Barco NV

Annual Report (ESEF) • Mar 24, 2025

Barco NV 2024 Integrated Annual Report Table of contents Core report . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 2024 at a glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 Our company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 Vision & strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 Sustainable Impact Journey . . . . . . . . . . . . . . . . . .32 Our markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44 Our results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60 Corporate governance statements . . . . . . .67 Sustainability statements . . . . . . . . . . . . . . .86 General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89 Environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96 Social . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .116 Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .127 Annex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .135 Other information . . . . . . . . . . . . . . . . . . . . . . . . .141 Financial statements . . . . . . . . . . . . . . . . . . .144 Financial statements . . . . . . . . . . . . . . . . . . . . . . .146 Information about the share . . . . . . . . . . . . . . . .208 Integrated Data Pack . . . . . . . . . . . . . . . . . .212 Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . .224 Assurance report . . . . . . . . . . . . . . . . . . . . . .234 2 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Building sustainable value for the future An interview with our CEO Barco had a clear ambition to return to growth in 2024. With a disappointing start to the year, this goal fell short, but CEO An Steegen remains confident: “Allow me to look beyond the numbers. We remain resolute in our strategy to invest strongly in innovation, including more software solutions to boost our end-users' efficiency, in focused factories, and in customer centricity. We trust that these efforts will pay off in the mid to long term.” The strategy that An refers to was first outlined in 2021, when she stepped in as Barco’s new co-CEO alongside Charles Beauduin. In September 2024, Charles moved from co-CEO to Chairman. The tran- sition was exceptionally seamless, says An: “After all, Charles and I had worked closely together for three years. I’m delighted that the Board placed their trust in me to lead the company. And of course, I keep align- ing with Charles on the strategy.” 3 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Successes and challenges Did Barco manage to deliver on that strategy in 2024? An: Our business has faced significant pressure over the past few years. After the pandemic, we dealt with supply chain challenges and stock surpluses at our customers’. Then came the strikes in Hollywood, and meanwhile China is still struggling from the lingering side-effects of covid. All that time we stuck to our strategy. In 2024, we introduced a series of excit- ing new products, we opened a second factory in China, and we launched a new sustainability strategy. So we checked quite a few boxes. Were these efforts reflected in sales? An: We did particularly well in the United States, with growth for every divi- sion. The cinema business unit revived towards the end of the year, in spite of the poor box office slate in early 2024. And it’s been particularly rewarding to see how the 2023 makeover of the control room business started paying off. The positive feedback on the new CTRL software solution was a clear sign that Barco is making the right choices. Unfortunately, the growth in the US was offset by weak market conditions in the other regions. EMEA experienced a wider economic slowdown, with soft market conditions in all the divisions. We also absorbed the impact of channel inventory corrections in our ClickShare business. In China, the eco- nomic decline has bottomed out. Market demand and sales performance have stabilized. We’re not just focused on short-term gains. We’re building sustainable value for the future. — An Steegen Is there a new solution for ClickShare in the make? An: Hybrid meeting room systems are here to stay, but the mar- ket has always been highly competitive. As these solutions find their way to a wider range of meeting rooms, price competi- tiveness becomes increasingly important. Next to our agnostic solutions, proprietary room systems take an important posi- tion in the market too. Although the market has been slow since end of 2023, there is now a gradual recovery towards the last part of 2024, which is promising. I’m optimistic about our new platform that we’ll launch in 2025. Partnerships with Microsoft and potentially other players in the ecosystem are also important drivers for momentum. Barco ClickShare: the hybrid meeting room is here to stay. Sticking to the strategy: innovate for impact Zooming in on innovation: besides CTRL, are there more product introductions worth mentioning? An: Absolutely. In the 2023 report I announced a slate of new product intro- ductions for 2024, and we launched a dozen new solutions. Several of them, like HDR Lightsteering projector technology and the new OneLook mam- mography display solution, are really disruptive in their markets. Did they contribute to 2024 sales already? An: Developing innovative solutions requires significant investments in R&D, plus plenty of patience. As some of our newcomers were launched slightly later than planned, their contribution to sales was still modest in 2024. But, as we emphasized in last year’s report, business is a long-term endeavor. We’re not just focused on short-term gains. We’re building sustainable value for the future. With that in mind, I have high expectations for the new addi- tions to our portfolio and those set for launch in the coming new year. 4 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Is Barco embracing artificial intelligence? An: AI is one of the key trends driving our innovation roadmap, as is big data. The first step in the implementation of machine learning is advanced data analytics. These algorithms can help our customers automate the search and categorization of data and visualize them in a way that it is easier to inter- pret for the operator. This is really interesting for, for instance, control rooms or radiology rooms where operators are dealing with a massive number of images and data. The next step is integrating predictive and generative AI into our platforms and using AI agents. We’ve closed some really valuable partnerships to get us there. Together with medtech start-up SoftAcuity, for example, we’re work- ing on a ‘brilliant assistant’ for operating rooms. With PathPresenter, another partner, we are working on AI-assisted workflow solutions for pathologists. The strategic partnership with chip designer Nvidia is clear proof of both our commitment to AI and our reputation in the market. How do the new solutions address the trends in today’s technology market? An: Visualization is changing fast, and software takes an ever-increasing role in the paradigm shift of visualization. Our new CTRL platform for con- trol rooms is a textbook example of that. Right now, we offer advanced AVoIP network solutions. These are ideal data platforms for hosting multi- ple software applications designed to boost our end-users' productivity and efficiency. We are also adding more compute power to these platforms to enable real-time processing for AI applications. We’ll launch some exciting solutions in this field in 2025. We’re integrating computing capabilities into our platforms and are actively looking into a series of high- impact AI-based applications. — An Steegen AI is one of the key trends driving our innovation roadmap. 5 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS New technologies demand new capabilities and business models. How is Barco adapting? An: We’re hiring new talent with AI and software application skills for R&D, but equally for sales. After all, selling software requires a different approach. We’re refining our go-to-market strategy, skilling up our teams and intensifying our focus on key accounts to get closer to our customers. Understanding the market is essential for developing relevant solutions and exploring adja - cent opportunities, which is a powerful way to grow. Sticking to the strategy: focused factories Does China remain a pillar in Barco’s strategy? An: We keep our faith in this vast economy and China also plays a crucial role in our focused factories approach. The healthcare factory in Suzhou has been fully operational since 2023 and in 2024 we opened the Wuxi projec- tor plant. Both units were built and are being run with enormous efficiency, by very competent and autonomous teams. How is Barco addressing the geopolitical challenges of a global business? An: If need be, every product made in Suzhou and Wuxi can also be produced in our factories in Saronno, Italy, and in Kortrijk, Belgium. Let me add that our choice to run two factories in China is also a way of mitigating risks. Our worldwide manufacturing footprint supports a global cus- tomer base and provides the flexibility required in an era of growing geopolitical uncertainty. Our people are our greatest assets. We nurture and invest in them and aim to develop a ‘one Barco’ DNA, shaped by the diversity of our international, multicultural team. By focusing on manufacturing at scale and sourcing components locally, the China plants help us improve our gross profit margin. So, while the focused factories did require quite an investment, we see them bearing fruits already. Renewing our strategy: sustainability Did you reach any milestones in the field of sustainability? An: Sustainability is deeply ingrained in Barco’s DNA, and we’ve been stepping up the pace for years, even long before sustainability became a corporate imperative. In 2024, we introduced our new sustainability strategy with ambitious targets. It will help us retain our ESG leadership role in the elec- tronics industry and beyond. This report is a token of that leadership. We’re among the first listed com- panies to publish their 2025 sustainability statements in line with the CSRD requirements. Sustainability adds a sense of purpose to our business that resonates well with all our stakeholders: customers, business partners, inves- tors, and employees alike. How important is the societal aspect of sustainability? An: Barco has a great team of dedicated people, who are proud to work for our company. They are our greatest assets. And when we say people come first, we really mean it. We nurture them and invest in them. To keep our people motivated and happy, we work to ensure a healthy work-life balance, as well as offering learning and growth opportunities. In the past few years, we’ve also accelerated our efforts in diversity and inclusion. We’re targeting a ‘one Barco’ DNA, shaped by the diversity of our international, multicul- tural team. I’m really happy that our efforts initiated a rise in our employee engagement score, in 2024. — An Steegen Our worldwide manufacturing footprint provides the required flexibility for this era of growing geopolitical uncertainty. INDIA BELGIUM ITALY CHINA 6 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Looking ahead How do you see 2025 shaping up? An: Our objective remains growth. While we didn’t achieve that in 2024, it’s important to stick to the plan. Three years ago, we promised to simplify our business, invest in new factories, and build disruptive new products. We’ve done all that and have started seeing some early, cautious results. In 2025, we’ll keep adding disruptive new solutions and optimizing operations. With our innovative solutions and strong customer relations and partnerships, we’re well-positioned to regain momentum. The market and world may be even more volatile in 2025. Is Barco prepared? An: I know Barco has the strength, resilience, and agil- ity to navigate through any turbulence. In 2024, we celebrated 90 years of Barco. It’s incredible how many innovations we’ve introduced in that time and how often we’ve adapted to new needs and market conditions. Sticking to our strategy doesn’t mean we’re not agile; we’re always ready to tweak and adjust as needed. I have no doubt that we’ll continue to adapt, inno- vate, and grow in the coming years. And we can only do this with the help of all our shareholders, customers, business partners, and employees. So, I want to thank every single one of them for trusting and supporting us on this journey. 2024 was challenging for Barco. Despite several headwinds in our markets, we achieved key milestones in executing our strategy. The opening of the Wuxi plant in China was a significant step in our focused factories strategy. It will soon be followed by further automation of our European plants. In addition, we launched many new prod- ucts, several of which support our growth ambitions in mid-market segments. To strengthen our growing focus on software, we optimized our organization with sepa- rate software and hardware development. We remain committed to relentless innova- tion and to setting new standards with visual experiences and cutting-edge technology. As planned from the beginning, I stepped down as Barco’s co-CEO in September last year, following a period of significant trans- formation. I reflect with gratitude on my time working alongside An Steegen and the entire Barco team. My dedication to Barco continues now in a different role, as chair- man of the board, where I will keep focusing on value creation for the company. In 2025, we look forward to further inno- vate in our key markets. Building on our recent product introductions, with more to come in the new year, we are committed to expanding our strengths in existing markets and exploring new ones, setting the stage for future growth in the years to come. A word from our chairman Charles Beauduin Our objective remains growth. With our innovative solutions and our exciting partnerships, we’re well-positioned to regain momentum. — An Steegen 7 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Ecoscore % revenues from products with Barco ecolabel 2024 at a glance Standardized customer experience metric, measured twice per year #heads at the end of the financial year (For 2024 including integration of Cinionic) Customer NPS Employees 54 2022 , 2023 , 2024 , Group sales In millions of euro Gross profit In millions of euro EBITDA In millions of euro Net earnings In millions of euro Free cash flow In millions of euro .     .          2022 2023 2024 -% -%+% % growth 2022 2023 2024 .%  .%.% % of sales 2022 2023 2024 .%  .%.% EBITDA margin 2022 2023 2024 2022 2023 2024 68% 8 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS 2024: 12 highlights, 12 stories 1. 2. 3. 4. 6. 5. Today’s exciting era of innovation How Barco’s innovation programs transform ideas into impactful solutions. Barco CTRL – A timeline of control A deep dive into the CTRL development and sales cycle. Sustainability: our first steps towards green software Ever thought about the environmental impact of software? Introducing the OneLook mammography display A team effort built on 27 years’ experience HDR by Barco: pilot program launched HDR by Barco marks an entirely new era in cinema. Revolutionizing the OR with SoftAcuity Hey ELSA, open the patient file and launch a Teams call with Doctor Wood. Explore HDR with our Hollywood colleague Read the interview with expert Albert Check the CTRL milestones Read Peru's column Dive into SoftAcuity's story Check how Makersite works 9 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS 7. 10. 12. 8. 9. Celebrating 90 years of Barco legacy Presenting I600 Introducing our ‘Swiss army knife’: the super versatile I600 mid-range projector. Launching our double materiality assessment What our stakeholders say: 8 insights shaping our sustain- ability journey. Grand opening of our new Wuxi factory Behind the scenes of our new manufacturing hub for Entertainment in China. Pushing boundaries to drive the meeting experience forward Bad sound looks ugly. Why and how we launched the ClickShare Video Bar … Watch the video Learn all about Wuxi Read the chat with our ClickShare team Read the story Read the story Barco’s culture in action “Barco really thrives on people and collaboration.” Read the story 11. 10 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Our company 11 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Barco. Visioneering a bright tomorrow. Barco offers advanced visualization, collaboration and networking technologies for professionals in mission-critical environments. We combine this with a commitment to innovation and sustainability. Our mission Our visualization and collaboration technology helps professionals accelerate innovation in the healthcare, enterprise, and entertainment markets. Celebrating 90 years of innovation Since 1934, Barco has evolved from a Belgian radio manufacturer into a global technology leader. Our innovations have earned prestigious awards, including Red Dot and Henry van de Velde design awards, two Emmy Awards, a Scientific and Engineering Academy Award ® , and a Guinness World Record. Barco's legacy is built on the craftsmanship and inventiveness of our visioneers. After 90 years, we remain committed to pushing technological boundaries to improve health outcomes, trans- form work environments, and create compelling experiences. Discover our legacy and how we celebrated it in 2024. 2024 STORIES Watch the video At Barco, we believe truly great engineering starts with a clear vision. A vision of a better, smarter, healthier world. That’s how we visioneer a bright tomorrow. - An Steegen, CEO Healthcare We help medical pro- fessionals achieve better health outcomes and work more efficiently in an increasingly complex healthcare enterprise. Enterprise We help professionals in meeting rooms and con- trol rooms connect data and images for more informed decisions and better, smarter, more authentic collaboration. Entertainment We help roadies, art- ists, and creatives deliver stunning visual experi- ences in cities, at events, in cinemas or museums. 12 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Sales per division Number of employees (#heads at year-end) Gender Geographical Per functional group 2022 The Americas Male 2023 Asia-Pacific Female EMEA 3,302 14% 70% 42% 3,360 33% 30% 29% 21% 8% 3,243 53% Sales per division Sales by geography Geographical footprint Barco has sites in nearly 30 countries and R&D and/or manufacturing facilities in 10 countries. * For 2024, including integration of Cinionic 29% Healthcare 27% Enterprise 44% Entertainment 47% The Americas 32% EMEA 21% APAC Our people are the driving force for our success. A team of over 3,243 employees, located around the globe, all join forces to visioneer a bright tomorrow. Americas • Brazil • Canada • Colombia • Mexico • United States Asia-Pacific • Australia • China • Hong Kong • India • Japan • Malaysia • Singapore • South Korea • Taiwan Europe, Middle East & Africa • Belgium • France • Germany • Italy • The Netherlands • Norway • Poland • Spain • Saoudi Arabia • Sweden • Turkey • United Arab Emirates • United Kingdom Offices R&D and/or manufacturing facilities The people of Barco Operations Research & development Sales & marketing General & administration 2024 13 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS A focused organizational structure Barco's organization is set up in three divisions, serving three different end-markets: Healthcare, Enterprise and Entertainment. Each division comprises two business units, which handle marketing and communications, sales, product management and R&D, while more general functions (services, sales support, operations, digitization, finance, HR, legal and Barco Labs) are managed on a global level. Products Products Business unit 2 Business unit 1 Division Commercial operations Global functions Operations and service delivery Barco Labs SWIT Finance, Strategy, Brand & Communications, HR and legal Software and Information Technology (including global platforms) Sales & Marketing Sales & Marketing R&D R&D Healthcare Enterprise Entertainment Diagnostic Imaging Surgical & Modality Meeting Experience Cinema Control Rooms Immersive Experience “Barco really thrives on people and collaboration.” What’s it like working at Barco? What drives our people forward? Do they truly see themselves as ‘visioneers’? The best way to find out is to ask them. We spoke with two US-based colleagues and discovered what fuels Barco: diversity, collaboration, innovation – and, most importantly, the people who make it happen. Read the story and beware: Paula’s and John’s enthusiasm is contagious. 2024 STORIES Discover why our US colleagues love Barco 14 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS 2024 STORIES How Barco’s innovation programs transform ideas into impactful solutions As the head of BarcoLabs, Peru Dharani works closely with a growing group of visioneers to develop breakthrough solutions that add value to our custom- ers’ lives. Passionate about all things innovation, Peru is hugely excited about today’s technology landscape – especially the transformative changes that AI brings: “Over 100 years ago, Edison came up with the light bulb. At that time, no one had a clue how much that would change our lives, while today we just take it for granted. With AI, we are in that light bulb moment.” How does Barco ensure that the entire organization breathes innovation and prepares for an exciting future? Read Peru’s column Vision & strategy 15 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Shaping our strategy Navigating today’s rapidly changing world At Barco, our strategy acts as a guiding light: it determines our future path, defining how we play to win in our markets. As today’s markets are disruptive and volatile and technology changes at cruising speed, we constantly refine our corporate strategy. Still, we never deviate from our main mission to 'set the industry standard in visualization, networking solutions and workflows'. Three strategic levers The Barco strategy comprises three levers: Capture profitable and efficient growth, Innovate for impact and Sustainable impact journey. These are the priorities we want to focus on to remain relevant and flourish in the short, mid- and long term. They help us prioritize our business activities. Innovate for impact Sustainable impact journey Capture profitable and efficient growth 16 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Lever 1: Capture profitable and efficient growth Barco has been a global technology leader for decades. We are active in markets with solid foundations, where we offer mis- sion-critical solutions. To optimally seize all the market opportunities ahead and further strengthen our leading role in our markets, we are exploiting our strengths to the full- est and we set several short- and mid-term strategic objectives: • further leverage our organization with 3 divisions and 6 business units (BUs) to step up accountability, entrepreneur- ship, and customer intimacy; • grasp our market potential by broad- ening our geographic coverage and developing adjacent markets; • increase our operational effectiveness through digital transformation, simplifi- cation, standardization and automation. Focus areas Proof points in 2024 Organizational redesign to enhance customer intimacy, end-to-end accountability and entrepreneurship • Business unit teams have been further optimized and fully integrated, with sales, marketing, product. development, and R&D focused and dedicated to end-markets, in close contact with the customer. R&D is organized with separate software and hardware development teams. • Barco fully acquired Cinionic’s activities, integrating them into the Cinema business unit, leveraging efficiencies. Commercial and operational effectiveness through digital transformation • Cloud-based, one-platform strategy, with further integration of ERP and major IT applications. • Automation and integration of the HR and IT services and communication via the Barco Assist and BarcoHub platforms. Seize the China opportunity with stronger local presence • Further ramp-up of the Suzhou Healthcare plant; expanding it into an R&D center for value engineering in diagnostic imaging and modality products for China and global markets. • Opening of the Wuxi Entertainment plant in May 2024, focusing on automation in manufacturing and logistics to enhance competitiveness in the Chinese projection market. Develop new market segments and expand in Healthcare, Control Rooms, and Immersive Experience • Portfolio expansion in Immersive Experience into the mid-segment market with the compact and flexible I600 projector. • Extending the lineup in Healthcare with the launch of flagship display OneLook for breast radiology, featuring leading image resolution and advanced workflow support. • Expand in Diagnostic Imaging with the digital pathology display portfolio and workflows, in partnership with PathPresenter. • Expansion of Barco CTRL as integrated platform for process control and Control Rooms. Related to these highly material topics: Product quality and safety -- Customer Experience -- Responsible & resilient supply chain -- Innovation, technologies, and product portfolio 17 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Lever 2: Innovate for impact To maintain its status as a technology leader, Barco is constantly strengthening its inno- vation and technological capabilities. Our focus on innovation is always guided by the principle that it should create meaningful impact, adding value for all our stakehold- ers and the wider communities in which we operate. Innovating for impact goes beyond tech - nology innovation. It includes: • enhancing and extending our product portfolio; • creating new business models and go-to-market channels to strengthen our downstream value chain; • increasing the efficiency of our oper- ations with automation in our focused factories and a stronger supply chain; • introducing new ways to raise the sustainability performance of our products and operations Focus areas Proof points in 2024 Focused factories • Further roll-out of the focused factories strategy with the opening of the Wuxi projector plant, creating dedicated factories for specific product lines per division. • Further investments in Saronno (Italy) and Kortrijk (Belgium) plants under preparation. Strengthen downstream value chain through OPEX business models and channel management • Delivery of multi-year Cinema-as-a-Service contracts is on track, increasing recurring service revenue for Entertainment. • Focus on connected devices and recurring revenues; milestone reached of 100,000+ diagnostic displays connected to QAWeb Enterprise. • Establishing new AV partnerships and distribution agreements. Strengthen supply chain, reducing component dependency through redesign and bringing critical components in-house • Balancing sourcing of essential components (e.g. semiconductors) by launching new products and redesigning existing ones for greater flexibility in component substitution throughout the product’s lifecycle. • Insourcing production of critical subassemblies . Rebalance R&D investment portfolio • 13 .8% of revenue is spent on R&D, with an R&D pipeline that focuses more on break-through innovations. • Strengthened patent management with 19 new patent filings and holding 962 patents at year-end 2024. Develop adjacencies and new solutions based on core technologies and invest in disruptive innovation • Sequential new feature releases for Barco CTRL software for control rooms, with market-leading ‘Security by design’. • Extension of the ClickShare portfolio with the ClickShare Video Bar, which targets small meeting rooms. • Launch of HDR Lightsteering, for the next-gen laser cinema projector with pilots in major US and UK cinemas. • Partnership with NVDIA and SoftAcuity to add AI and data analytics to the digital operating room. Enhance ROI in innovation combining entrepreneurship and financial discipline • R&D management consolidated in the business units, close to the customer, enhancing market effectiveness. • Barco Labs overlooks overarching R&D projects and breakthrough innovations. Related to these highly material topics: Product quality and safety -- Customer Experience -- Responsible & resilient supply chain -- Innovation, technologies, and product portfolio -- Sustainable product lifecycle management 18 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Lever 3: Sustainable impact journey Barco has been consistently leading the tech industry in sustainability. From the outset, we committed to a strategy that respects the planet, our people and society. Over the years, this dedication has become an inte - gral part of our corporate identity. To retain our leadership position, we keep • refining and strengthening our sustain- ability governance and organization; • reinforcing and renewing our sustain- ability strategy; • improving the sustainability perfor- mance of our operations and products. Focus areas Proof points in 2024 Strengthen governance and organiza- tion • Centralized sustainability governance, under the leadership of CEO An Steegen as chair of the executive sustainability steerco, with workstream leads for all material topics. Reinforce our sustainability strategy • Launch of the new “Sustainable impact journey” sustainability strategy focused on 3 key pillars, each underpinned by specific KPIs and targets, in line with the double materiality assessment. • ClickShare Video Bar sets new industry standard with carbon-neutral certification . • TP-I variant of the TruePix family takes a leap forward in sustainability assessment, reducing power consumption by 45%. Improve our sustainability performance in the fields of planet, people and society • Important progress against our main sustainability targets:  Reduction in total Greenhouse gas emissions of -62% (limited scope vs 2015).  68% of total revenues and 86% of all new product introductions are eco-labeled. • Acknowledgements for increased transparency and improved performance:  Barco included in Time Magazine World’s 500 most sustainable companies in 2024.  Barco excels among the Financial Times’ European Climate Leaders, ranked 11th out of 36 technology companies.  ESG ratings and external evaluations consistently score in top 20% among Electronics Industry Sector peers. Related to these highly material topics: Sustainable product lifecy- cle management -- Responsible & resilient supply chain -- Climate change and energy -- Circular economy & waste 19 Ba rco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Innovation and technology In 2024, Barco celebrated its 90 th anniversary. For 90 years, innovation has been running through our veins. All that time, we have been pioneers, reshaping products and solutions to meet new customer needs. While dis- plays and visualization hardware were our initial focus, we now innovate in the entire visual chain – from image acquisition over advanced AVoIP net- work solutions to the display of images, enriching every step with advanced capabilities. To stay ahead of the rapidly evolving market and technology trends we sys- tematically invest more than 11% of our revenue in R&D. In recent years, we’ve sharpened our focus on breakthrough, disruptive solutions – both in core and adjacent markets and in entirely new domains. Innovation is an ongoing journey, and we’re committed to being and remain- ing a leader. Still, no matter how passionate we are about new technology, we never lose sight of our purpose ‘to visioneer a bright tomorrow’: we use technology to transform the quality of life. To ensure that our solutions cre- ate real value for our customers and stakeholders, we enrich our innovation roadmap with insights from our ecosystem and market trends. The Barco quality label Our innovative and entrepreneurial drive never com- promises Barco’s legacy of excellence. We retain a disciplined approach to innovation, with a dedicated budget, and exceptional product performance. Qual- ity, security, stewardship, and sustainability are woven into the DNA of our solution design processes. Our focused factories approach keeps us on track in delivering all these exceptional qualities, while maximizing efficiency. After all, visioneering a bright tomorrow means not only innovation, but also ensur- ing that Barco stands strong economically for the long haul. © d'strict 20 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Five foundation pillars in our innovation roadmap Innovation doesn’t happen in a vacuum. The first step is understanding the world around you, both at your customers and beyond. At Barco, we continuously scan the horizon for changes in markets and technologies. The following five technology themes inspire and impact our innovation roadmap, helping us ensure that every Barco solution delivers real value. The changing paradigms of visualization For decades, visualization has been static and one-directional, with viewers con- suming the screen content. That is now changing, as viewers and screens start interacting with one another. On a further horizon, we expect visualization to become a symbiotic experience: any surface will have the potential to turn into an evasive and ubiquitous display, thus fusing digital and physical worlds. Barco is experimenting with several innovative solutions in this field. Our innovation approach Successful innovation creates both value for the customer and true business benefit. To ensure that our ideas are tightly con- nected to our strategy and purpose, and can be turned into revenue growth potential, we adopt a disciplined approach to innovation: • Balancing start-up dynamics with fast-fail principles • Focus on early customer involvement • Governance: disciplined management with dedicated budget Visualization is changing fast, and software takes an ever- increasing role in the paradigm shift of visualization. — An Steegen, CEO Barco 1. 21 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Next-generation connectivity Thanks to advanced communication tech- nologies, devices, systems, and networks, people no longer operate in isolation but connect and interact. Barco’s solution port- folio includes a wide range of connected devices: from the ClickShare wireless meet- ing room system and our QAWeb quality assurance platform for hospitals to our Insights iOT platform for projectors. In addition, we offer a growing range of cutting-edge, highly-secured connectiv- ity platforms. In Control Rooms, our CTRL software ensures everything in and outside the room is connected in order to foster fast, reliable, real-time communication, and collaboration. In operating theatres in hospitals, our NexxisLive platform allows surgeons, students or other experts to fol- low procedures and/or provide advice, remotely. This technology can be leveraged in other markets as well. 80% of the control room professionals who describe their control rooms as ‘efficient’ are connected securely to the outside world, according to Barco’s Global Control Room Research 2024. This is only 48% in ‘less effi- cient’ control centers. Superior platform security allows operators to connect more securely and hence also more effectively to the outside world. Real-time compute Real-time compute enables systems to process and respond to data instantly, trans- forming how users process and interact with visual information. As an AV player, Barco launches ever more advanced applications that use real-time compute to combine static and dynamic images with other infor - mation sources – to provide deep insights. In the digital operating room, for example, this could support surgeons during proce- dures by overlaying live views on existing medical scans to distinguish, for exam- ple, cancerous cells from healthy tissue. In cinemas, our HDR Lightsteering projectors use algorithms to steer light in real-time, strategically deploying it within each frame wherever the image demands it. More than that, we are integrating high-per- formance GPUs on our networks. This is necessary for managing the massive data- sets inherent in AI algorithms. Read more: HDR by Barco marks an entirely new era in cinema. 2. 3. HDR by Barco has allowed us to highlight some extreme contrast ranges. It’s impressive, we’ve never seen this before. — Stefan Sonnenfeld, Trailblazing colorist (White Lotus, Top Gun: Maverick, …) 22 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Workflow & AI solutions Organizations increasingly seek advanced tools to streamline operations and boost productivity. Barco addresses this need with a growing portfolio of workflow solutions, which are increasingly enhanced with AI. In Diagnostic Imaging, for instance, the DL Precise™ AI solution assists radiologists by uncovering hidden data in dense breast tissue. While the radiologist firmly remains in control at all times, the tool eases their workflow – which is an invaluable support in high-pressure radiology rooms. In Control Rooms, our CRTL software ensures operators get the right informa- tion to the right location, at the right time. By integrating AI, workflows can be further automated, guiding operators in critical scenarios. We’re advancing such solutions for industries like government & security, energy, utilities, and transportation. Read more: Meet ELSA, the groundbreaking Brilliant OR Assistant that Bruce’s SoftAcuity and Barco built 4. 5. Sustainability and impact Barco takes sustainability into account in the earliest phases of its innovation and design processes. Before our R&D teams concep- tualize a prototype, they estimate the impact of the materials, its energy consumption, packaging, shipping, etc., so that they can still adjust the design if needed. More than reducing our negative impact, sustainability is also part of our value proposition. Our healthcare applications and collaborative technology solutions like ClickShare, can help drive sustainability around the globe. In 2024, Barco took the next step in its sustainability journey, launching a new sustainability strategy. Sustainable Impact Journey, as it is called, highlights our com- mitment to change across three key areas: Protecting earth, Engaging people, and Empowering society. Technology and AI will help us solve hard problems, not in the least in the field of healthcare. It’s a privilege to be able to create these innovative new healthcare devices. — Bruce Kennedy, CEO, SoftAcuity Even more than reducing our negative impact, we want to be part of the solution, by increasing our positive impact on planet and people. — Dries Vanneste, Sustainability Manager, Barco 23 Ba rco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Innovating our operations Under the ambitious focused factories program that Barco introduced in 2022, we commited to strengthen our global manufacturing capabilities by 2026. In the past few years, we’ve made impressive progress. A key milestone in 2024 was the opening of our state-of-the-art production facility for projectors in Wuxi, China. Centralizing our manufacturing activities The first step in the focused factories strat- egy involved centralizing our healthcare manufacturing and repair activities in Suzhou (China) and Saronno (Italy). The transition was smooth, with all activities transferred by mid 2024. In addition to many of our projector lines, all our Image Processing devices are are now insourced and manufactured at the Kortrijk campus (Belgium). Last but not least, our highly auto- mated Wuxi factory for the production of projectors opened in May 2024 – exactly as we had planned. Moving beyond basic assembly Next to relocating and insourcing manu- facturing and assembly activities, we focus on value addition. We’re automating our manufacturing, assembly, test and align- ment processes as well as the intra logistic processes to boost quality and efficiency. Since 2023, our Kortrijk production unit has been boosting automated laser driver assembly cells, which ensure the accuracy and quality that manual processes simply cannot guarantee. In Suzhou, we opened a fully automated glass-bonding line for Healthcare in 2024. In Wuxi, the warehouse is fully automated, with material-picking sys- tems and robotic transportation in place. Automated Guided Vehicles and Automated Robots help to move the goods efficiently and we have installed fully automated works cells that manufacture, assemble and test projector subassemblies. The goal is to fully automate the production lines by 2027. AI, robots, and sensing technologies will play a key role in improving efficiency in assem- bly, testing, and packaging. Five benefits of focused factories WHAT? While conventional plants often mix many manufacturing processes and even serve different business lines, a focused factory manufactures a limited set of products, for a particular business unit. 5 BENEFITS Focused factories help us to: • simplify the Barco organization and production processes • speed up decision making and efficiency • improve product quality • enable product and process innovation • move up within the value chain and limit our supply chain risks. 2024 STORIES Behind the scenes of our new manufacturing hub for Entertainment in China In May 2024, Barco unveiled its state-of-the-art 15,000m2 R&D and produc- tion plant in Wuxi, China. Focusing on the projector market, the new site fully embodies Barco’s strategy to boost efficiency through focused factories. More than that, it testifies to Barco’s resolute belief in a strong, local presence in China. We sat down with Gao Yang, VP Operations Wuxi, to reflect on the past challenging, yet rewarding, months. Read all about how we bring our focused factories approach to life in China. Learn all about Wuxi from Gao Our goal is to fully automate the production lines by 2027. Of course, we will still need skilled talent to manage processes, think critically, and provide support. — Gao Yong, VP operations, Wuxi (China) 24 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS How we create value Value creation model Barco’s ‘Visioneering a bright tomorrow’ purpose highlights our belief that truly great engineering starts with a clear vision – a vision of a better, smarter, healthier world. In other words: at Barco, we are constantly thinking about how we can cre- ate long-term value for all our stakeholders in the short, medium and long term. The value creation model visualizes our approach. It articulates the mission of our company and links it to our strategy and the markets we cover. The horizontal layers represent the six capitals in which we group the respective KPIs. » Check the Integrated Data Pack for a full set of KPIs (financial and non-financial) with the respective performance over the last 3 years * Together these 6 capitals represent stores of value that are the basis of an organization’s value creation. The capi- tals remained the same in the annual report of 2024 compared to 2023 and aligned with the recommendations of IIRC (International Integrated Reporting Council). Only KPIs with ‘materiality’ and ‘value driver’ properties for Barco were selected for reporting in the value creation model. Engaging peopleEngaging people Protecting earthProtecting earth Empowering societyEmpowering society ManufacturingManufacturing InnovationInnovation FinancialFinancial E n t e r p r i s e d i v i s i o n H e a l t h c a r e d i v i s i o n E n t e r t a i n m e n t d i v i s i o n Visioneering a bright tomorrow 25 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Orders In millions of euro Sales In millions of euro EBITDA In millions of euro Free cash flow In millions of euro , 2022 , 2023  2024 , 2022 , 2023  2024 .%  .%.% EBITDA margin  2022  2023  2024  2022  2023  2024 Financial 26 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Capex In millions of euro Inventory value In millions of euro ROCE % Manufacturing % %% % of sales  2022  2023  2024 Product revenues inhouse manufactured % over hardware revenues % 2022 % 2023 % 2024 .  .. Inventory turns  2022  2023  2024 % 2022 % 2023 % 2024 27 Bar co — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS R&D spend In millions of euro Employees in R&D # heads # of new patent filings # of patents at year-end Innovation .%  .%.% in % of sales  2022  2023  2024 % %% % of total employees , 2022 , 2023  2024  2022  2023  2024  2022  2023  2024 28 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Energy consumption in own operations MWh TARGET 2027: -20% vs 2023 Total greenhouse gas emissions Tonnes CO 2 e TARGET 2025: - 45% vs . 2015 % new products with Barco ecolabel TARGET 2027: 90% % of revenues from products with ecolabel TARGET 2027: 80% % renewable TARGET 2027: 75% % % 2023 , , 2024 % % % reduction vs. 2015 2023 , , 2024 2022 2023 % % % 20242022 2023 % % % 2024 Protecting earth * Calculation updated in line with CSRD requirements ** For 2024 including software revenues 29 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Engaging people Number of employees at the end of the financial year # FTEs % women overall & senior management % of heads overall senior management Average training hours/employee TARGET 2027: 20 Employee Engagement Score TARGET 2027: 75 2022 2023 , , , 2024 2022 2023 . .  . 2024 2023   20242022 2023 % % % % 2024 % % * For 2024 including integration of Cinionic 30 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Empowering society Customer Net Promoter Score Relationship NPS TARGET 2027: at least 50 Average cybersecurity maturity score (Cyfun Important) TARGET 2026: 3 .00 Employees trained in product quality, safety, security, ethics, compliance and sustainability % of heads TARGET: 100% Suppliers scored on sustainability performance % of production spend 2022 2023    2024  . 2024 2022 2023 % % % 2024 2022 2023 % % % 2024 * In 2022 & 2023 scope was only white collar employees 31 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Sustainable Impact Journey 2024 STORIES A broad ecosystem to exchange views and learn How do our stakeholders value Barco’s sustainability approach? What do they see as impacts, opportunities, and risks? How do our operations impact stake- holders and the environment – and vice versa? What topics matter most within our ecosystem? The best way to answer these questions is to engage directly with our stake- holders – which we did during our double materiality assessment. Curious to know their views? We have gathered a broad selection of different perspectives. Discover what our stakeholders said 32 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS UPSTREAM DOWNSTREAM Manufacturing & assembly Transport & distribution Utilization & maintenance End-of-life Testing & packaging Sales & installation Barco Customers & end-users Distributors, resellers, partners and integrators Shareholders & investors Senior management Board of Directors Employees Component & Material sourcing Suppliers < < < < < > > Affected communities Society representatives Government & public authorities industry associations, academia, NGOs, key opinion leaders, etc. press & general public Banks & analysts ECOSYSTEM Barco attaches great importance to stakeholder engagement: outside and inside views help us identify and prioritize emerging trends and align our strat- egy, policies, and actions with the interests of our broad ecosystem – from the Board of Directors, shareholders, and employees through to distributors, customers, suppliers, and others. Sustainability is a joint effort. To ensure our products shape the healthcare, entertainment, and collaboration of tomorrow in a sustainable manner, we consider the impact of every step in our value chain, across the lifecycle of our products, from the sourcing of raw materials to the disposal of our products. Rather than merely consulting our stakeholders, we collaborate with them. We team up with business partners, academics, industry associations, etc. to deliver sustainable impact. In addition, we actively participate in targeted external global initiatives that promote sustainability, such as the Science Based Targets initiative, Carbon Disclosure Project, EGN, etc. Engaging with our stakeholders The Barco ecosystem contains the following key internal and external stakeholder groups: Value chain: • Board of Directors and senior management • Shareholders & investors • Employees • Distributors, resellers, partners, and integrators • Customers and end-users • Suppliers Ecosystem: • Society representatives • Government & public authorities, • Academics, industry associations, NGOs, key opinion leaders • Press & general public • Banks & analysts This list does not imply any ranking or priority. 33 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS To truly understand what topics matter most to all our stakeholders, Barco launched a first comprehensive single materiality assessment in 2020. Over the years, we have kept it up to date to make sure it reflects the latest developments in our business, markets, and ecosystem. In 2023, we stepped up this exercise, conducting a double materiality assessment. Double materiality assessment: our strategic compass Our approach Barco’s double materiality assessment measures: • The impact materiality: the actual and potential positive or negative impacts of Barco on society (inside-out) • The financial materiality: the actual and potential risks and opportunities that have or may have financial effects on Barco (outside-in) Approaching the assessment as a strategic project to capture valuable input from our wide ecosystem, we questioned internal and external stakeholders across the value chain via surveys, interviews, and focus groups. Their input was scored, consolidated, and plotted on a matrix. In the meantime, the outcome of the double materiality assessment has been embedded into Barco’s value creation model and resulted in a new sustainabil- ity strategy. It will guide us in focusing our sustainability ambitions, strategy, and actions for the coming years. 34 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS IMPACT MATERIALITY FINANCIAL MATERIALITY MEDIUM HIGHLOW MEDIUM HIGHLOW Product life cycle management Innovation, new technologies & product portfolio Corporate governance & strategy Information security Business ethics Talent & career development Climate change & energy Circular economy & waste Diversity & Inclusion Community engagement & relations Health, safety & well-being Customer experience Product quality & safety Responsible & resilient supply chains Double materiality matrix 3 key takeaways from our double materiality assessment 1 . We are building on a strong foundation Our stakeholders confirmed the importance of areas we have been focusing on in the past, such as sustainable lifecycle man- agement, climate change, and customer experience. In addition, many entity-specific topics – closely tied to Barco’s DNA – ranked high both from an impact and risk & oppor- tunity perspective. This feedback motivates us to further strengthen and expand our ini- tiatives in these domains. 2 . We will strengthen our focus on emerg- ing priorities Compared to our 2020 materiality assess- ment, we see new topics emerging or receiving a higher score, including circular economy, and Diversity & Inclusion. We will strengthen our commitment in these areas. 3 . We will maintain excellence on low or medium material topics Topics like community ewngagement & relations, health, safety & well-being, and information security were rated as low or medium material by our stakeholders. Still, we remain committed to upholding our high standards or further developing our actions in these areas. The above matrix shows the topics that are material and non-material for Barco. Material topics are topics that are ranked as high-im- pact material (y-axis), high-financial material (x-axis), or both. Impact material topics Financial material topics Significantly higher in both impact materiality and financial materiality compared to 2020 35 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Our sustainability ambition statement Sustainability is an integral part of Barco’s DNA; it is at the heart of who we are and what we stand for at Barco. We envision a world where innovation and sustainability go hand in hand to create a better, smarter, and healthier future. It is our ambition to design and implement sustainable solutions to protect the earth, engage people and empower society for a bright tomorrow. 1 . We protect earth by taking science-based climate actions, developing more sustain- able products and increasingly offering circular solutions. 2 . We foster entrepreneurial, engaged and inclusive teams We empower our colleagues to build enrich- ing careers through continuous growth and development. That’s why we embed a con- tinuous learning mindset, encouraging our people to learn and develop themselves. We co-create a healthy, smart and safe orga- nization, both physically and mentally. We engage in building an inclusive workplace that thrives on the diversity of our people as this boosts our innovation capacity. 3 . We empower society for sustainability and resilience We drive sustainable change through inno- vation and technology by increasing the positive impacts of our solutions and further shaping health, collaboration and enter- tainment of tomorrow. Simultaneously, we cultivate responsible and reliable business by upholding the highest ethical and qual- ity standards and expecting the same from our business partners. We always aim to deliver added value to our business partners through our solutions, services and capa- bilities. In addition, we help ensure more people can participate in and benefit from Barco’s innovation. Barco has geared up and is moving for- ward to a more sustainable future. Join us on our Sustainable Impact Journey and be the change you want to see. An Steegen, CEO Barco Protecting earth Engaging people Empowering society 36 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Our sustainability strategy and performance The new Sustainable Impact Journey: Be the change you want to see We introduced our sustainability ambition statement back in 2020 and it has guided us consistently over the past four years. To further reinforce our ongoing commitment, we launched our new sustainability strategy in 2024, incorporating insights from the double materiality assessment. In doing so, we set ambitious targets to accelerate our progress. At Barco, we envision a world where innovation and sustainability go hand in hand to create a better, smarter, and healthier future. Our new sustain- ability strategy, titled ‘Sustainable Impact Journey’, is an integral part of our corporate strategy. It focuses on three pillars: Protecting earth, Engaging people, and Empowering society. For each pillar, we have defined an over- all ambition statement and linked it to the material topics as defined in our 2023 materiality assessment. 37 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS We promote and build an inclusive environment We are building an inclusive workplace of equity, fairness, and respect that thrives on the diversity of our people. It is all about embracing different per- sonalities and viewpoints because great things happen when the creative minds of our visioneers come together. After all, we serve a diverse range of global markets, so it only makes sense for our teams to reflect that same richness. We co-create a healthy, smart, and safe organization At Barco, people are our most important assets. That is why we are dedi- cated to creating a healthy workplace – both physically and mentally. It is a commitment we live by at every site and level of our organization. We want our colleagues to feel engaged and fulfilled at work and maintain a healthy work-life balance. We embed a continuous learning mindset Learning is part of everyday life at Barco. We are all about empowering our colleagues to build enriching careers through continuous growth and devel- opment. That is why we actively encourage our people to keep learning and evolving. Every year, we review our training programs and development opportunities to ensure they stay relevant and impactful – because investing in our people’s growth is what keeps us moving forward. We drive sustainable change through innovation & technology At Barco, we believe that innovation is the key to driving sustainable progress, and we are committed to leading the way in creating a better, smarter, and healthier world. We have been at the forefront of the digitization of various industries, including healthcare, cinema, and beyond. With our pioneering solutions, we aim to be part of the solution. We cultivate reliable and responsible business We cultivate responsible and reliable business practices. Barco places great emphasis on building a company culture where ethical conduct and com- pliance with our policies and applicable regulations are at the core of how we do business. We demand the same from our business partners. More specifically, we aim to strengthen our product and service reliability, enhance our efforts for a responsible and resilient supply chain, and foster customer and partner intimacy. We provide access to health and education for all At Barco, we believe in the power of doing good and giving back to the community. Our community engagement initiatives focus on health and (STEAM) education for all. 1. We protect earth 2. We foster entrepreneurial, engaged and inclusive teams 3. We empower society for sustainability and resilience We take science-based climate action(s) We aim for science-based climate action and continue the journey to net zero. Our 2025 greenhouse gas (GHG) emissions target is in line with lim- iting global warming to 1 .5°C above pre-industrial levels. By reducing our carbon footprint and developing solutions that contribute to tackling climate change, we aim to protect the planet for future generations. We develop more sustainable products We are dedicated to developing more sustainable products, considering the environmental impact at every stage of the lifecycle. Our ecoscoring methodology evaluates key areas – Energy, Materials, Packaging & Logistics, and End-of-life – to ensure our products meet the highest environmental standards. We offer circular solutions We want to provide our customers with an increasingly circular experience. This means designing our products to extend their lifespan and offering ‘as-a-service’ models that eliminate the need for ownership. Our aim is to retain the highest utility and value of our products and components for as long as possible. Additionally, we aim to reduce our own company waste and recycle remaining waste as much as possible. 38 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Sustainable Impact Journey: what’s new? Our new strategy continues to build on the solid foundation of our existing sustainability track, which was based on three strategic pillars: Planet, Peo- ple, and Communities. Yet, we are also broadening or deepening the scope of every pillar, acting on the results of our double materiality assessment. The most important new initiatives in our strategy inlude: Protecting earth: • We integrate software products into our ecodesign roadmap • We increasingly offer circular solutions Engaging people: • We accelerate our diversity & inclusion efforts Empowering society: • We enhance the positive impact of our solutions and further integrate innovation & sustainability roadmaps • We advance our supplier sustainability roadmap • We further improve our product quality, safety & security programs Our sustainability strategy is dynamic: we will keep capturing trends and changes in our business, our markets, stakeholder views, legislation, etc. and integrate these into our roadmap. We translated our sustainability ambitions in new, mea- surable targets, so we can track our progress year after year. A complete CSRD-aligned overview of all our measured KPIs is available in the Integrated Data Pack. 39 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Barco uses the United Nations Sustainable Development Goals (SDGs) as a guideline to shape its corporate strategy and ambi- tions. Our focus is on the SDGs where we can have the most impact, which is why we identified the SDGs most aligned with our material topics. More information can be found on our website. Barco aims to lead by example, setting high standards for sustainability in the elec- tronics industry. So, we secure external certification for our public statements and continuously improve our sustainability per- formance based on external feedback. ESG ratings Barco’s sustainability performance is rated by several independent organizations. We actively participate in initiatives such as CDP, Ecovadis, MSCI, ISS ESG and Sustainalytics. In addition, Barco invests in best-in-class external ESG tools and platforms (such as Makersite) that are audited by third parties and support the sustainability strategy and action. Certifications In order to assure stakeholders that our management systems meet international industry-specific standards, we work with external auditors for annual assessments and certifications: • ISO 9001 quality management system (Barco sites in US, Germany, India, Italy, China, Norway, Taiwan, and Belgium) • ISO 13485 quality management sys- tem specifically for the medical device industry (Barco sites in US, China, Bel- gium, Italy, and South Korea) • ISO 14001 environmental management system (Barco sites in Belgium, China, India, and Italy) • ISO 27001 information security man- agement system (Barco sites in Belgium, India, and Taiwan) Barco’s ecoscore is externally certified against the ISO 14021 standard. Read more on our website on certification & ESG ratings Division-specific sustainability roadmaps Our sustainability strategy sets the sustainability direction for Barco at group level. Sustainability is not only a corporate strategy, it is also embedded in the three-year strategic management plans of every Barco business unit (BU). Going forward, we aim to further advance BU-specific sustainability road- maps (including targets and actions) tailored to the sustainability demands of our BU’s broader ecosystem. Driving transparency with external evaluations Sustainability as one of the foundation pillars of our innovation roadmap Innovation does not happen in a vacuum. It thrives on a deep understanding of the business, market, and the world around us. At Barco, we continuously scan the horizon for changes in markets and technologies – and integrate these insights into our innova- tion approach. That’s why our visioneers defined sustainability as one of the five key technology themes that shape our innovation roadmap. From the outset of our design processes, we consider the environmen- tal impact of materials, energy consumption, packaging, shipping, etc., allowing us to adjust designs as needed. Moreover, sustainability is also part of our value proposition. Our laser projectors, for example, use 50% less energy than traditional lamp-based models. ClickShare, for its part, facilitates hybrid meet - ings, which reduces the need for business travel. In this way, our solutions actually contribute to the sustainability goals of our customers. 40 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Sustainability at a glance – targets and performance 2024 Protecting earth Engaging people Empowering society Surpass the absolute carbon reduction target (scope 1, 2 & 3) of – 45% by 2025 (vs. 2015) Commit to setting new science-based targets for 2030 (vs. 2023). Carbon reduction target 2024 TARGET 2025 -45%-62% 75% of our energy consumption will originate from renewable sources by 2027. Energy consumption from renewable sources 2024 TARGET 2027 75%70% Report 0 critical health, safety & security incidents with our products or services to competent authorities each year. Product quality, safety & security 2024 TARGET 01 Increase overall employee engagement score annually towards 75%. Employee engagement 2024 TARGET 75%73% 90% of our new products will be Barco eco-labeled products by 2027 (hardware & software). Barco eco-labeled products 2024 TARGET 2027 90%86% Obtain an average cybersecurity maturity score of at least 3.00 by 2026. Cybersecurity maturity score 2024 TARGET 2026 3.002.71 According to the 10/20/70 principles, increase formal external learning hours from 15.8 to 20 hours/employee per year by 2027. External learning hours of employees 2024 TARGET 2027 20h20.3h Reduce the energy consumption of our own operations in 2027 by 20% (vs. 2023 baseline). Energy consumption of our own operations 2024 TARGET 2027 -20%+8% Zero waste will go to landfill by 2027. Waste to landfill 2024 TARGET 2027 0%2% 80% of our revenue to come from eco-labeled products by 2027. Revenue from Barco eco-labeled products 2024 TARGET 2027 80%68% 85% of company waste to be recycled by 2027. Company waste 2024 TARGET 2027 85%81% Each year, increase our global NPS versus last year, base level is 50. Global NPS 2024 TARGET 50+54 Each year, train all our employees in product quality, safety, security, ethics, compliance, and sustainability. Corporate governance & business ethics 2024 98% Accelerate our Diversity & Inclusion program. Divsersity & Inclusion 2024 On track 100% 41 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Taking our first steps towards more sustainable software Barco is increasingly making the shift from hardware to software solutions and we will be launching more AI-driven solutions. Moreover, our products also help our cus- tomers manage growing amounts of data. Over the past few years, we have worked hard to measure and improve the environ- mental impact of our products, through our ecoscoring methology and Life Cycle Assessments. Yet, so far, we did not include the impact of software. That is about to change. In 2024, our teams developed a methodology to internally score software products on sustainabil- ity, much like we do with hardware. While we do not conduct LCAs for software yet, we are planning to include them in our sus- tainability program in the longer term. In this way, we will make significant progress towards an important Barco KPI: by 2027, the aim is that 80% of the revenues will be eco-labeled. Sustainability highlights of 2024 2024 STORIES Ever thought about the environmental impact of software? A staggering 10% of global power consumption is used for digital services – and that number is rising exponentially. Since at Barco, we aim to keep rais- ing the bar on sustainability, we’ve taken our first steps toward sustainable software development and deployment. To shed light on this emerging topic, we spoke to Jan Daem, Product Compliance Manager, and Neil D’Souza, CEO and founder of Makersite. Check how Makersite works A step closer to achieving this target: 80% of our revenue is to come from Barco eco- labeled prod- ucts by 2027 Barco recognized in prestigious sustainability rankings In 2024, Barco earned recognition for its sustainability efforts in several leading global rankings: • TIME Magazine, in collaboration with Statista, ranked Barco among the World’s Most Sustainable Companies, placing us 415 th out of 500. Nine other Belgian orga- nizations are featured on the list. In the ‘Manufacturing & Industrial Production’ category, Barco ranks 42 nd out of 55. • Barco also appeared in TIME & Statista’s ranking of the World’s Best Companies in Sustainable Growth for 2025. • In addition, we were featured in the Finan- cial Time’s European Climate Leaders 2024 list, with the highest score of all Belgian companies listed and 11 th (out of 36) in the Technology & Electronics sector. 42 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Giving 50 UDXs a second life through refurbishment In 2024, our Immersive Experience business unit launched a pilot proj- ect to extend the life of 50 UDX projectors that our customers wanted to decommission. Customers traded in their used units for credit on the purchase of new pro- jectors. Staying true to our circular economy commitment, we decided to refurbish the projectors at our Kortrijk factory instead of recycling them. Some key components were renewed to enhance performance, and each unit underwent strict testing to ensure optimal performance. The refurbished units were then sold as second-hand stock through the Barco Outlet, all finding new homes. In this way, we also reached a wider audience. A step closer to achieving this target: Increase the revenues from circular prod- ucts each year between now and 2027 A step closer to achieving this target: Accelerate our Diversity & Inclusion program Diversity & Inclusion in action: calendar and company-wide D&I training To raise awareness of Diversity & Inclusion and, at the same time, foster connections among employees around the globe, we launched a Diversity & Inclusion Calen- dar in 2024. Each month, we highlighted a different D&I theme such as Women’s Day, International Sign Language Day, and Human Rights Month. A different business unit or function led the campaign, resulting in a wide variety of creative initiatives like keynotes, panel discussions, photo contests, and informal events that brought people together. The approach empowered people across regions and business units, leading to greater impact and involvement compared to initiatives led cen- trally by the D&I team. In addition, we introduced a D&I e-learning for white-collar employees, and a live work- shop for blue-collar workers being rolled out in phases. This marks the first manda- tory training on the topic. Looking ahead, we aim to accelerate our D&I efforts by addressing systematic barri- ers, driving cultural change, and relentlessly monitoring our progress. 43 Barco  Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Our markets © AVI-SPL 44 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Healthcare Enabling better healthcare outcomes for more people Barco connects healthcare professionals at almost every patient touchpoint. From the imaging room to radiology, during specialist consultations and in the surgical suite: our solutions and services help medical professionals to enable better health outcomes and work more efficiently in an increasingly complex healthcare environment. The Healthcare division comprises two business units: Diagnostic Imaging and Surgical & Modality 53% Diagnostic Imaging 47% Surgical & Modality 45 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Diagnostic Imaging Diagnostic Imaging offers an extensive line-up of high-precision medical display systems for disciplines including radiology, mammography, dentistry, pathology, and clinical review imaging, plus a full suite of support services. 2024 STORIES OneLook, a team effort built on 27 years’ experience Albert Xthona has been working for Barco’s healthcare team since 1998, when Barco started developing diagnostic display systems. After 27 years of collab- orating, discussing and learning with and for doctors he is overly confident: “OneLook is the solution that every radiologist wants: a digital mammography display system that is so accurate and precise that it matches the exact detail of physical X-ray films.” Read the interview with expert Albert HEALTHCARE DIVISION 46 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS 2024 recap – and a peek into the future Back to growth, innovation and exciting plans ahead 2024 marked the return of growth and innovation for the Diagnostics Imaging (DI) business unit. With a rock-solid leadership position in the US, the team launched new products and service models while the go-to-market strategy got a revamp. “And we have more innovations in the pipeline for 2025,” says EVP Dirk Feynants. The impressive slate of new Barco products includes two newcomers from the DI lab. In the third quarter of 2024, the team intro- duced a portfolio of home reading radiology displays. Briefly later came the new flagship OneLook mammography display system. OneLook is all it takes “Demand for our teleradiology solutions is really strong,” says Dirk, “especially in the US, where teleradiology continues to grow.” Even more impressive is demand for the new OneLook, which combines revolution- ary image quality with big productivity gains. “The feedback upon its launch was over- whelming and the order book is filled well.” Recurrent revenue The new homereading and OneLook sys- tems are connected to QAWeb Enterprise. In addition, the team launched Connect- edCare and ManagedCare in 2024, two subscription-based platforms that ensure extra ease of use, quality assurance and compliance. For Barco, the new business models generate recurrent revenue. Customer proximity Last but not least, 2024 brought a refined go-to-market model focused on driving customer proximity. Dirk: “We’re engaging more directly with potential customers to raise awareness about our portfolio, while still respecting our sales channels. This push-and-pull approach is driving new busi- ness and uncovering potential in segments we didn’t target in the past.” The rapid digitization of pathology offers a massive opportunity for us, not only in hospitals, but also in pharma, biotech industries, and more. We want to become the absolute market leader. — Dirk Feynants EVP Diagnostics Imaging Set to become a pathology leader Conquering adjacent markets is a smart way to expand a business. DI’s move into the pathology market in 2021 was a strategic step, as this market is digitizing rapidly, Dirk explains: “We doubled sales in pathology in 2024, and aim to become the market leader. The potential is massive, as not just hospitals but also laboratories, education, and phar- maceutical and biotech companies switch to digital pathology. One particularly excit- ing opportunity is with Contract Research Organizations, which provide outsourced research services.” Bright 2025 ahead In summary, 2024 was a good year for Diag- nostic Imaging, and 2025 has the potential to look even brighter. “Our new products and services will only start adding materi- ally to the bottom line in 2025, as they were launched towards the end of last year. We will now scale them, target adjacent mar- kets and roll out new software tools.” AI is high on the software agenda, Dirk adds: “DL Precise™ is doing well and we’re explor- ing new partnerships. If an AI application meets our objectives of improving clinical results, productivity and compliance, we’re more than interested.” We have more innovations in the pipeline for 2025. 47 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Surgical & Modality 2024 STORIES “Hey ELSA, open my patient’s MRI file, and launch a Teams call with Doctor Wood.” Bruce Kennedy envisions a ‘Star Trek future’ for healthcare. The founder and CEO of med-tech start-up SoftAcuity is on a mission to redefine the operating room experience for surgeons and nurses. How? Meet ELSA, the Brilliant OR Assistant that SoftAcuity is developing together with Barco. Dive into SoftAcuity's story Surgical & Modality brings together two activities with great synergetic potential, as they target the same end- customers, often operating rooms. More than surgical displays, the offering of this business unit includes our digital operating room portfolio (based on video-over- IP-technology), as well as custom medical displays for modality imaging, plus a full suite of support services. HEALTHCARE DIVISION 48 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Investing big in R&D In last year’s annual report, Johan high- lighted that “Barco has the visualization and connectivity solutions that hospitals need to support new applications like robot surgery and surgical navigation.” As such, the team kept investing heavily in R&D and software development in 2024. Waiting for ELSA A key milestone in this journey is the part- nership with AI chip builder Nvidia and SoftAcuity, with whom Barco will launch ELSA, the first Bright Assistant for the OR, in 2025: “ELSA is a market-first, which we presented to a very enthusiastic audience in 2024 already. This is where we excel at Barco: developing high-end solutions that raise the quality of healthcare, while ensuring the comfort and productivity of the medical staff.” This is where we excel at Barco: developing high-end solutions that raise the quality of healthcare, while ensuring the comfort and productivity of the medical staff. — Johan Fornier, EVP Surgical & Modality Displays 2024 recap – and a peek into the future Sharpening our focus to shape the future of operating rooms With exceptional expertise in visualization and connectivity, and top-notch partners, our Surgical & Modality (SUMO) business is sitting on a treasure trove of opportunities. While the market was fairly slow in 2024, as customers were still digesting excess inventories, EVP Johan Fornier and his team kept investing big in R&D. Johan is confident: “As the global popu- lation ages and demand for high-quality medical services is on the rise, healthcare is a growing market. On top of that, the healthcare industry is changing rapidly. Advances in technology can help healthcare providers deliver better care, while driving productivity. The latter is key too, in a market that struggles with a shortage of healthcare workers.” Rewiring for efficiency While the future opportunities are good, the surgical business was under pressure in 2024 due to slow European and Chinese markets and ongoing inventory destock- ing. The focused factories approach and the growing focus on software, two stra- tegic decisions that Barco took when An Steegen and Charles Beauduin came to the helm, proved valuable. “The healthcare factory in China helps SUMO boost its gross profit margins,“ Johan explains. “Also, our high-end digital operating room business, which increas- ingly revolves around software, added to the gross margin growth.” Operating room of the future To further drive (cost-)efficiency, Johan split the SUMO team into a modality and a surgi- cal team in 2024: “As the surgical solutions business is growing steadily, we need full focus on software and AI there. By build- ing a team with exactly these skills, we’ll sharpen our focus,” says Johan, confirming that the approach is already bearing fruit. ELSA is the first Bright Assistant for the OR. 49 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Enterprise Engaging you to unleash the power of knowledge and emotions Every Barco Enterprise solution is designed to help people collaborate better by ensuring engaging experiences. From boardrooms and workplaces to control rooms and classrooms: all our solutions help people unleash the power of knowledge, insights and emotions – for brighter ideas, stronger collaboration and, ultimately, better results. The Enterprise division comprises two business units: Meeting Experience and Control Rooms. 53% Meeting Experience 47% Control Ro oms 50 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Meeting Experience 2024 STORIES Bad sound looks ugly. Why and how we launched the ClickShare Video Bar … Squinting, furrowed brows, leaning in awkwardly: did you ever see your facial expression when you were struggling to hear or understand something? Poor audio and video look ugly – and kill meeting engagement: that’s the message of the campaign that Barco launched in 2024 to introduce the ClickShare Video Bar. The ClickShare team shares how the newcomer came alive. Read the chat with our ClickShare team The Meeting Experience (MX) business unit has been playing a key role in the development of today’s connected office and meeting room environment. From its inception, ClickShare has been a gamechanger, ensuring that all participants have the same meeting experience in hybrid meetings. The team is committed to keep developing innovative solutions to connect people and technology. ENTERPRISE DIVISION 51 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Android-based Device Ecosystem Platform (MDEP). “ClickShare has always prioritized user- friendliness, security, and exceptional qual- ity. We’ll now enhance these strengths with Microsoft’s expertise in security, manageabil- ity, and AI capabilities. That will help us build a truly future-proof ClickShare solution.” Steep rise in customer satisfaction Looking back on 2024, Jan also highlights the team’s successful customer support ini- tiative: “In 2023, we made a strategic shift, 2024 recap – and a peek into the future Microsoft partnership sets foundation for future growth The Meeting Experience (MX) business unit hit several key milestones in 2024, including a promising partnership with Microsoft and an impressive boost in customer satisfaction. Jan van Houtte, who became EVP of the MX team in April, sees these achievements as building blocks for future growth. For more than 12 years, Barco has been leading the market with Bring Your Own Device (BYOD) meeting room systems. With over 300,000 ClickShare Conference installs by the end of 2024, Barco held over 40% of the global agnostic wireless conferencing market. Wide range of meeting room systems “Our wireless video conferencing solution enables users to host calls from their own laptop with their preferred video confer- encing platform, such as Microsoft Teams, Webex, or Zoom,” explains Jan. “Demand for video conferencing solutions is high, yet the market is crowded. ClickShare com- petes with wired meeting-room set-ups, as well as proprietary room systems running the popular Microsoft Teams and Zoom applications on a room device rather than the meeting participant’s laptop.“ Strong Microsoft partnership In 2024, ClickShare, the leader in wireless conferencing, joined forces with the leader in collaboration: Microsoft. “Microsoft has acknowledged the importance of BYOD in meeting room systems,” says Jan. “In Feb- ruary, we entered a partnership with them around Teams devices. ClickShare Confer- ence is now integrated with Teams BYOD, Microsoft’s collaboration environment. In this way, we provide IT decision-makers with valuable insights about their meeting rooms.” Adding an extra layer of security, manageability, and AI This initiative was just a first step to explore market opportunities with Microsoft. The collaboration expanded in the summer, when the team announced that future ClickShare solutions will use Microsoft’s installing a direct support team to help ClickShare users, instead of via resellers. Customers have clearly appreciated these efforts: ClickShare’s transactional Net Pro- motor Score jumped from 34 in 2023 to 52 in 2024. This customer-centricity sets Click- Share apart from many of its competitors. Moreover, getting closer to our customers helps us better understand their needs, lead- ing to new, innovative concepts.” Promising future ahead “2024 came with its challenges, as the overall market conditions were weak,” Jan admits, “but we saw steady recov- ery throughout the year. Our team is now fully focused on the new platform set to debut in the second half of 2025. With the game-changing Microsoft partnership we’ve built a strong foundation to reignite growth in 2025.” ClickShare solutions will use Microsoft’s Android- based Device Ecosystem Platform. Our team is fully focused on the new platform set to debut in 2025. Building further on ClickShare’s strengths, Microsoft’s development platform will allow us to infuse additional security, manageability, and AI capabilities into the newcomer. — Jan van Houtte, EVP Meeting Experience 52 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Control Rooms Control Rooms offers a package of solutions to help control room operators view better, share faster, and resolve quicker – and make well-informed decisions: video walls, video wall controllers, control room software, and a full suite of support services. Software takes an ever-increasing role in our offering. 2024 STORIES Barco CTRL – A timeline of control The innovative Barco CTRL software and hardware platform has quickly become the flagship product of the Control Room business unit. Serving as the cornerstone of the division’s shift toward software-based solutions, Barco CTRL enhances operator productivity, while ensuring the highest level of cybersecurity. Curious about its journey? Let’s dive into its development and sales timeline. Check the CTRL milestones ENTERPRISE DIVISION 53 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS 2024 recap – and a peek into the future From reset to success: how strategic choices turned the tide The Control Rooms business unit had initiated a major transformation in 2023 – and is happy to see their efforts pay off with rising profitability. EVP Tom Sys unveils the secret to that boom. “In 2023, we decided to fully focus on con- trol rooms, zooming in on solutions to improve control room efficiency and oper- ator productivity,” Tom says. “That meant we had to increase focus on software solutions in our portfolio. That’s how we launched the Barco CTRL platform, which I like to call the Operating System for control rooms. Orders started coming in quickly, as customers immediately loved it for its sim- plicity, scalability, and security.” Security as an undisputed USP “We designed Barco CTRL to be secure by default, and that sets us apart,” Tom con- tinues. “Cybersecurity is absolutely crucial in a control room environment, yet hard to achieve. At Barco, we manage security very strictly and do tons of testing.” Sustained hardware updates While software development becomes increasingly important, Tom ascertains that Control Rooms remains committed to hard- ware excellence: “Customers who choose Barco expect quality, reliability, and conti- nuity. Our solutions remain cutting-edge. In 2024, we rolled out a renewed LCD portfolio, launched laser upgrades for our rear-projection cube line, and further fine- tuned our LED range.” Team with a purpose Whether it’s updating soft- or hardware, efficiency is key at the business unit – and that brings challenges too. “Change always impacts teams,” Tom admits. “We adjusted team composition and skill building to sharpen our focus and position ourselves for future success. We focused a lot on com- munication to get everybody along in the journey. I’m happy to see that today, our Today, our teams are more motivated than ever. We love working on solutions that optimize operational efficiency, accelerate decision-making, and enhance security to make operators’ lives better. — Tom Sys, EVP Control Rooms teams are more motivated than ever. We all love working on solutions that optimize operational efficiency, accelerate deci- sion-making, and enhance security to make operators’ lives better.” More good prospects ahead Overall, the Control Rooms business did well in 2024. Plus, having more software in the portfolio drove profitability. “In 2025, we’re aiming to increase Barco CTRL’s contribution and build an ecosys- tem that helps us reinforce our market position through innovative solutions. To ensure strong market alignment, we’ll keep strengthening our bonds with our partners and end-users, like we did in the past year. That direct engagement not only provides valuable insights, but also energizes our team,” Tom concludes. Customers immediately love the Barco CTRL platform for its simplicity, scalability, and security. 54 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Entertainment No Barco, no show At Barco Entertainment we bring experiences to life. Because we believe in the power of images to amplify great ideas. For everyone and anywhere on this planet. This belief drives our passion every day to continuously design the highest performing, most innovative, most reliable immersive experience and cinema solutions. Enabling our partners and customers to create and deliver their visual miracles. To everyone. Everywhere. All the time. The Entertainment division comprises two business units: Cinema and Immersive Experience . 