Earnings release
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Half Year Results 2025 Sales growing 5%, EBITDA up 36% Kortrijk, Belgium, 16 July 2025, 7:15 am – Today Barco (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) announced results for the 6-month period ended 30 June 2025. First half and second quarter 2025 highlights • Orders 1H25 of 487.5 million euro (+5% yoy), driven by recovery in EMEA (+27%) • Steady order flow for Healthcare, laser Cinema projectors and HDR lightsteering , contributing to a solid orderbook of 548.4 million euro, up 3% yoy • Sales 1H25 of 454.4 million euro, growing 5% versus 1H24, led by a strong performance of Entertainment • Good traction for new product introductions, and first shipments of the Encore 3 Image Processing • Gross profit margin in 1H25 of 40.0% of sales, slightly higher than 1H24, fueled by improved product mix offsetting the impact from trade tariffs • EBITDA 1H25 of 48.0 million euro, a 36% increase versus 1H24; EBITDA margin at 10.6% (+ 2.5 ppts yoy) • Free Cash Flow 1H25 at 21.4 million euro, versus 14.6 million euro in 1H24 • Completion of the 60 million euro Share Buyback program on July 14th 2025 Executive summary Group topline in millions of euros 1H25 1H24 1H23 1H22 Change vs 1H24 Orders 487.5 463.3 541.1 509.2 +5 % Sales 454.4 434.5 520.9 472.6 +5 % 1H Quarter-by-quarter overview Press release – regulated information – inside information P 1 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com Orders Sales 1Q21 2Q21 1Q22 2Q22 1Q23 2Q23 1Q24 2Q24 1Q25 2Q25
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Group topline – growth in orders and sales, driven by a recovery in EMEA Order intake amounted to 487.5 million euro and grew steadily throughout the semester, despite challenging geopolitical market conditions and tariff policy uncertainties. This is an increase of 5% year- over-year, led by a growth in EMEA of 27%. Entertainment and Healthcare had strong demand and Meeting Experience improved on a rebound in ClickShare demand after last year's channel inventory corrections. With a positive book-to-bill ratio in 1H2 5, the orderbook expanded to 548.4 million euro, up 3% year-over- year. Sales grew 5% to 454.4 million euro, led by a 10% growth in Entertainment, reflecting strong performances in both its business units, and a good momentum overall in EMEA. Healthcare's growth of 5% was driven by Surgical and Modality, and in particular its surgical software portfolio. Enterprise declined 5%, with a notable contrast between the recovery for ClickShare and a decline in hardware for Control Rooms. Growth was recorded in both the Americas and EMEA, with EMEA outperforming in Entertainment and the Americas in Healthcare. Division topline – strong momentum in Entertainment, promising orders for Healthcare In the Healthcare division, orders and sales were up 15% and 5% respectively, reflecting steady growth throughout the semester. Surgical & Modality saw good demand in EMEA and the Americas, reflecting in both orders and sales. This was partially offset by a weaker performance of the Asian markets, notably in China. The business unit continues to focus on value add software and workflow solutions. Diagnostic Imaging had a slower first semester but saw solid demand and growing orderbook toward the end of the second quarter. This included nice wins for its digital pathology portfolio and the new flagship OneLook breast imaging display, in both the Americas and EMEA. Enterprise reported a small decline in orders and sales overall, but with a strong contrast between its two business units. Meeting Experience performed well with double-digit growth in orders and sales as channel inventories normalized after last year's corrections. ClickShare remains the market leader in the agnostic wireless conferencing market, with a largely stable market share in a declining market. Meanwhile, Barco launched ClickShare Hub, a modular video conferencing room system. The ClickShare Hub, Barco’s first device developed on the MDEP platform, is scheduled to begin shipping toward the end of 2025. Control Rooms faced severe headwinds in 1H25, as uncertainties in the US market linked to tariffs and the DOGE program caused a slowdown in decision-making for government-related projects. In addition, hardware- focussed projects, primarily LED in the Middle East, faced increased price competition. The Barco CTRL software solution continued to grow and is accounting for an increasing proportion of sales. Entertainment experienced great momentum during the first half of 2025 and reported double-digit sales growth. The market circumstances in Cinema