Leveraging resilient platform and market position to secure mid and long-term growthIR Presentation

Carl Vanden Bussche, IRO

Solid results: financial & non-financial

A profitable growth track ... sound Balance sheet ... impactful carbon

footprint improvements

Enabling bright outcomes around the world

Global and local capabilities

+3,600 employeesLed by an experienced and diverse

leadership team

Barco | Global advanced visualization technology partner... with legacy & pride

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+80 yearsof growth

through smart innovation

Innovationthat matters

We own our technology400 patents

A trusted partnerlisted in the Bel 20 index

…for 70% of the Fortune500 companies

We enable bright outcomesby transforming content intoinsight and emotion

Barco’s mission ...

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Sets thestandard

Beyondtechnology

Advanced visualization and beyond

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Innovation in advanced visualization technologies

In 3 healthy markets with a clear purpose |Gold standard reference … with leading install base

Entertainment“Compelling experiences”

Enterprise“Stay in control”

“Better meetings, better business”

Healthcare“Diagnose better & save lives”

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(42%) (33%) (25%)

• Leading with laser and 4K-technology in cinema, events and themed entertainment (90k+ cinema projectors)

• Cutting edge image processing and rendering solutions

• ClickShare, first and leading wireless collaboration solution (800k+)

• UniSee, unique and industry-leading videowall solution, lauded with numerous industry awards (15k+)

• Global leader for 20 years in Diagnostic Imaging solutions (700k+ diagnostic displays)

• Innovator and leader enabling the digital integrated OR (3.5k+)

Global representation with staying power

The Americas

Region GDP:33% (+6% CAGR*)

Barco sales:39%

Global footprint…with some relative overweight in our ‘backyard’ Asia opportunity

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EMEA

Region GDP:33% (+1%)

Barco sales:37%

* Regional growth CAGR over period 2007-2017

Asia-Pacific

Region GDP:34% (+7%)

Barco sales:24%

INNOVATEfor impact

Focus to

PERFORM

Offer

OUTCOME-BASED SOLUTIONS

Go for

SUSTAINABLEIMPACT

Augment technology innovation, and ROI, with deeper customer and market insights

Deliver with focus and efficiency, while leveraging OneBarco scale and building ICFC capability

Build capabilities to be a Hardware + Software + Services partner enabling outcomes for its customers

Go for sustainable impact for People/Planet/Communities

4 strategic vectors

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“Enabling bright outcomes” | One book - Three chapters

2016 2018

Chapter IFocus to perform

Performance Culture, Leadership changes

Portfolio choices, raising profitability

Building a healthy & resilient platform

Chapter IIFit to lead

Maintain performance focus & capture growth

Build capabilities to capture lifecycle value

Chapter IIIEnabling bright outcomes

Grow recurring revenues

Continue toplineand profit growth

2022

1.1

02

1.0

85

1.0

29

1.0

83

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Sales(in millions of euro)

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16

20

17

37

9

40

4 41

3

42

9

34% 37% 40% 40%

Gross Profit Margin%

20

15

20

16

20

17

88

10

7 12

5

15

3

8% 10% 12% 14%

Ebitda Margin %

20

16

20

17

20

18

20

18

20

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1.0

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Financial Results | 2016 - 2019

Gross Profit(in millions of euro)

EBITDA(in millions of euro)

On essentially organic flat sales Barco showed resilience

with...

Gross Profit Margin increasing 6 ppt reflecting value

engineering and mix progress

and a 6 ppt EBITDA margin expansion, fueled by gross

profit and opex redeployments

9Pro forma comparisonTo present comparable data 2018 versus 2017, 2017 figures for sales are presented on a pro forma basis assuming the deconsolidation of the BarcoCFG joint venture had taken place on July 1, 2017. Other metrics such as Gross Profit and EBITDA and related margins are not restated as the impact of the deconsolidation is not material.

