Agfa-Gevaert In Q3 2026: Executing Transformation Despite Challenging Markets
| in million euro | Q3 2025 re-presented | Q3 2026 | % change | 9m 2025 re-presented | 9m 2026 | % change |
| REVENUE | ||||||
| HealthCare IT | 50 | 56 | 11.2% | 168 | 161 | -4.0% |
| Imaging and Advanced Materials | 160 | 155 | -3.4% | 479 | 470 | -2.0% |
| GROUP (continuing operations) | 210 | 210 | 0.0% | 647 | 631 | -2.5% |
| ADJUSTED EBITDA (*) | ||||||
| HealthCare IT | 2.2 | 5.5 | 149.6% | 16.2 | 13.8 | -15.0% |
| Imaging and Advanced Materials | 4.5 | (1.4) | -130.8% | 15.0 | 21.0 | 40.5% |
| Unallocated | (3.2) | (2.8) | (9.6) | (9.4) | ||
| GROUP (continuing operations) | 4 | 1 | -63.9% | 22 | 25 | 18.0% |
(*) 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.
| in million euro | Q3 2025 re-presented | Q3 2026 | % change | 9m 2025 re-presented | 9m 2026 | % change |
| Revenue | 210 | 210 | 0.0% | 647 | 631 | -2.5% |
| Gross profit (*) | 52 | 49 | -7.0% | 180 | 168 | -6.4% |
| % of revenue | 24.9% | 23.2% | 27.8% | 26.7% | ||
| Adjusted EBITDA (**) | 4 | 1 | -63.9% | 22 | 25 | 18% |
| % of revenue | 1.7% | 0.6% | 3.3% | 4.0% | ||
| Adjusted EBIT (**) | (3) | (4) | -61.1% | 3 | 9 | 169.8% |
| % of revenue | -1.3% | -2.0% | 0.5 | 1.4% | ||
| Profit (loss) from continuing operations | (17) | (22) | 2 | (40) | ||
| Profit (loss) from discontinued operations, net of tax | (2) | (2) | (11) | (12) | ||
| Net result | (19) | (24) | (9) | (51) |
(*) before adjustments and restructuring expenses
(**) Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to 'Results from operating activities'(EBIT)/EBITDA
- Agfa's top line remained stable at 210 million euro. HealthCare IT's successful transition to cloud-enabled Enterprise Imaging is reflected in a double-digit revenue increase. In the Imaging and Advanced Materials segment, Green Hydrogen Solutions continued to face challenging market conditions. Volume declines for film products and Computed Radiography were offset by silver-driven price increases. Digital Radiology Solutions recorded a revenue decline as the business is being reorganized. The Group's gross profit margin decreased from 24.9% of revenue in Q3 2025 to 23.2%. Thanks to strict cost control, operating expenses decreased from 55 million euro in Q3 2025 to 53 million euro. Despite the success of the savings measures, the Group's adjusted EBITDA decreased from 4 million euro in Q3 2025 to 1 million euro. The improvement in HealthCare IT, savings programs and price increases did not fully offset the volume decreases for film products, Direct Radiography and Green Hydrogen Solutions. Adjustments and restructuring expenses resulted in a cost of 7 million euro (6 million euro in Q3 2025). Restructuring expenses are mainly related to the transformation of the company. Net finance costs amounted to minus 9 million euro, versus minus 7 million euro in Q3 2025. Income tax expenses resulted in a cost of 1 million euro in Q3 2026, versus a cost of 2 million euro in Q3 2025. Including both continuing and discontinued operations, the Agfa-Gevaert Group posted a net result of minus 24 million euro, versus minus 19 million euro in Q3 2025.
Financial position and cash flow – continuing operations
- Working capital decreased by 82 million euro from 316 million euro in Q2 2026 to 234 million euro in Q3 2026. Of this decrease, 62 million euro reflects the reclassification of working capital attributable to Digital Printing Solutions to 'Non-current assets held for sale'. Working capital also benefited from the implementation of a factoring program with BNP Paribas Fortis, under which 2 million euro of eligible trade receivables was sold and collected in Q3 2026, accelerating cash inflows and improving the Group's liquidity position. The Group recorded a negative free cash flow of 14 million euro in Q3 2026. The free cash flow was mainly impacted by transformation-related cash outs (amounting to 16 million euro) and by the improvement in working capital, benefiting from the above-mentioned factoring program. Net financial debt (excluding IFRS 16) amounted to 92 million euro and net pension debt to 320 million euro. The total debt amounted to 450 million euro. In September, Agfa announced that the 180 million euro revolving credit facility was extended to August 1, 2030. At the end of Q3 2026, 160 million euro was drawn out of revolving credit facility. Under the terms of the renewed facility, the following financial covenants are in place (calculations still including DPS):
- Applicable testing for Q3: liquidity headroom covenant amounted to 95.6 million euro at the end of Q3 (minimum 30 million euro). Ratios for reference only – no testing required for Q3 2026, will be applicable for testing at year end: At the end of Q3, the leverage ratio covenant (net debt/adjusted EBITDA) was 1.9 (maximum 3.0). The interest coverage ratio covenant (adjusted EBITDA/interest expense) was at 8.6 (minimum 4).