have steadily improved since the second half of 2024, with a strong movie slate, and a clear trend towards premium cinema experiences. Barco witnessed a strong resumption of the cinema investment cycle, after a long disruption during to the pandemic and its aftermath. In the first quarter, Barco signed several major frame contracts for laser cinema projectors, fueling orders for laser projectors in the next years. During the second quarter, this positive momentum continued with the signing of the first HDR lightsteering contracts in all three regions. This is supported by an impressive HDR movie slate. Also Immersive Experience performed well across regions during the first semester, driven by the renewed product portfolio, and by market share gains in the mid-segment of the market. The Encore 3 image processing platform started shipping in June 2025 and also contributed to the growth, while maintaining a solid orderbook for the second half of the year. Press release – regulated information – inside information P 2 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com
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Gross profit supported by product mix, offsetting tariff impact; EBITDA exceeds 10% Gross profit grew nominally to 181.5 million euro or 40.0% of sales, versus 39.7% in 1H24. On a more favorable product mix, with more software and services, the average product margin improved steadily. This was partially offset by the cost impact of the increased US tariffs. Although in principle Barco has begun to adjust pricing to reflect the net effect of the tariff increases to the US market on new orders, we did incur a one-time cost in 1H25 to absorb tariff impact on a portion of the existing orderbook, most notably in Entertainment that therefore reported a lower gross profit margin than last year. EBITDA landed at 48.0 million euro, up from 35.2 million euro a year ago, translating to an EBITDA margin of 10.6%, versus 8.1% in 1H24. This is the result of sales growth, combined with a stable gross profit margin, and lower OPEX as a percentage of sales. Both EBITDA and EBITDA margin grew in all three divisions. Free cash flow in 1H25 was 21.4 million euro versus 14.6 million euro a year ago. Capex for the semester amounted to 14.0 million euro, mainly for the automated warehouse in the Belgian plant and for financing Cinema-as-a-Service. ROCE was at 16% of sales. The net cash position on June 30 th 2025 was at 182.0 million euro, down from 259.0 million euro at year- end 2024. This reflects the positive free cash flow less the dividend payment and the share buyback program, which was completed on July 14th 2025. Quote of the CEO, An Steegen “In the first half of 2025, Barco delivered solid topline and EBITDA growth, driven by a strong performance in Entertainment, steady growth in Healthcare and a return to normalized channel inventory levels of ClickShare. We were happy to see that our new product introductions and embedded software solutions are contributing materially to the order and sales flow, including first orders for HDR lightsteering cinema projectors in all 3 regions. We navigated a complex environment marked by geopolitical uncertainty and the impact of new US tariffs. Despite these challenges, we maintained commercial momentum, strengthened our orderbook, and continued to execute on our strategic priorities. I’m proud of how our teams responded with agility and focus, positioning us well for the remainder of the year.” Outlook full year 2025 The following statements are forward looking on a like-for-like basis and actual results may differ materially Geopolitical instability, combined with high volatility in trade policies and currency exchange rates, continue to impact market demand and visibility. Assuming no maj or adverse cha nges in the macro-economic circumstances, management maintains its guidance for topline and EBITDA margin growth for the full year 2025. Press release – regulated information – inside information P 3 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com
