EVS Broadcast Equipment Stock

So, good morning to all of you. Good morning, good afternoon, wherever you are. Welcome to this presentation, where we will give you, indeed, an update on our first half year results 2026. With me, I have Benoît Quirynen, who is in charge of Strategy and Acquisitions at EVS that you know well. And I also have Christophe Piron, our CFO ad-interim, who is joining me, indeed, today to give an update on those half year results. So before we start, just a technical detail about Q&A at the end. So the proposal here is that you raise your hand, and we will give you the microphone at the end of the presentation so that you can raise, indeed, your questions that we indeed then afterwards can answer those questions. So that's for the practical details.

When we go to the first slide here, which is the typical disclaimer, I'll give the word to Christophe.

Yes. Good morning, everyone. As usual, this presentation contains forward-looking statements. And obviously, the statements are made based on macroeconomic conditions, business conditions, financial conditions, which may change. And therefore, it contains certain risks and uncertainties. And we would like to underline that EVS has no obligation to publicly release any revision of these forward-looking statements, but there is nothing there. It has always been like this.

Thank you, Christophe. So let's move on, indeed, to our agenda of the day. So of course, we'll start with a short business update. We'll go through a financial update. We'll talk about the execution of our strategy. We'll talk about outlook and guidance, and I'll do the conclusions with some key takeaways before we go, indeed, to questions and answers. So let me start with the highlights of 2026 H1. Overall, I'm quite satisfied of where we are after an H1 that has not been easy when we look to the geopolitical situation.

But let me start here with some of the headlines. So we see, indeed, a strong H1 that shows the financial resilience at the global level, and that is, indeed, supported by a strict execution of our strategy and which definitely allows us to prepare for the future when we talk also about gross profit growth for the future. And in essence, indeed, you'll see today that we are confirming our guidance, both when it comes to revenue and EBIT guidance that we gave before and that we also are confirming our dividend. But let me focus here on some of those details that allow us to say that.

So starting with that financial record or, I should say, financial topic where, indeed, a record commercial pipeline has been generated. So that is always a very good thing to see. That is, indeed, a very important indicator as it indicates where we are heading with our business. Seeing, indeed, our commercial pipeline further growing with 20% year-on-year gives us a very good confidence for the rest of the year, but also for the years to come.

When we look to the revenues of H1, we see a new record at EUR 107.2 million, and that despite the adverse geopolitical and exchange rate conditions. We see that the situation in the Middle East still did not improve since our update after Q1, and that has had an important impact on our business in the region. We're happy to see that other regions have been able to compensate for that, but still, it's something that we look closely at and that we follow closely.

A good thing to see is that we see that the recurring revenues and repeat clients keep increasing, and I'll let Christophe later on further explain a bit more in detail with numbers what that means, but that is definitely also something that we're quite happy to see and that is underlying the resilience of our business.

We see, of course, a strong contribution beginning of the year of those major sport events that happened in Italy and in North America. And next to that, we're very happy to see that VIA MAP has been used extensively for those events and also by other customers. And I know that Benoît will further comment on that in one of his slides. We see that our gross profit is growing with 10%, thanks, of course, to a strong volume growth and that despite margin pressure resulting from unfavorable exchange rates and also coming from a few limited number of large trade-in deals with lower margins.

And that concludes the EBIT number to about EUR 15.6 million, which is a 5.6% increase compared to H1 last year. But when we look, indeed, to net profit, we see that it is growing with 24% up to EUR 16.5 million. When we look at our execution of our strategy, we definitely see a reinforced position in our core activities being LiveCeption, MediaCeption, and Media Infrastructure. And that is, of course, linked to those big events that were quite successful and also with a successful trade show of NAB in Vegas in April.

We also see new clients further growing. So that is also an important element that gives us confidence for the future. Next to that, we continue to work hard to further integrate AI capabilities, mainly LiveCeption and MediaCeption, but we also -- we're also making sure that AI is becoming a daily tool in all our activities that we have at EVS, including also, of course, our R&D activities. And last but not least, when we talk about strategy, and the integration of T-Motion is evolving as planned.

And all of that helps us, indeed, to say that we are preparing for the future and that we want to make sure that we can keep on delivering on that sustainable growth ambition that we have. All in all, that is also being recognized externally. And on the next slide, which I will show later on, we see what that means on the ESG indicators.

We have clear actions in place to address adjacent markets. We will talk a bit about our rebranding, but also the creation of LVS, Live Vision Systems, to address the defense market. And last but not least, as an important message here is that we want to make sure that we implement the cost containment plan to make sure that we are fully ready for 2027 and with an idea to get back to a cost level similar to 2025, excluding the acquisition, of course, of T-Motion.

So the conclusion here is, indeed, as I said before, we are confirming the guidance when we talk about revenue, which is about EUR 220 million to EUR 240 million and that EBIT guidance, which is EUR 40 million to EUR 50 million as well, of course, as a confirmation of dividend. So those are a few of the major highlights for H1. When we go to the next slide, we'll see, indeed, how the external market is looking at EVS when we talk about ESG. And there, we're very happy to say that we've been receiving, again, the Top Employer certification for 2026.

That puts us really clearly in the top of the companies in Belgium, but also worldwide, getting such a certification. We're happy to say that we upgraded our EcoVadis rating from silver to gold. So now we're in the top 5% of companies that are rated by EcoVadis. And we continue to see a very good scoring from Sustainalytics, where we have a low risk score of 19.5. So those elements definitely show, indeed, that we keep on focusing heavily on our ESG strategy and that this is also being recognized by external parties. Going to the next slide, continuing on the agenda. The next topic will be the financial update, and I will ask Christophe to take the floor here.

Thank you, Serge. In terms of key figures, we see revenues, indeed, growing to EUR 107 million, roughly 70% (sic) [ 17% ] higher than last year, supported by -- that's, obviously, we will go into the detail. And EBITDA grows less due to impact on margins and OpEx, and we'll talk about that later on. But thanks to strong financial results, we managed to grow the net profit much more than the revenues.

And what is interesting as well is the balance sheet control, which gets into control because we are actually generating cash flow from operations of EUR 13 million, while last year at the same period, we lost EUR 3 million, which is a EUR 16 million improvement. So all in all, we see that profitability has increased and the cash flow generation as well. All this with team size that continue to grow and will help us further grow the company in the future.

On the next slide, I would like first to talk about the commercial pipeline and insist on it. We talk about the 20.5% increase of the commercial pipeline versus first half, but actually, it's actually versus end of the year. The growth of the pipeline has been achieved really during this semester and not during the second semester. Why is it important? The pipeline -- I will make an analogy linked to farming.

For me, the pipeline is the seeding period, the order intake is the harvesting period, and the revenue generation is the processing period. We've seen since last year, last semester that the harvesting and processing period, so the order intake to revenues get faster and faster. Therefore, the importance of seeding early enough is critical for us to grow the secured revenues. And we've already seen since end of December last year, a significant growth of our secured revenues, and it will continue, thanks to this commercial pipeline growth.

And what is really interesting is if you look at the part of the pipeline, which is expected to mature in second half of this year, the growth is even higher than 20%. So for us, it's a very strong indicator of our capability to reach the guidance by the end of this year. But let's now focus on the order intake, revenue, and order book on the next slide.

Order intake, you may say, "Wow, minus 18%, that's worrying." We need to put things in perspective. First, if we remove the big events, it declined by 5.5% -- but if we take into account the Middle East, it's actually growing. You have to know that our Middle East order intake declined by 90%. You can imagine that in the Middle East, no one will think for the moment about CapEx investments. We need to have a geopolitical situation that comes down before getting there, which means that in many areas, the order intake is growing and, in particular, by the way, in APAC and LatAm.

So the pipeline we talked about grew especially in North America and Europe, and the order intake grew in APAC and LatAm. What does it mean? Our sales reps were focusing on creating new opportunities in U.S. and America, while we were harvesting in the other regions. And if we look at the revenues now, so the processing part, clearly, we benefited from the growth in Europe. We'll talk about that later on, very big growth of Europe, excluding the Middle East.

Middle East was actually declining by 50%. And that's even more remarkable that if we adjust for BER, T-Motion, and the currency exchange, we see a growth of 1% to EUR 92.6 million. What does it mean? It means that the other regions grew, base business grew, in a way such that it more than compensated the risk in MENA. So during our first quarter, you remember that we were careful regarding the MENA situation.

The very good news is that our base business could compensate for this risk, and that's also the strength of EVS is that even if we have difficulties in some regions, we have the other regions that can compensate, and we have the teams to do that, and that has been achieved. On the order book, the satisfaction is on the long-term order book. It's growing by 6%. So that gives us strong confidence for the future. The short term is lower. That's normal. That's linked to the order intake, obviously.

And our confidence comes from the pipeline and from the conversion of this pipeline in order intake during the second half. Again, adjusting for MENA, the picture is much better, but we are getting to secured revenues slightly below than last year: EUR 161 million versus EUR 169 million with a pipeline, which is totally different since it grew more than 20%.

On the next slide, the first chart, the breakdown by type of customer. I mean, it starts to be a trend, a trend which was expected by the PlayForward, meaning an increase in share of Live Audience business and a decrease in Live Service Provider. So nothing unexpected. Obviously, on the Live Service Provider part, we have more and more concentration. So that means that looking at it on just one semester might be drawing a conclusion, which is a bit too fast.

We need to have a longer period to really have a perspective, but the trend is there. The Live Audience business is gaining a high share of our part, which is known. In terms of breakdown geographically, we see the strong performance of Europe. Two things we have to take into account is that the revenues in NALA are growing in USD terms. And actually, it's really the USD-euro conversion that doesn't help us. Otherwise, we would have an even more balanced portfolio, again, highlighting the reduced risk of the company moving forward.

I would like to draw your attention, in particular, on the smallest chart here, what we call the revenue resilience. It's something we didn't use to present in the past. And that's quite important because we see on our first half revenue base, again, excluding BER, excluding T-Motion. By the way, including BER, this one would be even better. The recurring part of the revenues is 20%, but what we call the reoccurring with repeat clients is actually 45%, bringing the repeated part of our business to 65%.

Why? What is a repeat client to us? It's a client for whom we recorded revenues of at least EUR 50,000 in 2025, 2024, and 2023, and each line. So that's really clients who are every year purchasing or with whom we are recording revenues every year on top of the SLAs. So that gives us a very strong base and something where we can say, 65% of our revenues is not guaranteed, but, I mean, the level of risk there is very low. What is really interesting to look at as well is the green part on the chart, the 9%.

These clients haven't bought to us for the last 3 years at all. So these are new or relaunched clients. These are growth potential. So what is this chart showing? In the end, a very low level of risk on the revenue base plus a 9% growth potential. And I would say if that part wouldn't be there, I would be happy because the level of risk would be low, but disappointed because we wouldn't see new potential for growth and the potential for growth is there. It's very significant because 9% on just -- of the revenues on just a semester compared to the full year revenue 2022, 2025 is a real potential for the company. Let's quickly jump on the profitability part.

Which is on the next slide.

Yes, well, I saw it there coming. You see that the margin goes down by 4%. That's obviously not fantastic. But if we dig a bit more into the detail, there are 3 things to note. The first one is the dilutive effect of T-Motion. This effect is roughly 0.7%, so less than what we expected. But still, it plays a role on the 4% we've lost. For the rest, it's actually half foreign exchange impact and half pure margin impact, okay?

On the margin impact, what is reassuring for us, it's basically 3 big deals that drew the margin down by EUR 2.58 million in terms of gross profit. And these 3 deals won't have an impact on second half. So it's really a one-off in gross margin decrease. We don't expect it to be -- to occur in second half. So we have a good hope for an improved gross margin in second half of this year. And I think that explains you where the gross profit is going up. Next slide, please.

The OpEx is going up by 12%. Half of it is a pure scope change effect. We are talking about T-Motion here, and about the growth of our staff. We have 104 people on top versus last year, but 43 of them are coming from T-Motion. For the rest, frankly speaking, there is nothing unexpected in our OpEx growth. It's fully in line with our plan. It doesn't mean that we are satisfied with it. We'll come back to that later on. And it has obviously a clear impact on the EBIT.

The EBIT, which improves versus last year to EUR 15.6 million, but there is not a lot to say. What is really interesting is the 24% growth on net profit. Where does it come from? Much better financial results. That's on our -- mainly on our position -- treasury position in USD and also on a tax rate, which is much lower than last year. But that's more a favorable comparison than a pure technical improvement.

So all in all, strong revenues with very good and solid recurring base and a potential for growth that has been already delivered. The OpEx, which grew faster than anticipated -- sorry, in line with anticipation, but faster than the revenues and then an EPS, which is showing a real improvement on the net profit. How does the net profit translate into cash? We will see it in the next slide.

