20
EVS ANNUAL REPORT 2024 CEO AND CHAIRMAN
2
EVS ANNUAL REPORT 2024 CEO AND CHAIRMAN
3
EVS ANNUAL REPORT 2024 CEO AND CHAIRMAN
4
EVS ANNUAL REPORT 2024 ABOUT US
5
EVS ANNUAL REPORT 2024 ABOUT US
6
Evidence: MOG Technologies acquisition and TinkerList investment will
strengthen the EVS position for the MediaCeption market.
Evidence: The EVS team in US has more than doubled in 3 years. EVS has
hired key Team Members in the region to ensure and support its scalability.
Evidence: The 3 solutions (LiveCeption, MediaCeption and MediaInfra)
have been deployed as an ecosystem to support major summer events.
Evidence: The ratio of customers having 2 or 3 EVS solutions from different
families is continuously increasing.
7
EVS ANNUAL REPORT 2024 EVS STRATEGY
Evidence: Success of the channel partner program enabling EVS to
discover new types of customers.
Evidence: Neuron View as an HW multiviewer, saving up to 90% of energy
in comparison to an SW based multiviewer.
Evidence: Multiple new effects and workflow enhancements developed in
2024 in addition to XtraMotion.
Evidence: Success of Axon acquisition to address the market of Media
Infrastructure. Two new M&A transactions in 2024 to support the growth
of the MediaCeption addressable market.
8
EVS ANNUAL REPORT 2024 EVS STRATEGY
9
EVS ANNUAL REPORT 2024 EVS STRATEGY
10
EVS ANNUAL REPORT 2024 EVS STRATEGY
11
EVS ANNUAL REPORT 2024 EVS STRATEGY
12
EVS ANNUAL REPORT 2024 EVS STRATEGY
13
EVS ANNUAL REPORT 2024 EVS STRATEGY
More information on our Double Materiality Assessment
→
More information on our sustainability strategy
→
14
EVS ANNUAL REPORT 2024 EVS STRATEGY
More information on sustainability governance
→
ESG Core Team leader:
Sustainability sponsor:
Sustainability sponsors:
15
EVS ANNUAL REPORT 2024 EVS STRATEGY
Colonne2
Sold products
Products & services
Mobility
Energy Consumption
Logistics
Capital goods
Waste
More information on our carbon footprint results
→
16
EVS ANNUAL REPORT 2024 EVS STRATEGY
More information on our talent management strategy
→
17
EVS ANNUAL REPORT 2024 EVS STRATEGY
More information on our DEI strategy
België
Belgique
Belgium
Why join EVS?
→
→
18
EVS ANNUAL REPORT 2024 EVS STRATEGY
19
EVS ANNUAL REPORT 2024 EVS STRATEGY
20
EVS ANNUAL REPORT 2024 EVS STRATEGY
21
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
22
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
23
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
24
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
25
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
26
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
27
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
28
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
In essence, “This is not a replay” encapsu-
lates our bold vision for the future — a future
where boundaries are blurred, perceptions
are shattered, possibilities are limitless.
Experience the celebration once again by watching our aftermovie!
EVS’ replay solution unlocked this adrenaline-filled portal that is
simultaneously challenging, gratifying, and highly addictive. It’s
delivered more than I could conceptualize in my wildest dreams,
by revolutionizing not only my life but the lives of those I love.”
One thing that impresses me here at EVS is the attitude of all Team Mem-
bers. There’s a sense of company loyalty, mixed with bona fide dedication
and enthusiasm. Also, there is always something challenging happening
and every day is filled with new learning opportunities and excitements.”
30 years of innovation, partners, and friendship. These are the val-
ues we at Amber Technology rely on in our relationship with EVS,
from the humble beginnings at the little shop in Liège to the pur-
pose-built building of today. There have been many adventures
along the way, but at the core of each project there is always the
knowledge that we, as a team, will complete what we have started.”
I t’s incredible to witness all the milestones achieved by EVS
over the last 30 years! We treasure the successful collabora-
tion between us, delivering top-class technology for broad-
casting and new media productions in China. Once again,
our heartfelt congratulations on this great achievement!”
Head to our dedicated 30
th
-anniversary page
→
→
29
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
Americas
EMEA
APAC
NPS of
30
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
EVS is the only company with 3 subsequent years of NPS growth in a row
%
12
27
-5
34
33
5
-35
22
12
32
-20
31
4
0
46
39
1
-25
32
10
41
8
42
9
6
35
48
-9
-22
35
8
45
0
45.2
0.9
5.5
53.4
35.3
2
-41.1
30.2
11.8
39.9
5.5
-45
-25
-5
15
35
55
Other vendors
Source: Net Promoter Score 2024 Big Broadcast Survey Devoncroft
31
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
Security is a process, not a product. Products provide some protection,
but the only way to effectively do business in an insecure world is to
put processes in place that recognize the inherent insecurity in the
products. The trick is to reduce your risk of exposure regardless of the
products or patches.” -
32
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
33
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
34
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
35
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
More information on our supplier strategy
→
36
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
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.”