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Consolidated results for 1H25 Order intake & order book Order intake Order intake was 487.5 million euro, an increase of 5% compared to last year’s first half, fueled by strong demand in EMEA for Entertainment and Healthcare. in millions of euros 1H25 2H24 1H24 2H23 1H23 Order Intake 487.5 527.3 463.3 520.6 541.1 Orderbook The orderbook at the end of the semester was 548.4 million euro, 15.1 million euro higher year-over-year., The order book expansion was mainly driven by the Cinema business, and also by the Healthcare businesses. A large share of the orderbook is for the Cinema business unit and thereof Cinema-as-a- Service orders are accounting for an increasing percentage of the orderbook, and collectively are expected to generate close to 150 million euro in recurring revenues over the next 5 years. in millions of euros 30 Jun 2025 31 Dec 2024 30 Jun 2024 31 Dec 2023 30 Jun 2023 Orderbook 548.4 563.7 533.3 494.8 505.8 Order intake by division in millions of euros 1H25 1H24 1H23 Change Healthcare 141.6 123.5 141.3 +15 % Enterprise 109.5 110.6 143.0 -1 % Entertainment 236.4 229.1 256.7 +3 % Group 487.5 463.3 541.1 +5 % Order intake per region in millions of euros 1H25 % of total 1H24 % of total Change (in nominal value) The Americas 212.1 44 % 220.5 48 % -4 % EMEA 171.8 35 % 135.5 29 % +27 % APAC 103.6 21 % 107.2 23 % -3 % Press release – regulated information – inside information P 4 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com
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Sales First semester sales were 454.4 million euro, an increase of 5% compared to the same period last year. This was driven by Entertainment, and also by Healthcare, while Enterprise sales declined due to difficult market conditions for Control rooms. By region, sales grew the most in the Americas, followed by EMEA and a decline in APAC. Sales in millions of euros 1H25 2H24 1H24 2H23 1H23 Sales 454.4 512.1 434.5 529.2 520.9 Sales by division in millions of euros 1H25 1H24 1H23 Change Healthcare 137.6 130.9 147.3 +5 % Enterprise 107.6 113.3 145.6 -5 % Entertainment 209.3 190.4 228.0 +10 % Group 454.4 434.5 520.9 +5 % Sales at constant currencies +5 % Sales by region in millions of euros 1H25 % of total 1H24 % of total Change (in nominal value) The Americas 220.9 49 % 201.0 46 % +10 % EMEA 147.3 32 % 140.6 32 % +5 % APAC 86.1 19 % 92.8 21 % -7 % Press release – regulated information – inside information P 5 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com
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Profitability Gross Profit Gross profit increased to 181.5 million euros, representing 40.0% of sales, compared to 39.7% in the first half of 2024. An overall improved product mix with more new products, software and services was counterbalanced by the effects of higher US tariffs on the existing orderbook. For future orders, Barco is increasing prices to mitigate tariff impact in the end markets where applicable. Indirect expenses Total indirect expenses decreased nominally to 157.2 million euro, or 34.6% of sales, compared to 162.0 million or 37.3% in the first half of last year, reflecting strict cost control. EBITDA EBITDA was 48.0 million euro, up from 35.2 million euro in last year’s first semester, an increase of 12.8 million euro. EBITDA margin was 10.6%, an increase of 2.5 percentage points from the EBITDA margin of 8.1% in the first semester of 2024. By division, sales, EBITDA and EBITDA margin was as follows: 1H25 (in millions of euros) Sales EBITDA EBITDA % Healthcare 137.6 17.2 12.5 % Enterprise 107.6 8.6 8.0 % Entertainment 209.3 22.2 10.6 % Group 454.4 48.0 10.6 % EBITDA by division 1H25 versus 1H24 (and 1H23) is as follows: in millions of euros 1H25 1H24 1H23 Change vs 1H24 Healthcare 17.2 11.5 14.7 +50 % Enterprise 8.6 4.8 22.9 +79 % Entertainment 22.2 18.9 27.4 +17 % Group 48.0 35.2 65.0 +36 % Press release – regulated information – inside information P 6 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com
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EBIT Adjusted EBIT1 was 25.7 million euro, or 5.7% of sales, compared to 13.3 million euro or 3.1% of sales in the first semester of last year. Restructuring charges in 1H25 amounted to 2.0 million euro, linked to various organizational efficienc y measures. Income taxes In the first half of 2025, taxes were 4.8 million euro for an effective tax rate of 18%, compared to 1.5 million euro for a comparable effective tax rate in the first half of 2024. Net income Net income attributable to equity holders was 23.3 million euro or 5.1% of sales compared to 9.0 million euro or 2.1% of sales for the first semester of 2024. Net earnings per ordinary share (EPS) for the first semester were 0.27 euro compared to 0.10 euro the year before. Press release – regulated information – inside information P 7 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com 1 Adjusted EBIT is EBIT excluding restructuring charges and impairments, see Glossary in Annual report
