Agfa-Gevaert: net loss of €15M in Q2, following a 2025 base boosted by an exceptional item
In the second quarter of 2026, the Belgian group posted virtually flat revenue and adjusted EBITDA slightly higher, at 14 million euros.
However, net income came in at minus 15 million euros, compared to a profit of 30 million a year earlier, which had been supported by an exceptional item related to the AgfaPhoto matter. Behind this operational stability, the transition to cloud for the healthcare IT business continues to weigh on the segment's revenues.
Revenue virtually flat, adjusted EBITDA at 14 million euros
During the quarter, the group's revenue stood at 275 million euros, compared to 281 million a year earlier, representing a decline of 0.7% excluding currency effects. This level came in slightly below the analyst consensus, which expected 281 million euros.
Adjusted EBITDA increased to 14 million euros, compared to 13 million in the second quarter of 2025, driven by cost-saving programs. The group's gross margin fell from 30.4% of revenue in the second quarter of 2025 to 29.0%. Operating costs declined from 81 to 74 million euros.
Net income came in at minus 15 million euros, compared to a profit of 30 million a year earlier. The group notes that the comparison quarter had been heavily influenced by the final decision rendered in the arbitration dispute against the liquidator of AgfaPhoto GmbH, with a gain of 28 million euros recorded in adjustments. Earnings per share came in at minus 0.10 euros.
HealthCare IT: cloud order intake up, segment revenue declining
The healthcare IT business illustrates the ongoing transition to SaaS and cloud models. Order intake over twelve months showed an increase of 27.5% to reach 192 million euros, compared to 151 million a year earlier, and the cloud share of quarterly order intake rose to 51%, compared to 4% in the second quarter of 2025.
Meanwhile, segment revenue declined 9.5% excluding currency effects, to 54 million euros, with the group indicating that the transition to the Enterprise Imaging platform in cloud mode continues to have a temporary effect on revenues and results. Recurring revenues increased 4% excluding currency effects and now represent 66% of segment revenue.
Adjusted EBITDA for HealthCare IT came in at 5.3 million euros, compared to 8.9 million a year earlier, with adjusted EBITDA margin evolving from 14.6% to 9.7%. The Imaging and Chemicals segment saw its adjusted EBITDA increase from 3.7 to 8.9 million euros, driven by cost-saving measures and price increases for film products.
Green Hydrogen under pressure, free cash-flow expected more negative in 2026
For the full year, the group anticipates for HealthCare IT strong order intake growth at a high single-digit rate, with profitability expected at the same level as last year due to investments in growth. In Industrial Solutions, the Digital Printing Solutions business grew 10.8% excluding currency effects during the quarter, but the Green Hydrogen Solutions business recorded a decline of 77%, linked to weakness in the European market following delays in implementing the RED III directive. The group expects a significant recovery in this business in 2027.
Financially, the quarter's free cash-flow came in at minus 10 million euros, affected by cash outflows of 30 million euros related to restructuring and transformation projects. Net financial debt (excluding IFRS 16) increased from 58 million euros at end of March to 74 million euros at end of June, for a leverage ratio of 1.4 (ceiling of 3.0). The group reports having achieved annualized savings of 61 million euros at the end of the second quarter, and anticipates 2026 annual free cash-flow more negative than in 2025.