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20

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Carbon footprint own ops

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16

20

17 2

01

5

20

16

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Non-financial Results | 2016 - 2019

Carbon footprint products ECO design

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20

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Logistics Mobility Infrastructure

2015

2016

2017

2018 2015

2016

2017

2018

699 705

590

481

2019

23%

8173

7168

On track to 2020 target of -20%, mainly due to modal shifts & infrastructure gains

Solid improvement driven by technology leadership on more efficient light sources (laser)

On track to 2020 target of 25% ECO labelled product

launches

Tons CO2e/million euro sales End use emissions ; tons CO2e/million euro sales

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Cinema Series 4: 4K – Laser - Value Engineered UDM projector… to grasp the new build and replacement wave in cinema … strengthening our value proposition

in the events and ProAV market

ClickShare Conference… introducing a new product category and expanding the addressable market

Recent releases to capture market growth opportunities

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Demetra, skin imaging system

weConnect… enabling the virtual classroom

eXperience Management Suite (XMS)… designed to help workplace collaboration and engagement

Synergi TM

… virtual clinical collaboration

… introducing multispectral imaging & workflow

Building outcomes capabilities

Q3 in-line with Q2 with mix of recovery and prolonged covid impactEntertainment flat as anticipatedSolid signs of recovery vs Q2 for Enterprise, fueled by EMEA & APAC on increased economic activity and back-to-office trendsCovid-pandemic outbreaks caused hospitals to postpone short term investments and led to weaker than expected Healthcare results for Q3

Longer term growth opportunities unchanged but delayedCinema content push-outs and industry shake-ups temper short term recovery and will shift renewal wave outHybrid in-office/remote working fuels ClickShare Conference opportunity with sales picking-up in recovering marketsHealthcare fundamentals intact while customers adjust 2H delivery timings

Navigating the crisis while focused on securing recovery potentialManagement expects continuous pressure on topline performance & a considerable decrease in full year EBITDA margin2021 cost base reset below 2019 while ensuring business continuity across the portfolio &preserving long term strategic initiatives

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RESULTS 3Q20 | EXECUTIVE SUMMARY

A soft 3rd quarter with mix of recovery and prolonged covid impact

FINANCIAL HIGHLIGHTS | RESULTS 3Q20 & RESULTS YTDSoft Q3 & YTD performance, but Q3 recovery trend emerging in Enterprise

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Q3 reflects continued pandemic impact with uneven recovery YTD sales -25% with Entertainment ytd -32% after -52% in Q3 Enterprise ytd -35% with a -36% in Q3 Healthcare ytd flat after a -14% Q3

Q-o-q show initial signs of recovery

Order intake +9% Q-o-Q fueled by Enterprise (EMEA & Americas) & Entertainment (APAC & EMEA)

Prudent +3% recovery in Entertainment

Enterprise start to rebound in both segments with high-single digit q-o-q recovery

Healthcare soft with a 3rd quarter push-out for both Diagnostics and Surgical

Year over year growth Incremental growth vs Q2

AMERICAS | ENT +2% | ENP -14% | HC -20%

EMEA | ENT +8% | ENP +14% | HC -1%

ASIA PACIFIC | ENT -1% | ENP +28% | HC -22% Entertainment sales flattish q-o-q while orders show momentum for both cinema as wel as

V&H ‘Back-to-office’ trend and overall recovery translates into strong Enterprise momentum

(ClickShare & Control Rooms) Following strong H1, a weaker Q3 in Healthcare with 3rd quarter push-outs for Diagnostics,

while Surgical continues to expand

Cinema & Events remain flat at low levels on limited content, partial re-openings and strict capacity limitations (US & LATAM)

ClickShare investments flat q-o-q due to delayed returns to in-office works Healthcare slow on hospital budget constraints, with push-outs for both Diagnostics & Surgical

RESULTS 3Q20 | REGIONS QUARTER-OVER-QUARTER

+1%

+7%

-13%

SALES Q-o-Q group

Evidence of regional covid dynamics, noticeable start of recovery in Enterprise in EMEA & APAC

Entertainment business up q-o-q, mainly in Middle-East cinema and rebound of services Momentum for ClickShare on ‘back-to-office’ activity; Control Rooms resilient and continued

growth q-o-q in part driven by government funded projects Healthcare flattish q-o-q, slower diagnostics offset by stronger surgical sales

