Agfa-Gevaert (AGFB) Q4 2025 earnings summary

Executive summary

• Q4 delivered exceptionally strong adjusted EBITDA of €39 million, up €9 million year-over-year, driven by Digital Print & Chemicals, cost control, and film restructuring savings.

• FY adjusted EBITDA declined to €59 million from €70 million, mainly due to a €25 million drop in Radiology Solutions, despite gains in HealthCare IT and Digital Print & Chemicals.

• Positive FY free cash flow of €35 million, supported by €36 million working capital improvement, €38 million AgfaPhoto arbitration gain, and €27 million customer lease portfolio reduction.

• Transformation continues, shifting from film to growth engines, with sustainability and safety improvements.

• Results exceeded expectations due to accelerated cost and cash management.

Financial highlights

• FY revenue declined 4.5% to €1,086 million; Q4 revenue down 5.9% to €306 million.

• Adjusted EBITDA margin for FY was 5.5% (down from 6.1%); Q4 margin improved to 12.7%.

• Net loss for FY was €71 million, compared to €92 million loss in 2024.

• Working capital reduced from 29% to 26% of sales; CAPEX focused on ZIRFON plant and HealthCare IT R&D.

• Net financial debt at year-end was €21 million; liquidity headroom at €158 million.

Outlook and guidance

• HealthCare IT: Cloud/SaaS transition to continue, with FY 2026 profitability expected in line with FY 2025 and ongoing order intake growth.

• Industrial Solutions: Digital Printing Solutions growth to be offset by delayed Green Hydrogen Solutions market evolution, impacting FY 2026 profitability.

• Imaging and Chemicals: Profitability improvement expected from savings and restructuring, but demand remains uncertain due to silver price volatility.

• FY 2026 expected to have negative free cash flow due to transformation and restructuring cash outflows.

• DPS anticipated to return to growth in 2026, with a trough expected before a pickup in 2027.