Slides
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1 Q3 2025 Results Agfa-Gevaert Group November 13, 2025
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Safe harbour and glossary Safe harbour statement This presentation may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Agfa is providing the information in this presentation as of its date and does not undertake any obligation to update any forward-looking statements contained in it, in light of new information, future events or otherwise. Agfa disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other publication issued by Agfa. Glossary All definitions for alternative performance measures (APM’s) are available at the end of the presentation and on the investor portal (https://www.agfa.com/corporate/definitions-of-non-ifrs-financial-measures-apms/) 2
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Agenda ▪ Q3 Highlights - CEO ▪ Financial review – CFO & CEO ▪ Outlook – CEO ▪ Strategy and transformation – CEO 3 Pascal Juéry CEO Fiona Lam CFO
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4 Highlights – Pascal Juéry, CEO
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5 Group performance: • Top line decrease of 7.1% (-4.7% currency comparable): increase in Digital Printing & Chemicals not sufficiently offsetting impact from decline in medical film and from cloud transition in HealthCare IT • Despite good cost control, adjusted EBITDA decreased to 5 million euro, mainly due to the decline in Radiology Solutions – acceleration and extension of savings programs • Positive free cash flow of 21 million euro in Q3 due to 24 million euro improvement in working capital and 38 million euro impact from the AgfaPhoto arbitration • Free cash flow over the first 9 months improved by 72 million euro compared to last year, driven by a 51 million euro improvement in working capital and 38 million euro related to the AgfaPhoto arbitration. This more than offset the drop in EBITDA HealthCare IT: Agfa positioned to benefit from market transition to a SaaS business model • 12 months rolling order intake increased by 5.8% to 163 million euro, versus 154 million euro in Q3 2024 • Top line decreased by 13.0% (-8.7% excl. curr.) to 50 million euro – recurring revenue grew by 0.6% (+5.0% excl. curr), now amounting to 69% of total revenue • Adjusted EBITDA decreased to 2.1 million euro Digital Print & Chemicals: step up in revenue, profitability slightly up despite unfavorable market conditions • 5.1% top line growth to 115 million euro, mainly driven by Specialty Films & Chemicals • Performances of Green Hydrogen Solutions and Digital Printing Solutions influenced by softer market conditions • Adjusted EBITDA up from 8.8 million euro to 9.0 million euro Radiology Solutions: continued decline of the medical film markets, particularly in China • Revenue declined by almost 20%, heavily impacting profitability • Given the current market situation, additional restructuring efforts are defined Q3 2025: continued decline in medical film, strong growth cloud and SaaS in HealthCare IT, soft markets in DPC Sales € 257 m (-7.1%) Adj. EBITDA* € 5 m (2.0% of sales) • Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA
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▪ Acceleration and extension of the plan to optimize the cost base of the traditional film activities ▪ Acceleration of current € 50 m program through faster implementation ▪ Additional program of € 25 m related to manufacturing activities as well as go-to-market adjustments ▪ Implementation of short-term cost saving measures across the Group to help mitigate current results ▪ Initiative to rightsize overall Group organization - details of the plan will be communicated in due time ▪ Agfa is exploring the potential redevelopment of part of its site in Mortsel, Belgium -request to the Flemish government to start negotiations aiming to conclude a Brownfield Covenant: such a covenant creates a formal framework in which all parties involved can work together on a supported and future- oriented redevelopment 6 Acceleration and extension of restructuring plans
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7 Financial review – Pascal Juéry, CEO, Fiona Lam, CFO
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8 9 9 6 2 4 -4-4 -3 0 Q3 2024 Q3 2025 15 5 1 -65.9% Conops RAD HE IT DPC Corporate 110 115 58 50 92 74 17 Q3 2024 17 Q3 2025 277 257 -7.1% Q3 2025 by division: continued decline in medical film, strong growth cloud and SaaS in HealthCare IT, soft markets in DPC -13% 5% -67% +2% % growth ’24 -’25 * Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA Sales in € m Adj. EBITDA* in € m
