Guerbet (GBT) Q4 2025 TU earnings summary

Executive summary

• Full-year 2025 revenue was €786.4 million, down 3.5% at constant exchange rates (CER) and on a like-for-like basis, mainly due to a decline in France and issues at the Raleigh site in the US.

• Q4 2025 revenue declined 5.6% at CER and on a like-for-like basis, impacted by delayed batch releases at Raleigh.

• Currency depreciation, especially of the US dollar, Brazilian real, and Asian currencies, negatively affected reported revenue.

Financial highlights

• Revenue fell 6.5% year-over-year to €786.4 million; at CER, the decline was 3.8%.

• EMEA sales dropped 2.5% at CER, Americas by 3.8%, and Asia by 4.8% at CER and on a like-for-like basis.

• Diagnostic Imaging revenue decreased 5.3% at CER; Interventional Imaging grew 9.7% at CER.

• MRI sales declined 1.9% at CER, while X-ray sales fell 7.2% at CER.

Outlook and guidance

• Restated EBITDA margin for 2025 is confirmed between 10.5% and 12%.

• Free cash flow for 2025 is now expected to be positive, revised upward from a previous range of -€5 million to €15 million.

• The Raleigh site situation is expected to impact revenue, profitability, and cash generation in 2026.

• An initial estimate of the 2026 impact will be provided with the full-year 2025 results in March.