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Cash flow & Balance sheet Free cash flow Free cash flow for 1H25 was 21.4 million versus 14.6 million in 1H24. Net operating cash flow was almost equal to gross operating cash flow, as lower trade receivables were compensated by lower customer advances. We continued CAPEX investments in manufacturing footprint and Cinema-as-a-Service, amounting to 14.0 million euro. in millions of euros 1H25 1H24 Gross operating Free Cash Flow 45.0 29.9 Changes in trade receivables 16.5 29.8 Changes in inventory -2.9 -15.3 Changes in trade payables 5.6 9.3 Other changes in net working capital -19.2 -14.2 Change in net working capital 0.1 9.7 Net operating Free Cash Flow 45.1 39.5 Interest income/expense 2.9 2.2 Income taxes -12.7 -8.4 Free Cash flow from operating activities 35.3 33.4 Purchases of tangible & intangible FA -14.0 -19.1 Proceeds on disposals of tangible & intangible fixed assets 0.1 0.3 Free Cash flow from investing activities -13.9 -18.8 FREE CASH FLOW 21.4 14.6 Press release – regulated information – inside information P 8 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com
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Working capital Net working capital as percentage of sales was 12.2% in 1H25, largely stable versus 11.8% at year-end 2024 and significantly lower than 17.2% a year ago, mainly resulting from lower inventories. DSO was at 64 days, in balance with DPO of 63 days. in millions of euros 1H25 FY24 1H24 Trade Receivables 173.7 201.5 180.5 DSO 64 63 68 Inventory 204.4 208.7 247.7 Inventory turns 2.2 2.1 1.8 Trade Payables -101.5 -98.9 -99.4 DPO 63 61 60 Other Working Capital -158.3 -199.9 -163.0 TOTAL WORKING CAPITAL 118.2 111.4 165.9 Capital expenditure Capital expenditure was 14.0 million euro compared to 19.1 million euro a year ago. After the completion of the Chinese factories last year, the CAPEX of the first half is mainly linked to the start phase of the new automated warehouse in the Kortrijk manufacturing plant. Furthermore, CAPEX was used for the financing of Cinema-as-a-Service, in line with last year. Return on Capital Employed ROCE for the last 12 months ending on 30 June 2025 improved to 16%, compared to 11% a year ago. Net financial cash position The net financial cash position was 182.0 million euro compared to 259.0 million euro at year end 2024, and 172.6 million euro a year ago. Free cash flow in 1H25 was more than offset by the dividend payment and the share buyback program. Press release – regulated information – inside information P 9 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com
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Update Sustainable Impact Journey Barco's sustainability strategy “Sustainable Impact Journey,” is built on three pillars: Protecting Earth, Engaging People, and Empowering Society. Each pillar is supported by clear KPIs and targets, shaped by stakeholder input through a double materiality assessment. This section highlights key progress made in the first semester of 2025. Protecting earth As part of Barco’s program to improve the environment footprint of its solutions portfolio, it has introduced and rolled out a company-wide eco scoring methodology and has set out the target level for 2025 at 75% eco-labelled revenues. 2 The calculation base for eco-labelled revenues has been revised and now also includes software and service revenues, while previously it only included product and project revenues. % Revenues from ECO labelled products 1H25 FY24 1H24 FY23 Group 70 % 68 % 64 % 65 % The share of revenues from eco-labelled products in the first half of 2025 was 70%, based on a stricter methodology with more services and also software in scope. Positive contributors were the new portfolio of I600 and QDX projectors and Encore 3 image processing in Immersive Experience, and the growth of Barco CTRL and Nexxis in the sales mix of Control Rooms and Surgical & Modality respectively. Engaging people 1H25 2H24 1H24 2H23 1H23 Number of employees (heads) 3,199 3,243 3,305 3,360 3,392 At the end of the first half of 2025, Barco emplo yed 3,199 people. The decline versus year-end 2024 was mostly linked to the optimization of the manufacturing footprint , and associated overhead. In addition, smaller tactical efficiency measures were implemented across divisions, contributing to a leaner and more agile organization. Direct labor levels remained around flat. Following a period of elevated voluntary turnover in the post-pandemic years, attrition has normalized and remains well under control. Press release – regulated information – inside information P 10 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com 2 For more information about Barco eco scoring methodology, see Barco’s latest Sustainable statements. The revenue calculation is explained in the Glossary.