639
642
723
0
250
500
750
2022
2023
2024
44%
56%
HQ
56
44
R&D
85%
15%
male female
8%
88%
4%
NALA EMEA APAC
52
52
135
135
92%
92%
37
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
67%
33%
male female
38
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
39
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
40
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
41
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
77,2
5,9
5,8
5
3
3
Undeclared
Treasury Shares
Michel Counson
Otus Capital
Management Limited
Degroof Petercam
Asset Management SA
Ennismore Fund
Management Limited
42
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
43
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
January 2024 → December 2024
0
50 000
100 000
150 000
200 000
250 000
300 000
350 000
0
5
10
15
20
25
30
35
40
1/01/24
31/01/24
1/03/24
31/03/24
30/04/24
30/05/24
29/06/24
29/07/24
28/08/24
27/09/24
27/10/24
26/11/24
26/12/24
Number of Shares
Close
44
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
€ 447,878 14,74236.4% 3.6% € 1.1
0
20
40
60
80
100
2022
2023
2024
0
2
4
6
8
10
2022
2023
2024
0
5 000
10 000
15 000
2022
2023
2024
0
0,5
1
1,5
2022
2023
2024
1.5
1
0.5
0
0
100 000
200 000
300 000
400 000
500 000
2022
2023
2024
45
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
46
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
More information on our local social contribution strategy
→
47
EVS ANNUAL REPORT 2024 EVS ECOSYSTEM
Veerle De Wit, CFO
EVS Broadcast Equipment SA
+32 4 361 70 00
TABLE OF CONTENTS
TABLE OF CONTENTS 50
MANAGEMENT REPORT 53
FINANCIAL REPORT 53
1. CONSOLIDATED KEY FIGURES – IFRS (EUR MILLIONS) 53
2. HIGHLIGHTS 53
3. STRATEGY AND LONG-TERM GROWTH DRIVERS 53
4. REVENUE 54
5. RESEARCH AND DEVELOPMENT 55
6. STAFFING 55
7. RESULTS 55
7.1. 2024 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 2024 57
15. SUBSEQUENT EVENTS 57
16. PROPOSALS BY THE BOARD TO THE SHAREHOLDERS 58
CORPORATE GOVERNANCE STATEMENT 59
1. CORPORATE GOVERNANCE CHARTER 59
2. BOARD OF DIRECTORS 59
3. SPECIALIZED COMMITTEES ATTACHED TO THE BOARD 59
3.1. Audit Committee 59
3.2. Nomination and Remuneration Committee 60
4. DAY-TO-DAY MANAGEMENT 62
4.1. Executive Committee 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 63
8. GENERAL MEETINGS 64
9. SHAREHOLDER ENGAGEMENT 64
10. DIVIDENDS AND PROFIT ALLOCATION POLICY 64
11. RELEVANT INFORMATION IN THE EVENT OF A TAKEOVER BID 65
12. RESPECT OF THE BELGIAN CODE ON CORPORATE GOVERNANCE 66
13. REMUNERATION REPORT 67
13.1. Introduction 67
13.2. The Directors 67
13.3. The CEO and the other members of the Executive Management (i.e. the Leadership Team) 69
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 77
14. CONFLICT OF INTEREST PROCEDURES 77
15. RISKS AND UNCERTAINTIES 77
15.1. Top risks 79
CERTIFICATION OF RESPONSIBLE PERSONS 80
CONSOLIDATED FINANCIAL STATEMENTS 81
CONSOLIDATED INCOME STATEMENT 81
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 82
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) 83
CONSOLIDATED STATEMENT OF CASH FLOW 84
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 85
51
NOTES TO THE IFRS CONSOLIDATED FINANCIAL STATEMENTS 86
1. INFORMATION ABOUT THE COMPANY 86
1.1. Identification 86
1.2. Public information 86
1.3. Corporate purpose of the company 86
2. SUMMARY OF THE IFRS MATERIAL ACCOUNTING PRINCIPLES 86
2.1. Statement of compliance and basis of presentation 86
2.2. Summary of changes in accounting policies 86
2.3. Alternative performance measures 87
2.4. Consolidation principles 87
2.5. Subsidiaries 87
2.6. Interests in associates and joint ventures 87
2.7. Summary of significant judgements, assumptions, and estimates 87
2.8. Foreign currency translation 89
2.9. Intangible Assets 90
2.10. Tangible assets 91
2.11. Impairment of non-financial assets 91
2.12. Inventories 92
2.13. Trade and other receivables 92
2.14. Other non-current assets 92
2.15. Cash and cash equivalents 92
2.16. Treasury shares 92
2.17. Interest-bearing loans and borrowings 92
2.18. Provisions 93
2.19. Pensions and other post-employment benefits 93
2.20. Share-based payment 93
2.21. Revenue from contracts with customers 93
2.22. Government grants 94
2.23. Leases (EVS as lessee) 94
2.24. Leases (EVS as lessor) 94
2.25. Research and development costs 95
2.26. Income taxes 95
2.27. Derivative financial instruments 96
2.28. Dividends 96
2.29. Commitments relating to technical guarantee for sales or services already provided 96
2.30. Earnings per share 96
3. SEGMENT INFORMATION 96
3.1. General information 96
3.2. Additional information 97
4. CONSOLIDATED COMPANIES, JOINT VENTURES, ASSOCIATES AND REPRESENTATIVE OFFICES 98
5. INVESTMENT IN JOINT VENTURES AND ASSOCIATES 99
5.1. Investments in associates 99
5.2. Investments in Joint Ventures 100
6. INCOME AND EXPENSES 101
6.1. Gross margin 101