59% Cinema 41% Immersive Experience 55 Bar co — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Barco Cinema offers the industry’s most complete range of cinema technology, including cutting-edge laser projectors, next-gen HDR projectors, and media servers to enable managed services. Cinema 2024 STORIES HDR by Barco marks an entirely new era in cinema Hollywood’s biggest producers, directors and cinematographers are all impressed by Barco’s HDR Lightsteering technology. For Joachim Zell, our head of HDR con- tent workflow, this comes as no surprise: “This technology is simply revolutionary.” Explore HDR with our Hollywood colleague ENTERTAINMENT DIVISION 56 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS You can be a technology provider, or you can be an unstoppable force in cinema. We want to be the latter. And we’re getting there! — Gerwin Damberg, EVP Cinema 2024 recap – and a peek into the future 2024 underscored Barco’s unwavering dedication to cinema For an engineer, it can’t get much better than winning a Science and Technology Academy Award. In 2024, three Barco Cinema colleagues won this prestigious award, while Gerwin Damberg, EVP of our Cinema business unit, was honored for his contribution to the industry. But for Gerwin, that’s just one highlight of 2024. “Making the coolest technology is great. But it’s so rewarding to get rave feedback from the people using it.” The entire cinema industry, including Barco Cinema, has weathered some rough waters over the past few years. Yet, Barco stood strong and Gerwin is pleased to have sim- plified their story and strengthened their brand in 2024: “By bringing Cinionic back into Barco Cinema, we now have one big cinema powerhouse that manages every aspect of our business. That streamlines things for the entire cinema ecosystem and for our team. From day one of the merger, they have shown unwavering dedication to cinema, despite all the organizational changes.” Reigniting the spectacle of cinema Dedication could well be the theme of 2024 for Barco Cinema. After years of R&D, test- ing, and showcasing, they launched HDR Lightsteering technology – a testament to Barco’s dedication to cinema, says Gerwin: “While our laser business continues to grow, we’re investing big in this revolutionary new technology because we’re convinced this is what cinema needs.“ “To keep cinema thriving, it has to be both affordable and spectacular,” he explains. “Spectacle is the only way to offer movie fans an experience that tops what they have at home, and that’s exactly what HDR by Barco delivers. We’ve always been an inno- vator, but HDR marks an exponential leap forward in cinema.” Furthermore, HDR allows Barco to expand into the realm of content creation and sto- rytelling, which is a very valuable step-up: “When the first films were mastered in HDR format, the feedback from colorists, direc- tors, and studios was incredible. They loved seeing their work in new light, with richer colors, and more shades and brightness. That makes it really rewarding.” Backing the cinema ecosystem Of course, Barco Cinema continues to offer its high-quality laser portfolio, with models for every exhibitor – from large cin- ema chains to small theaters. “We know it remains challenging for exhibitors to invest in new technology. That’s why we make them feel we’ve got their back. Barco’s laser projectors are built to last, easy to service, and consume minimal energy. Plus, we offer tailored financing solutions to make invest- ments more accessible. That’s another way of showing our dedication to the market,” says Gerwin. Strengthening the Barco Cinema brand “On top of that, it’s encouraging to see Barco gaining visibility in the cinema world. Today, we power more than half the world’s cinemas and are pushing the limits of next-generation cinema. We’re even help- ing shape Hollywood’s standards. We can be proud and show the world who we are.” We’re investing big in HDR because we’re convinced this is what cinema needs. 57 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Immersive Experience Our Immersive Experience business unit offers solutions tailored to the specific needs of large venues, live events, projection mapping, themed entertainment (such as museums and theme parks), and simulation applications: projection, image processing, and a modular support service solution. 2024 STORIES Introducing our ‘Swiss army knife’: the super versatile I600 mid-range projector What makes a new projector a game-changer? How does a company like Barco dream up, design, and perfect innovative solutions? We asked Barbara Huyghe, product manager in our Immersive Experience team. She takes us behind the curtain of what she calls ‘Barco’s new Swiss army knife’: the light, bright, sin- gle-chip I600 projector that we launched in 2024 and is conquering existing and new markets. Learn more from Product Manager Barbara ENTERTAINMENT DIVISION 58 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS focus is on accelerating shipments to clear the backlogs and meet the high demand.” Go-to-market transformation Last but not least, the business unit is trans- forming its go-to-market strategy, says Ta Loong: “We’re putting more focus on the Americas. The market there is mature but underinvested on our side, so we need to double down and get our feet on the ground. In 2025, we plan to also pivot in Europe, strengthening our distribution chan- nels for our mid-segment products.” Looking ahead, Ta Loong is optimistic: “I believe we have the right product port- folio and strategies. Now it’s all about staying focused on our go-to-market transformation.” “The simulation business continues to outperform plan. This growth is likely to continue into 2025 and beyond, as today’s global geopolitical situation drives defense investments,” says Ta Loong. “What’s more, our projection solutions are steadily gaining market share from competitors, specifically in the 1DLP seg- ment, despite the overall market decline. This shows that our strategies are starting to deliver results. Our choice to focus on themed entertainment, for example, pays off, particularly in driving conversions for some strategic key accounts. I see growing demand in this area, from both global fran- chises and regional theme parks.” Promising order book New product launches always have a big impact on sales. “The delay in launching our new Image Processing products for the events market caused some customers to hold back on investments in the course of 2024,” Ta Loong admits. “However, pre-orders are very encour- aging and have exceeded our expectations. The order book was filling up fast by the end of the year. Also, the new compact mid-seg- ment I600 projector, the first one developed in our Wuxi factory, is fast gaining traction. It gets very positive feedback from both cus- tomers and the market. Now, the 2024 recap – and a peek into the future The right product portfolio. The right strategy While sales in the rental and events market faced challenges in early 2024, the simulation business grew throughout the year. Ta Loong Gan, EVP of the Immersive Experience business unit, is confident that this trend will continue. With existing new product launches and a refreshed go-to-market strategy, he believes the team is on the right track. Despite the overall market decline, our projection solutions are steadily gaining market share from competitors. This shows that our strategies are starting to deliver results. — Ta Loong Gan, EVP Immersive Experience Our compact mid-segment I600 projector is fast gaining traction. 59 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Our results 60 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Group results Standardized customer experience metric, measured twice per year #heads at the end of the financial year (For 2024 including integration of Cinionic) Customer NPS Employees 54 2022 , 2023 , 2024 , Group sales In millions of euro Gross profit In millions of euro EBITDA In millions of euro Net earnings In millions of euro Free cash flow In millions of euro .     .          2022 2023 2024 -% -%+% % growth 2022 2023 2024 .%  .%.% % of sales 2022 2023 2024 .%  .%.% EBITDA margin 2022 2023 2024 2022 2023 2024 68% Ecoscore % revenues from products with Barco ecolabel 61 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Financial highlights fiscal year 2024 • Orders of € 990 .6 million (-7% y-o-y) and sales of € 946.6 million (-10% y-o-y), with growth in Americas and a decline in EMEA and APAC • Book-to-bill > 1 leading to an all-time high order book of € 563.7 million • Gross profit margin at 40 .7%, 1.1 ppts below 2023, supported by new products and more software, but negatively impacted by product mix in Enterprise and Entertainment • EBITDA of € 120 .8 million; EBITDA margin of 12 .8% vs 13.6% in 2023, driven by focused cost control and with a strong recovery in the second semester • Strong free cash flow of € 110 .3 million versus € 38.0 million in 2023, driven by working capital improvements • Net earnings of € 63.0 million versus € 80.2 million in 2023 • Proposal to increase the gross dividend to € 0 .51 per share versus € 0.48 last year • Launch of more than 10 new products in the course of the year • Opening of a new factory for Entertainment in Wuxi, China, in May 2024 • Initiation of a share buyback program, planning to purchase Barco shares for an amount of up to €60 million euro over the next 12 months. Group topline – second half around the level of last year, after a weak first semester; Americas growing while EMEA and APAC declined Order intake for 2024 was 990.6 million euro, 7% lower than 1,061.6 million in 2023. There were significant regional differences. The Americas posted single digit growth, mainly driven by Healthcare. EMEA experi- enced very weak market conditions resulting in double digit declines for all divisions. APAC saw a single digit decline, although within this region China did resume growth after a decline in 2023. Sales amounted to 946.6 million euro, 10% down versus 1050.1 million euro last year. Also here, a significant contrast can be noted between the regions. Sales in the Americas grew in all three divisions, most prominently in Healthcare and Enter- tainment, where Cinema delivered strong growth in the fourth quarter. EMEA suffered from weak macro-economic conditions, with double-digit declines in all divisions. APAC posted a moderate decline, stron- gest for Enterprise, while Control Rooms withdrew from several markets as part of its restructuring. Book-to-bill remained above 1, resulting in an all-time high orderbook of 563.7 million euro at the end of December 2024, ver- sus 494.8 million euro a year earlier, with an important step-up for Entertainment year-over-year. Divisional topline – Healthcare most resilient; rebound in second half for Entertainment; Enterprise absorbed channel inventory resets Healthcare’s topline was the most resil- ient of the divisions, with orders up 7% and sales down 4% year-over-year. Orders were up significantly in the second half, driven by a strong performance in the Americas region. Diagnostic Imaging benefited from successful new product launches starting mid-year, notably the OneLook mammogra- phy display and the radiology home-reading portfolio. Surgical & Modality recorded a significant increase in orders in the second semester in the Americas, after customer inventory levels reset. The product mix shifted towards more software-enabled products. Enterprise declined 18% in orders and 16% in sales. Meeting Experience faced tough mar- ket conditions and increased competition in the EMEA corporate market. Moreover, the topline was impacted by inventory reduc- tions at channel partners. Control Rooms continued to execute its new strategy, focusing future development on the CTRL software offerings. Despite activity being discontinued in several APAC countries, for Control Rooms sales was flat, and included growth in the Americas. Entertainment had orders and sales of -7% and -9% respectively versus 2023. Cinema was challenged by the aftermath of the Hol- lywood writers’ strikes in the first semester 62 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS but saw gradual recovery from mid-year onwards, driven by the Americas. This led to full year sales, very close to last year. In tough market conditions. Immersive Expe- rience managed to secure a similar order intake as last year. Sales ended below last year, as shipments of some of the new products are shifting into the new year. Profitability & free cash flow – strong free cash flow on lower net working capital The gross profit margin was 40.7% versus 41.8% in 2023. New products and a shift of the product mix towards more (embed- ded) software supported margins across the divisions, most prominently in Healthcare which saw a significant improvement in its gross profit margin. In Enterprise the gross profit margin declined on lower volumes as a result of customer inventory correc- tions and in Entertainment the gross margin declined in Immersive Experience on unfa- vorable product mix and lower volume. The EBITDA margin was 12.8% for the full year, versus 13.6% in 2023. Lower sales led to operating deleverage, especially in the first semester. In the face of lower topline and continued global inflation, Barco exe- cuted focused cost control, resulting in a 5% reduction of operating expenses versus last year. R&D investments were maintained in support of the many new product intro- ductions. The EBITDA margin significantly improved in the second semester, to 16.7%, compared to 8.1% in the first half, result- ing from higher volumes, a more favorable product mix and the benefits of the sale- lease back of a facility in the Americas. Free cash flow for 2024 grew substantially to 110.3 million euro versus 38.0 million euro for 2023, largely driven by lower net working capital, landing at 11.8% of sales at year-end. The main contributors were lower inventories and higher prepayments from customers. Furthermore, capital expenditure decreased year-over-year, after completing the new factories in China. As an additional upside, there were proceeds from the sale- lease back of a building in the Americas. Strong cash generation in a challenging year From a top-line perspective, 2024 presented several headwinds, although there was an important contrast between the Americas, which posted growth in all three divisions, and EMEA and APAC which contended with soft market conditions. The first semester was marked by customer inventory resets in Healthcare and Meeting Experience, and a soft Cinema market. The situation improved in the second half, also thanks to the many new product introductions. Barco reached important strategic mile- stones this year with the opening of a new manufacturing plant in Wuxi, China, and the launch of many new innovative products. Throughout the year, focused cost con- trol was maintained, and free cash flow was strong. Barco is committed to keeping its focus on growth and innovation in the next year. 2025 starts in a context of normalized chan- nel inventory levels, and with the positive perspective of the full-year impact of last year's new product introductions, the ben- efits of our ongoing transformation towards more software, and the efficiencies from further investments in automation and focused factories. Outlook FY25 The following statements are forward look- ing on a like-for-like basis and actual results may differ materially. In 2025, assuming geopolitical and mac- ro-economic conditions do not strongly deteriorate, management expects topline growth on a full year basis, with an increase in the EBITDA margin. Dividend Barco’s Board of Directors will propose to the General Assembly to distribute a gross dividend of 0.51 euro per share, up 0.03 euro versus last year’s dividend of 0.48 euro. Share buyback program Barco remains committed to exploring acquisition opportunities to strategically strengthen the Group, as well as to opti- mizing its capital allocation and delivering long-term value to its shareholders. Backed by robust free cash flow generation and a strong balance sheet, the Board of Directors has decided to initiate a share buy- back program, planning to purchase Barco shares for an amount of up to €60 million euro over the next 12 months. The Board of Directors will carefully assess and determine the optimal use of the repur- chased shares at a later stage. For more elaborate comments on the results of FY24, including details per divi- sion, we refer to the Financial Press Release of the FY24 results . 63 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Results of the Healthcare division Division in the Group Ecoscore % revenues from products with Barco ecolabel 61% Sales In millions of euro Gross profit In millions of euro EBITDA In millions of euro  2022  2023  2024 .%  .%.% % of sales  2022  2023  2024 .%  .%.% EBITDA margin  2022  2023  2024 29% Healthcare 53% Diagnostic imaging 47% Surgical & Modality Healthcare sales split * Based on total revenues, including software 64 B arco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Results of the Enterprise division Division in the Group Ecoscore % revenues from products with Barco ecolabel 87% Sales In millions of euro Gross profit In millions of euro EBITDA In millions of euro .%  .%.% % of sales  2022  2023  2024 .%  .%.% EBITDA margin  2022  2023  2024 27% Enterprise 53% Meeting Experience 47% Control Rooms Enterprise sales split * Based on total revenues, including software  2022  2023  2024 65 B arco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Results of the Entertainment division Division in the Group Ecoscore % revenues from products with Barco ecolabel 61% Sales In millions of euro Gross profit In millions of euro EBITDA In millions of euro  .%  .%.% % of sales  2022  2023  2024 .%  .% .% EBITDA margin  2022  2023  2024 44% Entertainment 59% Cinema 41% Immersive Experience Entertainment sales split * Based on total revenues, including software  2022  2023  2024 66 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Corporate Governance Statements 2024 Integrated Annual Report Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Changes to the Board of Directors . . . . . . . . . . . . . . . . . . . 3 Core Leadership Team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Changes to Core Leadership Team . . . . . . . . . . . . . . . . . . . 4 Annual General Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Activity report on Board and Committee meetings . . . 5 Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Board Committees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Audit Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Remuneration and Nomination Committee . . . . . . . . . . . 6 Technology Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Evaluation of the Board of Directors and its Committees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Remuneration report for financial year 2024 . . . . . . . . . 7 General introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Part 1: Remuneration report on the non-executive board members, CEO and CLT members . . . . . . . . . . . . . 7 1.A Remuneration of the non-executive board members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1.B Remuneration of the CEO . . . . . . . . . . . . . . . . . . . 7 1.B.2 Share based remuneration . . . . . . . . . . . . . . . . . 9 1.C Remuneration of the CLT members . . . . . . . . . . 9 1.C.1 Total remuneration . . . . . . . . . . . . . . . . . . . . . . 10 1.C.2 Share based remuneration . . . . . . . . . . . . . . . . .15 Part 2: Redundancy payments . . . . . . . . . . . . . . . . . . . . . 15 Part 3: Use of the right to reclaim . . . . . . . . . . . . . . . . . . 15 Part 4: Deviations from the remuneration policy . . . . . . 16 Part 5: Evolution of remuneration and company performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Part 6: Vote of the shareholder . . . . . . . . . . . . . . . . . . . . . 16 Risk management and control processes . . . . . . . . . . 17 Key Elements of the Risk Management Process . . . . . . . 17 Key Stakeholders and Responsibilities . . . . . . . . . . . . . . . 17 Top risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Financial risk management and internal control . . . . . 17 Risk management and internal controls over sustainability reporting . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Policies of conduct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Transparency of transactions involving shares or other financial instruments of Barco . . . . . . . . . . . . . . 19 Conflicts of interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Statutory auditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Table of contents These are the Corporate Governance State- ments of Barco’s 2024 integrated annual report. Other sections are available via the download center. CORE MORE • Corporate governance statements • Sustainability statements • Financial statements ANNEX • Integrated Data Pack • Glossary • GRI Content index • Assurance report 68 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Corporate Governance Statements Declaration regarding the information given in the Integrated Annual Report 2024 The undersigned declare that: • The annual accounts, which are in line with the standards applicable for annual accounts, give a true and fair view of the capital, the financial situation and the results of the issuer and the consolidated companies. • The annual report gives a true and fair view of the development and the results of the company and of the position of the issuer and the consolidated compa- nies, as well as a description of the main risks and uncertainties they are faced with. An Steegen, CEO Ann Desender, CFO Barco’s governance structure is one-tier, operating pursuant to the company’s articles of association and corporate gov- ernance charter. Both are available for download at www.barco.com/en/about/ corporate-governance. All shares have equal voting rights, there are no dual voting rights for certain shareholders. In accordance with article 3:6, §2 of the Code of Companies and Associations, Barco applies the 2020 Belgian Code on Corporate Governance. Below is an overview of the articles of the Belgian Code on Corporate Governance which Barco does not comply with, as well as an explanation for such non-compliance. • Art . 7 .6: The Board of Directors decided not to grant shares to non-executive board members as part of their remu- neration. Such grant will trigger tax and practical ramifications for non-Belgian residents. Moreover, several directors already hold a significant number of Barco shares. • Art . 7 .8: The variable part of the execu- tive remuneration package is linked to the overall corporate or business unit perfor- mance and sustainability criteria, which have become increasingly important for investors. Both are a function of, and thus also a measure for, the executives’ indi- vidual performance. • Art . 7 .9: The Board of Directors has not set a minimum threshold of shares to be held by the executives. The remunera- tion package for executives is sufficiently balanced with various components to incentivize executives to pursue a strat- egy of sustainable profitable growth. • Art . 7 .12: The Board of Directors endeav- ors to insert a ‘clawback provision’ in contracts of employment with executives to the extent permissible by the law gov- erning such contract. Board of Directors The composition of the Board of Directors meets the gender diversity requirement laid down in article 7:86 of the Code of Compa- nies and Associations. Moreover, a majority of directors is independent. All directors hold or have held senior posi- tions in leading international companies or organizations. Their biographies can be found on Barco’s corporate website. Changes to the Board of Directors The General Meeting of 25 April 2024 re-appointed Mrs. Hilde Laga and Mrs. Lieve Creten, as independent directors as referred to in article 7:87 Code of Companies and Associations. The Board of Directors has subsequently reconfirmed their mandates as member of the Audit Committee and the Remuneration and Nomination Committee. On 25 June 2024, Mr. Charles Beauduin resigned as co-CEO. The Board of Directors has appointed Mr. Charles Beauduin as its Chair succeeding to Mr. Frank Donck as of 1 September 2024. Mrs. An Steegen became the company’s sole CEO. Since Mr. Charles Beauduin was co-CEO of the company, the Board of Directors duly considered the implications of his appoint- ment pursuant to article 5.8 of Belgian Code on Corporate Governance. 69 Barco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE Since 1 January 2015, Mr. Charles Beauduin was the chairman of the company’s Board of Directors. Mr. Charles Beauduin and Mrs. An Steegen became the company’s CEO’s on 1 September 2021 and 1 Octo- ber 2021 respectively. Since, Mr. Charles Beauduin and Mrs. An Steegen have assumed the executive leadership of the company in close tandem. They redesigned the company’s organizational structure to empower the business units and create more customer and market responsive- ness, implemented the focused factories strategy, including the construction of two new manufacturing plants in China, and accelerated the R&D roadmap leading to increased new product introductions from 2024 on. After 3 years of successful collab- oration, Mr. Charles Beauduin has assumed again his previous role of chairman of the Board of Directors, while Mrs. An Steegen will continue to build on the path paved during the previous years. Considering Mr. Charles Beauduin’s previous chairmanship, his leadership style, his ability to act as a sounding board, and his other professional duties outside the company, the direc- tors opine that the re-appointment of Mr. Charles Beauduin will not hamper the CEO’s autonomy. Moreover, the Audit Commit- tee and the Remuneration and Nomination Committee will ascertain at regular inter - vals that the CEO’s autonomy is preserved. Individual members of these committees have agreed to make themselves available as sounding board as well to the CEO if need be. Core Leadership Team Changes to Core Leadership Team Barco NV is managed by a Core Leader- ship Team (‘CLT’) which comprises key officers from business units and functions. The CLT operates under the chairmanship of the Chief Executive Officer and shares responsibility for the deployment of Barco’s strategy and policies, and the achievement of its objectives and results. With strategic long-term succession planning being a core element in the orga- nizational development strategy, Barco was able to strengthen its Core Leadership Team with one internal promotion: • Mr. Stijn Henderickx, EVP Meeting Expe- rience, left Barco and was succeeded by Mr. Jan van Houtte on 19 March 2024, stepping up from his role as VP Product for this business unit. The full biographies of the Core Leadership Team can be found on Barco’s corporate website. Annual General Meeting The annual general meeting (AGM) is held on the last Thursday of April. The AGM is set up as a hybrid meeting whereby sharehold- ers can also cast their vote remotely, either prior to or real time during the meeting itself. Board of Directors Situation on 7 February 2025 Chair Charles Beauduin 2027 Directors Frank Donck (1) 2027 An Steegen 2027 Adisys Corporation (represented by Ashok K . Jain) (1) 2027 Hilde Laga (1) 2028 Lieve Creten (1) 2028 James Sassoon (1) 2026 Secretary Kurt Verheggen General Counsel (1) independent directors * date on which the term of office expires: end of the annual meeting Board of Directors Composition Corporate Leadership team Composition Directors with 5 years of seniority CLT members with 5 years of seniority Female members of the Board Female CLT members Independent directors 4 non-Belgian CLT members 5 10 3 2 5 4 64% 64% 47% 91% 88% 88% 91% 99% 57% 51% Participation rate & Average of “For” votes Voting by proxy | Physical attendance | Approval rate by voting shareholders * In 2020 and 2021, physical attendance was not possible due to covid-19. 95% 58% 2019 2020 2021 2022 2023 2024 70 Barco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE The company is open to discussions with investors and proxy voting agencies to bet- ter understand their policies and align the company’s governance practices there- with, considering its size, profile, jurisdiction as well as the geographical scope of its activities. Over the past years, shareholders’ partici- pation has been consistently around 50% or higher. Activity report on Board and Committee meetings Board of Directors Title 1 and 2 of Barco’s Corporate Gover- nance Charter describe the responsibilities of the Board of Directors and its Committees. The table below provides a comprehen- sive overview of the directors’ attendance at Board of Directors and Committee meet- ings in 2024. Intermediate meetings are held via tele- conference call if need be. All the Board of Directors meetings took place at Bar- co’s headquarters in Belgium with some directors occasionally attending via videoconferencing. One meeting was closed with a dinner attended by several members of the Core Leadership Team to foster closer interaction between the directors and the executive managers of the company. At every meeting, the Board of Directors reviewed and discussed the financial results as well as the short to mid-term financial forecast of the company. At the beginning of the year, upon recommendation by the Audit Committee, the Board approved the financial results of 2024 and proposed the dividend for approval by the shareholders. The Board, in close concert with the Core Leadership Team, reflected on each of the divisions and business units’ strategies for the short to mid-term, discussed and decided upon the organic growth initia- tives, considered several inorganic growth opportunities and approved the 2025 finan- cial budget. The Board closely monitored the impact of the macro-economic developments in the regions wherein the company is pres- ent, in particular China and the USA, as well as geopolitical conflicts and resulting trade sanctions on the company’s operations and financial results. Board Committees Audit Committee The Audit Committee is composed of four members. Mrs. Lieve Creten, who acts as Chair, Mr. Frank Donck, Mrs. Hilde Laga and Lord Sassoon. All members are inde- pendent directors. The Audit Committee’s members have relevant expertise in finan - cial, accounting and legal matters as shown in the biographies on Barco’s corporate website. The Audit Committee met five times during 2024. All Audit Committee members were present during all the meetings. The Audit Committee reported the out- come of each meeting to the Board of Directors. The minutes of each Audit Com- mittee meeting were submitted to the Board of Directors. The CFO and the VP Corporate Finance attended all regular meetings. The CEO An Steegen was present at all meetings and for- mer co-CEO Charles Beauduin attended all meetings until his step-down as co-CEO as of 1 September. The Group’s internal audi- tor was present in two meetings and the Group’s external auditor PwC Bedrijfsrevi- soren BV was present in 3 meetings. The Group’s data protection officer was invited to one audit committee meeting. The over- view below indicates a number of matters that were reviewed and/or discussed in Audit Committee meetings throughout 2024: • The Company’s 2023 annual and 2024 interim financial statements, including non-financial information and the corre- sponding press releases. • Each quarter, the committee reviewed the Company’s quarterly financial results and outlook for the year, including the corresponding trading updates. • The Company’s 2024 integrated report content and review. • The Committee also assessed in its quarterly meetings the adequacy and appropriateness of internal control pol- icies and internal audit programs and their findings. • Matters relating to accounting policies, financial risks and compliance with accounting standards. Compliance with statutory and legal requirements and regulations, particularly in the financial domain, was also reviewed. Import- ant findings, Barco’s major areas of risk (including the internal auditor’s reporting thereon, as well as the review of litiga - tion and other claims), follow-up actions and appropriate measures were exam- ined thoroughly. • Quarterly review of critical accounting judgements and uncertainties, includ- ing impact of the macro-economic environment. • Each quarter, the Committee reviewed the Company’s free cash flow genera- tion and working capital ratios. • The Committee monitored potential impairment indicators, reviewed the goodwill impairment test performed, financial impact of strategic investments Directors’ attendance at Board and Committee meetings Board of Directors Audit committee Remuneration & nomination committee Technology committee Attendance Rate Charles Beauduin 6 1 88% Frank Donck (1) 6 5 4 100% Ashok K. Jain (1) 6 4 2 100% Hilde Laga (1) 6 5 4 100% An Steegen 6 2 100% Lieve Creten (1) 6 5 4 100% James Sassoon (1) 6 5 4 100% (1) independent directors Average total attendance rate 99% 71 Barco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE and risk management. • The Committee reviewed the report pro- vided by the Group’s compliance officer on the application of Corporate Gover- nance and the Code of Conduct as also shared with the Board. Regular updates on GDPR were provided by the Group’s data protection officer. • With regard to internal audit, the Com- mittee received all internal audit reports issued and conclusions on internal audits performed in 2024, reviewed and approved the internal audit charter, audit plan, audit scope and its coverage in rela- tion to the scope of the external audit, as well as the staffing, independence and organizational structure of the internal audit function. • With regard to the external audit, the Committee reviewed the audit scope, approach and fees, the independence of the external auditor and non-audit services provided by the external audi- tor in conformity with Barco’s non-audit fee policy. The Committee also reviewed the impairment testing of goodwill and deferred tax assets on tax losses carried forward and tax credits, as well as the group external auditor’s management letter, which contained no recommen- dations with material impact. • For information on the fees of Group auditor, please refer to note 22 ‘Related party transactions’ in the Financial State- ments 2024. • The Committee reviewed the report from the external auditor in which the auditor set forth its findings and atten- tion points during the relevant period. The Committee assessed the overall performance of the internal and exter- nal auditor. The Committee also reviewed and confirmed its current Audit Commit- tee schedule. • Review of the Group’s key overall risk areas, risk management process and control (including risk assessment, IT risks and ESG process). • The Committee reviewed the external audit plan and the auditor’s review of the double materiality analysis, the gap analysis done on the implementation of CSRD, the related action plan and the Company’s readiness to comply with the CSRD requirements for the year 2024. Remuneration and Nomination Committee The composition of the Remuneration & Nomination Committee has remained unchanged compared to 2023. The Remuneration and Nomination Com- mittee fulfils the mission imposed on it by law and meets at least three times per year, as well as whenever the Committee needs to address imminent topics within the scope of its responsibilities. The CEO is invited to meetings, except for matters that concern her personally. The meetings are prepared by the Chief HR Officer, who attends the meetings. In 2024, the Remuneration and Nomination Committee met four times. Apart of recurrent topics and processes such as performance review of CLT mem- bers, the 2023 bonus results validation, the 2024 bonus objective setting, the 2024 merit budget approval, the 2024 Stock Options grant and the 2024 engagement survey, the proposed transition of Belgian based CLT members to self-employment status and their contractual arrangements have been discussed and agreed. The Remuneration and Nomination Com- mittee has also been focusing on Barco’s Performance Management approach as from 2025, ensuring individual objective set- ting and performance assessment for every employee. Additionally, the Remuneration and Nom- ination committee has also been focusing on Barco’s Diversity & Inclusion strategy execution as well as the Barco Bonus Plan design as from 2025. The latter will foresee some more flexibility in the objective set- ting depending on critical business priorities. Finally, the Committee has been focusing on the shift from two CEOs to one sole CEO, as well as on the composition of the Barco Core Leadership Team as one mem- ber has left the company (the business unit leader for Meeting Experience). Technology Committee The Technology Committee is an advisory body to the Board of Directors. The Com- mittee is composed of three members; Mr. Charles Beauduin, who acts as Chair, Mr. Ashok Jain and Mrs. An Steegen. The Technology Committee assists the Board of Directors in fulfilling its oversight responsibilities by preparing technology related matters that could influence Barco’s strategy, such as the identification of, and investments in, future technologies through internal resources or technology acquisitions, technology road- map strategy, operational performance and technology trends that may affect portfolio performance. The Technology Committee reviews incubators and seed projects, and major technology investments. These investments might also include technology acquisitions. In 2024, the Technology Committee met twice. The Committee organized specific working sessions by division, thus ensur- ing appropriate depth and focus for each of Barco’s divisions. The Committee also performed the annual general review of foundational technologies as included in its strategic plan update presented to the Board. Evaluation of the Board of Directors and its Committees Regularly assessing the size, composition, functioning and performance of the Board of Directors and its Committees as well as the interaction with the executive manage- ment is an essential element of corporate governance. The principle of Board assessment is laid down in the Corporate Governance Code as well as Title 1 (1.5) of the company’s Cor- porate Governance Charter. The Board of Directors carries out self-as- sessments under the supervision of the Chair with the aim to evaluate its function- ing and that of its Committees. Following the (re-)appointment of (new) directors, the different Committees’ com- position has been reviewed to facilitate interactions as efficiently as possible between the Board of Directors and its Committees. 72 Barco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE Remuneration report for financial year 2024 General introduction This remuneration report must be read together with the remuneration policy which, to the extent necessary, should be regarded as forming part of this remuner- ation report. The remuneration granted to directors, CEO and CLT members with respect to the financial year 2024 is in line with the remuneration policy. This report covers the 2024 remuneration of the non-executive board members (Part A), of the Chief Executive Officers (CEOs), who are also a member of the board and thus an executive director (Part B) and other mem- bers of the Core Leadership Team (CLT) who are not members of the board (Part C). Part 1: Remuneration report on the non- executive board members, CEO and CLT members 1 .A Remuneration of the non- executive board members On 25 April 2024, pursuant to article 17 of the Articles of Association, the General Meeting set the aggregate annual remu- neration of the non-executive members of Board of Directors at 457,000 euro for the year 2024. The remuneration paid to non-execu- tive directors consists solely of an annual fixed component plus the fee received for each meeting attended. Considering the substantial time he devotes to the ongo- ing supervision of Barco group affairs, the Chair of the Board receives a different remuneration package that comprises solely a fixed component. Details on the remuner- ation package of the Board of Directors can be found in the Barco Remuneration Policy. Non-executive directors do not receive any variable compensation linked to results or other performance criteria. They are not entitled to stock options or shares (see comment in the Corporate Governance statement on page 4 regarding the appli- cation of Principle 7.6 of the 2020 Belgian Corporate Governance Code), nor to any supplementary pension scheme. 1 .B Remuneration of the CEO 1 .B .1 Total remuneration The remuneration package of the CEO con- sists of a base salary, a variable remuneration, stock options, a pension contribution, and other components. There were no shares granted. The remuneration package aims to be competitive and is aligned with the responsi- bilities of a CEO leading a globally operating industrial group with various business plat- forms. Details of the remuneration package for the CEO can be found in the Barco Remuneration Policy. The CEOs Mr. Charles Beauduin and Mrs. An Steegen are under analysis of this chap- ter. Mr. Charles Beauduin stepped down as CEO on 31 August 2024. The amount of the remuneration and other benefits granted directly or indirectly to the CEOs, by the Company or its subsidiaries, in respect of 2024 for their CEO role is set forth below. Base Salary The base salary of the CEO consists of the actual salary paid by the company and may include a fixed director’s fee paid by Barco, Inc. and by Barco China (Holding) Ltd. Variable remuneration The variable remuneration of the CEO con- sists of an annual bonus which is subject to a deferral period of three years. Variable remuneration, if any, vests on 31 December of the performance year. Therefore, such variable remuneration is reported for the year it vests and not for the (subsequent) year it is paid. The annual KPIs for the bonus of the CEO and their weights are the same as those set for the Core Leadership Team and other bonus eligible employees whereby the spe- cific targets for the CEO relate to the Barco Total remuneration non-executive directors Fixed remuneration Variable remuneration Proportion of fixed Name, position Base compensation Attendance fees Other benefits One-year variable Multi-year variable Extraordinary items Pension expense Total remuneration and variable remuneration Variable Charles Beauduin, Chair of the Board () € 40,000.00 € 0 NA NA NA NA NA € 40,000.00 100% 0% Lieve Creten, Member of the Board € 30,000.00 € 51,125.00 NA NA NA NA NA € 81,125.00 100% 0% Frank Donck, Member of the Board - Chair of the Board () € 90,000.00 € 15,300.00 NA NA NA NA NA € 105,300.00 100% 0% Ashok Jain, Member of the Board € 30,000.00 € 30,600.00 NA NA NA NA NA € 60,600.00 100% 0% Hilde Laga, Member of the Board € 30,000.00 € 38,250.00 NA NA NA NA NA € 68,250.00 100% 0% James Sassoon, Member of the Board € 30,000.00 € 38,250.00 NA NA NA NA NA € 68,250.00 100% 0% Total € 250,000 .00 € 173,525 .00 NA NA NA NA NA € 423,525 .00 100% 0% () co-CEO until 31 August 2024 - Chair as of 1 September 2024 () Chair until 31 August 2024 - Member of the Board as of 1 September 2024 73 Barco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE Group and are set annually at the beginning of the calendar year based on the annual Profit Plan as approved by the Board of Directors. In case of a material impact on any of these targets during the year, caused by a change of control (e.g., divestments, change in % ownership) or otherwise, these targets will be recalculated for the same amount as the impact on actual results, subject to approval by the Remuneration Committee. Reference is made to the sec- tion on variable remuneration for the CLT on page 10. Pension The pension benefit of the CEO is an individual defined contribution pension arrangement, which also includes a death cover. Considering his part-time assignment, Mr. Charles Beauduin is not entitled to a pension arrangement. Other components of remuneration The other components comprise the total cost of ownership of a company car, hospi- talization insurance as well as a guaranteed income insurance in case of disability. Total remuneration of CEO Fixed remuneration Variable remuneration Proportion of fixed and variable remuneration Name, position Base compensation Attendance fees Other benefits One-year variable Multi-year variable** Extraordinary items Pension expense Total remuneration Fixed Variable Charles Beauduin, CEO € 159,017 € 150,000 € 0 € 89,657 € 27,500 € 0 € 0 € 426,174 72.51% 27.49% An Steegen, CEO € 666,667 € 0 € 42,670 € 205,549 € 157,763 € 0 € 100,000 € 1,172,649 69.02% 30.98% * non-deferred annual bonus 2024 -- ** deferred payments vesting in 2024 -- *** pro-rated amounts Stock options Main provisions of the stock option plan Information related to the financial year 2024 Name, position Plan Identification Grant Date Vesting Date End of retention period Exercise period Exercise price Number of options at the beginning of the year a) Number of options granted b) value underlying shares @ grant date a) Number of options vested b) value @ exercise price Number of options exercised Charles Beauduin, CEO SOP 2021-CEO 06/12/2021 31/12/2022 01/01/2027 01/01/2027 - 05/12/2031 € 17.80 72,670 SOP 2021-CEO 06/12/2021 31/12/2023 01/01/2027 01/01/2027 - 05/12/2031 € 17.80 72,670 SOP 2021-CEO 06/12/2021 31/12/2024 01/01/2027 01/01/2027 - 05/12/2031 € 17.80 72,670 a) 72,670 b) € 1,293,526 SOP 2021-CEO 06/12/2021 31/12/2025 01/01/2027 01/01/2027 - 05/12/2031 € 17.80 72,670 SOP 2021-CEO 06/12/2021 31/12/2026 01/01/2027 01/01/2027 - 05/12/2031 € 17.80 72,670 An Steegen, CEO SOP 2021-CEO 06/12/2021 31/12/2022 01/01/2027 01/01/2027 - 05/12/2031 € 17.80 72,670 SOP 2021-CEO 06/12/2021 31/12/2023 01/01/2027 01/01/2027 - 05/12/2031 € 17.80 72,670 SOP 2021-CEO 06/12/2021 31/12/2024 01/01/2027 01/01/2027 - 05/12/2031 € 17.80 72,670 a) 72,670 b) € 1,293,526 SOP 2021-CEO 06/12/2021 31/12/2025 01/01/2027 01/01/2027 - 05/12/2031 € 17.80 72,670 SOP 2021-CEO 06/12/2021 31/12/2026 01/01/2027 01/01/2027 - 05/12/2031 € 17.80 72,670 SOP 2024-CEO 25/11/2024 25/11/2025 01/01/2028 01/01/2028 - 24/11/2034 € 10.20 a) 7 7,157 b) 787,001 SOP 2024-CEO 25/11/2024 25/11/2026 01/01/2028 01/01/2028 - 24/11/2034 € 10.20 a) 7 7,157 b) 787,001 SOP 2024-CEO 25/11/2024 25/11/2027 01/01/2028 01/01/2028 - 24/11/2034 € 10.20 a) 7 7,157 b) 787,001 74 Barco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE Considering his part-time assignment, Mr. Charles Beauduin is not entitled to these benefits. 1 .B .2 Share based remuneration The Board of Directors has granted stock options to Mrs. An Steegen on 25 Novem- ber 2024. The stock options will vest over a period of 3 years at the rate of 1/3 of the total grant per year following the day of grant. The stock options will only become exercisable after a period of 3 full calen- dar years from the grant date and may be exercised during the normal exercise peri- ods, from May 15 th to June 15 th , from August 1 st to September 15 th and from October 1 st to December 15 th . They have a ten (10) year term, thus linking the grant to the lon- ger-term value creation for the shareholders. The stock options are taxable at the time of grant in application of the Belgian tax reg- ulations and no conditions are attached to the exercise of the stock options. Since the grant nor the exercise of the stock options is linked to performance conditions, this item of compensation is not consid- ered as variable remuneration in the sense of the Belgian Corporate Governance Code. Therefore, it is also not included in the cal- culation of the above relative weight of base pay and variable remuneration. The details on the stock options granted, vested and exercised by the CEOs are pro- vided in the table on the previous page. 1 .C Remuneration of the CLT members The Core Leadership Team under analysis of this chapter includes 13 people. The CLT members are engaged by local Barco companies in their respective coun- tries of residence. Their compensation packages, therefore, take local market remu- neration and benefit practices into account. CLT members Name Position Contracting legal entity Joined/left CLT 2024 Gerwin Damberg EVP Cinema MTT Innovation Inc. (CA) Ann Desender (1) CFO Barco nv (BE) Dirk Feyants EVP Diagnostics Barco nv (BE) Johan Fornier (2) EVP Surgical & Modality Barco nv (BE) Ta Loong Gan EVP Immersive Experience Barco Singapore Pte Ltd (SG) Stijn Henderickx EVP Meeting Experience Barco nv (BE) left CLT: 7 April 2024 Anthony Huyghebaert (3) CHRO Barco nv (BE) Rob Jonckheere EVP Global Operations Barco nv (BE) Tom Sys EVP Barco Control Rooms Barco nv (BE) Jan van Houtte (4) EVP Meeting Experience Barco nv (BE) joined CLT: 1 April 2024 Kurt Verheggen (5) General Counsel Barco nv (BE) Philippe Verlinde (6) CDIO Barco nv (BE) Kenneth Wang MD Barco China Barco Visual Electronics Co., Ltd. (CN) (1) legal tepresentative of Ann Desender BV (2) legal representative of Johan Fornier BV (3) legal representative of Anthony Huyghebaert BV (4) legal representative of JMR Consult BV (5) legal representative of Kurt Verheggen VOF (6) legal representative of Verlinde Informatics BV Total remuneration of CLT (excluding CEO) Fixed remuneration Variable remuneration Proportion of fixed and variable remuneration Name, position Base salary Foreign director fees Other benefits One-year variable Multi-year variable Extraordinary items Pension expense Total remuneration Fixed Variable Core Leadership Team € 4,036,804 € 50,000 € 220,075 € 991,394 € 67,260 € 0 € 194,603 € 5,560,136 81% 19% * non-deferred annual bonus 2024 -- ** deferred bonus payments vesting in 2024 75 Barco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE 1 .C .1 Total remuneration The remuneration package of the Core Leadership Team members other than the CEOs consists of a base remunera- tion, a short-term variable remuneration, stock options, and various other compo- nents. The remuneration package aims to be competitive and is aligned with the role and responsibilities of each CLT mem- ber, being a member of a team leading a globally operating industrial group in the technology market space with various busi- ness platforms. Details of the remuneration package for the CLT members can be found in the Barco Remuneration Policy. The amount of the remuneration and other benefits granted directly or indirectly to the CLT-members, by the Company or its subsidiaries, in respect of 2024 is set forth below. Redundancy payments are not included in these amounts. Base salary The base salary reflects role responsibilities, job characteristics, experience, and skill sets. Variable remuneration The variable remuneration includes a short- term and a long-term incentive component, delivered in stock options. Variable remuneration, if any, vests on 31 December of the performance year. There- fore, such variable remuneration is reported for the year it vests and not for the (subse- quent) year it is paid. Annual Bonus The individual bonus plan for the members of the Core Leadership Team is a so-called “metric” plan, with only predefined measur- able and auditable KPIs and no subjective individual KPIs. The main characteristics of the annual bonus plan are: • Four (4) KPIs are defined, and a fixed weight is given to each of them. For CLT members leading a Business Unit or Barco China, the main KPIs relate to their specific target group and for other CLT members, all KPIs relate to the Barco Group. • Each KPI is measured separately • Minimum threshold and maximum cap per KPI • Same pay-out schedule for all KPIs target awards • Maximum total bonus pay-out is capped at 35% of the on-target bonus in case of negative EBITDA at target cluster level. The specific KPI targets are set annually at the beginning of the calendar year based on the annual Profit Plan as approved by the Board of Directors. In case of a material impact on any of these targets during the year, caused by a change of control (e.g. divestments, change in % ownership) or oth- erwise, these targets will be recalculated for the same amount as the impact on actual results, subject to approval by the Remu- neration Committee. The Company does not disclose the actual targets per criterion, as this would require the disclosure of commercially sensitive information. The bonus plan provides for deferred pay- ments, combining both short-term incentive and long-term incentive. For CLT mem- bers with a Target Bonus Value ≥ 37.5% of the Annual Base Salary, the payment of the achieved annual bonus is subject to a deferral period of three years, i.e. the bonus for Bonus Plan Period 2024 is paid out as follows: • Achieved bonus of maximum 37.5% OT of the Annual Base Salary paid in bonus year (performance period) +1. • Should the bonus exceed 37.5%: 50% of the exceeding bonus in bonus year (per- formance period) +2 and the other 50% in bonus year (performance period) +3. No additional KPIs or conditions will apply on the payment of the deferred bonus amounts, except being employed by the company at the moment of payment. Pension Up until 30 June 2024, all CLT members were entitled to a complementary pen- sion benefit based on the provisions of the defined contribution plans for senior executives in their base countries. In the framework of the switch towards self-em- ployed status the complementary pension benefit for most Belgian CLT members has been replaced by an increase in their base salary as from 1 July 2024. Other components of remuneration The other main components for CLT mem- bers are a company car or car allowance, hospitalization or medical insurance and guaranteed income insurance in case of dis- ability, next to occasional local benefits in accordance with local market practice. In the framework of the switch towards self-em- ployed status these other components of remuneration for most CLT members have been replaced by an increaser in their base salary as from 1 July 2024. Bonus Plan 2024 - KPIs Bonus target clusters Performance criteria (measurable & auditable) Relative weight a) Minimum target performance & a) On-target performance & a) Maximum target performance & 2024 KPI performance and payment level at Barco group level b) Corresponding award payment level b) Corresponding payment level b) Corresponding payment level Financial BU for BU leaders Barco Group for non-BU leaders KPI 1: sales 0.4 a) 80% b) 0.200 a) 100% b) 0.400 a) 125% b) 0.600 a) 87.77% b) 0.238 KPI 2: EBITDA % at end of Plan period 0.4 a) 70% b) 0.200 a) 100% b) 0.400 a) 125% b) 0.600 a) 82.35% b) 0.282 Financial on Barco Group level KPI 3: working capital as % of sales 0.05 a) 70% b) 0.025 a) 100% b) 0.050 a) 125% b) 0.075 a) 102.85% b) 0.053 Sustainability Drivers on Barco Group level KPI 4: Carbon Footprint and Eco-labelled revenues 0.15 a) 70% b) 0.075 a) 100% b) 0.150 a) 125% b) 0.225 a) 97.33% b) 0.143 total Payment level individual bonus with lineair calculation in between milestones 0.5 1 1.5 0.7162 Total Bonus: (individual OT bonus) x (total payment level) * payout level expressed as a multiple of the “target” bonus 76 Ba rco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE Stock options - CLT members Main provisions of the stock option plan Information related to the financial year 2024 Name, position Plan identification Grant Date Vesting Date End of retention period Exercise period Exercise price Number of options at the beginning of the year a) Number of options granted b) value underlying shares @ grant date a) Number of options vested b) value @ exercise price Number of options exercised Number of options expired Gerwin Damberg, EVP SOP 2024-CLT 25/11/2024 25/11/2027 NA 01/01/2028 - 24/11/2034 € 10.20 0 a) 27,700 b) € 282,540 SOP 2023-CLT 08/12/2023 31/12/2026 NA 01/01/2027 - 07/12/2033 € 15.27 20,200 SOP 2022-CLT 08/12/2022 31/12/2025 NA 01/01/2026 - 07/12/2032 € 21.74 15,500 SOP 2021-P 06/12/2021 31/12/2024 NA 01/01/2025 - 05/12/2031 € 17.80 11,100 a) 11,100 b) € 197,580 SOP 2020-P 29/10/2020 31/12/2023 NA 01/01/2024 - 28/10/2030 € 12.76 16,100 SOP 2019-P 11/10/2019 31/12/2022 NA 01/01/2023 - 10/10/2029 € 24.83 9,100 Ann Desender, CFO SOP 2024-CLT 25/11/2024 25/11/2027 NA 01/01/2028 - 24/11/2034 € 10.20 0 a) 26,400 b) 269,280 SOP 2023-CLT 08/12/2023 31/12/2026 NA 01/01/2027 - 07/12/2033 € 15.27 20,700 SOP 2022-CLT 08/12/2022 31/12/2025 NA 01/01/2026 - 07/12/2032 € 21.74 12,500 SOP 2021-P 06/12/2021 31/12/2024 NA 01/01/2025 - 05/12/2031 € 17.80 12,400 a) 12,400 b) € 220,720 SOP 2020-P 29/10/2020 31/12/2023 NA 01/01/2024 - 28/10/2030 € 12.76 29,400 SOP 2019-P 11/10/2019 31/12/2022 NA 01/01/2023 - 10/10/2029 € 24.83 14,000 SOP 2018-P 22/10/2018 31/12/2021 NA 01/01/2022 - 21/10/2028 € 14.40 22,500 Dirk Feyants, EVP SOP 2024-CLT 25/11/2024 25/11/2027 NA 01/01/2028 - 24/11/2034 € 10.20 0 a) 25,700 b) € 262,140 SOP 2023-CLT 08/12/2023 31/12/2026 NA 01/01/2027 - 07/12/2033 € 15.27 18,200 Johan Fornier, EVP SOP 2024-CLT 25/11/2024 25/11/2027 NA 01/01/2028 - 24/11/2034 € 10.20 0 a) 22,700 b) € 231,540 SOP 2023-CLT 08/12/2023 31/12/2026 NA 01/01/2027 - 07/12/2033 € 15.27 19,100 SOP 2022-CLT 08/12/2022 31/12/2025 NA 01/01/2026 - 07/12/2032 € 21.74 37,325 SOP 2021-P 06/12/2021 31/12/2024 NA 01/01/2025 - 05/12/2031 € 17.80 5,900 a) 5,900 b) € 105,020 Ta Loon Gan, EVP SOP 2024-CLT 25/11/2024 25/11/2027 NA 01/01/2028 - 24/11/2034 € 10.20 0 a) 19,200 b) € 195,840 SOP 2023-CLT 08/12/2023 31/12/2026 NA 01/01/2027 - 07/12/2033 € 15.27 16,900 SOP 2022-P 08/12/2022 31/12/2025 NA 01/01/2026 - 07/12/2032 € 21.74 8,389 77 Barco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE Stock options - CLT members Main provisions of the stock option plan Information related to the financial year 2024 Name, position Plan identification Grant Date Vesting Date End of retention period Exercise period Exercise price Number of options at the beginning of the year a) Number of options granted b) value underlying shares @ grant date a) Number of options vested b) value @ exercise price Number of options exercised Number of options expired Anthony Huyghebaert, CHRO SOP 2024-CLT 25/11/2024 25/11/2027 NA 01/01/2028 - 24/11/2034 € 10.20 0 a) 18,200 b) 185,640 SOP 2023-CLT 08/12/2023 31/12/2026 NA 01/01/2027 - 07/12/2033 € 15.27 13,600 SOP 2022-CLT 08/12/2022 31/12/2025 NA 01/01/2026 - 07/12/2032 € 21.74 9,500 SOP 2021-P 06/12/2021 31/12/2024 NA 01/01/2025 - 05/12/2031 € 17.80 14,000 a) 14,000 b) 249,200 Rob Jonckeere, EVP Operations SOP 2024-CLT 25/11/2024 25/11/2027 NA 01/01/2028 - 24/11/2034 € 10.20 0 a) 19,300 b) € 196,860 SOP 2023-CLT 08/12/2023 31/12/2026 NA 01/01/2027 - 07/12/2033 € 15.27 15,600 SOP 2022-CLT 08/12/2022 31/12/2025 NA 01/01/2026 - 07/12/2032 € 21.74 10,000 SOP 2021-P 06/12/2021 31/12/2024 NA 1/01/2025 - 5/12/2031 € 17.80 8,000 a) 8,000 b) € 142,400 SOP 2020-P 29/10/2020 31/12/2023 NA 1/01/2024 - 28/10/2030 € 12.76 12,500 SOP 2019-P 11/10/2019 31/12/2022 NA 1/01/2023 - 10/10/2029 € 24.83 4,550 SOP 2017-EEA 20/10/2017 31/12/2020 NA 1/01/2021 - 19/10/2027 € 12.54 1,400 Tom Sys, EVP SOP 2024-CLT 25/11/2024 25/11/2027 NA 01/01/2028 - 24/11/2034 € 10.20 0 a) 30,600 b) € 312,120 Jan van Houtte, EVP SOP 2024-CLT 25/11/2024 25/11/2027 NA 01/01/2028 - 24/11/2034 € 10.20 0 a) 18,500 b) € 188,700 SOP 2023-P 12/08/2023 31/12/2026 NA 01/01/2027 - 07/12/2033 € 15.27 4,905 SOP 2022-P 12/08/2022 31/12/2025 NA 01/01/2026 - 07/12/2032 € 21.74 3,371 SOP 2017-EEA 20/10/2017 31/12/2020 NA 01/01/2021 - 19/10/2027 € 12.54 3,500 SOP 2016-EEA 24/10/2016 31/12/2019 NA 01/01/2020 - 23/10/2026 € 10.40 2,800 78 Barco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE Stock options - CLT members Main provisions of the stock option plan Information related to the financial year 2024 Name, position Plan identification Grant Date Vesting Date End of retention period Exercise period Exercise price Number of options at the beginning of the year a) Number of options granted b) value underlying shares @ grant date a) Number of options vested b) value @ exercise price Number of options exercised Number of options expired Kurt Verheggen, General Counsel SOP 2024-CLT 25/11/2024 25/11/2027 NA 01/01/2028 - 24/11/2034 € 10.20 0 a) 18,200 b) € 185,640 SOP 2023-CLT 08/12/2023 31/12/2026 NA 01/01/2027 - 07/12/2033 € 15.27 13,700 SOP 2022-CLT 08/12/2022 31/12/2025 NA 01/01/2026 - 07/12/2032 € 21.74 13,072 SOP 2021-P 06/12/2021 31/12/2024 NA 01/01/2025 - 05/12/2031 € 17.80 8,300 a) 8,300 b) € 147,740 SOP 2020-P 29/10/2020 31/12/2023 NA 01/01/2024 - 28/10/2030 € 12.76 12,600 SOP 2019-P 11/10/2019 31/12/2022 NA 01/01/2023 - 10/10/2029 € 24.83 7,000 Philippe Verlinde, CDIO SOP 2024-CLT 25/11/2024 25/11/2027 NA 01/01/2028 - 24/11/2034 € 10.20 0 a) 15,200 b) € 155,040 SOP 2023-CLT 08/12/2023 31/12/2026 NA 01/01/2027 - 07/12/2033 € 15.27 11,400 SOP 2022-P 08/12/2022 31/12/2025 NA 01/01/2026 - 07/12/2032 € 21.74 4,719 SOP 2017-EEA 20/10/2017 31/12/2020 NA 01/01/2021 - 19/10/2027 € 12.54 3,500 Kenneth Wang, EVP SOP 2024-CLT 25/11/2024 25/11/2027 NA 01/01/2028 - 24/11/2034 € 10.20 0 a) 24,000 b) € 244,800 SOP 2023-CLT 08/12/2023 31/12/2026 NA 01/01/2027 - 07/12/2033 € 15.27 20,200 SOP 2022-CLT 08/12/2022 31/12/2025 NA 01/01/2026 - 07/12/2032 € 21.74 17,139 SOP 2021-P 06/12/2021 31/12/2024 NA 01/01/2025 - 05/12/2031 € 17.80 13,300 a) 13,300 b) 236,740 79 Barco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE Stock options - CLT members who left the company Main provisions of the stock option plan Information related to the financial year 2024 Name, position Plan identification Grant Date Vesting Date End of retention period Exercise period Exercise price Number of options at the beginning of the year a) Number of options granted b) value underlying shares @ grant date a) Number of options vested b) value @ exercise price Number of options exercised Number of options expired Xavier Bourgois, left 31 December 2021 SOP 2017-EEA 20/10/2017 31/12/2020 NA 01/01/2021 - 19/10/2027 € 12.54 10,500 SOP 2016-EEA 24/10/2016 31/12/2019 NA 01/01/2020 - 23/10/2026 € 10.40 10,500 SOP 2015-EEA 22/10/2015 31/12/2018 NA 01/01/2019 - 21/10/2025 € 8.16 1,400 Geert Carrein, retired 20 August 2023 SOP 2021-P 06/12/2021 31/12/2024 NA 01/01/2025 - 05/12/2031 € 17.80 5,000 a) 5,000 b) € 89,000 SOP 2017-EEA 20/10/2017 31/12/2020 NA 01/01/2021 - 19/10/2027 € 12.54 7,000 SOP 2016-EEA 24/10/2016 31/12/2019 NA 01/01/2020 - 23/10/2026 € 10.40 4,200 Tet Jong Chang, retired 31 March 2021 SOP 2020-P 29/10/2020 31/12/2023 NA 01/01/2024 - 28/10/2030 € 12.76 14,000 SOP 2019-P 11/10/2019 31/12/2022 NA 01/01/2023 - 10/10/2029 € 24.83 11,900 SOP 2017-ROW 20/10/2017 31/12/2020 NA 01/01/2021 - 19/10/2025 € 12.54 28,000 Olivier Croly, left 30 June 2022 SOP 2020-P 29/10/2020 31/12/2023 NA 01/01/2024 - 31/12/2024 € 12.76 21,000 21,000 An Dewaele, left 31 December 2021 SOP 2017-EEA 20/10/2017 31/12/2020 NA 01/01/2021 - 19/10/2027 € 12.54 28,000 Jan De Witte, left 31 August 2021 SOP 2020-CEO 29/10/2020 31/12/2023 NA 01/01/2024 - 31/12/2024 € 12.76 182,000 182,000 Stijn Henderickx, EVP SOP 2022-CLT 08/12/2022 31/12/2025 NA 01/01/2026 - 31/12/2026 € 21.74 18,929 SOP 2021-P 06/12/2021 31/12/2024 NA 01/01/2025 - 31/12/2025 € 17.80 7,800 a) 7,800 b) € 138,8400 SOP 2020-P 29/10/2020 31/12/2023 NA 01/01/2024 - 31/12/2024 € 12.76 15,500 15,500 SOP 2019-P 11/10/2019 31/12/2022 NA 01/01/2023 - 31/12/2024 € 24.83 9,100 9,100 Johan Heyman, left 30 September 2020 SOP 2019-P 11/10/2019 31/12/2022 NA 01/01/2023 - 10/10/2029 € 24.83 5,950 Filip Pintelon, left 22 October 2021 SOP 2020-P 29/10/2020 31/12/2023 NA 01/01/2024 - 31/12/2024 € 12.76 16,100 16,100 SOP 2017-EEA 20/10/2017 31/12/2020 NA 01/01/2021 - 19/10/2027 € 12.54 35,000 SOP 2016-EEA 24/10/2016 31/12/2019 NA 01/01/2020 - 23/10/2026 € 10.40 28,000 SOP 2015-EEA 22/10/2015 31/12/2018 NA 01/01/2019 - 21/10/2025 € 8.16 2,000 SOP 2014-EEA 23/10/2014 31/12/2017 NA 01/01/2018 - 22/10/2024 € 7.86 12,241 12,241 80 Barco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE Stock options - CLT members who left the company Main provisions of the stock option plan Information related to the financial year 2024 Name, position Plan identification Grant Date Vesting Date End of retention period Exercise period Exercise price Number of options at the beginning of the year a) Number of options granted b) value underlying shares @ grant date a) Number of options vested b) value @ exercise price Number of options exercised Number of options expired Chris Sluys, retired 4 August 2023 SOP 2022-CLT 08/12/2022 31/12/2025 NA 01/01/2026 - 07/12/2032 € 21.74 7,500 SOP 2021-P 06/12/2021 31/12/2024 NA 01/01/2025 - 05/12/2031 € 17.80 9,800 a) 9,800 b) € 174,440 Marc Spenlé, left 3 July 2022 SOP 2021-P 06/12/2021 31/12/2024 NA 01/01/2025 - 31/12/2025 € 17.80 11,800 a) 11,100 b) € 210,040 SOP 2020-P 29/10/2020 31/12/2023 NA 01/01/2024 - 31/12/2024 € 12.76 19,600 19,600 Nicolas Vanden Abeele, left 22 October 2021 SOP 2020-P 29/10/2020 31/12/2023 NA 01/01/2024 - 31/12/2024 € 12.76 21,700 21,700 1 .C .2 Share based remuneration As stated above, the LTI is delivered as stock options (SO). The number of options to be offered to each individual beneficiary is vari- able in part. The target SO value at grant is equal to 25% of the Participant’s target vari- able compensation. No shares were granted to the CLT mem- bers, nor was any other share-based remuneration provided to the CLT mem- bers, during 2024. Reference is made to the explanation given in the Corporate Gover- nance Statement on page 4 regarding the reason for this deviation from article 7.9 of the Belgian Corporate Governance Code. In 2024, following authorization by the gen- eral meeting and the Board of Directors, the Remuneration and Nomination Commit - tee allotted stock options to 12 members of the CLT. The exercise price amounts to EUR 10.20 per option and the stock options will vest over a period of 3 years at the rate of 1/3 of the total grant per year following the day of grant. The options are offered to the beneficiaries for no consideration. For CLT members on a Belgian payroll the stock options are taxable at the time of grant if accepted within 60 days after the day of grant in application of the Belgian tax reg- ulations and no conditions are attached to the exercise of the stock options. 265,700 stock options were granted to the mem- bers of the CLT. All details on the stock options granted, vested, and exercised by the CLT members are provided in the tables on page 11-13. The details on the stock options granted, vested and exercised by the CLT members who left Barco are provided in the tables on page 14-15. Reference is made to page 46 in the Finan - cial Statements for an overview of the stock options exercisable under the stock option plans. Part 2: Redundancy payments CLT members operate under an employ- ment or management contract, concluded with the entity of the Barco group in the country where they live. Their contracts are governed by local legal provisions. If the service of a CLT member is terminated, con- tractual stipulations as well as local rules and legislation governing the contract, including those pertaining to notice periods and sev- erance paymments, apply. The CLT-members who switched to self-employed status in 2024 renounced any protection they enjoyed under their earlier status as employees, specifically related to (higher) notice period for employees with significant seniority. The new management agreements uniformly foresee a maximum notice period of 12 months in accordance with the recommendations of the Belgian Corporate Governance Code 2020 and the requirements of the Belgian Company and Associations Code. No redundancy payments were made to CLT members in 2024. Stijn Henderickx, former EVP Meeting Expe- rience, resigned from the CLT as of 1 April 2024. No severance or other compensation was due. Part 3: Use of the right to reclaim The new management agreements for CLT members who switched to self-employed status in 2024, include a claw-back clause. Within a period of 2 years after the payment of the variable remuneration, the Board of Directors has the discretion to reclaim some or all the variable remuneration paid in the event that fraud or other forms of miscon- duct or irregularities are discovered in the results of the Company. There was no reason for the Board to make use of this right in 2024. 81 B arco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE Part 4: Deviations from the remuneration policy All the above was determined and paid in line with the existing company reward policies. Part 5: Evolution of remuneration and company performance The numbers for the CLT remuneration in this table are not comparable to the num- bers of 2023 as the CLT-members who live in and are based in Belgium have switched to a self-employed status in the course of 2024. The gross amount of the base salary thus includes other components and has increased compared to the past, however, without this leading to an increase of the total company cost. To correctly interpret the below amounts, the following elements have to be taken into account: • All CLT-members who are based in Bel- gium and live in Belgium have become self-employed as from 1 July 2024, with the exception of both CEO’s who were self-employed. The amounts mentioned below thus still include a part remunera- tion as employee, departure holiday pay and pro rata end of year premiums. This switch to self-employed did not lead to an increase in costs for Barco nv and only occurred after receiving the approval of the competent authority. • In the framework of the switch to self-employed status, the base fee of the CLT-members was increased with 10% (and in addition was further increased for those CLT-members for which Barco nv no longer directly bears the cost of cer- tain other benefits (such as the pension insurance, medical insurance, transporta- tion…) to cover the cost of these benefits). Pursuant to the Code of Companies and Associations, Barco reports the pay ratio of the highest FTE CEO remuneration versus the lowest FTE employee remuneration in its legal entity Barco nv. The 2024 pay ratio is 23,22. Part 6: Vote of the shareholder In response to queries from investors, the remuneration report discloses the key metrics used, their relative weight and the achievement rate at company level of the annual bonus plan. See table Bonus Plan 2024 - KPIs on page 10. Remuneration comparative table 2019 2020 2021 2022 2023 2024 Remuneration of Non-Executive Directors (1) Total annual remuneration (K EUR) 416,825 402,425 426,475 303,425 393,325 423,525 Year-on-year difference (%) -3% -3% 6% -29% 30% 8% Number of Non-Executive Directors under review 6 6 6 4 5 6 Remuneration of CEOs Total annual remuneration of CEOs (EUR) 1,672,362 1,262,683 1,086,038 1,289,604 1,489,122 1,598,822 Year-on-year difference (%) 17% -24% -14% 19% 15% 7% Remuneration of CLT Total annual remuneration (EUR) 6,163,243 4,819,145 4,211,170 5,113,485 5,059,770 5,560,136 Year-on-year difference (%) 5% -22% -13% 21% -1% 10% Number of CLT Members under review 14 14 17 15 15 13 Barco Group Performance Net sales (M EUR) 1,082,570 770,083 804,288 1,058,291 1,050,137 946,590 Year-on-year difference (%) 5% -29% 4% 32% -1% -10% EBITDA (M EUR) 153,022 53,563 58,509 126,474 142,496 120,821 Year-on-year difference (%) 23% -65% 9% 116% 13% -15% Net income attributable (M EUR) 95,363 -4,393 8,881 75,219 80,168 62,957 Year-on-year difference (%) 27% -105% 302% 747% 7% -21% Average remuneration per FTE employee (2) Average employee cost per FTE (EUR) 77,192 65,570 75,003 88,347 92,363 90,830 Year-on-year difference (%) 0.9% -15.1% 14.4% 17.8% 4.5% -1.7% (1) As indicated in Part 2.A of the Remuneration Report the remuneration for non-executive directors is depending only on he number of meetings and is reported aggregated for this table. (2) Average remuneration of employees is calculated on basis of “wages and direct social benefits”, including company cars, divided by the number of employees on year over year bases. 82 Barco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE Risk management and control processes Within the context of its business opera- tions, Barco is exposed to a wide variety of risks that can affect its ability to achieve its business objectives and to execute its cor- porate strategy successfully. To anticipate, identify, prioritize, manage and monitor the risks that impact its organization, Barco has put a sound risk management and control system into place in accordance with the Code of Companies and Associations and the 2020 Corporate Governance Code. Our risk management and control processes are actively supported by the Board of Direc - tors. The board understands the risks that Barco faces and assures that these risks are effectively managed by requiring that the CEO and the Core Leadership Team are fully engaged in risk management. Risk mitigation and control is a core task of the executive management and all employees with managerial responsibilities. Since 2023, Barco’s risk management procedures have been fully aligned with its ESG strategy and sustainability management, resulting in an integrated double materiality and risk assess- ment and monitoring. Key Elements of the Risk Management Process Identification: Barco systematically identifies potential risks, considering factors like indus- try trends, regulatory changes, and internal assessments. Analysis & Evaluation: Risks are analyzed based on their potential impact and likelihood and then evaluated to determine their residual risk after considering existing controls. Response: Based on the evaluation, Barco develops and implements appropriate responses, ranging from risk acceptance to mitigation plans. Monitoring: Continuous monitoring ensures the effectiveness of controls and mitigation plans, with regular reviews and adjustments as needed. Key Stakeholders and Responsibilities The continuity and the quality of Barco’s risk management and control system is assessed by following actors: • Internal Auditor – the tasks and respon- sibilities assigned to Internal Audit are recorded in the internal audit charter, which has been approved by the Audit Committee. The key mission of internal audit as defined in the charter is “to add value to the organization by applying a sys- tematic, disciplined approach to evaluating the internal control system and providing recommendations to improve it”. • External Auditor – in the context of the external audit review of the annual accounts and their assessment of key internal controls. • Compliance Officer – within the framework of the company’s Corporate Governance charter. • Risk Manager – plays a pivotal role in the organization by ensuring appropriate coordination and follow-up of risk man- agement activities. • Global Compliance Manager – coordi- nates between different compliance roles, functionally and regionally. The compli- ance status and gaps are mapped on a regular basis in order to define compliance risks, priorities and mitigations as needed. • The Board of Directors – assisted by its Audit Committee, has the final responsi- bility with respect to internal control and risk management. • The sustainability manager and the Strategic Initiatives Enablement Group – enable company-wide sustainable per- formance breakthroughs on Barco’s key strategic focus points, including the top risks to be improved. Top risks The table below displays the top risks, iden- tified by the 2024 update of the Integrated Materiality, Risk & Compliance assessment and ranked based on their residual risk scor- ing. Four top risks are material topics for Barco and further disclosed in the ESRS statements. The Macroeconomic & geo- political risk and Local compliance and regulatory change are top risks for Barco but not retained as material topic, these are further disclosed in the Sustainability state- ments (ESRS) under the chapter of Other information. Financial risk management and internal control • A financial management process pol- icy is in place explaining the Barco policy framework, describing the Barco finance organization and explaining the process for financial reporting in order to provide management and Barco’s Audit Commit- tee and Board with accurately, completely, timely and consistently applied (across divi- sions and regions) financial statements and financial information in accordance with IFRS regulations in order to support Barco’s CEO and Board in defining short-(forecast), mid-(budget) and long-term targets (stra- tegic management plan) and strategy. • Finance and accounting manuals, which are available for key accounting sections, ensure the accurate and consistent appli- cation of accounting rules throughout the company. • Specifically, within the financial domain, a quarterly bottom-up risk analysis is con- ducted to identify and document current risk factors (up-down sides reporting) that have potential impact on the forecasted results. Action plans are defined for all key risks. The results of the analysis are dis- cussed with the statutory auditor at least every half year. • The accounting teams are responsible for producing the accounting figures (closing books, reconciliations, etc.), whereas the business partnering (con- trolling) teams check the validity of these figures. These checks include analyti- cal reviews through comparison with Risk Trend ESRS reference 1. Innovation, new technologies and product portfolio 1 » 1 • Innovation, new technologies & product portfolio • IRO 25 and IRO 26 2. Talent and career development 3 » 2 • S1 – Own workforce • IRO 16 and IRO 17 3. Product quality and safety 4 » 3 • S4 – Consumers and end-users • IRO 21, IRO 22 and IRO 23 4. Customer experience 2 » 4 • S4 – Consumers and end-users • IRO 20 5. Macroeconomic and geopolitics risk 5 » 5 Other information 6. Local Compliance and regulatory change 8 » 6 Other information 83 Barco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE historical and budget figures as well as sample checks of transactions according to their materiality. • All material areas of the financial state- ments concerning critical accounting judgements and estimates are periodi- cally reported to the Audit Committee. • Specific internal control activities con- cerning financial reporting are in place, as documented in the financial closing and reporting procedure. This procedure assures clear communication of time- lines, completeness of tasks, and clear assignment of responsibilities. Specific identification procedures for financial risks are in place to assure the complete- ness of financial accruals. • Uniform reporting and a standard chart of accounts throughout the organiza- tion ensures a consistent flow of financial information, which allows the detection of potential anomalies. • To provide Barco’s investors and other (external) stakeholders with the infor- mation necessary for making sound business decisions, financial reporting is shared with the outside world. The external financial calendar is planned in consultation with the Board of Directors and the Core Leadership Team and then announced to external stakeholders. • Financial reporting and analyses are shared with Barco’s CEO, the CLT and divisional and functional excoms in order to drive actions towards short- (forecast), mid- (budget) and long-term targets in accordance with the strategy set forward Risk management and internal controls over sustainability reporting At Barco, we see sustainability as part of our company culture and one of the driv- ers of our corporate strategy. We design and act towards sustainable outcomes for our planet, our people and the communities we operate in. Governance keeps our corpo- rate sustainability strategy on track, ensuring that our strategy remains effective, and that accountability for our results sits right at the top of our company. Sustainability at Barco is managed by a permanent Executive sustainability steer- ing committee, which consists of our CEO, the Chief HR officer, CFO, Executive Vice President Operations and the group Sus- tainability Office. Depending on the topic, other executive members are invited (e.g., business unit heads). Under the leadership of the group Sustainability Office, a net- work of sustainability leads and managers across Barco divisions prepare the meet- ing topics based upon the local execution of the sustainability plans. The committee met five times in 2024. Besides overseeing impacts, risks and opportunities linked to material topics, the Executive sustainability steering committee is actively involved in setting and monitoring the targets related to these, and annually presents these to the Committee for prevention and protection at work (CPBW). In the course of 2024, BU Sustainability leads were assigned to steer BU specific sustainability roadmap. In this way, targets related to impacts, risks and opportunities were even more integrated in the strategic management & financial plan of every business unit. As part of our Sustainability efforts, the Board of Directors and the Audit Committee super- vise the sustainability focus areas (materiality) and the progress made towards the sustain- ability targets and our sustainability reporting. The Audit Committee also advises on sus- tainability priorities, targets and progress and was actively involved in the update of our sustainability strategy in 2024. Board over- sight is established to ensure reporting is in line with sustainability directives and to eval - uate whether the company, supported by its external sustainability experts, has suffi- cient sustainability expertise. Representation of employees and other workers on adminis- trative, management and supervisory bodies is facilitated through our social dialogue & employee representation policies. Sustainability is integrated in Barco’s corpo- rate risk management procedures and firmly embedded into our processes, at all levels. For every key management, assurance and supporting process, Barco has developed and implemented a systematic risk manage- ment approach, consisting out of five steps: identification, analysis, evaluation, response and monitoring. Managing impacts, evalu- ating opportunities and mitigating risks are a core task of the executive management and all employees with managerial respon- sibilities. The Executive sustainability steerco regularly updates the Board of Directors on the progress and performance of Bar- co's sustainability initiatives. These updates ensure transparency and accountability, and support decision making on actions or investments related to material impacts, risks and opportunities, implementation of due diligence, and results and effectiveness of policies, actions, metrics and targets. A more detailed description of our sus- tainability governance is available in our Sustainability chapter and on Barco’s cor- porate website. Our assessments have identified the inher- ent risk of material misstatement in our sustainability reporting, this could result from potential human error, technical fail- ures, incomplete data, or fraud. To address this risk proactively, we have implemented a company-wide system of internal controls over our sustainability reporting data. These controls are designed to ensure the com- plete capture and accurate representation of all relevant information within our sus- tainability statement. Through the Internal Audit function and at least once every year, findings of risk assessments and internal controls effectiveness testing are reported to the Board of Directors, the CEO and the Executive sustainability steering committee. Our approach to managing the risk of material misstatement includes several key measures, most importantly: • We rely on established internal control mechanisms . Sustainability information is gathered from various departments, primarily Finance, Corporate Sustainabil- ity, Human Resources, and Procurement. These departments are subject to deeply embedded internal controls, some automated and some manual, which are designed to guarantee the reliabil- ity of the collected data. This reporting year saw a comprehensive review and improvement of our existing internal control procedures, both generally for adherence with the standards and specif- ically for accurate sustainability reporting. We acknowledge the vitalness of con- tinuous improvement and recognize the particular importance of transitioning towards more automated data collection solutions, as discussed further on. • We conduct regular risk identification, assessment and mitigation procedures, performed by both our second and third line of defense. This process involves systematically identifying and evaluat- ing potential risks that could negatively impact the quality of our sustainability reporting. Our assessments include a thorough review of potential risks related to data integrity, adherence to established ESG reporting standards, and alignment to emerging best practices. • We strive for alignment between our sustainability and financial reporting . Where feasible and appropriate, our sus- tainability reporting process is integrated with our financial reporting framework. This integration promotes consistency and coherence between financial and sustainability data, facilitating a unified approach to both reporting and risk management. 84 Barco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE • Finally, we are actively exploring and implementing enhancements to our data management environment . Currently, our processes involve a combination of data management platforms and manual processes. We are committed to improv- ing the efficiency and effectiveness of our data management and have already initiated projects focused on enhancing data collection and overall data quality. The evolving landscape of sustainability reporting presents unique challenges to traditional data collection systems. We are determined to ensure that any new solutions we adopt will not only meet current needs but also support the long- term management of our sustainability performance. This is a high-priority ini- tiative, although we understand that the integration of innovative, automated solu- tions across the organization will require time and careful planning. Policies of conduct Transparency of transactions involving shares or other financial instruments of Barco The company has issued a Market Abuse Prevention Policy which is being enforced as part of its compliance management pro- gram. It meets the requirements of the EU Regulation of 16 April, 2014 n° 596/2014 on market abuse. Persons discharging mana- gerial responsibilities and persons closely associated with them must notify the Finan- cial Services Market Authority (“FSMA”) of any transactions involving shares or other financial instruments of Barco within three business days after the transaction. Such transactions are made public on the website of the FSMA (www.fsma.be) as well as the company’s website, the latter on an aggre- gate basis. Conflicts of interest The company has laid down the rules for conflicts of interest, applicable to its directors and executive managers, in its Corporate Governance Charter. These rules complement the procedures set by the Code of Companies and Associ- ations for conflicts of interest of a financial nature and related party transactions (Arti- cle 7:96 and 7:97 CCA). In 2024, no conflicts of interest of a financial nature or related party transactions falling within the scope of these procedures arose. Statutory auditor Barco refers to note 22 ‘Related party trans- actions’ in Financial Statements 2024. 