Agfa-Gevaert reported a 0.7% year-over-year decline in Q2 2026 sales to €275 million, excluding currency effects, as the Belgian imaging and IT solutions company navigated mixed performance across its segments. Adjusted EBITDA rose 3.7% to €14 million, translating to a 5.0% margin compared with 4.7% in the prior-year period.
Free cash flow remained negative at €10 million for the quarter and €52 million for the first half of 2026, despite adjusted free cash flow before transformation outlays turning positive at €15 million. The shortfall was driven by €8 million in pension cash-outs and €17 million in restructuring expenses under the ongoing "Moonshot" cost-reduction program, which has generated €61 million in annualized recurring savings. Working capital increased to €316 million from €285 million at year-end 2025, partially offset by a €20 million factoring program for trade receivables.
HealthCare IT orders surged 27.5% year-over-year to €192 million on a 12-month rolling basis, with cloud-related orders more than tripling to account for 51% of Q2 intake. Recurring revenue now represents 66% of the segment’s total, up four percentage points excluding currency effects. Revenue, however, fell 9.5% to €54 million, while adjusted EBITDA dropped 40.5% to €5.3 million. CEO Pascal Juéry described the commercial momentum as "never seen before."
Industrial Solutions revenue declined 1.6% to €52 million, with adjusted EBITDA down 32.5% to €2.5 million. Digital printing equipment sales rose 10.8%, supported by a 10% increase in ink volumes, while green hydrogen solutions revenue plummeted 77% due to delays in Europe’s REDIII regulatory implementation. In Imaging and Chemicals, adjusted EBITDA jumped 140.5% to €8.9 million on modest 2.6% revenue growth, with film and chemicals revenue up 4.2% driven by silver price increases. Gross profit margin improved from 19.5% to 20.7%.
Net financial debt excluding IFRS 16 stood at €74 million at quarter-end, with total debt including leasing and pension obligations reaching €460 million. The company maintained €117.7 million in liquidity headroom against a €30 million minimum requirement, a leverage ratio of 1.4x (below the 3.0x covenant), and an interest coverage ratio of 11.0x (above the 5.0x threshold).
