Slides
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Preliminary notes Safe harbor statement This presentation may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Barco is providing the information as of this date and does not undertake any obligation to update any forward-looking statements contained in this deliverable in light of new information, future events or otherwise. Barco disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other deliverable issued by Barco. Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Welcome & Agenda Willem Fransoo
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Objective of the day Insights on Barco Meet Barco Experience Barco • New applications and demonstrations • Experience center 2.0 • Opportunities and ambitions • Deep dive on markets & business units • Corporate strategy and objectives • Meet our management C-level, business unit leads & executive team Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Agenda CMD25 08:45 - 09:30 Welcoming & registration Central Park 09:30 - 09:40 Welcome Theater + Webcast Willem Fransoo 09:40 - 11:00 Keynote • Corporate and technology strategy • Manufacturing / Global Logistics • Sustainability • Financial Objectives • Capital allocation Theater + Webcast An Steegen, Rob Jonckheere, Ann Desender 11:00 - 11:20 Coffee break Central Park 11:20 - 12:20 Divisional carrousel 1 – in 3 groups Demopods/Theater Ta Loong Gan, Jan van Houtte, Tom Sys, Dirk Feyants, Johan Fornier, Peru Dharani 12:20 - 13:20 Divisional carrousel 2 – in 3 groups Demopods/Theater Ta Loong Gan, Jan van Houtte, Tom Sys, Dirk Feyants, Johan Fornier, Peru Dharani 13:20 - 14:30 Lunch & optional demonstrations Central Park 14:30 - 15:30 Divisional carrousel 3 – in 3 groups Demopods/Theater Ta Loong Gan, Jan van Houtte, Tom Sys, Dirk Feyants, Johan Fornier, Peru Dharani 15:30 - 16:00 Divisional carrousel 4 - plenary Theater Gerwin Damberg 16:00 - 16:30 Closing and Q&A Theater An Steegen, Ann Desender, Willem Fransoo 16:30 - 17:00 Closing drink / Coffee Central Park Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Meet Barco An Steegen | CEO Gerwin Damberg | Cinema Ann Desender | CFO Dirk Feyants | Diagnostic Imaging Johan Fornier | Surgical & Modality Ta Loong Gan | Immersive Experience Lien Meuleman | CHRO Rob Jonckheere | Global Operations Tom Sys | Control Rooms Jan van Houtte | Meeting Experience Kurt Verheggen | General counsel Philippe Verlinde | CDIO Kenneth Wang | China Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Barco CTRL ClickShare Hub HDR by Barco Encore3 Image Processing Experience Barco OneLook Nexxis 3D Displays Brilliant Assistant QAWeb SwiftAgent Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Eye on Tomorrow An Steegen Ann Desender Rob Jonckheere
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How we look at Barco An Steegen - CEO • Retrospect & SWOT • Our vision • Trends that shape our future Strategy & innovation An Steegen - CEO • Key priorities • Strategy & innovation • Markets Manufacturing & logistics Rob Jonckheere – SVP Operations • Focused factories • Global service Sustainability Ann Desender - CFO • Retrospect & SWOT • Our vision and ambition Financials and long-term outlook Ann Desender - CFO • Target 2028 • Capital allocation Keynote - Agenda 1. 2. 3. 4. 5. Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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How we look at Barco 1. Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Leader in advanced visualization, video networking & collaboration 01 Advanced Display & Projection 02 Image Processing & Insights 03 AVoIP networks & Connectivity 04 Computation, Data Analytics & AI 90+ years of innovation Strong global team of +3.000 people Global manufacturing with focused factories Strongbalance sheet with consistent dividend policy This is Barco 29% Healthcare 27% Enterprise 44% Entertainment 47% 32% 21% €947m Sales in 2024 DIAGNOSTIC IMAGING SURGICAL & MODALITY MEETING EXPERIENCE CONTROL ROOMS CINEMA IMMERSIVE EXPERIENCE Centered around 3 core markets Present across the globe The Americas EMEA APAC Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Focus on 3 target markets Navigating covid Focus to perform Setting the visualization standard in our markets Expanding hardware leadership into software growth 2017 - 2019 2020 - 2022 2023 - 2025 Leading in new paradigms of visualization Enabling connectivity, workflows & applications 2026 - 20282014 - 2016 Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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How we look at Barco • Global visualization and AVoIP leader • New products, mid-segment expansion • Strong balance sheet & cash flow • Sustainability track record • Software-driven margin growth • Growth in AI, workflows and services • Leverage focused factories (EU/China) • M&A for software, adjacencies • China market challenges • Reduced forward-looking visibility • Enterprise markets evolving at high pace • Limited topline growth • Macroeconomic & geopolitical risks • Competing technologies • Speed of competition • Hardware commoditization Strengths Weaknesses Opportunities Threats Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Turning any surface into a canvas Driving productivity with software, AI and workflows Connecting people, data and decisions Our vision Visualize and connect the world Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Barco confidential Eye on Tomorrow Barco Capital Markets Day 23.10.2025 5 market trends that will shape Barco’s future
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Visualization is everywhere Drives engagement and productivity Advanced imaging is critical in professional markets Screens and surfaces turn into interactive interfaces Real-time rendering enables live data insights and immersive formats
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Impact of connectivity Enabling robust and (cyber)secure remote operations Interoperability across platforms and ecosystems End-user experience central in product and service design Seamless and scalable data transmission with AVoIP networks
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Digital workflows drive productivity From siloed tools to integrated digital platforms Efficiency and scalability via workflow automation Modular upgrades and remote services Real-time insights and decision-making
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 AI-powered transformation Reshaping content creation and image processing Real-time data insights and AI- supported workflows Predictive maintenance driving operational efficiency From rule-based to learning-based AI systems
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Sustainability: from compliance to differentiation Stakeholders require measurable ESG impact Energy efficiency and circularity are competitive differentiators Embedded in procurement, product design, and operations Sustainable employers attract top talent
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Strategy & innovation 2. Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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CORE 2021–2024 Set the visualization standard in our markets 2025–2028 Growth through software differentiation Organizational efficiency Focused factories Innovation & NPIs Several repeated headwinds Covid ’20-’23 Supply chain crisis International wars Energy & Inflation crisis Stagnant China Portfolio management Gained market shares & launched new products Pockets of growth Strong cash & balance sheet Gradual transition towards more recurring revenues Optimizing capital allocation Software, workflows & AI GROWTH Lead premiumization in Cinema; HDR by Barco as enabler Inorganic opportunities Harvest recent NPIs and expand in adjacencies Investing in ongoing transformation for long-term value Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Key priorities for Barco Optimized capital allocation Invest in inorganic growth and M&A Return of excess cash to shareholders via share buybacks and dividend Expand in core markets All - in on Entertainment Leverage installed base, grow in adjacencies and mid-segment Lead premiumization in Cinema with HDR by Barco as key enabler Focus on software and AI workflows Creating user value with intelligent, AI-powered workflow automation Driving recurring revenues through software and services Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Visualization Everything is a canvas Connectivity Connected solutions, in the cloud & on premise Digital workflows & applications platform