IR-PACK 2Q22

PRELIMINARY NOTES

Safe harbor statement

This deliverable may contain forward-looking statements. Such statements reflect the current
views of management regarding future events, and involve known and unknown risks,
uncertainties and other factors that may cause actual results to be materially different from
any future results, performance or achievements expressed or implied by such forward-looking
statements. Barco is providing the information as of this date and does not undertake any
obligation to update any forward-looking statements contained in this deliverable in light of
new information, future events or otherwise.
Barco disclaims any liability for statements made or published by third parties and does not
undertake any obligation to correct inaccurate data, information, conclusions or opinions
published by third parties in relation to this or any other deliverable issued by Barco.

Glossary
All definitions for Alternative Performance Measures (APM’s) are available in the Glossary of the
Annual Report and on the investor portal (www.barco.com/en/about-barco/investors)

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 A TRUSTED PARTNER

+80 180
EBITDA

years of growth 160

153,0
140

120

70% 100

80
of Fortune 500 companies

58,5
53,6
60

40

20

2019

2020

2021
3.100 0
14.10% 7.00% 7.30%

employees at the heart % of sales

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 PRESENT AROUND THE WORLD

30+ countries geographical

sales breakdown

37% The Americas

38% EMEA

25% Asia-Pacific

Sites R&D and/or manufacturing facilities

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 BARCO’S VISION

We envision

a “One Barco” company

defined around our “Image processing”

capability

and leading to commanding market shares in

healthy markets

with solutions that help make a visible

impact.

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 ENABLING OUTCOMES
PROVIDING EXPERT KNOWLEDGE & SUPPORT

A visible impact or enabling outcomes for its customers by expanding

the solution portfolio with a combination of HW, SW and services
(with connectivity as a key enabler)

hardware software services

Displays, video walls, Wireless video conferencing, Onboarding, training, project

projectors, image processing... hybrid training, medical management, maintenance &
imaging platforms... upgrades, proactive analytics, fleet
optimization...

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 IN HEALTHY MARKETS WITH A CLEAR PURPOSE

Entertainment Enterprise Healthcare

sales
per division

39% entertainment

29% enterprise

33% healthcare

“Compelling experiences” “Stay in control” “Diagnose better & save lives”

8 “Better meetings, better business”
 IN HEALTHY MARKETS WITH A CLEAR PURPOSE|
GOLD STANDARD REFERENCE … WITH LEADING INSTALL BASE

Entertainment Enterprise Healthcare

“Compelling experiences” “Stay in control” “Diagnose better & save lives”

“Better meetings, better business”

 Leading with laser and  ClickShare, first  Global leader for 20

4K-technology in and leading wireless years in Diagnostic
cinema, events and collaboration solution Imaging solutions (700k+
themed entertainment (900k+) diagnostic displays)
(100k+ cinema projectors)
 20 years history in  Innovator and leader
 Cutting edge image control rooms with 15k+ enabling the digital
processing and RPC videowall footprint integrated OR (4k+)
rendering solutions
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 CUSTOMER REFERENCES

15
 INNOVATION

Barco’s historical competitive

advantage & strongest
competitive differentiator

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 WHERE SUSTAINABILITY PLAYS AN ESSENTIAL ROLE
guided by the UN Sustainable Development Goals

We believe changing the world goes

hand in hand with helping our people
and the communities around us thrive,
while safeguarding our planet.

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 RESULTING IN SUSTAINABLE CREDITS

Low risk

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 PLANET | SHARPENING OUR AMBITIONS

We lower our
environmental
footprint and
2020
2023 -35%
-20% 70%
25% that of our
customers
Target

Primary Reduce carbon Barco’s carbon

footprint of own 70% of revenues* reduction target
targets operations by from products with formally approved by
35% Barco ECO label** Science Based
(baseline 2015) Targets initiative

(to limit global

Supporting • Reduce energy use 75% of products* temperature rise to
of own operations launched has
targets by 15% (baseline Barco ECO label**
1.5°C above
preindustrial levels)
2015)
• Zero Waste to landfill
• 80% recycling rate in
own operations *hardware products
21 **products with A ecoscore or higher
 SUPPORTED BY OUR COHESIVE CULTURE

