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Agfa-Gevaert (AGFB) investor relations material
Agfa-Gevaert Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q1 2026 delivered 1.7% revenue growth excluding currency, driven by higher silver prices and Digital Printing Solutions, while other segments were slightly below last year.
Adjusted EBITDA rose sharply to €12 million, reflecting effective cost-saving programs and successful pass-through of higher silver prices.
Free cash flow was negative €42 million, mainly due to working capital increases from high silver prices and transformation costs.
Transformation to SaaS in HealthCare IT is progressing, with recurring revenue now at 67% of Q1 revenue, up from just above 50% three years ago.
Annualized savings from cost programs reached €57 million by end of Q1 2026.
Financial highlights
Group revenue reached €236 million (up 1.7% excluding currency), with gross profit margin improving to 32.3% from 30.7% year-over-year.
Adjusted EBITDA increased by €10 million year-over-year to €12 million (4.9% of sales), driven by Imaging & Chemicals and cost savings.
Adjusted EBIT improved from €-7 million to €3 million.
Net result improved to -€12 million, an €8 million step up from last year, despite higher restructuring expenses.
Working capital pipeline remains lower across business units despite a €41 million negative impact from silver prices.
Outlook and guidance
HealthCare IT: H1 2026 expected to be soft; full-year topline to slightly grow, with profitability flat year-over-year and order intake to grow high single digits.
Industrial Solutions: Digital Printing to grow, but overall segment down due to Green Hydrogen softness and ZIRFON membrane guidance downgraded; rebound expected in 2027.
Imaging and Chemicals: Revenue to grow, with profitability higher in H1 and full-year exceeding 2025.
Free cash flow for 2026 expected to be more negative than 2025 due to higher transformation and silver price cash-outs.
Overall group outlook unchanged, but segment mix will differ; cash consumption expected in 2026 due to silver and transformation costs.
- Q4 EBITDA and cash flow surged, but FY results were pressured by Radiology Solutions' decline.AGFB
Q4 202511 Mar 2026 - Q2 2024 delivered net profit, margin gains, and strong Healthcare IT and DPC growth.AGFB
H1 202423 Jan 2026 - Digital Print & Chemicals growth and Healthcare IT orders offset Radiology's sharp decline.AGFB
Q3 202414 Jan 2026 - Record growth in core segments offset film decline, but restructuring raised losses and debt.AGFB
Q4 202417 Dec 2025 - HealthCare IT and Digital Print & Chemicals growth offset film and radiology declines in Q1 2025.AGFB
Q1 202526 Nov 2025 - HealthCare IT and legal gain offset film market decline; restructuring and cost savings underway.AGFB
Q2 202523 Nov 2025 - Q3 2025 revenue fell 7.1% as medical film and HealthCare IT cloud transition hit profits.AGFB
Q3 202513 Nov 2025
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