Agfa-Gevaert posted FY 2025 revenue of EUR 1.086 billion (-4.5% YoY), with a net loss of EUR -71 million (EPS: -0.46). Adjusted EBITDA fell 14.9% to EUR 59 million, though Q4 delivered a strong rebound. Free cash flow turned positive at EUR 35 million. Stock traded near EUR 0.47 post-announcement, well below its 52-week high of EUR 1.18.
About Agfa-Gevaert Group
Agfa-Gevaert NV (Euronext Brussels: AGFB) is a Belgium-based global technology company founded in 1867, headquartered in Mortsel, Antwerp. The company develops, manufactures, and markets analog and digital imaging systems, healthcare IT platforms, and specialty chemicals worldwide. Its four operating segments are HealthCare IT, Digital Print and Chemicals, Radiology Solutions, and Contractor Operations and Services (CONOPS).
As of March 2026, Agfa-Gevaert carries a market capitalization of approximately EUR 70-71 million with around 4,765 employees as of end-2024. The stock trades at EUR 0.47, near the lower end of its 52-week range of EUR 0.42 to EUR 1.18. No dividend is currently being paid, and the PE ratio is not applicable given ongoing net losses. The company operates a three-year revolving credit facility of EUR 180 million, signed August 2025, maturing in August 2028.
Top Financial Highlights
- FY 2025 Revenue was EUR 1,086 million, down 4.5% versus EUR 1,138 million in 2024 (-2.7% excluding currency effects)
- Q4 2025 Revenue was EUR 306 million, flat compared to Q4 2024’s EUR 306 million (restated), though down from EUR 325 million prior year on an original basis
- FY 2025 Adjusted EBITDA decreased to EUR 59 million (5.5% of revenue), from EUR 70 million in 2024
- Q4 2025 Adjusted EBITDA surged to EUR 39 million (+27.9% vs Q4 2024), reaching a 12.7% margin
- FY 2025 Gross Profit was EUR 331 million (30.4% margin), down from EUR 354 million (31.2%) in 2024
- FY 2025 Net Result was EUR -71 million (EPS: EUR -0.46), an improvement from EUR -92 million (EPS: EUR -0.59) in 2024
- FY 2025 Free Cash Flow turned positive at EUR 35 million, supported by EUR 36 million working capital improvement, EUR 38 million from AgfaPhoto arbitration, and EUR 27 million from lease portfolio reduction
- HealthCare IT Revenue was EUR 232 million (-4.1% YoY), with adjusted EBITDA of EUR 33.5 million (+1.8%), representing a 14.5% margin
- Digital Print and Chemicals Revenue grew to EUR 467 million (+6.5% YoY), with adjusted EBITDA surging to EUR 42.3 million (+37.5%)
- Radiology Solutions Revenue fell to EUR 317 million (-17.1% YoY), with FY adjusted EBITDA swinging to EUR -9.1 million from EUR 15.9 million in 2024
- Operating Expenses fell from EUR 327 million in 2024 to EUR 307 million in 2025 due to strict cost controls
- Net Financial Debt (excl. IFRS 16) reduced to EUR 21 million from EUR 37 million at year-end 2024
- Working Capital improved to EUR 285 million (26% of revenue), down from EUR 335 million (29%) in 2024
- FY 2026 Guidance: Negative free cash flow expected due to restructuring cash outflows; HealthCare IT profitability expected in line with FY 2025
Beat or Miss?
No consensus analyst estimates were published in the earnings press release. The table below compares reported figures against the market screener consensus and prior internal guidance where available.
| Metric | Reported (FY 2025) | Estimated / Expected | Difference and Analysis |
| Revenue | EUR 1,086M | EUR 1,097M (consensus) | Miss by ~EUR 11M; film market decline accelerated faster than expected |
| Adjusted EBITDA | EUR 59M | EUR 44.5M (consensus) | Beat significantly; Q4 cost savings and Digital Print outperformance |
| Net Result | EUR -71M | EUR -21.5M (consensus EBT-based) | Miss; higher restructuring and impairment charges (~EUR 58M) |
| EPS (total) | EUR -0.46 | N/A | Prior year: EUR -0.59; improvement of EUR 0.13 YoY |
| Free Cash Flow | EUR +35M | Expected negative (prior guidance) | Beat; positive outcome vs. originally cautious guidance |
| Q4 Adjusted EBITDA | EUR 39M | ~EUR 30M (Q4 2024 baseline) | Beat by EUR 9M; strongest quarterly performance in 2025 |
What Leadership Is Saying?
“At the end of a very challenging 2025, we delivered a strong fourth quarter. Our HealthCare IT and Digital Print and Chemicals divisions performed exceptionally well, and our decisive cost saving measures paid off. This year confirmed that the strategy we designed for our growth engines is the right one. In HealthCare IT, we accelerated the transition to a cloud-based subscription model in North America. We are gaining market share, supported by industry-leading customer satisfaction, as shown by recent KLAS reports.