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9 113 103 147 137 Q3 2024 Q3 2025 260 240 -7.6% mature businesses growth engines 7.3 11.5 Q3 2024 -1.0 8.0 Q3 2025 18.9 7.0 -63% % growth ’24 -’25 Q3 2025: soft market environment in DPC and cloud transition in HealthCare IT, not offsetting decline in medical film Growth engines: HealthCare IT, Digital Printing Solutions, Green Hydrogen Solutions Mature businesses: Radiology and Film DPC excl. Offset/Conops and Corporate costs -7% -9% -114% -31% Sales in € m Adj. EBITDA* in € m * Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA
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10 Q3 2025: Adj. EBITDA bridge Adj. EBITDA* margin 2.0% ▪ Gross profit: significant decline in Radiology due to volume decline in film and decline in HE IT due to accelerated transition to cloud ▪ Operational expenses: decrease due to tight cost control * Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA in € m 15 2 4 1 7 2 3 Adj. EBITDA Q3’24 FX effects Gross Profit HE IT Gross Profit DPC Gross Profit RAD Gross Profit Conops/Corp R&D SG&A 4 other Adj. EBITDA Q3’25 52 Adj. EBITDA* margin 5.5%
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11 -23 -9 13 5 -9 -5 Free Cash Flow Q3 2025 of € 21 m driven by improvement in working capital and cash in related to the AgfaPhoto arbitration Free Cash Flow (FCF): The sum of ‘Net cash from / (used in) operating activities’ and ‘Net cash from / (used in) investing activities excluding the impact of ‘Acquisitions of subsidiaries, net of cash acquired’, ‘Interests received’ and the ‘Net cash from / (used in) operating and investing activities that relates to discontinued operations’. Adjusted Free Cash Flow (Adj. FCF) : Free Cash Flow ‘Adjusted’/ excluded for the impact of: the ‘Cash out for pensions below EBIT’, the ‘Cash out for long-term termination benefits’ and the cash out for ‘adjustments and restructuring expenses’. Cash out for pensions below EBIT: The sum of Expenses for defined benefit plans & long-term termination benefits (see ‘Consolidated Statement of Cash Flows’) and the cash out for defined benefit plans & long-term termination benefits that are part of the ‘Cash out for employee benefits’ as presented in the Consolidated Statement of Cash Flows. Adjustments and restructuring related cash in- and outflows: Cash in- and outflows resulting from income and expenses that are either in the current or previous reporting periods recognized in ‘Adjustments’ or ‘Restructuring expenses’. To be updated ▪ Working capital: decreased from 30% of sales end of Q2 to 29% end of Q3 ▪ Capex: driven by investment in the ZIRFON plant and capitalized R&D for HE IT ▪ Provisions & other: different quarterly seasonality in Q3, first 9 m positive contribution with cash in from build down of customer lease portfolio ▪ Income taxes: cash out in line with guidance ▪ Pension cash out: in line with LY ▪ Adjustments and restructuring cash out/in: impacted by cash in related to AgfaPhoto 5 16 8 6 Adj. EBITDA Working Capital - net CAPEX Provisions & other 1 Income taxes Adj. FCF 12 Pensions & LT termination benefits 28 Adjustments & non recurring items FCF 5 21 in € m
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12 Evolution of total debt: net financial debt + pension debt 451 457 452 444 435 405 399 389 381 48 44 43 48 52 50 49 46 46 -37 51 66 37 72 85 65 -14 Q3’23 Q4’23 3 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 484 463 498 543 553 492 520 521 492 ▪ Net financial debt excl IFRS 16 evolved from positive cash position in ‘23 to a net debt position of € 65 m in Q3 ’25 driven by a lower operational performance and by the cash outs related to pensions and related to the restructuring and transformation program ▪ Total debt remains high with a large pension debt and increase of net financial debt ▪ At the end of Q3, € 119 m was drawn out of the total € 180 m revolving credit facility. ▪ Financial institutions imposed following covenants: ▪ Applicable testing for Q3: ▪ Liquidity headroom (min € 30 m): Q3 25 = € 126.8 m ▪ Ratios for reference only - no testing required for Q3 2025, will be applicable for testing at year end: ▪ Leverage ratio (max 2.75 at Q4): Q3 25 = 2.0 ▪ Interest cover ratio (min 5): Q3 25 = 8.5 ▪ Adj. EBITDA (min € 30 m): Q3 25 = € 33.1 m Net financial debt excl IFRS 16: the sum of non-current and current liabilities to banks excluding non-current