First half financial performance highlights (1)

• Revenue in the first six months of the year amounts to EUR 107.2 million, increasing 16.8% YoY. Neutralizing for Big Event Rental, revenue increases by 3.7%.
• Order intake declined to EUR 85.3 million (-18.0%) as a result of execution of Big Event Rental in 1H and geopolitical situation in the Middle East. Excluding Big Event Rental and Middle East, the Group’s order intake grew by +3% compared to the same period of last year.
• Gross margin stood at 68.5%, reflecting the consolidation of T-Motion, the impact of unfavourable exchange rate movements, margin pressure on selected large trade-in or upgrade deals, and higher operational costs linked to the company’s growth strategy.
• EBIT amounted to €15.6 million, up by 5.5%. The EBIT margin stands at 14.6%, mainly reflecting the decrease in gross margin and higher discretionary spending.
• Favorable foreign exchange positions supported a financial result improvement by EUR 1.8 million, leading the net profit to amount to EUR 16.5 million (+24.4% YoY), and diluted earnings per share to EUR 1.17 (an increase of EUR 0.23 compared to 1H25 results).

^{[1] Please refer to our Half-Year Financial Report for detailed financials and auditor’s review report}

Outlook

• The secured revenue for 2026 stands at EUR 161.5 million at the end of June, representing a -4.5% decrease compared to 1H25.
• Historical metrics and commercial pipeline growing by more than 20% support our existing revenue guidance of EUR 220 – 240 million, provided the investment decision cycle of our clients is not extended as the order intake of the company is typically back-end loaded.
• The long-term order book - beyond 2026 - demonstrates strong growth and amounts to EUR 103.6 million, an increase of EUR 22.2 million compared to the beginning of the year 2026. A proof of our strong underlying business dynamics securing future long term growth.
• OPEX is growing at 12% compared to 1H25 following the acquisition of T-Motion and investments in additional resources. A total of 103 FTE have joined EVS over the past 12 months, of which 43 FTE are from T-Motion.
• The full-year EBIT guidance is maintained at EUR 40 – 50 million.

Key figures

Comments

Serge Van Herck, CEO, comments:

“The first half of 2026 marked another important milestone for EVS as we delivered a new record first-half revenue of EUR 107.2 million. This achievement once again demonstrates the strength of our long-term PlayForward growth strategy. While reported order intake was impacted by the ongoing geopolitical situation in the Middle East, our underlying commercial momentum remained very strong. Our rolling 12-month commercial pipeline grew by more than 20% year-on-year, supported by significant development in North America. Together with a growing long-term order book, this reinforces our confidence in the opportunities ahead and supports our full-year outlook.

Earlier this year, EVS successfully powered some of the world's largest live sporting events in Italy and North America. These landmark productions once again demonstrated the reliability of our mission-critical technologies and the dedication of our teams, enabling broadcasters and media organizations to bring unforgettable moments to billions of fans around the world.

They also highlighted the evolution of EVS from a live media technology leader in broadcast to a broader live media technology leader. Our integrated hardware, software and AI-powered solutions increasingly enable customers not only to produce world-class live content, but also to efficiently create, personalize and distribute that content across social media and digital platforms. During the large North American sporting event, our VIA MAP platform played a pivotal role by acting as the digital backbone connecting venues, the International Broadcast Centre and rightsholders. Beyond the live production workflow, VIA MAP powered a large US broadcaster's digital publishing operation, contributing to the most successful digital event in the broadcaster's history, with more than 16 billion social media impressions generated across its platforms. This is a powerful illustration of how EVS is expanding its addressable market while creating measurable value for customers across the entire live content value chain.

Looking ahead, we remain confident in our PlayForward growth strategy. Our record commercial pipeline, growing solutions portfolio, successful integration of T-Motion and continued innovation across our ecosystem position EVS well to achieve our full-year objectives while creating sustainable long-term value for our customers, team members and shareholders."

Commenting on the results and the outlook, Christophe Piron, CFO ad interim, said:

“The 1H26 revenue demonstrated the resilience of our business model which can be illustrated by the fact that, excluding Big Event Rentals (EUR 11.3 million) and T-Motion (EUR 5.9 million), 65% of EVS 1H26 revenues can be considered recurring or re-occurring with “repeat clients”. 

Indeed, approximately 20% of the considered revenues resulted from recurring contracts (SLAs) while 45% was generated by "repeat clients” (i.e. clients with whom non-SLAs revenues of at least EUR 50,000 per year have been booked each year for the three preceding calendar years). 

Another illustration of the resilience of EVS’ business model is the 1H26 ‘base’ revenues (ie. at constant currency excluding BER and T-Motion) that amount to EUR 92.6 million; up from EUR 91.8 million last year. This reflects the benefits of EVS’ geographical diversification and the robustness of the base business since revenues loss from Middle East could be more than compensated by gains in other regions... all this, despite a fair share of the organization focusing, in parallel, on the successful execution of Big Events.

On the other hand, the increase in operational costs is a key point of attention for the management. Therefore, a cost containment plan has been defined and is being implemented. This plan has been designed in a way such that it ensures that future revenue growth translates more effectively into profit growth (a.o actively leveraging AI). We expect this plan to bear first results in 2H26 and its full fruits in FY27.

Yet, despite operating costs growth, the net cash generated from operations grew significantly to EUR 17.0 million (from a loss of EUR 0.5 million last year). This cash flow growth not only results from the strong net profit growth but also from a more controlled level of working capital, reflecting the strength of EVS’ balance sheet structure.

EVS’ long term outlook remains very positive with a commercial pipeline and a long term order book growing respectively by 20% and 6%. 

On the short term, based on historical metrics, the commercial pipeline maturing in 2H26 is expected to be sufficient to complement the EUR 161.5 million secured revenues for EVS and reach the FY26 EUR 220 – 240 million revenue guidance. On this base, our EBIT guidance range is maintained at EUR 40 – 50 million.” 

Markets, customers & technology

From a geographical standpoint, despite the ongoing challenges in the Middle East, revenue continued to grow across EMEA. Both revenue and order intake increased in LATAM, demonstrating the relevance of EVS’ expanding portfolio in the region.

The Live Audience Business (LAB) revenues have grown in 1H26 in line with our PLAYForward strategy. The LAB Order Intake remains stable versus 1H25.

Revenue and order intake generated through EVS channel partners continued to increase, particularly within the Live Audience Business. New channel partners initially engaged through T-Motion are now broadening their collaboration with EVS, illustrating the effectiveness of the Group's ecosystem approach. Interest from the channel community remains strong, as reflected by record attendance at the NAB Channel Partner event.

EVS’ involvement in major 2026 events further highlights the strategic relevance of its live production solutions. By supporting complex international sports events, including winter competitions in Italy and a large tournament in North America, EVS once again proved its ability to deliver mission-critical technology and services in high-pressure environments. This reinforces customer confidence, strengthens long-term relationships with major accounts and confirms EVS’ differentiated position in premium live event production. During the winter sports event in Italy, T-Motion solutions (Media Production Robotics solutions based on 2025 acquisitions) enabled the capture of premium and immersive camera angles, further showcasing EVS’ ability to enhance storytelling and deliver high-value content in demanding live production environments.

During the summer tournament, VIA MAP acted as the digital backbone connecting venues, the International Broadcast Centre and rightsholders, illustrating the growing importance of EVS software solutions within large-scale production infrastructures. It was also used by a major US broadcaster, illustrating EVS’ ability to create value beyond its traditional live production market.

As media companies increasingly require efficient content production for digital and social platforms, VIA MAP enables a single team to create, adapt and distribute content across multiple channels and screen formats. This use case validates MediaCeption’s expansion into adjacent digital publishing workflows and highlights a significant opportunity to expand EVS’ total addressable market.

EVS is increasingly capitalizing on the breadth of its portfolio through integrated workflows spanning its technology platforms. During the period, advancements in digital publishing, AI-enabled content production, infrastructure control and robotics further enhanced the value proposition of the EVS ecosystem. As customers deploy multiple EVS solutions within the same environment, the company benefits from deeper customer relationships, greater wallet share and additional opportunities for software and services revenue.

At IBC in September, EVS will showcase further progress in its ecosystem strategy, including continued software innovation and increasing interoperability across its portfolio.

Corporate topics

EVS is executing on its ambition to expand beyond its traditional broadcast markets and address a broader live video technology opportunity. The brand evolution from EVS Broadcast Equipment to EVS reflects this strategic repositioning, aligned with the company’s broader portfolio and market reach. Recent initiatives, including participation in major corporate Audio Visual tradeshows and the creation of Live Vision Systems for the security and defence market, illustrate EVS’ disciplined approach to opening adjacent growth vectors while leveraging its core live video expertise.

T-Motion integration is advancing according to plan, with clear progress on both commercial and operational synergy levers. EVS is now mobilizing its global sales and support footprint to expand market reach, improve regional customer coverage and enhance service levels. In parallel, additional R&D resources - including a Porto-based software and AI team - are accelerating integration into the EVS ecosystem and supporting future value creation through enhanced automation and AI assistance.

On the corporate sustainability front, EVS’ efforts have paid off as Ecovadis, a renowned provider of business sustainability ratings, recently promoted EVS from Silver – Top 15% to Gold Medalist – Top 5%.

Then, in 2026 and for the fourth consecutive year, EVS has been certified “Top Employer in Belgium” by Top Employers Institute. This certification honors organizations that demonstrate excellence in their people practices, based on the results of the HR Best Practices Survey, which assesses six key domains: People Strategy, Work Environment, Talent Acquisition, Learning, Diversity, Equity & Inclusion, and Wellbeing.

First half revenue

Revenue reached EUR 107.2 million in 1H26 (of which EUR 5.9 million for T-Motion), representing an increase of EUR 15.4 million or 16.8% compared to 1H25. Excluding the impact of exchange rate conversions, this represents an increase at constant currency of 19.9% YoY (6.8% excluding BER).

Currency fluctuations primarily concerns NALA where sales and a part of the cost base is USD-denominated.

In the first half of the year, excluding Big Event Rentals, the share of LAB revenues grew to 64% (54% in 1H25) while LSP represented 36% (46% in 1H25), reflecting the long-term growth trends laid out in our PLAYForward strategic plan.

Geographically, revenues are distributed as follows in 1H26 (excl. Big Event Rentals):

• Europe, Middle East and Africa (EMEA): EUR 49.8 million (EUR 41.2 million in 1H25), increasing +20.9%.
• Americas (NALA): EUR 34.7 million (EUR 36.6 million in 1H25), decreasing -5.1% (increasing +1.2% at constant currency).
• Asia & Pacific (APAC): EUR 10.7 million (EUR 14.1 million in 1H25), decreasing -24.0%.

First half earnings

Gross profit rose 10.3% to EUR 73.4 million in the first half of 2026, from EUR 66.6 million a year earlier, representing a margin of 68.5% compared with 72.6% in 1H25. Volume growth and T-Motion contribution were partly offset by pricing pressure on a selected number of large trade-in and upgrade deals and by higher operating costs included in gross profit to support the Group's development. Moreover, half of the margin decrease is also explained by adverse currency effect from the appreciation of the Euro against the US dollar.

Operating expenses reached EUR 56.9 million in the first half of 2026, up 12.3% year-on-year, but decreased as a percentage of revenue to 53.1% from 55.2% in 1H25. Excluding the newly consolidated T-Motion, the cost increase was contained at 6%. The evolution mainly reflects continued investment in headcount, with average FTE up 9% year-on-year, as well as higher travel, transport and subscription costs to support the Group's activity level.

EVS continues to invest in an intangible assets project initiated in previous years to support our future growth. This investment represents EUR 1.8 million in 1H26, compared to EUR 0.9 milion in 1H25. The total projected investment over a 3-year period is estimated at EUR 8.3 million, with a planned return on investment starting in 2027.

The 1H26 EBIT margin decreased to 14.6% from 16.1% in 1H25, mainly reflecting lower gross margin as the operating expenses expressed in percentage of revenues declined in 1H26.

Financial result in the period amounts to EUR 1.6 million, impacted by (i) realized and unrealized FX gains resulting from the strengthening of USD vs. EUR in the period (3.1% increase vs. year-end 2025) that generated FX impact on the USD receivables at the EVS Belgian entity, (ii) interest revenue on short-term deposits and treasury funds and (iii) interest income on customers financing programs, partially offset by fair value adjustment of open foreign exchange contracts in the period.

Income taxes are at EUR 0.7 million, compared to EUR 1.3 million in 1H25. The decrease is mainly driven by tax ruling and adjustments on IID (Innovation income deduction), partially offset by movements in deferred tax on Belgian tax loss carry-forwards and inventory margin eliminations in the US and Hong Kong entities.

The group net profit amounts to EUR 16.5 million in 1H26, compared to EUR 13.3 million in 1H25. Fully diluted earnings per share reach EUR 1.17 (EUR 0.94 in 1H25).

Second half outlook

Based on the secured revenue on June 30, 2026 at EUR 161.5 million (-4.5% compared to EUR 169.1 million last year at the same date), and based on the short-term pipeline and production capacity within the year, we maintain our revenue guidance for the year (EUR 220 – 240 million).

The main risks related to this revenue guidance relates to weakening USD and the heavily back-end loaded commercial pipeline which would be sensitive to potential delays in our clients investment decisions.

Given our ambition to deliver on our profitable and sustainable growth ambitions, we have decided to accelerate our cost containment plan, with all non-business-critical expenditures being halted. These measures allow us to confirm our EBIT guidance of EUR 40 – 50 million for the current year, while their full impact will be reflected in our FY2027 results.

In all circumstances, the long-term perspectives for EVS are very promising, with a long-term order book already at EUR 103.6 million.

Glossary

In case of discrepancies between the English and the French Version, the English Version prevails.

Conference call

EVS will hold a conference call in English tomorrow, August 19th 2026 at 10.00 am CET for financial analysts and institutional investors. Other interested parties may join the call in a listen-only mode. The presentation used during the conference call will be available shortly before the call on the EVS website.

Participants must register for the conference using the link provided below. Upon registering, each participant will be provided with Participant Dial In Numbers, Direct Event Passcode and unique Registrant ID.

Online registration: Link

Corporate Calendar

November 17th, 2026 : 3Q26 Trading update (post market closing)

CONFERENCE CALL

! PRE-REGISTRATION IS REQUIRED !

On Wednesday, August 19, 2026, EVS will hold a conference call in English at 10.00 a.m. CEST with financial analysts and institutional investors. Other interested parties may join the call in listen-only mode. The presentation used during the conference call will be available shortly before the call on the EVS website.

Participants must register using the link provided below.

1. Online registration: click here

ANNONCE DES RESULTATS D’EVS POUR LE PREMIER SEMESTRE 2026 LE MARDI 18 AOUT 2026

EVS annoncera ses résultats du premier semestre de l’année 2026 le mardi 18 août 2026, après la fermeture des marchés.

