Slides
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1 Q2 2026 Results Agfa-Gevaert Group August 26, 2026
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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 ▪ Q2 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: • Revenue growth: top line stable (-0.7% excluding currency impact), driven by silver price uplifts in film and continued step-up in Digital Printing Solutions • Profitability stable: adjusted EBITDA at 14 million euro – savings programs and the progress in Digital Printing Solutions offset the impact of the cloud transition in HealthCare IT and the soft market for Green Hydrogen Solutions • Savings programs: annualized savings of € 61 m realized end of Q2 – cost base now in line with market evolution • Cash flow impact: negative free cash flow of €-10 m in Q2, primarily due to the large transformation related cash-out HealthCare IT: strong positioning for growth as the market transitions to SaaS models • Cloud transition: continuing shift to SaaS and cloud-based solutions • 12 months rolling order intake increased by 27.5% to € 192 m, versus € 151 m in Q2 2025. The number of cloud -based orders continued to grow significantly • In Q2, cloud technology increased to 51% of total order intake (Q2 2025: 4%) • Recurring revenue increased by 4% excluding currency, now amounting to 66% of total Q2 revenue - Total top line decreased by 9.5% excluding currency to 54 million euro • Adjusted EBITDA at € 5.3 m Industrial Solutions: step up in revenue and profitability in Digital Printing Solutions, Green Hydrogen Solutions impacted by unfavorable market conditions • 10.8% top line growth excluding currency in Digital Printing Solutions – counterbalanced by market-driven 77% decrease in Green Hydrogen Solutions, which faced soft market conditions • Segment adjusted EBITDA decreased from 3.7 million euro to 2.5 million euro due to the volume drop in Green Hydrogen Solutions Imaging and Chemicals: slight increase in top line, significant increase in adjusted EBITDA due to savings measures • Revenue increased by 2.6% excluding currency impact: volume decrease counterbalanced by film price increases • Significant increase in adjusted EBITDA to 8.9 million euro due to savings programs Sales € 275 m (excl. curr. -0.7%) Adj. EBITDA* € 14 m (5.0% of sales) • Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA Q2 2026: resilient performance amid market challenges
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6 Financial review – Pascal Juéry, CEO, Fiona Lam, CFO
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7 9 5 4 3 4 9 -3 -3 Q2 2025 Q2 2026 13 14 +3.7% 61 54 54 52 167 169 Q2 2025 Q2 2026 281 275 -2.1% -9.5% excl. curr. -1.6% excl.curr. -41% -33% % growth ’25 -’26 * 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 Imaging and Chemicals Industrial Solutions HE IT Corporate +2.6% excl. curr. +141% Q2 2026: resilient performance amid market challenges -0.7% excl. curr.
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8 Q2 2026: Adj. EBITDA bridge Adj. EBITDA* margin 5.0% ▪ Gross profit: the impact of the savings programs was partly counterbalanced by a decline in HE IT due to the accelerated transition to cloud and a decline in Industrial Solutions due to a decline in GHS resulting from market weakness ▪ Operational expenses: significant 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 13 6 2 1 1 6 Adj. EBITDA Q2’25 0 FX effects Gross Profit HE IT Gross Profit Industrial Solutions Gross Profit Imaging and Chemicals Gross Profit Corp 2 R&D SG&A 1 other Adj. EBITDA Q2’26 14 Adj. EBITDA* margin 4.7%
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9 -23 -9 13 5 -9 -5 Free Cash Flow Q2 2026 of minus € 10 m mainly driven by cash outs related to the transformation 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 improved in all non-film related businesses versus Q2 25 and versus Q4 25. ▪ Working capital increased from € 285 m in Q4 2025 to € 316 m in Q2 2026, driven by the high silver price and the usual seasonal inventory build-up in 1H, partly counterbalanced by the factoring program, under which € 20 m of eligible trade receivables was sold and collected ▪ Capex: mainly driven by capitalized R&D for HE IT ▪ Provisions & other: mainly driven by cash in from build down of customer lease portfolio ▪ Income taxes: driven by R&D tax credits ▪ Pension cash out: in line with expectations ▪ Adjustments and restructuring cash out: mainly driven by the transformation related actions 14 6 7 4 2 8 Adj. EBITDA Working Capital - net CAPEX Provisions & other Income taxes Adj. FCF Pensions & LT termination benefits 17 Adjustments & non recurring items FCF 15 -10 in € m
