Agfa-Gevaert in Q2 2026: resilient performance amid market challenges
Regulated information August 26, 2026 - 7:45 a.m. CET Agfa-Gevaert in Q2 2026: resilient performance amid market challenges
- Group performance:
- Revenue: top line stable (-0.7% excluding currency impact), driven by silver price uplifts in film and the continued step-up in Digital Printing Solutions
- Profitability stable: adjusted EBITDA at 14 million euro – savings programs and the progress in Digital Printing Solutions offset the impact of the cloud transition in HealthCare IT and the soft market for Green Hydrogen Solutions
- Savings programs: at the end of Q2, annualized savings of 61 million euro were realized - cost base is now in line with market evolution
- Cash flow impact: negative free cash flow of minus 10 million euro in Q2, primarily due to the large transformation related cash-out
- HealthCare IT: strong positioning for growth as the market transitions to SaaS models
- Cloud transition: continuing shift to SaaS and cloud-based solutions
- 12 months rolling order intake increased by 27.5% to 192 million euro, versus 151 million euro in Q2 2025. The number of cloud-based orders continued to grow significantly
- In Q2 2026, cloud technology increased to 51% of total order intake (Q2 2025: 4%)
- Recurring revenue increased by 4% excluding currency impact, now amounting to 66% of total Q2 revenue - Total top line decreased by 9.5% excluding currency impact to 54 million euro
- Adjusted EBITDA at 5.3 million euro
- Industrial Solutions: step up in revenue and profitability in Digital Printing Solutions, Green Hydrogen Solutions impacted by unfavorable market conditions
- 10.8% top line growth excluding currency in Digital Printing Solutions – counterbalanced by market-driven 77% decrease in Green Hydrogen Solutions, which faced soft market conditions
- Segment adjusted EBITDA decreased from 3.7 million euro to 2.5 million euro due to the volume drop in Green Hydrogen Solutions
- Imaging and Chemicals: slight increase in top line, significant increase in adjusted EBITDA due to savings measures
- Revenue increased by 2.6% excluding currency impact: volume decrease counterbalanced by film price increases
- Significant increase in adjusted EBITDA to 8.9 million euro due to savings programs
Mortsel (Belgium), August 26, 2026 – 7:45 a.m. CET – Agfa-Gevaert today commented on its results in the second quarter of 2026. “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. 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." Pascal Juéry, President and CEO of the Agfa-Gevaert Group
Status restructuring plans At the end of Q2 2026, annualized savings of 61 million euro were realized. The Group is confident that its cost base is now in line with the market evolution.
Status AgfaPhoto arbitration By Final Award of June 24, 2025, the ICC Arbitral Tribunal dismissed all claims raised by the insolvency receiver of AgfaPhoto GmbH against Agfa-Gevaert, and ordered the insolvency receiver to reimburse to Agfa-Gevaert costs in excess of 38 million euro plus interest. The Insolvency Receiver paid approximately 45 million euro to Agfa-Gevaert. However, the Insolvency Receiver filed an annulment procedure against the Final Award before the Frankfurt Higher Regional Court. By decision of May 29, 2026, the Frankfurt Court annulled the Final Award because it found that the ICC Arbitral Tribunal violated the Insolvency Receiver’s right to be heard on several counts that are all interrelated. The Frankfurt Court remitted the case back to the same ICC Arbitral Tribunal. This decision of the Frankfurt Court is neither final nor binding. Agfa-Gevaert appealed the Frankfurt Court’s decision before the German Federal Court of Justice. That appeals procedure is in its initial stage and is expected to last somewhere between 12 and 15 months. Agfa-Gevaert will continue to vigorously defend itself in this procedure.
in million euro | Q2 2025 | Q2 2026 | % change (excl. currency) | H1 2025 | H1 2026 | % change (excl. currency) | |
| REVENUE | |||||||
| HealthCare IT | 61 | 54 | -10.4% (-9.5%) | 118 | 105 | -10.5% (-7.3%) | |
| Industrial Solutions | 54 | 52 | -3.4% (-1.6%) | 97 | 95 | -2.7% (0.3%) | |
| Imaging and Chemicals | 167 | 169 | 1.2% (2.6%) | 308 | 312 | 1.1% (3.4%) | |
| GROUP | 281 | 275 | -2.1% (-0.7%) | 523 | 512 | -2.2% (0.4%) | |
| ADJUSTED EBITDA (*) | |||||||
| HealthCare IT | 8.9 | 5.3 | -40.5% | 13.9 | 8.1 | -41.7% | |
| Industrial Solutions | 3.7 | 2.5 | -32.5% | 1.6 | 2.2 | 41.4% | |
| Imaging and Chemicals | 3.7 | 8.9 | 140.5% | 6.2 | 21.7 | 246.7% | |
| Unallocated | (3.0) | (2.9) | (6.4) | (6.6) | |||
| GROUP | 13 | 14 | 3.7% | 15 | 25 | 66.0% | |
(*) Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’ (EBIT)/EBITDA
Definitions of non-IFRS financial measures (APMs): see page 8. The consolidated statements are included at the end of this press release. They are an integral part of this document.
