EVS Broadcast Equipment FIRST LOOK– Good results & Confident to see continued base growth in 26
Despite all the geopolitical and macroeconomic challenges, FY25 order intake increased y/y 7.8% to € 225.0m, incl. € 14.8m for Big Event Rental (BER) and FY25 revenues increased 5.1% y/y to € 208.1m (KBCSe € 198m). Excluding the FY24 Big Event Rental, the growth would be 14.2% and excluding FX it would have been 6.9%.We maintain our positive stance (Buy, € 45 Target Price) as the order intake of 2025 strongly contributed to its longer-term order book with some important longer term deliveries scheduled in 2027 and beyond. Next to that, a lot of 4Q25 order intake contributed to its FY25 revenue performance. We welcome this rapid turnaround between order intake and delivery that was possible thanks to the in 2025 implemented pre-production activities allowing for shorter delivery terms.
Even after the strong revenue performance in the last month of FY25, the order book reserved for 2026 at the begin of 2026 is estimated at € 100.6m, -6.0% versus the officially reported number end FY24 of which a one-off of € -10m got moved from 2025 into future periods. So post-normalization to € 97.0m we witness an order book increase y/y taking into account that this begin FY26 order book includes Big Event Rental revenue.
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.
We are a financial services provider for several types of professional clients, each with distinct needs.
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