End-user productivity Our innovation vision Enabling connectivity, workflows & insights, AI-driven Real-time compute & AI Connected Cloud of everything Next generation AVoIP networks Changing paradigms of visualization Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Visualization Everything is a canvas Differentiate with advanced image processing Expand into adjacencies & mid-segment, leveraging scale Advanced visualization at the core Real-time compute & AI Enhance image quality with real-time compute HDR by Barco Coronis OneLook I600 3D Glass free More interactivity between user and display Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Connectivity Connected solutions, in the cloud and on-premise Secure and modular platforms, easily accessible for app integration Expand AVoIP solutions into emerging markets and mid-segment Visualization Everything is a canvas Connecting solutions with AVoIP networks Barco CTRL Encore 3 ClickShare Hub Real-time compute & AI Deploy AVoIP architectures and eco-systems enabling real-time compute Nexxis Compute AVoIP networks with low latency and high quality Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Connectivity Connected solutions, in the cloud & on premise Visualization Everything is a canvas Digital workflows & applications platform End-user productivity Workflow-driven use cases and solutions New offerings: data, analytics and services Creating value with workflows and applications Transition to XaaS with licensing and recurring revenues SwiftAgent Lightbox for HDR Brilliant Assistant Real-time compute & AI Own and third-party AI use cases for workflow automation and user productivity SlideRightQA Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Developing the operating room of the future Eye on Tomorrow Barco Capital Markets Day 23.10.2025 3D surgical guidance Comprehensive data capture Latency-free streaming, remote surgery Voice-controlled interfaces and seamless integration Real-time video overlays 4K precision imaging and beyond
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Maximize simplicity, foster collaboration Eye on Tomorrow Barco Capital Markets Day 23.10.2025 AI-driven operator workflow support End-to-end security up to the pixel Unified experience across touchpoints Open ecosystem integration Embedded in the IT infrastructure Next-generation operator-centric Control Rooms
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HDR Lightsteering technology Premium large formats Recurring revenue models Smart energy use Premium Cinema experiences in HDR by Barco Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Setting the standard from post-production to projection 6 x brighter 5 x darker
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EXHIBITORS LOVE IT ON TRACK TO BE AT OVER 100 LOCATIONS WORLDWIDE BY THE END OF 2026 STUDIOS ARE ON BOARD 9 MAJOR HOLLYWOOD STUDIOS HAVE RELEASED TITLES IN HDR BY BARCO MOVIES ARE NEXT LEVEL WITH MORE THAN 30 HDR BY BARCO TITLES IN 2025 ALONE MOVIEGOER RECOMMENDED +90% OF MOVIEGOERS WOULD RECOMMEND HDR BY BARCO TO OTHERS N=300 Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Barco’s growth opportunity Diagnostic Imaging High-precision diagnostic display systems for radiology, pathology, and clinical review imaging Surgical & Modality Enhanced visualization and connectivity for digital operating rooms and clinical modality imaging Our markets in Healthcare Precision diagnosis and treatment with trusted visualization, connectivity, and intelligent workflows • Growth in digital pathology and remote reading • Expand into new verticals, life sciences and CROs • Upsell software across large installed base • Monetize smart displays and AI applications • Scale Nexxis platform into mid-segment operating rooms and ambulatory surgical centers Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Barco’s growth opportunity Our markets in Enterprise Seamless collaboration and confident decision-making, leading on cyber-security Meeting Experience Seamless meetings and collaboration with smart, secure, and scalable workplace technology Control Rooms Confident decision-making through secure, scalable, and operator-centric visualization and control solutions • Capture market share in the room system market • Lead in AI-driven collaboration • Software-driven control room upgrades • Drive controller market consolidation • Expand LED processing beyond Barco LED walls Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Barco’s growth opportunity Our markets in Entertainment Premium visual storytelling through advanced projection and HDR, powered by smart workflows Cinema Delivering immersive cinematic storytelling through premium projection, laser innovation, and HDR visual excellence Immersive Experience Creating unforgettable visual journeys with high -end projection, advanced image processing, and AV ecosystems • Lead laser renewal cycle • Growth of premium cinema, enabled by HDR by Barco • Recurring revenue via service models • Lead in premium projection and AVoIP image processing • Expand in adjacent markets and mid-segment Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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In summary - key priorities for Barco Optimized capital allocation Invest in inorganic growth and M&A Return of excess cash to shareholders via share buybacks and dividend Expand in core markets All - in on Entertainment Leverage installed base, grow in adjacencies and mid-segment Lead premiumization in Cinema with HDR by Barco as key enabler Focus on software and AI workflows Creating user value with intelligent, AI-powered workflow automation Driving recurring revenues through software and services Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Manufacturing and logistics 3. Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Global Operations - retrospect Vertical integration of critical technologies to de-risk supply and enable value creation Focused factories and lean processes secure agility in geopolitical context Insource subassemblies to drive technology advantages and use AI to enhance T&A • Optical clear display bonding in Suzhou 2023 • Wuxi factory fully operational • Insource Image Processing 2024 • Start Kortrijk factory automation and integrated warehouse • Insource Video Switchers • Expand service footprint • Start new plant in Gerenzano, Italy • Automated projector alignment (AI) • Investigate investment in optical coating 2025 >2025 Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Manufacturing and service footprint 38 Existing extensive service & repair New specific service & repair Existing parts hub New parts hub Dallas UK Duluth / Atlanta Dubai Japan Taiwan Suzhou Wuxi Noida Factory plant Saronno 4 focused mirror factories in Europe & China + expanded service network, optimizing logistics Kortrijk/Kuurne integration by end ’26, Gerenzano to replace Saronno by end ‘27 Kortrijk Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Efficiency & Productivity Lean manufacturing & process optimization • iGemba & Kaizen across all factories • Scrap, Yield, Throughput • Standardization of test and alignment Capacity & Capability Flexible supply chain & risk management • Mirror factories tailored to BU’s • Geopolitical flexibility • Dual sourcing & mitigation Technology & Innovation Value creation & automation • Digitization of processes • Automation of processes in all functions • Vertical integration of core technologies Strategic alignment Vertical integration & automation • Automated / Integrated logistics • Vertical Integration : Assembly → Manufacturing • Sustainability (energy/waste) Global Operations – focus areas 1. 2. 3. 4. Flexibility and vertical integration are key in geopolitical context Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Wuxi plant with state-of-the-art automation Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Global Services Investments in Services have improved our operational efficiency and are resulting in a higher customer loyalty and NPS score Regional service footprint expanded • Lower transport cost • Same day parts delivery • Faster turn around time AI-driven global tools & processes (S4H and Salesforce) resulted in 15% efficiency gain in 3 years Boosting service experience • Digitization • AI-driven knowledge base • Omnichannel access to experts Adding managed services to enable more recurrent revenues Operational improvements improved the NPS score to 64 (up from 45 in ’22) Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Conclusion Exploiting focused factories and automation to enable manufacturing and service flexibility Manufacturing footprint Focused factories for tailored solutions and mitigating geopolitical issues Manufacturing operations Integrated manufacturing to control quality and supply Service footprint Enhanced warehouse and service footprint to improve efficiency and Turn Around Time Service operations Operational Excellence (AI), 24/7 support and service digitization Continued investment in Service & Manufacturing € 50 m invested in past years in Suzhou, Wuxi and automation € 30 m investment planned in Kortrijk and Gerenzano Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Sustainability 4. Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Embedding sustainability in our strategy, with measurable impact Focus on material topics based on strategic stakeholder consultation From projects towards fully integrated in company strategy & processes • Strategic stakeholder consultation • Deliver on 2023 sustainability targets 2023 Launch new strategy ‘Sustainable Impact Journey’ 2024 • 1st CSRD aligned Integrated Annual Report • 2030 & 2050 SBTi emission targets • Deliver on ambitious 2027 & 2030 targets • Continuing to embed in all business processes 2025 Beyond 2025 From must comply to value creation driver Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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We engage people foster entrepreneurial, adaptable and inclusive teams We empower society for sustainability & resilience Accelerating our Sustainable Impact Journey We protect earth by taking climate action & developing more sustainable products Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Protecting Earth Towards net zero emissions by 2050, with sustainable and circular solutions 46 We take science-based climate action We develop more sustainable products Commitment Targets 85% of revenue from ECO-labeled products by 2028 baseline 2024 By 2030 Reduce absolute scope 1, 2 & 3 carbon emissions by 25% or 134k tCO2e By 2050 Reduce absolute scope 1, 2 & 3 carbon emissions by 90% baseline 2024 Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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-90% Reduce absolute scope 1, 2 and scope 3 carbon emissions baseline 2024 -42% Reduce absolute scope 1 & 2 carbon emissions baseline 2024 -25% Reduce absolute scope 3 carbon emissions baseline 2024 30% 30% of our suppliers by emissions, covering purchased goods and services, will have science-based targets baseline 2024 -45% Reduce total absolute carbon emissions (404K ton CO2e) baseline 2015 Climate change Step-wise journey to net zero emissions by 2050 by 2025 by 2030 by 2050 In 2024, we have realized a reduction of 62% versus 2015 baseline (limited scope of calculation) Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Engaging People Fostering entrepreneurial, adaptable and inclusive global teams 75% Increasing employee engagement score towards 75% 20 hours Minimum 20 yearly formal training hours per employee Promoting an inclusive environment with a dedicated culture program Eye on Tomorrow Barco Capital Markets Day 23.10.2025 We co-create a healthy, safe & smart organization We embed a continuous learning mindset Commitment Targets
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Empowering Society Drive sustainable change through innovation & technology Cultivate responsible & reliable business Provide access to education & health for all Commitment Targets 100% We engage with all our suppliers on sustainability performance 0 0 critical health, safety & security incidents with our products or services Enabling sustainability and resilience 50+ Global Net Promoter Score of at least 50 3 Cyber-security maturity score (Cyfun Important) above 3.00 by 2026 Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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2024 AA 9.8 Negligible risk B- 55/100 Robust 47 A- A for Supplier Engagement Silver 2023 AA 13.2 Low risk C+ Prime 55/100 Robust 45 B Gold 2022 A 11.2 Low risk C+ Prime / / B- Silver Ranking Top 18% of Electronic Equipment, Instruments & Components industry 7th out of 129 in the Electronics Equipment subindustry Top 20% of the Electronic Devices & Appliances Industry Top 15% in Technology-Hardware sector Top 9% of Electronic Equipment, Instruments & Components industry Top 15% of respondents External recognition - ESG ratings Barco scores consistently well above average in ESG ratings Time Magazine’s World’s Most Sustainable Companies 2025 Financial Times’ list of European Climate Leaders 2025 Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Financials and long-term outlook 5. Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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0% 20% 40% 60% 80% 100% 0 200 400 600 800 1000 2021 2022 2023 2024 2025CSS Sales EBITDA % Gross Margin % Looking back - profitability resilient, amid topline pressure Topline challenged by market conditions in China, and several macro-economic and geopolitical headwinds. Profitability resilient with new products and cost control. Topline growth in Americas, offset by a decline in EMEA Expected post-covid growth in China did not materialize Growth momentum regained in 2025 YTD despite headwinds Gross margin strengthened by new product introductions, offset by product mix EBITDA resilient: strict OPEX cost control offsets missing topline operating leverage € 215-220m free cash flow generation in ‘23-’25, helped by inventory reductions Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Short term guidance Grow our topline 1 and drive profit expansion 2 while maintaining strict cost control 3 Sales above 2024 Management expects EBITDA margin % above 2024 Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Reconfirming expectations for 2025, in a year with geopolitical challenges Tariffs remain stable Assuming USD not further weakening vs mid-year
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Looking ahead - dynamics per division Strong topline growth opportunity for Entertainment. Software and OPEX models generate deferred and recurring revenues across divisions. Diagnostic Imaging growing with the market, while expanding in software Surgical & Modality focusing on profitability with software and cost-competitive displays Healthcare Growth opportunity for Meeting Experience in the room systems market Control Rooms shifting from hardware to software Gross margin improvement driven by Control Rooms, offset by broader portfolio in Meeting Experience Enterprise All-in: strong growth potential with an expanded portfolio in mid- segment and continued lamp-to-laser CaaS driving long-term value, HDR by Barco is key enabler EBITDA margin growth primarily driven by operating leverage on growing topline Entertainment Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Guiding principles for long-term value creation Steady and qualitative growth, profitability supported by new products and recurring revenues Qualitative sales growth New products 50+% of 2028 sales from new products launched in 2024-2028 Software Growing to 30% of sales by 2028 (vs 20% in 2024) Recurring revenues OPEX models & recurring revenues Profitability improvement Supported by new products & software, partially offset by mid- segment expansion Gross margin Operating leverage Supported by cost control, starting from a structurally lower OPEX and headcount Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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85% ECO-labelled revenues by 2028 SBTi Scope 1, 2 & 3 emission reductions 2030 vs 2024 -25% or -134k tCO2e Mid & long-term value creation Non-financial Qualitative growth, increasing recurring revenues, while reducing carbon footprint Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Sales organic EBITDA Improvement towards Recurring revenues From 11% in 2024, growing towards € 1.1bn 15% of sales 15% of sales Financial Ambitions by 2028
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Growth • M&A • Strategic alliances Share- holders • Dividends • Share buybacks Cash • Operational flexibility ~€ 195m Expected net cash YE2025 • After €60m executed & €30m announced share buyback programs in 2025 ~€ 200-250m Free cash flow ‘26-’28 • Working capital < 12% of sales (incl. contracts in process for CaaS) • CAPEX (non-CaaS) ~€70m over ’26-’28 • CAPEX (CaaS) ~€ 70-80m over ‘26-’28 Expected capital allocation 2026 → 2028 Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Optimized capital allocation Streamlining capital allocation, strong balance sheet provides flexibility for inorganic growth