Agfa-Gevaert Group
| in million euro | Q2 2025 | Q2 2026 | % change (excl. currency) | H1 2025 | H1 2026 | % change (excl. currency) |
| Revenue | 281 | 275 | -2.1% (-0.7%) | 523 | 512 | -2.2% (0.4%) |
| Gross profit (*) | 85 | 80 | -6.7% | 160 | 156 | -2.3% |
| % of revenue | 30.4% | 29.0% | 30.5% | 30.5% | ||
| Adjusted EBITDA (**) | 13 | 14 | 3.7% | 15 | 25 | 66.0% |
| % of revenue | 4.7% | 5.0% | 2.9% | 5.0% | ||
| Adjusted EBIT (**) | 5 | 5 | 8.3% | (2) | 8 | |
| % of revenue | 1.8% | 2.0% | -0.4% | 1.7% | ||
| Net result | 30 | (15) | 10 | (27) |
(*) before adjustments and restructuring expenses (**) Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA
- Excluding currency, Agfa’s top line decreased by 0.7%. Within the Industrial Solutions segment, the growth momentum for the Digital Printing Solutions business continued. As expected, Green Hydrogen Solutions saw the effects of the market challenges. In the Imaging and Chemicals segment, volume reductions for film products and Computed Radiography were overcompensated by silver-driven price increases. Digital Radiology Solutions recorded a revenue decline as the business is being reorganized. As expected, HealthCare IT’s successful transition to cloud-enabled Enterprise Imaging continued to have a temporary impact on the segment’s top and bottom line.
- The Group’s gross profit margin decreased from 30.4% of revenue in Q2 2025 to 29.0%.The impact of the savings programs was counterbalanced by a decline in HealthCare IT due to the accelerated transition to cloud technology and due to the effects of the market weakness for Green Hydrogen Solutions.
- Due to very strict cost control, operating expenses decreased significantly from 81 million euro in Q2 2025 to 74 million euro.
- Mainly due to the effects of the savings measures, the Group posted a slightly higher adjusted EBITDA of 14 million euro in Q2 2026 (13 million euro in Q2 2025).
- Adjustments and restructuring expenses resulted in a cost of 6 million euro (an income of 28 million euro in Q2 2025 – related to the final award in an arbitration between Agfa-Gevaert and the insolvency receiver of AgfaPhoto GmbH). Restructuring expenses are mainly related to the transformation of the company.
- Net finance costs amounted to minus 9 million euro, versus minus 1 million euro in Q2 2025.
- Income tax expenses resulted in a cost of 5 million euro in Q2 2026, versus a cost of 1 million euro in Q2 2025.
- The Agfa-Gevaert Group posted a net result of minus 15 million euro, versus 30 million euro in Q2 2025, which was strongly influenced by the final award in the AgfaPhoto case.
Financial position and cash flow
- Working capital improved in all non-film related businesses versus Q2 2025 and Q4 2025. Working capital evolved from 30.0% of revenue in Q2 2025 (341 million euro in absolute numbers) to 29% of revenue in Q2 2026 (316 million euro in absolute numbers). In absolute numbers, working capital increased from 285 million euro in Q4 2025 to 316 million euro in Q2 2026, driven by the high silver price and the usual seasonal inventory build-up in the first half of the year. At the same time, it benefited from the implementation of a factoring program with BNP Paribas Fortis, under which 20 million euro of eligible trade receivables was sold and collected before June 30, 2026, accelerating cash inflows and improving the Group’s liquidity position.
- The Group booked a negative free cash flow of 10 million euro in Q2 2026. The free cash flow was mainly impacted by elevated cash outs (amounting to 30 million euro) for restructuring and transformation projects and by the benefits of the above-mentioned factoring program.
- Net financial debt (excluding IFRS 16) evolved from 58 million euro in Q1 2026 to 74 million euro. Net pension debt evolved from 337 million euro in Q1 2026 to 333 million euro. The total debt amounted to 460 million euro.
- At the end of Q2 2026, 130 million euro was drawn out of the 180 million euro revolving credit facility. The following financial covenants are imposed as part of the revolving credit facility:
- Applicable testing for Q2:
- Liquidity headroom covenant amounted to 117.7 million euro at the end of Q2 (minimum 30 million euro).
- At the end of Q2, the leverage ratio covenant (net debt/adjusted EBITDA) was 1.4 (maximum 3.0 at half year and 2.75 at year end).
- The interest coverage ratio covenant (adjusted EBITDA/interest expense) was at 11.0 (minimum 5).
- The adjusted EBITDA covenant (adjusted EBITDA excluding IFRS 16 over the period of the last 12 months - see APM definitions) was 52.2 million euro at the end of Q2 2026 (minimum 30 million euro).
- Applicable testing for Q2:
Outlook This outlook is based on the current economic environment and the assumption of silver prices staying approximately at current levels.
2026 outlook per segment:
- HealthCare IT: The full year order intake is expected to grow with a high single-digit % versus last year, driven by the continued strong momentum for cloud technology. Profitability is expected to be at the same level as last year due to investments for growth and the transition to cloud technology.
- Industrial Solutions: Although Digital Printing Solutions is expecting a step-up in top line and profitability, the segment’s full year 2026 top line and profitability are expected to be down versus 2025 as the current weak demand in Green Hydrogen Solutions is expected to continue throughout the year. For the latter business a significant upturn is expected in 2027.
- Imaging and Chemicals: Revenue is expected to grow versus 2025, with higher silver prices offsetting ongoing film volume declines. Overall, full-year profitability is expected to exceed 2025 levels due to the success of the savings measures and in spite of silver related timing effects.