Outlook
This outlook is based on the current economic environment and the assumption that silver prices will remain approximately at current levels.
2026 outlook per segment:
- HealthCare IT: The full year order intake is expected to grow by a high single-digit percentage versus last year, driven by the continued strong momentum for cloud technology. Full year revenue is expected to be stable. Profitability is expected to be below last year's due to the faster-than-expected transition to cloud and SaaS. Imaging and Advanced Materials expects a downturn in revenue and profitability in 2026:
- Green Hydrogen Solutions: The current weak demand in Green Hydrogen Solutions is expected to continue throughout the year. A significant upturn is expected in 2027. Film 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 despite silver-related timing effects. Digital Radiology Solutions: Revenue and profitability are expected to be below 2025 levels, mainly due to the temporary impact of the ongoing reorganization of the business.
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 | Q3 2025 | Q3 2026 | % change | 9m 2025 | 9m 2026 | % change |
| Revenue | 50 | 56 | 11.2% | 168 | 161 | -4.0% |
| Adjusted EBITDA (*) | 2.2 | 5.5 | 149.6% | 16.2 | 13.8 | -15.0% |
| % of revenue | 4.4% | 9.8% | 9.7% | 8.6% | ||
| Adjusted EBIT (*) | 0.5 | 3.5 | 646.3% | 11.0 | 7.6 | -31.5% |
| % of revenue | 0.9% | 6.3% | 6.6% | 4.7% |
(*) 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 21%, starting from 163 million euro the year before to 197 million euro. The 12 months rolling cloud order intake more than tripled compared with the prior-year period to 90.7 million euro. In Q3 2026, cloud technology accounted for 45% of order intake (Q3 2025: 39%). Net new customers represented 53% of Q3 2026 order intake. 38% of Q3 2026 order intake was related to project contracts and 62% to recurring-revenue contracts. Recurring revenue increased by 10.9% and now accounts for 69% of total Q3 revenue. Total top line increased by 11.2% compared with Q3 2025. Mainly due to mix effects related to the faster-than-anticipated shift to cloud solutions, HealthCare IT's gross profit margin decreased slightly from 44.1% in Q3 2025 to 43.6%. The adjusted EBITDA margin improved significantly from 4.4% to 9.8%. Agfa HealthCare maintained strong commercial momentum in Q3 2026, supported by growing adoption of its cloud-based Enterprise Imaging platform, new customer agreements and successful deployments. A major commercial milestone was the selection of Agfa HealthCare's Enterprise Imaging Cloud by Rush University System for Health, a leading U.S. academic health system. The partnership will support Rush in unifying enterprise imaging across radiology, cardiology and other clinical specialties on a single cloud platform, reinforcing Agfa HealthCare's position as a strategic partner for large, complex healthcare organizations pursuing enterprise-wide imaging transformation. This momentum was further supported by Infirmary Health, Alabama's largest not-for-profit, non-governmental healthcare provider, selecting Agfa HealthCare's fully managed Enterprise Imaging Cloud (SaaS) solution to modernize radiology and mammography imaging, optimize clinical workflows and establish a scalable foundation for future growth. Other U.S. commercial developments included a 10-year cloud agreement with a not-for-profit healthcare network serving six counties in coastal and Southeast Georgia. Customer engagement was another highlight of the quarter, with Agfa HealthCare hosting a highly successful North American Agfa HealthCare User Group (AHUG) conference in Orlando. The event brought together customers, clinical and imaging IT leaders, and partners for knowledge sharing, peer-to-peer learning and collaboration, strengthening customer relationships and reinforcing Agfa HealthCare's commitment to customer-driven innovation and long-term partnerships.
