Agfa-Gevaert N.V.

Q3 adjusted EBITDA was EUR 5 million, down EUR 10 million year over year. Group top line declined 4.7% at equal currency, and Pascal Juery also referenced minus 7% growth in Q3 on the reported numbers and minus 13% in Healthcare IT in Q3 due to the cloud transition. In the quarter, radiology gross profit was down EUR 7 million, Healthcare IT gross profit was down EUR 4 million, and unfavorable FX was a EUR 2 million headwind. Q3 free cash flow was positive EUR 21 million, Q3 working capital improved by EUR 16 million, and net financial debt excluding IFRS 16 was reduced by EUR 20 million. For the first 9 months, adjusted EBITDA was EUR 19 million, free cash flow was still negative EUR 9 million but improved by EUR 72 million year over year, and the company cited a EUR 51 million net working capital improvement. Management now expects Healthcare IT to finish slightly below last year, while DPC is expected to deliver moderate top-line growth and slight profitability growth; DPS is expected to be slightly below last year or roughly flat at best; radiology remains under significant pressure.

Pascal Juery’s tone was candid and defensive on the problem areas, especially radiology, where he said the China market is disappearing faster than expected and that Agfa is “behind” on cost-out versus the decline. At the same time, he was clearly constructive on Healthcare IT, emphasizing that the company is winning contracts, including net new customers, and is on the “winning side” of the cloud transition even though it hurts short-term reported results. He also stressed that management is actively responding through accelerated restructuring, additional manufacturing actions, go-to-market changes, and a possible monetization of part of the Mortsel site.

Fiona Lam quantified the quarter’s pressure: adjusted EBITDA was EUR 5 million, EUR 10 million lower year over year, with the biggest contributors being EUR 7 million lower gross profit in radiology, EUR 4 million lower gross profit in Healthcare IT from the SaaS/cloud mix shift, and a EUR 2 million FX headwind. She highlighted that cost control helped offset part of the market weakness, while free cash flow stayed positive at EUR 21 million thanks largely to the AgfaPhoto cash-in and a EUR 16 million working-capital improvement. Over 9 months, she said adjusted EBITDA was EUR 19 million, free cash flow improved by EUR 72 million to negative EUR 9 million, and net working capital improved by EUR 51 million, with some of that structural and some driven by lower volumes. On debt and liquidity, she said net financial debt excluding IFRS 16 fell by EUR 20 million in Q3 and minimum liquidity was EUR 126 million versus the EUR 30 million covenant threshold.

Analysts focused on the packaging/sign & display business, the pace of the cost-saving program, pension debt reporting, and the Aurelius settlement timing. Management said there have been no methodology changes on pension debt, only the normal quarterly balance-sheet update versus actuarial year-end remeasurement, and clarified that the Aurelius process has reached a draft expert report that is close to Agfa’s expectations, with a final report expected by year-end and payment/settlement now viewed realistically in Q1 2026. On packaging/Sign & Display, management said no Orca/SpeedSet has been sold yet, though the first SpeedSet could be signed and sold in Q4 to an existing customer; they also said larger equipment is seeing postponed investment decisions, especially in North America, while smaller and mid-sized printers are holding up better.