85 Barco  Integrated report 2024 — Corporate Governance Statements CORPORATE GOVERNANCE Sustainability Statements 2024 Integrated Annual Report General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 General basis for preparation . . . . . . . . . . . . . . . . . . . . . . .4 Double materiality assessment . . . . . . . . . . . . . . . . . . . . . .5 1. Our approach. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2. Methodology and process . . . . . . . . . . . . . . . . . . . . . . . . 5 3. Outcome of our double materiality assessment . . . . . . 7 4. Next steps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Impacts, risks and opportunities (IROs) for Barco . . . . . .8 General provisions related to policies, metrics and targets for Barco’s material topics . . . . . . . . . . . . . . .8 Interests and views of our stakeholders . . . . . . . . . . . . . .9 Environment . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Climate change & energy (E1) . . . . . . . . . . . . . . . . . . . . . .11 1. Impacts, risks and opportunities . . . . . . . . . . . . . . . . . . .11 2. Climate change scenario analysis . . . . . . . . . . . . . . . . . 12 3. Our response . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 4. Decarbonizing our operations and value chain . . . . . .14 4A. Setting ambitious targets . . . . . . . . . . . . . . . . . . . .14 4B. Performance and actions . . . . . . . . . . . . . . . . . . . .14 5. Embedding the decarbonization roadmap into our business strategy & financial planning . . . . . . . . .16 6. Energy consumption . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 7. Total GHG emissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17  Sustainable lifecycle management . . . . . . . . . . . . . . . . . .19 1. Impacts, risk and opportunities . . . . . . . . . . . . . . . . . . . 19 2. Our response . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 3. Targets, performance and actions . . . . . . . . . . . . . . . . 19 4. Actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Circular Economy & waste (E5) . . . . . . . . . . . . . . . . . . . . .21 1. Impacts, risks and opportunities . . . . . . . . . . . . . . . . . . .21 2. Our response . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 3. Metrics and performance . . . . . . . . . . . . . . . . . . . . . . . . 22 4. Actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Reporting on EU taxonomy . . . . . . . . . . . . . . . . . . . . . . . 24 1. Background . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 2. Taxonomy eligible . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 2A. Turnover to eligible activities . . . . . . . . . . . . . . . . 24 2B. Capex & Opex related to eligible activities . . . . . 25 3. Taxonomy alignment . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 3A. Aligned turnover . . . . . . . . . . . . . . . . . . . . . . . . . . 25 3B. Aligned CAPEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 3C. Aligned OPEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 4. Nuclear and fossil gas-related activities . . . . . . . . . . . . 27 5. Minimum safeguards . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Social . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Own workforce (S1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 1. Overview people data . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 2. Impacts, risks and opportunities . . . . . . . . . . . . . . . . . . 33 3. Our response . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 3A. Engaging with our own workforce . . . . . . . . . . . 34 3B. Learning & development . . . . . . . . . . . . . . . . . . . 35 3C. Diversity & inclusion . . . . . . . . . . . . . . . . . . . . . . . 35 3D. Employee health, safety & well-being . . . . . . . . 36  Consumers and end-users (S4) . . . . . . . . . . . . . . . . . . . . .37 1. Costumer experience . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 1A. Impacts, risks and opportunities . . . . . . . . . . . . . 37 1B. Our response . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 1C. Metrics and performance . . . . . . . . . . . . . . . . . . . 38 1D. Actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 2. Product quality, safety & security . . . . . . . . . . . . . . . . . 39 2A. Impacts, risks and opportunities . . . . . . . . . . . . . 39 2B. Our response . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 2C. Metrics and performance . . . . . . . . . . . . . . . . . . . 40 2D. Actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Corporate governance & business ethics (G1) . . . . . . . 42 1. Impacts, risks and opportunities . . . . . . . . . . . . . . . . . . 42 2. Our response . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 3. Metrics and performance . . . . . . . . . . . . . . . . . . . . . . . . 44 4. Actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Innovation, technology & product portfolio . . . . . . . . 45 1. Impacts, risks and opportunities . . . . . . . . . . . . . . . . . . 45 2. Our response . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 3. Metrics and performance . . . . . . . . . . . . . . . . . . . . . . . . 46 4. Actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Responsible & resilient supply chain . . . . . . . . . . . . . . . .47 1. Impacts, risks and opportunities . . . . . . . . . . . . . . . . . . 47 2. Our response . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 3. Metrics and performance . . . . . . . . . . . . . . . . . . . . . . . . 48 4. Actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Annex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 1. Statement on sustainability due diligence . . . . . . . . . . 50 2. Overview disclosure requirements and incorporation by reference . . . . . . . . . . . . . . . . . . . . . . . . . 50 Other information . . . . . . . . . . . . . . . . . . . . . . 56 1. Cybersecurity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 2. Macroeconomic & geopolitical risk . . . . . . . . . . . . . . . 56 3. Local compliance & regulatory changes . . . . . . . . . . . 56 4. Community Engagement . . . . . . . . . . . . . . . . . . . . . . . 57 5. Measuring our carbon footprint related to product use emissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 Table of contents These are the Sustainability Statements of Barco’s 2024 integrated annual report. Other sections are available via the down- load center. CORE MORE • Corporate governance statements • Sustainability statements • Financial statements ANNEX • Integrated Data Pack • Glossary • GRI Content index • Assurance report 87 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT ANNEX OTHER INFORMATION GOVERNANCE SOCIAL Join us on our Sustainable Impact Journey . Be the change you want to see . 88 Bar co  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT ANNEX OTHER INFORMATION GOVERNANCE SOCIAL General General basis for preparation This report describes the integration of sus- tainability into our corporate strategy and provides transparency on Barco Group’s sustainability performance in 2024. Frameworks and data selection For the reporting year ended 31 December 2024, the company reports its sustainability information for the first time in accordance with article [3:32/2] of the Companies’ and Associations’ Code, including compliance with the applicable European Sustainability Reporting Standards (“ESRS”). This includes: • compliance of the process to identify the information reported in the Sustainabil- ity Statements is in accordance with the description set out in the section ‘Barco's Double Materiality Assessment’. • compliance of the disclosures in sub-sec- tion ‘Reporting on EU taxonomy’ of the Sustainability Statements with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”). The data points included in ESRS E1, E5, S1, S4 & G1 have been assessed as material according to our double materiality assess- ment (DMA). In addition, we have disclosed the datapoints related to entity-specific top- ics (minimal disclosure requirements). The contents of the sustainability statement were subject to a limited assurance report in accordance with ISAE 3000 (Revised). The Independent Auditor’s Report on a Limited Assurance Engagement can be found at the end of the full version of our integrated annual report 2024. The consolidated sustainability statements are part of the Company’s consolidated directors report, which was authorized for issue by the Board of Directors on 7 Febru- ary 2025. The chairman has the power to amend the sustainability statements until the shareholders’ meeting of 24 April 2025. Consolidation basis and scope The sustainability statements were prepared on a consolidated basis and cover the same reporting scope as the financial statement We refer to ‘Significant IFRS accounting principles’ section on page 10 of the Finan - cial Statements for the Group’s accounting principles. All statements on strategies, poli- cies, actions, metrics and targets refer to the consolidated group and, where not shown separately, also to the company. The report covers the consolidated group’s entire value chain and, where material, provides information on upstream and down- stream activities in accordance with ESRS 1. Consolidation of all quantitative ESG data follows the principles above, unless oth- erwise specified in the accounting policy placed next to each reported data point in the tables in sections E, S, and G. Measurement basis Barco Sustainability Statements covers the period from 1 January 2024 to 31 December 2024. The accounting policies have been applied consistently in the financial year and for comparative figures. Presenting comparative information Where metrics have been reported previ- ously, comparative information is presented. The comparative information in the sus- tainability statement and thereto related disclosures are presented on a voluntary basis and have not been subject to rea- sonable or limited assurance procedures, unless stated otherwise in the relevant sec- tions of the sustainability statement. In 2022 and 2023, limited assurance was already obtained on a subset of KPIs: revenues from products with Barco ECO label and the limited scope 1, 2 & 3 categories of our carbon footprint which are part of our SBTI approved 2025 carbon reduction target. Information on intellectual property No information on intellectual property, know how or the results of innovation were omitted in these Sustainability Statements, unless stated otherwise (see section ‘Inno- vation, technology & product portfolio’). Information on matters in course of negotiation No disclosure of impending developments or matters in the course of negotiation has been omitted in the sustainability statement. Estimations and uncertainties In case estimations have been used or in case there are outcome uncertainties related to the metrics disclosed in these Statements, this is disclosed along with the respective metrics within each topical chapter. Data and assumptions used in preparing the Sustainability Statement are consistent to 89 Bar co  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION the extent possible with the corresponding financial data and assumptions used in the undertaking’s financial statements, with the following exceptions: • Calculations to determine Scope 3 GHG emissions as included in the Sustain- ability Statements are mostly based on estimates from sector-average data or qualitative proxy data to convert trans- actional data to CO 2 e. When appropriate, information about the value chain was directly collected. • The key assumptions and sources used, are explained in the section “Environment - Climate change & energy, f) Total GHG emissions of the Sustainability Statements. Value chain estimations Value chain estimations are only applied in the indicators related to our GHG emissions (scope 3). These can be found in the sec- tion ‘Climate change & energy’. The use of phase-in provisions In these Sustainability Statements Barco uses the option to omit information required by ESRS 2 SBM-3 (DR48e), ESRS E1-9, ESRS E5-6, ESRS S1-8 (DR60c), ESRS S1-11, ESRS S1-12, ESRS S1-14 (DR88 d & e), ESRS S1-15 in accordance with Appendix C of ESRS 1. References to other parts of the annual report Where information has been published in other parts of the annual report, we have made use of the incorporation by refer- ence concept, cross references have been inserted where relevant. Forward-looking information In reporting forward-looking information in accordance with the ESRS, manage- ment of the company is required to prepare the forward-looking information based on disclosed assumptions about events that may occur in the future and possible future actions by the company. The actual outcome is likely to be different since antic- ipated events frequently do not occur as expected. Forward-looking information relates to events and actions that have not yet occurred and may never occur. Other legislations Other legislation has been included in the Sustainability Statements. All greenhouse gas datapoints (GHG scope 1, 2, 3) are reported based on the Greenhouse Gas Protocol. All greenhouse gas data points (GHG scope 1-3) are reported based on the Greenhouse Gas Protocol. Barco’s double materiality assessment Barco performed a first comprehensive (sin- gle) materiality assessment in 2020 and kept it up to date over the years to make sure it reflects the latest developments in its busi- ness, markets and ecosystem. In 2023, we completed a double materiality assessment, and its outcome resulted in our sustainable impact journey in 2024, as our new sus- tainability strategy, fully embedded into our corporate strategy. 1 . Our approach The double materiality assessment was the first step towards Corporate Sustainability Reporting Directive (CSRD) compliance. In line with the concept of double material - ity, we identified, assessed, and prioritized impacts, risks and opportunities (IROs), not only within Barco but also across our value chain and broader ecosystem. We approached the assessment as a strate- gic project to capture valuable input from various internal and external stakeholder groups. The outcome of the double mate- riality assessment is translated into Barco’s value creation model (which describes how we create value for our stakeholders in the short, medium and long term) and new sus- tainability strategy. 2 . Methodology and process Our double materiality assessment was con- ducted from March 2023 to October 2023. It encompassed the following steps: 1. Preparation: defining a methodology 2. Context: mapping value chain and deter- mining stakeholder approach 3. Identifying ESG topics: from longlist to shortlist 4. Determining and quantifying material IROs through stakeholder engagement 5. Consolidating output and visualization 6. Integration into our CSRD roadmap Preparation: defining a methodology We developed a methodology to implement the assessment as a strategic project. The methodology is based on the EFRAG guid- ance and in line with ESRS standards. We rolled out the double materiality assessment to capture valuable insights from stakehold- ers across our ecosystem. How to read the sustainability statements Our integrated report consists of four parts: core report, financial statements, sustainability state- ments and corporate governance report. In line with CSRD, the sustainability statementsI are struc- tured in four main sections: General, Environment, Social and Governance. We have chosen to incorporate certain disclo- sure requirements from the cross-cutting standard ESRS 2 in our core and corporate governance report as we believe this information is best read in close connection with our business strategy or corporate governance strategy. • An overview of our business model, business strategy and integration of sustainability into our business strategy (ESRS – SBM 1) can be found in the section ‘Our vision & strategy’, ‘Value creation model’ and ‘Our Markets & Divisions’ in the core report of this integrated report. • The overview of the administrative, management and supervisory bodies and their role regarding sustainability as well as internal controls and risk management (ESRS 2 – GOV 1, 2, 3 & 5) can be found in the corporate governance report of this integrated report. ESRS 2 - GOV 4 (due dil- igence statement) is included in the Annex of these Sustainability Statements. Detailed information on where in our integrated report we have reported on ESRS disclosure requirements can be found in the Annex sec - tion ‘Overview of disclosure requirements in the Annexes (ESRS 2 – IRO 2, ESRs 2 BP 2, DR 16-17). This section also contains the reference to other legislation (ESRS 2 Appendix B). 90 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Context – mapping the value chain and determining stakeholder approach We took a holistic approach to determine material (IROs) considering all activities of the organization. In workshops with internal stakeholders, we mapped the Barco value chain, both upstream and downstream, as well as our broader ecosystem: the produc- tion processes, distribution channels and geographical locations of all Barco sites. Based on that exercise, we identified stake- holder groups from our value chain and ecosystem to engage with and to capture valuable feedback. The following inter- nal and external stakeholders – across our regions of activity – participated: • Board of directors and senior manage- ment (A): interviews • Shareholders and investors (A): inter- views or surveys • Employees (A): focus group or surveys • Distributors, resellers, partners and inte- grators (A): interviews or surveys • Customers and end-users (A): interviews or surveys • Suppliers (A): interviews or surveys • Society representatives (industry asso- ciations, academia, key opinion leaders, etc .) (U): interviews or surveys • Society representatives (government & public authorities) (U): surveys • Affected communities (U): interviews or surveys • Banks and analysts (U): surveys In line with CSRD, we distinguish between affected stakeholders (A) and users of our sustainability statements (U). A mapping of our value chain is available in the sus- tainability section of our core report. In the overview of our IROs (see below and in the topical sections), we indicate where they occur, which can be in our own operations, downstream or upstream. Next, we created a concrete stakeholder engagement plan. This involved identify- ing the stakeholder groups to engage with and clarifying their inclusion in the ESG topic identification, impact materiality assess- ment, financial materiality assessment, and/ or validation and reporting. Additionally, we determined the specific engagement method for each stakeholder group: through inter- views, surveys or focus groups (see above). Identifying ESG topics After the context mapping, we drafted a longlist of potential relevant topics across Barco’s value chain and ecosystem, based on the following sources: sector-agnostics sources (ESRS), sector-specific sources (desk research, benchmarking analysis of the mate- rial topics of peers (technology industry and benchmarking analysis of business partners’ and competitors’ material topics)), and Bar- co-specific sources (insights from previous materiality assessment (conducted in 2020), Barco’s mission and strategy, or from our pre- vious risk assessments). We aimed to capture all relevant current and future topics from the electronics, audiovi- sual (AV) and broader technology sector. During dedicated workshops with internal experts, we reduced the longlist of topics and sub-topics from the bottom-up analysis to a shortlist of topics to discuss with stakehold- ers. Shortlisted topics and sub-topics were consolidated and definitions were determined for every topic. Before reaching out to our stakeholders, Barco’s Executive Sustainability Steering Com- mittee and Board of Directors reviewed and approved our stakeholder approach and the shortlisted topics. Determine and quantify material impacts, risks, and opportunities through stakeholder engagement We engaged with internal and external stakeholders to assess the short-, mid- and long-term impact materiality of the short- listed ESG topics. For positive impacts, we considered the scale and scope of the actual and potential impact, plus the likeli- hood of occurrence. For negative impacts, we asked about the scale, scope, likelihood of occurrence and the irremediability. Both positive and negative impacts were evalu- ated in the same way. Actual impact was defined as the current impact. The short- term impact spans 0-3 years, mid-term 3-5 years, and long-term more than 5 years. We questioned internal & specific external stakeholders (financial institutions) about the short-, mid-, and long-term financial mate- riality of the shortlisted ESG topics. This encompasses actual and potential risks and opportunities. Barco’s risk universe (yearly risk assessment) has been incorporated in the financial materiality assessment (outside-in). We expanded the scope to include both the inherent risks and opportunities related to each topic. Questions were asked in a neutral way with no reference to any existing policies, KPIs/targets or actions at Barco. We treated ESG risks and other types of risks equally. We received 207 answers from survey respon- dents and conducted 77 interviews. Across the different stakeholder groups the partici- pation rate ranged between 21% and 90%. Consolidating output and visualization Finally, we consolidated all the scores received from stakeholders and plotted the consolidated data related to specific IROs on an x-axis (financial materiality) and y-axis Key assumptions Internal controls Before reaching out to stakeholders, internal con- trol guidelines were established. For example, we created detailed guidelines for conducting the interviews and taking the meeting minutes, and defined general rules and control checkpoints for processing data from interviews, surveys and focus groups (i.e. converting responses into scores). A key example is the 6-eyes principle applied during interviews, where at least 3 people participated in the interview or reviewed the meeting minutes. Stakeholder engagement As part of our stakeholder engagement plan, we determined which topics to discuss with each stakeholder group, allowing us to gather mean- ingful insights. Internal stakeholders were asked about all shortlisted topics, while external stake- holders were asked about a selection of topics, based on their relevance and the expertise of each group. The concrete stakeholders (organizations) within each group were selected based on the fol- lowing criteria: sufficient ESG knowledge, diverse perspective, representativeness of the stakeholder category (size, dependency and geography) and seniority. Expertise related to a certain ESG topic and to Barco as an organization were our guiding criteria for selecting the interviewees/respondents of the survey. Consolidation of scores When consolidating the scores from different stakeholder answers, we applied varying weights for each stakeholder group in determining the impact materiality. Internal stakeholders got a smaller weight than external stakeholders since we assume it is more difficult for them to adhere to an outside-in view (too much focus on risks and opportunities for Barco). Regarding financial materiality, we did not assign weights, meaning that each person’s response is equally important regardless of their stakeholder group. 91 Ba rco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION (impact materiality). In addition, we consid- ered the interdependencies between the different impacts, risks and opportunities. Once all the data was plotted, we performed a sensitivity analysis at topic level to deter- mine if major changes occur vis-à-vis the thresholds, as a way of flattening out any very high or low scores from internal/exter- nal stakeholders. As a next step, we applied thresholds to dis- tinguish between material and non-material topics. These tresholds are based on the following criteria: scale (limited to very signif- icant), scope (local to global), remediability (easily remediable to irremediable), and likeli- hood of occurrence (unlikely to very likely). We applied the same thresholds for financial mate- riality as we apply in our Barco’s risk universe. Validation: new sustainability strategy and integration into CSRD roadmap Barco’s Executive Sustainability Steering Committee and Board of Directors reviewed and validated the material topics, which were then used as a starting point for our new sustainability strategy. We refined our policies, action plans, metrics, and targets for every material topic together with the key involved internal stakeholders. From a reporting perspective, we integrated the double materiality assessment outcome into our CSRD roadmap. This involved per- forming a KPI gap analysis, taking actions to close the gaps, and performing internal controls on our non-financial KPIs. 3 . Outcome of our Double Materiality Assessment The matrix shows the material topics for Barco: topics where Barco has a high actual or potential impact on society (inside-out, y-axis) and topics that have or may have high risks and opportunities for Barco (out- side-in, x-axis). Impact material top 5 topics (in descend- ing order): Sustainable lifecycle management Innovation, technology & product portfolio Talent & career development Climate change & energy Circular economy & waste Financial material top 5 topics (in descending order): Innovation, technologies and product portfolio Customer experience Talent & career development Product quality, saftey & security Sustainable lifecycle management The following topics rank significantly higher compared to our 2020 materiality assessment: Innovation, technology & product portfolio Sustainable lifecycle management Talent & career development Customer experience Barco’s Double Materiality Matrix IMPACT MATERIALITY FINANCIAL MATERIALITY MEDIUM HIGHLOW HIGH LOW Sustainable lifecycle management Innovation, new technologies & product portfolio Corporate governance & strategy Information security Business ethics Talent & career development Climate change & energy Circular economy & waste Diversity & inclusion Community engagement & relations Health, safety & well-being Customer experience Product quality & safety Responsible & resilient supply chains MEDIUM Barco’s Double Materiality Matrix 92 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION The assessment confirms that Barco has been focusing on the right topics, i.e. topics where the impact on society or the impact on Barco is the highest, which motivates us to intensify our initiatives in these domains. Moreover, diversity & inclusion and circular economy and waste appear to be strategi- cally important topics to our stakeholders. In the course of 2024, the Barco leadership decided to include corporate governance and business ethics as a (financial) mate- rial topic, taking into account our business activities. The assessment resulted in the following topics being scored as low or medium material: community engagement; health, safety and well-being; information security. The above topics received a medium score and are not material for Barco. However, we aim to continue our strategy, targets and actions related to these topics (as set already in the previous years). More details on these topics are available in the section ‘Other information’. 4 . Next steps – keeping our DMA up to date In the course of 2024, we questioned our senior leadership as well as our Board of Directors about any possible changes to our 2023 double materiality assessment. They validated our 2023 approach and the out- come is visualized in the matrix above. Going forward, we will update the dou- ble materiality assessment (also approach external stakeholders) in line with our exist- ing strategic management plans minimum every three years. We have integrated this further into our internal processes (Barco risk universe, employee engagement survey). Impacts, risks and opportunities (IROs) for Barco In line with CSRD, we have identified and assessed impacts, risks and opportunities (IROs) resulting from our double materiality assessment. These can be found in every topical section under the ‘Environment’, ‘Social’, and ‘Governance.’ parts of these Sustainability Statements. For each material topic, we include our definition and specify the sub-topics that our material impacts and risks relate to, e.g. climate change mitiga- tion, climate change adaptation and energy (if applicable). A description of the material IROs and their effects are also included. In addition, we indicate: • whether the impacts are positive or neg- ative (PI or NI); • whether the impacts and risks are actual or potential (A or P); • whether the impacts and risks occur in our own operations (OO) or down- stream/upstream value chain (D/U); • the interdependencies between impacts and risks or opportunities. Every section contains more details on how we respond to the effects of our impacts and risks as well as on the resilience of our business strategy. General provisions related to policies, metrics and targets for Barco’s material topics We define policies as formal commitments, programs or management approaches communicated externally or across the organization. The overview and key con- tents of our policies related to every material topic can be found in the relevant sections of these Sustainability Statements. Each pol- icy is applicable across Barco NV group. The most senior level accountable is either our CEO or another C-level or Executive Vice President responsible for the specific topic (such as CHRO). In certain sections, we dive deeper into the senior level account- able. Interests of key internal and external stakeholders are taken into account when policies are being drafted or adapted (see below section ‘Interests and views of our stakeholders’). It is indicated in the topical sections if the policies are made available publicly or only internally. If applicable, certificates linked to material topics can also be found in the top- ical sections and on our website. The metrics (and reference to their meth- odologies) as well as the targets in relation to our material topics can be found in the topical sections. Each metric and target is applicable across Barco NV Group. Also the list of our key actions in 2024 related to every material topic can be found in the relevant sections. The scope of our actions linked to specific IROs depends on where the specific IROs occur (own opera- tions, downstream or upstream value chain). The operational expenditures (OPEX) & cap- ital expenditures (CAPEX) required for the implementation of our action plans are included in the regular budget cycles and strategic management plans. In 2024 no sig- nificant specific OPEX or CAPEX has been added to the regular budget cycle to reach our sustainability targets. In view of the cur- rent and prior year CAPEX/OPEX/turnover eligibility and alignment, we do refer to our Taxonomy disclosure. Barco has also obtained a sustainability linked credit facility (see more details in the financial statements of this report). Additional disclosures As part of our double materiality assessment (DMA), we consulted our stakeholders on a broad range of topics, including all ESRS topics. As starting point of our DMA, we assessed our assets, activities and site locations for actual and potential water and marine resource impacts and pollution.. Our production processes require no significant water consumption. All our manufac- turing sites are ISO14001 and ISO 9001 certified (link), demonstrating our established environ- mental management system and due diligence process. We also identified and assessed the actual and potential impacts on biodiversity at our own site locations. No manufacturing or R&D site is located in or near biodiversity-sensitive or protected areas (e.g. Natura 2000). We used the Worldwide Fund for Nature (WWF) Biodiversity Risk filter, Inte- grated Biodiversity Assessment Tool (IBAT) and the Natura 2000 Network Viewer to assess the sensitivity of our manufacturing sites on biodiver- sity (more details can be found in the. Taxonomy section of these Statements). The environmental & biodiversity impact of our products across the upstream and downstream value chain has been integrated into the material topic ‘sustainable life cycle management’ and stakeholders in our DMA have been consulted accordingly. We perform life- cycle assessments (LCAs) to measure our pressure on biodiversity across the value chain. 93 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Interests and views of our stakeholders We are committed to listening actively to our stakeholders and understanding their perspectives. As explained, Barco involved its key stakeholders in the double materi- ality assessment. Beyond this, we maintain continuous dialogue with our key stake- holders to explore their positions, concerns and expectations. The outcome of these continuous interactions are carefully ana- lyzed as part of our due diligence process and shape our business efforts, projects and processes, ensuring alignment with stake- holder interests and views. The Board, Audit Committee and Core Leadership Team are informed about stake- holder insights related to Barco’s impacts, risks & opportunities (IROs), which are incor - porated into our corporate and sustainability strategy. Examples include enhanced col- laboration with suppliers and the integration of business partner expectations into the strategic management plans of each busi- ness unit. The table below gives an overview of the stakeholders, purpose of engagement (why), methods of engagement and how the out- come is taken into account. More details about our Ethics Helpline can be found in the Corporate Governance and busi- ness ethics section of these Sustainability Statements. Overview of the stakeholders Key stakeholders Why we engage How the engagement is organized How the outcome of the engagement is taken into account Customer & end-users (A) - Building trust, enhance loyalty and satisfaction - Enabling customers and end-users to achieve their (sustainability) targets - Ensure customers and end-users can flag unethical behavior through appropriate channels - Touchpoints along the customer life cycle measuring real-time satisfaction through various channels (such as surveys, feedback requests, online feedback, etc.) - Bi-annual customer loyalty survey - Meetings and events (including tradeshows) - Market research - Direct engagement - ESG ratings - Social media - Ethics helpline - Product/service improvements - Local plans with specific actions depending on local customer preferences - Helpline: correction via specific actions to solve the situation and define structural actions Suppliers (direct & indirect) (A) - Share Barco’s expectations on all levels, including sustainability - Compliance and adherence with all applicable local laws and regulations - Compliance with Code of Conduct - Compliance with product compliance requirements and responsible minerals policy - Decarbonize our value chain - Respect internationally-recognized human rights - Ensure suppliers can flag unethical behavior through appropriate channels - Supplier scouting – self-assessment form for new suppliers - Regular supplier meetings on all levels including sustainability performance review - Supplier quality audits - Supplier product sustainability requirements - survey via specific templates - Training & workshops - Ethics helpline - Sustainability criteria taken on board for selection of suppliers Supplier relationship management: streamlined expectations and appropriate actions - Tracked as KPIs in procurement dashboard - Test pilots on supplier-specific carbon footprint data & possible reduction measures - Helpline: correction via specific actions to solve the situation and define structural actions Distributors, resellers, partners and integrators (A) - Building trust, enhance loyalty and satisfaction - Enabling distributors, resellers, partners and integrators to achieve their (sustainability) targets - Ensure distributors, resellers, partners and integrators can flag unethical behavior through appropriate channels - Bi-annual partner loyalty survey - Ethics helpline - Market research - Direct engagement - ESG ratings - Social media - Meetings and events (including tradeshows) - Product/service improvements - Local plans with specific actions depending on local customer preferences - Helpline: correction via specific actions to solve the situation and define structural actions - Helpline: correction via specific actions to solve the situation and define structural actions 94 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Overview of the stakeholders Key stakeholders Why we engage How the engagement is organized How the outcome of the engagement is taken into account Employees/Own workforce (A) - Understand employee engagement and perception on a range of areas - Include employees’ perceptions and experiences & determine actions to take - Ensure our people can flag unethical behavior through appropriate channels - Employee engagement survey (including survey on diversity & inclusion, work-life balance and growth & development) - Training and workshops - Social dialogue with employee representatives where applicable - Internal culture and communication campaigns - Internal meetings & events - Structural feedback moments between people managers and employees - Round table discussions - Ethics helpline - Actions defined and taken from engagement survey, specific actions for surveys on sub-topics - Helpline: correction via specific actions to solve the situation and define structural actions Shareholders & investors (A) - Enhancing transparency - Understanding expectations, including on sustainability - Ensure external stakeholders can flag unethical behavior through appropriate channels - Meetings and events - Calls, surveys & emails - Capital markets day - ESG ratings - Ethics helpline - Basis for sustainability strategy - Helpline: correction via specific actions to solve the situation and define long-term actions Banks & analysts (U) - Enhancing transparency - Understanding expectations, including on sustainability - Ensure external stakeholders can flag unethical behavior through appropriate channels - Meetings and events - Calls, surveys & emails - Capital markets day - ESG ratings - Ethics helpline - Integrate into sustainability strategy - Helpline: correction via specific actions to solve the situation and define structuracl actions Society representatives – government & public authorities (U) - Ensuring regulatory compliance - Promoting sustainability across our sector - Ensure external stakeholders can flag unethical behavior through appropriate channels - Public consultations - Meetings & events - Ethics helpline - Proactively address upcoming legislative requirements - Helpline: correction via specific actions to solve the situation and define structural actions Society representatives – industry associations, NGOs, and academics (U) - Monitor and understand sustainability trends - Enabling the industry to engage policymakers - Set-up cross-sector partnerships on sustainability - Developing industry standards on sustainability - Share knowledge and best practices - Ensure external stakeholders can flag unethical behavior through appropriate channels - Meetings and events - Ethics helpline - Specific projects - Basis for sustainability strategy - Feedback from projects determines further actions needed - Helpline: correction via specific actions to solve the situation and define structural actions Society representatives – press & general public (U) - Inform & ensure transparency - Ensure external stakeholders can flag unethical behavior through appropriate channels - Press releases and site visits - External publications - Social media - Ethics helpline - Basis for sustainability strategy - Helpline: correction via specific actions to solve the situation and define structural actions Value chain workers (U) - Ensure external stakeholders can flag unethical behavior through appropriate channels - Ethics helpline - Helpline: correction via specific actions to solve the situation and define structural actions Affected communities (U) - Addressing community concerns, questions, and feedback - Building trust and community support - Ensure external stakeholders can flag unethical behavior through appropriate channels - Specific projects - Ethics helpline - Feedback from projects determines further actions needed - Helpline: correction via specific actions to solve the situation and define structural actions 95 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Environment Climate change & energy (E1) 1 . Impacts, risks and opportunities This section contains: • The results of our climate change scenario analysis • The climate change risks & opportunities for Barco and our responses • The targets, metrics and actions to decarbonize our operations and value chain • In-depth overview of our energy consumption, carbon footprint and carbon removals in 2024 Impacts, risks and opportunities Material topic Sub-topic Type IRO and description Actual/Potential Time horizon Own operations/value chain Interdependencies between impacts and risks/opportunities E1 – climate change Climate change mitigation PI IRO 1: Our technologies contribute to reducing carbon emissions or adapting to climate change  Our technologies (clickshare conference) contribute to decreasing carbon emission intensive activities such as business travel via our clickshare conference. Our control rooms contribute to adapting to the changing climate. A ST, MT, LT OO & D IRO 1 – IRO 3, IRO 1 – IRO 4, IRO 1 – IRO 5 NI IRO 2: Our products & operations have a carbon footprint The carbon footprint measures the total amount of GHGs emitted directly or indirectly by Barco (scope 1, 2 & 3). The highest carbon emission impact is situated in scope 3 emissions (product use emissions, inbound and outbound logistics emissions and emissions from purchased goods & services). A ST, MT, LT OO, U, D IRO 2 – IRO 3, IRO 2 – IRO 4 R IRO 3: Our product & service portfolio does not meet customer expectations in their transition to lower carbon emissions technology If our products & services do not meet the changing customer expectations in their transition to lower carbon emissions technology, this can lead to decreased sales & lower market share. P MT, LT OO & D IRO 3 – IRO 4 O IRO 4: Development and/or expansion of low carbon emissions goods and services  Customer preferences are shifting towards low carbon emissions goods and services. Customers want more ecodesigned products that lower their environmental (including carbon) footprint. Moreover, this might give access to new markets. P ST, MT, LT OO & D 96 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION 2 . Climate change scenario analysis Climate change transition holds a series of risks & opportunities for Barco. There- for it is embedded in our business strategy to assess the climate resilience of our busi- ness by looking at climate-related transition and physical risks and opportunities. Already in 2020, Barco committed to setting science-based targets in order to further solidify its ambitious climate actions. We commit to aligning our business with the goal of the Paris Agreement: to limit the global temperature rise to 1.5°C above pre-industrial levels. In the course of 2024, we finetuned the analysis of our climate change risks and opportunities analysis focusing primarily on our own operations and to a lesser extent on our value chain. This entailed a more detailed analysis to: • Refine relevant physical and transition risks and opportunities, • Determine potential effect on our busi- ness: translating how relevant risks and opportunities may impact our business using climate change scenarios, • Quantify anticipated financial effects from material physical and transition risks and opportunities on our business and link these with our financial statements, • Integrate this into our carbon reduction roadmap and business strategy. 2A . Refine relevant physical and transition risks and opportunities Building further upon the IROs defined in our double materiality analysis, we identified the following climate related transition risks applicable to Barco (cfr. classification in line with recommendations from the Task Force on Climate-Related Financial Disclosures): • Increased pricing of GHG emissions (policy type) • Enhanced emissions reporting obligations (policy type) • Mandates on and regulation of existing products and services (policy type) • Mandates on and regulation of existing production processes (policy type) • Costs of transition to lower emission technology (technology type) • Changing customer behavior (market type) • Increased cost of raw materials (market type) • Increased stakeholder concerns (reputation type) The following climate related transition opportunities were identified as applica- ble to Barco: • Successful investment in new technologies (technology type) • Development/expansion of low emissions goods & services (policy type) • Development of climate adaptation, resilience and insurance risk solutions (policy type) • Shift in consumer preferences (reputation type) • Access to new markets (market type) • Resource efficiency (market type) For climate related physical risks, we selected our key manufacturing & distribu- tion locations with significant assets: • Belgium (Kortrijk & Kuurne) • Italy (Saronno & Lainate) • United States (Duluth & Georgia) • India (Noida) • China (Wuxi & Suzhou) Our analysis did not identify relevant chronic physical risks, but we identified the following acute physical risks (cfr. Taxonomy Regu- lation EU 2021/2139): earthquake, tropical cyclone, storm, flood, wildfire, lightning and tornado. 2B . Determine potential effect on our business We chose to use existing scenarios from the Intergovernmental Panel on Climate Change (IPCC). The public Representative Concentration Pathway (RCP) scenarios are sufficiently diverse and are widely used to perform and develop climate simulation modelling data. More details can be found here. Impacts, risks and opportunities Material topic Sub-topic Type IRO and description Actual/Potential Time horizon Own operations/value chain Interdependencies between impacts and risks/opportunities E1 – climate change Climate change adaptation R IRO 5: Lack of adaptation measures on acute physical climate-related risks There will be an increase in the severity and frequency of extreme weather events. The lack of adaptation measures related to climate-related physical risks might result in (extended) temporary shutdowns or in supply chain constraints. P MT, LT OO, U, D Energy NI IRO 6: Energy consumption of our products The energy consumed by our products generates carbon emissions. A ST, MT, LT OO, D IRO 6 – IRO 3, IRO 6 – IRO 4 NI IRO 7: Energy consumption of our operations The energy needed to perform our operations generates carbon emissions. A ST, MT, LT OO IRO 7 – IRO 5 97 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION We considered the following three scenario’s: • IPPC RCP 8.5 (BAU 3.2-4.5) • IPPC RCP 4.5 (2.0- 3.0) • IPPC RCP 2.6 (1.5-2.0) In line with the EU Taxonomy Regulation, we investigated each climate change sce- nario for three timeframes: • Short term: 0 to 3 years (in line with the horizon of our strategic management plans) • Medium term: 3 to 10 years • Long term: 10 to 30 years We determined the potential effect on our business across the three scenarios on the short, medium and long-term: • For the physical risks, the severity of both carrying value as well as possible busi- ness interruption were accounted for, along with the likelihood of a specific physical risk occurring. The analysis of physical risks is based on input from our insurance company and additional tools including geospatial coordinates specific to our manufacturing and distribution locations. • For the transition risks, we took into account both the likelihood and the estimated impact on EBITDA (sales volume & price). For the transition risks, the following drivers were taken into account in every scenario: increased carbon mitigation and adaptation policy, evolution towards low carbon emis- sion technologies, evolution towards a more green grid, increased stakeholder concerns and reputation. In the Business As Usual (BAU) scenario (IPPC RCP 8.5), we estimated the highest sensitivity of the relevant physical (inher- ent) risks for tropical cyclone, lighting and tornado. The impact of the residual physical risk is considered insignificant considering the current mitigation measures (specific measures taken related to lightening protec- tion, wind force analysis, etc. combined with adequate assurance). However, we acknowl- edge the need for further investigation as we strive to reduce uncertainties associated with our assessments. In the IPPC RCP 2.6 (1.5-2.0 degrees) sce- nario, we estimated the sensitivity of the relevant transition risks the highest for • Mandates on and regulation of existing products and services • Mandates on and regulation of existing production processes • Costs of transition to lower emission technology • Increased cost of raw materials In the next year(s) we plan to • Enlarge the scope of our analysis towards our upstream and downstream value chain • Refine the quantification of the antici- pated financial effects from the applicable physical and transition risks and opportu - nities on our business and link these with our financial statements • Integrate our scenario analysis into our carbon reduction roadmap 2030 & 2050 and further strengthen our ability to adjust and/or adapt our existing business strategy in relation to climate change. This includes further investigating the access to finance, the ability to redeploy, upgrade or decommission existing assets, adapting our product & services portfolio and possi- ble reskilling of our workforce. 3 . Our response We have developed an overall strategy and management approach on climate change (see EHS² pledge). Climate-related IROs are integrated into our existing business strategy and processes. We continuously monitor political/legislative, technological, market and reputational developments. In this way, we have embedded climate resilience in Barco’s business strategy. Reducing negative impact For Barco this mainly relates to the carbon footprint of our operations and value chain. More details on our decarbonization road- map (targets and actions) are available in the next chapter. This includes targets and actions related to climate change mitigation as well as to energy efficiency and renew- able energy deployment. (Upcoming) legislation and regulation Our scenario analysis pointed out that for mandates on and regulation of existing products and services and mandates on and regulation of existing production pro- cesses the sensitivity was estimated high. At Barco, we have established a governance structure that monitors closely the evolu- tion of regional, national, EU and worldwide climate-related guidelines, directives, stan- dards (including voluntary) and laws. All escalations are handled by the Compliance Steering Committee meeting. Physical climate change risks With risk management, alongside our insur- ance partner, we regularly assesses how extreme weather events could impact our operations. Interruptions to our infrastruc- ture could seriously impact our revenues and our brand reputation. Building and pro- tecting the resilience of our products and services is always a top priority. The goal of Barco's business continuity plans is to keep our company up and running through interruptions such as natural disasters. For instance, when building new facilities or establishing relations with new suppliers, we include risk assessment of extreme weather events in the region. Another example is our use of an alert tool: each member of the purchase team receives daily alerts on the predefined (core) suppliers that they are responsible for, including extreme-weather events such as floods or earthquakes, plans to close down production, etc. In doing so, we can actively monitor these suppliers, communicate immediately with them and, if necessary, search promptly for alternatives. We aim to refine our analysis on physical cli- mate change risks across our value chain in the coming years. We do not have targets yet on climate change adaptation. Transition climate risk & opportunity At Barco, we take into account customer and market demands, often received via ten- ders and purchase orders. Market demands are mainly driven by the requirements of healthcare integrators, and European gov- ernments in line with green deal policies. On the supply side, sustainability risks are increasingly integrated in our busi- ness review meetings with suppliers. In our ecodesign program, we evaluate the environmental impact of insourced compo- nents and promote the use of lower impact materials (see chapters on Sustainable life- cycle management and Circular economy & waste). Technology risk (lack of responsiveness to sustainable innovation trends) As part of our innovation process, every quarter, we evaluate and check ideas against a number of criteria including sustainability IROs. It is essential to do this early on when developing new solutions. In the subsequent new product introduction (NPI)process, the eco scoring methodology ensures that the products are properly ecodesigned and increase energy efficiency at the customer. As mentioned above, we aim to further strengthen our ability to adjust and/or adapt our existing business strategy in relation to climate change in the coming years. This includes analyzing further the cost of transi- tioning to lower emission technologies and the potential increased cost of raw materials. (1) Barco’s is not excluded from the EU Paris-aligned Benchmarks cfr EU Regulation on PAB & CTB 98 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION 4 . Decarbonizing our operations and value chain 4A . Setting ambitious targets A . Carbon emissions Our absolute target is to reduce scope 1, 2, and 3 greenhouse gas emissions by 45% by 2025 compared to base year 2015. This target was approved by the Science Based Targets initiative in March 2021. The follow- ing scope 1, 2, and 3 emission categories are covered by the 2025 absolute carbon reduction target: • Fuel and energy related activities (scope 1/2) • Upstream transportation and distribution (scope 3) • Waste generated in operations (scope 3) • Business travel (scope 3) • Employee commuting (scope 3) • Use of sold products (scope 3) No separate targets were set on scope or emission category level. Carbon removals and carbon credits are not included in this target. We managed to reduce our absolute car- bon emissions by 62% or 492k tCO 2 e versus 2015. This means, we are on course to sur- pass the 45% reduction target set for 2025. The key decarbonization levers to achieve the 2025 target are (ranked from largest to lowest contributor): • Technology shift: shift from traditional lamp-based to laser projectors, shift towards more software solutions (emis- sions related to use of sold products, scope 3) • Ecodesign program (emissions related to use of sold products, scope 3) • Modal shift from air to sea freight trans- port (upstream transportation and distribution - scope 3) • Reduction of energy consumption (fuel and energy related activities – scope 1) • Electrification of our company fleet (fuel and energy related activities – scope 1) • Switch to renewable electricity in our manufacturing and R&D plants (fuel and energy related activities – scope 1) • Increase recycling rate of our company waste (waste generated in operations - scope 3) In 2024, we extended our carbon footprint calculation to all scope 3 carbon emission categories, entailing a gap analysis of the missing scope 3 emission categories and data gathering mainly via Life Cycle Assess- ment (LCA) analysis on product level. This led to a thorough analysis of the embedded carbon of our purchased components and products (cat. 1). Moreover, all other scope 3 emission categories were calculated giving us a comprehensive overview of our entire carbon footprint (both for 2024 and 2023). Next, we submitted this extended carbon footprint measurement to the Carbon Dis- closure Project to ensure full transparency. Now, we are building the carbon reduc- tion roadmap until 2030, outlining actions across business units and operations to fur- ther reduce our carbon emissions. It is our ambition to translate these actions into a near term 2030 carbon reduction target in line with 1.5 degrees global warming as well as a long term carbon reduction tar- get for 2050 (versus a new baseline year). Both targets will be submitted to the SBTi in 2025 for validation. In our Integrated Report 2025 we will add more details on our 2030 carbon roadmap, including the decarbon- ization levers to achieve the targets set. B . Energy In 2024 we set two key targets related to energy consumption in our own operations. First, we aim to reduce the energy (elec- tricity and fuel) consumption of our own operations by 20% by 2027 versus a 2023 baseline. Second, we aim to have 75% of our energy consumption from renewable sources by 2027. This entails the purchasing of renew- able energy certificates for most of our plants as well as generating our own renew - able electricity. 4B . Performance and actions A . Own operations (scope 1 & 2) Scope 1 emissions are direct emission from sources that are owned or controlled by Barco. In essence, this relates to emis- sions from the use of electricity, fossil fuels (including company cars), waste treatment, and the leakage of refrigerant gases from cooling equipment. The share of scope 1 emissions in Barco’s total CO 2 emissions in 2024 was 0.5%, which was mainly attribut- able to mobile and stationary combustion and process sources (fugitive emissions). Scope 2 emissions are indirect emissions associated with purchased electricity or dis- trict heating. In 2024, the share of scope 2 emissions in Barco’s total CO 2 emissions was 0.2%, which was mainly attributable to purchased electricity & heating (use of fos- sil fuels). Compared to 2023, we decreased our overall absolute scope 1 & 2 emissions by 19% in 2024. Overall, absolute scope 1 & 2 greenhouse gas emissions dropped by 67% between 2015 and 2024. Reducing total energy consumption In 2024 our total energy consumption related to own operations amounted to 35,404 MWh – an 8% increase versus 2023 (32,905 MWh). Our energy intensity rose to 37.4 MWh/mio euro revenues – a 19% increase versus 2023 (31.3 MWh/mio euro revenues). Most of this increase is due to an increase of the overall energy footprint of our facil - ity: although our Changping plant closed, more energy was consumed by our plants in Wuxi and Suzhou (increased activities). As part of our focused factory strategy, certain activities were transferred from Belgium & Italy to China via a parallel phase-out. Also, in 2024 we continued our transition to electric company cars: over 70% of our fleet are now EVs increasing our total energy consumption, but lowering the emissions from our company cars. We will keep up our electrification efforts and further reduce company cars-related CO 2 emissions. While the share of fossil sources in the total energy consumption lowered (30% versus 39% in 2023), our share of electricity rose in 2024 to 73% (versus 62% in 2023). In our commitment towards energy effi- ciency, we engage regularly with our employees via our internal communication channels, the annual mandatory Sustainabil - ity Standards@work training and the annual compliance challenge. Increasing energy consumption from renewable sources In 2024 our energy consumption from renewable sources rose to 70% (24,695 MWh) of the total energy consumption ever (versus 60% in 2023), thus reaching the highest ever level. Our renewable electricity production grew from 0.45 MWH/mio euro revenue to 1.29 MWH/mio euro revenue, mainly thanks to the installation of solar panels on our Suzhou plant. Going forward, another key effort is the wind turbine that we wish to install at our One Campus site in Kortrijk (Belgium). With a pro- jected annual production of 11,290 MWh, this would cover the power consumption of the entire campus, while the surpluses could be stored and shared. After several years of preparation, the Council for Per- mute Disputes annulled the permit for the Wind Turbine in July 2024. However, we are hopeful that the Flemish government can deliver a new permit that satisfies the Coun- cil’s concerns. 99 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION B . Scope 3 emissions – inbound & outbound logistics Logistics refers to the transport of incoming goods and outgoing finished products, and was responsible for 7% of Barco’s scope 3 CO 2 emissions in 2024. Compared to 2023, our overall logistics-related greenhouse gas emissions increased by 5%. However, com- pared to our base year 2015, we decreased our logistics GHG emissions with 32%. The shift from air to sea freight stalled at the end of 2023 due to the Red Sea crisis, causing the greatest decline in the first quar- ter of 2024. Most of our sea-going logistics chain lies on the Europe-Asia axis. As such, 45% of our total transport kms was covered by deep-sea shipping in 2024 compared to 47% in 2023. It is our ambition to keep working proac- tively on the modal shift in the coming years. We actively collaborate with partners and customers, proposing alternatives for air shipments. There are opportunities to further increase the tonnage transported by sea on the Belgium-US lane, the second highest in CO 2 emissions, where significant air freight volumes still exist. Additionaly, we continued working in 2024 on: • Re-designing smaller and lighter packag- ing for logistics. • Modular product design: as more new Barco products are built on existing plat- forms, only the final customization must be done in a local warehouse. In this way, we can ship larger volumes to overseas destinations upfront by sea. • Transport and warehousing tenders include a sustainability clause which is part of the overall decision matrix in our supplier selection procedure. In 2024, we further invested in shortening our supply chains, by moving production to China for Chinese markets and local sourc- ing. We will continue monitoring the impact of our focused factories strategy on the car- bon emissions from logistics. C . Scope 3 emissions – business travel and home-work commuting Scope 3 mobility emissions encompass emissions from business travel and home- work commuting. Company car emissions are included in scope 1 calculations. In 2024, business travel and home-work commuting accounted for only 2% of Barco’s CO 2 scope 3 emissions. • Compared to 2023, business travel emis- sions (travel via air, train and rail) increased by 68% in 2024. This is mainly explained by a significant increase of air travel kilometers due to the integration of Cinionic (excluded in our 2023 number) into Barco and adapted emission factors related to air travel. It is our ambition to work with our business travel partners on concrete reduction initiatives in line with the Barco travel policy. • Emissions from employee commuting remained lower in 2024 than in pre-covid times, as many employees prefer to com- bine onsite and home office working, in line with our corporate and local HR policies. D . Scope 3 – emissions from investments In 2024, for the first time, we calculated the absolute carbon emissions related to our investments (including our share in Bar- coCFG & ClearChannel) resulting in 36,519 tCO 2 e in 2024 versus 26,971 tCO 2 e in 2023 because of increased revenues. These emissions account for 7% of our Scope 3 emissions. E . Scope 3 - emissions from our products Product-use emissions Product-use emissions (scope 3 category 11), resulting from the use of our products at customers’ sites, stand out as one of Bar- co’s largest emission source. In particular, our projectors (Entertainment division) and control room solutions (Enterprise divi- sion) contribute significantly to product-use emissions. In 2024, these emissions totaled 254,787 tCO 2 e remaining almost flat compared to 2023 (253,592 tCO 2 e), while in relative terms this represents an 11% increase versus 2023 (269.1 tCO 2 e/ mio € revenues versus 241.5 tCO 2 e / mio € revenues in 2023). This is due to an unfavorable product/sales mix (rela- tively more revenue in 2024 comes from energy intensive projectors and control rooms solutions). However, from 2015 to 2024, product-use emissions decreased by 64%, driven by tech- nology shifts and our continuous focus on improving our product ecoscore (includ- ing energy efficiency. In this way, we are helping to reduce our customer’s environ- mental (including carbon) footprint. Looking ahead, with the transition to more software solutions in our control room business, we will be able to decrease prod- uct-use emissions again. This reduction will be amplified by offering enhanced projector capabilities with lower energy consumption. Our continued innovation in projector and control room technology will play a crucial role in further driving down our product-use emissions. Purchased goods & services Based on Life Cycle Assessment (LCA) results, we are able to refine the environ- mental impact hotspots (including the most impactful carbon emission catego- ries) of our products across their lifecycle. Due to the successful transition towards more energy efficient products the impact of component sourcing gained relative importance compared to the total scope 3 emissions. Hence in 2024 we calculated the extended scope 3 of Barco’s supply chain, including scope 3 category 1, emission from pur- chased goods and services. The total carbon footprint emission for pur- chased goods were 163,541 tCO 2 eq in 2024 versus 158,479 tCO 2 eq in 2023. This is due to the transition of certain production activ- ities and the increased volume of purchases of more carbon intensive components in 2024 versus 2023. Scope 3 category 1 services relate mostly to consultancy, cleaning, catering and cloud software offerings. Compared to purchased goods, the value of these emission is much lower (12,265 tCO 2 e in 2024 versus 12,124 tCO 2 e in 2023) compared to the purchased goods. Purchased goods and services com- bined account for 33% of total scope 3 emissions in 2024. In the coming years, we are planning to engage more with our suppliers (goods and services) to receive primary data, allowing us to enhance reporting accuracy, and set reduction targets on (product & supplier) hotspots. F . Carbon removals Barco prioritizes supply chain engage- ment and ecodesign to reduce the scope 3 impact of our product portfolio. Addition- ally, we encourage specific projects within our divisions to go further, such as Click- Share’s initiative to reduce GHG emissions by financing high-quality carbon credits. We started with a third-party validated Life Cycle Assessment (LCA) representing the full product lifecycle (from cradle to grave) to develop a reduction plan and offset the remaining CO 2 emissions. Detailed infor- mation is provided on each product’s carbon-neutral label, including the meth- odology used and the system boundaries. In 2024, Barco reduced emissions by adopt- ing carbon credits for two of our products: ClickShare CX 50 Gen II and ClickShare Bar Pro. A total of 2,819 tons of CO₂eq were 100 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION retired through climate change mitigation projects outside Barco’s value chain. These credits originate from two afforestation proj - ects Qianbeu and Huadu, in China. More information can be found here and here. Barco selects projects that are certified by Verra under the Verified Carbon Standards (VCS) as credible and independent carbon credit standards. The issuance and own- ership of these credits are meticulously tracked in the Verra Registry using unique serial numbers, ensuring there is no dupli- cation in counting or selling. At the release of our Annual Report, future cancellations are still under review. 5 . Embedding decarbonization roadmap into our business strategy & financial planning Integration into business strategy Our decarbonization roadmap is integrated into Barco’s overall business strategy and financial planning. Our progress vis-à-vis the 2025 carbon emission reduction target is monitored at the Executive Sustainabil- ity Steerco meetings in the presence of the CEO, CFO, CHRO, COO and business unit EVPs. The decarbonization roadmap and targets are defined and validated by both the Executive Sustainability Steerco and the Board of Directors. More details on the incentive schemes related to climate change can be found in our Corporate Governance report. As part of our commitment to set a near term 2030 and 2050 net zero carbon reduc- tion target, we aim to adopt a transition plan in line with upcoming legislative require- ments. This will include for instance making a clearer link between our decarbonization roadmap and EU taxonomy requirements. It is our ambition to further integrate this tran- sition plan into our forward looking strategic & financial planning. Financial resources allocated to our decarbonization roadmap In 2024, the following CAPEX investments contributed to achieving our decarboniza- tion roadmap: • Solar panel installation in Suzhou • Continued shift to electrical vehicles (see more details above) • More charging stations in Kortrijk • Continue redesign of our products to achieve a higher Ecoscore (increased energy efficiency) For 2025 the following CAPEX investments are accounted to contribute to our decar- bonization roadmap: • Extension of the solar panel installation in Suzhou • Further shift to electrical vehicles • Energy management system • Tooling and machinery for the manufac- turing of energy efficient products In 2024, OPEX investmens in specific R&D projects across divisions played a key role in advancing our decarbonization roadmap. For 2025 we expect similar OPEX invest- ments to support our decarbonization roadmap: all R&D spending on Barco prod- uct roadmap (across all business units) that contributes to product development in line with EU Taxonomy requirements on climate change mitigation and circularity. For details on the eligible and aligned OpEx, CapEx and turnover percentages, see the dedi- cated Taxonomy section. The potential locked-in emission of our key assets (owned or controlled by Barco) are related to our current infrastructure (energy consumption with fossil fuels). We aim to further decarbonize our key assets in the coming years (see actions for scope 1 and 2 emissions). The cumulative locked-in GHG emissions associated with direct use phase of our products relates to the product use emissions. For these we refer to the decar- bonization levers mentioned above. Going forward, we will analyze further possible locked-in emissions related to e.g. future investments. Carbon credits cancelled in the reporting year 2024 Total tCO2eq 2,819 Clickshare Bar Pro 1,680 Clickshare - CX 50 Gen II 1,139 Share from removal projects 0% Share from reduction projects 100% Recognised quality standard - Verra 100% Share from projects within EU 0% Share of carbon credits that qualify as corresponding adjustments 0% Carbon credits planned to be cancelled in the future 0 Total tCO2eq 2,819 101 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION 6 . Overview energy consumption Energy consumption and mix 2024 2023 1 Fuel consumption from coal and coal products (MWh) 0 0 2 Fuel consumption from crude oil and petroleum products (MWh) 4,324 6,210 3 Fuel consumption from natural gas (MWh) 4,928 4,785 4 Fuel consumption from other fossil sources (MWh) 0 0 5 Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) 1,299 1,806 6 Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5) 10,552 12,801 Share of fossil sources in total energy consumption (%) 29 .8% 38 .9% 7 Consumption from nuclear sources (MWh) 157 295 Share of consumption from nuclear sources in total energy consumption (%) 0 .4% 0 .9% 8 Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh) 0 0 9 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 23,473 19,340 10 The consumption of self-generated non-fuel renewable energy (MWh) 1,222 468 11 Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10) 24,695 19,808 Share of renewable sources in total energy consumption (%) 69 .8% 60 .2% Total energy consumption (MWh) (calculated as the sum of lines 6, and 11) 35,404 32,905 Energy intensity per net revenue 2024 2023 % diff Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors (MWh/mio euro) 37.4 31.3 19% * Net revenue equals the total sales as disclosed in the consolidated income statement 7 . Total GHG emissions Methodology, scope & assumptions At Barco, we calculate our carbon footprint using the Greenhouse Gas Protocol meth- odology in compliance with the ISO 14064 standard. The emission factors are sourced from internationally recognized emission factor databases: ADEME, GHG Protocol, IEA & DEFRA. All greenhouse gases such as carbon diox- ide (CO 2 ), methane (CH4), nitrous oxide (N2O), refrigerants (HFCs, PFCs, CFCs) are converted to CO 2 equivalents using the 100-year gloal warming potential (GWP) cofficents issued by the Intergovernmental Panel on Climate Change (IPCC). This cov- ers all Kyoto gases which must be reported according to the Greenhouse Gas Protocol. Our CO 2 eq emissions are calculated by an external party CO 2 Logic. All categories for scope 1, scope 2 & scope 3 are included in the calculation. In order to obtain full-year results, an extrapolation of November and December data was applied to the main categories of scope 1, 2 & certain scope 3 categories. For scope 1 & 2, an operational approach is applied since this better defines the bound- aries of influence. The footprint covers 100% of Barco's activities, including all of our operating sites (manufacturing, R&D, offices, warehousing). All major manufacturing and research & development sites (in Belgium, China, Italy, Germany, India, Norway, Taiwan and US) are covered largely by primary data. These sites cover over 90% of the Barco owned surface. Smaller sites were estimated using benchmark data. Detailed calculations for Scope 3 category 11 (product-use emis - sions) can be found in the Annex of this report. For Scope 3 category 1, purchased goods & services, we used data from over 10,000 LCA’s to construct our aggregated emissions impact with the help of our LCA tool Makersite. These LCA’s are conducted on actual BOM material data or trough AI. This way of working provides us with the best calculation results and insights into what is driving the hotspot impact. A spend based calculation was applied in case no reliable supplier material and weight data was available. Only 35% of the impact was determined via spend based calculations. We believe that spend based calculations are a proxy methodology best to avoid since the outcome is too heavily influenced by parameters that are not prod- uct related such as inflation and currencies. We are working to further enhance this data set in order to minimize the spend based calculation as much as possible. For scope 3 category 15, investments, a spend based approach was applied for our investments in CFG (49%) and ClearCh- annel (35%), see note 11 of the financial statements. For scope 3 category 4, upstream transpor- tation and distribution, we collected 82% of the spend with primary data from the freight forwarders for the period January until October. Extrapolation was done to bridge November and December data and to cover 100% of the logistics spend. 6% of total scope 3 data on carbon emis- sions was captured through primary data collection, coming from the mentioned freight data. GHG intensity per net revenue 2024 2023 % diff Total GHG emissions (location-based) per net revenue (tCO2eq/mio euro) 579.9 509.0 14% Total GHG emissions (market- based) per net revenue (tCO2eq/ mio euro) 572.0 503.3 14% * Net revenue equals the total sales as disclosed in the consol- idated income statement 102 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Overview absolute GHG emissions by source type 2015 (base year) 2023 2024 % vs last year 2025 target 2030 2050 2024% reduction vs base year 2015 Scope 1 GHG emissions Gross Scope 1 GHG emissions (tCO2eq) 5,262 3,064 2,640 -14% Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) 0 0% 0% 0% Scope 2 GHG emissions Gross location-based Scope 2 GHG emissions (tCO2eq) 7,289 8,410 15% Gross market-based Scope 2 GHG emissions (tCO2eq) 5,565 1,331 917 -31% Scope 1+2 emissions (market-based) 10,827 4,395 3,557 -19% 5,955 -67% Significant scope 3 GHG emissions Total Gross indirect (Scope 3) GHG emissions (tCO2eq) 524,120 538,011 3% Total Gross indirect (Scope 3) GHG emissions (tCO2eq) – limited scope 788,515 297,840 303,600 1% 433,683 -61% 1 Purchased goods and services 170,603 175,806 3% 2 Capital goods 20,198 13,421 -34% 3 Fuel and energy-related activities (not included in Scope 1 or Scope 2) 1,491 1,838 1,902 3% 4 Upstream transportation and distribution 53,539 34,446 36,210 5% 5 Waste generated in operations 489 223 202 -9% 6 Business traveling 12,857 4,795 8,058 68% 7 Employee commuting 3,439 2,946 2,441 -17% 8 Upstream leased assets 448 434 -3% 9 Downstream transportation 3,085 2,539 -18% 10 Processing of sold products 11 Use of sold products 716,700 253,592 254,787 0% 12 End-of-life treatment of sold products 2,129 1,229 -42% 13 Downstream leased assets 2,845 4,465 57% 14 Franchises 15 Investments 26,971 36,519 35% Total GHG emissions Total GHG emissions (location-based) (tCO2eq) 534,472 549,061 3% Total GHG emissions (market-based) (tCO2eq) 528,514 541,568 2% Total GHG emissions (market-based) (tCO2eq) – limited scope 799,342 302,234 307,1 57 2% 439,638 -62% 103 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION 2 . Our response It is Barco’s ambition to reduce not only our own environmental footprint but also that of our customers. That is why we developed an ecodesign program aimed at lowering the environmental footprint of our products at every stage of their life cycle. Our prod- uct ecodesign program came at cruising speed in 2017 when we released our eco- scoring tool, an objective tool to determine the environmental performance of all newly developed products. It assesses products on four domains: energy performance, use of materials, packaging/logistics, and end-of-life optimization (i.e. the way products can be maintained, refurbished, upgraded, and even- tually recycled). The ecoscoring tool fosters ecodesign and thereby indirectly reduces the environmental impact of our products related to upstream sourcing, production, use, and downstream end-of-life. We aim to maximize revenues from the products scor- ing best across the four domains. Specific KPIs and targets are dedicated to cli- mate change (see section ‘Climate change an energy) and (see section ‘Circular econ- omy and waste) from our own operations. To strenghten the value and credibility of the tool towards external stakeholders, an annual external audit is conducted under the framework of the ISO 14021:2016/Amd 1:2021 standard (limited assurance). The audit ensures that the methodology of our ecoscoring tool is clear, complete, reliable, objective, and based on relevant impact aspects. Read all about the ecoscoring methodol- ogy, including the detailed scoring criteria and the assurance report, on our website. 3 . Metrics and performance Thanks to the dedicated efforts of our R&D and product teams, 86% of the new hard- ware products released in 2024 carried a Barco ecolabel (ecoscore A or higher). This reconfirms the effort spent on new state- of-the-art ecodesigned products. Across business units, there is a dedicated funnel of new ecolabeled hardware products that will steer revenues in the coming years. By 2027, we want 90% of the new products (hard- ware & software) to have a Barco ecolabel. Focusing on the sustainability of our best-sell- ing products, we aimed to derive 70% of our revenues from ecolabeled products by the end of 2024. Although this ambitious target was not reached, we made substantial prog- ress, achieving 68% - a gradual increase from 50% in 2022, and eventually 65% in 2023. In 2024, we broadened the scope of the cal- culation to consider all revenues, including software and services. In 2025, we want to achieve the 75% target. We maintained the financial incentive in the employee bonus program, rewarding employees for the proportion of ecolabeled revenues in the total revenues. In order to ensure our R&D and product teams have a long-term mindset on product sustainability targets, we set a new ambitious target: by end 2027, 80% of revenues should come from Barco ecolabeled products. Impacts, risks and opportunities Definition material topic Type IRO and description Actual/Potential Time horizon Own operations/value chain (upstream/downstream) Interdependencies between impacts and risks/opportunities The impact of a product or service across the 5 stages of its life cycle (sourcing, design, manufacturing, use, and end-of- life). This impact ranges across different environmental impact categories of a Life Cycle Assessment (LCA). Negative impact IRO 8: Environmental impact of our products across their life cycle Our products have a negative environmental impact across the different stages of their life cycle (sourcing, design, manufacturing, use, and end-of-life). This impact ranges across different environmental impact categories of a Life Cycle Assessment. Actual ST, MT, LT OO, U, D IRO 8 – IRO 3, IRO 8 – IRO 4 Policies Targets and metrics Ecodesign program: lower the environmental footprint of our products at every stage of the life cycle. Environment, Health & Safety 2 pledge: commitment to respect, preserve and, whenever possible, improve the environment - By 2027, have 90% of our new products ecolabeled (hardware & software) - By 2025, receive 75% of our revenues from Barco ecolabeled products. By 2027 receive 80% of our revenues from Barco ecolabeled products (hardware & software) - Additional metrics (not covered by targets): » #Life Cycle Assessments performed » % of active components covered by a Full Materials Declaration Sustainable lifecycle management 1 . Impacts, risks and opportunities 104 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Additionally, we aim to highlight that: • In 2024, we performed in total 4 full Life Cycle Assessments (LCA) of our products, via our AI-based software appli- cation Makersite, resulting in a Product Environmental Footprint (PEF) report. This allows us to integrate the LCA results into our ecoscoring methodology. • We strongly urge our suppliers to pro- vide Full Material Declarations (FMDs) for chemical substances contained in products and components. In 2024, 84% of active components were covered by FMD. This not only contributes to sup- plier engagement but also improves our product compliance assessments. The updated targets, which have been devel- oped in close collaboration with the business unit sustainability leads and R&D ambassa- dors, testify to our future product roadmap and solid product sustainability ambition. The Sustainability Office aggregates the busi- ness unit sub-targets and presents these for critical review and approval by the Executive Sustainability Steering Committee, which is chaired by our CEO. Eventually the Board of Directors empowers the defined targets. Each member of the organization has an important role to play in achieving the prod- ucts sustainability targets. The business unit EVP is held accountable for meeting the objectives. During dedicated update meet- ings with the Executive Sustainability Steering Committee, progress or the lack of prog- ress is presented to ensure proper actions are taken to safeguard meeting the targets. Revenue from ecolabeled products remains a key target, as it positively influences the material impacts, risks, and opportunities related to product stewardship. This target is measured relative to Barco’s global turnover across all sales areas, reflecting performance during the reporting year without relying on a baseline year definition. 4 . Actions: Most important updates in 2024 We continuously enhance our ecodesign program and tool to anticipate and com- ply with new regulations, meet challenging customer demands, and adapt to evolving ecodesign procurement technology. The 2024 highlights include (these actions will be continued in the coming year(s): • Implementing the capability to perform full LCAs. The ecoscore now prioritizes products that are both resource and energy efficient, in line with green public procurement criteria, and the SBTi vali- dated absolute carbon reduction target aligned with the 1.5° C global warming scenario. • Our LCA tool underwent thorough third- party validation with positive results (Vinçotte and KU Leuven University). • We developed a methodology to assess the sustainability performance of software, evaluating the performance for 3 types of software (local applica- tions, remote data storage or processes, remote services/AI) across 3 life-cycle stages: use, production/distribution, and end-of-life/end-of-service. We will trans- parently disclose the exact criteria in the coming years and have the methodology externally assured. • Several workshops were hosted to define a strategy on tackling product footprint hotspots and define strategies towards smart material selection and supplier engagement. • We continued the Ecoplatform Design funding project with KU Leuven Uni- versity, further enhancing the ecoscore assessment details. We defined a strat- egy to measure the mini–Product Environmental Footprint (PEF) of key components. A dedicated shortlist of 6 dominant impact categories has been developed: resource depletion (miner- als and metals), climate change, resource depletion (fossils), ecotoxicity, eutro- phication and acidification. We aim to manage these when selecting com- ponents, ensuring we do not shift the environmental burden to other hidden impact categories. This strategy will allow component engineers to prioritize low- er-impact components. • The impact of the Green Claims Directive and the Ecodesign for Sustainable Prod- uct Regulation (ESPR) on the ecoscore was analyzed and will be incorporated into the next framework revision. • The ecoscoring tool and practices were embedded in the onboarding training for new employees. For other colleagues, such as procurement and R&D employ- ees, we organize refresher courses several times a year. We also continued our online supplier training. 