Guerbet (GBT) Q2 2025 TU earnings summary

Executive summary

• H1 2025 revenue reached €387.8 million, down 5.4% at constant exchange rates and like-for-like, mainly due to a decline in France.

• EMEA excluding France grew 6.9%, Americas remained stable (-0.3%), and Asia declined 7.3% at CER and like-for-like.

• Second quarter decline slowed to 3.9% after a 7.1% drop in Q1, impacted by a high comparison base.

Financial highlights

• Total H1 2025 revenue was €387.8 million, a 7.5% decrease year-over-year, including a negative FX impact of €8.0 million.

• Diagnostic Imaging revenue fell 6.8% at CER and like-for-like; MRI down 1.5%, X-ray down 9.7%.

• Interventional Imaging grew 4.6% at CER and like-for-like, driven by Lipiodol® volume and price increases.

Outlook and guidance

• Double-digit revenue growth expected in H2 2025, supported by normalization in France and favorable comparison base.

• Full-year 2025 targets confirmed: 3–5% revenue growth at CER and like-for-like, restated EBITDA margin above 15%, and positive free cash flow.

• Growth in H2 to be driven by EluciremTM ramp-up in the US and Europe, and Lipiodol® momentum.