Report
Barco FIRST LOOK: Solid 1Q25 with y/y growth in each of its divisions
Barco had a solid 1Q25 with y/y growth in each of its divisions.On the outlook, Barco indicated that the US tariffs are causing disruptions in global markets and supply chains, leading to reduced visibility and increased uncertainty. Barco has indicated that it is actively taking steps to protect its margins and market shares. However, Barco also highlighted that the impact on customer demand and investment decisions remains unpredictable. 1Q25 results were in line with Barco's own expectations and beating our and CSS forecasts. Given the evolving circumstances, Barco stated that it was premature to update its guidance at the time of the 1Q25 release. We appreciate that Barco is taking precautionary measures to mitigate the impact of the US trade tariffs policy.
We welcome Barco is safeguarding its competitive position by leveraging its global manufacturing and logistics footprint, as well as the experience gained during the post-Covid supply chain disruptions. Barco stressed that although the impact on customer demand and investment decisions remains uncertain, Barco is committed to navigating these new circumstances.
We maintain our Accumulate rating and €13.4 TP, as Barco's fundamentals remain strong. The company's strategy to further strengthen its global market position through innovation, new product launches, and investments in software development remains unchanged.
Underlying
Barco NV
Provider
KBC Securities
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Guy Sips
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