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10 Evolution of total debt: net financial debt + pension debt 451 457 452 444 435 405 399 389 381 343 337 333 48 44 43 48 52 50 49 46 46 58 54 53 -37 3 51 66 37 72 85 65 58 74 -14 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 21 Q4’25 Q1’26 Q2’26 484 463 498 543 553 492 520 521 492 422 449 460 ▪ Net financial debt excl IFRS 16 evolved from a positive cash position in ‘23 to a net debt position of € 74 m end of Q2’26 driven by a lower operational performance, the cash out related to pensions and related to the transformation program and the impact of the higher silver prices ▪ At the end of Q2, € 130 m was drawn out of the total € 180 m revolving credit facility. ▪ Financial institutions imposed following covenants: ▪ Applicable testing for Q2: ▪ Liquidity headroom covenant (min € 30 m): Q2 26 = €117.7 m ▪ Leverage ratio covenant (max 3.0 at half year and 2.75 at year end): Q2 26 = 1.4 ▪ Interest cover ratio covenant (min 5): Q2 26 = 11.0 ▪ Adj. EBITDA covenant (min € 30 m): Q2 26 = € 52.2 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 Q2 ’25 Q2 ’26 ∆% (excl curr) 6m ’25 6m ’26 ∆% (excl curr) Sales 281 275 -2.1% (-0.7%) 523 512 -2.2% (+0.4%) Gross Profit* as a % of sales 85 30.4% 80 29.0% -6.7% 160 30.5% 156 30.5% -2.3% Operational expenses* as a % of sales -81 28.6% -74 27.0% -7.6% -162 30.9% -147 28.8% -8.9% Adj. EBITDA** as a % of sales 13 4.7% 14 5.0% 3.7% 15 2.9% 25 5.0% 66.0% Adj. EBIT** as a % of sales 5 1.8% 5 2.0% 8.3% -2 -0.4% 8 1.7% 478.6% Key figures Profit & Loss Incl. IFRS 16 Agfa-Gevaert Group: Profit & Loss 11 * 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 Q2’25 Q2’ 26 6m’25 6m’26 Adjusted EBIT* 5 5 -2 8 Adjustments and restructuring expenses 28 -6 26 -12 Result from operating activities 33 0 23 -4 Net finance costs -1 -9 -7 -16 Result before taxes 32 -10 17 -20 Taxes -1 -5 -6 -2 Result from continued operations 31 -15 10 -23 Result from discontinued operations -1 0 0 -5 Result for the period 30 -15 10 -27 Key figures Profit & Loss Incl. IFRS 16 12 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 Q2’25 Q2’ 26 6m’25 6m’26 Adjusted EBITDA 13 14 15 25 Working Capital - net 2 6 -22 -27 CAPEX -8 -7 -16 -13 Provisions & other 12 4 24 10 Income taxes - 4 -2 1 1 Adjusted Free Cash Flow 15 15 3 -4 Pensions & long term termination benefits -12 -8 -21 -18 Cash outs for adjustments and restructuring expenses -7 -17 -11 -30 Free Cash Flow -3 -10 -30 -52 Key figures Profit & Loss Incl. IFRS 16 13 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 ▪ Q2 FCF of minus € 10 m mainly due to larger cash-outs for adjustments and restructuring mainly counterbalanced by the implementation of a factoring program, under which € 20 m of eligible trade receivables was sold and collected ▪ Half year FCF of minus € 52 m due to increase in working capital (silver effects in film) counterbalanced by the implementation of the above-mentioned factoring program and larger cash-outs for adjustments and restructuring
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HealthCare IT 14
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HealthCare IT – Highlights • Cloud transition: continued successful shift to SaaS and cloud-based solutions • 12 months rolling order intake increased by 28% to € 192 m versus € 151 m in Q2 2025 - cloud-based order intake more than tripled • Q2 2026 order intake: • Cloud deals = 51 % • Net new customers = 54 % • Project business = 37 %, Recurring business = 63 % • Strong momentum maintained in 1H 2026, driven by accelerating adoption of cloud-based Enterprise Imaging platform and a growing number of successful go-lives in the U.S. • Top customer satisfaction and awards: Agfa is consistently ranked in KLAS Top 3 across all categories and global regions. For the second consecutive year, Agfa’s Enterprise Imaging platform has earned certified status from HITRUST for cybersecurity and information protection. * 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 16 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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17 HealthCare IT: sales and adjusted EBITDA • Successful transition to cloud: as expected, this transition has a temporary effect on topline and Adj. EBITDA • In Q2 2026, cloud order intake increased to 51% (Q2 2025: 4%) • Recurring revenue increased by 4% excl. curr. (+2% incl. curr.) and now amounts to 66% of the total Q2 revenue - the decrease of the total top line is mainly related to the ongoing transition to cloud technology • Mainly due to mix effects, gross profit margin decreased from 49.9% in Q2 2025 to 44.5% • Adjusted EBITDA* at € 5.3 m ** excluding Support/Software Maintenance Agreements * Adjusted EBITDA with the deduction of adjustments and restructuring expenses reconciles to EBITDA 61 Q2 2025 Q2 2026 54 -10.4% 9 5 Q2 2025 Q2 2026 -40.5% Sales in € m Adj. EBITDA* in € m -9.5% excl. curr.
