Group Performance - Agfa-Gevaert delivered a strong fourth quarter in 2025, with notable profitability in HealthCare IT and Digital Print & Chemicals divisions, supported by effective cost-saving measures [2][5] - The Group's revenue for Q4 2025 was €306 million, a decrease of 5.9% compared to Q4 2024, while the full-year revenue was €1,086 million, down 4.5% from 2024 [4][8] - Adjusted EBITDA for Q4 2025 increased by 27.9% to €39 million, while the full-year adjusted EBITDA decreased to €59 million from €70 million in 2024 [5][8] HealthCare IT - HealthCare IT revenue for Q4 2025 was €64 million, down 15.0% from Q4 2024, with full-year revenue at €232 million, a decline of 4.1% [4][12] - The division successfully transitioned to a cloud-based subscription model, with FY 2025 order intake increasing by 14% to €187 million and cloud order intake rising by 38% [5][17] - Gross profit margin improved from 48.8% in 2024 to 49.5% in 2025, with adjusted EBITDA margin increasing from 13.6% to 14.5% [17] Digital Print & Chemicals - Digital Print & Chemicals revenue grew by 6.5% in FY 2025 to €467 million, driven by Specialty Films & Chemicals and strong performance in Green Hydrogen Solutions [5][18] - Q4 2025 revenue for this division was €136 million, an increase of 8.5% compared to Q4 2024, with adjusted EBITDA rising by 125.6% to €21 million [4][15] - The division's gross profit margin improved to 30.9% in Q4 2025, up from 27.2% in Q4 2024, reflecting effective cost control and improved manufacturing efficiency [18] Radiology Solutions - Radiology Solutions faced a significant revenue decline of 17.1% in FY 2025, with Q4 revenue at €89 million, down 15.3% from Q4 2024 [4][21] - Adjusted EBITDA for this division was €4.5 million in Q4 2025, a decrease of 24.4%, and the full-year adjusted EBITDA was negative at €9.1 million [21] - The decline was attributed to ongoing challenges in the medical film market, particularly in China, prompting accelerated cost optimization efforts [27] Financial Position and Cash Flow - The Group achieved a positive free cash flow of €35 million in FY 2025, benefiting from a €36 million improvement in working capital and a €38 million cash inflow from the AgfaPhoto arbitration ruling [5][10] - Net financial debt decreased from €37 million in Q4 2024 to €21 million in Q4 2025, while net pension debt also reduced from €405 million to €343 million [10][12] - The Group's liquidity headroom covenant was €157.9 million at the end of 2025, indicating a strong financial position despite ongoing restructuring costs [10][12] Outlook - For FY 2026, Agfa expects a negative free cash flow due to substantial cash outflows related to transformation and restructuring plans [11] - The new organizational structure, effective January 1, 2026, will focus on three business segments: HealthCare IT, Industrial Solutions, and Imaging and Chemicals [6][11] - Continued growth in HealthCare IT is anticipated, while profitability in Industrial Solutions may be impacted by market delays [11][12]