First, net profit, noncash items, nothing is surprising there. We have a change in working capital, which plays negatively. But given the growth, it's actually an improvement in terms of percentage of sales, the taxes we need to pay them, nothing surprising there. And that leads us to a net cash from operation of EUR 13 million. Last year, as I said, we lost EUR 3 million. The big, big difference is that the working capital starts to be under control in the sense that it's not growing as fast as it did in the first half.

In terms of investment activities, there we have, let's say, 50%, which is related to past business acquisitions, so earn-outs and so on. And we have EUR 1.8 million, which is the capitalization of the cost that we need to obviously correct from the net profit. All the other blocks, dividend, treasury shares are linked to shareholders' reimbursement. That's clear. That's normal. And the EUR 2.4 million is the financial activities, that's mainly the leasing payments, and that's how we end up with EUR 10 million less. But operationally, this is absolutely a strong, strong improvement versus the past years, and we are extremely happy with those results.

Now I will give the word to Benoît for the strategy execution.

Thank you, Christophe. Before I'll leave the floor to Benoît. Let me indeed start here on that strategy execution part. So on the next slide, you will recognize our BHAG, our big hairy audacious goal, to become that #1 solution provider in the live video industry by 2030 and, accessorial, also achieving something like EUR 350 million by that moment in time.

We are convinced that we are on the right path to get there, and that remains indeed our ambition, of course. And in that respect, I'm happy indeed to leave the floor to Benoît to explain some of the important elements that we've been working on over those last years that resulted in certain important realizations and successes that we've seen in H1. So Benoît, the floor is yours.

Thank you, Serge. So major events, of course, are playing an important validation our PlayForward strategy. This year, as we do for 30 years since 1996, EVS successfully supported some of the world's most demanding live productions, leveraging not only our traditional solutions, but also new world technologies such as VIA MAP and T-Motion. These events prove that the customers -- our customers are increasingly adopting the broader EVS ecosystem rather than individual products. These deployments also reinforce EVS position as a trusted partner for mission-critical operations and illustrate how our strategy is increasing both the resilience and the future growth potential of the business.

Let's zoom on the next slide on VIA MAP, and let's see how it was used during this big event. VIA MAP is a very good example of how EVS is expanding beyond its traditional market and increasing the value delivered to our customers. During the World Cup, several customers, including a major U.S. broadcaster, relied on VIA MAP to create and publish digital-first content at scale. This is a concrete illustration of our ability to address new workflows beyond pure broadcast production.

For our customer, the value is clear: more exclusive content from additional camera angles, faster content creation through human-assisted AI workflows, and higher operational efficiency through unified teams and workflows. For one customer, this translated into billions of social media interactions. These are strong proof points that EVS technology contributes directly to audience engagement and content monetization. This extends the addressable market of our MediaCeption portfolio and strengthen our position with content owners and increases our differentiation. But of course...

And if I can add to that, Benoît, because when we say billions, we're not talking about 2 billion or 4 billion. Now we know that they have done more than 15 billion, which is, indeed, quite impressive. And even our customer was quite impressed by that type of result.

Indeed. And of course, VIA MAP is not the only solution. On the next slide, we can see that, in fact, EVS have moved from a product company into a broader ecosystem company. Over the past years, we have significantly expanded our portfolio. LiveCeption and MediaCeption have been enhanced by Media Infra and now T-Motion. So we can now address a much larger portion of our customers' workflows. The objective is clear: we want to be the strategic partner across the entire live content value chain rather than a provider of individual products.

What matters from an investor perspective is not the addition of individual products, but the increasing adoption of the whole ecosystem. The more EVS solutions a customer deploy, the greater the value we create through workflow integration, operational simplicity, and production efficiency. This increases the customer stickiness, expands our addressable market, and creates additional cross-selling opportunities.

And at the same time, it's not only about a static ecosystem, it's about an innovating ecosystem. Innovation remains a key differentiator. We continue to integrate AI across multiple solutions, expand automation capabilities, very important for our customers, and connect technologies that previously operated independently. The integration of T-Motion, the growth of MediaCeption, and all the enhancements about infrastructure and production solutions are tangible examples of this strategy execution.

So ultimately, this ecosystem is a major contributor to the increased resilience of EVS. It reduces our dependency on any single product category, and it strengthens recurring customer engagement and provides multiple avenues for future growth. If we go on the next slide, then we give a status of the T-Motion integration.

The T-Motion integration is progressing according to the plan and is already validating the strategic rationale behind the acquisition. We have successfully activated the 2 main synergy engines we identified at closing: first, leveraging EVS global sales network to accelerate commercial reach; and second, utilizing EVS worldwide service and support organization to scale customer deployment and support capabilities.

These are concrete advantages that a stand-alone company could not achieve as quickly. In parallel, we are strengthening the technology road map through a dedicated software and an AI team in Porto focused on integrating T-Motion more deeply into the EVS ecosystem. This creates a foundation for future innovation, cross-selling opportunities, and increased customer value. So globally, T-Motion is not only adding revenue; it's accelerating our ecosystem strategy.

And as we can see on the next slide, in fact, we already have concrete cases of how T-Motion can be integrated in our ecosystem. So in fact, for customers, it means simpler workflows, easier operations, and more seamless production environments across the content creation infrastructure and now the robotics.

At NAB, we demonstrated how a single operator could orchestrate multiple technologies within one integrated workflow combining robotics, AI-assisted framing, replay, and content creation capabilities. So from the LSM-VIA, one operator could trigger a whole workflow, including robotics. This shows the value of the ecosystem and the simplicity for our customer. So -- and at NAB, we demonstrated this case.

But of course, NAB was not only about T-Motion. NAB is the traditional trade show in Vegas that happens in April every year. And this year, we have been demonstrating T-Motion. And we also saw a growing interest from new customers, from new channel partners, supported by the expansion of our portfolio, T-Motion, but not only. And at the same time, we see as well that our position in North America continues to be strengthened, which is particularly important considering the impact of the region.

To interrupt you, we have to go to the next slide. The NAB slide. Yes, that is it.

So in fact, ultimately, NAB reinforces the confidence in the future. It supports a continued pipeline, and it confirms the relevance of our overall ecosystem and creates additional opportunities for sustainable growth. And now we are preparing for IBC in Amsterdam in September to continue with the same mechanic for Europe. So this is about broadcast. But if we go to the next slide, we show here that an important other dimension of the PlayForward.

We want to expand beyond the traditional broadcast market. So the change that we did of the name from EVS Broadcast Equipment to simply EVS is more than a rebranding exercise. It reflects the reality that our technologies, our expertise, our workflows address a broader set of customers and applications than just we did a few years ago.

During the first half, we also increased our presence in the corporate and enterprise video market through major industry events such as ISE in Barcelona and InfoComm in Vegas. These segments are very attractive because they leverage many of the same core competencies and expertise that have made EVS successful in broadcast. It's about live production. It's about content management. It's about reliability, it's about operational efficiency. So we are just systematically expanding our addressable market while leveraging existing technologies, teams, and knowledge.

This creates additional growth opportunity without changing the DNA of the company. And beyond the corporate and enterprise market, if we go on the next slide, in fact, we see that we also developed another pillar of our strategy, the expansion into other adjacent markets where our technology and expertise creates a natural competitive advantage.

Earlier this year, we launched Live Vision Systems, a dedicated division focused on security and defense. The rationale is obvious. Many of the capabilities that make EVS successful in live production, particularly around real-time video processing, AI-assisted workloads, and mission-critical operations, they are also relevant for defense and security application. This is already being validated by the award of a first research contract to a consortium, including EVS.

This long-term ambition of growth is just supported by this investment into this adjacent market. And we recently established a dedicated legal entity, providing the structure required to address the specific requirements of this market. So while this activity remains at an early stage, it just illustrates how PlayForward is helping EVS expand its addressable market and diversify the future growth driver.

So this illustrates the different parts or different elements that support the strategy execution, and I will now leave Serge to conclude on this section.

Yes. Thank you, Benoît. So indeed, let's do a small recap of this section here on this slide. We think, indeed, we are convinced that our PlayForward strategy is bringing, indeed, that resilience and also is providing with that growth potential that we're looking for, indeed enabling our future growth. And there, we see, indeed, different messages that we want to bring across here. We see on one side that our operational risk is significantly decreasing over the years for different reasons.

You've seen Christophe talking about that share of recurring revenue and revenues from repeat customers that is now reaching 65%. So that is clearly an important message that we want to bring across. And it's also the first time that we put a number on that, but it shows, indeed, the strength of the resilience of our business.

We have further enlarged that product range and solution range drastically so that we are reducing heavily, of course, the dependence to LiveCeption and to the different service that we have in that family. We've been also able over the last year to pre-production of our products, which indeed helps us to more rapidly serve customer needs as indeed we can reduce heavily the delivery terms. We've been further increasing the client base worldwide.

And we have been also able to avoid excessive client concentration. So that is really helping us to reduce the risk from indeed very large customers and also further reduce the dependence that we have every 2 years from those big event rental. And last but not least, in that first bullet point here, the development and support capacity that we have worldwide, we have been further able to grow that in different regions, not only Belgium, but heavily also in Portugal and in the U.S. So we're definitely being able to reduce our operational risks.

And when we look, indeed, to the future, we think that the strategy that we're implementing is helping us, indeed, to reinforce our position in our core activities. When we talk about LiveCeption, MediaCeption, Media Infrastructure, we see clear progress in all of them. And the fact that we are delivering very successful big events is definitely also helping us towards customers to show that we are indeed the best technology provider when it comes to critical solutions for live production.

And next to that, indeed, we are demonstrating that on important trade shows like Benoît was explaining at NAB in Vegas and in September at IBC in Amsterdam. And last but not least, as you heard from Benoît, we did set up that division and in the meantime also a specific daughter company called LVS, Live Vision Systems, that will help us to further position ourself, our technologies and clearly a market that is heavily growing here in Europe, but also worldwide, which is that Defense & Security segment.

So all in all, indeed, the conclusion that we have here is that we feel that our strategy is delivering on the expected results when we talk about resilience and growth potential. Good. That brings me to the next slide and the next topic here today, which is an important one, of course, when we will talk about outlook and guidance. And there, I will leave the floor again to you, Christophe.

Thank you. Obviously, to deliver the guidance, we have key priorities for the second semester. The first one is implement the cost containment plan. It's been a while that we are talking about it. We are currently delivering this cost containment plan. The objective is really to reach a level of cost which is comparable to 2025. And this plan is done in a way such that it still allows for growth, obviously. It's not blindly done. It's done in a way that we play on the fixed cost, and we are making sure that it doesn't impact our future growth.

The second priority is the conversion of the largest ever commercial pipeline into order intake. That is what will make us reach the top line guidance. Where I want to insist as well is this pipeline, it's not growing just by the fact of big orders. It's plenty of smaller orders, which also -- it's very fragmented, which reduces the risk of non-implementation. It's not a make-or-break thing. It's really plenty of smaller orders that have been identified. And what we are doing now is putting in place incentive systems in order to make sure that our sales teams, our sales reps are really focusing only on conversion of that pipeline and a bit less on the seeding part on the pipeline development.

Still, the pipeline development is important for the longer-term future. IBC will be key there. And for us, IBC will be also a key moment to get to the 2026 figures. Focus on NALA and LAB continues. Channel partners, you already know about that. It will -- I mean, that's part of -- it's a core pillar of our strategy. So we'll continue on that and obviously, the integration of T-Motion.

For us, AI is not a threat. It's, on the contrary, a competitive advantage. And we want to continue to leverage AI to further differentiate our solution, enhance our ecosystem with a clear focus on customer value and monetization. What we want is that the AI embedded in our tools makes a difference to the customer -- for the customer, help them to get the money out of the content they do own and they distribute. So that's absolutely critical to us, and we really use that within our systems to have products which are better than competition.

So -- if we succeed in those priorities, cost containment and -- or when we will succeed on cost containment and the conversion of the AI, based on this, our secured sales of EUR 161 million and the pipeline, which is growing at 23% if we look at the short-term pipeline expected to mature in second half, we are confident that we can reach the EUR 220 million, EUR 240 million revenues guidelines.

Again, keep in mind that 65% of our first half revenues can be considered as recurring or reoccurring. That will obviously clearly help us and will continue to help us. The long-term order book is very favorable for the long term, and the EBIT will be supported by 2 things. The first one, I told you the fact that our margins were impacted by a limited number of contracts with lower margins that won't have an impact in second half, number one, and the fact that we start to implement the cost reduction, which will have limited effect in second half, to be completely honest, because we have cost to implement that, but it will still be positive.

And therefore, we are confident as well that we will reach the EUR 40 million to EUR 50 million EBIT that we already promised in first quarter this year. So the guidance is confirmed, and the management is really doing everything it can to make everything in place to reach those corporate targets. The takeaways, Serge?

