Scienza e Tecnologia
The Agfa-Gevaert Group in 2024: strong performance from growth engines offsets decline in traditional film markets - regulated information
Regulated information
March 12, 2025 - 7:45 a.m. CET
The Agfa-Gevaert Group in 2024: strong performance from growth engines offsets decline in traditional film markets
The Agfa-Gevaert Group posted strong Q4 revenue growth, profitability and free cash flow, with record performances of its growth engines. The strong year-end resulted in significant full year revenue growth and a strong profitability step up in Digital Printing Solutions, Green Hydrogen Solutions and Direct Radiography, as well as a significant increase in order intake in HealthCare IT, with a high share of cloud-based and net new customer contracts. This was counterbalanced by an accelerated market decline for the traditional film activities. The savings program to align the costs base to the evolution of the traditional film markets is on track.
Mortsel (Belgium), March 12, 2025 – 7:45 a.m. CET – Agfa-Gevaert today commented on its results in 2024.
“In 2024, we continued to capitalize on the successful strategies we designed for our growth engines. Our HealthCare IT, Digital Printing Solutions and Green Hydrogen Solutions divisions all achieved record-high EBITDA figures in the fourth quarter of 2024 and delivered excellent full year results.
Over the past three years, we have meticulously rebuilt the strategic foundations of our HealthCare IT division, transforming it into a strong player in the cloud segment of its market. This transformation has led to an unprecedented surge in order intake for the year.
Our commitment to advancing Enterprise Imaging and delivering innovative healthcare solutions has been recognized with three prestigious KLAS Awards. Our Digital Printing Solutions division has reached a critical mass, fueled by strategic decisions and successful product launches. In 2024, we achieved double-digit revenue growth and doubled the profit for this business.
In just a few years, we have evolved our Green Hydrogen Solutions business from an R&D project into a thriving start-up, with continuous and robust sales growth. Our ZIRFON membranes have set the industry standard and are utilized in the world's largest hydrogen projects.
Recently, we also reached an agreement with our social partners in Belgium on our plan to optimize the cost base of our traditional film activities, aligning them with market realities. This self-funding program aims to reduce costs by 50 million euro by the end of 2027, with initial savings expected in the second half of 2025.”
Pascal Juéry, President and CEO of the Agfa-Gevaert Group.
(*) 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 9 .
The consolidated statements are included at the end of this press release. They are an integral part of this document.
Agfa-Gevaert Group
(*) before adjustments and restructuring expenses
(**) Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to 'Results from operating activities'(EBIT)/EBITDA
Full year
Financial position and cash flow
Outlook
The Agfa-Gevaert Group expects that the growth engines will continue to perform strongly in 2025. As usual, due to seasonality reasons, a slower start of the year is expected, followed by a stronger second half. This outlook is based on the current economic environment.
2025 outlook per division:
A part of the outstanding receivable in connection with the sale of the Offset Solutions division to Aurelius Group is still under discussion. The issue has been submitted to an independent expert, who will have to establish the final purchase price.
The program to adjust the cost base of the film-related activities to the reality in the market is on track. The program is expected to be cash accretive and to reduce the cost base by 50 million euro by the end of 2027. The first savings are expected to materialize in the second half of 2025.
HealthCare IT
(*) Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to 'Results from operating activities'(EBIT)/EBITDA
Full year
Digital Print & Chemicals
(*) Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to 'Results from operating activities'(EBIT)/EBITDA
Full year
Division performance
Digital Printing Solutions
Green Hydrogen Solutions
Radiology Solutions
(*) Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to 'Results from operating activities'(EBIT)/EBITDA
Full year
Contractor Operations and Services – former Offset
(*) Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to 'Results from operating activities'(EBIT)/EBITDA
End of message
Confirmation Information – press release Agfa-Gevaert NV
The statutory auditor has confirmed that the audit, which is substantially complete, has not to date revealed any material misstatement in the draft consolidated accounts, and that the accounting data reported in the press release is consistent, in all material respects, with the draft accounts from which it has been derived.
Definitions of non-IFRS financial measures (APMs)
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)
Consolidated figures following IFRS accounting policies.
Consolidated Statement of Comprehensive Income for the year ending December 2023 / December 2024 (in million euro)
Consolidated figures following IFRS accounting policies.
Consolidated Statement of Comprehensive Income for the quarter ending December 2023 / December 2024 (in million euro)
Consolidated figures following IFRS accounting policies.
Consolidated Statement of Financial Position (in million euro)
Consolidated figures following IFRS accounting policies.
Consolidated Statement of Cash Flows (in million euro)
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 discontinuing operations.
Consolidated Statement of changes in Equity (in million euro)
Consolidated figures following IFRS accounting policies.
Reconciliation of non-IFRS information (in million euro)
(Adjusted) Free Cash Flow
Reconciliation of non-IFRS information (in million euro)
Adjusted EBIT
Working capital
Reconciliation of non-IFRS information (in million euro)
Net Financial Debt including IFRS
Net Financial Debt excluding IFRS 16
Attachment
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