Imaging and Advanced Materials
| in million euro | Q3 2025 re-presented | Q3 2026 | % change | 9m 2025 re-presented | 9m 2026 | % change |
| Revenue | 160 | 155 | -3.4% | 479 | 470 | -2.0% |
| Adjusted EBITDA (*) | 4.5 | (1.4) | -130.8% | 15.0 | 21.0 | 40.5% |
| % of revenue | 2.8% | -0.9% | 3.1% | 4.5% | ||
| Adjusted EBIT (*) | 0.1 | (5.0) | 1.9 | 10.5 | 454.9% | |
| % of revenue | 0.1% | -3.2% | 0.4% | 2.2% |
(*) Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to 'Results from operating activities'(EBIT)/EBITDA
Segment performance
- The segment's revenue decreased by 3.4% compared with Q3 2025. In Film and Chemicals, silver-driven price increases did offset the volume decline. The medical film market continued to decline, particularly in China. High silver prices also negatively affected volumes in industrial film applications. The top line of Agfa's Digital Radiology Solutions business (comprising Direct Radiography and Fluoroscopy) decreased by 8.4%. As expected, the top line of the Green Hydrogen Solutions business decreased by 82.2% versus the third quarter of 2025. Despite the success of the savings measures, the segment's profitability decreased, mainly due to the volume declines and the sales mix effects in film. The gross profit margin evolved from 18.7% of revenue in Q3 2025 to 15.8%. Adjusted EBITDA decreased from 4.5 to minus 1.4 million euro.
Green Hydrogen Solutions
- As expected, overall market weakness led to an 82.2% top line decrease for Agfa's ZIRFON membranes for renewable-powered green hydrogen production in Q3 2026. Delays in the RED III (Renewable Energy Directive III) implementation in 2024 and 2025 have resulted in a very soft market in Europe in 2026. Market sentiment in the first half of 2026 improved, with several large projects reaching FID. The leaked RED IV proposal threw new uncertainty over the industry, prompting new project delays. Nonetheless, Agfa expects continued positive signals, not yet be reflected in this year's results. The momentum in Asia continues, and should be further reflected in 2027.
Digital Radiology Solutions
- The top line of Agfa's Digital Radiology Solutions business (comprising Direct Radiography and Fluoroscopy) decreased by 8.4%. 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.
Digital Printing Solutions (discontinued operations)
| in million euro | Q3 2025 | Q3 2026 | % change | 9m 2025 | 9m 2026 | % change |
| Revenue | 47 | 42 | -10.2% | 133 | 133 | 0.1% |
| Adjusted EBITDA (*) | 1.7 | 2.0 | 19.2% | (1.1) | 4.9 | |
| % of revenue | 3.6% | 4.7% | -0.8% | 3.7% | ||
| Adjusted EBIT (*) | (1.0) | (0.9) | (9.0) | (3.6) | ||
| % of revenue | -2.1% | -2.2% | -6.8% | -2.7% |
(*) Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to 'Results from operating activities'(EBIT)/EBITDA
- Ink sales increased across the board by 12% versus Q3 2025. The business' top line decreased by 10.2% compared with last year. Following the trend that began towards the end of 2025, Agfa's order book for sign & display solutions is building with larger machines in particular showing strong traction. In September, Agfa and Electronics for Imaging, Inc. (“EFI”) announced a definitive agreement to combine Agfa's Digital Printing Solutions business with EFI. The planned combination of EFI and Agfa DPS marks an exciting new chapter in industrial inkjet. By bringing together complementary technologies, expertise and global reach, the new company will be better positioned to accelerate innovation, expand into new markets, and deliver greater value to customers worldwide. Agfa launched the Jeti Tauro H3300 HS print engine, thereby opening the proven Jeti Tauro platform to a broader range of print businesses, offering a more accessible entry point while retaining Tauro's reliability, consistency, print quality and scalability. Agfa had a strong presence at PRINTING United Expo in Las Vegas and The Print Show in Birmingham. High visibility, strong visitor engagement, and targeted demonstrations generated new opportunities and tangible commercial results, while further strengthening Agfa's position in digital print production.
Conference call for analysts and investors
Pascal Juéry, CEO of the Agfa-Gevaert Group, and Declan Guerin, CFO, will present the Q3 2026 results to analysts and investors at 11:00 a.m. CET on Tuesday, November 10. 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. Adjustments also comprise Idle facility costs: Idle facility costs represent facility expenses incurred for vacant or substantially underutilized premises that are no longer required for ongoing operations following restructuring actions, business disposals, footprint optimization programs or similar strategic initiatives. Such costs are excluded from Adjusted EBITDA when not representative of the ongoing operating performance of the business. 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 ...