105 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Circular economy & waste (E5) 1 . Impacts, risks and opportunities Impacts, risks and opportunities Definition material topic Sub-topic Type IRO and description Actual/Potential Time horizon Own operations/value chain (upstream/downstream) Interdependencies between impacts and risks/opportunities a) Addressing the end-of-life of our own products and services by capturing the remaining value via circular business models. Enabling circularity via product life extension, sharing/collaboration models, predictive maintenance, upgrades, product-as-a-service, etc. combined with a circular R-strategy (recycling, remanufacturing, refurbishment, repair, etc.). b) Taking actions to prevent and reduce the waste from own operations. Resource inflows NI IRO 9: In order to manufacture our products, virgin materials are being exploited in our supply chain The exploitation of virgin materials to manufacture products leads to a decreased availability of natural resources. A ST U IRO 9 – IRO 10, IRO 9 – IRO 8 R IRO 10: Decreasing availability of materials and components Increasing scarcity of certain materials or components (e.g. precious/rare earth metals) might have an impact on business operations. This can lead to value chain disruption, price increases, temporary shutdowns, or the inability to manufacture certain products. P MT, LT U IRO 10 – IRO 8 Resource outflows related to our products NI IRO 11: Waste generation from our products Once our products and services are discarded, they increase the amount of e-waste. A ST, MT, LT D IRO 11 – IRO 10 O IRO 12: Development and/or expansion of circular products and services The transition towards a more circular economy is an opportunity to retain more value from our products by extending their lifetime and increasing material efficiency. This might create business opportunities in new markets. P ST, MT, LT D IRO 12 – IRO 11, IRO 12 – IRO 10, IRO 12 – IRO 2 Resource outflows related to our operations NI IRO 13: Waste generation from our operations and services Our operations (including services) increase the amount of company waste streams. A ST, MT, LT OO Policies Targets and metrics Ecodesign program: lower the environmental footprint of our products at every stage of their life cycle. Environment, Health & Safety² pledge: commitment to respect, preserve and improve the environment whenever possible. - We aim to increase the revenues from circular products each year (versus 2024 baseline) (waste from our products) - By 2027, 85% of our company waste will be recycled (waste from our operations) - By 2027, zero waste will go to landfill (waste from our operations) - Additional metrics not covered by targets:  % of revenues in countries with Barco return and recycling programs  ESRS E5 metrics 2 . Our response Through our circular offerings, we aim to enable long-term dematerialization while providing our customers with an increas- ingly circular experience. Through smart design and services, we aim to reduce waste and maximize the utility and value of products and components for as long as possible. Our next steps include explor- ing more valuable circular offerings, such as refurbishments, remanufacturing, and ‘as-a-service’ models that incorporate repurposing and upgrades. We also apply circular economy and resource efficiency principles within our own operations. This involves minimizing the amount of waste (especially unsorted waste), as well as improving recycling rates, and achieving our goal of sending zero waste to landfill (IRO 13). Zooming in on our approach to manage the above IROs related to our products (IRO 9, IRO 10, IRO 11, IRO 12): • Optimizing resource inflows and outflows - We prioritize circular design princi- ples via our ecodesign program. Our ecoscore embeds several criteria to boost the circularity of our products: improving the re-use, upgradability and modularity, facilitating the repair, and raising the use of recyclable and 106 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION recycled materials, both in products and in their packaging. The ecodesign program also focuses on improving material efficiency, by, for example, making our products more robust/ long lasting,, and reducing the num- ber of accessories. The circular design criteria are integrated into our New Product Introduction (NPI) process and taken into account when select- ing suppliers. A concrete example is the sourcing of PCR plastics to inte- grate in our products. • Optimizing resource outflows - In addition to our internal circular design efforts, we fully support the development of clear and objective cri- teria to drive the industry towards more circular products. As an active member of the CEN-CENELEC Joint Technical Committee 10 and 24, we contribute to creating an objective methodology for measuring the product repairability and recyclability. In this way, we aim to help enhance product circularity and enable transparent disclosure through a digital product passport. - It is crucial for our products to be recy- cled at end-of-life. This is the basic first step towards a more circular economy. » Every Barco product comes with a user manual giving customers guidance on how to handle the end-of-life stage, and also a recy- cling passport that offers recycling information specifically for recyclers. » We allow customers to return used products to recycling partners free of charge. In 2024, 69% of our revenues were generated in countries where we participate in and offer prod- uct return and recycling programs. Where no structured program is in place yet, we offer ad-hoc recycling and collection services. We expect all our recycling partners to be ISO 14001 certified and comply with leg- islation regarding the prohibition of e-waste export. Read more on our website. - Since 2021, Barco has been register- ing all its active end-products in the ECHA SCIP database 2 . We were able to do this thanks to our large coverage of Full Material Disclosures (FMDs) (83% of active components in 2024). That makes us a pioneer when it comes to providing transparent and up-to-date information. We are using this infor - mation to conduct more accurate Life Cycle Assessments (LCAs). Further reg- ulatory outlooks have triggered us to roll out the digital passport as intended by the EU Ecodesign for Sustainable Products initiative. We aim to further develop our circular economy policy and strategy in the com- ing years. As collaboration and innovation are key, we partner with research institu- tions and industry peer groups to take the next steps. 3 . Metrics and performance 3A . Metrics and performance related to our products Measuring resource inflows In line with CSRD requirements, we mea- sure the materials used to manufacture our products and services. The following met- rics were measured for the first time in 2024. The material 3 resource flow to report cor- responds to the goods purchased during the reporting year. These goods represent the aggregated weight of finished products or components used to assemble finished products that are subsequently placed on the market. In 2024 Barco assembled 4.869 tonnes of finished products that are subse- quently placed on the market. 1) The overall total weight of technical and biological materials: The reported material resource flow includes 13% of biological materials, including packaging. “Biological materials” are defined as materials that are wholly or partially derived from biological origins. For Barco, the relevant biological mate- rial streams are wood and cardboard. Currently, Barco does not enforce a dedi- cated certification scheme, which means we cannot claim any certified percent- age of biological materials, resulting in 0% certification rate. Examples of materials in our mass flow are: mechanical fixations, PCBA compo- nents, Plastic parts, connectors, Sheet Metal, Packing material, Fans, Optical components, cables... 2) Secondary reused or recycled compo- nents, secondary intermediary products and secondary materials: In the material resource flow of procured goods, 7.3 tonnes, or 0.15% of the total mass flow, consist of secondary reused or recycled components, secondary intermediary products, and secondary materials used to manufacture our prod- ucts and services (including packaging). This value represents the actual aggre- gated post-consumer recycled (PCR) mass weight per procured good with more than 10% recycled content. Only parts made with dedicated, specified pro- ducer polymer blends or certified by the manufacturer are included in this value. Measuring resource outflows related to our products 1) Durability of our products: All Barco products are considered when measuring the resource outflow of prod- ucts and materials. The durability of our products 4 is represented by their typ- ical operational lifetime in the field as intended 5 . As no industry averages are available or publicly disclosed, it is not possible to provide a comparison to industry benchmarks for this initial report- ing year. The resulting durability of our products is as follows: To our knowledge, the French Durability/ Repairability Index and Belgian Repairabil- ity Index are to be considered as the official rating systems. Nevertheless, both indexes have B2C consumer 6 products in scope. As B2B company, Barco currently does not apply the repairability index but is closely following the evolutions in the different member states. 2) Recyclable content: Finally, the products and materials placed on the market (including packaging) have the potential to enter the recycling stream. We have aggregated the recycla- ble content rates for all goods purchased during this reporting year. The products are assessed as placed on the EU market (2) Substances of Concern in articles as such or in complex objects (Products). -- (3) Non-limitative list of goods that are procured: adhesives, PCBA, computer components, connectors and cable assemblies, cooling systems, display components, electronic filters, mechanical components, integrated circuits, packaging material, power supplies. -- (4) Definition according to Delegated Regulation: Durability of a product, component or material: the ability of a product, component, or material to remain functional and relevant when used as intended. -- (5) Same definition is applied for Scope 3 cat. 11 calculations. More details about our carbon footprint calculation is available in this report’s Annex (use case data collection) -- (6) Definition according to EU 2023/2772; Consumer: individuals who acquire, consume or use goods and services for personal use, either for themselves or for others, and not for resale, commercial or trade, business, craft or profession purposes. Product category Durability: average of expected lifetime (in #years) Cinema projectors 10 Diagnostic Imaging displays 3.5 Immersive Experience projectors 8 Control rooms 6 Clickshare 5 Surgical and Modality 4 107 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION using Econinvent EU data. Recyclabil- ity is expressed as a percentage of the product mass that can serve as manufac- turing input (End of Life - Recycling Input Rate) and calculated using the Makersite recyclability app. 18.8% of the mass of procured goods is considered recyclable. 3B . Increase our revenues from circular products every year Our targets on revenues from ecolabeled products and newly introduced products (see section ‘Sustainable lifecycle man- agement’) relate to the identified IROs as follows: • Optimize resource outflow: the end- of-life avoidance pillar of the ecoscore methodology focusses on enhanc- ing product design, targeting durability, modularity, reparability, upgradability, and recyclability design goals. • Optimize resource inflow: the material and packaging pillar aims at increasing the use of secondary materials by setting minimum recycled content criteria, hence reducing the use of primary raw materials. Our current targets do not directly address the sustainable sourcing and use of renew- able resources, in line with the cascading principle, nor are they influenced by man- datory legislation. Nevertheless, via the life cycle assessments conducted, preference is given to items that are sustainably sourced or originate from a renewable source. Read more on our LCAs in the section on Sus- tainable life cycle management. We realize that before products can be recycled, the inner circles of the circular economy must be further explored, and opportunities must be seized. In 2024, we defined an objective Circular Econ- omy KPI methodology to measure both circular design (performance at product level) and how products are offered to the market (circular business models). More than designing for extended product lifetime and minimizing the end-of-life impacts, this KPI will drive tangible actions to enhance mate- rial efficiency throughout the entire life cycle of our products. Based on this KPI, we aim to increase the revenues from circular products each year. We will disclose more details on the meth- odology of the KPI and our performance in our next annual report. 3C . Metrics and performance related to our own company waste The two main sources of solid waste at Barco are packaging materials (waste from own operations) and waste from repair activ- ities. At the end of 2024, total solid waste amounted to 1,776 tonnes, a 17.6% increase compared to 2023 (1,510 tonnes). In relative terms, total solid waste is 1.9 tonnes/mio euro revenues versus 1.4 tonnes/mio euro revenues in 2023 – an increase that is attrib- utable to extra waste in our repair activity at our US offices. In 2024, the recycling rate for solid waste rose to 81%.This is the highest rate ever achieved (+ 1% vs. 2023), primarily thanks to the selection of better waste recycling partners in the US. We aim to increase the recycling rate to 85% by 2027. In 2024, we managed to restrict the per- centage of landfilled waste to 2%, in line with 2023 (due to repair activities in the US). We now aim to send zero waste to landfill by 2027. 4 . Actions on circular economy and waste 4A . Encouraging circular projects across our business (resource inflows and resource outflows related to our products) The following concrete actions were launched in 2024: • The ecoscore helped us improve the cir- cular design of our products. • We launched circular projects in the for- ward-looking strategic management plans of every business unit. The following actions will continue or be launched in 2025: • Further improve the circular design of our products through the ecoscore. • Conduct LCAs and integrate the material findings into our ecoscoring methodology. • Increase the amount of circular offerings by motivating every business unit to work out specific action plans. Waste from own operations In tonnes 2024 2023 Hazardous waste directed to disposal 5.2 8.5 Hazardous waste directed to disposal by incineration 5.2 8.5 Hazardous waste directed to disposal by landfilling 0.0 0.0 Hazardous waste directed to disposal by other disposal operations 0.0 0.0 Hazardous waste diverted from disposal 2.8 17.5 Hazardous waste diverted from disposal due to other recovery operations 0.0 0.0 Hazardous waste diverted from disposal due to preparation for reuse 0.0 0.0 Hazardous waste diverted from disposal due to recycling 2.8 17.5 Non-hazardous waste directed to disposal 333.2 348.0 Non-hazardous waste directed to disposal by incineration 298.5 311.2 Non-hazardous waste directed to disposal by landfilling 34.7 36.7 Non-hazardous waste directed to disposal by other disposal operations 0.0 0.0 Non-hazardous waste diverted from disposal 1,434.6 1,136.1 Non-hazardous waste diverted from disposal due to other recovery operations 21.6 10.7 Non-hazardous waste diverted from disposal due to preparation for reuse 0.0 0.0 Non-hazardous waste diverted from disposal due to recycling 1,413.0 1,125.4 Non-recycled waste 338.5 356.5 Percentage of non-recycled waste 19.1% 23.6% Total amount of hazardous waste 8.0 26.0 Total amount of radioactive waste 0.0 0.0 Waste from own operations In tonnes 2024 2023 % diff Total Waste generated 1,775.8 1,510.0 17.6% 108 Ba rco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION 4B . Minimizing our company waste and improving the recycling rate of our company waste (resource outflows related to our own operations) To minimize the waste of our operations and services, we launched the following actions in 2024, which we will continue in 2025: • Guide suppliers of incoming compo- nents and products on how to reduce packaging. • Raise awareness amongst suppliers to use recyclable packaging materials. • Encourage employees to sort waste effi- ciently and correctly. Waste recycling is part of our 5S audit system, where the presence of the different waste recycling bins is checked. The following actions were launched in 2024 and will be continued in 2025: • Launch concrete projects in our US plants to improve the recycling rate of plastic waste streams. Reporting on EU taxonomy 1 . Background A key objective of the European Com- mission’s (‘Commission’) action plan on financing sustainable growth is to reorient capital flows towards sustainable investment and ensure market transparency. To achieve this objective, the EC created an EU classifi- cation system for sustainable activities: the EU Taxonomy. The regulation relates to 6 environmental objectives: Climate change mitigation, Climate change adaptation, Cir- cular economy, Sustainable use of water and marine resources, Pollution prevention, and Healthy ecosystems. Article 8(2) of Regulation (EU) 2020/852 requires non-financial undertakings like Barco to disclose Key Performance Indi- cators (KPIs) that reflect the proportion of their turnover derived from environ- mentally sustainable economic activities (‘Taxonomy-aligned activities’), as well as the proportion of capital (‘CapEx’) and oper- ating expenditure (‘OpEx’) linked to assets or processes associated with such activities, covering all relevant objectives. Barco considers that its economic activities have the potential to significantly contrib- ute to Environmental objectives (Eligible), including ‘climate change mitigation’ and ‘transition to circular economy’. Barco’s turnover is tied to most of the high-impact economic sectors listed in the initial Tech- nical Expert Group on Sustainable Finance (TEG) report. We are committed to transpar- ently communicating our potential impact across the following objectives and sectors. 1A . Climate change mitigation Delegated Regulation (EU) 2021/2139 defines the activities that significantly con- tribute to climate change mitigation or adaptation. An evaluation of Barco’s reported Scope 3 emissions – primarily driven by categories 1 and 11 (representing our customers’ Scope 2 emissions), further supported by discussions with customers, peers, and industry asso- ciations – led to the following conclusion: Barco’s aligned products have the potential to substantially contribute to environmental objectives by supporting the GHG reduction across specific economic activities, such as entertainment, visualization, transport, and ICT sectors. For example, our (laser) cinema projectors play a pivotal role in improving energy efficiency in theatres and permanent installations. And our ClickShare products enable remote collaboration, reducing the need for travel. Barco's conclusion on product alignment is based on the application of NACE codes and adherence to the guidance outlined in the Technical Screening Criteria (TSC) and the Do No Significant Harm (DNSH) prin- ciples. This approach involves comparing the product’s Life Cycle Assessment (LCA) performance against market benchmarks, specifically the ‘best performing alternative’. 1B . Transition to circular economy Delegated regulation (EU) 2023/2486 out - lines the Circular Economy (CE) objective, emphasizing the need for economic activ- ities to promote efficient use of resources through appropriate reuse and recycling. Barco manufactures electronic equipment for professional B2B use and its ecoscore framework directly aligns with CE require- ments and the potential for enhanced resource efficiency. 2 . Taxonomy-eligible 2A . Turnover to eligible activities Article 1 of the EU Taxonomy Regulation defines a taxonomy-eligible economic activity as an economic activity that is listed under the applicable TSC, irrespective of whether that economic activity meets any or all of the TSC. An economic activity is defined as an activity that contributes to climate change mitigation if it substantially aids in stabilizing greenhouse gas (GHG) concentrations in line with the long-term temperature goal in the Paris Agreement. This contribution can be achieved by avoiding or reducing GHG emissions, or by increasing GHG remov- als, including through process or product innovations, such as advancements in low-carbon technologies. Barco offers products with the potential to qualify as substantially contributing to cli- mate change mitigation 7 . They support the transition to a climate-neutral econ- omy, aligned with the IPCC pathway to limit global temperature increases to 1.5°C above pre-industrial levels, by reducing GHG emissions during their use phase, through enhanced energy efficiency. Barco does not offer products that can sub- stantially contribute to climate change adaptation. Therefore, eligible activities related to climate objectives will focus solely on climate change mitigation. The EU Taxonomy Regulation qualifies an economic activity as an activity that contrib- utes to the transition to a circular economy if that activity potentially results in: increased material resource efficiency and state-of- the-art ecodesign across the full product life cycle by focusing, for example, on: “R-con- cepts”, longevity, upgradability, recyclability, and avoiding hazardous substances. In summary, both ‘climate change miti- gation’ (CCM) and ‘transition to a circular economy’ (CE) are relevant objectives in investigating eligibility. Determination of Barco’s relevant eco- nomical activities is based on NACE code registration and validation of the economic activity, and is conducted individually per objective. The following applicable eco- nomic activities as defined in the delegated acts apply: Climate Change Mitigation – Manufacturing: C26 Manufacture of computer, electronic and optical products and C27 Manufacture of electrical equipment, qualifying under 3.6 ‘Manufacture of other low-carbon tech- nologies’ in the Climate Delegated Act on climate change mitigation (CCM 3.6). Our products are used in the visualiza- tion technology sector, which relies on electronic products for its functionality. (7) EU Taxonomy Regulation defining substantial contribution to climate change adaptation is currently not applicable to Barco’s solution portfolio. 109 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION By ensuring energy savings through ener- gy-efficiency measures, our products have a direct impact on potential GHG emission reductions within this sector. The use of electronic products significantly impacts the sector’s environmental footprint. Con- sequently, Barco’s products fall within the scope of the workplan of the Ecode- sign Directive 2009/125/EC and the recent Ecodesign for Sustainable Products (ESPR) Regulation (EU) 2024/1781. This scope inclusion, as Energy-Related Products, is supported by numerous preparatory stud- ies and confirmed by the latest EIA report. Products covered by Barco’ ecolabeling framework have the potential to substantially reduce GHG emissions within customers’ Scope 3 Category 11. The framework also clearly defines the eligibility criteria for this initiative. Transition to a circular economy – Manu- facturing: C26 Manufacture of computer, electronic and optical products and C27 Manufacture of electrical equipment, qual- ifying under 1.2. ‘Manufacture of electrical and electronic equipment’ in the Environ- mental Delegated Act (CE 1.2). This activity aligns closely with the scope of Barco’s ecoscore framework and the cor- responding product portfolio. In addition, the TSC refer to the EU ecolabel criteria or incorporate specific requirements from ecodesign regulations, such as those for electronic displays, servers, data storage devices, and the latest green public pro- curement requirements. Products covered by Barco’s ecolabeling framework are designed to facilitate the transition to a circular economy. The eco- labeling program therefore clearly defines the eligibility criteria. For the purposes of turnover eligibility reporting, the following parameters were applied for both objectives: • Turnover: in accordance with Interna- tional Financial Reporting Standards (IFRS), as adopted for use by the EU. We refer to note ‘Significant accounting princi- ples 1.11. Revenue recognition’ for the accounting principles applied. • Turnover-related eligible activities: turn- over associated with Barco solutions that directly impact carbon footprint or cir- cularity. These activities fall under NACE code C26 or C27. Turnover defined above represents turnover generated by both hardware products and project 8 revenues (see note 3 of the Finan- cial Statements). Turnover-related non-eligible activities: turn- over linked to Barco solutions that do not fall within the scope of CCM 3.6 or CE 1.2, as well as turnover from licenses or services 9 . The overall reported “Proportion of Turnover (4)” as displayed in EU Taxonomy reporting table, aggregates unique economic activi- ties and corresponding revenues, in order to avoid double counting or incorrect group- ing of economic activities. 2B . CapEx and OpEx related to eligible activities CapEx The definition of KPI CapEx is available in Annex I 1.1.2 of DA C(2021) 4987 and is fully in line with the reporting framework defined in the financial note on Significant accounting principles ‘5. Property, plant and equipment’ and ‘6. Leases’. The total amount of CapEx is reported in note 9.2 ‘Other intangible assets and tan- gible fixed assets’. The total amount equals the eligible CapEx, as the total amount of CapEx relates solely to assets or associated with dedicated individual measures. OpEx The definition of KPI OpEx is available in Annex I 1.1.3 of DA C(2021) 4987. For eli- gibility reporting, OpEx is considered to cover direct non-capitalized costs that relate to research and development, build- ing renovation measures, short-term lease, maintenance and repair, and any other direct expenditures relating to the day-to- day servicing of assets of property, plant, and equipment by the undertaking or third party to whom activities are outsourced that are necessary to ensure the continued and effective functioning of such assets. Translated to Barco expenses, only the costs related to Research and Development (R&D) are considered material and therefore included as eligible OpEx identical to R&D entity-specific KPI reported under ESRS. R&D expenses include all internal and external costs related to Research and Development projects, as well as investments linked to the company’s product roadmap. The roadmap can be fully linked to specific economic activities. We refer to note 3. (a) ‘Research and Development expenses. 3 . Taxonomy alignment EU Taxonomy requires alignment with the TSC and DNSH, and compliance with the minimum safeguards. Only if these 3 items are met can an economic activity be labeled “aligned”. The following sections aim to dis- close what process and methodology Barco employs to determine alignment with the ‘climate change mitigation’ objective. Reporting obligations on circularity align- ment are not detailed in this section. At this time, it is impossible to claim alignment with CE 1.2 due to the strict requirements set in the TSC concerning the use of hazardous substances. The CE 1.2 TSC implies substi- tution that is not realistic for our industry. Hence, we do not consider alignment with CE 1.2 for reporting year 2024. 3A . Aligned turnover The relevant alignment TSC are defined under the economic activity CCM 3.6 ‘Man- ufacture of other low-carbon technologies’: “The economic activity manufactures tech- nologies that aimed a and demonstrate substantial life cycle GHG emission savings compared to the best performing alternative technology/product/solution available on the market.” However, the regulation does not con- tain specific guidance or requirements on how to identify the best-performing alter- native technology/product/solution or on how to avoid creating a moving target/ benchmark. In addition, the life cycle GHG emission savings of alternative technology/ product/solution available on the market are unknown to the reporting entity. For this reason, the following criteria are applied to determine product alignment: • Supporting LCA 11 evidence: the product must demonstrate that it supports GHG reductions consistent with the IPCC1,5°C pathway, through LCA evidence. For product Scope 3 GHG emissions, this requires a minimum linear annual reduc- tion of 2.5% compared to the previous generation of the product, as defined by the SBTI Net Zero Standard8 Guide P8. • DNSH compliance: the product does not violate the applicable DNSH criteria. • Social safeguards: the product must comply with minimum social safeguard requirements. Product Scope 3 emissions of electronic products are typically driven by energy con- sumption during the product usage phase (category 11). Therefore, GHG emission reductions can directly be linked to the rel- ative improved energy efficiency versus the relevant benchmark. (8) Projects are system installations that consist of multiple hardware products and related system installation, technical support based on end-customer specifications. All project sales are hardware-product related. (9) Economic activities that fall under 5.5 of DA transition to a circular economy are based upon hardware solutions that are covered under activity 1.2. -- (11) GHG reductions have been validated by third party Vinçotte for this reporting year. 110 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION All revenue-related products have been assessed case by case, in order to confirm, as defined above, which products improve annual energy efficiency by 2.5% compared to the relevant internal benchmark. Prod- ucts are benchmarked against the previous generation of Barco products with identical intended use. For example, a new generation of projectors benchmarked against the previous gener- ation, introduced into the market 11 years ago, will be at least 25% more energy effi- cient for the same delivered capabilities. The source data for this assessment has under- gone an assurance assessment by Vinçotte. Our benchmark approach is a strict, prudent interpretation and reflects a moving target that increases annually, due to the lack of predefined external benchmark. We look forward to receiving more clear guidance in due course on how to perform external benchmarking and align our methodology accordingly. Barco products included in the ecola- beling program aim to enable substantial reductions of Scope 3, Category 11 GHG emissions, benefiting our customers. To ensure this objective is met, only ecolabel products are considered potentially aligned, as the ecolabel ensures a positive assess- ment of the energy-use pillar. We have proactively adjusted the ecoscore framework to assess the turnover alignment of Barco products. We update the frame - work every year to keep pace with evolving regulatory requirements. The ecoscore tool incorporates the TSC related to the climate mitigation objective, as well as the corre- sponding DNSH criteria for ‘transition to circular economy’ in the ecoscore frame- work under the EOL pillar. Outside the ecoscore framework, the fol- lowing DNSH criteria are assessed: • Climate change adaptation: We screened the relevant physical climate risks and performed an initial climate risk and vul- nerability assessment to identify which manufacturing sites may be affected by physical climate risks during their expected lifetimes. The climate risk and vulnerability analyses were based on Rep- resentative Concentration Pathway (RCP) scenarios, in accordance with DNSH requirements. The conclusions of the ini- tial analysis are described in the section on climate change & energy (scenario analysis). • Sustainable use and protection of water and marine resources: All our manufac- turing sites are ISO 14001 and ISO 9001 certified, representing an established environmental management system and environmental due diligence process. The impact of Barco’s projects on water and marine resource is not material. • Pollution prevention and control: Since 2014, Barco has actively managed envi- ronmental, health, and safety-regulated substances by maintaining a detailed list of prohibited substances and those restricted in use to specific applications: the Barco Regulated Substance List. Barco has also implemented a management process for hazardous substances, ensuring compli- ance with relevant EU regulations and directives, thereby meeting the specified DNSH criteria. • Protection and restoration of biodiver- sity and ecosystems: All Barco projects comply with necessary local authority approvals regarding environmental reg- ulations, and no Environmental Impact Assessment (EIA) has been required for our activities, as none of our projects are included in Annex I or II of Directive 2011/92/EU. Additionally, no Barco facili- ties are in biodiversity-sensitive areas, and their locations pose very low to medium risk to key biodiversity or protected areas, as determined by a biodiversity risk screening. This results in the following quantitative data (see reporting table for more details): Eligibility for both objectives is identical, the scope of Barco’s ecolabel program, representing the same defined economic activities under objective 1 and 4. Eligibil - ity remained stable in reporting year 2024 (89%) as in the previous year 2023 (89%). Aligned revenue did decrease to 42%, ver- sus 45% in reporting year 2023. This is the result of a stricter benchmark. 3B . Aligned CapEx Aligned CapEx as defined in Annex I 1.1.2 of DA C(2021) 4987 can be any of the following: • Related to assets or processes that are associated with Taxonomy-aligned eco- nomic activities; • Part of a plan to expand Taxonomy-aligned economic activities or to allow Taxono- my-eligible economic activities to become Taxonomy-aligned; • Related to the purchase of output from Taxonomy-aligned economic activities and individual measures enabling the tar- get activities to become low-carbon or to lead to greenhouse gas reductions. Currently, no assets/processes can be linked unambiguously to aligned turnover activities (CapEx type a, b) in our reporting system. We therefore allocated all CapEx to eligible activities, even though this might not be the case, and limited the current year reporting to alignment with individual measures. Type c investments are assessed on a case-by- case basis and linked to dedicated economic activities, covering both the acquisition of products/services and the measures that indi- rectly lead to the contribution of the defined objectives. As a result, we identified several CapEx investments that meet the alignment definition (e.g. investments in green mobil- ity and renewable energy). We have positively assessed the applicable TSC and DNSH for these individual measures. In 2024, we continued our transition to an electrified fleet of company cars (CCM 6.5) and expanded associated charging installa- tions and services (CCM 7.4). In the coming years, we will continue this electrification process, aiming to further reduce mobili- ty-related CO 2 emissions. Additionally, we kept investing in renewable energy by install- ing solar panels (CCM 7.6). This results in the following aggregated quantitative data (see reporting table for more details): Proportion of turnover/total turnover Taxonomy- aligned per objective Taxonomy- eligible per objective CCM 47% 89% CCA 0% 0% WTR 0% 0% CE 0% 89% PPC 0% 0% BIO 0% 0% Proportion of CapEx/total CapEx Taxonomy- aligned per objective Taxonomy- eligible per objective CCM 7% 100% CCA 0% 0% WTR 0% 0% CE 0% 100% PPC 0% 0% BIO 0% 0% * CCM: Climate Change Mitigation; CCA: Climate Change Adaptation; WTR: Water and Marine Resources; PPC: Pollution Prevention and Control; CE: Circular Economy; BIO: Biodiversity and Ecosystems. 111 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION The CapEx eligibility proportion 10 has remained stable (CCM and CE) over the past reporting years. In 2024, the aligned CapEx investments declined from 11% to 7%, due to the lower CapEx proportion in elec- trical company cars and charging stations (CCM 6.5 10% vs 6% alignment, CCM 7.4 1% vs 0.2% alignment). In 2024, we report the installation of solar panels (CCM 7.6) repre- senting 0.3% alignment. 3C . OpEx Aligned OpEx as defined in the Annex I 1.1.2 of DA C(2021) 4987 can be any of the following: • Related to assets or processes associated with Taxonomy-aligned economic activ- ities, including training and other human resources adaptation needs, and direct non-capitalized costs that represent Research and Development; • Operating expenditure included as part of the CapEx plan to expand Taxono- my-aligned economic activities or allow Taxonomy-eligible economic activities to become Taxonomy aligned; • Related to the purchase of output from Taxonomy-aligned economic activities and to individual measures enabling the target activities to become low carbon, or to lead to GHG reductions as well as individual building-renovation measures. Aligned OpEx reflects the development and maintenance efforts dedicated to sus- tainable product design. A company that aims to integrate continuous sustainability improvements into its innovation process and wants to improve its KPIs should main - tain a high level of OpEx (R&D). Barco supports this through its ecoscoring process and short-term KPIs, focused on new products and revenue-based metrics. We have a dedicated strategy to expand Tax- onomy-aligned economic activities or to enable target activities to become aligned. This strategy covers all aspects of product development, including both hardware and related software. In other words, for Barco, aligned OpEx cor- responds to investments in R&D aimed at developing (future) turnover-aligned prod- ucts (ecolabeled). If R&D OpEx effort cannot be directly linked to an aligned activity or future aligned products, it is not accounted for as aligned. In cases where R&D efforts are linked to both aligned and unaligned products, a pro-rata aligned revenue ver- sus eligible revenue is applied, as outlined in FAQ C/2023/305 11 . Examples of aligned R&D activities include the development of the next-generation, efficient HDR LightSteering cinema pro- jector technology, Barco CTRL software, next-generation video management pro- cessors, and Barco’s new healthcare display. Examples of pro-rata aligned activities include video-processing PCBAs that are used in different displays, software that runs on the Nexxis platform, or laser sources that are integrated into different end-products. This results in the following aggregated quantitative data (see reporting table for more details): The eligibility coverage (CCM and CE) has remained stable at 76%, versus 77% in reporting year 2023. Alignment further increased from 45% to 50%, reflecting the effort in R&D expenses to further align our products. 4 . Nuclear and fossil gas-related activities Barco does not engage in, fund or have exposure to nuclear energy or gas-related activities as defined in the following tables. None of our products are intended to oper- ate nuclear or gas facilities. 5 . Minimum safeguards Pursuant to the European Commission’s notice on the interpretation and implemen- tation of certain legal provisions of the EU Taxonomy Regulation (2023/C 211/01), Arti- cle 18 of the EU Taxonomy Regulation does not require any disclosures in addition to what is already disclosed in these Sustain- ability Statements (see section ‘Corporate Governance and Business Ethics’). (10) Both objectives represent the same eligible proportion, as identical economic activities are in scope. -- (11) In line with C/2023/305 FAQ topic 32. * CCM: Climate Change Mitigation; CCA: Climate Change Adaptation; WTR: Water and Marine Resources; PPC: Pollution Prevention and Control; CE: Circular Economy; BIO: Biodiversity and Ecosystems. Proportion of OpEx/total OpEx Taxonomy- aligned per objective Taxonomy- eligible per objective CCM 50% 76% CCA 0% 0% WTR 0% 0% CE 0% 76% PPC 0% 0% BIO 0% 0% Nuclear and fossil gas-related activities Nuclear energy-related activities The undertaking carries out, funds, or has exposures to research, development, demonstration, and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. no The undertaking carries out, funds, or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. no The undertaking carries out, funds, or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. no Fossil gas-related activities The undertaking carries out, funds, or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. no The undertaking carries out, funds, or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. no The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. no 112 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Financial year 2024 2024 Substantial contribution criteria DNSH criteria ('Does Not Significantly Harm' criteria) Minimum safeguards (17) Taxonomy aligned proportion of total Turnover, year 2023 (18) Category (enabling activity) (20) Category (transitional activity) (21) Economic activities (1) Code (2) Absolute Turnover (3) Proportion of Turnover (4) Climate change mitigation (5) * Climate change adaptation (6) Water (7) Pollution (8) Circular Economy (9) Biodiversity & ecosystems (10) Climate change mitigation (11) Climate change adaptation (12) Water (13) Pollution (14) Circular Economy (15) Biodiversity (16) in thousands EUR % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A . Taxonomy-eligible activities A.1. Environmentally sustainable activities (Taxonomy-aligned) Manufacture of products and technologies CCM 3.6 CE 1.2 395,036 41.7% Y N/EL N/EL N/EL N N/EL - Y Y Y Y Y Y 45.0% E Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) 395,036 41.7% 41.7% 0% 0% 0% 0% 0% - Y Y Y Y Y Y 45.0% of which enabling 395,036 41.7% 42.0% 0% 0% 0% 0% 0% - Y Y Y Y Y Y 45.0% E of which transitional 0 0% 0% - - - - - 0% T A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Manufacture of products and technologies CCM 3.6 CE 1.2 447,405 47.3% EL N/EL N/EL N/EL EL N/EL 44.0% Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 447,405 47.3% 47.3% 0% 0% 0% 47.3% 0% 44.0% Total (A.1+A.2) 842,441 89.0% 89.3% 0% 0% 0% 89.3% 0% 89.0% B . Taxonomy-non-eligible Activities Turnover of Taxonomy-non-eligible activities 104,149 11.0% Total (A+B) 946,590 100% * Compliance with minimum safeguards, as further clarified by the Platform on Sustainable Finance (see Minimum Safeguards and section ‘Corporate Governance and business ethics). Y - Yes: Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective; N - No: Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective; N/EL: not eligible, Taxonomy non-eligible activity for the relevant environmental objective; EL: Taxonomy eligible activity for the relevant objective. 113 Bar co  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Financial year 2024 2024 Substantial contribution criteria DNSH criteria ('Does Not Significantly Harm' criteria) Minimum safeguards (17) Taxonomy aligned proportion of total Turnover, year 2023 (18) Category (enabling activity) (20) Category (transitional activity) (21) Economic activities (1) Code (2) Absolute CapEx (3) Proportion of CapEx (4) Climate change mitigation (5) * Climate change adaptation (6) Water (7) Pollution (8) Circular Economy (9) Biodiversity & ecosystems (10) Climate change mitigation (11) Climate change adaptation (12) Water (13) Pollution (14) Circular Economy (15) Biodiversity (16) in thousands EUR % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A . Taxonomy-eligible activities A.1. CapEx of environmentally sustainable activities (Taxonomy-aligned) Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) (CapEx C) CCM 7.4 102.3 0.2% Y N/EL N/EL N/EL N N/EL - Y Y Y Y Y Y 1.0% E Installation, maintenance and repair of renewable energy technologies (CapEx C) CCM 7.6 168.6 0.3% Y N/EL N/EL N/EL N/EL N/EL - Y Y Y Y Y Y 0% E Transport by motorbikes, passenger cars and light commercial vehicles (CapEx C) CMM 6.5 2,934.0 6.0% Y N/EL N/EL N/EL N/EL N/EL - Y Y Y Y Y Y 10.0% T CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) 3,205.0 6.6% 6.6% 0% 0% 0% 0% 0% - Y Y Y Y Y Y 10.8% of which enabling 102.0 0.6% 0.6% 0% 0% 0% 0% 0% - Y Y Y Y Y Y 45.0% E of which transitional 0 6.0% 6.0% - - - - - 0% T A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) (CapEx C) CCM 7.4 0 0% EL N/EL N/EL N/EL N/EL N/EL 0% Installation, maintenance and repair of renewable energy technologies (CapEx C) CCM 7.6 99.5 0% EL N/EL N/EL N/EL N/EL N/EL 0% Transport by motorbikes, passenger cars and light commercial vehicles (CapEx C) CMM 6.5 632.7 1.3% EL N/EL N/EL N/EL N/EL N/EL 0% Manufacture of products and technologies (CapEx A) CCM 3.6 CE 1.2 44,583.0 91.9% EL N/EL N/EL N/EL EL N/EL 0% CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 45,315.0 93.4% 90.0% 0% 0% 0% 90.0% 0% 89.2% Total (A.1+A.2) 48,520.0 100% 100% 0% 0% 0% 100% 0% 100% B . Taxonomy-non-eligible Activities CapEx of Taxonomy-non-eligible activities 0 0% Total (A+B) 48,520.0 100% * Compliance with minimum safeguards, as further clarified by the Platform on Sustainable Finance (see Minimum Safeguards and section ‘Corporate Governance and business ethics). Y - Yes: Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective; N - No: Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective; N/EL: not eligible, Taxonomy non-eligible activity for the relevant environmental objective; EL: Taxonomy eligible activity for the relevant objective. 114 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Financial year 2024 2024 Substantial contribution criteria DNSH criteria ('Does Not Significantly Harm' criteria) Minimum safeguards (17) Taxonomy aligned proportion of total Turnover, year 2023 (18) Category (enabling activity) (20) Category (transitional activity) (21) Economic activities (1) Code (2) Absolute OpEx (3) Proportion of OpEx (4) Climate change mitigation (5) * Climate change adaptation (6) Water (7) Pollution (8) Circular Economy (9) Biodiversity & ecosystems (10) Climate change mitigation (11) Climate change adaptation (12) Water (13) Pollution (14) Circular Economy (15) Biodiversity (16) in thousands EUR % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A . Taxonomy-eligible activities A.1. Environmentally sustainable activities (Taxonomy-aligned) Manufacture of other low carbon technologies (OpEx A) CCM 3.6 CE 1.2 67,024 50.0% Y N/EL N/EL N/EL N N/EL - Y Y Y Y Y Y - E OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) 67,024 50.1% 50.1% 0% 0% 0% 0% 0% - Y Y Y Y Y Y 48.0% of which enabling 67,024 50.1% 50.1% 0% 0% 0% 0% 0% - Y Y Y Y Y Y 45.0% E of which transitional 0 0% 0% - - - - - 0% T A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Manufacture of other low carbon technologies (OpEx A) CCM 3.6 CE 1.2 35,159 26.3% EL N/EL N/EL N/EL EL N/EL 29.0% OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 35,159 26.3% 26.3% 0% 0% 0% 26.3% 0% 29.0% Total (A.1+A.2) 102,183 76.3% 76.3% 0% 0% 0% 76.3% 0% 77.0% B . Taxonomy-non-eligible Activities OpEx of Taxonomy-non-eligible activities 31,679 23.7% Total (A+B) 133,862 100% * Compliance with minimum safeguards, as further clarified by the Platform on Sustainable Finance (see Minimum Safeguards and section ‘Corporate Governance and business ethics). Y - Yes: Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective; N - No: Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective; N/EL: not eligible, Taxonomy non-eligible activity for the relevant environmental objective; EL: Taxonomy eligible activity for the relevant objective. 115 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Social Own workforce (S1) 1 . Overview people data Barco’s total headcount at year-end 2024 amounted to 3243. On a comparable basis, including the Cinionic teams, this represents a net headcount reduction close to 7% ver - sus the previous year. A significant part of the net decrease was associated with the closure of the Changping manufacturing plant and the integration of its activities into the Wuxi plant in China. The remainder of the net reduction reflects adjustments made in response to the business context and the execution of our strategy. EMEA is the big- gest region from a headcount perspective, with 53% of our employees, followed by APAC including China (33%), and the Amer- icas (14%). The details by country can be found at the bottom of this section. Of our employees, about 70% are male and 30% are female. More than 90% have permanent contracts, while a minority (9%) hold temporary contracts. We do not employ on non-guaranteed hours. All employees have the option to work reduced hours. Overall, 10% of our work- force works part-time (20% female, 6% male). This results in a total headcount of 3,135 FTEs (Full Time Equivalent, based on actual working hours of the employees). In addition to numerous internal job moves, which we actively encourage, Barco hired externally to fill specific replacements or add talent to complement our workforce. In total, 247 new employees joined the com- pany. Several open positions were filled by internal candidates, resulting in an internal mobility figure of 27% (calculation based on permanent contracts only). 478 employees left the company in 2024. Voluntary turnover increased slightly versus last year (at 5.9%), overall turnover increased to 14.7%, including headcount reductions linked to business restructuring. Turnover figures are calculated based on the number of employees leaving the company divided by the headcount at the end of the year. To manage peak demand, particularly in production, Barco is relying on agency workers, though this remains a limited por- tion – around 3.5% (109 FTE), in addition to our internal staff. For certain func- tions where we struggle to find sufficient internal staff or the right competencies, we use external resources (consultants, contractors). However, this remains low, around 5% (157 FTE) on top of our internal staff. Most of these external resources are software engineers, including both self-em- ployed individuals and experts employed by other companies. In order to calculate the number of non-employees, we use the same source as for our employees, i.e. SAP SuccessFactors. Looking at our worldwide workforce, 98% of our employees work in countries with minimum wage regulations. Based on the current data available (benchmark data), we deem to pay adequate wages in all coun- tries we operate in. We do not aim to take any further actions. Going forward, it is, however, our objective to refine our meth- odology on adequate wages. The working time of our employees is enshrined in our employee handbooks. We entitle all our employees to take family-re- lated leave. Most employees in the EAA (European Eco- nomic Area) work in countries with worker’s council representation (97%) and are cov- ered by collective bargaining agreements (98%). See the table below. In line with the legislation, Barco has an agreement with its employees for representation both at local level and European level (European Works Council). Additional information related to the % of employees covered by collective bargaining agreements outside the EEA (S1-8) and social protection (S1-11) will be disclosed in our Integrated Report 2025 (phase-in). Description of DR Heads Americas APAC China EMEA Total Total number of employees, by gender and region (# heads) Female 116 121 139 590 966 Male 321 611 215 1,130 2,277 Total 437 732 354 1,720 3,243 Total number of employees, by gender and region (# FTEs) Female 115 120 139 530 904 Male 320 611 215 1,085 2,231 Total 435 731 354 1,615 3,135 Total number of permanent employees, by gender and region (# heads) Female 115 120 38 577 850 Male 320 609 58 1,107 2,094 Total 435 729 96 1,684 2,944 Total number of non-permanent employees, by gender and region (# heads) Female 1 1 101 13 116 Male 1 2 157 23 183 Total 2 3 258 36 299 116 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Overview people data Country Non-permanent employees Permanent employees Grand total Female Male Total Female Male Total Australia 3 13 16 16 Belgium 13 18 31 481 813 1,294 1,325 Brazil 5 14 19 19 Canada 1 1 2 7 26 33 35 China 101 157 256 36 54 90 348 Colombia 1 6 7 7 France 5 22 27 27 Germany 3 3 19 78 97 100 HongKong 2 4 6 6 India 1 1 61 444 505 506 Italy 1 1 54 83 137 138 Japan 1 1 5 23 28 29 Malaysia 3 3 6 6 Mexico 12 16 28 28 Netherlands 1 3 4 4 Norway 6 38 44 44 Poland 1 11 12 12 Russian Fed. 1 1 1 Saudi Arabia 1 7 8 8 Singapore 6 16 22 22 South Korea 2 12 14 14 Spain 2 10 12 12 Sweden 1 7 8 8 Taiwan 1 1 40 98 138 139 Turkey 1 2 3 3 UK 3 19 22 22 USA 90 258 348 348 UAE 2 14 16 16 Grand total 116 183 299 850 2,094 2,944 3,243 Overview people data in EAA countries Country Number of employees Employees covered by CBAs Employees covered by workers’ representatitves Belgium 1,325 1,325 1,325 France 27 27 27 Germany 100 87 87 Italy 138 138 124 Netherlands 4 4 - Norway 44 44 44 Poland 12 - 12 Spain 12 12 - Sweden 8 - - Total (number of employees) 1,670 1,637 1,619 Total (% of employees) NA 98% 97% 117 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Impacts, risks and opportunities Material topic Sub-topic Type IRO and description Actual/Potential Time horizon Own operations/value chain Interdependencies between impacts and risks/opportunities S1 – Own workforce Working conditions R IRO 14: Lack of employee engagement A lack of employee engagement across entities could lead to reduced business performance. P ST OO PI IRO 15: Healthy, safe, and smart organization leveraging on talent Offering a healthy, safe and smart workplace where people feel engaged, fulfilled and get the opportunity to develop their talents. A ST, MT, LT OO IRO 15 – IRO 14, IRO 15 – IRO 18 Talent & Career Development R IRO 16: Failure in recruiting and retaining skilled employees The failure to recruit and retain skilled employees may result in decreased business performance, less innovation, and lower-quality products and services. P ST, MT, LT OO PI IRO 17: Put forward a continuous learning mindset and training offering to empower employees By nurturing and enhancing the skills, knowledge and capabilities of individuals within Barco, we support their professional growth and development. A ST, MT, LT OO IRO 17 – IRO 14, IRO 17 – IRO 16 Diversity & Inclusion O IRO 18: Diversity resulting in innovative thinking and approaches Barco serves a diverse range of global markets. If our internal teams reflect the same diversity, with views from all different angles, that will encourage innovative thinking and approaches. A ST, MT, LT OO IRO 18 – IRO 16 PI IRO 19: Inclusive culture where people from different backgrounds can thrive By building an inclusive culture, where people from different backgrounds are respected and treated equally, we help people thrive in the workplace. A ST, MT, LT OO IRO 19 – IRO 15, IRO 19 – IRO 18 2 . Impacts, risks and opportunities 118 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Policies Targets & metrics Cultural values program: program to define the Barco culture and roll-out the cultural values throughout the organization. Barco has defined three cultural values: customer orientation, impactful innovation and winning collaboration. Recruitment vision (diversity, elimination of discrimination): This document is one of the HR documents underpinning Barco HR Mission to make Barco a successful global company, deliver professional HR services and make optimal usage of available talents. It describes the philosophy, responsibilities, hiring standards and approach, in relation to Barco Recruitment & Selection, this for external recruitment as well as internal moves. Competence management & training program (training and skills development): ensure that all employees have the right education, experience and training to assure they are qualified to perform their activities. This includes hiring qualified personnel, facilitating internal mobility and provide training. Recognition and Reward policy (gender equality and equal pay): recognize and reward employees either as individuals or as part of a team for high-level performance and great business impact or remarkable loyalty. Diversity & Inclusion program (diversity, gender equality, inclusion): strategic program to become a more diverse and inclusive organization. Social dialogue & employee representation policies (freedom of association): collective labour agreements, syndical meetings, committee prevention and protection at work, works council. Code of Ethics (gender equality, diversity, work-life balance, measures against violence and harassment in the workplace, health and safety, elimination of discrimination including grounds for discrimination): Barco’s Code of Ethics is a well-established set of ethical principles and guidelines for sound business conduct describing risks and opportunities related to business conduct and corporate culture. The Code of Ethics can be found here. Human Rights pledge: Barco commits to managing and respecting human rights in both its own operations and the value chain, in accordance with the internationally recognized human rights. 1. The Universal Declaration of Human Rights 2. The International Labor Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work, and the ILO eight fundamental labor conventions 3. The UN Guiding Principles on Business and Human Rights 4. The OECD Guidelines for Multinational Enterprises This human right pledge is signed by the CEO. To oversee this pledge, we use the company-wide compliance management system. Adherence to anti-discrimination is monitored by the Legal office and HR departement. EHS² pledge: commitment to minimize the risks of physical and material damage as well as prevent accidents (ensuring high levels of health & safety). Commitment to respect, preserve and improve the environment whenever possible. Modern Slavery and Human Trafficking Statement: Barco does not tolerate any kind of child, forced or compulsory labor, either in its own manufacturing activities or those of its suppliers. Specific HR policies & programs (working time, adequate wages): hiring policy, employee handbook, telehomework policy, bonus plan for employees, parental leave, onboarding program, etc. Whistleblower policy: In line with the EU Whistleblowers’ directive, Barco has set up a whistleblower reporting tool through the assistance of an external service provider. Employees, suppliers, contractors, customers, or even third party can use this tool to reach out to Barco and (anonymously) report any violation or suspected violation of any applicable laws and regulations or the Code of Ethics. Protection is guaranteed against retaliation for individuals that use the reporting tool to raise concerns. Yearly improve the overall employee engagement score, towards the 75% target. Increase the number of average formal learning hours to 20 hours per employee per year. Make yearly progress with our diversity & inclusion program. Each year, train all our employees via the Standards@Work training program. Additional metrics (not covered by targets): ESRS S1 metrics + below entity- specific metrics: - % women in Board of Directors - % women in Core Leadership Team - % of women in senior management - Average age of the global workforce - Number of nationalities in the global workforce - Average training investment per employee - Internal mobility (% of vacancies filled internally) - Number of (new) external hires - Employee wages and benefits (personnel costs) - Employer contributions to pensions or other retirement plans - Voluntary turnover - Lost time injury frequency rate (per 1,000,000 hours worked) employees (manufacturing sites) - Lost Time Injury Severity rate (per 1,000 hours worked) employees (manufacturing sites) - Rate of absenteeism (Belgium only) - Total work-related fatalities employees and contractors (manufacturing sites) Targets to manage the IROs related to talent & career development and diversity & inclusion are being proposed, discussed and decided at our Executive Sustainability Steering Committee with representatives from different internal organizations. 3 . Our response 3A . Engaging with our own workforce In 2024, we further strengthened our employee engagement. Every year, Barco interacts directly with all its employees via an anonymous engagement survey. The results are visualized in dashboards that can be consulted and discussed per team. Depending on the results, actions must be defined and documented. Barco’s 2024 engagement score reached 73%, a 1% improvement compared to the previous year. We use the Qualtrics software tool, and this result is based on the favorability score calculated by the tool. Unlike the employee Net Promotor Score (eNPS), the employee engagement score provides a comprehensive view of the work- force engagement across all domains, as covered in the survey. It serves as the KPI for our people strategy pillar. Our CEO has the operational responsibility for ensuring that engagement happens and that the results confirm our approach. In addition to the general engagement score, we defined KPIs for a series of other employee survey topics, allowing us to mea- sure and act on specific areas within our engagement strategy: innovation culture, manager support, growth and develop- ment, well-being, living the values, diversity & inclusion, and strategic alignment. Based upon employee feedback from the 2023 survey, we focused on strengthening innovation culture, growth and develop- ment, and strategic alignment in 2024, 119 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION implementing a series of company-wide initiatives: • Organizing dedicated check-in moments between manager and employee. • Installing a recognition process to praise and reward outstanding contributions. • We jointly celebrated 90 years of Barco innovation during a Visioneering & Learn- ing Week. • Further reinforcing training and support- ing our worldwide managers on various people topics like talent development, performance management, hiring and onboarding team members, well-being, and compensation principles. • Setting up round table discussions where employees had the opportunity to dis- cuss topics like strategy, innovation and people culture with our CEO. These initiatives helped us to further cre- ate a culture where every Barco employee feels heard, valued and motivated to work together towards our shared goals and strategy. To ensure inclusivity, we included survey questions tailored to our blue-collar colleagues, using language linked to fac- tory terminology, and organized sessions to assist them in completing the survey. We will continue the above described actions in the coming years to increase our employee engagement score in general and on the different specific topics. 3B . Learning & development Our approach Innovation is at the core of Barco, and there is no innovation without learning. Barco firmly believes that it is important to stay curious, look at challenges from diverse perspectives and get out of one’s personal comfort zone to learn. We do all of this to bring the most relevant and innovative solutions to the mar- kets we serve (for details on these markets, see the core section of our integrated report). Our target and actions Our general learning philosophy follows the 70/20/10 principle (a well-known learning model that is described in the literature). We aim for our employees to invest in personal growth and development continuously. At Barco, we believe in learning by doing – 70% of learning happens on the job. We engage with colleagues, observe and learn from them. Our managers are trained and supported to create an environment where employees try new things and continuously learn. To facilitate personal growth, well-be- ing and recognition, we implemented 3 formal talent check-ins per year that promote meaningful discussions between managers and employees on personal growth objec- tives and ideas, well-being and recognition. I n 2024, 63% (1912 on total of 2277) of male employees and 50% (479 on total of 966) female employees participated in regular per- formance and career development reviews. We learn 20% through mentoring and coach- ing. Our mentoring program pairs mentees with experienced colleagues who can offer guidance on specific topics or help with their career development at Barco. Additionally, we successfully launched ‘share & learn’ ses- sions, where colleagues share their expertise on specific topics. We kicked off with a ses- sion on supply chain, followed by a finance session for non-financials, and we wrapped up the year with a session on software for non-software professionals. Lastly, we invest in formal training initia- tives, which represent 10% of our employees’ learnings. The target is for our white-col- lar workforce to complete an average of 20 hours of formal learning per year. In 2024, we achieved this target average per person, for both female and male employees.of 20.3 training hours per person (19.9 hours/per- son for female and 20.4 hours/person for male employees). Our Barco University team focuses on mandatory and compliance train- ing, ensuring overall understanding of key topics. In addition, strategic skills boards have been set up per functional group (e.g. R&D, sales, operations...) to identify future skill needs and develop learning plans and initiatives to grow the required skills, in line with our busi- ness strategy. We offer a mix of e-learning, traditional training, virtual sessions and work- shops. Employees can also submit ad-hoc requests for training courses aligned with their personal development plans. We partner with LinkedIn Learning for access to their extensive e-learning platform, and a dedicated group of engineers have a license in O’Reilly, a special- ized R&D e-learning platform. Our investments in the above learning and development initiatives were acknowledged with a score of 76% for ‘growth & develop- ment’ in this year’s engagement survey. We will continue the above described actions in the coming years to achieve our target and the objectives of our competence management and training program. We expect this will result in more educated and skilled people. Training and development is the responsibility of the HR Centre of Expertise Talent, which reports directly to the Chief HR Officer. 3C . Diversity & Inclusion Our approach Barco is committed to become a truly diverse and inclusive organization. In 2021, our Board of Directors set diversity & inclu- sion (D&I) as a strategic priority. In 2022, it was decided to embed D&I in our organi- zational DNA as part of our culture. Since then, D&I has been on the agenda at differ - ent levels of the organization, with progress being discussed at the Executive Sustainabil- ity Steering Committee meetings. We approach D&I in a broad sense, making sure to be as inclusive as possible in every aspect of our business. In 2024, we contin- ued our efforts to raise awareness on this topic, fostering greater engagement across the business. The strategy we defined in 2022 included an action plan up to 2025. We are on track to realize all the initiatives we have defined. Our metrics Barco tracks several diversity metrics. • 38% of our Board members are female (3 heads), 15% of the Core Leadership Team (2 heads) and 19% of the general manage- ment (or 61 heads) are women. General management is defined based on our grad- ing system. • As for age, 9% (300 heads) of Barco employ- ees is under 30, 61% (1,987 heads) between 30 and 50 and 30% (978 heads) is above 50. The average age of our global work- force is 44 years (versus 43 in 2023). • We employ in total 68 nationalities. Remuneration metrics are closely moni- tored. The ratio of highest paid individual versus the median paid individual on a global level for 2024 is 13.01. More can be found in the Renumeration section of the Corporate Governance Statements. The table below shows the percentage pay gap between female and male employ- ees. The table shows countries with 100 or more employees and salary bands with at least 20 employees. It is important to note that this ratio does not account for senior- ity, which is key in salary comparisons. The table shows, in the respective country and across all salary bands in scope, the mini- mum versus maximum female/male ratio. The table indicates that, in most countries, the ratio fluctuates around 100%. Only in Taiwan and Germany we see a statistically lower average salary for females compared to males. This calculation is based on the base salary data in our SAP SuccessFactors system. Going forward, we will update our methodology to calculate the pay gap in line with the upcoming Equal Pay Directive. 120 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Our actions We kicked off and/or completed the follow- ing actions in 2024: • Launching bi-monthly People SPOC sessions with one executive per business unit or function to inform and discuss all people-related initiatives. The meet- ings, led by HR, aim to share information about upcoming processes and initiatives. Even more importantly, they provide an opportunity to gather direct feedback and insights from the People SPOCs. • The inclusion index was again measured through the employee engagement sur- vey, resulting in a score of 77. • D&I calendar: each month, a different aspect of diversity & inclusion was high- lighted through a dedicated campaign. These campaigns were created by differ- ent business units or functions. • Mandatory D&I e-learning was intro- duced for white-collar employees. For blue-collar employees, a live workshop is being rolled out in phases. This initiative marks the first mandatory training on D&I. • We started partnering with a leading European management school, tasking a group of students to investigate 3 topics: (1) what can Barco do around the topic of neurodiversity? (2) how can Barco mini- mize bias in the hiring process? (3) what is the impact of diversity targets? • A new dashboard helps us track the diver- sity of new hires. As part of our talent development review process, we introduced a dedicated section on diversity to be addressed during the tal- ent development review meetings for each specific business unit or function. Gender equality and equal pay for work are one of the key dimensions of our diversity & inclu- sion program. We do realize that it will take time before we see the impact of our initiatives in our D&I metrics. It is our target to accelerate our diversity & inclusion program in the com- ing years by continuing the above described actions and taking additional actions to evolve towards a more diverse and inclu- sive organization. Additional information related to persons with disabilities (S-12) will be disclosed in our Integrated Report 2025 (phase-in). 3D . Employee health, safety & well-being Our health and safety performance indi- cators improved significantly in 2024. As shown in the table, both our ‘lost time injury frequency rate’ and the ‘lost time injury severity rate’ are close to zero. Nil work-re- lated fatalities were recorded, neither for our own employees, nor for agency workers or contractors working at our premises. Our guiding principles are written down in our Environment, Health, Safety and Security Pledge, which is applicable in all our sites, independent of their size. In sev- eral countries, we have established formal management-worker health and safety committees in compliance with local leg- islation. These committees cover 49% of our global workforce. Measurement basis The Lost time injury frequency rate & lost time injury severity rate cover all Barco sites with manufacturing activities, tak- ing into account internal employees only. The reported accidents are based on the country-specific legislation on recordable accidents. The results are based on the inputs from the local EHS manager and regional HR managers. The significant reduction in the ‘lost time injury frequency rate’ is largely attributable to improvements at the Belgian site. It is driven by years of effort focused not only on analyzing accidents but also on implement- ing preventive actions based on near-miss incident analyses. Similar initiatives were undertaken at other locations. These actions can be grouped in 3 categories: introducing and adapting EHS procedures linked to fac- tory footprint changes, conducting physical health check-ups, and providing training and tools to raise awareness about both physical and mental health. We will continue these actions in the coming years to achieve the objectives of our EHS² pledge resulting in an improvement of our metrics. The owner of the EHS topic at Barco is the Chief Operating Officer. In line with CSRD requirements, we plan to publish more information on health & safety (% of non-employees covered by a health & safety system, number of cases of record- able work related ill health, number of days lost to work-related injuries and fatalities from work-related accidents, work-related ill health and fatalities from ill health) and work-life bal- ance (S1-15) in our 2025 integrated report. Barco wants to actively promote a genuine ‘speak up’ culture where ethical questions, dilemmas or concerns (including human rights violations) about behavior that is unlawful or in violation of Barco’s Code of Ethics or internal policies can be raised with- out fear of retaliation. Questions, dilemmas, concerns and/or business conduct incidents can be communicated via the Ethics mailbox (ethics@barco.com). More details can be found in the Corporate Governance & busi- ness ethics section of these Sustainability Statements. In 2024, we can report: • 0 severe human rights incidents (forced labour, human trafficking or child labour) • 0 severe human rights incidents that are cases of non-respect of UN Guiding Prin- ciples and OECD Guidelines Multinational Enterprises • 0 complaints were filed through the Eth- ics mailbox • 0 complaints were filed to the NCP for OECD Multinational Enterprises • 0 incidents of discrimination including harassment • No fines, penalties & damages for the inci- dents for severe human rights issues and incidents connected to own workforce • No material fines, penalties, compensa- tion in damages as result of violations regarding social and human rights factors Concrete measures against violence and harassment in the workplace are linked to our Code of Ethics. Annually, each man- ager signs off the Code of Ethics, while each white-collar employee is invited to acknowl- edge receipt of the Code. In the coming years, we will continue these actions. More details can be found in the Corporate gover- nance & business ethics section of this report. 2021 2022 2023 2024 Lost time injury severity rate (per 1,000 hours worked) 0.07 0.03 0.03 0.03 Lost time injury frequency rate (per 1,000,000 hours worked) 1.59 1.44 1.57 0.58 Country Female/Male pay ratio, calculated by salary band MIN MAX Belgium 94% 103% India 74% 134% USA 85% 105% China 87% 104% Taiwan 86% 93% Italy 93% 104% Germany 73% 89% 121 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Impacts, risks and opportunities Material topic Sub-topic Type IRO and description Actual/Potential Time horizon Own operations/value chain Interdependencies between impacts and risks/opportunities S4- Consumers and end-users Customer experience O IRO 20: Positive engagement with and satisfaction from business partners boosts business performance A positive engagement of business partners with Barco boosts business performance. A ST OO, D IRO 20 – IRO 16, IRO 20 – IRO 17 Policies Targets & metrics - Barco Customer Experience program: dedicated global program to increase customer engagement and satisfaction. - Corporate Quality Policy: commitment to deliver innovative, highly reliable, and sustainable visualization solutions meeting customer, legal, regulatory, and security requirements. More information on our website. - Corporate Cybersecurity Commitment and Program: commitment to deliver secure solutions, products, and services. More information on our website. - Barco’s product privacy statement describes how Barco collects data through its products, and how Barco uses that data. This statement is available on the Trust Center section of our website and can be found here. The privacy and cookie policy related to our website and recruitment & selection is available on the Trust Center section and can be found here: » Barco.com privacy policy » Barco.com cookie policy - Recruitment & selection privacy statement - Code of Ethics: Barco’s Code of Ethics is a well-established set of ethical principles and guidelines for sound business conduct describing risks and opportunities related to business conduct and corporate culture. The Code of Ethics can be found here. - Human Rights pledge: Barco commits to managing and respecting human rights in both its own operations and the value chain, in accordance with the internationally recognized human rights. » The Universal Declaration of Human Rights » The International Labor Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work, and the ILO eight fundamental labor conventions » The UN Guiding Principles on Business and Human Rights » The OECD Guidelines for Multinational Enterprises As described in the General section of these Sustainability Statements, regular contacts with our stakeholders (customers, business partners, end-users) feeds into the above described policies. Each year, achieve a global Net Promotor Score of at least 50. Additional KPIs and targets linked to the material topics product quality, responsible & resilient supply chain and corporate governance & business ethics. Targets & metrics to manage the IROs related to customer expereience are being proposed, discussed and decided at our Executive Sustainability Steering Committee with representatives from different internal divisions. Consumers and end-users (S4) 1 . Customer experience 1A . Impacts, risks and opportunities 1B . Our response “Customer Orientation”, one of our 3 cul- ture values, highlighting the customer is at the heart of what we do at Barco. For us, customer centricity is not just about a pro- gram or initiative but it is a belief, a priority that we aim to demonstrate in our daily work. Mindful and transparent customer relations Our customers are both the end-users and the partners who purchase our solutions and services, including distributors, resellers, system integrators and rental partners. Given the breadth of industries that Barco’s divi- sions cover, our customer base spans a wide array of sectors, including corporate enter- prises, healthcare providers, entertainment venues, cinemas, governments, transpor- tation companies and security providers. End-users accordingly range from medi- cal professionals who use our diagnostic imaging solutions, and surgeons and staff 122 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION in operating rooms, to control room oper- ators, professionals who hold meetings or lectures, and audiences who enjoy enter- tainment experiences powered by Barco's projection systems. Barco recognizes and acts upon the IROs related to all its customers and end-us- ers, both directly through our operations and indirectly through our value chain. Next to the above-described opportunity, we refer to the impacts, risks and oppor- tunities (IROs) described under the topical sections product quality, safety & security, corporate governance and business ethics, and responsible and resilient supply chain (including the right to privacy, freedom of expression, non-discrimination and possible supply chain constraints). Barco proactively and consistently engages with customers. This interaction helps us gather valuable insights that guide the devel- opment of new products and roadmaps, ensuring that our visualization technology meets real-world needs. Barco takes deliberate steps to prevent disruptions, such as prod- uct delivery delays, software malfunctions, or insufficient technical support. As many of our customers are working in a critical envi- ronment, we prioritize our services. Next to warranty, we offer a complete set of mainte- nance contracts and service levels. Moreover, we actively address broader risks, including but not limited to cybersecurity threats and supply chain challenges, to safeguard our cus- tomer and end-users. Additionally, we ensure our product and service information is accu- rate, accessible, and user-friendly. Barco commits to managing and respect- ing internationally recognized human rights, both in its own operations and the value chain. We do not tolerate unacceptable worker treatment, such as exploitation of children, physical punishment, abuse, or involuntary servitude. The full text of our Human Rights pledge can be consulted here. In line with our Code of Ethics, cus- tomers and end-users can file complaints using the Ethics Helpline. Global Customer Experience program Barco’s customer experience approach con- sists of 3 key building blocks, ensuring that we not only collect but also work with and act on customer insights in each phase of the customer life cycle: • Customer journey dashboard: a set of selected touchpoints to measure real- time satisfaction or effort through various channels, tailored to each business unit and customer journey. These outside-in insights are contextualized with internal KPIs, prompting direct action by respon- sible owners (e.g. web UX designers for navigation issues, service managers for after-sales cases). The always-on listening points are linked to specific events, triggering personalized sur- veys or feedback requests, such as surveys after closing a service case, after showing interest in a product, after deploying a proj- ect, or online feedback after downloading a videowall configuration, completing training or reading knowledge base articles. Touchpoints are tracked separately for end-users and partners, ensuring actions are tailored to each audience. Barco uses the customer life cycle journey approach, aiming for at least one active touchpoint in every phase of the journey. • Bi-annual relational NPS study – Twice a year, Barco surveys active end-users and partners to assess their likelihood of rec- ommending the company, utilizing the Net Promoter Score (NPS) methodology. NPS indicates customer loyalty and over- all satisfaction. Respondents are asked to indicate on a scale from 0 to 10 how likely they are to recommend Barco to a friend or colleague. The Net Promoter Score is calculated as (% of promoters) - (% of detractors). A customer NPS above 50 is generally considered great, and con- tinuous growth of 2 – 3 pts. Beyond traditional number collection, Barco applies advanced analysis models and auto- mated workflows to classify open feedback by mentioned topic and its sentiment, deter- mining each topic’s impact on the given NPS. This analysis highlights product qual- ity and after-sales service as key drivers of satisfaction, guiding decision-making and prioritization. NPS results are shared organization-wide, integrated into quarterly business reviews and discussed with Barco’s CEO. Like cus- tomer journey tracking, we analyze scores separately for partners and end-users to tai- lor action plans. • Customer Journey Board – Each quarter, customer journey managers from each business unit meet with the global pro- gram coordinator to ensure alignment, share feedback and exchange learnings. The Customer Journey Board owns com- mon projects for customer satisfaction improvements and contributes to the cus- tomer insights roadmap, representing the business needs. During this forum, the team also agree on our global NPS target. Negative feedback, inquiries, or contact requests automatically trigger a follow-up, with a designated owner assigned to each event. To enhance account management, Barco integrated customer insights into our customer relationship management (CRM) system, linking feedback to individ- ual contacts and accounts. This provides a clearer view of customer history and experi- ence trends, enabling timely responses and improved relationship management. The most senior role with operational respon- sibility for ensuring the engagement with customers and end-users happens and that the results inform our strategy, is the CEO. 1C . Metrics and performance: Customer net promoter score reaches 54 in 2024, exceeding the set target Relational NPS is Barco's main KPI for cus- tomer engagement. We set our first global NPS target in 2022 with a baseline score of 44 and an ambition to annually increase the score by two points, to ultimately achieve an NPS of 50 by 2025. As we overachieved on this ambition, we now aim for a global Net Promotor Score of at least 50 every year, keeping the bar on customer experience high. In 2024, we achieved a relational NPS of 54, an improvement of 6 versus previous year. This reflects the positive impact of our efforts to enhance after-sales support. In 2024, our service organization focused on refining our communication style and interaction structure, providing personalized coaching sessions, and delivering continu- ous training. 1D . Actions: Most important updates in 2024 In 2024, we took the following actions to enhance the customer experience and we will continue these actions in the coming year(s): • We kept improving the website navigation, expanding the self-service options and enhancing the quality of our knowledge base. • A cross-divisional initiative was launched before the summer to further boost product quality, nurturing the quality mindset of Barco employees via different internal events and looking closer into crit- ical-to-quality processes, such as supplier management, testing, after-release prod- uct changes, knowledge sharing from field back to design, manufacturing and the fast resolution of escalated customer issues. • Across divisions specific actions were taken to enhance the customer experience. 123 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Impacts, risks and opportunities Definition material topic Type IRO and description Actual/ Potential Time horizon Own operations/ value chain Interdependencies between impacts and risks/ opportunities Offer products and services that are healthy, safe, and secure to use . This topic includes but is not limited to the management of recalls, product testing to eliminate the risk of injury or damage as well as integration of security controls . PI IRO 21: Offering safe, secure, and high-quality products to our business partners Safe, secure and high-quality products boost satisfaction from business partners A ST D IRO 21 – IRO 20 R IRO 22: Security threats for our products Possible cybersecurity risks for our customers when handling Barco products. P MT OO, D IRO 22 – IRO 21, IRO 22 – IRO 20 R IRO 23: Safety accidents that occur when handling our products Possible safety accidents that might occur when handling Barco products P ST OO, D IRO 23 – IRO 20, IRO 23 – IRO 21 R IRO 24: Protection of personal data When not protected and managed personal data might get dispersed and not controlled anymore by individuals. This includes personal data from our products, services & our website. P ST, MT, LT OO, U, D IRO 24 – IRO 21 Policies Targets and metrics - Corporate Quality Policy: commitment to deliver innovative, highly reliable, and sustainable visualization solutions meeting customer, legal, regulatory, and security requirements. More information on our website. - Corporate Cybersecurity Commitment and Program: commitment to deliver secure solutions, products, and services. More information on our website. - Customer Experience Program: dedicated global program to increase customer engagement and satisfaction (for more details see section ‘Customer experience’). - Barco’s product privacy statement describes how Barco collects data through its products, and how Barco uses that data. This statement is available on the Trust Center section of our website and can be found here. The privacy and cookie policy related to our website and recruitment & selection is available on the Trust Center section and can be found here: » Barco.com privacy policy » Barco.com cookie policy » Recruitment & selection privacy statement As described in the General section of these Sustainability Statements, regular contacts with our stakeholders (customers, business partners, end-users) feeds into the above described policies. - Report 0 recalls or critical safety & security incidents with our products or services to competent authorities each year: » Number of recalls of Barco healthcare products reported to competent authorities » Number of safety incidents with Barco products and services reported to competent authorities » Number of security incidents with Barco products and services reported to competent authorities - Each year, 100% of (development and manufacturing) sites are covered by a certified quality management system - Each year, we extend the scope of the ISO27001 certificate on product security - Additional metrics (not covered by targets): Number of GDPR/data breaches reported to data protection authorities Targets & metrics to manage the IROs related to product quality, safety and security are being proposed, discussed and decided at our Executive Sustainability Steering Committee with representatives from different internal divisions. 