Barco NV

Quarterly Report • Jul 19, 2023

Half year report

Barco six months ended 30 June 2023

01 KEY FIGURES 03 NOTES 04 AUDITOR'S REPORT

Obligations with regard to periodical information following the transparency directive effective as of 1 January 2008

Declaration regarding the information given in this report as of and for the 6 months ended 30 June 2023

The Board of Directors of Barco NV certifies in the name and on behalf of Barco NV, that to the best of their knowledge,

• the interim condensed consolidated financial statements, established in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, give a true and fair view of the assets, financial position and results of Barco NV and of the entities included in the consolidation;
• the Management Discussion and Analysis presents a fair overview of the development and the results of the business and the position of Barco NV and of the entities included in the consolidation.

On behalf of the Board of Directors

An Steegen, CEO Charles Beauduin, CEO Ann Desender, CFO

Table of contents

Key figures 04
Management discussion and analysis of the results05
Interim condensed consolidated income statement . 22 Interim condensed consolidated statement of comprehensive income . 23 Interim condensed consolidated balance sheet . 24 Interim condensed consolidated statement of cash flows . 25 Interim condensed consolidated statement of changes in equity . 26
Notes to the interim condensed consolidated financial statements 28
1. Significant changes in the current reporting period 28 1.1 Significant IFRS accounting principles . 28 1.2 Critical accounting judgments and key sources of estimation uncertainty . 28 1.3 IFRS standards issued but not yet effective . 28 1.4 Investments . 28 2. Segment information . 29 2.1 Results by operating segment . 30 2.2 Segment assets 32 2.3 Geographical breakdown of sales . 32 3. Related party transactions . 33 4. Risk factors . 33 5. Litigations and commitments 33 6. Events subsequent to the balance sheet date 33

Auditor's report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Glossary 36
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Key figures

Customer NPS

(Net Promoter Score)

521

1H 2023

7.5%

4

Barco

Half year report 2023

05 GLOSSARY

Management discussion and analysis of the results

First half and second quarter 2023 highlights

• Orders 1H23 of 541.1 million euro, an increase of 6% vs 1H22
• Orderbook at 505.8 million euro, 9.3 million euro higher than year-end 2022
• Sales 1H23 of 520.9 million euro, an increase of 10% versus 1H22
• EBITDA 1H23 of 65.0 million euro, or 12.5 % of sales versus 9.8% of sales in 1H22
• Sales 2Q23 of 273.9 million euro, 3% higher than 2Q22 and 11% higher than 1Q23

Half year report 2023

Executive summary

Group topline 1H quarter-by-quarter overview

in millions of euros	1H23	1H22	1H21	1H20	Change 1H23 vs 1H22
Orders	541.1	509.2	465.6	398.7	6%
Sales	520.9	472.6	366.0	407.2	10%

Orders Sales 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)

03 NOTES 04 AUDITOR'S REPORT

Group topline – orders and sales both grew to record levels for the first semester

In the first half of the year, orders increased 6% versus the first half of 2022. This growth was driven by a particularly strong demand in Entertainment. Order growth in Entertainment and Enterprise was offset by Healthcare, where order intake declined compared to a strong 1H22. With a positive bookto-bill ratio in 1H23, the orderbook expanded to 505.8 million euro.

Sales grew to 520.9 million euro, a year-over-year increase of 10% and representing an all-time high for a first semester at Barco. Sales growth was driven by both business units in the Entertainment division, and also by Meeting Experience. Sales grew in APAC, Americas and most pronounced in EMEA. In China specifically, sales declined as the recovery in economic activity from the pandemic is taking longer than expected. Within the first semester, after a strong year-over-year sales growth in the first quarter, sales grew at a slower rate in the second quarter as this is compared to a stronger quarter last year, when demand surged after the pandemic.

Division topline - growth driven by Entertainment; Healthcare below last year

The Healthcare division reported lower sales and order intake compared to the record-high levels of the first half of 2022. In Diagnostic Imaging, a normalization of customer investment levels following government-supported spending during the pandemic resulted in a slight dip in order intake levels. Diagnostic Imaging sales approached last year's level, while, notably, sales of digital pathology displays grew. Surgical and Modality had a soft start to the year, both in order intake and sales, due to a timing difference between phasing out and phasing in of large contracts, notably in Americas, and higher customer inventories. In all other regions, orders and sales grew in the mid-single digit range.

In the Enterprise division, order intake increased 4% versus the same semester in 2022, with both business units registering gains. Enterprise sales were close to last year's level, reflecting high single digit growth in Meeting Experience offset by a decline for Large Video Walls. Meeting Experience saw growth across all regions, reflecting continued high demand for ClickShare, Barco's flexible hybrid conferencing solution. Sales declined for Large Video Walls in all regions. Order intake grew both in Europe and APAC but was soft in the Americas where an uncertain investment climate delayed orders. Barco completed its strategic review of this business, with an increased focus on software and workflow solutions; for more information about the strategic review please see the commentary on the Enterprise division's results in Part 2.

The Entertainment division saw strong growth in orders and sales across all regions, despite weakness in China. Sales grew 43% year-over-year and resulted in a record-high first semester for both Cinema and Immersive Experience. Cinema performed particularly well, reflecting investments by cinemas across the world in the upgrade of their lamp-based projector fleet by state-of-the-art laser projectors of the latest generation. The growth in Immersive Experience was fueled by live events, and by simulation. Sales conversion for Entertainment improved as production is no longer constrained by the component shortages that impacted results for the same semester last year.

EBITDA expanded year-over-year, driven by significant improvement in Entertainment

EBITDA was 65.0 million euro, up from 46.2 million a year ago. EBITDA margin was 12.5%, which is 2.7 percentage points higher than the EBITDA margin of 9.8% in 1H22, driven by gross profit margin improvements.

Gross profit margin was 40.9%, up from 37.9% in first half of 2022 and 39.9% in the second half of 2022, largely due to higher margins in the Entertainment division, where last year's supply chain constraints have eased, and brokerage and logistic costs have declined.

Free cash flow for 1H23 was negative 24.1 million, including 20.9 million capital expenditure, mainly for manufacturing and customer leases. ROCE improved to 18% of sales.