Le mercredi 19 août 2026, EVS tiendra une conférence téléphonique en anglais à 10h00 CEST pour analystes financiers et investisseurs institutionnels. Les autres personnes intéressées peuvent l’écouter, sans poser de questions (« listen-only mode »). La présentation utilisée pendant la conférence téléphonique sera disponible sur le site d’EVS peu avant le début de celle-ci.

Les participants doivent s’enregistrer via le lien ci-dessous.

1. Online registration: click here

BEKENDMAKING EVS FINANCIËLE RESULTATEN VOOR DE EERSTE HELFT VAN HET JAAR 2026 OP DINSDAG 18 AUGUSTUS 2026

EVS zal de resultaten van de eerste helft van het jaar 2026 bekendmaken op 18 augustus 2026, na het sluiten van de beurs.

De dag erna om 10u00 CEST zal EVS een teleconferentie houden in het Engels voor financiële analisten en institutionele beleggers. Andere geïnteresseerden kunnen passief deelnemen aan de conferentie in “listen-only mode”. De presentatie die gebruikt zal worden tijdens de teleconferentie zal beschikbaar zijn op de website van EVS kort voordien.oeten zich vóór de conferentie registreren via de onderstaande link.

1. Online registration: click here

>      Liège, Belgium | May 21, 2026

EVS continues to operate in an environment characterized by macro-economic uncertainty, geopolitical volatility and foreign exchange movements, which may affect customer decision cycles and the timing of order intake. Against this backdrop, the current geopolitical situation in the Middle East remains a factor to monitor closely, while customer discussions continue to be active across most regions. The first quarter traditionally starts slowly; nevertheless, order intake increased compared with last year and revenue grew, supported by Big Event Rental. In the first months of the year, our priority was to build and mature the pipeline required to achieve our full-year objectives, and we made considerable progress in this area, supported by a successful NAB trade show in Las Vegas in April. The year also started with successful Big Events in February and March, during which EVS was widely deployed and our new business division T‑Motion contributed by showcasing new viewing experiences. Overall, EVS remains cautiously optimistic for 2026 and will focus on disciplined execution and pipeline conversion. 

Highlights 

• Order intake and revenue grew in the first quarter, with revenue growth supported by Big Event Rental.
• Secured revenue* for 2026 stands at EUR 125.8 million, including EUR 15.4 million of BER. Overall growth compared with the prior year is marginal (EUR 0.8 million) and results from the acceleration of production and delivery cycles in 2H25. Hence, achievement of full-year guidance largely depends on pipeline conversion, as well as the timing of customer decisions and deliveries during 2H26.
• Direct gross profit margin remains solid. Full-year margin performance may be influenced by solution mix, including T‑Motion, component cost evolution and the pace at which pricing actions can be implemented.
• Current macro-economic conditions require continued discipline in team evolution and strong control of operating expenses, while safeguarding key investments in innovation and customer delivery.
• Based on the 1Q26 results and current market dynamics, we maintain our revenue guidance of EUR 220-240 million and announce an associated EBIT range of EUR 40-50 million. This outlook remains subject to pipeline conversion, regional demand conditions, including the Middle East, foreign exchange developments, and execution on pricing and cost measures.

_{*secured revenue includes the already recognized revenue as well as open orders on hand that will be recognized as revenue in 2026} 

Comments

Serge Van Herck, CEO, comments:

As we enter the second quarter of 2026, EVS has started the year with resilient activity levels in what remains a demanding and evolving market environment. The successful delivery of major winter sports events in Europe once again demonstrated the strength of our teams, our technology, and the trust our customers place in EVS for the world’s most demanding live productions. Beyond the operational success itself, these events also highlighted the increasing strategic value of the EVS ecosystem, where replay, media infrastructure, content management, and robotics solutions work seamlessly together to enable premium live storytelling experiences for billions of viewers worldwide.

Although the first quarter is traditionally slower from an order intake and revenue recognition perspective, we still achieved growth in both metrics compared to last year, supported by Big Event Rental activities. At the same time, NAB 2026 (one of the world’s leading trade show for the broadcast, media, and entertainment technology industry held annually in April in Las Vegas) confirmed strong customer interest in our long-term innovation roadmap and generated important commercial momentum and pipeline creation.

Despite continued macro-economic uncertainty and geopolitical volatility, customer discussions remain active and constructive across most regions, supporting our cautious optimism for the remainder of 2026. At the same time, the current geopolitical situation in the Middle East is impacting customer decision cycles in that region and remains a factor to monitor closely for the balance of the year.

Based on the first-quarter results and the commercial dynamics observed in recent months, we maintain our 2026 revenue guidance of EUR 220-240 million and announce an associated EBIT range of EUR 40.0-50.0 million. Achieving this outlook will depend on pipeline conversion, disciplined execution and the evolution of external factors such as customer decision cycles and foreign exchange.

As always, I would like to sincerely thank all EVS colleagues, customers, operators, partners, and shareholders for their continued trust and commitment. Together, we continue to strengthen EVS as the mission-critical ecosystem behind the world’s most valuable live moments.

Commenting on the results and the outlook, Veerle De Wit, CFO, said: 

“The first quarter is traditionally a slower quarter for EVS. Nevertheless, we delivered growth in order intake and revenue, supported by major winter events and our newest acquisition, T‑Motion. This growth does not yet translate into a material increase in secured revenue versus last year, reflecting the more efficient production and faster delivery terms introduced in the second half of 2025. As a result, we expect the year to be more heavily back-end loaded and still require an accelerated pace of order intake in the coming quarters.

We have been building and maturing our pipeline over the first months of the year, with NAB contributing strongly to this dynamic. The trade show in Las Vegas saw fewer attendees overall, but EVS recorded more visitors, quality customer meetings and strong pipeline creation at the event. While this is encouraging, our key focus for the coming quarters will be to convert this pipeline into order intake.

The current pipeline supports our full-year revenue guidance despite macro-economic uncertainty. Our focus in the next few quarters will be on converting that pipeline into order intake while continuing to execute with discipline on pricing, cost control and delivery. The breadth of the opportunities currently identified gives us confidence that we retain room for commercial upside over the balance of the year.

From a cost perspective, we are assessing investments cautiously and maintaining strict cost discipline, as demonstrated in the second half of 2025. Profitability for the year will depend on revenue phasing, solution mix and ongoing cost inflation, alongside the actions we take to mitigate these effects.

Based on our current cost structure and the existing revenue guidance of EUR 220-240 million, we issue a prudent EBIT guidance in the range of EUR 40-50 million. This range is sensitive to revenue timing, mix, including the ramp-up of T‑Motion, pricing execution and external factors such as foreign exchange movements.

Finally, our balance sheet remains strong, with accounts receivable recovering following the elevated level of revenue bookings at the end of 2025.” 

Markets, Customers & Technology

During the first part of the year, the broadcast market has been primarily driven by the delivery of major winter sports events in Europe and preparation for upcoming large-scale productions in North America. These events continue to act as key demand drivers for EVS solutions, particularly in Live Sports and Big Event environments.

EVS further demonstrated the integration benefits of its recent acquisitions with the successful deployment of T‑Motion solutions (combining Telemetrics and XD Motion capabilities) during these events. Adoption by both host broadcasters and rights holders confirms early commercial traction and validates the strategic rationale of these acquisitions.

A notable illustration of this integration is the use of T‑Motion-enabled “teleportation” workflows by France Télévision, enabling seamless remote interview production between on-site and studio environments. This highlights EVS’ ability to deliver differentiated, high-value production workflows that enhance content quality while optimising operational efficiency.

In parallel, EVS continues to expand beyond the traditional broadcast footprint. The Group’s participation for the first time in the ISE (Integrated Systems Europe) trade show in Barcelona reflects growing interest from non-broadcast customers and supports its strategy to address adjacent markets such as corporate video and enterprise applications.

In terms of revenue mix and order intake, the Live Audience Business (LAB) market pillar continues to outperform Live Service Provider (LSP), reaching a record level of LAB order intake in Q1. This reflects sustained demand for premium live production experiences and EVS’ strong positioning in high-value audience-driven environments.

Regional performance remains broadly in line with historical trends, with the notable exception of the Middle East, where geopolitical conditions are impacting business activity and customer decision cycles.

Recent customer deployments further illustrate EVS’ value proposition in terms of scalability, efficiency, and total cost of ownership. A representative example is Pacers Sports & Entertainment, which expanded its existing EVS Media Infrastructure—initially deployed in 2023—across multiple venues, rather than investing in a new control room. This approach enables ultra-low latency operations, enhanced operational efficiency, and consistent fan experiences, while also supporting recurring revenue streams and upsell opportunities for EVS.

EVS also continues to strengthen its partner ecosystem. The growing scale and quality of attendance at its annual Channel Partner event held ahead of NAB in Las Vegas highlights increasing engagement and reinforces the relevance of EVS solutions across partner-led customer segments.

NAB 2026 provided a platform to demonstrate key innovation drivers supporting future growth:

• Robotics and orchestration: Six months after the integration of Telemetrics and XD Motion in T-Motion solution, EVS introduced Choreon, its next-generation robotics controller, streamlining the management and orchestration of production robotics. The solution received the “TV Technology Best of Show Award”, supporting its early market recognition.

• Extended monetization through digital publishing workflows: New capabilities enabling direct social media publishing in mobile-first formats from LSM-VIA extend EVS’ reach into digital workflows, capturing incremental addressable market while improving operational efficiency across production teams.

• Unified production environments supporting consolidation of the media players: The continued evolution of MediaCeption, leveraging cloud and AI, supports customers in transitioning from fragmented workflows to fully integrated, end-to-end content production environments.

• AI-enhanced officiating and content workflows: EVS showcased proprietary AI-driven technologies, including image deblurring for improved decision-making, alongside broader AI applications across content capture, creation, and media management.

Overall, these developments illustrate EVS’ ability to translate innovation into tangible customer value, expand its addressable market, and reinforce its competitive positioning across both broadcast and adjacent media segments.

Corporate Topics 

From a tooling and process perspective, we continue to strengthen the backbone built over the past years. Internally, our attention is increasingly focused on optimizing workflows and processes to support our sustainable growth model over the long term.

From a security perspective, we have committed as a company to achieving ISO27001 certification in 2027. We have outlined a roadmap to reach that milestone and are executing the required actions. While certification is a multi-year effort, this program reinforces our focus on robust information security practices for our customers and stakeholders.

From an ESG point of view, EVS will continue its sustainability strategy, this despite a less stringent regulatory framework. This demonstrates our eagerness to contribute to society and also remain on the forefront of our market. 

The macro-economic environment remains volatile, and we continue to focus on the profitability of our solutions. We monitor our pricing models and strategy to reflect market realities, including component cost evolution and competitive dynamics. This resulted in new list prices announced in May 2026; the pace at which pricing translates into realized margins may depend on customer purchasing cycles and contract structures.

In terms of team members, we expect a marginal increase in the number of team members, next to the team members joining us from new acquisitions. We carefully assess our investment needs, taking into account the macro-economic climate. 

EVS announced a share buyback program in April of this year. The program is currently ongoing and, to date, we have repurchased approximately 14% of the overall objective of EUR 5 million.

Outlook 

Secured revenue for 2026 stood at EUR 125.8 million as of March 31. Based on this measure and the pipeline built over the past couple of months, we reconfirm our full-year revenue guidance of EUR 220-240 million. Achieving this guidance depends on pipeline conversion, the timing of customer purchasing decisions and deliveries, and the evolution of external factors such as macro-economic conditions and regional demand. In particular, the current situation in the Middle East may affect full-year revenue performance and could lead EVS toward the lower end of the guidance range. At the same time, given the strength of the pipeline and the opportunities currently identified, we believe there remains potential to offset this impact through execution in other areas of the business. This revenue guidance does not take into account a sustained weakening of the US dollar versus the euro. 

EVS also benefits from a broad geographic footprint and a diversified solutions portfolio, which help balance risk across the business. When one region faces temporary disruption, activity in other regions can help mitigate the impact of one-off events. The same applies to our solutions mix: weaker demand in one area is often partly offset by momentum in another, with T‑Motion currently representing an additional source of commercial opportunity.

We expect the year to be significantly back-end loaded. This reflects the acceleration of delivery terms introduced toward the end of 2025, which reduces the level of secured revenue visible early in the year, as well as the composition and timing of the current pipeline, which point to higher business volumes in the second half of 2026. As a result, revenue performance for the year will depend more heavily on execution and conversion during the coming quarters.

The long-term order book (beyond 2026) is strong and continues its growth trajectory at EUR 89.0 million, which is comforting for future periods.

The gross margin for full-year 2026 is expected to decline marginally as a result of a change in solution mix, primarily due to the contribution of our new robotics business division, T‑Motion. As designed, we expect gross margin by solution to improve over time; however, the overall margin outcome will also depend on the pace of the ramp-up, input cost evolution, and the timing and customer acceptance of pricing actions. The most recent price increase was introduced in May 2026.

Operational expenses continue to be closely monitored and controlled, to ensure we balance growth and investments for the year.

Alongside the revenue guidance previously announced, we now introduce EBIT guidance for the year in the range of EUR 40.0-50.0 million. Our focus remains on disciplined cost management and investment prioritization. The outcome may be influenced by revenue timing, mix, pricing execution and foreign exchange movements.

Key assumptions and sensitivities: The outlook assumes (i) timely conversion of the current pipeline into order intake, with no material deterioration in customer decision cycles; (ii) deliveries and revenue recognition broadly in line with current project schedules, including the phasing of Big Event Rental activities; (iii) stable demand conditions across key regions, noting that heightened geopolitical uncertainty, particularly in the Middle East, could weigh on full-year revenue performance and move results toward the lower end of the guidance range; (iv) no sustained weakening of the US dollar versus the euro beyond what is embedded in the guidance; and (v) continued execution on pricing actions and cost discipline to mitigate input cost inflation. At the same time, revenue and profitability may still benefit from strong pipeline conversion and commercial opportunities in other parts of the business, which could offset part or all of the impact from the Middle East. Profitability is also sensitive to solution mix, including the ramp-up of T‑Motion, and the pace of integration benefits. Any disruption to supply chains, component availability or delivery capacity could affect revenue timing and margin performance. 

Dividend 

We reiterate the full year 2026 expected dividend distribution of EUR 1.20 per share, which remains subject to market conditions and to the approval of the Ordinary General Meeting of Shareholders.

Corporate Calendar 

August 18th, 2026 : 2Q 2026 and 1H 2026 results (post market publication) 
November 17st, 2026 : 3Q 2026 results (post market publication)  

EVS Delivers Fifth Consecutive Year of Record Revenue Results with Accelerated Momentum in North America

EVS was able to deliver growth for the fifth consecutive year in a row, despite 2025 being a year marked by geopolitical and macroeconomic challenges. The strong performance continues to underline our ability to realize base growth, fully in line with our PLAYForward strategy, even in an uneven year without Big Event Rental revenue. We see all of our strategic pillars thriving and especially note the break-through growth in North America following our “double down” strategy in that region. We also strengthened our portfolio with 2 new company acquisitions, forming the new business division T-Motion.