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Empowering society Barco continues to engage closely with its customers and partners through its biannual Net Promoter Score (NPS) survey, which serves as a key indicator of customer satisfaction and loyalty. Committed to constantly improving, Barco works towards an NPS target-level of 50. 1H25 FY24 1H24 FY23 Customer net promoter score 56 54 52 48 In the first half of 2025, Barco reached a strong overall NPS of 56, 2 points higher than for FY24, reflecting continued trust in its products and services. Diagnostic Imaging and Cinema were standout contributors, with both end users and partners highlighting the reliability and quality of Barco’s solutions, as well as the strength of their relationships with the sales teams. Control Rooms also showed solid progress, particularly in EMEA, where enhanced customer success initiatives helped strengthen engagement and satisfaction. Meeting Experience saw a broader base of end-user feedback, thanks to its open channel model, reinforcing Barco’s commitment to listening and responding to customer needs. Press release – regulated information – inside information P 11 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com
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Divisional results for 1H25 HEALTHCARE division Performance metrics 1H25 versus 2H24 and 1H24 in millions of euros 1H25 2H24 1H24 Change vs 1H24 Order intake 141.6 148.1 123.5 +15 % Sales 137.6 142.3 130.9 +5 % EBITDA 17.2 22.7 11.5 +50 % EBITDA margin 12.5 % 16.0 % 8.8 % +3.7 ppts Sales quarter-over-quarter in millions of euros 2Q25 1Q25 4Q24 3Q24 2Q24 Change 2Q25 vs 2Q24 Healthcare 69.0 68.6 78.6 63.8 66.0 +5 % Orders and sales evolution quarter-over-quarter Press release – regulated information – inside information P 12 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com Orders Sales 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 0 10 20 30 40 50 60 70 80 90 100
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In the Healthcare division, orders were up 15%, driven by EMEA and the Americas, while APAC declined due to continued slow market conditions in China. Sales were up 5%, fueled by strong order to sales conversion for the surgical portfolio in the Americas. Sales in Diagnostic Imaging got off to a slow start to the year in the Americas and EMEA, especially the UK market which had fewer than usual government tenders. In APAC, the South Asian markets performed well, while the Chinese healthcare market remained slow due to low governmental investments. Order intake was strong across all regions resulting in orderbook growth. There is healthy momentum for the emerging digital pathology segment, including notable new orders and the successful launch of SlideRightQA, an AI- powered quality assurance workflow solution, augmenting the productivity for pathology labs. More broadly, the business unit focuses on augmenting the display portfolio with workflow and software solutions, such as ConnectCare, a smart service solution that boosts display performance, ensures compliance, and extends asset lifetime—while reducing manual work and total cost of ownership. Surgical & Modality had a strong first half of the year with orders and sales up double-digit versus the same semester last year. Orders and sales grew in EMEA and the Americas, while APAC was weak, especially in China, where government spending in Healthcare remains subdued. The business unit continues to focus on value add software and workflow solutions and extensions of its surgical software portfolio. The gross profit margin for the division improved significantly in the first half of 2025 versus the same semester last year. This was driven in large part by an improved product mix, including more high-end and surgical software. The improved gross profit combined with a lower OPEX cost base resulted in a materially higher EBITDA of 17.2 million euro (or 12.5% of sales), versus 11.5 million euro (or 8.8% of sales) in the first semester of 2024. Press release – regulated information – inside information P 13 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com
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ENTERPRISE division Performance metrics 1H25 versus 2H24 and 1H24 in millions of euros 1H25 2H24 1H24 Change vs 1H24 Order intake 109.5 140.0 110.6 -1 % Sales 107.6 140.8 113.3 -5 % EBITDA 8.6 27.7 4.8 +79 % EBITDA margin 8.0 % 19.7 % 4.2 % +3.8 ppts Sales quarter-over-quarter in millions of euros 2Q25 1Q25 4Q24 3Q24 2Q24 Change 2Q25 vs 2Q24 Enterprise 56.1 51.4 77.1 63.8 64.6 -13 % Orders and sales evolution quarter-over-quarter Press release – regulated information – inside information P 14 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com Orders Sales 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 0 10 20 30 40 50 60 70 80 90 100