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Healthcare Diagnostic Imaging Dirk Feyants Surgical & Modality Johan Fornier
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 29% of group revenue 53% Diagnostic Imaging 47% Surgical & Modality 61% Eco score % revenues from products with Barco ECO label Based on 2024 sales breakdown Healthcare Powering precision diagnosis and treatment through trusted visualization Life sciences, Bio pharma, Clinical Research organizations Diagnostic lab Mammography Ambulatory surgical center Remote reading Private imaging center Specialist practice Oncology Surgery Interventional radiology Radiology Pathology
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Retrospect Healthcare Peak demand in 2022 due to supply chain crisis, led to inventory corrections in years after SALES (in million euro) 261.5 341.7 285.9 273.2 2021 2022 2023 2024 EBITDA (in million euro) EBITDA margin hit in 2023 by lower topline, but recovering on improving gross margins and more software in the product mix Gross profit margin gradually increasing due to improving product mix with more software Topline surge post-covid, driven by advanced buying in response to supply chain crisis. Gradual build-down of excess customer inventories until mid-2024. 87.2 116.4 102.9 105.5 2021 2022 2023 2024 22.4 38.4 27.8 34.2 2021 2022 2023 2024 Eye on Tomorrow Barco Capital Markets Day 23.10.2025 GROSS PROFIT (in million euro) 38.6% 12.5%
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 BUSINESS UNIT Diagnostic Imaging DIVISION Healthcare
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Diagnostic Lab Services Life Sciences, BioPharma, CRO Private Imaging Centers Remote ReadingInterventional RadiologyBreast imaging Specialist Practices Oncology Radiology Imaging Digital OR Pathology 63 Diagnostic solutions expanding outside hospitals Significant opportunities in Life Sciences, Diagnostic Labs, Radiology networks and Remote Reading Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Diagnostic Imaging - Retrospect Expanding portfolio across clinical use cases Leveraging installed base with software and services (>750,000 displays installed) Developing new customer segments and clinic use cases • QAWeb cloud connects over 150,000 displays • DL Precise clinical AI 2023 • Coronis OneLook • ConnectCare enterprise fleet management service • Remote Reading: 8MP display 2024 • SlideRightQA: Quality assurance software in digital pathology • New graphic boards, NVIDIA-based (incl. AI platforms services) • 3D display • Expansion in new segments: Pathology (Pharma, CRO) and large (tele)Radiology networks 2025 2025 Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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AI automated workflows are enhancing clinical decision-making Industry Trends Outsourcing diagnostics to specialized independent centres, for increased efficiency, quality & compliance Digital transformation boosting the need for interoperability and connectivity Healthcare providers consolidate into large regional and global Healthcare centers Efficient healthcare Digital Transformation Rise of Enterprise AI Transformation Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Market opportunity Healthcare enterprises seek strategic partners to improve quality & compliance, manage equipment, speed up diagnostics, and streamline operations Enterprise solutions Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Remote reading is expanding across all clinical segments, with growing emphasis on diagnostic quality, compliance and asset oversight Remote reading Digital Pathology adoption is accelerating in Hospitals, Commercial Labs, CRO & Pharma (CAGR 15%, adoption 15-20%). Diagnostic services are developing outside the hospital to secure access and efficiency Diagnostic services diversifying & digitizing beyond radiology Leverage installed base, creating customer value through (AI-powered) software and services that maximize clinical and operational impact. Software and Services
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Addressed market & market share Addressed market 2024 € 360 m Market Share Barco 2024 Barco’s growth opportunity 2025-2028 Pathology Mammography Radiology, incl Clinical review Lifesciences (CRO, Pharma) Expected market evolution 2025-2028 Eye on Tomorrow Barco Capital Markets Day 23.10.2025 20% 53% 46% New market Double digit Low-single digit Low-single digit Double digit • Capture share with innovative and competitive solutions • Leverage installed base with software and services • Drive upgrade cycles and upsell opportunities • Penetrate new segments with targeted channels • Broaden reach with software, AI & new business models
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Worldwide market share (2024) Competitive landscape 46% Barco Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Barco is global market leader with strongest position in North America 44% Eizo, LG, Beacon, Jusha 10% Others Why do our customers choose for a Barco display? Advanced Technology • Optimized for clinical excellence • Global leader, setting the industry standard Quality Assurance • Consistent quality throughout lifetime • Enterprise-wide quality & compliance • 150,000+ connected displays Regulatory Compliance • Designed to meet world-wide regulatory standards • FDA, MDR, IVDR cleared Continued Availability • Industry-leading warranty program • Worldwide sales and customer service
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End user segments Integrators / OEM / Value Added Resellers Clearly defined route to market per segment Eye on Tomorrow Barco Capital Markets Day 23.10.2025 PULL PUSH 65% Reseller 35% OEMHospital/Imaging Centers Radiology & Digital Pathology Large Labs, Contract Research Organizations (CRO), Pharma, Research Remote Reading (Tele-Radiology / Pathology) Enable Partners Influence Buyers
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Visualization Everything is a canvas Connectivity Connected solutions, in the cloud & on premise Digital workflows & applications platform End-user productivity Roadmap & value proposition Enabling connectivity, workflows & insights Real time compute & AI Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Healthcare enterprise solutions for diagnostic & workflow support and collaboration Enterprise services for compliance, asset management, diagnostic excellence, and workflows Segmented business models, diagnostics-as-a-service, managed services Capture share in core with innovation and segmentation Digitization wave in pathology segment Adjacencies: 3D, industry segments outside healthcare Leverage AI platform created for SlideRightQA Grow with QAWeb for more Quality & Compliance solutions Partner with AI-powered viewers, such as 3D viewers, to bundle with Barco displays Point-of-Diagnostic AI applications such as DL Precise
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Harnessing AI to streamline laboratory workflows SlideRightQA: Barco’s first AI SaaS to automate quality review of pathology images Standalone, scalable & vendor-neutral solutionin a fast-expanding market Eye on Tomorrow Barco Capital Markets Day 23.10.2025 • Prescreening of pathology images with AI • Intercepts non quality images in the workflow (95% AI detection vs 44% manual) • Only quality slides reach pathologist • Streamlined workflow efficiency
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Our vision is to leverage our core competences in visualization, quality control and clinical workflow to create end-to-end solutions with our partners to enable healthcare providers to deliver personalized care to their patients. Barco’s Diagnostic roadmap is focused on: • Scalable enterprise platforms that integrate across the patient journey including radiology, pathology and life-sciences • AI-enabled workflow tools that boost productivity and clinical impact • Global diagnostic partnerships that extend our reach and relevance • Capturing emerging trends in healthcare delivery and care innovation, such as Remote Reading, Genomics/Proteomics Conclusion
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 BUSINESS UNIT Surgical & Modality DIVISION Healthcare
