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• Revenue: Decreased by 3% compared to the previous year.

• Healthcare IT Order Intake: Increased by 63% at the end of Q1.

• Healthcare IT Sales: Increased by 12% in Q1.

• Adjusted EBITDA: Stable compared to last year, with a positive exchange rate impact of EUR1 million.

• Healthcare IT EBITDA: Increased to EUR5 million from just over EUR1 million last year.

• Cash Flow: Negative EUR27 million in Q1 due to seasonality and working capital increase.

• Net Financial Debt: EUR72 million at the end of Q1.

• Net Pension Debt: Reduced from EUR511 million to below EUR400 million over two years.

• Gross Profit Margin (Healthcare IT): Increased from 44% to 48%.

• Radiology Sales: Decreased by 16% in Q1, primarily due to the decline in the Chinese market.

• Operational Expenses: Reduced in line with cost control measures.

• Leverage Ratio: 1.4% versus a governance maximum of 3.

• Interest Cover Ratio: 11 versus a governance minimum of 5.

• Warning! GuruFocus has detected 7 Warning Signs with XBRU:AGFB.

Release Date: May 14, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Healthcare IT showed an extremely good performance, with a 63% increase in order intake, indicating strong market momentum.

• The company is successfully transitioning to a more recurring revenue business model, particularly in healthcare IT.

• Agfa-Gevaert NV (XBRU:AGFB) has maintained stable adjusted EBITDA despite a challenging market environment, aided by positive exchange rates.

• The company has made significant progress in reducing net pension debt, which has decreased from EUR511 million to below EUR400 million over the past two years.

• Agfa-Gevaert NV (XBRU:AGFB) is actively investing in future growth areas, such as R&D for healthcare IT, and has maintained tight cost controls.

Negative Points

• The company is experiencing a continuous decline in its film business, particularly in China, with a 15% to 16% decrease in volumes.

• There is a weaker investment climate impacting equipment sales in the Digital Print & Chemicals (DPC) segment, leading to delayed investment decisions.

• The radiology market is facing a more pronounced decline than anticipated, affecting overall sales and profitability.

• Agfa-Gevaert NV (XBRU:AGFB) is consuming EUR27 million in cash flow in Q1 due to seasonality and increased working capital.

• The company is facing challenges in the green hydrogen market, with delays in project implementations and a changing industry structure.

Q & A Highlights

Q: Are you losing market share in the Zit phone market, or is it a general market issue? What measures are you taking, and when do you expect the market to regain strength? A: We are not losing market share; it's the market itself that is stalling. We expect growth to pick up in the second half of 2026 and into 2027. In the meantime, we are controlling costs and improving production efficiencies. (Pascal Juery, CEO; Vincent Wille, President - Digital Print & Chemicals)