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Kortrijk, Belgium, 15 July 2026, 7:15 am – Today Barco (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) announced results for the 6-month period ended 30 June 2026.
"After a difficult first quarter, we saw improvements in the second, driven by strong performance in Control Rooms, solid growth in Diagnostic Imaging and a pick-up in Cinema, particularly in EMEA and the Americas.
We are sharpening our focus on businesses with structural growth drivers and clear differentiation. Meanwhile, we are taking cost actions and have implemented a leaner organizational and management structure to strengthen performance. Strategically, we remain committed to maintaining our leading market positions, safeguarding profit margins and accelerating our software and AI roadmap.
Finally, we are pleased to have completed the acquisition of VerVent Audio Holding, a key milestone in our ambition to become a fully integrated audiovisual solutions provider across professional and consumer markets."
in million euro | 1H26 | 1H25 | 1H24 | 1H26 vs 1H25 |
Orders | 467.8 | 487.5 | 463.3 | -4 % |
Sales | 418.1 | 454.4 | 434.5 | -8 % |
Order intake amounted to 467.8 million euro, a decline of 4% year-over-year, with the second quarter significantly better than the first, reflecting an improvement towards the end of 2Q26. Order intake grew both for Enterprise, fueled by Control Rooms, and for Entertainment, on the strength of Cinema and the contribution of the new Consumer Experience business unit. In contrast, Healthcare declined, mainly due to softness in the surgical portfolio. Regionally, the Americas delivered the strongest year-over-year growth at 8%, driven by Cinema. EMEA was impacted by soft demand for Immersive Experience in the Middle East. With a positive book-to-bill ratio throughout 1H26, the orderbook, including recurring revenues, expanded to 568.3 million euro, up from 492.8 at year-end 2025.
Sales in 1H26 of 418.1 million euro, a decline of 8% year-over-year, or a decline of 3% excluding currency exchange effect of 20.7 million euro. This reflects delayed order intake and weak order conversion due to geopolitical uncertainty. Entertainment added Consumer Experience and saw year-over-year growth in the European and American Cinema business, while Immersive Experience declined across all regions, most notably in the Middle East and the Americas. In Enterprise, Control Rooms grew on good demand in security-related end-markets, while Meeting Experience declined in line with previous quarters. In Healthcare, diagnostic displays performed well across all regions, offset by softness in the surgical portfolio.
Entertainment recorded 3% order growth and a 5% decline in sales in the first half of 2026. Solid Cinema performance in EMEA and the Americas and the contribution of Consumer Experience were offset by weaker sales in Immersive Experience. In Cinema, underlying demand was supported by gradually improving box office trends in EMEA and Americas, driving investment by exhibitors, while China was impacted by weaker local content performance. HDR by Barco continued to gain traction, with a growing pipeline, and increasing adoption and box office performance. Immersive Experience saw a weaker rental market in key regions, while fixed installations and theme parks remained solid. Consumer Experience performed well following the acquisition, with strong performances in headphones and automotive audio partly offset by weaker demand in integrated and passive solutions.
Enterprise reported a decline in sales in the first half of 2026, driven by continued weakness in Meeting Experience, while Control Rooms grew on strong order momentum. In Meeting Experience, sales declined across EMEA and the Americas, partly offset by growth in APAC. This reflects a continued double‑digit decline in BYOD sell‑out. Meanwhile, ClickShare Hub ramped up gradually, and is expected to accelerate with further hardware bundles and features, such as the recent launch of the BYOD-MTR switch for ultimate flexibility in MTR room setups. Control Rooms benefited from very strong order intake in all regions for LCD video walls and Rear Projection — as a result of replacement demand with Barco as sole remaining supplier — and the Barco CTRL platform, marked by its differentiated positioning around IT‑based architectures, security and collaborative control. The software share of Control Room sales further increased.
In the Healthcare division, orders and sales declined double-digit, reflecting continued softness in the surgical portfolio, partly offset by growth in diagnostic displays and a stable performance for modality displays. Growth for diagnostic imaging displays, particularly in EMEA and the Americas, was due to ongoing demand for radiology and mammography displays and a growing pipeline in digital pathology, including AI workflows. Modality remained focused on securing new OEM contracts in a cost-competitive environment. In contrast, for surgical solutions, the expiration of several large Nexxis and display contracts across EMEA and the Americas in 2025, continued to weigh on results. The future surgical roadmap will expand into cost‑competitive and scalable mid-segment solutions, and real-time compute workflows.
Gross profit was 164.9 million euro or 39.4% of sales, versus 40.0% in 1H25. This decrease primarily reflects lower sales, which limited the absorption of fixed costs. In addition, the product mix was unfavorable, due to lower Meeting Experience volumes in the first quarter and continued softness in the surgical portfolio over the first half. The mix improved in the second quarter, supporting a higher gross margin versus both the first quarter and the same period last year, despite a relatively lower margin contribution from the audio portfolio within the Consumer Experience business unit.
EBITDA amounted to 26.1 million euro, versus 48.0 million euro in the prior year, translating to an EBITDA margin of 6.2%, versus 10.6% in 1H25. The EBITDA margin decrease was driven by lower gross profit and by operating deleverage on the lower revenue base, partially offset by lower like-for-like (excl. VerVent) indirect costs.
Free cash flow in 1H26 was -36.7 million euro versus 21.4 million euro a year ago. This decrease is mainly due to higher inventories. These were partly driven by advance purchasing of components in anticipation of price increases and partly by higher levels of inventories of finished goods resulting from lower than expected sales in several end markets. CAPEX for the semester amounted to 15.4 million euro, with investments in a new automated warehouse in the Belgian plant and in Cinema-as-a-Service.
The net financial position was a net debt of 32.6 million euro, compared to a net cash position of 186.2 million euro at year-end 2025. The main cash outflows were related to the acquisition of VerVent Audio Holding, the free cash flow, dividend payments and the share buyback program.
The following statements are forward looking on a like-for-like basis and actual results may differ materially
Geopolitical instability and uncertainty continued to impact demand and visibility throughout the first half. Management expects full year sales above last year, including the recent acquisition of VerVent Audio Holding, and an EBITDA margin in the range of 11-12%.
As part of ongoing efforts to simplify the organization and streamline decision-making, Barco has implemented a more compact senior leadership and overhead structure. In this context, all Healthcare activities have been brought under the unified operational leadership of John Zhao, EVP Healthcare, fostering cost-efficient and disciplined execution. By combining the CFO and CDIO responsibilities, Barco aims to further strengthen decision-making, digital transformation, and operational excellence across the company.
This press release may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Barco is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release in light of new information, future events or otherwise. Barco disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by Barco.
Barco, headquartered in Kortrijk (Belgium), is a global technology company leading in visualization, networking, and collaboration solutions. Its innovative technologies drive advancements in the healthcare, enterprise, and entertainment markets. At the heart of Barco’s success are over 3,000 dedicated ‘visioneers’, each passionately contributing to driving change through technology. Listed on Euronext (BAR), Reuters (BARBt.BR), and Bloomberg (BAR BB), Barco realized sales of 964 million euro in 2025. For further insights, please visit www.barco.com, or connect on LinkedIn, YouTube, Instagram, and Facebook.
Barco. Visioneering a bright tomorrow. © 2026
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