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Orders for the Enterprise division in the first half were -1% lower year-over-year, while sales declined -5%. There was a clear contrast between the performance of the division's business units. Meeting Experience reported double-digit growth in both orders and sales, led by EMEA and the Americas, following the inventory corrections of the previous year. ClickShare maintained its leadership in the agnostic wireless conferencing market, keeping a largely stable market share in a declining market. Meanwhile, ClickShare has introduced the ClickShare Hub, a modular video conferencing system and Barco's first device built on the MDEP platform. It’s expected to ship by late 2025. Our wireless portfolio remains well- positioned thanks to strong interoperability, its license-free model and focus on security. In contrast, Control Rooms faced significant headwinds in the first half of 2025, particularly in the U.S. market, where uncertainty surrounding tariff policies and the DOGE program delayed decision-making, and resulted in slower order intake and sales conversion in government-related projects. Despite these challenges, the Barco CTRL software platform continued its growth trajectory, with software sales accounting for more than 35% of sales, compared to over 30% of sales in 2024. Meanwhile, hardware- centric projects —especially LED installations in the Middle East— faced intensified price competition. Barco announced the LED Alliance partnership, a strategic collaboration with leading LED manufacturers to expand Barco’s LED image processing portfolio and market reach. It combines Barco’s proprietary image processing and system integration expertise with high-quality LED panels from partners, enabling tailored, high-performance visual solutions across various applications. With more ClickShare revenue in the product mix, the average gross profit margin for the Enterprise division increased versus the year before. OPEX was at about the same level as last year. This led to an EBITDA of 8.6 million euro or 8.0% of sales, which compares to an EBITDA of 4.8 million euro or 4.2% of sales in the first half of 2024. Press release – regulated information – inside information P 15 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com
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ENTERTAINMENT division Performance metrics 1H25 versus 2H24 and 1H24 in millions of euros 1H25 2H24 1H24 Change vs 1H24 Order intake 236.4 239.3 229.1 +3 % Sales 209.3 228.9 190.4 +10 % EBITDA 22.2 35.2 18.9 +17 % EBITDA margin 10.6 % 15.4 % 9.9 % +0.7 ppts Sales quarter-over-quarter in millions of euros 2Q25 1Q25 4Q24 3Q24 2Q24 Change 2Q25 vs 2Q24 Entertainment 117.7 91.5 133.5 95.4 108.0 +9 % Orders and sales evolution quarter-over-quarter Press release – regulated information – inside information P 16 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com Orders Sales 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 0 20 40 60 80 100 120 140 160
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The Entertainment division had a strong first semester of 2025. Order intake was up 3% versus last year, with a solid growth for the Americas and sales increased year-over-year by 10%, with growth in all regions. In the first half of 2025, Cinema witnessed a compelling movie slate and a clear shift toward premium cinema experiences. The resurgence in cinema investments, following the prolonged disruption caused by the pandemic and its aftermath, was evident in several major frame contracts Barco secured for laser cinema projectors at the start of this year. In a market where laser conversion currently stands at approximately 35–40%, and with a capture rate of over 60% for new installations, Barco has already installed or secured commitments for over 45,000 laser projectors. In addition, during the second quarter, Barco signed its first HDR lightsteering contracts in APAC, EMEA and the Americas, further supported by an impressive lineup of HDR movie releases. These HDR contracts typically include an initial CAPEX payment, followed by recurring revenue streams. This makes Barco the