• HealthCare IT:

    • Soft quarter following a strong Q4 2023

    • Quarter-on-quarter improvement expected – stronger second half versus first half of the year

  • Digital Print & Chemicals:

    • Green Hydrogen Solutions business continued to grow substantially – ZIRFON plant project will be financed through leasing

    • Effects of agreement with EFI and the launch of new printing equipment expected to show in the course of the year

    • Film activities: continuous pressure from macro-economic conditions and currency impact

  • Radiology Solutions:

    • Reorganization go-to-market processes for medical film in China and overall destocking impact on Q1 sales volume

    • Costs related to one-off quality issues in film production plant

  • Adjusted EBITDA at 2 million euro

  • Working capital under control in spite of low sales

Mortsel (Belgium), May 14, 2024 – Agfa-Gevaert today commented on its results in the first quarter of 2024.  

“As indicated before, the first quarter was very soft. In the field of Digital Printing Solutions, we went through a transition as we renewed our mid-range offering at the end of March. The impact of the product launches and the agreement we signed with EFI is expected to kick in later on in the year. Following a very strong fourth quarter of 2023, HealthCare IT experienced a seasonal slow start to the year, while order intake shows positive momentum. The Radiology Solutions division’s quarter was abnormally weak, as we started to reorganize our go-to-market processes in China in line with the new reality in that market. One-off quality issues for medical film in our Mortsel plant also had an impact on our costs. We are taking action to reorganize our medical film production process. Our activities in the field of Green Hydrogen Solutions are developing according to plan, as we again booked significant sales growth in the first quarter. I am also happy to announce that, on top of the EU funding, we recently obtained lease financing to help fund the construction of the new plant for our ZIRFON membranes. Overall, we were able to keep our working capital well under control and restructuring costs were at a low level,” said Pascal Juéry, President and CEO of the Agfa-Gevaert Group.

in million euro Q1 2024 Q1 2023 % change (excl. FX effects)
HealthCare IT 51 57 -11.2% (-10.6%)
Digital Print & Chemicals 91 97 -5.6% (-4.7%)
Radiology Solutions 87 102 -15.2% (-13.6%)
Contractor Operations and Services – former Offset 21 14 48.9% (48.9%)
GROUP 250 270 -7.6% (-6.5%)
HealthCare IT 1.3 2.7 -52.5%
Digital Print & Chemicals 1.0 6.6 -84.7%
Radiology Solutions (0.8) 6.5
Contractor Operations and Services – former Offset 3.8 1.3 189.6%
Unallocated (3.7) (3.9)
GROUP 2 13 -87.4%

(*)     before restructuring and non-recurring items

Agfa-Gevaert Group

in million euro Q1 2024 Q1 2023 % change (excl. FX effects)
Revenue 250 270 -7.6% (-6.5%)
Gross profit (*) 75 87 -13.8%
% of revenue 29.9% 32.1%
Adjusted EBITDA (*) 2 13 -87.4%
% of revenue 0.7% 4.8%
Adjusted EBIT (*) (9) 2
% of revenue -3.5% 0.8%
Net result (21) (66)
Profit from continuing operations (16) (20)
Profit from discontinued operations (5) (47)

(*)     before restructuring and non-recurring items

First quarter

  • Following a strong fourth quarter 2023, the Agfa-Gevaert Group’s revenue decreased by 6.5% (excluding currency effects). As expected, the Digital Printing Solutions and HealthCare IT growth engines had a soft first quarter, whereas the Green Hydrogen Solutions business continued its top line growth. The traditional film activities continued to be under pressure from the weakness in the electronics market and the new central procurement practices and Agfa’s related reorganization for medical film in China, as well as some destocking for medical film in China.
  • Due to cost inflation, adverse currency effects, manufacturing inefficiencies for medical film and sales mix effects, the Group’s gross profit margin evolved from 32.1% of revenue in the first quarter of 2023 to 29.9%.
  • Following a strong 2023 year-end, adjusted EBITDA decreased to 2 million euro (0.7% of revenue).
  • Restructuring and non-recurring items resulted in a charge of 2 million euro versus 10 million euro in the first quarter of 2023.
  • The net finance costs amounted to 6 million euro.
  • Income tax expenses decreased to 0 million euro versus 5 million euro in the previous year.
  • The Agfa-Gevaert Group posted a net loss of 21 million euro.

Financial position and cash flow

  • Net financial debt (including IFRS 16) evolved from 6 million euro in Q4 2023 to 47 million euro in Q1 2024.
  • Trade working capital (CONOPS included) significantly improved from 32% of turnover at the end of Q1 2023 to 29% in Q1 2024. In absolute numbers, trade working capital evolved from 373 million euro at the end of Q1 2023 to 333 million euro.
  • In the first quarter of 2024, the Group generated a free cash flow of minus 40 million euro.
  • Continued focus on cash generation:
    • Lease financing of the ZIRFON project
    • Agreement for the sale of lease receivables in the US


In 2024, the Agfa-Gevaert Group expects a continuation of the trends seen in the previous year, with continued growth for the growth engines and further profitability improvements. The slow start to the year is expected to be followed by a much stronger second half, supported by the impact of the delivery of projects.