Full-year Highlights

• EVS expanded its portfolio with in the acquisition of two companies forming a new business division T-Motion.
• Revenue comes in at EUR 208.1 million, a growth of 5.1% vs. FY24, at the high-end of our guidance, thanks to strong year-end delivery opportunities and a solid contribution from T-Motion. Normalizing for BER, the growth is of 14.2%.
• Strong gross margin performance, combined with well-controlled operating expenses lead to an EBIT of EUR 43.3 million generating a 20.8% EBIT margin. The EBIT performance lands above the high-end range of our guidance.
• Net profit ends at EUR 38.6 million (18.5% net margin) resulting in fully diluted earnings of EUR 2.73 per share.
• Order intake finishes at EUR 225.0 million, incl. EUR 14.8 million of Big Event Rental (BER), growing 7.8% compared to 2024.
• Net cash position remains strong at EUR 58.4 million despite investments in new acquisitions, share buyback and an increased interim dividend payment in 2025. Our cash base continues providing solid financial power to continue execution of our growth strategy. 

Second half Highlights

• Revenue for the second half of 2025 ends at EUR 116.3 million, growing 16.4% compared to the same period last year.
• Net profit amounts to EUR 25.3 million, leading to fully diluted earnings of EUR 1.79 per share.
• Strong order intake of EUR 121.0 million with some very large contracts considerably building our long-term order book. 

Outlook

The year 2026 starts with a solid order book at EUR 182.2 million, growing 11.3% compared to the same period last year. 

The order intake of 2025 strongly contributed to our longer-term order book with some important longer term deliveries scheduled in 2027 and beyond. Next to that, a lot of the fourth quarter order intake contributed to our revenue performance of 2025. This rapid turnaround between order intake and delivery was possible thanks to pre-production activities that have been institutionalized in 2025. Such pre-production allows for shorter delivery terms. 

The aforementioned trends impact our order book reserved for 2026, that is estimated at EUR 100.6 million, decreasing -6.0% compared to the officially reported number of EUR 107.0 million at the end of 2024. However, we know that the initial back order base of EUR 107.0 million eroded throughout the year 2025: approximately EUR 10.0 million got moved from 2025 into future periods. We consider this erosion of our 2025 back order as a one-off event, given the adaptations done to our forecasting model throughout the year 2025. The milestones around managed projects are now carefully projected taking into account potential risk factors. As such, we consider a restated order book at the beginning of 2025 of EUR 97.0 million. Post-normalization, we witness an order book that is stronger starting the year 2026 compared to 2025. We acknowledge that this order book includes Big Event Rental revenue. 

Our commercial pipeline for 2026 is strong, growing 26% compared to the same period last year, which gives us confidence to see continued base growth in 2026. Next to base growth, we expect full contribution of our new business division T-Motion as well as important Big Event Revenue. 

Based on our order book at year-start, our strong pipeline and our ability to optimize production flows, we issue a revenue guidance for the year 2026 between EUR 220-240 million. 

From a gross margin perspective we expect to maintain our margins from an organic point of view. The impact of tariffs on the gross profit are expected to be offset by the appropriate price increases. The new business division T-Motion is bound to erode the overall profit margin with approximately 1.0-1.5 points. 

From a cost perspective, we will continue to make targeted investments to fuel our growth, primarily by strengthening our teams across the organization to ensure we have the right capabilities and capacity to scale. With the objective of maintaining our operating profit margins, we will carefully balance these investments with our revenue projections. 

We expect to pay out dividends for 2025 in line with our dividend policy, namely a base dividend of EUR 1.20 per share. 
 

Key figures

Comments

Serge Van Herck, CEO, comments:

“As we reflect on 2025, I am proud to report another year of strong and consistent performance for EVS. In a media industry undergoing profound transformation, live production has become continuous, multi-platform, and increasingly mission-critical. In this demanding environment, EVS continues to play a central role, trusted by customers worldwide to deliver reliability, efficiency, and operational excellence at scale.

2025 marked our fifth consecutive year of record revenue, confirming the robustness of our business model and the disciplined execution of our PLAYForward strategy. Since 2019, EVS has delivered a compound annual growth rate of more than 12 percent, driven by a balanced mix of organic growth, targeted acquisitions, and sustained customer intimacy.

We once again delivered solid profitability and strong cash generation, supported by operational discipline and the continued expansion of recurring revenue through services, software, and long-term agreements. Our balance sheet remains strong, providing us with strategic flexibility while enabling us to maintain a disciplined capital allocation policy focused on sustainable value creation for our shareholders.

Strategically, we continued our evolution toward a more mission-critical, software-driven company, fully integrated with our high-performance hardware solutions that power the world’s most demanding live production environments. Guided by our PLAYForward strategy, we strengthened workflow integration, deepened customer intimacy, and developed scalable solutions designed for real operational conditions. North America remained a key growth and innovation engine. During the year, we significantly expanded our local organization, further reinforcing our proximity to customers and our ability to scale. Despite tariff-related uncertainties and currency headwinds, we continued to grow rapidly in the region, strengthening our structural position in the world’s largest live production market. In parallel, our continued expansion in the global news market confirms the increasing relevance of EVS technology in 24/7 live environments where speed, accuracy, and resilience are essential.

A defining milestone in 2025 was the creation of the T-Motion division following the acquisitions of Telemetrics (USA) and XD Motion (France). By bringing robotics, automation, and software-defined control together, we expanded our role across the live production chain and strengthened our ability to deliver integrated, intelligent workflows that reduce complexity while enhancing creative flexibility and storytelling.

Innovation at EVS remains firmly driven by real operational needs. In 2025, our R&D teams further advanced software-defined architectures and AI enabled workflows that enhance storytelling, reliability, efficiency, and decision-making in complex live environments. Since 2017, we have invested structurally in Artificial Intelligence and Generative AI, supported today by a dedicated and strategically important team working closely with leading academic and technology partners. Our capabilities are fully embedded in live productions, from XtraMotion delivering super slow-motion on any camera to cinematic enhancement, object tracking, face recognition, intelligent search, automated vertical cropping for social media, and AI-assisted editing tools. All this EVS AI technology can also run “on-premise”, optimizing latency, customer Total Cost of Ownership and carbon footprint. These innovations strengthen our mission-critical value proposition while we continue to embed ESG principles across our operations, reducing product energy consumption and reinforcing responsible supply chain governance.

Partnerships continue to be a cornerstone of our strategy. Our global channel partner ecosystem and technology alliances enable us to scale our impact while remaining focused on our core strengths across sports, news, entertainment, and corporate production environments.

Looking ahead, our ambition remains clear. We are committed to becoming the undisputed reference platform for live production globally, with the long-term objective of scaling toward more than 350 million euro in revenue through sustainable and profitable growth. In 2026, our technology will once again be at the heart of the world’s most demanding live environments, including major global winter sports events and leading international football tournaments. These events reaffirm EVS’s role as mission-critical infrastructure behind the world’s most valuable live moments.

While the geopolitical and macroeconomic environment remains challenging and unstable, we remain cautiously optimistic about the future, confident in the strength of our strategy, our team members, and the trust of our customers and channel partners.

On behalf of the Board of Directors and the entire Leadership Team, I thank our customers, partners, team members, and shareholders for their continued trust and support."

Comments

Commenting on the results and the outlook, Veerle De Wit, CFO, said:

"2025 has been a rewarding year: despite all the geopolitical and macroeconomic challenges, we managed to deliver yet another strong year and secure our continued growth path. All of this whilst delivering a very solid operating margin. The balance has not been easy, and adaptability has been key in 2025, but we can only be happy and proud of the end result. 

We delivered a strong order intake at EUR 225 million with some key reference wins and strategic deals. This order intake is coupled with a strong revenue performance at EUR 208.1 million, realizing a 5.1% growth, overcompensating the Big Event Rental revenue of 2024. Our revenue performance has witnessed a different pattern than historically. Both US tariffs and large projects slowed down our revenue recognition pace throughout the year. Towards year-end we were able to accelerate revenue thanks to optimized production flows: pre-production allowed us to be more agile and scalable, enabling to reduce delivery terms and secure deliveries for fourth quarter orders still within the year. 

Tariffs also played on our gross profit margins, but with the right price setting, we were able to limit the impact on our overall margin performance. 

Finally, our performance was also impacted by a weak dollar throughout the year 2025. At constant currency, revenue would have amounted to EUR 211.6 million, representing a growth at constant currency of 6.9% (delta of 1.8 Pts). 

As a company we demonstrated that we can control our spending patterns. After a growth of our discretionary spend of 10.4% in first half, we were able to limit the increase to 3.1% in second half, despite a growing team member base and the integration of new acquisitions. We carefully watched our team member needs and prioritized spend requirements to preserve a solid operating margin of EUR 43.3 million (20.8%). On a constant currency basis related to FY24, the EBIT would have amounted to EUR 46.0 million, corresponding to an EBIT margin of 21.8%. 

Our strategy to secure our foreign exchange rate flows (primarily USD and GBP) have allowed us to limit the impacts of a weakening dollar, securing a profit before taxes at EUR 43.1 million. From a tax perspective we realize an effective tax rate of 10.7%, leading to a net profit of EUR 38.6 million (18.5%). It should be noted that the taxes of 2025 include a prior-year catch-up worth EUR 1.2 million. The normalized tax rate, excluding this impact, sits at 7.9% (+1.0 Pts compared to FY24). 

From a balance sheet point of view, we see an increase of our receivables, linked to a strong revenue performance in the last month of the year. The total receivables still evolve in line with our turnover. Overall, our balance sheet remains very healthy. With our net cash position at the end of the year of EUR 58.4 million, we continue to have a strong financial power to execute on our PLAYForward growth strategy. 

All of the above positions us strongly for future growth and sustained success." 

Market & Customers – Sustained Profitable Growth

Strong Presence confirmed at next Major Events

EVS secured a key contract to support a major international football tournament in 2026. As part of this multi‑million‑euro agreement – which will contribute significantly to EVS’s Big Event Rental revenue in 2026 – the company will deliver a comprehensive turnkey solution covering broadcast and media equipment, as well as associated services supporting live replay operations, logging, asset management and file‑based content distribution. 

For the first time, the MediaCeption VIA-MAP platform – including fully integrated MediaHub workflows and AI assistance – will optimize the media creative processes during this football tournament. This event will represent a key milestone for EVS in terms of MediaCeption market reference. 

Leveraging its latest technologies, including T‑Motion - created following the acquisitions of XD Motion and Telemetrics -EVS has also supported the major winter multi‑sport event, providing advanced robotics, automation and software‑defined control capabilities to enhance the efficiency, reliability and creative flexibility of live production operations. 

During the same event, Move Up – a new product developed in 2025 based on the technology acquired from MOG Technologies in 2024 – has also been used within transcoding workflows. 

Accelerated momentum in NALA 

In 2025, both revenue and order intake in North America continued to accelerate, solidifying the region's role as a strategic growth engine for EVS and validating the company's long-term investment roadmap in the Americas. 

EVS signed a significant multi-year agreement worth over USD 15 million with a leading North American media company, substantially boosting order intake. The customer will deploy a comprehensive suite of EVS solutions to modernize production, ingest, and media management workflows, enhancing efficiency, scalability, and long-term infrastructure sustainability for both live and non-live environments. The deal also includes long-term services and support, ensuring reliable, high-performance operations in demanding production contexts. 

To support the continued strategic expansion in North America, EVS announced the opening of its new Rocky Mountain Hub in Denver, Colorado. This strategic investment strengthens customer proximity, enhances operational responsiveness, and supports the company's growth across North America's diverse time zones. 

To reinforce its regional leadership, EVS appointed Bevan Gibson as Executive Vice President of Sales & Operations for North America. Bevan's extensive industry experience and operational expertise is enhancing EVS's ability to scale its activities, drive commercial execution, and support the expanding customer base across the region. 

Revenue and order intake in the NALA region increased significantly (with both order intake and revenue growing 30% year over year in US Dollar), contributing solidly to our overall performance alongside the particularly strong momentum in North America. 

LAB as the market pillar supporting growth, supported by EVS Channel Partners 

While the LSP (Live Service Providers) revenue and order intake saw a slight increase, LAB (Live Audience Business) revenue and order intake have continued their significant growth trajectory since 2020. 

Live Service Providers are renewing and extending their fleets with XT-VIA servers at the core of the LiveCeption solution, as demonstrated through contracts with FinePoint Broadcast Ltd and Gravity Media. The MediaInfra Cerebrum control system is used as the backbone for managing complex live IP workflows at Gravity Media, while GameCreek, a long-standing customer of the LiveCeption solution, has also selected Neuron View, another MediaInfra product, for its mobile production units. This highlights the value of the EVS ecosystem and the cross-selling between LiveCeption and MediaInfra solutions. 

In the LAB market pillar, the MediaCeption VIA-MAP solution continues to expand among large customers aiming to accelerate their transformation. This is evidenced by the NDR contract, where VIA-MAP will be used for “Tagesschau”, a leading news program in Germany. In Belgium, the Royal Belgian Football Association has selected Xeebra to power Belgian football’s centralized VAR operations in collaboration with Gravity Media. Media Infrastructure solutions are increasingly being deployed among LAB customers, extending beyond traditional broadcast players to include stadiums, corporate environments, and houses of worship. 

EVS Channel Partners play a crucial role in LAB customer transformation. At IBC, EVS and Qvest announced a strategic partnership to redefine broadcast workflows based on the Flexible Control Room (FCR) solution. Revenue generated by Channel Partners continue to increase at a faster rate than those from direct sales. 

Supply Chain Resilience and Operational Readiness 

Amid ongoing geopolitical uncertainties, EVS remains proactive in mitigating potential supply chain disruptions and application of US tariffs. 

We also remain vigilant to any geopolitical impact that may come in the near future and do proactively define strategies to tackle any change in market conditions. 
 

Technologies

Continued Investment in Technological Innovation 

EVS remains steadfast in its commitment to driving innovation within the broadcast and media industry. In line with our strategic objectives, we continue to dedicate over 40% of our workforce to the technological development of our products and solutions. This unwavering focus is fundamental to our ability to stay ahead in a rapidly evolving industry. Our mission is to empower customers and EVS operators with cutting-edge tools that address their most pressing operational challenges. 

Advancements in Live Media and Broadcast-Specific Generative AI 

EVS and the University of Liège (ULiège) have established the academic chair “Computer Vision and Data Analysis for Sports Understanding,” led by Professor Anthony Cioppa. This initiative aims to develop AI approaches for automatically understanding sports images and videos, marking a significant milestone in the collaboration between academic research and industry. 

The marketability of EVS's generative AI technologies is further proven by the new effects in the latest XtraMotion release. Since its debut in 2021, XtraMotion has gained global recognition for creating super slow-motion content from any camera using advanced AI. It has received several industry awards and is trusted by major networks and productions worldwide. The latest release introduces the “deblur effect”, which eliminates motion blur from fast-moving cameras, and the “Cinematic effect”, which simulates shallow depth of field for a film-like aesthetic. These effects, offered under a single license, provide sports broadcasters and media companies with more creative possibilities to enhance the visual impact of key moments during live action. 

