Trading update 3Q22

Strong sales growth across divisions

Kortrijk, Belgium, 19 October 2022, 7:30 am – Today Barco (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) announced the results for the third quarter ended 30 September 2022.

Third quarter 2022 highlights1

Orders for 3Q22 of 242.0 million euro up 8% vs 3Q21
Orders year-to-date of 751.2 million euro up 9% versus last year
Order book per 30 September 2022 stood at 527.6 million euro, 22% above last year and 2% lower than end of June 2022
Sales for 3Q22 of 262.2 million euro, up 40% versus 3Q21 (30% at constant currencies)
Sales year-to-date of 734.9 million euro up 33% versus last year (25% at constant currencies)

Executive summary 3Q22

Group topline

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(in millions of euro)	3Q22	2Q22	1Q22	4Q21	3Q21	Change 3Q22 vs 3Q21
Orders	242.0	262.3	246.9	288.1	225.1	8%
Sales	262.2	266.4	206.3	251.6	186.7	40%

Quarter-by-quarter overview

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

With third quarter orders up 8% versus last year, order book at quarter end remained close to the record-high level reached at the end of the second quarter. These orders reflect strong demand for Barco's products in all regions, and strong order intake for Entertainment. Sales in 3Q22 grew in all regions and divisions versus the same quarter last year, resulting in a sales growth at group level of 40%.

Although component shortages continued to negatively impact sales, delays in the order-to-sales conversion eased, amounting to 20 million euro for the third quarter of the year, compared to more than 40 million euro for the second quarter.

Quote of the CEO's, An Steegen & Charles Beauduin

"Our third quarter results demonstrate the durable strong demand for our leading product portfolio, building on the recovery across all divisions we saw in the first half of the year. As a result of the dedication and hard work of all teams in tackling supply chain challenges, we delivered on our order book which was at a record-high at the end of the first semester to drive sales growth for the quarter. "

Outlook 2022 - current

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

We confirm the positive outlook and expect for 2022 a topline growth above 25% and an EBITDA level between 10 and 12%. We continue to see uncertainty related to supply chain constraints and inflation effects, which is reflected in this guidance.

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Divisional breakdown

(in millions of euro) 3Q22 2Q22 1Q22 4Q21 3Q21 Change 3Q22 vs 3Q21 Orders 103.0 112.2 95.0 111.9 88.4 17% Sales 104.8 92.8 67.1 106.7 73.3 43%

The Entertainment division had a good quarter with order intake growing 17% versus the same quarter last year. Cinema orders were strong throughout all regions, except for China which was still impacted by regional lockdowns. For Immersive Experience order intake was very strong in all regions.

With component shortages for projectors moderating, we delivered on the orderbook for Entertainment. Sales were up 43% year-over-year, reflecting strong growth in both the Cinema and the Immersive Experience segments.

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Change 3Q22 vs 3Q21

Orders 68.8 72.1 65.6 80.2 71.5 -4% Sales 74.0 87.3 61.4 77.2 52.0 42%

(in millions of euro) 3Q22 2Q22 1Q22 4Q21 3Q21

Enterprise

In the Enterprise division, order intake for ClickShare increased versus the same quarter last year, reflecting continuing momentum for back-to-office and hybrid working dynamics in the market. Large Videowalls saw a decline for orders year-over-year, mostly in the Asian markets. Sales grew 42% year-over-year for the division, with particularly strong growth in the Meeting Experience Segment in all regions.

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Healthcare

(in millions of euro)	3Q22	2Q22	1Q22	4Q21	3Q21	Change 3Q22 vs 3Q21
Orders	70.1	78.0	86.4	96.0	65.2	8%
Sales	83.4	86.2	77.7	67.7	61.3	36%

Solid demand for our Healthcare products led to an 8% increase of orders versus 3Q21, with the biggest gain in the Asian markets.

In the third quarter sales grew more than 36% versus last year, with the strongest growth in the Surgical and Modality segment which achieved record-high sales for this quarter. Geographically, sales grew across all regions.

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Order intake & order book

Order intake quarter-over-quarter

(in millions of euro)	3Q22	2Q22	1Q22	4Q21	3Q21	Change vs 3Q21
Order intake	242.0	262.3	246.9	288.1	225.1	8%

Order book

(in millions of euro)	30 Sep	30 Jun	31 Mar	31 Dec	30 Sep	30 Jun
	2022	2022	2022	2021	2021	2021
Order book	527.6	537.7	530.4	487.0	433.2	391.4

Order intake year-to-date

(in millions of euro)	YTD22	YTD21	Change vs YTD21
Group	751.2	690.7	9%

Sales

Sales by division quarter-over-quarter

(in millions of euro)	3Q22	2Q22	1Q22	4Q21	3Q21	Change vs 3Q21
Entertainment	104.8	92.8	67.1	106.7	73.3	43%
Enterprise	74.0	87.3	61.4	77.2	52.0	42%
Healthcare	83.4	86.2	77.7	67.7	61.3	36%
Group	262.2	266.4	206.3	251.6	186.7	40%
Excluding currency effect						30%

Sales by division year-to-date

(in millions of euro)	YTD22	YTD21	Change vs YTD21
Entertainment	264.8	203.0	30%
Enterprise	222.7	155.9	43%
Healthcare	247.3	193.7	28%
Group	734.9	552.7	33%
Excluding currency effect			25%

Additional information

The information given in this press release has not been reviewed by the statutory auditor.

Request more information

Willem Fransoo, Director Investor Relations +32 56 26 23 22 or [email protected]

Financial calendar 2023

Thursday 9 February Announcement results full year 2022 and 2H22

More information? Please visit our dedicated webpage https://www.barco.com/investors

Disclaimer

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

About Barco

Barco is a global technology leader that develops networked visualization solutions for the entertainment, enterprise and healthcare markets. Our solutions make a visible impact, allowing people to enjoy compelling entertainment experiences; to foster knowledge sharing and smart decision-making in organizations and to help hospitals provide their patients with the best possible healthcare.

Headquartered in Kortrijk (Belgium), Barco realized sales of 804 million euro in 2021 and has a global team of 3,000+ employees, whose passion for technology is captured in +500 granted patents. Barco has been listed on the Brussels Stock Exchange since 1985. (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB)

For more information, visit us on www.barco.com, follow us on Twitter (@Barco), LinkedIn (Barco), YouTube (BarcoTV), Instagram (barco_nv) or like us on Facebook (Barco).

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