Agfa releases Q2 Results

Group performance:

• Strong HealthCare IT performance and stable Digital Print & Chemicals performance not sufficiently offsetting the continued fast decline in medical film

• Adjusted EBITDA decreased to 13 million euro - effects of measures to tackle the decline in medical film will start to kick in in the second half of 2025

• Net profit of 30 million euro with a strong positive impact from the final award in the AgfaPhoto arbitration

• Signing of a new 3-year revolving credit facility of 180 million euro

HealthCare IT: strong Q2 and continued successful transition to cloud, mainly in core market North America

• Stable evolution in 12 months rolling order intake, maintaining the high level of order intake that commenced in Q2 2024

• Top line increased by 4.8% (8.5% currency comparable) to 61 million euro – recurring revenue grew by 4.1% (7.6% currency comparable)

• Adjusted EBITDA increased from 5.6 to 8.9 million euro

Digital Print & Chemicals: step up in revenue, profitability impacted by unfavourable mix effects

• 6.1% top line growth to 118 million euro, mainly driven by Specialty Films & Chemicals

• Performance of Green Hydrogen Solutions and Digital Printing Solutions influenced by softer market conditions

• Adjusted EBITDA down from 11.6 million euro to 10.0 million euro due to unfavourable mix effects, counterbalanced by pricing efforts, tight cost control and production yield improvements

Radiology Solutions: continued fast decline of the medical film markets, particularly in China

• Revenue declined with high teens %, heavily impacting profitability

• Execution of plan to optimise the cost base of the traditional film activities on track – savings expected to kick in as from the second half of 2025

• Given the current market situation, additional restructuring efforts will be defined and implemented

Pascal Juéry, President and CEO of the Agfa-Gevaert Group commented,  "Our HealthCare IT division delivered a strong performance in the second quarter, driven by the successful execution of our cloud-based strategy. This approach is clearly yielding results, reflected in solid top-line growth and significant improvements in profitability.

In contrast, the growth engines of our Digital Print & Chemicals division encountered headwinds due to ongoing economic uncertainty, which led to slower market conditions. Additionally, the continued sharp decline in medical film markets had a notable impact on both our top and bottom line.

Furthermore, I’m pleased to report the resolution of a long-standing AgfaPhoto legal chapter. After more than two decades of disputes, a final arbitration award in our favour has had a substantial positive effect on our net result in the second quarter.

We also strengthened our financial foundation by securing a new revolving credit facility with a consortium of four financial institutions – an endorsement of the confidence our financial partners place in our company."
 

Financial Data (in million euro)

Revenue and Adjusted EBITDA by Division

Adjusted EBITDA

Agfa-Gevaert Group Financial Highlights

HealthCare IT – detailed results

Digital Print & Chemicals – detailed results

Radiology Solutions – detailed results

Contractor Operations and Services – former Offset