Agfa-Gevaert
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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.
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Q1 2026 earnings summary12 May, 2026

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.

Impact of SaaS transition on order intake timing
Drivers of the 48% revenue drop in Green Hydrogen
Mitigating silver price impact on cash flow
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