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Agfa-Gevaert reported robust first-quarter 2026 performance despite challenging market conditions, with revenue growth driven by silver price uplifts and improved results in Digital Printing Solutions. However, the company’s free cash flow was negative, reflecting a significant working capital increase and transformation-related cash outflows.
Revenue: Up 1.7% on a top-line basis excluding currency impact in a seasonally weaker quarter, supported by silver price uplifts in Film and a step-up in Digital Printing Solutions.
Profitability: Adjusted EBITDA reached €12 million, mainly due to savings programs and the ability to pass on silver price impacts to customers.
Cash flow: Free cash flow was -€42 million in Q1. The decline was primarily driven by a €33 million increase in working capital (including a €41 million impact from silver price) and transformation cash-out.
The company said that, excluding the silver price impact, all businesses continued to show working capital improvement versus Q1 2025.
Agfa HealthCare highlighted strong positioning for long-term growth as the market transitions to SaaS models. The shift to cloud-based solutions continues to reshape order intake dynamics, with order intake varying strongly between quarters.
12-month rolling order intake: Decreased 10% to €167 million versus €186 million in Q1 2025, as some larger deals moved to Q2.
Cloud-based orders: Continued to grow.
Recurring revenue: Increased 5% excluding currency, reaching 67% of total Q1 revenue.
Revenue and profitability: Total top line decreased 4.9% excluding currency to €51 million. Adjusted EBITDA was €2.8 million.
The company reported that 12-month rolling cloud order intake grew versus the year before, with cloud technology accounting for 12% of order intake (Q1 2025: 15%). In the United States, go-lives and deployments supported momentum. Agfa HealthCare also received Best in KLAS 2026 recognition across three Enterprise Imaging segments.
Industrial Solutions showed a step-up in revenue and profitability in Digital Printing Solutions, while Green Hydrogen Solutions was affected by market softness.
Digital Printing Solutions: Top line grew 10.3% excluding currency.
Adjusted EBITDA: Improved from -€2.1 million in Q1 2025 to -€0.3 million in Q1 2026.
Quarterly figures: Revenue was €42 million and Adjusted EBITDA was -€0.3 million.
Imaging and Chemicals delivered stable top-line performance, alongside a significant increase in adjusted EBITDA attributed to savings measures and silver-related timing benefits.
Revenue: Up 4.3% excluding currency.
Profitability: Higher gross profit and timing benefits supported an increase in EBITDA.
Quarterly figures: Revenue was €143 million and Adjusted EBITDA was €12.8 million.
The company noted that Digital Radiology Solutions started the year solidly, while high silver prices supported top-line growth in several film/chemicals businesses. Profitability benefited from savings measures and silver-related effects.
Gross margin: Increased to 32.3% in Q1 2026 from 30.7% in Q1 2025.
Operating expenses: Were tightly controlled.
Net finance costs: -€7 million.
Income tax: Benefited with €3 million.
Net result: -€12 million.
HealthCare IT: H1 2026 expected to be soft versus H1 2025. Full-year top line expected to grow slightly versus 2025. Profitability expected to be similar to 2025, with investments for growth.
Industrial Solutions: Digital Printing Solutions expected to improve top line and profitability, but overall 2026 top line and profitability may be down versus 2025 due to Green Hydrogen Solutions’ softness.
Imaging and Chemicals: Full-year revenue expected to grow versus 2025, with higher silver prices offsetting film volume declines. Profitability expected to be stronger in the first half due to savings benefits, then lower in the second half due to seasonality and sales mix. Free cash flow expected to be more negative in 2026 versus 2025 due to larger transformation cash-outs and silver price effects.
Analysts and investors will be briefed at 9:30 a.m. CET on May 12. The company noted that definitions of non-IFRS measures follow in the press release. The full press release and financial information are available on the company website, including attachments such as a press release PDF and related materials.
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