Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — FY 2025 Earnings Presentation
42 slides from Agfa-gevaert Nv's earnings presentation, Mar 11, 2026
Slide 1: FY 2025 Results Agfa-Gevaert Group
FY 2025 Results Agfa-Gevaert Group March 1 11, 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 ▪ FY/Q4 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: Strong Q4 profitability and free cash flow – good step-up in FY profitability
Strong Q4 profitability and free cash flow – good step-up in FY profitability in HealthCare IT and Digital Print & Chemicals Group performance: • Strong Q4 adjusted EBITDA of 39 million euro (+9 million euro versus 2024) thanks to solid performance in Digital Print & Chemicals, stringent cost contro
Slide 6: Status restructuring plans and reorganization
Status restructuring plans and reorganization ▪ Acceleration of the plan to optimize the cost base ▪ Faster implementation of the program related to manufacturing activities: annualized savings of € 36 m realized at year-end 2025 ▪ Recently Agfa reached an agreement with its social partners on addit
Slide 7: Financial review – Pascal Juéry, CEO, Fiona Lam, CFO
Financial review – Pascal Juéry, CEO, Fiona Lam, CFO 7
Slide 8: Q4 2025: strong Q4 adjusted EBITDA thanks to solid performance in DPC
Q4 2025: strong Q4 adjusted EBITDA thanks to solid performance in DPC, stringent cost control and savings from the restructuring program Sales in € m Adj. EBITDA* in € m +27.9% -5.9% 39 325 5 19 306 30 17 0 6 106 89 18 -11% 20 75 64 -15% +126% 21 9 125 136 +9% -5 -2 -3 Q4 2024 Q4 2025 Q4 2024 Q4 202
Slide 9: FY 2025: good step-up in FY profitability in HealthCare IT and DPC
FY 2025: good step-up in FY profitability in HealthCare IT and DPC not sufficiently offsetting € 25 m decrease in adj. EBITDA in Radiology Solutions - savings program only started to kick in in the 2H 2025 Sales in € m Adj. EBITDA* in € m -14.9% -4.5% 70 1138 59 1086 6 75 5 70 16 34 383 317 +2% 33 2
Slide 10: FY 2025: Adj. EBITDA bridge
FY 2025: Adj. EBITDA bridge in € m Adj. EBITDA* Adj. EBITDA* margin 6.1% margin 5.5% 70 5 5 13 1 21 59 25 ▪ Gross profit: significant decline in 3 Radiology due to volume decline in 3 film ▪ Operational expenses: significant decrease due to stringent cost control Adj. FX effects Gross Gross Gross Gr
Slide 11: Positive full year FCF of € 35 m driven by improvement in working capital
Positive full year FCF of € 35 m driven by improvement in working capital, cash in related to the AgfaPhoto arbitration and build-down of customer lease portfolio in € m ▪ Working capital: decreased from 29% of sales end of ‘24 to 26% of sales end 87 of ‘25 4 34 ▪ CAPEX: driven by investment in the
Slide 12: Evolution of total debt: net financial debt + pension debt
Evolution of total debt: net financial debt + pension debt in € m 543 553 484 463 498 520 521 ▪ Net financial debt excl IFRS 16 evolved from positive cash 51 66 492 492 48 44 3 72 85 position in ‘23 to a net debt position of € 21 m at year-end 43 48 37 52 65 422 ’25 driven by a lower operational per
Slide 13: Pension Status (4 material countries) excluding Belgian DC Plans
Pension Status (4 material countries) excluding Belgian DC Plans Improvement of funded status mainly driven by Germany in million Euro FY’24 FY’25 Est FY’26 • Benefit payments > pension cost • Favorable year-end liability remeasurement Funded status (388) (327) 2026 expectations Pension cost: Pensio
Slide 14: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss in million euro Q4 ’25 Q4 ’24 ∆% FY’25 FY’24 ∆% Key figures Sales 306 325 -5.9% 1086 1138 -4.5% Profit & Loss Gross Profit* 101 102 -1.0% 331 354 -6.7% Incl. IFRS 16 as a % of sales 33.1% 31.4% 30.4% 31.2% Operational -72 -82 -12.5% -307 -327 -6.1% expenses* as a %
Slide 15: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss In million Euro Q4’25 Q4’ 24 FY’25 FY’24 29 20 23 27 Key figures Adjusted EBIT* Adjustments and restructuring -77 -65 -58 -75 Profit & Loss expenses Incl. IFRS 16 Result from operating activities -48 -45 -34 -48 Net finance costs -8 -7 -21 -27 Share of profit of ass
Slide 16: Agfa-Gevaert Group: Free Cash Flow
Agfa-Gevaert Group: Free Cash Flow In million Euro Q4’25 Q4’ 24 FY’25 FY’24 39 30 59 70 Key figures Adjusted EBITDA Working Capital - net 42 38 36 -18 Profit & Loss CAPEX -9 -11 -34 -45 Incl. IFRS 16 Provisions & other 9 -5 28 16 Income taxes -3 -2 -4 -4 Adjusted Free Cash Flow 77 50 87 19 Pensions
Slide 17: HealthCare IT
HealthCare IT 17
Slide 18: HealthCare IT – Highlights
HealthCare IT – Highlights • Imaging Cloud adoption is accelerating in North America: share of cloud in order intake significantly grew and increasingly impacting the P&L - multiple go-lives at leading healthcare organizations. • FY 2025 order intake* increases by 14% to € 187 m versus € 165 m LY, F
Slide 19: 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 20: HealthCare IT: sales and adjusted EBITDA
