Guerbet (GBT) Q2 2026 TU earnings summary

Executive summary

• H1 2026 revenue reached €379.2 million, nearly stable at constant exchange rates (CER) and on a like-for-like basis, down 0.1% year-over-year.

• Q2 saw a 2.5% decline at CER, with a solid recovery in the Americas (+4.8%), stable EMEA (-0.7%), and a contraction in Asia (-14.0%).

• Diagnostic Imaging revenue was €325.2 million in H1, down 0.9% at CER and like-for-like; Interventional Radiology grew 4.7% at CER.

• Raleigh site remediation plan is progressing as expected, supporting recovery in the Americas.

Financial highlights

• Reported revenue declined 2.2% year-over-year, impacted by an €8.0 million negative FX effect, mainly from USD and JPY depreciation.

• EMEA H1 revenue grew 1.8% at CER and like-for-like, with strong growth in France (+9.0%).

• Americas H1 revenue up 1.2% at CER and like-for-like, driven by improved batch release at Raleigh.

• Asia H1 revenue fell 5.0% at CER and like-for-like, mainly due to market reforms in China.

Outlook and guidance

• 2026 revenue expected to be stable or slightly down at CER and like-for-like.

• Restated EBITDA margin rate targeted at around 8%, including €35 million in Raleigh remediation costs.

• Free cash flow projected between -€50 million and -€70 million, reflecting lower EBITDA, higher CAPEX, and restructuring costs.