Innovation Beyond Generative AI 

• LiveCeption Zoom: Integrated into the LiveCeption® solution family and controlled via LSM-VIA, this feature allows replay operators to zoom into camera feeds using touch gestures, capturing every detail with precision. 

• Xeebra VAR: Officials benefit from reviewing more camera angles simultaneously, thanks to increased channel density and improved AI-based Video Offside Line. 

• Move I/O and Move UP: These tools streamline media ingest, playout, and transcoding workflows, enhancing efficiency and flexibility. Developed through collaboration between EVS teams in Liège and Porto, following the acquisition of MOG Technologies in 2024. 

• Tactiq: Launched at IBC, Tactiq is at the core of the Flexible Control Room solution, transforming media production. It decouples the user interface from backend systems, providing unified control of video, audio, graphics, and lighting in one modular interface. This software-defined approach enhances operational flexibility, allowing any workstation to be assigned any task, operated via touchscreen or physical controller, and maximizing team efficiency. 

Commitment to Technological Sustainability 

EVS is deeply committed to sustainability, integrating eco-conscious initiatives across all aspects of our business. Reducing power consumption and carbon footprints has become a key focus for our development teams, driving continuous improvements through architectural optimizations, product innovations, and software efficiency enhancements. These efforts reflect our broader responsibility toward environmental stewardship and our commitment to fostering a more sustainable future for the industry. 
 

Corporate topics

Ongoing Transformation and Strategic Growth 

EVS continued to evolve in 2025, further aligning its organization and capabilities with the company’s accelerating growth trajectory. A major focus this year was scaling our regional presence to support long-term development. In North America, our footprint expanded significantly, with the team growing from around 50 team members at the end of 2024 to more than 100 by the end of 2025, reinforcing our proximity to customers and strengthening execution capacity in the region. In parallel, we continued to invest in our Porto hub, following the 2024 acquisition of MOG Technologies, welcoming new talent and further building this location into a key center of expertise within the group. 

Increasing operational excellence remained a key priority throughout the year. Continued investments in internal systems, processes, and digital tooling improved efficiency and collaboration across teams. While many of these enhancements operate behind the scenes, they play a critical role in enabling faster decision-making, greater agility, and a more seamless experience for customers working with EVS. 

Strategic Acquisitions & Investments 

In October, EVS finalized the acquisition of Telemetrics, a US-based company specializing in indoor Media Production Robotics, as well as XD Motion, a French company that is renowned for its innovative control systems that enable secure outdoor Media Production Robotic experiences and provides reliable control of indoor robotic arm. Both acquisitions support long-term value creation through portfolio expansion: the combination of the 2 acquisitions leads to a new solution for EVS, named T-Motion. It enables EVS to extend its total addressable market, offering a comprehensive range of Media Production Robotics, both indoor and outdoor. This solution will allow EVS to capture the most powerful live video images and emotions. 

Commitment to Corporate Sustainability 

Sustainability remains high at the top of our agenda. Our nine core corporate sustainability tracks - which include customer and company carbon footprint reduction, talent management, diversity & inclusion, customer experience, local social contribution, cybersecurity, sustainable supply chain, and business ethics - have further refined their action plans to achieve the targets set forward. EVS remains a recognized ESG leader in the industry, consistently receiving positive market feedback for our commitment to sustainability and responsible business practices. Further details on these efforts and initiatives are presented in our annual sustainability report. 

Top employer for the 4th year in a row 

For the fourth consecutive year, EVS has been recognized as one of Belgium’s Top Employers, reflecting the strength of our HR practices. This distinction reinforces our employer brand and supports our continued ability to attract, develop and retain top talent worldwide in a highly competitive market. 
 

Capital allocation 

In line with the capital allocation strategy defined at the end of 2024, EVS has allocated its operational cash to several pillars throughout the year 2025. 

We have seen increased funds being allocated to investment activities. We have funded organic growth (like the Double Down North America plan), but have also allocated operational cash to acquisitive growth in 2025. The two acquisitions, Telemetrics and XD Motion have been paid on a cash basis. 

Next to investment activities, we have increased the dividend paid in 2025 to 1.20 EUR per share (compared to 1.10 EUR per share in 2024). During the first months of the year, we have also finalized our EUR 10 million share buy-back program that was launched in November 2024. 

No further pillars in the capital allocation strategy were launched in 2025, as the operational cash will be preserved to reconstitute our buffer to execute on future M&A activities. 

Second half and full-year revenue

In 2H25, revenue reached EUR 116.3 million, representing an increase of EUR 16.4 million or 16.4% compared to 2H24. Neutralizing the 2024 revenue linked to Big Event Rental, the growth is of 31.3%. 

At constant currency, revenue increased by 19.6% YoY.

In the second half of the year, excluding Big Event Rental, LSP represented 38% of the revenue (38% in 2H24) while LAB accounted for 62% (62% in 2H24). 

For the full year 2025, revenue reached EUR 208.1 million, representing an increase of EUR 10.1 million or 5.1% compared to 2024. Excluding the 2024 Big Event Rental, the growth is of 14.2%. 

At constant currency, revenue increased by 6.9% YoY.

Currency fluctuations primarily impact EVS revenue by the EUR/USD conversion, which can have a significant impact on our results even if EUR/USD fluctuations also impact the cost of our US operations and partially our cost of goods sold. Mind that since the integration of Telemetrics, we now also sell in USD in other continents of the world. 

Out of the EUR 208.1 million revenue in 2025, EUR 8.6 million relate to financial leasings, compared to EUR 9.6 million in 2024. 

Full-year earnings

Consolidated gross margin ends at 70.8% for FY25, compared to 72.3% in FY24 (-1.5 Pts YoY). This decrease is primarily a consequence of the integration of the new business division T-Motion (explaining -0.6 Pts YoY). Acquisitions generally have a lower margin profile when they get integrated in the company. From a long-term perspective we systematically plan to narrow the gap towards the average EVS portfolio. This objective is generally reached through growth, scale, software development and integration into our ecosystem. Next to an integration impact, the drop in gross margin is also partly related to some changes in the organic EVS business model. Following the implementation of tariffs, EUR 2.1 million has been added to our cost base. However, this effect is largely offset by a sales price increase that we announced over summer applicable to North America. 

Operating expenses increased by 7.0% YoY driven by the expansion of team members primarily to support our “double down” North America strategy and the accelerate some R&D tracks. The integration of the different acquisitions also add cost to our operating expense base. After a steep increase in the first half, EVS has demonstrated its ability to control the expenses in second half with the objective to secure a strong operating margin for the year. 

Overall the EBIT performance was of EUR 43.3 million, generating an EBIT margin of 20.8%. On a constant currency basis, related to FY24, the EBIT would have amounted to EUR 46.0 million, corresponding to an EBIT margin of 21.8%. 

The net profit ended at EUR 38.6 million, with income tax expense amounting to EUR 4.6 million for the full year 2025 (compared to EUR 3.1 million in 2024). The effective income tax rate is at 10.6%, which is higher than in previous years. It is to be noted that the taxes in 2025 include a prior-year catch up worth EUR 1.2 million. Correcting for this one-off, the normalized tax rate is of 7.9%. 

The net profit leads to a fully diluted earnings per share of EUR 2.73 (versus EUR 3.01 in 2024). 

Second half earnings

The gross profit margin in 2H25 reached 69.3% compared to 72.6% in the same period last year. The decrease in second half is mainly linked to the integration of T-Motion in our numbers in the fourth quarter (accounting for 0.8 Pts delta). 

Operating expenses grew 3.1% in 2H25 compared to the same period last year, reflecting the efforts to slow down on expenses after a strong growth in 1H25. 

The 2H25 operating margin was 24.6% compared to 21.0% in 2H24 primilarly driven by the additional revenue generated in 2H25 and the strong control over expenses. 

The Group net profit amounts to EUR 25.3 million in 2H25 compared to EUR 21.1 million in 2H24. Fully diluted earnings per share amounts to EUR 1.79 in 2H25 compared to EUR 1.47 in 2H24.

Balance sheet and cash flow statement

Balance sheet remains solid with net cash position at EUR 58.4 million combined with low debt level (of which EUR 14.5 million related to IFRS 16), resulting in a total equity representing 72% of the total balance sheet as of the end of 2025. 

Working capital requirements reaches EUR 102.2 million, an increase of 11.7% compared to the end of 2024, mainly driven by the increase in trade receivables following recent major project sales in NALA Region, strong deliveries in the last months of the year as well as the incorporation of T-Motion customers balances. Working capital represents 49% of sales at year-end 2025 (42% in 2024). Trade payables increase by EUR 4.6 million, whereas inventory levels remain stable. 

The increase in goodwill of EUR 8.1 million results from the two business acquisitions in the period. Other intangible assets include the costs for internal development capitalized since 2022 according to IAS38, as well as technology and customers related intangibles acquired as part of the two business acquisitions of the year. 

Lands and building mainly include the headquarters in Liège and the right of use for the offices abroad (IFRS16). In 2025, a re-assesment of the residual value for the headquarters building in Liège has resulted in a correction of historical and prospective depreciation expenses (see details in Note 2.5). 

Inventories amount to EUR 35.0 million, a slight increase of EUR 0.5 million compared to the beginning of the year with the aim to support the continuous growth of activities. The ratio of inventory vs. sales remains stable at 17% in 2025. 

Liabilities include EUR 14.5 million of financial debt (including long term and short-term portion), mainly related to the lease liabilities. Long-term provisions include the provision for technical warranty on EVS products for labor and parts. Other amounts payable mainly represent deferred income and advance payments received from customers on contracts in progress. 

Net cash from operating activities amounts to EUR 27.7 million for the full year 2025, compared to EUR 63.9 million in 2024. The decrease is mainly driven by unfavorable variance in working capital requirements compared to the previous year, mainly on trade and other receivables following the increase in activities especially in North America, combined with unfavorable conversion differences linked to the USD weakening in the period. On December 31, 2025, cash and cash equivalents total EUR 72.9 million, compared to EUR 87.8 million at the end of 2024. The decrease is mainly driven by new acquisitions of Telemetrics and XD Motion in the period, share buyback program at the beginning of the year, increased interim dividend payments as well as investments in intangible and tangible assets and reimbursement of lease liabilities, partially offset by the net cash flows from operating activities. 

At the end of December 2025, there were 14,327,024 EVS shares outstanding, of which 922,093 were owned by the company with an average purchase price of EUR 23.26. At the same date, 824,395 warrants were outstanding with an average exercise price of EUR 27.38 and maturities between October 2026 and October 2031. 

Team members

At the end of 2025, EVS employed 792 full time equivalent team members. This is an increase of 87 FTE compared to the end of 2024 (705 FTE). In 2025, the acquisition of Telemetrics and XD Motion accounted for 37 of these 87 new team members. For 2026, we expect an increase in the number of team members, so as to continue and fuel our future growth.

Corporate update

There has been no further change to the composition of the Board of Directors since the last General Assembly on May 20th 2025 during which the shareholders have renewed the mandate of Chantal De Vrieze, independent director (representing 7 Capital bv) for a period of 4 years. The Board of Directors is currently composed of nine directors: 

• Johan Deschuyffeleer, independent director & President (representing The House of Value BV); 

• Michel Counson, managing director; 

• Martin De Prycker, independent director (representing InnoConsult BV); 

• Chantal De Vrieze, independent director (representing 7 Capital SRL); 

• Frédéric Vincent, independent director; 

• Marco Miserez, independent director; 

• Anne Cambier, independent director (representing Accompany You SRL); 

• Serge Van Herck, CEO and managing director (representing InnoVision BV) ; and 

• Soumya Chandramouli, independent director (representing FRINSO SRL). 

Glossary

In case of discrepancies between the English and the French Version, the English Version prevails.

Conference call

EVS will hold a conference call in English on March 2nd 2026 at 9.00 am CET for financial analysts and institutional investors. Other interested parties may join the call in a listen-only mode. The presentation used during the conference call will be available shortly before the call on the EVS website.

Participants must register using the following link: register here

Corporate Calendar

• May 19th, 2026 : general assembly
• May 21st, 2026 : 1Q 2026 business update (post market publication)
• August 18th, 2026 : 2Q 2026 and 1H 2026 results (post market publication)
• November 17th, 2026 : 3Q 2026 business update (post market publication)

CONFERENCE CALL

! PRE-REGISTRATION IS REQUIRED !

On Monday, March 2, 2026, EVS will hold a conference call in English at 9.00 a.m. CET with financial analysts and institutional investors. Other interested parties may join the call in listen-only mode. The presentation used during the conference call will be available shortly before the call on the EVS website.

Participants must register using the link provided below.

1. Online registration: click here

ANNONCE DES RESULTATS D’EVS POUR L’ANNEE 2025 LE VENDREDI 27 FEVRIER 2026

EVS Broadcast Equipment annoncera ses résultats de l’année 2025 le vendredi 27 février 2026, après la clôture des marchés.

Le lundi 2 mars 2026, EVS tiendra une conférence téléphonique en anglais à 09h00 CET pour analystes financiers et investisseurs institutionnels. Les autres personnes intéressées peuvent l’écouter, sans poser de questions (« listen-only mode »). La présentation utilisée pendant la conférence téléphonique sera disponible sur le site d’EVS peu avant le début de celle-ci.

Les participants doivent s’enregistrer via le lien ci-dessous.

1. Online registration: click here

EVS MAAKT OP VRIJDAG 27 FEBRUARI 2026 DE JAARRESULTATEN VAN 2025 BEKEND

EVS Broadcast Equipment zal de resultaten van het jaar 2025 bekendmaken op vrijdag 27 februari 2026, na sluiting van de beurs.

Op maandag 2 maart 2026 om 09.00 uur CET zal EVS een teleconferentie houden in het Engels voor financiële analisten en institutionele beleggers. Andere geïnteresseerden kunnen passief deelnemen aan de conferentie in “listen-only mode”. De presentatie die gebruikt zal worden tijdens de teleconferentie zal beschikbaar zijn op de website van EVS kort voordien.

Deelnemers moeten zich vóór de conferentie registreren via de onderstaande link.

1. Online registration: click here

EVS’ revenue performance is demonstrating growth compared to the same period last year, displaying our capacity to recover from the revenue delays experienced in the first half of 2025. The operations have adjusted to the new business paradigms linked to tariffs and milestone projects, and the underlying business dynamics are now reflected in our performance. The fourth quarter looks promising from an order intake point of view, underlying our capacity to deliver growth for the full year. There is a dependency linked to our ability to deliver some of the fourth quarter sales orders within the year. Some preproduced stock should enable us to face this challenge.

Highlights 

• Revenue performance demonstrates growth at the end of the third quarter, compensating for big event revenue of 2024.
• The secured revenue allows EVS to confirm the existing range of the revenue guidance (EUR 195 - 210 million). Some dynamics specifics to 2025 point towards the lower-end of the range: dynamics relate to dollar impact, back-order revenue eroding in 2025 with revenue shifting into 2026 and a lower in-year conversion of the order intake in 2025 hinting to marginally longer delivery cycles.
• Gross margin levels remains strong and operational expenses are under control.
• In line with the revenue guidance, EVS also reconfirms the existing EBIT guidance (EUR 35.0 – 43.0 million). 

