Agfa Q3 2026 results, released November 10 in Mortsel, Belgium, show flat revenue of 210 million euro from continuing operations and adjusted EBITDA down to 1 million euro. Its imaging software unit is moving customers to the cloud faster than planned, which lifts recurring revenue but costs profit this year.
Key points
- Agfa-Gevaert says revenue from continuing operations was 210 million euro in the third quarter of 2026, unchanged on a year earlier.
- Group adjusted EBITDA fell to 1 million euro from 4 million euro, and the net result was a loss of 24 million euro.
- At HealthCare IT, 12-month rolling cloud order intake more than tripled to 90.7 million euro, and cloud made up 45% of Q3 orders.
- Free cash flow was minus 14 million euro in the quarter and minus 76 million euro over nine months, weighed down by transformation-related cash outs; adjusted free cash flow was plus 8 million euro.
- Digital Printing Solutions is now reported as discontinued operations ahead of its planned combination with EFI.
What did Agfa report for Q3 2026?
Agfa reported a quarter in which its savings programs and price rises were not enough to offset falling volumes. Gross margin slipped from 24.9% to 23.2% of revenue, even as operating expenses fell from 55 to 53 million euro. The company has now booked 64 million euro of annualized savings and says its cost base matches where its markets are heading.
| Agfa-Gevaert, million euro | Q3 2025 | Q3 2026 |
|---|---|---|
| Revenue (continuing operations) | 210 | 210 |
| HealthCare IT revenue | 50 | 56 |
| Imaging and Advanced Materials revenue | 160 | 155 |
| Adjusted EBITDA (continuing operations) | 4 | 1 |
| HealthCare IT adjusted EBITDA | 2.2 | 5.5 |
| HealthCare IT adjusted EBITDA margin | 4.4% | 9.8% |
| Cloud share of HealthCare IT order intake | 39% | 45% |
| Net result (continuing and discontinued) | (19) | (24) |
Segment figures are rounded in the release, so they do not add exactly to the group total.
Inside Imaging and Advanced Materials, revenue from Green Hydrogen Solutions, which sells ZIRFON membranes for electrolysers, fell 82.2%. Agfa blames slow European adoption of the RED III renewable energy rules and new uncertainty from a leaked RED IV draft. Digital Radiology Solutions sales dropped 8.4% in what management calls a planned reorganization year.
Why is the cloud shift lowering HealthCare IT profit?
Moving hospitals from on-premise licences to cloud subscriptions typically spreads revenue over the contract instead of booking much of it up front, so this year's profit falls even as orders grow. Agfa now expects HealthCare IT's full-year revenue to be stable and its profitability to come in below 2025, which it attributes to the cloud and SaaS transition running ahead of plan.
The order book points the other way. Rolling 12-month order intake rose 21% to 197 million euro from 163 million euro, recurring revenue rose 10.9% to 69% of the unit's Q3 revenue, and net new customers accounted for 53% of quarterly orders. The quarter's adjusted EBITDA margin at the unit improved to 9.8% from 4.4%, but over nine months the unit's adjusted EBITDA fell 15.0% to 13.8 million euro from 16.2 million euro.
At the same time, the performance of HealthCare IT, our other key growth engine, demonstrates the success of our accelerated transition to cloud technology and a SaaS-based business model.
— Pascal Juéry, President and CEO, Agfa-Gevaert Group
Named wins in the quarter include Rush University System for Health and Infirmary Health in Alabama, both moving to Agfa's Enterprise Imaging Cloud, according to the company.
What happens to Agfa's printing business?
Agfa agreed on September 28 to fold Digital Printing Solutions into EFI, a company owned by Siris, in a venture where Siris holds 60% and Agfa 40%, and the two act as equal partners. Reuters reported that the combined business expects about 540 million euro in 2026 pro forma revenue and that Siris will buy a 19.1% stake in Agfa from Active Ownership (Reuters via Euronext). Closing is expected by the end of 2026, subject to approvals and employee consultation.
How much debt and cash headroom does Agfa have?
Net financial debt excluding leases rose to 92 million euro at the end of September from 21 million euro at the end of 2025, and net pension debt stands at 320 million euro. Agfa had drawn 160 million euro of its 180 million euro revolving credit facility, which now runs to August 1, 2030. The liquidity headroom covenant, the one tested this quarter, was 95.6 million euro against a 30 million euro floor; leverage of 1.9 times and interest cover of 8.6 times are reported for reference before year-end testing.
Working capital fell to 234 million euro from 316 million euro, mostly because 62 million euro attributable to printing was moved to assets held for sale. A new receivables factoring program with BNP Paribas Fortis contributed 2 million euro; finance leaders weigh levers like this in working capital moves that free cash fast.
What does the release leave out?
The release gives no group-level profit guidance for 2026 in numbers, and no figure for how much HealthCare IT profit the cloud shift will cost this year. It does not say what Agfa expects to receive from the EFI venture, how the 40% stake will be accounted for, or how far it will draw on factoring. It also does not quantify the silver price assumption behind its outlook, beyond saying prices stay near current levels.
What should CFOs take from Agfa's quarter?
Our analysis: Agfa is running three finance projects at once: a SaaS transition that trades near-term margin for recurring revenue, a carve-out into a minority-held venture, and a cost program, all while net debt has risen since December. The release supports the claim that orders are moving its way, but cash flow is negative and the revolver is mostly drawn.
The covenants leave room for now. On the company's numbers, leverage of 1.9 times sits under the 3.0 ceiling and interest cover of 8.6 times above the floor of 4, yet both rest on adjusted EBITDA, which fell this quarter. The full-year cash comparison is tougher too, because 2025 included a 38 million euro cash-in related to AgfaPhoto that will not repeat.
Finance teams separating a business can compare notes in the day 1 close move that makes carve-outs work, and those watching facility terms in how to manage debt covenant risk before it escalates.
Frequently asked questions
What were Agfa's Q3 2026 results?
Revenue from continuing operations was 210 million euro, flat on Q3 2025. Adjusted EBITDA was 1 million euro, down from 4 million euro, and the group's net result was a loss of 24 million euro.
How fast is Agfa HealthCare moving to the cloud?
Cloud orders over the last 12 months more than tripled to 90.7 million euro, and cloud was 45% of Q3 order intake against 39% a year earlier, the company says.
What is Agfa's 2026 outlook?
Agfa expects HealthCare IT order intake to grow by a high single-digit percentage with stable revenue and lower profitability, weak green hydrogen demand through the year, and full-year free cash flow more negative than in 2025.
Who will own Agfa's digital printing business?
It is set to combine with EFI in a jointly held company 60% owned by an affiliate of Siris and 40% by Agfa, with closing expected by the end of 2026.