AGFA's Q3 Downturn Prompts Reorg

Mortsel, Belgium - Agfa continues to streamline its operations following a challenging Q3 for its medical film division. Although the Digital Print segment showed promising growth, the Radiology (film) sector experienced a significant setback, with a further decline of 10% in Q3, skewing the overall balance negatively.

In response, Agfa plans to implement a substantial round of layoffs, aiming to cut costs by approximately €50 million. The restructuring will affect about 40% of the workforce and 30% of the employees in Mortsel, Belgium, resulting in approximately 530 job losses by 2027. Currently, approximately 1,350 people are employed in this location. This reorganization is intended to align Agfa's medical film product offerings with the declining market demand.

The dismal Q3 figures:

Revenue: Down 1.2% to €277 million (Digital Print: +12%, Radiology: -10%)

EBITDA: Down 10.8% to €15 million (Digital Print: +106%, Radiology: -50%)

(Sources: Belga & KBC Bank)