reports
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Lewi
- Guy Sips
Agfa Model update after strong 4Q25 recovery, but structural headwinds...
We updated our model (€ 1.0 Target Price maintained) after Agfa delivered a clearly improved 4Q25, with adj. EBITDA up 28% y/y to € 39m and FCF of € 44m, bringing FY25 FCF to a positive € 35m. This late-year rebound partly masks a challenging FY25, which remained dominated by structural pressure in Radiology, the dilutive impact of the ongoing cloud transition in HealthCare IT, and rising uncertainty linked to silver price volatility. Agfa remains confident in the strategic direction of its “Gro...
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Guy Sips
Agfa FIRST LOOK-Good performance of Digital Printing Solutions &Health...
4Q25 (€29m EBIT (KBCSe € 14.2m, CSS € 15m) on €306m sales (KBCSe 319.4m, € CSS 315m) saw good profitability (9.5% REBIT margin vs our 4.5% and CSS 4.8%) as within DPC (Digital Print and Chemicals), the Specialty Films & Chemicals activities and Green Hydrogen Solutions growth engine posted revenue growth, with a very good 4Q performance of Zirfon.
Agfa-Gevaert Group in 2025: strong Q4 profitability and free cash flow...
Agfa-Gevaert Group in 2025: strong Q4 profitability and free cash flow – good step-up in FY profitability in HealthCare IT and Digital Print & Chemicals Regulated information March 11, 2026 - 7:45 a.m. CET Agfa-Gevaert Group in 2025: strong Q4 profitability and free cash flow – good step-up in FY profitability in HealthCare IT and Digital Print & Chemicals Group performance: Strong Q4 adjusted EBITDA of 39 million euro (+9 million euro versus 2024) thanks to solid performance in Digital Print & Chemicals, stringent cost control and savings fr...
De Agfa-Gevaert Groep in 2025: sterke winstgevendheid en vrije kasstro...
De Agfa-Gevaert Groep in 2025: sterke winstgevendheid en vrije kasstroom in Q4 – goede voortuitgang van de rendabiliteit voor het volledige jaar in HealthCare IT en Digital Print & Chemicals Gereglementeerde informatie 11 maart 2026 - 7:45 uur CET De Agfa-Gevaert Groep in 2025: sterke winstgevendheid en vrije kasstroom in Q4 – goede voortuitgang van de rendabiliteit voor het volledige jaar in HealthCare IT en Digital Print & Chemicals Groepsprestatie: Sterke aangepaste EBITDA in Q4 van 39 miljoen euro (+ 9 miljoen euro ver...
- Guy Sips
- Mathijs Geerts Danau
- Wim Hoste
Agfa provides update on payment of the receivable related to the sale ...
Agfa provides update on payment of the receivable related to the sale of Offset Solutions division February 16, 2026 – 5.40 PM CET Regulated information Agfa provides update on payment of the receivable related to the sale of Offset Solutions division Mortsel, Belgium – February 16, 2026 – 5.40 PM CET On 16 January 2026, Agfa announced that it had received the final report of the independent expert regarding the outstanding receivable under the share purchase agreement for the sale of Agfa’s Offset Solutions division. Further to this report, the pa...
Agfa geeft update over de betaling van de vordering in verband met ver...
Agfa geeft update over de betaling van de vordering in verband met verkoop van de Offset Solutions-divisie 16 februari 2026 – 17u40 CET Gereglementeerde informatie Agfa geeft update over de betaling van de vordering in verband met verkoop van de Offset Solutions-divisie Mortsel, België – 16 februari 2026 – 17u40 CET Op 16 januari 2026 kondigde Agfa aan dat het het eindrapport van de onafhankelijke expert had ontvangen met betrekking tot de uitstaande vordering in het kader van de aandelenkoopovereenkomst voor de verkoop van Agfa's Offset Solutions-divisie. Naar aanleiding van dit rappo...
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Guy Sips
Agfa Final resolution of price adjustment related to sale of Offset to...
In a press release -in which adherence to legal exactitude substantially compromised the clarity of the communication- Agfa announced the final resolution of the purchase price adjustment related to the 2022 sale of its Offset Solutions division to Aurelius. After contacting Agfa's management, it became clear that -following the independent expert's ruling- Agfa should receive €19.9m in cash within 15 business days, bringing the miss in total cash receipts from the original receivable of € 31...
