Barco Nv Belg Act Stock Earnings Reports

Barco delivered profitable growth in FY2025 with sales of EUR 964m (+2% reported, +4% constant currency) and EBITDA of EUR 125m (13% margin). Entertainment (especially Cinema and Immersive Experience) and EMEA were the main growth drivers; Cinema saw a strategic shift with HDR by Barco toward recurring revenue (total contract value of signed HDR contracts ~EUR 89m). The company managed costs tightly (OpEx down 4% year-over-year), mitigated some tariff and FX headwinds via price and footprint actions, and reported EPS of EUR 0.85 (+20%). Free cash flow was EUR 57m (6% of sales), net cash EUR 186m after returning ~EUR 120m to shareholders (dividend + buybacks); the Board proposes a higher dividend (EUR 0.55) and cancellation of ~6% of shares. For 2026 Barco expects top-line and EBITDA growth at constant currency, with growth skewed to H2 and some FX headwinds in H1; long-term targets (by 2028) of ~EUR 1.1bn revenue, 15% EBITDA and 15% recurring revenues are reconfirmed. Key risks/near-term uncertainties: U.S. market weakness (tariffs, weaker dollar, delayed government spending affecting Healthcare & control rooms), shorter customer ordering cycles reducing near-term visibility, and timing required to realize Healthcare recovery and modality cost-competitiveness (China hub).