ANNUAL REPORT
20
EVS ANNUAL REPORT 2025 CEO AND CHAIRMAN
2
2
WORD FROM THE CEO
EVS ANNUAL REPORT 2025 CEO AND CHAIRMAN
3
3
WORD FROM THE CEO
EVS ANNUAL REPORT 2025 CEO AND CHAIRMAN
4
4
LETTER FROM THE CHAIRMAN
5
5
EVS ANNUAL REPORT 2025 ABOUT US INTERNATIONAL FOOTPRINT
6
6
EVS ANNUAL REPORT 2025 ABOUT US WE ARE EVS
Evidence: Successful adoption of software convergent platforms for AI Zoom Replay
applications and expanded deployments of VIA MAP across advanced live production
environments.
Evidence: Continued expansion of EVS’ regional teams and increased contribution of
North America to EVS revenues. Customization of certain product portfolio items to
specific North American live production needs.
Evidence: An increasing number of customers adopting multiple EVS solution families
across production, orchestration, and infrastructure layers.
EVS ANNUAL REPORT 2025 EVS STRATEGY
7
7
VISION & BHAG
Evidence: Targeted investments and partnerships extending EVS’ addressable
market beyond traditional broadcast environments, notably in the field of high-
end corporate video, houses of worship and sports-venue markets.
Evidence: Rising proportion of customers combining two or more EVS solutions
from different product families, facilitating ecosystem advantages through
cross-solution integration.
Evidence: Continued success of the partner program in opening new customer
opportunities and markets.
Evidence: Successful integration of recent acquisitions, including Telemetrics in
the US and XD Motion in France, enabling EVS to offer the widest solution range
in live video robotics, while continuing to evaluate new strategic opportunities.
Evidence: Continued reduction in energy consumption through hardware-
efficient solutions and progress against ESG objectives.
Evidence: Deployment of new AI-powered features and workflow enhancements
across the portfolio.
EVS ANNUAL REPORT 2025 EVS STRATEGY
8
8
VISION & BHAG
EVS ANNUAL REPORT 2025 EVS STRATEGY
9
9
MARKET TRENDS
EVS ANNUAL REPORT 2025 EVS STRATEGY
10
10
MARKET TRENDS
EVS ANNUAL REPORT 2025 EVS STRATEGY
11
11
R&D, INNOVATION & AI
EVS ANNUAL REPORT 2025 EVS STRATEGY
12
12
R&D, INNOVATION & AI
EVS ANNUAL REPORT 2025 EVS STRATEGY
13
13
R&D, INNOVATION & AI
EVS ANNUAL REPORT 2025 EVS STRATEGY
14
14
ACQUISITIONS
EVS ANNUAL REPORT 2025 EVS STRATEGY
15
15
ACQUISITIONS
More information on our Sustainability Strategy
→
EVS ANNUAL REPORT 2025 EVS STRATEGY
16
16
SUSTAINABILITY STRATEGY
More information on Sustainability Governance
→
Sustainability sponsor:
Sustainability sponsors:
Sustainability sponsor:
ESG Core Team leader:
EVS ANNUAL REPORT 2025 EVS STRATEGY
17
17
SUSTAINABILITY STRATEGY
More information on our Climate Change Strategy
0
10000
20000
30000
40000
50000
Scope 1 Scope 2 Scope 3
2024 Baseline 2025
0
10000
20000
Purchased goods
and services
Use of sold
products
Baseline 2024 2025
50,000
40,000
30,000
20,000
10,000
0
tCO
2
e
tCO
2
e
20,000
10,000
0
→→
EVS ANNUAL REPORT 2025 EVS STRATEGY
18
18
CARBON FOOTPRINT STRATEGY
“How likely are you to recommend working at EVS to
a friend or acquaintance?”
https://evs.com/careers/why-join-evs
→
EVS ANNUAL REPORT 2025 EVS STRATEGY
19
19
HR STRATEGY
“What leaders have in common is that each really knows
their strengths, has developed their strengths, and can call
on the right strength at the right time.”
More information on our Talent Management Strategy
“Do you think EVS is an inclusive workspace?”.
→
EVS ANNUAL REPORT 2025 EVS STRATEGY
20
20
HR STRATEGY
More information on our DEI Strategy
→
EVS ANNUAL REPORT 2025 EVS STRATEGY
21
21
HR STRATEGY
EVS ANNUAL REPORT 2025 EVS STRATEGY
22
22
FINANCIAL STRATEGY
EVS ANNUAL REPORT 2025 EVS STRATEGY
23
23
FINANCIAL STRATEGY
EVS ANNUAL REPORT 2025 EVS STRATEGY
24
24
FINANCIAL STRATEGY
Read more
Read more
→
Read more
→
→→
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
25
25
EVS SOLUTIONS
Read more
Read more
→
Read more
→
Read more
Read more
→
→→→
→
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
26
26
EVS SOLUTIONS
Read more
Read more
→
→
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
27
27
EVS SOLUTIONS
Read more
→
Read more
→→
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
28
28
EVS SOLUTIONS
74
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
29
29
COMMUNITY OF USERS
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
30
30
COMMUNITY OF USERS
Our clients across the globe rest assured that we will always push the
boundaries of creative and technical excellence that will allow them to tell
their incredible stories. To that end, integrating the LiveCeption
®
solution
boosts our replay and highlights capabilities while providing the flexibility to
scale operations seamlessly across continents. Whether it’s a major sporting
event, a live concert or production this partnership helps ensure we will always
deliver consistent, premium experiences for our clients.”
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
31
31
OUR CUSTOMERS
We are pleased to work with EVS to bring MediaCeption
®
into our news
production ecosystem. EVS’ proven track record of delivering fast and reliable
solutions, combined with their global technical support presence, gives us the
confidence to meet the challenges of modern news delivery.”
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
32
32
OUR CUSTOMERS
This investment represents a significant leap forward in our commitment
to innovation and fairness in football. By centralizing our VAR operations
with EVS’ Xeebra technology, we are equipping our referees with the most
advanced tools available - ensuring more accurate decisions and reinforcing
Belgian football’s position as a leader in integrity and technological excellence.”
Our company achieved an impressive NPS of 45.2, significantly higher
than the industry average of just below 20. This score places us in the
top 15% of companies in our industry.
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
33
33
OUR CUSTOMERS
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
34
34
OUR CHANNEL PARTNERS
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
35
35
OUR CHANNEL PARTNERS
Beyond the many benefits and opportunities we offer, we pride ourselves
on successfully cultivating a corporate culture that Team Members are
excited to remain part of. A culture where they are valued, innovation thrives,
and customer success is achieved.”
642
723
799
0
250
500
750
2023
2024
2025
46%
54%
HQ
59%
41%
R&D
83%
17%
male female
8%
88%
4%
NALA EMEA APAC
48
48
157
157
92%
92%
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
36
36
EVS TEAM
67%
33%
male female
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
37
37
EVS TEAM
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
38
38
EVS TEAM
More information on our Local Social Contribution Strategy
→
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
39
39
LOCAL COMMUNITIES
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
40
40
EVS SHAREHOLDERS
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
41
41
EVS SHAREHOLDERS
79.1% Underclared
6.4% Treasury Shares
5.5% Michel Counson
3.0% Otus Capital Management Limited
30% Degroof Petercam Asset Management SA
2.9% Ennismore Fund Management Limited
79.1% Underclared
6.4% Treasury Shares
5.5% Michel Counson
3.0% Otus Capital Management Limited
30% Degroof Petercam Asset Management SA
2.9% Ennismore Fund Management Limited
79.1% Underclared
6.4% Treasury Shares
5.5% Michel Counson
3.0% Otus Capital Management Limited
30% Degroof Petercam Asset Management SA
2.9% Ennismore Fund Management Limited
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
42
42
EVS SHAREHOLDERS
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
43
43
EVS SHAREHOLDERS
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
44
44
EVS SHAREHOLDERS
0
50 000
100 000
150 000
200 000
250 000
300 000
350 000
0
5
10
15
20
25
30
35
40
45
1/01/25
1/02/25
1/03/25
1/04/25
1/05/25
1/06/25
1/07/25
1/08/25
1/09/25
1/10/25
1/11/25
1/12/25
Number of Shares
Close
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
45
45
EVS SHAREHOLDERS
€ 676,035 19,15144% 3.4% € 1.2
0
20
40
2025
2024
2023
0
2
4
2025
2024
2023
0
5 000
10 000
15 000
20 000
2025
2024
2023
0
0,5
1
1,5
2025
2024
2023
0
100 000
200 000
300 000
400 000
500 000
600 000
700 000
2025
2024
2023
EVS ANNUAL REPORT 2025 EVS ECOSYSTEM
46
46
EVS SHAREHOLDERS
Veerle De Wit, CFO
EVS Broadcast Equipment SA
+32 4 361 70 00
49
TABLE OF CONTENTS
TABLE OF CONTENTS 49
MANAGEMENT REPORT 52
FINANCIAL REPORT 52
1. CONSOLIDATED KEY FIGURES – IFRS (EUR MILLIONS) 52
2. HIGHLIGHTS 52
3. STRATEGY AND LONG-TERM GROWTH DRIVERS 53
4. REVENUE 54
5. RESEARCH AND DEVELOPMENT 55
6. STAFFING 55
7. RESULTS 55
7.1. 2025 key figures 55
7.2. Comments on the results 55
7.3. Data per share (EUR) 56
8. BALANCE SHEET, CASH-FLOW, OWN SHARES AND EMPLOYEE PROFIT SHARING 56
9. PROVISIONS FOR RISKS AND CHARGES 57
10. RISK MANAGEMENT 57
11. INVESTMENTS 57
12. CAPITAL AND SUBSIDIARIES 57
13. NON-FINANCIAL PERFORMANCE – SUSTAINABILITY REPORT 57
14. OUTLOOK 57
15. SUBSEQUENT EVENTS 58
16. PROPOSALS BY THE BOARD TO THE SHAREHOLDERS 58
CORPORATE GOVERNANCE STATEMENT 59
1. CORPORATE GOVERNANCE CHARTER 59
2. BOARD OF DIRECTORS AND COMMITTEES 59
2.1. Board of Directors 59
2.2. Specialized committees attached to the Board 59
3. BOARD OF DIRECTORS AND COMMITTEES’S COMPOSITION 60
4. DAY-TO-DAY MANAGEMENT 62
4.1. Executive Management 62
4.2. Operational management of subsidiaries 62
5. DIVERSITY 62
6. CONTROL OF THE COMPANY 63
6.1. Internal control and risk management systems 63
6.2. External audit 63
7. SHAREHOLDING 64
8. GENERAL MEETINGS 64
9. SHAREHOLDER ENGAGEMENT 64
10. DIVIDENDS AND PROFIT ALLOCATION POLICY 65
11. RELEVANT INFORMATION IN THE EVENT OF A TAKEOVER BID 66
12. RESPECT OF THE BELGIAN CODE ON CORPORATE GOVERNANCE 67
13. REMUNERATION REPORT 68
13.1. Introduction 68
13.2. The Directors 68
13.3. The CEO and the other members of Executive Management (i.e. the Leadership Team) 70
13.4. Comparative information on the evolution of compensation and company performance - Ratio between the highest paid
member of the management (CEO) and the lowest paid employee in Belgium 79
14. CONFLICT OF INTEREST PROCEDURES 79
15. RISKS AND UNCERTAINTIES 80
15.1. Generic risks 80
15.2. Risk management approach 81
15.3. Top risks identified in the 2025 Risk Assessment Update 81
CERTIFICATION OF RESPONSIBLE PERSONS 83
CONSOLIDATED FINANCIAL STATEMENTS 84
CONSOLIDATED INCOME STATEMENT FOR THE PERIOD ENDED DECEMBER 31, 2025 84
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED DECEMBER 31, 2025 85
50
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) AS AT DECEMBER 31, 2025 86
CONSOLIDATED STATEMENT OF CASH FLOW FOR THE PERIOD ENDED DECEMBER 31, 2025 87
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2025 88
NOTES TO THE IFRS CONSOLIDATED FINANCIAL STATEMENTS 89
1. INFORMATION ABOUT THE COMPANY 89
1.1. Identification 89
1.2. Public information 89
1.3. Corporate purpose of the company 89
2. SUMMARY OF THE IFRS MATERIAL ACCOUNTING PRINCIPLES 89
2.1. Statement of compliance and basis of presentation 89
2.2. Summary of changes in accounting policies 89
2.3. Alternative performance measures 90
2.4. Consolidation principles 90
2.5. Subsidiaries 90
2.6. Interests in associates and joint ventures 91
2.7. Summary of significant judgements, assumptions, and estimates 91
2.8. Foreign currency translation 93
2.9. Intangible Assets 93
2.10. Tangible assets 94
2.11. Impairment of non-financial assets 95
2.12. Inventories 95
2.13. Trade and other receivables 95
2.14. Other non-current assets 96
2.15. Cash and cash equivalents 96
2.16. Treasury shares 96
2.17. Interest-bearing loans and borrowings 96
2.18. Provisions 96
2.19. Pensions and other post-employment benefits 96
2.20. Share-based payment 96
2.21. Revenue from contracts with customers 97
2.22. Government grants 97
2.23. Leases (EVS as lessee) 97
2.24. Leases (EVS as lessor) 98
2.25. Research and development costs 98
2.26. Income taxes 98
2.27. Derivative financial instruments 99
2.28. Dividends 99
2.29. Commitments relating to technical guarantee for sales or services already provided 99
2.30. Earnings per share 100
2.31. Tariffs 100
3. SEGMENT INFORMATION 100
3.1. General information 100
3.2. Additional information 100
4. CONSOLIDATED COMPANIES, JOINT VENTURES, ASSOCIATES AND REPRESENTATIVE OFFICES 102
5. INVESTMENT IN JOINT VENTURES AND ASSOCIATES 104
5.1. Investments in associates 104
5.2. Investments in Joint Ventures 105
6. INCOME AND EXPENSES 105
6.1. Gross margin 105
6.2. Research and development expenses 106
6.3. Complementary information about operating charges by nature 106
6.4. Post-employment benefit 106
6.5. Financial revenue/(costs) 108
6.6. Other income and expenses 108
7. INCOME TAXES 109
7.1. Tax charge on results 109
7.2. Reconciliation of the tax charge: 109
7.3. Deferred taxes on the balance sheet 110
8. EARNINGS PER SHARE 110
9. DIVIDENDS PAID AND PROPOSED 111
10. GOODWILL 111
10.1. Axon Group 112
10.2. MOG Technologies 112
10.3. Telemetrics 112
10.4. XD Motion 113
11. OTHER INTANGIBLE ASSETS 115
12. TANGIBLE ASSETS (LANDS AND BUILDINGS, AND OTHER TANGIBLE ASSETS) 116
13. LONG TERM FINANCIAL ASSETS 117
14. INVENTORIES 118
15. TRADE AND OTHER RECEIVABLES 118
15.1. Finance lease receivables 119
15.2. Contract balances 120
16. OTHER CURRENT FINANCIAL ASSETS 120
17. CASH AND CASH EQUIVALENTS 120
18. OWNER’S EQUITY 120
51
18.1. Movements in issued capital 120
18.2. Issued capital and treasury shares 121
18.3. Authorized capital 121
18.4. Staff incentive program 121
18.5. Treasury shares 122
18.6. Reserves 123
18.7. Translation differences 123
19. LOANS 123
19.1. Credit lines 124
19.2. Lease liabilities 124
19.3. Liabilities from financing activities 124
20. PROVISIONS 124
21. TRADE AND OTHER PAYABLES 125
22. AMOUNTS PAYABLE REGARDING REMUNERATION AND SOCIAL SECURITY 125
23. COMMITMENTS AND CONTINGENCIES 125
23.1. Lease commitments 125
23.2. Commitments relating to technical guarantee in respect of sales 125
23.3. Bank guarantees 125
23.4. Contractual guarantees 125
23.5. Guarantees on assets 125
23.6. Other guarantees and contingencies 125
24. RELATED PARTY DISCLOSURES 126
24.1. Affiliates 126
24.2. Executives 126
25. AUDITOR 127
26. FINANCIAL RISK MANAGEMENT POLICIES 127
27. FINANCIAL INSTRUMENTS 127
27.1. Fair values of the financial instruments 127
27.2. Foreign currency risk 128
27.3. Credit risk 128
28. EVENTS AFTER THE BALANCE SHEET CLOSING DATE 128
AUDITOR’S REPORT 129
BELGIAN GAAP PARENT COMPANY FINANCIAL STATEMENTS 135
STATUTORY MANAGEMENT REPORT 135
BELGIAN GAAP STATUTORY INCOME STATEMENT 136
BELGIAN GAAP STATUTORY BALANCE SHEET 137
APPENDIX TO PARENT COMPANY FINANCIAL STATEMENTS 139
GLOSSARY 140
The official version of the annual financial report under the Transparency Directive - Directive 2004/109/EC - is the ESEF
version available at evs.com/investors/annual-reports
52
MANAGEMENT REPORT
FINANCIAL REPORT
1. CONSOLIDATED KEY FIGURES – IFRS (EUR MILLIONS)
2025
2024
(1)
2023
2025/2024
Revenue
208.1
198.0
173.2
+5.1%
Gross margin %
70.8%
72.3%
69.6%
-1.5 Pts
Operating profit - EBIT
43.3
44.6
41.1
-2.9%
Operating margin (EBIT) %
20.8%
22.5%
23.8%
-1.7 Pts
Income taxes
-4.6
-3.1
-3.6
+48.4%
Net profit, group share
38.6
42.6
36.9
-9.4%
Net profit (%)
18.5%
21.5%
21.3%
-3.0 Pts
(1) Includes impact of the reassessment of the residual value for the headquarters’ building adjusted as of January 1, 2024 with annual net impact of EUR
-0.3 million. See also details in Note 12.
2. HIGHLIGHTS
2025 resulted in another year of strong and consistent performance for EVS. In a media industry undergoing profound
transformation, live production has become continuous, multi-platform, and increasingly mission-critical. In this demanding
environment, EVS continues to play a central role, trusted by customers worldwide to deliver reliability, efficiency, and
operational excellence at scale.
2025 marked our fifth consecutive year of record revenue, confirming the robustness of our business model and the
disciplined execution of our PLAYForward strategy. Since 2019, EVS has delivered a compound annual growth rate of more
than 12 percent, driven by a balanced mix of organic growth, targeted acquisitions, and sustained customer intimacy.
We once again delivered solid profitability and strong cash generation, supported by operational discipline and the continued
expansion of recurring revenue through services, software, and long-term agreements. Our balance sheet remains strong,
providing us with strategic flexibility while enabling us to maintain a disciplined capital allocation policy focused on
sustainable value creation for our shareholders.
Strategically, we continued our evolution toward a more mission-critical, software-driven company, fully integrated with our
high-performance hardware solutions that power the world’s most demanding live production environments. Guided by our
PLAYForward strategy, we strengthened workflow integration, deepened customer intimacy, and developed scalable
solutions designed for real operational conditions. North America remained a key growth and innovation engine. During the
year, we significantly expanded our local organization, further reinforcing our proximity to customers and our ability to scale.
Despite tariff-related uncertainties and currency headwinds, we continued to grow rapidly in the region, strengthening our
structural position in the world’s largest live production market. In parallel, our continued expansion in the global news market
confirms the increasing relevance of EVS technology in 24/7 live environments where speed, accuracy, and resilience are
essential.
A defining milestone in 2025 was the creation of the T-Motion division following the acquisitions of Telemetrics (USA) and
XD Motion (France). By bringing robotics, automation, and software-defined control together, we expanded our role across
the live production chain and strengthened our ability to deliver integrated, intelligent workflows that reduce complexity while
enhancing creative flexibility and storytelling.
Innovation at EVS remains firmly driven by real operational needs. In 2025, our R&D teams further advanced software-
defined architectures and AI enabled workflows that enhance storytelling, reliability, efficiency, and decision-making in
complex live environments. Since 2017, we have invested structurally in Artificial Intelligence and Generative AI, supported
today by a dedicated and strategically important team working closely with leading academic and technology partners. Our
capabilities are fully embedded in live productions, from XtraMotion delivering super slow-motion on any camera to cinematic
enhancement, object tracking, face recognition, intelligent search, automated vertical cropping for social media, and AI-
assisted editing tools. All this EVS AI technology can also run “on-premises”, optimizing latency, customer Total Cost of
Ownership and carbon footprint. These innovations strengthen our mission-critical value proposition while we continue to
embed ESG principles across our operations, reducing product energy consumption and reinforcing responsible supply
chain governance.
Partnerships continue to be a cornerstone of our strategy. Our global channel partner ecosystem and technology alliances
enable us to scale our impact while remaining focused on our core strengths across sports, news, entertainment, and
corporate production environments.
53
Looking ahead, our ambition remains clear. We are committed to becoming the undisputed reference platform for live
production globally, with the long-term objective of scaling toward more than 350 million euro in revenue through sustainable
and profitable growth. In 2026, our technology will once again be at the heart of the world’s most demanding live
environments, including major global winter sports events and leading international football tournaments. These events
reaffirm EVS’s role as mission-critical infrastructure behind the world’s most valuable live moments.
While the geopolitical and macroeconomic environment remains challenging and unstable, we remain cautiously optimistic
about the future, confident in the strength of our strategy, our team members, and the trust of our customers and channel
partners.
3. STRATEGY AND LONG-TERM GROWTH DRIVERS
EVS continues its journey towards achieving its ambitious BHAG (Big Hairy Audacious Goal), guided by its PLAYForward
strategy. While its core principles remain unchanged, the PLAYForward strategy continues to evolve to reflect evolving
market dynamics, customer expectations, and technological shifts. Defined several years ago, this strategy has proven its
relevance and resilience, providing a clear long-term direction while allowing EVS to respond pragmatically to a changing
industry landscape. In 2025, EVS further strengthened its execution, delivering sustained growth and reinforcing the
foundations of its long-term transformation.
The strategy remains focused on driving profitable, sustainable, and scalable growth through a customer intimacy approach,
built around an integrated ecosystem of innovative live video workflow solutions that continues to expand. This approach
enables EVS to create long-term value for customers while steadily increasing the company’s market reach, revenue quality,
and overall resilience.
Strategic Foundations
The PLAYForward strategy has continued to provide the foundation for EVS’ transformation by clearly defining:
• Focus: Live media production remains EVS’ core domain, where the Group continues to set the standard for
reliability, performance, and innovation.
• Value Discipline: Customer intimacy remains a key differentiator, enabling EVS to develop solutions closely
aligned with customer needs and operational realities.
• Technology Blueprint: A comprehensive framework guiding innovation across hardware, software, AI, and cloud-
enabled deployment models.
• 2030 BHAG: To become the #1 solution provider in the live video industry.
Strategic Pillars
To reach its BHAG, EVS continues to execute along a set of clearly defined strategic priorities, building on the progress
achieved in previous years.
Strengthen Market Leadership
EVS consolidated its leadership position in LiveCeption while accelerating growth in MediaCeption and Media Infrastructure.
Continued investment in next-generation convergent servers, software-defined workflows, and AI-enabled applications
reinforced EVS’ competitive differentiation.
Accelerate Growth in North America
North America remains a key growth engine for EVS. In 2025, EVS further strengthened its commercial and operational
footprint in the region, improving customer proximity, delivery capabilities, and support coverage. This focus supported
increased market penetration across multiple solution families.
Refine and Articulate the Portfolio as an Ecosystem
EVS continued to evolve its portfolio from a collection of products into a cohesive ecosystem of interoperable solutions. By
aligning LiveCeption, MediaCeption, Media Infrastructure, and adjacent offerings, EVS enables customers to adopt flexible,
scalable workflows adapted to diverse production models and business needs.
Expand into Adjacent Markets
Simultaneously, EVS pursued selective expansion into adjacent markets, leveraging its core competencies in live video,
real-time processing, and mission-critical operations. This disciplined approach supports long-term growth while preserving
strategic focus.
Key Enablers for Success
EVS’ strategy is supported by a set of structural enablers that underpin execution and long-term value creation.
54
Cross-Selling Excellence Enabled by a Convergent Roadmap
The continued convergence of hardware, software, AI, and services enhances cross-selling opportunities and increases
customer lifetime value. EVS’ roadmaps are designed to unlock synergies across the portfolio while simplifying adoption for
customers.
Channel Partner Network
EVS further strengthened its global channel partner network to extend market reach and improve local engagement. Channel
partners play an increasingly important role in addressing new customer segments.
Mergers & Acquisitions and Strategic Partnerships
EVS remains active in evaluating selective M&A and partnership opportunities that enhance the portfolio, accelerate
innovation, and support entry into attractive adjacencies. This disciplined approach reinforces EVS’ long-term growth
trajectory.
Embedding Sustainability and ESG as an Innovation Driver
Sustainability remains embedded across EVS’ operations, product design, and decision-making processes. ESG
considerations increasingly act as a catalyst for innovation, operational efficiency, and responsible growth.
AI Capabilities Developed by EVS
EVS continued to invest in media-specific AI models designed to enhance creativity, efficiency, and automation in live
production environments. These capabilities increasingly differentiate EVS’ solutions and open new value creation
opportunities. New efforts have been made to increase intelligent 3D spatial awareness and content awareness to unleash
new advanced applications in the field of production and sports officiating.
Through disciplined execution of its strategy, EVS remains firmly on track to achieve its 2030 vision, delivering sustainable
growth, increasing company value, and setting the benchmark for live video production solutions worldwide.
4. REVENUE
EVS revenue amounted to EUR 208.1 million in FY25, an increase of 5.1% compared to 2024 (+16.1% at constant currency
and excluding the big event rentals).
All our market pillars performed well in 2025. Revenue of solutions in LSP (Live Service Providers) represented 41.0% of
the total group revenue for a total of EUR 85.9 million in 2025. The LAB (Live Audience Business) revenue represented
59.0% of total revenue, reaching EUR 122.2 million. No revenue was generated by Big Event Rentals in 2025 due to the
absence of major international sports events, compared to 8.0% of total revenue in 2024.
From a regional perspective, each region contributed to strong results. In 2025, in Europe, Middle East and Africa (“EMEA”),
sales (excl. Big Event Rentals) amounted to EUR 100.4 million, representing an increase of +13.5% compared to 2024. In
Americas (“NALA”), sales (excl. Big Event Rentals) reached EUR 78.4 million, an increase of +24.4% compared to 2024, or
+29.8% at constant currency. Finally, in Asia & Pacific (“APAC”), sales (excl. Big Event Rentals) were EUR 29.4 million, a
decrease of -4.5% compared to 2024.
Historical evolution of revenue (EUR millions):
2
5
10
22
20
37
35
36
39
50
52
85
95
111
77
111
107
138
129
131
119
131
119
116
103
88
138
148
173
198
208
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
55
Revenue by geographical area
(EUR thousands)
APAC
excl. events
EMEA
excl. events
Americas
excl. events
Big event
Rentals
TOTAL
FY25 revenue
29,358
100,373
78,403
0,00
208,134
Evolution versus FY24 (%)
-4.5%
13.5%
24.4%
-100%
5.1%
Variation versus FY24 (%) at constant currency
-4.4%
13.6%
29.8%
-100%
6.9%
FY24 revenue
30,734
88,451
63,030
15,779
197,994
5. RESEARCH AND DEVELOPMENT
Research and development expenses amounted to EUR 45.3 million in 2025 versus EUR 42.0 million in 2024.
The intangible capitalized costs in 2025 include mainly the internal personnel costs and external consultants’ costs related
to the development phase of an important project that should secure future growth for EVS. This project consists of software
and hardware that will be commercialized at the end of the development. The projected spend is EUR 6.9 million over a
period of 3 years, with planned return on investment as of 2027. The progress of these internal developments is monitored
frequently to ensure the future economic benefit remains assured.
Other research and development costs remain in our operational spend, as IAS38 does not specifically apply for these
developments.
The details of the total R&D spend are as follows:
(EUR thousands)
2025
2024
Gross R&D expenses
47,846
43,731
R&D capitalized as intangible assets
-1,970
-0,938
Depreciation of intangible assets
2,251
2,251
Benefits relating to R&D expenses
-2,809
-2,962
R&D expenses, net
45,318
42,033
6. STAFFING
Breakdown of personnel by department (in full-time equivalents):
Corporate
Services
Research &
Development
Sales &
Marketing
Production &
Operations
Total
Dec. 31, 2023
72
287
93
179
622
Dec. 31, 2024
90
327
104
185
705
Dec. 31, 2025
108
354
118
213
792
As of December 31, 2025, EVS had a total of 792 employees (full-time equivalents) including 18 permanent contractors (out
of which 7 leadership team members), an increase of 12.4% compared to the end of 2024. The total salary cost stands at
EUR 79.2 million in 2025 (EUR 70.0 million in 2024). Throughout 2025, the average number of employees (excluding
permanent contractors) was 727, up 13.2% over 2024.
7. RESULTS
7.1. 2025 key figures
IFRS - EUR million,
except earnings per share, expressed in EUR
1H25
2H25
2025
Revenue
91.8
116.3
208.1
Gross profit
66.6
80.7
147.3
Gross margin %
72.6%
69.4%
70.8%
Operating profit – EBIT
14.8
28.6
43.3
Operating margin – EBIT %
16.1%
24.6%
20.8%
Net profit – Group share
13.3
25.3
38.6
Fully diluted earnings per share
0.94
1.79
2.73
7.2. Comments on the results
Consolidated gross margin ends at 70.8% for FY25, compared to 72.3% in FY24 (-1.5 Pts YoY). This decrease is primarily
a consequence of the integration of the new business division T-Motion (explaining -0.6 Pts YoY). Acquisitions generally
have a lower margin profile when they get integrated into the company. From a long-term perspective we systematically
plan to narrow the gap towards the average EVS portfolio. This objective is generally reached through growth, scale,
software development and integration into our ecosystem. Next to an integration impact, the drop in gross margin is also
partly related to some changes in the organic EVS business model. Following the implementation of tariffs, EUR 2.1 million
has been added to our cost base. However, this effect is largely offset by a sales price increase that we announced over
summer applicable to North America.
56
Operating expenses increased by 7.0% YoY driven by the expansion of team members primarily to support our “double
down” North America strategy and the accelerate some R&D tracks. The different acquisitions also add costs to our
operating expense base. After a steep increase in the first half, EVS has demonstrated its ability to control expenses in
second half with the objective of securing a strong operating margin for the year.
Overall, the EBIT performance was of EUR 43.3 million, generating an EBIT margin of 20.8%. On a constant currency basis,
related to FY24, EBIT would have amounted to EUR 46.0 million, corresponding to an EBIT margin of 21.8%.
The net profit ended at EUR 38.6 million, with income tax expense amounting to EUR 4.6 million for the full year 2025
(compared to EUR 3.1 million in 2024). The effective income tax rate is at 10.6%, which is higher than in previous years. It
is to be noted that the taxes in 2025 include a prior year catch up worth EUR 1.2 million. Correcting for this one-off, the
normalized tax rate is 7.9%.
The net profit leads to fully diluted earnings per share of EUR 2.73 (versus EUR 3.01 in 2024).
7.3. Data per share (EUR)
2025
2024
(1)
2023
2025/2024
Weighted average number of issued shares
for the period, less treasury shares
13,406,051
13,528,730
13,427,915
-0.9%
Weighted average fully diluted number of shares
14,104,781
14,177,655
13,950,751
-0.5%
Basic earnings, group share
2.88
3.15
2.75
-8.6%
Fully diluted earnings, group share
2.73
3.01
2.65
-9.3%
(1) Includes impact of the reassessment of the residual value for the headquarters’ building adjusted as of January 1, 2024 with annual net impact of EUR
-0.3 million. See also details in Note 12.
8. BALANCE SHEET, CASH-FLOW, OWN SHARES AND EMPLOYEE PROFIT SHARING
Balance sheet remains solid with net cash position at EUR 58.4 million combined with low debt level (of which EUR 14.5
million related to IFRS 16), resulting in a total equity representing 72% of the total balance sheet as of the end of 2025.
Working capital requirements reach EUR 102.2 million, an increase of 11.7% compared to the end of 2024, mainly driven
by the increase in trade receivables following recent major project sales in NALA Region, strong deliveries in the last months
of the year as well as the incorporation of T-Motion customers balances. Working capital represents 49% of sales at year-
end 2025 (42% in 2024). Trade payables increase by EUR 4.6 million, whereas inventory levels remain stable.
The increase in goodwill of EUR 8.1 million results from the two business acquisitions in the period. Other intangible assets
include the costs for internal development capitalized since 2022 according to IAS38, as well as technology and customers
related intangibles acquired as part of the two business acquisitions of the year.
Lands and building mainly include the headquarters in Liège and the right of use for the offices abroad (IFRS16). In 2025,
a re-assessment of the residual value for the headquarters building in Liège has resulted in a correction of historical and
prospective depreciation expenses (see details in Note 2.10).
Inventories amount to EUR 35.0 million, a slight increase of EUR 0.5 million compared to the beginning of the year with the
aim of supporting the continuous growth of activities. The ratio of inventory vs. sales remains stable at 17% in 2025.
Liabilities include EUR 14.5 million of financial debt (including long term and short-term portion), mainly related to the lease
liabilities. Long-term provisions include the provision for technical warranty on EVS products for labor and parts. Other
amounts payable mainly represent deferred income and advance payments received from customers on contracts in
progress.
Net cash from operating activities amounts to EUR 27.7 million for the full year 2025, compared to EUR 63.9 million in 2024.
The decrease is mainly driven by unfavorable variance in working capital requirements compared to the previous year,
mainly on trade and other receivables following the increase in activities especially in North America, combined with
unfavorable conversion differences linked to the USD weakening in the period. On December 31, 2025, cash and cash
equivalents total EUR 72.9 million, compared to EUR 87.8 million at the end of 2024. The decrease is mainly driven by new
acquisitions of Telemetrics and XD Motion in the period, share buyback program at the beginning of the year, increased
interim dividend payments as well as investments in intangible and tangible assets and reimbursement of lease liabilities,
partially offset by the net cash flows from operating activities.
At the end of December 2025, there were 14,327,024 EVS shares outstanding, of which 922,093 were owned by the
company with an average purchase price of EUR 23.26. At the same date, 824,395 warrants were outstanding with an
average exercise price of EUR 27.38 and maturities between October 2026 and October 2031. Additional information is
available in note 18.
57
The Ordinary General Meeting of shareholders of May 20, 2025, approved the allocation of 12,819 shares to EVS employees
(grant of 34 shares to each staff member in proportion to their effective or assimilated time of occupation in 2024) as a
reward for their contribution to the Group successes.
9. PROVISIONS FOR RISKS AND CHARGES
As per December 31, 2025, EUR 2.5 million provisions were available to reasonably cover technical warranties. Additional
details are also presented in note 20.
10. RISK MANAGEMENT
EVS is exposed to various exogenous and endogenous risks detailed in the annexes of the annual financial report and in
paragraph 15 of the Corporate Governance statement. The management, the Audit & Risk Committee and the Board of
Directors conduct regular analyses of the company's risk and take actions to minimize or neutralize the potentially negative
effects.
More information on the use of the financial instruments by the company, the objectives and policies relating to financial
risks management and the risks the company is exposed to, can be found in the Corporate Governance Statement (point
5.1) and in the “Risks and uncertainties” chapter. The foreign currency risk is treated separately in note 27.2.
Circumstances which may considerably impact the development of the Group are reported in the section “Risks and
uncertainties”.
11. INVESTMENTS
EVS investments are generally closely linked to office needs around the globe and infrastructure requirements from the
group. The group’s policy is to own its premises in Belgium, primarily because of the size of the building and the technical
requirements of our operations. This investment was primarily financed through shareholders’ equity and long-term bank
loans. As per December 31, 2025, the net book value of land and buildings amounts to EUR 40.1 million (including EUR 7.9
million of right-of-use assets).
In 2025 EVS also continued investing in internal development projects. The intangible capitalized costs of EUR 2.3 million
in 2025 include mainly the internal personnel costs related to the development phase of an important project that should
secure future growth for EVS. This project consists of software and hardware that will be commercialized at the end of the
development. The projected expenditure is EUR 6.9 million over a period of 3 years, with planned return on investment as
of 2027. The progress of these internal developments is monitored frequently to ensure the future economic benefit remains
assured.
During the year, the group also invested in the acquisition of two companies (Telemetrics and XD Motion) for a total cash
outflow in the period of EUR 6.6 million (net of cash acquired and excluding future earnout payments).
12. CAPITAL AND SUBSIDIARIES
The EVS Broadcast Equipment SA capital of EUR 8,772,323 is represented by fourteen million three hundred twenty-seven
thousand and twenty-four shares (14,327,024) without any designation of nominal value.
We refer to note 5 for the list of subsidiaries, associates, and representative offices.
13. NON-FINANCIAL PERFORMANCE – SUSTAINABILITY REPORT
Corporate sustainability is central to EVS’s strategy. We have a long-term commitment to the environment, our team
members, and the communities in which we operate. We constantly practice and demonstrate this commitment through
various initiatives that create an impact for the wider world. A detailed sustainability report has been prepared in accordance
with the Corporate Sustainability Reporting Directive and is presented in this annual report.
14. OUTLOOK
Financial Guidance
The year 2026 starts with a solid order book at EUR 182.2 million, growing 11.3% compared to the same period last year.
The order intake of 2025 strongly contributed to our longer-term order book with some important longer-term deliveries
scheduled for 2027 and beyond. Next to that, a lot of the fourth quarter order intake contributed to our revenue performance
of 2025. This rapid turnaround between order intake and delivery was possible thanks to pre-production activities that have
been institutionalized in 2025. Such pre-production allows for shorter delivery terms.
The aforementioned trends affect our order book reserved for 2026, that is estimated at EUR 100.6 million, decreasing
-6.0% compared to the officially reported number of EUR 107.0 million at the end of 2024. However, we know that the initial
back-order base of EUR 107.0 million eroded throughout the year 2025: approximately EUR 10.0 million got moved from
2025 into future periods. We consider this erosion of our 2025 back order as a one-off event, given the adaptations done to
our forecasting model throughout the year 2025. The milestones around managed projects are now carefully projected
considering potential risk factors. As such, we consider a restated order book at the beginning of 2025 of EUR 97.0 million.
58
Post-normalization, we witness an order book that is stronger starting the year 2026 compared to 2025. We acknowledge
that this order book includes Big Event Rental revenue.
Our commercial pipeline for 2026 is strong, growing 26% compared to the same period last year, which gives us confidence
to see continued base growth in 2026. Next to base growth, we expect full contribution from our new business division T-
Motion as well as important Big Event Revenue.
Based on our order book at year-start, our strong pipeline and our ability to optimize production flows, we issued a revenue
guidance for the year 2026 between EUR 220-240 million.
From a gross margin perspective, we expect to maintain our margins from an organic point of view. The impact of tariffs on
the gross profit is expected to be offset by the appropriate price increases. The new business division T-Motion is bound to
erode the overall profit margin with approximately 1.0-1.5 points.
From a cost perspective, we will continue to make targeted investments to fuel our growth, primarily by strengthening our
teams across the organization to ensure we have the right capabilities and capacity to scale. With the objective of
maintaining our operating profit margins, we will carefully balance these investments with our revenue projections.
15. SUBSEQUENT EVENTS
The geo-political tensions, more precisely, the turmoil in the Middle-East, will likely impact the economics within that region,
that may adversely affect the financials of EVS in 2026. The region has been developing strongly over the past couple of
years and does represent now an important scope within the EMEA region. The war will likely have an impact on live events
(immediate impact noted) and may have a longer-term impact on investments within that region. Although there is no sized
impact at this point in time, the events are likely to have an effect on the full year 2026 financials.
16. PROPOSALS BY THE BOARD TO THE SHAREHOLDERS
The Ordinary General Meeting of May 20, 2025, approved the payment of a total gross dividend of EUR 1.10 per share for
the year 2024.
For the year 2025, an interim dividend of EUR 0.60 per share was paid in November 2025. Full year dividend of EUR 1.20
per share will be proposed to the Ordinary General Meeting of shareholders.
As part of the new capital allocation framework, EVS implements a new dividend policy for the years 2025-2027, fixing the
annual dividend at EUR 1.20 per share for the next 3 years. This renewed base dividend policy results in a dividend growth
of EUR 0.10 per share (or 9.1%) compared to the previous policy 2022-2024. In accordance with the defined capital
allocation strategy, and in case of any residual excess cash, the company may consider launching ad-hoc initiatives such
as, for example, special share buyback program or special dividend payout. Dividend distribution is subject to approval by
the general assembly, as well as to any changes in market conditions or company dynamics.
The Board of Directors also proposes granting shares to the employees within the framework of the law relating to profit-
sharing schemes. These shares are based on a profit-sharing scheme of 2% of the annual EBIT. Based on an average
share price assumption of EUR 35.37, this would represent a total of 30 shares to be awarded per team member (only
Belgian team members are concerned). The exact number of shares is to be calculated at a later stage, based on the
calculation method as set forth in the Law of 22 May 2001 and awarded to the overall Belgian population.
59
CORPORATE GOVERNANCE STATEMENT
This section of the annual report summarizes the rules and principles of good corporate governance established by EVS, in
accordance with Belgian Companies and Association Code (and the law of April 6, 2010), articles of incorporation and the
EVS Corporate Governance Charter. It also focuses on activities related to the year 2025.
1. CORPORATE GOVERNANCE CHARTER
In 2006, the Board of Directors of EVS Broadcast Equipment approved a Corporate Governance Charter (“Charter”), Until
31 December 2019, this Charter was based on the 2009 Belgian Code on Corporate Governance. The Board of Directors
has reviewed and updated this Charter at the end of 2019, considering the 2020 Belgian Corporate Governance Code. The
Board of Directors has also updated the charter in March 2023 to consider the decisions made since then and will continue
to do so whenever needed. This document and its update is fully available on the group’s website (www.evs.com).
The Charter adopted by the Board of Directors meets most points from the 2020 Belgian Corporate Governance Code.
However, the Board of Directors considered that some limited exceptions to the 2020 Belgian Corporate Governance Code
were justified given the specificities of EVS. The section 12 of this chapter highlights the differences with the 2020 Belgian
Corporate Governance Code and explains the reasons for the exemptions.
1. BOARD OF DIRECTORS AND COMMITTEES
1.1. Board of Directors
The members of the Board of Directors are appointed for a term between 1 and 4 years. On December 31, 2025, the Board
of Directors was made up of 9 members. Decisions are taken by a majority vote. In the event of a tie, the Chairman or his
representative has a casting vote. In the case of a conflict of interest, the people involved do not take part in the debates
and in the vote.
When one or several positions of Director become vacant because of death, resignation or for any other reason, the
remaining Directors are entitled to fill the vacancy temporarily. In such a case, the General Meeting shall make the definitive
appointment at its next session.
The members are provided with various documents at each Board meeting or enclosed with the notification of the meeting.
These documents include reports, financial results, investment documents and other papers relating to the items on the
agenda.
In 2025, the Board of Directors met 6 times and notably discussed the following matters: strategic review, changes in
management, R&D and product developments, risk management framework, monitoring subsidiaries, liquidity management,
business and treasury position of the company, sustainability, 2025 business updates, the 2026 budget and 5 year business
plan, examining acquisition and partnership projects, reviewing remuneration of the Board of Directors and the members of
the Executive Management, preparing press releases and preparation of General Meetings, management of Directors’
mandates and evaluation of the functioning of the Board of Directors.
1.2. Specialized committees attached to the Board
The Board of Directors of EVS has set up an Audit & Risk Committee and a Nomination and Remuneration Committee to
conduct reviews on specific matters and advise on them. The final decision remains a collective responsibility of the Board
of Directors.
1.2.1. Audit & Risk Committee
The Audit & Risk Committee is composed of three Non-Executive Directors. This committee assumes the missions described
in the Article 7:99 of the Belgian Companies and Association Code. More generally, it assists the Board of Directors in its
responsibilities concerning the integrity of the financial information relating to the company and supervising the financial
reports, the internal audit function, risk management and anticipation, the external audit function and the relations between
the company and its shareholders.
The Audit & Risk Committee met 5 times in 2025 in the presence, for most of the topics, of the CEO, CFO, the head of
accounting, head of risk management and the company’s Auditor.