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Surgical & Modality - Retrospect Decision to develop Smart Surgical Display & invest in seed round SoftAcuity Milestone: reached 12k+ Nexxis digital OR install base Showcasing Barco’s intelligent OR strategy at NVIDIA GTC Onboarding of new OR (operating room) integrators on Nexxis platform 2022 Development of Smart Surgical Display ‘Brilliant Assistant’ 2023 First surgical display with mini-LED technology Q2 2025 Cost-effective NexxisCube for digital OR and Ambulatory Surgical Centers (ASC) End of 2025 Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Industry Trends Surgical co-pilots provide intra-operative guidance to improve outcomes Proliferation of innovative medical devices requires advanced visualization Video and audio needs to be shared inside and outside operating rooms Tremendous drive to improve operational excellence with better data in OR Visualization is everywhere The rise of the connected user Digital workflows drive productivity AI-powered transformation Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Market opportunity Eye on Tomorrow Barco Capital Markets Day 23.10.2025 • € 2.2 B global integrated OR market: mid-single digit CAGR growth, predominantly OEM-driven • Nexxis well established in high-end segment (strong AV-integration) • NexxisCube as solution for mid-segment ORs (hospitals & ambulatory surgical centers with less AV integration needs) Nexxis & NexxisCube • Expansion beyond display & connectivity: 12k+ Nexxis OR installed base = standardized platform for productivity & clinical AI applications • Brilliant Assistant: user interface augmentation with sensors & edge compute capabilities • NexxisCompute: central hub for powerful AI applications (Barco & 3rd party software apps with ecosystem approach) Ecosystem: Brilliant Assistant & NexxisCompute
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Addressed market & market share Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Addressed market 2024 Barco’s growth opportunity 2025-2028 Expected market evolution 2025-2028 AV integration (€ 123M) Displays (€ 900 M) ~35% ~9% • New ORs in low-income regions and OR refurbishing in high-income regions contribute to low single-digit CAGR • Mid-single digit CAGR • Addressing high volume segments (ultrasound, endoscopy) • Strong demand for minimally invasive surgery (double-digit CAGR), image guided therapy & robotics OR applications / AI solutions (€ 1 B+) New market • Maintain lead in high-end • Expand in value segment with NexxisCube • Expected market share growth 2026-2028 • Eco-system approach with Brilliant Assistant and NexxisCompute Barco Market Share 2024
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Competitive landscape Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Displays 9% Barco 37% Sony, Eizo, Beacon, LG 54% Others Invasion of Asian and cross-sector industrial players intensifies market fragmentation AV integration 35% Barco 7% SDVoE 16% Other AVoIP (Non-IP) matrix switchers, SDVoE and other AVoIP are main competitive tech for Barco NexxisTM 42% Non-IP
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MedTech OEM partners Clearly defined route to market per segment Eye on Tomorrow Barco Capital Markets Day 23.10.2025 End customer Operating rooms Cathlabs Interventional suites Hybrid operating rooms Patient exam room Ambulatory Surgical Centers (ASC) OEM solutions Endoscope camera companies Surgical robotics companies Medical imaging companies Operating room integrators Clinical Ambulatory
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Visualization Everything is a canvas Connectivity Connected solutions, in the cloud & on premise Digital workflows & applications platform End-user productivity Roadmap & value proposition Enabling connectivity, improved collaboration & expertise sharing Real time compute & AI Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Voice commands transforms OR experience Assistance apps for pre/intra/post-surgery workflows Connect, share and educate with NexxisLive Enter mid-segment with NexxisCube Expand to new regions with tailored offering (China) Maintain Nexxis’ lead position in high-end OR Intelligent interface between clinicians and advanced imaging modalities & medical equipment Exceptional image quality for procedural needs Improve surgical outcomes with clinical AI applications NexxisCompute enables edge- computing at the edge in the OR Unique smart surgical display 'Brilliant Assistant'
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Best-in-class surgical display Workflow apps of today, AI of tomorrow Introducing Brilliant Assistant Next generation smart surgical display to power the AI evolution Voice enabled hands-free control Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Conclusion Focus on visualization and interconnectivity solutions for medical devices and operating rooms • Productivity driven by connectivity and workflow solutions • Continuous innovation in advanced visualization Nexxis operating room connectivity platform is basis for expansion • New mid-segment focus will drive market share growth • Developing an eco-system of software and clinical AI applications (beyond display & connectivity) will improve productivity
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Enterprise Meeting Experience Jan van Houtte Control Rooms Tom Sys
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Control room Auditorium Lobby Virtual reality environment Meeting rooms & huddle spaces Experience center Boardroom 27% of group revenue 53% Meeting Experience 47% Control Rooms 87% Eco score % revenues from products with Barco ECO label Based on 2024 sales breakdown Enterprise Enabling confident decisions and seamless collaboration in critical environments Training center
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Retrospect Enterprise Control Rooms focuses on software; 1H24 ClickShare inventory corrections impacted topline and margin mix SALES (in million euro) 233.1 317.2 303.8 254.1 2021 2022 2023 2024 GROSS PROFIT (in million euro) EBITDA (in million euro) EBITDA margin hit by lower ClickShare volume in the mix in combination with continued investments in R&D and sales. Gross profit margins resilient, although temporarily hit by lower ClickShare volume in 2024. Long-term supported by shift of Control Rooms to software. Meeting room market slowing down after post-covid surge, with inventory corrections in 2024. Control Rooms repositioned to software and abandoning certain Asian markets. 108.6 172.4 162.9 127.0 2021 2022 2023 2024 14.6 60.7 56.9 32.4 2021 2022 2023 2024 Eye on Tomorrow Barco Capital Markets Day 23.10.2025 50.0% 12.8%
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 BUSINESS UNIT Meeting Experience DIVISION Enterprise
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Meeting Experience - Retrospect 1.4m Meeting rooms equipped Conferencing > 60% of volume ClickShare App + 25% YoY growth 4.3 User Experience Complete hardware refresh 2022 ClickShare Bar Partnership with Microsoft Teams and MDEP ClickShare Hub 2024 20252024
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Industry Trends Customer behaviour & regulation Hardware vendor trends AI-driven user experience Single-vendor preference Security regulations to drive refresh Portfolio expansion across room types Embedded AI for sovereignty & quality Commoditisation of hardware & focus on advanced features Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Bring Your Own Device (BYOD) Meeting runs on personal device Room systems Meeting runs on device fixed in the room Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Dual landscape of video conferencing solutions Meeting room equipment + camera, mic & screen In-room participant laptop Workflow • Dongle or HDMI cable • No “compute” • No license cost • Control panel on the table • “Compute” to run one fixed UCC app • License cost for the room • Mandatory • Runs any UCC app User first • Starting conference call from laptop • In-room sharing does not require a call Room first • Starting the call from control panel • Sharing content always requires starting call & sharing in the call Optional Wireless BYOD Connect laptop wireless with room Wired BYOD Connect laptop with room via cable
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Room systems 950k 72% BYOD 370k 28% Room system segment expected to drive future growth of the video conferencing market Eye on Tomorrow Barco Capital Markets Day 23.10.2025 100 M spaces globally 45 M dedicated meeting rooms Approx. 7 M rooms (or 16%) are video enabled Annually newly installed video enabled systems globally in 2024 Evolution ‘24-’28 -1% Shift to low-cost solutions. -6% p.a. decline for >1,000$ segment 0% +6% +4% Source: The Futurum Group (Wainhouse); Futuresource; Barco team analysis, VC market; BYOD systems, Room systems. Displays not included. Wireless BYOD includes a BYOD camera; All Video Conferencing meeting room equipment in a room is considered 1 system Total 1.3 M 100% Wireless BYOD 214k 16% ClickShare Conference