Ready for the second half

Outlook - reconfirming sustainable profitable growth

Organizational update

Barco reached all-time high sales during the first half of this year and delivered on the particularly strong demand in the Entertainment markets. ClickShare continued to thrive on the hybrid conferencing momentum. As expected, Healthcare results were softer than last year while the perspective on the long-term demand remains strong. During the semester Barco completed the strategic review of its Large Video Wall segment and is now implementing changes to its business model and growth strategy to ensure sustainable profitability. Although the recovery from the pandemic in China is taking longer than expected, Barco believes in the long-term potential for the company in this market. Barco is going full force for another strong second half.

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

Sales and EBITDA margin are expected to be higher in the second half of the year than in the first half of the year. We are expecting tempered topline growth due to China, resulting in an expected sales growth for the full year in the high single-digit range.

EBITDA accretion will be maintained. The impact of lower sales is offset by gross margin improvement and a favorable product mix. Management reaffirms its expectation for an EBITDA margin above 14% for the full year 2023.

We reconfirm our long-term guidance for a high single-digit sales CAGR and an EBITDA margin in the range of 14-18%.

With strategic long-term succession planning being a core element in the organizational development strategy, Barco was able to strengthen its leadership team with a number of internal promotions. Geert Carrein, EVP for Diagnostic Imaging, retired at the end of June 2023 and has been succeeded by Dirk Feyants, stepping up from his role as VP Strategy and Business Development. Chris Sluys, EVP Large Video Walls, also retired at the end of June and is succeeded by Tom Sys, previously CDIO at Barco. Philippe Verlinde, previously Head of IT Program Management, succeeded Tom Sys as CDIO. Erdem Soyal, EVP Immersive Experience, is no longer with Barco and is succeeded by Ta Loong Gan, stepping up from his role as VP Global Sales for this business unit.

Part 1: Consolidated results for 1H23

1.A. Update financial results

Order intake & Orderbook

Order intake

Order intake was 541.1 million euro, an increase of 6% compared to last year's first half, driven by strong uptakes in Entertainment. Orders were up in Americas and APAC and close to last year's level in EMEA.

in millions of euros	1H23	2H22	1H22	2H21	1H21
Order Intake	541.1	549.2	509.2	513.2	465.6

Order intake by division
--------------------------	--	--	--	--

in millions of euros	1H23	1H22	1H21	Change
Healthcare	141.3	164.3	168.6	-14%
Enterprise	143.0	137.7	110.7	4%
Entertainment	256.7	207.2	186.3	24%
Group	541.1	509.2	465.6	6%

Orderbook

The orderbook at the end of the semester was 505.8 million euro, 9.3 million euro higher than at the end of 2H22 and 31.9 million euro lower than at the end of the 1H22. The orderbook expansion was mainly in the Entertainment division.

in millions of euros	30 Jun	31 Dec	30 Jun	31 Dec	30 Jun
	2023	2022	2022	2021	2021
Orderbook	505.8	496.5	537.7	487.0	391.4

Order intake per region

in millions of euros	1H23	% of total	1H22	% of total	Change (in nominal value)
The Americas	231.2	43%	217.2	43%	+6%
EMEA	188.6	35%	190.3	37%	-1%
APAC	121.3	22%	101.7	20%	+19%

Sales

First semester sales were 520.9 million euro, an increase of 10% compared to the same period last year, driven by strong results in the Entertainment division. There was no significant currency effect.

Sales

in millions of euros	1H23	2H22	1H22	2H21	1H21
Sales	520.9	585.7	472.6	438.3	366.0

Sales by division

in millions of euros	1H23	1H22	1H21	Change
Healthcare	147.3	163.9	132.4	-10%
Enterprise	145.6	148.7	103.9	-2%
Entertainment	228.0	160.0	129.7	+43%
Group	520.9	472.6	366.0	+10%
Sales at constant currencies				+10%

Sales by region

in millions of euros	1H23	% of total	1H22	% of total	Change (in nominal value)
The Americas	204.6	39%	188.6	40%	+8%
EMEA	209.0	40%	181.4	38%	+15%
APAC	107.3	21%	102.7	22%	+4%

REPORT

Profitability

Gross Profit

Gross profit was 213.0 million euro for the first half, up from 178.9 million euro a year ago. Gross profit margin was 40.9%, up from 37.9% in first half of 2022 and 39.9% in the second half of 2022. The improvement was driven by a favorable product mix and by the Entertainment division, where the supply chain constraints that impacted the business last year with corresponding exceptional brokerage and logistic costs, have now eased.

Indirect expenses

Total indirect expenses amounted to 166.5 million euro, or 32.0% of sales, compared to 149.8 million or 31.7% in the first half of last year. Relative to sales, indirect spending was kept under control.

EBITDA & EBIT

EBITDA was 65.0 million euro, up from 46.2 million euro in last year's first semester, an increase of 18.8 million euro.

EBITDA margin was 12.5%, which is an increase of 2.7 percentage points from the EBITDA margin of 9.8% in the first semester of 2022.

By division, sales, EBITDA and EBITDA margin was as follows:

Sales	EBITDA	EBITDA %
147.3	14.7	10.0%
145.6	22.9	15.7%
228.0	27.4	12.0%
520.9	65.0	12.5%

EBITDA by division 1H23 versus 1H22 (and 1H21) is as follows:

in millions of euros	1H23	1H22	1H21	Change vs 1H22
Healthcare	14.7	21.6	15.8	-32%
Enterprise	22.9	27.4	5.6	-16%
Entertainment	27.4	-2.7	6.0	+1115%
Group	65.0	46.2	27.5	+41%

Adjusted EBIT2 was 47.4 million euro, or 9.1% of sales, compared to 26.8 million euro or 5.7% of sales in the first semester of last year.

In 1H23, restructuring charges amounted to 6.6 million euro, linked to the strategic review of Large Video Walls.

Income taxes

In the first half of 2023 taxes were 7.7 million euro for an effective tax rate of 18%, compared to 4.8 million euro for an equal effective tax rate in the first half of 2022.

Net income

Net income attributable to equity holders was 33.3 million euro or 6.4% of sales compared to 22.4 million euro or 4.7% of sales for the first semester of 2022.

Net earnings per ordinary share (EPS) for the first semester were 0.37 euro compared to 0.25 euro the year before.

