Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — Q2 2026 Earnings Presentation
37 slides from Agfa-gevaert Nv's earnings presentation, Aug 26, 2026
Slide 1: Q2 2026 Results Agfa-Gevaert Group
Q2 2026 Results Agfa-Gevaert Group August 1 26, 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 ▪ 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 2026: resilient performance amid market challenges
Q2 2026: resilient performance amid market challenges Group performance: • Revenue growth: top line stable (-0.7% excluding currency impact), driven by silver price uplifts in film and continued step-up in Digital Printing Solutions • Profitability stable: adjusted EBITDA at 14 million euro – saving
Slide 6: Financial review – Pascal Juéry, CEO, Fiona Lam, CFO
Financial review – Pascal Juéry, CEO, Fiona Lam, CFO 6
Slide 7: Q2 2026: resilient performance amid market challenges
Q2 2026: resilient performance amid market challenges Sales in € m Adj. EBITDA* in € m -0.7% +3.7% -2.1% excl. curr. 281 13 14 275 4 9 +2.6% +141% 167 169 excl. curr. 4 -33% 3 9 -1.6% 54 52 excl.curr. 5 -41% -9.5% 61 54 -3 -3 excl. curr. % growth ’25 -’26 Q2 2025 Q2 2026 Imaging and Chemicals Q2 202
Slide 8: Q2 2026: Adj. EBITDA bridge
Q2 2026: Adj. EBITDA bridge in € m Adj. EBITDA* Adj. EBITDA* margin 4.7% margin 5.0% 13 1 14 0 ▪ Gross profit: the impact of the 6 savings programs was partly 6 counterbalanced by a decline in HE IT due to the accelerated 2 transition to cloud and a decline in 1 Industrial Solutions due to a 2 1 dec
Slide 9: Free Cash Flow Q2 2026 of minus € 10 m
Free Cash Flow Q2 2026 of minus € 10 m mainly driven by cash outs related to the transformation in € m ▪ Working capital improved in all non-film related businesses versus Q2 25 and versus Q4 25. 6 ▪ Working capital increased from € 285 m in 7 15 14 4 2 Q4 2025 to € 316 m in Q2 2026, driven by the h
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 a positive 553 543 520 521 cash position in ‘23 to a net debt position of € 74 m 484 463 498 51 66 492 492 end of Q2’26 driven by a lower operational 3 72 460 48 44 43 48 37 85 449 perfor
Slide 11: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss in million Q2 ’25 Q2 ’26 ∆% 6m ’25 6m ’26 ∆% Key figures euro (excl curr) (excl curr) Profit & Loss Sales 281 275 -2.1% 523 512 -2.2% Incl. IFRS 16 (-0.7%) (+0.4%) Gross Profit* 85 80 -6.7% 160 156 -2.3% as a % of sales 30.4% 29.0% 30.5% 30.5% Operational -81 -74 -7
Slide 12: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss In million Euro Q2’25 Q2’ 26 6m’25 6m’26 Key figures Adjusted EBIT* 5 5 -2 8 Profit & Loss Adjustments and restructuring expenses 28 -6 26 -12 Incl. IFRS 16 33 0 23 -4 Result from operating activities Net finance costs -1 -9 -7 -16 Result before taxes 32 -10 17 -20
Slide 13: Agfa-Gevaert Group: Free Cash Flow
Agfa-Gevaert Group: Free Cash Flow In million Euro Q2’25 Q2’ 26 6m’25 6m’26 Adjusted EBITDA 13 14 15 25 Key figures Working Capital - net 2 6 -22 -27 Profit & Loss CAPEX -8 -7 -16 -13 Incl. IFRS 16 Provisions & other 12 4 24 10 Income taxes -4 -2 1 1 Adjusted Free Cash Flow 15 15 3 -4 Pensions & lon
Slide 14: HealthCare IT
HealthCare IT 14
Slide 15: HealthCare IT – Highlights
HealthCare IT – Highlights • Cloud transition: continued successful shift to SaaS and cloud-based solutions • 12 months rolling order intake increased by 28% to € 192 m versus € 151 m in Q2 2025 - cloud-based order intake more than tripled • Q2 2026 order intake: • Cloud deals = 51 % • Net new custo
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 • In Q2 2026, cloud order intake increased to 51% (Q2 2025: 4%) -10.4% -9.5% -40.5% excl. curr. 9 61 • Recurring
