Guerbet (GBT) H2 2025 earnings summary

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.