In accordance with the Article 3:6 of the Belgian Companies and Association Code, the following members of the Audit &
Risk Committee have the required competencies in accounting and audit: Marco Miserez (having more than 15 years of
experience in financial services industry), Martin De Prycker (holding a Ph.D in Computer Sciences, as well as a MBA from
the University of Antwerp) and Soumya Chandramouli (CFO).
The president of the Board of Directors, The House of Value – Advisory & Solutions BV, represented by Johan
Deschuyfeleer, is no longer member but remains permanent guest at the Audit & Risk Committee since the Ordinary General
Meeting of 16 May 2023.
60
1.2.2. Nomination and Remuneration Committee
The Nomination and Remuneration Committee is composed of four Non-Executive independent Directors. This committee
assumes the mission described in the article 7:100 of the Belgian Companies and Association Code. More generally, it
assists the Board of Directors in its responsibilities concerning the remuneration policy setting, reviewing, and setting the
remuneration for the company’s executives and managers as well as the long terms incentives and variables and bonus
policy. It also follows up and makes recommendations to the Board of Directors regarding the appointment of board members
and executives. The members of the Nomination and Remuneration Committee met 5 times in 2025.
2. BOARD OF DIRECTORS AND COMMITTEES’S COMPOSITION
On December 31, 2025, the Board of Directors was made up as follows:
Gender
Director
since
Audit
Committee
Nomination and
Remuneration
Committee
Term of
mandate
Activities in 2025
Attendance
Board
meetings (6)
Attendance
Committees
(5 – Audit Co)
(5 – NRCo)
Non-Executive
Martin DE PRYCKER
1
Independent
Director
M
2016
Chairman
May 2028
6/6
5/5
Chantal DE VRIEZE
2
Independent
Director
F
2017
Member
May 2029
6/6
5/5
Anne CAMBIER
3
Independent
Director
F
2019
Chairman
May 2027
6/6
5/5
Johan DESCHUYFELEER
4
President and
Independent
Director
M
2020
Permanent
guest
Member
May 2028
6/6
5/5
Frédéric VINCENT
Independent
Director
M
2022
Member
May 2026
6/6
5/5
Marco MISEREZ
Independent
Director
M
2022
Member
May 2026
6/6
5/5
Soumya CHANDRAMOULI
5
Independent
Director
F
2023
Member
May 2027
5/6
5/5
Executive
Michel Counson
Managing
Director
M
1994
May 2028
6/6
0
Serge Van Herck
6
Managing
Director &
CEO
M
2023
May 2027
6/6
0
Independence
100%
independent
100%
independent
Michel COUNSON (°1960)
CTO Hardware and Managing Director of the company, Michel COUNSON graduated from the “Institut Electronique” in
Liège in 1982. He started his career as a Hardware Engineer with TECHNIQUE DIGITAL VIDEO S.A. in 1983 before
founding his own company, VIDEO SYSTEM ENGINEERING S.P.R.L., in 1986 which used to work in partnership with EVS
on numerous projects. The two companies merged in 2000.
Martin DE PRYCKER (°1955)
Martin De Prycker (representing InnoConsult BV) has been appointed as Board Observer of EVS in November 2015. He is
Independent Director of EVS since May 2016. He is Managing Partner at Qbic Fund (an interuniversity fund supporting spin-
1
Representing Innoconsult BV
2
Representing 7 Capital srl
3
Representing Accompany You srl
4
Representing The House of Value – Advisory & Solutions BV
5
Representing Frinso srl
6
Representing InnoVision BV
61
off companies in Belgium) and Managing Director at Innoconsult (consultancy firm specialized in Innovation Management
and ICT solutions). Between 2009 and 2013, he was Founder & CEO of Caliopa (a startup in silicon photonics allowing the
transport of hundreds of Gbps on optical fiber). Between 2002 and 2009, he was CEO of Barco (display hardware and
software manufacturer based in Belgium). Under his leadership, he focused and made the company grow in markets using
displays and spinning off the non-core product lines. Prior to that, he was CTO and member of the Executive Committee of
Alcatel-Lucent. Before becoming CTO of Alcatel-Lucent, he was responsible for establishing Alcatel-Lucent’s worldwide
market leadership in the broadband access market. He is a member of the Board of Directors of Proximus, Newtec (Belgian
company designing, developing, and manufacturing equipment and technologies for satellite communications), Anteryon,
Track4C and Venture Spirit. Mr De Prycker holds a Ph.D in Computer Sciences, a M.Sc. in Electronics from the University
of Ghent, as well as a MBA from the University of Antwerp.
Chantal DE VRIEZE (°1961)
Chantal De Vrieze (permanently representing 7 Capital srl) is CEO of Econocom Benelux since October 2016. She started
her career in 1984 at AGFA, then Banque Van Breda, where she gained a solid background in Sales and Marketing. Between
2003 and 2015, she successively served as Sales Director, Managing Director of Econocom Benelux and a member of the
Board of Directors of Econocom Group (European provider of B2B digital solutions). In June 2015, she became Country
Manager of Altran Belgium (international consulting group for innovation and advanced engineering). She graduated in law
from the University of Ghent. She is also a member of the Board of Directors of Axa Belgium, Colruyt, Guberna (Belgian
Institute of Directors) and Agoria, and a member of the FEB Strategic Committee.
Anne CAMBIER (°1970)
Anne Cambier, (permanently representing Accompany you srl) is director of her own business consulting company.
Throughout her career, she has gradually developed a passion for the human aspects of the business, with a specific focus
on competencies and leadership models in the context of technological shifts.
Anne started her career in 1992 at Accenture, working for several corporate clients in Europe, mainly in the industrial and
utilities sectors. From 1999 until 2015, Anne worked for Orange Belgium, where she contributed to the rapid growing of the
mobile telephony in Belgium. At Orange, before taking her responsibility as Chief People Officer, she developed a broad
transversal business knowledge by leading several activities in commercial, customer operations, supply chain and
procurement. She holds a Civil Engineering degree in Applied Mathematics from the Ecole Polytechnique of Louvain
(UCLouvain) and an executive Master in Management from Solvay Brussels School (SBS).
Johan DESCHUYFFELEER (°1958)
Johan Deschuyffeleer (permanent representative of The House of Value BVBA - Advisory and Solution BV) has more than
35 years of international experience in the ICT and technology sector.
After several positions at the beginning of his career - as engineer and manager at Siemens and Hewlett-Packard - Johan
was Managing Director Belux at Compaq. Afterwards, Johan returned to Hewlett Packard first as Managing Director Belux
to subsequently shape the global sales strategy from Silicon Valley. He then headed the Technology Services EMEA and
later the Technology Consulting WW. Johan is currently Chairman of the Board of Directors of Orange Belgium and Director
at GIMV. Johan has an industrial engineering degree and has also followed a course in Middle Management at the Vlerick
Management School.
Frédéric Vincent (°1968)
Frédéric Vincent has more than 30 years’ experience in the media and IT sector. Frédéric first started working in IT at the
Bouygues Group in 1992. Subsequently, he entered the media industry as a project manager at TF1 in 1995 and launched
the French pay-TV operator TPS just one year later where he was not only responsible for technical matters but also for
channel programming and marketing. After just over 10 years, he moved to Canal+ in 2007, first as Business Development
Director, then as Chief Digital Officer and finally as CTIO, where he took over the overall responsibility for managing all
technical and IT activities for Canal+ Group (over France and abroad). In May 2016, he joined Renault Group as CIO. He is
now EVP, Renault Group IS/IT & Digital, Chairman of Renault Digital and member of the Renault Group’s Board of
Management. Frédéric has a computer science degree from Ecole Centrale de Paris.
Marco Miserez (°1987)
Marco Miserez has 15 years of experience in the financial sector and has been working as Senior Equity Investment
Manager at Belfius Insurance for the last 4 years. After graduating as a Commercial Engineer in "Finance and Cross-Cultural
Management" from the Ichec Brussels Management School in 2010, Marco Miserez has worked as Institutional Equity Sales
at KBC Securities and as Equity Fund Manager at Candriam (a New York Life Investment Company). He holds a director’s
mandate in Belfius Part SA and Technical Property Fund 2.
Soumya Chandramouli (°1977)
Soumya Chandramouli (representing Frinso srl) is chief financial officer of Novadip, a clinical-stage biopharmaceutical
company and was the former chief financial officer of Belgium-based IBA Group, the world leader in particle accelerator
technology. As CFO, Soumya has responsibilities in business partnering, strategy and business development, corporate
governance, mergers and acquisitions, treasury and financing, investor relations, financial compliance and reporting and
tax. Prior to Novadip and IBA, she worked at Ernst & Young for several years. She holds a Master of Business Administration
62
from the University of Liège and a degree in Financial Analysis from the Belgian Association of Financial Analysts as well
as a specialization in Business Leadership from IMD Business School.
Serge Van Herck (°1969)
Serge Van Herck (representing InnoVision BV) joined EVS in September 2019 as CEO. Serge holds an electrical
engineering degree from the University of Ghent and an MBA degree from the Vlerick Leuven Gent Management School in
Belgium. Serge has more than 30 years of experience in the broadcast and satellite industry and over 15 years of experience
as CEO, having worked for various market-leading companies such as Newtec, Accenture and Belgacom (now Proximus).
Before joining Newtec in 2003 he served for two years as Senior Manager in the Communications and High-Tech practice
of Accenture in Brussels. In 2003, he became Newtec’s Director Business Development for Asia and General Manager of
Skyware, a former subsidiary of Newtec in Germany. He was appointed CEO and Chairman of the Board of Newtec on
March 1st, 2006, and left the company in 2017. He transformed and successfully grew the company from a regional niche
player selling broadcast modulators to a widely recognized industry leader setting standards and selling complex satellite
network solutions across the globe. In 2008, he joined the WTA (World Teleport Association) and ESOA (European Satellite
Operator Association) as a board member. He also served as a board member at VOKA (Flanders' Chamber of Commerce
and Industry). He currently is serving as board member at Agoria (Belgium's largest employers' organization and trade
association).
3. DAY-TO-DAY MANAGEMENT
The Board of Directors has delegated day-to-day management to a managing director, the CEO and an Executive
Management.
3.1. Executive Management
On December 31, 2025, the Executive Management was composed of:
- Innovision BV, represented by Serge VAN HERCK, CEO (Chief Executive Officer)
- WeMagine Srl, represented by Veerle DE WIT, CFO (Chief Financial Officer)
- Ikaro Srl, represented by Nicolas BOURDON, CCO (Chief Commercial Officer)
- M2C Srl, represented by Pierre MATELART, CPO (Chief People Officer)
- Openiris Ltd, represented by Alexander REDFERN, CTO (Chief Technology Officer)
- Tols BV, represented by Xavier Orri, CXO (Chief Experience Officer)
In 2025: the following change occurred within the Executive Management:
- RCG Srl, represented by Quentin GRUTMAN, former Chief Commercial Officer and Chief Strategic Account Officer,
has left the company as of 28 February 2025.
Michel Counson is also Managing Director but is not part of the Executive Management, at his own request.
The Executive Management coordinates the monitoring and development of the company and its affairs. Its members are
in permanent contact, receive information on the group’s financial situation, sales and projects, product and solution
development status, project deployment status, customer issues and take operational decisions such as appointing or
dismissing staff and concluding contractual agreements. It is the decision-making body of the group.
3.2. Operational management of subsidiaries
The Executive Management delegates the necessary powers to its subsidiaries to ensure their operational functioning. The
commercial and support subsidiaries are easy to control as their activities are entirely dependent on EVS Broadcast
Equipment SA, based in Liège (Belgium): delivery of promotional materials, presence at trade fairs, supply of machines or
exchange parts, and accounts. The Board of Directors of these subsidiaries are mainly composed of the headquarters’
Managing Director, the CEO, the CFO, and local managers. The subsidiaries are spread over geographical regions
(America, Europe/Africa/Middle East, Asia/Pacific). This type of organization enables very efficient distribution of information
at the group level as well as rapid decision making. The group’s commercial policy is coordinated by the parent company,
and each region has different levels of operational autonomy which allows creating an optimal contact with the market.
4. DIVERSITY
Conscious of the importance of ensuring diversity and inclusion of our staff to guarantee the well-being and the engagement
of our Team Members, EVS continuously works on the diversity of age, gender, ethnicity, educational and professional
background as well as geography of the Executive Management, EVS top management team and the staff in general,
including the diversity of professional skills. Diversity and ethnicity are important to our company, given EVS' global
presence. We believe that diversity and inclusion is key to discovering talents, to have the right people at the right place in
the organization to ultimately achieve excellence. That is why we bring to attention the representation of minority groups at
all levels. Our team members are welcome regardless of their cultural background, gender, mother tongue, age, etc. We
have zero tolerance for racism and discrimination.
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This is even more important given that the industry in which EVS operates is one that is clearly known for its lack of gender
diversity. In Europe, less than 20% of computer scientists are women, and moreover, in Belgium, for every 6 computer
scientists who graduate, there is only one woman. In this context, EVS wants to be an actor of change that will make it
possible to rebalance these figures, while knowing that gender parity is an unattainable objective in the short term.
In 2025, as regards gender equality in particular:
- Our Board of Directors was composed of 3 women out of 9 members in compliance with article 7:86 of the Belgian
Companies and Association Code regarding gender quota at board level according to which “In listed companies
[...], at least one third of the members of the board of directors must be of a gender different from the other members,
with the required minimum number rounded to the nearest whole number.”
- Our Executive Management (known as the Leadership Team) was composed of 1 woman out of 6 members and
represents 3 different nationalities.
5. CONTROL OF THE COMPANY
5.1. Internal control and risk management systems
The management strives to provide a level of risk control that is as adequate as possible. The various risks are identified in
the financial section of the annual report. The most important characteristics of internal controls and risk management
systems are:
- Ongoing monitoring of activities, operating results, and financial risks of the company (including the financial
position of the company, the exchange rate risks), including the various subsidiaries of the group.
- Managing the information systems.
- Managing the security risks.
- Monitoring the rules for the prevention of market abuse, compliance with these rules and any violations.
- Monitoring the regulations and laws, including the monitoring of potential litigation, and possible financial
implications thereof.
- Monitoring the price of components and the relationships with our suppliers.
- Assessment, with the Auditor, of his observations and, if necessary, the request for additional information and
clarifications, and the set-up of corrective actions.
- Assessment, with the Auditor and the Audit & Risk Committee, of the processes that are at risk in the preparation
and remediation of the financial statements.
The process for the preparation of the consolidated accounts is centralized at the group's financial function level. All
information necessary for this process comes from widely used software on the market. Control procedures are in place to
ensure that it is thoroughly mastered. Since the fourth quarter of 2022 a new global ERP has been implemented to manage
the order to cash process end-to-end in an efficient way. As from the fourth quarter of 2023, all global entities are managed
through this global ERP with standard processes and controls. The ERP system is updated at minimum twice a year to
ensure compliance with the Microsoft framework.
5.2. External audit
In Belgium, there is a mandatory statutory auditor rotation for listed companies: the duration of the mandate of the statutory
auditor is three years but can be freely renewed twice (i.e. a maximum duration of nine years). After this period, the mandate
of the statutory auditor can be renewed three more times (+ nine years) or six more times (+ 18 years), provided that a
public tender process is organized or that another audit firm is appointed to work together with the existing firm as a “college”,
respectively.
In application of the above, since the Ordinary General Meeting of May 20, 2025, the audit of the statutory and consolidated
accounts of EVS Broadcast Equipment SA is carried out by PwC Reviseurs d’Entreprises SRL, Culliganlaan 5, 1831 Diegem,
Belgium, represented by Mélanie Adorante, Belgian Réviseur d’Entreprise, which has replaced EY Réviseurs d’Entreprise
which had been the Auditor of EVS since 2016. The mandate of the Auditor is for three years.
In 2025, all fees related to the Auditor of the parent company, PwC Reviseurs d’Entreprises SRL, represented by Mélanie
Adorante, acting on behalf of Mélanie Adorante SRL, and its associates, amounted to EUR 260,000 in aggregate for their
duties as Auditor. Other audit services amounted to EUR 119,000. No non-audit services were carried out by the Auditor in
2025.
64
6. SHAREHOLDING
The situation as it appears from the last official ownership statements received by the company and the situation of treasury
shares as of December 31
st
, 2025, is as follows:
Shareholder
Number of shares
% statutory basic
(1)
% voting rights
Treasury shares EVS
922,093
6.4%
6.4%
Michel Counson
781,500
5.5%
5.5%
Degroof Petercam Asset Management SA
434,933
3.04%
3.04%
Otus Capital Management Limited
428,880
2.99%
2.99%
Ennismore Fund Management Ltd.
422,293
2.95%
2.95%
Undeclared
11,337,325
79.1%
79.1%
Total
14,327,024
100.0%
100.0%
Total excl. Treasury shares
13,404,931
Outstanding warrants as of Dec. 31
824,395
Total diluted
15,151,419
Total diluted, excl. treasury shares
14,229,326
(1)
As % of the number of issued shares, including the treasury shares.
Since December 26, 2018, the capital of EVS is currently represented by 14,327,024 shares. There is one category of
shares, all having the same rights. More information on EVS capital is available in note 18 of the consolidated accounts.
On December 31, 2025, EVS had 922,093 own shares. According to Euroclear and the EVS Shareholders Register, there
were 1,346,284 registered shares of which 781,500 are owned by Michel Counson, 104,216 by the EVS employees under
the profit-sharing scheme and the remaining balance by 16 shareholders. In the EVS accounts at Euroclear, there were
12,980,740 dematerialized shares.
Shareholders must declare their ownership in EVS shares as soon as their shareholding passes over/under the 3% threshold
(required by the company Statutes) and any multiple of 5% thresholds (required under Belgian law). The shareholding
percentage must be computed on the basic number of outstanding shares (i.e. 14,327,024 shares at the end of 2025).
7. GENERAL MEETINGS
Each year, EVS holds its Ordinary General Meeting on the third Tuesday of May. In 2025, it was held on May 20 at EVS’
premises and through a video conference system. Overall, 154 shareholders were present or represented, representing
3,726,794 shares, or 26.1 % of the share capital of EVS. All resolutions were approved at an average rate of 98.15% votes
in favor.
For any proposal to amend the articles of associations, the company must invite its shareholders to attend an Extraordinary
General Meeting. This assembly can validly cast only if 50% of shares are present or represented. If this is not the case, a
second Extraordinary General Meeting shall be convened and will be able to vote, regardless of the percentage of shares
present or represented. Decisions will be made to the majority prescribed by law.
An Extraordinary General Meeting was held on May 20, 2025, but did not reach the required quorum. A second Extraordinary
General meeting has been convened on June 10, 2025. Overall, 163 shareholders were present or represented,
representing 3,721,388 shares, or 25.97% of the share capital of EVS. The proposition to issue warrants was adopted.
To encourage the interactions between the company and its final shareholders, but also to better know them (and serve
them), EVS requires, according to article 24 of its articles of association, the proxies for a general meeting to be signed by
the final effective beneficial owner. Hence, proxies signed by a custodian or sub-custodian must be accompanied by another
proxy, duly signed by the final effective beneficial owner, allowing them to exercise their rights.
8. SHAREHOLDER ENGAGEMENT
EVS’ management regularly engages with shareholders to discuss the evolution of EVS’ business, performance, and
strategy, particularly after the release of our trading updates and (bi-)annual results. In this context, the CEO and CFO have
regular contacts with our largest shareholders and value their input. In addition, we continue to consider the feedback we
receive from shareholder advisory groups. Finally, we often respond to the written requests of shareholders irrespective of
their size.
EVS’ management consistently intensifies the engagement with the shareholders, as we consider shareholder dialogue as
a top priority:
- In 2025 we had interactions with institutional shareholders on 79 different occasions.
- The events range from individual shareholder meetings to road shows (10 in total, of which multiple events abroad)
or conferences (1 in total).
- During these events, we met with 26 distinct shareholders of EVS but also met numerous potential new investors.
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- The institutional shareholders with whom we have regular contact represent 27% of the free float. Knowing that
nearly half of the free float is held by private shareholders, we can argue that we have regular contact with 53% of
the shareholders representing the institutional investors.
- At roadshows and conferences, we also generally engage with a large portion of potentially new investors.
- At the IBC trade show in Amsterdam, EVS organized an Investor Tour for the first time, giving the opportunity to
investors and analysts to assess the depth and vitality of the media technology industry and the wide variety of its
markets. The program, attended by 15+ investors representatives and analysts, included live demonstrations of
EVS latest innovations launched at the show, an overview of the stands of other major players in the industry, a
visit to the stands of the Group's latest acquisitions (Telemetrics and XD Motion) or minority investments
(Tinkerlist/Cuez), as well as a visit to an OB van led by an integration partner. The feedback from the participants
on this new immersive experience was extremely positive.
- To keep close contact with our private investor base, we generally participate in two fairs every year.
9. DIVIDENDS AND PROFIT ALLOCATION POLICY
The Board of Directors examines the results of the previous financial year and proposes at its Ordinary General Meeting
that these profits be distributed in the best interest of the company and its shareholders. Bearing in mind the legal restrictions
on profit distribution, the Board of Directors can propose a dividend policy that takes into consideration the company’s
investment and acquisition requirements. Since its IPO in 1998, the company has paid dividends. The company initiated in
2006 the payment in November of an interim dividend. Since that date, the company systematically evaluates the payment
of an interim dividend in November of every year. The final dividend payment follows the General Assembly scheduled in
May.
For 2025, the Board of Directors will propose to the shareholders, at the Ordinary General Meeting of May 19, 2026, the
approval of the distribution of a total gross dividend per share of EUR 1.20 for the fiscal year.
The pay-out ratio for the past couple of years has been evolving around 40% of Earnings per Share.
2023
2024
2025
Dividend (EUR)
1.10
1.10
1.20
EPS (EUR)
2.65
3.03
2.73
Dividend payout ratio
42%
36%
44%
In line with the corporate strategy, EVS has developed an end-to-end capital allocation framework. The goal is to provide
transparency on how free cash flow is deployed within the company. Based on the company’s growth plans, the allocation
of cash primarily focuses on generating both organic as well as inorganic growth.
For organic growth purposes, the company reserves a portion of its free cash flow to allow for internal investments. The
objective of these investments is to ensure acceleration of our growth potential by allocation of funds to those projects that
are expected to provide a solid return on investment over time. In this area we have decided in the past to launch some
specific internal developments, such as VIA MAP as an example. In 2025, the company launched the ‘Double Down North
America’ plan under this pillar.
For inorganic growth, the company sets aside funds to support potential acquisition activities. The goal here is to focus on
adjacent solutions that complement the current portfolio of EVS. We set a target for growing this specific fund annually by
setting aside a portion of our free cash flow. This buffer for acquisitions is proactively managed to ensure an optimal return
and avoid any cash erosion, until the funds are allocated to a specified acquisition.
As a third pillar, EVS continues to pay a base dividend. For the next 3 years 2025-2027 we proposed a dividend policy,
fixing the annual dividend at EUR 1.20 per share. This renewed base dividend policy foresees a growth of EUR 0.10 per
share (or 9.1%) compared to the previous policy covering 2022-2024.
A fourth pillar in the capital allocation strategy refers to an annual share buyback program, reflecting the Board of Directors’
confidence in EVS’ long-term growth trajectory and strong cash generation. The program allows the Company to acquire
shares that will be held as treasury shares, providing flexibility to support long-term incentive plans, potential strategic
transactions, and other corporate purposes aligned with EVS’ development.
In case of any residual excess cash, the company may consider launching ad-hoc initiatives such as, for example, special
share buyback program or special dividend payout.
Some of the aforementioned pillars are subject to approval by the general assembly, and all remain subject to any changes
in market conditions or company dynamics. The capital allocation strategy serves as a framework to guide our decisions,
whilst allowing flexibility to adjust when market conditions change.
The Board of Directors also proposes granting shares to the employees within the framework of the law relating to profit-
sharing schemes. These shares are based on a profit-sharing scheme of 2% of the annual EBIT. Based on an average
share price assumption of EUR 35.37, this would represent a total of 30 shares to be awarded per team member (only
Belgian team members are concerned). The exact number of shares is to be calculated at a later stage, based on the
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calculation method as set forth in the Law of 22 May 2001 (based on either the average closing price over 30 days or the
closing price on the day before the allocation of these shares, depending on which the Board of Directors considers most
representative) and awarded to the overall Belgian population.
Dividends are payable at the following financial institution:
ING BANK SA (“Single ESES Paying Agent Euroclear”)
Avenue Marnix 24, 1000 Brussels, Belgium
10. RELEVANT INFORMATION IN THE EVENT OF A TAKEOVER BID
Article 34 of the Royal Decree of November 14, 2007, on the obligations of issuers of securities which have been admitted
to trading on a regulated market, requires that listed companies disclose certain items that may have an impact in the event
of a takeover bid.
Capital structure
A comprehensive overview of the Company's capital structure as of December 31, 2025, can be found in section 7
"Shareholding" of this Corporate Governance Statement.
Restrictions on transfers of securities
EVS’ Articles of Association do not contain any provision restricting the transfer of shares.
Holders of securities with special control rights
There are no such securities.
Employee share schemes
Each year, the Board of Directors proposes to the approval of the annual shareholders’ meeting the distribution of a certain
number of shares of the Company to each Belgian employee of the Company which has been hired before January 1 of the
relevant year, in proportion to their effective services (or equivalent), under a profit-sharing plan relating to the distribution
of the profits of such financial year.
Restriction on voting rights
Each EVS share entitles holders to exercise one vote at the shareholders’ meetings.
The Articles of Association of the Company do not contain any restrictions on the exercise of voting rights by the
shareholders, provided that the shareholders concerned comply with all formalities to be admitted to the shareholders'
meeting and have complied with the relevant rules on disclosure of major shareholdings.
Shareholder agreements
On April 4, 2025, Michel Counson and Wallonie Entreprendre SA entered into a shareholders' agreement aimed at (i)
establishing a reciprocal right of first offer mechanism for any future transfer of shares of the Company by either party, and
(ii) subjecting Wallonie Entreprendre to a five-year lock-up commitment on the shares acquired from Michel Counson.
However, these restrictions are subject to certain exceptions, notably in the event of a public takeover bid recommended by
the Company's Board of Directors.
Except for this agreement, the Company is not aware of any other shareholders' agreement or specific relationship between
its shareholders.
Appointment of members of the Board of Directors
The rules applicable to the appointment and replacement of members of the Board of Directors are set out in section 2
“Board of Directors" of this Corporate Governance Statement.
Amendment of the Articles of Association
Amendments to the Articles of Association must be submitted as a resolution to the Shareholders' Meeting. In order to be
approved, the resolution requires at least 50% of the share capital to be present or represented and the affirmative vote of
the holders of at least 75% of the votes cast. If the quorum is not reached, a second meeting may be convened at which no
presence quorum shall apply. The aforesaid special majority voting requirement, however, remains applicable.
Authorized capital
Pursuant to a decision of the Extraordinary General Meeting of June 5, 2023, the Board of Directors is authorized to increase
the capital on one or more occasions by a maximum amount of one million and six hundred thousand euro (1,600,000 EUR),
excluding the share premium. These capital increases may be carried out by subscriptions in cash, contributions in kind, or
incorporation of reserves or issue premiums, with or without the creation of shares. Within the limits of this authorization,
the Board of Directors may issue bonds convertible into shares or subscription rights, in compliance with the provisions of
articles 7:198 et seq. of the Companies and Associations Code. In the case of a share capital increase with share premium,
such premium must be entered into and maintained in one or more separate accounts under shareholders' equity on the
liabilities side of the balance sheet. Similarly, in the event of an issue of subscription rights, their issue price must be entered
into and maintained in one or more separate accounts under shareholders' equity on the liabilities side of the balance sheet.
On the occasion of any issue of shares, convertible bonds or subscription rights, the Board of Directors may limit or cancel
the preferential subscription rights of the shareholders, including in favor of one or more specific persons other than staff
67
members, in accordance with the terms and conditions to be determined by the Board of Directors and subject to compliance
with the provisions of articles 7:198 et seq. of the Belgian Companies and Associations Code. This general authorization is
valid for a period of five (5) years from the publication of the resolution of June 5, 2023, and is renewable. The Board of
Directors shall be entitled to amend the Articles of Association to the extent required to reflect the use of the authorization
granted by this article (article 7 of the articles of associations).
Acquisition of own shares
The Extraordinary General Meeting of shareholders of June 7, 2022, gave the following authorization to the Board of
Directors (article 10 of the articles of associations):
1. The Company may acquire, pledge, or dispose of its own shares in accordance with the law.
2. For a period of five (5) years from the publication in the Annexes to the Belgian Official Gazette of the decision of
the extraordinary general meeting of shareholders of June 7, 2022, the Board of Directors is authorized to acquire
on the stock exchange or otherwise, shares in the Company up to a maximum of 20 % of the issued shares, fully
paid up, at a unit price which may not be more than 20% lower than the lowest price during the last 12 months
preceding the transaction and which may not be more than 20% higher than the highest closing price during the
last 20 days of trading of the Company's shares on Euronext Brussels preceding the acquisition. This authorization
shall be renewable.
3. Furthermore, in accordance with article 7:218, § 1, 4° of the Belgian Companies and Associations Code, the Board
of Directors is explicitly authorized to dispose of the own shares acquired by the Company to one or more specific
persons other than members of staff of the Company or its subsidiaries.
4. The powers and authorizations referred to in this Article are extended to the acquisition and disposal of shares of
the Company by one or more subsidiaries directly controlled by the Company within the meaning of the Companies
and Associations Code.
Significant agreements or securities that may be impacted by a change of control of the company
None
11. RESPECT OF THE BELGIAN CODE ON CORPORATE GOVERNANCE
EVS has adopted the Belgian Code on Corporate Governance 2020 as reference code for EVS Corporate Governance
Charter. In accordance with the "comply or explain" principle laid down in the said Code, the Board of Directors reserves
the right to assess and adjust the application of these standards of good governance regarding EVS’ field of activity, its
capabilities, and its related constraints, as explained below:
- Independent Internal Audit (Article 4.14 of the Belgian Code on Corporate Governance 2020): Given the size
of the company, it has been decided and confirmed on regular basis that an independent internal audit as foreseen
by the Belgian Code on Corporate Governance 2020 would be disproportionate for a company the size of EVS.
We do believe though that it is important to have a solid process-driven culture, whereby we focus on adoption of
the global processes defined and we regularly assess the efficiency of our processes. We prone a culture of
continuous improvement whereby we focus on developing internal control mechanisms that help the company to
monitor risks and inefficiencies. Internally the Business Process Modelling (BPM) team supports the business in
setting up efficient processes. The fact that global processes serve as a basis of our ERP deployment allows us to
monitor the efficiency and adhesion of the global processes through the systems. Through process mining we can
identify inefficiencies or detect non-compliance. As part of continuous improvement track, the BPM team supports
the business in identifying control points for each process; We use these insights to improve our overall control
posture and improve our efficiency. These steps will allow us to implement an internal control framework over time.
In addition, EVS created a new function in 2023: a head of risk, treasury and financial reporting function, that
focusses pro-actively on identifying and mitigating company-wide risks. Next to this internal functioning, it is the
Audit & Risk Committee that makes recommendations on control posture, risk management and mitigation actions,
also ensuring management's responsiveness to the Audit & Risk Committee's findings and recommendations. In
2025, the newly appointed Auditor PWC reformulated a set of recommendations and attention points to support
the future evolution of the internal control framework. Management will ensure diligent response for the elements
raised by the external Auditor.
- Part of the remuneration of the Non-Executive Directors in form of shares (Article 7.6 of the Belgian Code
on Corporate Governance 2020): Non-Executive Directors are paid purely in fixed and cash fees in line with
UK/European best practice. Further to a study on the practice and benchmark in this matter conducted in 2021
and repeated in 2023, the Board of Directors has decided at this stage not to apply the possibility of allowing the
Non-Executive Director to receive a portion of his remuneration in the form of shares of the company to avoid
conflict of interests and safeguard the independence of the Non-Executive Directors. Such a position is reviewed
by the Board of Directors on a regular basis.
- Minimum threshold of shares hold by Executives (Article 7.9 of the Belgian Code on Corporate Governance
2020): with respect to executives, and further to a study on the practice and benchmark in this matter conducted
in 2021, notably on companies of comparable size, the Board of Directors has decided at this stage not to apply
the possibility of setting a minimum threshold for shares that executives must hold to avoid any speculation and
also, given the fact, that although that is not mandatory, the majority of the members of the Executive Management
is already shareholder of EVS. Such a position is reviewed by the Board of Directors on a regular basis based on
updated practice and benchmarks. Additionally, while there is no minimum threshold, it's worth noting that the
Board of Directors strongly encourages executives to hold shares in the company.
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EVS is complying with all other provisions of the Belgian Code on Corporate Governance 2020, including, for the sake of
clarity:
(i) evaluation of internal control systems and risks (Article 4.11 of the Belgian Code on Corporate Governance
2020): analysis has been conducted in 2021 and 2022: the Audit & Risk Committee on company's internal
control and risk management systems is monitored by the Head of Treasury and Risk Management as of 2023
and is strengthened by an internal Business Process Modeling team supporting the business in evaluating
process efficiency and adhesion.
(ii) minimum vesting period of 3 years for EVS stock options (Article 7:11 of the Belgian Code on Corporate
Governance 2020) applying for the 2020, 2021, 2023, 2024 and 2025 EVS warrant plans as well as to the
2022 stock option plan, which is also combined with performance and multi-year objectives as explained in
sectons 13.3.1.2.1 (d) and 13.3.2.1.4.
(iii) evaluation of the Audit & Risk Committee (Article 9 of the Belgian Code on Corporate Governance 2020) which
has been performed for the last time in 2022 based on an external and independent assessment and in 2024
and in 2025 based on an internal assessment.
12. REMUNERATION REPORT
12.1. Introduction
We are very proud of having significantly increased our shareholders’ support in 2025 relating to our remuneration report,
which was approved at a majority of 96,25% at the Ordinary General Meeting of May 20, 2025 (+56,7% shareholders’
support compared to the Ordinary General Meeting of May 18, 2021, and even +67,9% shareholder support compared to
the Ordinary General Meeting of May 17, 2022). We are also very grateful for the increased shareholders’ support in 2025
regarding the approval of the proposal to issue warrants which were adopted at 99,9% of the votes cast.
We are very satisfied with such positive momentum, which shows that we have taken seriously the dissent expressed by
our shareholders in 2021 and 2022, notably through:
(a) the continuous review of the structure and the content of the present remuneration report, which has been updated
each year (i) by increasing the level of our disclosure notably in terms of performance metrics with regard to the
variable remuneration of the members of the Executive Management and by (ii) explaining the reasons why we are
deviating from the Belgian Companies and Association Code in terms of variable remuneration of our executives,
while we align their long term incentive with performance and multi-year objectives.
(b) the regular update each year of our remuneration policy, considering above aspects to be in line with market
standards and to further increase our transparency towards our shareholders.
(c) ongoing dialogue with our shareholders. We appreciate the valuable input that our shareholders provide and will
take their views into account as we work to create long-term value for all our stakeholders.
Against this background, we would like to thank our shareholders for their renewed support.
12.2. The Directors
12.2.1. Remuneration policy
EVS is committed to having a Board of Directors that can provide sector-specific insights, dynamism, innovation, and
diversity to better reflect the unique demands of the EVS market. This is an essential driver for the EVS profitable growth
strategy in an international and innovative sector. To attract, motivate, and retain competent Non-Executive Directors while
contributing to the short-term and long-term performance of the company, our EVS remuneration policy grants to Non-
Executive Directors the following board remuneration:
• Non-executive Directors: the Non-Executive Directors receive the following fixed and cash remuneration:
o a fixed annual board remuneration (including participation up to six meetings per year);
o an additional meeting remuneration for any additional meeting attended; and
o a committee remuneration for each special committee meeting attended
There is no variable remuneration.
• Executive Directors: Executive Directors do not receive Board remuneration.
This policy not only encourages attendance and contributions but also supports our Non-Executive Directors in bringing in
technological innovation, cultural diversity, and new perspectives. Additionally, it promotes prudent risk management, while
aligning with Belgian recommendation from Governance institutes such as Guberna and uses company peer-groups to
establish Belgian benchmarks relevant to EVS’ specificities in terms of company size, international footprint, and
technological innovation.
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The policy and the remuneration of the Non-Executive and Executive Directors are approved by the Ordinary General
Meeting.
Since the Ordinary General Meeting of May 2023 approved the 2023 remuneration policy (with effect as of January 1, 2023),
the remuneration of the Directors is therefore fixed as follows (EUR):
Fixed annual board remuneration
Additional meeting remuneration
for any additional meeting
attended
Board of
Directors
(1)
Special
committees
(2)
Board of
Directors
(3)
Special
committees
(4)
Other
(5)
Non-executive
Innoconsult BV, represented by
Martin DE PRYCKER
Independent Director
22,000
4,000
2,000
1,500
7 Capital Srl,represented by
Chantal DE VRIEZE
Independent Director
22,000
2,000
1,500
Acompany You Srl, represented by
Anne CAMBIER
Independent Director
22,000
4,000
2,000
1,500
The House of Value – Advisory &
Solutions BV, represented by
Johan DESCHUYFELEER
Chairman and
Independent Director
44,000
2,000
1,500
Frédéric Vincent
Independent Director
22,000
2,000
1,500
Marco Miserez
Independent Director
22,000
2,000
1,500
Frinso Srl represented by Soumya
Chandramouli
Independent Director
22,000
2,000
1,500
Executive
Michel COUNSON
Managing Director
Not entitled to any remuneration
InnoVision BV represented by
Serge VAN HERCK
Managing Director
Not entitled to any remuneration
(1) Covering up to 6 meetings per year.
(2) For Chairman of Special Committee only.
(3) Above 6 meetings for a full year of presence.
(4) Per attendance.
(5) The Ordinary General Meeting of May 2022 unanimously approved the granting to the members of the Board of Directors of an additional annual
remuneration envelope of EUR 25,000 in aggregate for the whole board of directors in case of performance of exceptional tasks in the context of
their function as director as validated by the Board of Directors (such as, in particular, interviews, preparation meetings and other internal meetings
other than meetings of the Board of Directors or of a Committee (Audit, Remuneration or Strategic)). This amount is allocated by the Board of
Directors among its members according to the number and importance of exceptional missions carried out by each of them.
The fixed amounts are adjusted pro rata temporis according to the appointment/resignation date during the year.
Remarks:
- The Company and its subsidiaries do not provide any personal loans, guarantees and such to the members of the
Board of Directors or the Executive Management.
- No termination compensation is provided for Non-Executive Directors at the end of their mandate. Non-Executive
Directors do not receive any shares, warrants or stock options. Non-Executive Directors do not receive any
performance-based compensation or retirement benefits.
12.2.2. Remuneration report 2025
In 2025, Non-Executive Directors received the following compensation for the execution of their mandate (EUR) in
application of the 2023 remuneration policy as described above:
70
Fixed amount
Variable amount linked
to attended meetings
Other
TOTAL 2025
Board of
Directors
Special
committees
Board of
Directors
Special
committees
Non-executive
Innoconsult BV, represented by
Martin DE PRYCKER
Independent
Director
22,000
4,000
-
7,500
-
33,500
7 Capital Srl,
represented by
Chantal DE VRIEZE
Independent
Director
22,000
-
-
7,500
-
29,500
Acompany You Srl,
represented by
Anne CAMBIER
Independent
Director
22,000
4,000
-
7,500
10,000
43,500
The House of Value – Advisory &
Solutions BV, represented by Johan
DESCHUYFELEER
Independent
Director
44,000
-
-
7,500
-
51,500
Frédéric Vincent
Independent
Director
22,000
-
-
7,500
1,500
31,000
Marco Miserez
Independent
Director
22,000
-
-
7,500
29,500
Frinso Srl, represented by Soumya
Chandramouli
Independent
director
22,000
-
-
7,500
-
29.500
Executive
Michel COUNSON
Managing
Director
-
-
-
-
-
-
InnoVision BV, represented by Serge
VAN HERCK
Managing
Director
-
-
-
-
-
-
TOTAL
248,000
As of December 31, 2025, based on the last statements received by the company and the latest modification of the
shareholders’ register, the members of the Board of Directors held, directly or indirectly, 784,000 shares of a total of
14,327,024, or 5.5% of the capital.
12.3. The CEO and the other members of Executive Management (i.e. the Leadership Team)
12.3.1. Remuneration policy
12.3.1.1 Our vision
EVS is committed to offering everyone an individualized, fair, and competitive compensation package that reflects their
performance and level of responsibility.
Our remuneration policy regarding the members of the Executive Management is founded upon five core values that drive
our efforts to attract, motivate and retain competent and professional executives:
- First, we ensure that our compensation aligns with company peer-groups to establish Belgian benchmarks relevant
to EVS’ specificities in terms of company size, international footprint, and technological innovation to remain
competitive in the local market.
- Second, we strive to be innovative by considering new differentiation methods to provide attractive compensation
packages.
- Third, we strike a balance between the Belgian and international markets to ensure our compensation packages
remain relevant and competitive globally.
- Fourth, we consider the specificity of the technology sector to cater for the unique demands of this rapidly evolving
industry.
- Finally, our policy is designed to promote long-term profitable and sustainable growth while considering the
interests of all stakeholders, including shareholders, customers, and team members.
Together, these values underpin our remuneration policy and enable us to attract and retain the best talent, skills, and
abilities, while motivating our executives to achieve the company's short-term and long-term ambitions and objectives.
Against this background, the level of the remuneration is determined as a function of the tasks and responsibilities and is
assessed annually by the Nomination and Remuneration Committee. The level of remuneration is also compared to external
references, either through studies or through external counsel. Our remuneration policy takes into account the market
position and individual contributions of each member of Executive Management, in alignment with our remuneration policy
applying to all company personnel. To this end, we are using Hay Group’s Job Evaluation Methodology (managed by the
company Korn Ferry) to grade functions and benchmark these against market practices. The HR department requests Korn
71
Ferry Hay Group to regularly perform a sanity check of the existing classification to ensure a correct, consistent and solid
basis for classification-related applications. At EVS, comparisons to the market are made with the median of the market,
rather than the average. Our remuneration is positioned around the market median, typically targeting between the 25th
and 75th percentiles. The benchmarks used are chosen according to the sector, the size of the companies and the location.
12.3.1.2 Compensation components of the CEO and other members of the Executive Management
12.3.1.2.1 Overview
Our remuneration policy for the members of Executive Management foresees a
i. fixed compensation complemented by
ii. a short-term variable cash compensation (STI) that is based on financial and non-financial performance criteria (EBIT,
Order Intake and Performance) paid in cash and
iii. a long-term incentive (LTI) consisting of warrants/stock options.
The variable compensation pillars are distributed according to the following percentages:
Base compen-
sation (BC)
STI (a) On
Target
STI (a) Metrics
LTI (b)
Stock
options
Other
bene-
fits (c)
Insurance and
pension
contributions
(c)
Fin.
Fin.
Non-Fin.
EBIT
Order
Intake
Performance
CEO
EUR 450,163
40% of BC
70%
-
30%
Max. 45%
of BC
None
N/A
CCO
45% of BC
35%
55%
10%
Max. 20%
of BC
None
N/A
CFO
25% of BC
70%
-
30%
Max. 20%
of BC
None
N/A
CMO
25% of BC
70%
-
30%
Max. 20%
of BC
None
N/A
CPO
25% of BC
70%
-
30%
Max. 20%
of BC
None
N/A
CTO
25% of BC
70%
-
30%
Max. 20%
of BC
None
N/A
CXO
25% of BC
70%
-
30%
Max. 20%
of BC
None
N/A
(a) Cash-based Short-Term Incentive (STI)
The financial and non-financial metrics of the Short-Term Incentive (STI) (e.g. the annual EBIT, Order Intake and
Performance, as provided for in the Remuneration Policy) are essential to achieve EVS' strategic objectives in the short
term.
- Financial
o The annual EBIT (Earnings before interest and taxes) objective allows our company to aim for improving
our profitability, ensuring our financial performance, and strengthening our long-term financial capacity,
notably to ensure compliance with our dividend distribution policy.
o The annual order intake objective is essential to ensure that we increase our sales as well as strengthen
the customer relationship while ensuring our company maintains a steady growth of revenue and
consolidates our position in the market.
