Agfa-Gevaert faced a pivotal day as it issued two major announcements: the launch of an investigation into an alleged cybersecurity incident and the publication of its Q3 2025 financial results. Together, the updates paint a picture of a company navigating both external challenges and ongoing internal transformation.
Cybersecurity Team Probes Claim of Unauthorized Access
Agfa confirmed it is investigating a claim by a ransomware group that alleges to have obtained company data. Early indications point to older, non-sensitive information unrelated to current operations. According to Agfa, the incident appears isolated to a single file server, with all core systems fully operational.
The company emphasized that there is no evidence of personal or critical data being compromised and that operational continuity remains unaffected. Agfa’s internal cybersecurity teams, supported by external experts, are continuing a comprehensive review.
“Protecting information and ensuring the security of all stakeholders remain top priorities,” the company stated.
Q3 2025 Results: Medical Film Decline Weighs on Performance
On the financial front, Agfa reported a 7.1% year-on-year drop in group revenue, largely driven by the steep decline of its traditional medical film business and the transition of its HealthCare IT division to cloud-based SaaS models.
Key highlights include:
- Revenue: €257 million (-7.1% YoY)
- Adjusted EBITDA: €5 million, down from €15 million
- Gross profit margin: 27.1%
- Free cash flow: +€21 million, supported by improved working capital and the AgfaPhoto arbitration cash-in
- Net result: –€19 million
CEO Pascal Juéry acknowledged the pressure on the company’s legacy product lines but noted continued momentum in strategic growth areas.
HealthCare IT: Strong Cloud Momentum Despite Temporary Revenue Dip
The shift to SaaS continues to reshape Agfa’s HealthCare IT business:
- Revenue fell 13% to €50 million due to the business model transition.
- However, recurring revenue grew slightly and now accounts for 69% of division revenue.
- The division recorded 5.8% growth in rolling 12-month order intake, driven by new cloud customers.
- The division achieved several recognitions, including Best in KLAS 2025 awards and HITRUST certification, strengthening customer confidence.
Digital Print & Chemicals: Growth in Specialty Films and Hydrogen Membranes
This division was a brighter spot:
- Revenue rose 5.1% to €115 million.
- Specialty Films & Chemicals and Green Hydrogen Solutions delivered strong performances.
- The new ZIRFON membrane production facility, inaugurated in September, marks a major strategic milestone in the clean-energy sector.
Market softness in North America hindered high-end digital printing equipment sales, but Agfa continues expanding its portfolio, including early commercial deployments of its SpeedSet Orca press.
Radiology Solutions: Accelerated Restructuring Amid Market Decline
The medical film business — long a core part of Agfa — continues to decline at double-digit rates, particularly in China:
- Revenue dropped nearly 20% year-on-year.
- Adjusted EBITDA fell to –€4.1 million.
- Agfa is accelerating restructuring programs targeting an additional €25 million in savings, alongside earlier initiatives worth €50 million.
Looking Ahead: Cost Optimization and Cloud Strategy at the Core
Agfa announced intensified efforts to optimize its traditional manufacturing and go-to-market structures, alongside exploring redevelopment opportunities for parts of its Mortsel site.
For 2025, Agfa expects:
- Mid-to-high-teens order intake growth in HealthCare IT
- Moderate growth in Digital Print & Chemicals
- Ongoing decline but gradual stabilization in Radiology Solutions
- Slightly negative full-year cash flow, excluding an unresolved €25 million receivable from the Offset Solutions sale