The full year 2026 free cash flow is expected to be more negative than in 2025 due to last year’s cash-in related to AgfaPhoto (38 million euro), the higher full year 2026 cash-outs related to the transformation and the increased silver prices.
HealthCare IT
| in million euro | Q2 2025 | Q2 2026 | % change (excl. currency) | H1 2025 | H1 2026 | % change (excl. currency) |
| Revenue | 61 | 54 | -10.4% (-9.5%) | 118 | 105 | -10.5% (-7.3%) |
| Adjusted EBITDA (*) | 8.9 | 5.3 | -40.5% | 13.9 | 8.1 | -41.7% |
| % of revenue | 14.6% | 9.7% | 11.8% | 7.7% | ||
| Adjusted EBIT (*) | 7.2 | 3.3 | -54.0% | 10.4 | 3.8 | -63.6% |
| % of revenue | 11.9% | 6.1% | 8.8% | 3.6% |
(*) Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA
- The 12 months rolling order intake increased by 28%, starting from 151 million euro the year before to 192 million euro. The 12 months rolling cloud order intake more than tripled versus the year before. In Q2 2026, cloud technology increased to 51% of order intake (Q2 2025: 4%). Net new customers represent 54% of Q2 2026 order intake. 37% of Q2 2026 order intake was related to project contracts and 63% to recurring revenue contracts.
- As expected, HealthCare IT’s successful transition to cloud-enabled Enterprise Imaging continued to have a temporary impact on the segment’s top and bottom line.
- Excluding currency, recurring revenue increased by 4% (2% including currency) and now amounts to 66% of the total Q2 revenue. Total top line decreased by 9.5% (excluding currency) versus Q2 2025.
- Mainly due to mix effects, HealthCare IT’s gross profit margin decreased from 49.9% in Q2 2025 to 44.5%. The adjusted EBITDA margin evolved from 14.6% to 9.7%.
- Agfa HealthCare maintained strong momentum in the first half of 2026, driven by accelerating adoption of its cloud-based Enterprise Imaging platform and a growing number of successful go-lives in the U.S. RUSH University System for Health, an award-winning academic health system based in Chicago, has selected Agfa HealthCare's Enterprise Imaging Cloud to advance its enterprise imaging strategy across its multi-hospital health network.
- Beyond the U.S., Agfa HealthCare continues to expand its global footprint with high-impact deployments. Diakonessenhuis - a recognized teaching hospital in the Netherlands - selected Agfa HealthCare to implement a unified Enterprise Imaging platform. In Chile, Agfa HealthCare’s Enterprise Imaging Vendor Neutral Archive (VNA) went live at the Magallanes Health Service. This project represents an important step in modernizing the public healthcare network across Magallanes and the Patagonia region of Chile. Dubai Health and Agfa HealthCare have celebrated 20 years of collaboration in support of Dubai’s healthcare system.
- For the second consecutive year, Agfa HealthCare’s Enterprise Imaging platform has earned certified status from HITRUST for cybersecurity and information protection. The HITRUST Certification confirms that strong controls are in place to protect sensitive data and manage risk effectively.
Industrial Solutions
| in million euro | Q2 2025 | Q2 2026 | % change (excl. currency) | H1 2025 | H1 2026 | % change (excl. currency) |
| Revenue | 54 | 52 | -3.4% (-1.6%) | 97 | 95 | -2.7% (0.3%) |
| Adjusted EBITDA (*) | 3.7 | 2.5 | -32.5% | 1.6 | 2.2 | 41.4% |
| % of revenue | 6.8% | 4.8% | 1.6% | 2.4% | ||
| Adjusted EBIT (*) | 0.6 | (1.5) | (4.5) | (5.8) | ||
| % of revenue | 1.1% | -3.0% | -4.6% | -6.1% |
(*) Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA
Segment performance
- Excluding currency, the Industrial Solutions segment’s top line decreased by 1.6% (-3.4% including currency) versus Q2 2025. The 10.8% revenue increase (excluding currency) posted by the Digital Printing Solutions business was counterbalanced by the market-driven 77% decrease in Green Hydrogen Solutions.
- The segment’s gross profit margin evolved from 40.8% of revenue in Q2 2025 to 36.8% of revenue, as unfavorable sales mix effects were not fully counterbalanced by pricing efforts and tight cost control.
- In spite of a strong progress in Digital Printing Solutions, the segment’s adjusted EBITDA margin evolved to 4.8% of revenue due to the volume drop in Green Hydrogen Solutions.
Digital Printing Solutions
- Excluding currency, the business’ top line increased by 10.8% versus last year. Following the trend that began towards the end of 2025, the sign & display market continued to stabilize. Agfa’s order book for these solutions is building as particularly the larger machines showed good traction. Ink sales increased across the board by 10% versus Q2 2025.
- Agfa’s Jeti Bronco H3300 HS hybrid printer received an EDP Award 2026, recognizing its high-speed productivity and versatility across rigid and roll media applications.
- Agfa received two 2026 Pinnacle Product Awards for its Onset Panthera FB3216 flatbed press and Jeti Tauro MAX Automation solutions, recognizing the company's innovation in high-productivity digital printing and automated workflow efficiency.
- Agfa and Hybrid Software have announced a collaboration to bring full variable data capability to digital folding carton production, helping folding carton converters to unlock the full potential of variable data printing and accelerate their transition toward more efficient, fully digital production workflows.