The full press release and financial information is also available on the company's website:
Consolidated Statement of Profit or Loss (in million euro)
Unaudited, consolidated figures following IFRS accounting policies.
| Continuing operations | Q3 2025 re-presented (1) | Q3 2026 | 9m 2025 re-presented (1) | 9m 2026 |
| Revenue | 210 | 210 | 647 | 631 |
| Cost of sales | (159) | (162) | (468) | (463) |
| Gross profit | 52 | 49 | 179 | 168 |
| Selling expenses | (26) | (23) | (83) | (72) |
| Administrative expenses | (25) | (25) | (79) | (76) |
| R&D expenses | (11) | (9) | (35) | (29) |
| Net impairment loss on trade and other receivables, including contract assets | - | - | (1) | - |
| Other operating income | 8 | 5 | 66 | 17 |
| Other operating expenses | (6) | (8) | (24) | (20) |
| Results from operating activities | (8) | (12) | 24 | (12) |
| Interest income (expense) - net | (1) | (2) | (3) | (5) |
| Interest income | 2 | 1 | 6 | 1 |
| Interest expense | (3) | (2) | (9) | (6) |
| Other finance income (expense) - net | (6) | (7) | (10) | (20) |
| Other finance income | - | - | 8 | 1 |
| Other finance expense | (6) | (8) | (18) | (21) |
| Net finance costs | (7) | (9) | (13) | (25) |
| Profit (loss) before income taxes | (15) | (21) | 10 | (37) |
| Income tax expenses | (2) | (1) | (8) | (3) |
| Profit (loss) from continuing operations | (17) | (22) | 2 | (40) |
| Profit (loss) from discontinued operations, net of tax | (2) | (2) | (11) | (12) |
| Profit (loss) for the period | (19) | (24) | (9) | (51) |
| Profit (loss) attributable to: | ||||
| Owners of the Company | (19) | (24) | (9) | (51) |
| Non-controlling interests | - | - | - | - |
| Earnings (loss) per Share Group – continuing operations (euro) | (0.11) | (0.14) | 0.01 | (0.26) |
| Earnings (loss) per Share Group – discontinued operations (euro) | (0.01) | (0.01) | (0.07) | (0.08) |
| Earnings (loss) per Share Group – total (euro) | (0.12) | (0.15) | (0.06) | (0.33) |
(1) Compliant with IFRS 5.33 and following the announced combination of the Group's Digital Printing Solutions business with EFI, the Company has presented in its Consolidated Statements of Profit or Loss and Comprehensive Income, a single amount comprising the total of post-tax profit (loss) of discontinued operations. The proposed transaction is expected to close by the end of 2026. Comparative information has been re-presented.
Consolidated Statement of Comprehensive Income for the quarter ending September 2025 / September 2026 (in million euro)
Unaudited, consolidated figures following IFRS accounting policies.
| Q3 2025 re-presented (1) | Q3 2026 | |
| Profit / (loss) for the period | (19) | (24) |
| Profit / (loss) for the period from continuing operations | (17) | (22) |
| Profit / (loss) for the period from discontinued operations, net of tax | (2) | (2) |
| Other Comprehensive Income, net of tax | ||
| Items that are or may be reclassified subsequently to profit or loss: | ||
| Exchange differences: | (3) | 3 |
| Exchange differences on translation of foreign operations | (3) | 3 |
| Release of exchange differences to profit or loss upon disposal of a foreign operation | - | - |
| Cash flow hedges: | (1) | - |
| Effective portion of changes in fair value of cash flow hedges | - | - |
| Changes in the fair value of cash flow hedges reclassified to profit or loss | (1) | - |
| Adjustments for amounts transferred to initial carrying amount of hedged items | - | - |
| Income taxes | - | - |
| Items that will not be reclassified subsequently to profit or loss: | - | - |
| Equity investments at fair value through OCI – change in fair value | - | - |
| 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 | (5) | 3 |
| Total other comprehensive income for the period from continuing operations | (3) | 3 |
| Total other comprehensive income for the period from discontinued operations | (1) | 1 |
| Total Comprehensive Income for the period attributable to | (24) | (20) |
| Owners of the Company | (24) | (20) |
| Non-controlling interests | - | - |
| Total comprehensive income for the period from continuing operations attributable to: | (20) | (19) |
| Owners of the Company | (20) | (19) |
| Non-controlling interests | - | - |
| Total comprehensive income for the period from discontinued operations attributable to: | (3) | (1) |
| Owners of the Company | (3) | (1) |
| Non-controlling interests | - | - |
(1) Compliant with IFRS 5.33 and following the announced combination of the Group's Digital Printing Solutions business with EFI, the Company has presented in its Consolidated Statements of Profit or Loss and Comprehensive Income, a single amount comprising the total of post-tax profit (loss) of discontinued operations. The proposed transaction is expected to close by the end of 2026. Comparative information has been re-presented.