03 NOTES 04 AUDITOR'S

REPORT

05 GLOSSARY

Cash flow & Balance sheet

Free cash flow

Free cash flow for 1H23 was negative 24.1 million. This is the result of higher inventory due to tactical measures to secure supply, higher trade receivables linked to a surge in sales towards the end of the quarter, and an important uptake in capital expenditure with investments in customer leases (Cinema-as-a-Service) and manufacturing (automation and new Chinese manufacturing facility in Wuxi).

in millions of euros	1H23	1H22
Gross operating Free Cash Flow	61.9	44.5
Changes in trade receivables	-13.9	-37.9
Changes in inventory	-27.5	-51.5
Changes in trade payables	-6.1	14.8
Other Changes in net working capital	-16.2	-0.7
Change in net working capital	-63.7	-75.3
Net operating Free Cash Flow	-1.8	-30.7
Interest Income/expense	2.2	-0.2
Income Taxes	-3.6	2.1
Free Cash Flow from operating activities	-3.2	-28.8
Purchase of tangible and intangible FA	-21.0	-7.3
Proceeds on disposal of tangible and intangible FA	0.1	8.1
Free Cash Flow from investing	-20.9	0.8
FREE CASH FLOW	-24.1	-28.0

Working capital

Net working capital was higher at 18.3% of sales compared to 13.2% of sales a year ago and 14.3% at year-end 2022.

The increase in DSO was the result of an uptake of sales towards the end of the semester which will be collected during the third quarter. Inventory levels increased as a tactical response to secure supply with increases in raw materials and (semi-)finished goods. Inventory purchases started to decrease during the second quarter, which explains the lower trade payables.

in millions of euros	1H23	FY22	1H22
Trade Receivables	205.1	194.6	200.8
DSO	67	54	68
Inventory	270.5	245.7	230.0
Inventory turns	1.9	2.1	2.0
Trade Payables	-115.1	-121.9	-129.3
DPO	61	68	81
Other Working Capital	-157.9	-168.0	-181.0
TOTAL WORKING CAPITAL	202.5	150.4	120.5

Capital expenditure

Capital expenditure was 20.9 million euro compared to 7.3 million euro a year ago.

Return on Capital Employed

ROCE for the last 12 months ending on 30 June 2023 was 18% compared to 7% a year ago.

Net financial cash position

The net financial cash position was 203.0 million euro compared to 233.6 million euro a year ago and 264.0 million euro at the end of last year.

1.B. Update Planet - People - Communities

Barco has organized its sustainability program into 3 pillars: the planet, our people and the communities we operate in.

For each of these three sustainability pillars, the company has formulated an overall mission statement and defined several focus areas. On a semester basis we offer a selection of the relevant metrics. For more information about the KPI's please check our "Planet – People – Communities report 2022".

Planet

People

As part of Barco's program to improve the eco-friendliness of its solutions portfolio, it has introduced and rolled out a company-wide eco scoring methodology and has set out the target level for 2023 at 70% eco-labelled revenues.3

% Revenues from ECO labelled products	1H23	FY22	1H22	FY21	Change vs FY22
Group	60%	50%	38%	31%	+10ptt

For the first half of the year, eco-labelled revenues increased to 60% of total revenues from 38% a year ago and 50% for the full year 2022, mainly boosted by progress in the Enterprise division, with the complete ClickShare portfolio now ecolabelled, and the recent introduction of eco-labelled LED walls (TruePix and NT-series), replacing older systems. For 2H23 and beyond, a further increase of the eco-labelled revenues is anticipated as all new product introductions in 1H23 were eco-labelled.

Barco's workforce expanded in the first semester of 2023 to 3,392 employees. Blue collar employees, mainly for projector manufacturing in Belgium, accounted for about half of the increase. The remaining growth came from white collar employees, predominantly in the software and R&D teams in Belgium, Taiwan and India. On a positive note, the overall voluntary attrition decreased significantly during the first half of 2023.

Number of employees 3,392 3,302 3,191 3,141 3,105

1H23 2H22 1H22 2H21 1H21

³ For more information about Barco eco scoring methodology, see Barco's latest Annual report on https://ir.barco.com/2022/uploads/files/PDF/Barco-IR2022-PPC.pdf. The revenue calculation is explained in the Glossary https://ir.barco.com/2022/uploads/files/PDF/Barco-IR2022-GLO.pdf

Communities

Twice per year, Barco collects feedback on its products and services from partners as well as end customers, using the relational Net Promotor Score (NPS) as standard customer experience metric. Committed to constantly improving, Barco works towards an NPS target-level of 50.

	1H23	2H22	1H22	2H21	Change vs 2H22
Customer net promotor score	48	44	45	47	+4

At the end of the first semester of 2023, Barco reached an overall NPS score of 48, a meaningful improvement versus the score of 44 at year-end 2022 and the score of 45 a year ago. Improvement is seen across all regions and divisions, most outspoken in Large Video Walls and Surgical & Modality. This upward evolution is clearly linked to a more positive sentiment towards our after sales process. The speed of response and ticket resolution improved, thanks to automating our service workflows. The eased supply chain constraints for spare parts enabled faster lead times for repairs and replacements, mainly in projection.

2. Divisional results for 1H23

HEALTHCARE division

Performance metrics 1H23 versus 2H22 and 1H22

in millions of euros	1H23	2H22	1H22	Change vs 1H22
Order intake	141.3	155.4	164.3	-14%
Sales	147.3	177.8	163.9	-10%
EBITDA	14.7	16.8	21.6	-32%
EBITDA margin	10.0%	9.4%	13.2%	-3.2 ppts

Orders and sales evolution quarter-over-quarter

Sales quarter-over-quarter

in millions of euros	2Q23	1Q23	4Q22	3Q22	2Q22	Change 2Q23 vs 2Q22
Healthcare	73.3	73.9	94.4	83.4	86.2	-15%

The Healthcare division witnessed a decline in sales of 10% and in order intake of 14% compared to the first half of 2022. These decreases were mainly driven by the Americas region, while EMEA and APAC both posted growth in both orders and sales. The second quarter sales and orders were about flat versus the first quarter.