6.2. Research and development expenses 101
6.3. Complementary information about operating charges by nature 102
6.4. Post-employment benefit 102
6.5. Financial revenues/(costs) 104
6.6. Other income and expenses 104
7. INCOME TAXES 104
7.1. Tax charge on results 104
7.2. Reconciliation of the tax charge: 105
7.3. Deferred taxes on the balance sheet 105
8. EARNINGS PER SHARE 106
9. DIVIDENDS PAID AND PROPOSED 106
10. GOODWILL 107
10.1. Axon Group 107
10.2. MOG Technologies 107
11. OTHER INTANGIBLE ASSETS 109
12. TANGIBLE ASSETS (LANDS AND BUILDINGS, AND OTHER TANGIBLE ASSETS) 110
13. LONG TERM FINANCIAL ASSETS 111
14. INVENTORIES 112
15. TRADE AND OTHER RECEIVABLES 112
15.1. Finance lease receivables 113
15.2. Contract balances 113
16. OTHER CURRENT FINANCIAL ASSETS 114
17. CASH AND CASH EQUIVALENTS 114
18. OWNER’S EQUITY 114
18.1. Movements in issued capital 114
18.2. Issued capital and treasury shares 115
18.3. Authorized capital 115
18.4. Staff incentive program 115
18.5. Treasury shares 116
18.6. Reserves 117
52
18.7. Translation differences 117
19. LOANS 117
19.1. Credit lines 117
19.2. Lease liabilities 118
19.3. Liabilities from financing activities 118
20. PROVISIONS 118
21. TRADE AND OTHER PAYABLES 119
22. AMOUNTS PAYABLE REGARDING REMUNERATION AND SOCIAL SECURITY 119
23. COMMITMENTS AND CONTINGENCIES 119
23.1. Lease commitments 119
23.2. Commitments relating to technical guarantee in respect of sales 119
23.3. Bank guarantees 119
23.4. Contractual guarantees 119
23.5. Guarantees on asset 119
23.6. Other guarantees and contingencies 119
24. RELATED PARTY DISCLOSURES 120
24.1. Affiliates 120
24.2. Executives 120
25. AUDITOR 121
26. FINANCIAL RISK MANAGEMENT POLICIES 121
27. FINANCIAL INSTRUMENTS 121
27.1. Fair values of the financial instruments 121
27.2. Foreign currency risk 122
27.3. Credit risk 122
28. EVENTS AFTER THE BALANCE SHEET CLOSING DATE 122
AUDITOR’S REPORT 123
BELGIAN GAAP PARENT COMPANY FINANCIAL STATEMENTS 127
STATUTORY MANAGEMENT REPORT 127
BELGIAN GAAP STATUTORY INCOME STATEMENT 128
BELGIAN GAAP STATUTORY BALANCE SHEET 129
APPENDIX TO PARENT COMPANY FINANCIAL STATEMENTS 131
GLOSSARY 132
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
53
MANAGEMENT REPORT
FINANCIAL REPORT
1. CONSOLIDATED KEY FIGURES – IFRS (EUR MILLIONS)
2024
2023
2022
2024/2023
Revenue
198.0
173.2
148.2
+14.3%
Gross margin %
72.3%
69.6%
66.7%
+2.7 Pts
Operating profit - EBIT
45.0
41.1
31.7
+9.5%
Operating margin (EBIT) %
22.7%
23.8%
21.4%
-1.1 Pts
Income taxes
-3.1
-3.6
-1.4
-13.9%
Net profit, group share
42.9
36.9
31.3
+16.3%
Net profit (%)
21.7%
21.3%
21.1%
+0.4 Pts
2. HIGHLIGHTS
2024 has been a remarkable year for EVS. Our robust financial performance underscores the effectiveness of our
PlayForward strategy, aimed at fostering sustained and profitable long-term growth. EVS achieved record-breaking revenue
of EUR 198 million, and demonstrated strong profitability, both at the high end of our previously released guidance. We are
also proud of having contributed to the successful live production of the main sporting events that took place in Europe in
2024, which fueled our Big Event Rental revenues. This success serves as a testament to the efficacy of our strategic
initiatives.
In 2024, EVS celebrated its 30th anniversary, marking three decades of innovation and excellence. We commemorated this
milestone with our customers, EVS operators and channel partners around the world, with a specific highlight being the EVS
House during the Paris Olympics. This celebration not only honored our past achievements but also reinforced our
commitment to future growth and innovation.
Additionally, we made strategic investments to further strengthen our MediaCeption solution offering. We acquired Porto-
based MOG Technologies and made a minority investment in Belgium-based Tinkerlist. These investments are aimed at
enhancing our capabilities and delivering even greater value to our customers. We are seeing the positive results of our VIA
MAP investments over the last years. We now have VIA MAP solutions operational with customers in all of our regions.
Our LAB customer segment represents our largest growth engine as expected. All our regions contributed to our revenue
growth, with North America being one of the largest growth generators.
Our Net Promoter Score (NPS), as measured by Devoncroft, further increased, placing us in the top 10% of the best-ranking
companies in our industry. This achievement reflects our unwavering commitment to customer satisfaction and excellence.
Moreover, we received the Top Employer certificate for the third year in a row, showcasing our dedication to focusing on the
engagement of our team members. This recognition highlights our commitment to creating a supportive and engaging work
environment which represents an important objective in our global ESG strategy.