- Non-Financial
o The annual performance objective helps us to focus on projects that are either important and/or urgent to
carry out during the given year, considering the interests of the company and its customers.
The STI target opportunity and STI maximum opportunity are described below:
STI target opportunity
o CEO: 40% of Base Compensation
o CCO: 45% of Base Compensation
o Other Executives: 25% of Base Compensation
STI maximum opportunity
o CEO: 60% of Base Compensation (1.5x target)
o CCO: 80% of Base Compensation (1.775x target)
o Other Executives: 37,5% of Compensation (1.5x target)
All the above elements enhance shareholders’ value by contributing to our company's growth strategy, interests, and long-
term sustainability, in combination with the allocation of warrants or stock options, which provide long-term focused benefits.
72
It is to be noted that the achievement of the metrics linked to the Short-Term Incentive will always be evaluated at constant
perimeter versus the budget.
The financial and non-financial STI targets are validated by the Board of Directors at the beginning of the relevant financial
year, and the achievements are followed quarterly and assessed annually. The assessment period is the last fiscal year and
the STI amount is confirmed at the end of the first quarter of the following year. The Nomination and Remuneration
Committee is assessing the target achievements and the related payout compared to the results of the company to ensure
that the future targets remain in line with the global performance of the company.
The weights in percentage of the STI criteria are assessed by the Board of Directors annually and adapted, when necessary,
by amending our Remuneration Policy, subject to the approval of our shareholders.
(b) Warrant/stock options-based Long-Term Incentive (LTI)
Stock options that apply to existing shares or give a right to subscribe to newly created shares in case of a capital increase
in the future are called “warrants” in Belgium. Alternatively, the company may also grant stock options that apply to existing
shares only, which are referred to herein as stock options. In both cases, the beneficiary will be given the right to buy the
company's stock at a pre-determined price (strike price) before an expiration date but after a minimum vesting period of 3
years, which implies that the company is rewarding, retaining, and motivating the executives in the long term. In most
countries, stock options are considered taxable when they are exercised. In Belgium, however, a special regime is in place
that requires a taxation when the options are granted. As such, there is an upfront investment when the warrants or stock
options are awarded which implies that the beneficiary may lose such upfront investment in case the warrants or stock
options cannot be exercised (e.g. if the warrant or stock option expires before it reaches the strike price or in case of
departure of the beneficiary from the company).
The compensation in warrants/stock options contributes to our company's commercial strategy, interests, and long-term
sustainability and is in line with the shareholders’ expectations to create shareholders’ value:
- On the one hand, insofar as the beneficiaries are directly incentivized to contribute to the company's profitable
growth, which they can benefit from by exercising their warrants/stock options if the company's value were to
increase between the time of allocation and the exercise of these warrants/stock options. This also motivates them
to take sustainable and value creation actions.
- On the other hand, insofar as the beneficiaries are incentivized to stay and invest in the company if they want to
be able to benefit from the exercise of the warrants/stock options that have been allocated to them, as the
warrants/stock options are taxed at the time of allocation (this investment being lost in the event of departure) and
may only be exercised at least three calendar years after their allocation.
(c) Other benefits and pension contributions
The CEO and the other members of Executive Management are management companies which provide their services on
an independent basis, which implies that they do not benefit from other benefits, insurance, and pension contributions such
as our employees do.
(d) Focus on performance and multi-year objectives
While the above variable remuneration of our executives is deviating from the Belgian Companies and Association Code in
principles which is allowed subject to the approval of the General Meeting (Under the terms of the 2nd Indent of Article 7:91
of Belgian Companies and Association Code, in a listed company, if an executive variable pay exceeds one-quarter of
annual remuneration, at least one-quarter of the performance period must exceed two years, and another one-quarter must
exceed three years, unless otherwise approved by the General Meeting), EVS has gradually introduced since 2023 an
updated warrant/stock options based LTI to attract, retain and reward the Executive Management by aligning the
warrants/stock options based LTI on performance criteria and multi-year objectives.
This updated LTI is a powerful tool for further aligning the interests of our company's Executive Management with the long-
term sustainable growth of EVS. By providing rewards for loyalty, profitability growth, and ESG objectives, the updated LTI
will further strengthen the culture of accountability and responsibility and drive sustained success for EVS over the long term
and increase shareholder value.
From 2023, the updated LTI provides yearly a variable number of warrants/ stock options based on:
- Long term performance, which is evaluated based on (1) the long-term profitability growth (two-years rolling EBIT
growth) and (2) the positive evolution of environmental, social, and governance (ESG) objectives, up to a level of
50% of the weight of the LTI. Since 2022, EVS has introduced the necessary measurement instruments to assess
these long-term performance indicators and grant warrants/stock options based LTI accordingly. Both indicators
are governed by the EVS multi-year Strategic and ESG rolling plans.
- Loyalty and retention of the Executive Management, which secures EVS' strategic growth. As the beneficiaries
must pay a non-recoverable tax upon the grant of the warrants/stock options (at Belgian level), and that they are
73
required to wait for a minimum vesting period of 3 years before they can exercise their warrant/stock options, The
LTI provides a reward to team members who stay with the company for a specified period.
The updated LTI granted to the CEO and the other members of the Executive Management can be summarized as follows:
LTI criteria
Performance
Loyalty/retention
Financial multi-year objectives
ESG objectives
LTI 2025 and beyond
25%
25%
50%
In line with our commitment to have balanced and performance-driven remuneration, the LTI program has been
progressively adjusted since 2023:
o to strengthen the link between retention and performance. Starting in 2025, 50% of LTI awards will be
performance-based, reinforcing incentives that drive performance, of which the assessment is based
respectively on (i) financial multi-year objectives and (ii) ESG objectives.
o to ensure the performance is assessed on multi-year period based on financial objectives, namely two-
years rolling EBIT growth.
LTI payout
Performance (Financial
and ESG) Target
Below Threshold
Threshold
On-Target
Cap
Achievement
<50%
50%
100%
150%
Payout
0%
0%
100%
200%
(e) Potential deviation from the Remuneration Policy for the members of the Executive Management
The Ordinary General Meeting of 16 May 2023 has approved that, in exceptional circumstances and within the conditions
of article 7:89/1 of the Belgian Companies and Association Code, the Board of Directors may deviate temporarily from the
2023 remuneration policy if necessary to serve EVS' long-term interests and sustainability, by way of the granting of a stand-
alone bonus to members of the Executive Management based on percentage of the secured order intake of more than 5
years or order intake related to Big Event Rental, in both cases capped to a maximum percentage of 0,2% of the relevant
order intake. A "Big Event Rental" is defined as a rental of EVS products and/or solutions in the framework of a big event
which does not occur annually. Indeed, the nature of the business is gradually evolving towards very long-term strategic
partnerships, which must be encouraged. Exceptional transactions are not predictable on a YoY basis and call for
exceptional rewards. To implement such deviation, the Nomination and Remuneration Committee will present a special
request for deviation to the Board of Directors for discussion and approval. No such deviation will be implemented in the
absence of prior approval by the Board of Directors. Any deviation will be described and explained in the company's annual
remuneration report in accordance with the Belgian Companies and Associations Code.
The Board of Directors did not implement such deviation from the Remuneration Policy during the year 2025.
12.3.1.2.2 STI
a. CEO
EBIT Target (70%)
Below Threshold
Threshold
On-Target
Cap
Achievements
<80%
80%
100%
120%
EBIT Target: 45,000 kEUR
< 36,000 kEUR
36,000 kEUR
45,000 kEUR
54,000 kEUR
Payout
0%
50%
100%
150%
Performance Target (30%)
On-Target
Cap
Achievements
0%
50%
100%
125%
150%
Payout
0%
50%
100%
125%
150%
STI Maximum opportunity: 60% of the Base Compensation (i.e 270.097 EUR)
b. CCO
EBIT Target (35%)
Below Threshold
Threshold
On-Target
Cap
Achievements
<80%
80%
100%
120%
EBIT Target: 45,000 kEUR
< 36,000 kEUR
36,000 kEUR
45,000 kEUR
54,000 kEUR
Payout
0%
50%
100%
150%
74
Performance Target (10%)
On-Target
Cap
Achievements
0%
50%
100%
125%
150%
Payout
0%
50%
100%
125%
150%
Order Intake Target (55%)
Below Threshold
Threshold
On-Target
Cap
Super Cap
Achievements
<80%
80%
100%
110%
120%
Payout
0%
30%
100%
145%
200%
STI Maximum opportunity: 80% of Base Compensation
c. CFO, CTO, CPO, CMO, CXO
EBIT Target (70%)
Below Threshold
Threshold
On-Target
Cap
Achievements
<80%
80%
100%
120%
EBIT Target: 45,000 kEUR
< 36,000 kEUR
36,000 kEUR
45,000 kEUR
54,000 kEUR
Payout
0%
50%
100%
150%
Performance Target (30%)
On-Target
Cap
Achievements
0%
50%
100%
125%
150%
Payout
0%
50%
100%
125%
150%
STI Maximum opportunity: 37,5% of Base Compensation
Remarks on 2025 disclosure:
- The financial performance (EBIT and Order Intake) Targets are validated by the Board of Directors at the
beginning of the relevant financial year and the achievements are followed up quarterly and assessed annually:
while it would be detrimental for EVS business (especially with regard to the competition) to disclose the details
of the Order Intake target, we have decided to share both 2025 EBIT target and achievement to increase the
transparency towards our shareholders. It is to be noted that the achievement of the EBIT is always measured
at constant perimeter versus the budget.
- The non-financial Performance Targets are validated by the Board of Directors at the beginning of the relevant
financial year and assessed annually:
o The non-financial Performance Targets of the CEO were based on (i) the results of the 2025 EVS
team members engagement survey and (ii) the 2025 customer satisfaction survey (Devoncroft NPS)
o The non-financial Performance Targets of the other members of the Executive relate to customer
satisfaction, team member satisfaction and operational efficiency. Examples of those performance
targets included in 2025:
▪ Customer satisfaction
• Maintain high quality products and services (including cross-solutions)
• Optimization of SLA and professional services
• Further optimization of Channel partner support
▪ Team member satisfaction
• Further improvement of our performance and talent management
• Foster a culture of innovation and teamwork
• Empower ESG focus in all teams
▪ Operational efficiency:
• Further Improvement of internal processes
• Increase productivity through AI
• Further improvement of our cost management
There is no advance payment for the variable remuneration of the members of the Executive Management.
12.3.1.2.3 Claw-back provisions
As a preliminary comment, please note that Claw-back provisions are limited because the potential beneficiaries do not
receive any advance payment.
(a) Consequences on the STI in case of termination of the services agreement of the CEO and other members
of the Executive Management
In case of termination of the services agreement of the CEO and other members of the Executive Management, the STI is
not due, except in case of termination (i) by EVS without cause (or for unavailability of the provider due to medical reason
or death) or (ii) by the provider with cause, in which cases, the provider shall remain entitled to the payment of the STI:
75
- related to the fiscal year preceding the year during which the written notice of termination shall have been given.
- related to the fiscal year during which the written notice of termination shall have been given only if the written
notice is given after July 1 of such fiscal year, and only on a pro rata basis (or when the cause is for unavailability
of the provider due to medical reason or death, 50% of such STI is due if the written notice is given before July 1
of such fiscal year or 100% of such STI is due if the written notice is given after July 1 of such fiscal year).
(b) Consequences on the LTI in case of termination of the services agreement of the CEO and other members
of the Executive Management
In case of termination of the services agreement of the CEO and other members of the Executive Management, the non-
exercisable warrants/ Stock options are lost unless the Board of Directors decides otherwise.
12.3.2. Remuneration report for 2025
12.3.2.1.1 Overview
CEO
Metrics
Weight (%)
Threshold
Target
Cap
Actual
Annual EBIT
70%
36,000,000 €
45,000,000 €
54,000,000 €
43,342,000 €
(96,32% of EBIT
Target)
Payout
63,023 €
126,045 €
189,068 €
114,435 €
90,79% of On-Target
payment
Non-Financial
30%
Performance
targets* Payout
27,010 €
54,020 €
81,029 €
54,020 €
100% of On-Target
payment
TOTAL
168,455 €
93,55% of On-
Target payment
Others
Metrics
Weight (%)
Threshold
Target
Cap
Actual
Financial
Annual EBIT
70 (35 for CCO
only)
36,000,000 €
45,000,000 €
54,000,000 €
43,342,000 €
(96,31% of EBIT
Target)
Order Intake
Target
55 for CCO
only
Nondisclosed
Nondisclosed
Nondisclosed
Nondisclosed
Payout EBIT
Payout OI
117,123 €
17,727 €
234,246 €
59,089 €
351,369 €
85,678 €
212,670 €
(90,79% of On-
Target payment)
43,176 €
Non-Financial
30 (10 for CCO
only)
Performance
targets* Payout
47,510 €
95,020 €
142,529 €
115,875 €
121,95% of On-
Target payment
TOTAL
371,720 €
95,7% of On-Target
payment
* Examples of the 2025 Performance targets are set forth under 13.3.1.2.2. c.
76
12.3.2.1.2 CEO
InnoVision BV, represented by Serge Van Herck, CEO received as Base Compensation a total amount of EUR 450,163 and
a STI of EUR 168,455 for the year 2025.
The 10% increase in Base Compensation from last year's EUR 405,555 is attributed to the Board of Directors' decision,
following a recommendation from the Nomination and Remuneration Committee. This decision was reached after a thorough
evaluation by two independent benchmarking firms. Their analysis demonstrated that a compensation adjustment was
warranted in light of the increased complexity of the CEO's role and scope:
- the group grew from 550 FTE in 2020 to 792 FTE in 2025 (+44%) and the revenue of the group increased from
88.1 MEUR in 2020 to 208.1 MEUR in 2025 (+136%).
- the company has evolved from a provider historically associated with broadcast equipment toward a broader
technology platform enabling live video production workflows across multiple industries and environments. Today,
EVS solutions combine hardware, software, robotics, artificial intelligence, and services to support complex live
production workflows.
- The company continues to expand its presence not only in the traditional broadcast markets but also beyond
adjacent segments, notably through recent mergers and acquisitions, such as digital media, live events, corporate
communication, entertainment, and other live content environments where reliability, low latency, and operational
efficiency are essential.
This sustained expansion in scale, complexity, and strategic scope over the past five years has materially transformed the
CEO’s role and scope, reflected in the role grading. The resulting increase in responsibilities and value creation demands
constitutes the underlying rationale for the adjustment in base compensation.
This is the first significant salary increase since 2023, when the CEO's remuneration rose from EUR 363,225 to EUR 400,801
due to evolving compensation benchmarks for such roles.
12.3.2.1.3 Other members of the Executive Management
For fiscal year 2025, the other members of Executive Management were:
- WeMagine Srl, represented by Veerle DE WIT, CFO (Chief Financial Officer)
- Ikaro Srl, represented by Nicolas BOURDON, CCO (Chief Commercial Officer)
- RCG Srl, represented by Quentin GRUTMAN, CSO (Chief Strategic Account Officer)
- M2C Srl, represented by Pierre MATELART, CPO (Chief People Officer)
- Openiris Ltd, represented by Alexander REDFERN, CTO (Chief Technology Officer)
- Tols BV, represented by Xavier Orri, CXO (Chief Experience Officer)
In 2025: the following changes occurred within the Executive Management:
- RCG Srl, represented by Quentin GRUTMAN, former Chief Commercial Officer and Chief Strategic Account
Officer, left the company as of 28 February 2025. In this context, RCG Srl received:
o The payment of his Base Compensation until 28 February 2025.
o a termination indemnity equal to EUR 157,345.64 in accordance with the termination provisions of its
services agreement and as per article 2.7 of the remuneration policy.
o no STI for the year 2025.
o In consideration of assuming additional non-competition obligations, within the framework of the
settlement agreement regarding the termination of the service agreement of RCG Srl, represented by
Quentin Grutman, the Board of Directors has, as proposed by the Nomination and Remuneration
Committee, exceptionally decided in application with section 13.3.1.2.3.(b) that they may continue to
benefit from the warrants and stock options already granted under the 2021 and 2022 plans and as per
the terms of the applicable schemes (including potential Claw-back in case of breach).
The other members of the Executive Management received a global Base Compensation of EUR 1,684,711 (total company
cost) and a STI of EUR 384,509 (total company cost) for the year 2025. These amounts include the above-mentioned
termination indemnity of EUR 157,345.64 paid to RCG Srl, represented by Quentin Grutman, former Chief Commercial
Officer and Chief Strategic Account Officer in accordance with the termination provisions of its services agreement. The
above represents an average total company cost regarding the Base Compensation of EUR 294,984 and regarding the STI
of EUR 76,902 per other member of the Executive Management.
12.3.2.1.4 Warrants/ Stock options
As indicated in the procedure set forth under 13.3.1.2.1 (d), EVS has gradually introduced since 2023 an updated
warrant/stock options based LTI to attract, retain and reward the Executive Management by aligning the warrants/stock
options based LTI on performance criteria and multi-year objectives.
77
12.3.2.1.4.1 Warrant grant in 2025
In 2025, the CEO and the other members of the Executive Management, have been offered and have accepted the following
warrants as follows in accordance with the 2025 EVS Warrants Plan:
Serge Van Herck (InnoVision BV)
37,000 warrants (cap reached)
+37,5% compared to the On-Target amount
Alex Redfern (Openiris Ltd)
9,500 warrants
+37,5% compared to the On-Target amount
Nicolas Bourdon (Ikario SRL)
9,500 warrants
+37,5% compared to the On-Target amount
Pierre Matelart (M2C SRL)
9,500 warrants
+37,5% compared to the On-Target amount
Xavier Orri (Tols BV)
9,500 warrants
+37,5% compared to the On-Target amount
TOTAL
75,000 warrants
The above warrants have been granted in accordance with a ratio of +37,5% compared to the On-Target amount
based on the procedure set forth under 13.3.1.2.1 (d) based on the following LTI criteria and payout:
1) LTI criteria
Performance
Financial
Multi-Year
Target (25%)
Below
Threshold
Threshold
On-Target
Cap
Actual
Achievements
<50%
50%
100%
150%
Target: 10%
annual growth
in accordance
with EVS 5
years
business plan
(two-years
rolling EBIT
growth)
5% annual growth
EBIT increase = 1.82
2023-2024 EBIT
average = 38.22
10% annual growth
EBIT increase = 3.64
2023-2024 EBIT average =
40.04
15% annual growth
EBIT increase = 5.46
2023-2024 EBIT
average = 41.86
18% annual
growth
EBIT increase =
6.65
2023-2024 EBIT
average = 43.05
Cap reached -
two years
rolling EBIT
Growth**
Payout
0%
0%
100%
200%
200%
** see numbers in table “EBIT results” bellow
Performance ESG
(25%)
Unsatisfactory
On-Target
Cap
Actual
Achievements
Unsatisfactory
Area of
improvements
Well Done
Excellent
Outstanding
Target: Maintain
Ecovadis Silver Medal
and increase scoring
Loss of Silver
Medal
Loss of Silver
Medal
Maintain
Silver Medal
Maintain
Silver Medal +
2% increase
Maintain Silver Medal
+ 5% increase
Maintain Silver
Medal + 2%
increase
Payout
0%
0%
100%
150%
200%
150%
Loyatly/Retention (50%)
EBIT Results :
2022
2023
2024
EBIT
31.7
41.1
45
Last 2 years
2021-2022
2022-2023
2023-2024
EBIT average last 2 years
36.4
43.05
Annual growth (2 years rolling)
18%
78
2) LTI payout
LTI Criteria
Performance
Multi-Year Target
Threshold
Loyalty/ retention
Weight
25%
25%
50%
Payout
50% (200% of
25%)
37,5% (150% of
25%)
50%
+37,5% compared to the On-Target amount
3) Remarks
It should be noted in this respect that:
- The value of the warrants is determined by reference to the fair value of the equity instruments granted at the grant
date. The fair value is determined using the Black & Sholes model (taking into account the characteristics and
conditions under which the instruments were granted) in order to comply with the applicable remuneration policy
and in particular the cap mentioned therein (respectively max. 45% of base compensation for the CEO and max.
20% of base compensation for the other members of the Leadership Team).
- The On-Target payout warrants number is reviewed by the Board of Directors on an annual basis by considering
the value thereof as determined by the Black & Sholes model as well. Like in past years, the On-Target payout
warrant number was equivalent in 2025 to approximately 35% of the base compensation for the CEO and
approximately 13,5% of the base compensation for the other members of the Leadership Team.
12.3.2.1.4.2 2025 Warrant plan and other active warrants plans
The main features of the 2025 Warrant Plan were as follows:
- Grant date: 21 October 2025
- Vesting period: 3 calendar year (until 31 December 2028)
- First possible day of exercise: 1 January 2029
- Term of options: 6 years (expiration date of stock options: 20 October 2031
- Strike price: 35.65 EUR (Average of EVS close share price 30 days before 21 October 2025)
Other active Warrants Plans, the main features of which were as follows:
2020
2021
2022
2023
2024
2025
Grant date
22 October
2020
22 June 2021
29 September
2022
25 October
2023
25 September
2024
21 October 2025
Vesting period
3 calendar
years (until 31
December
2023)
3 calendar
years (until 31
December
2024)
3 calendar
years (until 31
December
2025)
3 calendar
years (until 31
December
2026)
3 calendar
years (until 31
December
2027)
3 calendar year
(until 31
December 2028)
First possible
day of exercise
1 January 2024
1 January 2025
1 January 2026
1 January 2027
1 January 2028
1 January 2029
Term of options
6 years
(expiration date
of warrants: 21
October 2026)
6 years
(expiration date
of warrants: 21
June 2027)
6 years
(expiration date
of stock options:
28 September
2028)
6 years
(expiration date
of stock options:
24 October
2029)
6 years
(expiration date
of stock options:
24 September
2030)
6 years
(expiration date of
stock options: 20
October 2031
Strike price
13.69 EUR
(Average of
EVS close
share price 30
days before 22
October 2020)
18.21 EUR
(Average of
EVS close
share price 30
days before 22
June 2021)
18.62 EUR
(Last closing
price preceding
29 September
2022)
25.85 EUR
(Last closing
price preceding
25 October
2023)
28.80 EUR
(Last closing
price preceding
25 September
2024)
35.65 EUR
(Average of EVS
close share price
30 days before 21
October 2025)
12.3.2.1.4.3 Warrant vested and exercised in 2025
In 2025, the following warrants of the 2021 warrant plan have been vested and the CEO and the other members of the
Executive Management, have exercised the following warrants in accordance with the 2020 and 2021 warrants plan as
follows:
79
Executive Management
Vested warrants
Exercised warrants
Serge Van Herck
33,000 vested
5,000 warrants exercised and sold and 12,500 warrants exercised and purchased
Alex Redfern
2,000 vested
2,000 warrants exercised and sold
Quentin Grutman
10,000 vested
10,000 warrants exercised and sold
Nicolas Bourdon
7,500 vested
8,700 warrants exercised and sold and 7,500 warrants exercised and purchased
Pierre Matelart
7,500 vested
7,500 warrants exercised and sold
Xavier Orri
2,000 vested
/
TOTAL
62,000 warrants vested
53,200 warrants exercised
12.4. Comparative information on the evolution of compensation and company performance -
Ratio between the highest paid member of the management (CEO) and the lowest paid
employee in Belgium
The table below shows the evolution of the compensation for the EVS Group over a period of 5 years.
In €
2021
2022
2023
2024
2025
Remuneration Evolution
Average remuneration of employees
90,281
93,268
102,145
108,966
108,833
Annual remuneration of all employees
47,287,513
53,456,704
60,497,215
70,024,178
79,154,607
EVS Performance
EBIT (€ million)
37.1
31.7
41.1
45.0
43.3
Order intake (€ million)
149.3
218.8
192.9
208.6
225.0
ROCE
38.0%
31.3%
34.6%
39.4%
32,6%
Free cash-flow (€ million)
38.2
3.5
28.2
57.4
13.6
In terms of methodology, the average compensation of employees is calculated by dividing the total wage costs by the
average number of FTEs in the year. As of 2025, the denominator (i.e. the average number of FTEs) considers only the
employees on the payroll for the calculation of the average remuneration by employee.
As defined by the law of April 28, 2020, the Group publishes the ratio between the highest paid member of the management
(CEO) and the lowest paid employee in Belgium. For 2025 this ratio is 12,3x. Lowest paid employee is defined as a full-time
employee in Belgium who has worked for a full year and holds the lowest base salary at year end. Actual total remuneration
received by such employee is considered in the calculation of the ratio.
13. CONFLICT OF INTEREST PROCEDURES
In accordance with article 7:96 of the Belgian Code of Companies and Associations, the director, InnoVision BV (represented
by Serge Van Herck) declared during the meeting of the Board of Directors of 21 November 2025 to have a potential conflict
of interest in connection with the Fixed Remuneration Decisions and Warrant Decisions (as defined below), which was an
item on the agenda of that Board meeting. In accordance with Article 7:96 of the Belgian Code of Companies and
Associations, the relevant excerpts of the minutes of this meeting are provided below:
“Nature of the decisions - Confirmation of the decisions of 18 February 2025 and 2 April 2025 to which the CEO has
abstained from the deliberation and vote and, to the extent necessary, of all previous years, to indexate and increase the
base compensation of the CEO (the "Fixed Remuneration Decisions") as well as to confirm its decisions of 20 October 2025
to which the CEO has abstained from the deliberation and vote and, to the extent necessary, of all previous years, to grant
warrants to the CEO (the "Warrant Decisions").
Financial consequences of the decisions for EVS:
- Fixed Remuneration Decisions - Pursuant to the Fixed Remuneration Decisions, EVS has indexed and increased the base
compensation of the CEO. As a result of the decisions taken on 18 February 2025 and 2 April 2025, the base compensation
of the CEO has increased from EUR 405,555 to EUR 450,163, i.e. an increase of 44,608 EUR on annual basis, which is
therefore an increased cost for EVS of 10.9% on annual basis. Indexations and increases of the base compensation of the
CEO have also been decided in previous years as reported in EVS's annual remuneration report that forms part of its annual
report.
- Warrant Decisions - Pursuant to the Warrant Decisions, EVS has granted a total of 37,000 warrants to the CEO in 2025
and equivalent numbers in previous years as reported in EVS' annual remuneration report that forms part of its annual
report. The grant of these warrants in 2025 will, in the event of exercise thereof, result in the issuance of max. 37,000 new
80
shares by EVS in exchange for the payment of a contribution in cash by the CEO corresponding to the exercise price for
each of the exercised warrants. As such the grant of the warrants to the CEO will result in a reinforcement of EVS' equity
and therefore not have any adverse financial consequences for EVS. The attribution of warrants to the CEO does, however,
result in less warrants being available for attribution to the other beneficiaries of the Warrant Plan. The same holds for any
warrants granted in previous years.
Justification of the decisions:
- Fixed Remuneration Decisions - The Fixed Remuneration Decisions are in line with EVS' remuneration policy which aims
to ensure that EVS' compensation aligns performance and level of responsibility with the aim to align with Belgian
benchmarks to attract, motivate and retain competent and professional individuals in a highly technological market and with
the aim of professionalizing the governance of the company even more. In line with that policy, and upon consideration by
the Remuneration and Nomination Committee as mentioned in the minutes of the meetings of February and April 2025, the
indexation and increase of the base compensation of the CEO has been approved. Furthermore, it should be noted that the
Fixed Remuneration Decisions are consistent with the recommendations made by the Nomination and Remuneration
Committee (of which the CEO is not a member).
- Warrant Decisions - The Warrant Decisions constitute the implementation of the decisions of EVS' extraordinary general
shareholders meetings (EGM) in 2025 and previous years, which approved the issuance of a number of warrants to be
granted to a set list of beneficiaries including the CEO, whereby the shareholders have delegated to the board of directors
the powers to proceed to the actual grant of such warrants, under the terms and conditions set by the board in the Warrant
Plan, which are the same for all beneficiaries. Specifically, regarding the grant of the warrants to the CEO, reference is made
to EVS' remuneration policy as regards the justification of the remuneration of the CEO, including the grant of warrants as
part of this Long-Term Incentive. The number of warrants granted to the CEO has been determined by the board based on
the parameters of the remuneration policy (i.e., max. 45% of his Base Compensation) as well as the number of Warrants
that needed to be available to be offered to the other beneficiaries approved by the EGM. Furthermore, it should be noted
that the terms of the Warrant Plan are validated by the Nomination and Remuneration Committee (of which the CEO is not
a member) before being approved by the Board. (…)
Resolution: After deliberation, the board of directors (for the avoidance of doubt, comprised only of the non-conflicted
directors) unanimously concluded that the Fixed Remuneration Decisions and the Warrant Decisions are in the best interest
of EVS and confirms its decisions of 18 February 2025 and 2 April 2025 and of all previous years, to indexate and increase
the base compensation of the CEO, and confirms its decisions of 20 October 2025 and of all previous years, to grant
warrants to the CEO, in each case with retroactive effect as from the date the decisions were originally taken and on the
terms set out therein.”
14. RISKS AND UNCERTAINTIES
Investing in the shares of EVS Broadcast Equipment (“EVS”) involves risks. In accordance with EU regulations and Belgian
law, investors should carefully consider the risk factors described below, together with all other information in this annual
report, before making an investment decision. If any of these risks materialize, they could adversely affect our business,
financial position, operating results or prospects. In such circumstances, the market price of our shares may decline, and
investors could lose part or all of their investment.
EVS operates in a dynamic and highly competitive environment. As part of our enterprise risk management framework, we
identify, assess and monitor risks that could affect our ability to achieve our strategic objectives. These risks arise from
internal operations, technological developments, market dynamics, regulatory changes and geopolitical factors. While we
maintain a comprehensive risk register and mitigation plans, not all risks can be fully eliminated.
The risks described below include both generic risks inherent to our industry and specific risks identified through our 2025
Risk Assessment Update, which reviewed all previously identified risks and incorporated new or emerging risks.
14.1. Generic risks
The following risks are inherent to the markets in which EVS operate and are common to technology companies serving
the broadcast and media industry:
• Intense competition may lead to pressure on pricing or loss of market share.
• A significant portion of our revenue depends on the broadcast industry; downturns in this sector could negatively
affect our results.
• Despite portfolio diversification, our XT and XS server families remain central to many of our solutions; reduced
demand for these products could affect performance.
• Supply chain disruptions, including shortages of electronic components, may affect our ability to manufacture and
deliver products.
• Delays, shortages or quality issues from suppliers could affect product availability and customer satisfaction.
• Our ability to attract and retain key personnel is essential to sustaining growth.
• Declining average selling prices could negatively affect margins.
• High product reliability is expected by our customers; quality issues could damage our reputation.
• Failure to innovate or manage product transitions could reduce future revenues.
• Rapid technological changes and evolving industry standards may render products obsolete.
81
• Interoperability issues with third‑party systems could delay or cancel installations.
• Complex products may contain undetected defects, impacting customer trust.
• Ineffective management of growth could harm operations.
• International operations expose us to currency, regulatory and geopolitical risks.
• Market growth for video servers and digital tapeless solutions may not meet expectations.
• Customer investment cycles are long and unpredictable, affecting revenue visibility.
• Use of open‑source or third‑party IP may impose licensing constraints.
• Failure to protect our intellectual property could harm competitiveness.
• IP infringement claims could result in costly litigation.
• Export controls may restrict international sales.
• Environmental, health and safety regulations may increase operational costs.
• Acquisitions may divert management attention or fail to deliver expected value.
• Changes in accounting standards may affect reported results.
• Maintaining strong internal controls and public‑company compliance may strain resources.
• Additional capital may be required to support operations and may not be available on acceptable terms.
14.2. Risk management approach
Our risk management process is overseen by the Board of Directors through the Audit & Risk Committee, which ensures
that the CEO and Leadership Team actively manage the Company’s risk profile. Risks are identified through internal
assessments, workshops, and monitoring of external developments such as market trends, regulatory changes and
geopolitical events.
Each risk is evaluated based on impact, likelihood, and residual exposure after considering existing controls. Mitigation
plans are defined, implemented and monitored regularly. Most mitigation actions are ongoing, with 57 out of 63 actions
currently in progress and 4 fully implemented.
While we focus on high‑priority risks, we maintain a complete register of all material risks to ensure consistency,
transparency and optimal resource allocation.
14.3. Top risks identified in the 2025 Risk Assessment Update
Based on the latest risk register, the following risks represent the most significant potential impact on EVS. Not all risks can
be disclosed in detail due to confidentiality or competitive sensitivity.
Cybersecurity and business continuity
Risk of cyber incidents leading to shutdown of critical systems, including R&D environments, CRM, ERP, email and
production systems.
Risk of business interruption due to incomplete Business Continuity Planning (BCP). While a BCP framework exists, it is
common practice to test the BCP annually and ensure rapid and full deployment when required.
Risk of data security vulnerabilities in our products and solutions.
Geopolitical environment
Risk of declining business in specific geographies due to the rise in geopolitical tensions and protectionism.
Talent attraction and retention
Difficulty attracting Sales, Pre‑Sales and Support talent, particularly in the NALA region, may limit growth potential.
Retention of key talent remains a priority, especially as organizational complexity increases.
Market and technology evolution
Risk of not anticipating industry shifts, including the transition from hardware‑centric to software‑based and cloud‑enabled
solutions.
Risk of making incorrect technical or architectural choices for future developments, potentially leading to obsolete or
irrelevant products.
Product quality and customer expectations
Risk of inadequate quality controls before product launch, especially for complex new products.
Risk of insufficient customer feedback loops into new product introductions, which may affect adoption and satisfaction.
Risk related to the successful delivery of Big Events within the predefined timeframe and profitability.
Operational and supply chain risks
Risk of inadequate procurement planning, absence of dual‑source strategies and insufficient vendor monitoring.
Risk of inefficient procurement processes, particularly in relation to ERP integration and automation.
Risk of inadequate production planning, potentially affecting delivery timelines and customer satisfaction.
Market concentration and customer diversification
Risk of overreliance on a limited number of key customers or channel partners, despite ongoing diversification efforts.
82
Regulatory and compliance risks
Risk of non‑compliance with evolving non‑financial reporting requirements, including EU taxonomy and CSRD.
Risk of doing business with sanctioned parties.
Risk of breaching third‑party IP rights, requiring enhanced monitoring and potentially additional resources.
Governance and internal processes
Risk of insufficient internal control framework, particularly as new ERP processes mature.
Risk of inadequate prioritization of internal transformation projects, leading to inefficiencies and resource fatigue.
External growth (M&A)
Risks related to post‑acquisition integration, including cultural alignment, process harmonization and technology integration.
Taxation
Risk of changes in fiscal legislation affecting innovation‑related tax deductions, with potential impact on Net Profit and EPS.
Fraud risk
Risk of fraud which may lead to potential financial and reputational consequences.
The Board of Directors
Liège, April 14, 2026
83
CERTIFICATION OF RESPONSIBLE PERSONS
Serge Van Herck, CEO*
Veerle De Wit, CFO*
Certify that, based on their knowledge,
a) The annual financial statements, prepared in accordance with the IFRS accounting standards adopted by the
European Union, give a true and fair view of the assets, financial position and results of the EVS Group,
b) The management report presents the important events and a fair overview of the business development and the
results of the EVS Group in the reporting period.
* Acting on behalf of a bv/SRL
84
CONSOLIDATED FINANCIAL
STATEMENTS
CONSOLIDATED INCOME STATEMENT FOR THE
PERIOD ENDED DECEMBER 31, 2025
(EUR thousands)
Notes
2025
2024
(1)
Revenue
3
Cost of sales
6.1
-60,878
-54,919
Gross profit
6.1
Gross margin %
70.8%
72.3%
Selling and administrative expenses
6.3
-56,981
-53,987
Research and development expenses
6.2
-45,318
-42,033
Other income
6.6
Other expenses
6.6
-1,532
-1,734
Profit-sharing plan and warrants
18.4
-1,277
-1,107
Operating profit (EBIT)
Operating margin (EBIT) %
20.8%
22.5%
Interest revenue on loans and deposits
6.5
Interest charges
6.5
-1,272
-1,124
Other net financial income / (expenses)
6.5
Share in the result of the enterprise accounted for using the equity method
5
Profit before taxes
Income taxes
7
-4,588
-3,051
Net profit
Attributable to:
Share of the group
EARNINGS PER SHARE (in number of shares and in EUR)
8
2025
2024
Weighted average number of issued shares
Weighted average fully diluted number of shares
Basic earnings – share of the group
Fully diluted earnings – share of the group
(2)
(1) Includes impact of the reassessment of the residual value for the headquarters’ building adjusted as of January 1, 2024 with annual net impact of EUR -
(2) The diluted earnings per share does include:
a. 187,000 warrants attributed in October 2020, of which 6,160 are outstanding with an exercise price below the share price and with maturity in October 2026;
b. 158,600 warrants attributed in June 2021, of which 41,130 are outstanding with an exercise price below the share price and with maturity in June 2027;
c. 183,375 warrants attributed in September 2022, of which 179,875 are outstanding with an exercise price below the share price and with maturity in Sept. 2028;
d. 198,900 warrants attributed in October 2023, of which 186,650 are outstanding with an exercise price below the share price and with maturity in October 2029;
e. 210,650 warrants attributed in September 2024, of which 209,250 are outstanding with an exercise price below the share price and with maturity in Sept. 2030;
f. 201,330 warrants attributed in October 2025, all outstanding with an exercise price below the share price and with maturity in October 2031.
85
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME FOR THE PERIOD ENDED
DECEMBER 31, 2025
(EUR thousands)
Notes
2025
2024
(1)
Net profit
Other comprehensive income of the period
Currency translation differences
18.7
-1,343
Total of recyclable elements
-1,343
Gains / (losses) on remeasurement of defined benefit obligations, net of tax
6.4
-1,006
-28
Total of non-recyclable elements, net of tax
-1,006
-28
Total other comprehensive income of the period, net of tax
-2,349
Total comprehensive income for the period
Attributable to:
Share of the group
(1) Includes impact of the reassessment of the residual value for the headquarters’ building adjusted as of January 1, 2024 with annual net impact of EUR -
86
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION (BALANCE SHEET) AS AT DECEMBER 31, 2025
ASSETS
(EUR thousands)
Notes
Dec 31, 2025
Dec 31, 2024
Dec 31, 2024
(1)
Adjusted
Non-current assets:
Goodwill
10
Other intangible assets
11
Lands and buildings
12
Other tangible assets
12
Investment accounted for using equity method
5
Trade and other amounts receivables
15
Deferred tax assets
7.3
Other financial assets
13
Total non-current assets
Current assets:
Inventories
14
Trade receivables
15
Other amounts receivable, deferred charges and accrued income
15
Other financial assets
16
Cash and cash equivalents
17
Total current assets
Total assets
EQUITY AND LIABILITIES
(EUR thousands)
Notes
Dec 31, 2025
Dec 31, 2024
Dec 31, 2024
(1)
Adjusted
Equity
Capital
18
Reserves
18.6
Treasury shares
18.5
-21,444
-16,917
-16,917
Total consolidated reserves
Translation differences
18.7
Equity, attributable to the owners of the parent
Non-controlling interest
Total equity
Provisions
20
Deferred taxes liabilities
7.3
Financial debts
19
Pension benefit obligations and other debts
6.4
Non-current liabilities
Financial debts
19
Trade payables
21
Amounts payable regarding remuneration and social security
22
Income tax payable
Other amounts payable, advances received, accrued charges and
deferred income
21
Current liabilities
Total equity and liabilities
(1) Includes retrospective adjustments related to the reclass from trade receivables to long-term trade receivables for the Big Tech 22 contract as well as to the reassessment of the
residual value for the headquarters’ building, to allow comparability with Dec’24. See details in Notes 2.13 and 12.
87
CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE PERIOD ENDED DECEMBER 31, 2025
Notes
2025
2024
(1)
Cash flows from operating activities
Net profit, share of the group
Adjustment for:
- Depreciation and write-offs on tangible and intangible assets
11, 12
- Profit-sharing plan and warrants
18.4
- Provisions
20, 6.4
- Income tax expense
7
- Net financial expense (+) / income (-)
6.5
-671
- Share of the result of entities accounted for under the equity method
5
-191
-352
Adjustment for changes in working capital items:
- Inventories
14
-3,572
- Trade receivables
15
-25,471
- Other amounts receivable, deferred charges and accrued income
15
-5,114
- Trade payables
21
-979
- Amounts payable regarding remuneration and social security
22
- Other amounts payable, advances received, accrued charges and deferred income
- Conversion differences
(2)
-5,025
Cash generated from operations
Income taxes paid
-3,973
-3,065
Net cash from operating activities
Cash flows from investing activities
Purchase of intangible assets
11
-2,278
-1,323
Purchase of tangible assets (lands and building and other tangible assets)
12
-6,346
-5,818
Disposal of tangible assets
12
Interests received
Loan to associate
-1,000
Business acquisitions
5, 10.2
-6,605
-1,294
Other financial assets
13
-232
Net cash used in investing activities
-14,082
-6,573
Cash flows from financing activities
Repayment of borrowings
19
-561
-2,450
Payment of lease liabilities
19
-3,739
-3,223
Interests paid
6.5
-597
-550
Dividend received from investee
5
Dividend paid
9
-16,068
-14,903
Acquisition of treasury shares, net of sales
-5,467
-363
Net cash used in financing activities
-26,368
-21,425
Net increase in cash and cash equivalents
-12,725
Net foreign exchange difference
-2,152
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
(1) Includes impact of the reassessment of the residual value for the headquarters’ building adjusted as of January 1, 2024 with annual net impact of
EUR -0.3 million. See also details in Note 12.
(2) Mainly related to EUR/USD
88
CONSOLIDATED STATEMENT OF CHANGES
IN EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2025
(EUR thousands)
Capital
Reserves
Treasury
shares
Currency
translation
differences
Equity,
share of
the group
Total
Equity
Balance as at January 1, 2024
-17,174
Balance as at January 1, 2024,
Adjusted
(1)
-17,174
Profit or loss
Other comprehensive income
-28
Total comprehensive income
Share-based payments
Operations with treasury shares
-883
-626
-626
Final dividend
-8,128
-8,128
-8,128
Interim dividend
-6,775
-6,775
-6,775
Other allocation
Balance as per December 31, 2024
-16,917
(1) Includes historical impact of the reassessment of the residual value for the headquarters’ building in opening reserves for E UR -2.4 million and in result
of the period for EUR -0.3 million. See also details in Note 12.
(EUR thousands)
Notes
Capital
Reserves
Treasury
shares
Currency
translation
differences
Equity,
share of
the group
Total
Equity
Balance as at January 1, 2025
-16,917
Profit or loss
Other comprehensive income
-1,006
-1,343
-2,349
-2,349
Total comprehensive income
-1,343
Share-based payments
18.4
Operations with treasury shares
18.5
-488
-4,527
-5,015
-5,015
Final dividend
9
-8,026
-8,026
-8,026
Interim dividend
9
-8,042
-8,042
-8,042
Other allocation
-1,725 *
-1
-1,726
-1,726
Balance as per December 31, 2025
-21,444
* Mainly related to a system adjustment implemented during the period to better reflect the effective foreign exchange currency impacts related to our foreign
offices. This resulted in a one-time non-recurring equity adjustment of EUR 1.7 million in the period reflected under consolidated reserves.
89
NOTES TO THE IFRS CONSOLIDATED
FINANCIAL STATEMENTS
2. SUMMARY OF THE IFRS MATERIAL ACCOUNTING PRINCIPLES
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
6. INCOME AND EXPENSES
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
AUDITOR’S REPORT
Statutory auditor's report to the general shareholders’ meeting of EVS Broadcast Equipment
SA on the consolidated accounts for the year ended 31 December 2025
We present to you our statutory auditor’s report in the context of our statutory audit of the consolidated accounts of EVS
Broadcast Equipment SA (the "Company") and its subsidiaries (jointly "the Group"). This report includes our report on the
consolidated accounts, as well as the other legal and regulatory requirements. This forms part of an integrated whole and
is indivisible.
We have been appointed as statutory auditor by the general meeting d.d. 20 May 2025, following the proposal formulated
by the board of directors and following the recommendation by the audit committee and the proposal formulated by the
workers’ council. Our mandate will expire on the date of the general meeting which will deliberate on the annual accounts
for the year ended 31 December 2027. We have performed the statutory audit of the Group’s consolidated accounts for 1
year.