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UNEVEN RECOVERY OF THE CINEMA INDUSTRY

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Covid is challenging the cinema eco-system... Closures Release dates shifting Experimenting with release windows, box office split

& PVOD (Re-)financing, closings, divestitures & consolidation

... but will recover at multiple speeds

China back to Sep’19 levels 100% screens open Relaxed capacity constraints Intn’l & local content inflow

US lagging Partial reopening (65%);

capacity constraints Tenet disappointment in US studios shift dates reclosings... & impact on global dynamics

Rest of the world, a mixed bag 70% open, capacity easing Balancing between Hollywood

and local content

... and depressing global box office revenues in 2020...*

Cinema

Trade shows

Live music

% of global box office

22%

28%

50%

*Source: PWC, Global Entertainment & Media Outlook 2020-2024,September 2020 ** Average market share box office 2018-2019 ; source ir.comscore.com & boxofficemojo.com*** Source: Gowerstreet september 28: Graphs reflecting weekly box-office evolution over 3Q20

**

1. New builds (China & Emerging) remain on the plan but with deployment delays

2. Renewal marketa. Total addressable market (#screens) could shrink with

10-20% vs pre-covid forecasts

b. Mature market replacement wave interrupted in Q1’20, will steadily pick up over 2021, but overall expect curve will shift out of up to 2 years

While value proposition further strengthens

√ Renewal need intact (end-of-life, efficiency, 4K)

√ Premium and TCO prevails

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... BUT PROJECTOR RENEWAL WAVE STILL ANTICIPATEDDESPITE ASSUMED TRIM & PUSH IN TIME

2b

2a

1

BARCO50%

CHRISTIE

NEC

SONY

Capture rate 2018-2019world wide

China | New builds

Mature markets lamp

to laser replacements

Emerging markets

replacementChina |

Replacement

Renewal-opportunity 2021-2026Pre-Covid Current outlook

80-100k 65-80k projectors 4 3 contenders

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CLICKSHARE CONFERENCE (CX) EXPANDING THE CLICKSHARE FAMILY AND CAPTURING HYBRID MEETING OPPORTUNITY

1. Future of Work = Hybrid Covid is catalyst to hybrid working &

video-conferencing adoption Offices are re-opening & employees want

WFH max 2 days/wk* By mid ‘21 Office/Home split at 75%/25%

2. Companies reshape work spaces for employee engagement Offices to become collaboration spaces;

meeting spaces beat cubicles Investments in hybrid workplaces to enable

joining of in-person and videoconf participants

APAC & EMEA tracking for recovery by early ‘21

September at 80% vs 2019

Germany/Nordics leading

CS Conference 24% of total (Q3)

3. ClickShare Conference enables better hybrid meetings Wireless – flexible – agnostic - low investment

- easy to install Partnering with all leading peripheral vendors

Global, ex -US US

4. CS Conference. Sloping up with ‘back to office”. Stepping up awareness building

US trailing September at 50% vs 2019

CS Conference 19% of total

ClickShare distributor sell-out (“Present” & “Conference”)

* 2020 research Gartner, Company, Gensler + JLL

2019

2020

Innovation, solutions & service

Expanding commercial footprint & ICFC

WallConnect Cloud to monitor video walls remotely

First LED-installs in Control Rooms

Barco/Caresyntax: virtual OR presence

NexxisCare cloudbased remote OR management

Rolling out Insights Projector management

Product line extensions UDM & UDX for V&H

Barco honored as one of China’s top 10 digital OR construction suppliers in 2019

Logitech, Jabra, Vadio & Yamaha join Barco’s ClickShare alliance program

Demetra launch for the US market

We care - Supporting our partners

We’ll be back! How museums will re-open after covid-19

Film Fest Gent #CinemaReady!