In the Diagnostic Imaging segment, the market demand in the first half of 2023 was slightly softer than last year, as customer investment patterns returned to more normal patterns after a period of increased spending supported by government initiatives during the pandemic. Rising interest rates caused some delays in booking orders, particularly in the Americas. Orders were lower in EMEA but increased in APAC versus the same period last year. Sales for Diagnostic Imaging decreased slightly versus last year, while the radiology portfolio performed well, and digital pathology reported a significant uptake.

Surgical and Modality had a slower start of the year, with lower order intake and sales. This was primarily attributed to a timing discrepancy between the phasing in and phasing out of contracts, causing a temporary gap in the sales, and also to higher customer inventories. This affected primarily the Americas region. A pipeline of confirmed new contracts is expected to start delivering sales growth towards 2024. In contrast to the Americas, all other regions generated a solid mid-single digit growth rate in both orders and sales.

EBITDA margin for the division amounted to 10.0%, down from 13.2% in 1H22. This is a result of a lower topline and higher R&D investments. As the new factory in Suzhou is ramping up, the division incurred some temporary higher costs, linked to project transfers from other manufacturing locations.

ENTERPRISE division

Performance metrics 1H23 versus 2H22 and 1H22

in millions of euros	1H23	2H22	1H22	Change vs 1H22
Order intake	143.0	143.6	137.7	+4%
Sales	145.6	168.5	148.7	-2%
EBITDA	22.9	33.4	27.4	-16%
EBITDA margin	15.7%	19.8%	18.4%	-2.7 ppts

Sales quarter-over-quarter

in millions of euros	2Q23	1Q23	4Q22	3Q22	2Q22	Change 2Q23 vs 2Q22
Enterprise	76.8	68.8	94.5	74.0	87.3	-12%

Orders and sales evolution quarter-over-quarter

The Enterprise division saw order growth of 4% in the first half of 2023 compared to the first half of 2022, and a slight decline in sales of 2%. Within the semester, second quarter sales grew 12% versus the first quarter of 2023, with both business units contributing to this growth.

The Meeting Experience segment reported high single-digit year-over-year sales growth for this first semester, reflecting the continued strong value proposition of ClickShare. All regions grew, with a notable uptake in APAC where sales almost doubled year-over-year. In a market where many companies are fundamentally rethinking the way how to use and upgrade their office space and meeting rooms, we see slower decision-making processes. ClickShare's flexible Bring Your Own Meeting proposition is clearly winning momentum and is gaining market share, as this market evolves.

The installed base of ClickShare is further growing and approaching 1.2 million units, up from 1 million+ one year ago. The share of ClickShare Conference is further expanding to more than two thirds of the volume, with close to 200,000 units sold so far.

Barco continued to update the ClickShare portfolio with the successful launch of CX-50 next gen in January 2023. This product offers new features such as dual display visualization and flexible switching with proprietary meeting room systems.

The Large Video Wall segment showed an increase in orders for the first half of the year, versus the same period in 2022. This was mainly fueled by good demand in Europe, while in Americas orders were delayed due to rising interest rates and an uncertain investment climate. Barco expects a significant number of the delayed orders to close during the second half of the year. Sales in 1H23 declined in all regions versus 1H22, partly due to project implementation delays at construction sites and partly due to supply chain constraints experienced by major integration partners.

The division realized an EBITDA margin of 15.7%, down 2.7 basis points from 18.4% a year ago. This was driven by higher spending in product roadmaps and R&D.

03 NOTES 04 AUDITOR'S REPORT

Large Video Walls strategic review

Barco has completed the strategic review of its Large Video Walls business that was announced earlier this year. Barco is committed to continue to deliver value to its customers in this market, leveraging more than 30 years of expertise and its global brand and footprint. As this segment has been underperforming in recent years, the clear objective is to return to sustainable profitability by accelerating investments in our software product portfolio and optimizing our organization for success.

Going forward, Barco will focus on addressing the changing market dynamics with a growing importance of operator workflows, hybrid collaboration and distributed working in a secure and sustainable way. The strategy for Large Video Walls is to empower our customers with cutting-edge workflow solutions that optimize their operational efficiency, accelerate decision-making and enhance security. Our goal is to be a leading provider in targeted industry verticals by delivering innovative solutions, fostering trust, and driving technological advancements.

The transformation of Large Video Walls will take place along 3 strategic axes:

1. Focus on profitable products and markets

We will focus on control rooms, where we will move to software solutions and closer interaction with our end-customers via dedicated workflow solutions. To maximize value creation, we will move deeper in the value chain of the industry verticals, with more scalable software, dedicated operator workflows, and recurring revenue models. We focus on three existing vertical strongholds: Energy & Utilities, Public Sector and Transportation, but also on Network Operations Centers (NOCs), Security Operations Centers (SOCs) and Process Control which are growing horizontal opportunities. We will no longer actively pursue workplace and broadcast visualization opportunities. Geographically, we continue to leverage our global presence and will focus on Europe, Americas, the Middle East and South(east) Asia.

2. Rebalanced R&D portfolio

We make a clear choice to rebalance R&D investments towards software and workflow solutions. Among other future growth initiatives, we intend to accelerate the further development of the Barco CTRL platform which was launched in April 2023. On the hardware side, Barco will continue to further optimize the RPC (Rear Projection Cube) and LCD display portfolios. In LED, we offer an up-to-date product portfolio, including the recent TruePix platform and will continue to invest in our image processing capabilities.

3. Future-proof organization

In conjunction with the new strategic direction for Large Video Walls, we plan to align the supporting sales and marketing activities and service model with our focus on software and workflows. Going forward, the business unit Large Video Walls and its transformation will be led by Tom Sys, who was until recently the CDIO of Barco, and brings extensive software development expertise to the role.

ENTERTAINMENT division

Performance metrics 1H23 versus 2H22 and 1H22

in millions of euros	1H23	2H22	1H22	Change vs 1H22
Order intake	256.7	250.2	207.2	+24%
Sales	228.0	239.3	160.0	+43%
EBITDA	27.4	30.2	-2.7	+1115%
EBITDA margin	12.0%	12.6%	-1.7%	+ 13.7 ppts

Sales quarter-over-quarter

in millions of euros	2Q23	1Q23	4Q22	3Q22	2Q22	Change 2Q23 vs 2Q22
Entertainment	123.7	104.3	134.6	104.8	92.8	+33%

Orders and sales evolution quarter-over-quarter

Demand in the Entertainment markets remained very strong, with orders growing 24% versus the same period last year. With a positive book-to-bill for the 5th consecutive semester in a row, the orderbook further strengthened.

