Agfa-Gevaert Extends Its €180M Revolving Credit Facility Until 2030
The Belgian imaging group has postponed by two years the maturity of its €180 million revolving credit facility, now subject to new financial ratios and a security interest in Agfa HealthCare shares.
Agfa-Gevaert NV announced on September 28, 2026 the extension of its €180 million revolving credit facility until August 1, 2030. The previous agreement provided for a maturity date of August 1, 2028.
This facility is used for working capital financing and for the company's general needs. It was arranged by a club of four financial institutions: BNP Paribas Fortis, KBC Bank, Belfius Bank and ING Belgium.
New Covenants and Security Interest in Agfa HealthCare Shares
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The agreement incorporates several financial covenants. The leverage ratio (net financial debt relative to adjusted EBITDA, excluding IFRS 16 over the last twelve months, tested semi-annually) is capped at 3.0. The interest coverage ratio (adjusted EBITDA relative to interest charges) is set at a minimum of 4.0.
A liquidity covenant additionally requires a minimum of €30 million in cash and cash equivalents increased by available margin under the facilities, tested quarterly. The facility is now also secured by a pledge of Agfa HealthCare shares.
SectorDispositifs médicaux et optique›Dispositifs médicaux / imagerie
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 512 millions d'euros
Quarterly revenue: 512 millions d'euros
Revenue growth: -2,2 %
EBITDA: 25 millions d'euros
EBITDA margin: 4,9 %
Net income: -27 millions d'euros
Free cash flow: -52 millions d'euros
127 millions d'euros
Guidance from the release
The full year 2026 free cash flow is expected to be more negative than in 2025
Risks mentioned
Flux de trésorerie disponible négatif de 52 M€ au S1 2026, aggravé par les coûts de transformation et de réorganisation
Faiblesse persistante du marché Green Hydrogen Solutions liée aux retards de mise en œuvre de la directive RED III
Baisse du chiffre d'affaires de HealthCare IT de 7,3% hors effet de change liée à la transition cloud
Opportunities identified
EBITDA ajusté du groupe en hausse de 66% au S1 2026 grâce aux programmes d'économies
Recettes récurrentes de HealthCare IT en hausse de 4% hors effet de change au T2 2026, où elles représentent 66% du chiffre d'affaires du segment
Amélioration du fonds de roulement dans toutes les activités hors film grâce à un programme d'affacturage avec BNP Paribas Fortis
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
