Agfa-Gevaert in Q3 2026: Executing Transformation Despite Challenging Markets

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in million euro	Q3 2025 re-presented	Q3 2026		% change	9m 2025 re-presented	9m 2026	% change
REVENUE
HealthCare IT	50	56	11.2%		168	161	-4.0%
Imaging and Advanced Materials	160	155	-3.4%		479	470	-2.0%
GROUP (continuing operations)	210	210	0.0%		647	631	-2.5%
*ADJUSTED EBITDA ()**
HealthCare IT	2.2	5.5	149.6%		16.2	13.8	-15.0%
Imaging and Advanced Materials	4.5	(1.4)	-130.8%		15.0	21.0	40.5%
Unallocated	(3.2)	(2.8)			(9.6)	(9.4)
GROUP (continuing operations)	4	1	-63.9%		22	25	18.0%

in million euro	Q3 2025 re-presented	Q3 2026	% change	9m 2025 re-presented	9m 2026	% change
Revenue	210	210	0.0%	647	631	-2.5%
Gross profit (*)	52	49	-7.0%	180	168	-6.4%
% of revenue	24.9%	23.2%		27.8%	26.7%
Adjusted EBITDA (**)	4	1	-63.9%	22	25	18%
% of revenue	1.7%	0.6%		3.3%	4.0%
Adjusted EBIT (**)	(3)	(4)	-61.1%	3	9	169.8%
% of revenue	-1.3%	-2.0%		0.5	1.4%
Profit (loss) from continuing operations	(17)	(22)		2	(40)
Profit (loss) from discontinued operations, net of tax	(2)	(2)		(11)	(12)
Net result	(19)	(24)		(9)	(51)

in million euro	Q3 2025	Q3 2026	% change	9m 2025	9m 2026	% change
Revenue	50	56	11.2%	168	161	-4.0%
Adjusted EBITDA (*)	2.2	5.5	149.6%	16.2	13.8	-15.0%
% of revenue	4.4%	9.8%		9.7%	8.6%
Adjusted EBIT (*)	0.5	3.5	646.3%	11.0	7.6	-31.5%
% of revenue	0.9%	6.3%		6.6%	4.7%

in million euro	Q3 2025 re-presented	Q3 2026	% change	9m 2025 re-presented	9m 2026	% change
Revenue	160	155	-3.4%	479	470	-2.0%
Adjusted EBITDA (*)	4.5	(1.4)	-130.8%	15.0	21.0	40.5%
% of revenue	2.8%	-0.9%		3.1%	4.5%
Adjusted EBIT (*)	0.1	(5.0)		1.9	10.5	454.9%
% of revenue	0.1%	-3.2%		0.4%	2.2%

in million euro	Q3 2025	Q3 2026	% change	9m 2025	9m 2026	% change
Revenue	47	42	-10.2%	133	133	0.1%
Adjusted EBITDA (*)	1.7	2.0	19.2%	(1.1)	4.9
% of revenue	3.6%	4.7%		-0.8%	3.7%
Adjusted EBIT (*)	(1.0)	(0.9)		(9.0)	(3.6)
% of revenue	-2.1%	-2.2%		-6.8%	-2.7%