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Market opportunity Eye on Tomorrow Barco Capital Markets Day 23.10.2025 • Only approx. 16% of 45M meeting rooms are video-enabled (screen+camera+audio) Millions of rooms still to video-enable • Triple replacement cycle expected: • BYOD → Room system • 1st generation Android appliances end-of-life • Windows 10 room devices reaching end-of-life • ClickShare offers low-touch upgrade path reusing existing displays and peripherals Market refresh wave 2025 to 2027 • In 2024, 72% of newly equipped meeting rooms were fitted with a room system • With ClickShare Hub, Barco is positioned to address this dominant segment Addressing every solution space • AI is moving from “smart features” to active agents • ClickShare’s roadmap brings AI-powered predictive diagnostics, automated policy enforcement and proactive optimization to reduce IT effort at scale. AI-driven experience and autonomous management
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Addressed market & market share Eye on Tomorrow Barco Capital Markets Day 23.10.2025 2024 addressable market and market share (value) calculated at MSRP. (*) Wireless BYOD videoconferencing devices of >1,000$. Excludes BYOD Audio-Video devices such as all-in-one bars or modular setups without room compute. (**) Wireless presentation devices of >500$. Addressed market 2024 (MSRP) Market Share Barco 2024 Barco’s growth opportunity 2025-2028 Expected market evolution 2025-2028 €230m Wireless in-room presentation** 24% Mid-single digit shrinking market, driven by video-enablement Protecting share in declining market environment €4.3b Videoconferencing ~4% Single digit growing market, driven by refresh cycle and increase in video enablement of smaller rooms High growth opportunity from future portfolio expansion €320m Wireless BYOD* >60% Single digit shrinking market Market share capture from new innovations, compensating for market decline ~€3.5b Room system videoconferencing New market Mid-single digit growing market, driven by enterprise standardization and UC&C platform market power High growth opportunity from newly announced ClickShare Hub and future portfolio €480m Wired BYOD 0% Low-single digit shrinking market No strategic focus
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Competitive landscape Barco is the absolute leader in the Wireless presentation and conferencing market with sizeable share in the broader videoconferencing market Wireless presentation* 24% Barco 31% Mersive, Crestron, Atlona, Beng, Boegam 45% Others 2024 Market share (value) calculated at MSRP; (*) For wireless presentation solutions sold at >500$; (**) For wireless conferencing solutions sold at >1,000$ Wireless conferencing** >60% Barco 32% Mersive, Crestron, Kramer, Biamp, Airtame 7% Others Total videoconferencing market ±4% Barco 65% Cisco, Logitech, Poly, Huawei, Yealink 31% Others
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End Customers Go-to-Market Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Large accounts (incl F1000) Small & medium sized enterprises Public & Government Alliance partners Workplace Consultants Traditional AV & UCC resellers Small IT resellers Direct Market Resellers Managed Service Providers Large IT System Integrators Distributor Efficiency, Scale, Cash flow Influence / control Sales flow Channel managers Business Development managers Alliance manager
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Connectivity Connected solutions, in the cloud & on premise Digital workflows & applications platform End-user productivity Roadmap & value proposition Enabling connectivity, workflows & insights Real time compute & AI Eye on Tomorrow Barco Capital Markets Day 23.10.2025 ClickShare App enabling Smart Meeting Flow XMS Cloud driving efficient largescale deployments New Generation ClickShare Present and Conference Solutions certified for Microsoft Teams Rooms Ensure maximal uptime through agentic AI Better collaboration outcomes through AI assistant
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 From Video-enabled to AI-enabled rooms Zero disruption collaboration: automation maintenance and support flows Create seamless and natural collaborations in the workplace by leveraging “eyes & ears” of the meeting room 2. 1. AI-enabled meeting rooms will bring: Targeting to become one of the leading players in the complete video conferencing market
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Conclusion From leading in niche market to broad market • Expanding into the fast-growing room systems market • Building further on Barco’s unmatched legacy in wireless conferencing Become the brain of the AI enabled meeting room • Embed AI into every meeting room • Enable predictive diagnostics, seamless collaboration, and autonomous room orchestration • Unlocking new value for users, IT and partners
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 BUSINESS UNIT Control Rooms DIVISION Enterprise
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Barco Control Rooms - Retrospect Yearly innovations by launching new platforms and software releases 400+ Control Rooms equipped with Barco CTRL 4500+ video walls installed since 2022 LED TruePix, high- resolution LED, for control rooms, corporate and broadcast 2022 Barco CTRL, AVoIP control room solution providing simplicity, scalability and security 2023 6 Barco CTRL releases ensure rapid value delivery and enhanced customer responsiveness 'Connected Control Room' for secure global collaboration LED alliance for state-of-the-art solutions 2025 Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Eye on Tomorrow Barco Capital Markets Day 23.10.2025 2024
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Industry Trends Eye on Tomorrow Barco Capital Markets Day 23.10.2025 More focus on sustainable solutions Increased risks and uncertainty (cybersecurity, geopolitics, environment) Far more data & data sources to analyze and manage – increase of AI-based analysis and prediction Growing need for collaborative, cross-site decision-making Risk & Uncertainty Ever more Data Collaboration Sustainability
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Addressed market & market share Addressed market 2024* € 960M Market Share Barco 2024 13% Barco’s growth opportunity 2025-2028 Expected market evolution 2025-2028 Eye on Tomorrow Barco Capital Markets Day 23.10.2025 *All data based on global market, excluding China Wall & Desk Controller (€ 650M) 7% • Stable growth – mid single digit • Focus on operator desk (KVM), growing importance for the control room operator (expanding TAM) • Lead the consolidation wave in controllers by capitalizing on the rising cyber security requirements Video Walls (€ 310M) 25% • LCD stable over next years • Rear Projection volume reducing • LED evolving & growing fast • Maximize unique UniSee LCD value proposition • Expand LED processing beyond Barco LED walls
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Competitive landscape Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Display dominated by LED, Controllers market highly fragmented Displays 25% Barco 50% Samsung, LG, Leyard, Hikvision, Daktronics 25% Others Controllers (Wall & Desk) 7% Barco 63% Weytec, G&D+VuWall, Haivision, Cyviz, Datapath, Blackbox, … 30% Others *All data based on global market, excluding China
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Grow market share, Upgrade Installed Base and Expand product portfolio and market reach Market Opportunities Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Lead market consolidation by capitalizing on the fragmented landscape and rising cybersecurity barriers that demand strategic investment Controller Market Consolidation Pursue key certifications to unlock high-trust markets (vertical and geographical) including security and resilience for critical infrastructure Mission-critical Security Continue to leverage our installed base of +17.000 control rooms for upgrade and renewal opportunities (hardware & software) and higher customer intimacy Installed Base Leverage Expand our LED portfolio and market reach by integrating Barco’s LED processing technology with top-tier LED vendors, leading technology-driven consolidation LED Processing Solution