and current lease liabilities and excluding pension debt, including bank overdrafts minus cash and cash equivalents. Net debt: the sum of Net financial debt incl IFRS 16 and the liabilities for post-employment and long-term termination benefit plans - net balance sheet position Liquidity headroom covenant: cash and cash equivalents plus headroom under the Facilities Leverage ratio covenant: Net Financial debt excluding IFRS 16 and excluding pension debt/Adjusted EBITDA excluding IFRS 16 over the period of the last 12 months. Interest cover ratio covenant: Adjusted EBITDA excluding IFRS 16 over the period of the last 12 months/Net interest expenses excluding IFRS 16 over the period of the last 12 months. Adjusted EBITDA covenant: Adjusted EBITDA excluding IFRS 16 over the period of the last 12 months net financial debt excl IFRS16 leasing net pension debt in € m
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in million euro Q3 ’25 Q3 ’24 ∆% 9m ’25 9m ’24 ∆% Sales 257 277 -7.1% 780 813 -4.0% Gross Profit* as a % of sales 70 27.1% 82 29.5% -14.5% 229 29.4% 252 31.0% -9.0% Operational expenses * as a % of sales -73 28.5% -77 27.9% -5.1% -235 30.1% -245 30.1% -3.9% Adj. EBITDA** as a % of sales 5 2.0% 15 5.5% -65.9% 20 2.6% 39 4.8% -48.0% Adj. EBIT** as a % of sales -4 -1.4% 4 1.5% -185.4% -6 -0.7% 7 0.9% -178.3% Key figures Profit & Loss Incl. IFRS 16 Agfa-Gevaert Group: Profit & Loss 13 * Before restructuring and non-recurring items * before adjustments and restructuring expenses ** Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA
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In million Euro Q3’25 Q3’ 24 9m’25 9m’24 Adjusted EBIT* -4 4 -6 7 Adjustments and restructuring expenses -6 -3 19 -10 Result from operating activities -10 1 14 -2 Net finance costs -7 -7 -14 -20 Result before taxes -17 -5 0 -22 Taxes -2 -7 -8 -7 Result for the period -19 -13 -9 -29 attributable to owners of the company -19 -13 -9 - 29 attributable to non-controlling interests 0 0 0 0 Key figures Profit & Loss Incl. IFRS 16 14 Agfa-Gevaert Group: Profit & Loss * Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA
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In million Euro Q3’25 Q3’ 24 9m’25 9m’24 Adjusted EBITDA 5 15 20 39 Working Capital - net 16 -8 -5 -56 CAPEX -8 -13 -25 -34 Provisions & other -6 14 18 21 Income taxes -1 1 0 -2 Adjusted Free Cash Flow 5 9 8 -31 Pensions & long term termination benefits -12 -11 -33 -33 Cash outs for adjustments and restructuring expenses 28 -3 17 -17 Free Cash Flow 21 -6 -9 -81 Key figures Profit & Loss Incl. IFRS 16 15 Agfa-Gevaert Group: Free Cash Flow * Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA ▪ Positive free cash flow of € 21 m in Q3, mainly due to € 24 m improvement in working capital and € 38 m cash-in related to the AgfaPhoto arbitration ▪ Free cash flow ytd improved by € 72 m compared to last year, mainly driven by € 51 m improvement in working capital and € 38 m cash-in related to the AgfaPhoto arbitration
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HealthCare IT 16
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HealthCare IT – Highlights • Transition to cloud: share of cloud in order intake keeps growing and is now increasingly impacting the P&L: Project order book decreasing as Cloud SaaS order book increases sharply • Q3 2025 order intake*: • Cloud deals = 39% • Net new customers = 70% • Project business = 31%, Recurring business = 69% • Last 12 m rolling order intake*: increase of 5.8% to € 163 m versus € 154 m LY , maintaining the high level of order intake that commenced in Q2 2024 - for the FY , the % increase in order intake is expected to be in the mid to high teens • Continued top customer satisfaction and awards: Agfa is consistently ranked in KLAS Top 3 across all categories and global regions. * excluding Support/Software Maintenance Agreements
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Cloud SaaS enables long-term value capture through more stable, recurring revenue streams vs. on-premise HealthCare IT’s cloud transition: sales and profits to be recognized more gradually over time rather than upfront 18 From: On-premise perpetual licenses Mostly recognized upfront To: Cloud Software as a Service Mostly recognized over time Perpetual license Implementation service & hardware 10 2 2 2 3 3 3 3 3 Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Recurring maintenance and managed services 4 4 4 4 4 4 4 4 4 Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Recurring cloud licensesImplementation service How cloud transitions boost value creation over time: ✓ Longer, higher-value contracts ✓ More stable, recurring revenue streams ✓ Scaling of customers with low marginal cost ✓ Profitability uplift driven by strong operating leverage Sales will dip in the short term as the share of cloud starts to grow, and can be break-even with perpetual licenses after ~5 years Note: rounded numbers based on anonymized customer example. Sales in € m Sales in € m
