Agfa-Gevaert: Adjusted EBITDA Falls to €1 Million in Third Quarter as HealthCare IT Holds Up
Agfa-Gevaert published its third-quarter results on November 10, 2026, which break with the trend of the preceding months. On the scope of continuing operations, adjusted EBITDA fell by 63.9%, from €4 million to €1 million. Over the first nine months, it instead rose by 18%, to €25 million.
Quarterly revenue remained stable at €210 million, but its two components moved in opposite directions. The medical imaging software division HealthCare IT improved its profitability. The Imaging and Advanced Materials segment, which generates most of the sales, however posted negative adjusted EBITDA.
The Third Quarter Interrupts the Progress Recorded Over Nine Months
The group's adjusted EBITDA margin declined by 1.1 points over the quarter, to 0.6% of revenue. Over nine months, it rose by 0.7 points, to 4.0%, while cumulative sales fell by 2.5%, to €631 million. The isolated quarter therefore weighs on a cumulative figure that had remained on an upward trajectory.
The gross margin fell by 1.7 points, to 23.2%. Operating expenses decreased from €55 million to €53 million, and the savings program reached an annualized base of €64 million at the end of September.
According to the group, these savings, price increases and the improvement at HealthCare IT did not fully offset the decline in volumes of films, direct radiography and Green Hydrogen Solutions.
At the net income level, adjustments and restructuring costs amounted to €7 million, compared with €6 million. Net financial expenses rose from €7 million to €9 million. Including discontinued operations, the net loss stood at €24 million, compared with €19 million a year earlier, and at €51 million over nine months, compared with €9 million.
HealthCare IT Improves Its Margin, Imaging and Advanced Materials Slips Into the Red
HealthCare IT recorded revenue up 11.2%, to €56 million. Its adjusted EBITDA rose from €2.2 million to €5.5 million, bringing its margin from 4.4% to 9.8%, an increase of 5.4 points. Recurring revenue grew by 10.9% and now represents 69% of the division's sales.
Order intake over rolling twelve months increased by 21%, to €197 million, including €90.7 million for cloud solutions, an amount more than tripled. This shift reduced the division's gross margin from 44.1% to 43.6%, due to mix effects. Over nine months, its sales remained down by 4.0%.
Imaging and Advanced Materials, which accounts for €155 million of the €210 million in quarterly revenue, saw its sales decline by 3.4%. Its adjusted EBITDA went from €4.5 million to a loss of €1.4 million, and its gross margin fell by 2.9 points, to 15.8%.
In films, silver-related price increases offset the decline in volumes, without preventing unfavorable mix effects. Sales of Digital Radiology Solutions fell by 8.4%, and those of Green Hydrogen Solutions by 82.2%. Over the first nine months, however, the segment's adjusted EBITDA rose by 40.5%, to €21.0 million.
Rising Debt and a 2026 Cash Flow Expected to Be More Negative Than in 2025
Free cash flow from continuing operations stood at minus €14 million for the quarter, mainly due to €16 million in disbursements linked to transformation projects. Net financial debt excluding IFRS 16 rose from €21 million at the end of 2025 to €92 million at the end of September. Including pension obligations, net debt reaches €450 million.
The €180 million revolving credit line, extended until August 1, 2030, was drawn down to the extent of €160 million. The liquidity headroom stands at €95.6 million, against a contractual minimum of €30 million. The leverage ratio reached 1.9 against a ceiling of 3.0, indicatively ahead of the year-end test.
For 2026, the group anticipates free cash flow that will be more negative than in 2025. It explains this by the €38 million collected last year in connection with AgfaPhoto, as well as by higher transformation expenses and silver prices.
HealthCare IT is expected to show stable sales and lower profitability, while Imaging and Advanced Materials forecasts a decline in both its sales and its profitability.
In parallel, Agfa signed a definitive agreement at the end of September to combine Digital Printing Solutions with EFI, within an entity held 60% by a subsidiary of Siris and 40% by Agfa. The transaction remains subject to regulatory approvals and is expected to be completed by the end of 2026.
Pascal Juéry, chief executive officer, considers that the results of HealthCare IT “demonstrate the success of our accelerated transition to cloud technology and a business model based on SaaS”.
For the quarter, however, this division's progress is not enough to offset the adjusted operating loss of a segment that accounts for nearly three quarters of the group's sales.
