GUERBET : 2025 full-year results.

Core Insights - Guerbet reported a full-year revenue of €786.4 million for fiscal 2025, reflecting a decline of 6.5%, which narrows to 3.8% at constant exchange rates (CER) after excluding currency effects [4][9] - The decline in revenue is attributed to reduced activity in France and revenue loss in Q4 due to issues at the Raleigh site [5][19] - The company anticipates significant negative impacts on revenue, profitability, cash generation, and indebtedness in 2026 due to ongoing challenges at the Raleigh site [20][19] Financial Performance - Full-year revenue decreased by 3.5% at CER and like-for-like, primarily due to the downturn in France [9] - The restated EBITDA margin for 2025 was 12.0%, at the high end of the adjusted range communicated previously [12] - The net income for the year was a loss of €112.7 million, which includes a non-recurring impairment of €86 million [9][15] Regional Performance - In the EMEA region, sales were down 2.5% at CER, but grew by 7.6% when excluding France [6] - The Americas saw a revenue decline of 3.8% at CER, mainly in Q4 due to delays at the Raleigh site [7] - Asia's revenue fell by 4.8% at CER, particularly due to losing a major tender in Vietnam [7] Business Segment Analysis - Diagnostic Imaging revenue decreased by 5.3% at CER, while Interventional Radiology revenue increased by 9.7% at CER, driven by strong demand for Lipiodol [8][10] - The X-ray division experienced a revenue decline of 7.2%, primarily due to reduced volumes in France [10] Cash Flow and Indebtedness - Free cash flow was positive at €19.2 million, an improvement from -€9.1 million in 2024, attributed to better working capital management [16] - Net debt decreased to €325.7 million, with a net debt/EBITDA ratio of 4.0x, below the 4.8x ceiling set in December 2025 [17] Strategic Focus and Transformation Plan - The company is committed to a transformation plan initiated in late 2025, focusing on improving sales momentum and long-term profitability [23] - Key strategic priorities include enhancing operational efficiency in Diagnostic Imaging, supporting growth in Interventional Radiology, and improving productivity and cash generation [24][25] - The full effects of the transformation plan are expected to be visible in fiscal 2027 [25]