Agfa releases Q2 Results
Group performance:
-
Strong HealthCare IT performance and stable Digital Print & Chemicals performance not sufficiently offsetting the continued fast decline in medical film
-
Adjusted EBITDA decreased to 13 million euro – effects of measures to tackle the decline in medical film will start to kick in in the second half of 2025
-
Net profit of 30 million euro with a strong positive impact from the final award in the AgfaPhoto arbitration
-
Signing of a new 3-year revolving credit facility of 180 million euro
HealthCare IT: strong Q2 and continued successful transition to cloud, mainly in core market North America
-
Stable evolution in 12 months rolling order intake, maintaining the high level of order intake that commenced in Q2 2024
-
Top line increased by 4.8% (8.5% currency comparable) to 61 million euro – recurring revenue grew by 4.1% (7.6% currency comparable)
-
Adjusted EBITDA increased from 5.6 to 8.9 million euro
Digital Print & Chemicals: step up in revenue, profitability impacted by unfavourable mix effects
-
6.1% top line growth to 118 million euro, mainly driven by Specialty Films & Chemicals
-
Performance of Green Hydrogen Solutions and Digital Printing Solutions influenced by softer market conditions
-
Adjusted EBITDA down from 11.6 million euro to 10.0 million euro due to unfavourable mix effects, counterbalanced by pricing efforts, tight cost control and production yield improvements
Radiology Solutions: continued fast decline of the medical film markets, particularly in China
-
Revenue declined with high teens %, heavily impacting profitability
-
Execution of plan to optimise the cost base of the traditional film activities on track – savings expected to kick in as from the second half of 2025
-
Given the current market situation, additional restructuring efforts will be defined and implemented
Pascal Juéry, President and CEO of the Agfa-Gevaert Group commented, “Our HealthCare IT division delivered a strong performance in the second quarter, driven by the successful execution of our cloud-based strategy. This approach is clearly yielding results, reflected in solid top-line growth and significant improvements in profitability.
In contrast, the growth engines of our Digital Print & Chemicals division encountered headwinds due to ongoing economic uncertainty, which led to slower market conditions. Additionally, the continued sharp decline in medical film markets had a notable impact on both our top and bottom line.
Furthermore, I’m pleased to report the resolution of a long-standing AgfaPhoto legal chapter. After more than two decades of disputes, a final arbitration award in our favour has had a substantial positive effect on our net result in the second quarter.
We also strengthened our financial foundation by securing a new revolving credit facility with a consortium of four financial institutions – an endorsement of the confidence our financial partners place in our company.”
Financial Data (in million euro)
Revenue and Adjusted EBITDA by Division
|
Q2 2025 |
Q2 2024 |
% change |
H1 2025 |
H1 2024 |
% change |
|
|
HealthCare IT |
61 |
58 |
4.8% |
118 |
109 |
8.2% |
|
Digital Print & Chemicals |
118 |
112 |
6.1% |
215 |
203 |
5.9% |
|
Radiology Solutions |
80 |
98 |
-18.4% |
154 |
185 |
-17.1% |
|
Contractor Operations & Services – former Offset |
22 |
18 |
22.3% |
37 |
39 |
-5.1% |
|
GROUP Revenue |
281 |
286 |
-1.6% |
523 |
536 |
-2.4% |
Adjusted EBITDA
|
Q2 2025 |
Q2 2024 |
H1 2025 |
H1 2024 |
|
|
HealthCare IT |
8.9 |
5.6 |
13.9 |
6.9 |
|
Digital Print & Chemicals |
10.0 |
11.6 |
12.3 |
12.6 |
|
Radiology Solutions |
(4.9) |
7.1 |
(9.5) |
6.3 |
|
Contractor Operations & Services – former Offset |
2.4 |
1.2 |
5.0 |
5.0 |
|
Unallocated |
(3.2) |
(3.1) |
(6.5) |
(6.7) |
|
GROUP Adjusted EBITDA |
13 |
22 |
15 |
24 |
Agfa-Gevaert Group Financial Highlights
|
Q2 2025 |
Q2 2024 |
% change |
H1 2025 |
H1 2024 |
% change |
|
|
Revenue |
281 |
286 |
-1.6% |
523 |
536 |
-2.4% |
|
Gross profit |
85 |
96 |
-10.9% |
160 |
171 |
-6.4% |
|
% of revenue |
30.4% |
33.5% |
30.5% |
31.8% |
||
|
Adjusted EBITDA |
13 |
22 |
-41.2% |
15 |
24 |
-36.7% |
|
% of revenue |
4.7% |
7.9% |
2.9% |
4.5% |
||
|
Adjusted EBIT |
5 |
12 |
-58.7% |
(2) |
3 |
-168.9% |
|
% of revenue |
1.8% |
4.2% |
-0.4% |
0.6% |
||
|
Net result |
30 |
5 |
10 |
(17) |
HealthCare IT – detailed results
|
Q2 2025 |
Q2 2024 |
% change |
H1 2025 |
H1 2024 |
% change |
|
|
Revenue |
61 |
58 |
4.8% |
118 |
109 |
8.2% |
|
Adjusted EBITDA |
8.9 |
5.6 |
57.3% |
13.9 |
6.9 |
100.2% |
|
% of revenue |
14.6% |
9.7% |
11.8% |
6.4% |
||
|
Adjusted EBIT |
7.2 |
3.8 |
92.2% |
10.4 |
3.2 |
228.4% |
|
% of revenue |
11.9% |
6.5% |
8.8% |
2.9% |
Digital Print & Chemicals – detailed results
|
Q2 2025 |
Q2 2024 |
% change |
H1 2025 |
H1 2024 |
% change |
|
|
Revenue |
118 |
112 |
6.1% |
215 |
203 |
5.9% |
|
Adjusted EBITDA |
10.0 |
11.6 |
-14.0% |
12.3 |
12.6 |
-2.7% |
|
% of revenue |
8.4% |
10.4% |
5.7% |
6.2% |
||
|
Adjusted EBIT |
5.4 |
7.4 |
-26.4% |
3.1 |
4.4 |
-30.3% |
|
% of revenue |
4.6% |
6.6% |
1.4% |
2.2% |
Radiology Solutions – detailed results
|
Q2 2025 |
Q2 2024 |
% change |
H1 2025 |
H1 2024 |
% change |
|
|
Revenue |
80 |
98 |
-18.4% |
154 |
185 |
-17.1% |
|
Adjusted EBITDA |
(4.9) |
7.1 |
(9.5) |
6.3 |
-250.4% |
|
|
% of revenue |
-6.2% |
7.2% |
-6.2% |
3.4% |
||
|
Adjusted EBIT |
(6.5) |
3.4 |
(13.2) |
(1.4) |
-838.0% |
|
|
% of revenue |
-8.1% |
3.4% |
-8.6% |
-0.8% |
Contractor Operations and Services – former Offset
|
Q1 2025 |
Q1 2024 |
% change |
H1 2025 |
H1 2024 |
% change |
|
|
Revenue |
22 |
18 |
22.3% |
37 |
39 |
-5.1% |
|
Adjusted EBITDA |
2.4 |
1.2 |
90.5% |
5.0 |
5.0 |
-0.9% |
|
% of revenue |
10.7% |
6.8% |
13.6% |
13.0% |
||
|
Adjusted EBIT |
1.9 |
0.6 |
4.0 |
3.9 |
4.6% |
|
|
% of revenue |
8.4% |
3.5% |
11.0% |
9.9% |
