EVS Broadcast Equipment (EVS) H1 2024 earnings summary

Executive summary

• Achieved record H1 2024 revenue of €98.1 million, up 12.2% year-over-year, with strong contributions from EMEA, North America, Big Event Rental, and Live Audience Business segments.

• Upgraded full-year 2024 revenue guidance to €190–200 million and EBIT guidance to €40–46 million, reflecting confidence in continued performance and supported by a robust order pipeline and recent M&A activity.

• Strategic acquisitions: full acquisition of MOG Technologies (Portugal) and minority investment in TinkerList (Belgium) to enhance digital, cloud, and automation capabilities.

• Strengthened commercial organization, especially in North America, and leadership team changes to support global growth and innovation.

• Continued innovation in AI-driven solutions, successful delivery for major global events, and operational costs rising due to team expansion and technology investments, but remain well controlled.

Financial highlights

• H1 2024 revenue reached €98.1 million (+12.2% year-over-year), with base business (excluding big event rentals) growing 7.2%.

• Order intake at €87 million (+7.1%), order book at €141.7 million (+6.6% to +6.8%), and secured revenue at €172.2 million.

• Gross margin improved to 71.9% (up 1.2 points year-over-year, restated for accounting changes).

• EBIT at €23.9 million (24.3% margin), down from 28.5% in 1H23 due to higher OpEx from hiring and depreciation.

• EPS increased 1.3% to €1.54; net profit at €21.8 million (+2.8% YoY); net cash position at €51.5 million (+€15.6 million), with improved receivables aging.

Outlook and guidance

• Upgraded 2024 revenue guidance to €190–200 million (from €180–195 million) and EBIT guidance to €40–46 million (from €30–45 million).

• Long-term order book at €67.6 million, supporting growth into 2025.

• OpEx growth expected to decelerate in H2; 2025 anticipated as a year of OpEx stabilization.

• Dividend policy maintained, targeting €1.10 per share for 2024, subject to shareholder approval.

• MOG Technologies acquisition expected to contribute €0.9 million to Q4 2024 revenue, neutral at EBIT level.