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19 HealthCare IT: sales and adjusted EBITDA • Successful transition to cloud: as expected, this transition has a temporary effect • Top line decrease of 13.0% versus LY (-8.7% excl. curr.) - recurring revenue grew by 0.6% (+5.0% excl. curr.) and now amounts to 69% of the total Q3 revenue • Mainly due to mix effects, gross profit margin decreased from 47.0% in Q3 2024 to 44.1% • Adjusted EBITDA* decreased from € 6.3 m to € 2.1 m. ** excluding Support/Software Maintenance Agreements * Adjusted EBITDA with the deduction of adjustments and restructuring expenses reconciles to EBITDA 58 Q3 2024 Q3 2025 50 -13.0% 6 2 Q3 2024 Q3 2025 -67.4% Sales in € m Adj. EBITDA* in € m
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in million euro Q3 ’25 Q3 ’24 ∆% 9m’25 9m ‘24 ∆% Sales 50 58 -13.0% 168 167 0.8% Gross Profit* as a % of sales 22 44.1% 27 47.0% -18.3% 80 47.5% 77 45.9% 4.3% Operational expenses * as a % of sales -22 43.5% -23 39.3% -3.8% -69 41.1% -69 41.3% 0.3% Adjusted EBITDA** as a % of sales 2.1 4.1% 6.3 10.9% -67.4% 15.9 9.5% 13.3 8.0% 20.1% Adjusted EBIT** as a % of sales 0.3 0.7% 4.5 7.7% -92.3% 10.8 6.4% 7.6 4.6% 40.9% Key figures Profit & Loss Incl. IFRS 16 20 HealthCare IT: Profit & Loss * before adjustments and restructuring expenses ** Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA
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Digital Print and Chemicals 21
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Digital Printing Solutions – Highlights • Equipment sales in North America have slowed significantly, impacting overall growth • Reduced investment as customers lack visibility – high-end most impacted • Ink sales growth has slowed to 3% • Strategic growth initiatives • Packaging SpeedSet Orca solution is now in commercial operations at customer The Delta Group after having successfully completed beta testing - SpeedSet Orca is a versatile single-pass water-based digital press redefining inkjet printing in selected packaging and other applications • BHS partnership has started with a limited number of print engines ordered for beta customers
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Green Hydrogen Solutions – Highlights 23 • Contrasted market picture continues • Mainly small projects passing through Final Investment Decision • Further consolidation happening among Western European electrolyzer manufacturers • Western markets still slow as legislation is still too complex, Middle East – Africa – Asia show more momentum • ZIRFON is the product of choice in alkaline technology • Growing interest in Asia • Increasing evaluation of ZIRFON for large projects mid term, outlook 2026 still unclear • Key collaboration and innovation agreements in place for development of next gen membranes • September 29, Agfa inaugurated its state-of-the-art facility for ZIRFON membranes, confirming its intention to play a defining role in the scale-up of green hydrogen worldwide - all conditions met to receive the subsidy by the European Commission under the Innovation Fund Program ZIRFON is the only membrane making the production of green hydrogen affordable.“ ”
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24 Digital Print & Chemicals: sales and adjusted EBITDA * Adjusted EBITDA with the deduction of adjustments and restructuring expenses reconciles to EBITDA 48 46 55 63 Q3 2024 Q3 2025 110 115 7 7 +5.1% Specialty Films & Chemicals Green Hydrogen Solutions Digital Printing Solutions -6% +8% 9 9 Q3 2024 Q3 2025 +1.8% • Sales Digital Printing Solutions: ink topline grew by 3% but overall sales decreased by 5.5% impacted by soft demand in Sign & Display market due to economic uncertainty mainly in North America • Sales Green Hydrogen Solutions: 8% growth mainly based on the increasing momentum in Asia • Gross margin down due to unfavorable sales mix counterbalanced by pricing efforts and tight cost control • Adj. EBITDA* Q3 slightly grew compared to LY % growth ’24 -’25 Sales in € m Adj. EBITDA* in € m +14%