Report on the consolidated accounts
Unqualified opinion
We have performed the statutory audit of the Group’s consolidated accounts, which comprise the consolidated statement of
financial position (balance sheet), the consolidated income statement as at
31 December 2025, the consolidated statement of comprehensive income, the consolidated statement of cash flows and
the consolidated statement of changes in equity, and notes to the IFRS consolidated financial statements, including a
summary of significant accounting policies and other explanatory information, and which is characterised by a consolidated
statement of financial position (balance sheet) total of EUR 323,044 thousand and a profit for the year of EUR 38,553
thousand.
In our opinion, the consolidated accounts give a true and fair view of the Group’s net equity and consolidated financial
position (balance sheet) as at 31 December 2025, and of its consolidated financial performance and its consolidated cash
flows for the year then ended, in accordance with IFRS Accounting Standards as adopted by the European Union and with
the legal and regulatory requirements applicable in Belgium.
Basis for unqualified opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Belgium.
Furthermore, we have applied the International Standards on Auditing as approved by the IAASB which are applicable to
the year-end and which are not yet approved at the national level.
Our responsibilities under those standards are further described in the "Statutory auditor’s responsibilities for the audit of
the consolidated accounts" section of our report. We have fulfilled our ethical responsibilities in accordance with the ethical
requirements that are relevant to our audit of the consolidated accounts in Belgium, including the requirements related to
independence.
We have obtained from the board of directors and Company officials the explanations and information necessary for
performing our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other matter
The consolidated accounts of the Company for the year ended 31 December 2024 have been audited by another statutory
auditor who expressed an unqualified opinion on these consolidated accounts on 18 April 2025.
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Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated accounts of the current period. These matters were addressed in the context of our audit of the consolidated
accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Revenue recognition - complex contracts
Description of the Key Audit Matter
As at 31 December 2025, the Group’s revenue amounts to EUR 208,133 thousand, of which a portion relates to fixed-price
contracts that generally extend over several months. Since revenue recognition on these contracts is performed manually,
there is a risk that revenue may not be recognized in accordance with the terms of the contracts and may be recognized in
the wrong period. This matter is considered a key audit matter in view of the materiality of the amounts involved, the diversity
of the contracts, and the level of judgment required for complex contracts.
How our Audit addressed the Key Audit Matter
KAM summary of audit procedures performed:
• We evaluated the revenue recognition process and assessed the design and implementation of internal controls.
• We tested the operating effectiveness of the controls implemented over the revenue recognition related to fixed-price
contracts, including those relating to revenue cut-off.
• We discussed and analysed the revenue recognition principles adopted by the Group based on the contractual terms
for significant and complex contracts.
• Based on a statistical sample, we assessed the cut-off of the year by reviewing the contracts and their percentage of
completion, including deliveries performed as at the reporting date.
• We performed analytical procedures by comparing revenue with the revenue recognized the prior year and with the
budget. Any variances were discussed with the management.
• We used data analytics tools over the entire population of journal entries to identify revenue not recognized through
trade receivables accounts. We also used these tools to test unusual or unexpected journal entries.
• We assessed the adequacy of notes 2.21 and 3.2 to the consolidated financial statements.
Following the procedures performed, we concluded that the revenue associated with complex contracts was appropriately
recognized in accordance with the terms of the contracts during the financial year.
Impairment assessment of goodwill and other intangible assets (excluding current-year
acquisitions)
Description of the Key Audit Matter
As at 31 December 2025, the Group’s consolidated financial statements show goodwill of EUR 12,599 thousand, as well as
technology and customer-related intangible assets recognized under other intangible assets as identifiable assets and
recorded following the different acquisitions realized by the Group (see Notes 10 and 11 to the consolidated financial
statements).
In accordance with IAS 36, and as described in Note 10 and in the accounting policies of the consolidated financial
statements, the Group performs an impairment test annually, or when indicators of impairment exist, on the cash-generating
units (CGUs) in which goodwill and the technology- and customer-related intangible assets are present.
The impairment test consists of comparing the estimated value in use of each CGU with its carrying amount. Assessing
value in use involves judgment and requires estimates regarding projections of future cash flows associated with the CGUs,
particularly the medium- and long-term revenue growth rate and the discount rate.
We considered the assessment of goodwill and intangible assets to be a key audit matter due, on the one hand, to the level
of judgment and technical expertise required to perform the impairment tests and, on the other hand, to their increasing
significance as a result of the Group’s growth strategy.
131
How our Audit addressed the Key Audit Matter
• We discussed with the management about the performance of the Axon and Mog cash-generating units (CGUs), as
well as the outlook as set out in the 5-year plan.
• We analysed the forecasts of future cash flows in the 5-year plan prepared by the management and approved by the
Board of Directors, considering particularly the analysis of available historical data.
• Where applicable, with the assistance of our specialists:
- We tested the validity of the impairment test model prepared by the management and assessed whether the
formulas are correctly applied to the data included in the model.
- We evaluated the reasonableness of the key assumptions used in the impairment test, notably the discount rate
and the growth rate.
- We compared and assessed the relevance of these assumptions using comparable external data.
• We concluded on the appropriateness of absence of impairment on the considered assets.
• We assessed the appropriateness and completeness of the information presented in Note 10 to the consolidated
financial statements in accordance with IAS 36.
Based on the procedures performed, we found that the results of management’s assessment of goodwill and intangible
assets were consistent with the results of our procedures.
Accounting treatment of the assessment of the building’s residual value
Description of the Key Audit Matter
The Group owns a building recognized in property, plant and equipment, which is used as its headquarters, for a significant
carrying amount. Upon its construction in 2015, in accordance with IAS 16, the Group chose to determine a residual value
of EUR 19,339 thousand, for which the amount was therefore not depreciated.
Based on the standard IAS 16 “Property, Plant and Equipment”, the residual value of a tangible asset must be assessed
annually and should correspond to the amount of the asset if it were already of the age and in the condition expected at the
end of its useful life.
As described in Note 2.10 to the consolidated financial statements, the valuation methodology and the residual value amount
were revised in 2025 based on an external valuation report.
In accordance with IAS 8, an adjustment to opening equity was also recognized in the amount of EUR 2,424 thousand, as
the methodology previously applied to measure the residual value was identified to be inappropriate. From 2025 onwards,
the revised residual value amounts to EUR 8,258 thousand
We considered this a key audit matter due to the level of judgment and technical expertise required to determine the
building’s residual value, as well as the significance of both the residual value and the adjustment recognized in opening
equity.
How our Audit addressed the Key Audit Matter
• We obtained from management the real estate valuation report prepared by an external expert and reconciled it to
the underlying accounting records.
• Where relevant, with the assistance of our real estate valuation specialists, we assessed the appropriateness of the
valuation methodology applied and the reasonableness of the assumptions used, with reference to valuation
methods and estimates commonly accepted in the real estate sector and in accordance with IAS 16. We also
performed an independent assessment to corroborate the results of the external valuation report.
• We concluded on the appropriateness of the determination of the residual value.
• We verified the accuracy of the correcting entries affecting the opening balance sheet as at
1 January 2024.
• We assessed the appropriateness of the related disclosures included in Note 2.5 to the Group’s consolidated
financial statements, in accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”.
We determined that the methodology applied and the assumptions used are in accordance with IAS 16 and meet the
definition of residual value.
132
Responsibilities of the board of directors
for the preparation of the consolidated
accounts
The board of directors is responsible for the preparation of consolidated accounts that give a true and fair view in accordance
with IFRS Accounting Standards as adopted by the European Union and with the legal and regulatory requirements
applicable in Belgium, and for such internal control as the board of directors determines is necessary to enable the
preparation of consolidated accounts that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated accounts, the board of directors is responsible for assessing the Group’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless the board of directors either intends to liquidate the Group or to cease operations, or have no realistic alternative but
to do so.
Statutory auditor’s responsibilities for the audit of the consolidated accounts
Our objectives are to obtain reasonable assurance about whether the consolidated accounts as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these consolidated accounts.
In performing our audit, we comply with the legal, regulatory and normative framework applicable to the audit of the
consolidated accounts in Belgium. A statutory audit does not provide any assurance as to the Group’s future viability nor as
to the efficiency or effectiveness of the board of directors’ current or future business management at Group level. Our
responsibilities in respect of the use of the going concern basis of accounting by the board of directors are described below.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated accounts, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of
the entities or business units within the Group as a basis for forming an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of
the group audit. We remain solely responsible for our audit opinion.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the board of directors.
• Conclude on the appropriateness of the board of directors’ use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our statutory auditor’s report to the related disclosures in the consolidated
accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our statutory auditor’s report. However, future events or conditions may cause
the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated accounts, including the disclosures, and
whether the consolidated accounts represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with the audit committee regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
133
We also provide the audit committee with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear
on our independence, and where applicable, related safeguards.
From the matters communicated with the audit committee, we determine those matters that were of most significance in the
audit of the consolidated accounts of the current period and are therefore the key audit matters. We describe these matters
in our auditor’s report unless law or regulation precludes public disclosure about the matter.
Other legal and regulatory requirements
Responsibilities of the board of directors
The board of directors is responsible for the preparation and the content of the directors’ report on the consolidated accounts.
Statutory auditor’s responsibilities
In the context of our engagement and in accordance with the Belgian standard which is complementary to the International
Standards on Auditing (ISAs) as applicable in Belgium, our responsibility is to verify, in all material respects, the directors’
report on the consolidated accounts and the other information included in the annual report on the consolidated accounts
and to report on this matter.
Aspects related to the directors’ report on the consolidated accounts and the other
information included in the annual report on the consolidated accounts
The director’s report on the consolidated accounts includes the consolidated sustainability information that is the subject of
our separate report, which contains an "Unqualified conclusion" on the limited assurance with respect to this consolidated
sustainability information. This section does not concern the assurance on the consolidated sustainability information
included in the directors’ report on the consolidated accounts.
In our opinion, after having performed specific procedures in relation to the directors’ report on the consolidated accounts,
this directors’ report is consistent with the consolidated accounts for the year under audit and is prepared in accordance
with article 3:32 of the Companies' and Associations' Code.
In the context of our audit of the consolidated accounts, we are also responsible for considering,
in particular based on the knowledge acquired resulting from the audit, whether the directors’ report on the consolidated
accounts and the other information included in the annual report on the consolidated accounts, containing, the condensed
statutory financial statements as of 31 December 2025,
is materially misstated or contains information which is inadequately disclosed or otherwise misleading. In light of the
procedures we have performed, there are no material misstatements we have to report to you.
Statements related to independence
• Our registered audit firm and our network did not provide services which are incompatible with the statutory audit of
the consolidated accounts, and our registered audit firm remained independent of the Group in the course of our
mandate.
• The fees for additional services which are compatible with the statutory audit of the consolidated accounts referred to
in article 3:65 of the Companies' and Associations' Code are correctly disclosed and itemized in the notes to the
consolidated accounts.
European Uniform Electronic Format (ESEF)
We have also verified, in accordance with the standard on the verification of the compliance of the annual report with the
European Uniform Electronic Format (hereinafter “ESEF”), the compliance of the ESEF format with the regulatory technical
standards established by the European Delegate Regulation No. 2019/815 of 17 December 2018 (hereinafter: “Delegated
Regulation”) and with the Royal Decree of 14 November 2007 concerning the obligations of issuers of financial instruments
admitted to trading on a regulated market.
134
The board of directors is responsible for the preparation of an annual report, in accordance with ESEF requirements,
including the consolidated accounts in the form of an electronic file in ESEF format (hereinafter “digital consolidated
accounts”).
Our responsibility is to obtain sufficient appropriate evidence to conclude that the format and marking language XBRL of the
digital consolidated financial accounts complies in all material respects with the ESEF requirements under the Delegated
Regulation.
Based on our procedures performed, we believe that the format of the annual report and marking of information in the digital
consolidated accounts included in the annual report of EVS Broadcast Equipment SA per 31 December 2025 comply, and
which will be available in the Belgian official mechanism for the storage of regulated information (STORI) of the FSMA, are,
in all material respects, in compliance with the ESEF requirements under the Delegated Regulation and the Royal Decree
of 14 November 2007.
Other statement
• This report is consistent with the additional report to the audit committee referred to in article 11 of the Regulation
(EU) N° 537/2014.
Liège, April 15, 2026
The statutory auditor
PwC Bedrijfsrevisoren BV/PwC Reviseurs d'Entreprises SRL
Represented by
Mélanie Adorante
Bedrijfsrevisor/Réviseur d'Entreprises
*Acting on behalf of Mélanie Adorante SRL
135
BELGIAN GAAP PARENT COMPANY
FINANCIAL STATEMENTS
These financial statements are related to the figures for the parent company, EVS Broadcast Equipment SA (Belgium).
These statements are disclosed according to the short version allowed by Article 3:17 of the Belgian Companies and
Association Code. They are filed at the “Banque Nationale de Belgique” and are available on request at the company’s head
office, but also on the company website (www.evs.com). They have been unconditionally attested by PWC, Auditors,
represented by Mélanie Adorante, Partner.
STATUTORY MANAGEMENT REPORT
As foreseen by the Law, the consolidated management report has been drawn up to also be used as the management
report on the parent company’s financial statements. The management report on the parent company’s financial statements
is therefore like the consolidated management report, except for the following notes:
- The parent company’s financial statements include the figures for the head office in Liege (Belgium): revenue of
EUR 188,052 thousand, representing 90.4% of the consolidated amount.
- The profit of the year amounts to EUR 35,001 thousand, compared to EUR 37,381 thousand in 2024. The balance
sheet total amounts to EUR 268,470 thousand.
In accordance with the Article 3:6 of the Belgian Company Code, within the Audit & Risk Committee, Marco Miserez
(graduating as a Commercial Engineer in "Finance and Cross Cultural Management" from the Ichec Brussels
Management School and having 12 years of experience in the financial sector), Martin DePrycker (holding a Ph.D in
Computer Sciences, as well as an MBA from the University of Antwerp),Soumya Chandramouli (holding an MBA from
the University of Liège and a degree in Financial Analysis from the Belgian Association of Financial Analysts as well as
a specialization in Business Leadership from IMD Business School), and the president of the board who is also a
member of the Audit & Risk Committee, have the competencies in accounting and audit.
- Since 2016, research expenses can no longer be included in the balance sheet. Only the development costs can
be capitalized on the balance sheet. Research expenses incurred in previous years remain subject to the previous
regime.
In 2025, EVS incurred an amount of EUR 32.06 million for R&D expenses, which were amortized immediately and fully
in accordance with the new valuation rules in this area.
Moreover, in 2022, the Group identified two internal development projects, that for the first time of EVS Broadcast
Equipment’s history fulfilled all the conditions to be capitalized as Intangible assets. These internal development projects
consist of software that will be commercialized at the end of the development period.
For one of the projects, the development period ended at the end of 2023, leading to the commencement of depreciation
over a period of 5 years.
The intangible capitalized costs in 2025 include mainly the internal personnel costs and external consultants’ costs
related to the development phase of an important project that should secure future growth for EVS. This project consists
of software and hardware that will be commercialized at the end of the development. The projected expenditure is EUR
6.9 million over a period of 3 years, with planned return on investment as of 2027. The progress of these internal
developments is monitored frequently to ensure the future economic benefit remains assured.
In 2025, the capitalization of internal development costs amounts to EUR 1.8 million.
- Since 15/07/2025, the Company has a branch, established in the United Arab Emirates, located at Shatha Tower
Office 15, 25th floor PO Box 215278 in Dubai and registered under the legal name EVS Broadcast Equipment
Middle East Ltd, license number 90021.
- No event other than those reported in the consolidated management report has affected the parent company’s
financial statements.
136
BELGIAN GAAP STATUTORY INCOME
STATEMENT
(EUR thousands)
2025
2024
Operating income
227,678
211,337
A. Turnover
188,052
178,641
B. Increase (+)/decrease (-) in stocks of finished goods, work and contracts in
progress
-1,035
-6,630
C. Capitalized production
35,483
36,277
D. Other operating income
5,178
3,049
E. Non-recurring income
-
-
Operating charges
-184,876
-170,965
A. Raw materials, consumables and goods for resale
-31,560
-37,041
1. Purchases
-29,150
-35,606
2. Increase (+)/decrease (-) in stocks
-2,410
-1,435
B. Services and other goods
-62,459
-59,280
C. Remuneration, social security costs and pensions
-44,539
-40,915
D. Depreciation of and other amounts written off on formation expenses, intangible
and tangible fixed assets
-41,209
-40,040
E. (+)/(-) in amounts written off on stock and trade debtors
-431
8,552
F. (+)/(-) in provisions for liabilities and charges
-2,309
-335
G. Other operating charges
-2,369
-761
H. Non-recurring charges
0
-1,145
Operating profit
42,802
40,372
Financial income
2,934
4,040
A. Income from financial assets
895
1,020
B. Income from current assets
-
-
C. Other financial income
2,039
3,020
Financial charges
-5,157
-2,054
A. Interest and other debt charges
-672
-578
B. Write-offs on current assets other than stocks, work in progress and trade
receivables (+, -)
-
-
C. (+)/(-) in amounts written off on current assets
-4,485
-1,476
X. Charges financières non récurrentes
-
-
Profit on ordinary activities before taxes (+,-)
40,579
42,358
Transfer and withdrawal from deferred taxation
46
46
Income taxes
-5,624
-5,023
Result for the period (+, -)
35,001
37,381
Transfers from non-taxable reserves
558
137
Transfers to non-taxable reserves
-1,000
-1,000
Result for the period available for appropriation (+, -)
34,558
36,517
Appropriation account*
A. Result to be appropriated
104,323
85,101
B. Transfers from reserves
C. Transfers to reserves
-
-
D. Profit / Loss to be carried forward
-87,722
-69,764
E. 1. Dividends
-16,086
-14,802
E. 2. Other equivalents
-515
-535
*The 2024 figures have been updated with the results allocation approved by the Ordinary General Meeting of 20 May 2025
137
BELGIAN GAAP STATUTORY BALANCE
SHEET
ASSETS
(EUR thousands)
December 31, 2025
December 31, 2024
Fixed assets
68,410
58,753
Intangible assets
8,646
11,961
Tangible assets
36,212
36,115
A. Land and buildings
26,851
29,466
B. Plant, machinery and equipment
3,218
3,367
C. Furniture and vehicles
2,601
1,960
D. Leased assets
-
-
E. Other tangible assets
23
23
F. Assets under construction and advance payments
3,519
1,299
Financial assets
23,552
10,677
A. Affiliated companies
21,388
9,532
1. Participating interests
11,635
8,032
2. Amounts receivable
9,753
1,500
B. Other companies linked to participating interests
2,140
1,138
1. Participating interests
1,140
1,138
2. Amounts receivables
1,000
-
C. Other financial assets
23
7
1. Participating interests
-
-
2. Receivable and cash guarantee
23
7
Current assets
200,060
175,159
Amounts receivable after more than one year
4,739
3,231
A. Trade debtors
B. Other debtors
4,739
3,231
Stocks and contracts in progress
29,286
32,983
A. Stocks
27,738
32,159
1. Raw materials and consumables
16,455
20,288
2. Goods in process
3,367
3,638
3. Finished goods
6,254
6,834
4. Goods for resale
1,662
1,399
B. Goods in process
1,548
825
Amounts receivable within one year
90,948
54,183
A. Trade debtors
81,617
48,758
B. Other amounts receivable
9,331
5,425
Investments
57,476
47,104
A. Treasury shares
21,444
16,917
B. Other investments and deposits
36,032
30,187
Cash at bank and in hand
13,814
33,570
Deferred charges and accrued income
3,798
4,088
TOTAL ASSETS
268,470
233,913
138
LIABILITIES
(EUR thousands)
December 31, 2025
December 31, 2024*
Capital and reserves
193,824
175,695
Capital
8,772
8,772
A. Issued capital
8,772
8,772
Share premium
14,462
14,462
Reserves
80,323
79,881
A. Legal reserve
877
877
B. Reserves not available for distribution
21,444
16,917
1. In respect of treasury shares
21,444
16,917
C. Not taxable reserves
4,450
4,007
D. Reserves available for distribution
53,553
58,079
Profit / Loss carried forward
87,722
69,764
Investment grants
2,545
2,815
Provisions and deferred taxation
11,264
9,001
A. Provision for liabilities and charges
10,774
8,465
B. Deferred taxation
490
535
Creditors
63,382
49,217
Amounts payable after one year
-
-
A. Financial debts
-
-
1. Debts from leasing agreements
-
-
2. Credit institutions
-
-
B. Other amounts payable
-
-
Amounts payable within one year
55,911
44,824
A. Current portion of amounts payable after one year
-
561
B. Financial debts
-
-
C. Trade debts
31,537
23,113
1. Suppliers
31,537
23,113
D. Advances received on orders
1,231
1,366
E. Taxes, remuneration and social security
13,458
10,742
1. Taxes
5,449
3,469
2. Remuneration and social security
8,009
7,273
F. Other amounts payable
9,685
9,043
Accrued charges and deferred income
7,471
4,393
TOTAL LIABILITIES
268,470
233,913
*The 2024 figures have been updated with the profit allocation approved by the Ordinary General Meeting of 20 May 2025
139
APPENDIX TO PARENT COMPANY
FINANCIAL STATEMENTS
Capital as of December 31, 2025 (EUR thousands)
Amounts
Number of shares
A. Share capital
1. Issued capital
8,772
14,229,326
2. Structure of capital
2.1. Different categories of shares
Shares without face value
8,772
14,229,326
2.2. Registered shares and bearer shares
Registered shares – as of December 31, 2025
1,346,284
Dematerialized shares – as of December 31, 2025
12,980,740
B. Treasury shares held by the company itself
21,444
922,093
C. Commitments to issue shares
1. Following the exercise of subscription rights
- Number of outstanding subscription rights
824,395
- Amount of capital to be issued
22,568
- Maximum number of shares to be issued
824,395
D. Amount of authorized capital, not issued
1,600
140
GLOSSARY
This glossary contains a description of frequently used Financial Terms, Alternative Performance Measures (APM) and
Non-financial KPIs in EVS reporting deliverables.
BER: Big Event Rental
BER market pillar: market pillar covering big event rentals to host broadcasters for major non-yearly events
CAPEX: capital expenditures, refers to acquisitions of intangible assets and property, plant and equipment, excluding the
Right of Use assets (leasing).
Capital Employed: refers to the amount of capital investment used to operate and provides an indication of how the
Company is investing its money. It consists of goodwill, intangible assets, tangible assets and inventory.
Cash flow from operating activities: amount of cash generated from ongoing, regular business activities.
CGU: Cash Generating Unit, is the smallest group of assets that includes the asset and generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets
Cost of sales: cost of materials and charges directly related to revenues.
EBIT: Earnings Before Interest & Taxes, corresponds to Revenue minus Cost of Sales, minus operating expenses linked
to renumeration of team members and operating expenses not directly linked to remuneration of team members minus
Depreciation and Amortizations.
EBITDA: Earnings Before Interest & Taxes, corresponds to Revenue minus Cost of Sales, minus operating expenses
linked to renumeration of Team Members and operating expenses not directly linked to remuneration of Team Members
ECL: Expected Credit Loss, is the probability-weighted estimate of credit losses (i.e., the present value of all cash
shortfalls) over the expected life of a financial instrument.
EGM: Extraordinary General Meeting
Free cash flow: cash flow before financing activities.
Gross margin: result of revenue minus cost of sales, divided by the revenue.
LAB: Live Audience Business
LAB market pillar: revenue from customers leveraging EVS products and solutions to create content for their own
purpose. This market pillar covers the following types of customers: Broadcasters, Stadium, House of Worship, Corporate
Media Centers, Sports organizations, Government & institutions, University & Colleges
LSP: Live Service Providers
LSP market pillar: revenue from customers leveraging EVS products and solutions to serve “LAB customers”. This market
pillar covers the following types of customers: Rental & facilities companies, Production companies, Freelance operators,
Technology partners & system integrators buying for their own purpose
Net cash position: refers to the liquidity position of the company. Net cash is calculated by deducting interest-bearing
debt from cash and cash equivalents.
Net profit: amount of money the company earns after deduction of all operating, interest and tax expenses of a given
period in time.
Operating Expenses: also known as selling, general and administrative expenses (SG&A), represent the overhead costs
incurred to engage in activities that are not directly related to production.
Operating margin: also known as return on sales, is an profitability ratio measuring the revenue after deduction of Cost of
Sales and Operating Expenses. It is calculated by dividing the operating income by the revenue.
141
Other operating income: relates to income from, for example, reimbursements from damages, team members, insurances,
gains on disposal, … This income is generated from activities that are not immediately linked to the principal activities of the
company.
Order book <date>: revenues planned to be recognized after the <date> based on current orders.
ROCE: Return on Capital Employed, refers to a financial ratio that can be used to assess the Company’s profitability and
capital efficiency. This ratio helps to understand how well the Company is generating profits from its capital as it is put to
use. The ratio is calculated by dividing the Net Earnings by the Capital Employed.
ROE: Return on Equity, is a measure of financial performance calculated by dividing the net income by shareholders’ equity.
Because shareholders’ equity is equal to a company’s assets minus its debt, ROE is considered the return on net assets.
Secured revenue: revenue already recognized as well as open orders on hand that will be recognized as revenue in the
fiscal year.
Working capital requirement: financial metric showing the amount of financial resources needed to cover operating
costs. It represents the Company’s short-term financing requirements. It is calculated by deducting current liabilities from
current assets.
S U S T A I N A B I L I T Y R E P O R T
20
25
25
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TABLE OF CONTENTS
TABLE OF CONTENTS 143
1. GENERAL INFORMATION 145
1.1. OUR ESG REPORT 145
1.1.1. BASIS FOR PREPARATION 145
1.1.2. RISK MANAGEMENT AND INTERNAL CONTROL OVER SUSTAINABILITY REPORTING 145
1.1.3. DUE DILIGENCE PROCESS 146
1.2. EVS AT A GLANCE 147
1.2.1. OUR STRATEGY 147
1.2.2. OUR STAKEHOLDER ENGAGEMENT 148
1.3. ESG AT EVS 150
1.3.1. OUR ESG GOVERNANCE 150
1.3.2. DOUBLE MATERIALITY PROCESS 153
1.3.3. OUR ESG STRATEGY 162
2. ENVIRONMENTAL INFORMATION 163
2.1 CLIMATE CHANGE 163
2.1.1. TRANSITION PLAN AND TARGET 163
2.1.2. IMPACTS, RISKS, AND OPPORTUNITIES LINKED TO CLIMATE CHANGE 164
2.1.3. POLICY 165
2.1.4. ACTION PLAN 165
2.1.5. KEY METRICS 168
2.2. CIRCULAR ECONOMY 171
2.2.1. GENERAL INFORMATION 171
2.2.2. POLICY 172
2.2.3. TARGET AND ACTION PLAN 172
2.2.4. KEY METRICS 172
2.3. EU TAXONOMY 174
2.3.1. WHAT IS THE EU TAXONOMY? 174
2.3.2. OUR EU TAXONOMY ASSESSMENT PROCESS 174
2.3.3. EU TAXONOMY ELIGIBILITY: ANALYSIS 174
2.3.4. EU TAXONOMY ALIGNMENT: ANALYSIS 178
2.3.5. EU TAXONOMY: KEY PERFORMANCE INDICATORS 179
2.3.6. LOOKING AHEAD 180
3. SOCIAL INFORMATION 181
3.1. OWN WORKFORCE 181
3.1.1. GENERAL INFORMATION 181
3.1.2. TARGETS 182
3.1.3. TALENT MANAGEMENT & WORKING CONDITIONS: POLICY, ENGAGEMENT & ACTIONS 184
3.1.4. DIVERSITY, EQUITY & INCLUSION: POLICY, ENGAGEMENT & ACTIONS 190
3.1.5. METRICS 192
3.2. WORKERS IN THE VALUE CHAIN 196
3.2.1. GENERAL INFORMATION 196
3.2.2. TARGETS 196
3.2.3. POLICIES 197
3.2.4. ACTIONS & ENGAGEMENT PROCESS 197
3.3. CUSTOMERS AND END USERS 199
3.3.1. GENERAL INFORMATION 199
3.3.2. POLICY & PROCESS OF ENGAGEMENT 199
3.3.3. TARGETS 200
3.3.4. ACTIONS 200
4. GOVERNANCE INFORMATION 202
4.1. BUSINESS ETHICS 202
4.1.1. GENERAL INFORMATION 202
4.1.2. GOVERNANCE 202
4.1.3. POLICY 202
4.1.4. CORRUPTION AND BRIBERY 203
144
4.1.5. TARGET 203
5. ENTITY-SPECIFIC INFORMATION 205
5.1. CYBERSECURITY OF OUR COMPANY, PRODUCTS & SOLUTIONS 205
5.1.1. GENERAL INFORMATION 205
5.1.2. POLICIES 205
5.1.3. TARGETS 206
5.1.4. ACTIONS 206
5.2. LOCAL SOCIAL CONTRIBUTION 208
5.2.1. GENERAL INFORMATION 208
5.2.2. TARGETS 208
5.2.3. POLICIES 208
5.2.4. ACTIONS 208
AUDITOR’S REPORT 210
APPENDIX 214
APPENDIX 1A - LIST OF IMPACTS, RISKS AND OPPORTUNITIES COVERED BY ESRS DISCLOSURE REQUIREMENTS AND
COMPANY SPECIFIC 214
APPENDIX 1B - LIST OF ESRS DISCLOSURE REQUIREMENTS COMPLIED WITH IN PREPARING SUSTAINABILITY STATEMENT
FOLLOWING OUTCOME OF MATERIALITY ASSESSMENT 216
APPENDIX 1C - LIST OF DATAPOINTS IN CROSS-CUTTING AND TOPICAL STANDARDS THAT DERIVE FROM OTHER EU
LEGISLATION 221
APPENDIX 2 - IRO MAPPING WITH THE ESG STRATEGY PILLARS 228
APPENDIX 3 - EU TAXONOMY REPORTING TABLES 229
APPENDIX 4 – METHODOLOGY AND ASSUMPTIONS RELATED TO OUR CARBON FOOTPRINT 233
145
1. GENERAL INFORMATION
1.1. OUR ESG REPORT
1.1.1. BASIS FOR PREPARATION
Report published: April 2026.
This report provides a comprehensive overview of our efforts towards sustainability in the fiscal year 2025. It has been
prepared on a consolidated basis, covering all our entities worldwide
1
as well as our own operations and direct and indirect
business relationships in our upstream and downstream value chains.
2
The economic and political environment rendered 2025 particularly challenging for the ESG sector. In February, the
European Commission introduced its first comprehensive package of sustainability regulations designed to streamline
processes and decrease the administrative burden associated with EU sustainability reporting. Although these reforms are
intended to facilitate compliance, requirements under the Corporate Sustainability Reporting Directive (CSRD) had already
been fulfilled for the 2024 reporting period at EVS, as we are among the earliest reporters. According to the current draft
omnibus proposal, it appears that EVS would no longer fall within the scope of the CSRD due to being below the stipulated
employee threshold. Consequently, these anticipated legislative changes have primarily generated concerns regarding
regulatory uncertainty.
We are also apprehensive that the CSRD’s objectives around transparency and comparability will be weakened. By
excluding a larger number of organizations from mandatory reporting, the impact of the CSRD will be significantly narrowed.
This change will allow companies to issue voluntary, unaudited reports in any format, which may compromise transparency
and increase the risk of greenwashing in the sector.
Despite these developments, at EVS we remain devoted to our ESG strategy and look forward to advancing our efforts for
a more sustainable future. In 2025, we continued to focus on our 2030 targets and consistent and qualitative data
gathering.
3
In accordance with the Corporate Sustainability Reporting Directive (CSRD), this report is aligned with the European
Sustainability Reporting Standards (ESRS).
4
5
This report also complies with Article 8 of EU Regulation 2020/852 (EU
Taxonomy Regulation).
This report constitutes the declaration of our consolidated sustainability information statement in accordance with article
3:32 of the Belgian Companies and Associations Code.
The consolidated sustainability statements are part of the Company's consolidated directors report, which was authorized
for issue by the Board of Directors on April 14
th
2026.
1.1.2. RISK MANAGEMENT AND INTERNAL CONTROL OVER SUSTAINABILITY REPORTING
Similar to financial information, the EVS Leadership Team strives to provide a level of control that is as adequate as
possible for the reporting of ESG metrics, although we do not have a specific risk management process dedicated to
sustainability reporting. The most important characteristics of our general internal controls and risk management that relate
to sustainability reporting are:
• The ongoing monitoring of sustainability-related activities and metrics, including collection of supporting
documentation where relevant.
• The management of information systems used in the monitoring and collection of sustainability-related data and
metrics.
• The monitoring of regulations and laws, and possible sustainability reporting implications thereof.
• The assessment with the Audit & Risk Committee of the processes that are at risk in the preparation and
remediation of the sustainability statements.
• The assessment, with the auditor, of potential observations and, if necessary, the request for additional
information and clarification, and the setting-up of corrective actions.
• The contents of the sustainability statement were subject to a limited assurance report in accordance with ISAE
3000 (Revised). The Independent Auditor ’s Report on a Limited Assurance Engagement can be found on page
210.
1
Our sustainability reporting period and scope are aligned with those for our Consolidated Annual Financial Report. All statements on strategies, policies,
actions, metrics and targets refer to the consolidated group and, where not shown separately, also to the company.
2
For further information on our value chains, please refer to Chapter 1.2.1. OUR STRATEGY of this CSRD report.
3
For more information on our data collection and the presence of uncertainty and estimates, please refer to the Metric sections of chapters: 2.
ENVIRONMENTAL INFORMATION, 3. SOCIAL INFORMATION and 4. GOVERNANCE INFORMATION, and to APPENDIX 4 – METHODOLOGY AND
ASSUMPTIONS RELATED TO OUR CARBON FOOTPRINT.
4
In Chapter 2.2 – CIRCULAR ECONOMY, in accordance with ESRS 1, we have exercised the option to omit certain information related to intellectual property,
know-how, and innovation results.
5
Some corrections were made on the figures published in 2024. Please refer to the Metric sections of chapters: 2. ENVIRONMENTAL INFORMATION and
3. SOCIAL INFORMATION
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The process for the preparation of the consolidated sustainability report is centralized at group level. All information
necessary for this process comes from widely used software and tools on the market. Control procedures are in place to
ensure that the process is thoroughly mastered.
External audit
Subsequent to the Ordinary General Meeting of May 20, 2025, the audit of the statutory and consolidated accounts of EVS
Broadcast Equipment SA has been carried out by PwC Reviseurs d’Entreprises SRL. The financial audit mandate was
extended to the CSRD report for FY2025. For more information, please refer to the CORPORATE GOVERNANCE
STATEMENT in the Management Report of our Annual Financial Report.
6
1.1.3. DUE DILIGENCE PROCESS
The table below indicates where information about our due diligence process can be found in our sustainability statement,
including how the main aspects and steps of our due diligence process are applied.
Core elements of Due diligence
Section reference
Embedding due diligence in governance,
strategy and business model
1.3.1 OUR ESG GOVERNANCE
1.3.2 DOUBLE MATERIALITY PROCESS
Engaging with affected stakeholders
1.3.1. ESG GOVERNANCE
1.2.2. OUR STAKEHOLDER ENGAGEMENT
1.3.2 DOUBLE MATERIALITY PROCESS
IN THE TOPICAL CHAPTERS:
3.1. OWN WORKFORCE
3.2. WORKERS IN THE VALUE CHAIN
3.3. CUSTOMERS AND END USERS
5.1. CYBERSECURITY OF OUR COMPANY, PRODUCTS &
SOLUTIONS
5.2 LOCAL SOCIAL CONTRIBUTION
Identifying and assessing negative impacts on
people and the environment
1.3.2 DOUBLE MATERIALITY PROCESS
IN THE TOPICAL CHAPTERS:
2.1. CLIMATE CHANGE
2.2. CIRCULAR ECONOMY
3.1. OWN WORKFORCE
3.2. WORKERS IN THE VALUE CHAIN
3.3. CUSTOMERS AND END USERS
5.1. CYBERSECURITY OF OUR COMPANY, PRODUCTS &
SOLUTIONS
5.2 LOCAL SOCIAL CONTRIBUTION
Taking action to address negative impacts on
people and the environment
IN THE TOPICAL CHAPTERS:
2.1. CLIMATE CHANGE
2.2. CIRCULAR ECONOMY
3.1. OWN WORKFORCE
3.2. WORKERS IN THE VALUE CHAIN
3.3. CUSTOMERS AND END USERS
5.1. CYBERSECURITY OF OUR COMPANY, PRODUCTS &
SOLUTIONS
5.2 LOCAL SOCIAL CONTRIBUTION
Tracking the effectiveness of these efforts
IN THE TOPICAL CHAPTERS:
2.1. CLIMATE CHANGE
2.2. CIRCULAR ECONOMY
3.1. OWN WORKFORCE
3.2. WORKERS IN THE VALUE CHAIN
3.3. CUSTOMERS AND END USERS
5.1. CYBERSECURITY OF OUR COMPANY, PRODUCTS &
SOLUTIONS
5.2 LOCAL SOCIAL CONTRIBUTION
6
The metrics presented in this sustainability statement were not validated by an external body other than the assurance provider.
147
1.2. EVS AT A GLANCE
1.2.1. OUR STRATEGY
EVS technology powers live sports, entertainment, and news broadcasts across the globe, enabling billions of viewers to
experience high-quality, real-time content. Our innovative solutions help customers captivate audiences through impactful
storytelling, and we are proud to play a central role in delivering some of the most exciting moments in media.
Our solutions are organized into four main solution units: LiveCeption, MediaCeption, Media Infrastructure, and T-Motion.
For further details, please refer to the EVS Ecosystem chapter in the Annual Report.
As part of our sustainability strategy, EVS has set clear goals to reduce the environmental footprint of our products and
operations. These goals are applied across:
• Product Groups: Each solution category is being assessed for energy efficiency, lifecycle impact, and potential
for circularity.
• Customer Segments: We serve broadcasters, media producers, and sports organizations, helping them meet
their own sustainability targets through low-impact technologies.
• Stakeholder Relationships: We maintain active engagement with suppliers, customers, and communities
regarding sustainability. Internally, our ESG Core Team ensures cross-functional integration of sustainability
across departments.
The live production industry faces growing sustainability challenges due to increasing video resolution and content volume,
which strain infrastructure and drive up energy consumption. The rise of compute-intensive technologies such as AI and
software-based workflows adds complexity, especially in contexts where virtualization is limited by the need for dedicated
hardware.
EVS operates in diverse environments—from temporary setups such as OB vans and fly kits to permanent broadcast
centers and cloud-based systems. These deployment models present unique constraints, making it essential to tailor
sustainability efforts to each use case.
To address these challenges, EVS is implementing innovative approaches that balance performance with environmental
responsibility. A transversal R&D team has been established to embed sustainability into product development, ensuring
our solutions reduce the carbon footprint of our customers—one of our main ESG objectives.
We acknowledge that aligning our global strategy with sustainability is essential. This is why we emphasize sustainability
as a crucial enabler for the success of our PLAYForward strategy—"Embedding sustainability and ESG as an innovation
driver."
For details on our PLAYFORWARD strategy, see the Vision & BHAG chapter in the Annual Report. Product sustainability
impacts are covered in Chapters 2.1 Climate Change and 2.2 Circular Economy of the Environmental Information section.
For workforce data by geography, refer to Chapter 3.1 Own Workforce in the Social Information section of this CSRD
report.
Our value chain
As a technology company, we rely on service and manufacturing partners from all around the world.
Below is a diagram of the partners with whom EVS interacts on a frequent basis:
Note: subcontractors are considered as indirect suppliers in some cases.
148
EVS has 6 main types of direct suppliers:
1. 3rd-party product vendors: Vendors who provide EVS with fully assembled products to enhance and
complement EVS’ offering.
2. Software subcontractors: External experts hired by EVS to support specific tasks or projects.
3. Software component vendors: Vendors who provide EVS with pre-built software modules or components.
4. Hardware subcontractors: External experts hired by EVS to support specific tasks or projects.
5. Hardware component vendors: Vendors who supply EVS with specific hardware elements, such as processors,
memory modules, or graphics cards.
6. Freelancers: Self-employed professionals who support EVS on a project-by-project basis.
Our relationship with key suppliers within the value chain is crucial. We rely on vendors to provide essential hardware and
software components. Through a strategic procurement framework, we rigorously evaluate supply chain risks, considering
not only criticality and dependency, but also sustainability.
EVS has 3 main types of customers:
1. Live Audience Business (LAB): Customers leveraging EVS products and solutions to create content for their
own purposes e.g. Broadcasters, Stadium, House of Worship, Corporate Media Centers, Sports organizations,
Governments & Institutions, Universities & Colleges.
2. Live Service Provider (LSP): Customers leveraging EVS products and solutions to serve “LAB customers” e.g.
Rental & facilities companies, Production companies, Freelance operators, Technology partners & system
integrators buying for their own purpose.
3. Big Event Rentals
7
: Customers leveraging EVS products and solutions to create content for a big event which
does not occur annually (e.g. The Olympic Games)
Our customers can also be our partners in some cases. When we serve a Live Service Provider with our solutions, this
customer in turn creates content for a LAB customer, who ultimately reaches the end viewers, our audience.
Other actors in our value chain are our Channel Partners. They are local resellers selling EVS solutions in specific regions
(for instance, Korea or Japan) but also local, regional or global integrators integrating EVS solutions inside a customer's
dedicated legacy environment and/or incorporating EVS products into broader solutions to be deployed to their own
customers (LAB or LSP).
Our Channel Partner program ensures that we have certified sales and support channels to serve specific geographic
regions. The risks associated with this program are managed through a structured certification process. This process
ensures that all our partners operate within a clear framework and have the appropriate knowledge, training and
certification to represent EVS when meeting our customers.
Research and development (R&D) play a vital role at EVS, with nearly half of our Team Members dedicated to this
department. Their focus is on ensuring our solutions remain aligned with the latest technological advancements and market
trends, thereby providing flexibility in partner collaborations. In R&D, we engage in strategic partnerships to build an end-
to-end ecosystem for our solutions.
1.2.2. OUR STAKEHOLDER ENGAGEMENT
At EVS we recognize the importance of engaging with our stakeholders and aim to build strong relationships with them.
We tailor our approach to each stakeholder group to effectively address their specific needs and concerns. Our objective
is to stay informed and act on opportunities and risks identified through our engagement and dialogue. The views and
interests of our key stakeholders are continuously discussed within the relevant departments and business units. The
Board of Directors is informed by the Leadership Team as needed, ensuring timely action and ongoing development of our
strategy and business model.
Key Stakeholders
General approach
Purpose
1 – Customers
• Regular calls, emails and meetings with
the sales force and customer service teams;
• International and national broadcast
events and trade shows such as IBC and NAB
• EVS’ truck tours;
• Customer satisfaction survey (NPS);
• Customer support satisfaction survey;
• Analysis of their annual report (including
the sustainability chapter)
• Customer ESG questionnaire
• Address customer needs,
showcase products, and improve
satisfaction.
• Gather insights and address
ESG concerns
7
Not directly represented in the graph.
149
2 – Suppliers
• Regular calls, emails and meetings with
the procurement team;
• Broadcast trade shows;
• Specific supplier visits;
• EVS’ Suppliers Day;
• EVS ESG certification process;
• Ensure effective
communication, strengthen
relationships, and improve performance
and sustainability
3 – Community /
Society
• Communication with associations;
• Social media;
• Direct engagement with the user
community;
• Support community initiatives
and engage with the broader
community.
4 – Shareholders /
Investors
• Regular calls with our financial analysts;
• Interviews with financial press;
• Roadshows and investor conferences;
• Investor Day;
• ESG survey and industry benchmark;
• Provide updates, communicate
financial health, attract investors, and
improve ESG performance
5 – Team Members
• Engagement Survey;
• Internal Sharepoint (intranet).
- Enhance employee satisfaction
and facilitate internal communication
We maintain consistent communication with our customers through regular calls, emails, and meetings with the sales force.
