H1 2026 Results
-- Revenue of EUR379.2m, nearly stable (-0.1%) at CER1 and like-for-like2,
in line with the Group's forecast for the full year
-- EBITDA of EUR30.6m, in line with the Group's forecast for the full year
-- Restated EBITDA margin3 of 9.1%, versus 12.9% a year earlier, including
EUR14.3m in exceptional costs related to the remediation plan at the
Raleigh site
-- Financial leverage of 5.3x; ongoing discussions with financial partners
to agree a refinancing arrangement by October 31, 2026
-- Raleigh industrial site: confirmation of timeline for the normalization
of activity
-- Accelerated execution of the transformation plan to strengthen sales
momentum and sustainably improve profitability
-- Executive Committee changes
-- Confirmation of all financial targets for 2026
Villepinte, September 28, 2026, 5:45 pm: 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 2026.
As of June 30, 2026, Group revenue stood at EUR379.2 million, down 2.2%. Excluding the currency effect (-EUR8.0 million), mainly attributable to the depreciation of the yen and the dollar, revenue at CER(1) was down by a slight 0.2%. It was nearly stable (-0.1%) at CER and on a like-for-like basis(2) , in line with the Group's forecast for the full year. This reflects the resilience of the business despite the situation at the Raleigh site (North Carolina) and the disruptions on the Chinese market.
In EMEA, H1 revenue came to EUR172.9 million, up 1.8% at CER and like-for-like. It was marked by the return to strong growth in France (+9.0% over the period), where the effects of the reform of contrast agent supply methods have now been fully absorbed.
In the Americas, sales in the first half of 2026 amounted to EUR116.9 million, up 1.2% at CER and like-for-like, incorporating a sharp increase in the second quarter (+4.8%) thanks to a significant improvement in the batch release rate at the Raleigh site.
In Asia, H1 revenue came to EUR87.7 million, down 5.0% at CER and like-for-like. The decline was concentrated in the second quarter (-14.0%) and was linked to the profound restructuring underway on the Chinese market associated with the authorities' policy of reducing healthcare spending.
By business, H1 revenue in Diagnostic Imaging came to EUR325.2 million, down by a slight 0.9% at CER and like-for-like, as a result of:
-- Within the MRI division (-1.2%), a performance affected by Dotarem sales
in export market, while momentum remained strong on sales of EluciremTM.
-- In X-ray sales (-0.7%), a slight decline in volumes and an overall
positive trend in prices.
In Interventional Radiology, H1 revenue reached EUR52.4 million, up 4.7% at CER and like-for-like, driven by the success of Lipiodol(R) in the field of vascular embolization.
In millions of euros Consolidated financial statements H1 2025 H1 2026 (IFRS) Published Published ----------------------------------- ---------- Revenue 387.8 379.2 ----------------------------------- ---------- Costs of the compliance plan - 14.3 ----------------------------------- ---------- EBITDA 46.1 30.6 % of revenue 11.9% 8.1% ----------------------------------- ---------- Restated EBITDA 50.0 34.3 % of revenue 12.9% 9.1% ----------------------------------- ---------- Operating income/(expense) 15.0 -18.4 Net income/(loss) 1.3 -32.7 ----------------------------------- ---------- ---------- Net financial debt 353.3 355.9 ----------------------------------- ---------- ----------
Limited review procedures on the half-year financial statements have been completed. The limited review report is being issued.
Profitability affected by exceptional costs related to the Raleigh site and restructuring
At June 30, 2026, the Group posted EBITDA of EUR30.6 million, a decrease of EUR15.5 million. As announced, the good control of current operating expenses - particularly personnel expenses (-6.9%) - was offset by the remediation plan at the Raleigh industrial site. This plan generated EUR14.3 million in exceptional costs over the period. It gave rise to an increase in external expenses (+5.5% in the first half of 2026) related to the technical experts mobilized to implement the plan.
EBITDA margin came to 8.1% of revenue over the period. The restated margin rate, calculated excluding non-recurring expenses related to restructuring, was 9.1% (versus 12.9% a year earlier).