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in million Euro Q3 ’25 Q3 ’24 ∆% 9m’25 9m ‘24 ∆% Sales 115 110 5.1% 331 313 5.6% Gross Profit* as a % of sales 30 26.1% 31 27.8% -1.6% 90 27.4% 93 29.7% -2.7% Operational expenses * as a % of sales -26 22.3% -26 24.0% -2.6% -83 25.1% -84 27.0% -1.6% Adjusted EBITDA** as a % of sales 9.0 7.8% 8.8 8.0% 1.8% 21.3 6.4% 21.5 6.9% -0.8% Adjusted EBIT** as a % of sales 4.4 3.8% 4.2 3.8% 4.6% 7.4 2.3% 8.6 2.7% -13.3% Key figures Profit & Loss Incl. IFRS 16 25 Digital Print & Chemicals: Profit & Loss * before adjustments and restructuring expenses ** Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA
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Radiology Solutions 26
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27 Radiology Solutions – Highlights • Medical film • Strong impact of the decline of the medical film markets, particularly in China • Acceleration and extension of the plan to optimize the cost base of the traditional film activities, including go-to-market review • Direct Radiography • Progress hampered by decline of end market - global market declining by high single-digit percentages • Review of geographic focus towards specific countries, streamlining of the product supply strategy in progress • AI and software powered innovation bringing more added value at the point of care
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28 Radiology Solutions: sales and adjusted EBITDA • Sales: • Medical film: volumes continued to decrease following the overall declining market, particularly in China • DR posted 8.3% top line decrease, in line with the overall market evolution • Profitability negatively impacted by the volume decrease and costs related to manufacturing footprint, partly offset by measures to control costs and to streamline the business • Gross profit margin decreased from 26.8% of revenue to 22.3% • Adj. EBITDA* decreased to € -4.1 m * Adjusted EBITDA with the deduction of adjustments and restructuring expenses reconciles to EBITDA 39 34 53 41 Q3 2024 Q3 2025 92 74 -19.4% Medical Film CR/DR 4 -4 Q3 2024 Q3 2025 -210.0% Sales in € m Adj. EBITDA* in € m
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in million euro Q3 ’25 Q3 ’24 ∆% 9m’25 9m ‘24 ∆% Sales 74 92 -19.4% 228 277 -17.8% Gross Profit* as a % of sales 17 22.3% 25 26.8% -32.8% 52 22.9% 79 28.5% -34.0% Operational expenses * as a % of sales -23 30.5% -25 26.9% -8.6% -71 31.3% -80 29.0% -11.3% Adjusted EBITDA** as a % of sales -4.1 -5.5% 3.7 4.0% -210.0% -13.5 -5.9% 10.0 3.6% -235.4% Adjusted EBIT** as a % of sales -6.1 -8.1% -0.1 -0.1% -19.2 -8.4% -1.5 -0.5% Key figures Profit & Loss Incl. IFRS 16 29 * Before restructuring and non-recurring items Radiology Solutions: Profit & Loss * before adjustments and restructuring expenses ** Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA
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30 Outlook – Pascal Juéry, CEO
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This outlook is based on the current economic environment. 2025 outlook per division: HealthCare IT: transition to cloud technology will continue, temporarily impacting financial performance - profitability now expected to be slightly below that of last year. The good order intake momentum is expected to continue - % increase in FY order intake is expected to be in the mid to high teens, mainly from winning net new customers Digital Print & Chemicals: moderate top line growth and slight profitability growth expected given the current soft market conditions Radiology Solutions: continuation of declining trend in sales and profitability is expected, progressive mitigation as restructuring program is deployed For FY 2025, not taking into account the Aurelius settlement, a slightly negative net cash flow is expected. Regarding the remaining outstanding receivable of 25 million euro (6 million euro undisputed and 19 million euro disputed) from the sale of the Offset Solutions business to Aurelius: the expert has recently issued a draft report on this matter. The final report currently has been announced for the end of the year. Outlook Outlook: negative impact from uncertain business environment and accelerated transition to cloud, continued decline in medical film 31
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32 Strategy and transformation – Pascal Juéry, CEO
