EVS Broadcast Equipment 1H25 below expectations, guidance maintained and nice acquisition
Although 1H25 revenues (€91.8m) and EBIT (€14.8m) came in below our (€96.6m, €18.7m) and CSS (€100.2m, €20.0m) expectations, EVS remains cautiously optimistic for FY25 and reaffirms its previously announced guidance as the foundations laid in 1H25 will support a strong 2H25.We also welcome EVS' significant strategic acquisition of US based Telemetrics, specialised in robotic camera systems for live news and live content production. This acquisition not only broadens EVS product portfolio but also provides them with valuable production capacity in the US, supporting EVS' ambition to accelerate growth in N-America.
We maintain our positive stance (Buy, €45 TP) as based on the end 1H25 secured revenues (€169.1m (-1.8% y/y) and the short-term pipeline and production capacity within the year, EVS maintains its revenue guidance for FY25 (€195.0-210.0m) while also its FY25 EBIT guidance is maintained at €35.0-43.0m. The USD weakness could potentially affect EVS FY25 revenues by €2.5-3.0m. Both revenue and EBIT guidance are excluding any contribution from its new acquisition Telemetrics that will contribute already $2.5-3.0m revenues in 4Q25 with 11% EBITDA margin.
EVS Broadcasting Equipment is engaged in the development and marketing of audiovisual equipment relating to the processing of pictures and sound. Co. provides solutions based on tapeless workflows with a consistent modular architecture. Co.'s activities are divided into the following regions: Asia-Pacific, Europe, Middle East and Africa, and America.
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