Looking ahead, the significant order intake of 2024 has considerably fueled our order book for future periods. We remain
committed to driving innovation and delivering exceptional value to our customers and stakeholders. Our achievements in
2024 have laid a solid foundation for continued growth and success in the years to come.
While we firmly believe that our PlayForward strategy will help us further sustainably grow our market share and financial
results, we remain cautious for the future as the economic and geopolitical situation remains very unstable.
3. STRATEGY AND LONG-TERM GROWTH DRIVERS
EVS focuses on delivering standard “live media production solutions” with custom workflows based on modernized solutions
leveraging latest technologies (IP, AI, Virtualization, Micro-services, Open APIs, Cloud).
Thanks to the convergence requested by the broadcasters in terms of infrastructure to produce sports, news, and
entertainment, EVS has the opportunity to provide more solution components and thus extend the scope of the current
solutions.
54
EVS growth strategy is based on different levers:
- Consolidation of the leadership on LiveCeption and Replay solutions
- Growth of MediaCeption and MediaInfrastructure solutions
- Double down in North America
- Selectively develop adjacencies
The different solutions are progressively structured in an ecosystem by which a customer benefits from higher value when
all the EVS components are combined. VIA MAP has been presented to the market in 2023 as the first ecosystem between
LiveCeption and MediaCeption. The goal is to offer a platform allowing smooth transition and integration and to ensure an
optimal cost of ownership for our customers. The ecosystem is also aimed at facilitating the interactions between different
stakeholders in the value chain (e.g. Right Owners and Right Holders).
Thanks to this new ecosystem, EVS plans to increase both the addressable market and its market share. The opportunity
to increase the market share mainly lies in Media Infrastructure and MediaCeption solutions. 2024 demonstrated
continuously strong market traction, complemented by a robust Net Promotor Score growing for the 3rd consecutive year.
EVS invests more and more in North America to continue to capture better market share for all its solutions in this largest
TV consumption region. During the last 3 years, EVS has multiplied by 3 the Order Intake for Live Audience Business
customers in NALA.
These enhancements of the solution portfolio will not only be based on organic developments. EVS will integrate third-party
solution components based on strategic partnerships and/or acquisitions. New categories of solutions will be subject to
acquisitions. EVS is also continuously analyzing the opportunity to grow in broadcast adjacent markets. In 2024, EVS did
win a contract for a very large bank in the US for a very significant media infrastructure deployment.
The share of recurring revenue is also growing based on the revenues linked to Service Level Agreements attached to the
solutions deployed in EVS customer base.
4. REVENUE
EVS revenue amounted to EUR 198.0 million in FY24, an increase of 14.3% compared to 2023 (+5.1% at constant currency
and excluding the big event rentals).
All our market pillars performed well in 2024. Revenue of solutions in LSP (Live Service Providers) represented 39.0% of
the total group revenue: the LSP revenue counted for a total of EUR 78,0 million in 2024. The LAB (Live Audience Business)
revenue represented 53.0% of total revenue with an overall revenue number of EUR 104.2 million. Big Event Rentals
represented 8.0% of total revenue in 2024 compared to last year where no revenue was generated by this pillar due to the
absence of such events in 2023.
From a regional perspective, each region contributed to strong results. In 2024, in Europe, Middle East and Africa (“EMEA”),
sales (excl. big event rentals) amounted to EUR 88.5 million (+2.0% compared to 2023). Sales (excl. big event rentals) in
Americas (“NALA”) were EUR 63.0 million (+11.9% compared to 2023, 11.9% at constant currency). In Asia & Pacific
(“APAC”), sales (excl. big event rentals) were EUR 30.7 million (+1.6% at constant currency).
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
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
55
Revenue by geographical area
(EUR thousands)
APAC
excl. events
EMEA
excl. events
Americas
excl. events
Big event
Rentals
TOTAL
FY24 revenue
30,734
88,451
63,030
15,779
197,994
Evolution versus FY23 (%)
1.6%
2.0%
11.9%
11617.5%
14.3%
Variation versus FY23 (%) at constant currency
1.6%
2.0%
11.9%
11617.5%
14.3%
FY23 revenue
30,260
86,721
56,347
-0,137
173,191
5. RESEARCH AND DEVELOPMENT
Research and development expenses amounted to EUR 42.0 million in 2024 versus EUR 31.8 million in 2023.
The intangible capitalized costs in 2024 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 in software
and hardware that will be commercialized at the end of the development. The projected spend is of EUR 5.9 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 detail of the total R&D spend is as follows:
(EUR thousands)
2024
2023
Gross R&D expenses
43,731
38,695
R&D capitalized as intangible assets
-0,938
-4,177
Depreciation of intangible assets
2,251
563
Benefits relating to R&D expenses
-2,962
-3,245
R&D expenses, net
42,033
31,836
6. STAFFING
Breakdown of personnel by department (in full-time equivalents):
Corporate
Services
Research &
Development
Sales &
Marketing
Production &
Operations
Total
Dec. 31, 2022
76
291
87
159
613
Dec. 31, 2023
72
287
93
179
622
Dec. 31, 2024
90
327
104
185
705
As of December 31, 2024, EVS had a total of 705 employees (full-time equivalents) including 21 permanent contractors (out
of which 8 leadership team members), an increase of 13.3% compared to the end of 2023. The total salary cost stands at
EUR 70.0 million in 2024 (EUR 60.5 million in 2023). Throughout 2024, the average number of employees (excluding
permanent contractors) was 643, up 8.6% over 2023.