#WeMakeEvents – Stand as ONE19

WE REMAIN COMMITTED TO OUR STRATEGY |PROOFPOINTS 3Q20

Sustainability

Barco reaches first target to reduce carbon footprint of own operations one year in advance

Barco University expanded its training while reducing CO2 by 461 tons

RGB with a focus on green: Barco’s sustainable next-generation RGB Laser video walls

All sites operational, working partial capacity, managing supply chain

Alternating teams, living hybrid work environment

RESET(TING) OPERATIONS AND OPEX LEVELS

I. Found balance in hosting a safe and productive hybrid work environment

II. Moving from temporary to structural cost contingency measures

Cont’d discretionary spending stop, hiring freezes, scaling back temps, salary/bonus actions

Moving from temp to structural measures where we see medium term impact. Redeploying divisional resources to highest needs

Adjusting investment timetable of selected longer-term initiatives

Resetting cost levels for 2021 below 2019

III. Managing cash, working capital and liquidity

Working down inventory & DSO-levels during 2H20

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3Q20 +/- IN LINE WITH COVID-19 IMPACT ASSUMPTION | POTENTIAL SECOND WAVE IMPACT UNCLEAR

Division/ Segment Assumed Impact FY20

3Q YTD vs 2019

3Q20 vs

2Q20Qualitative comments 4Q

Assumed evolution 4Q-vs-3Q

Entertainment Material negative -32% +3% ~

Cinema Material neg -- ~ ~

Replacement Material neg -- ~ Recovery of renewal wave likely slow for next quarters ~

New builds Med neg - ~ New builds to show recovery but with delays ~+

Service revenues Med neg - + Services to further rebound as cinemas reopen ~+

Venues & Hospitality Med neg -- ~ ~

Events Material neg -- ~ Events business likely to remain slow in next quarters ~

ProAV (fixed install) Med neg - ~ ProAV expected to show steady recovery quarter-over-quarter ~+

Simulation Neutral ~ + Simulation steady ~

Enterprise Med neg -35% +10% ~+

Corporate Med neg -- + ClickShare Conference well positioned for hybrid operation & expected to slope up with back-to-office trend +

Control Rooms Med neg -- + Control Rooms showing resilience with gradual recession recovery ~

Healthcare Positive => Flat +0% -14%

Healthcare fundamentals remain solid but confronted with temp push-outs

~+

Diagnostic Imaging Positive => Med Neg ~ -- ~+

Surgical Neutral ~ -- ~+

Outlook 2020◦ Taking into account the uncertainties associated with the second covid wave, both in terms of its

impact on ongoing recovery rates in Europe and delayed recovery in the Americas region, management expects continuous pressure on topline performance

◦ Given lower volumes, unfavorable mix and continued investments in commercial and innovation strength, we expect a considerable decrease in full year EBITDA margin compared to the first half

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OUTLOOK

At this point, it is clear that 2020 will prove to be an off-year for the Barco P&L. To put the company back on its path to reaching its long-term financial goals, we are resetting

expense levels while continuing to invest in strategic growth initiatives

Quote CEO, Jan De Witte

Current EBITDA%

EntitlementEBITDA%

OPEXreset

‘Fit to lead’

Efficient growth(Mid+ single digit

growth)*

Mix SaaS &recurringrevenues

SaaS & recurring revenues

Mid-term outlook |Levers to drive Barco’s sustainable profitable growth

Efficient growth driving profit accretion, while investing in building recurring revenues capabilities

EBITDAwalk

2018:12%

Mid-term: 14-17%

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Price erosionvs value engineering

Chapter II & III(2019-2023)

While covid-19 will impact growth in 2020 & 2021, the levers towards mid-term entitlement EBITDA remain intact

EBITDA% outlookmoving towards

14-17% on the mid-term

A more resilient and healthy platform and portfolio … continuing to

build capabilities

Capture market growth:Innovation, Commercial

Excellence and ICFC

Monetize ‘Value stack’ around installed base

Growth outlookWhile covid-19 triggers

short term impact, Barco remains a mid+ single

digit player24

Conclusion

We care & lower our environmental footprint and the one of our

customers

Thank you!

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| facebook.com/Barco

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