Yes. That brings me indeed to the conclusion and the key takeaways of this first H1 result. So let's go through those key takeaways. So it's all about resilience and growth potential for sure. So we see a record performance with a strong commercial momentum. We see that record H1 revenue and a growing commercial pipeline, which has never been as big as before. So we are really happy to see that because that gives us indeed a solid visibility on that continued growth, and that helps us indeed, as Christophe just said, to also confirm those guidance that we gave before.

We see a more resilient and diversified EVS, of course -- that strategy is progressively reducing the risk as we are increasing our geographic reach. We are increasing the number or the type of customers. We're increasing the solutions to provide those full workflows to our customers. And of course, North America continues to further grow and becomes an increasingly important growth engine for our company.

We also see an increasing visibility and quality of those revenues that shift that we started some time ago towards more software, more services, and more recurring business is definitely helping us to increase that predictability and reduces the dependency on individual projects and market cycles, of course. So that's an important element to note here in those key takeaways.

As you heard Christophe say, we are really focusing now even more than before on a disciplined profitable growth, which means indeed that we're putting into place a cost containment plan and that will allow us indeed to make sure that we achieve that EBIT guidance for this year, but also make sure that for the future, we'll be able to deliver on that sustainable growth ambition that we have.

And last but not least, a larger addressable market, stronger diversification, and increasing recurring revenue reduce the overall risk profile of EVS while creating that additional growth opportunity. And to end all of that, in the blue box below, you see indeed that we are convinced that our strategy is delivering not only growth, but also greater resilience, improved revenue visibility, and a structurally lower risk profile for the company.

So that is, in essence, the key messages that we want to bring across here today and we'll be happy to take your questions here. So I said in the beginning, please raise your hands and we'll give you the microphone so that you can ask -- and I already see 3 hands raised, and I will give Alexander the floor first. Alexander?

Alexander here from Kepler Cheuvreux. Yes. So I have 3 questions or I'll stick to 3. I have more, but I will stick to 3. So the first one would be if you could provide some details on the transition to the new server next year because last time you switched to the XT-VIA, I think that was in 2018 that led to an upgrade of the installed base. Do you anticipate something similar in 2027?

And how much is that weighing on sales and pricing this year? Then second question would be on the big event rentals. I mean, last World Cup year, the big event rentals was EUR 6 million in the first half. Now it is EUR 12 million. So what sparked that increase? And how much of the big event rentals is now in secured revenue?

Then the last question, you invested a lot in the U.S.A. to grow strongly in North America. And I think from Slide 10, we can conclude that the organic growth in North America, barring the FX effect is actually only low single digits. So that's clearly below expectations. So could you please explain what's going on there?

Okay. Thank you, Alexander. Three questions. So first one, an interesting one is about the transition to a new server. So indeed, as a technology company, we are working on new technologies, and we keep on delivering new generations of solutions. So before going to the next-generation server, remember also that we keep on delivering new software capabilities on existing servers, which also still supports the sale of existing generation servers.

So that is something that is quite important. A good example of that is the introduction of our new Zoom capability. And we see now several U.S. customers using that Zoom capability on our XT-VIA servers and additional infrastructure that we are delivering to customers. So let's not forget that a customer is not buying a server that was, for the first time, put on the market in 2018. But in the meantime, we keep on delivering new software versions, new software capabilities that keep on increasing the attractivity even of existing servers.

But nevertheless, indeed, we're working on a new hardware solution and that will be announced maybe next year, maybe the year after. So we'll keep that still as something in the air. That is a fact, of course. But in the meantime, if certain customers would hesitate, for instance, to go from the current and wait for the new one, we will make sure that commercially, there is also a path to go from the current to the new one. So I'm absolutely not afraid about that.

You are referring to new hardware server, but also think that there are software servers that in the meantime will also be launched. And I keep you -- I invite you to stay tuned to what we will be saying in the next weeks or next months about that. To jump to your second question, the big event rental, I'll leave Christophe answering that one about revenues in H1 and revenues in H2.

Yes. So in H1, we recorded EUR 12 million, EUR 11.3 million for EVS and the rest for T-Motion, EUR 12 million in the revenues. We still have a bit more than EUR 3 million to be booked in second half. Obviously, all this is already in the secured revenues because it was ordered. So it's part of it. So we've roughly booked already 80% of the event.

Okay. Thank you, Christophe. And then the first question was about U.S.A. growth. So let's be careful not to jump to conclusions by looking to the first 6 months. Remember also, and that was also highlighted by Christophe, the pipeline growth is quite big. And a big part of our pipeline growth comes also from North America. So 51%. Thank you, Christophe, for being precise on that one.

So we see indeed a growing pipeline, and we're quite confident that by the end of the year, we'll also see that growth absolutely materializing. And so the conclusion that you take now, Alexander, be careful because that's only 6 months. And let's not forget it also is impacted by the dollar evolution, of course. But when we look to dollar figures, we see indeed -- and we are quite confident that we'll see again an important growth of our business in North America by the end of the year.

That's clear. And if I maybe ask, like, it's not an extra question, just basically on the LSP market. I mean, it's 18% down year-on-year. That reflects -- and then sort of reflects in the press release, it implies that the long-term growth trends as laid out by the PlayForward strategy plan. But cumulatively, you're looking at a 24% decline versus 2024, 30% versus 2023. And we went to the Investor Day, we met there. And I think the last one was in 2024. And you mentioned that you were going to defend your leading position in the LSP market, and that total addressable market was going to be flat. So the question I really have is, on the long-term growth trend, is it basically the market declining? Or is your market share that is declining?

Well, again, let's not jump to conclusions for the first 6 months. So that's a dangerous thing to do. We have always said, indeed, that we expect the LSP market to be more or less flat. So to answer one of your additional questions here, definitely, we don't see our market share reducing, far from that. We see that LSPs, as expected, are indeed under pressure. Their business model is under pressure. We see more and more Live Audience business customers making those productions by themselves and investing themselves. So what we've been seeing in our strategy is effectively happening. We see some LSPs also further consolidating, so acquiring each other.

And depending on the region, we see indeed also different dynamics where in Europe, we still see a tough market for live service providers. We see on the contrary in North America, still quite some live service providers also investing in new infrastructure, even in new trucks. So we have to be careful when we look at that. So to answer those questions, our market share is definitely not decreasing.

We think that overall, we keep with a very high market share. What we've been saying is that the LiveCeption market overall will not grow a lot over those next years. But in that LiveCeption market, you not only have LSPs, you also have Live Audience business customers. So I think that there, definitely, we see the growth happening, and that is in line with the thoughts that indeed we had before that this was for us the most important growth engine in the different type of customers that we have.

Okay. So I take away that LSP market is declining market?

Again, I'm saying that for the first 6 months, you have to be careful in taking that conclusion. I think you have to look at the whole year to see, indeed, what's happening and to be able to come to that conclusion. I think it's too early to say that, Alexander. Okay. David, you have your hand raised.

I have basically a bit the same question as Alexander on the LSP market, and Serge, you've answered that question. I would just maybe as a short complement, do you think that the LSP market is impacted somehow by this -- the anticipated change in server, the new generation of server, or you would rather downplay that element? Then I'll go back to a couple of more questions.

If you remember, in August last year, we signed a large deal also with Gravity Media, which shows indeed that a big player like Gravity is investing in upgrading their whole fleet to the latest XT-VIA fleet. So that is a nice example of a very big player who is, as we speak, still upgrading their fleet. So I would definitely not jump to the conclusion to say that LSPs are now waiting for the next hardware server. And again, you heard me say that there are other things than hardware servers. There are also software servers that we are putting on the market as we speak. So that is definitely also a solution that we are discussing with our customers.

And again, if customers are hesitating or would be hesitating to go from the current -- to wait for the next one, we have commercial programs that we can offer to indeed limit the impact of that so that they don't need to wait, but that we give them indeed a path to start potentially for some time with existing technology and then smoothly evolve to whatever new generation that might come.

And then switching now to the H2 and the needed, let's say, acceleration in the order intake. Do you need an acceleration of the conversion, let's say, of the pipeline, if you see what I mean also compared to historical average level of conversion? Or is it just really that you have a fantastic short-term pipeline based on the feed from your sales? Because you indicated just a very quick add-on to that question. I think you or Christophe mentioned that you need to tweak your sales incentives, in particular in the U.S. And so yes, it seems you need a bit to change their behavior or to -- it will point towards like still a need for them to be more active on conversion.

Yes. I'll let Christophe comment on the conversion rate.

No. Conversion rates are roughly stable. And when I say roughly, it's 2%, 3% variation from year-on-year. We obviously took -- we're on the safe side when we accounted for conversion. When I said twist the arms, I don't know what I said, it's -- you should see it rather as a normal management action to make sure it happens. If we would not do anything in all normal circumstances, we would get there. Our guidance are based on normal conversion rates. Standard ones, whether it be from pipeline to order intake and order intake to revenues.

So there is nothing specific there. It's really the size of the short-term pipeline that makes us land to those guidance targets. And the stuff is just, I would say, normal management to make sure that everyone is aligned to get to those figures. Nothing else. There is nothing like, oh la la, we're in panic. No, not at all. It's just doing the normal job of sales management.

And I'll add to that, that when we talk indeed about the sales incentives, so what we try to do is to make sure that big wave that we see coming for the end of the year that we can anticipate or try to pull in that earlier. And we've seen also last year that in December was again a major month for indeed order intake deliveries and revenues. What we try to do here with some additional, I would say, incentives towards our sales is to make sure that they try to bring in those order more rapidly.

And so that also on the production engine that we have, we can smooth out or try to smooth out more the delivery than indeed having, again, a huge December month. We know we will have again a huge December month, but we try to pull in the wave into October and November so that, indeed, we are reducing the pressure on our production engine.

It's just a risk reduction incentive for the operations, nothing else.

Okay. Okay. And does it mean that we should already be reassured, let's say, in terms of orders by the Q3 figures? Or it will still be a bit nail-biting, let's say, with, as you said, a fantastic month of December in 2026. So, how confident are you that you will already book in quite an order by Q3, which is two months away?

I think that we are in an industry with cyclicality in that respect. And we've always seen that Q4 is a much stronger quarter than any quarter before. And we hope to change that a bit. But reality will not be easy to adapt. So we continue to know that Q4 will be our most important quarter. So we'll tell you after Q3 in detail where we are with those results for Q3, but we already anticipate that Q4 will be, as all the years before, the most important quarter of order intake.

And then on OpEx, can you give us a rough OpEx growth guidance for this year? I think you have quite some good idea. I know visibility on sales and orders is difficult. But on OpEx, you have more control.

I'm looking to Christophe for that question.

I -- basically, you have it. Since we gave you a guidance for the revenues, you know the margins we told you what will change. By difference, you have the OpEx guidance.

Okay. So -- and that implicitly -- so the gross margin guidance is unchanged. So like flat and then an impact of T-Motion of 1% to 1.5%, a negative impact of 1% to 1.5%. So implicitly a gross margin of 69.3% to 69.8% and then some OpEx growth guidance and we get to your EBIT.

I wouldn't be so precise on the gross margin. Otherwise, I will give you a net profit and down to the net profit. I would have tried as well, David, but I will not do that. But I think the order of magnitude makes sense.

Okay. Very last question on T-Motion. I think you disclosed that the sales booked in H1 was EUR 5.9 million. It looks a bit on the low side for Video Robotics. Or is this why I'm missing something for the Video Robotics. Could you give us some rough sales contribution for Video Robotics for this year?

Well, we agree with your comment that is a bit on the low side, but we expect that H2 will definitely be an opportunity to catch up on that and that we'll see indeed overall much better figures for our T-Motion in H2. And again, we can see that because the commercial pipeline of T-Motion is very strong. And I don't know if, Benoît, you want to add something to that as you're very close to that file.

Yes. We compared to the pipeline that we inherited at closing, we very significantly increased the pipeline. But indeed, we need to convert it now.

And if I may add something, last year, the share of the first half was also low versus the total year. And if we look at secured revenues on T-Motion as of today, I mean, we are not afraid for the full year on T-Motion.

Good. Next, I see Guy. Guy, the floor is yours. We don't hear you yet. You're muted still.

Sorry to come back on the pipeline conversion. What level of pipeline conversion do you need in the second half of this year to reach the midpoint of the guidance? And how does that compare with historical conversion rates? And the second question is on the Live Vision System division. How large do you believe that the security and defense addressable market could become for EVS over the next 3 to 5 years? And what milestones should we as investors monitor?

And on the AI monetization, you continue to emphasize AI integration across LiveCeption, MediaCeption, and VIA MAP. Are customers already paying a premium for these AI-enabled workflows? And when do you expect AI-driven products and services to have a visible impact on revenue growth and margins?

I can take the first one, if you want...