Green Hydrogen Solutions
- As expected, overall market weakness led to a 77% top line decrease for Agfa’s ZIRFON membranes for renewable-powered green hydrogen production in Q2 2026. Delays in the REDIII (Renewable Energy Directive III) implementation in 2024 and 2025 result in a very soft market in Europe in 2026. However, market sentiment in this region is improving, with several large projects reaching FID. This is promising for the years to come, but will not yet materialize in this year’s numbers. The momentum in Asia continues, but does not yet suffice to compensate for the delays in Europe.
- The growing focus on Asian markets is starting to bear fruits, with the first commercial systems with ZIRFON membranes now in place in China. In China and India, compositie membranes are increasingly being recognized for their excellent performance.
- A recent analysis by an Asian team published in the International Journal of Hydrogen Energy reconfirms ZIRFON’s advantages in the fields of robustness and economics.
Imaging and Chemicals
| in million euro | Q2 2025 | Q2 2026 | % change (excl. currency) | H1 2025 | H1 2026 | % change (excl. currency) |
| Revenue | 167 | 169 | 1.2% (2.6%) | 308 | 312 | 1.1% (3.4%) |
| Adjusted EBITDA (*) | 3.7 | 8.9 | 140.5% | 6.2 | 21.7 | 246.7% |
| % of revenue | 2.2% | 5.3% | 2.0% | 6.9% | ||
| Adjusted EBIT (*) | 0.2 | 6.6 | 3103.8% | (1.6) | 17.1 | |
| % of revenue | 0.1% | 3.9% | -0.5% | 5.5% |
(*) Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA
Segment performance
- As price increases for film overcompensated the volume decline, the segment’s revenue grew by 2.6% excluding currency versus Q2 2025. The medical film market continued to decline, particularly in China. The top line of Agfa’s Digital Radiology Solutions business (comprising Direct Radiography and Fluoroscopy) decreased by 6.1% excluding currency. For this business, 2026 is a reorganization year by design. The new leadership team is rebuilding the business on two axes: a sharper geographic focus, with targeted actions already underway in North America to reinforce performance, and a streamlined product supply strategy that focuses the portfolio on genuine differentiation. Together, these actions position Digital Radiology Solutions to compete more effectively worldwide, with a better profitability profile as the transformation matures.
- Positively influenced by the succes of the savings measures, the segment’s profitability improved strongly. The gross profit margin evolved from 19.5% of revenue in Q2 2025 to 20.7%. Adjusted EBITDA increased from 3.7 to 8.9 million euro.
Conference call for analysts and investors Pascal Juéry, CEO of the Agfa-Gevaert Group, and Fiona Lam, CFO, will present the Q2 2026 results to analysts and investors at 11:00 a.m. CET on Wednesday, August 26. This presentation can be accessed live upon registration via the agfa.com website and will be available on the website after the event.
Definitions of non-IFRS financial measures (APMs)
- Adjusted EBIT: The result from continuing operating activities before restructuring expenses and adjustments.
- Adjusted EBITDA: The result from continuing operating activities before depreciation, amortization, restructuring expenses and adjustments.
- EBITDA: The result from continuing operating activities before depreciation and amortization.
- Gross profit (margin): Gross profit (margin) before adjustments and restructuring expenses.
- Restructuring expenses: Expenses related to detailed and formal restructuring plans approved by management. Related expenses comprise expenses recognized when accounting for a ‘Provision for restructuring’ but could also comprise other expenses that are directly linked to a formal restructuring plan (e.g. exceptional write-downs on inventories and impairment losses on receivables when specifically linked to / resulting from a decision to restructure).
- Adjustments: Income and expenses related to activities or events which are not indicative as arising from normal, recurring business operations and are not related to a restructuring plan. These adjustments comprise expenses related to important transformation programs, material changes in the measurement estimates of assets or liabilities related to infrequent events (such as the sale of a building), material gains or losses related to infrequent events or transactions (e.g. mergers and acquisitions) as well as substantial litigations which are not part of the normal recurring business activities. In case the activities or events are not directly linked to a specific segment but are related to Agfa as a Group, the costs are not attributed to the reportable segments.
- Free Cash Flow: The sum of ‘Net cash from / (used in) operating activities’ and ‘Net cash from / (used in) investing activities excluding the impact of ‘Acquisitions of subsidiaries, net of cash acquired’, ‘Interests received’ and the ‘Net cash from / (used in) operating and investing activities that relates to discontinued operations’.
- Adjusted Free Cash Flow: Free Cash Flow ‘Adjusted’/ excluded for the impact of: the ‘Cash out for pensions below EBIT’, the ‘Cash out for long-term termination benefits’ and the cash out for ‘Adjustments and restructuring expenses’.
- Cash out for pensions below EBIT: The sum of Expenses for defined benefit plans & long-term termination benefits (see ‘Consolidated Statement of Cash Flows’) and the cash out for defined benefit plans & long-term termination benefits that are part of the ‘Cash out for employee benefits’ as presented in the Consolidated Statement of Cash Flows.
- Adjustments and restructuring cash in- and outflows: Cash in- and outflows resulting from income and expenses that are either in the current or previous reporting periods recognized in ‘Adjustments’ or ‘Restructuring expenses’.
- Working Capital: the sum of Inventories plus trade receivables plus contract assets minus contract liabilities and minus trade payables.