7. RESULTS
7.1. 2024 key figures
IFRS - EUR million,
except earnings per share, expressed in EUR
1H24
2H24
2024
Revenue
98.1
99.9
198.0
Gross margin
70.6
72.5
143.1
Gross margin %
71.9%
72.6%
72.3%
Operating profit – EBIT
23.9
21.2
45.0
Operating margin – EBIT %
24.3%
21.2%
22.7%
Net profit – Group share
21.8
21.1
42.9
Fully diluted earnings per share
1.54
1.48
3.02
7.2. Comments on the results
Consolidated gross margin was at 72.3% for FY24, compared to 69.7% in FY23 (+2.6 Pts YoY). This improvement was
primarily driven by sales price increases and a higher proportion of software compared to hardware in certain solutions.
Additionally, the growth in service-related revenue contributed to the overall gross margin increase, resulting in improved
margins across most of our solutions. The margin is positively influenced as well by a reclassification of internal assets
previously presented under inventory to other tangible assets, explaining approx. 1.7Pts of the increase. From an EBIT point
of view, this change in accounting has no impact.
Operating expenses increased by 23% YoY driven by the expansion of the team members, the rising labor costs due to
inflation, and higher associated expenses such as licenses, travel expenses, linked to our expanding resource base.
56
Additionally, the increase is also explained by the depreciation of the intangible assets created since 2022. For one of the
projects, launched in 2022, a write off of the development costs was booked in 4Q24, as some recent events have led to a
change in our go-to-market strategy. This changing strategy no longer fulfills the criteria of IAS38, as the product will no
longer be launched as a stand-alone product, but rather as an option in the VIA MAP ecosystem.
Overall EBIT performance was EUR 45.0 million, generating an EBIT margin of 22.7%.
The net profit ended at EUR 42.9 million, with income tax expense amounting to EUR 3.1 million for the full year 2024
(compared to EUR 3.6 million in 2023). The decrease in income tax is mainly driven by an increase in deferred tax assets
reflecting existing tax latencies in the newly acquired company MOG Portugal, as well as higher deferred tax assets related
to capitalized R&D costs in the Belgian parent entity. The decrease is partially offset by higher current income taxes resulting
from increased pre-tax earnings at the Group level.
The net profit leads to fully diluted earnings per share of EUR 3.02 (versus EUR 2.65 in 2023).
7.3. Data per share (EUR)
2024
2023
2022
2024/2023
Weighted average number of issued shares
for the period, less treasury shares
13,528,730
13,427,915
13,411,972
0.8%
Weighted average fully diluted number of shares
14,177,655
13,950,751
13,681,084
1.6%
Basic earnings, group share
3.17
2.75
2.34
15.3%
Fully diluted earnings, group share
3.02
2.65
2.29
14.0%
8. BALANCE SHEET, CASH-FLOW, OWN SHARES AND EMPLOYEE PROFIT SHARING
Balance sheet, already traditionally a strong element in the EVS finances, continues to improve. 2024 ends with a net cash
position of EUR 74.9 million combined with low debt level (of which EUR 12.3 million related to IFRS 16), resulting in a total
equity representing 76% of the total balance sheet as of the end of 2024.
Despite the increase in activities, working capital requirements remained relatively stable compared to last year at EUR 91.5
million. In percentage of sales, the working capital has decreased from 52% at year-end 2023 to 46%. This is mainly the
result of continuous improvement in the collection of the receivables throughout the year, partially offset by a slight increase
in inventories of EUR 1.5 million to support the growth of our activities.
Other intangible assets include the costs for internal development capitalized since 2022 according to IAS 38 (Intangible
assets). It is to be noted that part of the intangible assets has been written off at the end of 2024 (EUR 1.1 million), given
the fact that the conditions for IAS38 were no longer met after a change in strategy.
Land and buildings mainly include the headquarters in Liège as well as the right of use for the offices abroad (IFRS16).
Inventories amount to EUR 34.5 million, an increase of EUR 1.5 million compared to the beginning of the year with the aim
to support the continuous growth of activities. The ratio of inventory vs. sales improves from 19% in 2023 to 17% in 2024.
Liabilities include EUR 12.9 million of financial debt (including long term and short-term portion), mainly related to the lease
liabilities for EUR 12.3 million and borrowings for EUR 0.6 million. 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 a record-breaking EUR 63.9 million for the full year 2024, compared to EUR
35.7 million in 2023. The increase is mainly driven by higher net profit and favorable variance in working capital requirements
compared to the previous year, mainly on trade receivables following the continuous improvement in the collection of
customers invoices. On December 31, 2024, cash and cash equivalents total an all-time high EUR 87.8 million, compared
to EUR 50.9 million at the end of 2023. The increase is mainly driven by the higher cash from operating activities as described
above, partially offset by the net cash used in investing activities of EUR -6.6 million linked to the investments in intangible
and tangible assets as well as business acquisitions of MOG and Tinkerlist, together with the net cash used in financing
activities of EUR -21.4 million which results mainly from total dividend payment of EUR -14.9 million and reimbursement of
lease liabilities and borrowings of EUR -5.7 million.