Consolidated Statement of Comprehensive Income for the period ending September 2025 / September 2026 (in million euro)
Unaudited, consolidated figures following IFRS accounting policies.
| 9m 2025 re-presented (1) | 9m 2026 | |
| Profit / (loss) for the period | (9) | (51) |
| Profit / (loss) for the period from continuing operations | 2 | (40) |
| Profit / (loss) for the period from discontinued operations, net of tax | (11) | (12) |
| Other Comprehensive Income, net of tax | ||
| Items that are or may be reclassified subsequently to profit or loss: | ||
| Exchange differences: | (30) | 8 |
| Exchange differences on translation of foreign operations | (30) | 7 |
| Release of exchange differences to profit or loss upon disposal of a foreign operation | - | 1 |
| Cash flow hedges: | 2 | (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 | (2) | (2) |
| Adjustments for amounts transferred to initial carrying amount of hedged items | - | - |
| Income taxes | - | - |
| Items that will not be reclassified subsequently to profit or loss: | - | - |
| Equity investments at fair value through OCI – change in fair value | - | - |
| 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 | (27) | 6 |
| Total other comprehensive income for the period from continuing operations | (29) | 7 |
| Total other comprehensive income for the period from discontinued operations | 2 | (1) |
| Total Comprehensive Income for the period attributable to | (36) | (45) |
| Owners of the Company | (36) | (45) |
| Non-controlling interests | - | - |
| Total comprehensive income for the period from continuing operations attributable to: | (26) | (32) |
| Owners of the Company | (26) | (32) |
| Non-controlling interests | - | - |
| Total comprehensive income for the period from discontinued operations attributable to: | (10) | (13) |
| Owners of the Company | (10) | (13) |
| Non-controlling interests | - | - |
(1) Compliant with IFRS 5.33 and following the announced combination of the Group's Digital Printing Solutions business with EFI, the Company has presented in its Consolidated Statements of Profit or Loss and Comprehensive Income, a single amount comprising the total of post-tax profit (loss) of discontinued operations. The proposed transaction is expected to close by the end of 2026. Comparative information has been re-presented.
Consolidated Statement of Financial Position (in million euro)
Unaudited, consolidated figures following IFRS accounting policies.
| 31/12/2025 | 30/09/2026 | |
| Non-current assets | 557 | 505 |
| Goodwill | 203 | 202 |
| Intangible assets | 35 | 30 |
| Property, plant and equipment | 85 | 73 |
| Right-of-use assets | 48 | 30 |
| Other financial assets | 3 | - |
| Assets related to post-employment benefits | 71 | 74 |
| Trade receivables | 3 | - |
| Other tax receivables | 3 | 3 |
| Receivables under finance leases | 40 | 31 |
| Other assets | 1 | - |
| Deferred tax assets | 66 | 62 |
| Current assets | 719 | 654 |
| Inventories | 254 | 260 |
| Trade receivables | 169 | 90 |
| Contract assets | 73 | 62 |
| Current income tax assets | 44 | 31 |
| Other tax receivables | 16 | 17 |
| Receivables under finance lease | 23 | 6 |
| Other receivables | 25 | 8 |
| Other current assets | 15 | 13 |
| Derivative financial instruments | 1 | - |
| Cash and cash equivalents | 91 | 76 |
| Non-current assets held for sale (1) | 8 | 90 |
| TOTAL ASSETS | 1,276 | 1,158 |
(1) Following the announced combination of the Group's Digital Printing Solutions business with EFI, the Company has classified the related disposal group as held for sale in accordance with IFRS 5.6. As at 30 September 2026, the carrying amount of the disposal group amounted to EUR 81 million and is expected to be recovered principally through a sale transaction rather than through continuing use. Further information on the components of the net assets attributable to the Group's Digital Printing Solutions business and classified as held for sale is provided under the caption“Discontinued operations”.
| 31/12/2025 | 30/09/2026 | |
| Total equity | 256 | 211 |
| Equity attributable to owners of the Company | 254 | 209 |
| Share capital | 26 | 26 |
| Share premium | 162 | 162 |
| Retained earnings | 991 | 940 |
| Other reserves | (1) | (3) |
| Translation reserve | (45) | (36) |
| 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 | 394 |
| Other employee benefits | 3 | 3 |
| Loans and borrowings | 152 | 192 |
| Provisions | 28 | 27 |
| Deferred tax liabilities | 5 | - |
| Trade payables | 1 | - |
| Contract liabilities | 1 | - |
| Other non-current liabilities | 14 | 12 |
| Current liabilities | 403 | 319 |
| Loans and borrowings | 17 | 14 |
| Provisions | 54 | 25 |
| Trade payables | 109 | 77 |
| Contract liabilities | 103 | 101 |
| Current income tax liabilities | 22 | 15 |
| Other tax liabilities | 24 | 17 |
| Other payables | 5 | 6 |
| Employee benefits | 67 | 58 |
| Other current liabilities | 2 | 3 |
| Derivative financial instruments | - | 3 |
| TOTAL EQUITY AND LIABILITIES | 1,276 | 1,158 |
Consolidated Statement of Net Debt (in million euro)
Unaudited, consolidated figures following IFRS accounting policies.
| 31/12/2025 | 30/09/2026 Excl. DPS | |
| Net financial debt (excl. IFRS16 and excl. pension debt) | 21 | 92 |
| Lease liabilities | 58 | 38 |
| Net Financial Debt | 78 | 130 |
| Liabilities for post-employment and long-term termination benefit plans - net balance sheet position | 343 | 320 |
| Net debt | 422 | 450 |
Consolidated Statement of Cash Flows (in million euro)
Unaudited, consolidated figures following IFRS accounting policies.