2 . Product quality, safety & security 2A . Impacts, risks and opportunities 2B . Our response Barco aims to offer products and solutions that ensure top quality throughout their life- time. This includes a clear commitment to deliver secure products and services to our customers, protect our intellectual property and ensure compliance with regulations. The bi-annual relational net promotor score, which rose to 54 in 2024, gives us a picture of customer and partner loyalty. For more information, we refer to the section on Cus- tomer Experience. The drive to realize our quality policy and ensure that every product – hardware and software – that we launch is of the high- est quality, is ingrained in a company-wide 124 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION quality management system. This sys- tem defines the standard Barco processes – from product planning, design and devel- opment, manufacturing and sales, all the way to customer services. One of the key aspects of the system is defining clear roles and responsibilities and the author- ity of those responsible for product quality throughout the entire product life cycle. Our quality management system is kept up to date with the latest regulations, quality stan- dards and industry best practices. The sustained product quality levels are a result of Barco’s standardized product design processes, focusing on: • Compliance with the applicable stan- dards, laws and regulations • ‘Security by design principle’ to ensure protection against the rising number of cyberattacks • Agile software development principles to ensure that high-quality software is deliv- ered at the right cadence • Close monitoring of key product qual- ity indicators during the different design stages • Early and automated product integration and validation • Reliable and mature supplier manage- ment and manufacturing processes Regarding product safety, assessments by external certification bodies are conducted to ensure that our product validation lab meets the quality requirements of the ISO 17025 quality management standard for lab- oratory activities. Our certification partners assess the impartiality of the lab personnel as well as their technical competence. Year after year, the product validation lab scores very well on these audits, thanks to our highly experienced and knowledgeable product validation engineering team. The quality journey continues after product launch through a set of different processes and initiatives to integrate feedback into existing and new products, including: • Our IGemba continuous improvement program (initiatives initiated by employ- ees to raise product quality) • The monitoring of customer feedback and satisfaction by the divisional and regional service teams • Regular cross-functional meetings between quality, R&D, procurement, and service to monitor and assess inter- nal product quality indicators. When needed, improvement activities are initi- ated in response to quality-related issues • Process execution monitoring through a yearly internal audit program • A monthly quality dashboard visualizing overall quality performance and cus- tomer feedback. Barco has a dedicated product quality team headed by the Vice President Quality and quality professionals within every division. Product safety is the responsibility of our Barco Labs team (Product Validation Group) under the responsibility of our Senior Vice President Innovation. Product security is driven forward by the Head of Product Secu- rity (integrated in the IT department) reporting to the Chief Digital Information Officer. Barco prioritizes the protection and manage- ment of personal data in accordance with GDPR, and similar data privacy and protec- tion legislation outside the EU, e.g. the US HIPAA, the UK General Data Protection Reg- ulation, the California Consumer Privacy Act, etc. Our intragroup data-transfer agreement sets the GDPR standards and principles that Barco legal entities must apply when pro- cessing personal data. Our data protection officer (DPO) is in charge of managing our data protection compliance program, which is governed by several guidelines, instructions, and templates. A team of privacy liaison officers (the legal & compliance responsibles, security & privacy champions, and regional knowledge owners) support the DPO by overseeing and ensuring compliance with the GDPR on a day-to-day and local basis. Barco’s DPO office works in close cooperation with our Security Office and reports at least annually to the Audit Committee. 2C . Metrics and performance Barco’s quality management system is audited annually and certified according to interna- tional certification standards by third parties: • ISO 9001 quality management system (for our sites in US, Germany, India, Italy, China, Norway, Taiwan, Melbourne and Belgium); • ISO 13485 quality management system specifically for the medical device indus- try (for our sites in US, China, Belgium and Italy). To comply with regulations and customer expectations, Barco ensures and monitors that all sites with relevant production or design activities are covered under these quality management system certificates. To maintain a 100% coverage of this KPI, the Wuxi site in China was added to the certif- icate in 2024. At Barco it is our ambition to report • 0 recalls with our healthcare products to competent authorities (such as FDA) • 0 safety incidents with our products and services to competent safety authorities each year • 0 security incidents with our products and services to competent security authorities each year. One important key indicator for monitoring our product quality is the number of recalls of Barco’s healthcare products reported to the competent authorities. As the reporting criteria are defined by the regulatory require - ments and validated by the competent authorities, this KPI provides an objective independent measurement. Like in 2023, we also had one recall in 2024. Although this recall was carried out as a preventive measure, it demonstrates Bar- co’s commitment to product excellence and patient protection. With the goal of zero recalls, a detailed corrective and pre - ventive action plan is developed for each recall and the effectiveness of the actions is monitored. In 2024, 0 safety or security incidents were reported to competent authorities related to products. In 2024, also no dGDPR/per- sonal data breaches were reported to the data protection authorities. Regarding product security, the current ISO 27001 certification scope, which includes ClickShare, XMS (the ClickShare cloud man- agement platform, extended with related processes), and medical displays manu- factured in Barco’s plant in Saronno, Italy, has been extended with video wall solu- tions and control room software (Barco CTRL). Additionally, the migration to the new ISO27001:2022 standard was success- ful. Furthermore, we are preparing to extend the scope in the years to come. 2D . Actions Barco wants to continuously raise the bar in order to consistently meet and even exceed customers’ quality expectations. That commitment is strongly reflected in the ‘Together for the Better’ quality improve- ment program which was launched in 2024. This program focuses on further improving product reliability, supplier quality, manufac- turing efficiencies, and control on product changes, while closing the loop from cus- tomer feedback. The program will continue and be completed in 2025. 125 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION In 2024, we took the following actions to strengthen the security of our products and services. We will continue these actions in 2025: • Streamline our security organization: Barco’s Security Office was strengthened with a Product Security team to ensure product security processes are aligned across product lines. • Product security roadmap & focus on changing cybersecurity regulatory land- scape: Barco’s product security roadmap was updated and streamlined with exter- nal factors like market requirements and cybersecurity regulations. This roadmap is Barco’s internal compass ensuring a consistent product security approach across product lines, focusing on peo- ple, process, and technology. There is extra focus on continuously monitoring the evolution of cybersecurity regulations to ensure Barco is prepared to adopt the changes being imposed. • Secure development process: Barco continues to focus on improving the effi- ciency, maturity, and transparency of its Secure Development Life Cycle (SDLC) process, aligned with regulatory changes and industry best practices. Measur- ing the adoption maturity of the SDLC provides insights that help identify oppor- tunities for improvement. • Secure development: Barco continues to focus on improving the efficiency, maturity, and transparency of its Secure Development Life Cycle (SDLC) process by adopting recognized standards and frameworks, such as NIST SSDF and OWASP SAMM. Measuring the adoption maturity of the SDLC provides insights that help identify opportunities for improvement. • Training: The entire R&D community fol- lowed technical cybersecurity training in 2024, tailored to their day-to-day job con- tent and domains of expertise. In 2024, we took the following actions to improve data protection. We will continue these actions in the coming year(s): • New ‘data protection’ module for Stan- dards@work; • Providing additional data protection awareness training for employees; • Further maturing the data protection and privacy instructions and templates; • Embedding privacy by design into new projects, products, and initiatives; • Conducting security and privacy assess- ments of new third party cloud service providers; • Ensuring data processing agreements are in place with third-party cloud-ser- vice providers involved in the processing of personal data on Barco’s behalf. 126 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Governance Corporate governance & business ethics (G1) 1 . Impacts, risks and opportunities Impacts, risks and opportunities Definition Material topic Type IRO and description Actual/ Potential Time horizon Own operations/ value chain Interdependencies between impacts and risks/ opportunities Conducting operations in accordance with internationally accepted principles of good governance and ethical behavior. These include but are not limited to the tasks and remuneration of the managing boards and supervisory boards, board independence, and the position and rights of shareholders. This also includes policies & behavior on fair practices, corruption and bribery, fair competition and ethical behavior PI IRO 25: Perform fair, transparent, accountable, and responsible decision- making behavior Barco aims to conduct operations in accordance with internationally accepted principles of good governance and ethical behavior. This includes living up to the highest ethical and good governance standards as well as requesting the same from our business partners. A ST, MT, LT OO & VC IRO 25 – IRO 14, IRO 25 – IRO 18, IRO 25 – IRO 20 PI IRO 26: Protection of whistleblowers through company-specific policies By actively promoting a genuine ‘speak up’ culture where ethical questions or dilemmas can be raised without fear of retaliation, both by internal and external stakeholders, Barco ensures protection against human rights violations (conflicts of interest, mistreatment, etc.). A ST, MT, LT OO & VC IRO 26 – IRO 15, IRO 26 – IRO 19 127 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Policies Targets and metrics Corporate Governance Charter & Code of Conduct: Barco embraces the principles of good management and transparency laid down in the 2020 Belgian Code on Corporate Governance Code. Solid corporate governance is at the heart of Barco and forms an integral part of the corporate strategy. Our corporate governance charter incorporates and supplements the corporate governance terms set forth in the Belgian Code. Code of Ethics Barco’s Code of Ethics is a well-established set of ethical principles and guidelines for sound business conduct describing risks and opportunities related to business conduct and corporate culture. The Code of Ethics can be found here. Human rights pledge: Barco commits to managing and respecting human rights in its own operations, as well as in the value chain in accordance with the internationally recognized human rights contained in the following standards and conventions:  The Universal Declaration of Human Rights  The International Labor Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work, and the ILO eight fundamental labor conventions  The UN Guiding Principles on Business and Human Rights  The OECD Guidelines for Multinational Enterprises This human right pledge is signed by the CEO. To oversee this pledge, we use the company-wide compliance management system Modern Slavery and Human Trafficking Statement: Barco does not tolerate any kind of child, forced or compulsory labor, either in its own manufacturing activities or those of its suppliers. Whistleblower channel procedure: In line with the EU Whistleblowers’ directive, Barco has set up a whistleblower reporting tool through the assistance of an external service provider. Employees, suppliers, contractors, customers, or even a third party can use this tool to reach out to Barco and (anonymously) report any violation or suspected violation of any applicable laws and regulations of the Code of Ethics. Protection is guaranteed against retaliation for individuals that use the reporting tool to raise concerns. Each year, train all our employees via the Standards@Work training program G1 metrics 2 . Our response 2A . Promoting a true ethics and compliance culture Barco considers ethical and compliant busi- ness conduct a prerequisite for preserving its brand and reputation. That’s why we aim to build a company culture centered around ethical conduct and compliance with Bar- co’s policies and the applicable regulations. Barco’s Code of Ethics, contains different sections related to integrity at work, in busi - ness, and as a corporate citizen as well as ethical guidance and reporting misconduct. The first edition of the Code dates back to 2010 and was revised in 2017, before get - ting a major overhaul in 2023. Annually, each manager signs off the Code of Ethics, electronically through Barco’s learning management system, while every white-collar employee is invited to acknowl- edge receipt of the Code and reminded of its importance in promoting a transparent and ethical business culture. In addition, every Barco site worldwide has a local legal & compliance responsible who is in charge of promoting a compliance culture in the country where the site is located. Every year, the legal and compliance responsible com- pletes a risk and compliance assessment, covering Barco’s risk universe and Barco’s compliance domains, which is an integral part of our compliance program. The risk coming out of this assessment are managed in accordance with Barco’s risk manage- ment process. The identified compliance gaps are addressed by the Global Compli- ance Manager. 2B . Company-wide Standards@Work training on business conduct To boost awareness and know-how on compliance-related issues among Barco employees, we set up Standards@Work, a company-wide training program hosted by Barco University, our in-house training and development center. The program includes e-learning courses covering cybersecurity, data protection, environmental sustainabil- ity, quality, safety, and ethics. In addition, we organize more in-depth, annual man- datory Standards@Work trainings on topics like anti-corruption, anti-trust, and health- care regulatory compliance for designated employees based on their role and/or functions at risk, in particular employees in customer-facing roles, such as sales, and anti-corruption training. The latter is a combination of a live and a virtual training session organized by Barco’s own in-house counsels, explaining the basic principles of anti-corruption and anti-bribery laws in the largest countries in which Barco conducts business, coupled with real-live situations. The training is recorded so colleagues who are unable to attend, can follow it at their convenience. Attendance is tracked via Bar- co’s learning management system. 2C . Promoting a ‘speak up’ culture Barco wants to actively promote a genuine ‘speak up’ culture where ethical questions, dilemmas, or concerns (including human rights violations) about behavior that is unlawful or in violation of Barco’s Code of 128 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Ethics or internal policies can be raised with- out fear of retaliation. Questions, dilemmas, concerns, and/or business conduct incidents can be commu- nicated via the Ethics mailbox. The mailbox is monitored by Barco’s Ethics Committee, which is composed of senior representa- tives of the HR, IT, and legal functions, and acts independently from Barco’s manage- ment. It is tasked with providing guidance on ethical issues and investigating business conduct incidents. The Ethics Committee’s composition ensures that it can function impartially, make unbiased decisions, and provide recommendations based solely on ethical considerations, without being influenced by organizational pressures or conflicts of interest. In 2024, 12 issues were reported to the ethics mailbox. In addition, the Ethics Committee received questions on Barco’s gift policy, potential conflicts of interest, etc. The Ethics Committee provides advice to the Core Leadership team, Board of Directors or relevant supervisory body, depending on the specifics of the reported incident. In 2023, in line with the EU Whistleblowers’ directive, Barco also set up a compa- ny-wide whistleblower reporting tool through an external service provider. The tool allows employees and other stake- holders to report unlawful behavior, behavior in contradiction of our Code of Ethics, allegations or incidents of corrup- tion or bribery, etc.... The whistleblower tool is monitored by the compliance func- tion. Reports filed through this tool are promptly, independently, and objectively investigated. Barco’s whistleblower chan- nel procedure can be downloaded from the website under the Trust Center. The channel procedure describes, among others, how whistleblower reports can be made, and how they are handled. Moreover, the proce- dure clearly spells out that reporting persons are protected against retaliation, including threats and attempts of retaliation. 7 reports were submitted in the whistleblower tool in 2024. 3 . Metrics and performance In 2024, 98% of our employees (white-col- lars and blue-collars but excluding supervisory bodies) followed the Standards@ Work training program on cybersecurity, data protection, quality, ethics, security and environmental sustainability. In 2024, all employees in functions at risk (employees in customer facing roles representing 11,4% of our employees) followed the anti-corrup- tion training as part of our Standards@Work training program. Key figures for 2024 related to reported inci- dents of corruption or bribery include: • Zero convictions and fines for violations of anti-corruption and anti-bribery laws • Zero confirmed incidents of corruption or bribery • Zero confirmed incidents in which own workers were dismissed or disciplined for corruption or bribery-related incidents • Zero confirmed incidents related to con- tracts with business partners that were terminated or not renewed due to viola- tions related to corruption or bribery No legal cases regarding corruption or brib- ery were brought against Barco or our own workers. 4 . Actions The following key actions have been taken in 2024 and we will continue these actions in the coming year(s): • We undertake several initiatives to raise awareness about the Code of Ethics. The key initiative is the Compliance Challenge, a live quiz with compliance-related ques- tions in which Barco teams around the world compete with each other. In 2024, we organized the Compliance Challenge for the 9 th time. • Every year, the Compliance Officer updates all Barco employees and the Board of Directors on relevant compli- ance topics in the ‘Compliance in review’ letter and reports on the Barco compli - ance program to the Audit Committee. New employees receive an introduction to ethics and compliance as part of their onboarding session. Membership of organizations Barco is strongly integrated into local and pro- fessional initiatives as well as communities that are relevant to its activities. We support these ini- tiatives and communities in various ways – as a founding partner, through directorship, delegation of employees to work groups, membership fees, etc. We are also member of non-governmental organizations, platforms & networks; non-profit organizations (supporting local entrepreneurship, innovation research and international exchange and trade) and trade and business associations. Next, directly or indirectly through trade and busi- ness associations, Barco maintains a dialogue and engages in discussions with policymakers and regulatory agencies in matters relevant to its oper- ations. Barco does not make donations or other contributions of any kind to political parties. We deem the activities related to lobbying and polit- ical influence not material for Barco. 129 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Innovation, technology & product portfolio 1 . Impacts, risks and opportunities Impacts, risks and opportunities Definition material topic Type IRO and description Actual/Potential Time horizon Own operations/ value chain Interdependencies between impacts and risks/opportunities Barco’s ability to remain relevant in the market with new technologies, new business models, faster time-to-market, lower costs or enhanced product features is critical to the company’s future success. In addition, the ability to identify societal needs and successfully convert these into value-adding products and solutions, is key, as is the ability to balance between core transformational innovation and sudden breakthroughs, leading to sound and sustainable product portfolio management. PI IRO 27: Offering innovative value-adding products and solutions that address societal needs Barco solutions like our healthcare, laser projectors or meeting room applications are innovative and add value, addressing societal needs. A ST OO, D IRO 27 – IRO 3, IRO 27 – IRO 4, IRO 27 – IRO 19 R IRO 28: Inability to be ahead of innovation trends across our markets The inability to remain ahead of innovation trends and the inability to remain relevant in the markets with new technologies and new business models or enhanced product features, may lead to loss of markets share and revenues. P MT OO IRO 28 – IRO 27 2 . Our response Policies Targets and metrics Innovation policy: strategic framework to identify and develop new value added products & solutions. Because of reasons of confidentiality we do not wish to disclose all details on our innovation policy, metrics & actions. By 2027, have 90% of our new products ecolabeled (hard- & software) Additional metrics (not covered by targets): - Number of patents at year-end - Number of new patents filing - % of R&D spend - % of employees in R&D Innovation has always been the lifeblood of Barco. While displays and visualization hard- ware were our initial focus, we now innovate in the entire visual chain, from acquisition through to the display of images, adding all the capabilities in between that help bring the image to the screen. Of course, innovation is an ongoing journey. In recent years, we have been strengthening and streamlining our innovation approach, and accelerating our innovation efforts, with more focus on breakthrough, disrup- tive solutions – primarily for our core and adjacent markets, but also in entirely new domains. To ensure that our ideas are tightly con- nected to our strategy and purpose, and can be turned into revenue growth potential, we adopt a disciplined approach to innovation: • Balancing start-up dynamics with fast-fail principles • Focus on early customer involvement • Governance: disciplined management with dedicated budget Both the Executive Vice Presidents of every business unit as well as the Senior Vice Pres- ident Innovation are accountable for Barco’s innovation roadmap. Our innovation funnel is structured into dis- tinct stages: new ideas (funnel entry gate), seeds (shark tank gate), proof of concepts (incubators), and viable product/solutions (break-even gate). We actively manage and review this funnel on a quarterly basis, ensuring that product roadmaps are contin- uously updated and aligned with evolving market and customer needs. Derivate port- folios are prepared for adjacent markets. We keep a strong focus on breakthrough innovations and actively pursue concrete M&A opportunities. New ideas – whether related to or beyond the business unit’s scope – are encouraged and channeled through the seed board, a vital element of our innovation funnel process. To make sure that every Barco solution adds value for customers and society as a whole, our innovation roadmap is enriched with feedback from our ecosystem and market trends. 5 clear foundation pillars guide us in each and every technology and innova- tion effort. Going forward, we aim to further enhance the positive impact of our solutions. Next to product innovations (including enhanced product features or new tech- nologies) Barco divisions also explore new business models. Feedback from our business partners feeds into division 130 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION specific roadmaps (see section on Cus- tomer experience). Read more about our innovation roadmap and its five foundation pillars (of which sus- tainability is one) in our CORE report. 3 . Metrics and performance 3A . Patent management We educate employees on the importance of IP, and the R&D teams fully incorporated IP in their innovation processes. Patentabil- ity is checked early on in the new product development cycle, more patents are filed, and professional IP infringement checks are introduced. At the end of 2024, Barco holds 962 patents (versus 902 in 2023). In total 19 new patents were filed in 2024 (vs. 16 in 2023). 3B . R&D spend In order to keep up with – or rather antic- ipate – the rapidly evolving market and technology trends, we consistently allocate more than 11% of our turnover to R&D. An increasing fraction of that budget is reserved for breakthrough, long-term inno- vation projects. Those budgets are allocated based on payback periods, opportunity size, patentability, sustainability and strategic fit, and are reviewed three times a year. In 2024 we invested 13.8% of our turnover in R&D (versus 12,6% in 2023) for a total amount of 131 mio Euro. In 2024, 29% of our employees work within the R&D division. We refer to note 3 Income from operations on page 24 of the Financial Statements for more explanation on the evolution of our R&D expenses. 3C . Integrating product sustainability in the design process Our ecoscore methodology is embedded in our New Product Development cycle. In 2024, 86% of our NPIs (new product initia- tives) received a Barco ecoscore. We have a dedicated target to achieve 90% of our NPIs ecoscored by 2027. More information is available in the sustainable lifecycle man- agement section of these Statements. 4 . Actions In 2024, we took the following actions as part of our innovation roadmap, which we’ll continue in 2025: • Setting up a framework to judge innova- tion ideation potentials • Creating ideation campaigns to evaluate ideas and position them into the innova- tion funnel • Monitoring the innovation projects within the innovation framework via the Inno- vation Board governance 131 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Responsible & resilient supply chain 1 . Impacts, risks and opportunities Impacts, risks and opportunities Definition material topic Type IRO and description Actual/Potential Time horizon Own operations/ value chain Interdependencies between impacts and risks/opportunities Driving responsible and ethical behavior by setting high standards across the supply chain. This entails conducting due diligence assessments of suppliers in order to identify and address potential environmental, social and governance risks (e.g. labor practices and human rights, business ethics, energy and climate change, …). In addition, this topic also relates to supply chain collaboration and innovation on sustainable products, to ensure the supply chain can adapt, recover, and withstand disruptions or unexpected events that may affect normal operations by taking proactive measures and strategies. R IRO 29: Suppliers not adhering to all applicable ESG laws Suppliers contribute signficantly to making our products more circular and sustainable. This includes current dynamics in geopolitical and economic circumstances that might lead to disruptions or unexpected events in our supply chains affecting normal operations. P MT, LT OO, U IRO 29 – IRO 20 2 . Our response Policies Metrics Global Procurement Sustainability Commitment: the commitment describes how we want to collaborate responsibly with our suppliers. The key to a high-standard supply chain is ensuring that our suppliers know our expectations, including those in the field of sustainability. More information on our website. We adhere to 3 important sustainability standards and compliance requirements: - Barco Code of Conduct for suppliers: We expect all our suppliers to comply with the Responsible Business Alliance (RBA) Code of Conduct, including labor, ethics, and health and safety standards. The screening of our suppliers on human rights is conducted via the adherence to the Barco Code of Conduct. - Product Compliance requirements: Every component that our suppliers deliver must meet the Barco Product Compliance requirements, which includes compliance with different worldwide regulations (such as RoHS10 and REACH, ecodesign requirements, ERP, SCIP), industry standards, and additional criteria that we set. This includes compliance with the Barco Substance List, in which we restrict the use of specific chemicals or require declaration of specific substances. By the implementation of this list, we go beyond current legislation. - Responsible Minerals Sourcing policy: Managing conflict minerals is part of Barco’s corporate responsibility. Just like many of our stakeholders, we are concerned about human rights violations (child labor, human-trafficking, forced labor, etc.) and armed conflicts causing extreme violence across so-called ‘Conflict-Affected and High-Risk Areas’ (CAHRAs). Our Responsible Minerals Sourcing Policy is aligned with the ‘OECD Due Diligence Guidance for Responsible Chains of Minerals from Conflict-Affected and High-Risk Areas’. Our in-scope suppliers (i.e. suppliers of products containing tin, tungsten, tantalum, gold, or cobalt) are expected to complete the Conflict Minerals Reporting Template (CMRT) and submit it to Barco. We perform a detailed responsible minerals risk analysis on the data received through cross-referencing and close collaboration with members of the Responsible Minerals Initiative (RMI). Modern Slavery and Human Trafficking Statement: Barco does not tolerate any kind of child, forced or compulsory labor, either in its own manufacturing activities or those of its suppliers. More details can be found on our website: - Environmental guidance for suppliers - Terms & conditions of purchase For more details on our Corporate Governance Charter and Code of Ethics, we refer to the Corporate Governance & business ethics section of this report. Entity-specific KPIs not covered by targets: - % of direct spend suppliers scored on sustainability - % of direct spend suppliers signing the Supplier Code of Conduct (RBA) - % of in-scope suppliers responding to our CMRT - % of production spend covered by signed contracts with a sustainability clause (MSA, signed T&Cs, PA) - # supplier quality audits - % of active components covered by a Full Material Declaration (FMD) G1 metrics related to supplier payments: - Average number of days to pay invoice from date when contractual or statutory term of payment starts to be calculated - Number of outstanding legal proceedings for late payments - Percentage of payments aligned with standard payment terms ESG related topics within the suppy chain are clustered in this section. This includes potential risks from an environmental, social or governance perspective related to amongst others the type of supplier, nature of the product or service, region, etc. For specific Environmental related topics within our supply chain we also refer to the sections on climate change & energy, sustainable lifecycle management and circular economy and waste. In the future we will further refine the risks based on up our risk classification framework. 132 Ba rco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION 2A . Making our supply chain more resilient and responsible As we deal with a large range of suppliers, we have created 4 supplier categories (key, key+, core, and other), based on their supply risk and cost relevance to Barco. This cate- gorization helps us define a targeted scope and supplier management activities and trig- gers different levels of engagement (annual business review meetings, surveys, etc.). ‘Major suppliers’ are the key, key+, and core categories. In 2024, Barco had 177 major suppliers, covering 90% of total production spend. The level of engagement depends on the specific supplier agreement. In 2024, Barco continued to strengthen supplier resilience amid ongoing geopo- litical and economic, including embargos and trade restrictions. We keep mitigating these impacts in close cooperation with our suppliers, using an agile and proactive approach. This is supported by an online, real-time risk management tool that enables our buyers to monitor supply base risks daily and react quickly to potential issues. With the input from this tool we are able to proactively engage with our suppliers and address potential risks arising from events such as extreme weather, social disputes, etc. 2B . Supplier payment practices For 98% of Barco’s spend, suppliers are paid weekly or twice per month based on invoices due on the payment date, pro- vided all necessary approvals are in place and goods or services have been delivered. This approach applies uniformly, regard - less of supplier size or Barco’s purchasing power. The average number of days on which Barco pays its suppliers amounts to 61 days, calculated as the DPO (days payable outstanding). We refer to note 18 in the Financial Statements. Barco has varying payment terms with sup- pliers, ranging from immediate payment to 60 days. For production-related purchases, the most common payment term is 60 days, while for purchased services, payment terms vary between 30 days or less and 60 days. In 2024, 80% of payments were made in line with the net due date mentioned on the invoice. Considering Barco’s weekly or bi-monthly payment cycles, on-time pay- ments are those made within 7 days of the due date. Currently, Barco has no out- standing legal proceedings related to late payments. Our supplier payment practices related to SMEs are included in our general supplier payment procedure (including guidelines to prevent late payments). We will update our supplier payment policy in the coming years. 2C . Engaging with our suppliers on sustainability The key to a high-standard supply chain is ensuring that our suppliers know our expectations, including those in the field of sustainability. To ensure the level of engagement we require from our suppli- ers, sustainability is integrated at every step of the procurement process. The supplier self-assessment document we use during supplier scouting includes sustainability-related questions. These are reviewed and serve as the foundation for discussions when we identify any gaps between supplier behavior and our expec- tations. All new direct spend suppliers (i.e. suppliers where we purchase components that end up in our products) fill this self-as- sessment form via our supplier platform. We are currently integrating our existing direct spend suppliers. We also use sustainability criteria to increase awareness during the onboarding process. The digital supplier platform that went live end 2023, provides more insights and trans- parency on suppliers’ maturity levels in the field of sustainability. Sustainability clauses are part of Barco’s terms and conditions (T&Cs) for purchase as well as master supply agreements (MSAs) (i.e. contracts with major suppliers). In the annual performance review, direct spend core & key+ suppliers are scored on their sustainability performance in areas such as product compliance, adherence to Barco’s Code of Conduct, and transparency (the provision of CMRTs and FMDs). They are encouraged to proactively share sustainabil- ity progress in their operations and supply chains, including innovations that could help us improve the sustainability impact of our products. For all active components we collect the applicable signed hazardous substance declaration of conformity, this ensures all components are covered by rel- evant compliance data. The collection of FMD’s is going beyond what is required by regulation allowing Barco to anticipate on future regulations. Barco also audits both existing and new suppliers, focusing on quality, compliance, and process risks that could affect quality. To ensure that our suppliers understand our sustainability standards and how to respond, we provide training and inform on various sustainability areas, including environmen- tal compliance, ecodesign, and conflict minerals. In 2024, we focused on raising awareness about potential restrictions, cur- rent reporting obligations on PFAS/PFOS, and upcoming expiration of RoHS exemp- tions. We actively discussed substitution plans and shared knowledge on where these substances may be present. Regularly we also train our global procure- ment community on sustainability and compliance, e.g. on how to coach suppli- ers in improving environmental compliance data and providing IPC/FMD data, on Barco’s new sustainability strategy, and on upcom- ing legislation on sustainable supply chain requirements. 3 . Metrics and performance The share of major suppliers who have committed to the renewed Barco Code of Conduct for suppliers or have a simi- lar code, is tracked as a KPI in the Global Procurement dashboard (based on self-dec- laration). At the end of 2024, this share, based on our production spend, was 81% (vs. 90% in 2023). We updated our Code of Conduct in line with the update of the RBA code of Conduct and asked direct spend suppliers to renew their formal adherence. We strongly urge our suppliers to provide FMDs of chemical substances contained in products. In 2024, 84% of active com - ponents were covered by FMDs. Moreover, 100% of in-scope suppliers responded to the CMRT. Along the procurement process, the follow- ing metrics were tracked in 2024: • 100% of new production suppli- ers were screened using the supplier self-assessment. • 82% of total production spend was covered by signed contracts with a sus- tainability clause, i.e. signed MSAs or T&Cs (versus 88% in 2023). We are currently in a transition phase with our focused factory strategy boosting more local sourcing base and partners. • Suppliers covering 77% of our production spend were scored on their sustainability performance, (versus 81% in 2023). • 50 suppliers were audited on quality, ver- sus 47 in 2023. 133 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION We focus on improving the above metrics and did not yet adopt external targets on responsible & resilient supply chain. It is our objective to proactively upgrade our sup- plier procurement program in line with the upcoming requirements of the EU Corpo- rate Sustainability Due Diligence Directive. 4 . Actions in 2024 and beyond In 2024 we worked on the following actions, which we aim to continue in 2025: • We continued the dedicated cross-divi- sional project to further increase supply chain resilience • The Responsible Business Alliance pub- lished a new Code of Conduct, which drove Barco to also update its Code of Conduct for suppliers and renew the engagement on the code with its suppliers. • Together with our industry association, we drafted a risk classification framework to assess our supply base on sustainabil- ity risks, which we will refine in 2025. This will allow us to perform a risk classifica- tion of all our suppliers. • We started integrating sustainability in our indirect procurement process. • When risks are detected and in case the suppliers do not adhere to the Code of Conduct , we take appropriate actions (improvement plan, training, audit, etc.). Going forward, we will continue to fine- tune our remediation toolbox. 134 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Core elements of due diligence Sections in the Integrated Report Page Embedding due diligence in governance, strategy and business model Governance (SUS), Corporate Governance report 42 Engaging with affected stakeholders in all key steps of the due diligence General, Social & Governance (SUS) 4, 31, 42 Identifying and assessing adverse impacts Social & Governance (SUS) 31, 42 Taking actions to address those adverse impacts Social & Governance (SUS) 31, 42 Tracking the effectiveness of these efforts and communicating Social & Governance (SUS) 31, 42 Annex Statement on sustainability due diligence The below table provides a mapping to where in our sustainability statements we provide information about our due dili- gence process, including how we apply the main aspects and steps of our due dili- gence process. In the coming year, we aim to upgrade our due diligence process in line with upcoming legislative requirements. Overview of disclosure requirements and incorporation by reference The following table lists all of the ESRS dis- closure requirements in ESRS 2 and the five topical standards which are material to Barco and which have guided the prepa- ration of our sustainability statements. We have omitted all the disclosure requirements in the topical standards, E2, E3, E4, S2 & S3 as these are below our materiality thresh- olds or since they are covered by entity specific topics. The tables can be used to navigate to information relating to a specific disclosure requirement in the sustainability statements. The tables also show where we have placed information relating to a spe- cific disclosure requirement that lies outside of the Sustainability Statements and is ‘incor- porated by reference‘ to either the CORE report (CORE), the Financial Statements (FS) or the Corporate Governance Statements (CG) within this integrated report. In cases where we a) apply a phase-in, or b) the disclosure requirement is currently not appli- cable to Barco, this is indicated in the table as such. This overview also demonstrates the datapoints that are on our roadmap that we have omitted in the first year. Additionally, in this table we include the ref- erence to datapoints that derive from other EU legislations: SFDR (1), Pillar 3 (2), Bench- mark Regulation (3) and EU Climate Law (4). The following disclosure requirements and datapoints are considered not material for Barco: ESRS E2-4, E3-1, E4-2, S2-1, S2-4, S3-1 and S3-4. Datapoints on the involvement in activities related to fossil fuel activities, chemical production, controversial weapons or cultivation and production of tobacco are considered not relevant. 135 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Disclosure Requirement Section/report Page Additional information Reference to datapoints from other EU legislations ESRS 2 – General disclosures BP–1 General basis for preparation of the sustainability statement SUS – General 4-5 BP–2 Disclosure in relation to specific circumstances SUS – General 4-5 Datapoints that derive from other EU legislation SUS – Appendix 50 Integrated as extra column in this table (see above) GOV–1 The role of the administrative, management and supervisory bodies CG 3-6 (1), (2) GOV–2 Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies CG 17-19 GOV–3 Integration of sustainability-related performance in incentives schemes CG 10 GOV–4 Statement on sustainability due diligence SUS – Appendix 50 1 GOV–5 Risk management and internal controls over sustainability reporting CG 19 SBM–1 Strategy, business model and value chain (products, markets and customers) CORE 15-25, 44-58 (1), (2), (3) – see disclosure on EU taxonomy (SUS) Strategy, business model and value chain (headcount by country) SUS 32 Strategy, business model and value chain (breakdown of revenue) FS 22 SBM–2 Interests and views of stakeholders SUS – General 9 SBM–3 Material, impacts, risk and opportunities and their interaction with strategy and business model SUS – Topical sections Dedicated topical sections Phase-in for SBM-3 DR 48e ESRS 2 – SBM 3 E4 (DR 16, a, b & c) is disclosed in the General section of these Sustainability Statements. IRO–1 Description of the process to identify ad assess material, impact, risks and opportunities SUS – General 4-8 IRO–2 Disclosure requirements in ESRS covered by the undertaking's sustainability statements SUS – Appendix 50 ESRS E1 – Climate change ESRS 2, GOV 3 Integration of sustainability-related performance in incentive schemes CG E1–1 Transition plan for climate change mitigation SUS – Climate change and energy 11-18 (2), (3), (4) ESRS 2, SBM–3 Material impacts, risks and opportunities, and their interaction with strategy and business model SUS – Climate change and energy 11-18 Phase-in for SBM-3 DR 48e ESRS 2, IRO–1 Description of the process to identify and assess material climate-related IROs SUS – General 4 E1–2 Policies related to climate change mitigation and adaptation SUS – Climate change and energy 11-18 136 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Disclosure Requirement Section/report Page Additional information Reference to datapoints from other EU legislations E1–3 Actions and resources in relation to climate change policies SUS – Climate change and energy 11-18 E1–4 Targets related to climate change mitigation and adaptation SUS – Climate change and energy 11-18 (1), (2), (3) E1–5 Energy consumption and mix SUS – Climate change and energy 11-18 (1) E1–6 Gross scope 1, 2, 3 and total GHG emissions SUS – Climate change and energy 11-18 (1), (2), (3) E1–7 GHG removals and GHG mitigation projects financed through carbon credits SUS – Climate change and energy 11-18 (4) E1–8 Internal carbon pricing Not applicable - E1–9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities Phase-in - (2), (3), DR 66 and DR 69 are disclosed in Sustainability Statements, Phase-in for DR 66(a), 66(c) and DR 67 (c) ESRS E5 – Resource use and circular economy ESRS 2, IRO–1 Description of the processes to identify and assess material resources use and circular economy-related impacts, risks and opportunities SUS – General 4 E5–1 Policies related to resource use and circular economy SUS – Resource use and circular economy 21-24 E5–2 Actions and resources related to resource use and circular economy SUS – Resource use and circular economy 21-24 E5–3 Targets related to resource use and circular economy SUS – Resource use and circular economy 21-24 E5–4 Resource inflows SUS – Resource use and circular economy 21-24 E5–5 Resource outflows SUS – Resource use and circular economy 21-24 (1) E5–6 Anticipated financial effects from material resource use and circular economy-related risks and opportunities Phase-in ESRS 2 – MDR – Sustainable lifecycle management E2–MDR–P Policies adopted to manage material sustainability matters SUS – Sustainable lifecycle management 19-20 E2– MDR–A Actions and resources in relation to material sustainability matters SUS – Sustainable lifecycle management 19-20 137 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Disclosure Requirement Section/report Page Additional information Reference to datapoints from other EU legislations E2–MDR–M Metrics in relation to material sustainability matters SUS – Sustainable lifecycle management 19-20 E2–MDR–T Tracking effectiveness of policies and actions through targets SUS – Sustainable lifecycle management 19-20 ESRS S1 – Own workforce ESRS 2–SBM–2 Interest and views of stakeholders SUS – General 9 ESRS 2–SBM–3 Material impacts, risks and opportunities and their interaction with strategy and business model SUS – Own workforce 31-36 Phase-in for SBM-3 DR 48e (1), DR 14 (f), 14 (g) can be found in the section Own workforce S1–1 Policies related to own workforce SUS – Own workforce 31-36 (1), (3) S1–2 Processes for engaging with own workers and own worker's representatives about impacts SUS – Own workforce 31-36 S1–3 Processes to remediate negative impacts and channels for own workers to raise concerns SUS – Own workforce, Corporate governance & business ethics 31-36 (1), (3) S1–4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions SUS – Own workforce 31-36 S1–5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities SUS – Own workforce 31-36 S1–6 Characteristics of the undertaking’s employees SUS – Own workforce 31-36 S1–7 Characteristics of non-employee workers in the undertaking’s own workforce SUS – Own workforce 31-36 S1–8 Collective bargaining coverage and social dialogue SUS – Own workforce 31-36 Phase-in for S1-8 (DR 60c) S1–9 Diversity metrics SUS – Own workforce 31-36 S1–11 Social protection Phase-in 31-36 S1–12 Persons with disabilities Phase-in 31-36 S1–13 Training and skills development metrics SUS – Own workforce 31-36 S1–14 Health and safety metrics SUS – Own workforce 31-36 Phase-in for S1-14 DR 88d/e (1), (3), phase in for DR 88 d/e S1–15 Work-life balance metrics Phase-in S1–16 Compensation metrics (pay gap and total compensation) SUS – Own workforce and GR 31-36 (1), (3) S1–17 Incidents, complaints and severe human rights impacts SUS – Corporate governance and business ethics 31-36 (1) ESRS S4 – Consumers and end–users ESRS 2 – SBM–2 Interests and views of stakeholders SUS – General 9 138 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Disclosure Requirement Section/report Page Additional information Reference to datapoints from other EU legislations ESRS 2 – SBM–3 Material impacts, risks and opportunities and their interaction with strategy and business model SUS – Consumers and end-users 37-41 Phase-in for SBM-3 DR 48e S4–1 Policies related to consumers and end-users SUS – Consumers and end-users 37-41 (1), (3) S4–2 Processes for engaging with consumers and end-users about impacts SUS – Consumers and end-users 37-41 S4–3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns SUS – Consumers and end-users 37-41 S4–4 Taking action on material impacts on consumers and end- users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions SUS – Consumers and end-users 37-41 (1) S4–5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities SUS – Consumers and end-users 37-41 ESRS 2 – Customer experience E2–MDR–P Policies adopted to manage material sustainability matters SUS – Consumers and end-users 37-38 E2–MDR–A Actions and resources in relation to material sustainability matters SUS – Consumers and end-users 37-38 E2–MDR–M Metrics in relation to material sustainability matters SUS – Consumers and end-users 37-38 E2–MDR–T Tracking effectiveness of policies and actions through targets SUS – Consumers and end-users 37-38 ESRS 2 – MDR – Product quality, safety & security E2–MDR–P Policies adopted to manage material sustainability matters SUS – Product quality, safety & security 39-41 E2– MDR–A Actions and resources in relation to material sustainability matters SUS – Product quality, safety & security 39-41 E2–MDR–M Metrics in relation to material sustainability matters SUS – Product quality, safety & security 39-41 E2–MDR–T Tracking effectiveness of policies and actions through targets SUS – Product quality, safety & security 39-41 ESRS G1 – Business Conduct ESRS 2 – GOV–1 The role of the administrative, supervisory and management bodies CG 3-6 ESRS 2 – IRO–1 Description of the processes to identify and assess material impacts, risks and opportunities SUS – General 4 139 Bar co  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Disclosure Requirement Section/report Page Additional information Reference to datapoints from other EU legislations G1–1 Business conduct policies and corporate culture SUS – Corporate Governance & business ethics 42-44 (1) G1–2 Management of relationships with suppliers SUS – Responsible & resilient supply chain 47-49 G1–3 Prevention and detection of corruption and bribery SUS – Corporate Governance & business ethics 42-44 G1–4 Incidents of corruption or bribery SUS – Corporate Governance & business ethics 42-44 (1), (3) G1–5 Political influence and lobbying activities Not applicable ESRS 2 – MDR – Innovation, product portfolio and technology E2–MDR–P Policies adopted to manage material sustainability matters SUS – Innovation, product portfolio and technology 45-46 E2– MDR–A Actions and resources in relation to material sustainability matters SUS – Innovation, product portfolio and technology 45-46 E2–MDR–M Metrics in relation to material sustainability matters SUS – Innovation, product portfolio and technology 45-46 E2–MDR–T Tracking effectiveness of policies and actions through targets SUS – Innovation, product portfolio and technology 45-46 ESRS 2 – MDR – Responsible & Resilient supply chain E2–MDR–P Policies adopted to manage material sustainability matters SUS – Responsible & resilient supply chain 47-49 E2– MDR–A Actions and resources in relation to material sustainability matters SUS – Responsible & resilient supply chain 47-49 E2–MDR–M Metrics in relation to material sustainability matters SUS – Responsible & resilient supply chain 47-49 E2–MDR–T Tracking effectiveness of policies and actions through targets SUS – Responsible & resilient supply chain 47-49 140 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Other information As mentioned in the General section, sev- eral topics have been scored as medium or low material by our stakeholders. We aim however to continue our strategy, tar - gets and actions related to these topics (as set already in the previous years) to man- age actual and potential impacts, risks and opportunities related to these topics. 1 . Cybersecurity Next to product security, Barco’s leadership has a clear commitment to cybersecurity, which translates into a Security Organization that operates along three lines of defense. Ensuring operational security (e.g. own and manage operational risk) is the first line of defense. The second line of defense is man- aged by Barco’s Security Office (e.g. the cybersecurity program) and the third one is the cybersecurity audit (e.g. risk assurance). Barco’s Security Office activities driving the corporate cybersecurity program are led by the chief information security officer (CISO). At the core of this program is the corporate cybersecurity roadmap developed in line with Barco’s security objectives. To iden- tify new and remaining security gaps, we regularly perform cybersecurity maturity assessments using the Cyfun Cybersecu- rity framework. We have set the target to obtain an aver- age cybersecurity maturity score of at least 3.00 by 2026 based on the CyFun Import- ant framework. In 2024, we scored 2,71. The highlights in 2024 related to • Increased focus on regulatory landscape (e.g. NIS2 regulation, CyFun); • Risk-based approach to improve Barco’s security maturity level in accordance with the cybersecurity roadmap by focusing on people, process, and technology; • Continue the cybersecurity awareness training to foster a cybersecurity culture, including phishing simulations and cyber- security e-learnings; • Focus on security of manufacturing sites; • Focus on data security; • Sustain and further optimize Barco’s ISMS in line with the ISO 27001 standard, including the migration to the new ver- sion of the ISO 27001 standard; • Extended the scope of Barco’s ISO 27001 scope with 2 product lines; • Introducing governance on (generative) A.I. More details can be found on the Barco Trust Center. 2 . Macroeconomic & geopolitical risk The macroeconomic and geopolitics risk retains its position in the ranking in corpo- rate risk management. We do see a slight improvement in the risk level. Serious political and (macro-)economic evo- lutions and fluctuations can heavily impact the investment climate and could even stop the complete business in a country or region. Geopolitical tensions, pandemics, worsening trade relations and trade policy uncertainties impact the global economic activity and could translate into constraints to Barco’s operations (tariffs, IP, investment restrictions, mobility restrictions), and rising trade barriers, particularly between China and the US and Europe. The company closely monitors the macro- economic and geopolitical developments, in particular those affecting the countries in which it is active. The possible impact hereof on the company’s operations (geographical footprint, supply chain, operations, import and export activities, commercial and go-to-market strategy, cash management, etc.) and remedial actions are assessed in business review meetings for the short term, and in the strategic management plan and budget for the mid to long term respectively. The construction of so-called focused fac- tories in different countries will help Barco respond more flexibly to certain constrain- ing geopolitical evolutions. The wide spread of activities across different regions and industries contributes to absorb- ing the risk. 3 . Local compliance & regulatory changes Recent years saw a sharp rise in local com- pliance and regulatory complexity, with evolving regulations and additional laws demanding stricter procedures. ESG gained prominence and introduced new regulations and reporting requirements emphasizing sustainability and ethical business practices. Technological advancements such as AI, quantum computing and the uprise of cloud solutions brought both opportunities and challenges, requiring Barco to address new compliance concerns related to data pri- vacy, protection, and cybersecurity. Local compliance and regulatory change climbs towards the 6 th position in our risk ranking, after being steadily located on the 8 th place over the past years. Navigating this complex landscape requires Barco to implement robust compliance programs, continuous adaptation, and a proactive approach to addressing emerging risks. Several mitigating controls have been established, in which Barco is focussing on: • Conducting regular risk assessments: To identify and prioritize emerging compli- ance gaps. • Investing in compliance technologies: To automate compliance processes and enhance data management. • Fostering a culture of compliance: by embedding compliance principles throughout all levels of the organization. • Staying informed: By continuously mon- itoring and adapting to the evolving regulatory landscape. 141 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION By proactively addressing these challenges and embracing an agile approach to compli- ance, Barco aims to enhance its reputation and achieve sustainable long-term suc- cess in an increasingly complex regulatory environment. 4 . Community engagement – provide access to health & education for all Visioneering a bright tomorrow, the Barco purpose, also means ensuring more peo- ple can participate in and benefit from a prospering society, regardless of their back- ground. Focusing on health and education, we partner with non-profits and leverage the engagement of our employees to make long-lasting impact in the communities where we live and work. We have three levels of giving: supporting global & local efforts, encourage and empower our teams to participate in volunteering programs and inspire and motivate broader society. More details on our community engage- ment actions can be found on our website. 5 . Measuring our carbon footprint related to product use emissions Disclaimer: the following data does not replace any product specific service or warranty, quality or any kind of formal performance statement. Methodology: Greenhouse Gas Protocol Methodology. Formula to be used: ∑ (total lifetime expected uses of product × number sold in reporting period × electricity con- sumed per use (kWh) × emission factor for electricity (kg CO 2 e/kWh)) Scope: Emissions from sold products cor- respond to the greenhouse gas emissions during the use phase of the devices sold by Barco, at the end-user location. This con- siders all finished electronic consuming products sold by Barco. Software, ser- vices, hardware not consuming electricity (e.g. spare parts) and modules are not in scope. The emissions are based solely on the energy consumption of the product (excluding the embodied energy of com- ponents, end-of-life emissions, etc). Use case data collection Use case data for Medical Displays • Average power on (W), typically mea- sured at calibrated luminance value. • Suspend = standby (W) • Hibernate = Deep Sleep Power = off (W), internal processor active and communi- cation with control software possible. As defined in the public product specifi- cation sheet. If no data is in the product specification sheet electrical safety report- ing is used to define the applicable number. • Use case on (hrs) • Use case standby (hrs) • Use case deep sleep (hrs) Are defined based on feedback of the prod- uct manager. • Guaranteed lifetime (per 10000 hrs), linked to the backlight lifetime perfor- mance or the device MTBF performance. • Relative increase in nominal power per year (%), power compensation to main- tain calibrated luminace value. Delivered capability specifications: • Max Luminance (cd/m2) • Mpixels • Size (Inch) • DPI (#MP/Inch diagonal) For Diagnostic imaging devices the follow- ing is applicable: 8h On mode, 1 h Standby and 15h Deep sleep/Off mode over a usage time as defined in the public product sheet and default 8% of relative increase, if no per - formance data is available. For Surgical and modality devices the use cases and expected lifetime, relative increase but ranges between 4-24h On mode 1-16 h Standby and 0-19h Deep sleep/Off mode. This variation relates to the specific end user or end system setup. Use case data for Cinema and Immersive Experience • Power consumption (W), as defined in the public product specification sheet. If no data is in the product specification sheet electrical safety reporting is used to define the applicable number. Delivered capability specifications: • Center lumens (lm), Native brightness as defined in the public product specifica- tion sheet. Several end user application cases have been defined that have an impact on the energy consumption calculation. The generic use cases shown in the table below have been defined by the product managers based on field knowledge and feedback. None-Cinema product can be sold into the different markets, a specific share is taken into account. This is per default 50/50%, but can vary from 10-100% assigned to one sin- gle market. Use case data for Meeting Experience and Learning Experience • Average power on (W) • Suspend = standby (W) • Deep sleep power = off (W) As defined in the public product specifi- cation sheet. If no data is in the product specification sheet electrical safety report- ing is used to define the applicable number. Use cases Cinema Events Proav fix install Proav simulation HER Image Processors Usage time per year 4,000 600 2,000 8,760 500 2500 Total product lifetime 40,000 3,000 20,000 50,000 5,000 12500 Power used 68% 100% 75% 35% 100% 100% Number of years 10.0 5.0 10.0 5.7 10.0 5.0 142 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION • Use case on (hrs) • Use case standby (hrs) • Use case deep sleep (hrs) • Guaranteed lifetime (hrs) Are defined based on feedback of the prod- uct manager. For ClickShare product the following is applicable: 6h On mode, 6 h Standby and 12h Off mode over a usage time of 438000h. Connected media devises are per default assesses 8h On mode, 0 Standby and 14h Off mode is considered over a lifetime of 438000h. Use case data Large Video Wall Experience • Average power on (W) • Suspend = standby (W) • Deep Sleep Power = off (W) • Use case deep sleep (hrs) For increased data accuracy, the specifica- tions are now derived from a combination of measurements conducted by the R&D department and market input data. The market input data is sourced from display registration information recorded in Sales- force. This approach ensures consideration of the percentage of LED tiles utilized in control rooms, simulation environments, and high-end residential markets. Delivered capability specifications: • Center lumens (lm) • Typical power consumption at consumer side @ 400NIT wall brightness (W) • Display area (m²) Products sold into the LVW market are considered to be active 24/7. The follow- ing expected usage times are considered: 5 Year LED and LCD, 10 Year Laser RPC, 7 Year for LED/LAMP RPC, Server products 5 Year. 143 Barco  Integrated report 2024 — Sustainability Statements GENERAL ENVIRONMENT GOVERNANCE SOCIAL ANNEX OTHER INFORMATION Financial Statements 2024 Integrated Annual Report IFRS Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . .3 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Significant IFRS accounting principles . . . . . . . . . . . . . . .10 1 . Accounting principles . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 2 . Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 3 . Research and development costs . . . . . . . . . . . . . . . . . 10 4 . Other intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . 10 5 . Property, plant and equipment . . . . . . . . . . . . . . . . . . . 10 6 . Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 7 . Investments - financial assets at fair value through profit and loss or other comprehensive income . . . . . . . .11 8 . Other non-current assets . . . . . . . . . . . . . . . . . . . . . . . . .11 9 . Financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 10 . Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 11 . Revenue recognition . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 12 . Government grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 . Trade debtors and other amounts receivable . . . . . . 12 14 . Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . 12 15 . Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 16 . Equity – costs of an equity transaction . . . . . . . . . . . . 12 17 . Interest-bearing loans and borrowings . . . . . . . . . . . . 12 18 . Trade and other payables . . . . . . . . . . . . . . . . . . . . . . . 13 19 . Employee benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 20 . Transactions in foreign currencies . . . . . . . . . . . . . . . 13 21 . Foreign Group companies . . . . . . . . . . . . . . . . . . . . . . 13 22 . Derivative financial instruments . . . . . . . . . . . . . . . . . . 13 23 . Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 24 . Impairment of assets . . . . . . . . . . . . . . . . . . . . . . . . . . 13 25 . Share-based payment . . . . . . . . . . . . . . . . . . . . . . . . . . .14 26 . Earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14 IFRS accounting standards adopted as of 2024 . . . . . . .14 IFRS accounting standards issued but not yet effective as of 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . .14 Standards issued but not yet effective . . . . . . . . . . . . . . . .14 Critical accounting judgments and key sources of estimation uncertainty . . . . . . . . . . . . . . . . . .15 General business risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 Key sources of estimation uncertainty . . . . . . . . . . . . . . . .15 Notes to the consolidated financial statements . . . . . .16 1 . Consolidated companies . . . . . . . . . . . . . . . . . . . . . . . . .16 2 . Operating Segments information . . . . . . . . . . . . . . . . . 18 3 . Income from operations (EBIT) . . . . . . . . . . . . . . . . . . . 24 4 . Revenues and expenses by nature . . . . . . . . . . . . . . . . 27 5 . Restructuring and impairment costs . . . . . . . . . . . . . . . 28 6 . Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 7 . Earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 8 . Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 9 . Other intangible and tangible assets. . . . . . . . . . . . . . . 32 10 . Deferred tax assets – deferred tax liabilities . . . . . . . . 35 11 . Investments and interest in associates . . . . . . . . . . . . 38 12 . Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 13 . Amounts receivable and other non-current assets . . .41 14 . Net financial cash/debt . . . . . . . . . . . . . . . . . . . . . . . . . 42 15 . Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . 44 16 . Equity attributable to equity holders of the parent . . 45 17 . Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . . . 47 18 . Trade payables and advances received from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 19 . Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 20 . Risk management - derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 21 . Rights and commitments not reflected in the balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 22 . Related party transactions . . . . . . . . . . . . . . . . . . . . . . 59 23 . Events subsequent to the balance sheet date . . . . . . 59 Supplementary statements . . . . . . . . . . . . . . . . . . . . . . . . 60 Free cash flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Return on Operating Capital Employed . . . . . . . . . . . . . . 61 Supplementary information . . . . . . . . . . . . . . . . . . . . . . . 62 Barco NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 Balance sheet after appropriation . . . . . . . . . . . . . . . . . . . 63 Income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Proposed appropriation of Barco NV result . . . . . . . . . . . 64 Table of contents These are the Financial Statements of Bar - co’s 2024 integrated annual report . Other sections are available via the download center . CORE MORE • Corporate governance statements • Sustainability statements • Financial statements ANNEX • Integrated Data Pack • Glossary • GRI Content index • Assurance report In accordance with IFRS, this annual financial report has been prepared in the European Single Electronic Format (ESEF) . In the event of any discrepancies or conflicts between the ESEF version and other published versions of this report, the ESEF version shall prevail . This electronic format is compliant with the requirements set forth by the European Securities and Markets Authority (ESMA) and ensures consistency and transparency in financial reporting across the European Union . 145 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS IFRS Financial Statements Introduction This chapter of the Annual Report con- tains the IFRS audited consolidated financial statements including the notes thereon, pre- pared in accordance with the International Financial Reporting Standards as adopted by the European Union . The chapter ‘Our results’ provides an analy- sis of trends and results of the 2024 financial year, and is based on the IFRS consolidated financial statements and should be read in conjunction with these statements . 146 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Consolidated statement of income In thousands of euro Notes 2024 2023 2022 Sales 2,3 946,590 1,050,137 1,058,291 Cost of goods sold 3 -561,157 -611,614 -645,538 Gross profit 3 385,433 438,523 412,753 Research and development expenses 3(a) -130,892 -132,282 -120,493 Sales and marketing expenses 3(b) -138,073 -145,891 -142,740 General and administration expenses 3(c) -56,482 -59,948 -57,714 Other operating income (expense) - net 3(d) 17,120 1,704 -1,663 Adjusted EBIT (a) 3 77,106 102,106 90,143 Restructuring and impairments 5 -11,100 -10,811 -2,500 EBIT 3 66,006 91,295 87,643 Interest income 8,644 6,514 2,773 Interest expense -3,345 -1,830 -1,930 Income before taxes 6 71,305 95,979 88,486 Income taxes 6 -12,835 -17,276 -15,927 Result after taxes 58,470 78,703 72,559 Share in the result of joint ventures and associates 11 3,628 2,539 3,337 Net income 62,098 81,242 75,896 Net income attributable to non-controlling interest 17 -859 1,074 677 Net income attributable to the equity holder of the parent 7 62,957 80,168 75,219 Earnings per share (in euro) 7 0.71 0.89 0.84 Diluted earnings per share (in euro) 7 0.70 0.88 0.83 The accompanying notes are an integral part of this income statement . (a) Management considers adjusted EBIT to be a relevant performance measure in order to compare results over the period 2022 to 2024, as it excludes adjusting items . Adjusting items include restructuring costs and impairments . We refer to note 5 restructuring and impairment costs . 147 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Statement of comprehensive income In thousands of euro Note 2024 2023 2022 Net income 62,098 81,242 75,896 Exchange differences on translation of foreign operations (a) 14,138 -16,269 11,967 Cash flow hedges Net gain/(loss) on cash flow hedges -107 -262 1,259 Income tax 19 47 -227 Net gain/(loss) on cash flow hedges, net of tax -88 -215 1,032 Other comprehensive income/(loss) to be recycled through profit and loss in subsequent periods 14,050 -16,484 12,999 Remeasurement gains/(losses) on defined benefit plans 19 -3,753 -1,297 18,395 Deferred tax on remeasurement gains/(losses) on defined benefit plans 10 942 324 -4,599 Actuarial gains/(losses), net of tax -2,811 -973 13,796 Changes in the fair value of equity investments through other comprehensive income 11 -6,693 14,709 -23,004 Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods -9,504 13,736 -9,208 Other comprehensive income/(loss) for the period, net of tax effect 4,546 -2,748 3,791 Attributable to equity holder of the parent 4,034 -2,362 1,287 Attributable to non-controlling interest 512 -386 2,504 Total comprehensive income/(loss) for the year, net of tax 66,644 78,494 79,687 Attributable to equity holder of the parent 66,991 77,806 76,506 Attributable to non-controlling interest -347 688 3,181 The accompanying notes are an integral part of this income statement, (a) Translation exposure gives rise to non-cash exchange gains/losses . Examples are foreign equity and other long-term investments abroad . These long-term investments give rise to periodic translation gains/losses that are non-cash in nature until the investment is realized or liquidated . The comprehensive income line commonly shows a positive result in case the foreign currency appreciates versus the Euro in countries where investments were made and a negative result in case the foreign currency depreciates . In all 3 years (2024, 2023 and 2022), the exchange differences in the comprehensive income line were mainly booked on foreign operations held in Hong Kong Dollar and US Dollar (see also note 16 .4) . 148 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Consolidated balance sheet In thousands of euro Note 31 Dec 2024 31 Dec 2023 31 Dec 2022 Assets Goodwill 8 105,612 105,612 105,612 Other intangible assets 9,1 11,559 12,026 19,251 Land and buildings 9,2 65,385 63,479 69,677 Other tangible assets 9,2 98,739 89,947 53,181 Investments and interest in associates 11 70,996 70,788 64,811 Deferred tax assets 10 75,442 57,040 55,239 Other non-current assets 13 6,750 4,335 5,819 Non-current assets 434,483 403,227 373,590 Inventory 12 208,678 231,521 245,714 Trade debtors 13 201,546 208,567 194,643 Other amounts receivable 13 12,587 14,458 14,509 Short term investments 14 519 4,670 1,651 Cash and cash equivalents 14 362,442 286,077 305,915 Prepaid expenses and accrued income 8,602 10,895 11,383 Current assets 794,374 756,188 773,815 Total assets 1,228,857 1,159,415 1,147,405 In thousands of euro Note 31 Dec 2024 31 Dec 2023 31 Dec 2022 Equity and liabilities Equity attributable to equity holders of the parent 16 795,150 795,334 759,189 Non-controlling interests 17 - 15,961 19,792 Equity 795,150 811,295 778,981 Long-term debts 14 44,861 32,217 32,335 Deferred tax liabilities 10 3,066 3,576 3,229 Other long-term liabilities 15 63,018 54,374 44,524 Long-term provisions 19 16,726 15,131 14,998 Non-current liabilities 127,671 105,298 95,086 Current portion of long-term debts 14 14,215 12,288 11,217 Short-term debts 14 44,835 5,095 - Trade payables 18 98,866 89,350 121,920 Advances received from customers 18 61,471 40,613 51,183 Tax payables 16,035 11,913 9,639 Employee benefit liabilities 50,088 58,500 53,487 Other current liabilities 2,787 7,034 5,412 Accrued charges and deferred income 9,705 7,745 11,155 Short-term provisions 19 8,034 10,284 9,325 Current liabilities 306,036 242,822 273,338 Total equity and liabilities 1,228,857 1,159,415 1,147,405 The accompanying notes are an integral part of this statement . 149 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Consolidated statement of cash flow In thousands of euro Note 2024 2023 2022 Cash flow from operating activities Adjusted EBIT 3 77,106 102,106 90,143 Restructuring 5 -12,859 -6,849 -1,211 Depreciations of tangible and intangible fixed assets 3,9 43,716 40,390 36,331 (Gain)/Loss on tangible fixed assets -10,100 119 -1,621 Share options recognized as cost 3(d),16 2,826 2,230 1,548 Share in the profit/(loss) of joint ventures and associates 11 3,628 2,539 3,337 Gross operating cash flow 104,317 140,535 128,527 Changes in trade receivables 11,329 -18,320 -35,615 Changes in inventory 25,075 9,579 -70,161 Changes in trade payables 9,803 -30,306 7,425 Other changes in net working capital 13,625 1,551 2,823 Change in net working capital 59,832 -37,496 -95,528 Net operating cash flow 164,149 103,039 32,999 Net operating cash flow Interest received 8,644 6,514 2,773 Interest paid -3,345 -1,830 -1,930 Income taxes -26,307 -13,343 -6,042 Cash flow from operating activities 143,141 94,380 27,800 In thousands of euro Note 2024 2023 2022 Cash flow from investing activities Purchases of tangible and intangible fixed assets -42,566 -54,408 -21,218 Proceeds on disposals of tangible and intangible fixed assets 12,521 209 8,038 Proceeds from (+), payments for (-) short term investments 14 4,151 -3,019 1,112 Acquisition of Group companies, net of acquired cash 1 .3,24 - - -3,763 Other investing activities (a) -9,014 3,681 -17,985 Dividends from joint ventures and associates 11 6,180 2,160 - Cash flow from investing activities (including acquisitions and divestments) -28,728 -51,377 -33,816 Cash flow from financing activities Dividends paid -42,519 -39,802 -21,065 Capital increase/decrease 183 -14 1,737 Sale/(purchase) of own shares 16 -24,494 -6,784 5,992 Payments (-) of long-term liabilities 20 461 -13,805 -12,390 Proceeds from (+), payments of (-) short-term liabilities 20 38,809 8,762 999 Change in ownership without change in control (b) -18,785 - -23,649 Dividend distributed to non-controlling interest 17 - -1,810 - Cash flow from financing activities -46,345 -53,453 -48,376 Net increase/(decrease) in cash and cash equivalents 68,068 -10,450 -54,392 Cash and cash equivalents at beginning of period 286,077 305,915 351,571 Cash and cash equivalents (CTA) 8,297 -9,388 8,736 Cash and cash equivalents at end of period 362,442 286,077 305,915 The accompanying notes are an integral part of this statement . () Amount related to Cinionic change in ownership for 2022 has been reclassified from ‘other investing activities’ to ‘change in ownership without change in control’ for com- parative purposes . (a) Other investing activities encompass the result of the year of our interest in associates for the years presented (2024 – 2022) . In 2024 this relates to the result of CCO Barco Airport Venture and BarcoCFG . In 2023 and 2022 this also includes the movement in investments in entities in which Barco owns less than 20% of the shares . (b) Change in ownership without change in control in 2024 reflects 18 .8 million euro cash paid to the minority shareholder China Film Group after the completion of a selec - tive capital decrease of Cinionic Ltd . (Hong Kong) in which Barco had an ownership of 80% . In 2022 this change reflects 23 .6 million euro paid to the minority shareholders of Cinionic, increasing Barco’s ownership interest in the joint venture from 55% to 80% . We refer to note 17 for more explanation on the increase in ownership interest . 150 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Consolidated statement of changes in equity In thousands of euro Note Share capital and premium Retained earnings Share-based payments Cumulative translation adjustment Cash flow hedge reserve Own shares Equity attributable to equity holders of the parent Non-Controlling Interest Equity Balance on 1 January 2022 217,387 527,783 18,667 -37,906 -713 -31,435 693,783 41,031 734,814 Net income - 75,219 - - - - 75,219 677 75,896 Dividend 16 - -35,695 - - - - -35,695 - -35,695 Capital and share premium increase 16 16,284 - - - - - 16,284 - 16,284 Other comprehensive income (loss) for the period, net of tax - -9,301 - 9,556 1,032 - 1,287 2,504 3,791 Share-based payment 16 - - 1,548 - - - 1,548 - 1,548 Exercise of options 16 - - - - - 5,992 5,992 - 5,992 Increase in ownership interest, without change in control (a) 17 - 771 - - - - 771 -24,420 -23,649 Balance on 31 December 2022 233,671 558,777 20,215 -28,350 319 -25,443 759,189 19,792 778,981 Balance on 1 January 2023 233,671 558,777 20,215 -28,350 319 -25,443 759,189 19,792 778,981 Net income - 80,168 - - - - 80,168 1,074 81,242 Dividend 16 - -39,802 - - - - -39,802 - -39,802 Dividend distributed to non controlling interest - - - - - - - -1,810 -1,810 Capital and share premium decrease 16 -14 - - - - - -14 - -14 Other comprehensive income (loss) for the period, net of tax - 13,736 - -15,883 -215 - -2,362 -386 -2,748 Share-based payment 16 - - 2,230 - - - 2,230 - 2,230 Exercise of options 16 - - - - - 1,304 1,304 - 1,304 Share buy-back 16 - - - - - -8,088 -8,088 - -8,088 Increase in ownership interest, without change in control (a) 17 - 2,709 - - - - 2,709 -2,709 - Balance on 31 December 2023 233,657 615,588 22,445 -44,233 104 -32,227 795,334 15,961 811,295 151 Bar co  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE In thousands of euro Note Share capital and premium Retained earnings Share-based payments Cumulative translation adjustment Cash flow hedge reserve Own shares Equity attributable to equity holders of the parent Non-Controlling Interest Equity Balance on 1 January 2024 233,657 615,588 22,445 -44,233 104 -32,227 795,334 15,961 811,295 Net income - 62,957 - - - - 62,957 -859 62,098 Dividend 16 - -42,519 - - - - -42,519 - -42,519 Capital and share premium decrease 16 183 - - - - - 183 - 183 Other comprehensive income (loss) for the period, net of tax - -9,504 - 13,626 -88 - 4,034 512 4,546 Share-based payment 16 - - 2,826 - - - 2,826 - 2,826 Exercise of options 16 - - - - - 29 29 - 29 Share buy-back 16 - - - - - -24,523 -24,523 - -24,523 Increase in ownership interest, without change in control (a) 17 - -3,171 - - - - -3,171 -15,614 -18,785 Balance on 31 December 2024 233,840 623,351 25,271 -30,607 16 -56,721 795,150 0 795,150 The accompanying notes are an integral part of this statement . (a) Per 20 April 2022, Barco agreed to buy the shares held by Appotronics and CITICPE in Cinionic, increasing Barco’s ownership interest in the joint venture from 55% to 80% and per 22 November 2023, Barco reached an agreement with China Film Equipment co ., Ltd to fully acquire Cinionic’s premium Cinema solutions business, increasing Barco’s ownership interest in the joint venture to 100% . The change in ownership to 100% of all Cinionic legal entities, except for the holding entity Cinionic Ltd (Hong Kong) was completed in 2023 . Per 15 April 2024, the selective capital decrease of Cinionic Ltd . whereby the minority shareholder China Film Group obtained full ownership of the Cinionic Ltd . legal entity was completed . None of the transactions resulted in a change in control, therefore the relating impacts were reflected in equity . As of June 1 st , 2024, Barco gained back full ownership of Barco Solutions BV, without change in control . Barco paid 1 euro for the change in ownership from 70% to 100% . The impact of -3.2 million euro has been reflected in equity . As a result of the above, per end 2024, Barco has no remaining minority interest . We refer to note 17 for more explanation on the change in ownership interest . 152 Bar co  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Significant IFRS accounting principles 1 . Accounting principles 1 .1 . Statement of compliance and basis of presentation The consolidated financial statements of the Barco Group have been prepared in accor- dance with International Financial Reporting Standards (IFRS), as adopted for use by the EU . All standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) effective year-end 2024 and adopted by the European Union are applied by Barco . The financial statements are also prepared on the basis of going concern . The consolidated financial statements are presented in thousands of euro and are pre- pared under the historical cost convention, except for the measurement at fair value of investments, pension estimates and deriv- ative financial instruments . The financial statements were authorized for issue by the board of directors on 7 February 2025 . The chairman has the power to amend the financial statements until the shareholders’ meeting of 24 April 2025 . 