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33 Agfa’s strategy We invest in growth engines where we have market tailwinds and a clear path towards market leadership ➢ HealthCare IT ➢ Digital Printing Solutions ➢ Green Hydrogen Solutions We navigate market maturity by focusing on operational excellence and go-to-market ➢ Direct Radiography ➢ Film-related activities (medical & industrial) We are committed to a sustainable future by striving towards profitable growth with a positive impact on society, environment and our people
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Growth engines: market tailwinds & clear path towards market leadership 34 Digital Printing Solutions Green Hydrogen Solutions HealthCare IT Upgraded portfolio of equipment, inks, software & service, pivoted towards larger & faster printers Gained critical mass in installed base of printers Entered high-growth packaging market and single- pass printing with Inca acquisition Successfully scaled from R&D project to industrial business Established ZIRFON as the global standard for H2 membranes Refreshed and installed a North American leadership team Achieved top customer satisfaction: 50+ NPS* & KLAS awards Developed a cloud-based Enterprise Imaging solution Grow in Sign&Display and Packaging (shift to digital print) Boost value creation through growing installed base and recurring ink revenue Monetize first mover advantage and market leadership position to capture all H2 market growth Manufacture at scale with new plant in Mortsel Capture double digit recurring revenue growth by monetizing shift from on-premise to cloud and SaaS business models, based on our award-winning product, technology and customer experience FROM: key achievements in the last years TO: a clear action plan set up for success * NPS = Net Promotor Score
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Through meaningful climate action o Capitalizing on the roll-out of the reinvestment plan for energy assets at its primary sites in Belgium, Agfa is committed to reducing GHG emissions in line with science-based pathways. However, the submission of targets for external validation by the Science Based Targets initiative (SBTi) has been postponed due to the limitations of spend-based Scope 3 estimates. Agfa will first continue to improve data quality with activity-based methods for more targeted and meaningful actions. By engaging our workforce and stakeholders o Agfa aims to have its workforce representation reflect market demographics. Year-to-date, Agfa's recruitment intake exceeds the underrepresented gender's market representation by 5% in 3 of its 6 relevant recruitment areas. o Agfa plans to reduce the number of accidents with one lost workday by 15% compared to 2024, targeting a maximum of 22 accidents with one lost workday in 2025 (Year-to-date result: 14) By meeting the growing demand for transparency and accountability in corporate sustainability o Agfa's goal is to streamline ESG data collection processes to enhance ESG internal best practices and CSRD reporting. o Agfa ranks among the top 20% of Ecovadis-rated companies (83+ percentile) and uses annual received feedback to guide its continuous improvement path. Growing sustainably in 2025 and beyond 35
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Questions and answers
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▪ FY 2025 results: March 11, 2026 Financial calendar Stay tuned 37
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▪ Adjusted EBIT: The result from continuing operating activities before restructuring expenses and adjustments. ▪ Adjusted EBITDA: The result from continuing operating activities before depreciation, amortization, restructuring expenses and adjustments. ▪ EBITDA: The result from continuing operating activities before depreciation and amortization. ▪ Gross profit (margin): Gross profit (margin) before adjustments and restructuring expenses. ▪ Restructuring expenses: Expenses related to detailed and formal restructuring plans approved by management. Related expenses comprise expenses recognized when accounting for a ‘Provision for restructuring’ but could also comprise other expenses that are directly linked to a formal restructuring plan (e.g. exceptional write-downs on inventories and impairment losses on receivables when specifically linked to / resulting from a decision to restructure). Restructuring expenses mainly relate to employee termination costs. ▪ Adjustments: Income and expenses related to activities or events which are not indicative as arising from normal, recurring business operations and are not related to a restructuring plan. These adjustments comprise expenses related to important