B&C Speakers (BEC) Investor presentation summary

Company overview

• Global leader in professional electro-acoustic transducers with over 70 years of experience and operations in 80+ countries.

• Manufactures under four brands: B & C Speakers, Eighteen Sound, Ciare, and Eminence, with production in Italy, USA, and China.

• Employs 344 people, with 10% in R&D, and maintains strong OEM partnerships.

• Listed on the Milan Stock Exchange since 2007 and Euronext Milan - STAR Segment since 2013.

• FY 2023 revenues reached €94.0M, with a 41% CAGR from 2021-2023 and an adjusted EBITDA margin of 24.3%.

Products and business model

• Designs, produces, and distributes professional loudspeaker components, focusing on woofers, high-frequency drivers, and coaxials.

• Product revenue split: 58% low-frequency drivers, 27% high-frequency drivers, 13% coaxial components.

• Offers both catalogue and custom products, leveraging proprietary R&D and a global distribution network.

• Architettura Sonora division specializes in high-performance, designer audio solutions for indoor and outdoor use.

• Holds five patents and dedicates 40% of indirect personnel costs to R&D.

Reference market

• Addressable market in 2024 estimated at €4,075M, expected to grow to €4,549M by 2026 (CAGR 4.37%).

• Key segments: car audio, touring & rental, cinema, commercial audio, portable sound, and instrument amplifiers.

• Growth driven by demand for high-quality, lighter, and high-performance audio systems, especially in emerging markets.