Business
Agfa Gevaert : Q3 results 2025
Agfa Gevaert : Q3 results
About this update from Agfa-gevaert Nv
Q3 2025 Results Agfa-Gevaert Group November 13, 2025 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 materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Agfa is providing the information in this presentation as of its date and does not undertake any obligation to update any forward-looking statements contained in it, in light of new information, future events or otherwise. Agfa disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other publication issued by Agfa. Glossary All definitions for alternative performance measures (APM's) are available at the end of the presentation and on the investor portal ( https://www.agfa.com/corporate/definitions-of-non-ifrs-financial-measures-apms/ ) Agenda Q3 Highlights - CEO Pascal Juéry CEO Financial review - CFO & CEO Outlook - CEO Strategy and transformation - CEO Fiona Lam CFO Highlights - Pascal Juéry, CEO Q3 2025: continued decline in medical film, strong growth cloud and SaaS in HealthCare IT, soft markets in DPC Adj. EBITDA* € 5 m (2.0% of sales) Sales € 257 m (-7.1%) Group performance: Top line decrease of 7.1% (-4.7% currency comparable): increase in Digital Printing & Chemicals not sufficiently offsetting impact from decline in medical film and from cloud transition in HealthCare IT Despite good cost control, adjusted EBITDA decreased to 5 million euro, mainly due to the decline in Radiology Solutions - acceleration and extension of savings programs Positive free cash flow of 21 million euro in Q3 due to 24 million euro improvement in working capital and 38 million euro impact from the AgfaPhoto arbitration Free cash flow over the first 9 months improved by 72 million euro compared to last year, driven by a 51 million euro improvement in working capital and 38 million euro related to the AgfaPhoto arbitration. This more than offset the drop in EBITDA HealthCare IT: Agfa positioned to benefit from market transition to a SaaS business model 12 months rolling order intake increased by 5.8% to 163 million euro, versus 154 million euro in Q3 2024 Top line decreased by 13.0% (-8.7% excl. curr.) to 50 million euro - recurring revenue grew by 0.6% (+5.0% excl. curr), now amounting to 69% of total revenue Adjusted EBITDA decreased to 2.1 million euro Digital Print & Chemicals: step up in revenue, profitability slightly up despite unfavorable market conditions 5.1% top line growth to 115 million euro, mainly driven by Specialty Films & Chemicals Performances of Green Hydrogen Solutions and Digital Printing Solutions influenced by softer market conditions Adjusted EBITDA up from 8.8 million euro to 9.0 million euro Radiology Solutions: continued decline of the medical film markets, particularly in China Revenue declined by almost 20%, heavily impacting profitability 5 Given the current market situation, additional restructuring efforts are defined Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to 'Results from operating activities'(EBIT)/EBITDA Acceleration and extension of restructuring plans Acceleration and extension of the plan to optimize the cost base of the traditional film activities Acceleration of current € 50 m program through faster implementation Additional program of € 25 m related to manufacturing activities as well as go-to-market adjustments Implementation of short-term cost saving measures across the Group to help mitigate current results Initiative to rightsize overall Group organization - details of the plan will be communicated in due time Agfa is exploring the potential redevelopment of part of its site in Mortsel, Belgium - request to the Flemish government to start negotiations aiming to conclude a Brownfield Covenant: such a covenant creates a formal framework in which all parties involved can work together on a supported and future-oriented redevelopment Financial review - Pascal Juéry, CEO, Fiona Lam, CFO Q3 2025 by division: continued decline in medical film, strong growth cloud and SaaS in HealthCare IT, soft markets in DPC Sales in € m Adj. EBITDA* in € m 277 115 110 50 58 74 92 17 Q3 2024 -7.1% 257 17 Q3 2025 -13% 5% % growth '24 -'25 5 -3 15 -65.9% -67% +2% -4 -4 9 9 2 1 6 0 4 Q3 2024 Q3 2025 Conops RAD HE IT DPC Corporate Q3 2025: soft market environment in DPC and cloud transition in HealthCare IT, not offsetting decline in medical film Adj. EBITDA* in € m 18.9 -63% 11.5 8.0 -1.0 7.3 Sales in € m 260 -7.6% 113 103 137 147 240 -7% -114% 7.0 -9% -31% Q3 2024 Q3 2025 % growth '24 -'25 mature businesses growth engines Q3 2024 Q3 2025 Growth engines : HealthCare IT, Digital Printing Solutions, Green Hydrogen Solutions Mature businesses : Radiology and Film DPC excl. Offset/Conops and Corporate costs Q3 2025: Adj. EBITDA bridge in € m Adj. EBITDA* margin 5.5% Adj. EBITDA* margin 2.0% 15 7 2 2 4 1 3 4 2 5 Gross profit: significant decline in Radiology due to volume decline in film and decline in HE IT due to accelerated transition to cloud Operational expenses: decrease due to tight cost control Adj. EBITDA Q3'24 FX effects Gross Profit HE IT Gross Profit DPC Gross Profit RAD Gross Profit Conops/Corp R&D SG&A other Adj. EBITDA Q3'25