- Net financial debt incl IFRS 16: the sum of non-current and current liabilities to banks including non-current and current lease liabilities and excluding pension debt, and bank overdrafts minus cash and cash equivalents.
- Net financial debt excl IFRS 16: the sum of non-current and current liabilities to banks excluding non-current and current lease liabilities and excluding pension debt, including bank overdrafts minus cash and cash equivalents.
- Net debt: the sum of Net financial debt incl IFRS 16 and the liabilities for post-employment and long-term termination benefit plans - net balance sheet position.
- Liquidity headroom covenant: cash and cash equivalents plus headroom under the Facilities
- Leverage ratio covenant: Net Financial debt excluding IFRS 16 and excluding pension debt/Adjusted EBITDA excluding IFRS 16 over the period of the last 12 months.
- Interest cover ratio covenant: Adjusted EBITDA excluding IFRS 16 over the period of the last 12 months/Net interest expenses excluding IFRS 16 over the period of the last 12 months.
- Adjusted EBITDA covenant: Adjusted EBITDA excluding IFRS 16 over the period of the last 12 months
- Order intake: The financial value of all new orders accepted by Agfa HealthCare IT during the period, including Licenses, Implementation services, Hardware and/or Cloud computing, but excluding Support/Software Maintenance Agreements.
- Support/Software Maintenance Agreements (SMA): Service contracts entitling Agfa HealthCare IT Perpetual License customers to software updates and patches as well as service and support. Order Intake is not recorded for SMA contracts.
- Net new order intake: Order Intake accepted from customers who were not using Agfa HealthCare IT software prior to the order (aka “New Logo” sales). Usually with such an order the customer replaces a system from a competitor with a system from Agfa HealthCare IT.
- Cloud order intake: Order Intake accepted for deployments of Agfa HealthCare IT’s solution on a Cloud Computing infrastructure instead of the traditional deployment on dedicated Hardware on the customer’s premises (“on Premise”).
- Recurring order intake: Order Intake for services with a recurring transaction model (Revenue recognition over time as opposed to one-off). Examples include: License Subscriptions, Managed services, Cloud computing services, SaaS contracts).
- Project order intake: Order Intake for goods and services delivered and revenue recognized at a single point in time. Examples include: Perpetual Licenses, Implementation services, Hardware.
Contact: Viviane Dictus Director Corporate Communication Septestraat 27 2640 Mortsel - Belgium T +32 (0) 3 444 71 24 E viviane.dictus@agfa.com
The full press release and financial information is also available on the company's website: www.agfa.com.
Consolidated Statement of Profit or Loss (in million euro)
Unaudited, consolidated figures following IFRS accounting policies.
Continuing operations | Q2 2025 | Q2 2026 | H1 2025 | H1 2026 |
| Revenue | 281 | 275 | 523 | 512 |
| Cost of sales | (196) | (196) | (364) | (356) |
| Gross profit | 85 | 80 | 160 | 156 |
| Selling expenses | (38) | (34) | (76) | (67) |
| Administrative expenses | (31) | (29) | (62) | (58) |
| R&D expenses | (17) | (15) | (37) | (32) |
| Net impairment loss on trade and other receivables, including contract assets | (1) | - | (1) | - |
| Other operating income | 47 | 7 | 59 | 14 |
| Other operating expenses | (14) | (9) | (20) | (16) |
| Results from operating activities | 33 | - | 23 | (4) |
| Interest income (expense) - net | (1) | (2) | (2) | (3) |
| Interest income | 2 | - | 4 | 1 |
| Interest expense | (3) | (2) | (6) | (4) |
| Other finance income (expense) - net | - | (8) | (5) | (14) |
| Other finance income | 8 | - | 8 | 1 |
| Other finance expense | (7) | (8) | (13) | (14) |
| Net finance costs | (1) | (9) | (7) | (16) |
| Profit (loss) before income taxes | 32 | (10) | 17 | (20) |
| Income tax expenses | (1) | (5) | (6) | (2) |
| Profit (loss) from continuing operations | 31 | (15) | 10 | (23) |
| Profit (loss) from discontinued operations, net of tax | (1) | - | - | (5) |
| Profit (loss) for the period | 30 | (15) | 10 | (27) |
| Profit (loss) attributable to: | ||||
| Owners of the Company | 30 | (15) | 10 | (27) |
| Non-controlling interests | - | - | - | - |
| Results from operating activities | 33 | - | 23 | (4) |
| Adjustments and restructuring expenses | 28 | (6) | 26 | (12) |
| Adjusted EBIT | 5 | 5 | (2) | 8 |
| Earnings (loss) per Share Group – continuing operations (euro) | 0.20 | (0.10) | 0.06 | (0.15) |
| Earnings (loss) per Share Group – discontinued operations (euro) | (0.01) | - | - | (0.03) |
| Earnings (loss) per Share Group – total (euro) | 0.19 | (0.10) | 0.06 | (0.18) |
Consolidated Statement of Comprehensive Income for the quarter ending June 2025 / June 2026 (in million euro) Unaudited, consolidated figures following IFRS accounting policies.
