Trading update 1Q23

Kortrijk, Belgium, 19 April 2023, 7:30 am – Today Barco (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) announced the results for the first quarter ended 31 March 2023.

First quarter 2023 highlights [1]

• Orders for 1Q23 of 286.6 million euro, up 16% vs 1Q22
  
• Order book per 31 March 2023 stood at 530.1 million euro, flat versus 31 March 2022 and 33.6 million euro or 7% above end of December 2022
• Sales for 1Q23 of 247.0 million euro, up 20% versus 1Q22 (18% at constant currencies)

[1] All definitions for alternative performance measures (APM’s) are available in the glossary as available on Barco’s investor portal (https://www.barco.com/en/about-barco/investors) 

Executive summary 1Q23

Group topline

Quarter-by-quarter overview

Sales and orders for the first quarter of 2023 grew in line with our goals for the year after a very strong fourth quarter in 2022.

Orders were up 16% year-over-year. Order intake was particularly strong in the Entertainment division, exceeding the pre-pandemic level driven by a record-high quarter for Cinema that demonstrated the strength and value of Barco’s all-laser cinema portfolio. With a positive book-to-bill ratio, the orderbook strengthened to 530.1 million euro.

Sales grew 20% versus the same quarter last year reflecting growth in all regions. The growth was most pronounced in the Entertainment division, fueled by both the Cinema and Immersive Experience markets, and also in Meeting Experience in the Enterprise division. Healthcare saw a decline in orders and sales as a large modality platform phased out while new substantial Surgical & Modality projects are phasing in. These are expected to contribute to the growth of Healthcare towards the end of the year.

Quote of the CEOs, An Steegen & Charles Beauduin

“The first quarter of 2023 gave Barco a solid foundation for continued growth throughout the year and the achievement of our stated financial goals for the year. We are particularly delighted with the strong results in Entertainment and Enterprise, which are mitigating the temporary softness that Healthcare is experiencing due to the phasing out and phasing in of projects.

While we saw growth across all our regions, we were pleased to see markets reopening in China, which supports our confidence that this important geography will contribute significantly to Barco’s growth in 2023, particularly in the second half of the year.”

Outlook 2023 - current

The following statements are forward looking on a like-for-like basis and actual results may differ materially.

Assuming no significant changes in current market conditions, management is reconfirming its FY23 outlook, with an expected sales growth between 10 and 15% for 2023 versus the previous year.

The EBITDA margin is expected to further improve and move above 14% for the full year 2023. 

Disclaimer

This press release may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Barco is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release in light of new information, future events or otherwise. Barco disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by Barco.

About Barco

Barco is a global company with headquarters in Kortrijk (Belgium). Our visualization and collaboration technology helps professionals accelerate innovation in the healthcare and enterprise and entertainment markets. We count over 3,000 visioneers, whose passion for technology is captured in over 500 unique patents.

Barco is a listed company (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) and realized sales of 1,058 million euro in 2022.

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