Guerbet (GBT) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 revenue €573.8m, down 1.3% at CER and like-for-like; excluding China, revenue grew 1%, with positive contributions from EMEA, the Americas and Asia.

• Q3 revenue fell 3.6% at CER and like-for-like, but was stable excluding China; all 2026 financial targets were confirmed.

Financial highlights

• 9M revenue was down 2.2% reported and 1.3% at CER; the €4.8m negative FX impact was confined to H1 and largely linked to yen depreciation.

• Q3 revenue was €194.6m versus €198.7m in Q3 2025; like-for-like revenue fell 3.6% at CER.

Outlook and guidance

• FY 2026 revenue target remains stable or showing a slight decrease at CER and like-for-like.

• FY 2026 restated EBITDA margin target remains around 8%, including around €35m of Raleigh remediation-plan costs.

• FY 2026 free cash flow target remains strongly negative at -€50m to -€70m, reflecting lower restated EBITDA, higher CAPEX and non-recurring restructuring costs.