EVS Broadcast Equipment Pointing toward the lower end of the range after timing headwinds

Without giving exact numbers, EVS indicated they delivered y/y growth in 3Q25 revenue, offsetting the impact of major events in 3Q24 and signalling recovery from the delays seen in 1H25. Strong order intake for 4Q25 supports confidence in full-year growth, allowing EVS to reaffirm its revenue guidance of € 195m–€ 210m. That said, company-specific factors for 2025 point toward the lower end of the range as some 2025 orders may slip into 2026, reflecting longer lead times between order intake and revenue recognition. Additionally, the integration of the new T-Motion solution in 4Q25 is expected to add € 3.0m–€ 4.0m in revenue (KBCSe FY25E: € 198m). Margins remain robust and operating costs are well controlled. In line with revenue guidance, EVS reconfirms its EBIT range of € 35.0m–€ 43.0m (KBCSe: € 37.3m with T-Motion's EBIT contribution minimal (<€ 0.5m)). The lower end of the range is currently EVS' base case, though upside remains possible if additional 4Q25 orders are secured. We maintain our Buy and € 45 Target Price.