Agfa-Gevaert NV (AFGVF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to the Agfa Group Q1 2025 results. My name is Laura and I will be your coordinator for today's event. Please note this call is being recorded and for the duration of the call your lines will be on listen and remote. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star 1 on your telephone keypad to register your question. If you require assistance at any point, please press star zero and you will be connected to an operator. I will now hand you over to your host, Pascal Jouery, CEO, to begin today's conference. Thank you. Thank you very much, Laura. Good morning to everyone. I'm sitting in Mortsal with Fiona Lam, our CFO, with Vivian Dictus, our Investment Relations Manager. and the rest of the executive committee ready to answer your questions. So we're going to walk you through the Q1 results of the company, and with further ado, we'll start. So Q1, stable EBITDA compared to last year, but with a very different sales and activity mix. And in fact, this is a story of, on the one side, a continuous decline of the film, which, as you know, has started to accelerate in 2024, and we are seeing this trend continuing, of course, in 2025. On the other hand, a good performance of the growth engines, and I would say a good cost control overall. I'd like also to remind everyone that we are a seasonal business, that Q1 is normally the weakest quarter of the year, similar as last year. We typically generate 75% of our EBITDA in the second half of the year, and therefore the cash profile of the group is according to the seasonality, meaning a buildup of working capital in the first part of the year and a reduction during the second part of the year. and most notably the fourth quarter, which is 45% of ...