Agfa-Gevaert N.V.

Q3 adjusted EBITDA was EUR 5 million, down EUR 10 million year over year. Q3 free cash flow was EUR 21 million, supported by the AgfaPhoto settlement and a EUR 16 million working-capital improvement. On a currency-adjusted basis, group top line was down 4.7%, with Q3 group growth reported at minus 7% and year-to-date growth at minus 4%; Healthcare IT Q3 revenue was down 13%, while radiology revenue fell 20% and DPC revenue was up about 5%. Year-to-date adjusted EBITDA was EUR 19 million, and free cash flow improved by EUR 72 million versus last year, though it remained negative at minus EUR 9 million. For the full year, management said Healthcare IT is now expected to be slightly below last year, DPC should show moderate top-line growth with slight profitability growth, and the company still expects slightly negative net cash flow for the year before any settlement benefit.

Pascal Juery said the quarter was defined by three issues: a very difficult medical film environment, a faster-than-expected shift in Healthcare IT to cloud/SaaS, and a softer DPC/DPS backdrop. He stressed that Agfa is not losing share in Healthcare IT, is winning net new customers, and is still seeing good order intake momentum, but the revenue model change will weigh on the near term. On film, he said the company is actively responding with accelerated restructuring, additional cost-out programs, short-term savings, and even potential site monetization in Mortsel.

Fiona Lam said Q3 adjusted EBITDA was EUR 5 million versus EUR 15 million last year, with the decline driven mainly by a EUR 7 million hit from radiology, a EUR 4 million gross profit impact from Healthcare IT’s cloud transition, and a EUR 2 million unfavorable FX effect. She highlighted strong cash generation: free cash flow of EUR 21 million in Q3 and EUR 72 million improvement in the first nine months, driven by EUR 51 million of working-capital improvement, lower CapEx, and the AgfaPhoto cash in. Net financial debt excluding IFRS 16 fell by EUR 20 million in Q3; minimum liquidity was EUR 126 million versus the EUR 30 million covenant test threshold, and the syndicated loan withdrawal was EUR 119 million versus a total facility of EUR 118 million.

Analysts asked about packaging/sign-and-display demand, net debt and pension debt reporting, the cost-saving plan, and the Aurelius settlement timeline. Management said the packaging sign-and-display market is holding up better in smaller and mid-sized equipment, while larger printers are seeing delayed investment decisions, especially in North America; no SpeedSet/Orca had been sold yet, though the first sale could come in Q4. On pensions, Fiona Lam said there was no methodology change; quarterly movements reflect operational updates, while actuarial recalculations happen at year-end. On Aurelius, Pascal Juery said a draft expert report has been received, it is close to expectations, and a settlement/payment is realistically expected in Q1 2026.