Belgium's Agfa-Gevaert 2025 revenue falls on weakness in radiology solutions

Agfa Gevaert NV

11/03/2026 06:59

Overview

Belgium imaging and IT firm's 2025 revenue fell 4.5% yr/yr, missing two analyst estimates

Adjusted EBITDA dropped to EUR 59 mln from EUR 70 mln, mainly on Radiology Solutions weakness

Company posted net loss of EUR 71 mln for the year

Outlook

Agfa expects FY 2026 profitability in HealthCare IT to be in line with FY 2025

Company sees Digital Printing Solutions top line growth offset by delays in Green Hydrogen Solutions

Agfa expects Imaging and Chemicals profitability improvement, but demand remains uncertain due to volatile silver prices

Company expects negative free cash flow in FY 2026 due to transformation and restructuring cash outflows

Result Drivers

DIGITAL PRINT & CHEMICALS GROWTH - Revenue and profitability rose in this division, driven by Specialty Films, Chemicals, and Green Hydrogen Solutions, with strong Q4 performance and cost control

RADIOLOGY SOLUTIONS DECLINE - Continued contraction in medical film markets, especially in China, led to sharp revenue and profit declines; cost savings began to materialize in H2 and Q4

HEALTHCARE IT TRANSITION - Revenue declined due to the shift to cloud-based models, but order intake and profitability improved, with recurring revenue now 60% of the segment

Company press release: ID:nGNE5GzrPM

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Revenue
Slight Miss*
EUR 1.09 bln
EUR 1.10 bln (2 Analysts)
FY Net Result
-EUR 71 mln
FY Adjusted EBITDA
EUR 59 mln
FY Adjusted EBIT
EUR 23 mln
FY Gross Profit
EUR 331 mln


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "sell" and the breakdown of recommendations is no "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the advanced medical equipment & technology peer group is "buy."

Wall Street's median 12-month price target for AGFA Gevaert NV is €0.70, about 54.5% above its March 10 closing price of €0.45

The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 17 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)