At the end of December 2024, there were 14,327,024 EVS shares outstanding, of which 839,544 were owned by the
company. At the same date, 775,476 warrants were outstanding with an average exercise price of EUR 22.95 and maturities
between October 2026 and September 2030. Additional information is available in note 18.
The Ordinary General Meeting of shareholders of May 21, 2024, approved the allocation of 12,962 shares to EVS employees
(grant of 36 shares to each staff member in proportion to their effective or assimilated time of occupation in 2023) as a
reward for their contribution to the Group successes.
57
9. PROVISIONS FOR RISKS AND CHARGES
As per December 31, 2024, EUR 2.1 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 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.
In 2024 EVS also continued investing in one internal development project.
The first project was the continuation of a development launched in 2022. The expected go-live of this project was planned
in 2026. However, as the conditions of IAS38 were no longer met following a change in the go-to-market strategy, a write-
off of the past development efforts has occurred in the fourth quarter of 2024. The development efforts are not in vain, but
the product will be launched as a component of the VIA Map in a later stage.
A second project was launched early 2024, with an expected release date planned in 2027.
The investments in development of new products and solutions are capitalized on the balance sheet as intangible assets.
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, 2024, the net book value of land and buildings amounts to EUR 43.4 million (including EUR 6.3
million of right-of-use assets).
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 2024
Financial Guidance
The important order intake of 2024 has considerably fueled the order book to be delivered in future periods. The total order
book at the end of 2024 is EUR 163.5 million, growing 6.7% compared to the same period last year. The order book reserved
for 2025 is estimated at EUR 107.0 million, growing 6.6% compared to beginning of the year 2024. The 2025 pipeline of
opportunities is strong, growing 18% from a year-over-year perspective.
Based on the order book, the pipeline and current market dynamics, the revenue guidance for the year 2025 is set at EUR
195-210 million. From a cost perspective, we will target further investments in North America so as to accelerate our
objectives for that region. Investments will be prioritized to increase the presales, sales and customer service departments,
so as to fully capture the growth potential of that area.
15. SUBSEQUENT EVENTS
In the context of the announcement by the US administration regarding new import tariffs on European-manufactured
products, we had proactively launched a dedicated workgroup involving finance, shipping, production, sales and product
management teams. The objective of the workgroup is to explore various scenarios and implement the most suitable solution
58
aimed at minimizing the impact of the new tariffs on our US customers while safeguarding our profitability and growth
ambitions in the American market.
While final details are still being worked out, it is likely that we will shift from shipping fully assembled products to instead
sending components for assembly within the US. Early assessments suggest that this approach could reduce the effective
impact of the tariffs from 20% to a potential price increase of approximately 5 to 6%. In addition, it is important to note that
these import tariffs apply solely to physical goods and do not affect services such as SLAs, support, or installation. Finally,
most of our competitors are also non-US companies and will face similar tariffs, putting us all on a relatively level playing
field.
16. PROPOSALS BY THE BOARD TO THE SHAREHOLDERS
The Ordinary General Meeting of May 21, 2024, approved the payment of a total gross dividend of EUR 1.10 per share for
the year 2023.
For the year 2024, an interim dividend of EUR 0.50 per share was paid in November 2024. Full year dividend of EUR 1.10
per share will be proposed to the Ordinary General Meeting of shareholders.
The latest dividend guidance issued in 2022 foresees total annual dividend distribution of EUR 1.10 per share in 2024:
In EUR per fiscal year per share
FY2021
FY2022
FY2023
FY2024
Base dividend
1.00
1.10
1.10
1.10
Exceptional additional dividend
0.50
0.50
0.00
0.00
Total dividend
1.50
1.60
1.10
1.10
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 will be deployed within the company. Based on the company’s growth plans, the
allocation of cash will primarily be focused 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.
For inorganic growth, the company will set 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 of growing this specific fund annually by
setting aside a portion of our free cash flow. This buffer for acquisitions will be 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 will continue to pay a base dividend. For the next 3-years 2025-2027 we propose a new 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 buy back program, mainly linked to the funding of
the long-term team member incentive plans. The goal is to offset the potential dilution caused by the annual issuance of
warrants by repurchasing shares.
In case of any residual excess cash, the company may consider launching ad-hoc initiatives such as, for example, special
share buy back 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 to grant 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 37.15, this would represent a total of 34 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 Company 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 2024.
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 last section of this chapter highlights the differences with the 2020 Belgian
Corporate Governance Code and explains the reasons for the exemptions.
2. BOARD OF DIRECTORS
The members of the Board of Directors are appointed for a term between 1 and 4 years. On December 31, 2024, 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 2024, the Board of Directors met 7 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, 2024 business updates, the 2025 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.
3. SPECIALIZED COMMITTEES ATTACHED TO THE BOARD
The Board of Directors of EVS has set up an Audit 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.
3.1. Audit Committee
The Audit Committee is composed of three non-executive Directors. This committee assumes the missions described in the
Article 7:99 of the Belgian Company 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, the external audit function and the relations between the company and its shareholders.
The Audit Committee met 5 times in 2024 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 Company and Association Code, the following members of the Audit
Committee have the required competencies in accounting and audit: Marco Miserez (having more than 13 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 Committee since the Ordinary General
Meeting of 16 May 2023.
60
3.2. 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 Company 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 2024.