1 .2 . Principles of consolidation General The consolidated financial statements com- prise the financial statements of the parent company, Barco NV (registered office: 35 President Kennedypark, 8500, Kortrijk, Bel- gium), and its controlled subsidiaries and joint ventures, after the elimination of all intercompany transactions . Subsidiaries Subsidiaries are consolidated from the date the parent obtains control until the date control ceases . Acquisitions of subsidiar- ies are accounted for using the purchase method of accounting . Control exists when Barco is exposed, or has rights, to vari- able returns from its involvement with the investee and has the ability to affect those returns through its power over the investee . The financial statements of subsidiaries are prepared according to the parent’s com- pany reporting schedule, using consistent IFRS accounting policies . Non-controlling interests Non-controlling interests represent the por- tion of profit or loss and net assets not held by the Group and are presented separately in the income statement and within equity in the consolidated balance sheet, sepa- rately from shareholder’s equity, even if the attribution of losses to the non-controlling interest results in a debit balance in share- holder’s equity . Investments in associated companies and joint ventures The company has investment in joint ven- tures when it shares joint control with other investments, and it has rights to the net assets of these joint ventures . Investments in associated companies over which the company has significant influence (typically those that are 20-50% owned) and joint ven- tures are accounted for under the equity method of accounting and are initially rec- ognized at cost . Thereafter the carrying amount of the investment is adjusted to rec- ognize changes in the Group’s share of net assets of the associate since the acquisition date . The statement of profit or loss reflects the Group’s share of the results of opera - tions of the associate, in ‘other operating income’ for associated companies and joint ventures with closely related business and in the line ‘share in the result of joint ven- tures and associates’ for all other associated companies and joint ventures . Investments in associated companies and joint ventures are presented as non-current asset on the face of the balance sheet on the line ‘invest- ments and interest in associates’ . 2 . Goodwill Goodwill represents the excess of the cost of the acquisition over the fair value of iden - tifiable net assets and contingent liabilities of a subsidiary or associated company at the date of acquisition . Goodwill is carried at cost less any accumu- lated impairment losses . 3 . Research and development costs Research and development costs are expensed as incurred, except for develop- ment costs, which relate to the design and testing of new or improved materials, prod - ucts or technologies, which are capitalized to the extent that it is expected that such assets will generate future economic ben - efits and the recognition criteria of IAS38 are met . Shorter life cycles, unpredictabil- ity of which development projects will be successful, and the volatility of technologies and the markets in which Barco operates led the Board of Directors to conclude that Bar- co’s development expenses since 2015 no longer meet the criteria of IAS38 .57 . As the criteria of IAS38 .57 are no longer fulfilled, capitalization of development expenses as of 2015 was not allowed . 4 . Other intangible assets Intangible assets acquired separately are capitalized at cost . Intangible assets acquired as part of a busi- ness combination are capitalized at fair value separately from goodwill if the fair value can be measured reliably upon initial recogni- tion and are amortized over their economic lifetimes . Other intangible assets are amor- tized on a straight-line basis not exceeding 7 years . 5 . Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses . Generally, depreciation is computed on a straight-line basis over the estimated useful life of the asset . When there is an indication that the item of property, plant and equipment is impaired, the carrying amounts are reviewed to assess whether they are recorded in excess of their recoverable amounts, and where carrying values exceed this estimated recoverable amount, assets are written down to their recoverable amount . Estimated useful life is: • buildings 20 years • installations 10 years • production machinery 5 years • measurement equipment 4 years • tools and models 3 years • furniture 10 years • office equipment 5 years • computer equipment 3 years • vehicles 5 years • demo material 1 to 3 years • leasehold improvements and finance leases: cfr underlying asset, limited to outstanding period of lease contract A property, plant or equipment item is derecognized upon disposal or when no future economic benefits are expected from its use or disposal . Any gain or loss arising on de-recognition of the asset is included in profit or loss in the year the asset is derecognized . 153 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 6 . Leases Assets, representing the right to use the underlying leased asset, are capital- ized as property, plant and equipment at cost, comprising the amount of the initial measurement of lease liability, any lease payments made at or before the com- mencement date less any lease incentives received, any initial direct costs and res- toration costs . The corresponding lease liabilities, representing the net present value of the lease payments, are recognized as long-term or current liabilities depending on the period in which they are due . Leased assets and liabilities are recognized for all leases with a term of more than 12 months, unless the underlying asset is of low value . The lease payments are discounted using the lessee’s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions . The interest rate implicit in the lease could not be determined . Lease interest is charged to the income statement as an interest expense . Leased assets are depreciated, using straight-line depreciation over the lease term, including the period of renewable options, in case it is probable that the option will be exercised . 7 . Investments - financial assets at fair value through profit and loss or other comprehensive income Investments are treated as financial assets at fair value through profit and loss or other comprehensive income and are initially rec- ognized at cost, being the fair value of the consideration given . Subsequent fair value recognition through profit and loss or other comprehensive income is determined at moment of initial recognition . For investments quoted in an active market, the quoted market price is the best measure of fair value . For invest- ments not quoted in an active market, the carrying amount is the historical cost if a reliable estimate of the fair value cannot be made . An impairment loss is recorded when the carrying amount exceeds the estimated recoverable amount . These investments are presented on the balance sheet on the line ‘Investments and interest in associates’ . Short-term investments are cash depos- its with a maturity at inception in excess of 3 months and are intended to be held to maturity less than one year (solely payment of principle and interest) . They are recog- nized at cost, with the associated revenue in interest income . 8 . Other non-current assets Other non-current assets include long- term interest-bearing receivables and cash guarantees . Such long-term receivables are accounted for as loans and receiv- ables originated by the company and are carried at amortized cost . An impairment loss is recorded when the carrying amount exceeds the estimated recoverable amount . 9 . Financial assets The Group classifies its financial assets in the following categories: financial assets at fair value and financial assets at amor- tized cost . The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows . Management determines the classification of its financial assets at ini- tial recognition . Regular purchases and sales of financial assets are recognized on the trade date – the date on which the Group commits to purchase or sell an asset . At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset . Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss . Financial assets (such as loans, trade and other receivables, cash and cash equiv- alents) are subsequently measured at amortized cost using the effective interest method, less any impairment if they are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest . Trade and other receivables after and within one year are recognized initially at fair value and subsequently measured at amortized cost, i .e . at the net present value of the receivable amount, using the effec- tive interest rate method, less allowances for impairment . The Group assesses on a forward-looking basis the expected credit loss associated with its financial assets car- ried at amortized cost . For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables . The amount of the allowance is deducted from the carrying amount of the asset and is recognized in the income statement within other operating income . 10 . Inventories Inventories are stated at the lower of cost or net realizable value . Cost is determined on a first in first out (FIFO) or weighted average basis . Net realizable value is the estimated sell- ing price in the ordinary course of business less the estimated costs of completion and the estimated costs of completing the sale . In addition to the cost of materials and direct labor, the relevant proportion of production overhead is included in the inventory values . Write offs on inventories are applied on slow-moving inventory . The calculation of the allowance is based on consistently applied write off rules, which depend on both historical and future demand, of which the latter is subject to uncertainty due to rapid technological changes . 11 . Revenue recognition We apply the five-step model to account for revenue arising from contracts with custom- ers . Revenue is recognised at an amount that reflects the consideration to which we expect to be entitled in exchange for trans- ferring goods or services to a customer . (a) Sale of goods Contracts with customers to sell equipment has only 1 performance obligation . Revenue recognition occurs at a point in time, when control of the asset is transferred to the cus- tomer, generally on delivery of the goods . The Group has following warranty options: the Group provides warranties for general repairs of which the Group determined that such warranties are assurance-type warran- ties which are accounted for under IAS 37 Provisions, Contingent Liabilities and Con- tingent Assets . 154 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE (b) Rendering of services The Group provides services within all seg- ments . These services are sold either on their own in contracts with the customers or bundled together with the sale of equip- ment to a customer . The Group accounts for the equipment and service as separate deliverables of bundled sales and allocates consideration between these deliverables using the relative stand-alone selling prices . The Group recognises service revenue by reference to the stage of completion . The Group recognises the services over time given that the customer simultaneously receives and consumes the benefits pro- vided by the Group . Consequently, the Group recognises revenue for these service contracts/service components of bundled contracts over time rather than at a point of time . (c) Projects For revenue out of projects, billing and rev- enue recognition is linked to milestones, reflecting the percentage of completion, provided that the outcome of the project can be assessed with reasonable certainty . These projects generally have a lifetime of less than one year . 12 . Government grants Government grants related to research and development projects and other forms of government assistance are recognized as income upon irreversible achievement and by reference to the relevant expenses incurred . 13 . Trade debtors and other amounts receivable Trade debtors and other amounts receivable are shown on the balance sheet at amor- tized cost (in general, the original amount invoiced) less an allowance for doubtful debts and less an amount for expected credit losses . The allowance for doubtful debts is recorded in operating income when it is probable that the company will not be able to collect all amounts due . Allowances are calculated on an individual basis, based on an aging analysis of the trade debtors . For the determination of the expected credit loss, the Group has applied the simplified approach and records lifetime expected losses on all trade receivables . This amount is determined on a portfolio basis . 14 . Cash and cash equivalents Cash and cash equivalents consist of cash on hand and balances with banks and short- term investments with an original maturity date or notice period of three months or less . It is the Group’s policy to hold invest- ments to maturity . All investments are initially recognized at fair value, which is the cost at recognition date . 15 . Provisions Provisions are recorded when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obli- gation and a reliable estimate can be made to the amount of the obligation . The Group recognizes the estimated liabil- ity to repair or replace products still under warranty at the balance sheet date . The provision is calculated based on histori- cal experience of the level of repairs and replacements . A provision for restructuring is only rec- ognized when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced to those affected by the plan before the balance sheet date . On the line item ‘Long-term provisions’, the company presents the net liability relating to the post-retirement benefit obligations which includes the Belgian defined-con- tribution pension plans and Italian defined benefit plan . The Belgian defined contri- bution pension plans are by law subject to minimum guaranteed rates of return . Pen- sion legislation was amended at the end of 2015 and defines the minimum guaranteed rate of return as a variable percentage linked to government bond yields observed in the market as from 1 January 2016 onwards . For 2024 the minimum guaranteed rate of return remains the same as in 2023 and 2022, i .e . 1 .75% on employer contributions and employee contributions . As a conse- quence, the defined contribution plans have been accounted for as defined benefit plan . The Italian post-employment benefits are unfunded . The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method . We refer to note 19 for more detailed information . 16 . Equity – costs of an equity transaction The transaction costs of an equity transac- tion are accounted for as a deduction from equity, net of any related income tax benefit . 17 . Interest-bearing loans and borrowings All loans and borrowings are initially rec- ognized at cost, being the fair value of the consideration received net of issue costs associated with the loan/borrowing . Subse- quent to initial recognition, interest-bearing loans and borrowings are stated at amor- tized cost using the effective interest rate method . Amortized cost is calculated by tak- ing into account any issue costs and any discount or premium on settlement . The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period . The effective inter- est rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition . When a financial liability measured at amor- tized cost is modified without this resulting in derecognition, a gain or loss is recognized in profit or loss . The gain or loss is calcu- lated as the difference between the original contractual cash flows and the modified cash flows discounted at the original effec- tive interest rate . The measurement of a written put option liability When the risks and rewards of ownership transfer to the parent, a financial liability is recognized for the fair value of the put option . The fair value is the present value of the estimated redemption amount and depends on a management estimate of a number of assumptions (i .e . the expected market value, the estimated probability that the exercise conditions are met and the expected WACC) . Subsequently, the liabil- ity is revalued to fair value at each reporting period through the income statement, including the effect of unwinding the dis- count and other changes in the estimated redemption amount due to changes in management’s assumptions . 155 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 18 . Trade and other payables Trade and other payables are stated at amortized cost, which is the cost at recog- nition date . This is an approximation of the fair value . 19 . Employee benefits Employee benefits are recognized as an expense when the Group consumes the economic benefit arising from service provided by an employee in exchange for employee benefits, and as a liability when an employee has provided service in exchange for employee benefits to be paid in the future . 20 . Transactions in foreign currencies Transactions in foreign currencies are recorded at the rates of exchange pre- vailing at the date of transaction or at the end of the month before the date of the transaction . At the end of the accounting period the unsettled balances on foreign currency receivables and liabilities are val- ued at the rates of exchange prevailing at the end of the accounting period . Foreign exchange gains and losses are recognized in the income statement in the period in which they arise . 21 . Foreign Group companies In the consolidated accounts, all items in the profit and loss accounts of foreign subsidiaries are translated into euro at the average exchange rates for the account- ing period . The balance sheets of foreign group companies are translated into euro at the rates of exchange ruling at the year- end . The resulting exchange differences are classified in a separate component of ‘other comprehensive income’, until disposal of the investment . 22 . Derivative financial instruments Derivative financial instruments are recog- nized initially at cost, which is the fair value of the consideration given (in the case of an asset) or received (in the case of a liabil- ity) for it . Subsequent to initial recognition, derivative financial instruments are stated at fair value . The fair values of derivative inter- est contracts are estimated by discounting expected future cash flows using current market interest rates and yield curve over the remaining term of the instrument . The fair value of forward exchange contracts is estimated using valuation techniques which include forward pricing and swap models at the balance sheet date . Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement . Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognized asset or liability, or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in ‘other comprehensive income’ with the ineffective part recognized directly in profit and loss . Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously . 23 . Income taxes Current taxes are based on the results of the Group companies and are calculated according to local tax rules . Deferred tax assets and liabilities are deter- mined, using the liability method, for all temporary differences arising between the tax basis of assets and liabilities and their carrying values for financial reporting pur - poses . Tax rates used are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substan- tially enacted at the balance sheet date . Deferred tax assets are recognized for all deductible temporary differences, carry-for- ward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, car - ry-forward of unused tax credits and tax losses can be utilized . The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized . Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority . The Group reviews their tax positions taken in the financial statements and in the tax filings and how these are supported . In addi- tion, the Group assesses how the taxation authorities might make their examinations and how issues that might arise from exam- inations could be resolved . Based on this assessment, a deferred tax liability is deter- mined in line with IFRIC 23 . 24 . Impairment of assets Goodwill is reviewed for impairment at least annually . For other tangible and intangi- ble assets, at each balance sheet date, an assessment is made as to whether any indi- cation exists that assets may be impaired . If any such indication exists, an impairment test is carried out in order to determine if and to what extent an impairment is neces- sary to reduce the asset to its recoverable amount (which is the higher of (i) value in use and (ii) fair value less costs to sell) . The fair value less costs to sell is determined as (i) the fair value (that is the price that would be received to sell an asset in an orderly transaction in the principal market at the measurement date under current market conditions) less (ii) the costs to sell while Foreign currency rates 08 9 Currency 31 Dec 2024 31 Dec 2023 31 Dec 2022Closing rateAverage rateClosing rateAverage rateClosing rateAverage rateCNY 7 .58 7 .79 7 .85 7 .66 7 .36 7 .INR 88 .93 90 .57 91 .90 89 .30 88 .17 82 .6USD 1 .04 1 .08 1 .11 1 .08 1 .07 1 . 05 156 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE value in use is the present value of the future cash flows expected to be derived from an asset . Recoverable amounts are estimated for individual assets or, if this is not possible, for the cash-generating unit (CGU) to which the assets belong . An impairment loss is rec- ognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount . Impairment losses are recognized in the income statement . Reversal of impairment losses recognized in prior years is included as income when there is an indication that the impairment losses recognized for the asset are no longer needed or the need has decreased, except for impairment losses on goodwill, which are never reversed . 25 . Share-based payment Barco created warrants and stock options for staff and directors as well as for indi- viduals who play an important role in the company . According to the publication of IFRS2, the cost of share-based payment transactions is reflected in the income statement . The warrants and stock options are mea- sured at grant date, based on the share price at grant date, exercise price, expected volatility, dividend estimates, and interest rates . Warrant cost is taken into result on a straight-line basis from the grant date until the end of the vesting period . 26 . Earnings per share The Group calculates both basic and diluted earnings per share in accordance with IAS 33, Earnings per share . Under IAS 33, basic earnings per share are computed using the weighted average number of shares outstanding during the period . Diluted earnings per share are computed using the weighted average number of shares out- standing during the period plus the dilutive effect of warrants outstanding during the period . As diluted earnings per share can- not be higher than basic earnings per share, diluted earnings per share are kept equal to basic earnings per share in case of negative net earnings . IFRS accounting standards adopted as of 2024 The Group applied for the first-time cer- tain standards and amendments, which are effective for annual periods beginning on or after 1 January 2024 . The Group has not early adopted any other standard, interpre- tation or amendment that has been issued but is not yet effective . • Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement: Classification of Liabilities as current or non-current, effective 1 Janu- ary 2024 • Amendments to IAS 7 ‘Statement of Cash Flows’ and IFRS 7 ‘Financial Instruments: Disclosures’: Supplier Finance Arrange- ments, effective 1 January 2024 • Amendments to IFRS 16 ‘Leases’: Lease Liability in a Sale and Leaseback, effective 1 January 2024 None of these IFRS standards issued have an impact on Barco’s financials . IFRS accounting standards issued but not yet effective as of 2024 Standards issued but not yet effective The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial state- ments are disclosed below . The Group intends to adopt these standards and inter- pretations, if applicable, when they become effective . • Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability’, effective 1 January 2025 • Amendments to IFRS 9 and to IFRS 7: the Classification and Measurement of Financial Instruments 1 , effective 1 Janu- ary 2026 • IFRS 18 Presentation and Disclosure in Financial Statements 1 , effective 1 January 2027 • Annual improvements Volume 11 1 , effec- tive 1 January 2026 . The amended Standards are: » IFRS 1 First-time Adoption of Interna- tional Financial Reporting Standards; » IFRS 7 Financial Instruments: Disclo- sures and its accompanying Guidance on implementing IFRS 7; » IFRS 9 Financial Instruments; » IFRS 10 Consolidated Financial State- ments; and » IAS 7 Statement of Cash Flows . None of the IFRS standards issued, but not yet effective are expected to have a mate- rial impact on Barco’s financials, except for IFRS 18 the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss . IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes . IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change classification within the income statement . IFRS 18 will apply for reporting periods beginning on or after 1 January 2027 and also applies to comparative information . The changes in presentation and disclosure required by IFRS 18 might require system and process changes which will be looked into in the coming years . (1) Not yet endorsed by the European Union as at 31 December 2024 . 157 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Critical accounting judgments and key sources of estimation uncertainty General business risks Over the year 2024, macroeconomic con- ditions have been affecting businesses all over the world, including Barco . We refer to the chapter ’Risk management and control processes’ for an overview of the risks affecting businesses of the Barco Group . The risks described in this chapter are not the only risks facing the Company . Addi- tional risks and uncertainties not currently known to the Company or that the Com- pany currently deems to be immaterial also may materially adversely affect its business, financial condition and/or operating results . Related to climate matters, Barco’s opera- tions remain unaffected by severe weather events like droughts or floods . Barco is tran- sitioning to more environmentally friendly products, and we observe a similar shift in our customers’ preferences and demands . Deep dive on the impact and consequences of the macroeconomic environment in 2024 Continuing the trend at the end of 2023, 2024 saw continued weak market condi- tions in many geographies, as a result of geopolitical and macro-economic chal- lenges that affected businesses all over the world . The main challenges in 2024 were: • Supply chain stability: The disruptions seen in previous years continued to sta- bilize, with fewer shortages and delays in component deliveries . However, the lingering effects led to some distributors and channel partners maintaining higher inventory levels, which gradually normal- ized throughout the year, affecting global demand and order volumes . • Persistent inflation: Although infla- tion rates decreased from the peaks of 2022, they remained elevated compared to historical averages . This sustained higher cost environment continued to impact pricing strategies and consumer spending . • Geopolitical tensions: New geopolitical conflicts emerged, leading to increased uncertainty and volatility in international markets . These tensions disrupted supply chains and affected business operations worldwide . • Talent shortages: The scarcity of skilled labour, particularly in technical and spe- cialized fields, remained a significant challenge . Companies continued to struggle with attracting and retaining talent . Approach In this section, Barco addresses its risk mitigation plan related to the main 2024 macroeconomic impacts . Coping with inflation and high commodity prices After peak inflation rates in 2022 and 2023 in the aftermath of the pandemic, the over- all inflation rates lowered in 2024 but were still higher than the historical average lev- els seen in the last decades . As Barco has relatively low external debt, the direct cost effect of associated increased interest rates on the financial costs for 2024 is limited . Inflation affects direct and indirect costs such as energy costs, salaries, and com- ponent sourcing . All these costs are being critically reviewed and optimized on a con- stant basis . Inflation effects were passed through where possible . Operations and supply chain The base inflation rate remained higher than usual, impacting salary costs and many other direct and indirect spend categories . Barco has addressed these challenges by intense collaboration with all suppliers . Fur- thermore, flexible value engineering and redesign of products have been a significant mitigating factor and will continue to be . An aftermath of the supply chain shortages after the pandemic, some customers had higher than usual inventory levels . These levels normalized throughout the year . In some of our markets, customer order- ing behavior has changed, partly driven by the higher interest rates . The ability to ship on short notice has become a differentiat- ing competitive factor . This has led to Barco keeping higher than usual inventory levels for finished goods . Retaining and attracting talent Although the higher than usual voluntary turnover in personnel has eased post-pan- demic, the global labor market for skilled technical profiles and software engineers remains competitive . Barco continues its efforts on hiring activity and employer branding campaigns to attract the right talent . In search of specialized technical pro- files and talents, Barco hires globally, aiming for an ever more diverse workforce . Inflation was lower than the peak post-pan - demic, but still higher than the average of the past few decades, and therefore still drove the average labor cost per employee through salary indexations . Where possible, Barco cross charged the labor cost infla- tion effect on our products to reflect this increased cost base . Furthermore, focused cost control actions and the implementation of various organizational efficiencies have led to a decrease of the total workforce . Strong funding and liquidity structure in place Barco has a strong balance sheet and ample liquidity . We refer to note 14 for more details on Barco’s net cash position . Barco has sufficient headroom to enable it to conform to covenants on its existing borrowings . The Group complied with all requirements of the loan covenants on its available credit facilities throughout the reporting period . While the future may still bring some levels of headwind, Barco’s strong funding and liquidity structure in place should be more than sufficient to ensure the going con- cern of the company . In addition, we refer to note 8 where we explain how we tested goodwill and all other non-current assets for impairment and concluded no impairment losses on goodwill need to be recognized . Key sources of estimation uncertainty Deferred tax assets Deferred tax assets are recognized for the carry-forward of unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be uti- lized . In making its judgment, management considers elements such as long-term business strategy, including tax planning opportunities (see note 10 ‘Deferred tax assets – deferred tax liabilities’) and local tax laws enacted at the reporting date 158 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Uncertain tax positions The Group reviews their tax positions taken in the financial statements and in the tax filings and how these are supported . In addi- tion, the Group assesses how the taxation authorities might make their examinations and how issues that might arise from exam- inations could be resolved . Based on this assessment, a deferred tax liability is deter- mined in line with IFRIC 23 . (see note 10 ‘ Deferred tax assets – deferred tax liabilities’) . Impairment of goodwill the Group tests the goodwill for impairment annually or more frequently if there are indi- cations that goodwill might be impaired (see note 8 .’Goodwill’) . The outcome of the goodwill impairment test performed in the last quarter of 2024, did not result in an impairment loss . Write offs on inventories Inventories are stated at the lower of cost or net realizable value . The calculation of the allowance for slow-moving inventory is based on consistently applied write off rules, which depend on both historical and future demand, of which the latter is subject to uncertainty due to rapid technological changes . On top of the minimum rules, more severe rules are applied in case of for example the decision to stop a business unit or product line . The remaining inventory on hand is in that case analyzed and reserved as appropriate . Inventory allowances are only reversed in case the above rules no longer apply or the written off inventory is sold or scrapped . (see note 12 . Inventory) Defined benefit obligations The cost of the defined benefit pension plan (see note 19) and the present value of the pension obligation are determined using actuarial valuations . An actuarial valuation involves making various assumptions that may differ from actual developments in the future . These include the determination of the discount rate, future salary increases, mortality rates and future pension increases . Due to the complexities involved in the val- uation, and its long-term nature, a defined obligation is highly sensitive to changes in these assumptions . All assumptions are reviewed on reporting date . Notes to the consolidated financial statements 1 . Consolidated companies 1 .1 List of consolidated companies on 31 December 2024 Country of Legal Entity Registered Office %IncorporationEMEABelgium Barco Coordination Center NV Beneluxpark 21, 8500 Kortrijk 100Belgium Barco Integrated Solutions NV Beneluxpark 21, 8500 Kortrijk 100Belgium Barco Solutions BV Beneluxpark 21, 8500 Kortrijk 100France Barco SAS 177 avenue Georges Clémenceau, Immeuble "Le Plein Ouest", 10092000 NanterreGermany Barco Control Rooms GmbH Greschbachstrasse 5 a, 76229 Karlsruhe 100Germany Barco GmbH Greschbachstrasse 5 a, 76229 Karlsruhe 100Italy Barco S .r .l . Via Lorenteggio 270A, 20152 Milano 100Italy FIMI S .r .l . Via Vittor Pisani n .6, 20124 Milano 100Netherlands Barco B .V . Zuidplein 126, WTC Tower H, Floor 15, 1077XV Amsterdam 100Norway Barco Fredrikstad AS Mosseveien 63, 1610 Fredrikstad 100Poland Barco Sp . z o .o . Annopol 17, 03-236 Warsaw 100Saudi Arabia Barco Integrated Saudi for Business Services LLC Ibn street 3855, West Umm Al Hamam Dist, 12328 Riyadh 100Spain Barco Electronic Systems, S .A . Travessera de les Corts 241, Entlo . 3a, 08028 Barcelona 100Sweden Barco Sverige AB Kyrkvägen 1, 192 72 Sollentuna 100Sweden Barco Solutions Sweden AB c/o Grant Thornton, Box 2230, 403 14 Göteborg 100Turkey Barco Elektronik Sistemleri San .Tic . A .Ş FSM Mah . Poligon cad . no: 8C, Buyaka 2 Sitesi Kule-3 daire no: 35, 10034771 Umraniye İstanbulUnited Arab Emirates Barco Middle East L .L .C . Concord Tower, Suite 1212, PO Box 487786, Dubai Media City, Dubai 49United Kingdom Barco Ltd . Building 329, Doncastle Road, RG12 8PE Bracknell, Berkshire 100 () Barco has control over the relevant activities of the entity by virtue of a contractual agreement with the local investor . 159 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE AmericasBrazil Barco Ltda . Av . Ibirapuera, 2332, 8° andar, conj 82, Torre II, Moema, 10004028-002 São PauloCanada Barco Visual Solutions Suite 2400, 745 Thurlow Street, V6E 0C5 Vancouver, BC 100Colombia Barco Colombia SAS Carrera 15, n° 88-64, Torre Zimma Oficina 610, 110221 Bogota 100Mexico Cinionic Mexico, S .A . de C .V . C . Mariano Escobedo No 194, Int . 105, Col . Anahuac I Sección, 100Miguel Hidalgo, C .P . 11320 Ciudad de MéxicoUnited States Barco, Inc . 251 Little Falls Drive, 19808 Wilmington DE 100Asia-PacificAustralia Barco Systems Pty . Ltd . 2 Rocklea Drive, VIC 3207 Port Melbourne 100China Barco Visual (Beijing) Electronics Co ., Ltd . No . 16 Changsheng Road, Zhong Guan Cun Science Park, 100Chang Ping District, 102200 BeijingChina Barco China Electronic Visualization Technology No .1, Hengtong Road, Nanjing development zone, 100(Nanjing) Co ., Ltd .210038 Nanjing, JiangsuChina Barco (Suzhou) Healthcare Technology Co ., Ltd . No .111, Sutong Road, Suzhou Industrial Park, 215021 Suzhou 100China Barco (Wuxi) Technology Co ., Ltd B312-109, No .3, Fengwei Road, Huizhi Enterprise Center, Xishan 100Economic and Technological Development Zone, 214101 Wuxi CityHong Kong Barco Ltd . Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, 100Kwun Tong, KowloonHong Kong Barco Visual Electronics Co ., Ltd . Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, 100Kwun Tong, KowloonHong Kong Barco China (Holding) Ltd . Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, 100Kwun Tong, KowloonIndia Barco Electronic Systems Pvt . Ltd . c/o Perfect Accounting & Shared Services P .Ltd ., E-20, 1001st & 2nd Floor, Main Market, Hauz Khas, 110016 New DelhiJapan Barco Co ., Ltd . Yamato International Bldg 8F, 5-1-1 Heiwajima, Ota-ku, 143-0006 100TokyoMalaysia Barco Sdn . Bhd . No . 13A, Jalan SS21/56B, Damansara Utama, 47400 Petaling Jaya, 100SelangorSingapore Barco Singapore Private Limited 100G Pasir Panjang Road Interlocal Center, 118523 Singapore 100South Korea Barco Korea Ltd . 1F . & 3F ., DS Tower, 72-13 (GwanYang-Dong), BoelMal-Ro, 100DongAn-Gu, GyeongGi-Do, 14058 AnYang-siTaiwan Barco Limited 33F ., No . 16, Xinzhan Rd ., Banqiao Dist ., 220 New Taipei City 100 160 Ba rco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE List of equity accounted companies on 31 December 2024 Country of Legal Entity Registered Office %IncorporationAmericasUnited States CCO Barco Airport Venture LLC Corporation Trust Center, 1209 Orange Street, 19801 Wilmington DE 35Asia-PacificChina CFG Barco (Beijing) Electronics Co ., Ltd . No . 16 Changsheng Road, Zhong Guan Cun Science Park, 49Chang Ping District, 102200 Beijing Exemption of publishing financial statements and management report according German legislation §264 Abs . 3 HGB: Following subsidiary-companies will be released of publishing their financial state- ments and management report 2024: • Barco GmbH • Barco Control Rooms GmbH Exemption of publishing financial statements and management report according Section 403 Book 2 of the Dutch Civil Code: Following subsidiary-companies will be released of publishing their financial state- ments and management report 2024: • Barco BV These companies are included in the con- solidation scope of Barco Consolidated 2024 as listed above . 1 .3 Acquisitions and divestments On July 1 st , 2022, Barco signed a joint ven- ture agreement with the Swedish company Gnosco AB in order to advance its growth initiative Demetra . Barco acquired 70% of the shares in Gnosco AB (now called Dermicus AB) . The investment payment was recorded as an intangible asset (acquired know-how) on the Barco Consolidated Balance Sheet and amortized over 5 years . See note 9 .1 . The joint venture agreement included a put option on the non-controlling shares, for which a financial liability was recorded . See note 15 for more information . On June 1 st , 2024, Barco reached an agree- ment with the minority shareholders of Dermicus to sell all of Barco’s shares in the Swedish legal entity Dermicus AB (70% of the total shares) for an amount of 1 euro and to purchase back 30% of the shares in the Belgian legal entity Dermicus BV for an amount of 1 euro . As part of the sale agreement, the non-controlling interest put option was cancelled, resulting in 1 .4 million euro positive P/L impact from the reversal of the financial liability (see note 15) . The acquired know-how has been fully amortized by the end of 2024 in view of the reached agreement (see note 9 .1) On October 7 th , 2024, Barco reached an asset purchase agreement with Neko Health AB, including a license agreement on the Belgian Dermicus assets . 2 . Operating Segments information 2 .1 Basis of operating segments information Barco is a global technology company devel - oping solutions for three main markets, which is also reflected in its divisional structure: Healthcare, Enterprise and Entertainment . • Healthcare: The Healthcare division com- prises two business units: » Diagnostic imaging offers an extensive line-up of high-precision medical dis- play systems for disciplines including radiology, mammography, dentistry, pathology and clinical review imaging, plus a full suite of support services . » Surgical and Modality offers a digital operating room portfolio (hardware + video-over-IP-technology), custom medical displays for modality imaging and a full suite of support services . • Enterprise: The Enterprise division com- prises two business units: » Meeting Experience offers collabora- tion and visualization technologies for a smart workplace: ClickShare wireless conference and presentation systems, as well as services . » Control Rooms offers advanced solu- tions to help control room operators make well-informed decisions . The product portfolio focuses increasingly on software solutions, with the Barco CTRL platform as the core backbone, and it also entails video walls, video wall controllers and a full suite of sup- port services . • Entertainment: The Entertainment divi- sion comprises two business units: » Cinema offers the industry’s most complete range of laser based cinema projectors, including image processing, audio and service delivery to theaters and moviegoers . Furthermore, it also offers the next generation of premium cinema projectors, powered by HDR lightsteering . » The Immersive Experience business unit offers solutions tailored to the specific needs of large venues, live events, themed entertainment (muse- ums, theme parks, digital immersive art installations, projection mapping, etc .) and simulation applications: pro- jection, image processing and related services . No operating segments have been aggre- gated to form the above reportable operating segments . The Board of directors monitor the results of each of the three divisions separately, so as to make decisions about resource allo- cation and performance assessment and consequently, the divisions qualify as oper- ating segments . These operating segments do not show similar economic character- istics and do not exhibit similar long-term financial performance, therefore cannot be aggregated into reportable segments . Divi- sion performance is evaluated based on EBITDA . Group financing (including finance costs and finance revenue) and income taxes are managed on a group basis and are not allocated to the operating divisions . Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions with third parties . We refer to ‘Our markets’ for more expla- nation on the activities performed by each division . 161 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 2 .2 Healthcare In thousands of euro 2024 2023 2022 Variance Variance 2024-20232023-2022Net sales 273,189 100.0% 285,892 100.0% 341,701 100.0% -4.4% -16.3%Cost of goods sold -167,679 -61 .4% -182,946 -64 .0% -225,340 -65 .9% -8 .3% -18 .8%Gross profit 105,510 38.6% 102,946 36.0% 116,361 34.1% 2.5% -11.5%EBITDA 34,228 12.5% 27,797 9.7% 38,354 11.2% 23.1% -27.5%Depreciation TFA and (acquired) intangibles 12,939 4 .7% 14,248 5 .0% 11,176 3 .3% -9 .2% 27 .5%Adjusted EBIT 21,289 7.8% 13,549 4.7% 27,179 8.0% 57.1% -50.1%Capital expenditures TFA and software 8,625 3 .2% 14,611 5 .1% 6,193 1 .8% -41 .0% 135 .9%Segment assets 181,882 180,253 193,103Segment liabilities 61,834 62,101 74,717 Sales for Healthcare in 2023 and the first half of 2024 were impacted by channel invento- ries above normal levels, following a surge in customer orders at the end of 2022, and the phasing-out of an unusually large con- tract that ended at year-end 2022, while the phasing-in of orders under confirmed new contracts for new platforms started from the end of 2023 onwards, especially in Surgical & Modality . This has led to a sales decline of 16% in 2023 and 4% in 2024 . The customer inventory resets were over by mid-year 2024, leading to year-over-year single digit growth in the second half-year . The gross profit margin for Healthcare increased further to 38 .6% from 36 .0% in 2023 and 34 .1% in 2022 . The higher gross profit margin reflected cost-efficiencies from the manufacturing footprint, and a more favorable software-driven product mix . In 2023, the favorable product mix was still partially offset by temporary transfer costs and costs associated with ramping up the new factory in Suzhou, China . Indirect spend was lower than in 2023, compen- sating more than the impact of inflation, resulting in an EBITDA margin of 12 .5%, an increase of 2 .8% versus last year . In 2024 segment assets and liabilities remained stable compared to the year before . In 2023 decrease in segment assets was mainly the result of lower trade receiv- ables in line with the lower topline . In 2024 capital expenditure relates mainly to acquired know-how (3 .7 million euro) and further facility and production investments . Total capital expenditure for 2022-2024 included investments in our factory in Suzhou for a total amount of 16 million euro . We refer to ‘Our results’ and ‘Risk management and control processes’ for more explanation . 162 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 2 .3 Enterprise In thousands of euro 2024 2023 2022 Variance Variance 2024-20232023-2022Net sales 254,077 100.0% 303,761 100.0% 317, 250 100.0% -16.4% -4.3%Cost of goods sold -127,027 -50 .0% -140,816 -46 .4% -144,922 -45 .7% -9 .8% -2 .8%Gross profit 127,050 50.0% 162,945 53.6% 172,328 54.3% -22.0% -5.4%EBITDA 32,447 12.8% 56,934 18.7% 60,609 19.1% -43.0% -6.1%Depreciation TFA and (acquired) intangibles 7,299 2 .9% 8,405 2 .8% 8,601 2 .7% -13 .2% -2 .3%Adjusted EBIT 25,148 9.9% 48,529 16.0% 52,009 16.4% -48.2% -6.7%Capital expenditures TFA and software 4,084 1 .6% 2,904 1 .0% 4,015 1 .3% 40 .6% -27 .7%Interest in associates 14,463 13,251 13,443Segment assets 193,899 216,087 195,912Segment liabilities 64,405 60,421 75,144 Enterprise sales declined 16% in 2024, driven by overall weaker demand in Meeting Expe- rience, with sell-out figures lower than the year before, together with the impact of excess inventory reductions by our chan- nel partners, which they built up end 2023 . Channel inventories were back at normal- ized levels by mid year 2024 . Control Rooms was able to maintain its sales around the level of 2023 . In 2023, Enterprise sales were 4% lower than 2022 as the division experienced difficult market conditions with companies delaying investments as they reconsidered their flex- ible office and meeting room requirements, impacting sales in Meeting Experience . Sales in Large Video Walls started soft at the beginning of the year but improved through the second half of 2023 . Enterprise delivered an EBITDA margin of 12 .8%, versus 18 .7% in 2023, driven by lower Meeting Experience volumes, hampered by channel inventory resets, impacting gross profit, offsetting the positive impact from the strategy revisit in Control Rooms, which is yielding results, fueled by the increase of software in its product mix and lower indi- rect costs . In 2023, segment assets increased 20 million euro, as a result of higher trade receivables due to end of year sales spike and longer payment terms granted, mainly in EMEA and APAC, which was back to nor- mal levels end 2024 . We refer to ‘Our results’ and ‘Risk management and control processes’ for more explanation . 163 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 2 .4 Entertainment In thousands of euro 2024 2023 2022 Variance Variance 2024-20232023-2022Net sales 419,324 100.0% 460,484 100.0% 399,339 100.0% -8.9% 15.3%Cost of goods sold -266,451 -63 .5% -287,851 -62 .5% -275,276 -68 .9% -7 .4% 4 .6%Gross profit 152,873 36.5% 172,633 37.5% 124,063 31.1% -11.4% 39.1%EBITDA 54,146 12.9% 57,765 12.5% 27, 510 6.9% -6.3% 110.0%Depreciation TFA and (acquired) intangibles 23,477 5 .6% 17,737 3 .9% 16,555 4 .1% 32 .4% 7 .1%Adjusted EBIT 30,669 7. 3% 40,028 8.7% 10,955 2.7% -23.4% 265.4%Capital expenditures TFA and software 29,858 7 .1% 36,893 8 .0% 8,002 2 .0% -19 .1% 361 .0%Interest in associates 18,936 15,841 13,723Segment assets 320,771 303,049 288,556Segment liabilities 160,730 126,886 140,825 The Entertainment division delivered con- secutive double-digit sales growth of 15% and 29% respectively in 2023 and 2022, followed by a sales decline of 9% in 2024 . Cinema’s renewal wave of lamp-to-laser technology took an uplift in the second half of 2022, and further into 2023, as the supply constraints post-covid were resolved . The sales at the start of 2024 were lower, due to delayed investments of cinema exhibi- tors experiencing low box office revenues, caused by a weak movie slate, resulting from a long strike of the Hollywood writer’s guild in 2023 . From mid-year onwards the market conditions improved gradually, and cine- mas around the world resumed investments in laser projection technology . Immersive Experience recorded record high sales in 2022 and 2023, though suffered from weak macro-economic conditions and softer demand, in part impacted by customers awaiting new product launches, especially in the rental market, in 2024 . With supply chain challenges resolved and on the strength of a more favorable product mix, with more (embedded) software and service revenues, the gross profit margin for Entertainment grew to an all-time high of 37 .5% in 2023, up 6 .4 percentage points versus 2022 . In 2024, gross profit margin decreased 1 ppts to 36 .5%, mainly linked to an unfavorable product mix in Immer- sive Experience . Together with focused cost control and a higher result of BarcoCFG EBITDA margin improved to 12 .9%, slightly above the level of last year and almost dou- ble the EBITDA level of 2022 . The increase in segment assets in both 2024 and 2023 are mainly the result of additional capex investments for cinema-as-a-service (2024: 14 million euro; 2023: 24 million euro; 2022: 3 million euro) and investments in the Wuxi factory (2024: 10 million euro; 2023: 9 million euro) . Increase of the segment liabilities in 2024 is mainly thanks to prepayments received from Cinema customers . We refer to ‘Our results’ and ‘Risk management and control processes’ for more explanation . 164 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 2 .5 Reconciliation of segment information with group information The total over time revenues relate for 39% to project sales mainly in the Enter- prise division (in 2023: 48%) and for 61% to recurring service revenues generated on maintenance contracts mainly in Entertain- ment and Enterprise . The over time revenue further includes financing, including lease, agreements with customers in the Entertain- ment division over a period of more than one year . The increase in overtime revenue is mainly coming from cinema-as-a-service amount- ing to 24 .2 million euro (2023: 9 .7 million euro, 2022: 0 .3 million euro), from additional maintenance contracts, mainly in Cinema . In thousands of euro 2024 2023 2022External salesHealthcare 273,189 285,892 341,701At a point in time revenues 269,723 99% 281,657 99% 337,983 99%Over time revenues 3,466 1% 4,234 1% 3,718 1%Enterprise 254,077 303,761 317, 250At a point in time revenues 172,968 68% 213,117 70% 232,932 73%Over time revenues 81,109 32% 90,644 30% 84,319 27%Entertainment 419,324 460,484 399,339At a point in time revenues 347,043 83% 409,375 89% 364,830 91%Over time revenues 72,281 17% 51,108 11% 34,509 9%Total external sales segments 946,590 1,050,137 1,058,291At a point in time revenues 789,735 83% 904,151 86% 935,745 88%Over time revenues 156,856 17% 145,987 14% 122,546 12% In thousands of euro 2024 2023 2022Net IncomeEBITDAHealthcare 34,228 27,797 38,354Enterprise 32,447 56,934 60,609Entertainment 54,146 57,765 27,510Depreciation and other amortizationsHealthcare 12,939 14,248 11,176Enterprise 7,299 8,405 8,601Entertainment 23,477 17,737 16,555Adjusted EBITHealthcare 21,289 13,549 27,179Enterprise 25,148 48,529 52,009Entertainment 30,669 40,028 10,955Total adjusted EBIT 7 7,106 102,106 90,143Restructuring and impairments -11,100 -10,811 -2,500EBIT 66,006 91,295 87,643Interest income (expense) - net 5,299 4,684 843Income/(loss) before taxes 71,305 95,979 88,486Income taxes -12,835 -17,276 -15,927Result after taxes 58,470 78,703 72,559Share in the result of joint 3,628 2,539 3,337entures and associatesNet income 62,098 81,242 75,896Net income attributable to non--859 1,074 677controlling interestNet Income attributable to the 62,95780,168 75,219equity holder of the parent 165 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE In thousands of euro 2024 2023 2022AssetsSegment assetsHealthcare 181,882 180,253 193,103Enterprise 193,899 216,087 195,912Entertainment 320,771 303,049 288,556Total segment assets 696,552 699,389 67 7,572Deferred tax assets 75,442 57,040 55,239Short term investments 519 4,670 1,651Cash and cash equivalents 362,443 286,077 305,915Other non-allocated assets 93,900 112,239 107,028Total assets 1,228,857 1,159,415 1,147,405LiabilitiesSegment liabilitiesHealthcare 61,834 62,101 74,717Enterprise 64,405 60,421 75,144Entertainment 160,730 126,886 140,825Total segment liabilities 286,969 249,408 290,687Equity attributable to equity holders of the parent 795,150 795,334 759,189Non-controlling interest - 15,961 19,792Long-term debts 44,861 32,217 32,335Deferred tax liabilities 3,066 3,576 3,229Current portion of long-term debts 14,215 12,288 11,217Short-term debts 44,835 5,095 -Other non-allocated liabilities 39,760 45,536 30,957Total equity and liabilities 1,228,8571,159,4151,147,405 2 .6 . Geographic information Management monitors sales of the Group based on the regions to which the goods are shipped or the services are rendered in three geographical regions Europe and Middle-East and Africa (EMEA), Americas (North-America and LATAM) and Asia-Pa- cific (APAC) . There is no significant (i .e . representing more than 10% of the Group’s revenue) concentration of Barco’s revenues with one customer . Sales to Belgium represent 22 million euro of the Group revenues in 2024 versus 16 million euro in 2023 . The table gives an overview of the sales and assets per region and the most important capital expenditures in non-current assets per region . EMEA and Americas contributed combined close to 80% of total 2024 sales, which is in line with 2023 . Americas became the biggest region, growing single digit (+7%) in 2024 . EMEA suffered from weak mac- ro-economic conditions, with double digit sales decline . We refer to the ‘Comments on the group results’ for a split of revenue from external customers based on the geographical loca- tion of the customers to whom the invoice is issued . In thousands of euro 2024 2023 2022Net salesEMEA 306,427 32 .4% 420,564 40 .0% 405,190 38 .3%Americas 446,812 47 .2% 420,077 40 .0% 435,793 41 .2%Asia-Pacific 193,351 20 .5% 209,496 20 .0% 217,308 20 .5%Total 946,590 100 .0% 1,050,137 100 .0% 1,058,291 100 .0%Total assetsEMEA 571,795 46 .4% 498,129 42 .9% 515,349 44 .9%Americas 364,722 29 .7% 294,178 25 .4% 266,778 23 .3%Asia-Pacific 292,339 23 .8% 367,108 31 .7% 365,277 31 .8%Total 1,228,857 100 .0% 1,159,415 100 .0% 1,147,405 100 .0%Purchases of tangible and intangible fixed assetsEMEA 15,411 36 .1% 13,202 24 .2% 10,037 47 .3%Americas 15,733 37 .0% 24,084 44 .3% 3,763 17 .7%Asia-Pacific 11,422 26 .8% 17,122 31 .5% 7,418 35 .0%Total 42,566 100 .0% 54,408 100 .0% 21,218 100 .0%() As included in the consolidated statement of cash flow . 166 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 3 . Income from operations (EBIT) In thousands of euro 2024 2023 2022Sales 946,590 1,050,137 1,058,291Cost of goods sold -561,157 -611,614 -645,538Gross profit 385,433 438,523 412,753Gross profit as % of sales 40 .7% 41 .8% 39 .0%Indirect costs -325,447 -338,121 -320,947Other operating income (expenses) - net 17,120 1,704 -1,663Adjusted EBIT 77,106 102,106 90,143Adjusted EBIT as % of sales 8 .1% 9 .7% 8 .5%Restructuring and impairments -11,100 -10,811 -2,500EBIT 66,006 91,295 87,643EBIT as % of sales 7 .0% 8 .7% 8 .3% 2024 sales amounted to 946 .6 million euro, 10% down versus 2023 . The decline was mainly driven by weak macro-economic conditions in the EMEA region . Enterprise declined 16% in sales, where Meeting Expe- rience faced tough market conditions and increased competition in the EMEA corpo- rate market and was impacted by inventory reductions at channel partners . The gross profit margin declined 1 .1 ppts year-over-year to 40 .7%, driven by lower sales in Enterprise . New products, a shift of the product mix towards more (embed- ded) software and the move of production to China, supported the margins, most out- spoken in Healthcare . Adjusted EBIT margin reached 8 .1% in 2024, down 1 .6 percentage points versus 2023, reflecting the impact of lower sales . Focused cost control allowed to keep indi- rect costs 4% lower than last year . Other operating income was 15 .4 million euro higher than 2023 and includes the gain real- ized on the sale and lease back of a facility in the Americas and a higher result from our joint venture BarcoCFG . Indirect costs in 2024 amount to 325 .4 mil- lion euro (34 .4% of sales; 2023: 32 .2%; 2022: 30 .3%), driven by cost control in view of a lower topline, lower costs in Control Rooms after the strategy revisit offsetting continued (on average mid single digit) inflation, while further investing in new product introduc- tions, executing on our product roadmap and strategy . In 2024, EBIT includes restructuring and impairment costs for an amount of 11 .1 million euro versus 10 .8 million euro the year before . The lay-off costs were linked to the Control Rooms strategy revisit, the closure of the Changping production site with an integration of its activities in the Wuxi factory, as well as several other orga- nizational cost efficiencies, including the integration of the Cinionic activities . For more details on adjusting items we refer to note 5 . Restructuring and impairment . In thousands of euro Note 2024 2023 2022Adjusted EBIT 77,106 102,106 90,143Depreciations and amortizations 9 43,716 40,390 36,331EBITDA 120,822 142,496 126,474EBITDA as % of sales 12 .8% 13 .6% 12 .0% A slightly lower gross profit margin on a lower topline, was partially compensated by lower indirect expenses and higher other operating results, which resulted in an EBITDA of 120 .8 million euro, 15% lower than the EBITDA of 142 .5 million euro for 2023 . The EBITDA margin was at 12 .8% ver- sus 13 .6% in 2023 . The significant increase in gross profit in 2023, which was partially offset by higher indirect expenses, resulted in an EBITDA of 142 .5 million euro compared to 126 .5 mil- lion euro for 2022 . The EBITDA margin grew to 13 .6% versus 12 .0% in 2022 . In 2024 depreciations are 3 .3 million higher than in 2023, explained by higher deprecia- tions from cinema-as-a-service . See note 9 . Other intangible and tangible fixed assets . In thousands of euro 2024 2023 2022Product sales 763,240 81% 867,612 82% 882,052 83%Project sales 79,201 8% 82,238 8% 73,920 7%EU taxonomy - Eligible turnover 842,441 - 949,850 - 955,972 -Service sales 104,149 11% 100,287 10% 102,318 10%Sales 946,590 - 1,050,137 -1,058,291- Major part of the sales relate to product sales (in 2024: 81%, in 2023: 82%, in 2022: 83%) . Project sales remain stable at 7-8% of total sales over the period 2022-2024 and include combined sales from prod- ucts, installations and services . Most of these project sales have a lifetime of less than one year . The share of service sales in 2024 increased to 11% of total sales (2023: 10%; 2022: 10%) We refer to note 2 . Segment Information and to the chapter ‘Our results’ for more explana- tion on sales and income from operations . We refer to the note on EU taxonomy for the Company’s EU taxonomy eligible turn- over in 2024 . 167 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Indirect costs and other operating income (expenses) - net In thousands of euro 2024 2023 2022Research and development expenses (a) -130,892 -132,282 -120,493Sales and marketing expenses (b) -138,073 -145,891 -142,740General and administration expenses (c) -56,482 -59,948 -57,714Indirect costs -325,447 -338,121 -320,947Indirect costs as % of sales 34 .4% 32 .2% 30 .3%Other operating income (expenses) - net(d)17,120 1,704 -1,663Indirect costs and other operating -308,327 -336,417 -322,610income (expenses) - net Indirect costs in 2024 decreased 4% to 325 .5 million euro (34 .4% of sales; 2023: 32 .2% 2022: 30 .3%), driven by a strict control of costs in a context of lower topline and lower costs linked to the strategy revisit in Control Rooms offsetting continued mid-single digit levels of inflation (as of 2022), while further investing in our product roadmap . Impact of inflation and merit in the Company kicks in as of the second half of the year . Indirect costs include the impact of the higher inflation in 2022 as of the second half year of 2022 and in the first half year of 2023, while the higher inflation in 2023 is included as of the second half year of 2023 and in the first half year of 2024 . The more moderate level of inflation in 2024 is included as of the second half year of 2024 . (a) Research and development expenses Research and development activities are spread over the divisions as follows: In thousands of euro 2024 % of 2023 % of 2022 % of salessalessalesResearch & development expenses130,89213 .8% 132,282 12 .6% 120,493 11 .4% In 2024 research and development expenses represent 13 .8% of sales (12 .6% in 2023, 11 .4% in 2022) . In absolute numbers research and development expenses have decreased 1 .4 million euro compared to 2023, as a result of rebalancing the R&D portfolio in Con- trol Rooms, while further investing in the Company’s product roadmap to sustain and extend the Company’s technology leadership position . Merely the cost related to research and devel- opment is considered material and therefore included in EU taxonomy eligible Opex . We refer to the note on EU taxonomy for the EU taxonomy eligible opex in 2024 . (b) Sales and marketing expenses In thousands of euro 2024 % of 2023 % of 2022 % of salessalessalesSales & marketing expenses 138,073 14 .6% 145,891 13 .9% 142,740 13 .5% Sales and marketing expenses include all indirect costs related to the sales orga- nization which are not billed as part of a product or service to the customer as well as the costs related to regional or divisional marketing activities . Sales and marketing expenses in 2024 are 14 .6% of sales com- pared to 13 .9% in 2023 and 13 .5% in 2022 . In absolute numbers, sales and marketing expenses decreased in 2024, as a result of cost containment actions and lower variable payroll costs in view of the lower topline, offsetting the impact of higher inflation and go-to-market investments in Entertainment and Healthcare, linked to the new product launches . 168 Ba rco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE (c) General and administration expenses In thousands of euro 2024 % of 2023 % of 2022 % of salessalessalesGeneral & administration expenses 56,482 6 .0% 59,948 5 .7% 57,714 5 .5% General and administrative expenses in 2024 are at 6% of sales, a decrease of 3 .5 million euro in absolute numbers, com- pared to 2023, as a result of cost savings from organizational changes and merging the Cinionic legal entities, while absorbing inflation and further investing in IT systems . General and administrative expenses in 2023 are at 5 .7% of sales, an increase of 2 .2 million euro versus 2022, as a result of higher inflation partially offset by cost con- tainment actions . Steady investments in IT systems over the past years have led to IT costs (including amortizations on SAP ERP system) repre- senting the major part of G&A expenses (2024: 43%; 2023: 43%, 2022: 42%) . (d) Other operating income (expense) – net In thousands of euro 2024 2023 2022Share in the result of BarcoCFG (a) 5,361 3,053 2,764Bad debt provisions (net of 459 297 -243write-offs and reversals of write-offs)Cost of share-based payments (b) -2,826 -2,230 -1,548Exchange losses -561 -2,262 -672Other provisions (net of additions 2,440 896 72and reversals of provisions) (c)Bank charges -1,038 -956 -1,139Customer financial discounts -470 -802 -1,230Gains on disposal of (in)tangible 12,611 4,725 1,670fixed assets (d)Other (net) 1,144 -1,017 -1,337Other operating income (expense) 17,120 1,704 -1,663(a) The 49% share in the net result of BarcoCFG is represented in EBITDA . See note 11 . (b) We refer to note 16 . Equity attributable to equity holders of the parent – 2 . Share based payments (c) We refer to note 19 .Provisions (d) Gains on disposal of tangible fixed assets include in 2024 the gain realized on a sale and lease back agreement the Group closed in 2024 on a facility in the Americas, and the gain realized on part of the stake in a past investment, recorded as fully amortized know-how, trans-ferred to new investors . See note 9 .1 . 169 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 4 . Revenues and expenses by nature The table below provides information on the major items contributing to the adjusted EBIT, categorized by nature . In thousands of euro 2024 2023 2022Sales 946,590 1,050,137 1,058,291Material cost -436,649 -46% -498,854 -47% -534,317 -50%Services and other costs -115,557 -12% -105,038 -10% -106,529 -10%Personnel cost (a) -290,682 -31% -305,452 -29% -289,308 -27%Depreciation property, plant, -43,716 -5% -40,390 -4% -36,331 -3%equipment and softwareOther operating income 17,120 2% 1,704 0% -1,663 -0%(expense) - net (note 3)Adjusted EBIT 7 7,106 8% 102,106 10% 90,143 9% Material costs in 2024 are 12% lower than 2023, linked to the lower topline, which is 10% lower than 2023 . As the material cost decreased more than the topline decrease, we see an improvement of the direct gross margin percentage of 2 percentage points compared to last year . Material costs in 2023 is 7% lower than 2022, while topline remained at the same level as 2022, as a result of the absence of the unusual high costs for brokerage and logis- tics that were experienced in 2022 due to supply chain constraints . As the material cost decreased and the topline remained in line, we see an improve- ment of the direct gross margin in absolute numbers and relative of 3 percentage points compared to last year . Personnel cost in 2024 is 5% lower than 2023 and close to the level of 2022, a result of lower headcount and more moderate inflation levels compared to 2023 and 2022 . (a) Personnel cost In thousands of euro 2024 2023 2022Wages and salaries -239,238 -250,641 -237,564Social security contributions -28,926 -30,300 -27,709Pension expense for defined benefit plans -13,710 -13,461 -12,859Temporary labour -3,121 -3,285 -4,004Recruiting expenses -919 -1,869 -2,264Other personnel cost -4,768 -5,896 -4,908Personnel cost -290,682 -305,452 -289,308 Personnel cost includes the cost for tempo- rary personnel for an amount of 3 .1 million euro (in 2023: 3 .3 million euro, in 2022: 4 million euro) . The full-time equivalents at year end can be split as shown in the table below . 2024 2023 2022White-collars 2,554 2,752 2,724Blue-collars 581 618 575Total full time equivalents at year end 3,135 3,370 3,299 Per end of 2024 total number of employees (in FTE’s) were 3,135 (versus 3,370 in 2023, 3299 in 2022), including 2,554 white-collars (in 2023 2,752, in 2022 2,724) and 581 blue collars (in 2023: 618, in 2022: 575) . This represents a net FTE reduction close to 7% versus previous year . A significant part of the net decrease was associated with the closure of the Changping manufacturing plant and the integration of its activities into the Wuxi plant in China . The remainder of the net reduction reflects adjustments made in response to the business context and the execution of our strategy . For more information on people data we refer to the sustainability statements S1-Own workforce . 170 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 5 . Restructuring and impairment costs The table below shows the restructuring and impairment costs recognized in the income statement . In thousands of euro Note 2024 2023 2022Restructuring (cash) 19 -11,100 -9,500 -2,500Impairments (non-cash) - -1,311 -Total restructuring and impairments -11,100 -10,811 -2,500 Restructuring charges in 2024 include 11 .1 million euro lay-off (cash) costs, mainly linked to the further deployment of the stra- tegic reset of Control Rooms, closure of the Changping factory in China (as disclosed in our 2023 Integrated Annual Report Note 24 . Events subsequent to the balance sheet date), the integration of the Cinionic activ- ities into Barco and diverse organizational changes . This affected 182 employees in total . In 2023, 9 .5 million euro lay-off (cash) costs were linked to the strategic review of Control Rooms and several other organi- zational cost efficiencies, affecting in total 153 employees . Non-cash restructuring costs related to 1 .3 million euro write-off on inventories as a result of the strategic decisions taken in Control Rooms . The restructuring charges linked to Control Rooms are a result of the strategic deci- sions on rebalancing the R&D portfolio, to focus on profitable products and markets and to align supporting sales and marketing activities and service model to the focus on software and workflows . At the end of 2022, the Company has recorded 2 .5 million euro of restructur- ing (cash) costs as a result of scaling down activities . Restructuring cash costs include a provision for severance of 2 .7 million euro (2023: 4 .4 million) (see note 19 . Provisions) . The people impacted have all been notified before the end of 2024 . Their last working day and sev- erance pay out will be early 2025 . In 2024 12 .9 million euro (2023: 6 .8 million euro, 2022: 1 .2 million euro) of restructuring was paid (see consolidated statement of cash flow) . 171 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 6 . Income taxes - In thousands of euro Note 2024 2023 2022Current versus deferred income taxesCurrent income taxes -29,822 -19,573 -13,301Deferred income taxes 10 16,987 2,297 -2,626Income taxes -12,835 -17, 276 -15,927Income taxes versus income before taxesEBIT 66,006 91,295 87,643Interest income (expense) - net 5,299 4,684 843Income before taxes 71,305 95,979 88,486Income taxes -12,835 -17, 276 -15,927Effective income tax rate % 18 .0% 18 .0% 18 .0%Income before taxes 71,305 95,979 88,486Theoretical tax rate % 25 .0% 25 .0% 25 .0%Theoretical tax credit/(cost) -17,826 -23,995 -22,122Innovation income deduction (IID) 6,937 9,098 6,518Effect of different tax rates in non-Belgian affiliates -223 -902 -523Changes in deferred tax on undistributed earnings (a) 4,500 -4,500 -Uncertain tax treatment (b) 80 250 60Income not taxedOther income exempt from tax (mainly government grants) 3,855 4,298 2,758Non deductible expensesDividends received (c) -7,372 -132 -90Other non-deductible expenses -1,979 -1,942 -1,693Tax adjustments related to prior periods -1,063 -14 -773Deferred tax assets, not recognised in current year (d) -259 -1,078 -420Set-up/use of deferred tax assets, not recognised in prior years 973 99 357Net gain/loss on investments exempted from tax -457 1,542 Pillar Two minimum top-up tax (e) - - -Taxes related to current income before taxes -12,835 -17, 276 -15,927 (a) Deferred tax recognized on undistrib- uted earnings of subsidiaries in 2023 have reversed in 2024 due to distribution of dividends to Barco NV in 2024, for which the related taxes on dividends have been paid . (b) Tax positions taken in the financial state- ments and in the tax filings and how these are supported, as well as how the taxation authorities might make their examinations and how issues that might arise from examinations could be resolved, are reviewed . Based on this assessment, a deferred tax liability is determined in line with IFRIC 23 . A rever- sal on the deferred tax liability is taken when the uncertain tax position is no lon- ger in place as a result of an occurred tax examination or expiration of the exam- ination period . (c) Includes withholding taxes on dividends received from affiliates and investments . (d) Deferred tax assets not recognized on tax losses/credits or tax losses/credits carried forward when assessment shows it is not probable that these tax benefits can be utilized in the near future . Reference is made to note 10 . (e) Pillar Two taxes are those arising from tax laws enacted or substantively enacted to implement the Pillar Two framework pub- lished by the OECD . This tax reform aims to ensure that multinational groups pay taxes at a minimum rate of 15 percent on income arising in each jurisdiction in which they operate by applying a system of top-up taxes . The ultimate parent com- pany of the Group is Barco NV, located in Belgium . On 14 December 2023, the Belgian government has enacted the Pil- lar Two income taxes legislation effective from 1 January 2024 . Given that the con- solidated revenue threshold of EUR 750 million is exceeded, the Group is required to pay top up tax on profits of its subsid- iaries that are taxed at an effective tax rate of less than 15 per cent . Pillar Two legislation has further been enacted or substantively enacted in several other jurisdictions in which the Group operates, effective for the financial year beginning 1 January 2024 . The Group has applied a temporary man- datory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred . In 2024 the Group is not subject to minimum top-up tax, with all subsidiaries eligible for the Transitional (Country-by-Country Reporting) Safe Harbours or meeting the minimum effec- tive tax rate of 15 percent . The Group continues to follow Pillar Two legislative developments, as further countries enact the Pillar Two model rules, to evaluate which Subsidiaries may become liable for the top-up tax instead of the ultimate parent company . 172 Bar co  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 7 . Earnings per share In thousands of euro 2024 2023 2022Net income/(loss) attributable to the equity holder 62,957 80,168 75,219of the parentWeighted average of shares 88,970,127 90,426,432 90,005,918Basic earnings per share 0.71 0.89 0.84Net income/(loss) attributable to the equity holder 62,957 80,168 75,219of the parentWeighted average of shares (diluted) 89,425,539 91,078,011 90,486,263Diluted earnings per share (a) 0.70 0.88 0.83 (a) The difference between the weighted average of shares and weighted average of shares (diluted) is due to exercisable stock options, which are in the money (which means that the closing rate of the Barco share was higher than the exercise price) . For more detailed information concerning the shares and stock options, we refer to note 16 . 8 . Goodwill There are no changes to goodwill over the period 2022-2024 and the impairment tests on goodwill in the 3 years did not result in any impairment . The test was performed on a cash-gener - ating unit level by comparing each unit’s carrying value, including goodwill, to its value-in-use . The value-in-use of each reporting unit was assessed using a discounted cash flow model based on management’s revised budget on division level for the year and estimated long-term projections covering a five-year period . Consistently with its yearly impairment test, the Company adjusts the divisional management cash flow projec- tions for future years to more conservative levels in view of the level of uncertainty . For 2024, 2023 and 2022 the high level of con- servatism is again applied to be consistent with prior year testing . Over the past 3 years, the outcome of the goodwill impairment tests performed did not result in any impair- ment loss . See below for explanations on the impair- ment testing performed . Goodwill by cash- generating unit On acquisition, goodwill acquired in a business combination is allocated to the cash-generating unit which is expected to benefit from that business combination . These cash-generating units correspond to the division level for Healthcare, Enterprise and Entertainment . Therefore, impairment testing is performed at the level of the cash-generating units as presented below . The carrying amount of goodwill (after impairment) has been allocated to the cash-generating units as follows: The allocation remained the same over 2024, 2023 and 2022 . The Group performed its annual impairment test in the fourth quarter of 2024 consistently with prior years . The Group looks at the relationship between its market capitalization and its book value, amongst other factors, when reviewing the indicators of impairment . At 31 Decem- ber 2024, the market capitalization of the Group exceeded the amount of equity of the Group . As such, this general test does not show an indication for impairment . The annual impairment tests were per- formed for each cash-generating unit . The recoverable amount for each of the cash-generating units has been determined based on a value-in-use calculation using cash flow projections generated by man- agement covering a five-year period . Due to the level of uncertainty of future years, these financial projections have been adjusted to more conservative levels for the purpose of our impairment testing . The pre-tax discount rate applied to pro- jected cash flows is 9 .5% (2023: 9 .5%, 2022: 10 .1%) and cash flows beyond the five-year period are extrapolated using a conserva- tive growth rate of 0% (2023 and 2022: 0%) . The same level of conservatism is applied to the EBITDA %, where we used the aver- age of the last 2 years (2024-2023) . A similar approach has been used in the past . The amount by which the unit’s recover - able amount exceeds its carrying amount In thousands of euro 2024 2023 2022At cost 179,775 179,775 179,775Impairment 74,163 74,163 74,163Net book value 105,612 105,612 105,612 In thousands of euro 2024-2022Healthcare 28,263Enterprise 41,785Entertainment 35,564Total goodwill 105,612(net book value) 173 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE is 115 million euro in Healthcare, 204 mil- lion euro in Enterprise and 143 million euro in Entertainment . Even with this high level of conservatism applied, all three divisions have sufficient headroom . A sensitivity analysis is performed on all cash-generating units with respect to the discount rate (see Sensitivity to changes in assumptions – Discount rate) . For forward looking statements on sales and EBITDA, we refer to the company report of this annual report . The assumptions of the annual impairment test are consistent with external sources . For none of the cash-generating units man- agement identified an impairment loss after the impairment test . Key assumptions used in value-in-use calculations The calculation of value-in-use for all cash-generating units is most sensitive to the following assumptions: • Sales growth rate used during the pro- jection period; • EBITDA; • Growth rate used to extrapolate cash flows beyond the budget period; • Discount rate; The assumptions are shown in the table below: Healthcare Enterprise EntertainmentSales growth rate used during the projection 0 .0% 0 .0% 0 .0%periodEBITDA as % of sales 11 .1% 15 .8% 12 .7%Growth rate estimates 0 .0% 0 .0% 0 .0%Discount rates 9 .5% 9 .5% 9 .5% Sales growth rate used during the pro- jection period – Sales growth rate used over the projected period has been kept conservatively at zero percent for all cash-generating units, since even then there is no risk for impairment . EBITDA as percentage of sales – EBITDA as percentage of sales is based on average percentages over the two years preceding the start of the budget period for all divi- sions and has been kept conservatively flat over the projected period . Growth rate estimates – The long-term rate used to extrapolate the projection has been kept conservatively at zero % for all cash-generating units . Discount rate – Discount rate reflects the current market assessment of the risks spe- cific to Barco Group . The discount rate was estimated based on a (long-term) pre-tax cost of capital, the risks being implicit in the cash flows . It was determined on group level . Sensitivity to changes in assumptions Per 31 December 2024, only a change in EBITDA margin could result in impair- ment losses . The implications of the key assumptions for the recoverable amount are discussed below: EBITDA percentage on sales – Manage- ment has considered the possibility of lower than projected EBITDA percentages on sales . For Healthcare, Enterprise and Entertain- ment a reduction of the EBITDA percentage in the last year of the projected period of respectively more than 6%, 11% and 5% would result in an impairment . Discount rates - Management has consid- ered the possibility of a significant higher weighted average cost to test the sensitiv- ity . For none of the cash-generating units this leads to an impairment . Growth rate estimate (beyond the pro- jection period) – For all divisions, no reasonable possible change in the growth rate, used to extrapolate beyond the projec- tion period, would result in an impairment . 174 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 9 . Other intangible and tangible assets 9 .1 Other intangible assets In thousands of euro 2024 2023 2022Software Customer Know how Other Other Total Total TotalRelationsIntangible Intangible Assetsassets under constructionAt costOn 1 January 67,097 9,721 42,779 5,183 1,404 126,185 128,646 136,578Expenditure 757 - 4,509 29 1,842 7,137 3,261 3,836Sales and disposals -267 - -2,523 5 - -2,785 -4,997 -20,094Acquisition of subsidiaries - - - - - - - 7,607Disposal of subsidiaries - - -7,147 - - -7,147 - -Transfers 1,160 - 944 - -2,104 - - -Translation (losses)/gains 59 171 -318 8 - -80 -726 719On 31 December 68,806 9,893 38,244 5,224 1,143 123,310 126,185 128,646Amortizations and impairmentOn 1 January 59,219 9,721 40,253 4,966 - 114,159 109,396 119,151Amortization 3,708 - 3,840 31 - 7,579 7,207 10,037Impairment - - - - - - 2,745 -Sales and disposals -267 - -2,523 5 - -2,785 -4,997 -20,094Disposal of subsidiaries - - -7,147 - - -7,147 - -Transfers - - -11 11 - - - -Translation (losses)/gains 32 171 -264 6 - -56 -192 302On 31 December 62,692 9,893 34,148 5,019 - 111,751 114,159 109,396Carrying amountOn 1 January 7,879 - 2,526 216 1,404 12,026 19,251 17,427On 31 December 6,115 - 4,096 205 1,143 11,559 12,026 19,251 Barco’s intangibles mainly include customer relationship management software, IT plat- form solutions and remaining book value of acquired know how . In 2024, capital expenditures for intangible assets amount to 7 .1 million euro (2023: 3 .3 million, 2022: 3 .8 million euro) . Expen- ditures in 2024 mainly related to acquired know how for a total amount of 4 .5 million euro, which are amortized over their useful life (3 years) and implementation costs for migration to S4HANA (2024: 1 million euro; 2023: 0 .1 million euro) . Expenditures in 2023 mainly related to the implementation of a cloud-based IT platform automation solu- tion, a supplier relationship management tool as well as investments in IT security . Expenditures in 2022 mainly related to new customer relationship management (CRM) software . Disposals in 2024 relate to part of the stake in a past investments, recorded as fully amortized know-how, transferred to new investors, realizing a gain of 2 .5 million euro (2023: 4 .6 million euro) ((see note 3 .d (d) other operating income (expense) – net) . Other disposals in 2023 and 2022 relate to fully amortized IT software which is no lon- ger used . Disposal of subsidiaries in 2024 relate to the acquired know-how from the Dermicus acquisition in 2022, for an amount of 7 .6 million, which is fully amortized by mid- year 2024 . We refer to note 1 .3 for more explanation . The Group performed its annual impairment review on acquired intangibles in the fourth quarter of 2024 consistently with prior years . The test concluded no impairments (2023: 2 .7 million euro, 2022: 0) . Barco does not hold intangible assets with indefinite lifetime . 175 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 9 .2 Tangible fixed assets In thousands of euro 2024 2023 2022Land and Plant, Machinery Furniture, Other property, Assets under Total Other Total Total Totalbuildingsand equipmentoffice equipment plant and constructiontangible assetsand vehiclesequipmentAt costOn 1 January 134,009 113,063 51,470 14,159 23,242 201,934 335,943 285,253 284,317Expenditure 10,726 15,945 6,105 1,307 14,437 37,794 48,520 64,493 30,020Sales and disposals -14,695 -4,591 -5,503 -1,255 - -11,349 -26,043 -8,233 -28,034Transfers 4,467 25,507 631 57 -30,662 -4,467 - - -Translation (losses)/gains 1,171 3,212 294 174 161 3,841 5,012 -5,570 -1,050On 31 December 135,678 153,137 52,996 14,442 7,178 227,753 363,432 335,943 285,253Depreciation and impairmentOn 1 January 70,529 67,749 33,993 10,246 - 111,988 182,517 162,395 157,430Depreciation 10,636 15,393 7,986 2,122 - 25,501 36,136 30,438 26,294Sales and disposals -11,572 -3,431 -5,022 -1,223 - -9,676 -21,248 -7,882 -21,137Transfers - -183 115 68 - - - - -Translation (losses)/gains 700 846 217 140 - 1,203 1,903 -2,436 -191On 31 December 70,293 80,373 37, 289 11,352 - 129,014 199,308 182,517 162,396Carrying amountOn 1 January 63,479 45,314 17,477 3,913 23,242 89,946 153,426 122,856 126,887On 31 December 65,385 72,763 15,708 3,090 7,178 98,739 164,124 153,426 122,856 Expenditures also include the additions for IFRS16 . Capital expenditures for tangible assets in 2024 amount to 48 .5 million euro . Major investments in 2024 are related to new leas- ing agreements concluded with cinema customers (2024: 14 .3 million euro; 2023: 24 .5 million euro; 2022: 3 million euro), investment in the new factories in China, both facility and production related (2024: 10 million euro; 2023: 15 million euro; 2022: 10 million euro) and renewal and extension of lease agreements (2024: 13 .9 million euro; 2023;14 .2 million euro; 2022: 11 million euro) Further, capital expenditures include machin- ery and tooling linked to new product introduction projects (2024: 5 million euro, 2023: 4 million euro) and IT hardware equip- ment (2024: 1 .1 million euro, 2023: 2 .2 million euro) . The total amount of capital expenditure for tangible assets in 2024 equals the EU taxon- omy eligible Capex as the total amount of Capex relates solely to assets or processes associated with Barco economic activi- ties defined in section “Taxonomy-eligible economic activity - Capex” . We refer to note on EU taxonomy . Disposals in 2024 mainly relate to the sale of the Duluth office in Barco Inc ., which had a remaining net book value of 2 .9 mil- lion euro . The building is leased back over a 6-year period and partly subleased to two tenants . The value of the right of use asset is included in the overview of the leases – lessee accounting for an amount of 0 .8 million euro . We refer to note 3d . other operating income (expense) – net for more information on the gain realized . Other disposals relate to machinery & equip- ment and vehicles, which are no longer in use and were largely written down . Disposals in 2023 mainly relate to machin- ery & equipment and furniture, which are no longer in use and fully written down . Disposals in 2022 mainly relate to the sale of the building in Norway, which had a net book value of 4 .3 million euro . The other disposals relate to machinery & equipment and furniture, which are no longer in use and fully written down . 