HealthCare IT: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m -4.1% +1.8% • Top line decrease of 4.1% versus LY (-1.1% excl. curr.) - recurring 242 232 34 revenue grew by 2.1% (+5.2% excl. curr.) and now amounts to 33 60% of the total revenue • Mainly due to positive mix effects, the gro
Slide 21: HealthCare IT: Profit & Loss
HealthCare IT: Profit & Loss in million euro Q4 ’25 Q4 ’24 ∆% FY’25 FY’24 ∆% Key figures Sales 64 75 -15.0% 232 242 -4.1% Profit & Loss Gross Profit* 35 41 -15.5% 115 118 -2.7% Incl. IFRS 16 as a % of sales 54.8% 55.2% 49.5% 48.8% Operational -20 -24 -16.4% -89 -93 -4.0% expenses* as a % of sales 31
Slide 22: Digital Print and Chemicals
Digital Print and Chemicals 22
Slide 23: Digital Printing Solutions – Highlights
Digital Printing Solutions – Highlights • Softer equipment sales in North America in ’25 but market stabilizing towards year-end and the order book is building • Full year ink sales growth of 3.6% • Strategic growth initiatives • SpeedSet Orca solution: revenue recognized in Q4’25, in commercial ope
Slide 24: Green Hydrogen Solutions – Highlights
Green Hydrogen Solutions – Highlights “ ZIRFON is the only membrane making the production of green hydrogen affordable. • Contrasted market picture continues • Mainly small-scale projects passing through Final Investment Decision ” • Western European markets slow as legislation is too complex and RE
Slide 25: Digital Print & Chemicals: sales and adjusted EBITDA
Digital Print & Chemicals: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m +6.5% +37.5% • Sales Digital Printing Solutions: ink topline grew by 3.6% - overall sales decreased by 2.4%, impacted by soft equipment demand due to economic 467 438 42 uncertainty - market began to stabilize in Q
Slide 26: Digital Print & Chemicals: Profit & Loss
Digital Print & Chemicals: Profit & Loss in million Euro Q4 ’25 Q4 ’24 ∆% FY’25 FY‘24 ∆% Key figures Sales 136 125 8.5% 467 438 6.5% Profit & Loss Gross Profit* 42 34 23.3% 133 127 4.3% Incl. IFRS 16 as a % of sales 30.9% 27.2% 28.4% 29.0% Operational -26 -29 -9.9% -109 -113 -3.7% expenses* as a % o
Slide 27: Radiology Solutions
Radiology Solutions AGFA &
Slide 28: Radiology Solutions – Highlights
Radiology Solutions – Highlights • Medical film • Strong impact of the decline of the medical film markets, particularly in China • Acceleration and extension of the plan to optimize the cost base of the traditional film activities, including go-to-market review • Direct Radiography • FY sales decli
Slide 29: Radiology Solutions: sales and adjusted EBITDA
Radiology Solutions: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m • Sales: -157.1% • Medical film: volumes continued to decrease following the -17.1% 16 overall declining market, particularly in China 383 • DR: sales decline of 5.2% in a market that contracted by 7% - Q4 sales decline
Slide 30: Radiology Solutions: Profit & Loss
Radiology Solutions: Profit & Loss in million euro Q4 ’25 Q4 ’24 ∆% FY’25 FY‘24 ∆% Key figures Sales 89 106 -15.3% 317 383 -17.1% Profit & Loss Gross Profit* 25 27 -8.9% 77 106 -27.6% Incl. IFRS 16 as a % of sales 27.8% 25.9% 24.3% 27.8% Operational -22 -25 -12.0% -93 -106 -11.5% expenses* as a % of
Slide 31: Outlook – Pascal Juéry, CEO
Outlook – Pascal Juéry, CEO 31
Slide 32: Outlook
Outlook 2026 outlook per segment based on the current economic environment and taking into account the new organizational structure: HealthCare IT: transition to cloud/SaaS technology will continue, which will temporarily impact the division’s financial performance - FY 2026 profitability is expecte
Slide 33: Silver price increase: estimated impact
Silver price increase: estimated impact ▪ Silver prices have increased from average $ 45/t oz FY’25 to current spot $ 85/t oz - price evolution remains unpredictable ▪ Mitigation mechanisms have been established to manage silver price volatility for the film businesses (film sales FY’25 = ± € 350 m)
Slide 34: Strategy and transformation – Pascal Juéry, CEO
Strategy and transformation – Pascal Juéry, CEO 34
Slide 35: 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 36: 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 37: Agfa’s transformation journey 2020 - 2025
Agfa’s transformation journey 2020 - 2025 Sales in mio € Adj. EBITDA in mio € Growth engines: CAGR 6% per year Growth engines: CAGR 29% per year +1% -44% 1.004 1.016 119 561 668 67 103 -3% 10 -37% 455 56 6% 336 CAGR ’20 -’25 16 29% 2020 2025 2020 2025 mature businesses growth engines Growth engines:
Slide 38: Growing sustainably in 2025 and beyond
Growing sustainably in 2025 and beyond Through meaningful climate action o Capitalizing on the roll-out of the reinvestment plan for energy assets at its primary sites in Belgium, Agfa is committed to reducing GHG emissions in line with science-based pathways. However, the submission of targets for
Slide 39: Questions and answers
Questions and answers
Slide 40: Stay tuned
Stay tuned Financial calendar ▪ Q1 2026 results and AGM: May 12, 2026 ▪ Q2 2026 results: August 26, 2026 ▪ Q3 2026 results: November 10, 2026 40
Slide 41: 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 42: 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