Agfa has announced changes to its operating structure, starting in January 2026, following the publication of its Q2 figures for its various verticals.
Thus for the second quarter, the group saw revenues of 281 million Euros, down 1.6% on the previous year’s second quarter, with the earnings before interest tax, depreciation and amortisation (adjusted for restructuring expenses) dropping 41.2% to 13 million Euros and the gross profit falling from 96 million Euros last year to 85 million Euros this year. Overall, the gross profit as a percentage of revenue was down from 33.5% to 30.4% year on year, which Agfa has blamed mainly on the decline of its Radiology Solutions division.
However, the net result climbed from 5 million Euros in Q2 2024 to 30 million Euros, which Agfa says was “strongly influenced” by the final award of 45 million Euros in an arbitration between Agfa-Gevaert and the insolvency receiver of AgfaPhoto GmbH.
The healthcare IT division was the best performer, with revenues rising 4.8% to 61 million Euros, while its EBITDA rose 57.3% to 8.9 million Euros. This is mostly down to the transition to cloud-enabled Enterprise Imaging, which is now listed on the Amazon Web Services Marketplace, increasing visibility and ease of procurement. Agfa says it expects this improvement to continue throughout the year.
The digital print and chemicals division reported revenues of 118 million Euros, up 6.1% year on year. But the EBITDA figure saw a 14% fall to 10 million Euros. Agfa attributes this to overall market weakness related to economic uncertainty for both the digital printing solutions and the green hydrogen solutions.
The report notes that the digital print solutions is suffering from a poor mix of products, which is affecting its overall profitability, and that the green hydrogen business is continuing to be affected by overly complex legislation, mainly in Europe. That said, the company has had some success with its specialty films & chemicals. Agfa is also moving ahead in establishing a new industrial-scale Zirfon production plant in Mortsel, Belgium, which is due to be opened on 29 September 2025.
The contractor operations and services, known as CONOPS, relating to Agfa’s former offset business saw revenues rise 22.3% to 22 million Euros, with its EBITDA going up 90.5% to 2.4 million Euros.
However, the radiology solutions continued to perform poorly, with revenues falling 18.4% to 80 million Euros, while the EBITDA dropped from a profit of 7.1 million Euros in 2024 to a loss of 4.9 million Euros in 2025. Agfa says this is due to the ongoing “decline of the traditional medical film markets” which particularly means China. Agfa expects that its cost savings will improve the situation in the second half of the year.
Pascal Juéry, president and CEO, noted, ”Our HealthCare IT division delivered a strong performance in the second quarter, driven by the successful execution of our cloud-based strategy. This approach is clearly yielding results, reflected in solid top-line growth and significant improvements in profitability. In contrast, the growth engines of our digital print & chemicals division encountered headwinds due to ongoing economic uncertainty, which led to slower market conditions. Additionally, the continued sharp decline in medical film markets had a notable impact on both our top and bottom line.”
The company’s net financial debt rose from 37 million Euros in Q4 2024 to 85 million Euros. As the report notes, “The total debt remains high, with high pension debts and an increase in net financial debt.” In August, Agfa signed a new 3-year revolving credit facility of 180 million Euros that is due to mature in 2028.
Juéry added, “We also strengthened our financial foundation by securing a new revolving credit facility with a consortium of four financial institutions – an endorsement of the confidence our financial partners place in our company.”
In my opinion, these figures follow on from the first quarter of 2025 and show that Agfa is continuing to face challenges, particularly around the declining medical film business, but is getting to grips with those challenges. The strategy around the healthcare IT is now starting to pay off, but the current economic uncertainty is now hitting the digital print and green hydrogen parts of the business.
Agfa is also expecting to receive a further 25 million Euros from the sale of the offset solutions business to Aurelius. This includes the disputed sum of 19 million Euros, which depends on the conclusion of an independent expert’s review
Alongside these results, the company announced a new structure that will see Agfa split across three business units – healthcare IT, led by Nathalie McCaughley; industrial solutions, which will include both the digital printing solutions business and the green hydrogen solutions business, led by Vincent Wille; with everything else wrapped up into a new imaging and chemical division, consisting of the medical film and speciality film and chemicals business, the computed radiography business and CONOPS as well as the digital radiology solutions business, all led by the CEO, Pascal Juéry. Essentially, the imaging and chemicals division represents all the bits of Agfa that need special attention.
Agfa will also expand its executive committee, which currently consists of the segment leaders plus Gunther Koch, chief human resources officer, and Fiona Lam as chief financial officer. They will be joined by: Jorge Tomás, who is responsible for the green hydrogen solutions business; Gwendolien Fonck, responsible for the film and chemicals business, the computed radiography business and CONOPS within imaging and chemicals; and François Verdeaux, responsible for the digital radiology solutions business within imaging and chemicals.
Juéry commented, “This reorganization enables sharper focus and stronger execution across our businesses, ensuring each segment receives the leadership and capabilities required to succeed.”
You can find further details from agfa.com.