Comments

Serge Van Herck, CEO, comments:

“As we close the third quarter of 2025, I am proud to report that EVS continues to deliver strong results. Revenue and profit for the first nine months are fully in line with our full-year guidance, confirming the resilience of our business model and the dedication of our global teams. 

This quarter marks another pivotal moment in EVS’s journey. We announced the acquisition of Telemetrics in the United States and XD Motion in France, two industry innovators whose integration into EVS creates a market leader in Media Production Robotics. Together, we are launching T-Motion, a new solution that combines decades of expertise from both companies to deliver a future-ready portfolio. Positioned alongside LiveCeption, MediaCeption, and MediaInfra, T-Motion introduces a new category of intelligent, integrated tools designed to help our customers consistently capture the most compelling live video images whether in the studio or on the field. This strategic move further expands our total addressable market and reinforces EVS’s commitment to innovation and operational excellence. Customer feedback on these complementary solutions has been overwhelmingly positive, validating our analysis of the market opportunity and strengthening our confidence in this new chapter for EVS. 

Our presence at IBC 2025 was another highlight of the quarter. We showcased how EVS solutions simplify operations, boost creative potential, and accelerate content delivery, not by adding more gear but by delivering smarter tools that work together. Key announcements included the launch of Flexible Control Room and its next generation modular interface, Tactiq, which redefines broadcast workflows with unprecedented agility and scalability. We also introduced new capabilities in LiveCeption such as XtraMotion, our GenAI-powered replay effects tool, and UHD zoom features for immersive storytelling. MediaInfra’s Cerebrum also advanced as the industry standard for orchestration and control in complex broadcast environments. 

Our growth oriented PlayForward strategy and its “North America double down” pillar is delivering as planned, with increasing order intake and our U.S. team growing from 50 colleagues at the end of 2024 to over 100 today. Globally, we are now close to 800 team members while maintaining cost discipline. 

Investments in MediaCeption VIA MAP are paying off, with major wins such as NDR in Germany, which will use EVS technology to produce Tagesschau, the country’s main daily television news show. Customer decisions to rely on VIA MAP for next year’s major summer sports events in North America further demonstrate the confidence placed in EVS solutions. 

Looking ahead, we are fully preparing for the landmark events in Italy and North America in 2026. With a strengthened portfolio, expanded talent base, and unwavering focus on innovation, EVS is well positioned to deliver exceptional value to our customers and stakeholders.” 

Comments

Commenting on the results and the outlook, Veerle De Wit, CFO, said: 

“The third quarter marks a strong performance both from a revenue and a profit point of view. We have managed to improve our control over the new business paradigms witnessed in the first half of 2025, fully recovering from the revenue delay we experienced earlier in the year. Our revenue performance now demonstrates a growth year-to-date, positioning us well for the full year. 

From a profit point of view we continue to deliver strong profit margins, despite the impact of tariffs. We demonstrate that we control the evolution of our bill of materials, but also our tariff impacts, and are capable of mirroring the impacts into our sales prices. From a spending perspective, we slowed down our hiring pace over the summer to control our discretionary spend growth throughout the year. 

Thanks to the strong revenue performance, the solid profit margin and the control over expenses, we booked strong progress on our EBIT results. 

Our revenue guidance for the year remains unchanged at EUR 195 – 210 million, though our ability to achieve the higher-end of the range depends on order intake in the fourth quarter. That dependency on order intake in the final quarter of the year comes following some erosion at the base. The erosion is linked to a weak dollar throughout the year, back-orders initially planned in 2025 slipping into 2026 worth EUR 10 million (linked to milestone projects), and finally a lower in-year conversion of 2025 order intake. The latter 2 elements are short-term impacts, that do not undermine our long-term dynamics: they are merely a reflection of an increasing timing between order intake and final revenue recognition. 

As a consequence of the above, we also reconfirm our EBIT guidance range (between EUR 35 and 43 million). As for revenue, we currently hint towards the lower-end range of the guidance. If revenue firms up following fourth quarter order intake, the EBIT assessment can be positively impacted. 

From a balance sheet point of view, we continue to see strong metrics. Our net cash position continues to be very solid. 

In the fourth quarter we will integrate our new solution T-Motion into our financials. On top of the announced guidance we expect between EUR 3,0 and 4,0 million of revenue contribution. The contribution to EBIT will be minimal (below EUR 0,5 million).” 
 

Markets, Customers & Technology

At the IBC exhibition in Amsterdam, EVS showcased the continuous advancement of its ecosystem, driven by strategic R&D investments in deep technology. Notably, the company highlighted significant progress in generative AI. These innovations have been validated through widespread adoption by customers and channel partners. 

NDR, a leading European broadcaster and part of the Live Audience Business (LAB) customers, has chosen EVS to replace its legacy News PAM system and modernize workflows. EVS’s MediaCeption® content management solution will enable a unified, end-to-end news production workflow and seamless collaboration for tagesschau, Germany’s leading news program. 

Gravity Media, a global Live Service Provider (LSP), has chosen the cutting-edge LiveCeption® replay solution to power next-generation live productions worldwide. The investment, announced at IBC2025, includes the deployment of EVS XT-VIA servers with advanced LSM-VIA replay systems across Gravity Media’s global fleet. 

As part of the MediaInfrastructure solution, EVS launched Tactiq® at IBC2025, bringing unprecedented flexibility to control room operations, centered around the Cerebrum platform. EVS and Qvest – one of the largest international system integrators – announced a strategic partnership to redefine broadcast workflows with the Flexible Control Room (FCR) solution, including Tactiq. This partnership will ensure the effective deployment of EVS’s next-generation FCR solution, optimal customer satisfaction, and seamless change management for end customers adopting new practices. 

During this summer, EVS also secured key Big Event Rental (BER) contracts to support a major international football tournament in 2026. 

Corporate Topics 

During Q3, EVS announced the completion of the acquisitions of two companies active in Media Production Robotics. Telemetrics – based in Allendale, NJ in the US and XD motion – based in Coignieres near Paris in France, propose very complementary product portfolios. Thanks to these two acquisitions, EVS today offers the broadest choice of premium Media Production Robotics. The portfolio is structured within a new solution named “T-Motion”. 

EVS will leverage its worldwide presence to increase the level of service to its customers. Thanks to own AI technologies, EVS will increase the level of assistance and enable more creativity for the T-Motion operators. On top of the existing links between Telemetrics products and Cerebrum (EVS broadcast control and orchestration platform), the T-Motion products will become more and more integrated within the EVS ecosystem to ease the deployment and operation for our customers. 

Beyond these M&A transactions, EVS continues to broaden the number of technology partners in its ecosystem to either ensure interoperability with 3rd-party systems or to include new capabilities in its solutions to simplify the operation of the ever more complex content factories that our customers are building. 

At the IBC trade show in Amsterdam, EVS organized an Investor Tour for the first time, giving the opportunity to investors and analysts to assess the depth and vitality of the media technology industry and the wide variety of its markets. The program, attended by 15+ investors representatives and analysts, included live demonstrations of EVS latest innovations launched at the show, an overview of the stands of other major players in the industry, a visit to the stands of the Group's latest acquisitions (Telemetrics and XD Motion) or minority investments (Tinkerlist/Cuez), as well as a visit to an OB van led by an integration partner. The feedback from the participants on this new immersive experience have been extremely positive. 

EVS continues the development of the new evolution of its HW technology foundations to foresee in mid-term smooth evolutions of its products and solutions under the IAS-38 framework. 

Outlook 

The 2025 secured revenue supports our existing range of our revenue guidance (EUR 195 - 210 million), though some dynamics specific to 2025 point to the lower-end of the range. Further order intake in the fourth quarter can still enable us to firm up our assessment: we remain flexible so as to deliver orders in the final weeks of the year. 

Our gross profit margin is expected to remain solid and stable throughout the year. We continue and manage our bill of materials and the impact of tariffs with well-balanced price increases. Our discount levels also remain well under control, enabling a continued strong profit margin. 

From an operational expenses point of view, after strong investments in the first half of 2025, primarily in the United States, we have slowed down our acceleration pace in the second half. Our full year expense pattern is in line with the initially planned spend levels for the year 2025. 

Combining all of the above elements, we also reconfirm our EBIT guidance (EUR 35 – 43 million), with the acknowledgement that the dynamics specified for revenue also influence our EBIT achievements. The lower-end of the guidance is currently the base assumption, even though additional revenue that can be secured linked to fourth quarter order intake can still influence this range upward. 

The order intake perspectives for the final quarter continue to be promising. 

Interim Dividend 

The Board of Directors has decided to pay an interim dividend of EUR 0.60 per share. The ex-date will be November 26, 2025 (coupon #39) and the payment date will be November 28th , 2025. 
We reiterate the full year 2025 expected dividend distribution of EUR 1.20 per share, which remains subject to market conditions and to the approval of the Ordinary General Meeting of Shareholders 

Corporate Calendar 

February 27th, 2026 : 2H 2025 and FY 2025 results (post market publication) 
May 19th, 2026 : general assembly 
May 21st, 2026 : 1Q 2026 results (post market publication) 
August 18th, 2026 : 2Q 2026 and 1H 2026 results (post market publication) 
November 17st, 2026 : 3Q 2026 results (post market publication) 
 

First half financial performance highlights^[1]

• Order intake of EUR 104.0 million, including EUR 14.2 million for 2026 Big Event Rental, demonstrating a growth of 19.6% when compared to the same period of last year.
• Revenue in the first six months of the year amounts to EUR 91.8 million, decreasing -6.4% YoY. Neutralizing for Big Event Rental, revenue decreases by -1.5%. The weaker revenue results are a consequence of temporary impacts linked to recent changes: the new business model implemented as a response to the US tariffs and a temporary impact of some milestone shifts of a couple of larger projects. The changes in our business model result in a shift of administrative workload and responsibilities. The envisioned revenue mark of EUR 100.0 million – hinting to a growth of 7% year over year excluding BER - was achieved on July 8^th, clearly demonstrating the temporary impact of the revenue delay.
• Gross margin performance remains strong at 72.6% despite the impact of US. Tariffs: a proof of our dynamic pricing strategy and a more favorable product mix driven by higher volume of software and services.
• EBIT and net profit are affected by the temporary weak revenue: EBIT lands at EUR 14.8 million. The EBIT is heavily impacted by the delay in revenue recognition: at EUR 100.0 million, our simulated EBIT would have been EUR 21.8 million. The net profit amounts to EUR 13.3 million, leading to diluted earnings per share of EUR 0.94 (a decrease of EUR 0.60 compared to 1H24 results).

[1] Please refer to our Half-Year Financial Report for detailed financials and auditor’s review report

Outlook

• The secured revenue for 2025 is at EUR 169.1 million at the end of June: this represents a 7.2% growth compared to 1H24, once neutralized for BER.
• Historical metrics support our existing revenue guidance of EUR 195.0-210.0 million: we have a strong pipeline for the next months, and our capacity to produce and deliver allows us to maintain this guidance. The range is still wide, with a EUR 15.0 million spread, as some uncertainty remains linked to dollar and project deliveries.
  • EUR/USD rate assumed in the overall secured sales is at 1.09 (annual average). If the weakness of the dollar continues (at 1.17), the impact in the secured sales is modeled at EUR 2.3 million. The impact may further grow with additional secured sales for the year 2025. 
  • Some project milestones demonstrate a risk, often dependent on customer readiness to progress on milestones. We are actively monitoring this risk and will implement mitigating actions if required.
• The long-term order book - beyond 2025 - demonstrates strong growth and stands at EUR 97.4 million, an increase of EUR 31.4 million compared to the beginning of the year 2025. A proof of our strong underlying business dynamics securing future growth.
• OPEX is growing at 10% compared to 1H24 following investments in additional resources. A total of 86 FTE have joined EVS over the past 12 months, of which 48 FTE are linked to EVS Porto. 
• The full-year EBIT guidance is maintained at EUR 35.0-43.0 million.

Key figures 

Comments

Serge Van Herck, CEO, comments:

“Despite a challenging first half of the year, I remain confident in the strength and resilience of EVS. While our revenues for the first half came in below expectations, this was primarily due to an increase in project-based work that involves longer revenue recognition cycles, as well as temporary delays in shipments caused by adjustments in our logistics operations to accommodate new US tariff structures. Nevertheless, we successfully reached the milestone of EUR 100.0 million in revenue on July 8th. This achievement reflects the underlying momentum of our business and the trust our customers place in our solutions.

Our strong order intake during the first half, combined with a growing backorder for 2026 and beyond, reinforces our long-term growth ambitions. A key highlight was securing major contracts for both the winter and summer editions of the 2026 sporting events through our Big Event Rental business, representing more than fourteen million euros in confirmed revenue. These wins further validate our leadership in live production and our ability to support the world’s most prestigious events.

We also made a significant strategic move with the acquisition of Telemetrics, a United States-based company specialising in robotic camera systems for live news and live content production. This acquisition not only broadens our product portfolio but also provides us with valuable production capacity in the United States, supporting our ambition to accelerate growth in North America.

Although revenue and EBIT for the first half are below our initial expectations, we remain cautiously optimistic for the full year and reaffirm our previously announced guidance. Our teams continue to execute with discipline and agility, and we are confident that the foundations laid in the first half will support a strong performance in the second half.

As always, I would like to thank our customers, channel partners, EVS operators and the entire EVS team for their continued commitment and contribution to our journey.”

Comments

Commenting on the results and the outlook, Veerle De Wit, CFO, said: 

“ The 1H25 revenue results are weak, but do not reflect the underlying dynamics of our business. Our order intake continues to grow at double digits, our pipeline remains strong and our production and delivery capacity runs at full speed, also hinting at solid double digit growth.

Our revenue does demonstrate short-term weakness following new business paradigms: on the one hand, we introduced a new delivery model for the United States in early June to respond to the US tariffs. EVS now officially takes the role of importer in the United States, smoothening the change for our end-customers in exchange for a marginal price increase. This change in business model does shift roles and responsibilities internally and did result in longer delivery periods (revenue is now recognized when the goods leave our US office). Another new paradigm is the growing importance of managed projects within our business. This clearly demonstrates our increasingly important role in helping our customers to implement large and more complex solutions. Revenue recognition is consequently subject to projected milestones often dependent on our customers’ readiness to progress. A proofpoint that the weakness is merely temporary is the fact that we reached our envisioned EUR 100.0 million revenue mark on July 8^th: a growth that was projected based on the strong production numbers.

Following the dynamics of 1H25, and based on a strong pipeline and production capacity, we reiterate our revenue guidance at EUR 195.0-210.0 million. The weight of revenue in 2H25 might appear heavy, but is supported by the temporary weakness of revenue in 1H25. The range of the revenue guidance is still wide though, as there are certain dynamics that may still influence the achievement. On the one hand, we note the weakness of the dollar, that could potentially affect our revenue in 2025 by EUR 2.5-3.0 million. On the other hand, we have the risk inherent to our managed services portfolio, whereby EVS is often dependent on the customer to achieve certain milestones. These managed projects are followed up closely by our project managers and mitigating actions will be defined if deemed necessary.