transformation programs, material changes in the measurement estimates of assets or liabilities related to infrequent events (such as the sale of a building), material gains or losses related to infrequent events or transactions (e.g. mergers and acquisitions) as well as substantial litigations which are not part of the normal recurring business activities. In case the activities or events are not directly linked to a specific segment but are related to Agfa as a Group, the costs are not attributed to the reportable segments. ▪ Free Cash Flow: The sum of ‘Net cash from / (used in) operating activities’ and ‘Net cash from / (used in) investing activities excluding the impact of ‘Acquisitions of subsidiaries, net of cash acquired’, ‘Interests received’ and the ‘Net cash from / (used in) operating and investing activities that relates to discontinued operations’. ▪ Adjusted Free Cash Flow: Free Cash Flow ‘Adjusted’/ excluded for the impact of: the ‘Cash out for pensions below EBIT’, the ‘Cash out for long-term termination benefits’ and the cash out for ‘Adjustments and restructuring expenses’. ▪ Cash out for pensions below EBIT: The sum of expenses for defined benefit plans & long-term termination benefits (see ‘Consolidated Statement of Cash Flows’) and the cash out for defined benefit plans & long-term termination benefits that are part of the ‘Cash out for employee benefits’ as presented in the Consolidated Statement of Cash Flows. ▪ Adjustments and restructuring related cash in- and outflows: Cash in- and outflows resulting from income and expenses that are either in the current or previous reporting periods recognized in ‘Adjustments’ or ‘Restructuring expenses’. ▪ Working Capital: the sum of Inventories plus trade receivables plus contract assets minus contract liabilities and minus trade payables. ▪ Net financial debt incl IFRS 16: the sum of non-current and current liabilities to banks including non-current and current lease liabilities and excluding pension debt and bank overdrafts minus cash and cash equivalents. ▪ Net financial debt excl IFRS 16: the sum of non-current and current liabilities to banks excluding non-current and current lease liabilities and excluding pension debt, including bank overdrafts minus cash and cash equivalents. Definitions of non-IFRS financial measures (APMs) 38
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▪ Net debt: the sum of Net financial debt incl IFRS 16 and the liabilities for post-employment and long-term termination benefit plans - net balance sheet position ▪ Liquidity headroom covenant: cash and cash equivalents plus headroom under the Facilities ▪ Leverage ratio covenant: Net Financial debt excluding IFRS 16 and excluding pension debt/Adjusted EBITDA excluding IFRS 16 over the period of the last 12 months. ▪ Interest cover ratio covenant: Adjusted EBITDA excluding IFRS 16 over the period of the last 12 months/Net interest expenses excluding IFRS 16 over the period of the last 12 months. ▪ Adjusted EBITDA covenant: Adjusted EBITDA excluding IFRS 16 over the period of the last 12 months ▪ Order intake: The financial value of all new orders accepted by Agfa HealthCare IT during the period, including Licenses, Implementation services, Hardware and/or Cloud computing, but excluding Support/Software Maintenance Agreements. ▪ Support/Software Maintenance Agreements (SMA): Service contracts entitling Agfa HealthCare IT Perpetual License customers to software updates and patches as well as service and support. Order Intake is not recorded for SMA contracts. ▪ Net new order intake: Order Intake accepted from customers who were not using Agfa HealthCare IT software prior to the order (aka “New Logo” sales). Usually with such an order the customer replaces a system from a competitor with systems of Agfa HealthCare IT. ▪ Cloud order intake: Order Intake accepted for deployments of Agfa HealthCare’s IT solution on a Cloud Computing infrastructure instead of the traditional deployment on dedicated Hardware on the customer’s premises (“on Premise”). ▪ Recurring order intake: Order Intake for services with a recurring transaction model (Revenue recognition over time as opposed to one-off). Examples include: License Subscriptions, Managed services, Cloud computing services, SaaS contracts). ▪ Project order intake: Order Intake for goods and services delivered and revenue recognized at a single point in time. Examples include: Perpetual Licenses, Implementation services, Hardware. Definitions of non-IFRS financial measures (APMs) 39