176 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Leases – lessee accounting This note provides more information for leases where the Group is a lessee . The balance sheet on the right shows the following amounts relating to leases . Additions to the right-of-use assets during 2024 were 13 .9 million euro (2023: 14 .2 mil- lion euro, 2022: 11 million euro;) split over leased buildings (2024: 9 .4 million euro, 2023: 6 million euro, 2022: 7 .6 million euro) and leased vehicles (2024: 4 .5 million euro; 2023: 8 .1 million euro, 2022: 3 .4 million euro) . The additions are mainly renewals of existing lease agreements as well as a new, though limited, right of use value resulting from the sale and lease back of the Barco Inc . Duluth office . We refer to note 14 for more information on the lease liabilities . The table on the right shows the amounts relating to leases as indicated in the state- ment of profit or loss . The total cash outflow for leases including interests in 2024 was 12 .7 million euro (2023: 10 million euro; 2022: 9 .2 million euro) . Leases - lessee accounting In thousands of euro 2024 2023 2022Buildings Vehicles Other assets Total Total TotalOn 1 January 43,538 16,775 81 60,394 51,205 46,922New leases or extensions of current leases 9,370 4,534 17 13,921 14,226 10,986Termination of leases -3,656 -3,537 -12 -7,205 -3,896 -6,586Translation (losses)/gains 416 8 -1 423 -1,140 -117On 31 December 49,668 17,780 86 67,534 60,394 51,205Depreciation and impairmentOn 1 January -25,609 -6,406 -17 -32,032 -26,371 -21,119Depreciation -6,991 -4,584 -25 -11,601 -10,222 -9,539Termination of leases 2,486 3,133 7 5,626 3,878 4,141Translation (losses)/gains -370 -3 0 -373 683 146On 31 December -30,484 -7,860 -36 -38,380 -32,031 -26,371Right-of-use assetsOn 1 January 17,930 10,369 65 28,363 24,834 25,803On 31 December 19,183 9,920 50 29,154 28,363 24,834 Depreciation charge of right-of-use assets In thousands of euro 2024 2023 2022Buildings -6,991 -6,899 -6,936Vehicles -4,584 -3,303 -2,604Other assets -25 -20 -Total depreciation charge of right-of-use assets -11,601 -10,222 -9,539Interest expense (included in finance cost) -1,597 -1,225 -1,072Expense relating to leases of low-value assets that are not shown above as short-term leases -4 -7 -19 177 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Leases – lessor accounting This note provides more information for leases where the Group is a lessor . Barco offers in selected cases laser pro- jectors via a cinema-as-a-service program . Barco remains owner of the laser projectors and therefore the assets are included in the tangible fixed assets under plant, machin- ery and equipment . The total investments for all cinema customers who have stepped into a cinema-as-a-service program in 2024 amounted to 14 .3 million euro (2023: 24 .5 million euro; 2022: 3 million euro) . Installation of laser projectors under the cin- ema-as-a-service program started in 2023 . For the current cinema-as-a-service installed projectors, the following undiscounted lease payments are expected in the coming 5 years: Per 31 Dec 2024 Per 31 Dec 2023Receivable in Receivable in2025 33,763 2024 17,1342026 37,369 2025 17,0892027 36,997 2026 17,0892028 27,338 2027 16,7332029 13,984 2028 7,621Total receivable 149,452 Total receivable 75,665 10 . Deferred tax assets – deferred tax liabilities The deferred tax asset and liability balance comprises temporary differences attributable to: Assets Liabilities Net asset/(liability)In thousands of euro 2024 2023 2022 2024 2023 2022 2024 2023 2022Tax value of loss carry forwards 19,660 15,948 13,721 - - - 19,660 15,948 13,721Tax value of tax credits 17,000 13,952 17,920 - - - 17,000 13,952 17,920Deferred revenue 17,019 10,973 10,227 - - - 17,019 10,973 10,227Inventory 13,910 12,050 8,837 -48 -104 -211 13,862 11,946 8,626Provisions 4,768 6,277 6,062 -1,028 -1,009 122 3,740 5,268 6,184Tangible fixed assets and software 6,893 5,724 1,580 -3 -353 -363 6,890 5,371 1,217Employee benefits 1,868 1,471 1,333 - -33 258 1,868 1,438 1,591Trade debtors 44 184 416 - - - 44 184 416Uncertain tax positions (UTP) - - - -2,730 -2,810 -3,060 -2,730 -2,810 -3,060Patents, licenses, . . . - - - -5,706 -5,015 -5,704 -5,706 -5,015 -5,7041Other items795 907 912 -67 -4,699 -40 728 -3,791 872Gross tax assets/(liabilities) 81,958 67,486 61,008 -9,582 -14,022 -8,998 72,376 53,464 52,010Offset of tax -6,516 -10,446 -5,769 6,516 10,446 5,769 - - -Net tax assets/(liabilities) 75,442 57,040 55,239 -3,066 -3,576 -3,229 72,376 53,464 52,010(1) Other items mainly consist of deferred tax liabilities recognized in 2023 on undistributed earnings (see note 6 . Income taxes) . 178 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Movements in the deferred tax assets / (liabilities) arise from the following: In thousands of euro As at 1 January 2024 Recognized through income statement Recognized through OCI Reclassifications Exchange gains and losses As at 31 December 2024Tax value of loss carry forwards 15,948 3,972 - -460 201 19,660Tax value of tax credits 13,952 3,061 - - -13 17,000Deferred revenue 10,973 5,418 - 101 527 17,019Inventory 11,946 1,738 - 14 164 13,862Provisions 5,268 -2,484 942 - 14 3,740Tangible fixed assets and software 5,371 1,278 - -7 248 6,891Employee benefits 1,438 426 - 2 2 1,868Trade debtors 184 -144 - 3 1 44Uncertain tax positions (UTP) -2,810 80 - - - -2,730Patents, licenses, . . . -5,015 -982 - 402 -111 -5,706Other items -3,792 4,624 - -54 -50 728Net deferred tax 53,464 16,987 942 0 983 72,376 179 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Per 31 December 2024, deferred tax assets have been recognized on tax attributes carried forward in following countries (in million euro): In thousands of euro Tax Losses R&D tax credits and Innovation income Tax value of carried forwardinvestment deductionsdeductiontax creditsBelgium 20,125 1,028 15,366 16,395Canada 2,173 606 - 606China 11,747 - - -Germany 4,938 - - -Other 21 - - -Total 39,005 1,634 15,366 17,000Valuation allowance -19,344 - - -Net deferred tax 19,660 1,634 15,366 17,000 On these items for which a deferred tax asset is recognized, the Group has recorded a valuation allowance of 19 .3 million euro (21 .5 million euro in 2023) . A valuation allow- ance is recorded on these items because it is not probable that tax assets will be utilized within their statute of limitations or it is not probable that the Group will be able to uti- lize all of the deferred tax assets within the foreseeable future . In assessing the realization of deferred tax assets, management considers whether it is probable that some portion or all of the deferred tax assets will be realized within the foreseeable future . The ultimate realization of deferred tax assets is dependent upon the generation of future taxable profit during the periods in which those temporary dif- ferences become deductible . Management considers the scheduled reversal of deferred tax liabilities, projected future taxable profit and foreseeable tax events in making this assessment . A time period of 5 years is con- sidered . In order to fully realize the deferred tax asset, the Group will need to generate future taxable profit in the countries where the net operating losses and other items carried forward were incurred . Based upon the level of historical taxable income and projections for future taxable profit over the periods in which the deferred tax assets are deductible, management believes it is probable that the Group will be able to uti- lize the cumulative net deferred tax asset recognized . Barco has not recognized additional lia- bilities for income taxes on undistributed earnings of its subsidiaries which will not be distributed in the foreseeable future . The cumulative amount of undistributed earnings (irrespective of tax treatment exemptions) on which the Group has not recognized income taxes was approximately 399 million euro per December 31, 2024 (2023: 517 million euro, 2022: 488 million euro) . 180 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 11 . Investments and interest in associates In thousands of euro 2024 2023 2022Investments (a) 37,596 41,695 37,645Interest in associates (b) 33,399 29,093 27,167Investments and interest in associates 70,996 70,788 64,811 Investments include entities in which Barco owns less than 20% of the shares . These are accounted for as fair value through profit and loss or other comprehensive income instruments, as determined at moment of initial recognition, which implies that the Group measures these investments on a fair value basis with differences in fair value reflected in profit and loss or other compre- hensive income . Interest in associates represents entities in which Barco owns between 20% and 50% of the shares . (a) Investments In thousands of euro 2024 2023 2022Opening net assets 1 January 41,695 37,645 47,135Additions - - 14,893Divestments - -9,179 -4,384Other comprehensive income -6,693 14,709 -23,004Translation gains/(losses) 2,595 -1,480 3,003Closing net assets 31 December 37, 596 41,695 37,645 The investments are measured at mar- ket price . For investments that are publicly quoted in an active market, the quoted mar- ket price is the best measure of fair value (level 1) . The remeasurement at fair value per 31 December 2024 versus the carrying amount, resulted in an unrealized loss of -6 .7 million euro, reflected in other com- prehensive income . The loss is caused by a decrease of the share price at year-end 2024 compared to end 2023 . Per 31 December 2023, the remeasurement at fair value versus the carrying amount, resulted in an unrealized gain of 14 .7 mil- lion euro, reflected in other comprehensive income . The gain was resulting from an increase of the share price at year-end 2023 compared to end 2022 . Further, a minority stake was sold, resulting in 9 .2 million euro cash-in in 2023, reflected in the line ‘other investing activities’ in the cash flow state- ment, and 0 .7 million euro gain realized since the moment of acquisition, over the periods until divestment reflected in other comprehensive income . 181 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE (b) Interest in associates Interest in associates, in 2024 - 2022, reflects the equity investment in BarcoCFG and CCO Barco Airport Venture . The Group’s share of the assets and lia- bilities as at 31 December 2024 and 2023 and income and expenses of the joint ven- tures and associates for the year ended 31 December 2024 and 2023, which are accounted for using the equity method as shown in the table on the right . The Group has no contingent liabilities or capital commitments in relation to its asso - ciates as at 31 December 2024, 2023 and 2022 . For all equity accounted investments, the parent’s or other investor’s consent is required to distribute its profits; which is not decided at the reporting date . The equity accounted investments did not recognize items in other comprehensive income . In thousands of euro 31 Dec 2024 31 Dec 2023BarcoCFG CCO Total BarcoCFG CCO TotalSummarised balance sheetCash and cash equivalents 13,254 31,240 44,494 14,454 26,345 40,799Other current assets 48,584 18,751 67,335 49,397 17,444 66,841Total current assets 61,838 49,991 111,830 63,850 43,789 107,640Non-current assets 15,298 5,919 21,216 5,490 7,573 13,063Other current liabilities 28,663 14,587 43,251 37,012 13,501 50,513Total current liabilities 28,663 14,587 43,251 37,012 13,501 50,513Other non-current liabilities 106 - 106 - - -Total non-current liabilities 9,827 - 9,827 - - -Net assets 38,645 41,323 79,968 32,329 37,861 70,190Reconciliation to carrying amountsOpening net assets 1 January 32,329 37,861 70,190 28,007 38,409 66,416Profit/(loss) for the period 10,941 10,367 21,308 6,231 7, 254 13,486Other comprehensive income (CTA) 1,276 2,492 3,768 -1,909 -1,550 -3,459Dividends paid -5,901 -9,397 -15,298 - -6,253 -6,253Closing net assets 38,645 41,323 79,968 32,329 37,861 70,190Group’s share in % 49% 35% - 49% 35% -Group’s share 18,936 14,463 33,399 15,841 13,251 29,093Carrying amount 18,936 14,463 33,399 15,841 13,251 29,093Summarised statement of comprehensive incomeProfit/(loss) for the period 10,941 10,367 21,308 6,231 7, 25 4 13,486Other comprehensive income (CTA) 1,276 2,492 3,768 -1,909 -1,550 -3,459Total comprehensive income 12,218 12,858 25,076 4,322 5,705 10,027Group’s share in % 49% 35% - 49% 35% -Group’s share in profit/(loss) for the period 5,361 3,628 8,989 3,053 2,539 5,592Share in the result of joint ventures and associates - 3,628 3,628 - 2,539 2,539Included in other operating income 3(d) 5,361 - 5,361 3,053 - 3,053Dividends received from associates and joint venture entities -2,892 -3,289 -6,180 - -2,188-2,188 182 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 12 . Inventory In thousands of euro 2024 2023 2022Raw materials and consumables 89,363 100,199 120,610Work in progress 68,930 69,376 79,993Finished goods 136,073 144,539 123,930Write-off on inventories -85,689 -82,593 -78,819Inventory 208,678 231,521 245,714Inventory turns 2 .1 2 .1 2 .1 Inventory in 2024 decreased with -10% after two years with high inventories, linked to supply constraints that resulted in high com- ponent prices and safety buffers on scarce components . Turns in 2024 remain low at 2 .1, at the same level as end 2023 . Raw materials further decreased in 2024 (-11 million euro versus year-end 2023), after a significant slowdown on component purchases in 2023 resulting in a material decrease of raw materials (-20 million euro) and work in progress (€ -10 million) . Finished goods inventory at the end of 2023 included the build-up of 3-4 months buffer inventory in China and Italy as a result of the focused factories strategy and transfer of production, which has been build-off in 2024, resulting in a decrease of finished goods inventory (-8 .5 million euro) . Finished goods inven - tory remains higher than the level of 2022 and are linked to the launch of new prod- ucts (example OneLook in Healthcare) and longer lead times between the Suzhou factory in China and European and US cus- tomers (transfer over sea) . Inventory levels in the company vary depending on the operating segment . Operating segments selling more hardware products compared to software or project sales generally have higher inventory levels . Enterprise has the lowest inventory . The two divisions that were impacted the most by the supply constraints in 2022, Entertainment and Healthcare show the highest decrease in raw materials in 2023, as supply constraints are resolved . In 2024, inventories further decreased in both Enter- tainment and Healthcare . We refer to chapter ‘Critical accounting judgements and key sources of estimation uncertainty’ for more explanation on the impact of the macroeconomic environment . Inventories are stated at the lower of cost or net realizable value . The calculation of the allowance for slow-moving inventory is based on consistently applied write-off rules, which depend on both historical and future demand . In 2024 write-offs recognized as expense represent 1 .3% of sales or 12 .2 million euro, compared to 1 .2% in 2023 . 183 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 13 . Amounts receivable and other non-current assets 1 In thousands of euro Note 2024 2023 2022Trade debtors - gross 202,858 211,012 197,493Trade debtors - bad debt reserve (a) -1,313 -2,445 -2,850Trade debtors - net (b) 201,546 208,567 194,643V .A .T . Receivable 10,802 8,463 5,91Taxes receivable 490 1,001 3,491Interest receivable 20 116 - 1Currency rate swap 20 214 4,321 2,537Other 964 673 2,569Other amounts receivable 20 12,587 14,458 14,509Other non-current assets (c) 20 6,750 4,335 5,819Number of days sales outstanding (DSO) 63 63 54 Per 31 December 2024, the number of days sales outstanding remained at the same level as last year, 63 days . For the year ended December 31, 2024, the Company was able to collect 0 .5 million euro of reserved trade debtors (2023: 0 .3 million euro cost) . The bad debt reserve in proportion to the gross amount of trade debtors decreased to 0 .6% (2023: 1 .2%; 2022: 1 .5%,) . (a) Movement in bad debt reserve In thousands of euro 2024 2023 2022On 1 January -2,445 -2,850 -3,954Additional provisions -103 -289 -1,191Amounts used 741 136 1,234Amounts unused 519 514 1,156Translation (losses) / gains -24 43 -93On 31 December -1,313 -2,445 -2,850 (b) Ageing analysis of trade receivables At 31 December 2024, the ageing analysis of trade receivables is as indicated below . In thousands of euro 2024 2023 2022Not due 183,362 191,491 171,431Overdue less than 30 days 9,767 8,722 12,699Overdue between 30 and 90 days 6,783 6,859 9,176Overdue between 90 days and 180 days 1,947 2,483 2,869Overdue more than 180 days 1,000 1,458 1,318Total gross 202,858 211,012 197,493Bad debt reserve -1,313 -2,445 -2,850Total 201,546 208,567 194,643 In 2024, total overdue trade receivables amount to 19 .5 million euro (2023: 19 .5 million euro; 2022: 26 .1 million euro), result- ing in 6 days overdue DSO (2023: 6 days, 2022: 7 days) . Overdue amounts are for 50% (2023: 45%, 2022: 49%) linked to recent overdues (less than 30 days) . The Company has a credit insurance in place for specific higher risk contracts and for customers with long payment terms . During the last three years, the Company did not need to exercise its rights under the insurance as the customers, for which the credit insurance is in place, paid timely . The bad debt reserve in 2024 covers 131% of the trade receivables overdue more than 180 days (2023: 167%, 2022: 216%) . (c) Other non-current assets The other non-current assets include mainly long-term receivables related to subleased buildings in the United States for an amount of 3 .8 million euro (2023: 1 .1 million euro) and cash guarantees totaling 2 .3 million euro (2023: 2 .8 million, 2022: 2 .7 million euro) . The increase for the receivable from subleased buildings is explained by the sale and lease back of the Barco Inc . Duluth office, which is subleased to two tenants over a respective period of 6 and 2 years . 184 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 14 . Net financial cash/debt In thousands of euro 2024 2023 2022Short term investments (a) 519 4,670 1,651Deposits (a) 197,887 186,038 151,491Cash at bank (b) 164,533 99,991 154,342Cash in hand 23 48 82Cash and cash equivalents 362,442 286,077 305,915Long-term debts (c) -44,861 -32,217 -32,335Current portion of long-term debts (c) -14,215 -12,288 -11,217Short-term debts (d) -44,835 -5,095 -Net financial cash / (debt) 259,050 241,147 264,014 At the end of December 2024, Barco’s net cash position reaches 259 .0 million euro, 17 .9 million euro higher compared to last year (2023: 241 .1 million euro, 2022: 264 million euro) . The main elements contrib- uting to this change were cash-in from the positive free cash flow (110 .3 million euro) offset by cash out for the dividends paid (-42 .5 million euro), the share buyback pro- gram (-24 .5 million euro) and the buy-out of the Cinionic minority shareholder (-18 .7 million euro) . We refer to the supplementary statements, note 16 and note 11 for more explanation . Of the total net financial cash at the end of 2024, 362 .4 million euro is cash on the balance sheet . Additional financial flexi- bility is provided with 77 .6 million euro of unused bilateral committed credit facilities (of which 75 million euro linked to Barco’s sustainability KPI’s) with a selected group of commercial banks (see further c) . In addition to significant liquidity, Barco has a well-bal- anced debt profile with debt limited to 103 .9 million euro of which 59 .0 million euro has near-term maturities . The net financial cash at the end of 2023 amounted to 241 million euro, 22 .9 million euro lower compared to the year before . The main elements contributing to this change were cash-in from the positive free cash flow (38 million euro) and the proceeds from the sale of minority invest- ments (9 million euro) offset by cash out for dividends paid (-41 .6 million euro) and the share buyback program (-8 million euro), and translation impacts . We refer to the sup- plementary statements, note 16 and note 11 for more explanation . (a) Short term investments and deposits Short term investments are convertible to known amounts of cash between three and twelve months from inception . Depos- its are short term (between zero and three months), highly liquid investments, which are readily convertible to known amounts of cash . The short term investments and deposits do not carry a material risk of change in valuation . At closing date, short term investments and deposits include: The overall level of short-term investments and deposits at 198 .4 million euro has remained fairly stable versus the 2023 clos- ing balance of 190 .7 million euro . The larger deposit amounts in USD and HKD, in 2024, are held in the according home currency of the entities or are hedged, avoiding FX impact in the profit & loss, and optimizing yield . Part of the USD and HKD deposits were converted back to EUR in the course of 2024 as part of the closing of the Cin- ionic merger . The larger deposit amounts in USD and HKD in 2023 are held in the according home cur- rency of the entities or were also hedged, avoiding FX impact in the profit & loss, and optimizing yield . Deposits held in EUR were transferred to deposits in USD as immedi- ately accessible and granting higher interest . In view of the positive interest rate evolution more cash has been held in deposits com- pared to 2022 . (b) Cash at bank Cash at bank is immediately available . It is denominated in the following currencies: 2024 2023 2022EUR 54 .0% 48 .9% 41 .7%USD 16 .2% 8 .9% 21 .2%CNY 10 .4% 12 .6% 15 .8%HKD 2 .9% 3 .3% 7 .1%KRW 3 .5% 4 .7% 1 .6%SGD 1 .4% 5 .6% 0 .3%Others 11 .7% 16 .0% 12 .3% 2024 Average 2023 Average 2022 Average interest rateinterest rateinterest rateDeposits in USD 100,364 4 .30% 162,683 4 .88% 120,908 4 .22%Deposits in EUR 88,000 2 .77% - - 19,000 1 .25%Deposits in HKD 7,214 4 .06% 19,568 5 .06% 9,379 5 .24%Deposits in INR 519 6 .70% 4,670 7 .22% 1,549 5 .97%Deposits in other currencies 2,309 9 .16% 3,787 9 .52% 2,307 -Total short term investments and deposits 198,406 - 190,708 - 153,142 - 185 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE (c) Long-term financial debts The below table gives an overview of the long-term financial debts including the current portion of long-term financial debts, per type of interest rate . Type of interest rate Maturity 31 Dec 31 Dec 31 Dec 202420232022Real estate financing- Variable, swapped into fixed (EU) Later than 2026 5,738 7,013 8,288- Variable (EU) Later than 2026 6,263 6,988 7,713Factory financing Later than 2026 7,953 - -Leasing 39,006 30,419 27,458Other 117 86 94Total long-term financial debts 59,076 44,505 43,552 • Barco NV signed a number of bilateral committed credit facilities totaling 28 million euro, for the financing of Barco’s headquarters campus project . Drawings have a long-term tenor of 15 years fol- lowing the end of the availability period (as of the end of 2015) . An amount of 12 million euro is outstanding per 31 December 2024 . These commitments carry either a variable interest rate or have been swapped via derivatives into fixed rate character . • Barco China signed bilateral committed credit facilities for a total of 55 .4 million euro . Part of the facilities amount to 9 .2 million euro are intended to finance the capital expenditures related to the new build factory in Wuxi, having a long-term tenor of 5 years . An amount of 8 .0 mil- lion euro is drawn at the end of 2024 . Another part of the facilities have a short- term tenor and fulfill the working capital needs to support the scale-up of pro- duction in both Suzhou and Wuxi . At the end of 2024, 44 .8 million euro has been drawn under the working capital loan (see d .) . Barco is meeting all requirements of the loan covenants on its available credit facilities . The below table summarizes the long-term financial debts, including the current portion of long-term financial debts, per currency: The long-term debts, including interests due and excluding the current portion of the long- term debts, are payable as follows: In thousands of euro 2024 2023 2022EUR 25,047 29,376 28,213USD 11,914 2,417 3,829CNY 8,416 1,547 1,163INR 2,224 4,140 5,154Other 11,474 7,025 5,193Total 59,076 44,505 43,552 Per 31 Dec 2024 Per 31 Dec 2023 Per 31 Dec 2022Payable in 2026 13,307 Payable in 2025 11,440 Payable in 2024 9,784Payable in 2027 9,538 Payable in 2026 8,146 Payable in 2025 8,081Payable in 2028 14,338 Payable in 2027 5,106 Payable in 2026 5,559Payable in 2029 4,979 Payable in 2028 3,409 Payable in 2027 3,535Later 5,097 Later 6,426 Later 7,667Total long-term debts 47, 260 Total long-term debts 34,528 Total long-term debts 34,625 186 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE The lease liabilities per 31 December are as follows: (d) Short-term financial debts Overview of short-term financial debts on 31 December 2024 and 2023: The credit facility of 46 .2 million euro under which the short-term debt of 44 .8 million euro is drawn is used to support working capital needs in the Suzhou and Wuxi factories in China . In thousands of euro 2024 2023 2022On 1 January 30,419 27,458 26,482New leases or extensions of current leases 21,718 14,226 10,991Payments or termination of leases -13,576 -10,754 -10,060Translation (losses)/gains 445 -511 45Total lease liabilities on 31 December 39,006 30,419 27,458Current 12,215 10,288 9,217Non-current 26,791 20,131 18,241 In thousands of euro 2024 2023 2022Effective Balance Effective Balance Effective Balanceinterest rateinterest rateinterest rateCNY 2 .64% 44,835 2 .68% 5,095 - -Total - 44,835 - 5,095 - - 15 . Other long-term liabilities In thousands of euro 2024 2023 2022Other amounts payable (a) 254 1,970 2,312Accrued charges - - 884Deferred Income (b) 62,764 52,403 41,328Other long-term liabilities 63,018 54,374 44,524 (a) As part of the joint venture agreement signed with the Swedish company Der- micus AB on July 1 st , 2022, Barco acquired 70% of the shares in Dermicus AB . The agreement included a put option on the non-controlling shares, for which a finan- cial liability was recognized in 2022 . The terms did not grant the Group any own- ership interest in the shares to which the put option related . The fair value of the put option is the present value of the estimated redemption amount and was subsequently adjusted in the income statement for changes in value . In 2024, the remaining put option has been adjusted to zero as a result of the cancellation of the put option as part of the unwinding of the Dermicus joint ven- ture . We refer to note 1 .3 Acquisitions and divestments for more explanation . (b) Deferred income which will be recog- nized in revenue over a longer period than one year, is shown in other long-term lia - bilities . It concerns mainly maintenance contracts sold in the Entertainment divi- sion which cover a long-term period . The contracts start at the end of the standard warranty period . The increase over the past two years is linked to the growth in our Cinema business and additional lon- ger term service contracts signed with customers . 187 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 16 . Equity attributable to equity holders of the parent In thousands of euro 2024 2023 2022Share capital 56,752 56,752 56,752Share premium 177,088 176,905 176,919Share-based payments 25,271 22,445 20,215Acquired own shares -56,721 -32,227 -25,443Retained earnings 623,351 615,588 558,777Cumulative translation adjustment -30,607 -44,233 -28,350Derivatives 16 104 319Equity attributable to equity holders of the parent 795,150 795,334 759,189 16 .1 Share capital, share premium and own shares The company’s share capital is equal to last year and amounts to 56 .7 million euro on 31 December 2024, consisting of 92,916,645 fully paid shares . In the Extraordinary General Meeting of 25 April 2019, Barco’s shareholders authorized a share buyback . A first share buyback pro- gram for a period of 6 months, starting on 20 September, 2021 was announced on 16 September, 2021 . Based on this authoriza- tion, the company launched a new buy back program which started on 19 December, 2023 and ended on February 23 th , 2024 . In 2024, Barco acquired 1,509,000 own shares for a total amount of 24 .5 million euro . Since the start of the share buy-back program on 19 th December 2023, Barco NV has bought back 2,000,000 shares for a total amount of 32 .6 million euro . This corresponds to 100% of the program completed . Further, Barco sold in total 20,700 own shares in 2024 upon the exercise of 20,700 stock options with a resulting increase of the own shares of 29 (‘000) euro and an increase in the share premium account of 182 (‘000) euro . As a result of the exercised stock-options the company’s share premium account per 31 December 2024 amounts to 177 million euro . The number of own shares acquired by Barco NV up to 31 December 2024 there- fore increased to 4,314,743 own shares (2023: 2,826,443; 2022: 2,457,922) . The total value of share-based payments amount to 25 million euro at the end of 2024 . 188 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 16 .2 Share-based payments On 25 November 2024, 2 new option plans have been approved by the Board of Direc- tors, through which maximum 831,860 stock options could be granted before 31 December 2024 . Each stock option gives right to the acquisition of one (1) share . In 2023, 445,015 stock options have been granted to and accepted by employees and management of the group based upon these option plans . Stock option plans The total number of outstanding stock options on 31 December 2024 amounted to 2,913,447 . The company’s own shares will be used under the outstanding stock option plan to fulfill the commitment . During 2024, 20,700 stock options have been exercised (in 2023: 122,479 stock options) . These stock options may be exercised the earliest 3 years after the allocation date (i .e . the vest- ing period) over a period of maximum 10 years and during a couple of fixed periods over the year . On the right is an overview of the outstand- ing stock option plans . The cost of these stock option plans is rec- ognized over the vesting period on a straight line basis and is included in the income statement in other operating expense . The stock options are measured at grant date, based on the share price at grant date, exercise price, expected volatility, dividend estimates and interest rates . The value of the share-based payment increased with 2 .5 million euro to 25 million euro in 2024 (2023: 2 .2 million; 2022: 1 .5 million euro) . Allocation date End term Exercise price Balance on Accepted Exercised Cancelled Expired Balance on (in euro)31 Dec 2023in 2024in 2024in 2024in 202431 Dec 202410/23/14 10/22/24 7 .86 16,091 - -2,100 - -13,991 - 10/22/15 10/21/25 8 .16 8,650 - - - - 8,650 10/22/15 10/21/23 8 .16 1,050 - - - -1,050 - 10/24/16 10/23/26 10 .40 78,410 - - - - 78,410 10/24/16 10/23/24 10 .40 25,600 - -9,500 - -16,100 - 110/24/1610/23/24 10 .61 16,203 - -9,100 - -7,103 - 10/20/17 10/16/27 12 .54 175,525 - - - - 175,525 10/20/17 10/16/25 12 .54 51,100 - - - - 51,100 110/20/1710/16/25 12 .67 13,900 - - - - 13,900 10/23/18 10/22/28 14 .40 39,522 - - - - 39,522 10/11/19 10/10/29 24 .83 84,280 - - - -9,100 75,180 10/29/20 10/28/30 12 .76 381,850 - - - -275,900 105,950 12/06/21 12/06/31 17 .80 853,700 - - - - 853,700 12/08/22 12/07/32 21 .74 289,946 - - -6,860 - 283,086 112/08/2212/07/32 22 .32 32,887 - - - - 32,887 12/08/23 12/07/33 15 .27 399,004 - - -39,445 - 359,559 112/08/2312/07/33 15 .58 46,011 - - - - 46,011 11/25/24 11/24/34 10 .20 - 720,450 - - - 720,450111/25/2411/24/34 10 .35 - 7 7,400 - -7,883 - 7 7,400Total number of stock options 2,513,729 797,850 -20,700 -54,188 -323,244 2,913,447() Date values are displayed in the form mm/dd/yy, where a forward slash is the separator and the year appears as either two digits .(1) Deviation of exercise price as a result of the implementation of the US sub plan . 189 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 16 .3 Retained earnings The change in retained earnings includes the net income of 2024, actuarial profits, change in the fair value of equity invest- ments, and the distribution of 42 .5 million euro dividend, as approved by the general shareholders meeting of 25 April 2024 . The board of directors of Barco NV will propose a gross dividend of 0 .51 euro per share out of the available reserves per 31 Decem- ber 2024 . In 2024 a gross dividend of 0 .48 euro per share was granted on the results of 2023 . 16 .4 Cumulative translation adjustment In 2024, the exchange differences on trans- lation of foreign operations have a net positive impact of 13 .6 million euro, mainly relating to foreign balances held in Hong Kong Dollar (5 million euro) and in US Dol- lar (9 million euro) . 16 .5 Derivatives Derivative financial instruments are dis- closed in note 20 . 16 .6 Main shareholders Main shareholders before dilution Public 57,031,593 61 .38%Vandewiele Group NV 23,465,294 25 .25%3D NV 5,267,891 5 .67%Barco NV 4,314,743 4 .64%Alantra 2,837,124 3 .05%Total 92,916,645 100% 17 . Non-controlling interest The below table represents the proportion of equity interest held by non-controlling interests: Overview of the equity attributable to non-controlling interest: Name Country of incorporation 2024 2023 2022and operationCinionic Ltd. Hong Kong 0% 20% 20%Cinionic bv Belgium 0% 0% 20%Cinionic Inc . United States 0% 0% 20%Cinionic Mexico, S .A . de C .V . Mexico 0% 0% 20%Cinionic Pty . Ltd . Australia 0% 0% 20%Dermicus ABSweden 0% 30% 30%Barco Solutions BV Belgium 0% 30% 30%Gnosco Dermicus LTD United Kingdom 0% 30% 30% The name of the legal entity Gnosco AB changed to Dermicus AB during 2023 . In thousands of euro 2024 2023 2022Cinionic Ltd . - 18,249 20,345Dermicus AB - -2,288 -554Total equity attributable to non-controlling interest - 15,961 19,792 Upon the start of Cinionic, three minority shareholders have contributed in the capital of Cinionic Ltd, totaling 45% of total contri- butions of USD 100 million . These capital contributions all gave right to 45% in the Cinionic legal entities’ equity and result . In 2022 Barco agreed to buy the stakes held by the minority shareholders Appotronics and CITICPE in Cinionic, increasing Barco’s own- ership interest in the joint venture to 80% . The 20% stake was shown as non-con- trolling interest . On 22 November 2023, Barco reached an agreement with China Film Equipment co ., Ltd to fully acquire Cinionic’s premium Cin- ema solutions business, increasing Barco’s ownership interest in the joint venture from 80% to 100% . The change in ownership to 100% of all Cinionic legal entities, except for the hold- ing entity Cinionic Ltd . (Hong Kong), is reflected as of 1 November 2023 . Cinionic Ltd remained 80% owned by Barco until the completion of a selective capital decrease to Barco, resulting in the full ownership of the Cinionic Ltd legal entity and remaining cash of approximately 18 million euro by the minority shareholder China Film Group, as reflected in the non-controlling interest in the consolidated statement of changes in equity per end of 2023 . The selective capital decrease was completed on 15 April 2024 . The change in ownership of the operational Cinionic legal entities from 80 to 100% decreased the non-controlling interest by 2 .7 million euro and has been reflected in 190 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE OCI per 31 December 2023, as there was no change in control . The change in ownership of Cinionic Ltd from 80% per end of 2023 to 0% decreased the non-controlling interest by 18 .7 million euro . The financials of Cinionic were fully con- solidated in the Entertainment results in 2022-2023 . Per May 31 st , 2024 Barco and the minority shareholders of Dermicus agreed to unwind the joint venture . Barco acquired 70% of the shares in Barco Solutions BV for 1 euro, while Barco sold its 70% stake in Dermicus AB to the minority shareholders for 1 euro . The impact of the change in ownership of Barco Solutions BV of -3 .2 million euro has been reflected in OCI per 31 December 2024 . The joint venture agreement was signed on July 1 st , 2022 to enhance its growth initiative Demetra . The Dermicus figures are taken up in the figures of the Barco Group from 1 July 2022 till 31 May 2024 . As a result of the unwinding of both the Dermicus and Cinionic joint ventures, non-controlling interest is zero per end of 2024 . Below is the consolidated balance sheet of the Cinionic legal entities as at 31 December 2023 and 2022: Assets and Liabilities Cinionic JV In thousands of euro 2023 2022Total non-current assets - 11,081 Cash 59,520 84,610 Other current assets 31,798 49,638 Total current assets 91,318 134,248 Total assets 91,318 145,329 Equity attributable to equityholders of the parent 72,995 81,381 Equity attributable to non-controlling interest 18,249 20,345 Total equity 91,244 101,726 Total non-current liabilities - 29,645 Total current liabilities 74 40,024 Total liabilities 91,318 171,395 Per end of 2023 the consolidated balance sheet of the Cinionic joint venture reflects the Cinionic Ltd assets, composing of 60 million euro cash and 32 million euro inter- company receivable on Barco NV, linked to the transfer of 100% of the shares of Cinionic BV and Cinionic Inc to Barco NV, which was settled upon the selective capital decrease of 73 million euro to Barco per 15 April 2024 . The remaining 18 .7 million euro cash was reflected in the equity attributable to non-controlling interest, as fully owned by the remaining shareholder China Film Group, after the selective capital decrease . Below is the consolidated balance sheet of the Dermicus legal entities as at 31 December 2023 and 2022: Assets and Liabilities Dermicus JV In thousands of euro 2023 2022Total non-current assets 3,452 7,4 46 Total current assets 998 1,218 Total assets 4,450 8,664 Equity attributable to equityholders of the parent 246 2,791 Equity attributable to non-controlling interest (2,288) (554)Total equity (2,042) 2,237 Total non-current liabilities 2,154 3,246 Total current liabilities 1,289 1,632 Total liabilities 1,400 7,11 5 We refer to note 1 .3 for more details . 191 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Overview of the net income attributable to non-controlling interest: In thousands of euro % non-controlling 2024 2023 2022.Cinionic Ltd-535 13,904 5,876Dermicus AB-2,507 -5,687 -1,661Net income -3,042 8,217 4,215*.Cinionic Ltd20% -107 20% 2,780 20% 1,175Dermicus AB30% -752 30% -1,706 30% -498Net income attributable to non-controlling interest -859 1,074 677th() 20% non-controlling interest included until April 15, 2024 st() 30% non-controlling interest included until May 31, 2024 Other comprehensive income/(loss) for the period, net of tax effect, part attributable to non-controlling interest amounts to +0 .5 million euro in 2024, -0 .4 million euro in 2023 . Total comprehensive income for the year, net of tax, part attributable to non-con- trolling interest amounts to -0 .3 million euro in 2024, 0 .7 million euro in 2023 . 18 . Trade payables and advances received from customers In thousands of euro 2024 2023 2022Trade payables (a) 98,866 89,350 121,920Days payable outstanding (DPO) 61 50 68Advances received from customers (b) 61,471 40,613 51,183 (a) Trade payables evolved back to a more normalized level towards the end of 2024 . The decrease in trade payables in 2023 was the result of a significant slowdown of the raw material purchases through- out the year in order to reduce inventory levels . In 2022 higher purchases were caused by higher sales in the 4 th quar- ter (+29% year-over-year) . Payment terms with suppliers were not extended and there has been no change in payment behavior towards suppliers . (b) Increase in advances from customers in 2024 is mainly from Cinema customers . 192 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 19 . Provisions In thousands of euro Balance sheet 2024 Additional Amounts used Unused TransfersRemeasurement Translation Balance sheet 2023 Balance sheet 2022provisions madeamounts reversedgains/(losses) on DBO(losses)/gainsTotal long-term provision 16,726 6,399 -1,411 -41 126 -3,753 275 15,131 14,998Defined benefit obligations (b) 5,887 4,811 -11 - - -3,753 -31 4,870 4,891Technical warranty (a) 10,434 1,588 -1,266 - 126 - 308 9,677 10,087Other claims and risks (d) 405 - -135 -42 - - -1 583 20Total short-term provision 8,034 11,168 -12,859 -524 -126 - 92 10,284 9,325Technical warranty (a) 3,879 - - -32 -126 - 86 3,951 4,816Restructuring provision (c) 2,708 11,168 -12,859 - - - - 4,399 1,748Other claims and risks (d) 1,447 - - -493 - - 6 1,934 2,761Provisions 24,760 17, 567 -14,270 -566 0 -3,753 367 25,415 24,323 (a) Technical warranty Provisions for technical warranty are based on historical data of the cost incurred for repairs and replacements . There are three different technical warranty provisions: pro- visions related to ‘standard’ warranty period, provisions related to extended warranty peri- ods and provisions for specific claims/issues . 193 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE (b) Defined benefit obligations As per 31 December 2024, 2023 and 2022, the defined benefit obligations are composed of: in thousands of euros 2024 2023 2022Pension plans in Belgium 2,092 793 732Early retirement plans in Belgium 54 71 104 Local legal requirements 3,447 3,735 3,762 (mainly Korea, Japan, Germany, France)A small number of individual plans 295 270 293Total 5,887 4,870 4,891 Belgian regulations require that the mini- mum guaranteed rate of return on employer and participant contributions amounting to 1 .75%, is annually recalculated based on a risk-free rate of 10-year government bonds . According to IAS19, Belgian defined con- tribution plans that guarantee a specified return on contributions classify as defined benefit plans, as the employer is not respon - sible for the contribution payments but has to cover the investment risk until the legal minimum rates applicable . The returns guar- anteed by the insurance companies are in most cases lower than or equal to the min- imum return guaranteed by law . As a result, the Group has not fully hedged its return risk through an insurance contract and a provision needs to be accounted for . The plans at Barco are financed through group insurance contracts . The contracts are benefiting from a contractual interest rate granted by the insurance company . When there is underfunding, this will be covered by the financing fund and in case this is insufficient, additional employer contribu- tions will be requested . IAS 19 requires an entity to recognize a liability when an employee has provided service in exchange for employee ben- efits to be paid in the future . Therefore, pension provisions are setup . The obliga- tions are measured on a discounted basis because they are settled many years after the employees render the related service . A qualified actuary has determined the present value of the defined benefit obli- gations and the fair value of the plan assets . These assets are held by an insurance com- pany . The projected unit credit method was used to estimate the defined benefit obli- gations, the defined benefit cost and the re-measurements of the net liability . There are 15 defined benefit plans in Barco Belgium, for which we show below the aggregated view as these do not differ materially from characteristics, regulatory environment, reporting segment or fund- ing arrangement . In accordance with IAS 19 the disclosure is in the form of a weighted average . 194 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 2024, 2023 and 2022 changes in the Belgian defined benefit obligation and fair value of plan assets: in thousands of euros 2024 2023 2022Defined benefit Fair value of Net defined Defined benefit Fair value of Net defined Defined benefit Fair value of Net defined obligationplan assetsbenefit liabilityobligationplan assetsbenefit liabilityobligationplan assetsbenefit liabilityPension cost charged to P/LOn 1 January 115,476 -114,683 793 116,560 -115,828 732 130,214 -112,378 17,835 Service cost 4,521 4,521 5,844 5,844 5,575 5,575 Net interest expense 4,609 -4,728 -119 4,253 -4,401 -149 987 -862 126 Decrease due to curtailement - - - - - - - - - Sub-total included in profit or loss 9,130 -4,728 4,402 10,096 -4,401 5,695 6,562 -862 5,701 Benefits paid -4,352 4,352 - -4,020 4,020 - -3,030 3,030 - Remeasurement gains/losses in OCIIncrease due to effect of transfers 458 -458 - -270 270 - - Increase due to the effect plan combinations - - 206 -206Return on plan assets (excluding amounts included in net interest expense) 2,380 2,380 1,155 1,155 -1,210 -1,210Actuarial changes arising from changes in demographic assumptions - - - Actuarial changes arising from changes in financial assumptions 1,506 1,506 -319 -319 -16,172 -16,172Actuarial changes arising from changes in methodology - - - -7,188 7,238 50 - Actuarial changes arising from experience adjustments -116 -116 410 410 -1,014 -1,014Sub-total included in OCI 1,848 1,922 3,770 -7,160 8,457 1,297 -17,186 -1,210 -18,395Contributions by employer -6,873 -6,873 -6,931 -6,931 -4,409 -4,409On 31 December 122,102 -120,010 2,092 115,476 -114,683 793 116,560 -115,828 732 195 Bar co  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Change in methodology as of 2023 For the closed plans with a plan asset value below 0 .5 million euro, a confirmation and full recalculation of the plan assets will be done, if there are still active members, every 6 years . These plans will be revalued in 2028 . For the closed plans with a plan asset value above 0 .5 million euro, a confirmation and full recalculation of the plan assets will be done, every 3 years . These plans will be revalued in 2025 . This change in methodology is reflected in the line ‘actual changes arising from changes in methodology’ in 2023 . In 2024 the net defined benefit liability increased to 2 .1 million euro, the result of a change in parameters (merit/inflation, dis- count rate) and lower return on plan assets versus theoretical discount rate recorded through other comprehensive income (3 .8 million euro), partly offset by higher employer contributions paid in relation to the service cost (net -2 .4 million euro) . In 2023 the net defined benefit liability was in line with 2022, amounting to 0 .8 million euro . A positive P&L impact of 1 .1 million euro was recorded as the higher discount rate on the employer contributions reduced the service cost, offset by -1 .3 million euro recorded via other comprehensive income for change in parameters (merit/inflation, discount rate) . The fair value of the plan assets (120 million euro) are fully invested in insurance poli- cies . In 2024, the target asset mix slightly changed compared to 2023 and consists of 62 .25% government bonds (2023: 66 .50%), 13% real estate (2023: 12%), 7 .75% corporate bonds (2023: 7 .50%), 9% corporate loans (2023: 7%) and 8% shares (2023: 7%) . The principal assumptions used in deter- mining pension obligations for the Group’s plans are shown below: 2024 2023 2022Discount rate3 .30%4 .11% 3 .73%Future salary 2 .82% 6 .55%8 .81%increasesFuture consumer 2 .00%6 .05% 8 .14%price index increases The following overview summarizes the sensitivity analysis performed for significant assump- tions as at 31 December . The figures show the impact on the defined benefit obligation . in thousands of euros 2024 2023 2022Discount rate:0 .25% decrease 799 284 3310 .25% increase -595 -198 -265Future salary change:0 .25% decrease -386 -134 -1430 .25% increase 476 176 112Future consumer price index change:0 .25% decrease -227 -81 -880 .25% increase 254 96 106 The sensitivity analyses above have been determined based on a method that extrap- olates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period . The sensitivity analy- ses are based on a change in a significant assumption, keeping all other assumptions constant . These may not be representative for an actual change in the defined bene- fit obligation, as it is unlikely that changes in assumptions would occur in isolation of one another . 196 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE The following payments are the expected benefit payments from the plan assets . See table below: in thousands of euros 2024 2023 2022Within the next 12 months 2,957 5,853 4,750 Between 2 and 5 years 34,218 31,263 33,002 Between 5 and 10 years 38,388 38,968 40,332 Total expected payments 75,562 76,084 78,084 The average duration of the defined bene- fit plan obligation in Belgium at the end of the reporting period is 9 .9 years (10 .1 years in 2023, 11 .3 years in 2022) . The expected employer contributions to the plan for the next annual reporting period amounts to 5 .4 million euro (5 .9 million euro in 2024 and 9 million euro in 2023); the employee contributions are expected to amount to 1 .2 million euro (1 .3 million euro in 2024 and 1 .2 million euro in 2023) . Early retirement plans are recognized as lia- bility and expensed when the company is committed to terminate the employment of the employees affected before the normal retirement date . In Belgium, a multi-employer plan exists for some blue collars where payments go into a sectoral fund . As Barco does not have access to information about the plan that satisfies the requirements of the standard, the plan is further classified as a defined contribution plan and expensed as incurred . (c) Restructuring provision See note 5 Restructuring and impairments . We refer to the accounting standards on provisions including provisions on restructuring . (d) Other claims and risks This provision relates to disputes with sup- pliers, pending litigations and specific customer warranty disputes . Barco cannot provide details on the specific cases, as this could cause considerable harm to Barco in the particular disputes . With respect to the contingent liabilities related to former acquisitions, there is one earn-out capped at 15 million euro linked to the retention of the former sharehold- ers and future results for which the future results could not be reliably estimated at acquisition . The earn-outs will flow through profit and loss at moment of payment over the earn-out period, which ends May 25, 2026 . Per end 2024, no payments occurred under this earn-out . 20 . Risk management - derivative financial instruments General risk factors are described in the director’s report “Risk Factors” . Derivative financial instruments are used to reduce the exposure to fluctuations in foreign exchange rates and interest rates . These instruments are subject to the risk of market rates changing subsequent to acqui- sition . These changes are generally offset by opposite effects on the item being hedged . 20 .1 Foreign currency risk Recognized assets and liabilities Barco incurs foreign currency risk on rec- ognized assets and liabilities when they are denominated in a currency other than the company’s local currency . Such risks may be naturally covered when a monetary item at the asset side (such as a trade receiv- able or cash deposit) in a given currency is matched with a monetary item at the liabil- ity side (such as a trade payable or loan) in the same currency . Forward exchange contracts and selectively option contracts are used to manage the cur- rency risk arising from recognized receivables and payables, which are not naturally hedged . The balances on foreign currency monetary items are valued at the rates of exchange prevailing at the end of the accounting period . Derivative financial instruments that are used to reduce the exposure of these balances are rated in the balance sheet at fair value . Both changes in foreign cur- rency balances and in fair value of derivative financial instruments are recognized in the income statement . Forecasted transactions Barco selectively designates forward con- tracts to forecasted sales . Hedge accounting is applied to these contracts . The portion of the gain or loss on the hedging instru- ment that will be determined as an effective hedge is recognized directly in comprehen- sive income . At 31 December 2024, there were no forward contracts outstanding under hedge accounting treatment . Estimated sensitivity to currency fluctuations Sensitivity to currency fluctuations is mainly related to the evolution of a portfolio of foreign currencies (mainly USD and CNY) versus the euro . This sensitivity is caused by the following factors: • The fair value of foreign currency mon- etary items is impacted by currency fluctuations . In order to eliminate most of these effects in foreign currencies, Barco uses monetary items and/or derivative financial instruments as described above, which are meant to offset the impact of such results to a major extent . • As the company has no cash flow hedges in place that aim at hedging forecasted transactions, a similar fluctuation in for- eign currencies would not have any effect on the equity position of Barco . • Profit margins may be negatively affected because an important part of sales are realized in foreign currencies, while costs are incurred for a smaller part in these currencies . Barco has done continued efforts throughout the years to increase its natural hedging ratio in USD (being its main foreign currency in terms of sales) by increasing its operational costs and by 197 Ba rco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE purchasing more components in this currency . Impact on adjusted EBIT is currently estimated at 15 .5 million euro when the weighted average rate of a foreign currency basket, that has an overall overweight of USD & CNY, changes by 10% versus the euro in a year . The overall nat- ural hedge ratio of foreign currencies reached a level of 73 .5% in 2024 (2023: 81%) . • Another impact is the fact that some of Barco’s main competitors are USD-based . Whenever the USD decreases in value against the euro, these competitors have a worldwide compet- itive advantage over Barco . This impact on operating result cannot be measured reliably . 20 .2 Interest rate risk Barco uses following hedging instruments to manage its interest rate risk: Swap on outstanding or anticipated borrowing Barco concluded a series of interest rate swaps with an outstanding notional amount of 7 million euro by means of a partial hedge for the bilateral real estate loan (currently outstanding at 12 .0 mil- lion euro) for the financing of Barco’s HQ campus starting in 2016 . This instrument swaps the vari- able interest rate into a fixed 1 .76% . These swaps are determined as an effective hedge of out- standing or anticipated borrowings and meet the hedging requirements of IAS 39 . The fair values of the effective portion of the hedging instrument are therefore recognized directly in comprehen- sive income under hedge accounting treatment . Estimated sensitivity to interest rate fluctuations Financial markets have shown a significant increase in both long-term and short-term inter- est rates following multiple policy rate increases concluded by most central banks in their attempt to slowdown economy and inflation rates . Man- agement closely monitors the economic and financial outlook and does not expect the interest rates to further increase in the near foreseeable future, which limits additional interest exposure on the short-term debt portfolio . With reference to the fair values table below, approximately 80% of Barco’s outstanding long- term debt portfolio has a fixed interest rate character, which again limits the exposure of the company to interest rate fluctuations . This ratio increases to 89% when including the swap instru- ments disclosed above . 20 .3 Credit risk Credit risk on accounts receivable Credit evaluations are performed on all customers requiring credit over a certain amount . The credit risk is monitored on a continuous basis . In a num- ber of cases collateral is being requested before a credit risk is accepted . Specific trade finance instruments such as letters of credit and bills of exchange are regularly used in order to minimize the credit risk . In 2024, Barco continued to conclude credit insur- ances in order to cover credit risks on specific customers or large contracts on a case-by-case basis . Credit risk on liquid securities and short-term investments A policy defining acceptable counter parties and the maximum risk per counter party is in place . Short-term investments are made in marketable securities, cash holdings or in fixed term depos- its with reputable banks . 198 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 20 .4 Fair values Set out below is an overview of the car- rying amounts of the Group’s financial instruments that are shown in the finan- cial statements . In general, the carrying amounts are assumed to be a close approx- imation of the fair value . The fair value of the financial assets and lia - bilities is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale . The following methods and assumptions were used to estimate the fair values: • Cash and cash equivalents and short- term investments, trade receivables, trade payables, and other current liabili- ties approximate their carrying amounts largely due to the short-term maturities of these instruments . • Investments are measured at market price . For investments that are publicly quoted in an active market, the quoted market price is the best measure of the fair value . The remeasurement at fair value per 31 December 2024 versus the carrying amount is reflected in other comprehensive income . • Long term fixed rate and variable rate other assets are evaluated by the Group based on parameters such as inter- est rates, specific country risk factors, individual creditworthiness of the cus- tomer and the risk characteristics of the financed project . Based on this evalua- tion, allowances are made to account for the expected losses of these receivables . As at 31 December 2024, the carrying amounts of such receivables, net of allowances, are assumed not to be mate- rially different from their calculated fair values . • The fair value of unquoted instruments, loans from banks and other financial lia- bilities, obligations under finance leases as well as other non-current financial lia- bilities is estimated by discounting future cash flows using the effective inter- est rates currently available for debt on similar terms, credit risk and remaining maturities . As of 31 December 2024, the effective interest rate is not materially dif - ferent from the nominal interest rate of the financial obligation . • The Group enters into derivative financial instruments with various counterpar- ties, principally financial institutions with investment grade credit ratings . Deriva- tives valued using valuation techniques with market observable inputs are mainly interest rate (cap/floor) swaps and foreign exchange forward contracts . The most frequently applied valuation techniques include forward pricing and swap mod- els, using present value calculations . The models incorporate various inputs includ- ing foreign exchange spot and forward rates and interest rate curves . In thousands of euro Note 2024 2023 2022 Carrying amount / Fair value (approx.) Financial assetsInvestments at fair value through equity 11 37 .596 41 .695 37 .337Trade receivables 13 201 .546 208 .567 194 .643Other receivables 13 12 .587 14 .458 14 .509 Loan and other receivables 12 .257 10 .137 11 .971 Interest receivable 116 - 1 Currency rate swap 151 4 .185 2 .187 Interest rate swap 63 136 350Other non-current assets 13 6 .750 4 .335 5 .819Short term investments 14 519 4 .670 1 .651Cash and cash equivalents 14 362 .442 286 .077 305 .915Total 621.440 559.802 559.874Financial liabilitiesFinancial debts 14 19 .953 14 .000 16 .000 Floating rate borrowings 5 .738 7 .013 8 .288 Fixed rate borrowings 14 .216 6 .988 7 .713Other long-term liabilities 15 63 .018 54 .374 44 .524Short-term debts 14 44 .835 5 .095 - Trade payables 18 98 .866 89 .350 121 .920 Other current liabilities 2 .787 7 .034 5 .412 Other short term amounts payable 275 1 .293 750 Dividends payable 2 .289 2 .289 2 .289 Currency rate Swap 208 3 .452 2 .373 Interest rate swap 15 - - Total 229.459 169.853 187.856 199 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Fair value hierarchy As at 31 December 2024, the Group held the following financial instruments measured at fair value: In thousands of euro 2024 2023 2022Assets measured at fair valueFinancial assets at fair value through profit or lossForeign exchange contracts - non-hedged 151 4,185 2,187Financial assets at fair value through equity Investments 37,596 41,695 37,337 Interest rate swap 63 136 350 Liabilities measured at fair valueFinancial liabilities at fair value through profit or loss Foreign exchange contracts - non-hedged 208 3,452 2,373Financial liabilities at fair value through equity Interest rate swap 15 - - The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly Level 3: techniques that use inputs having a significant effect on the recorded fair value that are not based on observable market data . All fair values mentioned in the above table relate to Level 2, except for the investments which were based on level 1 input . During the reporting period ending 31 December 2024, there were no trans- fers between Level 1 and Level 2 fair value measurements . 20 .5 Capital Management Management evaluates its capital needs based on following data: In thousands of euro Note 2024 2023 2022Net financial cash / (debt) 14 259,050 241,147 264,014Equity 795,150 811,295 778,981% Net financial cash (debt) / Equity 32 .6% 29 .7% 33 .9%in thousands of euro 2024 2023 2022Equity 795,150 811,295 778,981Total equity and liabilities 1,228,857 1,159,415 1,147,405% Equity / Total equity and liabilities 64 .7% 70 .0% 67 .9% In 2024, the net cash position ended at a level of 259 .0 million euro compared to 241 .1 million euro as per end of 2023 . We refer to note 14 for details on the movement . The solvency position and other current ratios continue to consolidate at very healthy levels . Together with the existing committed credit facilities, management considers that it has secured a healthy liquidity profile and strong capital base for the further develop- ment of the group . 200 Bar co  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 20 .6 Changes in liabilities arising from financing activities Non-cash changesIn thousands of euro 1 Jan 24 Cash flows IFRS16 movements Foreign exchange 31 Dec 24movementLong-term debtsLong-term liabilities 12,000 5,745 208 17,953Long-term lease liabilities 20,217 -5,284 11,603 373 26,908Short-term debtsShort-term liabilities 7,095 36,934 2,807 46,835Short-term lease liabilities 10,288 1,875 52 12,215Total liabilities from financing 49,599 39,270 11,603 3,440 103,911activities The long-term liabilities and lease liabilities are together the long-term debts as shown in the balance sheet . The short-term lia- bilities are the total of current portion of long-term debts and short-term debts, as shown in the balance sheet . The non-cash changes include impacts from fluctuations in the translation of foreign operations balances, including intercom- pany borrowings of which the balances are eliminated at Group level . 21 . Rights and commitments not reflected in the balance sheet In thousands of euro 2024 2023 2022Guarantees given to third parties (a) 2,633 3,926 3,594Mortgage obligations given as security (b) 30,000 30,000 30,000- Book value of the relevant assets 22,465 25,950 29,539 (a) Guarantees given to third parties mainly relate to guarantees given to customers for ongoing projects, guarantees given to suppliers for investment projects and to authorities for commitments related to VAT, duties, etc . (b) The total mortgage includes three loans for a total currently outstanding amount of 12 million euro to fund the headquar- ter campus, started in 2016 . 201 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE 22 . Related party transactions During the ordinary course of their busi- ness conduct Barco affiliates also enter into related party transactions . This includes both service transactions and financing arrangements . Related party transactions are generally undertaken on an at arm’s length basis based on Barco’s worldwide transfer pricing policies . Where appropri- ate, the arm’s length nature of transactions is tested against benchmarking searches and the results thereof are shared with tax authorities worldwide in line with local trans- fer pricing requirements and regulations . Barco commits not to use tax structures without economic substance or make use of jurisdictions for the sole purpose of tax avoidance . Barco NV, as the ultimate par- ent entity of the Barco group, submits the transfer pricing Country-by-Country (CbC) report in Belgium, thereby disclosing taxes paid worldwide on a jurisdictional level to the Belgian tax authorities on an annual basis . Following the implementation of the CbC reporting in Belgian legislation, sub- mitted CbC reports will be shared by the Belgian tax authorities with tax authorities worldwide . Transactions between the Company and its subsidiaries, which are related parties, have been eliminated in the consolidation and are accordingly not disclosed in this note . None of the related parties have entered into any other transactions with the Group that meet the requirements of IAS 24, ‘Related party disclosures’ . We refer to note 1 Consolidated companies for an overview of the consol- idated and equity accounted companies . We refer to the ‘Corporate Governance Chapter’ for information with respect to remuneration of directors and members of the core leadership team . At the annual shareholders meeting of 25 April 2024, PWC Bedrijfsrevisoren bv, Cul- liganlaan 5, 1830 Diegem, was appointed as statutory auditor of the company for a period of three years . In 2024, remunera- tion approved by the Audit Committee to the statutory auditor for auditing activities amounted to 316 .850 euro . Remuneration paid to the statutory auditor for other assur- ance assignments was 98 .317 euro . 23 . Events subsequent to the balance sheet date There are no major events subsequent to the balance sheet date which have a major impact on the further evolution of the company . 202 Bar co  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Supplementary statements Free cash flow in thousands of euro 2024 2023 2022 Adjusted EBIT 77,106 102,106 90,143 Restructuring -12,859 -6,849 -1,211 Depreciations of tangible and intangible fixed assets 43,716 40,390 36,331 (Gain)/Loss on tangible fixed assets -10,100 119 -1,621 Share in the profit/(loss) of joint ventures and associates 3,628 2,539 3,337 Gross operating Free Cash Flow 101,491 138,305 126,979 Changes in trade receivables 11,329 -18,320 -35,615 Changes in inventory 25,075 9,579 -70,161 Changes in trade payables 9,803 -30,306 7,425 Other changes in net working capital 13,625 1,551 2,823 Change in net working capital 59,832 -37,496 -95,528 Net operating Free Cash Flow 161,323 100,809 31,451 Interest received 8,644 6,514 2,773 Interest paid -3,345 -1,830 -1,930 Income taxes -26,307 -13,343 -6,042 Free Cash flow from operating activities 140,315 92,150 26,252 Purchases of tangible & intangible FA -42,566 -54,408 -21,218 Proceeds on disposals of tangible & intangible fixed assets 12,521 209 8,038 Free Cash flow from investing activities -30,045 -54,199 -13,180 FREE CASH FLOW 110,270 37,951 13,072 In 2024 the Company generated 110 .3 mil- lion euro positive free cash flow, up from 38 million euro in 2023 . This improvement was largely driven by a significant decrease in net working capital, of which the main con- tributors were lower inventories and higher prepayments from customers . Income tax payments increased to 26 .3 mil- lion euro, due to shifts in payment date and withholding taxes paid on dividends from affiliates . In line with the strategy, Barco continued its investments . Capital expenditure amounted to 42 .6 million euro, 11 .8 million lower than last years, with the two biggest categories being the investments in our factories in China and in Cinema-as-a-Service . The pro- ceeds of the sale and lease back of a facility in the Americas were another positive con- tributor to the free cash flow . At the end of December 2024, Barco’s net cash position reaches 259 .0 million euro, compared to 241 .1 million euro last year The increase versus last year is mainly driven by the positive free cash flow, partially offset by dividends paid, the share buyback program and the buy-out of the Cinionic minority shareholder . We refer to note 14, note 16 and note 11 for more explanation . Balance Sheet Net working capital amounted to 11 .8% of sales, at the end of 2024, a significant improvement versus 16 .6% at the end of 2023 . This was mainly driven by lower inventories and higher prepayments from customers in Cinema . In 2023 the net working capital increased to 16 .6% of sales, up from 14 .3% of sales in 2022 . Higher trade receivables contributed to the increase in working capital, mainly due to strong year-end sales, for which cash was collected in 2024 . Inventory remained at a high level throughout 2023 but started to decrease over the course of the second half of the year (see note 12) . Trade payables reduced year-over-year, in line with lower component purchases, in response to high inventories . 203 Bar co  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Return on Operating Capital Employed in thousands of euro 2024 2023 2022 Trade debtors 201,546 208,567 194,643 Inventory 208,678 231,521 245,714 Trade payables -98,866 -89,350 -121,920 Other working capital -199,897 -175,905 -168,014 Working capital 111,460 174,832 150,423 Other long term assets & liabilities 248,040 218,916 194,119 Operating capital employed 359,500 393,749 344,543 Goodwill 105,612 105,612 105,612 Operating capital employed (incl goodwill) 465,112 499,360 450,155 Adjusted EBIT 77,106 102,106 90,143 Adjusted ROCE after tax (%) (a) 14% 17% 16% The return on capital employed decreased to 14% in 2024 (2023: 17%; 2022: 16%), due to a lower operational result . 204 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Supplementary information Barco NV Summary version of statutory accounts Barco NV . The financial statements of the parent com- pany, Barco NV, are presented below in a condensed form . The accounting principles used for the stat - utory annual accounts of Barco NV differ from the accounting principles used for the consolidated annual accounts: the statutory annual accounts follow the Belgian legal requirements, while the consolidated annual accounts follow the International Financial Reporting Standards . Only the consolidated annual financial statements as set forth in the preceding pages present a true and fair view of the financial position and perfor- mance of the Barco Group . The management report of the Board of Directors to the Annual General Meeting of Shareholders and the annual accounts of Barco NV, as well as the Auditor’s Report, will be filed with the National Bank of Bel- gium within the statutory periods . These documents are available upon request from Barco’s Investor Relations department, and at www .barco .com . The statutory auditor’s report is unquali- fied and certifies that the non-consolidated financial statements of Barco NV for the year ended 31 December 2024 gives a true and fair view of the financial position and results of the company in accordance with all legal and regulatory dispositions . 205 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE In thousands of euro 2024 2023 2022 Fixed assets 411,092 375,398 345,576 Intangible fixed assets 7,343 8,513 11,381 Tangible fixed assets 57,314 59,701 61,623 Financial fixed assets 346,434 307,185 272,572 Current assets 397,459 393,260 340,521 Inventory 115,481 137,441 156,492 Amounts receivable within one year 218,331 215,966 145,766 Investments (own shares) 56,686 32,434 25,623 Cash and cash equivalents 446 578 2,818 Deferred charges and accrued income 6,515 6,841 9,822 TOTAL ASSETS 808,550 768,658 686,097 Capital and reserves 527,967 408,419 358,218 Capital 56,753 56,753 56,753 Share premium account 173,360 173,360 173,360 Reserves 63,749 39,498 32,687 Accumulated profits 233,554 138,429 93,383 Investment grants 551 379 2,035 Provisions 6,830 7,881 9,566 Provisions for liabilities and charges 6,830 7,881 9,566 Creditors 273,753 352,358 318,312 Amounts payable after more than one year 10,000 12,000 14,000 Amounts payable within one year 263,753 340,358 304,312 TOTAL LIABILITIES 808,550 768,658 686,097 Balance sheet after appropriation Intangible fixed assets mainly relate to the implementation cost of SAP ERP software, supplier and customer relationship man- agement tools and IT security investments . As in 2023, the amortizations for software are higher than the new investments (2024: 3 million euro; 2023: 1 .7 million euro) . Investments in 2024, mainly relate to the migration to S4HANA and SAP SuccesFac- tors . SAP related capitalized expenditures are amortized over 7 years . The main capital expenditures realized in 2024 relate to machinery and tooling (5 .2 million euro), which is linked to new product development projects, development proj- ects, and production facility enhancements . The net decerease in tangible fixed assets is the result of higher depreciations compared to new investments done . Financial fixed assets in 2024 increased by net 39 .2 million euro of which 70 .6 million euro is attributable to Barco NV acquiring 100% of the shares of Barco BV and Barco Fimi Srl . Further, the merger of Cinionic BV with Barco NV, on January 1 st , 2024, resulted in a decrease of 32 million euro . The yearly statutory impairment analysis resulted in an impairment on the participa- tion in Barco Solutions Sweden AB for 5 .2 million euro . Inventory in 2024 continues to decrease by almost 22 million euro compared to year- end 2023 . When compared to the all-time high inventory levels at the end of 2022, there is a decrease of 40 million euro . The decrease is the result of the lower topline in 2024 and Barco’s focused factories strategy, outsourcing the Healthcare production to the Group’s production sites in China and Italy, impacting raw materials and semi-fin- ished goods inventory, together with a higher focus on lowering our finished goods inventory in the other divisions . Overall, the total amounts receivable within one year are in line with previous year . The lower trade receivables, linked to a lower topline, are offset by an intercompany receivable with Barco Coordination Center NV of 46 million euro . The latter increase results from the positive balance on the cash pool account thanks to 150 million euro received dividends from affiliates in 2024 . Last year Barco NV had an intercom- pany payable towards Barco Coordination Center NV of 97 million euro, caused by a negative balance on the cashpool account . Days sales outstanding slightly decreased to 67 days versus 69 days in 2023 . The investment in own shares increased further as a result of the Share Buyback Pro- gram announced on 18 December 2023 to replenish its pool of shares for stock options . Barco mandated an independent broker with intention to purchase a max- imum of two million (2,000,000) shares . Per 31 December 2023, Barco acquired 491,000 own shares for a total amount of 8 million euro . By February 23rd, 2024, Barco acquired the remaining 1,509,000 own shares for a total amount of 24 .5 mil- lion euro . In 2024, the amounts payable within one year decreased by net 75 million euro, which is mainly attributable to the conver- sion of the intercompany cash pool account with Barco Coordination Center NV from a payable to a receivable . The intercompany payable to Cinionic Ltd, linked to the transfer of 100% of the shares of Cinionic BV and Cinionic Inc to Barco NV, was settled upon the selective capital decrease of 73 million euro to Barco per 15 April 2024 and is therefore no longer out- standing . Per year-end 2024, Barco NV has an intercompany payable of 35 .1 million euro outstanding,related to the acquisition of 100% of the shares in Barco Fimi Srl from Barco BV, settled early 2025 . 206 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Income statement Barco NV sales declined 13,9% compared to 2023 . Sales to customers decreased for all three divisions, linked to a weaker mac- ro-economic investment climate in Europe and partly due to inventory reset at our cus- tomers in Healthcare and Enterprise . The Entertainment division in the beginning of the year had to deal also with a weak movie slate, resulting from a long strike of the Hol- lywood writer’s guild in 2023 which led to a delay in new investments . Gross margin in 2024 is at 42 .7%, which is 1 .2ppts lower than last year (43 .9%) but still higher compared to 2022 (41%) . Operat- ing costs were 5 .6% lower than last year, the net lower material costs linked to of the lower topline, partly offset by an increase in personnel costs (+ 3 .7%) and higher ser- vices and other goods (+4 .4%) . The lower topline, at slightly lower margins, could not be fully compensated by the lower operat- ing costs and resulted in a significant drop of the operating result . The recurring financial result of 152 .8 million euro in 2024, includes the intercompany div- idends from Barco Ltd . (HK), Barco Visual Electronics Co . Ltd . (HK), Barco Singapore Private Limited (SG), Barco Limited (TW), Barco Ltd . (UK), Cinionic Pty Ltd . (AU) and Barco Electronic Systems Pvt . Ltd . (IN) . The negative non-recurring financial result in 2024 is caused by the impairment of Barco Solutions Sweden AB . In 2023, there was a negative non-recurring financial result due to an impairment on Barco Frederiks- tad AS (Norway) . The dividends received have offset the lower operating result resulting in an increase of the profit of the year with 68 .7 million euro versus 2023 . Proposed appropriation of Barco NV result In thousands of euro 2024 2023 2022 Sales 695,909 808,385 745,160 Recurring operating income/(loss) 23,477 93,983 76,974 Recurring financial result 152,820 9,721 46,201 Non-recurring financial result -5,272 -2,181 -11,024 Income taxes -7,185 -6,423 -2,960 Profit/(loss) for the year 163,840 95,100 109,191 In thousands of euro 2024 2023 2022 Profit/(loss) for the year for appropriation 163,840 95,100 109,191 Profit brought forward 138,429 93,383 18,002 Profit to be appropriated 302,269 188,483 127,193 Transfer from other reserves 24,251 6,811 (5,992) Profit to be carried forward 233,554 138,429 93,383 Gross dividends 44,463 43,243 39,802 Total 302,269 188,483 1 27,193 The board of directors of Barco NV will pro- pose to the General Assembly to distribute a gross dividend of 0 .51 euro per share relat- ing to the result as of 31 December 2024 . 207 Barco  Integrated report 2024 — Financial Statements FINANCIAL STATEMENTS INFORMATION ABOUT THE SHARE Information about the share Key figures for the shareholder 2024 2023 2022 2021 2020 Number of shares (in thousands): 92,917 92,917 92,917 92,170 91,487 per share (in euro) EPS 0 .71 0 .89 0 .84 0 .10 -0 .05 Diluted EPS 0 .70 0 .88 0 .83 0 .10 -0 .05 Gross dividend 0 .51 0 .48 0 .44 0 .40 0 .378 Net dividend 0 .36 0 .34 0 .31 0 .28 0 .26 Return on Equity (ROE) 7 .8% 10 .0% 9 .7% 1 .3% -0 .7% Gross dividend yield (a) 4 .9% 2 .9% 1 .9% 2 .1% 2 .1% Yearly return (b) -33 .8% -26 .4% 22 .5% 9 .6% -41 .8% Pay-out ratio (c) 75 .30% 55 .60% 54 .40% 415 .1% -787 .1% Price/earnings ratio (d) 14 .8 18 .7 27 .6 191 .9 -358 .0 Share price performance Lowest to highest closing price Average closing price Share price 2024 2023 2022 2021 2020 Average closing price 12 .83 21 .73 21 .37 20 .04 21 .22 Highest closing price 17 .14 27 .78 25 .58 24 .42 35 .21 Lowest closing price 9 .93 14 .00 17 .5 15 .92 12 .76 Closing price 31/dec 10 .48 16 .55 23 .08 19 .16 17 .82 Daily average number of shares traded () 369,161 398,168 373,343 495,007 279,797 Stock market capitalization on 31 December (in millions) 945 .89 1,537 .77 2,144 .52 1,765 .98 1,630 .31 (a) Gross dividend / share price at year-end closing date (b) Increase or decrease share price + gross dividend paid out in the year, divided by closing share price of previous year (c) Gross dividend * number of shares on 31 December / net income attributable to the equity holder of the parent (d) Share price 31 December / earnings per share () The daily average number of shares traded for the period 2021-2024 is taking into account the trades on All Venues: Euronext as well as registered trades on alternative platforms such as Lit-venues, the Systematic internalisers and dark venues (LIT+Auction+Dark+OTC+SI) . Source: Refinitiv Market Share Reporter and Euronext’ customer portal “Connect”Values for the periods 2020 are based on Euronext’ cus- tomer portal “Connect” only .” 2023 2024 2014 2015 2016 2019 2020 2022202120182017 5 10 15 20 25 30 35 40 208 Barco  Integrated report 2024 — Financial Statements INFORMATION ABOUT THE SHARE FINANCIAL STATEMENTS Liquidity source 2024 2023 2022 Total yearly volume (shares) Euronext 32,225,509 28,301,284 26,486,626 Lit venues 49,065,242 43,764,378 45,549,874 All venues 94,563,842 101,125,065 95,232,679 Daily average number of shares traded Euronext 125,681 111,617 103,737 Lit venues 191,287 172,583 178,660 All venues 369,161 398,168 373,343 Total yearly volumes (turnover) in million euro Euronext 417 .18 580 .47 563 .11 Lit venues 626 .76 903 .18 971 .24 All venues 1,228 .81 2,115 .63 2,036 .62 Velocity Euronext 33 .53% 29 .21% 27 .27% Barco share price 2024 Barco Barco / Eurostoxx 50 / Eurostoxx Technology / Nasdaq - 100 Barco Eurostoxx 50 Eurostoxx technology Nasdaq - 100 Barco / Bel 20 / Next 150 Barco Bel 20 Next 150 Daily average shares traded per month All venues Euronext data * The numbers referenced here take into account the trades on All Venues: Euronext as well as registered trades on alternative platforms such as Lit-venues, the Systematic internalisers and dark venues (LIT+Auction+Dark- +OTC+SI) . Source: Refinitiv Market Share Reporter and Euronext’ customer portal “Connect” * The daily average number of shares traded for the period 2022-2024 is taking into account the trades on All Venues: Euronext as well as registered trades on alternative platforms such as Lit-venues, the Systematic internalisers and dark venues (LIT+Auction+Dark+OTC+SI) . Source: Refinitiv Market Share Reporter and Euronext’ customer portal “Connect”” 2022 2023 2024 100,000 700,000 200,000 300,000 400,000 500,000 600,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 01-01 01-02 01-03 01-04 01-05 01-06 01-07 01-08 01-09 01-10 01-11 01-12 -40 -30 -20 -10 0 10 20 -30 -20 -10 0 10 20 30 01-01 01-02 01-03 01-04 01-05 01-06 01-07 01-08 01-09 01-10 01-11 01-12 01-01 01-02 01-03 01-04 01-05 01-06 01-07 01-08 01-09 01-10 01-11 01-12 5 10 15 209 Barco  Integrated report 2024 — Financial Statements INFORMATION ABOUT THE SHARE FINANCIAL STATEMENTS (1) Shareholder analysis performed by ABN Amro in December 2024 . Institutional Belgium Vandewiele group nv 3D NV Barco NV Alantra Public Total USA Ireland France Luxemburg Rest of Europe Rest of World and unidentified Retail Company treasure Unidentified 63 .71% 69 .45% 25 .25% 5 .67% 4 .64% 3 .05% 61 .38% 100 .00% 9 .86% 5 .58% 2 .56% 1 .79% 5 .39% 5 .37% 28 .04% 4 .64% 3 .61% 92,916,645 shares 57,031,593 shares 2,837,124 shares 4,314,743 shares 5,267,891 shares 23,465,294 shares Shareholder structure Shareholders A study of Barco’s global shareholdership was carried out mid-December 2024 (1) . This study plotted 96 .39% of the company’s shareholder composition, a slightly higher response rate than for the study of end 2023 (93%) . Identified institutional investors were hold- ing 63 .71% of all shares . 4 .64% were held by the company as treasury shares . Approxi- mately 28 .04% of the shares were held by retail investors . 3 .61% of the shares were not identified . Geographic distribution Belgium remains the dominant investment region in Barco’s total (institutional and retail) shareholder base, with a strong proportional representation versus peers and industry averages . At the end of 2024, Belgian own- ership accounts for 69 .45% of shares . This includes 27 .07% held by retail investors, for which the ownership is highly concentrated in Belgium (96 .52% of retail shares) . United States remains the second largest region in total share ownership with 9 .86% of the shares . Ireland is the third largest country with 5 .68% of the shares . Fourth is France with 2 .56% of the shares and fifth is Luxemburg with 1 .79% of the shares . Compared to the benchmark of peer companies, Belgium continues to show substantial overweight in terms of owner- ship . Barco remains very much underweight in both the US and the UK compared to the benchmark . Concentration The concentration level amongst Barco top holders increased in 2024, with the top-5, top-10 and top-25 categories all increasing year-over-year . The categories now account for: • Top 5: 42 .52% of total shares, or 62 .20% of institutional holders (up versus 35 .89% of total holders last year) • Top 10: 50 .39% of total shares, or 73 .72% of institutional holders (up versus 43 .82% of total holders last year) • Top 25: 57 .26% of total shares, or 83 .77% of institutional holders (up versus 53 .59% of total holders last year) Compared to the average observed in the mid-cap client base benchmark, Barco’s concentration levels are above average . Shareholder remuneration Dividend Barco’s Board of Directors will propose to the General Assembly to distribute a gross dividend of 0.51 euro per share, up 0 .03 euro versus last year’s dividend of 0.48 euro . Dividend policy The dividend is set by the Board of Directors and subsequently proposed at the Annual General Meeting of shareholders at the end of each fiscal year . Barco’s Board believes that consistency and reliability towards the investment community is key and considers a consis- tent dividend pay-out as a key contributor, reflecting the long-term confidence in the company and its future growth opportunities . Shareholder structure Geographic distribution Ownership of Barco’s shares (per 31 December 2024) 210 Barco  Integrated report 2024 — Financial Statements INFORMATION ABOUT THE SHARE FINANCIAL STATEMENTS Barco’s investment case Strong foundation with technology and market leadership in healthy markets With a rich history of 90 years, Barco is a strong brand known for its technology lead- ership in three solid and healthy markets: Healthcare, Enterprise and Entertainment . Building on sustainable advantages, Barco has established global leadership positions in all of these markets . The solutions delivered to these markets are increasingly soft- ware-driven and are often mission-critical with a true effective need for high-perfor- mance and reliable technology . Based on a solid experience, a thorough understanding of customer needs, advanced know-how in developing differentiated technology and delivering value-add solutions and a well-developed go-to-market network, Barco continues to lead in these markets . Focused strategy Barco’s strategy is focused around three levers . ‘Capturing profitable and efficient growth’ focuses on leveraging operational efficiencies from a simplified organiza- tion and digital transformation, seizing the China opportunity with strong local pres- ence, and developing new vertical market segments via adjacent products and geo- graphic expansion . The ‘Innovate for impact’ lever builds on increasing the manufactur- ing footprint with a strengthened supply chain, and on accelerating innovation with a rebalanced R&D portfolio . The ‘Sustainable impact journey’ addresses Barco’s ambi- tion to design and act towards sustainable outcomes, with 3 pillars: Protecting earth, Engaging people and Empowering society . Solid financial results Over the past years, Barco has continued to sharpen the focus of its activities . Since introducing the ‘focus to perform’ program in 2016, Barco has made measur- able and steady progress by rationalizing the business portfolio and footprint and by implementing value engineering initiatives . EBITDA margin expanded from 8% in 2016 to 14% in 2019 and net earnings grew to 9% of sales . In 2020 and 2021 the com- pany faced significant challenges mainly due to covid-19 pandemic impacts and sup- ply chain constraints, which resulted in a softer sales and profit performance . End of 2021, Barco carried out an organizational redesign to install greater empowerment and accountability at the business unit level while enhancing customer and market responsiveness . In 2022, Barco was able to reconnect with its long-term growth ambi- tions, bringing the EBITDA margin back to 12% . In 2023 and 2024 Barco’s topline was challenged by several macro-economic headwinds and also by partner inventory corrections, however the strong gross mar- gins allowed to grow the EBITDA margin to 13 .6% and 12 .8% respectively . 