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Repeat / Run-rate Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Clearly defined route to market per segment Focus on Large System Integrators and Distribution to grow run-rate business Projects End customer • Military & Government • Energy & Utilities • Transportation • NoC & SoC • Manufacturing • Healthcare • Corporate Large System Integrator Partner/Integrator Distribution Reseller Partner/Integrator
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Barco CTRL Integrated solution for Control Rooms Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Simply stand out Scale with your needs Build on our trust
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Visualization Everything is a canvas Connectivity Connected solutions, in the cloud & on premise Digital workflows & applications platform Empowering the end user Real time compute & AI Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Exploration: Data-driven & automated operator support • Cross application integration of data • Solutions for accelerated decision-making Human interaction on pixel layer - Barco CTRL • Product roadmap focus on desk (KVM) • Built for secure IT-ecosystems Display portfolio extended through LED alliance • With top-tier LED Vendors • Deliver end-to-end security to the pixel AI-driven workflow support Intelligent system health Roadmap & value proposition Workflow support & insights for the Control Room Operator
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Conclusion Innovation Leader in Operator-Centric Solutions • Expand Barco CTRL from visualization to full operator software solution (desk & wall) • Deliver simplicity, scalability, and cybersecurity to realize operator-centric solutions • Enable AI-powered decision support Expand Market Presence • Scale repeat business by diversifying go-to-market approach • Drive consolidation in the fragmented controller market • Maximize installed base value via upgrade and renewal programs
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Entertainment Cinema Gerwin Damberg Immersive Experience Ta Loong Gan
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Live events TV studio Auditorium Projection mapping Visitor attraction Meeting rooms Lobby Museums VR Cave Cinema Entertainment Eye on Tomorrow Barco Capital Markets Day 23.10.2025 44% Entertainment 59% Cinema 41% Immersive Experience 61% Eco score % revenues from products with Barco ECO label Based on 2024 sales breakdown Creating compelling visual experiences that redefine immersive storytelling worldwide
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Retrospect Entertainment Continuous margin growth while topline momentum regained from 2H24 SALES (in million euro) 309.7 399.3 460.5 419.3 2021 2022 2023 2024 GROSS PROFIT (in million euro) EBITDA (in million euro) EBITDA margins improved on a better gross margin, despite lower topline, driven by a better product mix with more software Gross profit evolved with topline, but gross profit margin improved on a better product mix fueled by laser Cinema and new products in Immersive Experience Strong post-covid recovery in FY22 and 1H23. Weak market conditions from 2H23 and 1H24. Strong cinema momentum since then, and new products in Immersive Experience. 91.7 124.1 172.6 152.8 2021 2022 2023 2024 21.5 27.5 57.7 54.1 2021 2022 2023 2024 Eye on Tomorrow Barco Capital Markets Day 23.10.2025 36.4% 12.9%
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 BUSINESS UNIT Cinema DIVISION Entertainment
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Cinema - Retrospect Reintegration of Cinionic into Barco to form a unified cinema team 2022 Dedicated cinema team New business models and service generate up to 25% recurring revenue 2023 Recurring revenue streams #10.000+ additional laser renewal commitments with major exhibitors HDR by Barco with 150+ commitments Renewed partnership with PLF brands 2024-2025 Laser renewal commitments 2025 Premium footprint 60% Barco projector capture rate in ‘24, gradually reinforcing our market-leading position 35% Industry laser conversion, with exhibitors accelerating audio-visual technology renewal 85% Of the 1000+ screen exhibitors have an active roll-out with Barco laser renewal
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Industry Trends Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Increased ROI on cinema real estate with new entertainment options Maximize consumer value through growth of premium cinema formats Technology integration, automation and software to increase operational efficiency AI increases efficiency and relevancy throughout the entire cinema value chain Premiumisation Streamlining Rise of AI Beyond movies
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Market opportunity Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Broaden scope in cinema market, expanding to audio (rendering, amplifier) and grading solutions (HDR lightbox, post-projection) Beyond projection Leverage cinema ecosystem incl. post-production, distribution and theater management to strengthen our industry position Beyond exhibition Create differentiating consumer value by actively investing into Laser by Barco and HDR by Barco consumer activation Beyond technology
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Addressed market & market share Addressed market 2024 Capture Rate Barco 2024 Barco’s growth opportunity 2025-2028 Cinema € 400m Expected market evolution 2025-2028 Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Ca. 60% • Overall mid-single digit volume growth YOY • Double-digit growth YOY in premium experiences, with focus on exhibitor premium formats • Continued technology upgrade in the core (mid-single digit YOY) • Establish strong footprint in premium with HDR by Barco and continue to be the power inside leading global premium brands • Continued roll-out of laser, with market share acceleration in China • Enter adjacent markets incl sound and postproduction
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Competitive landscape Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Barco is steadily reinforcing its market position Cinema Projectors Capture Rate new installs 60% Barco 36% Christie, Sharp/NEC 4% Others Premium Cinema Capture rate new installs 67% Barco 33% Christie, Sharp/NEC Cinema Media Servers Capture rate new installs 54% Barco 44% Dolby, GDC 2% Others
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Trusted by more than 500+ customers worldwide Clearly defined route to market per segment Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Dedicated focus on post-production & creative community • Dedicated Hollywood studio relations team • Dedicated postproduction portfolio : SP4K-P, LS4K-P, Lightbox • 100% via partners • Business model flexibility: Capex, CaaS Comprehensive solutions portfolio and approach for exhibitors • Global network of certified technicians and integrators • Mainstream and premium product portfolio • 70% direct, 30% via partners • Business model flexibility : (financed) Capex, CaaS Marketing awareness & educational campaigns for moviegoers • Laser by Barco and HDR by Barco marketing activation • 40+ customers using Laser by Barco
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Cinema replacement wave outlook Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Mature markets Emerging markets China: new builds Wave 1 Mature markets Emerging markets China: replacement wave Wave 2 Projection Demand peaks 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Cumulative (%) of projector shipments in region
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OPEX Technology license fee • Activate HDR • Service coverage: extended warranty, maintenance, and cleaning License fee options • Fee per HDR show • Fixed fee per quarter • % box office revenue sharing CAPEX Downpayment Financed capex HDR by Barco Cinema premiumization and business model innovation Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Barco HDR Lightsteering technology comes with a substantial opex proportion 0 - 35 % of total contract value 65 - 100% of total contract value
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2025 HDR Film Slate Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Studios 2025 YTD Upcoming And in 2026 • 30+ titles/yr in plan • International titles • Repertory programs