| Q2 2025 | Q2 2026 | |
| Profit / (loss) for the period | 30 | (15) |
| Profit / (loss) for the period from continuing operations | 31 | (15) |
| Profit / (loss) for the period from discontinued operations, net of tax | (1) | - |
| Other Comprehensive Income, net of tax | ||
| Items that are or may be reclassified subsequently to profit or loss: | ||
| Exchange differences: | (15) | 2 |
| Exchange differences on translation of foreign operations | (15) | - |
| Release of exchange differences to profit or loss upon disposal of a foreign operation | - | 1 |
| Cash flow hedges: | (4) | - |
| Effective portion of changes in fair value of cash flow hedges | (3) | - |
| Changes in the fair value of cash flow hedges reclassified to profit or loss | - | - |
| Adjustments for amounts transferred to initial carrying amount of hedged items | - | - |
| Income taxes | (1) | - |
| Items that will not be reclassified subsequently to profit or loss: | 1 | - |
| Equity investments at fair value through OCI – change in fair value | 1 | - |
| 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 | (18) | 1 |
| Total other comprehensive income for the period from continuing operations | (18) | 1 |
| Total other comprehensive income for the period from discontinued operations | - | - |
| Total Comprehensive Income for the period attributable to | 12 | (14) |
| Owners of the Company | 12 | (14) |
| Non-controlling interests | - | - |
| Total comprehensive income for the period from continuing operations attributable to: | 13 | (14) |
| Owners of the Company | 13 | (14) |
| Non-controlling interests | - | - |
| Total comprehensive income for the period from discontinued operations attributable to: | (1) | - |
| Owners of the Company | (1) | - |
| Non-controlling interests | - | - |
Consolidated Statement of Comprehensive Income for the period ending June 2025 / June 2026 (in million euro) Unaudited, consolidated figures following IFRS accounting policies.
| H1 2025 | H1 2026 | |
| Profit / (loss) for the period | 10 | (27) |
| Profit / (loss) for the period from continuing operations | 10 | (23) |
| Profit / (loss) for the period from discontinued operations, net of tax | - | (5) |
| Other Comprehensive Income, net of tax | ||
| Items that are or may be reclassified subsequently to profit or loss: | ||
| Exchange differences: | (26) | 6 |
| Exchange differences on translation of foreign operations | (26) | 4 |
| Release of exchange differences to profit or loss upon disposal of a foreign operation | - | 1 |
| Cash flow hedges: | 3 | (2) |
| Effective portion of changes in fair value of cash flow hedges | 5 | - |
| Changes in the fair value of cash flow hedges reclassified to profit or loss | (1) | (2) |
| Adjustments for amounts transferred to initial carrying amount of hedged items | - | - |
| Income taxes | (1) | - |
| Items that will not be reclassified subsequently to profit or loss: | 1 | (1) |
| Equity investments at fair value through OCI – change in fair value | 1 | (1) |
| 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 | (22) | 3 |
| Total other comprehensive income for the period from continuing operations | (22) | 3 |
| Total other comprehensive income for the period from discontinued operations | - | - |
| Total Comprehensive Income for the period attributable to | (12) | (24) |
| Owners of the Company | (12) | (24) |
| Non-controlling interests | - | - |
| Total comprehensive income for the period from continuing operations attributable to: | (12) | (19) |
| Owners of the Company | (12) | (19) |
| Non-controlling interests | - | - |
| Total comprehensive income for the period from discontinued operations attributable to: | - | (5) |
| Owners of the Company | - | (5) |
| Non-controlling interests | - | - |
Consolidated Statement of Financial Position (in million euro)
Unaudited, consolidated figures following IFRS accounting policies.
| 31/12/2025 | 30/06/2026 | |
| Non-current assets | 557 | 545 |
| Goodwill | 203 | 203 |
| Intangible assets | 35 | 40 |
| Property, plant and equipment | 85 | 83 |
| Right-of-use assets | 48 | 43 |
| Other financial assets | 3 | 2 |
| Assets related to post-employment benefits | 71 | 71 |
| Trade receivables | 3 | 3 |
| Other tax receivables | 3 | 3 |
| Receivables under finance leases | 40 | 30 |
| Other assets | 1 | - |
| Deferred tax assets | 66 | 65 |
| Current assets | 719 | 704 |
| Inventories | 254 | 342 |
| Trade receivables | 169 | 130 |
| Contract assets | 73 | 67 |
| Current income tax assets | 44 | 39 |
| Other tax receivables | 16 | 17 |
| Receivables under finance lease | 23 | 9 |
| Other receivables | 25 | 8 |
| Other current assets | 15 | 15 |
| Derivative financial instruments | 1 | - |
| Cash and cash equivalents | 91 | 68 |
| Non-current assets held for sale | 8 | 8 |
| TOTAL ASSETS | 1,276 | 1,250 |
| 31/12/2025 | 30/06/2026 | |
| Total equity | 256 | 232 |
| Equity attributable to owners of the Company | 254 | 230 |
| Share capital | 26 | 26 |
| Share premium | 162 | 162 |
| Retained earnings | 991 | 963 |
| Other reserves | (1) | (4) |
| Translation reserve | (45) | (39) |
| 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 | 404 |
| Other employee benefits | 3 | 3 |
| Loans and borrowings | 152 | 177 |
| Provisions | 28 | 28 |
| Deferred tax liabilities | 5 | 2 |
| Trade payables | 1 | - |
| Contract liabilities | 1 | - |
| Other non-current liabilities | 14 | 13 |
| Current liabilities | 403 | 390 |
| Loans and borrowings | 17 | 18 |
| Provisions | 54 | 34 |
| Trade payables | 109 | 109 |
| Contract liabilities | 103 | 115 |
| Current income tax liabilities | 22 | 19 |
| Other tax liabilities | 24 | 18 |
| Other payables | 5 | 6 |
| Employee benefits | 67 | 64 |
| Other current liabilities | 2 | 2 |
| Derivative financial instruments | - | 3 |
| TOTAL EQUITY AND LIABILITIES | 1,276 | 1,250 |
Consolidated Statement of Net Debt (in million euro)
Unaudited, consolidated figures following IFRS accounting policies.
