H1 2025 results
Activity and profitability
- H1 revenue: €387.8 million, down 5.4% at CER1 and on a like-for-like basis2, mainly due to the decline in activity in France
- Restated EBITDA margin3 came out at 12.9%, compared with 15.4% a year earlier
2025 financial targets
- Revenue: slight decrease of approximately 1% at CER and on a like-for-like basis
- Restated EBITDA margin: between 12% and 13% of revenue
- Free cash flow: slightly negative
Villepinte, September 24, 2025, 5.45 p.m.: Guerbet (FR0000032526 GBT), a global specialist in contrast agents and solutions for medical imaging, is publishing its consolidated financial statements for the first half of the current year.
Group sales for the period amounted to €387.8 million, down 7.5% compared with the first half of 2024. At constant exchange rates (CER)1, revenue fell 5.6% on a consolidated basis and 5.4% on a like-for-like basis2, with the latter declining less in the second quarter of 2025 (-3.9%) than in the first quarter (-7.1%).
The decline in activity in first-half 2025 mainly stemmed from the contraction in sales in France, as a result of the supply reform implemented on March 1, 2024, which required the Group to adapt its manufacturing chains to the new product mix (the shift from single doses to large bottles). In addition, the Group’s mid-year performance suffered from a demanding basis of comparison, with 11.8% CER growth in first-half 2024.
By geographic region, the revenue of the EMEA region amounted to €169.6 million in the first half of 2025, down 7.7% at CER and like-for-like. Excluding France, revenue grew 6.9% at CER and like-for-like, driven by the increase in volumes.
Sales in the Americas region were stable at CER and like-for-like (-0.3%), reflecting solid volume growth combined with price pressures resulting from the increased weight of distributors in the customer mix.
In Asia, sales came to €98.6 million in the first half of the year, down 7.3% at CER and like-for-like, but the second quarter trended positively, up 1.2%. Performance was impacted by a significant delay in orders.
By business activity, Diagnostic Imaging revenue stood at €334 million at mid-year, down 6.8% at CER and like-for-like.
- The sales of the IRM division (-1.5% at CER and like-for-like) factor in pressure on Dotarem® prices as well as a solid increase in volumes.
- The decline in X-ray division revenue (-9.7% at CER and like-for-like) primarily resulted from activity in France and South Korea, together with an unfavorable base effect in Latin America.
Interventional Imaging sales totaled €51.9 million in the first half of the year, up 4.6% at CER and like-for-like. They continue to benefit from solid momentum in Lipiodol® (volumes and prices), particularly in vascular embolization.
| In millions of euros Consolidated financial statements (IFRS) | H1 2024 Published | H1 2025 Published |
| Revenue | 419.2 | 387.8 |
| EBITDA* | 61.0 | 46.1 |
| As a % of revenue | 14.6% | 11.9% |
| Operating income (expense) | 30.3 | 15.0 |
| As a % of revenue | 7.2% | 3.9% |
| Net income (loss) | 10.0 | 1.3 |
| As a % of revenue | 2.4% | 0.3% |
| Net debt | 364.9 | 353.3 |
* EBITDA = Operating income + net depreciation, amortization and provisions.
The decline in activity and pricing pressures affected profitability over the period, despite tight control of operating costs, in terms of procurement (-6.5%), personnel expenses (-0.5%) and external expenses (-6.1%). EBITDA margin came out at 11.9% in the first half of 2025, compared with 14.6% previously. Restated for exceptional costs related to the optimization of the operational framework and changes in the sales model, the EBITDA margin was 12.9% in first-half 2025.
After depreciation, amortization and provisions totaling €31.1 million (versus €30.7 million a year earlier), operating income was €15.0 million at June 30, 2025.
The Group posted net income of €1.3 million over the period, after accounting for financial expenses, which were down (-11.4%) to €9.9 million, as well as foreign exchange losses for a total of €2.4 million.
Free cash flow negative but improving compared with last year
On the balance sheet, shareholders’ equity stood at €376 million at June 30, 2025, compared with €394 million at end-2024, while net debt stood at €353.3 million (vs. €364.9 million a year ago). Over one year, gearing (net debt/equity ratio) was stable at 0.94.
