H1 2023 results - Strong results confirm profitable growth ambition

EVS reports first half 2023 results

The results of 2022 are entirely supporting the growth ambitions of EVS. All the fundamentals for topline performance are strong: EVS realizes a record-high order intake and achieves a historical revenue number, despite the increased delivery terms in 2022. EVS is able to demonstrate a strong net profit result and as a consequence, realizes a solid Earnings Per Share.

First half financial performance Highlights

• Strong order intake of EUR 84.0 million
• Revenue in the first six months of the year, amounts to EUR 87.4 million, growing +29% YoY, in a context where no Big Event Rental revenue is realised as we are operating in an uneven year.
• Gross margin performance is strong demonstrating a growth of 2.4Pts compared to the same period last year, a consequence of our margin optimization plan for each solution.
• Net profit amounts to EUR 21.2 million, leading to a diluted earnings per share of EUR 1.52 (an improvement of EUR 0.37 compared to 1H22 results).

Outlook

• The secured revenue for 2023 is at EUR 158.7 million at the end of June, confirming our growth ambition for the year 2023.
• Based on the secured revenue at end of June 2023, the revenue guidance for the full year is upgraded from EUR 150- 160 million to EUR 160-170 million. This upgrade assumes a normal final production cycle of the year, without any impact of shortage in components nor any important changes linked to the pricing of components.
• The long-term order book - beyond 2023 - is growing to EUR 61.7 million, an increase of EUR 5.8 million compared to the beginning of the year 2023.
• The gross margin percentage is expected to be marginally negatively impacted in 2H23 compared to the results of 1H23, as a consequence of the projected cost of BOM.
• As a consequence of the upgrade in revenue guidance and the strong profit performance, the full year EBIT guidance is being upgraded from an initial range of EUR 27.5-32.5 million to a new range of EUR 32.5-38.5 million, clearly demonstrating our sustainable and profitable growth ambition.