We also engage with them during international and national broadcast events, such as IBC and NAB, as well as during
EVS’ truck tours. To measure customer satisfaction, we follow and analyze our Net Promoter Score (NPS)
8
and conduct
customer support satisfaction surveys. Additionally, we analyze our customer’s annual reports, including the sustainability
chapters, to gain deeper insights into their expectations and performance.
Regarding our suppliers, our engagement includes regular calls, emails, and meetings with the procurement team. We
also participate in broadcast events to facilitate networking and collaboration. Starting in 2024, we have hosted a Suppliers
Day on a regular basis, to strengthen our relationships and share best practices. Our purchasing team frequently engages
with our suppliers through calls and emails or alternatively through site visits. Furthermore, we launched the sustainability
evaluation of our suppliers using the EcoVadis platform. In 2025, the decision was made to broaden our scope by
introducing additional certification opportunities.
We have frequent contact with our financial analysts to provide shareholders and investors with detailed insights into our
performance and strategy. We also organize an annual Investor Day to present our financial results, strategic plans, and
future outlook. Additionally, we regularly participate in roadshows and conferences, engaging directly with our investors.
Regarding their ESG expectations, we actively respond to various ESG surveys and industry benchmarks.
Our Team Members are a top priority for us, so every year we conduct an engagement survey to gather their feedback
(including specific questions linked to our ESG strategy). We also provide them with necessary information through our
intranet SharePoint page. Regarding the sustainability strategy, we ensure that our sustainability Team Members are
widely known within the company, so everybody is aware of who to contact. ESG has also been integrated into our
Lighthouse communications (an official internal monthly communication to all EVS Team Members which updates them
on recent news).
Overall, our stakeholder approach is centered on listening and responding to the needs of each group, and we are
dedicated to building and maintaining strong relationships with all our stakeholders.
For the double materiality assessment, a specific stakeholder consultation was organized.
8
The Net Promoter Score is calculated by Devoncroft.
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1.3. ESG AT EVS
1.3.1. OUR ESG GOVERNANCE
At EVS several administrative bodies play an important role in the development, rollout and implementation of the ESG
strategy. We have therefore created a governance structure that embeds sustainability throughout our entire organization.
Board of Directors
The Board of Directors
9
determines the strategy of EVS, including the sustainability strategy. They are responsible for the
oversight of ESG impacts, risks, and opportunities as well as the validation of the ESG targets.
Since 2023, Soumya Chandramouli (representing Frinso srl) has served as the sustainability sponsor at the Board of
Directors level. Through her previous and current roles in B Corp certified companies and organizations active in the life
sciences sector, she has been highly involved in ESG topics, particularly from financial and human resources perspectives,
and therefore has the appropriate expertise to challenge EVS’ management on ESG topics.
ESG topics are embedded in the agenda of every Board meeting. The objective is for the Directors to receive an overview
of the global ESG project progress from the ESG Core Team Leader, and a more detailed presentation is prepared when
necessary. Additionally, meetings are organized every two months between the sustainability Board sponsor and the ESG
Core Team Leader to provide more detailed updates on the results and effectiveness of the policies, actions, metrics and
targets that have been adopted to address the ESG material topics.
In 2025 three specific Board meetings were organized to discuss the following ESG topics:
• May: Presentation of target progress in FY2024 and the EcoVadis rating
• August: Update on ESG progress
• November: Update on ESG progress
The ESG strategy is embedded in EVS’ overall corporate strategy; therefore, ESG topics are considered when decisions
on major transactions are made. ESG risks are also integrated in EVS’ risk management system.
For more information on EVS’ general strategy and risk management system please refer to Chapters 3. STRATEGY AND
LONG-TERM GROWTH DRIVERS and 10. RISK MANAGEMENT in the Management Report of our Annual Financial
Report.
Regarding the composition and diversity of the members of the undertaking’s administrative, management and supervisory
bodies, please refer to the CORPORATE GOVERNANCE STATEMENT in the Management Report of our Annual Financial
Report.
Leadership Team
The Leadership Team is responsible for the management of EVS’ operations, including the implementation of the
sustainability strategy. Its members are updated on sustainability matters every month by the ESG Core Team Leader.
The ESG Core Team Leader also reports in a separate meeting to the CEO and CPO on ESG progress on a monthly
basis.
Each pillar of the ESG strategy is sponsored by a specific Leadership Team member based on their role in the organization
and their knowledge of the topic. Leadership Team members are responsible for defining targets and implementing the
action plan for their respective ESG pillar.
An incentive scheme linked to sustainability objectives was implemented in 2023. A percentage of the Leadership Team’s
long-term incentive is linked to ESG results. This portion has been designed to gradually increase from 5% in 2023, to 15%
in 2024, and to 25% in 2025.
9
We consider that the administrative, management and supervisory body is the Board of Directors.
151
The ESG objective for 2025 was to: “Maintain and improve our EcoVadis status in a context of cost pressure”.
The following achievement levels were defined:
- Unsatisfactory = 0% = Loss of Silver Medal
- Area of improvement = 50% = Loss of Silver Medal
- Well done = 100% = Maintain Silver Medal
- Excellent = 150% = Maintain Silver Medal + 2% increase
- Outstanding = 200% = Maintain Silver Medal + 5% increase
It is our intention to link the LT’s long-term incentive schemes to carbon footprint objectives once the framework has
reached full maturity.
For further information related to the performance incentive scheme please refer to Chapter 13. REMUNERATION
REPORT in the Management Report of our Annual Financial Report.
ESG Core Team
The ESG Core Team is a transversal team made up of Team Members from various departments (Human Resources,
Finance, Business Applications, Customer Success, Engineering, Legal, Marketing…etc.) and is led by Suzon Michel, the
ESG Lead within the HR team. This diversity of backgrounds provides multiple perspectives and ensures that all parts of
the company are involved in the ESG strategy.
Each ESG Core Team Member has been assigned an ESG track. The role of the team is to work on the day-to-day
management of the ESG strategy. They monitor the implementation and progress of the sustainability strategy and provide
support for ESG reporting. Some members do so with the help of an extended team. Examples of extended teams include
the Carbon Footprint Team, which collects data for the Carbon Footprint analysis, and the Diversity, Equity and Inclusion
Team, which oversees initiatives aimed at fostering inclusion.
The ESG Core Team meets every two weeks, and each meeting is dedicated to one of the ESG categories: Planet
(environment), People and Communities (social), and Governance. The Team Members responsible for the spotlight
category present their progress and/or brainstorm with the rest of the team on next steps.
In 2025, the ESG Core Team had 10 members, each in charge of a specific track within the ESG strategy. Everyone
committed to a minimum of 12 months service until December 2025. Our team and way of working are reviewed annually
to reconfirm everyone’s motivation to work on the process.
152
In Q3 2025, we implemented the “Bring a Friend” Initiative. We invite one Team Member from outside the ESG team to
join each session. The aim is to increase visibility to the work done by the ESG team and bring fresh perspectives.
ESG Ambassadors
Local ESG Ambassadors are appointed for some major offices across the world. Their roles include promoting awareness
and understanding of ESG policies and practices among local teams, working with local teams to identify and implement
ESG initiatives that are relevant and appropriate to the local context, building relationships with key stakeholders, and
reporting on ESG performance at their location.
153
1.3.2. DOUBLE MATERIALITY PROCESS
In 2023, in preparation for the new Corporate Sustainability Reporting Directive (CSRD), we conducted a double materiality
assessment in line with the European Sustainability Reporting Standards (ESRS) requirements and EFRAG guidelines - it
was published in June 2023.
The materiality assessment is the process by which a company determines which sustainability matters are most relevant
to the organization and its stakeholders. The CSRD mandates the application of the double materiality concept, which
comprises two dimensions:
• impact materiality - focusing on the company's impacts on people and the environment;
• financial materiality – concentrating on the company's risks and opportunities arising from dependencies on
natural, human and social resources.
A topic can be defined as material (or relevant) from an impact perspective, a financial perspective, or both.
Throughout the materiality assessment, the company must pinpoint all material impacts, risks, and opportunities across
environmental, social, and governance domains. This assessment includes the company's own operations and their
influence along the value chain, from upstream to downstream.
The results of our assessment define the basis of our sustainability strategy for the coming years.
The double materiality assessment was conducted from April 2023 to August 2023. The following steps were followed
during the assessment:
1. Understanding the context
2. Identification of the impacts, risks, and opportunities (IROs)
3. Assessment of the ‘materiality’ of the IROs
1. Understanding the context
To understand the context of EVS, the business model and strategy of the company were analyzed. The business
relationships and upstream/downstream value chains were mapped. For more information, please refer to the value chain
presentation in Chapter 1.2.1. OUR STRATEGY;
A sustainability benchmark assessment was also conducted regarding the regulatory and legal landscape of EVS. Industry
sustainability ratings and peer reports were also analyzed in detail.
2. Identification of the impacts, risks, and opportunities (IROs)
After the context mapping, a longlist of potential material sustainability impacts, risks, and opportunities (IROs) that occur,
or could occur, throughout the value chains of EVS was drawn up. For this exercise, we took into account our own
operations as well as our business relationships.
We screened the sustainability matters covered in the topical ESRS with the aim of compiling a longlist of IROs.
In order to retain only the IROs that are relevant to EVS, an online questionnaire was created and subsequently sent to
the Board of Directors, the Leadership Team, and the ESG Core Team. This survey contained all the ESRS topics, sub-
topics, and sub-sub-topics.
A shortlist of sustainability topics was identified based on this survey. To ensure the completeness of this list it was mapped
against the previous materiality assessment of EVS, in addition to the output of the different sustainability benchmarks
(regulatory and legal landscape, industry sustainability ratings, and peer reports).
3. Assessment of the ‘materiality’ of the impacts, risks, and opportunities (IROs)
A broad stakeholder survey was conducted, along with two workshops with the Leadership Team to determine the
materiality of the sustainability impacts, risks, and opportunities.
154
Stakeholder survey
The objective of this survey was to collect stakeholders’ feedback regarding which sustainability topics are the most
important for EVS to address.
The online questionnaire was shared with internal and external stakeholders. All EVS Team Members were contacted by
email, and the survey was shared via the intranet. Customers, suppliers, shareholders, and community partners were
contacted via personalized emails.
170 Respondents
According to the ESRS, two main groups of stakeholders must be considered: affected stakeholders and users of the
sustainability statements.
Stakeholder category
Stakeholder group
Weighting factor
10
Customers
affected stakeholders and users of the
sustainability statements
25%
Team Members
affected stakeholders
25%
Shareholders
affected stakeholders and users of the
sustainability statements.
25%
Suppliers
affected stakeholders and users of the
sustainability statements.
12.5%
Others
affected stakeholders and users of the
sustainability statements.
12.5%
The questionnaire revealed that, according to our stakeholders, social topics linked to our Team Members are the most
important, followed closely by environmental topics, with governance topics being the least important. This conclusion is
consistent with our previous materiality matrix results. It is important to note that governance topics are of the utmost
importance to us, and we have already taken action in this area. From both the stakeholders’ and our standpoint, we feel
the emphasis should be placed on other topics. However, we will maintain Governance within our materiality framework to
ensure it remains ‘on our radar’.
ESG categories in order of importance for stakeholders
1. Social topics linked to Team Members
2. Environmental topics
3. Social topics linked to workers in the value chain
4. Social topics linked to customers and end-users
5. Governance topics
The results of the stakeholder survey were shared with the Board of Directors during the Board meeting in October 2023.
Impact materiality workshop
A workshop was organized at the end of June 2023, to which all members of the Leadership Team and ESG Core Teams
were invited. The objective of this workshop was to collect their feedback regarding the materiality impact of sustainability
topics. During the workshop, each participant assessed the scale and scope, irremediability, and likelihood (where
applicable) of all the ESG topics defined in the sustainability shortlist.
10
The weighting factor is aligned with EVS customer intimacy strategy.
155
A weighting factor was applied to the responses given by the different teams. This was done to account for the difference
in influence of the teams at EVS.
Participants
Weighting factor
Leadership Team
67%
ESG Core Team
33%
The materiality threshold was defined on a scale of 1 to 5: all impacts with two or more criteria (scale, scope and, when
applicable, likelihood and irremediability) equal to or greater than 3 were considered as material.
As requested by the ESRS, for human rights impacts, we conducted a more detailed analysis to ensure that the severity
of the HR impact takes precedence over its likelihood.
The results of this assessment were validated against the output of the stakeholder survey, to ensure that no topic defined
by the stakeholders as important was assessed as not material by the Leadership Team and ESG Core Team.
The following topics were defined as relevant from an impact materiality perspective.
In order to define the impacts, all EVS activities and geographies were taken into account, with no distinctions made. The
majority of the impacts below originate from the industry in which EVS operates.
156
Material topic
Impact definition
Actual /
Potential
Positive /
Negative
Time
horizon
Value chain
Energy - Products
EVS has a negative impact on the environment by putting products on the market
that consume considerable energy.
Actual
Negative
n/a
Downstream
Energy - Organization
EVS has a negative impact on the environment by consuming energy (in relation to
its activities).
Actual
Negative
n/a
Own operation
Climate change mitigation -
Customers
EVS has a negative impact on the environment by emitting GHG (in relation to its
products).
Actual
Negative
n/a
Downstream
Climate change mitigation -
Company
EVS has a negative impact on the environment by emitting GHG (in relation to its
activities, as well as other indirect GHG emissions that occur upstream and
downstream of its activities).
Actual
Negative
n/a
Own operation
Resource outflows
EVS could have a positive impact on the environment by designing its products to
contribute to the circular economy (reuse, repair, recycling).
Potential
Positive
n/a
Downstream
Resource inflows
EVS has a negative impact on the environment by consuming raw materials. If
consumed in large quantities, it can have an impact on the availability for local
communities and other sectors that also rely on the resource.
Actual
Negative
n/a
Upstream/
Own operation
Team Members - Working
conditions
EVS has a positive impact on its workforce by offering good working conditions.
“Working conditions” refers to an organization's approach to work-life balance,
working time, secure employment etc.
Actual
Positive
n/a
Own operation
Team Members- Social
dialogue & Freedom of
association
EVS has a positive impact on its workforce by respecting social dialogue and
freedom of association.
“Freedom of association and social dialogue” include the rights of employees and
Team Members to form, join, and run their own organizations without prior
authorization or interference, and to consult or simply exchange information
between the employer and Team Members’ representatives, on issues of common
interest relating to economic and social policy.
Actual
Positive
n/a
Own operation
Team Members - Diversity &
Inclusion
EVS has a positive impact on its workforce by putting measures in place to prevent
discrimination.
“Discrimination (on gender, age, ethnicity…etc.)” refers to the unequal burdens on
individuals or the denial of fair opportunities based on individual merit.
Actual
Positive
n/a
Own operation
Team Members- Training
and skills development
EVS has a positive impact on its workforce by offering them continuous professional
growth and employability.
Actual
Positive
n/a
Own operation
Team Members - Gender
equality and equal pay for
work of equal value
EVS could have a negative impact on its workforce if no measures were put in place
to prevent gender discrimination.
Potential
Negative
Medium-
term
Own operation
Team Members - Privacy
EVS could have a negative impact on its workforce if no measures were put in place
to protect employees' data.
Potential
Negative
Short-term
(constant
risk)
Own operation
157
Workers in the value chain -
Working conditions
EVS has a positive impact on the workers in its value chains by requiring a minimum
standard of working conditions (including Human Rights, and Health and Safety)
from its suppliers.
Actual
Positive
n/a
Upstream (Tier
1 and beyond)
Local social contribution
EVS has a positive impact on its surrounding communities by supporting cultural,
sport and education projects.
Actual
Positive
n/a
N/A
Customers - Access to
(quality) information
EVS has a positive impact on its customers by helping them access quality
information. EVS’ products and services are used by production crews to create
content.
Actual
Positive
n/a
Downstream
Customers - Data breach
EVS could have a negative impact on its customers if no measures were put in
place to prevent cybersecurity breaches with their products or in their systems.
Potential
Negative
Short-term
(constant
risk)
Downstream
Customers - Responsible
marketing practices
EVS has a positive impact on its customers by giving them access to the right
information regarding their products and services, to help them make informed
purchasing choices.
Actual
Positive
n/a
Downstream
Customers- Social inclusion
EVS could have a positive impact on the social inclusion of its customers if its
technology is adapted to any type of handicap.
Potential
Positive
n/a
Downstream
158
Financial materiality workshop
The objective of this workshop was to ensure the completeness of EVS’ Risk Management System regarding ESG risks
and opportunities, and to collect input from the EVS Leadership Team regarding the financial materiality of the identified
sustainability topics.
The risks already highlighted in the EVS Risk Management System were screened to pinpoint any that could be linked to
ESG. The list of risks and opportunities identified by SASB for the Hardware industry and the Software & IT Services
industry, as well as the ESRS longlist and the list of identified impacts, were reviewed.
For each ESG risk and opportunity identified, an evaluation of its financial impact and likelihood was conducted in
accordance with the EVS Risk Management System grading scales. The financial impact depends on the consequence
type (financial, legal & compliance, reputation & media, organizational, operational, system interruption, and strategic) and
is rated with a score between 1 (minor) to 5 (extreme). The likelihood is rated with a score from 1 (rare) to 5 (certain).
The materiality threshold was set as follows: all risks and opportunities assessed as moderate (6-9) or above were
considered as material (on a scale of 1 to 20).
The results of this assessment were validated against the output from the stakeholder survey, to ensure that no topic
defined by the stakeholders as important was assessed as not material by the Leadership Team.
The following topics were defined as relevant from a financial materiality perspective.
None of them were assessed as leading to a material adjustment, within the next annual reporting period, to the carrying
amounts of assets and liabilities reported in the related financial statements.
159
Material topic
Risk name
Risk definition
Dependencies
type
Primary Risk
Consequence
Team Members - Privacy
Data security -
EVS
Risk of data breaches in EVS’ IT system could lead to shutdown of critical
systems and business interruption (CRM, contracts, emails, ERP…etc.)
and loss of personal data (employee and customer).
Resource
Reputation & media
Customers – Data breach
Data security -
products
Risk of data security vulnerabilities in EVS' products could expose
customer data to security threats and potentially erode the trust of our
customer base.
Relationship
Reputation & media
Team Members - Working
conditions
& Team Members - Social
dialogue & Freedom of
association
& Team Members - Training and
skills development
Talent attraction
and retention
Failure to attract and retain the right talent might lead to the inability of EVS
to fulfill its growth ambition.
Relationship
Operational
Customers - Access to (quality)
information
& Customers - Responsible
marketing practices
Customer
experience
Customer dissatisfaction could lead to a reputational impact in the market
and a loss of future business opportunities.
Relationship
Reputation & media
Intellectual Property Protection
& Competitive Behavior
Intellectual
Property
Protection &
Competitive
Behavior
Risk of being limited in the innovation process by 3rd party IP which could
lead to unfair and restricted competition.
Relationship
Financial
Workers in the value chain -
Working conditions
Inadequate
partnerships
Inadequate due diligence on prospective business partners/contracting
parties and failure to monitor compliance with agreements may lead to
inappropriate or ineffective partnerships.
Relationship
Operational
Resource inflows
Material
sourcing
Component shortages and their impact on price, margin and delivery terms
due to changing market dynamics, geopolitical instability, or other
sustainability impacts related to climate change.
Resource
Financial
Team Members - Gender
equality and equal pay for work
of equal value
Diversity and
inclusion
Failure to have a diversified workforce could lead to the loss of innovation
opportunity, as diversity helps companies understand the needs of a
diverse and global customer base, which results in the ability to design
desirable products and communicate with customers effectively.
Relationship
Organizational
160
& Team Members - Diversity &
Inclusion
Energy - Organization
Energy
consumption
Failure to reduce the energy consumption of our infrastructure may lead to
cost increases due to the price of energy.
Resource
Financial
Climate change mitigation –
Customers
& Energy – Product
& Resource outflows
Market
dynamics (ESG)
Failure to anticipate market dynamics on specific ESG considerations (e.g.
energy efficiency of products, hazardous material inputs, and designing for
and facilitating safe end-of-life disposal and recycling) and the related
necessary skillsets could lead to loss of competitive advantage and loss of
leadership position.
Relationship
Operational
Resource outflows
Product legal
requirements
(ESG)
Risk of not being compliant with legal ESG requirements for international
products (minimize environmental and social externalities of products), with
potential revenue loss as a consequence.
Relationship
Financial
Protection of whistle-blowers
& Corruption and bribery
Business
conduct
Failure to implement and maintain an effective corporate compliance
program (policies & procedures, communications & training, monitoring,
reporting & detection) could result in undetected fraud in the organization,
leading to financial and reputational impacts.
Relationship
Financial
Material topic
Opportunity
name
Opportunity definition
Dependencies
type
Primary
Opportunity
Consequence
Climate change mitigation –
Customers
& Energy – Product
& Resource outflows
Product and
Market
dynamics (ESG)
Integrating new ESG considerations into product developments (e.g.
energy efficiency of products, hazardous material inputs, designing for and
facilitating safe end-of-life disposal and recycling) could generate new
market dynamics, lead to a competitive advantage and secure EVS’
leadership position.
Resource
Strategy & products
Energy - Organization
Sustainable
resources
leading to lower
operational
costs
Integrating sustainable resources into the business operations (e.g. solar
panels for electricity production, rainwater for cooling the building...etc.)
could lead to lower operational / utility costs in the long run.
Resource
Financial
161
Biodiversity analysis
We evaluated our biodiversity impacts by reviewing our dependencies on local ecosystems and assessing risks and
opportunities. No systemic risks were found.
None of our EVS sites are located near biodiversity-sensitive areas, and mitigation measures are not a priority for our
sector. Overall, we identified no material impacts, risks, or opportunities related to biodiversity.
Double materiality
The list of IROs was clustered into topics to be mapped on a double-materiality matrix - a link was also established with
the ESRS classification of the sustainability matters (see Appendix 1).
The resulting double materiality matrix is presented in the figure below, with financial materiality on the y-axis and impact
materiality on the x-axis.
4. 2025 Update
An event in 2025 was the acquisitions of Telemetrics and XD-Motion, along with the establishment of a new solution unit:
T-Motion. As these acquisitions occurred in the fourth quarter of 2025, we conducted a high-level assessment to determine
whether our DMA needed to be updated. We concluded that any effects on the 2025 reporting period were expected to be
limited.
Due to the official acquisition date being October 1, 2025, the acquisitions were not considered significant from a headcount
and financial perspective. Furthermore, the businesses acquired have similar business models, value chains and
geographic scopes to our existing operations. Accordingly, the Leadership Team determined that the 2023 materiality
assessment conclusions remained applicable for the 2025 reporting cycle.
With respect to the figures reported for 2025, T-motion has been included from the date of acquisition. Social, governance,
and entity-specific data have been collected directly, unless otherwise noted within the key metrics section. Due to time
constraints, we were unable to obtain complete operational environmental data; therefore, the environmental figures have
been extrapolated based on employee numbers.
Materiality matrix outcome
Financial materiality
Impact materiality
Material from a financial perspective
Material from both perspectives
Material from an impact perspective
• Protection of whistle-blowers
• Intellectual property protection & competitive behavior
• Corruption and bribery
• Climate change mitigation –
Customer
• Energy – Organization
• Energy - Product
• Resource inflows
• Resource outflows
• Team member - Working
conditions
• Team member - Social
dialogue & Freedom of
association
• Team member -
Gender equality and
equal pay for work of
equal value
• Team member -
Diversity & Inclusion
• Team member -
Training and skills
development
• Team member -
Privacy
• Workers in the value
chain - Working
conditions
• Customer - Data
breach
• Customer - Access to
(quality) information
• Customer -
Responsible
marketing practices
• Climate change
adaptation
• Water consumption
• Waste generation
• Team member - Health
and safety
• Team member -
Human Rights
• Customer - Freedom of
expression
• Customer - Social
inclusions
• Management of
relationships with
suppliers including
payment practices
• Taxation
• Fair competition
• Climate change mitigation – Company
• Local Social Contribution
Not material Material
Not material
Material
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1.3.3. OUR ESG STRATEGY
Our double materiality matrix was validated by the Board of Directors during its meeting on November 16, 2023, along with
the new ESG strategy and 2030 ambitions.
For the mapping of our ESG pillars to the material IROs, please refer to Appendix 2 of this report.
EVS’ response to our material IROs will be outlined in the following chapters.
163
2. ENVIRONMENTAL INFORMATION
2.1 CLIMATE CHANGE
As a technology company in the broadcast and live production sector, we are aware that our operations have an impact
on the environment. The production of our products requires energy, and their use consumes even more. It is our
responsibility to measure the environmental impact of our solutions and our premises and to find solutions to reduce this
impact as much as possible.
2.1.1. TRANSITION PLAN AND TARGET
In 2022, we initiated the important process of calculating our carbon footprint for the first time. Using these findings, we
established preliminary reduction targets to be achieved by 2030.
In 2024, we recalculated our carbon footprint, drawing on our previous experience to enhance the accuracy, quality, and
efficiency of our data collection. With this new baseline, we decided to reassess our carbon footprint targets. Although we
aimed to complete this review by 2025, the process has taken longer than anticipated. As EVS is growing significantly, we
have concentrated on establishing an appropriate denominator for our carbon footprint, which will help us set an intensity
target.
The 2024 carbon footprint data indicated that product energy consumption is one of our most significant decarbonization
levers. Consequently, in 2025, we focused on generating ideas to reduce product energy usage. Our R&D team proposed
several initiatives aimed at decreasing both hardware and software energy consumption. In 2026, our primary objective
will be to assess these energy-saving recommendations from R&D and incorporate them into our product roadmap, thereby
ensuring the establishment of realistic and credible carbon footprint reduction targets.
Additionally, we will ensure that the transition plan is fully integrated into our overall business strategy and financial
planning. Our goal is to have the Leadership Team and Board of Directors validate the transition plan by the end of 2026.
Intensity target
To support the monitoring of our carbon footprint over time, we plan to introduce intensity-based indicators. In this context,
a new metric, Video Transfer Capacity (VTC), expressed in Gb/s, has been identified as a relevant proxy for product output.
VTC reflects the volume of video data that a product can transfer, process, or control in broadcast-oriented applications.
As from 2026, EVS intends to assign a VTC value to its products to better reflect their technical capabilities.
Linking emissions to this VTC metric is expected to help contextualise future emission trends relative to business activity.
This approach aims to provide additional insight into carbon performance developments over time, while limiting the
influence of changes in scale or product mix, and will be further developed and refined as the methodology matures.
164
2.1.2. IMPACTS, RISKS, AND OPPORTUNITIES LINKED TO CLIMATE CHANGE
The following impacts, risks, and opportunities (IROs) were identified through the double materiality assessment in relation
to climate change.
IRO name
Definition
EVS response
11
Energy - Organization
EVS has a negative impact on the environment by
consuming energy (in relation to its activities).
• Environmental policy
• Carbon footprint calculation
and target
• Energy workgroup
• Shutdown plans for nodal
rooms
• Wind Turbine
• Electric mobility
• Improve data quality
Climate change
mitigation - Company
EVS has a negative impact on the environment by
emitting GHG emissions (in relation to its activities,
as well as other indirect GHG emissions that occur
upstream and downstream of its activities).
Risk - Energy
consumption
Failure to reduce the energy consumption of our
infrastructure may lead to cost increases due to
the rising price of energy.
Opportunity -
Sustainable resources
leading to lower
operational costs
Integrating sustainable resources into the business
operations (e.g. solar panels for electricity
production, rainwater for cooling of the
building...etc.) may lead to lower operational /
utility costs in the long run.
Energy – Products
EVS has a negative impact on the environment by
putting on the market products that consume
considerable energy.
• Environmental policy
• Carbon footprint calculation
and target
• Customer carbon footprint
extended team
• VIA POWER
• Product ESG features and
optimization
Climate change
mitigation – Customers
EVS has a negative impact on the environment by
emitting GHG emissions (in relation to its
products).
Risk - Market dynamics
(ESG)
Failure to anticipate market dynamics on specific
ESG considerations (e.g. energy efficiency of
products, hazardous material inputs, and designing
for and facilitating safe end-of-life disposal and
recycling) and the related necessary skillsets could
lead to loss of competitive advantage and loss of
leadership position.
Opportunity - Product
and Market dynamics
(ESG)
Integrating new ESG considerations into product
developments (e.g. energy efficiency of products,
hazardous material inputs, designing for and
facilitating safe end-of-life disposal and recycling)
could generate new market dynamics, lead to a
competitive advantage and secure EVS’ leadership
position.
To assess our GHG emissions impact (both from our own operations and from our customers’ operations), we took into
consideration the results of our 2021 Carbon Footprint assessment.
All the risks identified above are climate-related transition risks. These risks were identified during the DMA process,
without the use of any climate scenarios for their identification.
To define EVS’ responses to the transition risks and opportunities, we did not conduct a resilience analysis but instead
analyzed the different projects ongoing across EVS as a whole.
Regarding climate-related physical risks, we conducted a thorough climate risk assessment for EVS, focusing specifically
on its headquarters (and R&D center) in Liège, Belgium, as well as its R&D center in Gilze, the Netherlands. As the primary
office and research & development (R&D) centers, these locations are vital hubs for the organization’s operations and
innovation activities. Given their importance
12
, it was essential to understand and mitigate potential risks associated with
11
For more information on the actions listed under the column “response”, please see Chapter 2.1.4. ACTION PLAN
12
In 2025, 61% of Team Members (headcount) were located at the headquarters (444 out of 817) and in Gilze (58 out of 817). The remaining 39% were
distributed across 23 different entities.
165
climate-related hazards that could impact these key sites. We used a long-term time horizon (2025-2050), and our analysis
concluded that neither location faces significant climate risks.
For this analysis, we considered at least one climate scenario aligned with limiting global warming to 1.5°C, with no or
limited overshoot. The following risks were evaluated:
Temperature-related
Wind-related
Water-related
Solid mass- related
Chronic
Changing temperature (air,
freshwater, marine water)
Changing wind patterns
Changing
precipitation
patterns and
types (rain,
hail, snow/ice)
Coastal erosion
Heat stress
Precipitation or
hydrological
variability
Soil degradation
Temperature variability
Ocean
acidification
Soil erosion
Permafrost thawing
Saline intrusion
Solifluction
Sea-level rise
Water stress
Acute
Heat wave
Cyclones, hurricanes,
typhoons
Drought
Avalanche
Cold wave/frost
Storms (including blizzards,
dust, and sandstorms)
Heavy
precipitation
(rain, hail,
snow/ice)
Landslide
Wildfire
Tornado
Flood (coastal,
fluvial, pluvial,
ground water)
Subsidence
Glacial lake
outburst
2.1.3. POLICY
Our environmental policy addresses the following topics related to climate change: Climate change mitigation and Energy
efficiency, which are linked to the following material IROs:
- Impacts: climate change mitigation (company and customer), energy (organization and product)
- Risks: market dynamics (ESG), energy consumption
- Opportunities: Product and market dynamics (ESG), sustainable resources leading to lower
operational costs
The objective of this policy is to:
1. Formalize EVS’ commitment to mitigating climate change and contributing to fostering a sustainable future in
which the environment is protected.
2. Inform EVS’ stakeholders of the company’s approach to addressing climate change, including its GHG
emissions reduction targets and the individuals accountable for achieving them.
The environmental policy applies to EVS’ operations, value chain and customers and it is available on the EVS website.
The Chief Financial Officer, as the sponsor of the Company‘s Carbon Footprint pillar, and the Chief Technology Officer, as
the sponsor of the Customers’ Carbon Footprint pillar, are accountable for the content and implementation of the policy.
EVS’ Carbon Footprint is calculated annually to monitor the effectiveness of its environmental policy.
2.1.4. ACTION PLAN
The following table outlines our planned and ongoing initiatives to manage the impacts, risks, and opportunities associated
with the topics of climate change mitigation and energy efficiency. The appropriate actions to be implemented in response
to material impacts, risks, and opportunities are determined based on our Carbon Footprint assessment. The effectiveness
of these actions is assessed through the followingyear's Carbon Footprint assessment.
For information on our activities aligned with the EU Taxonomy Climate Delegated Acts, please see the EU Taxonomy
section of this Sustainability Statement.
166
Action
Description
Status
Time
horizon
Scope
Expected
outcomes
13
Significant
Investment
(CapEx/OpEx)
Carbon Footprint
Targets
We are working on defining our Carbon Footprint
reduction Targets for 2030 (see Chapter 2.1.1
TRANSITION PLAN AND TARGET)
Ongoing
2026
Company-
wide
Not applicable
Indirect costs of time
and labor
Carbon Footprint
Calculation
Each year, we assess our annual carbon footprint. A
dedicated Carbon Footprint Extended Team has been
formed to oversee this process. The team is responsible
for data collection, the identification and implementation
of reduction initiatives, and ongoing data enhancement.
Ongoing
Continuous
Company-
wide
Not applicable
Indirect costs of time
and labor
External support
CUSTOMERS’ CARBON FOOTPRINT
Customers’
Carbon Footprint
Extended Team
A specialized cross-functional team, consisting of
selected members from the R&D department, has been
established to address the carbon footprint of our
products.
Ongoing
Continuous
All products
Not applicable
Indirect costs of time
and labor
VIA POWER
We are developing user-friendly tools that make it
easier for customers to shut down and restart their
equipment. In 2025, 2 customer POCs were launched to
collect feedback on the tool.
Ongoing
2026
All products
40% reduction
in product
energy use
Indirect costs of time
and labor
Subsidy received in
2024 from the
Walloon Region
(30k€) with an
additional self-
investment (13k€)
Brainstorming,
prioritization &
roadmap for ESG
features &
optimization in
all products
We focused on finding ways to reduce product energy
consumption, with R&D suggesting initiatives for both
hardware and software. In 2026, we aim to evaluate
these ideas and add them to our roadmaps.
Ongoing
2025
All products
To be defined
Indirect costs of time
and labor
13
No GHG emissions reductions can be directly linked to our action plan so far.
167
COMPANY’S CARBON FOOTPRINT
Energy workgroup
A dedicated team within the company focuses on
energy consumption. They track energy usage across
various offices and take measures, including
communication initiatives, to help reduce it.
Ongoing
Continuous
Company-
wide
Not applicable
Indirect costs of
time and labor
Implement shut
down plans for
nodal rooms
We will equip all our nodal rooms with systems
designed to automatically shut down machines when
they are not in use, ensuring this occurs without
jeopardizing business operations.
Ongoing
2026 – HQ
2029 – all
local
offices
Company-
wide
HQ: 10%
reduction in energy
consumption
Office: 5%
reduction in energy
consumption
Indirect costs of
time and labor
Local green
production
EVS is part of the energy community of the Liège
Science Park. The group is assessing the best option
regarding alternative energy sources (e.g. solar field
or wind turbine). This will enable us to access cleaner
energy for our HQ office.
Ongoing
2027 -
2028
HQ
To be defined
Indirect costs of
time and labor
Energy cost
Improve data
quality
We are working on the data quality of our carbon
footprint to reduce the number of generic categories
and monetary ratios
Ongoing
2030
Company-
wide
5% reduction on
purchased goods
and services and
capital goods GHG
emissions
Indirect costs of
time and labor
Electric mobility
We are in the process of transitioning our company
fleet to electric vehicles. In Belgium, all new company
cars are now fully electric, and this practice is strongly
encouraged in our other offices as well. Our goal is to
achieve a 100% electric fleet by 2030.
Ongoing
2030
HQ
100% reduction of
our mobile
combustion GHG
emissions
20% increase of
our HQ electricity
consumption
300k€
Data from carrier
We aim to collect logistics data directly from our
carriers to enhance data quality and eliminate
assumptions.
To be planned
2030
Company-
wide
5% reduction on
our upstream –
outbound transport
GHG emissions
To be defined
Stock excess
Instead of discarding excess components and
materials from discontinued products or component
updates, we have created a system to resell them to
other companies.
Completed
2025
Company-
wide
Limiting production
waste
Indirect costs of
time and labor
168
2.1.5. KEY METRICS
Energy Consumption and Mix
2024
2025
Fuel consumption from coal and coal products (MWh)
0
0
Fuel consumption from crude oil and petroleum products
(MWh)
0
0
Fuel consumption from natural gas (MWh)
0
0
Fuel consumption from other fossil sources (MWh)
0
0
Consumption of purchased or acquired electricity, heat,
steam, and cooling from fossil sources (MWh)
2,225
2,839
Total fossil energy consumption (MWh)
2,225
2,839
Share of fossil sources in total energy consumption (%)
31%
29%
Consumption from nuclear sources (MWh)
2,113
2,850
Share of consumption from nuclear sources in total energy
consumption (%)
29%
29%
Fuel consumption for renewable sources, including
biomass (also comprising industrial and municipal waste
of biologic origin, biogas, renewable hydrogen, etc.)
(MWh)
0
0
Consumption of purchased or acquired electricity, heat,
steam, and cooling from renewable sources (MWh)
2,256
3,425
Consumption of self-generated non-fuel renewable
energy
14
(MWh)
652
636
Total renewable energy consumption (MWh)
2,908
4,061
Share of renewable sources in total energy consumption
(%)
40%
42%
Total energy consumption (MWh)
7,246
9,750
Total energy consumption from activities in high climate
impact sectors (MWh)
7,246
9,750
Energy intensity per net revenue (MWh/M€)
37
47
2024
2025
Net revenue from activities in high climate impact sectors
used to calculate energy intensity (M€)
198
208
Net revenue (other) (M€)
0
0
Total net revenue (financial statements
15
) (M€)
198
208
The energy consumption of the HQ accounts for 64% of our total energy usage. This is understandable, as the HQ
is the largest office of EVS. However, the high energy demand associated with the IT equipment and the building’s
size is offset by its “smart” design, the production of renewable electricity via photovoltaics, and the energy efficiency
improvements implemented by the EVS Team in recent years. Electricity is the sole energy source used in the
Liège Headquarter building (for power, heating, and cooling).
Total energy consumption rose from 2024 to 2025, largely driven by an increase of our activities and in electric
company cars at HQ. Our share of renewable energy also grew, mainly due to a greater renewable portion in the
country mix.
14
We did not produce any non-renewable energy.
15
2025 Annual Report – note 3 “Segment information”.
169
GHG Emissions
1617
(tCO2e)
Baseline 2024
18
2024
19
2025
Scope 1
905
860
693
Percentage of Scope 1 GHG emissions from
regulated emission trading schemes
N/A
N/A
N/A
Scope 2 – Market-based
1,579
1,500
1,451
Scope 2 – Location-based
1,579
1,500
1,451
Scope 3
45,240
42,978
40,972
Total GHG emissions – Market-based
47,724
45,338
43,116
Total GHG emissions – Location-based
47,724
45,338
43,116
Scope 3.1 Purchased goods and services
14,939
14,192
14.291
Scope 3.2 Capital goods
1,956
1,858
1,078
Scope 3.3 Fuel and energy-related activities (not
included in Scope1 or Scope 2)
616
585
655
Scope 3.4 Upstream transportation and distribution
685
651
608
Scope 3.5 Waste generated in operations
0
0
0
Scope 3.6 Business travel
1,734
1,647
1,842
Scope 3.7 Employee commuting
0
0
0
Scope 3.8 Upstream leased assets
0
0
0
Scope 3.9 Downstream transportation
398
378
389
Scope 3.10 Processing of sold products
0
0
0
Scope 3.11 Use of sold products
24,380
23,161
21,920
Scope 3.12 End-of-life treatment of sold products
85
81
97
Scope 3.13 Downstream leased assets
446
424
93
Scope 3.14 Franchises
N/A
N/A
N/A
Scope 3.15 Investments
N/A
N/A
N/A
Baseline 2024
2024
2025
Total GHG emissions (location-based) per net
revenue (tCO2eq/M€)
241
229
207
Total GHG emissions (market-based) per net revenue
(tCO2eq/M€)
241
229
207
2024
2025
Net revenue used to calculate GHG intensity (M€)
198
208
Net revenue (other) (M€)
0
0
Total net revenue (financial statements) (M€)
198
208
16
These data points use estimated data from our value chain. For further information on our estimate, please refer to APPENDIX 4 -
METHODOLOGY AND ASSUMPTIONS RELATED TO OUR CARBON FOOTPRINT.
17
We do not emit any biogenic emissions.
18
Since EVS Porto was acquired in October 2024, the entity was only included for one quarter in the 2024 reported figures. This has been corrected
in the 2024 baseline to fully reflect EVS Porto, ensuring consistency and comparability over time.
19
We did some correction on the 2024 value compared to the value disclosed in our 2024 Annual report to align with the SBTi methodology. For
further details on the corrections made, please refer to Appendix 4 - METHODOLOGY AND ASSUMPTIONS RELATED TO OUR CARBON
FOOTPRINT
170
In 2025, our total carbon footprint decreased by 10% compared to the baseline year of 2024. This reduction was
primarily attributed to two key factors affecting scope 3 emissions.
Firstly, there was a significant decrease in product energy consumption (Scope 3.1 and Scope 3.13). As 2025 is an
even year, demand for big event rentals (BER) —major contributors to our scope 3.13—declined substantially.
Additionally, despite robust sales growth, we achieved a noteworthy 3% absolute reduction in overall product energy
consumption. This accomplishment demonstrates the effectiveness of our innovative licensing model and the
scalability of our available capacity, enabling customers to maximise the benefits of our solutions while minimising
their environmental impact. By utilising our technology more efficiently, customers are able to achieve greater
results without increasing energy usage.
The second contributing factor was a reduction in scope 3.2 emissions related to capital goods. In 2025, we
undertook a comprehensive review and remapping of our direct and indirect purchses, including updates to the
emissions factors used and significant improvements in the categorisation of purchased goods and services.
Notably, we transitioned several categories from a monetary-based ratio to a unit-based approach (e.g., computers),
leading to more accurate reporting and further supporting our sustainability goals.
171
2.2. CIRCULAR ECONOMY
2.2.1. GENERAL INFORMATION
As a technology company in the broadcast and live production sector, we recognize that our products have an
impact on the circular economy. The manufacturing of our products requires raw materials, and it is our responsibility
to design them in a way that supports the circular economy through reuse, repair, and recycling.
The following impacts, risks, and opportunities (IROs) related to the circular economy have been identified through
the Double Materiality Assessment. No additional assessments have been conducted.
IRO name
Definition
EVS’ response
20
Resource outflows
EVS could have a positive impact
on the environment by designing
its products to contribute to the
circular economy (reuse, repair,
recycling)
• Transversal R&D team
Resource inflows
EVS has a negative impact on the
environment by consuming raw
materials. If consumed in large
quantities it can negatively affect
availability for local communities
and other sectors that rely on the
resource.
Risk - Material sourcing
Component shortages and their
impact on price, margin and
delivery terms due to changing
market dynamics, geopolitical
instability, or other sustainability
impacts related to climate change
Risk - Market dynamics (ESG)
Failure to anticipate market
dynamics on specific ESG
considerations (e.g. energy
efficiency of products, hazardous
material inputs, and designing for
and facilitating safe end-of-life
disposal and recycling) and the
related necessary skillsets may
lead to a loss of competitive
advantage and leadership position.
Opportunity - Product and Market
dynamics (ESG)
Integrating new ESG
considerations into product
developments (e.g. energy
efficiency of products, hazardous
material inputs, designing for and
facilitating safe end-of-life disposal
and recycling) may generate new
market dynamics, lead to a
competitive advantage, and secure
EVS’ leadership position.
Risk - Product legal requirements
(ESG)
Risk of noncompliance with legal
ESG requirements for international
products (minimizing
environmental and social
externalities of products), with
potential revenue loss as a
consequence.
20
For more information on the actions listed under the column “response”, please see Chapter 2.2.3. TARGET AND ACTION PLAN.
172
2.2.2. POLICY
Our environmental policy addresses the following topics linked to the circular economy: transitioning away from the
use of virgin resources and the adoption of eco-design. These key areas are linked to the following material IROs:
- Impacts: Resource inflows; Resource outflows
- Risks: Material Sourcing; Market dynamics (ESG); Product legal requirements (ESG)
- Opportunities: Product and Market dynamics (ESG)
Please refer to Chapter 2.1. CLIMATE CHANGE, in the Environmental Information section of this CSRD report for
further information on our environmental policy.
