Guerbet (GBT) H1 2025 earnings summary

Executive summary

• H1 2025 revenue was €387.8 million, down 5.4% at constant exchange rates and like-for-like, mainly due to regulatory changes and a high comparison base in France.

• Profitability weakened, with restated EBITDA margin dropping to 12.9% from 15.4% in H1 2024, impacted by price pressures, market turmoil, and operational challenges.

• Net income fell to €1.3 million from €10.0 million in H1 2024.

• Free cash flow improved to -€8.4 million from -€29.1 million in H1 2024, mainly due to better working capital management.

• Board of Directors streamlined to 9 members, with increased independence and reduced term lengths.

Financial highlights

• H1 2025 sales: €387.8 million, down 5.4% at CER and LFL; Q2 decline (-3.9%) softer than Q1 (-7.1%).

• Restated EBITDA: €50.0 million (12.9% margin), down from €64.6 million (15.4%) in H1 2024.

• Operating income: €15.0 million (3.9% margin), down 50.6% year-over-year.

• Net income: €1.3 million, down 87.1% from €10.0 million in H1 2024.

• Net debt decreased to €353.3 million from €364.9 million, with gearing stable at 0.94.

Outlook and guidance

• 2025 revenue now expected to decline by ~1% at constant exchange rates (previously guided for 3–5% growth).

• Restated EBITDA margin guidance lowered to 12–13% (from >15%).

• Free cash flow expected to be slightly negative (previously positive).

• Management is focused on sales recovery, cost optimization, and cash generation.