GUERBET : 2025 full-year results.

2025 full-year results

• Revenue: €786.4 million, down 3.5% at CER¹ and like-for-like², mainly due to the fall in activity in France
• Profitability: restated EBITDA margin³ of 12.0% (at the high end of the adjusted range communicated in December)
• Net Income: loss of €112.7 million, which includes a non-recurring impairment of €86 million
• Free cash flow: in positive territory at €19.2 million
• Indebtedness: net debt/EBITDA ratio of 4.0x, below the ceiling of 4.8x set in December 2025 under the waiver obtained by the Group from its lenders.

2026

• Significant negative impact expected from the situation in Raleigh on revenue, profitability, cash generation and group indebtedness with a probable risk of covenant breach on June 30, 2026
• No dividend distribution in respect of the 2025 fiscal year
• Continuation of the transformation plan and strategic focus on sustainably improving the Group’s sales momentum and competitiveness

Villepinte, March 11, 2026, 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 fiscal 2025.

Full-year revenue came to €786.4 million, down 6.5%. After excluding the currency effect (-€22.8 million), mainly due to the depreciation of the US dollar, the Brazilian real and the South Korean won, this decline narrows to 3.8% at constant exchange rates (CER)¹. At CER and on a like-for-like basis², Guerbet’s revenue fell by 3.5% in 2025.

This decline is mainly due to two factors: the contraction in activity in France, without which sales would have been stable in 2025, and the loss of revenue in the fourth quarter linked to the situation at the Raleigh site (North Carolina).

In EMEA, full-year sales were down 2.5% at CER and on a like-for-like basis. However, after stripping out France, the region posted growth of 7.6% for the year. In France, the completion of the adaptation of manufacturing processes in line with the switch in the mix to comply with supply chain reform (from single dose to large vials) led to a return to growth in the fourth quarter of 2025.

In the Americas, full-year revenue was down 3.8% at CER and like-for-like. This decline, concentrated in the fourth quarter of 2025, was due to the delay in the release of batches produced at the Raleigh site because of the work being carried out under the compliance plan following the recommendations of the Food and Drug Administration (FDA).

In Asia, revenue for the year was down 4.8% at CER and like-for-like, due in particular to the loss of a major call for tenders in Vietnam.

By business, full-year revenue in Diagnostic Imaging was down 5.3% at CER and like-for-like, due to:

• In the IRM division (-1.9%), an increase in the Dotarem^® / Elucirem^TM franchise over the first nine months, followed by a decrease in the fourth quarter linked to the situation at the Raleigh site.
• In the X-ray division (-7.2%), the decrease in volumes for Xenetix^® and Optiray^®, mainly in France.

In Interventional Radiology, revenue rose by 9.7% at CER and like-for-like in 2025, still driven by solid momentum in volumes and prices for Lipiodol^®, particularly in vascular embolization.