| 31/12/2025 | 30/06/2026 | |
| Net financial debt (excl. IFRS16 and excl. pension debt) | 21 | 74 |
| Lease liabilities | 58 | 53 |
| Net Financial Debt | 78 | 127 |
| Liabilities for post-employment and long-term termination benefit plans - net balance sheet position | 343 | 333 |
| Net debt | 422 | 460 |
Consolidated Statement of Cash Flows (in million euro) Unaudited, consolidated figures following IFRS accounting policies.
The Group has elected to present a statement of cash flows that includes all cash flows, including both continuing and discontinued operations.
| Q2 2025 | Q2 2026 | H1 2025 | H1 2026 | |
| Profit (loss) for the period | 30 | (15) | 10 | (27) |
| Income taxes | 1 | 5 | 6 | 2 |
| Net finance costs | 1 | 9 | 7 | 16 |
| Operating result | 32 | - | 23 | (8) |
| Depreciation & amortization | 5 | 5 | 10 | 10 |
| Depreciation & amortization on right-of-use assets | 4 | 4 | 7 | 7 |
| Impairment losses on goodwill, intangibles and PP&E | - | 2 | - | 2 |
| Impairment losses on right-of-use assets | - | 1 | - | 1 |
| Exchange results and changes in fair value of derivatives | (3) | - | (4) | - |
| Recycling of hedge reserve | - | - | (1) | (2) |
| Government grants and subsidies | (1) | (1) | (1) | (2) |
| Result on the disposal of discontinued operations | - | - | - | 5 |
| Expenses for defined benefit plans & long-term termination benefits | 3 | 3 | 7 | 6 |
| Accrued expenses for personnel commitments | 14 | 16 | 31 | 30 |
| Write-downs/reversal of write-downs on inventories | 2 | 1 | 4 | 5 |
| Impairments/reversal of impairments on receivables | 1 | - | 1 | - |
| Additions/reversals of provisions | 3 | (1) | 2 | - |
| Operating cash flow before changes in working capital | 59 | 28 | 81 | 55 |
| Change in inventories | 17 | (12) | (38) | (91) |
| Change in trade receivables | (5) | 14 | 14 | 42 |
| Change in contract assets | (5) | - | (2) | 6 |
| Change in working capital assets | 8 | 2 | (27) | (44) |
| Change in trade payables | (10) | (3) | (11) | (4) |
| Change in contract liabilities | 4 | 3 | 12 | 11 |
| Changes in working capital liabilities | (5) | (1) | 1 | 7 |
| Changes in working capital | 2 | 2 | (25) | (37) |
| Q2 2025 | Q2 2026 | H1 2025 | H1 2026 | |
| Cash out for employee benefits | (30) | (27) | (46) | (57) |
| Cash out for provisions | (3) | (11) | (5) | (22) |
| Changes in lease portfolio | 8 | 4 | 16 | 24 |
| Changes in other working capital | (31) | 4 | (38) | (5) |
| Cash settled operating derivatives | 1 | (2) | 1 | - |
| Cash from / (used in) operating activities | 6 | (1) | (17) | (42) |
| Income taxes paid | (4) | (2) | 1 | 1 |
| Net cash from / (used in) operating activities | 2 | (3) | (16) | (41) |
| of which related to discontinued operations | (2) | - | (2) | (1) |
| Capital expenditure | (8) | (7) | (16) | (13) |
| Proceeds from sale of intangible assets and PP&E | 1 | - | 1 | - |
| Disposal of discontinued operations, net of cash disposed of | 6 | - | 6 | 13 |
| Disposal of foreign operations, net of cash disposed of | - | - | - | - |
| Interests received | 2 | 1 | 5 | 1 |
| Net cash from / (used in) investing activities | 1 | (6) | (5) | 1 |
| of which related to discontinued operations | 6 | - | 6 | 13 |
| Interests paid | (3) | (2) | (7) | (4) |
| Proceeds from borrowings | 21 | - | 53 | 30 |
| Payment of finance leases | (4) | (5) | (9) | (10) |
| Proceeds/(payment) of derivatives | - | - | (1) | (1) |
| Other financing income / (costs) received/paid | (2) | (1) | (2) | (1) |
| Net cash from / (used in) financing activities | 11 | (8) | 35 | 14 |
| of which related to discontinued operations | - | - | - | - |
| Net increase / (decrease) in cash & cash equivalents | 15 | (18) | 13 | (25) |
| Cash & cash equivalents at the start of the period | 64 | 84 | 68 | 91 |
| Net increase / (decrease) in cash & cash equivalents | 15 | (18) | 13 | (25) |
| Effect of exchange rate fluctuations | (3) | 2 | (6) | 3 |
| Cash & cash equivalents at the end of the period | 75 | 68 | 75 | 68 |
Consolidated Statement of changes in Equity (in million euro) Unaudited, consolidated figures following IFRS accounting policies.
