Guerbet (GBT) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 revenue reached €180.1m, down 7.3% year-over-year, mainly due to a penalizing base effect and persistent impact in France.

• Revenue at constant exchange rates (CER) and like-for-like basis declined 7.1% compared to Q1 2024.

• Annual targets for revenue growth and profitability are confirmed, with expectations of improved performance in H2 2025.

Financial highlights

• EMEA sales fell 4.5% at CER and like-for-like, driven by a 21.2% drop in France; excluding France, EMEA grew 4.3%.

• Americas sales decreased 2.4% at CER and like-for-like, impacted by high prior-year restocking.

• Asia sales dropped 16.3% at CER and like-for-like, affected by a strong comparison base and order postponements in Vietnam.

• Free Cash Flow remains positive.

Outlook and guidance

• Full-year 2025 revenue growth expected between 3% and 5% at CER and like-for-like.

• Restated EBITDA margin projected to exceed 15% for 2025.

• H1 2025 expected to be stable at best, with acceleration anticipated in H2 as France stabilizes and base effects ease.