In 1H23, sales in the Entertainment division grew 43% year-over-year, fueled by cinema that saw growth in all regions, despite a weak performance in China. Immersive Experience sales grew at a solid double-digit growth rate versus last year, although sales in China declined, as the recovery of demand after the pandemic is taking longer than expected.

The Cinema business unit saw important continued momentum in the upgrade of first-generation digital lamp-based projectors by laser projectors, offering not only superior image quality, but also a lower total cost of ownership. Meanwhile, Barco has installed more than 35,000 laser cinema projectors worldwide. In the cinema market, only approximately 25%-30% of the screens have been converted to laser so far, leaving a lot of potential for the next period, also reflected by the solid orderbook. Important wins during the semester included an agreement for equipping 800 screens at Cineplex Canada and the selection of Cinionic as technology provider for ScreenX. Growth was seen in all regions, despite the challenging Chinese market, where investment levels after the pandemic are restoring slower than expected.

The uptake in Immersive Experience sales was led by the market for live events, in entertainment and in corporate applications such as conferences and business product launches. This included a significant uptake for image processing products. The fixed installations (digital museums, theme parks) and simulation also grew. Regionally, the growth was led by the EMEA region, closely followed by Americas, while APAC sales were just below last year, due to the weak demand in the Chinese market.

Entertainment booked an EBITDA margin of 12.0%, up from a -1.7% negative EBITDA margin last year. The supply chain constraints as seen especially during the first semester of last year, have eased. With lower exceptional brokerage and logistic costs, there is an important uptake in gross margin for both business units. Furthermore, the steep growth of sales allowed for operating leverage and margin expansion. Also the product mix was favorable.

Interim condensed consolidated Income statement

In thousands of euro	1H 2023	1H 2022	1H 2021
Sales	520,898	472,628	366,013
Cost of goods sold	-307,861	-293,724	-231,736
Gross profit	213,037	178,904	134,277
Research and development expenses	-63,708	-55,777	-47,856
Sales and marketing expenses	-73,839	-65,261	-54,181
General and administration expenses	-28,988	-28,719	-23,516
Other operating income (expense) - net	947	-2,370	-487
Adjusted EBIT (a)	47,449	26,778	8,237
Restructuring (b)	-6,600	-	-2,200
EBIT	40,849	26,778	6,037
Interest income	3,308	727	223
Interest expense	-1,109	-977	-807
Income before taxes	43,048	26,528	5,453
Income taxes	-7,749	-4,775	-975
Result after taxes	35,299	21,753	4,478
Share in the result of joint ventures and associates	-642	443	-1,702
Net income	34,657	22,196	2,776
Net income attributable to non-controlling interest	1,401	-161	326
Net income attributable to the equity holder of the parent	33,256	22,357	2,450
Earnings per share (in euro)	0.37	0.25	0.03
Diluted earnings per share (in euro)	0.36	0.25	0.03

(a) Management considers adjusted EBIT to be a relevant performance measure in order to compare results over the period 2021 to 2023, as it excludes adjusting items. Adjusting items include restructuring costs in 2023 and 2021.

(b) We refer to 1.2.1. for more explanation on the restructuring costs

Interim condensed consolidated statement of comprehensive income

In thousands of euro	Note	1H 2023	1H 2022	1H 2021
Net income		34,657	22,196	2,776
Exchange differences on translation of foreign operations:	(a)	-11,885	22,625	11,749
Cash flow hedges:
Net gain/(loss) on cash flow hedges		-2	793	255
Income tax		0	-143	-46
Net gain/(loss) on cash flow hedges, net of tax		-2	650	209
Other comprehensive income/(loss) to be recycled through profit and loss in subsequent periods		-11,887	23,275	11,958
Changes in the fair value of equity investments through other comprehensive income	(b)	15,753	-14,985	8,553
Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods		15,753	-14,985	8,553
Other comprehensive income/(loss) for the period, net of tax effect		3,866	8,290	20,511
Attributable to equity holder of the parent		4,253	6,443	19,666
Attributable to non-controlling interest		-387	1,847	845
Total comprehensive income/(loss) for the year, net of tax		38,523	30,486	23,287
Attributable to equity holder of the parent		37,509	28,800	22,116
Attributable to non-controlling interest		1,014	1,686	1,171

All definitions of Alternative Performance Measures (APMs) can be found in the Glossary on the Barco website.

(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. At the end of June 2023, the negative exchange differences in the comprehensive income line were mainly booked on foreign operations held in Chinese yuan, Hong Kong Dollar, US dollar and Norwegian Krone. At the end of June 2022, the positive exchange differences in the comprehensive income line were mainly booked on foreign operations held in Hong Kong Dollar and US dollars. At the end of June 2021, the positive exchange differences in the comprehensive income line were mainly booked on foreign operations held in Hong Kong Dollar, US Dollar, Chinese yuan, and British Pound.

(b) We refer to note 1.4 for more explanation on changes in the fair value of equity investments through other comprehensive income.

Interim condensed consolidated balance sheet

In thousands of euro		30 Jun 2023	31 Dec 2022
Assets
Goodwill		105,612	105,612
Other intangible assets		16,420	19,251
Land and buildings		67,114	69,677
Other tangible assets		65,622	53,181
Investments and interest in associates	(a)	67,624	64,811
Deferred tax assets		56,184	55,239
Other non-current assets		4,437	5,819
Non-current assets		383,013	373,590
Inventory		270,463	245,714
Trade debtors		205,085	194,643
Other amounts receivable		16,096	14,509
Short term investments		2,621	1,651
Cash and cash equivalents	(b)	243,419	305,915
Prepaid expenses and accrued income		14,727	11,383
Current assets		752,411	773,815
Total assets		1,135,424	1,147,405

In thousands of euro	30 Jun 2023	31 Dec 2022
Equity and liabilities
Equity attributable to equityholders of the parent	759,256	759,189
Non-controlling interests	20,806	19,792
Equity	780,062	778,981
Long-term debts	31,986	32,335
Deferred tax liabilities	4,007	3,229
Other long-term liabilities	50,795	44,524
Long-term provisions	15,270	14,998
Non-current liabilities	102,058	95,086
Current portion of long-term debts	11,078	11,217
Trade payables	115,103	121,920
Advances received from customers	41,300	51,183
Tax payables	9,272	9,639
Employee benefit liabilities	49,883	53,487
Other current liabilities	4,105	5,412
Accrued charges and deferred income	8,587	11,155
Short-term provisions	13,976	9,325
Current liabilities	253,304	273,338
Total equity and liabilities	1,135,424	1,147,405

All definitions of Alternative Performance Measures (APMs) can be found in the Glossary on the Barco website.

