Guerbet (GBT) Q3 2025 TU earnings summary

Executive summary

• Nine-month revenue reached €586.5 million, down 2.8% at constant exchange rates (CER) and like-for-like, mainly due to lower activity in France.

• Q3 2025 saw a return to growth with revenue up 2.6% at CER and like-for-like, driven by Elucirem™ and LipiodolⓇ sales.

• Sequential improvement throughout the year: Q1 down 7.1%, Q2 down 3.9%, Q3 up 2.6% at CER and like-for-like.

Financial highlights

• Total sales for the first nine months: €586.5 million, a decrease of 5.5% reported and 3.1% at CER, with a €14.6 million negative FX impact.

• EMEA revenue: €255.8 million, down 2.3% at CER and like-for-like; Q3 up 10.2% at CER and like-for-like.

• Americas revenue: €176.5 million, down 2.2% at CER and like-for-like; Q3 down 5.7% at CER and like-for-like.

• Asia revenue: €152.4 million, down 4.3% at CER and like-for-like; Q3 up 1.5% at CER and like-for-like.

Outlook and guidance

• Acceleration in Q4 2025 expected, supported by Elucirem™ ramp-up, LipiodolⓇ momentum, and indirect sales growth.

• 2025 guidance confirmed: slight revenue decline at CER and like-for-like (~-1%), restated EBITDA margin between 12-13%, and slightly negative free cash flow.