Okay. Thank you, Guy. Christophe, yes. AI conversion.

Pipeline conversion. As I told you, we're not communicating on our pipeline since you know our secured revenues are EUR 165 million and our mid-guidance is EUR 230 million, you know what we miss, right? The only thing I can answer to that, if I give you the conversion rate, you know the pipeline. So obviously, I will not comment on that. The only thing I can tell you it's stable conversion rates versus the last 3 years. So nothing changes. We convert at the same rate as in the past to get to the midpoint of the guidelines.

Okay. Thank you, Christophe. On LVS, size of the market. So this is a good question, of course. And for us, this is also a new market that we are moving into. This can be quite big, but we approach this from an entrepreneurial approach for the moment. So we are seeding and we are indeed setting up partnerships. So what we see is that indeed, our technologies for live video handling and our AI capabilities in that video recording and recognition are critical elements that are very much needed in different environments in that respect.

So that size of that market, we all know it can be huge when you see effectively the amounts of investments that are being made in Europe in NATO environments and overall. How much we will be able to do in revenue over the next years, that is a question mark, of course, and we have no answer yet to that.

It's -- we hope it can be substantial, but we also know it will take quite some time before that really translates into revenue. We are -- we think that in the beginning of the first year, the first year, we will mainly be talking about development contracts like the one that we have just announced. We expect that others might follow on, and that will help us indeed further accelerate the adaptation of certain of our products that can go into that market. So again, this is for us still a very entrepreneurial environment where we are indeed making our first steps where we won the first contract.

And the -- as I said, in the initial phase, it will be mainly about development, adaptation of existing products. And again, it's about using our AI software and some of our hardware capabilities in that environment. So again, what to follow? I think in the beginning, it will be mainly indeed what contracts do we gain to help us grow our team on the development side, mainly to indeed adapt products or deliver new products that go into that market. So I'm sorry, I'm a little bit, I would say, not precise on numbers on what is that TAM and our possibility. But for the moment, I think it's really too early for us to put numbers on that.

What we try to do is to indeed see the opportunities and what we need to do to take those opportunities to enter more forcefully into that market. All right. Then here, I'll go to the AI impact. So what is the AI impact or when we will see that in our figures. I think we already see that in our figures. As we've been launching already a few years ago, some of our solutions like XtraMotion based on AI.

So you might not see that as a specific line linked to AI because that's just part of our ecosystem. It's part -- it's one of the capabilities in our ecosystem, and that is already part of LiveCeption with XtraMotion capabilities. It becomes also more and more important in our VIA MAP or in our MediaCeption environment. So again, there is no line that specifically says, well, those are the AI revenues.

But I can tell you, it has already an impact, and it further helps us to differentiate our solutions, our products to our customers, where initially our AI capabilities were geared and still are geared to further improve the quality of the emotion that is brought on the screen. We also more and more focus on tools for our customers that help them be more efficient to further reduce the operational cost.

So we are -- in the beginning, we are mainly focusing on what goes on screen, the quality of what goes on screen, the speed that goes on screen. We also now more and more focus also on the tools that help our customers to be more efficient. But again, we don't have a specific line that says AI revenue. But I can tell you, it's already part of our product portfolio and helps us to differentiate our solutions compared to other players in the market. I hope that answers your question, Guy. And the next hand is from Michael.

Can you hear me now?

We can hear you.

Perfect. I have a couple of small follow-up questions on the question from Guy about Live Vision Systems. You mentioned that you may have to adopt some products. Would that be small tweaks to existing products? Or will there be an entirely new development of new products for this particular end market? And then the second question is, is your sales force currently big enough to also start addressing this particular market? Or will you have to hire additional people? And then the third one, does your sales target for 2030 already include expansion into these adjacent markets? Or is this something that could come on top?

Okay. Thank you, Michael, for those questions. So first question about adaptation. The absolute objective is to be able to use EVS building blocks and only adapt in certain ways to answer certain specific requirements. So it's not our ambition to start big development programs to develop new products. It's really taking existing technology building blocks from EVS, adapt them to specific market requirements. So that is our ambition as we see it for the moment. And that's also in line with the first contract that we have to further develop certain capabilities. It's building on existing technology, but of course, with certain adaptation.

Your question about the sales force, it's also an important one. You've seen us saying that we are setting up specific subsidiary. So we want absolutely to make sure there is a clear distinction between what we do in LVS and the rest of EVS. So our current EVS sales force is not impacted by LVS. There's a different type of customers, different type of partners. So we are making sure indeed that the sales, and I would say, at this moment in time, more the business development capability is present in that division itself.

So we are not leaning on our salespeople to help us grow LVS -- most of those customers are anyway different type of customers. So on the sales force, again, we are not putting extra stress, if we say it like that, on our existing sales force to also start selling LVS. That means indeed that from the beginning of the year, we've hired a few colleagues who are dedicated to that business and who also come from that environment because LVS and that market is a completely different market from the live broadcast industry that we know.

That is another language, another way of working. So we've hired a few colleagues with specific knowledge and specific experience in that domain that help us indeed to investigate the possibilities. So that is what we've been doing up to now and what we expect to continue doing in the next months and years, of course.

Your last question about is this part of our sales target or ambitions for 2030. For the moment, that's not because we don't know yet what the numbers might be. So that is something that is further increasing our total addressable market and which comes on top of our current business growth ambitions that we have. So when we talk about, number one, in 2030, we're doing EUR 350 million that we did not include LVS contribution into that. So I hope, Michael, that answers your questions.

It certainly does. I also have 2 questions about other topics. The first one is, in the press release, it appears as if clients are currently taking longer than usual to decide on investments. And I was wondering if this may be related to the fact that you have shortened your lead times, which allows them to order later than usual. Is that indeed the case? Or is there maybe something else going on?

So let me also try to answer that one. Remember, the first half, there were some major events in the world. So a lot of broadcasters have been very busy in delivering those major events to consumers around the world. So that when you are in such a period of delivering those major events, you are not talking about acquiring new equipment in that period. So we don't think that there is a longer delay.

We, of course, recognize that some customers and some important customers, and in fact, quite some of them are busy in delivering those major events and that is putting back the acquisition cycle. But overall, when we look indeed to our commercial pipeline, we see that it is very strong and that we expect indeed that over the next weeks and months, we can translate that into order intake and into revenue.

What is the role of lead times? We don't think that lead times is impacting that negatively on the contrary. For certain products, we see that shorter lead times is also a competitive advantage to be able to win certain contracts where customers need rapidly certain solutions. So we definitely don't think that shortening our lead times has a negative impact. We think that it is the contrary.

Okay. That's helpful. So basically, it was healthy operational stress at the customers, which made them think less of investments for a little bit. Then the final question. Every 3 months, I see new statistics about memory prices, both DRAM and NAND, and they keep rising exponentially every single 3 months. And I was wondering if you are still comfortable with, well, the memory components within your products, if that is something that sees inflationary pressure, but also supply chain issues. Could you give an update on that? And in conjunction to that, have you raised your prices this year for your products on average? And if so, by how much roughly?

Okay. Happy to answer that one or Christophe, if you want to contribute here, feel free to do so. Okay. So this is an important topic. So definitely, it's high on our radar. So we have a tight follow-up on that situation, both on pricing, of course, and on availability. We feel confident about availability. We've been securing that quite in advance, and we see no, I would say, negative impact on the availability of those memory solutions.

It's clear that from certain suppliers, we are following it very closely. And sometimes for certain products, we have to limit the price -- how do you say that, the price validity for only a few weeks, typically when we also resell, for instance, certain memory solutions from third parties. So that puts definitely a stress also on customers to pass on or to accelerate certain decision cycles.

But overall, when we talk about our products, and we feel that we have that situation under control, especially on the delivery side and on the pricing side, the impact on our end. And also let Christophe comment indeed on what we do or what we've been doing with our pricing in recent weeks and what we plan to do going forward, of course.

Yes. The first answer is, okay, our margins, as I explained, went down by 4%, right? Actually, most of it is FX, and there is only a very limited part, which is pure margins. And as we said, it's limited to 3, 4 contracts. So that means that we've been able to manage that increase. That said, we also see an increase in speed of price increase of price revision. What we are doing now since July is a price committee revision based on the evolution of the components. And that's being frank, it's true for everyone. So it doesn't create a competitive disadvantage. The market knows it. I mean, it's everywhere.

So the point is from now on, on a monthly basis, because you talked about quarters, we are even more careful than that. On a monthly basis, we will just make sure that the prices we propose to the customers really incorporate any price increase. And that can go, as you said, in the components, but also in the transport, in all everything which is completely inflated for the moment.

And we're really putting in place the right processes to make sure that we can preserve our margins in the future. Where we are not afraid is that it doesn't put us in a more difficult situation than our competitors, and everyone will do the same because everyone is facing the same problem. What is important to us is that from a supply side, we are a good customer. We have the means to pay. We order way early enough, which helps our suppliers to make a good forecast. And therefore, we are treated in a fair way.

We are sure we can get the necessary projects in order to answer to our clients' needs. For the rest, we make sure that in our pricing. And as I said -- as Serge said, it can be absolute pricing or just an offer, which is limited in time to make sure that there is not a change that would hurt us. And we are doing that more and more on the sizable offers, obviously. Does that answer your question?

Yes, it does. Very helpful.

And looking at the time, it's 23, seven minutes to go. And I see Patrick, you raise your hand. So feel free to ask your questions here, Patrick.

Yes. Hello, Serge, Benoît, Christophe. Do you hear me?

Yes, we can.

Okay. I have 2 questions for you, Serge, on management. First of all, Christophe is currently serving as CFO ad interim. Do you expect to make his appointment permanent? Or is the company still searching for another candidate to take on the CFO role on a permanent basis? That's my first question.

And the second one, of course, many of us were somewhat surprised with Veerle's sudden departure based on Veerle's LinkedIn posts. Her experience and interest extend beyond finance into general management transformation, operational leadership, and growth capabilities that could also support EVS's future development without commenting on confidential personal matters. Could you explain whether EVS considers retaining her in another strategic or leadership role? And if so, why this did not ultimately lead to a new position for her within the company?

Okay. Thank you, Patrick. So let me indeed try to answer that one. So first, on the CFO. So that is a work in progress. So we hope that indeed over the next 2 weeks, we can make an announcement on that one. So I'll ask you to be a little bit patient and stay tuned on that one. All right. Then for Veerle's departure, you will remember that Veerle has been with us for about 5 years, that she had a very broad scope and that we decided together last year to reduce that scope because in that scope before there was IT, there was production, there was logistics, there was facility, and there was finance.

And so, last year, you remember that we took a decision to indeed hire a new colleague that would take some of the burden from her shoulders. And she fully acknowledged that, that was indeed the right thing to do for EVS. But she also said at that moment in time that she feels more motivated by having a broader scope than a smaller scope and that she felt indeed the time was right for her to indeed leave the company as indeed a pure financial role was not in her ambition.

That is also what she has been saying, I think, to you and to many others here around the table. So any other question you have about Veerle, I think you'll have to ask Veerle, as I don't know exactly what her plans are for the future. But I know that she wanted to stay in a broader role than only the finance CFO role. That is what I can say on that at this moment in time, Patrick. All right. And thank you for those questions, of course.

Good. 27. So, I see no further hands raised. So I suggest we conclude here. I hope indeed that we've been able to pass on the main message here that we are satisfied of where we are with H1 revenue-wise. And we also see, of course, that we need to take some actions, and we are taking those actions to make sure that on the profitability side and the cost side, we reduce our cost base so that we indeed guarantee the future capability of delivering that profitable growth that we are expecting.

But again, with that sales pipe that we see growing quite extensively with more than 20%, we are quite positive and, I would say, cautiously optimistic about H2 and the future, of course. So -- and that is why we can indeed confirm the guidance that we gave before to all of you on revenue-wise, EUR 220 million to EUR 240 million for the full year and that EUR 40 million to EUR 50 million EBIT.

And we are looking forward indeed to deliver on those guidances in this H2 that is already ongoing since the beginning of July, of course. So thank you for joining us. I really appreciate your presence. I appreciate your contribution and your questions, of course. And I look forward to meet with you in the next days or weeks.

And I thank also my colleagues here, Benoît and Christophe. Christophe, our CFO ad-interim, first time you participate in this. So thank you indeed for your contribution here. Very much appreciate it. Thank you.

Thank you, everyone. See you. Bye-bye.

Good morning to all of you. Welcome to our EVS Broadcast Equipment presentation on our fiscal year 2025 full year results. I'm Serge Van Herck, the CEO of EVS, your host today. And I'm here with Veerle De Wit, our CFO; and Benoit Quirynen, who is in charge of our strategy and acquisition. So welcome to this 2025 session. A few topics to note before we start. The PowerPoint that we are using here today is on our website. This session will be recorded and will be made available later on our website. And last but not least, when you have questions, please put them in the chat we can then at the end of our session indeed read through your questions and then answer them. So again, welcome to this session. And the first slide -- the next slide is one for Veerle.