On December 31, 2024, the Board of Directors was made up as follows:
Director
since
Audit
Committee
Nomination and
Remuneration
Committee
Term of
mandate
Activities in
2024
Attendance
Board
meetings (7)
Attendance
Committees
(5 – Audit Co)
(5 – NRCo)
The House of Value – Advisory &
Solutions BV, represented by
Johan DESCHUYFELEER
President and
Independent
Director
2020
Permanent
guest
Member
May 2028
7/7
5/5
Accompany You srl, represented
by Anne CAMBIER
Independent
Director
2019
Chairman
May 2027
7/7
5/5
Innoconsult BV, represented by
Martin DE PRYCKER
Independent
Director
2016
Chairman
May 2028
7/7
5/5
Michel COUNSON
Managing
Director
1994
May 2028
7/7
0
7 Capital srl, represented by
Chantal DE VRIEZE
Independent
Director
2017
Member
May 2025
6/7
5/5
Frédéric VINCENT
Independent
Director
2022
Member
May 2026
6/7
4/5
Marco MISEREZ
Independent
Director
2022
Member
May 2026
7/7
5/5
Frinso Srl, represented by
Soumya Chandramouli
Independent
Director
2023
Member
May 2027
6/7
4/5
InnoVision BV, represented by
Serge Van Herck
Managing
Director &
CEO
2023
May 2027
7/7
0
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-
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
61
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 is graduated in
law from the University of Ghent. She is also a member of the Board of Directors of Axa Belgium, 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 shift.
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 12 years of experience in the financial sector and has been working as Senior Equity Investment
Manager at Belfius Insurance for the last 2 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
mandate in Belfius Part SA and Technical Property Fund 2.
Soumya Chandramouli (°1977)
Soumya Chandramouli (representing Frinso srl) wasthe former chief financial officer of Belgium-based IBA Group, the world
leader in particle accelerator technology. She joined IBA in 2004 and took various responsibilities within the company, before
taking on the role of chief financial officer in 2016. As CFO, Soumya had 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 IBA, she worked at Ernst & Young for several years. She holds a Master
of Business Administration 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
62
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).
4. DAY-TO-DAY MANAGEMENT
The Board of Directors has delegated day-to-day management to a managing director, the CEO and an Executive
Committee.
4.1. Executive Committee
On December 31, 2024, the Executive Committee 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)
- 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 2024: the following changes occurred within the Executive Committee:
- Ikaro Srl, represented by Nicolas BOURDON, formerly CMO, has become CCO as of 1 July 2024; and
- RCG Srl, represented by Quentin GRUTMAN, formerly CCO, has become CSO as of 1 July 2024.
Michel Counson is also Managing Director but is not part of the Executive Committee, per his own request.
The Executive Committee 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 the Committee takes operational decisions such as
appointing or dismissing staff and concluding contractual agreements. It is the decision-making body of the group.
4.2. Operational management of subsidiaries
The Executive Committee 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.
5. 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 committee, 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.
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 2024, as regards gender equality in particular:
- Our Board of Directors was composed of 3 women out of 9 members in compliance with the gender quota at board
level.
- Our Executive Committee (known as the Leadership Team) was composed of 1 woman out of 7 members but
represents 3 different nationalities.
63
6. CONTROL OF THE COMPANY
6.1. 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
this financial 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.
- 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 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 in 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.
6.2. External audit
Since the Ordinary General Meeting of May 17, 2016, the audit of the statutory and consolidated accounts of EVS Broadcast
Equipment SA is carried out by EY Réviseurs d’Entreprises SRL (B-00160). In 2022, the representation from EY was passed
on from Marie-Laure MOREAU (A-01729), Belgian Réviseur d’Entreprise to Carlo-Sébastien D’ADDARIO (A-02506),
Belgian Réviseur d’entreprise. The mandate of the Auditor is for three years, and the latest renewal period was confirmed
in May 2022. Following a Request for Proposal process performed in 2024, it will be proposed to the General Assembly of
May 2025 to appoint a new auditor (PwC) for the next 3-years period.
In 2024, all fees related to the Auditor of the parent company, EY Réviseurs d’Entreprises SRL (B-00160), represented by
Carlo-Sébastien D’ADDARIO and its associates, amounted to EUR 266,931 in aggregate for their duties as Auditor. Other
audit services amounted to EUR 95,126. Non-audit services (tax-related) were carried out by the Commissioner in 2024
for total fees of EUR 14,852.
7. 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
, 2024, is as follows:
Shareholder
Number of shares
% statutory basic
(1)
Treasury shares EVS
839,544
5.9%
Michel Counson
835,906
5.8%
Otus Capital Management Limited
714,792
4.99%
Ennismore Fund Management Ltd.
435,497
3.0%
Degroof Petercam Asset Management SA
434,933
3.0%
Undeclared
11,066,352
77.2%
Total
14,327,024
100.0%
Total excl. Treasury shares
13,487,480
Outstanding warrants as of Dec. 31
775,476
Total diluted
15,102,500
Total diluted, excl. treasury shares
14,262,956
(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 the EVS capital is available in note 18 of the consolidated accounts.
On December 31, 2024, EVS had 839,544 own shares. According to Euroclear and the EVS Shareholders Register, there
were 1,317,459 registered shares of which 811,528 are owned by Michel Counson (who also owns 24,378 dematerialized
shares), 101,369 by the EVS employees under the profit-sharing scheme and the remaining balance by 14 shareholders.