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in million euro Q2 ’25 Q2 ’26 ∆% (excl curr) 6m’25 6m ‘26 ∆% (excl curr) Sales 61 54 -10.4% (-9.5%) 118 105 -10.5% (-7.3%) Gross Profit* as a % of sales 30 49.9% 24 44.5% -20.1% 58 48.9% 47 44.8% -18.1% Operational expenses* as a % of sales -23 38.0% -21 38.4% -9.4% -47 40.1% -43 41.2% -8.0% Adjusted EBITDA** as a % of sales 8.9 14.6% 5.3 9.7% -40.5% 13.9 11.8% 8.1 7.7% -41.7% Adjusted EBIT** as a % of sales 7.2 11.9% 3.3 6.1% -54.0% 10.4 8.8% 3.8 3.6% -63.6% Key figures Profit & Loss Incl. IFRS 16 18 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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Industrial Solutions 19
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Digital Printing Solutions – Highlights Continuing growth momentum • Continuing growth momentum: Q2 sales grew 10.8% excl. curr. • Agfa’s order book continues to build, particularly the larger machines showed good traction - ink sales increased across the board by 10% versus Q2 2025 Customer recognition and collaborations • Agfa’s Jeti Bronco H3300 HS hybrid printer received an EDP Award 2026, recognizing its high-speed productivity and versatility across rigid and roll media applications. • Agfa received two 2026 Pinnacle Product Awards for its Onset Panthera FB3216 flatbed press and Jeti Tauro MAX Automation solutions, recognizing the company's innovation in high-productivity digital printing and automated workflow efficiency. • Agfa and Hybrid Software have announced a collaboration to bring full variable data capability to digital folding carton production, helping folding carton converters to unlock the full potential of variable data printing and accelerate their transition toward more efficient, fully digital production workflows. .
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Green Hydrogen Solutions – Highlights 21 • 2026 a transition year • Delays in REDIII implementation in 2024 and 2025 leading to very soft market in Europe in 2026 • Market sentiment improving in Europe, with several large projects reaching FID, but impact will not be in this year’s numbers • Continued momentum in Asia, with first commercial systems with Zirfon- inside in China, but not enough to compensate for delays in Europe • ZIRFON is the product of choice in alkaline technology • Growing focus on Asian markets starting to bear fruits, with increased recognition of performance of composite membranes in China and India • Recent analysis by an Asian team published in the International Journal of Hydrogen Energy reconfirms Zirfon’s advantage for long-term robustness and economics ZIRFON is the only membrane making the production of green hydrogen affordable.“ ”
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22 Industrial Solutions: sales and adjusted EBITDA * Adjusted EBITDA with the deduction of adjustments and restructuring expenses reconciles to EBITDA 46 51 8 Q2 2025 2 Q2 2026 54 52 -3.4% Green Hydrogen Solutions Digital Printing Solutions +11% excl. curr. -77% excl. curr. 4 3 Q2 2025 Q2 2026 -32.5% • Digital Printing Solutions: topline grew by 10.8% excl. curr., mainly due to high-end equipment sales - ink sales increased by 10% • Green Hydrogen Solutions: 77% decrease in topline mainly due to overall market weakness • Gross margin down due to unfavorable sales mix partly counterbalanced by pricing efforts and tight cost control • Adj. EBITDA* at € 2.5 m: in spite of a progress in Digital Printing Solutions, the segment’s adjusted EBITDA margin decreased due to the volume drop in Green Hydrogen Solutions. % growth ’25 -’26 Sales in € m Adj. EBITDA* in € m Industrial Solutions -1.6% excl. curr.