(a) We refer to note 1.4 for more explanation on changes in 'Investments and interest in associates'

(b) The decrease in cash versus year-end is mainly attributable to dividend payments and negative free cash flow.

Interim condensed consolidated statement of cash flows

In thousands of euro	1H 2023	1H 2022	1H 2021
Cash flow from operating activities
Adjusted EBIT	47,449	26,778	8,237
Restructuring	-2,541	-407	-4,775
Depreciations of tangible and intangible fixed assets	17,537	19,404	19,236
(Gain)/Loss on tangible fixed assets	63	-1,670	181
Share options recognized as cost	1,115	711	1,533
Share in the profit/(loss) of joint ventures and associates	-642	443	-1,702
Gross operating cash flow	62,981	45,259	22,710
Changes in trade receivables	-13,865	-37,885	4,844
Changes in inventory	-27,538	-51,458	806
Changes in trade payables	-6,077	14,750	17,636
Other changes in net working capital	-16,196	-682	5,714
Change in net working capital	-63,676	-75,275	29,000
Net operating cash flow	-695	-30,016	51,710
Net operating cash flow
Interest received	3,308	727	223
Interest paid	-1,109	-977	-807
Income taxes	-3,610	2,150	-4,047

Cash flow from operating activities -2,106 -28,116 47,080

In thousands of euro	1H 2023	1H 2022	1H 2021
Cash flow from investing activities
Purchases of tangible and intangible fixed assets	-20,984	-7,263	-10,507
Proceeds on disposals of tangible and intangible fixed assets	121	8,087	107
Proceeds from (+), payments for (-) short term investments	-970	2,367	-43,484
Other investing activities (1)	8,467	-34,201	52,388
Dividends from joint ventures and associates	2,161	-	-
Cash flow from investing activities (including acquisitions and divestments)	-11,205	-31,010	-1,496
Cash flow from financing activities
Dividends paid	-39,802	-21,065	-20,560
Capital increase	-606	653	900
Sale/(purchase) of own shares	1,851	2,851	2,447
Payments (-) of long-term liabilities	-5,864	-6,364	-6,609
Proceeds from (+), payments of (-) short-term liabilities	1,262	-2,209	23
Cash flow from financing activities	-43,159	-26,134	-23,799
Net increase/(decrease) in cash and cash equivalents	-56,470	-85,260	21,785
Cash and cash equivalents at beginning of period	305,915	351,571	235,402
Cash and cash equivalents (CTA)	-6,026	15,354	6,211
Cash and cash equivalents at end of period	243,419	281,665	263,398

All definitions of Alternative Performance Measures (APMs) can be found in the Glossary on the Barco website.

(1) Other investing activities in 2023 reflect cash in for the sale of a minority stake below regulatory threshold level. See note 1.4 for more explanation on movement in other investing activities.

Interim condensed 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 equityholders of the parent	Non Controlling Interest	Equity
Balance on 1 January 2021		202,883	535,093	14,100	-64,693	-1,111	-26,962	659,309	37,798	697,107
Net income			2,450					2,450	326	2,776
Dividend	(1)		-33,388					-33,388		-33,388
Capital and share premium	(1)	13,728						13,728		13,728
Other comprehensive income (loss) for the period, net of tax			8,553		10,904	209		19,666	845	20,511
Share-based payment				1,533				1,533		1,533
Exercise of options							2,447	2,447		2,447
Balance on 30 June 2021		216,611	512,708	15,633	-53,789	-902	-24,515	665,745	38,969	704,714
Balance on 1 January 2022		217,387	527,783	18,667	-37,906	-713	-31,435	693,783	41,031	734,814
Net income			22,357					22,357	-161	22,196
Dividend	(1)		-35,695					-35,695		-35,695
Capital and share premium	(1)	15,283						15,283		15,283
Other comprehensive income (loss) for the period, net of tax			-14,985		20,778	650		6,443	1,847	8,290
Share-based payment				711				711		711
Exercise of options							2,851	2,851		2,851
Increase in ownership interest, without change in control	(2)		743					743	-23,534	-22,791
Balance on 30 June 2022		232,670	500,203	19,378	-17,128	-63	-28,584	706,476	19,183	725,659

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 equityholders of the parent	Non Controlling Interest	Equity
Balance on 1 January 2023		233,671	558.777	20,215	-28,350	319	-25,443	759,189	19,792	778,981
Net income			33,256					33,256	1,401	34,657
Dividend			-39,802					-39,802		-39,802
Capital and share premium		-606						-606		-606
Other comprehensive income (loss) for the period, net of tax			15,753		-11,498	-2		4,253	-387	3,866
Share-based payment				1,115				1,115		1,115
Exercise of options							1,851	1,851		1,851
Balance on 30 June 2023		233,065	567,984	21,330	-39,848	317	-23,592	759,256	20,806	780,062

All definitions of Alternative Performance Measures (APMs) can be found in the Glossary on the Barco website.

⁽¹⁾ Barco's General Assembly approved on 28 April 2022 to distribute a gross dividend of 0.4 euro per share. Barco's shareholders were offered the choice between payment in cash or dividend in shares, enabling Barco's shareholders to reinvest in the company. Shareholders opted to contribute 58.61% of their dividend rights for the 2021 financial year for subscription to new ordinary shares. This had led to a capital increase of 14.6 million euro included in the line 'Capital share premium increase' and 21.1 million euro dividends paid. In 2021 shareholders opted to contribute 54.89% of their dividend rights for the 2020 financial year for subscription to new ordinary shares. This had led to a capital increase of 12.8 million euro included in the line 'Capital share premium increase' and 20.6 million euro dividends paid.