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 | - | - | 10 | - | - | - | - | - | 10 | - | 10 |
| Other comprehensive income, net of tax | - | - | - | - | - | 3 | - | (26) | (22) | - | (22) |
| Total comprehensive income for the period | - | - | 10 | - | - | 3 | - | (26) | (13) | - | (13) |
| 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 June 30, 2025 | 26 | 162 | 1,072 | - | (2) | 4 | (906) | (44) | 310 | 2 | 312 |
| 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 | - | - | (27) | - | - | - | - | - | (27) | - | (27) |
| Other comprehensive income, net of tax | - | - | - | - | (1) | (2) | - | 6 | 3 | - | 3 |
| Total comprehensive income for the period | - | - | (27) | - | (1) | (2) | - | 6 | (24) | - | (24) |
| Balance at June 30, 2026 | 26 | 162 | 963 | - | (3) | - | (879) | (39) | 230 | 2 | 232 |
Reconciliation of non-IFRS information (in million euro)
(Adjusted) Free Cash Flow
| Q2 2025 | Q2 2026 | H1 2025 | H1 2026 | |
| Adjusted EBITDA | 13 | 14 | 15 | 25 |
| Working capital - net | 2 | 6 | (22) | (27) |
| CAPEX | (8) | (7) | (16) | (13) |
| Provisions & other | 12 | 4 | 24 | 10 |
| Income taxes | (4) | (2) | 1 | 1 |
| Adjusted Free Cash Flow | 15 | 15 | 3 | (4) |
| Pensions (below EBIT) & long term termination benefits | (12) | (8) | (21) | (18) |
| Cash-out for adjustments and restructuring expenses | (7) | (17) | (11) | (30) |
| Free Cash Flow | (3) | (10) | (30) | (52) |
| Adjustments for: | ||||
| Payment of finance leases | (4) | (5) | (9) | (10) |
| Proceeds from borrowings | 21 | - | 53 | 30 |
| Repayment of borrowings | - | - | - | - |
| Disposal of foreign operations, net of cash disposed of | - | - | - | - |
| Interests received | 2 | 1 | 5 | 1 |
| Interests paid | (3) | (2) | (7) | (4) |
| Proceeds/(payment) of derivatives | (1) | - | (1) | (1) |
| Other financial flows | (2) | (1) | (2) | (1) |
| Total adjustments | 13 | (8) | 39 | 15 |
| Cash flows from continuing operations | 10 | (18) | 9 | (37) |
| Net cash from/(used in) operating activities related to discontinued operations | (2) | - | (2) | (1) |
| Net cash from/(used in) investing activities related to discontinued operations | 6 | - | 6 | 13 |
| Cash flows from discontinued operations | 4 | - | 4 | 12 |
| Net increase / (decrease) in cash & cash equivalents | 14 | (18) | 13 | (25) |
Reconciliation of non-IFRS information (in million euro)
Adjusted EBIT
| Q2 2025 | Q2 2026 | H1 2025 | H1 2026 | |
| Segment Adjusted EBIT | 8 | 8 | 4 | 15 |
| Adjusted EBIT from operating activities not allocated to a reportable segment: mainly related to ‘Corporate Services’ | (3) | (3) | (6) | (7) |
| Adjusted EBIT | 5 | 5 | (2) | 8 |
| Restructuring expenses | (4) | - | (5) | (3) |
| Adjustments | 32 | (6) | 30 | (9) |
| Results from operating activities | 33 | - | 23 | (4) |
Working capital
| 31/12/2025 | 30/06/2026 | |
| Inventories | 254 | 342 |
| Non-current trade receivables | 3 | 3 |
| Current trade receivables | 169 | 130 |
| Contract assets | 73 | 67 |
| Non-current trade payables | (1) | - |
| Current trade payables | (109) | (109) |
| Contract liabilities | (104) | (116) |
| Working capital | 285 | 316 |
Reconciliation of non-IFRS information (in million euro)
Net Financial Debt including IFRS 16
| 31/12/2025 | 30/06/2026 | |
| Non-current loans and borrowings | 152 | 177 |
| Current loans and borrowings | 17 | 18 |
| Cash and cash equivalents | (91) | (68) |
| Net financial debt including lease liabilities | 78 | 127 |
Net Financial Debt excluding IFRS 16
| 31/12/2025 | 30/06/2026 | |
| Non-current loans and borrowings | 152 | 177 |
| Non-current lease liabilities comprised in Non-current loans and borrowings | (41) | (36) |
| Current loans and borrowings | 17 | 18 |
| Current lease liabilities comprised in Current loans and borrowings | (17) | (17) |
| Cash and cash equivalents | (91) | (68) |
| Net financial debt excluding lease liabilities | 21 | 74 |
Evolution net financial debt excluding lease liabilities – linked with cashflow (in million euro)
| 31/12/2025 | 30/06/2026 | |
| Net increase/(decrease) in cash and cash equivalents | 27 | (25) |
| Comprising: | ||
| Proceeds from borrowings (-) | (57) | (30) |
| Repayment of borrowings (+) | 52 | - |
| Net cash inflows (outflows) | 21 | (55) |
| Net financial debt excluding lease liabilities beginning of the period | 37 | 21 |
| Net cash inflows (outflows) | 21 | (55) |
| Currency impact | (5) | 2 |
| Net financial debt excluding lease liabilities end of period | 21 | 74 |
Attachments