The Group has elected to present its Consolidated Statement of Cash Flows including cash flows from both continuing and discontinued operations. In accordance with IFRS 5.33, and following the announced combination of the Group's Digital Printing Solutions business with EFI, the net cash flows attributable to the operating, investing and financing activities of discontinued operations are disclosed separately in the Consolidated Statement of Cash Flows. Comparative information has been re-presented accordingly.
| Q3 2025 re-presented | Q3 2026 | 9m 2025 re-presented | 9m 2026 | |
| Profit (loss) for the period | (19) | (24) | (9) | (51) |
| Income taxes | 2 | (1) | 8 | 2 |
| Net finance costs | 7 | 9 | 14 | 25 |
| Operating result | (10) | (16) | 13 | (24) |
| Depreciation & amortization of PP&E and intangible assets | 5 | 5 | 15 | 14 |
| Depreciation & amortization on right-of-use assets | 4 | 4 | 11 | 11 |
| Impairment losses on goodwill, intangibles and PP&E | - | 1 | - | 3 |
| Impairment losses on right-of-use assets | - | - | - | 1 |
| Exchange results and changes in fair value of derivatives | - | - | (4) | - |
| Recycling of hedge reserve | (1) | - | (2) | (2) |
| Government grants and subsidies | (3) | (1) | (5) | (3) |
| Result on the disposal of discontinued operations | - | - | - | 5 |
| Expenses for defined benefit plans & long-term termination benefits | 3 | 3 | 10 | 8 |
| Accrued expenses for personnel commitments | 10 | 14 | 41 | 44 |
| Write-downs/reversal of write-downs on inventories | 1 | 1 | 6 | 6 |
| Impairments/reversal of impairments on receivables | - | - | 1 | - |
| Additions/reversals of provisions | 3 | 2 | 5 | 3 |
| Operating cash flow before changes in working capital | 12 | 13 | 93 | 67 |
| Change in inventories | 11 | 4 | (27) | (87) |
| Change in trade receivables | 10 | 24 | 21 | 66 |
| Change in contract assets | 8 | 3 | 6 | 9 |
| Change in working capital assets | 30 | 31 | - | (13) |
| Change in trade payables | (10) | (13) | (17) | (17) |
| Change in contract liabilities | (6) | 2 | 6 | 12 |
| Changes in working capital liabilities | (16) | (11) | (11) | (4) |
| Changes in working capital | 14 | 19 | (11) | (17) |
| Q3 2025 re-presented | Q3 2026 | 9m 2025 re-presented | 9m 2026 | |
| Cash out for employee benefits | (34) | (21) | (80) | (78) |
| Cash out for provisions | (7) | (10) | (13) | (32) |
| Changes in lease portfolio | 7 | 3 | 23 | 28 |
| Changes in other working capital | 35 | (5) | (3) | (10) |
| Cash settled operating derivatives | 2 | (1) | 3 | (1) |
| Cash from / (used in) operating activities | 29 | (2) | 12 | (43) |
| Income taxes paid | (1) | (3) | - | (3) |
| Net cash from / (used in) operating activities | 28 | (5) | 12 | (46) |
| of which related to discontinued operations | (5) | - | (15) | 9 |
| Capital expenditure | (8) | (9) | (25) | (22) |
| Proceeds from sale of intangible assets and PP&E | 1 | - | 1 | - |
| Disposal of discontinued operations, net of cash disposed of | - | - | 6 | 13 |
| Disposal of foreign operations, net of cash disposed of | - | - | - | - |
| Interests received | 9 | 1 | 14 | 2 |
| Dividends received | - | 1 | - | 1 |
| Net cash from / (used in) investing activities | 1 | (7) | (4) | (6) |
| of which related to discontinued operations | - | - | 5 | 12 |
| Interests paid | (3) | (3) | (9) | (7) |
| Proceeds from borrowings | - | 30 | 53 | 60 |
| Repayment of borrowings | (31) | (2) | (31) | (2) |
| Payment of finance leases | (5) | (5) | (14) | (15) |
| Proceeds/(payment) of derivatives | - | - | (1) | (1) |
| Other financing income / (costs) received/paid | (1) | (1) | (2) | (2) |
| Net cash from / (used in) financing activities | (39) | 19 | (5) | 34 |
| of which related to discontinued operations | (1) | (2) | (4) | (6) |
| Net increase / (decrease) in cash & cash equivalents | (10) | 7 | 3 | (18) |
| Cash & cash equivalents at the start of the period | 75 | 68 | 68 | 91 |
| Net increase / (decrease) in cash & cash equivalents | (10) | 7 | 3 | (18) |
| Effect of exchange rate fluctuations | - | 1 | (6) | 4 |
