B&C Speakers (BEC) investor relations material

Executive summary

• 9M revenue fell 12.1% YoY to €66.4m; EBITDA was €12.4m at an 18.7% margin, and net profit was €7.9m.

• Operating cash flow reached €10.9m; net cash was €0.9m and backlog rose to €16.8m from €14.7m at June-end.

• September sales improved from the summer slowdown and backlog increased for the first time this year, though short-term visibility remained limited.

Financial highlights

• Revenue was €66.4m versus €75.6m YoY; gross profit was €24.6m versus €28.6m, with gross margin at 37.0% versus 37.8%.

• EBITDA fell 24.8% to €12.4m; EBIT declined 27.8% to €10.3m, and EBT was €10.6m versus €12.8m.

• Net profit decreased 15.5% to €7.9m; financial costs fell to €0.8m from €2.6m, partly reflecting a lower FX impact.

• Operating cash flow was €10.9m, up 7.2% YoY; free cash flow was nearly €11m, up ~16% YoY.

Outlook and guidance

• Q4 sales were expected to be in line with Q2 based on October sales and year-end backlog, absent further negative developments.

• Early demand signals for 2027 were more encouraging than those seen mid-2026, but do not establish the timing or scale of market normalization; visibility remains limited.

• Initial 2027 orders, substantial forecasts and customer optimism supported management’s positive outlook; dB Technologies forecast growth next year.

• China-made Eminence Pro sales in China were estimated at 2%-2.5% for 2027; international distribution could add at least one percentage point, with limited visibility.

• Priorities include industrial flexibility, cost control, financial efficiency and cash generation alongside strategic investment and new product launches.