Summary by AI ^BETAClose X

Companies

UK 100

Latest directors dealings

Continuing operations	Q3 2025 re-presented ⁽¹⁾	Q3 2026	9m 2025 re-presented ⁽¹⁾	9m 2026
Revenue	210	210	647	631
Cost of sales	(159)	(162)	(468)	(463)
Gross profit	52	49	179	168
Selling expenses	(26)	(23)	(83)	(72)
Administrative expenses	(25)	(25)	(79)	(76)
R&D expenses	(11)	(9)	(35)	(29)
Net impairment loss on trade and other receivables, including contract assets	-	-	(1)	-
Other operating income	8	5	66	17
Other operating expenses	(6)	(8)	(24)	(20)
Results from operating activities	(8)	(12)	24	(12)
Interest income (expense) - net	(1)	(2)	(3)	(5)
Interest income	2	1	6	1
Interest expense	(3)	(2)	(9)	(6)
Other finance income (expense) - net	(6)	(7)	(10)	(20)
Other finance income	-	-	8	1
Other finance expense	(6)	(8)	(18)	(21)
Net finance costs	(7)	(9)	(13)	(25)
Profit (loss) before income taxes	(15)	(21)	10	(37)
Income tax expenses	(2)	(1)	(8)	(3)
Profit (loss) from continuing operations	(17)	(22)	2	(40)
Profit (loss) from discontinued operations, net of tax	(2)	(2)	(11)	(12)
Profit (loss) for the period	(19)	(24)	(9)	(51)
Profit (loss) attributable to:
Owners of the Company	(19)	(24)	(9)	(51)
Non-controlling interests	-	-	-	-

Earnings (loss) per Share Group – continuing operations (euro)	(0.11)	(0.14)	0.01	(0.26)
Earnings (loss) per Share Group – discontinued operations (euro)	(0.01)	(0.01)	(0.07)	(0.08)
Earnings (loss) per Share Group – total (euro)	(0.12)	(0.15)	(0.06)	(0.33)

	Q3 2025 re-presented ⁽¹⁾	Q3 2026
Profit / (loss) for the period	(19)	(24)
*Profit / (loss) for the period from continuing operations*	(17)	(22)
*Profit / (loss) for the period from discontinued operations, net of tax*	(2)	(2)
Other Comprehensive Income, net of tax
Items that are or may be reclassified subsequently to profit or loss:
Exchange differences:	(3)	3
Exchange differences on translation of foreign operations	(3)	3
Release of exchange differences to profit or loss upon disposal of a foreign operation	-	-
Cash flow hedges:	(1)	-
Effective portion of changes in fair value of cash flow hedges	-	-
Changes in the fair value of cash flow hedges reclassified to profit or loss	(1)	-
Adjustments for amounts transferred to initial carrying amount of hedged items	-	-
Income taxes	-	-
Items that will not be reclassified subsequently to profit or loss:	-	-
Equity investments at fair value through OCI – change in fair value	-	-
Remeasurements of the net defined benefit liability recorded in equity	-	-
Income tax on remeasurements of the net defined benefit liability	-	-
Total Other Comprehensive Income for the period, net of tax	(5)	3
*Total other comprehensive income for the period from continuing operations*	(3)	3
*Total other comprehensive income for the period from discontinued operations*	(1)	1

Total Comprehensive Income for the period attributable to	(24)	(20)
Owners of the Company	(24)	(20)
Non-controlling interests	-	-
Total comprehensive income for the period from continuing operations attributable to:	(20)	(19)
Owners of the Company	(20)	(19)
Non-controlling interests	-	-
Total comprehensive income for the period from discontinued operations attributable to:	(3)	(1)
Owners of the Company	(3)	(1)
Non-controlling interests	-	-

	31/12/2025	30/09/2026
Non-current assets	557	505
Goodwill	203	202
Intangible assets	35	30
Property, plant and equipment	85	73
Right-of-use assets	48	30
Other financial assets	3	-
Assets related to post-employment benefits	71	74
Trade receivables	3	-
Other tax receivables	3	3
Receivables under finance leases	40	31
Other assets	1	-
Deferred tax assets	66	62
Current assets	719	654
Inventories	254	260
Trade receivables	169	90
Contract assets	73	62
Current income tax assets	44	31
Other tax receivables	16	17
Receivables under finance lease	23	6
Other receivables	25	8
Other current assets	15	13
Derivative financial instruments	1	-
Cash and cash equivalents	91	76
Non-current assets held for sale ⁽¹⁾	8	90
TOTAL ASSETS	1,276	1,158