Yes. Good morning to everyone. So let us start by a small disclaimer. So this presentation actually includes some numbers, and we'll discuss the performance of 2025, but there also are some forward-looking statements within this presentation. Those statements are based on current expectations and our management's assessment of the environment we operate in. We do declare that these statements are subject to a number of risks and uncertainties, and that could lead to a materially different statement in the future. We will elaborate on some of those risks during this presentations, but there can also be risks or market risks that affect or potentially could affect our performance in the future. These risks may contain potentially technology changes, new market requirements, price pressure from competition, but also some macroeconomic or geopolitical events that we cannot foresee today. EVS does not take any obligation of publicly reviewing the forward-looking statements to reflect these risks.

Thank you, Veerle. So let me go forward here with the agenda. What will we be discussing today? Well, of course, we'll give you an update on our business. We'll have a financial more detailed update. We look towards the future with our outlook, and then we'll have, of course, our conclusions before going to your questions, where we will be providing a few answers. So let's start with that business update, and let's go forward to the next slide. You'll see that revenue-wise, we keep on growing. So we are quite happy and proud, of course, to say that we are delivering here a fifth consecutive year of record revenue results, which is in line with the strategy that we developed at the end of 2019 called PLAYForward. So happy to see indeed that growth strategy is delivering upon its expectations and that in an uneven year 2025, again, we are realizing record revenues, which are close to the top of our guidance. And I'll have Veerle explaining on the next slide some more details about those numbers.

Yes. So on Slide 7, you'll see that we have a strong financial performance, and this is in a challenging macroeconomical environment. Our order book grows with 11.3% and closes in at EUR 182 million. Our revenue next to that, as Serge was mentioning, has again reached a record high. We closed at EUR 208.1 million, and it's a 5.1% growth. This growth has been impacted by currency, especially a weakening dollar. correcting for currency changes and therefore, for a constant dollar, the revenue would have been at EUR 211.6 million, which would have represented a growth of 6.9%. To be noted that, that growth is exceptional. Mind that 2024 had Big Event Rental Revenue. And so if we normalize 2024, excluding -- to exclude that Big Event Rental Revenue, the growth was at 14.2%, which is a stellar growth for us. It also ends at the high-end range of our guidance.

From an EBIT perspective, I believe that we also put down a strong EBIT performance. We had an EBIT performance at EUR 43.3 million, which is actually a decline of 3.7%. But again, normalizing this performance with the constant currency, the EBIT would have been EUR 46 million, a growth of 2.4%. After a strong -- weaker first half, our performance in second half has been really, really strong, combining a very strong revenue performance, but also with a very, very sound cost control to reach that EBIT number. From a net profit point of view, we see a net profit of EUR 38.5 million. It is a decline of 10%, but it is to be noted that the net profit is impacted by some elements that change between EBIT and net profit. So we, first of all, have a EUR 0.8 million of interest on long-term receivables. This is a temporary impact that was already declared in first half.

And then there is a EUR 1.2 million of true-up -- tax true-up related to prior periods. If you would have normalized the net profit with those two elements, the net profit would have dropped to 5.6% compared to last year. From an FTE point of view, we see a growth to 792.8 FTE at year-end. It is a growth of 12.4%, and it actually demonstrates an 87 FTE growth throughout the year, which partly obviously is linked to new acquisitions and for the rest is linked to, yes, growth in our team member base primarily linked to the Double Down North America strategy and to some investments in research and development. So again, we believe that our revenue growth in 2025 is strong and is in line with our PLAYForward strategy. And it's important to note that it overcompensates the Big Event Rental Revenue of 2024 and therefore, is an important milestone in our growth path.

Thank you, Veerle. Going to that next slide with our key highlights for the year. We're happy to say like our press release also says that we delivered a fifth consecutive year of record revenue with accelerated momentum in North America. So let's have a look to those different topics here. Let's first start with market and customers. So we see indeed that our business in North America is growing strong, and that despite the tariff situation that we've seen early last year. We see also that the number and the size of large commercial deals keeps increasing. We see that our channel partner strategy is delivering on the expected growth. We see -- and we've been saying that for a few years now that we expect our LAB customers, our Live Audio audience Business customers to grow and that we definitely see both in revenue and in order intake.

We also see an increased cross-selling between solutions, which is clearly highlighting the value of the EVS ecosystem that we are offering to our customers. And last but not least, here in the beginning of that market and customers paragraph, when we talk about Big Events 2026, we have indeed secured the contracts for large events this year. And we're also happy to say that our new technology VIA-MAP, but also Move Up and T-Motion will be used in some of those important games. When talking about technologies, we've been further working on XtraMotion, and we have launched XtraMotion 3.0. We have further extended the generative AI effects and features by giving more and more capabilities, which we see more and more being deployed and used by our customers.

We have further expanded our MediaCeption portfolio with Move Up and Move IO, thanks to the acquisition of MOG Technologies that we did in 2024. T-Motion and Move solutions have now extensively also been used during those big winter events. So happy to say that MOG and T-Motion have been used over there. And last but not least, in '25 at IBC, we also launched Tactiq as part of the flexible control room solutions, which will have a major impact in the future on the way that our customers are creating live production. So another important launch in 2025.

When we look to the corporate topics, of course, number one is the acquisition of Telemetrics in the U.S. and XD Motion in France to enable us to create the new T-Motion Media Production Robotics solutions. Last year, again, we've received for the fourth year in a row, the top employer certification. And we see that our engagement survey with our colleagues shows that we are indeed a great place to work. We keep on focusing also on ESG. We understand that the world is changing. But at this moment in time, we still believe that ESG is part of our DNA, and we will continue to focus on that. We are, at this moment, also proactively looking and trying to mitigate potential supply chain disruptions. And we further, of course, make sure that the application of the U.S. tariffs hinder us as little as possible, of course.

When we look to the team in North America, at the end of 2024, we had about 50 team members, at the end of 2025, we were above 100, and that is indeed because we've done the acquisition of Telemetrics, but also we've been hiring colleagues, further colleagues in sales and customer support. And by doing that acquisition of Telemetrics, we have now also an R&D and a manufacturing capability in North America, more precisely in the U.S.A., of course. And last but not least, here for our shareholders, happy to say, of course, that we have that fifth year of record revenue and then an uneven year and that we see indeed our order book further growing and that at the same time, we are creating quite some additional cash. We're delivering a strong EPS of EUR 2.73 per share.

And last but not least, if you look at the total shareholder return since 2020, we see an increase of 159%, of course, which is based on the growth of our valuation and the dividends that have been paid during that period. So when we go to the next slide, when we talk about what we like to say our BHAG, our big hairy audacious goal to become that #1 solution provider in the live video industry, we definitely see that 2025 is helping us forward with achieving that objective by 2030 and which will also generate at least a revenue number of about EUR 350 million in 2030. So we're quite happy with the results that we've been able to deliver, which are on the top of our guidance and for EBIT even slightly above our guidance.

When we talk about PLAYForward strategy, I'll be happy to have on the next slide, Benoit, taking us through some of those evolutions.

Thank you, Serge. Good morning, good afternoon, everyone. So yes, we continue our journey, our transformation journey for our portfolio. So we -- as you know, we evolved from a product company to an ecosystem company. And we are more and more articulating the solutions that we created in the last years to transform these solutions to behave more as an ecosystem in multi-tier market. So we see an evolution and a higher appetite in our business model, more OpEx, more on demand, and we are structuring our systems for that. We are growing definitely more in broadcast centers and even beyond broadcast centers in live audience business. While we were EVS company focused on hardware, we are really becoming software everywhere, and we have launched as well some SaaS services.

And while we were focusing mainly on sports, now our portfolio and our customers are adopting our technologies to support workflows for entertainment, news and starting to use it as well more and more for digital. So our portfolio is really adapted to the market structure. So we see a continuous market growth based on growing supply of live events. So the volume of live events is increasing and the complexity of live events is also increasing, especially because the consumers, the audience, they want more and more immersive content. They want to be part -- they want the emotion of the event.

Second, we see an evolution in the client landscape structure. We see consolidation. We see transformation in the business models as well of our customers. And we see that based on that, they are changing their operating models. We see more and more remote productions. We see hybrid production mixing on-prem systems and cloud systems. We also observe the adoption of artificial intelligence. And this is reflected as well based on the technology trends and our technology, where we help our customers to adopt the IP-based technologies. We help our customers to adopt artificial intelligence and all these changes in the operating model. I don't need to detail. I think this Monday, the fact that the macroeconomic context is changing and it's sometimes changing fast.

And as mentioned by Serge, we remain committed on the ESG dimension to make sure that we optimize globally our governance and also globally our carbon footprint. So we do that based on the 4 solutions that we have created along the years. Organically or through acquisitions. So we have the 4 solutions, LiveCeption, MediaCeption, MediaInfra. And this year, we have as well T-Motion, which is the Media Production Robotic solution based on the two acquisitions. So we are articulating these four solutions as a mission-critical ecosystem. And we have seen the adoption of LiveCeption by key customers as a Gravity Media and FightPoint broadcast showing that the XT-VIA server is still leading the pack in terms of the quality of the product and solution.

We have seen as well the adoption by the RBFA, Royal Belgian Football Association of the Xeebra VAR solution, but operated in a different way, in a fully centralized way. And we have done this deployment with the support of Gravity Media partner. And then we have also deployed LiveCeption Zoom, which enables our -- the operators, so the replay operators to now have more precision to really capture the emotions and Zoom on the face of the athletes when they are in the middle of their action.

In terms of MediaCeption solution, the VIA-MAP integrating MediaHub has been deployed and will be deployed during the Big Events this year. We have also won customers in North America who will articulate all its production around MediaCeption workflows from ingest to distribution and including media management. We have also won and starting to deploy NDR for the Tagesschau, in fact, one of the most known show in Germany, where VIA-MAP will also be used. And based on our acquisitions in Puerto in 2024, we have also enhanced the MediaCeption portfolio to increase the flexibility and the efficiency, thanks to the two products, Move Up, which is a flexible ingest and Move I/O, which is the transcoding.

Then in terms of media infrastructure, we have also proven that our Neuron View technology helps our customers in OBVAN and Greek Video, which is a very large LSP in North America is now adopting Neuron View. Cerebrum is at the core of very complex workflows on Gravity Media. So trying to -- or not trying, but solving the complexity that I was referring in the previous slide. We have also launched at IBC, Tactiq as the core of flexible control room that will enable our customers to adopt flexibility within their production with operators playing multiple roles depending on the nature of the production. And we also have sealed a strategic partnership with Qvest, which is important because this flexible control room solution assumes change management by our customers. And so it's important that our channel partners can help our customers to adopt these new technologies and transform their way to operate.

And last but not least, the T-Motion solution has been created based on the two acquisitions in the Media Production Robotics. The two solutions have been -- the two companies have been selected, in fact, because they provide both safe, stable, smooth systems with sustainability as a core of their offerings. And in fact, as mentioned by Serge before, some of the technologies here have always also been used -- sorry, during the winter events a few weeks ago. So globally, what we observe is that the number of customers leveraging multiple EVS solutions is continuously increasing. So we see the adoption of the EVS ecosystem. And I will hand over to Serge.

Yes. Thank you, Benoit, for that overview. And let me indeed continue with one of our major growth engines, which is North America. You remember in 2024 that we added a specific pillar to our strategy to accelerate our growth in North America. And we're quite happy to see indeed that this is becoming reality, not only in revenues, but also in order intake and pipeline creation and a number of colleagues, of course. So what you can see here indeed is on the left-hand side, the order intake for our Live Audience Business customers in North America, which is growing really strongly over those last years and which shows indeed that our strategy is the right one to focus on that type of customer.

We also see that -- and that is good for the future, of course, that our pipeline, our commercial pipeline keeps increasing and is contributing to our overall pipeline growth that we will see on a later slide. But this is definitely an important growth. As we can see that in the U.S., the growth of the funnel year-over-year is 47%. So that definitely shows that we also have quite some opportunities in front of us to continue the growth that we are realizing in the U.S.A.

And last but not least, here on the picture, you can see a few of our new colleagues. As I said before, we doubled from 50 to 100 end of '24 to end of '25 by hiring more sales and customer service colleagues, but of course, also with the acquisition of Telemetrics, which gives us now also engineering and production facilities in North America. So that is really definitely an important element of our strategy that is helping us to realize our growth.

When we go to the next slide, I'll ask Veerle to comment a bit on that path to our BHAG.