The Group booked EUR31.1 million in depreciation and amortization charges in H1 (versus EUR29.4 million in the first half of 2025) and EUR17.9 million in provisions (versus EUR1.7 million), covering restructuring costs linked to the transformation plan, including the redundancy plan in France. As a result, it made an operating loss of EUR18.4 million at 30 June (versus operating income of EUR15.0 million a year earlier).
After taking into account financial expenses of EUR13.3 million, a foreign exchange gain of EUR3.4 million and a tax expense of EUR4.3 million, the Group posted a net loss of EUR32.7 million, compared with net income of EUR1.3 million in H1 2025.
Negative free cash flow and a rise in net debt
Free cash flow (FCF) was negative at -EUR30.2 million (compared with -EUR8.4 million a year earlier), mainly due to the fall in EBITDA and the increase in CAPEX. The latter amounted to EUR30.2 million in H1, compared with EUR17.2 million in H1 2025 when investment was at a low level.
On the balance sheet, shareholders' equity stood at EUR245 million at June 30, 2026, compared with EUR267 million at the end of 2025. Net financial debt amounted to EUR355.9 million, compared with EUR325.7 million six months earlier. Financial leverage (net financial debt/EBITDA) was 5.3x.
Update on financing and discussions with financial partners
As indicated in the H1 revenue release (press release of July 23, 2026), the Group has secured waivers from its financial partners relating to the leverage ratio tested at June 30, 2026, December 31, 2026 and June 30, 2027.
Discussions are ongoing between Guerbet and its financial partners with a view to finalizing by October 31, 2026 the terms and conditions of a refinancing arrangement that will enable the Company to settle on an appropriate financial structure and finance its activity as part of the normalization of activity at the Raleigh site.
In this regard, Guerbet draws attention to the risk factors relating to the refinancing of its debt, as presented in its half-year financial report.
Update on financing needs
At June 30, 2026, the Group's total gross financial debt was EUR488.1 million(4) , with cash and cash equivalents of EUR132 million. As the waivers were obtained after June 30, 2026, debt was reclassified as current debt at June 30, 2026 in the amount of EUR438.6 million.
Taking into account the waivers obtained in July, the maturities of this debt are EUR53.6 million in the second half of 2026, EUR10 million in 2027, EUR275 million in 2028 and EUR100 million beyond 2028.
With respect to the financing of current operations, the Company expects its 12-month liquidity requirements will be covered by cash.
Raleigh site: confirmation of timeline for the normalization of activity
At the Raleigh site, the remediation plan initiated in the fourth quarter of 2025 is progressing in line with the Group's expectations.
Guerbet confirms the timetable communicated during the publication of its 2025 annual results: return to a normative batch release rate expected at the end of the 2026 fiscal year, with the site also preparing for a new FDA inspection from that date onward. The Group will be able to operate under normal conditions throughout the 2027 fiscal year.
Accelerated execution of the transformation plan
In autumn 2025, the Group launched a transformation plan to strengthen sales momentum and improve profitability over the long term, with the first significant effects expected in 2027. Over the coming months, the implementation of this plan will be accelerated, drawing on the strategic priorities defined:
-- In Diagnostic Imaging, restore sustained growth, improve margins and
streamline the organization. Commercial revitalization has already begun,
notably through greater autonomy granted to each of the three regions and
a particular focus on Guerbet's key markets; at the same time,
operational efficiency measures are being deployed, which involves
securing the production chain, improving the cost of sales (COGS), and
simplifying the organization.
-- In Interventional Radiology, capitalize on the strong growth in business.
A standard treatment for HCC (liver cancer), Lipiodol(R) is expected to
see an increase in use in vascular embolization, with growth drivers
ensured through new indications, such as musculoskeletal disorders.
Changes to the Executive Committee
To support the accelerated execution of the transformation plan, Océane Mignot was appointed Chief Transformation Officer and given a seat on the Executive Committee.