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Guerbet (GBT) investor relations material
Guerbet H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for 2025 was €786.4 million, down 3.5% at constant exchange rates and like-for-like, mainly due to lower activity in France and issues at the Raleigh site.
Net loss of €112.7 million, including a non-recurring impairment of €86 million related to the Raleigh site.
Free cash flow turned positive at €19.2 million, with net debt reduced to €325.7 million.
No dividend will be distributed for the 2025 fiscal year.
Financial highlights
Revenue declined 3.5% at CER and like-for-like, with currency effects and divestitures excluded.
Restated EBITDA margin was 12.0%, down from 14.9% in 2024.
Operating loss of €88.2 million, compared to a profit of €49.6 million in 2024.
Net debt/EBITDA ratio at 4.0x, below the 4.8x ceiling set by lenders.
Outlook and guidance
Significant negative impact expected in 2026 from the Raleigh site situation on revenue, profitability, cash generation, and indebtedness.
Probable risk of covenant breach on June 30, 2026, with potential for lenders to call debt early.
Transformation plan continues, with full effects expected in 2027.
2026 targets to be communicated with H1 results in July 2026.
- 2025 revenue fell 3.5% at CER, but EBITDA margin and cash flow outlooks remain positive.GBT
Q4 2025 TU5 Feb 2026 - Q3 2025 marked a return to growth, led by Elucirem™ and LipiodolⓇ momentum.GBT
Q3 2025 TU23 Oct 2025 - Revenue and profit declined in H1 2025, leading to lower guidance and cost focus.GBT
H1 202525 Sep 2025 - H1 revenue fell 5.4% at CER, but double-digit growth is expected in H2 as France recovers.GBT
Q2 2025 TU24 Jul 2025 - Strong H1 2024 growth and profitability led to raised guidance and improved financial metrics.GBT
H1 202413 Jun 2025 - Revenue up 8.1% to €620.5m, driven by Americas and Asia, with 2024 growth above 9% expected.GBT
Q3 2024 TU13 Jun 2025 - H1 2024 revenue up 11.8% at CER, with 2024 growth and margin guidance reaffirmed.GBT
Q2 2024 TU13 Jun 2025 - Q1 2025 revenue declined 7.3%, but annual growth and margin targets remain on track.GBT
Q1 2025 TU6 Jun 2025 - 2024 revenue rose 9% like-for-like, with strong Americas and Asia growth and improved margins.GBT
Q4 2024 TU6 Jun 2025
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