"In 2024, we continued to capitalize on the successful strategies we have designed for our growth engines. Our HealthCare IT, Digital Printing Solutions and Green Hydrogen Solutions divisions all achieved record EBITDA levels in the fourth quarter of 2024 and posted excellent full-year results." says Pascal Juéry, Chairman and CEO of the Agfa-Gevaert Group.
Significant growth in digital printing and inks
Agfa-Gevaert's Digital Print & Chemicals unit increased annual sales by 7.2% to 438 million euros, with the Digital Printing Solutions segment up 13% and its new Green Hydrogen business (production of membranes for green hydrogen) up 27%.
Digital Print & Chemicals' adjusted EBITDA jumped 65.2% to 30.8 million euros.
By 2024, Digital Print & Chemicals will be the Belgian group's main business, ahead of radiology solutions.
In 2024, Agfa launched three new Sign & Display printers, Condor, Bronco and Ciervo, shifting its offering to faster, higher-end machines.
And the first water-based packaging printer SpeedSet Orca 1060 was installed at The Delta Group in the UK .
What's more, the strategic partnership with EFI for the distribution of digital printing solutions strengthened Agfa's presence on the world market.
Agfa also made solid progress in the industrial and packaging segment in 2024. This business will start contributing to the market as early as 2025. Indeed, Agfa recently signed a multi-year contract with BHS Corrugated for the exclusive supply of water-based single-cass corrugated board printers and an ink supply system. The first machines will be installed in 2025.
In addition, the successful conversion of Inca Digital customers to Agfa inks boosted ink sales by 15%.
The Group's overall sales fell by 1.1% to 1.14 billion euros, mainly due to the traditional film business, which suffered from the downturn in the medical film market. Adjusted EBITDA amounted to 70 million euros (6.1% of sales), thanks to the excellent performance of all three divisions, with quarter-on-quarter improvements.
Significant growth expected by 2025
By 2025, Agfa expects significant growth in Digital Print & Chemicals, driven by digital printing and green hydrogen solutions.
The manufacturer will be launching no less than four major printing products.