Given the wide revenue range, we are conscious of the importance of the evolution of our cost base. We therefore implemented multiple cost measures to preserve our EBIT. We will limit additional hires throughout the remainder of the year and defined measures to reduce our travel spending and dependency on external resources. These are pro-active measures to warrant full-year profitability.

Our gross profit evolution continues to be sound, with all solutions gaining ground in terms of profitability. Across our portfolio we see the positive impact of more software-based solutions. At the same time we demonstrate our ability to balance price increases, taking into account macro-economic challenges (including tariffs and dollar weakness).

Our costs demonstrate a growing pattern, but are generally well controlled: we keep monitoring the balance of a company with growing needs and profitability. Our growing cost base is primarily invested in additional team members to ensure we capture the opportunities we see in the market. We accelerate or decelerate growth of our cost base depending on underlying market dynamics.

Finally, our balance sheet remains strong, though some metrics are affected by the slower revenue recognition in 1H25. As this is a temporary effect, we confirm there is no structural impact of our balance sheet strength.

From an EBIT guidance point of view, we reiterate our guidance issued in 1Q25 of EUR 35.0-43.0 million.

Both revenue and EBIT guidance are excluding any contribution from our new acquisition, which will contribute to our results as of 4Q25.”

Markets, customers & technology

Despite the economic uncertainties in the US, our revenues and order intake continue to increase in that region, confirming the success of the strategic focus on “doubling down in North America”. The order intake in EMEA also demonstrates a solid double digit growth. In the APAC region the order intake remains stable, partially impacted by the strong Euro.

Revenue and order intake generated by EVS channel partners continue to rise, especially in NALA, where some key channel partners have doubled the order intake year on year in the last 2 years.

The Live Audience Business (LAB) revenues and order intake have grown in 1H25 in line with our PLAYForward strategy.

The order intake for Live Service Providers (LSP) in H1 is stable. The FinePoint upgrade of the replay server fleet to XT-VIA and LSM-VIA demonstrates the continuous relevance and competitiveness of EVS technology for LiveCeption. Additionally, LSP interest in EVS beyond the LiveCeption solution is increasing. GameCreek selected Neuron View as the multiviewer to equip three of its OBVans, proving the technological edge that EVS has acquired in MediaInfrastructure.

In the Big Events Rental (BER) market pillar, EVS equipment will be used for a major winter event and a major international tournament during 2026 summer. Host broadcasters will leverage the full power of VIA-MAP during this event in North America, enabling more efficient workflows between production and content distribution to broadcasters worldwide.

In terms of solutions, the order intake for MediaInfrastructure has significantly increased in this first half. Cerebrum continues to be deployed in more and more customers premises, and Neuron View continues to gain key references, as seen in the GameCreek project.

MediaCeption is now enhanced with two new components – MoveUP & MoveIO - developed in Porto. These new products open new markets for EVS and have already been delivered to the first customers shortly after NAB, where they gained significant traction. Meanwhile, the overall MediaCeption revenues have slightly increased.

LiveCeption solution has been significantly enhanced. A new replay server, XT-Venue, is now available to support the specific workflows of US stadiums. XtraMotion 3.0 now offers additional effects beyond smoother replay. With “Cinematic effects” and “Deblur”, replay operators can leverage an additional level of creativity during live events. The “Zoom feature” allows operators to benefit from higher replay precision, enabling them to create a moving zoom effect on a part of the image to highlight specific actions or movements.

Powervision, part of LiveCeption, now benefits from a serie of innovations, including Xeebra Insights, a lighter, more portable version of the system designed for coaching and medical staff. Xeebra is now at the core of Belgium’s centralized VAR operations, proving the product’s flexibility to cope with different deployment models.

At IBC 2025, we will introduce a host of exciting innovations aimed at transforming live storytelling and optimizing production workflows. Among the highlights, LiveCeption will showcase its new remote production capabilities, allowing for seamless control across geographically dispersed teams, while LSM-VIA’s enhanced replay system will offer intuitive zoom features and social media-ready content creation. Additionally, VIA MAP will demonstrate its power as an integrated content management solution, streamlining media flow from acquisition to distribution with AI-powered tools that accelerate decision-making. We will also unveil our new Flexible Control Room (FCR) solution, designed to simplify complex orchestration, alongside the Neuron View multiviewer and Neuron Bridge audio routing system, which will enhance SDI/IP workflows. To top it off, PowerVision will take center stage with live demos of Xeebra and the AI-assisted Video Offside Line technology, both designed to elevate precision in officiating and analysis, ensuring clearer and faster decision-making in high-stakes moments.

Finally, EVS and the University of Liege have launched an academic chair dedicated to AI in sports. This initiative anchors a strong relationship developed over the years. EVS investments in AI are now fully materializing with the success of XtraMotion, new genAI effects and Xeebra Virtual Offside Line. Many more creative tools and image improvements systems are expected to emerge in the coming months and years.

Corporate topics

Effective today, EVS announces the signing of a new acquisition, Telemetrics INC. This transaction is a strategic win for EVS, as it expands EVS’s global footprint and unlocks new revenue streams in Media Production Robotics. The closing of the deal is scheduled October 1st, 2025. The transaction consists of an initial purchase price equal to USD 6.5 million, and an opportunity for an earn-out based on financial results throughout the end of 2025 of up to USD 6.2 million and will be paid fully in cash. In 2024, Telemetrics generated a revenue of USD 12 million with a positive EBITDA margin around 11%. The expected contribution in 4^th quarter is in the range of USD 2.5-3.0 million of revenue with a similar EBITDA margin contribution of 11.0%.

EVS continues to invest in a new intangible asset project, recognized under IAS38, that secures our future growth potential.

Supplier landscape remains a point of attention for the company: the evolutions of the economy (often impacted by acquisitions & consolidations), the current geo-political tensions and the impact of tariffs force us to remain pro-active and agile in this area.

On the corporate sustainability axis, EVS continues to be thought leader. This has been reconfirmed by Ecovadis, a renowned provider of business sustainability ratings, who recently renewed the Silver Medal – Top 15% for EVS.

First half revenue

Revenue reached EUR 91.8 million in 1H25, representing a decrease of EUR 6.3 million or -6.4% compared to 1H24. Excluding the impact of exchange rate conversions, this represents a decrease at constant currency of -6.0% YoY. Taking out the seasonal impact of the Big Event Rental, the decrease of 1H25 was of -1.5%.

Currency fluctuations primarily impact EVS revenues by the EUR/USD conversion, which can have a significant impact on our results, even if EUR/USD fluctuations also impact the cost of our US operations and partially our cost of goods sold.

In the first half of the year, excluding Big Event Rentals, LSP represented 46% of the revenue (48% in 1H24) and LAB 54% (52% in 1H24). The trend demonstrated by this performance is reflecting the long-term growth patterns laid out in our PLAYForward strategic plan.

Geographically, revenues are distributed as follows in 1H25 (excl. Big Event Rentals):

• Europe, Middle East and Africa (EMEA): EUR 41.2 million (EUR 49.2 million in 1H24), decreasing -16.4%.
• Americas (NALA): EUR 36.6 million (EUR 34.1 million in 1H24), growing 7.2% in line with our strategy.
• Asia & Pacific (APAC): EUR 14.1 million (EUR 10.3 million in 1H24), increasing by 37.3%.

First half earnings

Consolidated gross margin was at 72.6% for 1H25, compared to 71.9% in 1H24. This increase is a combination of price increases and a favorable product mix driven by higher volume of software and services with higher gross margin. Despite the impact of tariffs being consolidated in the gross margin, we continue to demonstrate that we can balance price increases and underlying business dynamics.

Operating expenses increased by 11% YoY as a consequence of investments in resources (+86 FTE on average including 48 coming from EVS Porto) made in the past 12 months. This growth also led to higher associated operating costs such as subscriptions and travel expenses. Additionally, there was an increase in the use of external services for compliance-related matters, including audit, taxation and fiscal regulations. We also incurred costs linked to the due diligence of our acquisition strategy. All these investments are aligned with and support our long-term strategic ambitions.

EVS continues to invest in an intangible assets project initiated in previous years to support our future growth. This investment represents EUR 0.9 million in 1H25, compared to EUR 0.5 million in 1H 24. The total projected investment over a 3-year period is estimated at EUR 6.3 million, with a planned return on investment starting in 2027.

The 1H25 EBIT margin declined to 16.1%, primarily due to lower revenue in this first semester, compared to 24.3% in 1H24. Taking into account the envisioned revenue at EUR 100.0 million, based on production numbers, the EBIT performance would have been around the 21.5% EBIT to revenue mark.

Financial result in the period amounts to EUR -0.2 million, negatively impacted by FX losses resulting from the exceptional strengthening of EUR vs. USD in the period (12.8% increase) coupled with discounting impact on long-term trade receivables, partially offset by positive fair value adjustment on the FX hedging instruments and interest revenue on treasury deposits.

Income taxes are at EUR 1.3 million, compared to EUR 3.1 million in 1H24. The decrease is mainly driven by the deferred tax income in the period resulting from existing latencies in the recently acquired MOG Technologies Portugal, deferred tax assets linked to R&D intangibles and intercompany margin elimination on inventory, combined with lower current tax expenses in line with lower profit before taxes.

The group net profit amounted to EUR 13.3 million in 1H25, compared to EUR 21.8 million in 1H24. Fully diluted earnings per share amounted to EUR 0.94 in 1H25, compared to EUR 1.54 in 1H24.

Second half outlook

Based on the secured revenue on June 30, 2025 at EUR 169.1 million (-1.8% compared to EUR 172.2 million last year at the same date), and based on the short-term pipeline and production capacity within the year, we maintain our revenue guidance for the year (EUR 195.0-210.0 million).

The revenue to be booked in 2H25 is still significant, but is sustained by productions and deliveries done in 1H25 that have not yet been recognized in revenue at end of June. Next to that, the order intake of the month July has been strong, feeding our belief that we can still deliver strong results.

There is some uncertainty within the overall secured sales number linked to the weakening dollar and linked to a growing portfolio of managed projects, but both risks are closely monitored and should not materially impact the guidance.

Given the wide revenue range, we have taken all necessary cost measures to control our costs in 2H25: new onboardings will be limited and all non-business critical expenditures are halted. As such, we also reiterate our EBIT guidance in the range of EUR 35.0-43.0 million.

The long-term perspectives for EVS are very promising, with a long-term order book already at EUR 97.4 million.

Glossary

In case of discrepancies between the English and the French Version, the English Version prevails

Conference call

EVS will hold a conference call in English tomorrow, August 20^th 2025 at 10.00 am CET for financial analysts and institutional investors. Other interested parties may join the call in a listen-only mode. The presentation used during the conference call will be available shortly before the call on the EVS website.

Participants must register for the conference using the link provided below. Upon registering, each participant will be provided with Participant Dial In Numbers, Direct Event Passcode and unique Registrant ID.

Online registration: Link

Corporate Calendar

November 21^st, 2025: 3Q25 Trading update (post market closing)

Highlights 

• Our underlying metrics support growth in revenue for 1H25 and we remain confident for our full year performance. Revenue achievement for 1Q25 was impacted by some customers delaying their shipments, hence not demonstrating the expected growth.
• Secured revenue* for 2025 is at EUR 125.1 million (growing EUR 4.7 million compared to 1Q24, excl. BER) sustaining our revenue guidance of EUR 195-210 million.
• Operational expenses are under control. Despite the economic uncertainty, we continue to invest in the execution of our growth strategy. Our healthy cash position gives us the comfort to maintain momentum.
• Based on the 1Q25 results and in line with our full year revenue guidance, we issue a full year EBIT guidance of EUR 35.0 – 43.0 million.
• Net cash is remaining strong at EUR 75.2 million 

*secured revenue includes the already recognized revenue as well as open orders on hand that will be recognized as revenue in 2025

Comments

Serge Van Herck, CEO, comments:

As we begin 2025, EVS reports a first quarter slightly below our expectations, primarily due to the deferral of certain customer deliveries into the second quarter. This timing-related impact does not reflect a change in underlying business momentum. Customer demand remains robust across all regions, providing continued confidence in our full-year guidance. We expect to achieve our 2025 revenue guidance despite the absence of Big Event Rental (BER) revenues this year, as 2025 is an uneven year without major international sporting events. We remain cautiously optimistic about the year ahead. 

Our teams are fully mobilized to ensure that broadcasters and content producers worldwide can rely on the performance and reliability of EVS systems to continue delivering live premium events at the highest standard. In parallel, we are already starting to prepare for the major sporting events that will take place in 2026, both in Europe and in North America, ensuring our customers will be equipped with the tools and support they need to succeed in delivering high quality production and emotions to billions of viewers around the world.

At the Las Vegas NAB Show 2025, we highlighted several strategic innovations and partnerships that further strengthen our position in the live production and media infrastructure: 

• The further improvement of our LiveCeption® offering with the launch of XtraMotion® 3.0 and LSMVIA® Zoom continues to push the boundaries of slow-motion replay and operator precision.
• The expansion of our MediaCeption® offering—including Move I/O, Move UP, and the latest VIA MAP platform—enables seamless ingest, editing, distribution, archiving, and monetization across newsroom teams, whether on-site or remote. Al Jazeera’s strategic choice to select VIA MAP across five of its main worldwide production sites, demonstrates the platform’s value in streamlining complex news production workflows at scale.
• On the Media Infrastructure side, Game Creek Video selected our Neuron View multiviewers for their new live production trucks, citing ultra-low latency and seamless IP monitoring—extending our longstanding partnership.
• We also presented the latest enhancements to Xeebra®, our industry-leading multi-camera review system. Xeebra is designed to empower sports officials with a seamless and intuitive review experience, providing the precision and control needed to make the right call in the most demanding live sports environments. 

These developments reflect our ongoing investment in AI, IP, and balanced computing - a hybrid approach that leverages the benefits of both on-premise and cloud-based workflows - to ensure that our customers can operate with maximum agility, scalability, and efficiency in fast-paced live production environments.

We recognize that the current situation with U.S. tariffs is increasing the level of uncertainty in the market. We are actively taking the necessary steps to limit the impact of potential cost increases for our U.S.-based customers, ensuring they continue to receive the best value and service from EVS. 

Internally, we continue to invest in talent, commercial excellence, and operational scalability—particularly in North America—to support our long-term growth. 

As we build toward our 2025 strategic objectives, I remain confident in our ability to deliver value for our customers, EVS operators, channel partners, and shareholders. 

Comments

Commenting on the results and the outlook, Veerle De Wit, CFO, said: 

Despite the growing uncertainty in the market following geo-political and macro-economical tensions, we remain confident that 2025 can be another break-through year for EVS. Allthough we do not witness strong results for the first quarter, mainly following some customer requests to shift shipments from end of March into early April, we continue to see strong momentum and remain confident for our full year objectives. Our pipeline continues to grow and we see commitments from our sales department firming up.