⁽²⁾ Per 20 April 2022, Barco agreed to buy the stakes held by Appotronics and CITICPE in Cinionic, increasing Barco's ownership interest in the joint venture from 55% to 80%. Barco paid 22.6 million euro for the stakes. The gain realized on the transaction of 0.7 million euro is recognized in equity as the increase in ownership percentage did not result in a change in control.

REPORT

Notes to the interim condensed consolidated financial statements

As the information provided in the interim financial statements is less comprehensive than that contained in the annual financial statements, these statements should be read in conjunction with the consolidated annual report for 2022.

1. Significant changes in the current reporting period

1.1 Significant IFRS accounting principles

IAS 34 was applied to prepare the half year interim condensed consolidated financial statements as of and for the 6 months period ended 30 June 2023.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

1.2 Critical accounting judgments and key sources of estimation uncertainty

In preparing the Company's interim condensed consolidated financial statements, management makes judgments in applying various accounting policies. The areas of policy judgment are consistent with those followed in the preparation of Barco's annual consolidated financial statements as of and for the year ended 31 December 2022. In addition, management makes assumptions about the future in deriving critical accounting estimates used in preparing the condensed consolidated financial statements. As disclosed, in the Company's 2022 annual consolidated financial statements, such sources of estimation include estimates on the future realization of deferred tax assets, write-off on inventories and potential impairment of goodwill.

1.2.1 Restructuring

The table below shows the restructuring costs recognized in the income statement per 30 June 2023 and 2021:

Total restructuring	-6,600	-	-2,200
Restructuring (cash)	-6,600	-	-2,200
In thousands of euro	1H23	1H22	1H21

In the first half of 2023, restructuring charges amounted to 6.6 million euro, mostly linked to the strategic review of Large Video Walls. We refer to 'Management discussion and analysis of the results' for more explanation.

In the first half of 2021 the company has recorded 2.2 million euro of restructuring costs, as a result of a number of cost down measures across different countries and functions including some specific voluntary leave scheme packages.

1.3 IFRS standards issued but not yet effective

There are no IFRS standards issued but not yet effective which are expected to have an impact on Barco's financials.

1.4 Investments

Investments include entities in which Barco owns less than 20% of the shares. These are accounted for at 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 comprehensive income. Interest in associates represents entities in which Barco owns between 20% and 50% of the shares.

Investments per 30 June 2023 amount to 67.6 million euro compared to 64.8 million euro at year-end 2022. The movement in investments is the result of the sale of a minority stake below regulatory threshold level. The sale resulted in a cash-in of 9.1 million euro, reflected in the line 'other investing activities' in the cash flow statement and 0.7 million euro gain realized through other comprehensive income reserve.

The 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 fair value (level 1). The remeasurement at fair value per 30 June 2023 versus the carrying amount, amounted to 15.8 million euro, including the gain realized on the divested minority stake and is reflected in other comprehensive income.

2. Segment information

Barco is a global technology company developing solutions for three main markets, which is also reflected in its divisional structure: Entertainment, Enterprise and Healthcare.

• Healthcare: The Healthcare division comprises two business units:
• Diagnostic imaging offers an extensive line-up of highprecision medical display systems for disciplines including radiology, mammography, dentistry, pathology and clinical review imaging, plus a full suite of support services.
• Surgical and Modality brings together two activities with great synergy potential, as they target the same endcustomers (often operating rooms) and require the same go-to-market strategy. The offering of this business unit includes the company's 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 comprises two business units:

• Meeting Experience offers collaboration and visualization technologies for a smart workplace or learning environment: ClickShare wireless conference and presentation systems, weConnect Virtual Classroom as well as services.
• Large Video Walls offers a package of solutions to help control room operators make well-informed decisions: video walls, video wall controllers, control room software and a full suite of support services.

• Entertainment: The Entertainment division comprises two business units:

• Cinema offers the industry's most complete range of laser and lamp-based cinema projectors, including image processing and audio solutions. Barco's cinema offering is marketed via Barco CFG (for China) and Cinionic (for rest of the world), which combines the projection technology with consultancy, installation, financing, monitoring and maintenance services.
• The Immersive Experience business unit offers solutions tailored to the specific needs of large venues, live events, themed entertainment (museums, theme parks, digital immersive art installations, projection mapping, etc.) and simulation applications: projection, image processing and related services.

01 KEY FIGURES 02 MANAGEMENT DISCUSSION 03 NOTES 04 AUDITOR'S REPORT 05 GLOSSARY

No operating segments have been aggregated 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 allocation and performance assessment and consequently, the divisions qualify as operating segments. These operating segments do not show similar economic characteristics and do not exhibit similar long-term financial performance, therefore cannot be aggregated into reportable segments. Division 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.

2.1 Results by operating segment

The following table presents revenue, the timing of it and profit information regarding the Group's operating segments for the 6 months ending June 30, 2023, 2022 and 2021, respectively:

Healthcare

In thousands of euro	1H23 1H22		1H21
Sales	147,251	100.0%	163,913	100.0%	132,396	100.0%
Timing of revenue recognition
At a point in time	145,783	99.0%	162,151	98.9%	130,615	98.7%
Over time	1,468	1.0%	1,762	1.1%	1,781	1.3%
EBITDA	14,709	10.0%	21,557	13.2%	15,827	12.0%

We refer to 'Management discussion and analysis of the results' for more explanation.

Enterprise

In thousands of euro	1H23 1H22			1H21
Sales	145,587	100.0%	148,723	100.0%	103,855	100.0%
Timing of revenue recognition
At a point in time	109,140	75.0%	111,483	75.0%	71,170	68.5%
Over time	36,447	25.0%	37,240	25.0%	32,685	31.5%
EBITDA	22,918	15.7%	27,364	18.4%	5,635	5.4%

We refer to 'Management discussion and analysis of the results' for more explanation.