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 REPRESENTED BY A DIVERSE & INTERNATIONAL TEAM

representation representation representation by gender

by region by age

27%
employees

16%
senior management
representation 9% < 30year

by nationality
63% 30y-50y

50%
28% > 50y
board directors
44 nationalities
employed in our
company
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 RETROSPECT 2021

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 RESULTS 2021 | EXECUTIVE SUMMARY

Strong order intake confirming recovering markets

Order growth in all business units and regions, resulting in record high orderbook
Sales lagging due to supply constraints and lockdowns
Sales marking single-digit growth, recovering growth in Entertainment and Enterprise

Components & transport scarcity weigh on profitability

Gross profit margins down 1.1ppt, due to transport & components costs
EBITDA @ € 59m or 7.3%, net income positive at € 9m

Strong cash flow generation € 73m; working capital <6% of sales

Net cash position of € 310m ; Dividend +5%

Outlook 1H22 reflect solid topline on the back of strong orderbook

Expect 1H22 sales to increase up to 20% y-o-y with EBITDA margin > FY21
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 FINANCIAL HIGHLIGHTS | GROUP RESULTS 2021

 Strong order intake, recovering demand across the globe

o Orderbook all-time-high @ € 487m,  € 205m or 73% yoy

 Sales growth @ mid-single digit level

o Orders-to-sales conversion still slow
o  Entertainment and Enterprise, flat in Healthcare

 Profitability margin slightly up to 7.3%

o Price increases not yet offsetting increasing logistics and
components costs throughout 2H
o Indirect spend kept stable vs last year, including selective
investments in commercial and R&D

 Free cash flow and net income positive step up

o Improved profitability & working capital back at ~6% of sales

Business recovery translates into solid order intake and all-time-high orderbook
27 Profitability impacted by supply chain restrictions
 DYNAMIC THROUGH THE YEAR | QUARTERLY RESULTS
Encouraging quarterly results
Orders Sales

4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21

Group performance 4Q21

 Orders  50% vs 4Q20; ~ vs 4Q19
 Sales  30% vs 4Q20; -20% vs 4Q19
 Orders close to prepandemic levels; sales still short but clear recovery trend in all segments
 Building orderbook in all quarters of 2021
 Solid rebound in Entertainment & Enterprise in 4Q21 fueled by good demand but conversion still
28 hampered ; Healthcare with a steadier 4Q sales growth, also hindered by component scarcity
 NON-FINANCIAL PERFORMANCE METRICS

PLANET
 Solid increase of ECO-labelled revenues fueled by
FY19 FY20 FY21 Change more and more ECO-labelled product releases
% Revenues from ECO  Footprint reduction temporarily stalled (-33%
- 26% 31% +5 ppts
labelled products reduction vs baseline 2015) due to mix:
CO2 emissions reduction
-20% -34% -33% -1 ppts o  logistics emissions (supply chain constraints)
vs 2015
o  mobility (travel & fuel emissions reflecting
lockdowns & travel restrictions)

PEOPLE
 Employee net promotor starts with 38.5 score,
FY21 breeding into the “great” category
Employee NPS (eNPS) 38.5

COMMUNITIES

FY20 FY21 Change  Customer NPS at par with last year & solidifying
Customer NPS 47 47 0 outcome (responses ) and actionable

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 LOOKING BACK & FORWARD

HEALTHCARE ENTERPRISE ENTERTAINMENT

2017 2018 2019 2020 2021 2022 2023 2017 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023

 Hospital budget allocations back to
normal
 Mammo radiology back to normal
 Upscaling elective surgery & OR
digitization to expand
 Back to office to gradually kick  Cinema to further expand with
in for real ; hybrid new builds (MEA, China, Latam)
collaboration as norm
 Renewal wave (EMEA, US) to only
 Continued investments in large gradually kick in as of 2H22
videowall
 Events to reignite as of mid ‘22
 Remote learning investments
to accelerate

Healthcare on a steady growth track year-over-year ;

34 Enterprise & Entertainment eyeing accelerated recovery in 2022-2023
 STRATEGIC OBJECTIVES 2022
The covid pandemic revealed weaknesses
Strategy execution
and brings clear opportunities
 Organization redesign reflecting benefits in
customer responsiveness and team benefits

