B&C Speakers (BEC) Investor presentation summary

Investment highlights

• Over 70 years of engineering expertise in professional electroacoustic transducers, with a global presence in more than 80 countries and a diversified multi-brand portfolio serving various market segments.

• Vertically integrated business model spans R&D, manufacturing, and global distribution, enabling strict quality control and rapid response to OEM customer needs.

• Strong and consistent financial performance, with FY2025 revenues of €99M, EBITDA of €19M (19.3% margin), and net profit of €10M (10.2% margin).

• Robust cash generation and disciplined shareholder returns, including a proposed €0.70 per share dividend for FY2024, representing an 86% payout ratio.

Business model and operations

• Dual commercial strategy: 71% of revenues from custom-designed OEM products and 29% from catalogue products distributed globally.

• Four production facilities and two commercial subsidiaries support a skilled workforce of 358 employees, with 10% dedicated to R&D.

• Multi-brand portfolio includes B&C Speakers, Eighteen Sound, Ciare, Eminence, and Architettura Sonora, each targeting distinct audio market segments.

• Product range covers low-frequency drivers (58% of revenues), high-frequency drivers (27%), and coaxial components (13%).

Market and strategic priorities

• Addressable market of €4.1B with a 5.2% CAGR (2022-2029), driven by live entertainment, installed audio, portable systems, and emerging markets.

• Strategic focus on touring & rental leadership, instrument amplifier expansion, portable audio growth, and US car audio aftermarket penetration.