2.2.3. TARGET AND ACTION PLAN
As previously mentioned, we are currently setting our targets GHG emissions. These targets are also linked to our
circular economy-related material topics, as the second-largest contributor to our carbon footprint is our inputs
(purchase of components, products...etc.) related to EVS’ offerings.
The main key actions related to our products have already been identified, these are reflected in the ESG
Customers’ Carbon Footprint pillar, which also focuses on the eco-design of our products. For further details, please
refer to Chapter 2.1. CLIMATE CHANGE, in the Environmental Information section of this CSRD report.
2.2.4. KEY METRICS
Resource inflow
EVS is committed to responsible resource management throughout its operations and value chain. As part of our
Carbon Footprint action plan, we focus on the efficient use of materials and the reduction of their environmental
impact.
Our operations involve the use of a wide variety of materials, including metals, plastics, and electronic components.
We recognize the importance of critical raw materials and rare earth elements in our products, particularly in
electronic components. We are committed to responsible sourcing practices, ensuring that these materials are
obtained from suppliers who adhere to both ethical and environmental standards. These efforts are further detailed
in Chapter 3.2 WORKERS IN THE VALUE CHAIN.
We have analyzed the recycled content rates for our products, focusing on the largest hardware categories:
Hardware PC, Hardware XT, Neuron, and LSM-VIA. Based on this analysis, we have determined that the main
components containing recycled content are the metal parts of these products (chassis, backplanes, railings...etc.),
while other components (e.g. electronics, CPUs, fans) do not. According to our supplier, the chassis are made of
80% recycled material, on average
21
.
For the other hardware categories where no specific information is available, we have assumed that the recyclable
content rate is 0%.
We have also analyzed the recycled content rates in our packaging. Due to limited information, we focused on
cardboard. According to our supplier, 58% of the cardboard used is recycled.
In 2025, we used 20 tons of recycled material
22
(including the metal for the products and the cardboard for the
packaging), compared to 18 tons in 2024. However, our average use of recycled materials in product manufacturing
and packaging stayed consistent at 19%
23
.
In accordance with ESRS 1, section 7.7 related to classified and sensitive information, and information on
intellectual property, know-how or results of innovation, we will not disclose the overall total weight of products and
technical/biological materials used in 2025 for secrecy reasons, as these are considered sensitive data.
Resource outflow
As previously mentioned, as part of our action plan we are focusing on improving the circular design of our products.
We already have experience in repairing and upgrading the majority of our products. For our Hardware PC and XT,
all components are easily dismantled, with no glued, riveted, or proprietary screw parts.
EVS's products are engineered for long-lasting durability, with robust construction and high-quality materials chosen
to withstand the rigours of daily use. The modular design of our hardware, including easily accessible components,
21
We received the data from one of our chassis suppliers and used it to extrapolate values for the other suppliers.
22
This data pertains only to the products for which complete information was available. This represents 12% of our products.
23
We identified an error in the aggregation of the 2024 production volumes when calculating the percentage value. As a result, the 2024 figures
have been corrected.
173
not only facilitates repairs and upgrades but also contributes to the longevity of our products. By making it
straightforward to replace or enhance individual elements, we minimize unnecessary waste and ensure that our
products remain in service for extended periods.
Additionally, we offer our customer Service Level Agreement (SLA) programme, which includes hardware support
services such as replacement of parts and hardware upgrades, further extending product lifespans.
Similar to recycled content, we have also assessed the recyclable content rates for our products. To do so, we
selected the largest category of hardware – Hardware PC, Hardware XT, Neuron and LSM-VIA. We considered
that the main components which can be recycled are the steel and aluminium parts, representing between 40 and
50% of total product weight on average. In 2025, 44% of our products were made of recyclable content consistently
with 2024.
24
For other hardware categories, where no specific information is available, we have assumed that recyclable content
rates are 0%.
We have also analyzed the recyclable content rates in our product packaging. Based on the limited information
available, only the cardboard and wood used in our packaging are considered 100% recyclable. In 2025, 74% of
our packaging was made of recyclable content , similarly to 2024 with 73%.
24
This data pertains only to the products for which complete information was available. This represents 18% of our products.
174
2.3. EU TAXONOMY
This section reports the Key Performance Indicators (KPIs) required under Regulation (EU) 2020/852
25
(the EU
Taxonomy) and its related Delegated Acts
26
. The EU Taxonomy is designed to direct and channel capital toward
sustainable activities, with the ultimate goal of financing sustainable growth and helping the EU achieve climate
neutrality by 2050.
2.3.1. WHAT IS THE EU TAXONOMY?
The EU Taxonomy is a unified classification system that identifies which economic activities can be considered
environmentally sustainable. It also provides a methodology to calculate the proportion of a company’s turnover,
capital and operational expenditure (CapEx and OpEx) that is derived from environmentally sustainable economic
activities.
An activity can be considered as environmentally sustainable if it:
• substantially contributes (SC) to one or more of six environmental objectives: climate change mitigation
(CCM), climate change adaptation (CCA), sustainable use and protection of water and marine resources
(WTR), transition to a circular economy (CE), pollution prevention and control (PPC), protection and
restoration of biodiversity and ecosystems (BIO),
• do no significant harm (DNSH) to any of these environmental objectives,
• is carried out in compliance with minimum social safeguards
27
The EU Taxonomy defines when an activity is considered to “substantially contribute” and “do no significant harm”
to the environmental objectives through a set of Technical Screening Criteria (TSC) – science-based benchmarks
established for each specific activity (e.g. performance thresholds, carbon intensity limits, climate risk assessments,
etc.).
2.3.2. OUR EU TAXONOMY ASSESSMENT PROCESS
Our core activity focuses on the design and production of video solutions for the live video industry. EVS operates
under the following NACE codes:
- J62 “Computer programming, consultancy and related activities”
- G47.4.1 “Retail trade of computers, peripheral units and software in specialized stores”
- C26.3.0 “Manufacture of communication equipment”
2.3.3. EU TAXONOMY ELIGIBILITY: ANALYSIS
Turnover
To initiate the EU Taxonomy assessment, each activity performed as part of our core business was identified and
assessed for eligibility.
For this assessment, an activity was considered eligible if it is described in the Delegated Acts, regardless of
whether that economic activity meets any, or all, of the technical screening criteria laid down in those delegated
acts.
Initially, twelve activities were identified. However, after further analysis, we concluded that only four activities
warranted further eligibility assessment, as the titles and descriptions of the remaining activities did not align with
EVS’ operations (see Table 1).
In 2025, 60% of our revenue was considered EU Taxonomy eligible. This is a decrease compared to 2024 were
70% of our revenue was eligible. This decline results from a reduced share of hardware sales in our overall revenue.
Under CE 1.2, Manufacture of electrical and electronic equipment, only hardware revenue is considered eligible.
25
Regulation EU 2020/852 of the European Parliament and of the Council, published in the Official Journal of the European Union on the 22.06.2020.
26
The EU Taxonomy Climate Delegated Act 2021/2139 (further amended by the Complementary Delegated Act 2022/1214 and the Delegat ed Act
2023/2485), the EU Taxonomy Environmental Delegated Act 2023/2486 and the Disclosure Delegated Act 2021/2178 (further amended by the
Complementary Delegated Act 2022/1214 and the Delegated Act 2023/2486).
27
The minimum safeguards shall be procedures implemented by a company that is carrying out an economic activity to ensure the a lignment with
the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, including the principles and rights
set out in the eight fundamental conventions identified in the Declaration of the International Labour Organisation on Fundam ental Principles and
Rights at Work and the International Bill of Human Rights.
175
Table 1 - EU Taxonomy Eligibility: Assessment – Turnover
CDA or
EDA
28
Env.
Objective
Activity
number
Activity title
Eligible / Non-
eligible
Reason for classifying the activity as non-eligible
CDA /
Annex I
CCM
8.2
Data-driven solutions for
GHG emission reductions
Non-eligible
The NACE codes mentioned in the activity description match EVS’ NACE code (J62).
However, the title and description of the activity do not fit EVS’ operations. While EVS
is the leader in live video technology for broadcast and new media productions, our
solutions are not designed to reduce GHG emissions.
CDA /
Annex II
CCA
8.2
Computer programming,
consultancy and related
activities
Non-eligible
Activity 8.2 is included in Annex II of the Climate Delegated Act andis classified as an
adapted activity with the potential to contribute substantially to the climate change
adaptation objective.
Activity 8.2 will be considered aligned only when all relevant Technical Screening
Criteria are met, i.e. the adaptation solutions are implemented and EVS complies with
minimum social safeguards. It is important to note that there are no DNSH criteria
applicable to this activity.
CDA /
Annex II
CCA
8.3
Programming and
broadcasting activities
Non-eligible
At first glance, the title of Activity 8.3 might appear to align with EVS’ operations.
However, the description of the activity does not correspond to EVS’ business. EVS
sells equipment (hardware and software) for the broadcast industry, but does
not directly create content, produce programs, or acquire broadcasting rights
for content distribution. These broadcasting activities are typically performed by our
customers using our equipment. Furthermore, the NACE code referenced in the activity
description (J60) does not align with EVS’ NACE code.
CDA /
Annex II
CCA
8.4
Software enabling
physical climate risk
management and
adaptation
Non-eligible
The NACE codes mentioned in the activity description align with EVS’ NACE code
(J62). However, the title and the description of the activity do not correspond to EVS’
operations, as our solutions are not designed to manage physical climate risks.
EDA /
Annex I
WTR
4.1
Provision of IT/OT data-
driven solutions for
leakage reduction
Non-eligible
The NACE codes mentioned in the activity description align with EVS’ NACE code
(J62). However, the title and description of the activity do not correspond to EVS’
operations, as our solutions are not intended to reduce leakage.
EDA /
Annex II
CE
1.2
Manufacture of electrical
and electronic equipment
Eligible
EDA /
Annex II
CE
4.1
Provision of IT/OT data-
driven solutions
Non-eligible
The NACE codes mentioned in the activity description align with EVS’ NACE code
(J62). However, the title and description of the activity do not match EVS’ operations,
as our solutions are not intended to support lifecycle assessment, eco-design,
green procurement, or lifecycle performance.
28
CDA/ EU Taxonomy Climate Delegated Act (defining criteria for the first 2 environmental objectives); EDA/ EU Taxonomy Environmental Delegated Act (defining criteria for the remaining 4 environmental objectives)
176
EDA /
Annex II
CE
5.1
Repair, refurbishment,
and remanufacturing
Eligible
EDA /
Annex II
CE
5.2
Sale of spare parts
Eligible
EDA /
Annex II
CE
5.4
Sale of second-hand
goods
Non-eligible
29
No revenue is generated from this activity.
EDA /
Annex II
CE
5.5
Product-as-a-service and
other circular use- and
result-oriented service
models
Eligible
EDA /
Annex II
CE
5.6
Marketplace for the trade
of second-hand goods for
reuse
Non-eligible
The NACE codes mentioned in the activity description align with EVS’ NACE code
(J62). However, the title and description of the activity do not correspond to EVS’
operations, as we do not operate a marketplace for the trade of second-hand
goods for reuse.
29
The eligibility analysis for the sale of second-hand goods has been revised compared to the 2023 Annual Report disclosure. Since this activity is not generating revenue, we have opted to classify it as non-eligible for greater
clarity.
177
Expenditure
The next step of our assessment was to determine the percentage of our expenditure that is EU Taxonomy eligible. The
EU Taxonomy defines three categories of expenditure to be included in the numerator of the OpEx and CapEx KPIs.
Category A: Expenditure related to assets or processes associated with Taxonomy-eligible/aligned economic activities.
Category B: Expenditure that is part of a plan to expand Taxonomy- eligible/aligned economic activities or to allow
Taxonomy-eligible economic activities to become Taxonomy- eligible/aligned (the “CapEx plan”).
Category C: Expenditure related to the purchase of output from Taxonomy- eligible/aligned economic activities and
individual measures that lead to GHG reductions or contribute substantially to any of the environmental objectives.
Based on our analysis, we reached the following conclusions:
A. CapEX
27% of our CapEx was assessed as EU Taxonomy eligible, linked to EU Taxonomy-eligible activities (Category A), and
32% of our CapEx was assessed as EU Taxonomy eligible via the purchase of output from EU Taxonomy- eligible activities
and individual measures that lead to GHG reductions, or that are linked to any environmental objective (Category C). By
comparison, in 2024 these percentages were 46% and 32% respectively. The decrease in Category A CapEx is primarily
due to a lower proportion of revenue coming from hardware in 2025.
In 2025, similarly to 2024, we did not have specific capital expenditures aimed at expanding the alignment of eligible
activities (Category B).
Table 2 – EU Taxonomy eligibility: Assessment – CapEx
CDA or
EDA
30
Env.
Objective
Activity title
% of total
CapEx
CDA /
Annex I
CCM
Transport by motorbikes, passenger cars, and light commercial
vehicles
15%
CDA /
Annex I
CCM
Installation, maintenance, and repair of charging stations for electric
vehicles in buildings
1%
CDA /
Annex I
CCM
Acquisition and ownership of buildings
16%
EDA /
Annex II
CE
Manufacture of electrical and electronic equipment
26%
EDA /
Annex II
CE
Repair, refurbishment, and remanufacturing
0%
EDA /
Annex II
CE
Sale of spare parts
0%
EDA /
Annex II
CE
Product-as-a-service and other circular use- and result-oriented
service models
0%
30
CDA/ EU Taxonomy Climate Delegated Act (defining criteria for the first 2 environmental objectives); EDA/ EU Taxonomy Environmental Delegated Act
(defining criteria for the remaining 4 environmental objectives).
178
B. OpEx
57% of our OpEx was assessed as EU Taxonomy eligible, linked to EU Taxonomy-eligible activities (Category A). These
expenses were allocated to the eligible activities based on their revenue. 0% of our OpEx was assessed as EU Taxonomy
eligible via the purchase of output from EU Taxonomy-eligible activities and individual measures that lead to GHG
reductions, or that are linked to any environmental objective (Category C). By comparison, in 2024 these percentages were
67% and 0% respectively. The decrease in Category A OpEx is primarily due to a lower proportion of revenue coming from
hardware in 2025.
Table 3 - EU Taxonomy eligibility: Assessment - OpEx
CDA or
EDA
31
Env.
Objective
Activity title
% of total
OpEx
EDA / Annex
II
CE
Manufacture of electrical and electronic equipment
55%
EDA / Annex
II
CE
Repair, refurbishment, and remanufacturing
1%
EDA / Annex
II
CE
Sale of spare parts
0%
EDA / Annex
II
CE
Product-as-a-service and other circular use- and result-oriented
service models
1%
For all these expenditures, CapEx and OpEx items were assessed in accordance with the definitions provided in sections
1.1.2 and 1.1.3 of Annex I of the Disclosure Delegated Act.
2.3.4. EU TAXONOMY ALIGNMENT: ANALYSIS
Climate Delegated Act
As outlined in our assessment (summarized in Table 1), no eligible core activities generating turnover were identified for
the climate-related environmental objectives. Consequently, we only assessed the alignment of our eligible CapEx and
OpEx under Category C.
For each eligible CapEx and OpEx activity identified, a climate risk and vulnerability assessment is required (either in the
TSC or DNSH criteria). In 2024, we conducted a thorough climate risk assessment for EVS, focusing specifically on our
headquarters (and R&D center) in Liège, Belgium, as well as our R&D center in Gilze, Netherlands (as mentioned in
Chapter 2.1. CLIMATE CHANGE). Our analysis concluded that neither location faces significant climate risks.
The following phase involved a thorough examination of the “Technical Screening Criteria” and "Do No Significant Harm"
criteria for each eligible activity. In 2024, we conducted this review and concluded that we could not claim alignment at that
time as the TSC requirements were not yet fulfilled. As outlined in the next section, our EU Taxonomy reporting obligation
is expected to end in 2026, as EVS will fall below the CSRD reporting size threshold (fewer than 1,000 employees).
Consequently, in 2025, we did not pursue further efforts to close gaps or gather evidence to demonstrate alignment.
In 2024, we also reviewed our compliance with the Minimum Social Safeguards (MSS) under Article 18 of the Taxonomy
Regulation. Our Code of Conduct, which applies to both EVS and its partners, covers most MSS requirements. With
legislative changes and auditability identified as the only remaining requirements, we redirected efforts from MSS
integration toward other ESG priorities.
Environmental Delegated Act
Regarding the Environmental Delegated Act for the financial year 2025, a similar assessment process was applied as for
the Climate Delegated Act, and similar conclusions were reached.
The results of our assessment are summarized in the EU Taxonomy Key Performance Indicators (KPIs) section below.
31
CDA/ EU Taxonomy Climate Delegated Act (defining criteria for the first 2 environmental objectives); EDA/ EU Taxonomy Environmental Delegated Act
(defining criteria for the remaining 4 environmental objectives).
179
2.3.5. EU TAXONOMY: KEY PERFORMANCE INDICATORS
Eligibility
Alignment
KPIs for FY
2025
Absolute value –
Denominator (k€)
Absolute value –
Numerator
(eligibility) (k€)
Share of eligible
activities
Absolute value –
Numerator
(alignment) (k€)
Share of aligned
activities
Climate Delegated Act
Turnover
208,134
0
0%
0
0%
CapEx
12,029
3,801
32%
0
0%
OpEx
31,617
36
0%
0
0%
Environmental Delegated Act
Turnover
208,134
123,930
60%
0
0%
CapEx
12,029
3,214
27%
0
0%
OpEx
31,617
18,144
57%
0
0%
Turnover
The preparation and consolidation of our financial statements is carried out in accordance with IFRS. Our recognition of
net turnover follows the definition
32
outlined in the Disclosure Delegated Act
33
and can be found in note 3 of our
consolidated financial statements
34
.
The overall reported turnover aggregates unique economic activities and corresponding revenues, in order to avoid double
counting or incorrect grouping of economic activities.
CapEx
The CapEx KPI is calculated in line with Section 1.1.2 of Annex I of the Disclosure Delegated Act. Our EU Taxonomy-
eligible (or EU Taxonomy-aligned for the alignment KPI) CapEx (numerator) is divided by the total FY2025 CapEx, as
defined in Section 1.1.2.1 of Annex I of the Disclosure Delegated Act (denominator).
For the CapEx denominator, the following CapEx categories were included in the total FY2025 CapEx:
(a) IAS 16 Property, Plant and Equipment, paragraphs 73, (e), point (i) and point (iii);
(b) IAS 38 Intangible Assets, paragraph 118, (e), point (i);
(c) IFRS 16 Leases, paragraph 53, point (h).
Other CapEx categories were not considered relevant to EVS.
Further details on these expenditures are provided in Notes 11, 12 and 19 of our consolidated financial statements
35
.
OpEx
The OpEx KPI is calculated in line with Section 1.1.3 of Annex I of the Disclosure Delegated Act, by dividing EU Taxonomy-
eligible (or EU Taxonomy-aligned for the alignment KPI) operational expenditure (numerator) by the total FY2025 OpEx,
as defined by Section 1.1.3.1 of Annex I of the Disclosure Delegated Act (denominator).
For the OpEx denominator, the following direct non-capitalized costs were included in the total FY2025 OpEx:
(a) Research and development
(b) Building renovation measures
(c) Short-term leases
(d) Maintenance and repair
(e) Any other direct expenditures relating to the day-to-day servicing of assets of property, plant & equipment (PPE)
by EVS, or third parties to whom activities are outsourced, that are necessary to ensure the continued and
effective functioning of such assets
32
Amount derived from the sale of products and the provision of services after deducting sales rebates and value added tax, and other taxes directly linked
to turnover.
33
Commission Delegated Regulation (EU) 2021/2178, published in the Official Journal of the European Union on the 10.12.2021.
34
2025 Annual Report – note 3 “Segment information”.
35
2025 Annual Report – note 11 “Other intangible assets”, note 12 “Tangible assets” and note 19 “Loan”
180
2.3.6. LOOKING AHEAD
Following the adoption of the European Commission’s Omnibus I legislative package on 26 February 2025, the scope of
the Corporate Sustainability Reporting Directive (CSRD) (Directive (EU) 2022/2464) has been revised to reduce
administrative burdens and focus reporting obligations on larger entities. Under the proposed amendments, only
companies exceeding 1,000 employees and either €50 million in annual net turnover or €25 million in total assets will
remain subject to mandatory sustainability reporting, including disclosures under the EU Taxonomy Regulation (Regulation
(EU) 2020/852).
As EVS no longer meets these revised thresholds, we are exempt from mandatory EU Taxonomy reporting. Nonetheless,
we remain committed to ESG transparency and will continue our sustainability reporting in line with our internal
commitments. We will maintain our focus on advancing eco-design and energy efficiency, and we will continue to consider
the technical screening criteria outlined in the Climate and Environmental Delegated Acts (Regulations (EU) 2021/2139
and 2023/2486), even though these activities will no longer be reported under the EU Taxonomy format.
181
3. SOCIAL INFORMATION
3.1. OWN WORKFORCE
3.1.1. GENERAL INFORMATION
Our Team Members are essential to our success, driving innovation and excellence that enable us to deliver high-quality
solutions globally. We also acknowledge our responsibility as an employer to support their well-being, working conditions,
and professional growth.
Most Team Members are employees as defined by ESRS. We also include within the Team Member population a minority
of contractors who are included in our HRIS
36
. In 2025, we had 817 Team Members (headcount
37
), corresponding to 792
full-time equivalents
38
.
The following impacts, risks, and opportunities (IROs) related to EVS’ own workforce have been identified through the
Double Materiality Assessment:
IRO name
Definition
EVS’ response
39
Team Members – working
conditions
Working conditions refer to an
organization's approach to work-
life balance, working time, secure
employment, etc. EVS has a
positive impact on its workforce
by offering good working
conditions.
• People policy
• Social events & team building
• Ideation box
• Office visitor guide
• Standing desks in meeting rooms
Risk – Talent retention
Failure to attract and retain the
right talent may lead to the
inability of EVS to fulfill its growth
ambitions.
• People policy
• Presence on social media
• Partnerships with educational institutions
• Tailored remuneration & benefits
Risk – Talent attraction
Team Members – Training
and skills development
Training includes initiatives put in
place by an organization aimed at
the maintenance and/or
improvement of skills and
knowledge of its own Team
Members. It can include different
methodologies, such as on-site
training and online training. EVS
has a positive impact on its
workforce by offering continuous
professional development and
enhanced employability.
• People policy
• Training offerings & talent development
programs
• Individual Continuous Improvement
Process
• Skipper team development
• Internal mobility
Team Members – Social
dialogue and Freedom of
association
Freedom of association and social
dialogue include the rights of
employers and Team Members to
form, join, and run their own
organizations without prior
authorization or interference, and
to consult or simply exchange
information between the employer
and Team Members’
representatives, on issues of
common interest relating to
economic and social policy. EVS
has a positive impact on its
N/A
36
HRIS: Human Resources Information System
37
Unless otherwise specified, headcount data is computed as a snapshot on the last day of the reporting period. Students and paid trainees are not included
in this disclosure
38
We consider the actual full-time equivalents rather than contractual full-time equivalents (i.e., accounting for long-term leave, etc.).
39
For more information on the actions listed under the column EVS‘ response, please see the Actions section in Chapters 3.1.3. TALENT MANAGEMENT &
WORKING CONDITIONS and 3.1.4. DIVERSITY, EQUITY & INCLUSION.
182
workforce by respecting social
dialogue and freedom of
association.
Team Members – Gender
equality and equal pay for
work of equal value
Discrimination based on gender
can impose unequal burdens on
individuals or deny fair
opportunities based on individual
merit. By putting measures in
place, EVS seeks to prevent
potential negative impacts on its
workforce.
• DEI policy
• Mandatory DEI online training
• Awareness raising on DEI topics
• Mentoring program between Leadership
Team members and women from EVS
• Preferred pronouns in the HRIS
• Non-gendered wording in job
descriptions
• Support of gender diversity in broadcast
and STEM industries
40
Team Members – Diversity
and inclusion
Discrimination (based on gender,
age, ethnicity, etc.) can impose
unequal burdens on individuals or
deny fair opportunities based on
individual merit. EVS has a
positive impact on its workforce
by putting measures in place to
prevent discrimination, and by
fostering inclusion in the
workplace.
Risk – Diversity and
inclusion
Failure to have a diverse
workforce may risk losing
innovation opportunities, as
diversity helps companies
understand the needs of a diverse
and global customer base,
resulting in the ability to design
desirable products and
communicate with customers
effectively.
Due to the consistent nature of activities and context across EVS’ locations and departments, we have determined that no
specific groups within our workforce face heightened risk of harm based on their responsibilities or office location.
Additionally, we have found no risks or opportunities exclusive to certain activities or geographic areas. Our assessment
indicates no evidence of forced labor, child labor, or compulsory labor within our organization, and our regular external
benchmarks confirm that all employees receive a fair and adequate wage.
However, we recognize that individuals within our workforce who possess one or more protected characteristics
41
may
face an increased risk of marginalization or discrimination. Measures currently implemented, as well as those planned to
further promote inclusion and address discrimination affecting vulnerable groups in our workforce, are detailed in the
Actions section of Chapter 3.1.4: DIVERSITY, EQUITY, AND INCLUSION.
Since we have not yet developed a climate transition plan, we have not, at this stage, identified any material impacts on
our own workforce that may arise from future transition plans to reduce negative environmental impacts and achieve
greener and climate-neutral operations.
3.1.2. TARGETS
We have set the following two targets for 2030:
Be ranked in the top 50% of Top Employers
42
Maintain a team member Net Promoter Score (TmNPS) of 30 or higher
The ESG Core Team members overseeing the Talent Management, Working Conditions, and Diversity, Equity, and
Inclusion pillars established these targets, which were subsequently reviewed and approved by the Leadership Team.
Although Team Members and other stakeholders did not participate directly in setting these targets, the process was
informed by the Double Materiality Assessment, which included input from stakeholders such as our Team Members.
40
STEM: Science, Technology, Engineering & Mathematics
41
Age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, sexual orientation
42
Comparing to companies in Belgium with less than 1,000 employees.
183
Top Employer
The Top Employer certification involves a rigorous assessment across ten key criteria, including talent management,
workforce planning, talent acquisition, onboarding, training and development, performance management, leadership
development, career management, compensation and benefits, and company culture. Receiving this certification is a
significant accomplishment, and we are thrilled to have earned it once again in 2025.
Our objective for 2030 is to achieve a position within the top 50% of Belgium’s Top Employers, meaning we seek to exceed
the median score among certified employers in Belgium. This goal is absolute, as it does not depend on a specified
percentage improvement from prior performance; however, it is also relative, as our outcome is influenced by the
performance of other Top Employer-certified organizations. This approach encourages us to consistently enhance and
refine our people strategy to strengthen our standing as a leading employer in our sector.
2023 (base year)
2024
2025
Top Employer score
43
79,6%
(Percentile 25-50%)
82,1%
(Percentile 25-50%)
84,5%
(Percentile 25-50%)
Our current Top Employer score stands at 84.5%, marginally below the 2025 median score of 85.1% among Belgium’s 38
Top Employers with fewer than 1,000 employees. Over the last three years, we have demonstrated consistent progress
toward our 2030 objectives. To ensure we meet our targets, we have implemented a comprehensive action plan addressing
areas identified as “not done” or “not consistently done” in our 2025 evaluation.
This holistic assessment, which also includes criteria related to Diversity, Equity, and Inclusion, enables us to track
progress toward the objectives of our people policy and our DEI policy in an effective and objective way. Namely, it helps
us assess our efforts to build an engaged, future-ready workforce, and to foster an inclusive environment where all Team
Members feel welcome and respected.
Our Top Employer score is received annually and disclosed in the Consolidated Annual Report. The ESG Core Team
member responsible for Talent Management, together with the Deputy Chief People Officer, analyze the results and
present them to both the HR and ESG teams. Oversight of progress toward these targets, as well as the implementation
of improvement measures and their integration into future HR practices, is managed by the Chief People Officer and
Deputy Chief People Officer.
While our Top Employer certification is based on the assessment of the Brussels and Liège offices, we consider the scope
of this ambition to be the entire company, as our HR practices are aligned across our headquarters, the Brussels office,
and other offices that are not officially certified.
Team Member Net Promoter Score
In 2023, we implemented a Net Promoter Score (NPS) survey to assess Team Members’ satisfaction and loyalty. The
survey asks a straightforward question:
“How likely are you to recommend working at EVS to a friend or acquaintance?”
Responses are scored from 0 to 10 and classified into three groups: Promoters (9-10), Passives (7-8), and Detractors (0-
6). The Team Member Net Promoter Score (TmNPS) is determined by subtracting the percentage of Detractors from the
percentage of Promoters; a higher TmNPS reflects a more favorable perception among Team Members. The target for
2030 is set at an absolute score of 30, indicating a net positive sentiment in which Promoters outnumber Detractors.
2023 (base year)
2024
2025
Net Promoter score
55
52
48
To ensure regular feedback opportunities to Team Members, we conduct this survey quarterly, allowing us to promptly
identify and respond to trends. We report the annual average of these quarterly results in our Annual Report. This average
is not weighted, for matters of simplicity, and because the participation rate remains relatively stable across quarters. In
2023 and 2024 our TmNPS was 55 and 51.5, respectively. In 2025, it was 48
44
, which is encouraging, as it surpasses our
benchmark of 30.
43
In 2025, we changed our process for reporting the Top Employer score.
Instead of disclosing the score tied to the certification year, we now align it with the actions taken during that year, as those efforts are reflected in the following
year’s score.
44
The annual TmNPS is computed as the non-weighted average of the quarterly TmNPS. Team Members from our recently created Business Unit “T-Motion”
received the survey in the last quarter only.
184
Responses to the TmNPS survey are anonymous. The survey link is included in the company’s monthly newsletter, which
is sent by the CEO to all Team Members, regardless of their location or department. The results of this survey are analyzed
by the ESG Core Team member responsible for the Talent Management pillar, while the Chief People Officer, as the
Leadership Team member responsible for this pillar, ensures that the findings inform the HR strategy.
This target complements our Top Employer target by providing frequent snapshots of our Team Members’ engagement
levels. We believe it relates to our policies’ objectives, as the ultimate goal of our efforts regarding Talent Management,
Working Conditions and Diversity, Equity, and Inclusion is to cultivate an engaged workforce where everyone feels satisfied
and included. The TmNPS serves as a simple, yet effective, indicator of engagement and enables us to regularly track the
effectiveness of the actions we take to manage material impacts related to our Team Members.
3.1.3. TALENT MANAGEMENT & WORKING CONDITIONS: POLICY, ENGAGEMENT & ACTIONS
Policy
At EVS, we recognize the intrinsic link between talent management, working conditions, and organizational performance.
As such, our people-centric policies are meticulously crafted to build a future-ready workforce, empower individuals, and
foster a rewarding employee experience that enriches both personal and professional growth. In particular, our people
policy aims to manage material impacts, risks, and opportunities related to our workforce. It defines EVS’ principles
regarding its Team Members’ working conditions, talent management (including recruitment & onboarding, learning &
development, and compensation & benefits) and diversity, equity, & inclusion. Our people policy covers all our Team
Members and describes the main methods through which we engage with them. It is publicly available on our website.
Engagement
Over the past seven years, our Team Members worldwide have been invited to participate in our annual engagement
survey. This survey provides an opportunity for Team Members to share their feedback on various dimensions of the
organization, including the Leadership Team, their direct manager, and how they feel in general. The questions are grouped
in five categories: Credibility, Respect, Fairness, Pride, and Camaraderie, using both Likert-scale questions
45
and open-
ended responses. This enables us to capture both a broad picture and detailed insights into specific issues. This approach
ensures that Team Members can voice their needs and concerns.
All Team Members with an EVS email address
46
are invited via an email from the Chief Executive Officer to participate in
the survey. Regular reminders to complete it are then sent. The link to the survey is also included in the company’s monthly
newsletter.
After the survey, general results and possible outcomes are presented to all Team Members, while Team Leaders receive
more detailed findings.
The Chief People Officer is accountable for ensuring that the survey is conducted every year, and that the results are
analyzed and considered in our people strategy. The Chief People Officer is also responsible for ensuring that the issues
raised are securely stored from year to year. The effectiveness of this engagement process, including the extent to which
our Team Members trust this process, is monitored through the participation rate, which was 87% in 2025. The
effectiveness of the measures taken as a result of this engagement process is monitored through year-to-year analysis of
the survey’s results:
2025
2024
2023
2022
2021
2020
2019
Participation rate
87%
87%
91%
80%
88%
84%
85%
45
A Likert scale is a response scale used to obtain participants’ degree of agreement with a (set of) statement(s).
46
Because the engagement survey was launched before the creation of our new business unit, Team Members from T-motion did not have the chance to
complete the engagement survey this year. They are thus excluded from data related to the engagement survey (both results & participation rate).
185
Level of engagement
92%
92%
91%
91%
89%
87%
67%
Besides the overall level of engagement, we also measure the following variables:
• Credibility (i.e., the extent to which Team Members view management as credible), which was 85% in 2025.
• Respect (i.e., support, collaboration, and caring), which was 80%.
• Fairness (i.e., equity, impartiality, and justice), which was 76%.
• Pride (i.e., the pride a Team Member may experience at EVS and in the organization, more specifically in relation
to their job, the products and services EVS develops, and EVS’ ESG strategy), which was 82%.
• Camaraderie (i.e., a sense of intimacy, hospitality, and community), which was 86%.
Overall, we are proud to see that the results indicate a high level of engagement and satisfaction.
Our engagement survey is our main engagement mechanism with Team Members. If they encounter issues that are not
included in the survey topics, or if they have an issue that requires immediate actions, Team Members are encouraged to
discuss it directly with their managers or a member of the Human Resources department. For issues pertaining to legal
matters, Team Members can use the whistleblowing procedure
47
.
Actions
The following table outlines ongoing and planned actions aimed at managing the impacts, risks, and opportunities related
to the topics of Talent Management and Working Conditions. The specific actions to be implemented in response to
material impacts, risks, and opportunities are determined based on the results of our engagement survey, the Team
Member NPS score, and the Top Employer assessment of our HR practices.
The effectiveness of these actions is assessed through the subsequent year's engagement survey outcomes, TmNPS
results, and Top Employer assessment.
47
More detail on the whistleblowing procedure can be found in the Business Ethics chapter (4.1) of the Governance part of this report. In 2024 and 2025, no
human rights incident related to EVS workforce occurred.
186
Action
Description
Status
Time horizon
Scope
Expected outcomes &
contribution to targets
Significant
investments
(CapEx / OpEx)
TALENT MANAGEMENT
Training offerings &
talent development
programs
We offer wide range of learning and
development opportunities, including live
training, online training, reading materials, and
language classes.
Ongoing
Continuous
All Team
Members
• Top Employer score:
Develop domain counts
for 25% of the score
• TmNPS: Offer Team
Members opportunities
for self-development
Over 600 k€/
year
Individual
Continuous
Improvement
Process (ICIP)
We promote a culture of continuous
improvement by encouraging consistent
feedback between leaders and teams. This
includes annual reviews to reflect on the past,
regular one-on-one meetings focused on
current development, and setting objectives to
guide future progress.
Ongoing
Recurrent,
once a year
All Team
Members
• Top Employer score:
Develop domain counts
for 25% of the score
• TmNPS: Offer Team
Members opportunities
for self-development
37 k€/ year
Indirect costs of
time and labor
Skipper team
development
Each month, management reviews the
development and career paths of their direct
reports (Skippers). This ongoing attention
supports a culture of continuous improvement
and motivates Skippers to pursue further
development, benefiting both their personal
progression and the organization as a whole.
Ongoing
Monthly
Skipper Team
• Top Employer score:
Develop domain counts
for 25% of the score
• TmNPS: Foster Team
Members’ development
Indirect costs of
time and labor
Internal mobility
We support internal mobility by helping
employees grow their careers and gain a
variety of experiences within the company. Our
internal job board ensures everyone has
access to available opportunities, while our
intranet page allows Team Members to submit
spontaneous applications for new roles.
Ongoing
Continuous
All Team
Members
• Top Employer score:
Develop domain counts
for 25% of the score
• TmNPS: Offer TM
opportunities for self-
development
Indirect costs of
time and labor
Onboarding
procedure
We have documented our onboarding process
and established a dedicated workflow within
our HRIS to enhance tracking. Each Team
Member receives a Welcome Box prior to their
first day. On the first day, a tour of the office,
an HR presentation, and introductions to the
team are scheduled. Feedback is gathered
Ongoing
Continuous
All Team
Members
• Top Employer score:
Attract domain counts
for 10% of the score
• TmNPS: Foster a
rewarding employee
experience
Indirect costs of
time and labor
187
through a WOW report three weeks after
arrival, and another one after three months to
assess the overall onboarding experience.
Meetings with both the CEO and CPO are also
arranged.
Additionally, a customized training path is
provided for all new hires.
Onboarding
improvement
In addition to the actions already ongoing, we
will work on the following:
- Gather feedback from hiring
managers about their experience with
the on-boarding process for new
hires.
- Develop a specific internal social
media group for new hires where they
can share experiences with each
other.
- A buddy will be assigned to new
employees
Unstarted
2030
All Team
Members
• Top Employer score:
Attract domain counts
for 10% of the score
• TmNPS: Cultivate
employer branding
Indirect costs of
time and labor
EVS employer
branding on social
media
We maintain a robust presence on social
media platforms such as LinkedIn, Facebook,
Instagram, and Twitter, strategically cultivating
employer branding to support recruitment
objectives.
Ongoing
Continuous
Company-wide
• Top Employer score:
Attract domain counts
for 10% of the score
• TmNPS: Cultivate
employer branding
45K€/ year
Partnerships with
educational
institutions
We prioritize participation in job fairs and foster
strong relationships with academic institutions,
offering conferences and educational sessions
to bridge the gap between theoretical
knowledge and practical application.
Ongoing
Continuous
Company-wide
• Top Employer score:
Attract domain counts
for 10% of the score
• TmNPS: Cultivate
employer branding
Indirect costs of
time and labor
Tailored
remuneration &
benefits
We designed our compensation strategy to
align with the skills and experience of each
Team Member, including opportunities for
profit sharing. We provide financial and non-
financial benefits, such as f sports activities in
some offices and the availability of healthy
food.
Ongoing
Continuous
All Team
Members
• Top Employer score:
Engage domain counts
for 25% of the score
• TmNPS: Foster a
rewarding employee
experience; contribute to
our Team Members’
well-being
N/A
188
Post-departure
conversation
We will ask senior leaders to consider a casual
follow-up conversation in the case of regretted
losses (within a few months after the
respective employee leaves)
Unstarted
2030
All Team
Members
• Top Employer score:
Engage domain counts
for 25% of the score
• TmNPS: Foster a
rewarding employee
experience; contribute to
our Team Members’
well-being
Indirect costs of
time and labor
Digital employee
experience
We will define a clear vision for the digital
employee experience and turn it into an agile,
adaptive roadmap. By regularly mapping the
digital journey and gathering employee
feedback, we can identify priorities and
continuously improve key areas for a better
experience.
Unstarted
2030
All Team
Members
• Top Employer score:
Shape domain counts
for 15% of the score
• TmNPS: Foster a
rewarding employee
experience
Indirect costs of
time and labor
AI ethics for HR
We will involve employees in discussions
about AI ethics and its integration into HR
processes, promoting awareness and
understanding of our AI initiatives and their
impact on the workforce (e.g., job roles, job
security, and workplace dynamics)
Unstarted
2030
Company-wide
• Top Employer score:
Unite domain counts for
10% of the score
Indirect costs of
time and labor
Pay transparency
Our pay transparency project aims to ensure
clear and fair communication on remuneration
across the company. It aligns with EU Directive
2023/970, which requires organizations to
implement pay transparency measures to
reduce unjustified pay gaps.
This initiative is designed to mitigate potential
negative impacts related to gender inequality
and strengthen trust within the organization.
Ongoing
2027
All Team
Members
• Reduce unjustified pay
gap to 5% or below.
N/A
189
WORKING CONDITIONS
Social events & team
building
We established a group (Ed Force 1)
dedicated to organizing engaging activities
throughout the year that foster interpersonal
connections and trust among Team Members.
Ongoing
Continuous
All Team
Members
• TmNPS : Offer Team
Members optimal
working conditions
300k€
Ideation box
We launched an internal survey to collect
feedback on how to improve Team Members’
working conditions. Our focus areas are
ergonomic work environments, mental and
physical health, wellbeing initiatives and work-
life balance
Ongoing
Continuous
All Team
Members
• Top Employer score:
Attract domain counts
for 10% of the score
• TmNPS: contribute to
our Team Members’
well-being
Indirect costs of
time and labor
Office visitor guides
We created dedicated SharePoint pages to
guide Team Members when visiting one of our
offices worldwide. They provide
recommendations for dining, shopping,
activities, and more to ensure Team Members
have an enjoyable and productive stay.
Ongoing
Continuous
Company-wide
• TmNPS: contribute to
our Team Members’
well-being
Indirect costs of
time and labor
Standing desks in
meeting rooms
We have installed standing desks at the HQ
office to promote better posture, reduce
sedentary time, and support employee health
and productivity.
Ongoing
Continuous
HQ
• TmNPS: contribute to
our Team Members’
well-being
N/A
190
3.1.4. DIVERSITY, EQUITY & INCLUSION: POLICY, ENGAGEMENT & ACTIONS
Policy
At EVS, we understand that embracing diversity and fostering inclusion are both a moral imperative and a strategic
business decision that directly contribute to long-term success. Accordingly, to manage the impacts, risks, and
opportunities related to Diversity, Equity, & Inclusion (DEI) within our workforce, we have a specific DEI policy, which
complements our people policy by laying out more clearly our commitment to enabling a safe work environment where
individual differences are respected, providing equal opportunities, and applying a zero-tolerance approach to
discrimination and harassment. The nine protected characteristics that can be grounds for discrimination
48
are explicitly
identified in our DEI policy, which is publicly available on our website.
The procedure to be followed if a Team Member witnesses or experiences discrimination or harassment is documented in
our DEI policy, as well as on our Human Resources SharePoint, and our DEI SharePoint. It is structured as follows: as a
first recourse, we encourage our Team Members to speak directly with their manager or a Human Resources
representative if they experience or witness an incident of harassment or discrimination. However, if this is not possible or
if they do not feel comfortable doing so, they can report the incident through the Discrimination & Harassment Reporting
Channel, accessible on both our Human Resources SharePoint and DEI SharePoint. Once a report is submitted through
this channel, three designated members of the DEI team receive a notification, and an inquiry is conducted to investigate
the reported facts. The person who submitted the report is informed that their report has been received and receives regular
updates on the progress of the investigation. They are guaranteed that their identity will not be revealed unless they give
their explicit agreement, and they are protected against any form of retaliation, provided the report was made in good faith.
Engagement around Diversity, Equity & Inclusion
In addition to our engagement survey, we conduct an inclusion survey once a year to gain more specific insight into whether
Team Members – particularly those identifying as minorities – feel included within the company, and to allow them to
suggest ways to improve inclusivity.
In 2025, more than 85% of the responds to the inclusion survey agreed to the statement “Do you think EVS is an inclusive
workspace ?”. The results of the inclusion survey were analyzed by members of the DEI extended team and presented to
the ESG Core Team and the Chief People Officer, who is responsible for ensuring that the results inform the company’s
DEI approach.
Since 2024, we complemented the inclusion survey with a more continuous approach: our DEI Feedback & Suggestion
Channel, which is available year-round on the DEI intranet page. This channel enables employees to submit suggestions,
either anonymously or openly, on how to foster a more inclusive workplace.
Actions
The following table outlines the ongoing and planned initiatives aimed at managing the impacts, risks, and opportunities
related to Diversity, Equity & Inclusion.
The appropriate actions are determined based on the Top Employer assessment, feedback from our engagement and
inclusion surveys, comparisons with other similar companies (benchmarking), additional informal feedback reported
directly to the DEI team, and other internal analyses such as gender equality analyses.
The effectiveness of these actions is assessed through the subsequent year's engagement survey outcomes, TmNPS
results, the Top Employer assessment, and inclusion survey results.
48
Age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, sexual orientation.