	31/12/2025	30/09/2026
Total equity	256	211
Equity attributable to owners of the Company	254	209
Share capital	26	26
Share premium	162	162
Retained earnings	991	940
Other reserves	(1)	(3)
Translation reserve	(45)	(36)
Net amount of remeasurements of the net defined benefit liability recorded in equity	(879)	(879)
Non-controlling interests	2	2
Non-current liabilities	617	628
Liabilities for post-employment and long-term termination benefit plans	414	394
Other employee benefits	3	3
Loans and borrowings	152	192
Provisions	28	27
Deferred tax liabilities	5	-
Trade payables	1	-
Contract liabilities	1	-
Other non-current liabilities	14	12
Current liabilities	403	319
Loans and borrowings	17	14
Provisions	54	25
Trade payables	109	77
Contract liabilities	103	101
Current income tax liabilities	22	15
Other tax liabilities	24	17
Other payables	5	6
Employee benefits	67	58
Other current liabilities	2	3
Derivative financial instruments	-	3
TOTAL EQUITY AND LIABILITIES	1,276	1,158

	31/12/2025	30/09/2026 Excl. DPS
Net financial debt (excl. IFRS16 and excl. pension debt)	21	92
Lease liabilities	58	38
Net Financial Debt	78	130
Liabilities for post-employment and long-term termination benefit plans - net balance sheet position	343	320
Net debt	422	450

in million euro	Share capital	Share premium	Retained earnings	Reserve for own shares	Revaluation reserve	Hedging reserve	Net amount of remeasurements of the net defined benefit lability recorded in equity	Translation reserve	TOTAL	NON-CONTROLLING INTERESTS	TOTAL EQUITY
Balance at January 1, 2025	187	210	852	-	(2)	-	(906)	(18)	323	2	324

Comprehensive income for the period
Profit (loss) for the period	-	-	(9)	-	-	-	-	-	(9)	-	(9)
Other comprehensive income, net of tax	-	-	-	-	-	2	-	(30)	(27)	-	(27)
Total comprehensive income for the period	-	-	(9)	-	-	2	-	(30)	(36)	-	(36)

Transactions with owners, recorded directly in equity
Dividends	-	-	-	-	-	-	-	-	-	-	-
Incorporation of losses in share capital	(161)	(49)	210	-	-	-	-	-	-	-	-
Total transactions with owners, recorded directly in equity	(161)	(49)	210	-	-	-	-	-	-	-	-

Balance at September 30, 2025	26	162	1,053	-	(3)	3	(906)	(48)	287	2	289

Balance at January 1, 2026	26	162	991	-	(3)	2	(879)	(45)	254	2	256

Comprehensive income for the period
Profit (loss) for the period	-	-	(51)	-	-	-	-	-	(51)	-	(51)
Other comprehensive income, net of tax	-	-	-	-	-	(2)	-	8	6	-	6
Total comprehensive income for the period	-	-	(51)	-	-	(2)	-	8	(45)	-	(45)

Balance at September 30, 2026	26	162	940	-	(3)	-	(879)	(36)	209	2	211

Results of discontinued operations (in million euro)	Q3 2025	Q3 2026	9m 2025	9m 2026
Results of discontinued operations attributable to the Digital Printing Solutions activity

Revenue	47	42	133	133
Cost of sales	(29)	(26)	(83)	(81)
Gross profit	17	16	50	52
Selling expenses	(9)	(10)	(30)	(29)
Administrative expenses	(3)	(4)	(11)	(11)
Research and development expenses	(5)	(5)	(17)	(18)
Net impairment loss on trade and other receivables	-	-	(1)	-
Other operating income	1	-	2	1
Other operating expenses	(2)	(1)	(4)	(3)
Results from operating activities	(1)	(4)	(10)	(8)

Interest income (expense) - net	-	-	-	-
Other finance income (expense) - net	-	-	(1)	-
Net finance costs	-	1	(1)	-

Income tax expense	-	1	-	1

Profit (loss) for the period attributable to the Digital Printing Solutions activity	(2)	(2)	(11)	(7)