Besides the macro-economic and geo-political tensions, we do note a weakening dollar. This may impact our revenue guidance in the future, should this situation persist.

From a cost point of view we are progressing on all of our strategic investments: hiring in North-America is ongoing and also in Porto we start to see traction on our outstanding open positions. The current uncertainty in the market is not slowing us down. We remain committed to investing in future growth, supported by our strong balance sheet and cash position. 

With the current spending patterns and the existing revenue guidance of EUR 195-210 million, we issue a prudent EBIT guidance within the range of EUR 35-43 million. This range takes into account all the investments aimed at supporting our growth plans, whilst remaining vigilant that these investments are affordable and sustainable.

We realize that as an organization we need agility to react to changing market conditions all whilst continuing to execute on our strategy. The US tariff discussions do not influence our growth plans, though they require us to reflect on alternative ways to serve the US-based customers. We have multiple scenario’s laid out to react to this new reality and will further strengten our processes in 2Q25 to limit any impact of such tariffs on our customers.

Market & customers 

EVS continues to solidify its position in the market, driven by key growth pillars in the Live Audience Business (LAB) market, the US, and across all solutions. The NALA region has shown remarkable success over the past twelve months, reflecting EVS's strategic investments in the US. Similarly, the APAC region is experiencing continuous growth, fueled by the deployment of MediaCeption and MediaInfra solutions. 

The recent deals announced during NAB underscore the effectiveness of EVS's strategy. GameCreek Video, a major US Live Service Provider (LSP), has adopted Neuron View (our low latency, low power multiviewer introduced last year as part of the MediaInfrastructure solution). On the MediaCeption front, Al Jazeera, a significant Middle-East LAB customer, is modernizing its live news workflows with the deployment of the VIA MAP solution across its headquarters and four other locations. 

During the EVS Channel Partner event at NAB, the significant increase in revenue from Channel Partners over the past twelve months was highlighted, showcasing the quality and robustness of the solutions delivered to common customers. 

EVS drives its growth strategy relying on 4 key success drivers

• Pursue the innovative boost of its replay solution maximizing the impact of every moment captured on any camera whether coming from GenAI based XtraMotion, EVS AI Augmented Zoom Replay system, but also introducing adapted replay offreing for stadium and venue market with the introduction of XTVenue
• Confirm EVS positioning of MediaCeption (Asset Management) and MediaInfra (consolidate) as the most serious alternative solution for customers looking for long lasting and reliable evolution partners taking the most of IP, while offering effective tools for creative operations acting in live conditions
• Accelerate EVS’ expansion in North America ensuring a stronger presence of its customer support and customer succes team, ensuring high quality of support and more effective business in the region
• Expand EVS’ presence into adjacent markets in collaboration with dedicated channel partner expertise including premium enterprise, house of worship and stadium business. 

EVS maintains meticulous inventory management practices to ensure timely delivery of hardware-based products in line with commitments. In light of the macro-economic context, EVS remains vigilant in monitoring inflationary trends across global regions, progressively integrating adjustments into pricing and business models. Additionally, the ongoing discussions around US tariffs require agility and adaptability in the Company's operations.

Technologies 

EVS is committed to developing and strengthening its ecosystem with more workflows and use cases natively supported. The company is continuously improving image enhancements, such as XtraMotion and other effects, which are showcased during slow-motion replays in premium live sports events on TV. 

With the introduction of LSM-VIA Zoom, EVS operators can now better and more rapidly highlight the action that the audience must see. AI technology drastically shortens the latency to produce zoomed images, making replays nearly immediate and allowing talent to directly comment on relevant actions.

EVS has also introduced XT-Venue, a new server dedicated to supporting specific workflows used within US stadiums, increasing the value of the solution it brings to this particular market. 

Leveraging the collaboration between new colleagues from EVS Porto and former team members from EVS Liège, EVS launched MoveUP and MoveIO at NAB as extensions of the MediaCeption portfolio. These solutions target diverse workflows in the media industry, possibly beyond broadcast, and generated significant interest at the NAB show. 

Cerebrum continues to be enhanced with new, more feature-rich modules and new device drivers, being deployed at the core of more and more media infrastructure in all regions of the world. 

Considering the geopolitical landscape, the importance of cybersecurity is continuously increasing. In line with EVS' ESG commitments, the company is continuously improving its products for customers. 

Corporate Topics 

From a tooling perspective we now benefit from a solid back-bone. This allows us to continue and leverage operational improvements by focussing on on-demand activation of licenses, automating our SLA management and improving our project methodologies. 

Security remains also an important building block of our strategy: not only from a product point of view, but also from an internal operations point of view. We focus in 2025 on implementing basic NIS2 requirements, ensuring further improvement of our security. 

In 2025, we will continue progress on our ESG journey. The focus in Q1 2025 was the audit and finalization of our carbon footprint as well as the preparation of our 2024 sustainability report. We will continue our efforts in 2025 to refine our action plans and ensure that we remain committed to those actions that truly matter. 

On the social forefront of our ESG agenda, we have also renewed our Top Employer status (third year in a row). 

The macro-economic environment being quite volatile, it is important that we continue to focus on the profitability of our solutions. We systematically monitor the pricing models and strategy, to cope with market realities and trends. This resulted in new list prices announced in May 2025. 

The US tariff discussions have also urged us to reflect on multiple options to potentially reduce the impact of these tariffs on our customers. Multiple scenario’s lay on the table to be implemented in 2Q25, as to ensure we support our US-based customers as best as possible. 

In terms of team members, we expect a net increase in the number of team members during the year as we accelerate our growth in North America and we leverage on our acquisition of MOG Technologies in Portugal. 

The share buyback program, that started in November 2024, has been successfully completed by April 15. Since the start of the program, we have purchased 303,364 shares at an average price of EUR 32.9637, representing in total EUR 9,999,996,33. This corresponds to 100% of the announced EUR 10 million program completed. Following the buyback program, the total number of own shares amounts to 966,337 shares as of April 15, 2025 (including 776,508 shares already held before the start of the program as well as 113,535 shares used as part of the team member stock option incentive plans in the period).

Outlook 

The 2025 secured revenue on March 31st reaches EUR 125.1 million. Based on this measure, we are reconfirming our revenue guidance for the full year of EUR 195-210 million. It is to be noted that this revenue guidance does not take into account a long term weakening of the dollar. 

The long-term order book (beyond 2025) is growing by EUR 9.0 million compared to 1Q24. 

The gross margin for the full year 2025 is expected to decline marginally as a result of a change in the solution mix. As per design we expect the gross margin by solution to evolve positively, with any impact of rising costs of components being reflected in the price increases modelled. The most recent price increase was introduced in May 2025. 

Operational expenses continue to be closely monitored and controlled. We decided to accelerate some investments, namely in North America, as we see the opportunity to accelerate our growth in that market. 

With the revenue guidance previously announced, we also introduce an EBIT guidance for the year to be in the range of EUR 35.0 – 43.0 million. Our focus remains on sustained cost increase, supporting our future growth with a focus on return on investment.

Dividend 

We reiterate the full year 2025 expected dividend distribution of EUR 1.20 per share, which remains subject to market conditions and to the approval of the Ordinary General Meeting of Shareholders.

Corporate Calendar 

May 20th, 2025 : General Assembly 

August 19th, 2025 : 2Q 2025 and 1H 2025 results (post market publication) 

November 21st, 2025 : 3Q 2025 results (post market publication)

2024 marks a significant milestone in the history of EVS, as we achieved a new revenue record for the fourth consecutive year. We keep demonstrating our ability to achieve topline growth and strong profit performance. In 2024, we celebrated 30 years of innovation and success with customers around the world. Our PlayForward strategy continues to deliver results in line with our 2030 growth ambitions.

Full-year Highlights

• Revenue comes in at EUR 198.0 million, a growth of 14.3% vs. FY23, at the high-end of our guidance.
• Strong gross margin performance, combined with well-monitored operating expenses lead to an EBIT of EUR 45.0 million generating a 22.7% EBIT margin. The EBIT performance lands at the high-end range of our guidance.
• Order intake at EUR 208.6 million, incl. EUR 8.3 million of Big Event Rental (BER), growing 8.1% compared to 2023.
• Strong financial result leading to a net profit of EUR 42.9 million (21.7% net margin) resulting in fully diluted earnings per share of EUR 3.02.
• Net cash position at end of December 2024 of EUR 74.9 million, providing solid financial power to execute on our growth strategy

Second half Highlights

• Revenue for the second half of 2024 at EUR 99.9 million, growing 16.5% compared to the same period last year.
• Net profit amounts to EUR 21.1 million, leading to fully diluted earnings per share of EUR 1.48.
• Strong order intake of EUR 121.8 million.
• Solid progression on working capital, mainly driven by an improvement of aged receivables.

Outlook

• The year 2025 started with a strong order book:

  • The total order book at the end of 2024 is of EUR 163.5 million, growing 6.7% compared to the same period last year.

  • The order book reserved for 2025 is estimated at EUR 107.0 million, growing 6.6% compared to beginning of the year 2024.

• The 2025 pipeline of opportunities is strong, growing 18% from a year-over-year perspective.

• Based on the order book, the pipeline and current market dynamics, the revenue guidance for the year 2025 is set at EUR 195-210 million.

• From a cost perspective, we will target further investments in North America so as to accelerate our objectives for that region. Investments will be prioritized to increase the presales, sales and customer service departments, so as to fully capture the growth potential of that area.

• We expect to pay out dividends for 2024 in line with our dividend policy, namely a base dividend per share of EUR 1.10.

Key figures

Comments

Serge Van Herck, CEO, comments:

“As we reflect on the past year, I am proud to announce that 2024 has been a remarkable year for EVS. Our robust financial performance underscores the effectiveness of our PlayForward strategy, aimed at fostering sustained and profitable long-term growth. EVS achieved record-breaking revenue of EUR 198 million, and demonstrated strong profitability, both at the high end of our previously released guidance. We are also proud of having contributed to the successful live production of the main sporting events that took place in Europe in 2024, which fueled our Big Event Rental revenues. This success serves as a testament to the efficacy of our strategic initiatives.

In 2024, EVS celebrated its 30th anniversary, marking three decades of innovation and excellence. We commemorated this milestone with our customers, EVS operators and channel partners around the world, with a specific highlight being the EVS House during the Paris Olympics. This celebration not only honored our past achievements but also reinforced our commitment to future growth and innovation.

Additionally, we made strategic investments to further strengthen our MediaCeption solution offering. We acquired Porto-based MOG Technologies and made a minority investment in Belgium-based Tinkerlist. These investments are aimed at enhancing our capabilities and delivering even greater value to our customers. We are seeing the positive results of our VIA MAP investments over the last years. We now have VIA MAP solutions operational with customers in all of our regions.

Our LAB customer segment represents our largest growth engine as expected. All our regions contributed to our revenue growth, with North America being one of the largest growth generators.

Our Net Promoter Score (NPS), as measured by Devoncroft, further increased, placing us in the top 10% of the best-ranking companies in our industry. This achievement reflects our unwavering commitment to customer satisfaction and excellence.

Moreover, we received the Top Employer certificate for the third year in a row, showcasing our dedication to focusing on the engagement of our team members. This recognition highlights our commitment to creating a supportive and engaging work environment which represents an important objective in our global ESG strategy.

Looking ahead, the significant order intake of 2024 has considerably fueled our order book for future periods. We remain committed to driving innovation and delivering exceptional value to our customers and stakeholders. Our achievements in 2024 have laid a solid foundation for continued growth and success in the years to come.

While we firmly believe that our PlayForward strategy will help us further sustainably grow our market share and financial results, we remain cautious for the future as the economic and geopolitical situation remains very unstable.”

Comments

Commenting on the results and the outlook, Veerle De Wit, CFO, said:

"We are pleased to report a very solid order intake of EUR 208 million, allowing us to start the year 2025 on a sound note.

This strong order intake is complemented by an exceptional revenue performance of EUR 198 million. The successful summer events of 2024 enabled EVS to showcase all of our solutions at these major events, leading to a record big event revenue of EUR 15.8 million.

Our very solid gross margin performance (+2.7 Pts YoY) is a testament to our balanced pricing strategy, ensuring we maintain profitability while delivering high value to our customers.

Additionally, our controlled expense growth underscores our commitment to continued investments aimed at capturing organic growth opportunities. The control over our discretionary spending allows us to select those investments that create the best return on investment, and we demonstrated in 2024 that we can model the investments and their short-term impacts with longer-term results.

On some occasions, we may shift our go-to-market-strategies though. During the second half of 2024, multiple events have led to a change in strategy for one of our internal developments, initially recognized as intangible assets. Both our latest acquisition as well as some changes in the broadcast market have led to the fact that we will no longer position this internal development as a stand-alone solution, rather as a building block of our new ecosystem VIA MAP. As a consequence, the internal development could no longer be considered under IAS38. This has led to a write off of the intangible asset worth EUR 1.1 million in the 4^th quarter of 2024. This write off has impacted our EBIT margin by -0.5 Pts.The internal development efforts for this specific product were not in vain though, and the developments will be re-used as building blocks for the new offering and its positioning in the market.  

Thanks to our revenue growth, we secured a very solid EBIT of EUR 45.0 million (22.7% EBIT margin) and realized a net profit of EUR 42.9 million (21.7%) resulting in a diluted earnings per share of EUR 3.02.

Tax-wise we benefited from some tax latencies linked to our newest acquisition in Portugal.

From a balance sheet point of view, we are happy to confirm that we keep optimizing some important metrics (like trade receivables). This demonstrates that with strong financial management we can further improve our metrics and the health of our balance sheet. With our net cash position at EUR 74.9 million we have a strong financial power to execute on our growth strategy.

All of the above positions us strongly for future growth and sustained success."

Market & Customers – Sustained Profitable Growth

Strong Presence at Major Summer Events

During the 2024 major summer events, EVS successfully delivered and supported the deployment of its three flagship solutions, enabling billions of viewers worldwide to experience the performance of top athletes. Customers across all regions attending these events had the unique opportunity to witness the robustness of EVS infrastructure, the efficiency of its workflows, and the benefits of its solutions for leading global operators.

Consistent Growth in LAB and NALA Regions

As outlined in the PlayForward strategic roadmap launched in early 2020, the Live Audience Business (LAB) market pillar and the NALA region continue to experience steady year-over-year revenue and order intake growth. This sustained momentum underscores the success of past investments in innovative solutions that address the evolving needs of our customers.

Illustrating this growth, EVS secured a major commercial deal with a leading U.S. bank, thanks to one of our main channel partners in the USA, demonstrating the relevance of our product portfolio for high-quality media production beyond traditional broadcasting.

It is also worth noting that EVS is the only company among its peers to achieve three consecutive years of NPS growth, highlighting our unwavering commitment to customer satisfaction and excellence.