191
Action
Description
Status
Time horizon
Scope
Expected outcomes &
contribution to targets
Significant
investments
(CapEx / OpEx)
Mandatory DEI online
training
We have set up a mandatory DEI online training
program for Team Leaders
Ongoing
Continuous
All Team
Members
• Top employer score:
Unite domain counts for
10% of the score
• TmNPS: Foster an
inclusive workplace
Indirect costs of
time and labor
Awareness raising
on DEI topics
We have set up multiple SharePoint pages to
provide DEI-related resources. Additionally, we
regularly discuss these topics on our internal social
media channels.
Ongoing
Continuous
All Team
Members
• Top employer score:
Unite domain counts for
10% of the score
• TmNPS: Foster an
inclusive workplace
Indirect costs of
time and labor
Mentoring program
between Leadership
Team members &
women at EVS
We have implemented a mentoring program to
encourage meaningful exchanges between female
employees at EVS and members of the Leadership
Team. The program is designed so that mentees
benefit from the expertise and experience of their
mentors, while mentors gain valuable perspectives
on the experiences of female employees.
Ongoing
Continuous
All Team
Members
• Top employer score:
Unite domain counts for
10% of the score
• TmNPS: Foster an
inclusive workplace
Indirect costs of
time and labor
Preferred pronouns
in the HRIS
We have added the possibility to include preferred
pronouns in the HRIS to foster a more inclusive
workplace culture and ensure respectful,
personalized communication across teams. This
small but meaningful change supports diversity and
helps everyone feel seen and valued.
Ongoing
Continuous
All Team
Members
• Top employer score:
Unite domain counts for
10% of the score
• TmNPS: Foster an
inclusive workplace
Indirect costs of
time and labor
Non-gendered
wording in job
descriptions
We ensure that we use non-gendered wording in
our job descriptions to promote fairness and attract
a diverse pool of candidates.
Ongoing
Continuous
All Team
Members
• Top employer score:
Unite domain counts for
10% of the score
• TmNPS: Foster an
inclusive workplace
Indirect costs of
time and labor
Support for gender
diversity in
broadcast and STEM
industries
We support various organizations that promote
gender diversity in the broadcast and STEM
industries, such as Elles Bougent and CoderDojo
for Girls.
Ongoing
Continuous
All Team
Members
• Top employer score:
Unite domain counts for
10% of the score
• TmNPS: Foster an
inclusive workplace
24k€
192
3.1.5. METRICS
49
Table 1: Number of employees (headcount)
50
and distribution by gender
Gender
2024
2025
Male
589
659
Female
111
139
Other
1
51
1
Not reported
0
0
Total employees
701
52
799
Table 2: Number of employees (headcount) and distribution by country
Country
2024
2025
Belgium
418
444
China
8
7
France
42
51
Germany
17
16
Hong Kong
12
13
Portugal
42
54
Spain
5
7
The Netherlands
57
58
United Arab Emirates
7
7
United Kingdom
33
31
United States of America
48
94
Other
12
17
Table 3: Number of employees (headcount) and distribution by region
Region
2024
2025
Asia & Pacific (APAC)
28
30
Europe, Middle East & Africa (EMEA)
624
672
North America & Latin America (NALA)
49
97
49
For the 2025 reporting, compare to our 2024 reporting, we removed the tables presenting the age-group breakdown across management levels, as well as
the table detailing the regional split of new hires. This information is not required under the CSRD mandatory KPIs and is no t linked to any of our material
topics, providing limited added value to readers of the sustainability report.
50
Unless indicated otherwise, the number of employees is computed in headcount, as a snapshot on the last day of the reporting period (12/31/2025)
51
In the following metrics, the "Other" category has been removed for confidentiality reasons. As this category includes only one individual, sharing this data
would compromise anonymity and directly reveal private information related to that individual.
52
The increase in number of employees between 2024 and 2025 is due to both organic growth and the acquisition of a new entity.
193
Table 4: Number of employees (headcount) and distribution by age group
Age group
53
2024
2025
Under 30 years old
126
110
30-50 years old
409
496
Over 50 years old
166
193
Table 5: Number of employees (headcount) and distribution by contract type and gender
2024
2025
Female
Male
Female
Male
Number of employees
111
589
139
659
Number of permanent employees
109
589
136
657
Number of temporary employees
2
0
2
3
Number of non-guaranteed hours
employees
0
0
0
0
Table 6: Departures and hires of employees – distribution by gender
2024
2025
Female
Male
Total
Female
Male
Total
Number of hires
28
102
130
43
114
157
Number of departures
6
47
53
16
44
60
Turnover rate
54
5%
8%
8%
12%
7%
8%
Table 7: Departures and hires of employees – distribution by age group
2024
2025
Under 30
30-50
Over 50
Under 30
30-50
Over 50
Number of hires
47
61
23
43
83
31
Number of
departures
12
28
13
11
29
20
Turnover rate
10%
7%
8%
10%
6%
10%
53
In 2025, the mean age of our employees was 41.8 years.
54
The turnover rate is computed as the number of departures over the reporting period, divided by the headcount (computed as a snapshot on the last day
of the reporting period).
194
Table 8: Distribution of Team Members
55
by management level and gender
2024
2025
Female
Male
Female
Male
Staff (#)
56
98
491
119
546
Management (#)
57
8
58
15
75
Top management
58
(#)
7
60
7
54
Staff (%)
17%
83%
18%
82%
Management (%)
12%
88%
17%
83%
Top management (%)
10%
90%
11%
89%
Table 9: Number of training hours per employee and distribution per gender
Gender
2024
2025
Female
22
17
Male
17
12
Table 10: Number of training hours per Team Member and distribution per management level
Level of management
2024
2025
Staff
17
13
Management
28
11
Top management
21
15
Table 11: Percentage of employees that participated in regular performance and career development reviews
59
Gender
2024
2025
Female
95%
87%
Male
97%
95%
Total
97%
94%
Table 12: Percentage of employees who took family-related leave
60
and distribution by gender
61
Gender
62
2024
2025
Female
13%
9%
Male
18%
12%
Total
17%
12%
55
Team Members are employees and contractors who are registered in the HRIS.
56
Staff consists of Team Members with no direct reports (i.e. not managers) who are neither skippers nor members of the Leadership Team.
57
Management consists of Team Members with at least one direct report, who are neither skippers nor members of the Leadership Team.
58
Top management consists of Leadership Team members (members of the executive committee) and skippers (Team Members who report directly to the
executive committee).
59
Each employee undergoes one performance review annually.
60
All our employees are entitled to family-related leave through social and/or collective bargaining agreement.
61
Data from our newly created Business Unit – T-Motion is not available, therefore, it is estimated that the percentage of employees who took family-related
leave is the same as in the rest of the company.
62
We consider in this calculation all types of family-related leave, including part-time schedules which can be adopted for parents with children under a
certain age. Please note that while the numbers are similar between men and women, it is likely that women tend to take longer family-related leave.
195
Table 13: Pay gaps
2024
2025
Gender pay gap
63
-18%
64
-18%
Annual total remuneration gap
65
7.8
8.53
Table 14: Incidents of discrimination, complaints filed to the National Contact Points for OECD Multinational Enterprises,
and fines/penalties/compensation for damages
2024
2025
Incidents of discrimination, including harassment
0
0
Number of reports filled in by members of our own workforce through the
whistleblowing procedure
0
0
Fines, penalties, and compensation for damages as a result of the
incidents and complaints mentioned in the rows above
0
0
63
Difference in average pay levels between male and female employees, expressed as a percentage of average pay level of male employees. As we do not
have data on gross hourly pay level, the calculations are made based on the annual salary for a full-time equivalent. This gap is computed for the same
working hours, without considering factors such as the job, seniority, or level of responsibility. Our in-depth internal gender equality analysis shows that men,
on average, hold roles with a higher level of responsibility, and have more seniority, than women. Nevertheless, the analysis suggests that, once responsibility
levels are accounted for, there is no systematic pay gap between men and women.
64
We identified an error in the calculation of the gender pay gap in 2024. As a result, the 2024 figure has been corrected.
65
Annual total remuneration ratio of the highest paid individual to the median annual total remuneration for all employees (excluding the highest-paid
individual). For our Portuguese entity and our new acquired solution unit (T-motion), the average salary is taken into account.
196
3.2. WORKERS IN THE VALUE CHAIN
3.2.1. GENERAL INFORMATION
Sustainability and social responsibility are integral parts of our strategy, and we firmly believe that it is crucial to involve
our entire ecosystem in our efforts. We are aware that it is our responsibility to ensure that our trading partners and their
suppliers share our commitment to sustainability and human rights.
Considering all workers in our value chain who are likely to be impacted by our operations
66
, we have identified the following
impacts, risks, and opportunities:
IRO name
Definition
EVS’ response
67
Workers in the
value chain –
Working
conditions
EVS has an actual positive impact on the
workers in its value chain by requiring minimum
standards of working conditions (including human
rights, and health and safety) from its suppliers.
• Organization of the Suppliers’ Day
• Supplier ESG assessment
• EVS supplier certification procedure
• Supplier risk assessment
• Whistleblowing process
• Purchasing policy
• Business Partner Code of Conduct
Risk – Supply
chain
management
Risk of labor rights or environmental issues in the
supply chain leading to reputational damage and
impacts on short- and long- term costs and sales.
Risk –
Inadequate
partnership
Inadequate due diligence on prospective business
partners or contracting parties and failure to
monitor compliance with agreements may lead to
inappropriate or ineffective partnerships.
Value chain workers who are likely to be impacted by our operations consist of workers in our upstream value chain. At
this stage, we lack the visibility needed to identify specific geographies or commodities for which there is a significant risk
of child labor, forced labor, or compulsory labor. We are also unable to determine whether impacts are systemic or related
to isolated incidents, nor how workers with certain characteristics, working in specific contexts, or engaged in particular
activities may be at greater risk of harm. We are actively exploring tools to support us in this assessment.
As we have not yet designed a climate transition plan, we have not identified any material impacts on value chain workers
that may arise from transition plans to reduce negative impacts on the environment and achieve greener and climate-
neutral operations. Likewise, we are not yet able to provide details regarding potential positive impacts.
3.2.2. TARGETS
We have set the following two targets for 2030:
100% of our direct (Tier 1) high-risk and major-risk suppliers rated on sustainability
68
50% of our direct (Tier 1) high-risk and major-risk suppliers to have achieved an EcoVadis bronze medal or
equivalent
As the certifications we have selected include criteria related to the respondent’s supply chain sustainability, we aim to
create a ripple effect through which our Tier 1 suppliers will require their own suppliers to become more sustainable. This
is directly in line with our policy, which aims to ensure that our suppliers align with EVS’ standards and ethical practices,
promoting a responsible and sustainable supply chain. These targets were set by the ESG Core Team members
responsible for the Sustainable Supply Chain pillar and approved by the Leadership Team. While stakeholders were not
directly involved in defining them, these targets were informed by the results of the Double Materiality Assessment, which
relied on a more participatory approach.
Direct suppliers are those who provide goods or services directly associated with our production process. In 2025, we
enhanced our supply chain risk assessment procedures. Direct suppliers whose contracts exceed €25,000 are assessed
against the following criteria: supply chain dependency, geographical risk, financial stability, and adherence to delivery
schedules. Each criterion is rated (low, medium, or high) and weighted according to the Leadership Team's risk tolerance.
Based on these assessments, the inherent risk for each supplier is determined. The procurement team then evaluates
their level of control to establish residual risk and develop appropriate mitigation plans. Suppliers identified with high or
major residual risk are required to comply with EVS’ ESG certification process.
69
66
While we considered workers all along the value chain in our Double Materiality Analysis, our policies, targets, and actions primarily focus on Tier 1
suppliers. The goal is for our sustainability efforts to cascade up the supply chain as these suppliers engage with their own Tier 1 suppliers, and so on.
67
For more information on the actions listed under the column “EVS’ response”, please see Chapter 3.2.4. ACTIONS & ENGAGEMENT PROCESS
68
The following certification are accepted by our purchasing team (not exhaustive): EcoVadis, Sedex, CDP, Sustainalytics, BCorp, ISO Certification 14001.
69
In 2024, the inherent risks were taken into account.
197
As of the end of 2025
70
, 9 direct high- and major- risk suppliers had been rated on sustainability. This corresponds to a
total of 20% of our direct high- and major-risk suppliers being rated on sustainability, with 11% achieving an EcoVadis
bronze medal or equivalent. These results are lower than those of 2024, primarily due to the revised methodology
implemented in our supply chain risk assessment.
2024 (base year)
2025
Direct high-risk and major-risk
suppliers rated on sustainability
26%
20%
Direct high-risk and major-risk
suppliers achieving an EcoVadis
bronze medal or equivalent
19%
11%
Our performance against our targets is monitored by the ESG Core Team Member responsible for the Sustainable Supply
Chain pillar and reported annually in our sustainability statements. This Team Member is also responsible for identifying
lessons learned and opportunities for improvement based on our performance.
3.2.3. POLICIES
We have established two key policies aimed at managing the IROs related to value chain workers:
- Purchasing policy incorporating a sustainability criterion: This policy outlines the integration of
sustainability criteria at various points of the purchasing procedure. It specifies when and how
sustainability criteria are applied and how these factors are combined with other priorities in the
purchasing process. It applies to all direct procurement activities. This internal policy is available to Team
Members who are required to make purchases.
- Business Partner Code of Conduct. This document is aimed at all our business partners, including our
(Tier 1) suppliers. It outlines the ethical standards that EVS expects its business partners to uphold and
makes explicit references to health and safety, non-discrimination, and human and labor rights. All
suppliers must adhere to this Code of Conduct. In addition to this document, a reference to the UK
Modern Slavery Act
71
is included in the terms and conditions of purchase for all suppliers. The Business
Partner Code of Conduct is publicly available on our website.
In 2025, we defined the "EVS Supplier Certification Procedure”. This process requires suppliers to complete one of our
recognized ESG assessments, sign our code of conduct, confirm adherence to the UK Modern Slavery Act, and
demonstrate compliance with RoHS and REACH legislation, as well as conflict minerals regulations. Participation is
mandatory for all direct high-risk and major-risk suppliers and will become applicable as of 2026. In 2030, we intend to
revise this process to formally introduce sanctions for non-compliant direct high-risk and major-risk suppliers.
The objective of these policies is to foster transparency across our supply chain (starting with Tier 1 suppliers) and ensure
that all our suppliers comply with our ethical and sustainability principles.
3.2.4. ACTIONS & ENGAGEMENT PROCESS
Although we do not have a direct system for interacting with value chain workers or their representatives, any concerns
can be submitted through our website's whistleblowing procedure. This procedure explicitly states that whistleblowers are
protected against retaliation in any form if they report any concerns. In the case where a whistleblowing report is issued,
EVS’ legal department is notified, and an investigation is conducted. The whistleblower is kept informed of the status and
outcome of the investigation. We do not have a standardized approach to providing remedies, as the appropriate response
depends on the specific nature and context of the complaint and is therefore determined on a case-by-case basis. In all
cases, the whistleblower’s identity is kept confidential, and anonymous reporting options are also available. In 2025, there
were zero severe human rights issues or incidents related to our upstream or downstream supply chain reported through
our whistleblowing tool.
While there is a reference to the whistleblowing tool in our Business Partner Code of Conduct, we do not currently assess
value chain workers’ awareness of, and trust in, the whistleblowing process. Issues raised through the whistleblowing tool
are tracked and monitored by EVS’ legal department, which is also responsible for ensuring that the channel functions
effectively from a technical standpoint.
The following table summarizes the planned, completed, and ongoing actions aimed at managing impacts, risks, and
opportunities related to value chain workers. The effectiveness of these actions is measured by our performance against
set targets.
70
The suppliers of our new entity T-Motion (acquired on the 1
st
October) are not included in this KPI as they are not yet integrated in our ERP system.
71
EVS’ policies are aligned with the UK Modern Slavery Act. However, at this point in time, we cannot definitively confirm that our policies align with the
frameworks mentioned in the ESRS, namely the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and
Rights at Work, or the OECD Guidelines for Multinational Enterprises, as a deeper understanding of these frameworks is necessary for our legal team to
verify full alignment.
198
Action
Description
Status
Time horizon
Scope
Expected outcomes &
contribution to targets
Significant
investments
(CapEx / OpEx)
Organization of the
Suppliers’ Day
Event designed to foster long-term partnerships
and engage suppliers on our shared sustainability
journey.
Done
Every 3 years
(next event
2027)
Direct high- and
major-risk
suppliers
Increase suppliers’
awareness of ESG
Indirect costs of
time and labor
Supplier risk
assessment
Direct suppliers are evaluated against defined
criteria. Each criterion is rated (low, medium, high)
and weighted according to the Leadership Team's
risk tolerance. Based on these assessments, the
inherent risk for each supplier is determined. The
procurement team then evaluates the level of
control to establish residual risk and develop
appropriate mitigation plans.
Ongoing
Twice a year
Direct suppliers
whose contracts
exceed €25,000
Evaluate supplier risk levels
Indirect costs of
time and labor
Supplier ESG
assessment
We chose to expand from accepting only one
certification (EcoVadis) to a wider range of
certifications to lower the burden and costs for our
suppliers, and to better involve them in the process.
Done
November
2025
Direct high- and
major-risk
suppliers
Increase the number of
suppliers with ESG
certifications
Indirect costs of
time and labor
EVS supplier
certification procedure
We have defined the process to follow-up on
supplier certification. We will also formalize the
application of sanctions for non-compliant direct
high- and major-risk suppliers
Ongoing
2026
Direct high- and
major-risk
suppliers
Increase the number of
suppliers with ESG
certifications
Indirect costs of
time and labor
Whistleblowing
process
We have implemented a process that provides all
stakeholders (including value chain workers) with
the opportunity to report actual or suspected
breaches of our Code of Conduct, policies and
applicable laws
Ongoing
Continuous
All stakeholders
Address concerns about
unethical, illegal, or unsafe
behavior.
Indirect costs of
time and labor
Review EVS website
to enhance
communication about
sustainable supply
chain with marketing.
We will review the sustainability section of our
website to improve communication about our
sustainable supply chain
Planned
2026
Company-wide
Increase awareness of our
sustainable supply chain
policies
Indirect costs of
time and labor
199
3.3. CUSTOMERS AND END USERS
3.3.1. GENERAL INFORMATION
Customer success is at the core of everything we do, deeply embedded in our corporate culture and strategically prioritized
to reflect the vital role the customer experience plays in shaping the perception of the EVS brand.
Considering all customers and end users who are likely to be impacted by our operations, and / or who have a significant
influence on EVS’ success, we have identified the following impacts, risks, and opportunities:
IRO name
Definition
EVS’ response
Access to (quality)
information
EVS has an actual positive
impact on its customers by
helping them access quality
information. EVS’ products and
services are used by production
crews to create content.
• Customer experience policy
• Direct ESG communication with client
• Customer ESG requests
Responsible marketing
practices
EVS has an actual positive
impact on its customers by
giving them access to accurate
and relevant information
regarding its products and
services to help them make an
informed purchasing decision.
Risk – Customer experience
Customer dissatisfaction may
lead to reputational impacts in
the market and loss of future
business opportunities.
Our main types of customers and end users are Live Audience Businesses (LABs), Live Service Providers (LSPs), and
Big Event Rentals
72
. We have not identified any actual or potential negative impacts on any of these categories
73
.
Material positive impacts result from our commitment to fostering ethical and transparent marketing and providing our
customers with detailed and accurate information about our products and services. This positively affects LABs, LSPs, and
Big Events Rentals, as well as our Channel Partners. Material positive impacts also result from our commitment to providing
reliable and innovative solutions to the broadcast industry, enabling our customers to create high-quality, impactful content
for audiences worldwide.
Risks related to customer experience apply to all customers, rather than to a specific group of customers or end users.
3.3.2. POLICY & PROCESS OF ENGAGEMENT
Our Customer Experience Policy sets out our general approach to managing impacts, risks, and opportunities related to
customers and end users. This includes our commitment to transparent marketing, as well as product quality and
sustainability. The policy is available on our website.
Our engagement process with customers and end users is also broadly described within this policy. We seek to employ
both qualitative and quantitative approaches to continuously gauge our customers’ satisfaction with our products and
services, and to understand their interests and priorities when it comes to sustainability. Qualitative approaches include
interviews to understand our customers’ perspectives on ESG. Quantitative approaches include the Devoncroft Net
Promoter Score
74
.
Engagement with customers occurs both directly and indirectly (through Devoncroft Partners, for instance). The Chief
Commercial Officer is responsible for implementing the Customer Experience pillar of our sustainability strategy and
ensuring that engagement with customers occurs and that EVS’ approach is informed by customer feedback. The
effectiveness of our engagement with customers is assessed through the response rate to customer surveys, while the
effectiveness of the actions implemented as a result of that engagement is assessed through trends in our customer NPS.
As we have not identified any negative impacts on customers and end users as a result of our activities, we do not have a
specific channel in place for customers and end users to raise concerns. Customers and end users can nevertheless use
72
For a description of these categories of customers and end-users, see Chapter (1.2) General Information – EVS at a Glance
73
We have identified impacts related to cybersecurity and personal data protection; however, these are reported under Chapter (5.1) Cybersecurity of our
Company, Products & Solutions, as an entity-specific topic grouping that addresses privacy and cybersecurity matters concerning both Team Members and
customers.
74
For more information on the Devoncroft Net Promoter Score (NPS), please see Chapter 3.3.3. TARGETS.
200
our whistleblowing tool
75
, available on our website for all stakeholders who may need to report any suspected law
infringement related to EVS’ activities. For other concerns and requests, they can provide feedback through the
engagement channels listed above.
3.3.3. TARGETS
We have set the following target for 2030:
Maintain a Net Promoter Score of 30 or above
(positioning EVS within the top 25% of the industry).
The Devoncroft Net Promoter Score survey assesses various aspects of customer satisfaction, including customer
success, innovation, quality, reliability, stability, forward-looking vision, value for money, and ease of collaboration. It also
asks respondents to rate, on a scale of 1 to 10, how likely they are to recommend EVS’ products and solutions to a friend
or an acquaintance. As with the Team Member NPS, responses are categorized as detractors (answers 0-6), passives (7-
8), and promoters (9-10). The NPS is calculated by subtracting the percentage of detractors from the percentage of
promoters. It is independently measured each year by Devoncroft Partners. In 2025, our NPS stands at 36.4 which is below
our 2024 results but still above our target.
2023 (base year)
2024
2025
Customer Net Promoter
Score
42.3
45.2
36.4
Customers and end users were not directly involved in setting the target, tracking performance against the target, or
identifying lessons learned from our performance. The target was set by the ESG Core Team member responsible for the
Customer Experience pillar and was approved by the Leadership Team. While Devoncroft Partners tracks our performance,
the SVP of Markets & Commercialization is responsible for drawing insights and implementing improvements based on
the survey results.
3.3.4. ACTIONS
Customer success is deeply embedded in our company culture and forms the foundation of everything we do. Our
overarching strategy is geared toward putting the experiences of customers and end users at the forefront. We are
particularly dedicated to consistently improving customer experience by addressing feedback from tools such as the
Devoncroft NPS survey. With a focus on ESG, initiatives under the Customer Carbon Footprint pillar—including the
development of ESG-related product features—significantly enhance our customers’ experiences in relation to ESG
considerations.
The following table outlines ongoing and planned actions aimed at managing the impacts, risks, and opportunities related
to Customer Experience, with a focus on ESG. The appropriate actions to be implemented in response to material impacts,
risks, and opportunities are determined based on the results of our Customer Net Promoter Score (NPS).
The effectiveness of these actions is assessed through the subsequent year's customer NPS results.
75
For more information on how issues raised through the whistleblowing tool are tracked, monitored, and addressed, please see Chapter 4.1.3 POLICY.
201
Action
Description
Status
Time
horizon
Scope
Expected outcomes &
contribution to targets
Significant
investments
(CapEx / OpEx)
Improve ESG
communication with
customers
We aim to highlight the ESG-related features in
product communications. We have also developed
an AI-based tool to support our pre-sales team in
responding to ESG-related questions in RFPs with
the latest information available across the
company.
Ongoing
Continuous
All products
• Increase customer
satisfaction relating to
ESG
Indirect costs of
time and labor
Improve processing
and implementation of
customer ESG
requests
We have introduced a dedicated ESG tag in our
internal Ideation Portal to make it easier to identify
ESG-related improvement ideas and customer
requests.
Ongoing
Continuous
All products
• Increase customer
satisfaction related to
ESG
Indirect costs of
time and labor
Media Climate Accord
The MCA seeks to address climate-related
challenges by uniting all parts of the media value
chain—including broadcasters, studios, vendors,
streaming services, content creators, distributors,
and infrastructure providers—to encourage
industry-wide change. As signatories, we commit to
measuring and reporting our energy use and
carbon emissions, and to sharing these findings
with both the industry and other relevant
stakeholders.
Ongoing
Continuous
All products
• Increase ESG
awareness across the
broadcast industry
N/A
202
4. GOVERNANCE INFORMATION
4.1. BUSINESS ETHICS
4.1.1. GENERAL INFORMATION
The continued success of EVS relies on the exemplary behaviour of every Team Member. Therefore, we expect all Team
Members to consistently uphold high standards of business ethics, meaning doing the right thing in the right way.
Preserving our reputation for integrity is essential to the company’s long-term success.
Through our double materiality assessment, we have identified the following impacts, risks, and opportunities (IROs)
related to Business Ethics:
IRO name
Definition
EVS’ response
Risk - Business conduct
Failure to implement and maintain an
effective corporate compliance
program (policies & procedures,
communication & training,
monitoring, reporting & detection)
may result in undetected fraud in the
organization, leading to financial and
reputational impacts.
• Code of conduct
• Whistleblower Policy
• Business ethics training
Risk - Intellectual property protection
& competitive behavior
Risk of limitations in the innovation
process due to third-party intellectual
property constraints, potentially
leading to unfair restrictions on
competition.
4.1.2. GOVERNANCE
As outlined in Chapter 1. GENERAL INFORMATION, at the management level, the Business Ethics pillar is sponsored by
the Chief Customer Officer and led by the Head of Legal. At the Board of Directors level, governance is a shared
responsibility among Board members. Additionally, Soumya Chandramouli (representing Frinso srl), as Sustainability
Sponsor, is responsible for challenging ESG initiatives and, therefore, the Business Ethics pillar.
4.1.3. POLICY
Our EVS Code of Conduct (which includes both the Team Member Code of Conduct and the Business Partner Code of
Conduct) reflects our company’s core value of integrity. It provides guidance to help stakeholders make appropriate
decisions in every situation, even when the correct course of action is not entirely clear.
The Team Member Code of Conduct applies to all directors, officers and employees of EVS, as well as all contractors
providing services to EVS worldwide, regardless of position or level of responsibility. Where appropriate, it also extends to
potential suppliers, contractors, customers, and other partners.
The Business Partner Code of Conduct applies to all potential Business Partners. It reflects EVS’ integrity values and
provides clear guidance to help them make the right decisions in every situation, even when the correct course of action
is not entirely clear.
The Code of Conduct addresses the following material topics related to Business Ethics: whistleblowing procedure,
corruption and bribery, and intellectual property protection & competitive behavior.
The EVS Code of Conduct, together with the Whistleblower Policy, provides all stakeholders with the opportunity to report
actual or suspected breaches of the Code, policies and applicable laws. Breaches can be reported through several
channels. For Team Members, the recommended first step is to report the issue to their local manager, who is best
positioned to understand the situation and the Team Member’s perspective. If this is not possible, Team Members can
speak directly to a member of the Leadership Team, the Legal Department, or the Human Resources Departments with
whom they feel comfortable.
203
Internal and external whistleblowers can also submit reports, anonymously or not, via the Whistleblowing Form on the EVS
website. This reporting channel is open to all, at any time, 24 hours a day, and is available in both English and French.
EVS is committed to protecting individuals who speak up and raise concerns appropriately and in good faith from any form
of retaliation. Where appropriate, protection measures may include information support, protection assistance, or legal
support.
EVS initiates prompt investigations following any credible indication of a potential breach of law or the Code of Conduct.
Violations may result in disciplinary measures, including termination of employment or contractual relationships. The Legal
Department is responsible for monitoring and conducting investigations; no separate committee is involved. The scope
and implementation of the Code of Conduct and related policies and procedures are reviewed on an annual basis. All
Team Members are required to complete e-training on the Code of Conduct and related policies upon joining the EVS
Group and every three years thereafter.
The Code of Conduct and related policies and procedures are available on the EVS intranet and website.
Through the implementation of its Code of Conduct, EVS aims to align with the principles of the UN Convention against
Corruption.
4.1.4. CORRUPTION AND BRIBERY
Within EVS, the functions identified as being most exposed to corruption and bribery risks are: sales, finance, and
procurement. The rationale is the following: Team Members working in sales and procurement, as they deal with business
partners and customers, and the Team Members working in finance, as they typically approve money transactions. In
2025, 76% of the Team Members in these high-risk roles completed the e-training on the Code of Conduct, which includes
modules on corruption and bribery. This represents an increase compared to 2024, when the completion rate was 65%
76
.
In 2026, EVS plans to develop a dedicated training program focused specifically on anti-corruption and anti-bribery.
In 2025, there were no convictions or fines for violations of anti-corruption and anti-bribery laws, and zero incidents of
corruption or bribery were reported.
4.1.5. TARGET
We have set the following targets for 2030:
100% of Team Members trained on Business Ethics
100% of direct suppliers (classified as High-risk or Major-risk) to sign the EVS Code of Conduct (or
equivalent)
77
These targets enable us to monitor awareness of, and adherence to, our Code of Conduct among both Team Members
and suppliers. They were established by the ESG Core Team members responsible for the Business Ethics pillar and
approved by the Leadership Team. Although stakeholders were not directly involved in defining these targets, they were
informed by the outcomes of the Double Materiality Assessment, which adopted a more participatory approach.
Our performance against these targets is monitored by the ESG Core Team member responsible for the Business Ethics
pillar and is reported annually in our sustainability statements. This Team Member is also responsible for identifying lessons
learned or areas for improvement based on our performance.
2023 (base year)
2024
2025
Team Members trained on
Business Ethics
73
97%
72%
84%
Direct suppliers (classified
as High-risk or Major-risk)
that have signed our Code
of Conduct (or equivalent)
Not tracked
Not tracked
Not tracked
In 2025, 84% of Team Members completed training on the Code of Conduct and Business Ethics. This marks a positive
progression compared to 2024, when the completion rate reached 72%. As mentioned earlier, this training is assigned to
all Team Members when joining EVS and is repeated for all Team Members, including the Leadership Team, every three
years. In 2025, additional checks were carried out to ensure consistent completion of the training across the organization.
76
These figures were reviewed in comparison with the 2024 reporting due to a change in methodology. A three‑year validity period for the Code of Conduct
training is now applied.
77
The same definitions as the ones used in Chapter (3.2) – Workers in the value chain for High and Major-risk suppliers.
204
The second target is closely linked to the Sustainable Supply Chain pillar and involves the implementation of the "EVS
Supplier Certification Procedure" for high- and major-risk suppliers, which now includes a mandatory Code of Conduct
signature requirement.
In 2025, we aimed to identify a tool to support the assessment and tracking of suppliers’ adherence to the Code of Conduct.
However, no suitable solution has yet been identified. Due to the significant workload associated with this initiative, we are
currently unable to report the number of suppliers who confirmed their adherence this year. Nevertheless, our general
purchasing terms reference our Code of Conduct, and it remains our priority to ensure all suppliers are informed of, and
comply with, our principles.
205
5. ENTITY-SPECIFIC INFORMATION
5.1. CYBERSECURITY OF OUR COMPANY,
PRODUCTS & SOLUTIONS
5.1.1. GENERAL INFORMATION
The increasing frequency of cyberattacks worldwide and the increasingly sophisticated tactics used by hackers and
cybercriminal groups pose a significant challenge for companies. As a leading provider and architect of IP infrastructure
solutions for the broadcast industry, EVS has implemented a robust cybersecurity strategy that ensures comprehensive
protection for both our products and critical IT systems.
EVS is fully aware of the rising importance of corporate IT security. Our commitment to cybersecurity is reflected in the
strong focus of our Leadership Team, which has led to the establishment of new processes and an increased emphasis
on the security of EVS products.
The vast majority of EVS customers play an important role in the reliable delivery of news and sport events worldwide.
Therefore, protection against specific cyberattacks and threats is a significant part of the activities performed by EVS.
We have identified the following impacts, risks, and opportunities in relation to the cybersecurity of our company, products,
and solutions:
IRO name
Definition
EVS’ response
Team Members– Privacy
Privacy involves appropriate
security measures to protect
employees' data. By putting
appropriate measures in place,
EVS prevents potential
negative impacts on its
workforce
• Personal data protection policy
• Data protection policy
• ICT security policy
• Governance structure
• Phishing tests
• Mandatory training on cybersecurity
Customers – Data breach
EVS may have a negative
impact on its customers in the
event of a cybersecurity breach
affecting EVS products or
systems.
• Product security policies
• Company vulnerability disclosure policy
• Data protection policy
• Personal data protection policy
• Product risk assessments
• Security by Design
• Vulnerability handling
• Information and technical documentation
• Certifications & audits
5.1.2. POLICIES
To limit risks related to cyberattacks and data breaches, we have implemented multiple policies aimed at protecting EVS
products and solutions as well as company data:
- Product security policies: These policies cover various topics related to the cybersecurity of EVS
products, such as credentials management and vulnerability management. Their primary objective is to
ensure that EVS products and solutions are developed without vulnerabilities. These policies are
intended for internal use by R&D developers and are accessible via the Intranet. Their implementation
is monitored through the assessment of vulnerabilities at each product release. The Chief Financial
Officer and the Chief Executive Officer are accountable for the implementation of these policies.
- Company Vulnerability disclosure Policy: This policy is intended for customers and explains how they
can disclose vulnerabilities identified in EVS products, under which conditions they may do so, and what
they can expect following their report. It is available on our website. While the reporting process is not
anonymous, as the Cybersecurity Workgroup needs to communicate with the reporting party, customer
confidentiality is guaranteed. Reports are regularly monitored by members of the Cybersecurity
206
Workgroup. The Chief Financial Officer and the Chief Executive Officer are responsible for overseeing
the implementation of this policy.
- Data protection policy: This policy, accessible via the Intranet, provides guidance to Team Members on
which data should be treated as confidential and protected. It outlines how sensitive data within EVS
should be accessed, stored, shared, used, and labeled to ensure adequate protection. The Head of the
Legal Department is accountable for the implementation of this policy, and its effectiveness is monitored
through the number of alleged data leak incidents disclosed in our Annual Report
- Personal data protection policy: This policy, also available on the Intranet, includes information on how
EVS collects, processes, uses, stores, and transfers personal data, and details the rights of individuals
whose data is processed. It also describes the notification process in the event of a breach and
references the GDPR
78
. The Head of the Legal Department is responsible for the implementation of this
policy, which is monitored based on the number of alleged data leak incidents disclosed in our Annual
Report. The Legal Department acts as E’VS official Data Protection Officer.
- ICT security policy
79
: This policy, available on the Intranet, provides guidelines that Team Members must
follow to ensure an appropriate level of ICT security. It is intended to support employees in using ICT
resources safely and effectively. The Chief Financial Officer is accountable for the implementation of this
policy, which is monitored through the reporting of alleged data leak incidents in the Annual Report.
5.1.3. TARGETS
We have set the following target for 2030:
Achieve Maturity Level 2 of the CyberFundamentals Framework
The CCB
80
CyberFundamentals Framework is structured around five core functions: identify, protect, detect, respond, and
recover. These functions, regardless of the organization or industry, facilitate communication about cybersecurity among
both technical practitioners and stakeholders, ensuring that cyber-related risks are effectively integrated into the overall
risk management strategy. This, in turn, strengthens the protection of our critical IT systems. The framework‘s requirements
and guidance are complemented by relevant insights included in the NIST/CSF
81
and IEC/ISO 27001:2022. Achieving
Maturity Level 2 of the CyberFundamentals Framework also implies compliance with the NIS2 Directive
82
, which will
become mandatory in 2030. As this is a regulatory requirement, stakeholders (i.e., specifically our Team Members) were
not directly involved in the definition of this target.
In addition to the CyberFundamentals Framework, our cybersecurity team is also working on EVS’ compliance with the
Cyber Resilience Act (CRA). The CRA is an EU regulation designed to improve cybersecurity and cyber resilience across
the EU. It establishes common cybersecurity standards for products with digital elements, including mandatory incident
reporting and automatic security updates.
As in 2024, no cybersecurity incidents were reported to the CCB in 2025.
5.1.4. ACTIONS
To manage the impacts, risks, and opportunities associated with the Cybersecurity pillar covering our company, products,
and solutions, the following actions were planned and/or implemented in 2025.
The effectiveness of the actions implemented in relation to the cybersecurity of our company, products and solutions pillar
is assessed through the number of alleged data leak incidents and the number of vulnerabilities detected, either internally
or reported by customers through the vulnerability disclosure process.
In 2024 and 2025, the number of reported incidents was zero. Cybersecurity is reviewed by the Audit Committee, where
this topic is included on the agenda once per year.
78
GDPR = General Data Protection Regulation
79
ICT = Information & Communication technologies
80
CCB = Centre for Cybersecurity Belgium
81
NIST = National Institute of Standards and Technology; CSF = Cybersecurity Framework
82
NIS2 Directive = Network and Information Security Directive
207
Action
Description
Status
Time horizon
Scope
Expected outcomes &
contribution to targets
Significant
investments
(CapEx / OpEx)
COMPANY DATA PRIVACY
Governance structure
We have implemented data classification
guidelines and defined clear rules for data
access.
Ongoing
Continuous
Company-wide
Improve CyberFundamentals
Framework score
N/A
Launch of phishing
tests
We regularly simulate cyberattacks designed to
assess employees' awareness of and response to
phishing attempts.
Ongoing
Continuous
Company-wide
Improve CyberFundamentals
Framework score
N/A
Mandatory
cybersecurity training
for all Team Members
All employees must complete training designed to
enhance their ability to identify cybersecurity
threats, understand their sources, respond
appropriately to potential incidents, and access
relevant information and support resources. The
program also incorporates a data privacy module,
ensuring participants understand the types of
data handled within the organization and the
appropriate methods for classification.
Ongoing
Continuous
Company-wide
Improve CyberFundamentals
Framework score
N/A
PRODUCTS AND SOLUTIONS
Risk assessment of
products
We are continuously assessing all our products
and solutions to prevent any information security
vulnerabilities.
Ongoing
2027
Company-wide
Improve CyberFundamentals
Framework score
CRA Compliance
Indirect costs of
time and labor
Security by Design
We are currently developing a secure
development lifecycle for all our products.
Ongoing
2027
Company-wide
Improve CyberFundamentals
Framework score
CRA Compliance
Indirect costs of
time and labor
Vulnerability handling
We are currently developing a process to report
actively exploited vulnerabilities and severe
incidents
Ongoing
2027
Company-wide
Improve CyberFundamentals
Framework score
CRA Compliance
Indirect costs of
time and labor
Information and
technical
documentation
We are preparing all the necessary product
documentation and technical files to ensure
compliance with the CRA.
Ongoing
2027
Company-wide
Improve CyberFundamentals
Framework score
CRA Compliance
Indirect costs of
time and labor
Certification & audits
We plan to regularly audit our products to ensure
compliance with the CRA (standards currently
under development).
Ongoing
2027
Company-wide
Improve CyberFundamentals
Framework score
CRA Compliance
Indirect costs of
time and labor
Information security
due diligence program
for third parties
Before partnering with third parties, we send them
a questionnaire to assess their information
security maturity level.
Done
Continuous
Company-wide
Improve CyberFundamentals
Framework score
CRA Compliance
Indirect costs of
time and labor
208
5.2. LOCAL SOCIAL CONTRIBUTION
5.2.1. GENERAL INFORMATION
As an international company with a strong local presence in several regions around the world, we aim to contribute to the
improvement of the communities where we operate. At the corporate level, we allocate resources to support ambitious
projects, particularly those focused on activities related to Sports, Education, and Culture. A dedicated workgroup meets
every month to review all sponsorship requests and decide on the allocation of resources.
In addition, we encourage our Team Members to take part in charity days and support individual initiatives by sponsoring
recognized organizations of their choice. Each Team Members is given the opportunity to support causes or associations
that are meaningful to them, with a dedicated budget for charitable contributions.
Contributing positively to society through sponsorships, volunteering, and similar activities has been a key pillar of our ESG
strategy from its very start, which is why the Local Social Contribution pillar is an entity-specific topic in this disclosure.
5.2.2. TARGETS
Each year, every EVS Team Member can spend one full (paid) day working for a charity. The objective is to give our Team
Members the opportunity to get involved firsthand in a cause that matters to them. Team Members can take their charity
day individually, as a team, or as a group.
We have set the following target for 2030:
At least 80% of our employees take their charity day during the year.
This absolute target aligns closely with our policy objectives – namely, fostering a positive impact on both local and global
communities, while also raising awareness among our Team Members about the value of volunteering activities. Its scope
applies to all employees, regardless of seniority, department, or location. This target was determined by the ESG Core
Team member responsible for the Local Social Contribution pillar and approved by the Leadership Team. No other
stakeholders were directly involved in defining this target.
2023 (base year)
2024
2025
Employees take their
charity day during the year
13%
23%
21%
The ESG Core Team member responsible for the Local Social Contribution pillar is also in charge of compiling data related
to this pillar, including data related to our performance against our target, and identifying any lessons learned or areas for
improvement. In 2025, 21% of employees took their charity day
83
.
5.2.3. POLICIES
To formalize our commitment to positively contributing to communities worldwide through volunteering and sponsoring, we
have developed a policy outlining our principles. Our Local Social Contribution Policy applies to all our Team Members
across departments and geographies. The policy is available on our website to all stakeholders.
5.2.4. ACTIONS
The following table outlines ongoing and planned actions aimed at managing the impacts, risks, and opportunities related
to the topic of Local Social Contribution.
The effectiveness of actions is assessed by monitoring Key Performance Indicators, such as the number of charity days
taken, the proportion of Team Members who used their charity day, the amount of sponsoring at both corporate and
individual levels, and the amount of money donated through the flex plan. These KPIs are reported annually but are typically
measured more frequently (usually on a quarterly or semi-annual basis).
In 2025, corporate sponsoring contributed a total of 293,335 EUR, while individual sponsoring amounted to 40,838 EUR.
Additionally, Team Members submitted 420 donation requests. These figures represent a modest increase over 2024,
when the totals were 158,026 EUR and 39,405 EUR, respectively.
83
The proportion of employees who used their charity day is computed as the number of charity days entered in the HRIS, divided by the total number of
employees (headcount on the last day of the reporting period).
209
Action
Description
Status
Time horizon
Scope
Expected outcomes &
contribution to targets
Significant
investments
(CapEx / OpEx)
Promotion of charity
days at HQ and non-
HQ offices (in
collaboration with ESG
Ambassadors)
We consistently remind our Team Members to
participate in charitable activities through
multiple communication channels. For local
offices, we collaborate with our ESG
Ambassadors to encourage the use of charity
days.
Ongoing
Continuous
Company-wide
Increase the number of
charity days used
Indirect costs of
time and labor
Implementation of the
possibility to donate
bonus “leftovers” to a
pre-selected
association
We offer the possibility for Team Members in
Belgium to donate a portion of their bonus to a
pre-selected association.
Done
March 2024
Belgium
Increase the number of local
donations
Indirect costs of
time and labor
Implementation of a
module to process the
100€ individual
sponsoring request
We implemented a module in our benefits
platform to simplify the process of individual
sponsoring requests (100€ per Team
Member).
Done
January 2025
Belgium
Increase the number of local
donations
Indirect costs of
time and labor
Identification of charity
organizations and
creation of a
dashboard listing
potential partners
We maintain a list of charities seeking support
to assist our Team Members in Belgium who
wish to take their charity day.
Ongoing
Continuous
HQ (Liège)
Increase the number of
charity days used
Indirect costs of
time and labor
210
AUDITOR’S REPORT
Limited assurance report of the statutory auditor to the general shareholders’
meeting on the consolidated sustainability statement of EVS Broadcast Equipment
SA for the accounting year ended on 31 December 2025
We present to you our statutory auditor’s report in the context of our legal limited assurance engagement on the
consolidated sustainability statement of EVS Broadcast Equipment SA (the "Company") and its subsidiaries (jointly "the
Group"). The consolidated sustainability statement of the Group is included in the part 13 “non-financial performance -
sustainability report" of the management report on 31 December 2025 and for the year then ended (hereafter "the
consolidated sustainability statement").