clear leader and innovator in the transition to laser and HDR cinema technologies. Immersive Experience reported solid sales growth during the first semester, with good performance of both its projector and image processing portfolio. The new I600 projector positions Barco well in the mid- segment of the market, which includes theme parks for example, and during the first semester Barco was market leader in the 1-DLP space. Also the QDX flagship 3-DLP projector is gaining traction after its launch end of 2024, and gradually supplanting its predecessor UDX. The long-anticipated Encore 3 image processing platform, with first shipments in June, also contributed to the growth. As a native 4K image processing solution, with modular scalability, ultra-low latency and build-to-order flexibility, it’s engineered for high-performance live event environments. With a solid order pipeline, Encore 3 is well-positioned to deliver further revenue growth and margin expansion. The gross profit margin for the Entertainment division was lower than in the first half of 2024, partly the result of product mix and volume deals, and partly due to the impact of higher trade tariffs on the existing orderbook. The EBITDA margin for the division during the first semester was 10.6%, versus 9.9% a year ago, an improvement that was helped by lower operational expenses. Press release – regulated information – inside information P 17 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com
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Conference call Barco will host an earnings video call with investors, analysts and press on 16 July 2025 at 9:00 a.m. CET (3:00 am EST), to discuss the results of the first half of 2025. Barco management will host the call. An audio cast will be available on the Company’s website www.barco.com by end of business day. Request more information Willem Fransoo, Director Investor Relations +32 56 89 59 00 or willem.fransoo@barco.com Financial calendar 2025 Wednesday 15 October Trading update 3Q25 Thursday 23 October Capital Markets Day More information? Please visit our webpage https://www.barco.com/en/about/investors Disclaimer This press release 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 in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release 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 press release issued by Barco. About Barco Barco, headquartered in Kortrijk (Belgium), is a global technology company leading in visualization, networking, and collaboration solutions. Its innovative technologies drive advancements in the healthcare, enterprise, and entertainment markets. At the heart of Barco’s success are over 3,000 dedicated ‘visioneers’, each passionately contributing to driving change through technology. Listed on Euronext (BAR), Reuters (BARBt.BR), and Bloomberg (BAR BB), Barco realized sales of 947 million euro in 2024. For further insights, please visit www.barco.com, or connect on LinkedIn, YouTube, Instagram, and Facebook. Barco. Visioneering a bright tomorrow. © 2025 Press release – regulated information – inside information P 18 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com
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Annex I - Quarterly results Order intake & order book Order intake year-over-year in millions of euros 2Q25 2Q24 Change 2Q25 vs 2Q24 Order Intake 255.6 243.2 5 % Order intake quarter-over-quarter in millions of euros 2Q25 1Q25 4Q24 3Q24 2Q24 Change 2Q25 vs 1Q25 Order Intake 255.6 232.0 294.8 232.5 243.2 +10 % Order book in millions of euros 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Sep 2024 30 Jun 2024 31 Mar 2024 Orderbook 548.4 568.6 563.7 531.4 533.3 524.8 Sales Sales year-over-year in millions of euros 2Q25 2Q24 Change 2Q25 vs 2Q24 Sales 242.8 238.6 +2 % Sales by division year-over-year in millions of euros 2Q25 2Q24 Change 2Q25 vs 2Q24 Healthcare 69.0 66.0 +5 % Enterprise 56.1 64.6 -13 % Entertainment 117.7 108.0 +9 % Group 242.8 238.6 +2 % Sales by division quarter-over-quarter in millions of euros 2Q25 1Q25 4Q24 3Q24 2Q24 Change 2Q25 vs 1Q25 Healthcare 69.0 68.6 78.6 63.8 66.0 +1 % Enterprise 56.1 51.4 77.1 63.8 64.6 +9 % Entertainment 117.7 91.5 133.5 95.4 108.0 +29 % Group 242.8 211.6 289.1 223.0 238.6 +15 % Press release – regulated information – inside information P 19 / Barco nv | Beneluxpark 21 | B-8500 Kortrijk | Belgium Registered office: President Kennedypark 35 | B-8500 Kortrijk | Belgium VAT BE 0473.191.041 | RPR Gent, Section Kortrijk www.barco.com