Guerbet (GBT) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €387.8M, down 7.5% year-over-year, mainly due to lower sales in France following supply reform and a tough comparison base.

• EBITDA margin declined to 11.9% from 14.6% in H1 2024, with restated margin at 12.9% from 15.4%, impacted by price pressures and operational challenges.

• Net income was €1.3M, significantly lower than €10M a year earlier, reflecting lower sales and price pressures.

• Free cash flow remained negative at -€8.4M but improved from -€29.1M in H1 2024, mainly due to better working capital management.

• Management revised 2025 guidance downward, now expecting a slight revenue decline (~-1%), EBITDA margin of 12–13%, and slightly negative free cash flow.

Financial highlights

• Revenue fell 7.5% year-over-year to €387.8M; at constant currency, the decline was 5.6%.

• EBITDA was €46.1M (11.9% margin), down from €61.0M (14.6%) in H1 2024.

• Operating income dropped to €15.0M (3.9% margin) from €30.3M (7.2%).

• Net income was €1.3M (0.3% margin), compared to €10.0M (2.4%) in H1 2024.

• Net debt decreased to €353.3M from €364.9M a year earlier, with gearing stable at 0.94.

Outlook and guidance

• 2025 revenue expected to decline by ~1% at constant currency and scope, versus previous guidance of 3–5% growth.

• Adjusted/restated EBITDA margin now targeted at 12–13%, down from >15% previously.

• Free cash flow expected to be slightly negative for the year.

• Management is focused on restoring sales in core businesses, accelerating interventional imaging, strict margin and cost management, and cash generation.