Barco NV

Latest Results (20.04.2026):

Barco NV — third quarter 2025 (3Q25): Group sales of €227.1m (+2% vs 3Q24; +5% at constant currencies) and order intake of €222.1m (-4% vs 3Q24; -1% cc). Orderbook stood at €539.7m (+2% YoY). Year-to-date sales were €681.5m (+4% YoY). Entertainment led growth (Cinema and Immersive), Healthcare showed mixed results and Enterprise was softer. Management reiterates guidance for full-year topline and EBITDA margin growth and announced a new €30m share buyback plus a proposal to cancel ~5.575m treasury shares (~6% of capital).

Topline and orders

3Q25 sales €227.1m (+2% YoY; +5% at constant currencies). Order intake €222.1m (-4% YoY; -1% cc). YTD order intake €709.7m (+2% YoY). Orderbook at 30 Sep €539.7m, up 2% year-over-year.

Divisional performance

Entertainment: strongest division — sales €111.9m (+17% YoY) and order intake €105.7m (+9% YoY), driven by Cinema replacement cycle and new projectors/image processing. Healthcare: sales €58.9m (-8% YoY) and orders down 18% (timing of bulk orders, Diagnostic Imaging strong in EMEA). Enterprise: sales €56.2m (-12% YoY) and orders down 10% (weaker Meeting Experience and US Control Room tender timing).

Regional dynamics

EMEA strongest region, especially in Entertainment and Healthcare tenders. Americas softer due to policy/tariff uncertainty and slower government tenders. APAC mixed — India and Japan contributed to Entertainment growth; China remained subdued for Healthcare.

Product and recurring revenue momentum

Continued traction for new product rollouts and software solutions across divisions (Encore 3, QDX/I600 projectors, ClickShare Hub upcoming). Report notes increasing share of recurring and OPEX-based contracts in the orderbook (esp. HDR lightsteering cinema deals).

Capital allocation

Board approved a new share buyback program up to €30m (next six months) after completing a prior €60m buyback in July 2025. Board intends to propose cancellation of 5,575,000 treasury shares (~6% of outstanding) at an extraordinary shareholders meeting planned for 30 April 2026.

Outlook

Management reiterates its 2025 outlook: full-year topline growth and EBITDA margin improvement, conditional on no major macro deterioration. Company flags continued market volatility (trade policies, FX) affecting visibility.

Net take

3Q25 shows resilient sales growth with clear leadership in Entertainment offsetting weakness in Enterprise and mixed Healthcare trends. Balance sheet and cash generation support buybacks and share cancellation while management maintains 2025 growth and margin guidance.