Entertainment

In thousands of euro		1H23 1H22			1H21
Sales	228,046	100.0%	159,992	100.0%	129,764	100.0%
Timing of revenue recognition
At a point in time	209,748	92.0%	143,549	89.7%	114,257	88.0%
Over time	18,298	8.0%	16,443	10.3%	15,507	12.0%
EBITDA	27,359	12.0%	-2,739	-1.7%	6,010	4.6%

We refer to 'Management discussion and analysis of the results' for more explanation.

Reconcilliation of segment information with group information

1H23				1H21
147,251	28.3%	163,913	34.7%	132,396	36.2%
145,587	27.9%	148,723	31.5%	103,855	28.4%
228,046	43.8%	159,992	33.9%	129.764	35.5%
14.0	0.0%	-	0.0%	-2	0.0%
520,898	100.0%	472,628	100.0%	366,013	100.0%
464,685	89.2%	417,184	88.3%	316,040	86.3%
56,213	10.8%	55,444	11.7%	49,973	13.7%
14.709	10,0%	21.557	13,2%	15.827	12,0%
22.918	15,7%	27.364	18,4%	5.635	5,4%
27.359	12,0%	-2.739	-1,7%	6.010	4,6%
64,986	12.5%	46,182	9.8%	27,473	7.5%
				1H22

The overtime revenues relate for about half to project sales, mainly in the Enterprise division (Control Rooms activities) and for about half to recurring service revenues generated on maintenance contracts.

Barco's contract liabilities are shown in the balance sheet in 'Advances received from customers' and in 'Accrued charges and deferred income'.

The activity of Barco is not subject to significant seasonality throughout the year and therefore disclosure per IAS34.21 is not required. Over the last 3 years (2020-2022) average sales in the first semester was good for 48% of the total annual volume.

2.2 Segment assets

2.3 Geographical breakdown of sales

The following table presents segment assets of the Group's operating segments ending June 30, 2023 and December 31, 2022:

Management directs sales of the Group based on the regions to which the goods are shipped or the services are rendered and has three reportable regions Europe, Middle East and Africa (EMEA), Americas (North America and LATAM) and Asia-Pacific (APAC). The pie charts below present the Group's sales over the regions for the 6 month period ended 30 June 2023, 2022 and 2021, respectively:

In thousands of euro	30 Jun 2023	31 Dec 2022
Assets
Segment assets
Healthcare	188,264	193,103
Enterprise	203,106	195,912
Entertainment	329,611	288,556
Total segment assets	720,982	677,572
Liabilities
Segment assets
Healthcare	66,759	74,717
Enterprise	66,196	75,144
Entertainment	140,881	140,825
Total segment liabilities	273,836	290,687

There is no significant (i.e. representing more than 10% of the Group's revenue) concentration of Barco's revenues with one customer.

01 KEY FIGURES 03 NOTES 04 AUDITOR'S REPORT

3. Related party transactions

During the half-year ended 30 June 2023, Barco NV has entered into arrangements with a number of its subsidiaries and affiliated companies in the course of its business. These arrangements relate to service transactions and financing agreements and were conducted at market prices.

The nature and size of the related party transaction are in line with those disclosed in our Integrated annual report 2022.

4. Risk factors

This report should be read together with the section "Risk management and control processes" in the Company's Integrated annual report 2022 (pages CGR/29 to CGR/47), which describes various risks and uncertainties to which the Company is or may become subject. The risks described in the Company's Integrated annual report 2022 are not the only risks facing the Company. Additional risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect its business, financial condition and/or operating results.

5. Litigations and commitments

No important changes occurred during the first 6 months of 2023 relating to the litigations and commitments which have been disclosed in the 2022 consolidated financial statements.

6. Events subsequent to the balance sheet date

No subsequent events occurred which could have a significant impact on the interim condensed financial statements of the group per 30 June 2023.

To the board of directors Barco NV President Kennedypark 35 B-8500 KORTRIJK

STATUTORY AUDITOR'S REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION FOR THE PERIOD ENDED JUNE 30, 2023

Introduction

We have reviewed the accompanying interim condensed consolidated balance sheet of Barco NV and its subsidiaries as of June 30, 2023 and the related interim condensed consolidated income statement, the interim condensed consolidated statement of comprehensive income, the interim condensed consolidated statement of changes in equity and interim condensed consolidated statement of cash flows for the sixmonth period then ended, as well as the explanatory notes (hereafter the "Interim Financial Information"). The board of directors is responsible for the preparation and presentation of the Interim Financial Information in accordance with IAS 34, as adopted by the European Union. Our responsibility is to express a conclusion on this Interim financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A review of Interim Financial Information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the Interim Financial Information is not prepared, in all material respects, in accordance with IAS 34, as adopted by the European Union.

Ghent, July 18, 2023

The statutory auditor PwC Reviseurs d'Entreprises SRL / Bedrijfsrevisoren BV represented by

Lien Winne Registered auditor 01 KEY FIGURES 02 MANAGEMENT DISCUSSION 03 NOTES 04 AUDITOR'S REPORT

05 GLOSSARY

Glossary

We refer to the Glossary on the Barco website for all definitions of Alternative Performance Measures (APMs).

EBITDA

EBITDA is defined as adjusted EBIT plus depreciation, amortization and impairments (if any).

EBITDA reconciliation of the Group for the periods ended June 30 are as follows:

In thousands of euro	1st half 2023	1st half 2022	1st half 2021
Adjusted EBIT	47,449	26,778	8,237
Depreciations and amortizations	17,537	19,404	19,236
EBITDA	64,986	46,182	27,473
EBITDA as % of sales	12.5%	9.8%	7.5%

FIGURES DISCUSSION REPORT
---------------------------------

Half year report 2023

President Kennedypark 35 BE-8500 Kortrijk Tel.: +32 (0)56 23 32 11 VAT BE 0473.191.041 | RPR Gent, Section Kortrijk

Stock exchange

Euronext Brussels

Group management Beneluxpark 21 BE-8500 Kortrijk Tel.: +32 (0)56 23 32 11

Registered office

Financial information

More information is available from the Group's Investor Relations Department:

Willem Fransoo Director Investor Relations Tel.: +32 (0)56 26 23 22 E-mail: willem.fransoo@barco.com

Copyright © 2023 Barco NV

All rights reserved

Realization

Barco Corporate Marketing & Investor Relations Office

Barco

Beneluxpark 21 8500 Kortrijk – Belgium

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