 33 32 27 29 33 33 29 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Working Capital : the sum of Inventories plus trade r
Slide 32: Net financial debt: year-end net debt at € 37 m, covenant headroom
Net financial debt: year-end net debt at € 37 m, covenant headroom 66 51 37 Net financial debt in million € 3 (excl IFRS16 and excl pension debt) -14 -14 -37 -68 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2023 2023 2023 2024 2024 2024 2024 Covenant calculation Q4 2024 Net debt*/12 months rolling Adjusted EBITDA =