At mid-year, free cash flow (FCF) was negative (-€8.4 million) but showed a clear improvement compared with first-half 2024 (-€29.1 million). This trend mainly reflects the significant improvement in the working capital requirement.
2025 outlook: adjustment of full-year financial targets
On September 15, Guerbet announced a downward revision of its full-year 2025 financial targets.
The contraction in business activity in France, which continues to be disrupted by supply reform, ongoing pricing pressure, and the unfavorable shift in the customer mix in the United States, with distributors accounting for a higher proportion of sales, as well as a technical issue (now resolved) when restarting operations at the Raleigh site following routine maintenance, are weighing on the Group’s growth and profitability in the current year.
As a result, Guerbet’s management has revised its guidance for full-year 2025 as follows:
- A slight decline in revenue of approximately 1% at constant exchange rates and on a like-for-like basis, compared with growth of between 3% and 5% as previously announced,
- Restated EBITDA margin on revenue of between 12% and 13%, compared with “above 15%” as previously announced,
- Slightly negative free cash flow, compared with the previously announced “positive” level.
Measures have already been taken to safeguard product availability, strengthen sales discipline and optimize the cost base, while strictly monitoring cash generation.
The management is reaffirming its confidence in the Group’s prospects, underpinned by a diversified product portfolio and leading positions in buoyant international markets. The continued ramp-up of EluciremTM and accelerated momentum for Lipiodol® in Interventional Imaging are expected to support a return to growth.
“The results for the first half of 2025 are well below our expectations. To address this situation, we need to act quickly with rigor and determination by focusing all our employees on the following priorities: the recovery of sales in our long-standing businesses; the acceleration of the development of interventional imaging, which continues to trend positively; the rigorous management of our margins and operating costs; and, lastly, the generation of cash necessary to ensure our financial solidity. Jérôme Estampes, appointed Chief Executive Officer of a group that he knows well, has the experience and determination necessary to lead this turnaround in the short term with discipline and method,” said Hugues Lecat, Chairman of the Board of Directors of Guerbet.
Next event:
Publication of Q3 2025 revenue
October 23, 2025, after market close
About Guerbet
At Guerbet, we build lasting relationships so that we enable people to live better. That is our purpose. We are a global leader in medical imaging, offering a comprehensive range of pharmaceutical products, medical devices, and digital and AI solutions for diagnostic and interventional imaging. As pioneers in contrast products for 98 years, with more than 2,905 employees worldwide, we continuously innovate and devote 9% of our revenue to Research and Development in four centers in France and the United States. Guerbet (GBT) is listed in compartment B of Euronext Paris and generated revenue of €841m in 2024. For more information, please visit www.guerbet.com.
Forward-looking statements
Certain information contained in this press release is not historical data but constitutes forward-looking statements. These forward-looking statements are based on estimates, forecasts and assumptions including, without limitation, assumptions regarding the Group’s current and future strategy and the economic environment in which the Group operates. They involve known and unknown risks, uncertainties and other factors, which may result in a significant difference between the Group’s actual performance and results and those presented explicitly or implicitly in these forward-looking statements.
These forward-looking statements are only valid as of the date of this press release and the Group expressly disclaims any obligation or commitment to issue an update or revision of the forward-looking statements contained in this press release to reflect changes in the assumptions, events, conditions or circumstances on which such forward-looking statements are based. Forward-looking statements contained in this press release are for illustrative purposes only. Forward-looking statements and information are not guarantees of future performance and are subject to risks and uncertainties that are difficult to predict and generally beyond the control of the Group.
These risks and uncertainties include, but are not limited to, uncertainties inherent in research and development, future clinical data and analyses, including post-marketing analyses, decisions by regulatory authorities, such as the Food and Drug Administration or the European Medicines Agency, whether or not to approve, and when, the application for a drug, process or biological product for one of these candidate products, as well as their labeling decisions and other factors that may affect the availability or commercial potential of these candidate products. A detailed description of the risks and uncertainties related to the Group’s activities can be found in chapter 4.8 “Risk factors” of the Group’s Universal Registration Document registered by the AMF under number D.25-0220 on April 3, 2025, available on the Group’s website (www.guerbet.com).
Glossary
Net debt: Net financial debt is defined as the sum of current and non-current borrowings less cash and cash equivalents and marketable securities.