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in million Euro Q2 ’25 Q2 ’26 ∆% (excl.curr.) 6m’25 6m ’26 ∆% (excl.curr.) Sales 54 52 -3.4% (-1.6%) 97 95 -2.7% (+0.3%) Gross Profit* as a % of sales 22 40.8% 19 36.8% -12.9% 39 40.2% 35 37.4% -9.4% Operational expenses* as a % of sales -21 39.7% -21 39.8% -3.3% -44 44.8% -41 43.5% -5.4% Adjusted EBITDA** as a % of sales 3.7 6.8% 2.5 4.8% -32.5% 1.6 1.6% 2.2 2.4% 41.4% Adjusted EBIT** as a % of sales 0.6 1.1% -1.5 -3.0% -350.0% -4.5 -4.6% -5.8 -6.1% -28.9% Key figures Profit & Loss Incl. IFRS 16 23 Industrial 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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Imaging and Chemicals 24
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25 Imaging and Chemicals – Highlights • Film and Chemicals • Slight revenue increase since volume reductions for film products and Computed Radiography were overcompensated by film price increases • Medical film market: continued to decline, particularly in China • Computed Radiography: revenue decline in line with the market evolution • Digital Radiology Solutions • Q2 revenue decline of minus 6% excl. curr. • 2026 is a reorganization year for Digital Radiology to reinforce performance - a sharper geographic focus, with targeted actions already underway in North America, and a streamlined product supply strategy that focuses the portfolio on genuine differentiation
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26 Imaging and Chemicals: sales and adjusted EBITDA • Sales increase with 2.6% excl. curr. • Film and Chemicals: posted 4.2% top line increase excl. curr. - volume decline overcompensated by silver- driven price increases • DR: posted minus 6.1% top line decrease excl. curr. • Profitability was supported by the impact of the savings measures • Gross profit margin increased from 19.5% of revenue to 20.7% • Adj. EBITDA* significantly increased to € 8.9 m * Adjusted EBITDA with the deduction of adjustments and restructuring expenses reconciles to EBITDA 27 25 140 144 Q2 2025 Q2 2026 167 169 +1.2% Film and Chemicals DR 4 9 Q2 2025 Q2 2026 +140.5% Sales in € m Adj. EBITDA* in € m +2.6% excl. curr. +4% excl. curr. -6% excl. curr.
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in million euro Q2 ’25 Q2 ’26 ∆% (excl.curr.) 6m’25 6m ‘26 ∆% (excl.curr.) Sales 167 169 1.2% (2.6%) 308 312 1.1% (3.4%) Gross Profit* as a % of sales 33 19.5% 35 20.7% 7.0% 62 20.2% 73 23.5% 17.7% Operational expenses* as a % of sales -32 19.4% -28 16.8% -12.7% -64 20.7% -56 18.0% -12.2% Adjusted EBITDA** as a % of sales 3.7 2.2% 8.9 5.3% 140.5% 6.2 2.0% 21.7 6.9% 246.7% Adjusted EBIT** as a % of sales 0.2 0.1% 6.6 3.9% 3103.8% -1.6 -0.5% 17.1 5.5% 1157.3% Key figures Profit & Loss Incl. IFRS 16 27 * Before restructuring and non-recurring items Imaging and 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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28 Outlook – Pascal Juéry, CEO
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This outlook is based on the current economic environment and the assumption of silver prices staying approximately at current levels. 2026 outlook per segment: HealthCare IT: The full year order intake is expected to grow with a high single-digit % versus last year, driven by the continued strong momentum for cloud technology. Profitability is expected to be at the same level as last year due to investments for growth and the transition to cloud technology. Industrial Solutions: Although Digital Printing Solutions is expecting a step-up in top line and profitability, the segment’s full year 2026 top line and profitability are expected to be down versus 2025 as the current weak demand in Green Hydrogen Solutions is expected to continue throughout the year. For the latter business a significant upturn is expected in 2027. Imaging and Chemicals: Revenue is expected to grow versus 2025, with higher silver prices offsetting ongoing film volume declines. Overall, full-year profitability is expected to exceed 2025 levels due to the success of the savings measures and in spite of silver related timing effects. The full year 2026 free cash flow is expected to be more negative than in 2025 due to last year’s cash-in related to AgfaPhoto (€ 38 m), the higher full year 2026 cash-outs related to the transformation and the increased silver prices. Outlook Outlook 29
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30 Strategy and transformation – Pascal Juéry, CEO
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31 Agfa’s strategy We remain focused on executing our strategy, assessing our options and levers to drive sustainable growth, operational efficiency and financial flexibility for the Group 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 32 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 its reinvestment plan for energy assets, Agfa has set GHG emission reduction targets for combined Scopes 1 and 2 at 62% by 2030, based on a 2006 baseline year, for its Belgian sites, primary contributors to Agfa’s global GHG emissions. This has been determined following the revised ‘Fit for 55’. o Efforts continue to address a common challenge in Scope 3 GHG emissions: reducing reliance on estimated and monetary-based data in favor of more accurate, activity-based measurements. These improvements support the preparation for a future submission of targets to the Science Based Targets initiative (SBTi). By engaging our workforce and stakeholders o Agfa aims to have its workforce representation reflect market demographics. Year- to-date, Agfa's recruitment intake achieves the underrepresented gender's market representation by 5% in all 6 relevant recruitment areas. o Agfa plans to consolidate and sustain the strong performance achieved in 2025 and limit the number of work-related accidents with at least one lost workday to a maximum of 14 in 2026 (Year-to-date result: 8). 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 35% of Ecovadis-rated companies and uses annual received feedback to guide its continuous improvement path. Growing sustainably in 2026 and beyond 33
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Questions and answers
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▪ Q3 2026 results: November 10, 2026 Financial calendar Stay tuned 35
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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) 36
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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) 37