Yes. Thank you, Serge. And as mentioned by Serge earlier on. So this is our BHAG goal. It's achieving EUR 350 million of turnover by 2030 and most of you probably have seen this slide before in orange, you see the linear growth compared to the ambition defined in 2019 and the revenue we did at that point in time, it was EUR 103 million revenue. And so the orange is a linear growth towards that EUR 350 million. In blue, you see the realized revenue number year-by-year. So we remain ahead of track versus that linear growth. And the good thing is that if we actually look at our projections for the future, based on our current portfolio, we see that we can achieve something or number in 2030 that is a little bit north of the EUR 300 million.

This is by just following the market growth and also growing the market share that we have in each of our different solutions. And then the remainder is obviously still a focus item for our merger and acquisition strategy. And you'll see for the first time, and we won't stop at EUR 350 million in case we find, for instance, bigger acquisitions that can help us fuel that growth in the future. But you see actually the lighter blue box, the goal is to close the gap to the EUR 350 million by further merger and acquisitions. And the good thing is that we have the financial power actually to execute on that strategy. So we remain very confident that they carry an ambitious goal of reaching EUR 350 million by 2030 is within our hands. And for sure, we will continue our journey towards that path.

Thank you, Veerle. Going forward to the next slide talks about our total addressable market, and you will recognize that slide as we've been using that also at the end of '24 during our Investor Day and then we indeed said at that moment in time that we're working to further increase our total addressable market which indeed in '25, we have done, of course, by the acquisition of Telemetrics and XD Motion. So there, we are increasing our total addressable market with about something more than EUR 100 million.

But in the meantime, with new solutions, also, for instance, in LiveCeption and MediaCeption. We are taking some part of the camera business by our AI capabilities like XtraMotion. So we definitely continue working on further expanding the total addressable market. And as Veerle said, we still foresee to do some further acquisitions in the future, and that will be with the same objective of further increasing that total addressable market. Going to the next slide, we come back to that acquisition that we did in 2025.

And here, I'll ask Benoit to take over again.

Thank you, Serge. So we did acquire two companies in 2025. In fact, the first company was Telemetrics based in U.S., Allendale, New Jersey, and then XD Motion, which is based in Coignieres in France. So both acquisitions position EVS in the Media Production Robotics as a real leader in this domain. So in fact, with this new solution, we enhance our ecosystem. We aim to reduce the complexity. And we -- by this acquisition, we also creativity. We create flexible solution for our customers to enhance this creativity. And with this two acquisitions. We make also an extension. We go from control room to the studio. As you see on the drawing here, of course, the robots are in the studios and in the venue. So that means that it's an important step for EVS.

The two companies are very complementary, in fact, and they bring different kinds of robots, different kinds of gears that can be articulated and controlled by software-driven controller. And what we plan to do is to really develop the software control also to embed more and more AI. So with these 2 solutions, now we have the broadest premium Media Production Robotics portfolio, covering both indoor studio environment and also covering the news outdoor, typically for stadiums, but also typically for Big Events. What we want to do with EVS is to enhance the services, thanks to our global worldwide coverage. We want to increase the quality and coverage of our SLA. We want also to develop further the solutions to include AI and then we want to really embed these solutions into the EVS ecosystem to reduce the complexity for our customers and increase the creativity. So AI is really something at the core of EVS solutions. We didn't start it just after Chat GPT, we started much earlier.

Since 2017, EVS is deeply engaged in AI transformation. And we apply AI across our whole portfolio to increase productivity and automation, to reduce the complexity for our customers, but also to address the creativity. So we embed in our solution, third-party AI. In fact, and typically, we can do object detection, face detection, person detection to index the content so that it can be retrieved easier. But we have also developed creative tools with XtraMotion for a very nice replay for cinematic effects, a lot of computer vision AI technologies that are our own models developed by our own teams and really very specific to address two key aspects of AI deployment in media, which is, first, the need to cope with very short latency.

In fact, and second, we have the need as well to address the predictability. In fact, it's very important for our customers to have mission critical environment, very predictable. And so we know that with LLM, there is a kind of unpredictable results. Here, we focus on predictability. So deployments on-prem to reduce the latency and a predictable solution.

And of course, we don't limit the application of AI to our solutions. We also use AI internally for coding for developing our software and across all our processes, as corporate tools, for example, to improve the support that we bring to our customers.

And I hand over to you, Serge.

Thank you, Benoit, for that update on those topics. So let me continue here also with some ESG topics here and more specifically about our team members. We know how important it is to have engaged team members and we do a yearly follow-up an engagement survey, and the results that come out of that are quite encouraging, and we see a very strong engagement level of our colleagues. EVS is a great place to work at 92%. That really shows how we engage our colleagues are. And we also see that from an external world and the certification for top employer also shows that what we do within HR, within the company are definitely the right things for making sure our colleagues are fully engaged all over the world. And last but not least, you also see here on those awards that we receive from Ecovadis from Sustainalytics which also gives an indication of what we do on the ESG side. So there as well, we see quite strong. We keep seeing quite strong results. So we are very happy with that.

Going forward on the next slide, let me also touch upon a few main risks that we see at this moment in time. Of course, U.S. tariffs were a big issue in 2025. Fortunately, we've been able to mitigate the impact for our customers in the U.S. by changing our supply chain for the U.S., and that helped us indeed to reduce that impact to our customers. Using our pricing power, we also made sure to pass on a portion -- well, not a portion, the whole impact of those tariffs, but also part of the exchange rate fluctuations that we had with the dollar. And as we see that most of our competitors are also based outside of the U.S. and that the U.S. tariff situation didn't create a commercial disadvantage fortunately.

Another topic that we are watching closely is, of course, the availability and the cost of components, which we see for the moment some components rising in cost anywhere the availability also becomes questionable. So we are trying to make sure that this does not further hit our P&L or our capability to deliver, of course, equipment to our customers. So if we remember in COVID times 2020, we also had something like that, and we were also able to mitigate that situation. The impact of a weaker U.S. dollar, we tried to reduce the impact as much as possible. we've seen our growth in North America even being bigger than what we expected, so that helped us to mitigate part of the impact of a weakening dollar.

But next to that, we also have a strategy to secure our foreign exchange rate flows with the objective, of course, to limit the impact on the net profit due to that weakening dollar. So those are some of the main risks that we try to mitigate at this point in time. Going forward, we come to the financial update details and I'll ask Veerle here indeed to walk us through those detailed financial numbers.

Yes, Serge and let us start by the top line performance. In terms of order intake, our order intake outpaced our revenue, ensuring actually continuous fueling of our order book. We closed an order intake of EUR 225 million. It's a 7.8% growth year-over-year. And that number includes some of the Big Event Rental contracts of 2026 that Serge mentioned before for a total of EUR 14.9 million out of that number.

When we look at a geographical perspective, both EMEA and NALA have considerably contributed to this growth while APAC had a little bit more of a tougher year also linked to the strong euro compared to the local currencies over there. But obviously, it's very good to see that our main regions, EMEA and NALA strongly contributed to this performance. To be noted as well that at constant currency, we expect that there is an impact of around EUR 7 million in order intake. So our order intake would have been EUR 7 million higher should the dollar or not have weakened or would the dollar not have weakened. From a revenue point of view, we already mentioned it. We secured a total sales of EUR 208.1 million. So it's a 5.1% growth. At constant currency, it would have been 6.9% growth.

And for us, it was very important to see that we did not only compensate Big Event Rental of 2024, but we even grew over and above that number. So basically, all in all, the growth is of 14.2%, which is obviously a strong base growth. We see a balanced growth as well in revenue across all regions. So it's a little bit different when we look at order book -- order intake, but from a revenue point of view, actually, all of our regions contributed to this growth which, for sure, North America and Latin America demonstrating the strongest growth. And this is a testimony to our Double Down North America strategy, basically.

And then to be mentioned from an order book perspective, we continue to grow our order book. Our order book stands at EUR 182 million, which is an 11.3% growth and in numbers, the total order book is growing by EUR 18.5 million. It is to be noted that it is primarily our long-term order book that is increasing significantly. So with secured sales for 2027 and beyond, of more than EUR 81 million. So you see the growth there. We traditionally around EUR 53 million, EUR 56 million of long-term order book. This has now increased to EUR 81 million. So it's a very strong growth. And it's primarily a result of a couple of large longer-term strategic contracts that have been won. It does mean that our 2026 secured sales is a little low. It sits at EUR 100.6 million which is a 6% decline versus the number that we reported at the end of 2024.

So the number we reported at the end of 2024 was of EUR 107 million. It is to be noted that, that number eroded throughout 2025, with approximately EUR 10 million. So we could look at a restated number of EUR 97 million there. And in that case, our order book is growing. However, that order book for 2026 is also including Big Event Rental. So I think it is fair to say that from a base business point of view, our order book is not the strongest. This is also linked to the fact that we were able to convert quite some order intake from second half into revenue still in 2025. And so we are confident that we can continue that way of working in 2026 as well.

When we go to the next slide, we have some more detailed revenue analysis. We started showing that, I believe, last year as well. So we look at a couple of strategic angles when we do our revenue analysis. Some of the angles look at market pillars. So when you look at the market pillar, you see a strong expansion of our LAB Business, LAB Business being general broadcasters or leagues or stadia or corporates. We do see that revenue grows from EUR 90 million back in 2023, up to EUR 122 million in 2025. So it's truly 6% growth over a 2-year span. And obviously, the LAB is an area where we strategically want to position EVS more and more. So we're very happy with that growth number.

When we look at the regions as well, and those are the blue bars that you see, you see that primarily, our growth engine is North America. And if you look at 2023, when we did a number in North America of EUR 56 million right now growing to EUR 78 million. It is obviously good to see that, that growth is absolutely there. So it's a 39% growth, spending a 2-years period.

And finally, and you do not see this on this slide or in the graph, but we also focus on recurring services revenue and also there, we continue to grow our SLA basis. So there is a growth in our SLA basis of 37% over 2 years' time. And next to the SLA, we also see more and more flex license revenue, but also ODA, so on-demand activation revenue contributing to that recurring revenue status. So also there, from our strategic angle point of view, we're very happy to see those results. If we go to the next slide, you will then see our profitability.

From a profitability point of view, we first look at the gross margin and that gross margin has dropped a little bit compared to fiscal year '24. We closed in a gross margin of 70.8%, which is a 1.5 points drop. It's primarily the consequence of a couple of different drivers. First, there is a change in the business model that is following the U.S. tariffs. So since 2025, we take the impact of the tariffs into our bill of material. It's a EUR 2.1 million impact. That tariff impact is offset by local price increase or price increase in the U.S. We implemented a price increase a little bit later than the tariff impact. So there might be some small erosion there.

Second, we have a dilutive impact following the acquisitions we did in October or over summer but they concluded in first of October 2025. So they contributed for 1 quarter into our numbers. And overall, they diluted our gross margin by 0.5 points. And finally, there is also some margin erosion following a weaker dollar because obviously, in the U.S., we sell in U.S. dollars, but most of our components are actually still bought in euros. So obviously, there's also some erosion from that point of view. All in all, we're very confident. We still believe that this is a strong gross margin and we continue to monitor, obviously, all the elements impacting that bill of material as close as possible. From an operating expense point of view, we concluded an operating expense at EUR 103.9 million. So it includes actually all operating expenses, but also other revenue and expenses and ESOPs.

So all the way down to the EBIT. It's a 6% growth, but to be noted that it's a very strong control over the second half of those operating expenses. Our first half, we were close to a 10%, even 11% growth. And so we were really able to slow down that growth in second half as to secure our EBIT margin. Why is this increase? It's primarily linked to investments in additional team members. First of all, to support our Double Down North America strategy, but also to accelerate some R&D tracks. And then next to that, it's also the integration of XD Motion and Telemetrics for the fourth quarter of 2025. To be noted that those operating expenses for the full year evolved completely in line with what we set out for ourselves internally. So after a strong and a strong growth in first half, we were very happy to demonstrate that we really can control these operating expenses in the second half.

From an EBIT point of view, all of this resulted into an EBIT performance of EUR 43.3 million. It's a 3.7% decline, but we believe that it's a solid EBIT margin at 20.8% EBIT to revenue. That decline is actually also linked to some investments in our operating expenses for which we have a scheduled return on investment that goes beyond 2025. So for instance, the Double Down North America plan has a return on investment that should start as of 2026. And obviously, also the investments in R&D are for longer-term return plans. At constant currency, as mentioned already, the EBIT would have been at EUR 46 million, which is obviously an increase compared to last year. So also there, we see the impact of the weakening dollar.

From a net profit point of view, we secured a net profit of EUR 38.6 million, which is 18.5% net margin and as mentioned, it is declining compared to 2024 by 3.2 points, but it's following a lower finance income and a higher tax rate I already explained those events previously. They are expected to be one-off events or events that can recover in the future. Net profit results in a diluted earnings per share of EUR 2.73 per share, which is a small decline of EUR 0.29 per share decline year-over-year, but it's in line with expectations.