Agfa receives final expert ruling on receivable related to sale of Off...
Agfa receives final expert ruling on receivable related to sale of Offset Solutions division to Aurelius January 16, 2026 – 6.30 PM CET Regulated information Agfa receives final expert ruling on receivable related to sale of Offset Solutions division to Aurelius Mortsel, Belgium – January 16, 2026 – 6.30 p.m. CET Agfa has received the final report of the independent expert regarding the outstanding receivable under the share purchase agreement that was signed with Aurelius Group for the sale of Agfa’s Offset Solutions division. In August 2022, Ag...
Agfa ontvangt eindrapport van expert over vordering in verband met ver...
Agfa ontvangt eindrapport van expert over vordering in verband met verkoop van de Offset Solutions-divisie aan Aurelius 16 januari 2026 – 18u30 CET Gereglementeerde informatie Agfa ontvangt eindrapport van expert over vordering in verband met verkoop van de Offset Solutions-divisie aan Aurelius Mortsel, België – 16 januari 2026 – 18u30 CET Agfa heeft het eindrapport ontvangen van de onafhankelijke expert met betrekking tot de uitstaande vordering in het kader van de aandelenkoopovereenkomst die werd gesloten met Aurelius Group voor de verkoop van Agfa's Offset Solutions-divisie. In au...
Agfa announces additional measures to adjust the cost base of its trad...
Agfa announces additional measures to adjust the cost base of its traditional film activities to the reality in the market December 4, 2025 – 7:45 a.m. CET Regulated information Agfa announces additional measures to adjust the cost base of its traditional film activities to the reality in the market Mortsel, Belgium – December 4, 2025 – 7:45 a.m. CET Agfa today announced that it plans to implement additional measures to adjust the cost base of its traditional film activities to the accelerated global market decline. These measures are an extension to the plan that was announced in Novem...
Agfa kondigt bijkomende maatregelen aan om de kostenbasis van zijn tra...
Agfa kondigt bijkomende maatregelen aan om de kostenbasis van zijn traditionele filmactiviteiten aan te passen aan de realiteit in de markt 4 december 2025 – 7:45 uur CET Gereglementeerde informatie Agfa kondigt bijkomende maatregelen aan om de kostenbasis van zijn traditionele filmactiviteiten aan te passen aan de realiteit in de markt Mortsel, België – 4 december 2025 – 7u45 Agfa kondigde vandaag aan dat het van plan is bijkomende maatregelen te nemen om de kostenbasis van zijn traditionele filmactiviteiten aan te passen aan de versnelde achteruitgang van de wereldwijde markten. Deze...
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Wim Hoste
- Guy Sips
Agfa “Shrinking Business” & “Not-So-Growth Engines”
After three quarters, Agfa's 9M25 “Mature Business” (Radiology and Film DPC) sales dropped -6.4% y/y, driven by the accelerating medical film decline. While its “Growth Engines” (HealthCare IT, Digital Printing Solutions, Green Hydrogen Solutions) are intended to offset this, they also fell -0.9% y/y in the first nine months. We remain cautious (Hold; €1.0 Target Price) until strategic measures deliver and growth engines regain momentum.
- Guy Sips
Agfa Decline in medical film was even stronger than expected
Agfa's 3Q25 continued decline in medical film was even stronger than expected (€ 257m 3Q25 sales vs € 275m KBCS & CSS). Although the growth in cloud/SaaS in HealthCare IT all the divisions were below our and CSS forecasts as well on top-line as on REBIT-margins. The increase in Digital Printing & Chemicals was not sufficiently offsetting the impact from the decline in medical film and from cloud transition in HealthCare IT. Despite good cost control, REBIT decreased to -4m, mainly due to the d...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
De Agfa-Gevaert Groep in het derde kwartaal van 2025: voortdurende ach...
De Agfa-Gevaert Groep in het derde kwartaal van 2025: voortdurende achteruitgang in medische film, sterke groei cloud en SaaS in HealthCare IT, zwakkere markten in Digital Print & Chemicals Gereglementeerde informatie 13 november 2025 - 7:45 uur CET De Agfa-Gevaert Groep in het derde kwartaal van 2025: voortdurende achteruitgang in medische film, sterke groei cloud en SaaS in HealthCare IT, zwakkere markten in Digital Print & Chemicals Groepsprestatie: Omzetdaling van 7,1% (-4.7% zonder wisselkoerseffecten): stijging ...
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