Agfa’s figures for its second quarter of 2026 showed a 2.1% drop in revenues overall (0.7% if we exclude currency effects) to €275 million, which translated into a 6.7% drop in gross profit to €80 million and a net loss of €15 million, compared to a €30 million net profit in Q2 2025. (1 Euro equals 1.16 US Dollar per current exchange rates)
Nonetheless, the Earnings Before Interest Taxes or operating profit, adjusted to remove restructuring expenses, stayed at €5 million. And taking out the Depreciation and Amortisation costs, or EBITDA, led to improvements of 3.7% to €14 million. Agfa’s marketing team has chalked this up as “resilient performance amid market challenges.” At the end of Q2, Agfa realized annualized savings of €61 million, noting that “its cost base is now in line with market evolution”.
Agfa claims that the net loss is mainly due to issues over the insolvency of the AgfaPhoto business, with Agfa having been awarded €38 million plus interest by the ICC Arbitral Tribunal before the Frankfurt Higher Regional Court annulled the Final Award. Agfa is currently appealing this, which could take up to 15 months to be resolved.
Agfa is split into three main divisions: Industrial Solutions, including digital printing; Healthcare IT; and Imaging and Chemicals. Within this, Industrial Solutions reported revenues of €52 million, slightly down on the €54 million from Q2 2025. The adjusted operating profit was a loss of €1.5 million, down on a profit of €0.6 million in Q2 2025.
Agfa says this is largely due to weak demand for its Zirfon membranes that are used in green hydrogen solutions, mostly due to delays in the EU’s Renewable Energy Directive III. This is expected to affect demand throughout the year before picking up significantly in 2027. Agfa is also seeing some success in Asia, notably China and India.
In terms of digital print, Agfa says that the sign & display market is continuing to stabilize, following the trend that began towards the end of 2025. This is particularly benefiting the larger machines, while ink sales increased across the board by 10% versus Q2 2025. But even though digital printing grew by 10.8%, this was not enough to counter the drop in volumes of the Zirfon membranes.
The Healthcare IT division has seen revenues falling year-on-year in Q2 from €61 million to €54 million, despite an increase in the rolling order intake and in the recurring revenue. The HealthCare IT has benefited from a continuing shift to SaaS and cloud-based solutions but this transition has yet to really benefit profitability. Cloud technology accounted for 51% of total order intake in Q2, up from 4% in Q2 2025. Profitability is expected to be at the same level as last year due to investments for growth and the transition to cloud technology.
The Imaging and Chemicals division saw the best performance of all, with revenue up 1.2% to €169 million, while the EBITDA operating profit rose from €3.7 million to €8.9 million. This is largely down to measures to increase savings. The medical film market continues to decline but price increases in silver overcompensated the volume decline.
The Digital Radiology Solutions saw further problems but Agfa has already planned to use this year to reorganise the business, mainly by sharpening the geographic focus towards north America, and tightening the product range to highlight differentiation from competitors.
Pascal Juéry, president and CEO of the Agfa-Gevaert Group, commented, “During the second quarter, we showed resilience amid challenging market conditions while continuing to advance our strategic transformation. Our savings initiatives and operational discipline are delivering tangible results, while the growing adoption of our cloud-based HealthCare IT solutions reinforces our confidence in the growth potential of the business.”
He continued, “Together with the continued expansion of Digital Printing Solutions, these developments highlight the strength of our portfolio. We remain focused on executing our strategy, assessing our options and using all available levers to drive sustainable growth, operational efficiency and enhanced financial flexibility for the Group.”
You can find further information on the Agfa-Gevaert group from agfa.com.