Slide 18: HealthCare IT: Profit & Loss
HealthCare IT: Profit & Loss in million euro Q2 ’25 Q2 ’26 ∆% 6m’25 6m ‘26 ∆% Key figures (excl curr) (excl curr) Profit & Loss Sales 61 54 -10.4% 118 105 -10.5% (-9.5%) (-7.3%) Incl. IFRS 16 Gross Profit* 30 24 -20.1% 58 47 -18.1% as a % of sales 49.9% 44.5% 48.9% 44.8% Operational -23 -21 -9.4% -4
Slide 19: Industrial Solutions
Industrial Solutions Powerlul by nature> y /
Slide 20: Digital Printing Solutions – Highlights
Digital Printing Solutions – Highlights Continuing growth momentum • Continuing growth momentum: Q2 sales grew 10.8% excl. curr. • Agfa’s order book continues to build, particularly the larger machines showed good traction - ink sales increased across the board by 10% versus Q2 2025 Customer recogni
Slide 21: Green Hydrogen Solutions – Highlights
Green Hydrogen Solutions – Highlights “ ZIRFON is the only membrane making the • 2026 a transition year ” production of green hydrogen affordable. • Delays in REDIII implementation in 2024 and 2025 leading to very soft market in Europe in 2026 • Market sentiment improving in Europe, with several lar
Slide 22: Industrial Solutions: sales and adjusted EBITDA
Industrial Solutions: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m -3.4% • Digital Printing Solutions: topline grew by 10.8% excl. curr., mainly due -1.6% excl. curr. -32.5% to high-end equipment sales - ink sales increased by 10% 54 52 4 2 8 • Green Hydrogen Solutions: 77% decrease in
Slide 23: Industrial Solutions: Profit & Loss
Industrial Solutions: Profit & Loss in million Euro Q2 ’25 Q2 ’26 ∆% 6m’25 6m ’26 ∆% Key figures (excl.curr.) (excl.curr.) Profit & Loss Sales 54 52 -3.4% 97 95 -2.7% (-1.6%) (+0.3%) Incl. IFRS 16 Gross Profit* 22 19 -12.9% 39 35 -9.4% as a % of sales 40.8% 36.8% 40.2% 37.4% Operational -21 -21 -3.3
Slide 24: Imaging and Chemicals
Imaging and Chemicals AGFA
Slide 25: Imaging and Chemicals – Highlights
Imaging and Chemicals – Highlights • Film and Chemicals • Slight revenue increase since volume reductions for film products and Computed Radiography were overcompensated by film price increases • Medical film market: continued to decline, particularly in China • Computed Radiography: revenue decline
Slide 26: Imaging and Chemicals: sales and adjusted EBITDA
Imaging and Chemicals: sales and adjusted EBITDA Sales in € m Adj. EBITDA* in € m +140.5% • Sales increase with 2.6% excl. curr. 9 • Film and Chemicals: posted 4.2% top line increase excl. +1.2% +2.6% curr. - volume decline overcompensated by silver- 167 169 excl. curr. driven price increases • DR:
Slide 27: Imaging and Chemicals: Profit & Loss
Imaging and Chemicals: Profit & Loss in million euro Q2 ’25 Q2 ’26 ∆% 6m’25 6m ‘26 ∆% Key figures (excl.curr.) (excl.curr.) Profit & Loss Sales 167 169 1.2% 308 312 1.1% (3.4%) Incl. IFRS 16 (2.6%) Gross Profit* 33 35 7.0% 62 73 17.7% as a % of sales 19.5% 20.7% 20.2% 23.5% Operational -32 -28 -12.7
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 full year order intake is expected to grow with a high single-digit % versus last year, driven by the co
Slide 30: Strategy and transformation – Pascal Juéry, CEO
Strategy and transformation – Pascal Juéry, CEO 30
Slide 31: Agfa's strategy
Agfa’s strategy We remain focused on executing our strategy, assessing our options and levers to drive sustainable growth, operational efficiency and financial flexibility for the Group We invest in growth engines where we have market tailwinds and a clear path towards market leadership • HealthCare
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 ▪ Q3 2026 results: November 10, 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