*Expenses attributable to the sale of the Offset Solutions activity in 2023*	(1)	-	(1)	(5)

Profit (loss) from discontinued operations, net of tax	(2)	(2)	(11)	(12)

Net assets attributable to the Digital Printing Solutions activity (in million euro)	9m 2026
	30-09-2026
ASSETS
Intangible assets and goodwill	14
Property, Plant & Equipment‌‌‌‌‌‌	9
Right-of-use assets	12
Investments & other financial assets	2
Assets related to post-employment benefits‌‌‌‌‌	(3)
Deferred tax assets‌‌‌‌‌‌	6
Inventories‌‌‌‌‌‌‌‌	77
Trade Receivables ‌‌‌‌‌‌‌	18
Contract assets‌‌‌‌‌‌	2
Current income tax assets‌	9
Other tax receivables	2
Other assets and receivables	3
TOTAL ASSETS	152

LIABILITIES
Liabilities for post-employment and other long-term employee benefits	6
Loans and borrowings‌‌‌	15
of which lease liabilities resulting from IFRS16	14
Provisions‌‌‌‌	1
Deferred tax liabilities‌‌‌‌‌	1
Trade Payables‌‌‌‌‌‌‌	18
Contract liabilities‌‌‌‌‌‌‌‌	17
Current income tax liabilities‌	2
Other tax liabilities‌‌‌‌‌‌‌	1
Employee benefits‌‌‌	9
Other payables	-
TOTAL LIABILITIES	71

Total net assets attributable to the Digital Printing Solutions activity	81

	Q3 2026	9m 2026
Adjusted EBITDA	1	25
Working capital - net	19	(17)
CAPEX	(9)	(21)
Provisions & other	-	10
Income taxes	(3)	(3)
Adjusted Free Cash Flow	8	(6)
Pensions (below EBIT) & long term termination benefits	(7)	(25)
Cash-out for adjustments and restructuring expenses	(15)	(45)
Free Cash Flow	(14)	(76)

*Adjustments for:*
Payment of finance leases	(3)	(10)
Proceeds from borrowings	30	60
Repayment of borrowings	(1)	(1)
Disposal of foreign operations, net of cash disposed of	-	-
Interests received	1	2
Interests paid	(2)	(6)
Proceeds/(payment) of derivatives	-	(1)
Other financial flows	(1)	(2)
*Total adjustments*	24	42
Cash flows from continuing operations	10	(34)

Net cash from/(used in) operating activities related to discontinued operations	-	9
Net cash from/(used in) investing activities related to discontinued operations	-	12
Net cash from/(used in) financing activities related to discontinued operations	(2)	(6)
Cash flows from discontinued operations	(3)	16

Net increase / (decrease) in cash & cash equivalents	7	(18)

Discontinued operations	Q3 2025	Q3 2026	9m 2025	9m 2026
Adjusted EBIT DPS segment	(1)	(1)	(9)	(4)

Restructuring expenses	0	(1)	(1)	(1)
Adjustments	0	(2)	0	(3)

DPS results from operating activities	(1)	(4)	(10)	(8)

	31/12/2025	30/09/2026 excl. DPS
Non-current loans and borrowings	152	192
Current loans and borrowings	17	14
Cash and cash equivalents	(91)	(76)
Net financial debt including lease liabilities	78	130

	31/12/2025	30/09/2026 excl. DPS
Net increase/(decrease) in cash and cash equivalents	27	(18)
Comprising:
Proceeds from borrowings (-)	(57)	(60)
Repayment of borrowings (+)	52	2
Net cash inflows (outflows)	21	(76)

Net financial debt excluding lease liabilities beginning of the period	37	21
Net cash inflows (outflows)	21	(76)
Loans and borrowings reflected in ‘Non-current assets held for sale’	-	2
Currency impact	(5)	4

Net financial debt excluding lease liabilities end of period	21	92

Agfa-Gevaert in Q3 2026: Executing Transformation Despite Challenging Markets

Summary by AI BETAClose X

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X