Guerbet posted a net loss of €32.7 million in the first half of 2026, a sharp reversal from the €1.3 million profit recorded in the same period last year. The result was primarily driven by €14.3 million in exceptional costs related to the remediation plan at its Raleigh industrial site and significant restructuring charges.

Revenue stood at €379.2 million, down 2.2% in published terms but nearly stable (-0.1%) at constant exchange rates and like-for-like. This performance aligns with the Group’s full-year forecast, reflecting business resilience despite disruptions at the Raleigh facility and market challenges in China.

Regional and Segment Performance

The Group’s revenue trajectory varied significantly across geographies. EMEA revenue rose 1.8% at CER, supported by a 9.0% return to growth in France. The Americas saw a 1.2% increase at CER, with the second quarter improving by 4.8% as batch release rates at the Raleigh site normalized. Conversely, Asia revenue declined 5.0% at CER, concentrated in China due to healthcare spending reductions and regulatory shifts toward volume-based procurement.

By business segment, Diagnostic Imaging revenue dipped slightly by 0.9% at CER, impacted by Dotarem export sales, while Interventional Radiology grew 4.7%, driven by Lipiodol® in vascular embolization.

Profitability and Balance Sheet Pressure

EBITDA fell to €30.6 million from €46.1 million a year earlier, resulting in an EBITDA margin of 8.1%. Restated EBITDA margin, excluding non-recurring restructuring expenses, contracted to 9.1% from 12.9%. The operating loss widened to €18.4 million, reflecting €31.1 million in depreciation and amortization and €17.9 million in provisions for transformation plans.

Free cash flow turned deeply negative at -€30.2 million, compared to -€8.4 million in H1 2025, due to lower EBITDA and increased capital expenditure of €30.2 million. Net financial debt rose to €355.9 million, pushing financial leverage to 5.3x. The Group has secured waivers for leverage ratios through June 2027 and is finalizing a refinancing arrangement by October 31, 2026.

What the Numbers Show

A divergence between operational control and exceptional burdens defines this half-year. While personnel expenses decreased by 6.9%, indicating tight cost management, this was overwhelmed by the €14.3 million Raleigh remediation cost and a €16.2 million increase in provisions (from €1.7 million to €17.9 million). Consequently, the restated EBITDA margin decline of 380 basis points (from 12.9% to 9.1%) highlights that core profitability erosion extends beyond one-off site issues, signaling structural pressure ahead of the planned 2027 transformation benefits.

Outlook and Management Changes

Guerbet confirmed its full-year 2026 targets, including stable revenue at CER and a restated EBITDA margin of around 8%. Free cash flow is expected to remain materially negative between -€50 million and -€70 million. To support the accelerated transformation plan, Océane Mignot was appointed Chief Transformation Officer. Meanwhile, Chief Financial Officer Jérôme Estampes will resign at the end of December 2026, remaining committed to concluding ongoing refinancing discussions.