As mentioned, EBIT guidance was between EUR 36 million and EUR 43 million. So in that sense, we did achieve the high end range of our guidance as well. If you look at the balance sheet or financial structure, we have a net cash position that closes at EUR 58.4 million. It's a decline of 22% compared to 2024. But that decline is fully modeled. First of all, it is because we used quite some cash in financing activities. So we increased our dividend payment. We did a share buyback program end of 2024 that concluded in 2025. And we had reimbursement of lease liabilities. So all of this was planned.

We also used cash for like EUR 14.1 million in investment activities linked to business acquisitions or to loan to associate companies. And all of this was obviously offset by a net operating cash flow that increased. So we're very happy with the EUR 58.4 million net cash position at the end of 2025. And as mentioned, it is a decline, but following some well-modeled investments.

From a net working capital point of view, you do see quite an important increase in net working capital. So it moves up to EUR 102.2 million. It's an 11.7% increase but that increase is fully linked nearly to trade receivables. First of all, there is the general increase of our business volumes. But second, there were significant deliveries at the end of the year. So our revenue number in December was very, very strong. And obviously, that is receivable that is not due by the end of December and therefore, sits in open receivables and impacts our net working capital.

From a net working capital to sales ratio, we're at 49% at the end of the year. But again, it's hard -- it's largely impacted by revenue that we realized in the final month of the year. Looking at trade receivables, you see the reflection of our DSO. And again, also there, we go back to numbers that were '22, '23 in but it's, in our opinion, not concerning because again, it's linked to those shipments at year-end. It's linked to some results sales increase in North America with some major ongoing projects for which the collection is a little bit delayed. And it's also linked to the integration of the receivables for T-Motion. If we look at the structure of our receivables, they remain very healthy. We have some long-term overdue over 90 days. They represent 18% of the total balance, but it's linked to a very limited number of specific cases where we have a very strong focus together with the customer, and we have very low risk of no payment. And we have several of those overdues that actually have been settled early in 2026. So we're confident that this is well under control.

If we go to the next slide, we share an overview of our intangible assets. So everything that we put under IAS38, as you surely know, we launched two intangible asset projects back in 2022 for a total of EUR 12.2 million. First project was related to VIA-Map that was announced in September 2023, which, at which point in time, the creation of new intangible assets ended and we started the depreciation of that VIA-Map project in first -- fourth quarter of 2023. And you see that, that quarterly depreciation is now scheduled for a 5-year period at about EUR 0.5 million a quarter. The second project we actually wrote off back in fourth quarter 2024. It was a write-off of EUR 1.1 million and the reason actually for the write-off is that the criteria for IAS38 were not yet met. Not met anymore, let's say it that way. The developments were certainly not in vain, but a product is no longer planned to be launched as a stand-alone product but it's actually a component of the VIA-Map.

So the return on investment can no longer be measured. And as such, IAS38 needed to be dropped for that project. But all of this, what it shared with you already in the past, Also, the third project that we launched in 2024, it still contributes to further creation of intangible assets. We have an overall capitalization of EUR 2 million for fiscal year 2025. And we expect to start depreciation of that project as of 2026, end of 2026, beginning of 2027. We continuously evaluate if we have further projects that qualify for IAS 38, there are none at this point in time that we are aware of. But obviously, those things can change quite rapidly.

Moving to the next slide. Serge, do you want to do the introduction for the outlook?

Yes. Thank you, Veerle. Thank you for the update on our financial numbers, detailed financial numbers. So let's look now indeed into the future to the outlook. Before asking you to give the guidance for 2026. Let's go to the next slide to have a look at what the commercial opportunity pipeline looks like, and it is definitely an important one. Because it's looking ahead, and it's showing us, indeed, if we have the potential to continue our growth. And the answer to that question is definitely yes.

We see that the pipeline that we have here, and it's a snapshot that has been taken on the February 1 of each year. We see throughout those years that it's definitely accelerating and also in 2026. And so we see that it's growing quite nicely since 2019 was a factor of 2.4x. And definitely also, we see an acceleration from '25 going into 2026. So that is definitely important because it shows us indeed that we have the commercial opportunities in front of us in order to be able to continue our growth also in 2026. And that leads us to the next slide, Veerle that you will indeed comment.

Yes. Thank you, Serge. So obviously, we have an important order intake of 2025 that continue to fuel our order book. But as mentioned, that order book is primarily growing from a longer-term perspective and our secured sales or secured order book for 2026 stands at EUR 100.6 million at this point in time. We are confident that this is still a strong level and provides us robust foundations for the years ahead. We are closely aligned to what was mentioned last year at order book. But as mentioned, we reported EUR 107 million order book at the beginning of 2025. But that number experienced some erosion. So there was like EUR 10 million of erosion throughout 2025, linked to milestone projects for which milestones shifted into later periods.

We consider that this effect that we saw in 2025 was an exceptional effect. Basically, as our forecasting process has now changed. We now exclude any milestone at risk. And so we're a lot more prudent in our secured sales number than we were last year. Experience has shown us that we need to be careful with milestones that are potentially at risk. So we believe that, that EUR 100.6 million is to be compared to a normalized basis of EUR 97 million of last year. It's true that EUR 100.6 million includes Big Event Rentals. So from a base business point of view, we may see that this number is rather weak, but it's because actually we were able to take some quite some revenue in 2025 of order intake that was done in 2025.

So even some of the fourth quarter orders were still delivered in 2025, and this is actually thanks to an organized preproduction of our hardware and software. You may ask your question, why did we start preproduction. So anyhow to a company for our new business model in the U.S. we dissociate now hardware production flows from software production flows. And we just benefited from the occasion to make sure that we have a steady state production of our hardware instead of waiting for us for a confirmed sales order to start producing the hardware as well. It provides us with a lot more agility. It's an agility that is also welcomed by our customers. And so it is something that we will continue in 2026 as well. We will continue to preproduce the hardware and finalize the software as soon as the customer order is confirmed.

So we have on one hand, the secured sales for 2026. On the other hand, as Serge was mentioning, we have a pipeline that is very promising. Our pipeline is demonstrating a growth of 26% compared to the same period last year. We don't see any specific drivers impacting that pipeline. It's on the same conditions as last year. It's within a similar environment. So there's no real reasons to believe that, that growth is not a real, real growth. And so a growth of 26%.

So we diligently looked at our order book the pipeline, the current market dynamics, and therefore, we set our guidance for the year 2026 to EUR 220 million to EUR 240 million. The midpoint is at EUR 230 million, EUR 230 million, which is close to the consensus, the midpoint of the consensus with EUR 232 million. So we believe that, that more or less models, what the market also reflects Obviously, the range is still quite large. It's a range of EUR 20 million. In the past, we used to call out a range of EUR 15 million, at the beginning of the year. But we do believe that with the growth of our overall business, that EUR 20 million is also obviously justified.

Looking at the next slide, we look at the dividend proposal. And based on our capital allocation strategy that we announced last year and the dividend policy that we have in vigor for the years, '25 to '27. EVS does foresee a dividend payment for the year 2025 of EUR 1.2 per share. You see the dividends that we paid out for the years '23 to 2025, and you see the increase of EUR 1.1 dividend per share in '24 to EUR 1.2 in 2025. The final dividend of 2025 will be paid in May, and interim dividend has already been paid in the month of November was EUR 0.60. So the remaining dividend of EUR 0.60 per share is scheduled to be paid in May, and it should be May '26. I apologize for that. Obviously, it's always subject to market conditions, and it's also subject to the approval of the Ordinary General Meeting of Shareholders scheduled on May 19.

Serge, over to you again.

Thank you, Veerle. That brings us indeed to the conclusions of this presentation. So when I go on the next slide, what will be the key activities for 2026. Well, you see indeed that we'll continue to focus on consolidating our leadership on LiveCeption. There is no doubt about that. The second one will, of course, be further strengthen the cross-solution ecosystem and further grow the MediaCeption, the Media Infrastructure and the T-Motion business lines. The third topic is continue growing in North America. We definitely see that we have opportunities for further growing. It's for sure one of the largest markets in our industry. So we really think that we can further grow in North America. We'll continuously also further work on developing those adjacencies, some of those adjacent markets that we've started to approach like, for instance, the corporate market is one of them. We continue diligently on that one.

The channel partner part is, of course, critical to our strategy, and we expect to further strengthen that this year by putting even more focus on it than before, also with some additional resources. And last but not least, of course, we look forward to continuously deliver those Big Events. And we've seen already some important winter events coming on screen, but we have in the summer some other major events, sporting events happening and that we will also be able to support and deliver on screens worldwide. So those are the key activities for '26.

And when we come then to the next slide, which really presents the conclusion of today, I would say that we see that our figures in '25 prove that we are progressing well towards our BHAG and that the strategic growth pillars that we've been focusing on definitely demonstrate that progress we were hoping for. The EPS of EUR '25 definitely supports the dividend of EUR 1.2 per share that Veerle just mentioned. You also just heard from Veerle that we are projecting a revenue guidance of somewhere between EUR 220 million to EUR 240 million, including a Big Event Rental, which definitely shows that we are very confident in our growth.

And last but not least, we expect to further invest in North America as we see considerable growth over there. And next to this investment, we also will further make sure that we control our expenses. You've seen Veerle explaining that we've been focusing heavily on our expense control, especially in H2. And as such, that should enable us to ensure a balanced growth as to support, of course, our long-term profitability model.

And that's it for today in this presentation, and I give the floor to you by checking indeed the questions that we have in the chat here. So I'll ask my colleagues here indeed also to check those questions that came in, in the chat and maybe I can read them together with you.

And I see the first one coming from Michael, who had -- who has four questions. And his first question is, let me read it. What made you decide to start preproduction? It resulted in faster conversion of order to sales. Was this upon request of customers? Did this pull some sales into Q4 that otherwise would have landed in '26?

Veerle, do you want to start answering that question?

Yes. I think I explained already part of it. So we do think we had official delivery terms that were still quite long. We have tried to keep those delivery terms long from a predictability point of view for a very long time. But we also see that in reality, we were delivering faster and faster. So it was a theoretical delivery term of 20 weeks, I would say. But in reality, we've seen that we've never been at 20 weeks. We've rather been at 16 weeks on average for the -- up until the year 2024.

It has been accelerating throughout the past couple of quarters to 12 or even 10 weeks. And so we saw that when we introduced the new business model for the U.S., we saw that the preproduction of our hardware, not necessarily linked to confirmed sales orders was actually also giving some flexibility or some steady state, I would say, in our production teams that was welcomed very much. So it allows continuous production without necessarily being linked to the inflow of your order intake. And so we decided to also implement that way of working, not only for the U.S., but also for the rest of our business.

So there, where in the past, we used to wait for a sales order to be confirmed to launch the production. We now actually preproduce the hardware. And when the sales order comes in, we actually finish off the production with the configuration requested by the customer. Yes, we really believe that this is an interesting way of working. It allows us to accelerate again our delivery terms, which is something that is welcomed by the market and especially for smaller customers.

I think large customers, they do plan well ahead. Smaller customers, it was perhaps -- the 20 weeks was perhaps very long. And so this gives us the agility to definitely accelerate the book-to-bill ratio. So yes, we did get some sales get pushed into fourth quarter or revenue get realized in fourth quarter that traditionally would have landed in 2026. Yes, for sure, because this way of producing allows us greater flexibility and agility as well.

Yes. Thank you, Veerle. And let me add to that again, the importance of seeing our opportunity, commercial opportunity pipeline grow, which indeed shows us that we should be able also this year to generate that kind of conversion. I continue with Michael's question here on the gross margin in H2 was below that of H1 in '25, partly due to dilution from acquisitions. Was the rest due to a mix effect? Or was there also an impact from higher input costs like memory chips and graphics cards?

Veerle?

Yes. So we don't really see an impact of higher prices for memory chips and graphic cards at this point in time, basically because we planned well ahead our supply chain. So for -- well, anyhow already on the software, there's a very limited impact. There is not a lot of storage, et cetera. So the impact there is very, very minimal.

From a hardware point of view, we actually secured our supply chain for the current version of our hardware. It might impact us for the new versions of hardware, which may come within 1 or 1.5, 2 years. But at that point in time, we still have the ability to fix the price as well still in the market for that new hardware or new server, and we'll see at that point in time how we balance cost and revenue.

Yes, the gross margin did go down a little bit in second half. And as mentioned, it's partially linked to a dilution of the acquisitions. Next to that, we did compensate for the tariffs and for U.S. dollar, a weaker U.S. dollar, but that compensation came probably a little bit later than the impact of the increase. So it's always difficult to measure exactly what that impact would have been. Is there any other specific trends? I would not say so. We don't see a general increase in our discounting either. We do know that there is one deal, an important deal that was signed with a little bit higher discount rates than traditionally, and that is also having its impact, but it's a one-off event in that case.