 Leverage new organization focus; sustain

operational & commercial efficiency

 Capture growth in recovering markets & expand

market share

 Accelerate China capabilities in Healthcare and

Entertainment: Suzhou & Wuxi

 Further rebalance R&D investment portfolio and

strengthen next generation growth foundation

 Expand manufacturing footprint and increase

differentiation potential

 Integrate sustainability
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 OUTLOOK 1H 2022

The following statements are forward looking, and actual results may differ materially

 For the first half of 2022, and assuming no further deterioration of the supply chain
constraints, management expects sales to increase approximately 20% compared to
1H21. EBITDA margin for the first half is expected to be higher than the full year 2021
EBITDA margin, reflecting gradually improving gross profit margin and operating
leverage on higher sales.

 The company is not providing a full year outlook for 2022 as visibility for the year is
currently limited and business conditions may change substantially over the year.

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 OPTIONAL DIVIDEND

“The Board of Directors will propose to the General Assembly to increase the dividend from
0.378 euro a year ago to 0.40 euro per share to be paid out in 2022, a 5% increase.
In line with last year, Barco’s shareholders will be offered the choice between payment in
cash or dividend in shares, enabling Barco’s shareholders to reinvest in the company.”

 Modalities
◦ Issue price per new share: €19.60
◦ Contribution ratio: 70 dividend rights for the financial year 2021 (the "Dividend right")
amounting to the net dividend of € 0.28
 Agenda
 Ex-date 9/05/2022
 Record date: 10/05/2022
 Option period: 11/05 - 3/06
 Payment date: 9/06/2022

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 REDESIGN TO A PERFORMANT MATRIX ORGANIZATION
TOWARDS A CUSTOMER-DRIVEN ORGANIZATION

Simplified…
 A more agile and focused organization with clear end-
to-end accountability
 Regrouping sales, marketing, product management,
R&D in business units
 Shorter reporting lines, faster decision making
 Enhanced market and customer responsiveness

… and enabling a collaboration culture

 Global functions as an enabler
 No silos
 Encourage and incentivize e.g., cross BU sales and
R&D collaboration
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 RESULTS 1Q22 | EXECUTIVE SUMMARY

Order intake remains strong and pushes order book

to record level of € 530m

20% sales growth reflecting deliveries on orderbook

and despite supply chain constraints (with a € 25m impact)

Confirming 1H22 outlook

Sales expected to increase approximately 20% compared to 1H21
EBITDA margin expected to be higher than full year 2021 EBITDA margin

20% sales growth and further orderbook expansion

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 1Q22 | ORDERS & SALES
Strong order book build up, conversion to sales still impacted by lockdowns

 € 247m orders,  8% yoy

 Order book @ € 530m,  € 44m vs year-end ’20,  € 179m yoy

 € 206m sales,  20% yoy

ENTERTAINMENT

m€ 1Q22 1Q21 Change

 Strongest order growth for Immersive Experience
Orders 95.0 83.3 +14%
 Sales growth in both segments despite sizeable component
Sales 67.1 55.7 +21%
shortage impact
ENTERPRISE
m€ 1Q22 1Q21 Change  Acceleration in Meeting Experience order growth, with back-to-
Orders 65.6 51.8 +27% office in EMEA & NA; double digit sales growth
Sales 61.4 52.5 +17%  Large Videowalls down on orders but double digit sales growth

HEALTHCARE
m€ 1Q22 1Q21 Change
 Sales strong fueled by mainly the Surgical and Modality segment
Orders 86.4 93.9 -8%
 While yoy orders down vs peak in 1Q21, orderbook up
Sales 77.7 63.5 +22%
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 DIVISIONAL UPDATE

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Entertainment
division
 (in millions of euro) 2021 Δ 2020
ENTERTAINMENT Orders 386.6 43.9%
Markets unlock but with limitations, back-to-normal investments Sales 309.7 6.3%

only as of 2H22 EBITDA 21.5 21.2

% Sales Change (ppts) 6.9% 6.8

Orders Sales
 4Q21 orders and sales passing pre-covid 1Q20 levels; building
orderbook, on strength of continued uptakes in both segments

 EBITDA (margin) up from breakeven in FY20 with improved

gross profit margins and lower indirect spend

 Managing emerging components risks to accelerate orders to

sales conversion in 2022
4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21