We have been appointed by the general meeting d.d. 20 May 2025, following the proposal formulated by the board of
directors and following the recommendation by the audit committee and the proposal formulated by the works’ council to
perform a limited assurance engagement on the consolidated sustainability statement of the Group.
Our mandate will expire on the date of the general meeting which will deliberate on the annual accounts for the year
ended 31 December 2027. We have performed our assurance engagement on the consolidated sustainability statement
for 1 year.
Limited assurance conclusion
We have conducted a limited assurance engagement on the consolidated sustainability statement of the Group.
Based on the procedures we have performed and the assurance evidence we have obtained, nothing has come to our
attention that causes us to believe that the consolidated sustainability statement of the Group, in all material respects:
• Has not been prepared in accordance with the requirements of article 3:32/2 of the Companies’ and
Associations’ Code, including compliance with the applicable European Sustainability Reporting Standards
(ESRS).
• Is not in accordance with the process (the "Process") carried out by the Group, as disclosed in section 1.3.2
"Double materiality process" of the consolidated sustainability statement, to identify the information reported in
the consolidated sustainability statement on the basis of ESRS.
• Does not comply with the requirements of article 8 of EU Regulation 2020/852 (the "Taxonomy Regulation")
disclosed in section 2.3 "EU taxonomy" within the environmental section of the consolidated sustainability
statement.
Basis for conclusion
We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements
(ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information ("ISAE
3000 (Revised)"), as applicable in Belgium.
Our responsibilities under this standard are further described in the "Responsibilities of the statutory auditor on the
limited assurance engagement on the consolidated sustainability statement" section of our report.
We have complied with all ethical requirements that are relevant to assurance engagements of sustainability statements
in Belgium, including those related to independence.
We apply International Standard on Quality Management 1 (ISQM 1), which requires the firm to design, implement and
operate a system of quality management including policies or procedures regarding compliance with ethical
requirements, professional standards and applicable legal and regulatory requirements.
We have obtained from the board of directors and Company officials the explanations and information necessary for
performing our limited assurance engagement.
211
We believe that the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion.
Other matter
The consolidated sustainability statement of the Group for the year ended 31 December 2024 have been subject to a
limited review by another statutory auditor who expressed an unqualified limited assurance on this statement on 18 April
2025.
Responsibilities of the board of directors relating to the preparation of the
consolidated sustainability statement
The board of directors is responsible for designing and implementing a Process and for disclosing this Process section
1.3.2 "Double materiality process" of the consolidated sustainability statement.
This responsibility includes:
• Understanding the context in which the activities and business relationships of the Group take place and
developing an understanding of its affected stakeholders.
• The identification of the actual and potential impacts (both negative and positive) related to sustainability
matters, as well as risks and opportunities that affect, or could reasonably be expected to affect the Group’s
financial position, financial performance, cash flows, access to finance or cost of capital over the short-,
medium-, or long- term.
• The assessment of the materiality of the identified impacts, risks and opportunities related to sustainability
matters by selecting and applying appropriate thresholds.
• Making assumptions that are reasonable in the circumstances.
The board of directors is further responsible for the preparation of the consolidated sustainability statement, which
includes the information established by the Process:
• In accordance with the requirements referred to in article 3:32/2 of the Companies’ and Associations’ Code,
including the applicable European Sustainability Reporting Standards (ESRS).
• In compliance with the requirements of article 8 of EU Regulation 2020/852 (the "Taxonomy Regulation")
disclosed in section 2.3 "EU taxonomy" within the environmental section of the consolidated sustainability
statement.
This responsibility comprises:
• Designing, implementing and maintaining such internal control that the board of directors determines is
necessary to enable the preparation of the consolidated sustainability statement that is free from material
misstatement, whether due to fraud or error.
• The selection and application of appropriate sustainability reporting methods and making assumptions and
estimates that are reasonable in the circumstances.
The audit committee is responsible for overseeing the Group’s sustainability reporting process.
Inherent limitations in preparing the consolidated Sustainability Statement
In reporting forward-looking information in accordance with ESRS, the board of directors is required to prepare the
forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible
future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as
expected and the deviation from that can be of material importance.
212
Responsibilities of the statutory auditor on the limited assurance engagement on
the consolidated sustainability statement
Our responsibility is to plan and perform the assurance engagement with the aim of obtaining a limited level of assurance
about whether the consolidated sustainability statement contains no material misstatements, whether due to fraud or
error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or errors
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
decisions of users taken on the basis of the consolidated sustainability statement.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), as applicable in Belgium, we apply
professional judgment and maintain professional scepticism throughout the engagement. The work performed in an
engagement aimed at obtaining a limited level of assurance, for which we refer to the section "Summary of work
performed," is less in scope than in an engagement aimed at obtaining a reasonable level of assurance. Therefore, we
do not express an opinion with a reasonable level of assurance as part of this engagement.
As the forward-looking information in the consolidated sustainability statement and the assumptions on which it is based,
are future related, they may be affected by events that may occur in the future and possible future actions by the Group.
Actual outcomes are likely to be different from the assumptions, as the anticipated events frequently do not occur as
expected, and the deviation from that can be of material importance. Therefore, our conclusion does not provide
assurance that the reported actual outcomes will correspond with those included in the forward-looking information in the
consolidated sustainability statement.
Our responsibilities regarding the consolidated sustainability statement, with respect to the Process, include:
• Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the
effectiveness of the Process, including the outcome of the Process.
• Designing and performing work to evaluate whether the Process is consistent with the description of the
Process by the Company, as set out section 1.3.2 "Double materiality process" of the consolidated sustainability
statement.
Our other responsibilities regarding the sustainability statement include:
• Acquiring an understanding of the entity's control environment, the relevant processes, and information systems
for preparing the sustainability information, but without assessing the design of specific control activities,
obtaining supporting information about their implementation, or testing the effective operation of the established
internal control measures.
• Identifying where material misstatements are likely to arise, whether due to fraud or error, in the consolidated
sustainability statement.
• Designing and performing procedures responsive to where material misstatements are likely to arise in the
consolidated sustainability statement. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Summary of work performed
A limited assurance engagement involves performing procedures to obtain evidence about the consolidated sustainability
statement. The procedures carried out in a limited assurance engagement vary in nature and timing from, and are less in
extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited
assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable
assurance engagement been performed.
The nature, timing, and extent of procedures selected depend on professional judgment, including the identification of
areas where material misstatements are likely to arise in the consolidated sustainability statement, whether due to fraud
or errors.
213
In conducting our limited assurance engagement with respect to the Process, we have:
• Obtained an understanding of the Process by:
- Performing inquiries to understand the sources of information used by management.
- Reviewing the Group’s internal documentation relating to its Process.
• Evaluated whether the evidence obtained from our procedures with respect to the Process implemented by the
Group was consistent with the description of the Process set out section 1.3.2 "Double materiality process" of
the consolidated sustainability statement.
In conducting our limited assurance engagement, with respect to the consolidated sustainability statement, we have:
• Obtained an understanding of the Group’s reporting processes relevant to the preparation of its consolidated
sustainability statement by obtaining an understanding of the Group’s control environment, processes and
information system relevant to the preparation of the consolidated sustainability statement, but not for the purpose of
providing a conclusion on the effectiveness of the Group’s internal control.
• Evaluated whether the information identified by the Process is included in the consolidated sustainability statement.
• Evaluated whether the structure and the presentation of the consolidated sustainability statement is in accordance
with the ESRS.
• Performed inquiries of relevant personnel and analytical procedures on selected information in the consolidated
sustainability statement.
• Performed substantive assurance procedures on selected information in the consolidated sustainability statement.
• Evaluated the methods/assumptions for developing estimates and forward-looking information as described in the
section "Responsibilities of the statutory auditor on the limited assurance engagement on the consolidated
sustainability statement".
• Obtained an understanding of the Group’s process to identify taxonomy-eligible and taxonomy-aligned economic
activities and the corresponding disclosures in the [consolidated] sustainability statement.
Statement related to independence
Our registered audit firm and our network did not provide services which are incompatible with the limited assurance
engagement, and our registered audit firm remained independent of the Group in the course of our mandate.
Liège, 15 April 2026
The statutory auditor
PwC Bedrijfsrevisoren BV/PwC Reviseurs d'Entreprises SRL
Represented by
Mélanie Adorante*
Bedrijfsrevisor/Réviseur d'entreprises
*Acting on behalf of Mélanie Adorante SRL
214
APPENDIX
APPENDIX 1A - LIST OF IMPACTS, RISKS AND OPPORTUNITIES COVERED BY ESRS DISCLOSURE
REQUIREMENTS AND COMPANY SPECIFIC
Topical ESRS
Sustainability Topics
Impact
Risk/ opportunities
ESRS E1 –
Climate
change
Climate change
mitigation - Company
Climate change mitigation -
Company
N/A
Climate change
mitigation - Customers
Climate change mitigation -
Customers
Risk - Market dynamics
(ESG)
Opp - Product and Market
dynamics (ESG)
Energy - Organization
Energy - Organization
Risk - Energy consumption
Opp - Sustainable
resources leading to lower
operational costs
Energy - Products
Energy - Products
Risk - Market dynamics
(ESG)
Opp - Product and Market
dynamics (ESG)
ESRS E5 –
Circular
economy
Resource inflows
Resource inflows
Risk - Material sourcing
Resource outflows
Resource outflows
Risk - Market dynamics
(ESG)
Risk - Product legal
requirements (ESG)
Opp - Product and Market
dynamics (ESG)
ESRS S1 –
Own
workforce
Team Members -
Working conditions
Team Members - Working
conditions
Risk - Talent attraction and
retention
Team Members - Social
dialogue & freedom of
association
Team Members - Social
dialogue & freedom of
association
Team Members -
Gender equality and
equal pay for work of
equal value
Team Members - Gender
equality and equal pay for
work of equal value
Risk - Diversity and
inclusion
Team Members -
Diversity & inclusion
Team Members - Diversity
& inclusion
Team Members -
Training and skills
development
Team Members - Training
and skills development
Risk - Talent attraction and
retention
ESRS S2 –
Workers in
the value
chain
Workers in the value
chain - Working
conditions
Workers in the value chain
- Working conditions
Risk - Inadequate
partnership
Risk - Supply chain
management
ESRS S4 –
Customers
and end-
users
Customers - Access to
(quality) information
Customers - Access to
(quality) information
Risk - Customer experience
Customers -
Responsible marketing
practices
Customers - Responsible
marketing practices
Risk - Customer experience
215
ESRS G1 –
Business
conduct
Protection of whistle-
blowers
Protection of whistle-
blowers
Risk - Business conduct
Corruption and bribery
Corruption and bribery
Risk - Business conduct
Intellectual property
protection &
competitive behavior
N/A
Risk - Intellectual property
protection & competitive
behavior
Company-
specific
topics
Customers - Data
breach
Customers - Data breach
Risk - Data security
(products)
Team Members -
Privacy
Team Members - Privacy
Risk - Data security (EVS)
Local social
contribution
Local social contribution
N/A
216
APPENDIX 1B - LIST OF ESRS DISCLOSURE REQUIREMENTS COMPLIED WITH IN PREPARING SUSTAINABILITY STATEMENT FOLLOWING OUTCOME
OF MATERIALITY ASSESSMENT
ESRS
Standard
DR
Description
Section reference
ESRS 2
BP-1
General basis for preparation of the sustainability statements
SECTION - 1. GENERAL INFO > OUR ESG REPORT > BASIS FOR PREPARATION
BP-2
Disclosures in relation to specific circumstances
SECTION - 1. GENERAL INFO > OUR ESG REPORT > BASIS FOR
PREPARATION
GOV-1
The role of the administrative, management and supervisory
bodies
SECTION - 1. GENERAL INFO > ESG AT EVS > OUR ESG GOVERNANCE
SECTION 4. GOVERNANCE INVORMATION > BUSINESS ETHICS >
GOVERNANCE
GOV-2
Information provided to, and sustainability matters addressed
by, the undertaking’s administrative, management and
supervisory bodies
SECTION - 1. GENERAL INFO > ESG AT EVS > OUR ESG GOVERNANCE
GOV-3
Integration of sustainability-related performance in incentive
schemes
SECTION - 1. GENERAL INFO > ESG AT EVS > OUR ESG GOVERNANCE
GOV-4
Statement on due diligence
SECTION - 1. GENERAL INFO > OUR ESG REPORT > DUE DILIGENCE
PROCESS
GOV-5
Risk management and internal control over sustainability
reporting
SECTION - 1. GENERAL INFO > OUR ESG REPORT > RISK MANAGEMENT AND
INTERNAL CONTROL OVER THE SUSTAINABILITY REPORTING
SBM-1
Strategy, business model and value chain
SECTION - 1. GENERAL INFO > EVS AT A GLANCE > OUR STRATEGY
SBM-2
Interests and views of stakeholders
SECTION - 1. GENERAL INFO > EVS AT A GLANCE > OUR STAKEHOLDER
ENGAGEMENT
SBM-3
Material impacts, risks, and opportunities, and their interaction
with strategy and business model
SECTION - 1. GENERAL INFO > ESG AT EVS > DOUBLE MATERIALITY
PROCESS
SECTION - 2. ENVIRONMENTAL INFORMATION > CLIMATE CHANGE >
IMPACTS, RISKS AND OPPORTUNITIES LINKED TO CLIMATE CHANGE
SECTION 3. SOCIAL INFORMATION > OWN WORKFORCE > GENERAL
INFORMATION
SECTION 3. SOCIAL INFORMATION > WORKERS IN THE VALUE CHAIN >
GENERAL INFORMATION
SECTION 3. SOCIAL INFORMATION > CUSTOMERS & END USERS > GENERAL
INFORMATION
IRO-1
Description of the process to identify and assess material
impacts, risks and opportunities
SECTION - 1. GENERAL INFO > EVS AT A GLANCE > DOUBLE MATERIALITY
PROCESS
SECTION - 2. ENVIRONMENTAL INFORMATION > CLIMATE CHANGE >
IMPACTS, RISKS, AND OPPORTUNITIES LINKED TO CLIMATE CHANGE
217
IRO-2
Disclosure Requirements in ESRS covered by the undertaking’s
sustainability statements
SECTION - 1. GENERAL INFO > EVS AT A GLANCE > DOUBLE MATERIALITY
PROCESS
ESRS
Standard
DR
Description
Section reference
E1
E1-1
Transition plan for climate change mitigation
SECTION 2. ENVIRONMENTAL INFORMATION > CLIMATE CHANGE >
TRANSITION PLAN AND TARGET
E1-2
Policies related to climate change mitigation and adaptation
SECTION 2. ENVIRONMENTAL INFORMATION > CLIMATE CHANGE > POLICY
E1-3
Action and resources in relation to climate change policies
SECTION 2. ENVIRONMENTAL INFORMATION > CLIMATE CHANGE > ACTION
PLAN
E1-4
Targets related to climate change mitigation and adaptation
SECTION 2. ENVIRONMENTAL INFORMATION > CLIMATE CHANGE >
TRANSITION PLAN AND TARGET
E1-5
Energy consumption and mix
SECTION 2. ENVIRONMENTAL INFORMATION > CLIMATE CHANGE > KEY
METRICS
E1-6
Gross Scopes 1, 2, 3 and Total GHG emissions
SECTION 2. ENVIRONMENTAL INFORMATION > CLIMATE CHANGE > KEY
METRICS
E1-7
GHG removals and GHG mitigation projects financed through
carbon credits
Not material
E1-8
Internal carbon pricing
Not material
E1-9
Anticipated financial effects from material physical and
transition risks and potential climate-related opportunities
Not disclosed – Used the phase-in provision
ESRS
Standard
DR
Description
Section reference
E5
E5-1
Policies related to resource use and circular economy
SECTION 2. ENVIRONMENTAL INFORMATION > CIRCULAR ECONOMY > POLICY
E5-2
Actions and resources related to resource use and circular
economy
SECTION 2. ENVIRONMENTAL INFORMATION > CIRCULAR ECONOMY >
TARGET AND ACTION PLAN
E5-3
Targets related to resource use and circular economy
SECTION 2. ENVIRONMENTAL INFORMATION > CIRCULAR ECONOMY >
TARGET AND ACTION PLAN
E5-4
Resource inflows
SECTION 2. ENVIRONMENTAL INFORMATION > CIRCULAR ECONOMY > KEY
METRICS
E5-5
Resource outflows
SECTION 2. ENVIRONMENTAL INFORMATION > CIRCULAR ECONOMY > KEY
METRICS
E5-6
Anticipated financial effects from material resource use and
circular economy-related impacts, risks, and opportunities
Not disclosed – Used the phase-in provision
218
ESRS
Standard
DR
Description
Section reference
S1
S1-1
Policies related to own workforce
SECTION 3. SOCIAL INFORMATION > OWN WORKFORCE > TALENT
MANAGEMENT & WORKING CONDITIONS & DIVERSITY, EQUITY & INCLUSION
S1-2
Processes for engaging with own workforce and workers'
representations about impacts
SECTION 3. SOCIAL INFORMATION > OWN WORKFORCE > TALENT
MANAGEMENT & WORKING CONDITIONS & DIVERSITY, EQUITY & INCLUSION
S1-3
Processes to remediate negative impacts and channels for
own workforce to raise concerns
SECTION 3. SOCIAL INFORMATION > OWN WORKFORCE > TALENT
MANAGEMENT & WORKING CONDITIONS & DIVERSITY, EQUITY & INCLUSION
S1-4
Taking action on material impacts on own workforce, and
approaches to managing material risks and pursuing material
opportunities related to own workforce, and effectiveness of
those actions
SECTION 3. SOCIAL INFORMATION > OWN WORKFORCE > TALENT
MANAGEMENT & WORKING CONDITIONS & DIVERSITY, EQUITY & INCLUSION
S1-5
Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities
SECTION 3. SOCIAL INFORMATION > OWN WORKFORCE > TARGETS
S1-6
Characteristics of the undertaking's employees
SECTION 3. SOCIAL INFORMATION > OWN WORKFORCE > KEY METRICS
S1-7
Characteristics of non-employee workers in the undertaking's
own workforce
Not material
S1-8
Collective bargaining coverage and social dialogue
Not material
S1-9
Diversity metrics
SECTION 3. SOCIAL INFORMATION > OWN WORKFORCE > KEY METRICS
S1-10
Adequate wages
SECTION 3. SOCIAL INFORMATION > OWN WORKFORCE > KEY METRICS
S1-11
Social protection
Not disclosed – Used the phase-in provision
S1-12
Persons with disabilities
Not material
S1-13
Training skills development metrics
SECTION 3. SOCIAL INFORMATION > OWN WORKFORCE > KEY METRICS
S1-14
Health and safety metrics
Not material
S1-15
Work-life balance metrics
SECTION 3. SOCIAL INFORMATION > OWN WORKFORCE > KEY METRICS
S1-16
Remuneration metrics (pay gap and total remuneration)
SECTION 3. SOCIAL INFORMATION > OWN WORKFORCE > KEY METRICS
S1-17
Incidents, complaints and severe human rights impacts
SECTION 3. SOCIAL INFORMATION > OWN WORKFORCE > KEY METRICS
219
ESRS
Standard
DR
Description
Section reference
S2
S2-1
Policies related to value chain workers
SECTION 3. SOCIAL INFORMATION > WORKERS IN THE VALUE CHAIN >
POLICIES
S2-2
Processes for engaging with value chain workers about impacts
SECTION 3. SOCIAL INFORMATION > WORKERS IN THE VALUE CHAIN >
ACTIONS AND ENGAGEMENT PROCESS
S2-3
Processes to remediate negative impacts and channels for
value chain workers to raise concerns
SECTION 3. SOCIAL INFORMATION > WORKERS IN THE VALUE CHAIN >
ACTIONS AND ENGAGEMENT PROCESS
S2-4
Taking action on material impacts on value chain workers, and
approaches to mitigating material risks and pursuing material
opportunities related to value chain workers, and effectiveness
of those actions
SECTION 3. SOCIAL INFORMATION > WORKERS IN THE VALUE CHAIN >
ACTIONS AND ENGAGEMENT PROCESS
S2-5
Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities
SECTION 3. SOCIAL INFORMATION > WORKERS IN THE VALUE CHAIN >
TARGETS
ESRS
Standard
DR
Description
Section reference
S4
S4-1
Policies related to customers and end users
SECTION 3. SOCIAL INFORMATION > CUSTOMERS & END-USERS > POLICY &
PROCESS OF ENGAGEMENT
S4-2
Processes for engaging with customers and end users about
impacts
SECTION 3. SOCIAL INFORMATION > CUSTOMERS & END-USERS > POLICY &
PROCESS OF ENGAGEMENT
S4-3
Processes to remediate negative impacts and channels for end-
users to raise concerns
SECTION 3. SOCIAL INFORMATION > CUSTOMERS & END-USERS > POLICY &
PROCESS OF ENGAGEMENT
SECTION 4. GOVERNANCE INVORMATION > BUSINESS ETHICS > POLICY
S4-4
Taking action on material impacts on customers and end-users,
and approaches to managing material risks and pursuing
material opportunities related to customers and end-users, and
effectiveness of those actions
SECTION 3. SOCIAL INFORMATION > CUSTOMERS & END-USERS > ACTIONS
S4-5
Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities
SECTION 3. SOCIAL INFORMATION > CUSTOMERS & END-USERS > TARGETS
220
ESRS
Standard
DR
Description
Section reference
G1
G1-1
Business conduct policies and corporate culture
SECTION 4. GOVERNANCE INVORMATION > BUSINESS ETHICS > POLICY
G1-2
Management of relationships with suppliers
SECTION 3. SOCIAL INFORMATION > WORKERS IN THE VALUE CHAIN >
GENERAL INFORMATION
G1-3
Prevention and detection of corruption/bribery
SECTION 4. GOVERNANCE INVORMATION > BUSINESS ETHICS > POLICY
G1-4
Incidents of corruption and bribery
SECTION 4. GOVERNANCE INVORMATION > BUSINESS ETHICS >
CORRUPTION AND BRIBERY
G1-5
Political influence and lobbying activities
Not material
G1-6
Payment practices
Not material
221
APPENDIX 1C - LIST OF DATAPOINTS IN CROSS-CUTTING AND TOPICAL STANDARDS THAT DERIVE FROM OTHER EU LEGISLATION
Disclosure Requirement and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark
Regulation reference
EU Climate Law
reference
Section reference
ESRS 2 GOV-1 Board's gender
diversity paragraph 21 (d)
Indicator number 13 of
Table #1 of Annex 1
Commission Delegated
Regulation (EU)
2020/1816 5, Annex II
SECTION - 1. GENERAL INFO >
ESG AT EVS > OUR ESG
GOVERNANCE
ESRS 2 GOV-1 Percentage of
board members who are
independent paragraph 21 (e)
Delegated Regulation
(EU) 2020/1816, Annex
II
SECTION - 1. GENERAL INFO >
ESG AT EVS > OUR ESG
GOVERNANCE
ESRS 2 GOV-4 Statement on due
diligence paragraph 30
Indicator number 10
Table #3 of Annex 1
SECTION - 1. GENERAL INFO >
OUR ESG REPORT > DUE
DILIGENCE PROCESS
ESRS 2 SBM-1 Involvement in
activities related to fossil fuel
activities paragraph 40 (d) i
Indicators number 4
Table #1 of Annex 1
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453 6 Table
1: Qualitative information
on Environmental risk
and Table 2: Qualitative
information on Social
risk
Delegated Regulation
(EU) 2020/1816, Annex
II
SECTION - 1. GENERAL INFO >
EVS AT A GLANCE > OUR
STRATEGY
ESRS 2 SBM-1 Involvement in
activities related to chemical
production paragraph 40 (d) ii
Indicator number 9
Table #2 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II
SECTION - 1. GENERAL INFO >
EVS AT A GLANCE > OUR
STRATEGY
ESRS 2 SBM-1 Involvement in
activities related to controversial
weapons paragraph 40 (d) iii
Indicator number 14
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1818 7,
Article 12(1) Delegated
Regulation (EU)
2020/1816, Annex II
SECTION - 1. GENERAL INFO >
EVS AT A GLANCE > OUR
STRATEGY
ESRS 2 SBM-1 Involvement in
activities related to cultivation
and production of
tobacco paragraph 40 (d) iv
Delegated Regulation
(EU) 2020/1818, Article
12(1) Delegated
Regulation (EU)
2020/1816, Annex II
SECTION - 1. GENERAL INFO >
EVS AT A GLANCE > OUR
STRATEGY
ESRS E1-1 Transition plan to
reach climate neutrality by
2050 paragraph 14
Regulation (EU)
2021/1119, Article 2(1)
SECTION 2. ENVIRONMENTAL
INFORMATION > CLIMATE
CHANGE > TRANSITION PLAN
AND TARGET
222
ESRS E1-1 Undertakings
excluded from Paris-aligned
Benchmarks paragraph 16 (g)
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453
Template 1: Banking
book- Climate Change
transition risk: Credit
quality of exposures by
sector, emissions and
residual maturity
Delegated Regulation
(EU) 2020/1818,
Article12.1 (d) to (g), and
Article 12.2
SECTION 2. ENVIRONMENTAL
INFORMATION > CLIMATE
CHANGE > TRANSITION PLAN
AND TARGET
ESRS E1-4 GHG emission
reduction targets paragraph 34
Indicator number 4
Table #2 of Annex 1
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453
Template 3: Banking
book – Climate change
transition risk: alignment
metrics
Delegated Regulation
(EU) 2020/1818, Article
6
SECTION 2. ENVIRONMENTAL
INFORMATION > CLIMATE
CHANGE > TRANSITION PLAN
AND TARGET
ESRS E1-5 Energy consumption
from fossil sources
disaggregated by sources (only
high climate impact
sectors) paragraph 38
Indicator number 5
Table #1 and Indicator n.
5 Table #2 of Annex 1
SECTION 2. ENVIRONMENTAL
INFORMATION > CLIMATE
CHANGE > KEY METRICS
ESRS E1-5 Energy consumption
and mix paragraph 37
Indicator number 5
Table #1 of Annex 1
SECTION 2. ENVIRONMENTAL
INFORMATION > CLIMATE
CHANGE > KEY METRICS
ESRS E1-5 Energy intensity
associated with activities in high
climate impact
sectors paragraphs 40 to 43
Indicator number 6
Table #1 of Annex 1
SECTION 2. ENVIRONMENTAL
INFORMATION > CLIMATE
CHANGE > KEY METRICS
ESRS E1-6 Gross Scope 1, 2, 3
and Total GHG
emissions paragraph 44
Indicators number 1 and
2 Table #1 of Annex 1
Article 449a; Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453
Template 1: Banking
book – Climate change
transition risk: Credit
quality of exposures by
Delegated Regulation
(EU) 2020/1818, Article
5(1), 6 and 8(1)
SECTION 2. ENVIRONMENTAL
INFORMATION > CLIMATE
CHANGE > KEY METRICS
223
sector, emissions and
residual maturity
ESRS E1-6 Gross GHG emissions
intensity paragraphs 53 to 55
Indicators number 3
Table #1 of Annex 1
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453
Template 3: Banking
book – Climate change
transition risk: alignment
metrics
Delegated Regulation
(EU) 2020/1818, Article
8(1)
SECTION 2. ENVIRONMENTAL
INFORMATION > CLIMATE
CHANGE > KEY METRICS
ESRS E1-7 GHG removals and
carbon credits paragraph 56
Regulation (EU)
2021/1119, Article 2(1)
Not material
ESRS E1-9 Exposure of the
benchmark portfolio to climate-
related physical risks paragraph
66
Delegated Regulation
(EU) 2020/1818, Annex
II Delegated Regulation
(EU) 2020/1816, Annex
II
Not disclosed – Used the phase-
in provision
ESRS E1-9 Disaggregation of
monetary amounts by acute and
chronic physical risk paragraph
66 (a) ESRS E1-9 Location of
significant assets at material
physical risk paragraph 66 (c).
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453
paragraphs 46 and 47;
Template 5: Banking
book - Climate change
physical risk: Exposures
subject to physical risk.
Not disclosed – Used the phase-
in provision
ESRS E1-9 Breakdown of the
carrying value of its real estate
assets by energy-efficiency
classes paragraph 67 (c).
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453
paragraph 34;Template
2:Banking book -Climate
change transition risk:
Loans collateralised by
immovable property -
Energy efficiency of the
collateral
Not disclosed – Used the phase-
in provision
224
ESRS E1-9 Degree of exposure of
the portfolio to climate- related
opportunities paragraph 69
Delegated Regulation
(EU) 2020/1818, Annex
II
Not disclosed – Used the phase-
in provision
ESRS E2-4 Amount of each
pollutant listed in Annex II of the
E- PRTR Regulation (European
Pollutant Release and Transfer
Register) emitted to air, water and
soil, paragraph 28
Indicator number 8
Table #1 of Annex 1
Indicator number 2
Table #2 of Annex 1
Indicator number 1
Table #2 of Annex 1
Indicator number 3
Table #2 of Annex 1
Not material
ESRS E3-1 Water and marine
resources paragraph 9
Indicator number 7
Table #2 of Annex 1
Not material
ESRS E3-1 Dedicated
policy paragraph 13
Indicator number 8
Table 2 of Annex 1
Not material
ESRS E3-1 Sustainable oceans
and seas paragraph 14
Indicator number 12
Table #2 of Annex 1
Not material
ESRS E3-4 Total water recycled
and reused paragraph 28 (c)
Indicator number 6.2
Table #2 of Annex 1
Not material
ESRS E3-4 Total water
consumption in m3 per net
revenue on own
operations paragraph 29
Indicator number 6.1
Table #2 of Annex 1
Not material
ESRS 2 - SBM 3 - E4 paragraph
16 (a) i
Indicator number 7
Table #1 of Annex 1
Not material
ESRS 2 - SBM 3 - E4 paragraph
16 (b)
Indicator number 10
Table #2 of Annex 1
Not material
ESRS 2 - SBM 3 - E4 paragraph
16 (c)
Indicator number 14
Table #2 of Annex 1
Not material
ESRS E4-2 Sustainable land /
agriculture practices or
policies paragraph 24 (b)
Indicator number 11
Table #2 of Annex 1
Not material
ESRS E4-2 Sustainable oceans /
seas practices or
policies paragraph 24 (c)
Indicator number 12
Table #2 of Annex 1
Not material
ESRS E4-2 Policies to address
deforestation paragraph 24 (d)
Indicator number 15
Table #2 of Annex 1
Not material
225
ESRS E5-5 Non-recycled
waste paragraph 37 (d)
Indicator number 13
Table #2 of Annex 1
Not material
ESRS E5-5 Hazardous waste and
radioactive waste paragraph 39
Indicator number 9
Table #1 of Annex 1
Not material
ESRS 2- SBM3 - S1 Risk of
incidents of forced
labour paragraph 14 (f)
Indicator number 13
Table #3 of Annex I
Not material
ESRS 2- SBM3 - S1 Risk of
incidents of child
labour paragraph 14 (g)
Indicator number 12
Table #3 of Annex I
Not material
ESRS S1-1 Human rights policy
commitments paragraph 20
Indicator number 9
Table #3 and Indicator
number 11 Table #1 of
Annex I
Not material
ESRS S1-1 Due diligence policies
on issues addressed by the
fundamental International Labor
Organisation Conventions 1 to
8, paragraph 21
Delegated Regulation
(EU) 2020/1816, Annex
II
SECTION 3. SOCIAL
INFORMATION > OWN
WORKFORCE > TALENT
MANAGEMENT & WORKING
CONDITIONS & DIVERSITY,
EQUITY & INCLUSION
ESRS S1-1 processes and
measures for preventing
trafficking in human
beings paragraph 22
Indicator number 11
Table #3 of Annex I
Not material
ESRS S1-1 workplace accident
prevention policy or management
system paragraph 23
Indicator number 1
Table #3 of Annex I
Not material
ESRS S1-3 grievance/complaints
handling mechanisms paragraph
32 (c)
Indicator number 5
Table #3 of Annex I
SECTION 3. SOCIAL
INFORMATION > OWN
WORKFORCE > TALENT
MANAGEMENT & WORKING
CONDITIONS & DIVERSITY,
EQUITY & INCLUSION
ESRS S1-14 Number of fatalities
and number and rate of work-
related accidents paragraph 88
(b) and (c)
Indicator number 2
Table #3 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex
II
Not material
226
ESRS S1-14 Number of days lost
to injuries, accidents, fatalities or
illness paragraph 88 (e)
Indicator number 3
Table #3 of Annex I
Not material
ESRS S1-16 Unadjusted gender
pay gap paragraph 97 (a)
Indicator number 12
Table #1 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex
II
SECTION 3. SOCIAL
INFORMATION > OWN
WORKFORCE > KEY METRICS
ESRS S1-16 Excessive CEO pay
ratio paragraph 97 (b)
Indicator number 8
Table #3 of Annex I
SECTION 3. SOCIAL
INFORMATION > OWN
WORKFORCE > KEY METRICS
ESRS S1-17 Incidents of
discrimination paragraph 103 (a)
Indicator number 7
Table #3 of Annex I
SECTION 3. SOCIAL
INFORMATION > OWN
WORKFORCE > KEY METRICS
ESRS S1-17 Non-respect of
UNGPs on Business and Human
Rights and OECD
Guidelines paragraph 104 (a)
Indicator number 10
Table #1 and Indicator n.
14 Table #3 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818 Art 12
(1)
SECTION 3. SOCIAL
INFORMATION > OWN
WORKFORCE > KEY METRICS
ESRS 2- SBM3 – S2 Significant
risk of child labour or forced
labour in the value
chain paragraph 11 (b)
Indicators number 12
and n. 13 Table #3 of
Annex I
SECTION 3. SOCIAL
INFORMATION > WORKERS IN
THE VALUE CHAIN > POLICIES
ESRS S2-1 Human rights policy
commitments paragraph 17
Indicator number 9
Table #3 and Indicator n.
11 Table #1 of Annex 1
SECTION 3. SOCIAL
INFORMATION > WORKERS IN
THE VALUE CHAIN > POLICIES
ESRS S2-1 Policies related to
value chain workers paragraph 18
Indicator number 11 and
n. 4 Table #3 of Annex 1
SECTION 3. SOCIAL
INFORMATION > WORKERS IN
THE VALUE CHAIN > POLICIES
ESRS S2-1 Non- respect of
UNGPs on Business and Human
Rights principles and OECD
guidelines paragraph 19
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818, Art 12
(1)
SECTION 3. SOCIAL
INFORMATION > WORKERS IN
THE VALUE CHAIN > POLICIES
ESRS S2-1 Due diligence policies
on issues addressed by the
fundamental International Labor
Organisation Conventions 1 to
8, paragraph 19
Delegated Regulation
(EU) 2020/1816, Annex
II
SECTION 3. SOCIAL
INFORMATION > WORKERS IN
THE VALUE CHAIN > POLICIES
ESRS S2-4 Human rights issues
and incidents connected to its
Indicator number 14
Table #3 of Annex 1
SECTION 3. SOCIAL
INFORMATION > WORKERS IN
227
upstream and downstream value
chain paragraph 36
THE VALUE CHAIN > ACTIONS
AND ENGAGEMENT PROCESS
ESRS S3-1 Human rights policy
commitments paragraph 16
Indicator number 9
Table #3 of Annex 1 and
Indicator number 11
Table #1 of Annex 1
Not material
ESRS S3-1 non-respect of UNGPs
on Business and Human Rights,
ILO principles or OECD
guidelines paragraph 17
Indicator number 10
Table #1 Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818, Art 12
(1)
Not material
ESRS S3-4 Human rights issues
and incidents paragraph 36
Indicator number 14
Table #3 of Annex 1
Not material
ESRS S4-1 Policies related to
consumers and end-
users paragraph 16
Indicator number 9
Table #3 and Indicator
number 11 Table #1 of
Annex 1
SECTION 3. SOCIAL
INFORMATION > CUSTOMERS
& END-USERS > POLICY &
PROCESS OF ENGAGEMENT
ESRS S4-1 Non-respect of
UNGPs on Business and Human
Rights and OECD
guidelines paragraph 17
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818, Art 12
(1)
SECTION 3. SOCIAL
INFORMATION > CUSTOMERS
& END-USERS > POLICY &
PROCESS OF ENGAGEMENT
ESRS S4-4 Human rights issues
and incidents paragraph 35
Indicator number 14
Table #3 of Annex 1
SECTION 3. SOCIAL
INFORMATION > CUSTOMERS
& END-USERS > ACTIONS
ESRS G1-1 United Nations
Convention against
Corruption paragraph 10 (b)
Indicator number 15
Table #3 of Annex 1
SECTION 4. GOVERNANCE
INVORMATION > BUSINESS
ETHICS > POLICY
ESRS G1-1 Protection of whistle-
blowers paragraph 10 (d)
Indicator number 6
Table #3 of Annex 1
SECTION 4. GOVERNANCE
INVORMATION > BUSINESS
ETHICS > POLICY
ESRS G1-4 Fines for violation of
anti-corruption and anti-bribery
laws paragraph 24 (a)
Indicator number 17
Table #3 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II
SECTION 4. GOVERNANCE
INVORMATION > BUSINESS
ETHICS > CORRUPTION AND
BRIBERY
ESRS G1-4 Standards of anti-
corruption and anti-
bribery paragraph 24 (b)
Indicator number 16
Table #3 of Annex 1
SECTION 4. GOVERNANCE
INVORMATION > BUSINESS
ETHICS > CORRUPTION AND
BRIBERY
228
APPENDIX 2 - IRO MAPPING WITH THE ESG STRATEGY PILLARS
229
APPENDIX 3 - EU TAXONOMY REPORTING TABLES
PROPORTION OF TURNOVER FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES - DISCLOSURE COVERING
YEAR 2025
230
PROPORTION OF CAPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES - DISCLOSURE COVERING YEAR
2025
231
PROPORTION OF OPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES - DISCLOSURE COVERING YEAR
2025
232
NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES
Template 1 Nuclear and fossil gas related activities
Row
Nuclear energy related activities
1
The undertaking carries out, funds or has exposures to research, development,
demonstration and deployment of innovative electricity generation facilities that
produce energy from nuclear processes with minimal waste from the fuel cycle.
NO
2
The undertaking carries out, funds or has exposures to construction and safe
operation of new nuclear installations to produce electricity or process heat,
including for the purposes of district heating or industrial processes such as
hydrogen production, as well as their safety upgrades, using best available
technologies.
NO
3
The undertaking carries out, funds or has exposures to safe operation of
existing nuclear installations that produce electricity or process heat, including
for the purposes of district heating or industrial processes such as hydrogen
production from nuclear energy, as well as their safety upgrades.
NO
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or
operation of electricity generation facilities that produce electricity using fossil
gaseous fuels.
NO
5
The undertaking carries out, funds or has exposures to construction,
refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
NO
6
The undertaking carries out, funds or has exposures to construction,
refurbishment and operation of heat generation facilities that produce heat/cool
using fossil gaseous fuels.
NO
233
APPENDIX 4 – METHODOLOGY AND ASSUMPTIONS RELATED TO OUR CARBON FOOTPRINT
Our carbon footprint calculation is aligned with the Greenhouse Gas (GHG) Protocol standards.
Operational data
Scope 1
Scope 1 emissions are emissions released directly by the company’s own operations.
Our Scope 1 emissions primarily arise from stationary combustion, mobile combustion, and fugitive emissions.
For stationary combustion, it is considered that only the HQ uses road diesel, exclusively for its emergency generator. None
of our offices use natural gas.
For mobile combustion, data related to our company cars is obtained through our leasing platform. Where the type of fuel is
not specified, gasoline is assumed by default.
For fugitive emissions, data is collected through invoices from refrigerant vendors . If no invoice is available for a given
office, it is assumed that no leakage occurred during the year.
In 2025, emissions from our truck and facility vehicles, as well as EVS house gas consumption, were excluded from our
carbon footprint, as each represented less than 1% of total emissions.
Scope 2
Scope 2 emissions are emissions from the generation of purchased energy consumed by the company (electricity, steam,
heat, cooling).
Electricity consumption data is primarily sourced from electricity supplier invoices. When invoices were not directly available,
consumption was extrapolated based on office surface area or number of employees.
In 2025, EVS house electricity consumption was excluded from our carbon footprint calculations, as it accounted for less
than 1% of total emissions.
Scope 3
Scope 3 emissions are all other emissions occurring upstream and downstream in EVS value chain.
Our main Scope 3 emissions come from purchased goods and services and use of sold products.
For purchased goods, services, and capital goods emissions (Scope 3.1 and 3.2), data is obtained from the company’s ERP
system. Whenever information on the number of units or the weight of items is available, this data is utilized. If neither is
accessible, a monetary ratio is applied instead. In some cases, common practice estimates are employed when specific
data points are missing, though their use is kept to a minimum whenever possible.
For the logistic emissions (upstream and downstream transportation – Scope 3.4 and 3.9), data is exported from the ERP
system. Regarding the delivery mode, we assumed that all Express/Priority transport was done by plane. Additionally, we
assumed that all business trips longer than 300km were by plane (less than 700km for short-haul, between 700km and
3,500km for middle-haul, and above 3,500km for long-haul).
For use of sold products emissions, data is exported from the ERP system. The following hypotheses were applied. We
considered a 10-year average product lifetime. Products were assumed to be used 24/7, except for Outside Broadcast or
Flypack product categories, which were considered to be used 1/5th of the time (both in sold and leased cases). For power
consumption, we used the worst-case scenario of "Full Charge." Regarding energy sources, it was assumed that products
were powered by the local electricity grid, except for Outside Broadcast or Flypack product categories, where 90% of power
consumption was considered to come from diesel generators and 10% from the local grid.
For the business travel data (Scope 3.6), the emissions are directly calculated from our business travel agency. For the
team members in region APAC who do not use the travel agency, an extrapolation is made based on the headcount.
For the fuel and energy related activities (not included in scope 1 and 2) emissions (Scope 3.3), the same data set as for
scope 1 and 2 is used.
Due to our business model, and activities, we don’t have any emissions linked to Processing of sold products (Scope 3.10),
Franchises (Scope 3.14) nor Investments (Scope 3.15).
In 2025, we excluded emissions from upstream leased assets (Scope 3.8), which covered the manufacturing of our leased
vehicles. This category is not a common practice under the GHG Protocol and was therefore removed.
Waste and employee commuting (Scope 3.5 and 3.7) were also excluded due to their minimal overall contribution (less than
1%).
The total value of excluded mandatory categories (Scope 1, 2, and 3) under the GHG Protocol represents less than 2% of
the 2024 carbon footprint. Consequently, emissions from upstream leased assets, waste, and employee commuting are not
234
included in either the 2024 baseline or the 2025 figures. These categories were also removed from the 2024 data to maintain
consistency and comparability across reporting periods.
Extrapolation
For our newly acquired solution unit, T-motion, (acquired on 1 October, 2025), we did not have sufficient time to collect
operational data. Consequently, we extrapolated the data based on the number of employees.
Emission Factors and Uncertainty rates
Emission factors were sourced from various databases, including ADEME, Ecoinvent, and others. For some specific
categories, monetary ratio was applied. The use of such factors was limited as much as possible to reduce uncertainty.
The overall uncertainty rate of our carbon footprint is estimated at 18%, which is higher than in 2024, 10%, primarily due to
the margin of error associated with the extrapolated data for T-Motion.
We are committed to continuously improving the accuracy of our metrics, by enhancing the data on material consumption
and obtaining more precise information on customer usage of our products.
Updates regarding the 2024 carbon footprint.
In 2024, Scope 3.11 – Use of Sold Products included both the air conditioning impact resulting from product use and the
effects of electricity transmission and distribution. As these categories are considered optional under the GHG protocol, they
have been excluded from the 2024 reporting data. Additionally, energy consumption associated with our rental products
was incorrectly attributed to Scope 3.11 – Use of Sold Products; since these products are short-term rentals, this energy
usage should have been classified under Scope 3.13 – Downstream Leased Assets. This allocation error was rectified in
the 2025 annual report. Finally, certain electronic components were incorrectly categorized as printed circuit items, which
was also addressed in the 2025 annual report.