| Cash & cash equivalents at the end of the period | 65 | 76 | 65 | 75 |
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 | - | - | (9) | - | - | - | - | - | (9) | - | (9) |
| Other comprehensive income, net of tax | - | - | - | - | - | 2 | - | (30) | (27) | - | (27) |
| Total comprehensive income for the period | - | - | (9) | - | - | 2 | - | (30) | (36) | - | (36) |
| 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 September 30, 2025 | 26 | 162 | 1,053 | - | (3) | 3 | (906) | (48) | 287 | 2 | 289 |
| 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 | - | - | (51) | - | - | - | - | - | (51) | - | (51) |
| Other comprehensive income, net of tax | - | - | - | - | - | (2) | - | 8 | 6 | - | 6 |
| Total comprehensive income for the period | - | - | (51) | - | - | (2) | - | 8 | (45) | - | (45) |
| Balance at September 30, 2026 | 26 | 162 | 940 | - | (3) | - | (879) | (36) | 209 | 2 | 211 |
Discontinued operations
Unaudited, consolidated figures following IFRS accounting policies.
| Results of discontinued operations (in million euro) | Q3 2025 | Q3 2026 | 9m 2025 | 9m 2026 |
| Results of discontinued operations attributable to the Digital Printing Solutions activity | ||||
| Revenue | 47 | 42 | 133 | 133 |
| Cost of sales | (29) | (26) | (83) | (81) |
| Gross profit | 17 | 16 | 50 | 52 |
| Selling expenses | (9) | (10) | (30) | (29) |
| Administrative expenses | (3) | (4) | (11) | (11) |
| Research and development expenses | (5) | (5) | (17) | (18) |
| Net impairment loss on trade and other receivables | - | - | (1) | - |
| Other operating income | 1 | - | 2 | 1 |
| Other operating expenses | (2) | (1) | (4) | (3) |
| Results from operating activities | (1) | (4) | (10) | (8) |
| Interest income (expense) - net | - | - | - | - |
| Other finance income (expense) - net | - | - | (1) | - |
| Net finance costs | - | 1 | (1) | - |
| Income tax expense | - | 1 | - | 1 |
| Profit (loss) for the period attributable to the Digital Printing Solutions activity | (2) | (2) | (11) | (7) |
| Expenses attributable to the sale of the Offset Solutions activity in 2023 | (1) | - | (1) | (5) |
| Profit (loss) from discontinued operations, net of tax | (2) | (2) | (11) | (12) |
| Net assets attributable to the Digital Printing Solutions activity (in million euro) | 9m 2026 |
| 30-09-2026 | |
| ASSETS | |
| Intangible assets and goodwill | 14 |
| Property, Plant & Equipment | 9 |
| Right-of-use assets | 12 |
| Investments & other financial assets | 2 |
| Assets related to post-employment benefits | (3) |
| Deferred tax assets | 6 |
| Inventories | 77 |
| Trade Receivables | 18 |
| Contract assets | 2 |
| Current income tax assets | 9 |
| Other tax receivables | 2 |
| Other assets and receivables | 3 |
| TOTAL ASSETS | 152 |
| LIABILITIES | |
| Liabilities for post-employment and other long-term employee benefits | 6 |
| Loans and borrowings | 15 |
| of which lease liabilities resulting from IFRS16 | 14 |
| Provisions | 1 |
| Deferred tax liabilities | 1 |
| Trade Payables | 18 |
| Contract liabilities | 17 |
| Current income tax liabilities | 2 |
| Other tax liabilities | 1 |
| Employee benefits | 9 |
| Other payables | - |
| TOTAL LIABILITIES | 71 |
| Total net assets attributable to the Digital Printing Solutions activity | 81 |
Reconciliation of non-IFRS information (in million euro)
Unaudited, consolidated figures following IFRS accounting policies.
In its Consolidated Statement of Cash Flows, the Group has elected to present cash flows from both continuing and discontinued operations. For Q3 and YTD 2026, the Group has also prepared a Free Cash Flow Statement comprising only continuing operations.
The table below reconciles the Free Cash Flow Statement for the respective periods to the net increase/(decrease) in cash and cash equivalents, with the cash flows from discontinued operations presented separately by operating, investing and financing activities. For comparative purposes, the corresponding cash flows from discontinued operations have also been determined for Q3 and YTD 2025.
