Agfa-Gevaert (AGFB) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered resilient results with stable revenue, strong Digital Printing Solutions growth, and improved Imaging and Chemicals profitability, while HealthCare IT continued its cloud transition and Green Hydrogen Solutions faced market weakness.

• Transformation and restructuring programs yielded significant cost savings, with annualized savings reaching €61 million, but also led to negative free cash flow.

• Net loss for Q2 was €15 million, compared to a €30 million profit in Q2 2025, mainly due to transformation costs and the absence of prior year arbitration gains.

• Adjusted EBITDA improved to €14 million in Q2, supported by operational improvements and cost-saving measures.

Financial highlights

• Q2 2026 group revenue was €275 million, down 0.7% year-over-year excluding currency effects; adjusted EBITDA rose to €14 million (5.0% of sales).

• Gross profit margin declined to 29.0% from 30.4% year-over-year.

• Free cash flow for Q2 was negative €10 million, mainly due to transformation and restructuring outflows.

• Net financial debt increased to €74 million at Q2 2026, reflecting negative free cash flow.

• Net result for Q2 was a loss of €15 million, compared to a profit of €30 million in Q2 2025.

Outlook and guidance

• HealthCare IT expects high single-digit order intake growth for 2026, with stable profitability as cloud transition continues.

• Digital Printing Solutions projected to continue double-digit growth, while Green Hydrogen Solutions is not expected to recover until 2027.

• Imaging and Chemicals segment forecasts revenue and profitability to exceed 2025, driven by higher silver prices and cost savings.

• Full-year 2026 free cash flow expected to be more negative than 2025 due to higher transformation costs and increased silver prices.