Agfa Secures €19.9M, Closes Chapter on Multi-Year Aurelius Dispute

MORTSEL, Belgium – January 16, 2026 – Agfa-Gevaert Group is set to receive a €19.9 million payment, bringing a definitive end to a protracted financial dispute with Aurelius Group. The resolution, determined by an independent expert, closes a contentious chapter following the 2022 sale of Agfa’s Offset Solutions division and provides a timely capital injection to fuel the company's ongoing strategic transformation.

The final ruling clears the path for Agfa to move forward, unburdened by the legacy issue. “We are very satisfied that, more than 3 years after the announcement of the sale transaction, we can finally close this chapter,” stated Pascal Juéry, CEO of the Agfa-Gevaert Group. “We can now fully focus on the ongoing transformation of the company, for which the amount we are about to receive will be deployed.”

The Anatomy of a Post-Acquisition Dispute

The conflict stemmed from the August 2022 share purchase agreement, in which Agfa sold its Offset Solutions division to the alternative investment firm Aurelius Group for an enterprise value of 92 million euro. As is common in major corporate transactions, the final purchase price was subject to post-closing adjustments based on metrics like working capital and net financial debt.

By the end of 2024, these adjustments resulted in an outstanding receivable of 31.4 million euro owed to Agfa. However, Aurelius disputed a significant portion, totaling 19.1 million euro, leading to a standstill. While Aurelius paid 5.9 million euro of the undisputed amount in April 2025, the larger sum remained locked in disagreement, necessitating the intervention of an independent expert to arbitrate.

The expert’s final report has now determined the price adjustment amount to be 14.7 million euro. This binding decision automatically unlocks an additional 5.2 million euro from the previously undisputed portion. The combined total of 19.9 million euro is due for payment within 15 business days, providing Agfa with a significant and immediate cash influx.

A Timely Injection for a Strategic Pivot

The resolution comes at a pivotal moment for the 150-year-old imaging technology company. Agfa has been navigating a challenging financial landscape while executing an ambitious transformation plan under CEO Pascal Juéry, who took the helm in 2020. The company’s most recent financial reports from 2025 paint a picture of this transition.

In the third quarter of 2025, Agfa reported a net loss of 19 million euro, with overall sales declining. The company's net financial debt stood at 65 million euro at the end of the quarter. Despite these pressures, Agfa generated a positive free cash flow of 21 million euro in Q3, largely thanks to improvements in working capital management and a separate cash-in from an arbitration case.

This backdrop makes the €19.9 million payment more than just a settled debt; it is strategic capital. The funds are earmarked to accelerate the company's shift away from declining traditional film markets and toward its designated high-growth engines. This will likely involve bolstering investments in key divisions and supporting cost-optimization programs designed to streamline legacy operations.

Fueling the Engines of Future Growth

Agfa's transformation strategy is focused on leveraging its deep technological expertise in three core growth areas: HealthCare IT, Digital Print & Chemicals, and the rapidly expanding Green Hydrogen Solutions business. The divestment of the more traditional Offset Solutions division was a key step in this strategic repositioning.

• HealthCare IT: This division is aggressively transitioning to a cloud-based, recurring-revenue model with its Enterprise Imaging platform. Despite a recent dip in revenue as it shifts from license sales to cloud subscriptions, order intake has been robust, with a significant portion coming from new customers and cloud-related contracts. The focus is on providing hospitals with streamlined, integrated imaging solutions.

• Digital Print & Chemicals: This segment has been a consistent growth driver, with a 5.1% revenue increase in Q3 2025. Agfa is capitalizing on the shift to industrial and packaging digital printing, launching high-speed printers like the SpeedSet Orca 1060 and securing major contracts for its water-based inks and printing systems. Ink sales, a key recurring revenue stream, have shown strong double-digit growth.

• Green Hydrogen Solutions: Perhaps the most promising new venture, Agfa's ZIRFON membrane technology has evolved from an R&D project into the company’s most profitable unit in 2024. These membranes are a critical component in alkaline water electrolysis for producing green hydrogen. With production capacity already scaled up and further expansion planned, Agfa is positioning itself as a key supplier for the burgeoning clean energy sector.

A New Structure for a New Era

To better reflect its strategic priorities, Agfa implemented a new organizational structure effective January 1, 2026. The company now operates under three clear segments: HealthCare IT; Industrial Solutions (comprising Digital Printing and Green Hydrogen); and Imaging and Chemicals, which houses the more traditional film and radiology activities.

This reorganization is paired with a rigorous cost-reduction plan for its legacy film business, which aims to cut costs by 50 million euro by the end of 2027. By resolving the long-standing dispute with Aurelius, Agfa’s management has eliminated a significant distraction and secured valuable resources. The company can now direct its full attention and enhanced capital toward executing this new structure, driving innovation in its growth divisions, and solidifying its future in a rapidly changing technological landscape.