Order Intake Growth Driven by Channel Partners

A key driver of EVS’s order intake growth is its network of strategic Channel Partners. This reflects the effectiveness of our evolving sales strategy, which is increasingly focused on indirect sales through strong partnerships with key industry integrators.

Global Deployment and Customer Support Excellence

The VIA MAP platform, part of MediaCeption solution for broadcast centers, developed through targeted internal investments, is now fully deployed and operational across all regions. This not only confirms strong market traction but also showcases the solution’s extensive feature set.

Additionally, EVS teams provided outstanding support during the 2024 major summer events, demonstrating their expertise in implementing a diverse range of workflows within complex environments.

This recognized expertise supports the growing demand for Service Level Agreements (SLA), driving an increase in recurring revenue streams.

Supply Chain Resilience and Operational Readiness

Amid ongoing geopolitical uncertainties, EVS remains proactive in mitigating potential supply chain disruptions. As part of our preparedness strategy, inventory used for the summer events has been reintegrated into different EVS facilities, serving as a strategic buffer to ensure rapid response to customer emergencies.

We also remain vigilant to any geopolitical impact that may come in the near future and do pro-actively define strategies to tackle any change in market conditions.

Technologies

Continued Investment in Technological Innovation

EVS remains steadfast in its commitment to driving innovation within the broadcast industry. In line with our strategic objectives, we continue to dedicate over 40% of our workforce to the technological development of our products and solutions. This unwavering focus is fundamental to our ability to stay ahead in a rapidly evolving industry. Our mission is to empower customers and EVS operators with cutting-edge tools that address their most pressing operational challenges.

Advancements in Broadcast-Specific Generative AI

Since 2017, EVS has been at the forefront of integrating generative AI technologies specifically designed for the broadcast sector. Following the successful launch of an enhanced on-premises version of XtraMotion in 2023 - our generative AI-powered slow-motion replay solution that enables operators to generate high-quality imagery with greater efficiency - EVS continues to expand its portfolio of AI-driven effects. These advancements enhance production quality without requiring additional specialty cameras, delivering greater flexibility and cost-effectiveness for broadcasters.

Cerebrum Everywhere: Expanding Broadcast Control Capabilities

Cerebrum, EVS’s industry-leading broadcast control and monitoring system, has been further enhanced with a critical new module for resource management. This powerful addition enables customers to optimize equipment usage while simultaneously reducing their carbon footprint – aligning operational efficiency with sustainability goals. As an open, vendor-agnostic solution, Cerebrum is increasingly becoming the industry standard for broadcast control and monitoring, offering unmatched flexibility and scalability for media operations worldwide.

Commitment to Sustainability

EVS is deeply committed to sustainability, integrating eco-conscious initiatives across all aspects of our business. Reducing power consumption and carbon footprints has become a key focus for our development teams, driving continuous improvements through architectural optimizations, product innovations, and software efficiency enhancements. These efforts reflect our broader responsibility toward environmental stewardship and our commitment to fostering a more sustainable future for the industry. Besides the environmental scope, we continue to strive for optimal working conditions and pro-actively support communities around the world, whilst we aim for an optimal governance of our company. Further details on these efforts and initiatives are presented in our annual sustainability report.

Corporate topics

Ongoing Transformation and Strategic Growth

EVS continues to evolve, aligning its organizational structure with the company’s sustained growth. In 2024, several leadership roles were adjusted, including the appointment of Oscar Teran as EVP Markets & Solutions. Additionally, the NALA team has been significantly strengthened, ensuring the local structure is well-positioned to support our ambitious growth objectives. Operational efficiency also remains a priority, with continuous improvements in internal tooling. While some of these advancements will operate behind the scenes, others will enhance the way customers interact with EVS, ensuring a more seamless and efficient experience.

Strategic Acquisitions & Investments

In October, EVS finalized the acquisition of MOG Technologies, expanding the Total Addressable Market of MediaCeption. This acquisition enables EVS to leverage MOG’s products, technology components, and talented team in Porto to accelerate growth in media management solutions. The first three months of integration have already demonstrated the strength of MOG’s team and the strategic value they bring to EVS’s development.

In August, EVS also acquired a minority stake in TinkerList, reinforcing our commitment to news and production automation. This investment is expected to drive further innovation and expand workflow capabilities in these key areas.

Commitment to Corporate Sustainability

Sustainability is now embedded in all aspects of our operations. Our nine core corporate sustainability tracks - which include customer and company carbon footprint reduction, talent management, diversity & inclusion, customer experience, local social contribution, cybersecurity, sustainable supply chain, and business ethics - have been further refined, with teams actively working toward achieving our PlayForward 2030 growth objectives. EVS remains a recognized ESG leader in the industry, consistently receiving positive market feedback for our commitment to sustainability and responsible business practices.

Top employer for the 3^rd year in a row

For the third consecutive year, EVS has been recognized as one of Belgium’s Top Employers, reinforcing the positive results of our internal surveys and strengthening our ability to attract and retain top talent.

Celebrating 30 Years of Innovation

In 2024, EVS celebrated its 30^th anniversary worldwide under the theme "Family and Friends Together for Live". During the Paris Olympics & Paralympics, various communities of broadcast industry stakeholders from around the globe gathered at the EVS House to celebrate past achievements and strengthen relationships for the future.

Share buyback

In December 2024 we launched a new share buyback program worth EUR 10 million. Per February 14^th 2025, we bought back 176,891 shares at an average share price of EUR 30.6488, representing in total EUR 5,421,493.22. This corresponds to 54.21% of the announced program. EVS currently owns 983,389 treasury shares representing 6.9% of the total shares.

Capital allocation strategy

In line with the corporate strategy, EVS has developed an end-to-end capital allocation framework. The goal is to provide transparency on how free cash flow will be deployed within the company. Based on the company’s growth plans, the allocation of cash will primarily be focused on generating both organic as well as inorganic growth.

For organic growth purposes, the company reserves a portion of its free cash flow to allow for internal investments. The objective of these investments is to ensure acceleration of our growth potential by allocation of funds to those projects that are expected to provide a solid return on investment over time. In this area we did decide in the past to launch some specific internal developments, such as VIA MAP as an example.

For inorganic growth, the company will set aside funds to support potential acquisition activities. The goal here is to focus on adjacent solutions that complement the current portfolio of EVS. We set a target of growing this specific fund annually by setting aside a portion of our free cash flow. This buffer for acquisitions will be proactively managed so as to ensure an optimal return and avoid any cash erosion, until the funds are allocated to a specified acquisition.

As a third pillar, EVS will continue to pay a base dividend. For the next 3-years 2025-2027 we propose a new dividend policy, fixing the annual dividend at EUR 1.20 per share. This renewed base dividend policy foresees a growth of EUR 0.10 per share (or 9.1%) compared to the previous policy covering 2022-2024.

A fourth pillar in the capital allocation strategy refers to an annual share buy back program, mainly linked to the funding of the long-term team member incentive plans. The goal is to offset the potential dilution caused by the annual issuance of warrants by repurchasing shares.

In case of any residual excess cash, the company may consider launching ad-hoc initiatives such as, for example, special share buy back program or special dividend payout.

Some of the aforementioned pillars are subject to approval by the general assembly, and all remain subject to any changes in market conditions or company dynamics. The capital allocation strategy serves as a framework to guide our decisions, whilst allowing for flexibility to adjust when market conditions change.

Second half and full-year revenue

In 2H24, revenue reached EUR 99.9 million, representing an increase of EUR 14.1 million or 16.5% compared to 2H23. Excluding Big Event Rentals, the growth is of 3.1%.

At constant currency, revenue increased by 16.5% YoY.

For the full year 2024, revenue reached EUR 198.0 million, representing an increase of EUR 24.8 million or 14.3% compared to 2023. Excluding Big Event Rentals, the growth is of 5.1%.

At constant currency, revenue increased by 14.3% YoY.

Currency fluctuations primarily impact EVS revenues by the EUR/USD conversion, which can have a significant impact on our results even if EUR/USD fluctuations also impact the cost of our US operations and partially our cost of goods sold.

In the second half of the year, excluding Big Event Rentals, LSP represented 38% of the revenue (40% in 2H23) while LAB accounted for 62% (60% in 2H23). The growth of LAB business is one of the strategic pillars of EVS and demonstrates our ability to expand our footprint with generic broadcasters.

Full-year earnings

Consolidated gross margin was at 72.3% for FY24, compared to 69.7% in FY23 (+2.6 Pts YoY). This improvement was primarily driven by sales price increases and a higher proportion of software compared to hardware in certain solutions. Additionally, the growth in service-related revenue contributed to the overall gross margin increase, resulting in improved margins across most of our solutions. The margin is positively influenced as well by a reclassification of internal assets previously presented under  inventory to other tangible assets, explaining approx. 1.7Pts of the increase. From an EBIT point of view, this change in accounting has no impact.

Operating expenses increased by 23% YoY driven by the expansion of the team members, the rising labour costs due to inflation, and higher associated expenses such as licenses, travel expenses, linked to our expanding resource base. Additionnally, the increase is also explained by the depreciation of the intangible assets created since 2022. For one of the projects, launched in 2022, a write off of the development costs was booked in 4Q24, as some recent events have led to a change in our go-to-market strategy. This changing strategy no longer fulfills the criteria of IAS38, as the product will no longer be launched as a stand-alone product, but rather as an option in the VIA MAP ecosystem.

Overall EBIT performance was of EUR 45.0 million, generating an EBIT margin of 22.7%.

The net profit ended at EUR 42.9 million, with income tax expense amounting to EUR 3.1 million for the full year 2024 (compared to EUR 3.6 million in 2023). The decrease in income tax is mainly driven by an increase in deferred tax assets reflecting existing tax latencies in the newly acquired company MOG Portugal, as well as higher deferred tax asset related to capitalized R&D costs in the Belgian parent entity. The decrease is partially offset by higher current income taxes resulting from increased pre-tax earnings at the Group level.

The net profit leads to a fully diluted earnings per share of EUR 3.02 (versus EUR 2.65 in 2023).

Second half earnings

The gross profit margin in 2H24 reached 72.6% compared to 69.3% in the same period last year.

Operating expenses grew 19% in 2H24 compared to the same period last year, reflecting a well-monitored increase in line with the increase of the activities.

The 2H24 EBIT margin was 21.2%. compared to 18.9% in 2H23 primilarly driven by the revenue generated by the Big Events rentals.

The Group net profit amounts to EUR 21.1 million in 2H24 compared to EUR 15.8 million in 2H23. Fully diluted earnings per share amounts to EUR 1.48 in 2H24 compared to EUR 1.13 in 2H23.

Balance sheet and cash flow statement

Balance sheet, already traditionally a strong element in the EVS finances, continues to improve. 2024 ends with a net cash position of EUR 74.9 million combined with low debt level (of which EUR 12.3 million related to IFRS 16), resulting in a total equity representing 76% of the total balance sheet as of the end of 2024.

Despite the increase in activities, working capital requirements remained relatively stable compared to last year at EUR 91.5 million. In percentage of sales, the working capital has decreased from 52% at year-end 2023 to 46%. This is mainly the result of continuous improvement in the collection of the receivables throughout the year, partially offset by a slight increase in inventories of EUR 1.5 million to support the growth of our activities.

Other intangible assets include the costs for internal development capitalized since 2022 according to IAS 38 (Intangible assets). It is to be noted that part of the intangible assets has been written off at the end of 2024 (EUR 1.1 million), given the fact that the conditions for IAS38 were no longer met after a change in strategy.

Lands and building mainly include the headquarters in Liège as well as the right of use for the offices abroad (IFRS16).

Inventories amount to EUR 34.5 million, an increase of EUR 1.5 million compared to the beginning of the year with the aim to support the continuous growth of activities. The ratio of inventory vs. sales improves from 19% in 2023 to 17% in 2024.

Liabilities include EUR 12.9 million of financial debt (including long term and short-term portion), mainly related to the lease liabilities for EUR 12.3 million and borrowings for EUR 0.6 million. Long-term provisions include the provision for technical warranty on EVS products for labor and parts. Other amounts payable mainly represent deferred income and advance payments received from customers on contracts in progress.

Net cash from operating activities amounts to a record-breaking EUR 63.9 million for the full year 2024, compared to EUR 35.7 million in 2023. The increase is mainly driven by higher net profit and favorable variance in working capital requirements compared to the previous year, mainly on trade receivables following the continuous improvement in the collection of customers invoices. On December 31, 2024, cash and cash equivalents total an all-time high EUR 87.8 million, compared to EUR 50.9 million at the end of 2023. The increase is mainly driven by the higher cash from operating activities as described above, partially offset by the net cash used in investing activities of EUR -6.6 million linked to the investments in intangible and tangible assets as well as business acquisitions of MOG and Tinkerlist, together with the net cash used in financing activities of EUR -21.4 million which results mainly from total dividend payment of EUR -14.9 million and reimbursement of lease liabilities and borrowings of EUR -5.7 million.

At the end of December 2024, there were 14,327,024 EVS shares outstanding, of which 839,544 were owned by the company. At the same date, 775,476 warrants were outstanding with an average exercise price of EUR 22.95 and maturities between October 2026 and September 2030.

Team members

At the end of 2024, EVS employed 705 full time equivalent team members. This is an increase of 83 FTE compared to the end of 2023 (622 FTE). In 2024, the acquisition of MOG technologies accounted for 42 of these 83 new FTE. For 2025, we expect an increase in the number of team members, especially in NALA, so as to continue and fuel our future growth.

Corporate update

There has been no further change to the composition of the Board of Directors since the last General Assembly on May 21^th 2024 during which the shareholders have renewed the mandates of Johan Deschuyffeleer, independent director & President (representing The House of Value bv), Martin De Prycker, independent director (representing InnoConsult bv) and Michel Counson, managing director, all for a period of 4 years. The Board of Directors is currently composed of nine directors:

• Johan Deschuyffeleer, independent director & President (representing The House of Value bv);
• Michel Counson, managing director;
• Martin De Prycker, independent director (representing InnoConsult bv);
• Chantal De Vrieze, independent director (representing 7 Capital SRL);
• Frédéric Vincent, independent director;
• Marco Miserez, independent director;
• Anne Cambier, independent director (representing Accompany You SRL);
• Serge Van Herck, CEO and managing director (representing InnoVision bv) ; and
• Soumya Chandramouli, independent director (representing FRINSO SRL).

Glossary

In case of discrepancies between the English and the French Version, the English Version prevails.

Conference call

EVS will hold a conference call in English on February 19th at 10.00 am CET for financial analysts and institutional investors. Other interested parties may join the call in a listen-only mode. The presentation used during the conference call will be available shortly before the call on the EVS website.

Participants must register for the conference using the link provided below. Upon registering, each participant will be provided with Participant Dial In Numbers, Direct Event Passcode and unique Registrant ID.

Online registration: events.teams.microsoft.com

Corporate Calendar

• May 16^th, 2025 : 1Q 2025 results (post market publication)
• May 20^th, 2025 : general assembly
• August 19^th, 2025 : 2Q 2025 and 1H 2025 results (post market publication)
• November 21^st, 2025 : 3Q 2025 results (post market publication)