Okay. Thank you, Veerle. The third question was about our costs -- operating costs in H2. How were we able to keep it at the same level as H1? I think you already partially answered that, but maybe you can reconfirm that, Veerle.

Yes. I think it's a very strong cost control. Travel expenses is a big portion of our operating costs. And yes, we have been very diligently looking at that and slowing it down. And we hope that this will also have its long-term effect that we challenge more the travels that we do. Next to that, yes, very strong control over employee costs and also the growth in team member base. So we have been really limiting the growth in second half.

And we continue this way of working in 2026 as well. So we shouldn't expect now a huge increase in terms of team member costs. There will still be investments, but it's not like we have been slowing down investments that will now all of a sudden pop up again in 2026. So it's really much more diligent looking at what do we really need, what are our priorities and making those decisions. So...

Okay. Thank you, Veerle. I'll move to a few questions from [ Guy Sips ]. I'll take the first one on North America, the efficient -- the investment efficiency and return on investment, how do we evaluate the return of those investments? And what KPIs will we use for the future?

So let me answer that one. Benoit, I'll let you answer the second one as well on the T-Motion and robotics. But for the first time, those investments, what, of course, we look at is the creation of pipeline that's looking forward. That's an important one. Then, of course, order intake results are key. We see our growth in front of us. So that means that order intake targets have further increased for North America. So we'll be focusing on that.

And last, but not least, is about revenues, of course. So those are the most important KPIs that we are following at this moment in time for checking on our investments on North America. And we know that some of those investments will take more than a year, of course, to fully deliver upon their expectations.

Benoit, question #2 on T-Motion integration.

Yes. So first, we started the integration in Q4. So globally, in terms of gross margin, the gross margin is lower for robotics for the moment than on the rest of the portfolio. We plan to increase the gross margin along the way because we want to value more the software than the hardware globally. And yes, it will take a bit of time. Globally, the T-Motion revenue compared to the EVS revenue is less than 10%. And so that means that the effect of the lower gross margin is quite diluted in the overall portfolio.

Okay. Thanks, Benoit. The third question was on ecosystem and cross-selling. So indeed, we stress the fact that we see that further increasing. We'll do now our best guessing here. We see indeed from our orders we get from large customers that this is indeed increasing. At this moment in time, we can't share our detailed numbers on that one, but it's definitely an important element, and we see more and more customers having 2, 3 or even sometimes 4 solutions. But bear with us, we are working on that, and we would expect in the future to give more detailed numbers on that cross-selling, what that eventually means, all right?

Then last question from Guy that I'm reading here, given that Telemetrics & XD Motion together contributed for EUR 4.6 million revenue and diluted margins in Q4, while the full year pro forma contribution has been substantially high. How should we think about the expected revenue and profitability impact in '26? Veerle, do you want to take that one?

Yes. I think it's difficult to just extrapolate the numbers of fourth quarter because they were quite exceptional. So we don't believe that, that is repeatable from the longer term. But definitely, from a gross margin point of view, there's a lot of reasons to believe that we can limit the impact on the gross margin, so 1 to 1.5 points because basically, it's also a question of scale. So obviously, T-Motion, we won't have huge investments into sales to actually drive revenue growth. It is something we are leveraging our sales infrastructure that we have. It's a very tangible product. So it's easy, understandable and can be positioned. So with very minimal investments, we can actually expect growth.

And also, where we expect margin improvement is from an SLA point of view. So this is what Benoit was referring to earlier on. We do believe that we need to scale SLA revenue for T-Motion. And also there, we will leverage the support for organization. So yes, part of it is really specialized sales support, but for the rest, we can leverage the existing organization that we have already. So again, it's very tough to just extrapolate the fourth quarter performance. And we do believe that, that 1% to 1.5% points, gross margin dilution is the best guess for 2026.

Okay. Thank you, Veerle. I'm moving to questions from David, David Vagman. Can you quantify intangible capitalization in '26?

Yes, it's going to be fairly limited to one project only. This is what I mentioned previously. So we continue to develop the project that we launched in 2024. It's probably going to be between EUR 2.5 million and EUR 3 million on this specific project. And then, we'll have to see how -- if any new projects come by. We have no understanding of any new project at this point in time, so -- but this one and only project will probably account for EUR 2.5 million to EUR 3 million.

Okay. Thank you, Veerle. Next question from David was about how much opportunity do you have to increase prices in '26, given exchange rates, tariffs and component prices, but also competition.

So let me answer that one. So we'll be careful, of course. The tariffs, of course, will pass on if those changes because those will be applicable for everybody and everybody understands that. Component prices, yes, there were already some components that are increasing heavily in price. So we might pass on some of those increases. The market understands that those prices are increasing. So we think we can explain that. And a similar situation is applicable, of course, for competition. The components, they are acquiring are also subject to those price increases. So yes, we have price power, but we'll be careful in applying that. But any cost increase, definitely, we'll try to -- we'll make sure to pass them on to our customers by increasing prices where needed.

Another from David, how much of the '26 order book is to be generated in H1 '26, most of it given shorter delivery times? Veerle, do you want to take that one?

Yes, I don't think we'll provide a specific number. But yes, the majority of that order book is planned for first half. So yes, it's a logical event of the shorter delivery times for sure. Yes.

Then the next question is from Jean-Pierre Tabart about our workforce in the U.S. So yes, we increased with more than 50 projects in '25. Do we expect the same pace in '26? There the answer is definitely no, unless we would do another acquisition, of course, but that's not on the agenda today here. So definitely, we'll slow down. We still see some increase also to further strengthen, for instance, the telematics or the T-Motion teams and some commercial roles, but it will definitely be much slower than in 2025.

Then, the next question from Jean-Pierre. Will the growing integration of AI enable you to accelerate the execution of your innovation road map while controlling your R&D expenses, less recruitment required? That is indeed a good question. So definitely, AI is helping us to first improve our products, the features and capabilities that we provide to our customers based on certain of our AI capabilities is increasing the value that we propose to our customers. So we also expect to see revenue generating out of that further increase.

And then, to respond to the question here, will it help to accelerate the execution of our innovation road map while controlling our expenses? The answer is yes. We are indeed having several colleagues within the company, and not only within R&D, already using AI tools to improve efficiency. So I think we did already more than a year ago first proof of concept, and we saw already an improvement of about 7% in the R&D environment, and we expect that to further increase. So that's definitely something that we focus on. And with new tools coming online and more and more available, we are testing them and see what value that they bring indeed.

Then, Jean-Pierre's third question is, why not provide EBIT guidance? That is because we typically do that with the Q1 results. So indeed, after the fiscal year results, we provide a guidance on revenue. And with Q1 results, we will be providing EBIT guidance.

All right. Let me go forward here with a question from [ Alexander Leipold ]. What gross margin level do you expect for '27 -- sorry, '26, considering the additional T-Motion dilution and continuing dollar weakness? And at what point do you expect T-Motion margins to converge with EVS group margins? Veerle and Benoit, do you want to take that?

Yes, I do believe that, again, from an organic point of view, we believe that we can sustain the margins that we do right now. So we did some price increases over summer to cover for the weaker U.S. dollar. So it does take a little bit of time to make sure that they flow through in our P&L. But we do expect that we right now have the right balance. And obviously, there might be a mix that is still playing in our disadvantage. On the other hand, we see that more and more software embedded in our solutions offsets the mix impact. So all in all, we expect that from an organic point of view, we can keep our margins. As mentioned, the impact of T-Motion is 1 to 1.5 points for the full year 2026. And yes, how much time does it take us to convert to standard EVS margins? Benoit, I'll let you.

I think it will take a few years, in fact, because we have to proceed with the integration, the transformation, also the communication to our customers valuing the SLA because the SLA, as mentioned by Veerle, is also an important component of the increase of the gross margin. So it will take a few years.

Yes. Yes. And we see it from past experience as well, it's a gradual progression. But if we look, for instance, at the acquisition of Axon that we did in 2020, after 4 to 5 years, we start to see a conversion or a profit margin that is closer to what we would expect from a standard EVS portfolio. So it depends on also prices that we can push into the market, but then also leverage growth and all of the -- it's a combination of all these elements, obviously.

Thank you, Veerle and Benoit. I go to some questions from Alexander Craeymeersch. So first one is, on a like-for-like basis, your '26 order book is currently running 12% behind where it was at this point last year. Given that backdrop, do you have confidence that you can deliver organic growth ahead in -- ahead of '25, given that H2 has somewhat weakish organic growth? Or is the stalling inorganic growth a bit temporary? Veerle, I guess, you can start, and I will complement that.

Yes. Yes. So I do believe if we unleash traditional metrics on our beginning of year order book, I think, yes, probably we can say that, that is weak. However, what we mentioned is when we change for the new business models and we do now that preproduction and we're gaining an agility in terms of deliveries, we believe that actually historical metrics on our order book are not very relevant anymore. So that's why our current guidance is much more focused on pipeline and our ability to convert that pipeline into won orders and deliveries. So yes, we do believe that it is possible to define historical metrics order book given the changes in the business dynamics.

Yes. And I will repeat myself here, the fact that we see our commercial pipeline further growing is a positive element looking forward, of course. So that's something that we need to keep into mind, of course.

Second question from Alexander was about Asia Pacific revenues were down 25% year-on-year in the second half, yet, there was no specific commentary on this in your results. That's indeed because we are mainly looking at the full year and that we saw full year revenues for APAC being more or less stable to -- compared to the year before. Could you help us understand what's driving that weakness? And what your outlook is for the region going forward?

Yes. I think...

Yes.

I'm sorry. Serge, you want to...

Yes. Go ahead, Veerle. I will complement.

Yes. And definitely -- so it's very important to note. So there is no immediate FX impact for APAC. So we sell there in euro. What we do see is that customers are delaying decisions actually. So with the current euro being relatively strong for them, a lot of decisions are being postponed and delayed, waiting for a little bit of a better climate. So obviously, the slowdown of order intake over 2025 in APAC will have its effect on the revenue taking in that region.

And yes, in second half, they were down year-over-year, but it's definitely an element of that order intake slowing down as well. So the revenue always lags a couple of months on order intake. Will that recover? We'd expect that to recover. Now, on the other hand, we don't expect the biggest growth out of APAC in 2026 either given the order intake of 2025. So yes, we'll have to look there, so -- but there's no real FX headwind specifically to that region. And I think on the FX exchanges or impacts compared to U.S. dollar, I think we've been able to quantify that in the press release already. So I'm not sure if there are further questions around that.

Okay. Thank you, Veerle. I think we went through most of the questions. So did I miss something? I see a question about the increased dividend of EUR 1.2. Will that be the level in the next years to come? I think that you answered that one, Veerle, as well.

Yes. So we issued a dividend policy for the years '25 to '27 at EUR 1.2 per share. So in principle, that is fixed over the next couple of years. Obviously, always dependent on market situation and our results. But that is the guidance at least for the years to come.

All right. Then, I see a question from [ Patrick Millecam ]. Beginning of '24, you indicated the EUR 7.4 million order intake for Big Event Rentals. In the '24 results, you realized a record revenue of EUR 15.8 million. Now, you already have EUR 14.9 million order intake for Big Event Rental. What is your best guess for the total eventual revenue for Big Event Rental in '26? And do you expect additional revenue orders?

Yes. I think, yes.

You have to be so good to be in that one. Yes.

Yes. I think we secured like EUR 14.2 million from an EVS point of view, but then the order intake from T-Motion added on top of that. So yes, we do expect Big Event Rental in 2026 is going to be around EUR 15 million. It can move up a little bit still from what we have secured right now because sometimes there are some small orders being added just prior to the event, but it's going to be very close to that number.

And '26 is a different kind of event scheduled than '24.

Yes. Absolutely.

In fact, the multisport events happen in the winter and not in the summer. In fact, the order -- some of the orders are taken earlier and typically the year before.

Good. I'm looking to my colleagues here. I think I took all the questions here. Did I miss any? No. It's okay.

I don't think so.

No.

All right. So, good. Well, then, I think we can close this right on time. So thank you all for participating today. Happy that you could follow this session. As you can see, we're quite proud and happy, of course, with the results that we've been able to deliver in '25, which are at or even slightly above the guidance that we gave throughout the year. It was not an easy year, and a lot of things happening in the world, a lot of headwinds, but still we are proud with the results that we achieved. And we have quite high confidence that we can continue also in 2026 on that growth path that we have set out for the years to come, of course.

So thank you again for joining us. Thank you, Veerle; thank you, Benoit, for helping me here with the presentation. And as I said before, this will be also available on our website very soon. Well, the presentation is already available, and the recording will be available very soon. So thank you very much for attending today and look forward to see you soon. Have a nice day.

Bye.

Thank you.