2024 was a year with many new product introductions, aiming to support growth in the following years . Except in 2020, Barco booked year-on-year net cash positive results . The company fol- lows a conservative course in managing its financials and has a significant net cash position . A strong and reliable leadership team Further strengthened with the onboarding of new internally promoted leaders, Barco’s leadership team holds diverse and global competencies and insights . The organi- zational redesign brings together focused teams per market, with accountability over R&D, product development, supply chain, marketing and sales . With a clear focus on the customer, the leadership team and the entire company are committed to delivering sustainable and profitable long-term growth . Shareholder trust Barco has a stable international shareholder base with a pre-dominance of value-ori- ented investors . Since 2015, Vandewiele group nv is represented in the Board of Directors . At year-end 2024, this shareholder owned 25 .25 Barco’s shares . The board believes that consistency and reli- ability towards the investment community is key and considers a consistent dividend pay-out as a key contributor, reflecting the long-term confidence in the company and its future growth and opportunities . More info including the quarterly consen- sus update, reports, references, conferences and roadshows is available on Barco’s inves- tor portal . Analysts covering Barco ABN AMRO ODDO BHF Stefano Toffano Bank Degroof Petercam Kris Kippers Berenberg Trion Reid Flemish Federation of Investors and Investor Clubs Geert Smet De Belegger Gert De Mesure KBC Securities Guy Sips Kepler Cheuvreux Matthias Maenhaut ING Marc Hesselink Van Lanschot Kempen Nikos Kolokotronis Financial calendar 2025 Announcement of results 4Q24 and FY24 Tuesday 11 February 2025 Trading update 1Q25 Wednesday 16 April 2025 Annual General Shareholders Meeting Thursday 24 April 2025 Announcement of results 1H25 Wednesday 16 July 2025 Trading update 3Q25 Wednesday 15 October 2025 Capital Markets Day 2025 Thursday 23 October Share info Euronext BAR ISIN BE0974362940 Reuters BARBt .BR Bloomberg BAR BB 211 Barco  Integrated report 2024 — Financial Statements INFORMATION ABOUT THE SHARE FINANCIAL STATEMENTS Integrated Data Pack 2024 Integrated Annual Report Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Innovation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Protecting earth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Engaging people . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Empowering society . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 Table of contents This is the Integrated Data Pack of Barco’s 2024 integrated annual report. Other sec- tions are available via the download center. CORE MORE • Corporate governance statements • Sustainability statements • Financial statements ANNEX • Integrated Data Pack • Glossary • GRI Content index • Assurance report 213 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Integrated data pack Capital Topic ESRS/ entity-specific Disclosure requirement Indicator Unit 2024 2023 2022 FINANCIAL Sustained profitable growth Group sales mio € 946.6 1,050.1 1,058.3  Gross profit mio € 385.4 438.5 412.8  Gross profit (% of sales) % 40.7% 41.8% 39.0%  EBITDA mio € 120.8 142.5 126.5  EBITDA margin % 12.8% 13.6% 12.0%  OPEX as % of sales % 34.4% 32.2% 30.3% Earnings per share € 0.71 0.89 0.84  Dividend € 0.51 0.48 0.44  Nominal tax amount paid mio € 26.3 13.3 6.0  Effective tax rate % 18% 18% 18% Financial resilience Total amount paid in dividends to shareholders k€ 44,463 43,243 39,802  Total amount of share buybacks undertaken # of shares 1,509,000 491,000 0  Net financial cash/(debt) mio € 259.0 241.1 264.0  Free Cash Flow mio € 110.3 38.0 13.1  Equity as % of balance sheet total % 64.7% 70.0% 67.9% 214 Barco  Integrated report 2024 — Integrated Data Pack INNOVATION MANUFACTURING PROTECTING EARTH ENGAGING PEOPLE EMPOWERING SOCIETY FINANCIAL Integrated data pack Capital Topic ESRS/ entity-specific Disclosure requirement Indicator Unit 2024 2023 2022 MANUFACTURING Long term asset performance Product revenues manufactured inhouse on total product & project sales % 70.2% 65.9% 61.5% Countries with a manufacturing facility # 4 4 4 ROCE % 13.6% 17.2% 16.0% Inventory turns # 2.1 2.1 2.1 Capex (in % of sales) % 4.5% 5.2% 2.0% 215 Barco  Integrated report 2024 — Integrated Data Pack INNOVATION MANUFACTURING PROTECTING EARTH ENGAGING PEOPLE EMPOWERING SOCIETY FINANCIAL Integrated data pack Capital Topic ESRS/ entity-specific Disclosure requirement Indicator Unit 2024 2023 2022 INNOVATION Innovation, technology & product portfolio Entity-specific - % of employees in R&D % of heads 29% 31% 31% Entity-specific - Number of new patent filings # 19 16 13 Entity-specific - Number of patents at year-end # 962 902 550 Entity-specific - R&D spend mio € 131 132 121 Entity-specific - R&D spend in % of sales % 13.8% 12.6% 11.4% 216 Barco  Integrated report 2024 — Integrated Data Pack INNOVATION MANUFACTURING PROTECTING EARTH ENGAGING PEOPLE EMPOWERING SOCIETY FINANCIAL Integrated data pack Capital Topic ESRS/ entity-specific Disclosure requirement Indicator Unit 2024 2023 2022 PROTECTING EARTH EU taxonomy - - % revenues eligible for EU Taxonomy alignment % 89% 89% 90% - - % revenues aligned under EU Taxonomy alignment % 42% 45% 27% - - % capex eligible for EU Taxonomy alignment % 100% 100% 100% - - % capex aligned under EU Taxonomy alignment % 7% 11% 5% - - % opex eligible for EU Taxonomy alignment % 76% 77% 72% - - % opex aligned under EU Taxonomy alignment % 50% 48% 48% Climate change & energy ESRS E1-1 Financial resources allocated to action plan (CapEx) mio € 3,205 - - ESRS E1-1 Financial resources allocated to action plan (OpEx) mio € 67,024 - - ESRS E1-3 Achieved GHG emission reductions (limited scope 2024 vs 2015) t CO2 e 492,267 - - ESRS E1-4 Absolute value of Scope 1/2 Greenhouse gas emissions reduction (target) t CO2 e 5,955 - - ESRS E1-4 Absolute value of Scope 3 Greenhouse gas emissions reduction (target 2025) t CO2 e 433,683 - - ESRS E1-4 Absolute value of total Greenhouse gas emissions reduction (target 2025) t CO2 e 439,638 - - ESRS E1-4 Absolute value of Scope 1/2 Greenhouse gas emissions (limited scope 2024) t CO2 e 3,557 - - ESRS E1-4 Absolute value of Scope 3 Greenhouse gas emissions (limited scope 2024) t CO2 e 303,600 - - ESRS E1-4 Absolute value of total Greenhouse gas emissions (limited scope 2024) t CO2 e 307,157 - - ESRS E1-4 Percentage of Scope 1/2 Greenhouse gas emissions reduction (limited scope 2024 vs 2015) % -67% - - ESRS E1-4 Percentage of Scope 3 Greenhouse gas emissions reduction (limited scope 2024 vs 2015) % -61% - - ESRS E1-4 Percentage of total Greenhouse gas emissions reduction (limited scope vs 2015) % -62% - - ESRS E1-5 Total energy consumption related to own operations MWh 35,404 32,905 - ESRS E1-5 Total energy consumption from renewable sources MWh 24,695 19,808 - ESRS E1-5 Total energy consumption from fossil sources MWh 10,552 12,801 - ESRS E1-5 Total energy consumption from nuclear sources MWh 157 296 - ESRS E1-5 Percentage of renewable sources in total energy consumption % 70% 60% - ESRS E1-5 Percentage of fossil sources in total energy consumption % 30% 39% - ESRS E1-5 Percentage of energy consumption from nuclear sources in total energy consumption % 0% 1% - ESRS E1-5 Total energy consumption from activities in high climate impact sectors MWh 35,404 32,905 - ESRS E1-5 Energy intensity from activities in high climate impact sectors MWh / mio € 37.4 31.3 - ESRS E1-5 Net revenue from activities in high climate impact sectors mio € 946.6 1,050 - ESRS E1-5 Net revenue from activities other than in high climate impact sectors mio € 0.0 0.0 - 217 Bar co  Integrated report 2024 — Integrated Data Pack INNOVATION MANUFACTURING PROTECTING EARTH ENGAGING PEOPLE EMPOWERING SOCIETY FINANCIAL Integrated data pack Capital Topic ESRS/ entity-specific Disclosure requirement Indicator Unit 2024 2023 2022 ESRS E1-5 Renewable energy production MWh 1,222 468 - ESRS E1-5 Non-renewable energy production MWh 0 0 - ESRS E1-5 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources MWh 23,473 19,341 - ESRS E1-5 Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources MWh 1,299 1,806 - ESRS E1-5 Consumption of self-generated non-fuel renewable energy MWh 1,222 468 - ESRS E1-5 Fuel consumption from coal and coal products MWh 0 0 - ESRS E1-5 Fuel consumption from crude oil and petroleum products MWh 4,324 6,210 - ESRS E1-5 Fuel consumption from natural gas MWh 4,928 4,785 - ESRS E1-5 Fuel consumption from other fossil sources MWh 0 0 - ESRS E1-5 Fuel consumption from renewable sources MWh 0 0 - ESRS E1-6 Gross Scope 1 greenhouse gas emissions t CO2 e 2,640 3,064 - ESRS E1-6 Percentage of Scope 1 GHG emissions from regulated emission trading schemes % 0% 0% - ESRS E1-6 Gross location-based Scope 2 greenhouse gas emissions t CO2 e 8,410 7,289 - ESRS E1-6 Gross market-based Scope 2 greenhouse gas emissions t CO2 e 917 1,331 - ESRS E1-6 Gross Scope 3 greenhouse gas emissions t CO2 e 538,011 524,120 - ESRS E1-6 Total GHG emissions t CO2 e 541,568 528,515 - ESRS E1-6 Total GHG emissions (location-based) per net revenue t CO2 e/mio € 580 509 - ESRS E1-6 Total GHG emissions (market-based) per net revenue t CO2 e/mio € 572 503 - ESRS E1-6 Net revenue used to calculate GHG intensity mio € 946.6 1,050.0 - ESRS E1-6 Net revenue other than used to calculate GHG intensity mio € 0.0 0.0 - ESRS E1-6 Scope 3-1 Purchased goods & services t CO2 e 175,806 170,603 - ESRS E1-6 Scope 3-2 Capital goods t CO2 e 13,421 20,198 - ESRS E1-6 Scope 3-3 Fuel and energy-related Activities not in scope 1/2 t CO2 e 1,902 1,838 - ESRS E1-6 Scope 3-4 Upstream transportation and distribution t CO2 e 36,210 34,446 - ESRS E1-6 Scope 3-5 Waste generated in operations t CO2 e 202 223 - ESRS E1-6 Scope 3-6 Business travelling t CO2 e 8,058 4,795 - ESRS E1-6 Scope 3-7 Employee commuting t CO2 e 2,441 2,946 - ESRS E1-6 Scope 3-8 Upstream leased assets t CO2 e 434 448 - ESRS E1-6 Scope 3-9 Downstream transportation t CO2 e 2,539 3,085 - 218 Barco  Integrated report 2024 — Integrated Data Pack INNOVATION MANUFACTURING PROTECTING EARTH ENGAGING PEOPLE EMPOWERING SOCIETY FINANCIAL Integrated data pack Capital Topic ESRS/ entity-specific Disclosure requirement Indicator Unit 2024 2023 2022 ESRS E1-6 Scope 3-10 Processing of sold products t CO2 e 0 0 - ESRS E1-6 Scope 3-11 Use of sold products t CO2 e 254,787 253,592 - ESRS E1-6 Scope 3-12 End-of-life treatment of sold products t CO2 e 1,229 2,129 - ESRS E1-6 Scope 3-13 Downstream leased assets t CO2 e 4,465 2,845 - ESRS E1-6 Scope 3-14 Franchises t CO2 e 0 0 - ESRS E1-6 Scope 3-15 Investments t CO2 e 36,519 26,971 - ESRS E1-6 Percentage of GHG Scope 3 calculated using primary data % 6% - - ESRS E1-7 Total amount of carbon credits outside value chain planned to be cancelled in future m³ t CO2 0 - - ESRS E1-7 Total amount of carbon credits outside value chain that are verified against recognised quality standards and cancelled m³ t CO2 2,819 - - Sustainable product lifecycle management Entity-specific - % revenues from products with Barco ECO label (hardware & software) % 68% 65% 50% Entity-specific - % of new products released with Barco ECO label (hardware and software) % 86% 90% 63% Entity-specific - # of LCAs finished # 4 - - Entity-specific - % of active components covered by Full Materials Declarations % 84% 83% 84% Entity-specific - % of (manufacturing) sites covered by a certified environmental management system % 100% 100% 100% Circular economy & waste ESRS E5-4 Overall total weight of products and technical and biological materials used kg 4,868,794 - - ESRS E5-4 Percentage of biological materials (and biofuels used for non-energy purposes) % 13.4% - - ESRS E5-4 Percentage of secondary reused or recycled components, secondary intermediary products and secondary materials % 0.2% - - ESRS E5-4 The absolute weight of secondary reused or recycled components, secondary intermediary products and secondary materials used to manufacture the undertaking’s products and services (including packaging) kg 7,307 - - ESRS E5-5 Total Waste generated tons 1,776 1,510 - ESRS E5-5 The rates of recyclable content in products & their packaging % 19% - - ESRS E5-5 Non-recycled waste tons 338.5 356.5 - ESRS E5-5 Percentage of non-recycled waste % 19.1% 23.6% - ESRS E5-5 Total amount of radioactive waste tons 0.0 0.0 - ESRS E5-5 Total amount of hazardous waste tons 8.0 26.0 - ESRS E5-5 Hazardous waste directed to disposal tons 5.2 8.5 - ESRS E5-5 Hazardous waste directed to disposal by incineration tons 5.2 8.5 - * Denominator was calculated as product+project sales in 2022/2023 219 B arco  Integrated report 2024 — Integrated Data Pack INNOVATION MANUFACTURING PROTECTING EARTH ENGAGING PEOPLE EMPOWERING SOCIETY FINANCIAL Integrated data pack Capital Topic ESRS/ entity-specific Disclosure requirement Indicator Unit 2024 2023 2022 ESRS E5-5 Hazardous waste directed to disposal by landfilling tons 0.0 0.0 - ESRS E5-5 Hazardous waste directed to disposal by other disposal operations tons 0.0 0.0 - ESRS E5-5 Hazardous waste diverted from disposal tons 2.8 17.5 - ESRS E5-5 Hazardous waste diverted from disposal due to other recovery operations tons 0.0 0.0 - ESRS E5-5 Hazardous waste diverted from disposal due to preparation for reuse tons 0.0 0.0 - ESRS E5-5 Hazardous waste diverted from disposal due to recycling tons 2.8 17.5 - ESRS E5-5 Non-hazardous waste directed to disposal tons 333.2 348.0 - ESRS E5-5 Non-hazardous waste directed to disposal by incineration tons 298.5 311.2 - ESRS E5-5 Non-hazardous waste directed to disposal by landfilling tons 34.7 36.7 - ESRS E5-5 Non-hazardous waste directed to disposal by other disposal operations tons 0.0 0.0 - ESRS E5-5 Non-hazardous waste diverted from disposal tons 1,434.6 1,136.1 - ESRS E5-5 Non-hazardous waste diverted from disposal due to other recovery operations tons 21.6 10.7 - ESRS E5-5 Non-hazardous waste diverted from disposal due to preparation for reuse tons 0.0 0.0 - ESRS E5-5 Non-hazardous waste diverted from disposal due to recycling tons 1,413.0 1,125.4 - Entity-specific - % of revenues in countries with Barco return and recycling programs % 69% 69% 65% 220 Bar co  Integrated report 2024 — Integrated Data Pack INNOVATION MANUFACTURING PROTECTING EARTH ENGAGING PEOPLE EMPOWERING SOCIETY FINANCIAL Integrated data pack Capital Topic ESRS/ entity-specific Disclosure requirement Indicator Unit 2024 2023 2022 ENGAGING PEOPLE Own workforce ESRS S1-6 Average number of employees # FTE 3,189 3,372 3,200 ESRS S1-6 Number of employee who have left undertaking # heads 478 - - ESRS S1-6 Number of employees (at year-end) # heads 3,243 3,360 3,302 Entity-specific - Number of employees (at year-end) # FTE 3,135 3,256 3,202 ESRS S1-6 Number of full-time employees # heads 2917 3037 3013 ESRS S1-6 Number of non-guaranteed employees # heads 0 - - ESRS S1-6 Number of part-time employees # heads 326 - - ESRS S1-6 Percentage of employee turnover % of heads 14.7% - - Entity-specific - Internal mobility (% of vacancies filled internally) % of heads 27% 25% 17% Entity-specific - Employee wages and benefits (personnel costs) mio € 291.0 307.0 289.3 Entity-specific - Employer contributions to pensions or other retirement plans mio € 14.0 14.0 12.6 Entity-specific - Number of new (external) hires # heads 247 429 655 ESRS S1-7 Number of non-employees in own workforce # FTE 157 - - ESRS S1-7 Number of non-employees in own workforce - people provided by undertakings primarily engaged in employment activities # FTE 109 - - ESRS S1-8 Percentage of employees in country (EEA) covered by workers' representatives % of heads 97% - - ESRS S1-8 Percentage of its employees covered by collective bargaining agreements are within coverage rate by country (in the EEA) % of heads 98% - - ESRS S1-10 Adequate wages by country % of heads 100% - - ESRS S1-17 # severe human right incidents connect to own workforce (e.g., forced labour , human trafficking or child labour ) # 0 - - ESRS S1-17 # severe human right incidents connect to own workforce that are cases of non respect of UN Guiding Principles and OECD Guidelines for Multinational Enterprises # 0 - - ESRS S1-17 #complaints filed through channels for own workforce to raise concerns # 0 - - ESRS S1-17 #complaints filed to National Contact Points for OECD Multinational Enterprises # 0 - - ESRS S1-17 #incidents of discrimination including harassment # 0 - - ESRS S1-17 Amount of fines, penalties & damages for the incidents for severe human rights issues and incidents connected to own workforce # 0 - - ESRS S1-17 Amount of material fines, penalties, compensation in damages as result of violations regarding social and human rights factors # 0 - - 221 Barco  Integrated report 2024 — Integrated Data Pack INNOVATION MANUFACTURING PROTECTING EARTH ENGAGING PEOPLE EMPOWERING SOCIETY FINANCIAL Integrated data pack Capital Topic ESRS/ entity-specific Disclosure requirement Indicator Unit 2024 2023 2022 Talent & career development ESRS S1-13 % employees participated in performance & career reviews by gender % of heads F: 50% / M: 63% 63% 67% ESRS S1-13 Average number of training hours per person / gender for employees h F: 19.9 / M: 20.4 15.8 12.3 Entity-specific - Average training investment per employee € 1,249 1,080 - Entity-specific - % employees trained in Standards@Work (white collars & blue collars) % of heads 98% 99% 99% Diversity & inclusion ESRS S1-9 Number of employees (head count) at top management level # heads 13 - - ESRS S1-9 Number of employees (head count) between 30 and 50 years old # heads 1,993 - - ESRS S1-9 Number of employees (head count) over 50 years old # heads 964 - - ESRS S1-9 Number of employees (head count) under 30 years old # heads 286 - - ESRS S1-9 Percentage of employees at top management level % of heads 0.4% 0.4% ESRS S1-9 Percentage of employees between 30 and 50 years old % of heads 61% 60% 61% ESRS S1-9 Percentage of employees over 50 years old % of heads 30% 29% 29% ESRS S1-9 Percentage of employees under 30 years old % of heads 9% 11% 10% Entity-specific - % women in Board % of heads 38% 43% 50% Entity-specific - % women in Core Leadership Team % of heads 15% 14% 14% Entity-specific - % women in senior management % of heads 19% 18% 19% Entity-specific - Average age of the workforce # 44 43 43 Entity-specific - Number of nationalities in the global workforce # 68 - - ESRS S1-16 Gender pay gap (%) % of heads See table Social 3C - - ESRS S1-16 Gender pay gap breakdown by employee category and/or country/segment % of heads See table Social 3C - - ESRS S1-16 Annual total renumeration ratio # 13 - - Employee engagement Entity-specific - Employee Engagement Score % 73.0% - - Employee health, safety & wellbeing ESRS S1-14 %own workforce covered by health & safety system % of heads 49% - - Entity-specific - Lost time injury frequency rate (per 1 000 000 hours worked) employees (manufacturing sites) # 0.6 1.6 1.4 Entity-specific - Lost Time Injury Severity rate (per 1000 hours worked) employees (manufacturing sites) # 0.03 0.03 0.03 Entity-specific - Rate of absenteeism (Belgium only) % 3.6% 3.1% 2.7% Entity-specific - Total work-related fatalities employees and contractors # 0 0 0 ** Scope in 2022/2023 was only white collar workers 222 Barco  Integrated report 2024 — Integrated Data Pack INNOVATION MANUFACTURING PROTECTING EARTH ENGAGING PEOPLE EMPOWERING SOCIETY FINANCIAL Integrated data pack Capital Topic ESRS/ entity-specific Disclosure requirement Indicator Unit 2024 2023 2022 EMPOWERING SOCIETY Corporate governance & strategy ESRS G1-3 % of functions at risk covered by training programmes (for anti-bribery and corruption) % 11.4% - - ESRS G1-4 Amount of fines for violation of anti-corruption and anti- bribery laws # 0 - - ESRS G1-4 Number & nature of confirmed incidents of corruption or bribery # 0 - - ESRS G1-4 Number incidents relating to contracts with business partners that were terminated or not renewed due to violations to corruption or bribery # 0 - - ESRS G1-4 Number of confirmed incidents in which own workers were dismissed/disciplined for corruption or bribery # 0 - - ESRS G1-4 Number of convictions for violation of anti-corruption and anti- bribery laws # 0 - - ESRS G1-6 Average number of days to pay invoice from date when contractual or statutory term of payment starts to be calculated # 61 - - ESRS G1-6 Number of outstanding legal proceedings for late payments # 0 - - ESRS G1-6 Percentage of payments aligned with standard payment terms % 80% - - Responsible & resilient supply chain Entity-specific - % in-scope suppliers that responded to Conflict Minerals Reporting Template % 100% 100% 100% Entity-specific - % of production spend covered by contracts with sustainability clause (MSA, signed T&Cs, PA) % 82% 88% 85% Entity-specific - % of production spend covered by signed Barco supplier code of conduct % 81% 90% 84% Entity-specific - % of production spend covered by supplier sustainability score % 77% 81% 71% Entity-specific - Number of major (key, key+, core) suppliers (covering x% of production spend) # 177 (90.0%) 175 (93.9%) 159 (86.9%) Entity-specific - Number of supplier quality audits # 50 47 37 Product quality, safety & security Entity-specific - % of (development and manufacturing) sites covered by a certified quality management system % 100% 100% 100% Entity-specific - Nr of recalls with barco healthcare products & services reported to competent authorities # 1 0 0 Entity-specific - Nr of Safety incidents with barco products & services reported to competent authorities # 0 0 0 Entity-specific - Nr of Security incidents with barco products & services reported to competent authorities # 0 - - Information security & data protection Entity-specific - Average cybersecurity maturity Cyfun score # 2.71 - - Entity-specific - Extension of the scope of the ISO27001 certificate # Yes - - Entity-specific - Nr of data / GDPR / personal data breaches reported to data protection authorities # 0 0 0 Customer experience Entity-specific - Customer Net Promoter Score (relationship NPS) # 54 48 44 223 Barco  Integrated report 2024 — Integrated Data Pack INNOVATION MANUFACTURING PROTECTING EARTH ENGAGING PEOPLE EMPOWERING SOCIETY FINANCIAL 224 Barco  Integrated report 2024 — Glossary Glossary 2024 Integrated Annual Report This is the core section of Barco’s 2024 inte- grated annual report. Other sections are available via the download center. CORE MORE • Corporate governance statements • Sustainability statements • Financial statements ANNEX • Integrated Data Pack • Glossary • GRI Content index • Assurance report 225 Barco — Integrated report 2024 2024 AT A GLANCE OUR COMPANY VISION AND STRATEGY SUSTAINABILITY OUR MARKETS OUR RESULTS Indicator Unit of measure Definition % capex aligned under EU Taxonomy alignment % Relative proportion of capex that complies with the requirements of alignment in accordance with the EU taxonomy regulation % capex eligible for EU Taxonomy alignment % Relative proportion of capex that qualifies for eligibility in accordance with the EU taxonomy regulation % employees < 30 yrs % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, with age < 30 years / total number of permanent and fixed-term contracted employees on Barco payroll at year-end, in heads. Interim/temp contracts, interns, contractors are excluded. % employees > 30 yrs < 50 yrs % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, with age >=30 years and =<50 years / total number of permanent and fixed-term contracted employees on Barco payroll at year-end, in heads. Interim/temp contracts, interns and contractors are excluded. % employees > 50 yrs % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, with age > 50 years / total number of permanent and fixed-term contracted employees on Barco payroll at year-end, in heads. Interim/temp contracts, interns, contractors are excluded. % employees trained in Standards@Work (white-collars & blue collars) % of heads Number of white-collars and blue-collars trained in Standards@Work (sum of all modules) / number of white-collars and blue-collars at the end of the financial year. % independent directors % of heads Independent directors must either meet the independence criteria laid down in art. 3.5 of the Belgian Corporate Governance Code 2020 or have been expressly qualified as independent by the shareholders % in-scope suppliers that responded to Conflict Minerals Reporting Template % Number of in-scope suppliers that responded to Conflict Minerals Reporting Template (CMRT) / Total number of in-scope suppliers. In-scope suppliers are suppliers that deliver products or components containing tungsten, tantalum, tin or gold. The CMRT is provided by the Responsible Minerals Initiative (RMI). % product revenues manufactured inhouse % Product revenue (excl. services) of materials inhouse manufactured / Total product & project sales. We refer to note 3 in finance report for total product and project sales of the financial year. % non-Belgian members in the Core Leadership Team % of heads Core leadership team is Barco's executive team which operates under the chairmanship of the Chief Executive Officer, comprises key officers from functions, businesses and regions. Non-Belgian members are these members who do not have a Belgian passport. % of active components covered by Full Material Declarations % Number of purchased components that are covered by FMD-A (Full Material Declaration) or FMD-B material declarations / total purchased components. % of (development and manufacturing) sites covered by a certified quality management system % Number of product development or manufacturing sites having a valid ISO9001 or ISO13485 Quality Management System certificate / total number of product development and manufacturing sites % of employees in R&D % of heads Employees per functional group R&D % of (manufacturing) sites covered by a certified environmental management system % Number of manufacturing sites having a valid ISO14001 Environmental Management System certificate / total number of manufacturing sites Glossary This glossary document contains a descrip- tion of frequently used Financial Terms, Alternative Performance Measures (APM) and Non-financial KPIs in Barco’s report- ing deliverables. It is being updated every year and disclosed together with the Annual Report. More information on the definitions of spe- cific CSRD metrics can be found in the dedicated ESRS and/or the description in these Sustainability Statements. 226 Ba rco  Integrated report 2024 — Glossary GLOSSARY Indicator Unit of measure Definition % of new products released with Barco ECO label (hardware and software) % Number of newly introduced hardware products that have received the Barco ECO label / total number of newly introduced hardware and software products. - Definition "hardware product": finished electronic hardware product, either designed inhouse or outsourced to OEM suppliers, that can deliver standalone its intended function. This includes peripherals from our products sold such as lenses and key components. Definition 'software product': a complete application or program offered by Barco, distinct from any hardware product, that provides stand-alone functionalities. The following products are currently not in scope: services, hardware not consuming electricity (spare parts, options) and modules. - Definition “newly introduced hardware/software product”: commercial launch of first member of product family covered by one dedicated hardware/software development project. Options or modules are not in scope of the definition. - Definition “commercial launch”: projects for which Formal Quality Review (FQR) is granted and or is available on Barco.com. The ecoscoring methodology, which is validated against the ISO 14021 standard, is explained on our website. % of production spend covered by contracts with sustainability clause (MSA, signed T&Cs, PA) % Total spend by production suppliers with formally signed MSA, T&C's or Purchase Agreement / total production spend. MSA means Master Supply Agreement. T&C's means Terms & Conditions. % of production spend covered by signed Barco supplier code of conduct % Production spend covered by a signed commitment to the Barco code of conduct for suppliers or equivalent/total production spend. Production spend equals total cost of production materials. % of production spend covered by supplier sustainability score % Total production spend from suppliers that have been scored on sustainability by Barco / Total production spend. % of revenues in countries with Barco return and recycling programs % Revenue of products sold in countries where Barco joined an EPR (Extended Producer Responsibility) scheme relative to the total revenue % opex aligned under EU Taxonomy alignment % Relative proportion of opex that complies with the requirements of alignment in accordance with the EU taxonomy regulation % opex eligible for EU Taxonomy alignment % Relative proportion of opex that qualifies for eligibility in accordance with the EU taxonomy regulation % revenues aligned under EU Taxonomy alignment % Relative proportion of total revenues that complies with the requirements of alignment in accordance with the EU taxonomy regulation % revenues eligible for EU Taxonomy alignment % Relative proportion of total revenues that qualify for eligibility in accordance with the EU taxonomy regulation % revenues from products with Barco ECO label (hardware and software) % Total revenues from hardware and software products with Barco ECO label divided by total sales. We refer to note 3 in finance report for total sales of the financial year. % women in board % of heads Total number of female members of the Board of Directors divided by total number of members of the Board at the end of the financial year, in heads. % women in Core Leadership Team % of heads Total number of female members of the Core Leadership Team divided by total number of members of the Core Leadership Team at the end of the financial year, in heads. % women in senior management % of heads We define senior management as employees with hay grade >=18. As a result the metrics equates the following: number of female employees with hay grade >= 18 / total number of employees with hay grade >= 18 at year-end. For Hay grade information see public sources. % women overall % of heads Number of female permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads / total number of permanent and fixed-term contracted employees on Barco payroll at year-end, in heads. Interim/temp contracts, interns, and contractors Adjusted EBIT € EBIT excluding restructuring costs and impairments relating to reorienting or stopping certain activities, business or product lines, as well as impairments on goodwill and revenues resulting from a single material transaction not linked to current business activities (e.g. change of control in a subsidiary). Results out of divestments or acquisitions are included in EBIT(DA). Reconciliation from EBIT to adjusted EBIT can be found in the income statement. Adjusted Return on operating capital employed (ROCE) € Adjusted EBIT after tax relative to operating capital employed (including goodwill). ROCE = (Adjusted) EBIT(1- tax rate)/Operating capital employed (including goodwill) Associates Companies in which Barco has a significant influence, generally reflected by an interest of at least 20%. Associates are accounted for using the equity method. Average age of the workforce # Sum of all ages of the number of permanent and fixed-term contracted employees on Barco payroll at the end of financial year divided by the number of permanent and fixed-term contracted employees on Barco payroll at the end of the financial year. Interim/temp contracts, interns, and contractors are excluded. 227 Barco  Integrated report 2024 — Glossary GLOSSARY Indicator Unit of measure Definition Average cybersecurity maturity (Cyfun) score # Cyfun: CyberFundamentals Framework is a set of concrete measures to protect data, significantly reduce the risk of the most common cyber-attacks and increase the organisation's cyber resilience. The Cyberfundamentals Framework and CyberFundamentals Conformity Assessment Scheme (CAS) are owned by the Center of Cybersecurity Belgium (CCB). The self-assessment based on the Cyberfundamentals Framework is performed at the end of the financial year. Average number of blue collars # FTEs Average blue-collar number of permanent and fixed-term contracts on Barco payroll over the full year, in fulltime equivalents. Interim/temp contracts, interns and contractors are excluded. Calculation average: sum of number at month end divided by 12. Average number of employees # FTEs Average number of permanent and fixed-term contracts on Barco payroll over the full year, in fulltime equivalents. Interim/temp contracts, interns and contractors are excluded. Calculation average: sum of number at month end divided by 12. Average number of white-collars # FTEs Average white-collar number of permanent and fixed-term contracts on Barco payroll over the full year, in fulltime equivalents. Interim/temp contracts, interns and contractors are excluded. Calculation average: sum of number at month end divided by 12. Average remuneration per FTE employee k€ Remuneration is calculated based on total wages and direct social benefits, including company cars divided by the average number of employees Average training hours per employee # hours Total hours of learning or training followed / total number of employees at the end of the financial year Average training investment per employee € Total expenses for learning & development / total number of employees at the end of the financial year BarcoCFG Full name is CFG Barco (Beijing) Electronics Co., Ltd. BarcoCFG is the entity where Barco joined forces with China Film Group to address the Chinese cinema market. Barco holds a 49% stake in this entity at the end of December 2021. Book value per share Equity attributable to the Group divided by number of shares outstanding at balance sheet date. Capex (in % of sales) % Purchase of tangible and intangible assets as included in the statement of cash flow Countries with a manufacturing facility # Country where Barco has own production site(s) Customer Net Promoter Score (relationship NPS) # Calculation of the Net Promotor (NPS) Score is based on the answer of customers to the question: ""On a scale from 0-10, how likely are you to recommend Barco to a friend or colleague?"" Detractors score 0-6, passives score 7-8, promotors score 9-10. Calculation of NPS result = % promotors - % detractors. The NPS score reported is the overall result of the biannual survey conducted. The survey recipients are extracted from CRM customer data; product and mybarco.com registrations and are selected to get 100 responses per business units per region. Days payment outstanding (average payment term of suppliers) # calendar days Days payable outstanding calculated as Trade Payables / (Material cost + Services and other costs) x 365 Dividend yield % Gross dividend as a percentage of the share price on 31 December. DPO # Days payable outstanding calculated as Trade Payables / (Material cost + Services and other costs) x 365 DSO # Days sales outstanding calculated as ((Trade debtors / (sales past quarter)) * 90 Earnings per share € Net income/(loss) attributable to the equity holder of the parent divided by weighted average of shares EBIT € Operating result (earnings before interest and taxes), calculated as gross profit less research & development expenses, sales and marketing expenses, general and administration expenses, other operating income (expense) - net and plus or minus adjusting items EBITDA € Adjusted EBIT + depreciation, amortization and impairments (if any). Employee Engagement Score # The Employee Engagement Score provides a comprehensive view of the workforce engagement by asking 33 questions divided over several sub-topics: innovation culture, growth & development, diversity & inclusion, manager support, well-being, living the values and strategic alignment. The score is calculated based upon the favorability of all the questions , on a scale of 5. The favorability refers to the % of all participants that scored 4 or 5 out of 5. The engagement score is the average of all favorability on all questions. 228 Barco  Integrated report 2024 — Glossary GLOSSARY Indicator Unit of measure Definition Employees per functional group General & Administration % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, working in general & administration (information technology, finance, general and divisional management, human resources, legal and investor relations), divided by the total number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads. Interim/temporary contracts, interns, and contractors are excluded. Employees per functional group operations % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, working in the operations department (including procurement, quality, production, customer service and customer projects), divided by the total number of permanent and fixed-term contracted employees on Barco payroll at the end of the financial year, in heads. Interim/temporary contracts, interns, and contractors are excluded. Employees per functional group R&D % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, working in research & development, divided by the total number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads. Interim/temporary contracts, interns, and contractorsare excluded. Employees per functional group sales & marketing % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, working in sales & marketing, divided by the total number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads. Interim/temporary contracts, interns and contractors are excluded. Employees per region % of heads Number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads, working in a legal entity in Europe, Americas or APAC, divided by the total number of permanent and fixed-term contracted employees on Barco payroll at the end of the year, in heads. Interim/temporary contracts, interns and contractors are excluded. Employee wages and benefits mio € Total amount of compensation provided to employees, including base salaries, bonuses, recruitment costs, pensions contributions and holiday pay. Employer contributions to pensions or other retirement plans mio € Total amount of payments made by employers towards (un)funded pension plan or other retirement plan. Equity method Method of accounting whereby an investment (in an associate) is initially recognized at cost and subsequently adjusted for any changes in the investor’s share of the associate’s net assets (i.e. equity). The income statement reflects the investor’s share in the net result of the investee. Extension of the scope of ISO 27001 certificate on product security # Product lines in scope of ISO27001 as published on our public certificate at the end of the financial year. Product lines are products found on the public Barco. com website.We verifity if the scope of the ISO 27001 certificate has been extended compared to last year based on the certificate published on the barco.com website on 31 december of the year of the integrated report Free cashflow € Gross operating cash flow excluding share options recognized as cost + change in net working capital + Interest (expense)/income + income taxes + purchase of tangible and intangible fixed assets + proceeds on disposals of tangible and intangible fixed assets. Highest CEO compensation / Lowest employee compensation (euros/euros) ratio Highest FTE CEO compensation (excluding stock options) over lowest FTE employee compensation registered in the legal entity Barco nv in Belgium. In line with CSRD requirements, also the ratio of highest FTE CEO compensation (including all benefits) over the global median FTE employee compensation is calculated. Indirect costs/expenses € Research & development expenses, sales and marketing expenses and general and administration expenses; including depreciations and amortizations Internal mobility (% of vacancies filled internally) % Number of internally recruited, filled in vacancies/total number of vacancies filled. Inventory turns # Inventory turns = 12 / [Inventory / (average monthly sales last 12 months x material cost of goods sold %)] Lost time injury frequency rate (per 1 000 000 hours worked) employees # Number of lost-time injuries multiplied with 1,000,000 and divided by total hours worked by all employees. Lost-time injuries are accidents that result in at least one lost day of work. When recording lost-time injuries, we use applicable national definitions for incidents as work-related. Lost Time Injury Severity rate (per 1000 hours worked) employees # Number of lost days of work of all employees multiplied with 1,000 and divided by total hours worked by all employees. Life Cycle Assessments finished # Number of total full life cycle assessments performed of our products. A full life cycle assessmentis performed when a Product Environmental Footprint (PEF) report is generated. Net financial cash/(debt) € Short term investments + Cash and cash equivalents + long-term financial receivables - long-term debts - current portion of long-term debts - short-term debts 229 Barco  Integrated report 2024 — Glossary GLOSSARY Indicator Unit of measure Definition Nominal tax amount paid mio € Total taxes paid over the reporting paid as reported in the cash flow statement on the line 'Income taxes'. Non-permanent workforce at the end of the financial year directly employed by Barco (heads, fixed-term contracts + temporary work + apprenticeship) # heads Number of fixed-term contracts and interim/temporary contracts directly employed by Barco at the end of the financial year, in heads. Permanent workforce, interns, and contractors are excluded. Number of blue collars at the end of the financial year (FTEs) # FTEs Total blue-collar number of permanent and fixed-term contracts on Barco payroll at the end of the year, in fulltime equivalents. Interim/temp contracts, interns and contractors are excluded. Number of critical safety incidents with Barco products and services reported to competent authorities # Each safety complaint on a Barco Product that has lead to death or serious injury or might lead to death or serious injury if the event would occur. Number of critical security incidents with Barco products and services reported to competent authorities # Each cybersecurity incident on a medical device that has lead to death or serious injury or might lead to death or serious injury if the incident occurs. Number of data / GDPR / privacy incidents reported to data protection authorities # Number of personal data breaches reported to the data protection authorities at the end of the financial year. Number of employees at the end of the financial year (FTEs) # FTEs Total number of permanent and fixed-term contracts on Barco payroll at the end of the year, in fulltime equivalents. Interim/temp contracts, interns and contractors are excluded. Number of employees at the end of the financial year (heads) # heads Total number of permanent and fixed-term contracts on Barco payroll at the end of the year, in heads. Interim/temp contracts, interns and contractorsare excluded. Number of employees at the end of the financial year, including split of white collars and blue collars # FTEs Total number of permanent and fixed-term contracts on Barco payroll at the end of the year, in fulltime equivalents. Interim/temp contracts, interns and contractors are excluded. Number of ethical incidents reported # Incident is every notification, complaint, question or request for ethical guidance, addressed to ethics@barco.com, regardless of whether the sender is known or anonymous. Next to the ethics mailbox, incidents reported via the whistleblowers tool are also included. Number of major (key, key+, core) suppliers (covering X% of production spend) # Number of key, key+ and core suppliers at the end of the financial year. Categorization of key, key+ and core suppliers is based upon supply risk and cost relevance to Barco. Number of nationalities in the global workforce # Total number of nationalities of the number of permanent and fixed-term contracted employees on Barco payroll at the end of financial year. Number of new (external) hires # heads Number of permanent + fixed-term contracted hires (externally recruited) on Barco payroll during year, in heads. Interim/temporary contracts, interns and contractors are excluded. Number of new patent filings # Number of non-executive Board members / Number of Board members excluding employee representatives ratio Ratio comparing non-executive board members over the board members (excluding possible employee representatives) Number of patents at year-end # Total number of granted patents at year-end (of the indicated year). In July 2022, the implementation of a new centralized patent database for Barco NV and its subsidiaries marked a significant milestone, providing a comprehensive overview of the entire patent portfolio, encompassing both purchased patents and those of subsidiaries. Also, before 2023 European patents were counted as one, instead of one for each country jurisdiction. Thanks to this enhancement, the Barco global patent group now oversees the entire patent portfolio, offering a comprehensive global perspective on our intellectual property assets. Number of recalls of Barco Healthcare products reported to competent authorities # Publication of reported recalls with Barco healthcare products on databases of compentent authorities (such as FDA) Number of supplier quality audits # Total number of supplier quality audits performed during reporting year by Barco personnel. 230 Barco  Integrated report 2024 — Glossary GLOSSARY Indicator Unit of measure Definition Number of white collars at the end of the financial year # FTEs Total white-collar number of permanent and fixed-term contracts on Barco payroll at the end of the year, in fulltime equivalents. Interim/temp contracts, interns and contractors are excluded. Operating capital employed (including goodwill) € Operating capital employed + goodwill Operating capital employed (OCE) € Working capital + other long-term assets and liabilities Operating expenses (OPEX) € Research & development expenses, sales and marketing expenses and general and administration expenses; excluding depreciations and amortizations Order An order can only be recognized if a valid purchase order has been received from the invoice-to customer. An order is only valid if it is: - In writing. This includes electronic version of the purchase order out of the customer’s ERP system. - The contract needs to be signed by an authorized person from the business partner. Next to this, a minimum number of fields need to be mentioned on the order like customer name, address, reference to sales quotation or business partner sales agreement of Barco, etc. Orderbook Orderbook are previously received orders, which still fulfil all the conditions of an order, but are not delivered yet and hence not taken in revenue. Other long-term assets and liabilities € Other long-term assets & liabilities include the sum of other intangible assets, land and buildings, other tangible assets, deferred tax assets (net). We refer to note 9 and 10 for the amounts. Other working capital € Other working capital includes the net of other non-current assets, other amounts receivable, prepaid expenses and accrued income and other long-term liabilities, advances received from customers, tax payables, employee benefits liabilities, other current liabilities, accrued charges and deferred income and provisions Participation rate Annual General Meeting % The participation rate is the ratio between the number of shares which are present or represented at the shareholders meeting or have voted remotely prior to that meeting, and the total number of shares issued by the company. Permanent workforce at the end of the financial year (heads) # heads Number of employees on Barco payroll having a permanent employment contract at the end of the financial year, in heads. Fixed-term contracts/apprenticeships, interim/temporary contracts, interns and contractors are excluded. R&D spend mio € Indirect expense spent on Research and Development over the reporting period R&D spend (in % of sales) % Research and development spend in percentage of sale Rate of absenteeism % Total absentee days lost divided by the total days scheduled to be worked by employees during the reporting period, expressed as a percentage. The definition is based on short term absenteeism (<1 year), calculated by month averages for Belgium only. Regional spread of major suppliers (covering x% of production spend) % Sum of production spend of major suppliers per region /total production spend of major suppliers. Production spend equals total cost of production materials. Major suppliers are key, key + and core suppliers. Categorization of key, key+ and core suppliers is based upon supply risk and cost relevance to Barco. Return on operating capital employed (ROCE) % Adjusted EBIT after tax relative to operating capital employed (including goodwill). ROCE = EBIT(1- effective tax rate)/Operating capital employed (including goodwill). Revenues from products with Barco ECO label mio € revenues Total revenue coming from products sold having a Barco eco label > B (A, A+, A++). The eco-scoring methodology, which is validated against the ISO 14021 standard, is explained on our website. Subsidiaries Companies in which Barco exercises control. TFA € Tangible fixed assets Theoretical tax rate % The theoretical tax rate is the corporate tax rate applied in the country of origin of the parent legal entity (i.e. Belgium). The Belgian corporate tax rate as of 2020 is 25% (2019: 29.58%) 231 Barco  Integrated report 2024 — Glossary GLOSSARY Indicator Unit of measure Definition Total amount of share buybacks undertaken # of shares # of shares bought back over the reporting year Total amount paid in dividends to shareholders k€ Amount of dividends (in cash/shares) to be distributed as proposed by the Board of Directors of Barco nv to the General Assembly. Total CEO Compensation k€ The remuneration package of the CEO(s) consists of all salaries, benefits, bonuses and value of employer pension contribution. We refer to note 2.B Remuneration of the CEO in CGR part of the integrated report. Total CEO compensation / Lowest employee compensation (Euros / Euros) ratio Total CEO compensation (excluding stock options) over lowest employee compensation registered in the legal entity Barco NV in Belgium. Total work-related fatalities (employees and contractors) # Number of deaths of persons at work or performing work related tasks, including employees and contractors Voluntary turnover rate % of heads Number of permanent and fixed-term contracted employees on Barco payroll that voluntary left Barco over the year / total number of permanent and fixed-term contracted employees on Barco payroll at year-end, in heads. Interim/temp contracts, interns, and contractors are excluded. Working capital (net) € Trade debtors + inventory - trade payables - other working capital 232 Barco  Integrated report 2024 — Glossary GLOSSARY Group management Beneluxpark 21 8500 Kortrijk – Belgium Tel .: +32 (0)56 89 59 00 Registered office President Kennedypark 35 8500 Kortrijk – Belgium Tel .: +32 (0)56 89 59 00 VAT BE 0473 .191 .041 RPR Gent, Section Kortrijk Stock exchange Euronext Brussels Financial information More information is available from the Group’s Investor Relations Department: Willem Fransoo Director Investor Relations Tel .: +32 (0)56 89 59 00 E-mail: willem .fransoo@barco .com Copyright © 2025 Barco NV All rights reserved Realization Barco Corporate Marketing & Investor Relations Office Focus Advertising Barco Beneluxpark 21 8500 Kortrijk – Belgium 233 Barco  Integrated report 2024233233233 PwC Bedrijfsrevisoren BV - PwC Reviseurs d'Entreprises SRL - Financial Assurance Services Maatschappelijke zetel/Siège social: Culliganlaan 5, B-1831 Diegem Vestigingseenheid/Unité d'établissement: Sluisweg 1 bus 8, B-9000 Gent T: +32 (0)9 268 82 11, F: +32 (0)9 268 82 99, www.pwc.com BTW/TVA BE 0429.501.944 / RPR Brussel - RPM Bruxelles / ING BE43 3101 3811 9501 - BIC BBRUBEBB / BELFIUS BE92 0689 0408 8123 - BIC GKCC BEBB STATUTORY AUDITOR'S REPORT TO THE GENERAL SHAREHOLDERS’ MEETING OF BARCO NV ON THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 We present to you our statutory auditor’s report in the context of our statutory audit of the consolidated accounts of Barco NV (the “Company”) and its subsidiaries (jointly “the Group”). This report includes our report on the consolidated accounts, as well as the other legal and regulatory requirements. This forms part of an integrated whole and is indivisible. We have been appointed as statutory auditor by the general meeting d.d. 25 April 2024, following the proposal formulated by the board of directors and following the recommendation by the audit committee and the proposal formulated by the works’ council. Our mandate will expire on the date of the general meeting which will deliberate on the annual accounts for the year ended 31 December 2026. We have performed the statutory audit of the Group’s consolidated accounts for 7 consecutive years. Report on the consolidated accounts Unqualified opinion We have performed the statutory audit of the Group’s consolidated accounts, which comprise the consolidated balance sheet as at 31 December 2024, the consolidated statement of income, the statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies and other explanatory information, and which is characterised by a consolidated balance sheet total of EUR’000 1,228,857 and a net profit attributable to the equity holder of the parent of EUR’000 62,957. In our opinion, the consolidated accounts give a true and fair view of the Group’s net equity and consolidated financial position as at 31 December 2024, and of its consolidated financial performance and its consolidated cash flows for the year then ended, in accordance with International Financial Reporting Standards as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium. Basis for unqualified opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Belgium. Furthermore, we have applied the International Standards on Auditing as approved by the IAASB which are applicable to the year-end and which are not yet approved at the national level. Our responsibilities under those standards are further described in the “Statutory auditor’s responsibilities for the audit of the consolidated accounts” section of our report. We have fulfilled our ethical responsibilities in accordance with the ethical requirements that are relevant to our audit of the consolidated accounts in Belgium, including the requirements related to independence. We have obtained from the board of directors and Company officials the explanations and information necessary for performing our audit. 2 of 7 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated accounts of the current period. These matters were addressed in the context of our audit of the consolidated accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Impairment testing of goodwill – Note 8 Description of the Key Audit Matter The carrying value of the Group’s goodwill amounts to EUR‘000 105,612 at 31 December 2024. These assets are subject to impairment testing on an annual basis or more frequently if there are indicators of impairment. We consider this matter as key to our audit because the determination of whether or not an impairment charge is necessary involves significant judgement in estimating the future results of the business. How our Audit addressed the Key Audit Matter We evaluated the appropriateness of the Group’s accounting policies and assessed compliance with the policies in accordance with IFRS. We evaluated management’s annual impairment testing and assessment of the indicators of impairment and challenged impairment calculations by assessing the future cash flow forecasts used in the models, and the process by which they were drawn up. We understood and challenged: ● Assumptions used in the Group’s budget and internal forecasts and the long-term growth rates by comparing them to economic and industry forecasts; ● The discount rate by assessing the cost of capital and other inputs including benchmarking with comparable organisations; ● The historical accuracy of budgets to actual results to determine whether cash flow forecasts are reliable based on past experience; ● The mechanics of the underlying calculations. In performing the above work, we utilised our internal valuation experts to provide challenge and external market data to assess the reasonableness of the assumptions used by management. We evaluated the sensitivity analysis around the key drivers within the cash flow forecasts to ascertain the extent of change in those assumptions and also considered the likelihood of such a movement in those key assumptions arising. 3 of 7 Whilst recognizing that cash flow forecasting, impairment modelling and valuations are all inherently judgmental, we found that the assumptions used by management were within an acceptable range of reasonable estimates. Valuation of deferred taxes and valuation allowance on deferred tax assets related to tax losses carried forward and tax credits – Note 10 Description of the Key Audit Matter Deferred tax assets on tax losses carried forward and tax credits amounts to EUR‘000 36,660 (note 10). The valuation of the deferred tax positions at Barco involved significant judgement, more specifically in the determination of the recognition of deferred tax assets related to tax losses carried forward and tax credits. The estimation of the future taxable basis is highly judgemental as well as the assessment of the impact of tax laws and regulations, tax planning action and strategies, rulings and transfer pricing. The valuation and recoverability of deferred tax assets is key to our audit due to the magnitude of the amount recognized for these assets and because the assessment requires management estimates, mainly on the assumptions regarding expected future market and economic conditions and tax laws and regulation. How our Audit addressed the Key Audit Matter We challenged the assumptions made to assess the recoverability of deferred tax assets related to tax losses carried forward and tax credits and the timing of the reversal of deferred tax positions. During our procedures, we used amongst others budgets, forecasts and tax laws and in addition we assessed the historical accuracy of management’s assumptions. We involved tax specialists in our audit. An important management judgement was the period over which taxable profits can be reliably estimated and consequently, no deferred tax assets are recognised for tax losses used in any period beyond. We verified that the deferred tax position was calculated at the enacted tax rate for the year in which the deferred tax position is expected to reverse. We also assessed the adequacy and completeness of the Group’s disclosure included in Note 10 in respect of deferred taxes. We found management’s judgements in respect of the Group’s deferred tax positions to be consistent and in line with our expectations. 4 of 7 Responsibilities of the board of directors for the preparation of the consolidated accounts The board of directors is responsible for the preparation of consolidated accounts that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium, and for such internal control as the board of directors determines is necessary to enable the preparation of consolidated accounts that are free from material misstatement, whether due to fraud or error. In preparing the consolidated accounts, the board of directors is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board of directors either intends to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Statutory auditor’s responsibilities for the audit of the consolidated accounts Our objectives are to obtain reasonable assurance about whether the consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated accounts. In performing our audit, we comply with the legal, regulatory and normative framework applicable to the audit of the consolidated accounts in Belgium. A statutory audit does not provide any assurance as to the Group’s future viability nor as to the efficiency or effectiveness of the board of directors’ current or future business management at Group level. Our responsibilities in respect of the use of the going concern basis of accounting by the board of directors are described below. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the consolidated accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion; • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control; 5 of 7 • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the board of directors; • Conclude on the appropriateness of the board of directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our statutory auditor’s report to the related disclosures in the consolidated accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our statutory auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern; • Evaluate the overall presentation, structure and content of the consolidated accounts, including the disclosures, and whether the consolidated accounts represent the underlying transactions and events in a manner that achieves fair presentation; • Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion. We communicate with the audit committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the audit committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the audit committee, we determine those matters that were of most significance in the audit of the consolidated accounts of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter. Other legal and regulatory requirements Responsibilities of the board of directors The board of directors is responsible for the preparation and the content of the directors’ report on the consolidated accounts including the sustainability information and the other information included in the annual report on the consolidated accounts, being: - Core; - Corporate governance statements; - Other information in the sustainability statements; - Information about the share; - Integrated data pack; 6 of 7 - Glossary; - GRI Content Index. Statutory auditor’s responsibilities In the context of our engagement and in accordance with the Belgian standard which is complementary to the International Standards on Auditing (ISAs) as applicable in Belgium, our responsibility is to verify, in all material respects, the directors’ report on the consolidated accounts and the other information included in the annual report on the consolidated accounts and to report on these matters. Aspects related to the directors’ report on the consolidated accounts and to the other information included in the annual report on the consolidated accounts The director’s report on the consolidated accounts includes the consolidated sustainability information that is the subject of our separate report, which contains an 'Unqualified conclusion' on the limited assurance with respect to this sustainability information. In our opinion, after having performed specific procedures in relation to the directors’ report on the consolidated accounts, this directors’ report is consistent with the consolidated accounts for the year under audit and is prepared in accordance with article 3:32 of the Companies' and Associations' Code. In the context of our audit of the consolidated accounts, we are also responsible for considering, in particular based on the knowledge acquired resulting from the audit, whether the directors’ report on the consolidated accounts and the other information included in the annual report on the consolidated accounts is materially misstated or contains information which is inadequately disclosed or otherwise misleading. In light of the procedures we have performed, there are no material misstatements we have to report to you. Statement related to independence ● Our registered audit firm and our network did not provide services which are incompatible with the statutory audit of the consolidated accounts, and our registered audit firm remained independent of the Group in the course of our mandate. ● The fees for additional services which are compatible with the statutory audit of the consolidated accounts referred to in article 3:65 of the Companies' and Associations' Code are correctly disclosed and itemized in the notes to the consolidated accounts. European Uniform Electronic Format (ESEF) In accordance with the draft standard on the verification of the compliance of the annual report with the European Uniform Electronic Format (hereinafter “ESEF”), we must verify whether the ESEF format is in accordance with the regulatory technical standards established by the European Delegate Regulation No. 2019/815 of 17 December 2018 (hereinafter: “Delegated Regulation”) and with the Royal Decree of 14 November 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market. 7 of 7 The board of directors are responsible for the preparation of an annual report, in accordance with ESEF requirements, including the consolidated accounts in the form of an electronic file in ESEF format (hereinafter “consolidated accounts”). Our responsibility is to obtain sufficient appropriate evidence to conclude that the format and marking language of the digital consolidated accounts complies in all material respects with the ESEF requirements under the Delegated Regulation and with the Royal Decree of 14 November 2007. We have not received the digital annual report and the digital consolidated accounts from the board of directors of the Company within the required period. We are therefore unable to express a conclusion that the digital format of the annual report and the XBRL marking of the digital consolidated accounts are in all material respects in accordance with the ESEF requirements. In accordance with the draft standard on the verification of the compliance of the annual report with the European Uniform Electronic Format (“ESEF”), we are required to complete our work and the procedures required by that standard when the final version of the annual report in ESEF format is provided to us and to express our conclusion in a separate report prepared in accordance with ISAE 3000 (Revised) “Assurance Engagements Other than Audits or Limited Reviews of Historical Financial Information”. For the annual report containing the consolidated accounts in relation to the previous financial year, we have concluded in a separate report prepared in accordance with ISAE 3000 (Revised) “Assurance engagements other than audits or limited reviews of historical financial information” that the format of the annual report and the XBRL markup language of the digital consolidated account complies in all material respects with the ESEF requirements. Other statement This report is consistent with the additional report to the audit committee referred to in article 11 of the Regulation (EU) N° 537/2014. Ghent, 10 February 2025 The statutory auditor PwC Bedrijfsrevisoren BV/PwC Reviseurs d'Entreprises SRL Represented by Lien Winne Bedrijfsrevisor/Réviseur d'entreprises Acting on behalf of Lien Winne BV PwC Bedrijfsrevisoren BV - PwC Reviseurs d'Entreprises SRL - Financial Assurance Services Maatschappelijke zetel/Siège social: Culliganlaan 5, B-1831 Diegem Vestigingseenheid/Unité d'établissement: Sluisweg 1 bus 8, B-9000 Gent T: +32 (0)9 268 82 11, F: +32 (0)9 268 82 99, www.pwc.com BTW/TVA BE 0429.501.944 / RPR Brussel - RPM Bruxelles / ING BE43 3101 3811 9501 - BIC BBRUBEBB / BELFIUS BE92 0689 0408 8123 - BIC GKCC BEBB LIMITED ASSURANCE REPORT OF THE STATUTORY AUDITOR TO THE GENERAL SHAREHOLDERS’ MEETING ON THE CONSOLIDATED SUSTAINABILITY STATEMENT OF BARCO NV FOR THE ACCOUNTING YEAR ENDED ON 31 DECEMBER 2024 We present to you our statutory auditor's report in the context of our legal limited assurance engagement on the consolidated sustainability statement of Barco NV (the “Company”) and its subsidiaries (jointly “the Group”). The consolidated sustainability statement of the Group is included in the Sustainability Statement of the integrated annual report on 31 December 2024 and for the year then ended (hereafter “the consolidated sustainability statement”). We have been appointed by the general meeting d.d. 25 April 2024, following the proposal formulated by the board of directors and following the recommendation by the audit committee and the proposal formulated by the works’ council to perform a limited assurance engagement on the consolidated sustainability statement of the Group. Our mandate will expire on the date of the general meeting which will deliberate on the annual accounts for the year ended 31 December 2026. We have performed our assurance engagement on the consolidated sustainability statement for 1 year. Limited assurance conclusion We have conducted a limited assurance engagement on the consolidated sustainability statement of the Group. Based on the procedures we have performed and the assurance evidence we have obtained, nothing has come to our attention that causes us to believe that the consolidated sustainability statement of the Group, in all material respects: ● has not been prepared in accordance with the requirements of article 3:32/2 of the Companies’ and Associations’ Code, including compliance with the applicable European Sustainability Reporting Standards (ESRS); ● is not in accordance with the process (the “Process”) carried out by the Group to identify the information reported in the consolidated sustainability statement in accordance with the description set out in note “Barco’s double materiality assessment”; ● does not comply with the requirements of article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”) disclosed in note “Reporting on EU taxonomy” within the environmental section of the integrated annual report. 2 of 6 Basis for conclusion We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information (“ISAE 3000 (Revised)”), as applicable in Belgium. Our responsibilities under this standard are further described in the “Statutory auditor’s responsibilities for the limited assurance of the consolidated sustainability statement” section of our report. We have complied with all ethical requirements that are relevant to assurance engagements of sustainability statements in Belgium, including those related to independence. We apply International Standard on Quality Management 1 (ISQM 1), which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. We have obtained from the board of directors and Company officials the explanations and information necessary for performing our limited assurance engagement. We believe that the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Other matter The scope of our work is limited to our limited assurance engagement regarding the consolidated sustainability information of the Group. Our limited assurance engagement does not extend to information related to the comparative figures included in the consolidated sustainability information. Responsibilities of the board of directors relating to the preparation of the consolidated sustainability statement The board of directors is responsible for designing and implementing a Process and for disclosing this Process in note “Barco’s double materiality assessment” of the consolidated sustainability statement. This responsibility includes: ● understanding the context in which the activities and business relationships of the Group take place and developing an understanding of its affected stakeholders; ● the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect the Group’s financial position, financial performance, cash flows, access to 3 of 6 finance or cost of capital over the short-, medium-, or long- term; ● the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by selecting and applying appropriate thresholds; and ● making assumptions that are reasonable in the circumstances. The board of directors is further responsible for the preparation of the consolidated sustainability statement, which includes the information established by the Process: ● in accordance with the requirements referred to in article 3:32/2 of the Companies’ and Associations’ Code, including the applicable European Sustainability Reporting Standards (ESRS); ● in compliance with the requirements of article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”) disclosed in note “Reporting on EU Taxonomy” of the integrated annual report related to the environmental section. This responsibility comprises: ● designing, implementing and maintaining such internal control that the board of directors determines is necessary to enable the preparation of the consolidated Sustainability Statement that is free from material misstatement, whether due to fraud or error; and ● the selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances. The audit committee is responsible for overseeing the Group’s sustainability reporting process. Inherent limitations in preparing the consolidated Sustainability Statement In reporting forward-looking information in accordance with ESRS, the board of directors is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected and the deviation from that can be of material importance. 4 of 6 Responsibilities of the statutory auditor on the limited assurance engagement on the consolidated Sustainability Statement Our responsibility is to plan and perform the assurance engagement with the aim of obtaining a limited level of assurance about whether the consolidated sustainability statement contains no material misstatements, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or errors and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of users taken on the basis of the consolidated sustainability statement. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), as applicable in Belgium, we apply professional judgment and maintain professional scepticism throughout the engagement. The work performed in an engagement aimed at obtaining a limited level of assurance, for which we refer to the section "Summary of Work Performed," is less in scope than in an engagement aimed at obtaining a reasonable level of assurance. Therefore, we do not express an opinion with a reasonable level of assurance as part of this engagement. As the forward-looking information in the consolidated sustainability statement and the assumptions on which it is based, are future related, they may be affected by events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different from the assumptions, as the anticipated events frequently do not occur as expected, and the deviation from that can be of material importance. Therefore, our conclusion does not provide assurance that the reported actual outcomes will correspond with those included in the forward-looking information in the consolidated sustainability statement. Our responsibilities regarding the consolidated sustainability statement, with respect to the Process, include: ● obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process; ● designing and performing work to evaluate whether the Process is consistent with the description of the Process by the Group, as set out in note “Barco’s double materiality assessment”. Our other responsibilities regarding the sustainability statement include: ● acquiring an understanding of the entity's control environment, the relevant processes, and information systems for preparing the sustainability information, but without assessing the design of specific control activities, obtaining supporting information about their implementation, or testing the effective operation of the established internal control measures; 5 of 6 ● identifying where material misstatements are likely to arise, whether due to fraud or error, in the consolidated sustainability statement; and ● designing and performing procedures responsive to where material misstatements are likely to arise in the consolidated sustainability statement. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Summary of the work performed A limited assurance engagement involves performing procedures to obtain evidence about the consolidated sustainability statement. The procedures carried out in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. The nature, timing, and extent of procedures selected depend on professional judgment, including the identification of areas where material misstatements are likely to arise in the consolidated sustainability statement, whether due to fraud or errors. In conducting our limited assurance engagement with respect to the Process, we have: ● obtained an understanding of the Process by: ○ performing inquiries to understand the sources of the information used by management (e.g., stakeholder engagement, business plans and strategy documents); and ○ reviewing the Group’s internal documentation relating to its Process; and ● evaluated whether the evidence obtained from our procedures with respect to the Process implemented by the Group was consistent with the description of the Process set out in note “Barco’s double materiality assessment”. In conducting our limited assurance engagement, with respect to the consolidated Sustainability Statement, we have: ● obtained an understanding of the Group’s reporting processes relevant to the preparation of its consolidated Sustainability Statement by obtaining an understanding of the Group’s control environment, processes and information system relevant to the preparation of the consolidated sustainability statement, but not for the purpose of providing a conclusion on the effectiveness of the Group’s internal control; 6 of 6 ● evaluated whether the information identified by the Process is included in the consolidated Sustainability Statement; ● evaluated whether the structure and the presentation of the consolidated Sustainability Statement is in accordance with the ESRS; ● performed inquiries of relevant personnel and analytical procedures on selected information in the consolidated sustainability statement; ● performed substantive assurance procedures on selected information in the consolidated sustainability statement; ● evaluated the methods/assumptions for developing estimates and forward-looking information as described in the section 'Responsibilities of the statutory concerning the limited assurance engagement regarding the consolidated sustainability statement'; ● obtained an understanding of the Groups process to identify taxonomy-eligible and taxonomy- aligned economic activities and the corresponding disclosures in the consolidated sustainability statement. Statement related to independence Our registered audit firm and our network did not provide services which are incompatible with the limited assurance engagement, and our registered audit firm remained independent of the Company in the course of our mandate. Ghent, 10 February 2025 The statutory auditor PwC Bedrijfsrevisoren BV/PwC Reviseurs d'Entreprises SRL Represented by Lien Winne Bedrijfsrevisor/Réviseur d'entreprises Acting on behalf of Lien Winne BV PwC Bedrijfsrevisoren BV - PwC Reviseurs d'Entreprises SRL - Financial Assurance Services Maatschappelijke zetel/Siège social: Culliganlaan 5, B-1831 Diegem Vestigingseenheid/Unité d'établissement: Sluisweg 1 bus 8, B-9000 Gent T: +32 (0)9 268 82 11, F: +32 (0)9 268 82 99, www.pwc.com BTW/TVA BE 0429.501.944 / RPR Brussel - RPM Bruxelles / ING BE43 3101 3811 9501 - BIC BBRUBEBB / BELFIUS BE92 0689 0408 8123 - BIC GKCC BEBB STATUTORY AUDITOR’S REPORT TO THE GENERAL SHAREHOLDERS’ MEETING, IN ACCORDANCE WITH ARTICLE 12 OF THE ROYAL DECREE OF 14 NOVEMBER 2007, REGARDING THE COMPLIANCE OF THE CONSOLIDATED FINANCIAL STATEMENTS IN THE FORM OF AN ELECTRONIC FILE OF BARCO NV AS AT 31 DECEMBER 2024 IN ACCORDANCE WITH THE ESEF (EUROPEAN SINGLE ELECTRONIC FORMAT) REQUIREMENTS AND TAXONOMY UNDER THE DELEGATED REGULATION (EU) 2019/815. Mission In accordance with article 12 of the Royal Decree of 14 November 2007, the statutory auditors' mission is to report on the format and XBRL marking language of the digital consolidated financial statements in the form of an electronic file (hereinafter “digital consolidated financial statements”) in accordance with the ESEF requirements and taxonomy (more specifically the provisions in force as laid down in the ESEF Regulatory Technical Standard, “ESEF RTS” under Delegated Regulation (EU) 2019/815 dated 17 December 2018) applicable to the digital consolidated financial statements as at 31 December 2024. This report follows our statutory auditor’s report to the general shareholders meeting of Barco NV in the context of the consolidated annual accounts for the year ended 31 December 2024 due to the untimely receipt of the digital consolidated financial statements. Responsibilities of the board of directors The board of directors is responsible for the preparation of the digital consolidated financial statements as included in the annual financial report in accordance with the ESEF requirements (“ESEF RTS”) applicable to the digital consolidated financial statements as at 31 December 2024. This responsibility includes the selection and application of the most appropriate methods to prepare the digital consolidated financial statements. In addition, the responsibility of the board of directors includes designing, implementing and maintaining systems and processes relevant to the preparation of the digital consolidated financial statements that are free from material misstatement resulting from fraud or errors. The board of directors should verify that the digital consolidated financial statements are consistent with the human-readable consolidated financial statements. Statutory auditor’s responsibility Our responsibility is to express a conclusion as to whether the format and the marking language XBRL of the digital consolidated financial statements of Barco NV per 31 December 2024 complies in all material respects with the ESEF technical regulatory standards under Delegated Regulation (EU) 2019/815 based on the work we perform. We conducted our work in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised) “Assurance Engagements other than Audits or Reviews of Historical Financial Information”. This standard requires that we comply with ethical requirements and that we plan and perform the engagement to obtain reasonable assurance about whether nothing has come to our attention that causes us to believe that the digital consolidated financial statements are, in all materiality, in that respect would not have been prepared in accordance with the ESEF technical regulatory standards applied by the Company. 2 of 3 The selection of the procedures performed depends on our judgment and assessment of the risk of material misstatement in the digital consolidated financial statements and in the statements of the board of directors. The entirety of the work performed by us consisted of, among other things, the following procedures: ● Verify that the digital consolidated financial statements in XHTML format have been prepared in accordance with Article 3 of the Delegated Regulation; ● Obtain an understanding of the processes of the Company's practice in the XBRL marking language of its digital consolidated financial statements and of the internal controls relevant to the certification, in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the internal controls that are designed to provide reasonable assurance about whether the XBRL marking language of the digital consolidated financial statements complies in all material respects with the ESEF regulatory technical standards; ● Obtaining sufficient appropriate audit evidence about the effective operation of controls relevant to the XBRL marking language of the digital consolidated financial statements of Barco NV per 31 December 2024; ● Reconciliation of the marked data with the audited consolidated financial statements of Barco NV per 31 December 2024; ● Assessing the completeness and fairness of the marking language of the digital consolidated financial statements prepared by the Company; ● Assessing the appropriateness of the Company's use of the XBRL elements of the ESEF taxonomy and assessing the creation of the extension taxonomy. Our independence and quality management We have complied with the independence and other ethical requirements in the International Ethics Standards Board for Accountants’ (IESBA) International Code of Ethics for Professional Accountants (IESBA Code) together with the legal Belgian requirements in respect of the auditor independence, particularly in accordance with the rules set down in articles 12, 13, 14, 16, 20, 28 and 29 of the Belgian Act of 7 December 2016 organising the audit profession and its public oversight of registered auditors and with Art. 3:62, 3:63 and 3:64 and 3:65 of the Companies’ and Associations’ Code Our firm applies International Standard on Quality Control (ISQC) n°1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Related Services Engagements, and accordingly, maintains a comprehensive system of quality management including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Our opinion In our opinion, based on the procedures performed, the format of and the marking language of the digital consolidated financial statements as included within the annual financial report of Barco NV per 31 December 2024 complies in all material respects with the ESEF requirements under the Delegated Regulation (EU) 2019/815. 3 of 3 We do not express an audit opinion, a review conclusion or any other assurance conclusion on the consolidated financial statements themselves in this report. Our audit opinion on the Group's consolidated financial statements is set out in the statutory auditor's report dated 10 February 2025. Other matter The consolidated financial statements of Barco NV (the “Company”) and its subsidiaries (jointly “the Group”) have been prepared by the board of directors of the Company on 10 February 2025 and has been subject to a statutory audit. Our statutory auditor's report (signed on 10 February 2025 includes an unqualified opinion on the true and fair view of the Group's equity and consolidated financial position as of 31 December 2024, as well as its consolidated results and its consolidated cash flows for the year then ended, in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium. 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