2024 outlook per division:

  • HealthCare IT: A continued progress in profitability is expected, although strong investments in cloud technology are planned.
  • Digital Print & Chemicals: The division expects significant top line and profitability growth, driven by Digital Printing Solutions and Green Hydrogen Solutions.
  • Radiology Solutions: The medical film business will continue to be under pressure. The progress in Direct Radiography is expected to continue.

HealthCare IT

in million euro Q1 2024 Q1 2023 % change

(excl. FX effects)

Revenue 51 57 -11.2% (-10.6%)
Adjusted EBITDA (*) 1.3 2.7 -52.5%
% of revenue 2.5% 4.7%
Adjusted EBIT (*) (0.6) 0.9
% of revenue -1.2% 1.7%

(*) before restructuring and non-recurring items

First quarter

  • Continued innovation:
    • Agfa HealthCare’s Enterprise Imaging Cloud and Streaming Client innovations attracted a lot of attention at major international trade events, including HIMSS 2024 and ECR 2024.
  • Agfa HealthCare is experiencing momentum and accelerated demand for new Cloud contracts and successfully obtained Vendor of Choice status in several Cloud deals, shortly after the launch of Enterprise Imaging Cloud at RSNA 2023. Agfa HealthCare recently got appointed as a partner in a contract for a large-scale Enterprise Imaging Cloud solution in North America.
  • Acceleration of innovation efforts: expected to amount to 10 million euro in 2024-2025 – will be capitalized and will come on top of the current R&D expenditure.
  • Innovation and outstanding customer services acknowledged by market observers and industry influencers:
    • Best in KLAS for Enterprise Imaging for Radiology solution in the PACS Middle East/Africa category for the second consecutive year.
    • Enterprise Imaging XERO Viewer ranked #1 Best in KLAS in the Universal Viewer category for 2024.
    • KLAS Research Enterprise Imaging Report 2024 states “Agfa HealthCare Makes Relationship & Delivery Strides”, demonstrating how Agfa HealthCare has made significant improvements and stepped up as an Enterprise Imaging partner in the last year.
    • Cybersecurity Transparent Leader Award, issued by Censinet. This award underscores Agfa HealthCare’s dedication to transparency and continuous improvement in cybersecurity maturity.
  • The division recorded a 15.2% decrease in the 12 months rolling order intake starting from 135 million euro the year before to 114 million euro. In the second quarter, a mid-single digit % increase in the 12 months rolling order intake is expected thanks to the growing market momentum.
  • About 13% of total order intake is related to managed services.
  • Following a very strong fourth quarter of 2023, the division’s top line decreased by 10.6% versus the first quarter of 2023 (excluding currency effects).
  • Thanks to the increased service contribution and favorable product mix effects, HealthCare IT’s gross profit margin improved from 41.7% in the first quarter of 2023 to 43.8%. Due to the lower top line, the adjusted EBITDA margin decreased from 4.7% to 2.5%.

Digital Print & Chemicals

in million euro Q1 2024 Q1 2023 % change

(excl. FX effects)

Revenue 91 97 -5.6% (-4.7%)
Adjusted EBITDA (*) 1.0 6.6 -84.7%
% of revenue 1.1% 6.8%
Adjusted EBIT (*) (3.0) 3.1
% of revenue -3.3% 3.2%

(*) before restructuring and non-recurring items

First quarter

Digital Printing Solutions

  • Ink top line grew by 6% (excluding currency effects), driven by higher sales across all segments as well as the ongoing program to convert former Inca customers to Agfa’s ink sets.
  • Global strategic partnership between Agfa and EFI announced early 2024 will accelerate profitable growth:
    • First year mid 2024-mid 2025: 15-20 million euro extra sales
    • Following years: 30-40 million euro extra sales
    • Expected EBITDA margin: 15-20%
  • First customer in the UK for the revolutionary water-based SpeedSet Orca 1060 packaging printer: operations on track.
  • Under the ‘Powerful by Nature’ tag line, Agfa presented its expanded, renewed and rebranded inkjet printer portfolio at the FESPA Global Print Expo in Amsterdam:
    • Anapurna Ciervo H3200 hybrid inkjet printer
    • Jeti Bronco H3300 3.3 m high-end UV LED inkjet printer
    • Jeti Condor RTR5200 HS 5.2m roll-to-roll inkjet printer

 Green Hydrogen Solutions

  • For over 130 customers in 30 countries, ZIRFON is rapidly becoming the preferred choice.
  • Successful industrial ramp-up of ZIRFON production.
  • Establishment of new industrial-scale ZIRFON production plant in Mortsel, Belgium:
    • 11 million euro grant from the EU Innovation Fund and environmental permit obtained.
    • Additionally, the project will be financed through leasing.
    • Representing 20 gigawatt per year of alkaline water electrolysis.
  • Renewed collaboration agreement with VITO, a global research and service center, to pioneer a new generation of gas separator membranes for alkaline water electrolyzers.
  • More than 80% of 2024 volumes already committed to by customers.