EBITDA: EBITDA is defined as operating income plus net depreciation, amortization, impairment and provisions for risks.
Restated EBITDA: Restated EBITDA is defined as EBITDA minus non-recurring expenses paid to employees following their departure due to restructuring.
Free Cash Flow (FCF): Free cash flow is defined as the change in net debt from one year to the next.
Like-for-like basis: Like-for-like basis refers to the scope excluding the urology and Accurate businesses, sold in July 2024 and January 2025 respectively.
At constant exchange rates: At constant exchange rates means the impact of exchange rates is eliminated by recalculating sales for the period based on the exchange rates used for the previous year.
Consolidated balance sheet
Assets (net values)
| (In €k) | 6/30/2025 | December 31, 2024 | |
| Intangible fixed assets | 101,136 | 106,685 | |
| Property, plant and equipment | 277,665 | 291,315 | |
| Other non-current financial assets | 25,103 | 21,780 | |
| Deferred taxes – Assets | 25,879 | 27,507 | |
| Total non-current assets | 429,783 | 447,287 | |
| Inventories | 325,363 | 301,231 | |
| Accounts receivable | 158,751 | 172,900 | |
| Assets held for sale (1) | — | 11,415 | |
| Other current financial assets | 53,051 | 54,185 | |
| Cash and cash equivalents | 50,119 | 50,237 | |
| Total current assets | 587,284 | 589,967 | |
| TOTAL ASSETS | 1,017,068 | 1,037,254 |
Liabilities (net values)
| (In €k) | 6/30/2025 | December 31, 2024 | ||
| Capital | 12,641 | 12,641 | ||
| Other reserves | 426,142 | 408,847 | ||
| Net income | 2,634 | 16,084 | ||
| Translation adjustments | (65,302) | (43,336) | ||
| Equity, Group share | 376,114 | 394,237 | ||
| Net income and reserves, non-controlling interests | (3,987) | (2,665) | ||
| Total shareholders' equity | 372,128 | 391,572 | ||
| Non-current financial liabilities | 351,199 | 350,638 | ||
| Other non-current financial liabilities | 2,780 | 2,780 | ||
| Deferred taxes – Liabilities | 6,384 | 6,371 | ||
| Non-current provisions | 31,089 | 31,410 | ||
| Total non-current liabilities | 391,453 | 391,199 | ||
| Suppliers and other payables | 97,322 | 95,084 | ||
| Current financial liabilities | 52,195 | 44,486 | ||
| Other current liabilities | 70,616 | 78,725 | ||
| Current taxes – Liabilities | 25,082 | 24,958 | ||
| Other short-term provisions | 8,273 | 11,229 | ||
| Liabilities associated with assets held for sale (1) | — | — | ||
| Total current liabilities | 253,487 | 254,483 | ||
| TOTAL LIABILITIES | 1,017,068 | 1,037,254 | ||
| (1) Following the Group’s announcement in January 2023 of a strategic refocusing, with efforts concentrated on the Interventional Imaging activity with Lipiodol® and the sale of the catheter activities, the non-current assets of Accurate Medical Therapeutics and Occlugel were considered as “held for sale”, in accordance with IFRS 5. Accurate Medical Therapeutics’ non-current assets were sold in January 2025. Occlugel’s assets, fully impaired, continue to be considered as assets held for sale | ||||
Consolidated income statement
| (In €k) | 6/30/2025 | 6/30/2024 | |
| (6 months) | (6 months) | ||
| Revenue | 387,756 | 419,180 | |
| Fees | 3,604 | 1,574 | |
| Other operating income | 3,363 | 4,167 | |
| Purchases consumed and changes in inventories | (80,530) | (86,157) | |
| Personnel expenses | (141,981) | (142,731) | |
| External expenses | (116,695) | (124,212) | |
| Taxes and duties | (9,521) | (10,688) | |
| Amortization, depreciation, and impairment | (29,437) | (30,139) | |
| Net provisions | (1,694) | (575) | |
| Other operating income and expenses | 96 | (141) | |
| Current operating income (expense) | 14,962 | 30,279 | |