Cinema Immersive Exp. (V&H)

 Cinema industry rebounds for real in 2H21 with re-  Events: still slow with prolonged lockdown measures ww
openings and strong movie slate
 ProAV: strong and global resumption of activity in digital
 China expansion continues and remains strong immersive art and fixed installs; China back to normal;
commercial focus and value prop yields results
 Varied growth rates in rest of the world in 2021
◦ New build deployment in selected regions
 Simulation expanding value prop and building orderbook
◦ Major replacement programs pushed out with reference customers but slow conversion to sales
◦ Retrofit programs start to kick in; premium experience gains
traction (IMAX, CGS)
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 INTRODUCTION, QUICK FACTS AND RETROSPECTIVE

CINEMA IMMERSIVE EXPERIENCE

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 KEY FIGURES

46
Enterprise
division
 2021 Δ 2020
ENTERPRISE
(in millions of euro)

Orders 262.4 21.9%

Lockdowns delay back-to-office and project execution Sales 233.1 7.5%

EBITDA 14.6 (3.6)

% Sales Change (ppts) 6.3% -2.1

Orders Sales
 Gradual resumption of order growth with a strong 2nd half order
intake in both business segments

 EBITDA margin down (-2.1ppts), lower gross profit margins

 Slow but steady expansion of weConnect Virtual Classroom

install base (business schools & corporates)

4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21

Meeting Exp. (Corporate) Large Videowalls (Control Rooms)

 Growing adoption for wireless conferencing & growth
correlates with back-to-office dynamics
 ClickShare recovery is led by strong growth in EMEA, slower
growth in the Americas (US) and Asia lagging (lockdowns)
 ClickShare now in nearly 1 million meeting rooms
 ClickShare conference @ 45% of ClickShare sales (4Q21 -
volume)
 Overall markets resilient, delays in corporate projects due to site
access and component shortage but with healthy rebound in 4Q21
 Significant pick-up in Americas, reflecting share gain; reboot
needed in China
 Expanded value proposition (triple play and software) shows
value-add & strengthens competitive position; service propositions
driving growth
 Profitability still lagging

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 INTRODUCTION, QUICK FACTS AND RETROSPECTIVE

Meeting Experience Large Videowalls

56
 KEY FIGURES

57
Healthcare
division
 (in millions of euro) 2021 Δ 2020
HEALTHCARE Orders 329.8 25.8%
Rebound in hospital investment plans; conversion to sales Sales 261.5 -0.1%
hampered by components scarcity EBITDA 22.4 (12.6)
% Sales Change (ppts) 8.6% -4.8

Orders Sales

 Markets opening up and growing with normalization of hospital

budget allocation + catch-up of postponed projects, translating in
strong orderbook growth
 China healthcare market further expanding in both diagnostic &
surgical and finishing new Suzhou factory
 EBITDA margin down mainly on higher component/freight costs
4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21

Diagnostic Surgical & Modality

 Orders strong (+20%) on intensified long-term demand for
Diagnostics solutions (led by NA)
 Sales slightly down deployments impacted by prolonged
effects of the pandemic
 Renewing and expanding portfolio including new
pathology display, collaboration enabled displays and remote
fleet optimization solutions
 Digital & integrated operating rooms market expanding
 Surgical broadening the partner base and growing business with
strategic partners, resulting in very solid order intake
 Modest sales growth as hospitals are still somewhat hampered to
move towards normalized operations and investments
 Expanding share of wallet with launch of NexxisLive platform

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 INTRODUCTION, QUICK FACTS AND RETROSPECTIVE

Diagnostic Imaging Surgical & Modality

68
 KEY FIGURES

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 CONCLUSION

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 CONCLUSION

A more resilient and Capture market growth: Monetize ‘Value

healthy platform and Innovation, Commercial stack’ around
portfolio … continuing to Excellence and ICFC installed base
build capabilities

Growth outlook EBITDA% outlook We care

While covid-19 triggers moving towards & lower our environmental
short term impact, Barco 14-17% on the mid-term footprint and the one of our
remains a mid+ single customers
74
digit player
 The future is exciting.

THANK YOU

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 THANK YOU

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Discover more?
www.barco.com
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| linkedin.com/company/Barco

| twitter.com/Barco

| facebook.com/Barco

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