Full Year Results 2025

13 Feb 2026 14:59 CET

Topline and EBITDA margin growth, despite headwinds in the Americas; very successful launch of HDR 
by Barco
Kortrijk, Belgium, 10 February 2026, 7:15 am – Today Barco (Euronext: BAR; Reuters: BARBt.BR; 
Bloomberg: BAR BB) announced results for the 6- and 12-month periods ended 31 December 2025.

Highlights fiscal year 2025

• Return to sales and profitability growth, offsetting impact of US tariffs and currency effects

• Very successful launch of HDR by Barco with 50+ installations in 2025 and a healthy pipeline for 
2026. This strengthened the Cinema-as-a-Service (CaaS) recurring revenue portfolio, with a total 
contract value of 89 million euro signed in 2025.

• Sales FY25 of 963.8 million euro, growing 2% versus FY24, (+4% at constant currencies) led by a 
strong performance of Entertainment (+11% YoY)

• Orders FY25 of 945.4 million euro (-5% YoY, -2% at constant currencies). Order cycles shortening, 
as supply chains normalize.

• Gross profit margin in FY25 of 40.1% of sales, versus 40.7% in FY24, fueled by an improved 
product mix,
offset by the cost impact of the trade tariffs on existing orderbook

• EBITDA FY25 of 125.1 million euro grew 4% YoY from 120.8 million euro in FY24, which included 10 
million euro related to a sale-leaseback transaction. On tight cost control, the EBITDA margin 
improved to 13.0% versus 12.8% in FY24, despite the tariff costs and currency impact.

• Free cash flow FY25 of 57.2 million euro, or 6.0% of sales, versus 110.3 million euro a year ago, 
when significant inventory reductions and a one-off from a sale-leaseback transaction were included

• Net income FY25 of 71.6 million euro and Earnings Per Share of 0.85 versus 0.71 in 2024 (both 
+20% YoY)

• During 2025, more than 120 million euro was returned to shareholders via dividend payout of 44.2 
million euro and share buyback programs totaling 90 million euro (80.8 million euro completed at 
year-end)

• Proposal to increase gross dividend to 0.55 euro per share for FY25, versus 0.51 euro per share 
last year

Executive summary
Group topline – EMEA drives sales growth; new recurring revenues in Entertainment
Full-year order intake reached 945.4 million euro. Overall, order cycles are shortening because 
significant supply-chain constraints have been absent for quite some time. EMEA delivered strong 
double-digit growth, driven by robust demand in Entertainment in both Immersive Experience and 
Cinema. Order intake in the Americas was impacted by trade tariffs and the currency translation 
effect of the weakening US dollar. APAC orders remained broadly stable versus last year, supported 
by solid Entertainment performance.
 

The orderbook stood at 492.8 million euro, versus 563.7 million euro in FY24, mainly due to 
currency translation (close to 51 million euro) and deliveries of outstanding pre-orders for Encore 
3 in Immersive Experience.  Meanwhile, sizable long-term Entertainment frame contracts were signed 
in 2025, in the Americas and beyond. They are expected to generate regular call-off orders in the 
coming years. Meanwhile, the roll-out of HDR by Barco Cinema installations and post-production 
software deployments are strengthening recurring CaaS revenues over an extended timeframe. All CaaS 
recurring revenue contracts signed in 2025 represented a total contract value of 89 million euro.
 

Group sales totaled 963.8 million euro, up 2% year-on-year (+4% at constant currencies), driven by 
a strong performance of both Entertainment business units. EMEA posted double-digit growth for the 
full year and accelerated in the second half. The Americas saw increased impact throughout the year 
from trade tariffs, delayed government spending and a currency exchange effect. At constant 
currencies, the region nonetheless posted growth on a full year basis. APAC, including China, 
delivered a good performance in Entertainment, but weaker sales in Healthcare, which resulted in 
sales broadly in line with last year.
 

Division topline – Entertainment leads with 11% sales growth
The Entertainment division grew 11% to 466.8 million euro. (+14% at constant currencies) This 
growth was mainly driven by EMEA, in both business units, while sales in the Americas were flat 
with last year, impacted by significant tariff increases and currency exchange effects. Cinema 
benefited from continued momentum of lamp-to-laser renewal programs and premium formats and the 
successful rollout of HDR by Barco, reinforcing Barco’s leadership in high-end projection. HDR by 
Barco had more than 50 projectors installed in 2025, and has a pipeline for 100 more installations. 
Its patented Lightsteering technology delivers immersive contrast, deeper blacks, dazzling 
highlights, and the widest color gamut - supporting the continued evolution of a more lifelike, 
detail-rich moviegoing experience. The launch of HDR by Barco is expected to fuel Cinema's 
recurring revenues through extended service offerings, ensuring long-term customer engagement and 
value creation. HDR by Barco is also addressing post-production studios with advanced color grading 
software, expanding Cinema's scope beyond exhibitors. Immersive Experience also contributed to the 
division’s growth with solid demand for the new projector platforms QDX and I600, resulting in 
strong uptake in EMEA and APAC. Theme park projects were a key driver, leveraging Barco’s 
mid-segment portfolio. The year also marked the introduction of the image processing solution 
Encore 3, which fueled sales in the second half and expanded Barco’s presence in high-end live 
event productions.