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Visualization Everything is a canvas Connectivity Connected solutions, in the cloud & on premise Digital workflows & applications platform Connected user / end-customer Roadmap & value proposition Enabling connectivity, workflows & insights Real time compute & AI Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Postproduction toolset to enable HDR grading Unified cinema control through software integration Smart projection New integrated audio & video media server AVoIP expansion with Digital amplifiers IOT expansion with booth sensors and edge gateway Lightsteering projectors powering HDR by Barco Next gen laser technology driving Laser by Barco HDR Reference Monitor boosting HDR grading tools Preventive and predictive AI Assisted service through augmented reality Real time image processing for movies and live content Machine Learning technology for HDR
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Conclusion Barco continues to lead the cinema market • Setting the premium standard in cinema • Leading a huge technology renewal wave opportunity • Growing recurring revenue base, linked to long-term contracts Taking bold steps beyond the core • Technology: from projection into audio and grading • Value chain: from exhibition into distribution, postproduction, and theater management • Customer: from B2B to B2B2C Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 BUSINESS UNIT Immersive Experience DIVISION Entertainment
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Eye on tomorrow Barco Capital Markets Day 23.10.2025 Immersive Experience - Retrospect QDX launch - important enabler for market share growth in 40k lumen+ projection Encore3 – replacing E2 in rental and enabler for growth in Corporate ProAV Opening of Wuxi factory and in-house mid-segment I600 projector Global service set-up & segment service models to improve customer NPS 2023 1H 2024 2025 Cylindrical LED driving simulation for F1/Automotive 2023 Barco became #1 manufacturer in professional 3DLP projection Barco became Global #1 market leader in professional 1DLP projection segment 2H 2024
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Industry Trends Eye on Tomorrow Barco Capital Markets Day 23.10.2025 AV/IT Convergence, AI Visual storytelling and new experiences are on the rise Need for easy and remote workflows with maximal uptime Need for power-efficient and sustainable designs Wowing Audiences Labor Scarcity Sustainability Technology in fast evolution
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Market opportunity following key trends Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Continue to gain share in the profitable 3DLP market by 2028 with premium QDX and new mid- segment projector platforms. Strengthen leading position in high-end image processing with Encore3. Live Events Become market leader in projection for Theme Parks, with dedicated product portfolio expansion Themed Entertainment Hybrid (on-premise and cloud) AI-enabled video switching solutions, targeting Fortune 1000 companies. Corporate AV with SwiftAgent Strengthening full-solution offering with and beyond end-points for Rental, Events & Fixed Install markets. AVoIP expansion
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Addressed market & market share Addressed market 2024 € 800 m Market Share Barco 2024 Barco’s growth opportunity 2025-2028 Simulation / VX € 120 m Live Events € 240 m Themed Entertainment € 440 m Expected market evolution 2025-2028 Eye on Tomorrow Barco Capital Markets Day 23.10.2025 40% 25% 15% Low single-digit growth Low single-digit decline Low single-digit growth Fortify leadership position with focused portfolio development Competitive account conversion with NPIs and AVoIP technology Beat market growth by sales coverage + portfolio expansion
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Competitive landscape Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Complementing products & services for complementing segments Themed Entertainment 15% Barco 15% Others Live Events 25% Barco 55% Projection: Christie, Epson, Panasonic Switchers: Analog Way, Pixelhue Simulation/Virtual Exp. 40% Barco 25% JVC 35% Others Strong in immersive + permanent video mapping, growing theme park business Strong in high-end rental Image Processing and high brightness rental projection TAM €440m TAM €240m TAM €120m 20% Others 70% Panasonic Epson Number 1 in simulation training applications for aviation and driving simulation
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End Customers Clearly defined route to market per segment Production Companies Rental Companies Dry Hire: lease, rent Distributors: resell, financing Simulator manufacturer Visual system integrator Master ContractorLarge System Integrators: for larger projects AV Contractor Small/Medium AV integrators Distributors: small and mid-sized projects Themed Entertainment: Theme parks Immersive spaces Other large fixed installs Live Events organizers Simulation and training Architect/ Consultant AV Designer Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Visualization Everything is a canvas Connectivity Connected solutions, in the cloud & on premise Digital workflows & applications platform Connected user / end-customer Roadmap & value proposition Enabling connectivity, workflows & insights Real time compute & AI Eye on Tomorrow Barco Capital Markets Day 23.10.2025 AI Video Switcher for corporate and events Projection/Content Mapping workflow automation AVoIP expansion in presentation switching AVoIP expansion in projector connectivity Mid-segment projection expansion (1/3 DLP ) Premium imaging with Native 4K RGB projection LED solutions for Simulation and Training Real Time GPU compute and AI switching decision Networked devices enable integrated workflows with distributed content. Real Time “Single Step Processing”
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 SwiftAgent – Hybrid corporate events redefined Track. Frame. Switch. The Smart Way SwiftAgent is designed for hybrid corporate events, ideal for a single operator or a small team with no AV or broadcasting expertise The AI intelligently analyzes the scene, evaluates the best shots, and autonomously switches cameras With centralized management, operators can seamlessly control the setup either on-site or remotely
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 SwiftAgent – Hybrid corporate events redefine Track. Frame. Switch. The Smart Way Focuses on managing large screens for presentationsPresentation Switcher Event Master Mid to large size multi-operator events Advanced presentation switching for supporting the largest events Screen Operator Encore3 Camera-Switcher Operator SwiftAgent Camera Operator Robotic Cameras Primarily used in hybrid or in-room events for switching cameras and mixing live videoSwiftAgent NEW Small to mid size single operator events AI driven camera control and Video switching for various size displays in -room Screen Operator Camera-Switcher Operator Camera Operator Robotic Cameras
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Eye on Tomorrow Barco Capital Markets Day 23.10.2025 Conclusion New product portfolio powers Immersive Experience growth Premium & Mid Segment products and innovation in AI video switching • Cutting-edge premium product portfolio (QDX and Encore 3) • Expanding mid-segment projection portfolio 2026 - 2028 • Venturing into Corporate AV (SwiftAgent) Growth opportunities • Expansion into AVoIP end-point and eco system • Seed innovation into Content Mapping & Workflow Automation • Theme park partnerships and dedicated products
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Closing and Q&A An Steegen
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Focused opportunities across divisions Expand displays and digital workflows in pathology, life sciences and beyondDiagnostic Imaging Scale Nexxis in mid-segment; expand AI-driven & edge compute workflowsSurgical & Modality Enter room systems with ClickShare Hub; innovate with AI-driven meetingsMeeting Experience Expand Barco CTRL into a full operator-centric suite Control Rooms Lead the laser renewal and premiumization with HDR by Barco as key enablerCinema Leverage new products in mid-segment, expand in high-end incl softwareImmersive Experience Healthcare Enterprise Entertainment Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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€ 1.1bn sales 15% recurring revenues 15% EBITDA margin -25% carbon emissions SBTi 1+2+3 2030 vs 2024 Barco’s key priorities Focus on software and connectivity AI workflow automation Profitable recurring revenues Expand in core markets All - in on Entertainment Portfolio adjacencies Mid-segment expansion & premium projection Optimized capital allocation Flexibly return cash to shareholders M&A opportunities Supporting our 2028 targets Eye on Tomorrow Barco Capital Markets Day 23.10.2025
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Q&A