(Adjusted) Free Cash Flow
| Q3 2026 | 9m 2026 | |
| Adjusted EBITDA | 1 | 25 |
| Working capital - net | 19 | (17) |
| CAPEX | (9) | (21) |
| Provisions & other | - | 10 |
| Income taxes | (3) | (3) |
| Adjusted Free Cash Flow | 8 | (6) |
| Pensions (below EBIT) & long term termination benefits | (7) | (25) |
| Cash-out for adjustments and restructuring expenses | (15) | (45) |
| Free Cash Flow | (14) | (76) |
| Adjustments for: | ||
| Payment of finance leases | (3) | (10) |
| Proceeds from borrowings | 30 | 60 |
| Repayment of borrowings | (1) | (1) |
| Disposal of foreign operations, net of cash disposed of | - | - |
| Interests received | 1 | 2 |
| Interests paid | (2) | (6) |
| Proceeds/(payment) of derivatives | - | (1) |
| Other financial flows | (1) | (2) |
| Total adjustments | 24 | 42 |
| Cash flows from continuing operations | 10 | (34) |
| Net cash from/(used in) operating activities related to discontinued operations | - | 9 |
| Net cash from/(used in) investing activities related to discontinued operations | - | 12 |
| Net cash from/(used in) financing activities related to discontinued operations | (2) | (6) |
| Cash flows from discontinued operations | (3) | 16 |
| Net increase / (decrease) in cash & cash equivalents | 7 | (18) |
Reconciliation of non-IFRS information (in million euro)
Unaudited, consolidated figures following IFRS accounting policies.
Adjusted EBIT
| Continuing operations | Q3 2025 re-presented | Q3 2026 | 9m 2025 re-presented | 9m 2026 |
| Segment Adjusted EBIT | 1 | (1) | 13 | 18 |
| Adjusted EBIT from operating activities not allocated to a reportable segment: mainly related to 'Corporate Services' | (3) | (3) | (10) | (10) |
| Adjusted EBIT | (3) | (4) | 3 | 9 |
| Restructuring expenses | (3) | (2) | (7) | (4) |
| Adjustments | (3) | (6) | 28 | (16) |
| Results from operating activities | (8) | (12) | 24 | (12) |
| Discontinued operations | Q3 2025 | Q3 2026 | 9m 2025 | 9m 2026 |
| Adjusted EBIT DPS segment | (1) | (1) | (9) | (4) |
| Restructuring expenses | 0 | (1) | (1) | (1) |
| Adjustments | 0 | (2) | 0 | (3) |
| DPS results from operating activities | (1) | (4) | (10) | (8) |
Working capital
| 31/12/2025 | 30/09/2026 excl. DPS | |
| Inventories | 254 | 260 |
| Non-current trade receivables | 3 | - |
| Current trade receivables | 169 | 90 |
| Contract assets | 73 | 62 |
| Non-current trade payables | (1) | - |
| Current trade payables | (109) | (77) |
| Contract liabilities | (104) | (101) |
| Working capital | 285 | 234 |
Reconciliation of non-IFRS information (in million euro)
Unaudited, consolidated figures following IFRS accounting policies.
Net Financial Debt including IFRS 16
| 31/12/2025 | 30/09/2026 excl. DPS | |
| Non-current loans and borrowings | 152 | 192 |
| Current loans and borrowings | 17 | 14 |
| Cash and cash equivalents | (91) | (76) |
| Net financial debt including lease liabilities | 78 | 130 |
Net Financial Debt excluding IFRS 16
| 31/12/2025 | 30/09/2026 excl. DPS | |
| Non-current loans and borrowings | 152 | 192 |
| Non-current lease liabilities comprised in Non-current loans and borrowings | (41) | (24) |
| Current loans and borrowings | 17 | 14 |
| Current lease liabilities comprised in Current loans and borrowings | (17) | (14) |
| Cash and cash equivalents | (91) | (76) |
| Net financial debt excluding lease liabilities | 21 | 92 |
Evolution net financial debt excluding lease liabilities – linked with cashflow (in million euro)
Unaudited, consolidated figures following IFRS accounting policies.
| 31/12/2025 | 30/09/2026 excl. DPS | |
| Net increase/(decrease) in cash and cash equivalents | 27 | (18) |
| Comprising: | ||
| Proceeds from borrowings (-) | (57) | (60) |
| Repayment of borrowings (+) | 52 | 2 |
| Net cash inflows (outflows) | 21 | (76) |
| Net financial debt excluding lease liabilities beginning of the period | 37 | 21 |
| Net cash inflows (outflows) | 21 | (76) |
| Loans and borrowings reflected in 'Non-current assets held for sale' | - | 2 |
| Currency impact | (5) | 4 |
| Net financial debt excluding lease liabilities end of period | 21 | 92 |
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