| Income from cash and cash equivalents | 150 | 216 | |
| Gross borrowing costs | (10,073) | (11,412) | |
| Net borrowing costs | (9,923) | (11,196) | |
| Currency gains/losses | (169) | (3,429) | |
| Other financial income/expenses | (2,231) | (926) | |
| Income tax expense | (1,345) | (4,723) | |
| CONSOLIDATED NET INCOME | 1,295 | 10,006 | |
| Net income, Group share | 2,634 | 10,980 | |
| Net income from non-controlling interests | (1,340) | (974) | |
| Net income per share, Group share, with a par value of €1 (in euros) | 0.21 | 0.87 | |
| Diluted net income per share, Group share, with a par value of €1 (in euros) | 0.21 | 0.87 |
Consolidated cash flow statement
| (In €k) | 6/30/2025 | 6/30/2024 | ||||
| (6 months) | (6 months) | |||||
| Net income/(loss) | 1,295 | 10,006 | ||||
| Change in amortization, depreciation, and provisions on fixed assets and other current assets | 33,409 | 33,094 | ||||
| Net provisions for risks | (2,125) | (1,735) | ||||
| Change in fair value of assets held for sale | — | — | ||||
| Change in fair value of hedging instruments | (4,666) | 2,363 | ||||
| Stock option and free share expenses | 469 | 66 | ||||
| Income from disposals of fixed assets and other adjustments | (153) | (28) | ||||
| Cash flow after net borrowing costs and taxes | 28,228 | 43,765 | ||||
| Net borrowing costs | 10,080 | 9,352 | ||||
| Taxes (including deferred taxes) | 1,345 | 4,723 | ||||
| Cash flow before net borrowing costs and taxes | 39,652 | 57,839 | ||||
| Taxes paid | (1,195) | (7,698) | ||||
| (Increase) / decrease in inventories | (39,849) | (23,353) | ||||
| (Increase) / decrease in trade receivables and related accounts | 15,128 | (26,071) | ||||
| Increase / (decrease) in trade payables and related accounts | 4,897 | 143 | ||||
| (Increase) / decrease in other assets | (3,944) | (1,404) | ||||
| Increase / (decrease) in other liabilities | 7,858 | 10,711 | ||||
| Change in WCR related to business operations | (15,910) | (39,975) | ||||
| NET CASH FLOW FROM OPERATING ACTIVITIES (A) | 22,547 | 10,167 | ||||
| Investments | (14,960) | (22,158) | ||||
| in intangible assets | (4,259) | (7,420) | ||||
| in property, plant and equipment | (9,709) | (14,823) | ||||
| in financial assets | (992) | 85 | ||||
| Disposals | 10,126 | 390 | ||||
| of intangible assets | 9,494 | — | ||||
| of property, plant and equipment | 631 | 322 | ||||
| of financial assets | — | 68 | ||||
| Acquisition of Intrasense net of cash acquired | — | — | ||||
| Increase (decrease) in amounts payable on fixed assets | (10,653) | (2,005) | ||||
| NET CASH FLOW FROM INVESTMENT ACTIVITIES (B) | (15,488) | (23,773) | ||||
| Dividends paid | — | — | ||||
| Loan issues | 21,958 | 20,379 | ||||
| Loan repayments | (16,773) | (8,968) | ||||
| Net financial interest paid (including finance lease agreements) | (10,070) | (9,341) | ||||
| NET CASH FLOW FROM FINANCING ACTIVITIES (C) | (4,884) | 2,070 | ||||
| Effect of exchange rate changes (D) | (2,422) | (695) | ||||
| NET CHANGE IN CASH (A) + (B) + (C) + (D) | (247) | (12,232) | ||||
| STARTING CASH | 50,116 | 51,032 | ||||
| ENDING CASH | 49,868 | 38,800 | ||||
Cash | 6/30/2025 | 6/30/2024 | ||||
| Bank credit facilities | (250) | (247) | ||||
| Cash and cash equivalents | 50,119 | 39,047 | ||||
| 49,868 | 38,800 | |||||
1 At constant exchange rates: the impact of exchange rates was eliminated by recalculating sales for the period based on the exchange rates used for the previous financial year.
2 Excluding the urology and Accurate businesses, which were sold in July 2024 and January 2025 respectively.
3 Excluding non-recurring costs related to the optimization of the operational framework and changes to the sales model.
Attachment