 Division performance

  • Continued growth for Green Hydrogen Solutions, with considerable profitability improvement.
  • In Digital Printing Solutions, customers postponed equipment investments in anticipation of the new product releases. The product releases are a success and the order book for printing equipment is building. Ink sales grew by 6% (excluding currency effects) versus the first quarter of 2023.
  • The weakness in the electronics industry continued to impact volumes of the ORGACON conductive materials and the products for the production of printed circuit boards.
  • The division’s gross profit margin evolved from 31.1% of revenue in the first quarter of 2023 to 29.3%. In the fourth quarter of 2023, the gross profit margin amounted to 25.8%. Profitability was impacted by the higher silver prices and lower volumes for the film products, as well as by some lower volumes in Digital Printing Solutions due to the anticipation of the FESPA product launches. Investments related to the new digital printing solutions also had an effect. As a result, the division’s recurring EBITDA margin decreased from 6.8% in the first quarter of 2023 to 1.1%.

Radiology Solutions

in million euro Q1 2024 Q1 2023 % change

(excl. FX effects)

Revenue 87 102 -15.2% (-13.6%)
Adjusted EBITDA (*) (0.8) 6.5
% of revenue -0.9% 6.3%
Adjusted EBIT (*) (4.8) 2.2
% of revenue -5.5% 2.1%

(*) before restructuring and non-recurring items

First quarter

  • The gradual implementation of new centralized procurement practices and Agfa’s related go-to-market reorganization in China, as well as destocking at the dealers’ side continued to impact the medical film business.
  • The Direct Radiography business remains extremely dynamic in emerging markets with a soft quarter following the strong year-end, while in Europe and North-America, certain customer groups are postponing their investment plans.
  • In February, Agfa received the EU MDR certification for its entire DR portfolio.
  • At ECR 2024, Agfa showcased its ground-breaking DR innovations, including its newly launched AI solutions. Agfa is recognized as a leader in operationalizing embedded AI at the point of care for operational and clinical assistance.
  • The division’s first quarter profitability was negatively impacted by the medical film volume decrease and by one-off quality issues in the film production plant. However, these issues were detected early enough to avoid any recall. Profitability of the Direct Radiography business improved following the streamlining and repositioning of the business. The division’s gross profit margin decreased from 32.2% of revenue in the first quarter of 2023 to 26.3%. The adjusted EBITDA margin decreased from 6.3% of revenue to minus 0.9%.
  • March 13, 2024, Jeroen Spruyt assumed the position of President of the Radiology Solutions Division. He will also continue to lead the DR business unit.

Contractor Operations and Services – former Offset

in million euro Q1 2024 Q1 2023 % change

(excl. FX effects)

Revenue 21 14 48.9% (48.9%)
Adjusted EBITDA (*) 3.8 1.3 189.6%
% of revenue 18.4% 9.4%
Adjusted EBIT (*) 3.2 0.0
% of revenue 15.5% 0.3%

(*) before restructuring and non-recurring items

  • Early April 2023, the Agfa-Gevaert Group completed the sale of its Offset Solutions division to Aurelius Group. The division contains results related to supply and manufacturing agreements that the Agfa-Gevaert Group signed with its former division, now rebranded as ECO3.

End of message

Management Certification of Financial Statements and Quarterly Report
This statement is made in order to comply with new European transparency regulation enforced by the Belgian Royal Decree of November 14, 2007 and in effect as of 2008.
“The Board of Directors and the Executive Committee of Agfa-Gevaert NV, represented by Mr. Frank Aranzana, Chairman of the Board of Directors, Mr. Pascal Juéry, President and CEO, and Mr. Dirk De Man, CFO, jointly certify that, to the best of their knowledge, the consolidated financial statements included in the report and based on the relevant accounting standards, fairly present in all material respects the financial condition and results of Agfa-Gevaert NV, including its consolidated subsidiaries. Based on our knowledge, the report includes all information that is required to be included in such document and does not omit to state all necessary material facts.”

Statement of risk
This statement is made in order to comply with new European transparency regulation enforced by the Belgian Royal Decree of November 14, 2007 and in effect as of 2008.
“As with any company, Agfa is continually confronted with – but not exclusively – a number of market and competition risks or more specific risks related to the cost of raw materials, product liability, environmental matters, proprietary technology or litigation.”
Key risk management data is provided in the annual report available on www.agfa.com.

Viviane Dictus
Director Corporate Communication
Septestraat 27
2640 Mortsel – Belgium
T +32 (0) 3 444 71 24
E viviane.dictus@agfa.com

Click here for Agfa’s consolidated statements.