Enterprise reported sales of 235.1 million euro, down 7% year-on-year (-5% at constant currencies). 
Meeting Experience sales were stable in EMEA and Americas, its two major markets, while facing 
increased competition in the smaller APAC region. An important milestone was achieved in December 
2025, with the Microsoft certification and first shipments of the new ClickShare Hub, the brand's 
first product in the growing proprietary room systems market. In line with its strategic 
reorientation, Control Rooms is transitioning from hardware to software-driven architectures, 
positioning Barco CTRL as a next-generation operator-centric software platform, with a key focus on 
energy & utilities, process control and infrastructure projects globally. Hardware sales continued 
to decline, mainly in the Middle East and in the U.S. markets, accelerated by procurement delays in 
government-related projects. For video walls, Barco has increased its focus on its Infinipix image 
processing technology in collaboration with leading LED vendors.

Healthcare posted sales of 262.0 million euro, a 4% decline year-on-year, (-2% at constant 
currencies) in large part driven by tariffs, lower government spending and currency effects in the 
US, which weighed on the division's performance in the second half. Compared to the Americas, 
demand in EMEA and APAC was solid. Diagnostic screen sales were supported by digital pathology, new 
partnerships and software-enabled services. In surgical solutions, the contract portfolio has 
evolved as a few long-term agreements, concluded during the year, were not yet replaced by new 
contracts. To strengthen this business and accelerate growth, Surgical is now brought under common 
leadership with Diagnostic Imaging, with an integrated approach. In Modality, cost competitiveness 
remains a key market dynamic. To address this, this business is now entirely managed by Barco's 
Healthcare hub in Suzhou, China, leveraging local cost-engineering and production expertise. 
Meanwhile, the division continued to launch next-generation medical visualization technologies, 
including 3D displays designed to enhance precision, accessibility and workflow efficiency in 
clinical environments. SlideRightQA and ConnectCare strengthened the software and services 
portfolio. The launch of NexxisCube broadens the surgical portfolio to the mid-segment market.

Profitability - EBITDA margin grows to 13.0% on a better product mix and cost control
Gross profit grew nominally to 386.0 million euro or 40.1% of sales versus 385.4 million euro in 
FY24. On a more favorable product mix, with more software and services, the average product margin 
improved steadily in all divisions. Also production insourcing of certain products has supported 
gross profit. This was offset by the cost impact of the US tariffs on existing orders from before 
the new tariff implementation. Meanwhile, Barco has optimized its production footprint and 
continuously adjusted pricing to mitigate the net effect of the tariff increases on new orders in 
the US market, where possible.

EBITDA improved to 125.1 million euro, up from 120.8 million euro in FY24, corresponding to a 
margin of 13.0% versus 12.8% last year. Disciplined cost control led to an OPEX reduction of more 
than 5% year-over-year. This supported EBITDA improvement, despite a significantly lower 
contribution from other operating income, which in FY24 included 10 million euro from a sale-lease 
back transaction.

Free cash flow in FY25 was 57.2 million euro versus 110.3 million euro a year ago, when significant 
inventory reductions were executed, and one-off proceeds from the sale-lease back were accounted 
for. The decline in free cash flow in 2025 was also driven by higher working capital due to lower 
advance payments on contracts. Capex was at 38.5 million euro, mainly for the incorporation of the 
automated warehouse in the Belgian plant and for financing Cinema-as-a-Service. ROCE was at 14% of 
sales.

The net cash position on December 31st 2025 was at 186.2 million euro, down from 259.0 million euro 
at year-end 2024. Positive free cash flow of 57.2 million euro was offset by 44.2 million euro 
dividend payments and 79.1 million euro cash spent on share repurchases. A first buyback program of 
60.0 million euro was completed in July 2025. A second program of 30.0 million euro started in 
November 2025, was completed for 20.8 million euro at year-end 2025, and was fully completed on 
January 30th 2026. The board will propose to the extraordinary general shareholders meeting of 
April 2026 to cancel 5.575.000 shares - approximately 6% of Barco's outstanding shares.

Quote of the CEO, An Steegen
An Steegen commented: “2025 was a year that truly showcased Barco's progress and resilience. We 
were proud to return to sales growth and deliver profitability improvement, even as the external 
conditions proved more challenging towards the second half. Sudden changes in U.S. trade policies 
and currency volatility created headwinds, yet our teams responded with agility and determination 
to contain the impact.

Entertainment really shined this year, delivering robust growth across both business units and the 
successful launch of HDR by Barco in Cinema. Its Lightsteering technology and recurring revenue 
model is laying the foundation for long-term customer relationships and value creation. Enterprise 
continued to innovate, embarking on a new chapter with the introduction of ClickShare Hub. In 
Healthcare, the evolution of the Surgical & Modality portfolio prompted to move to common 
leadership and collaboration for Surgical solutions and Diagnostic Imaging, while Modality is now 
centralized in China to counter the cost pressure in this market.
These accomplishments highlight the strength and flexibility of our strategy - and above all, the 
passion and dedication of our global teams. I want to extend my sincere thanks to all our 
colleagues for their relentless commitment to our customers and stakeholders.”

Outlook full year 2026

The following statements are forward looking and actual results may differ materially

Geopolitical uncertainty continues to affect demand and visibility. Assuming macro-economic 
conditions do not deteriorate, management expects topline and EBITDA margin growth for the 
full-year 2026 versus 2025, excluding currency effects. Growth will be skewed towards the second 
half of the year.

We reconfirm our long-term guidance of the Capital Markets Day of October 2025. As the business 
continues to shift from CAPEX to OPEX models, we guide for 1.1 billion euro revenue, 15% EBITDA 
margin and 15% recurring revenues by 2028.

Dividend
Barco’s Board of Directors will propose to the General Assembly to distribute a gross dividend of 
0.55 euro
per share, up 0.04 euro versus last year’s dividend of 0.51 euro per share.

Read full press release in attachment
 

2026-02-10-pr-fy25-results.pdf