Barco CMD titled “Eye on Tomorrow”

During today's CMD titled “Eye on Tomorrow” Barco will share its financial outlook, reconfirming its guidance for FY25, expecting a topline and EBITDA margin for FY25, above the level of FY24. Looking ahead to FY28, Barco targets to grow towards €1.1bn in sales (KBCSe € 1.11bn), 15% recurring revenues, and a 15% EBITDA margin (KBCSe 14.4%), supported by new product introductions, software-driven growth, and operational efficiency. Recall we are at respectively 14.0%, 15.8%, 14.0% FY28E EBITDA-margin for HealthCare, Enterprise and Entertainment.


Starting from a strong cash position, and an expected free cash flow of €200-250m in the next 3 years, Barco continues to evaluate opportunities for inorganic growth, while prioritizing shareholder returns and strategic flexibility.
Barco indicated that the day will feature deep dives into its core markets — Entertainment, Enterprise, and Healthcare. Highlights for Entertainment include premiumization in Cinema with HDR by Barco and mid-segment expansion. Enterprise will feature the new ClickShare Hub in-room system and operator-centric AVoIP control rooms. Healthcare will showcase digital pathology and AI-powered operating room solutions.


We maintain our Hold rating and € 14 Target Price.