In Digital Printing Solutions, we further extended our already strong portfolio for the sign and display and packaging market segments. We also advanced our Green Hydrogen Solutions business by expanding our global footprint and opening a new ZIRFON membrane facility. At the same time, persistent pressure in medical film markets meant we had to move faster on savings, which directly supported our Q4 performance. These market challenges will continue, and we will navigate them with strict cost and cash discipline as we enter 2026.” Pascal Juery, President and CEO, Agfa-Gevaert Group
“The Group booked a positive free cash flow of 35 million euro in 2025, mainly due to a 36 million euro improvement in working capital, a 38 million euro cash-in from the AgfaPhoto arbitration and a 27 million euro build-down of the customer lease portfolio. Net financial debt (excluding IFRS 16) evolved from 37 million euro in Q4 2024 to 21 million euro. Net pension debt evolved from 405 million euro at the end of 2024 to 343 million euro at the end of 2025.” Fiona Lam, CFO, Agfa-Gevaert Group (from the FY 2025 results presentation)
Historical Performance
FY 2025 vs FY 2024 Group Performance
| Category | FY 2025 | FY 2024 | Change (%) |
| Revenue | EUR 1,086M | EUR 1,138M | -4.5% |
| Gross Profit | EUR 331M | EUR 354M | -6.7% |
| Gross Margin | 30.40% | 31.20% | -0.8 pts |
| Adjusted EBITDA | EUR 59M | EUR 70M | -14.90% |
| Adjusted EBIT | EUR 23M | EUR 27M | -14.2% |
| Net Result | EUR -71M | EUR -92M | +22.8% improvement |
| EPS (total) | EUR -0.46 | EUR -0.59 | +22.0% improvement |
| Operating Expenses | EUR 307M | EUR 327M | -6.1% |
| Free Cash Flow | EUR +35M | Negative (prior year) | Turned positive |
| Net Financial Debt (excl. IFRS 16) | EUR 21M | EUR 37M | -43.20% |
Q4 2025 vs Q4 2024 Segment Performance
| Segment | Q4 2025 Revenue | Q4 2024 Revenue | Change (%) |
| HealthCare IT | EUR 64M | EUR 75M | -15.0% |
| Digital Print and Chemicals | EUR 136M | EUR 125M | +8.5% |
| Radiology Solutions | EUR 89M | EUR 106M | -15.3% |
| Contractor Operations and Services | EUR 17M | EUR 19M | -12.4% |
| Group Total | EUR 306M | EUR 325M | -5.9% |
Competitor Comparison
Agfa-Gevaert’s key peers include Fujifilm Holdings (TYO: 4901) and Carestream Health in the medical imaging and healthcare IT space. The comparison below covers the most recent annual periods available for each competitor.
| Category | Agfa-Gevaert FY 2025 | Agfa-Gevaert FY 2024 | Change (%) |
| Revenue | EUR 1,086M | EUR 1,138M | -4.5% |
| Net Result | EUR -71M | EUR -92M | +22.8% |
| Adjusted EBITDA | EUR 59M | EUR 70M | -14.90% |
| Category | Fujifilm FY2025 (Apr 2024 to Mar 2025) | Fujifilm FY2024 (Apr 2023 to Mar 2024) | Change (%) |
| Revenue | JPY 3,195.8B (~EUR 19.8B) | JPY 2,960.9B (~EUR 18.4B) | 7.90% |
| Net Income | JPY 260.9B (~EUR 1.6B) | JPY 243.5B (~EUR 1.5B) | 7.20% |
| Operating Income | JPY 330.2B (~EUR 2.0B) | JPY 276.7B (~EUR 1.7B) | 19.30% |
| Category | Carestream Health H1 2025 | Carestream Health H1 2024 | Change (%) |
| Revenue | ~EUR 23.6M (US ops) | Lower base (H1 2024) | +~3% (H1 2025 vs H1 2024) |
| Net Result | Declining profitability | N/A | Downgraded to CCC+ by S&P in mid-2025 |
| EBITDA | Declining (weaker than prior year) | N/A | Capital structure deemed unsustainable |
Fujifilm operates at a dramatically larger scale and is growing revenue and income, driven by its Electronics and Imaging divisions. Carestream Health, in contrast, is in financial distress following sharp revenue declines in Q1 2025 and completed a split into two geographically separated entities in December 2025, with its international operations acquired by China’s Midea Group. Agfa-Gevaert sits between these extremes, executing a slow but deliberate restructuring while its Digital Print and Chemicals and HealthCare IT growth engines offset the declining Radiology Solutions film business.
How the Market Reacted?
Agfa-Gevaert’s FY 2025 results were announced on March 11, 2026, at 7:45 a.m. CET. The stock (AGFB) was trading around EUR 0.47 on March 12, 2026, marginally up from EUR 0.45 on March 10 pre-announcement, suggesting a muted but slightly positive reception. The stock is near its 52-week low range of EUR 0.42, well below its 52-week high of EUR 1.18, reflecting the sustained pressure from declining film and radiology revenues throughout 2025.
The Q4 earnings beat and the EUR 35 million positive free cash flow result were notable bright spots, but concerns over the 2026 guidance, which calls for negative free cash flow due to restructuring outflows, may have capped any meaningful rally. The overall sentiment is cautiously neutral, with the market acknowledging strategic progress in cloud and digital printing while remaining wary of the ongoing structural decline in the traditional film and radiology film businesses.