In the EVS accounts at Euroclear, there were 13,009,565 dematerialized shares.
64
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 2024).
8. GENERAL MEETINGS
Each year, EVS holds its Ordinary General Meeting on the third Tuesday of May. In 2024, it was held on May 21 at EVS’
premises and through a video conference system. Overall, 116 shareholders were present or represented, representing
3,860,045 shares, or 26.9 % of the share capital of EVS. All resolutions were approved at an average rate of 97.68% 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 majorities prescribed by law.
An Extraordinary General Meeting was held on May 21, 2024, but did not reach the required quorum. A second Extraordinary
General meeting has been convened on June 10, 2024. Overall, 116 shareholders were present or represented,
representing 3,692,180 shares, or 25.8% 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 the 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.
9. 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 has intensified the engagement with our shareholders in the past years and has continued this basis
throughout 2024, as we consider shareholder dialogue as a top priority. In 2024 multiple international roadshows were
organized. The second edition of the EVS Investor Day was held in November and featured key updates from our
Leadership Team on our latest developments, market trends, and ambitions for 2025. It provided valuable insights to our
shareholders into the strategies shaping our future success.
10. 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.
For 2024, the Board of Directors will propose to the shareholders, at the Ordinary General Meeting of May 20, 2025, the
approval of the distribution of a total gross dividend per share of EUR 1.10 for the fiscal year.
In line with the corporate strategy, EVS has developed a new end-to-end capital allocation framework. The goal is to provide
transparency on how free cash flow will be deployed within the company. Based on the company’s growth plans, the
allocation of cash will primarily be focused 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.
For inorganic growth, the company will set 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 of growing this specific fund annually by
setting aside a portion of our free cash flow. This buffer for acquisitions will be 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 will continue to pay a base dividend. For the next 3-years 2025-2027 we propose a new 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.
65
A fourth pillar in the capital allocation strategy refers to an annual share buy back program, mainly linked to the funding of
the long-term team member incentive plans. The goal is to offset the potential dilution caused by the annual issuance of
warrants by repurchasing shares.
In case of any residual excess cash, the company may consider launching ad-hoc initiatives such as, for example, special
share buy back 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 to grant 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 37.15, this would represent a total of 34 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.
Dividends are payable at the following financial institution:
ING BANK SA (“Single ESES Paying Agent Euroclear”)
Avenue Marnix 24, 1000 Brussels, Belgium
11. 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, 2024, 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
The Company is not aware of any shareholder agreement which includes or could lead to a restriction on the transfer of its
shares or exercise of voting rights related to its shares.
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,
66
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 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 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
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 is 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
12. 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 cannot be implemented. Rather than having an independent internal
audit, focus is given to developing internal control mechanisms that help the company to monitor risks and inefficiencies.
It is the Audit Committee that makes recommendations on the selection, appointment, reappointment, and removal of
the head of internal audit and should monitor management's responsiveness to the audit committee's findings and
recommendations. In 2022, the Audit Committee has completed a process of confirming the scope and future evolution
of the internal control. In 2022 a new position was created and staffed, Head of Treasury, Risk Management and
Financial Reporting. This position is also supervising the internal controls of EVS. The function is to assist the Audit
Committee. EVS is undergoing a considerable transformation whereby the focus on designing and implementing sound
and efficient processes is a first layer to support our growth ambitions. This business process modeling (BPM) exercise
is progressing well, and the outcome of the exercise is the basis of our new ERP. In 2024 we continued expanding the
scope of the BPM. In following periods, we will identify critical control points of all the processes designed to monitor
the effectiveness and efficiency of our way of working. These steps are the supporting elements to an internal control
framework that will be implemented over time.
- Part of the remuneration of the non-executive directors in form of shares (Article 7.6 of the Belgian Code on
Corporate Governance 2020): 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 will be 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 will be reviewed by the Board of Directors on a regular basis based on updated
67
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.
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 Committee on company's internal control
and risk management systems is monitored by the Head of Treasury and Risk Management as of 2023.
(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 and 2024 EVS warrant plans as well as to the 2022 stock
option plan.
(iii) evaluation of the Audit 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
based on an internal assessment.
13. REMUNERATION REPORT
13.1. Introduction
We are very proud of having significantly increased our shareholders’ support in 2024 relating to our remuneration report,
which was approved at a majority of 90,5% at the Ordinary General Meeting of May 21, 2024 (+47% shareholders’ support
compared to the Ordinary General Meeting of May 18, 2021, and even +58% shareholder support compared to the Ordinary
General Meeting of May 17, 2022). We are also very grateful for the increased shareholders’ support in 2024 regarding the
approval of the proposal to issue warrants (which was adopted at the specific majority of 75% 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 review of the structure and the content of the present remuneration report, which has been updated (i) by
increasing the level of our disclosure 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 will
gradually align their long term incentive with performance and multi-year objectives.
(b) the update 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.
13.2. The Directors
13.2.1. 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 directors while contributing to
the short-term and long-term performance of the company, our EVS remuneration policy grants to Directors both fixed and
variable remunerations (for our non-executive Directors only and based on meeting attendance). This policy not only
encourages attendance and contributions, but also supports our 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.
• Non-executive Directors: they receive an annual fixed amount, eventually on a pro rata basis. This fixed amount
includes participation to six meetings per year. The non-executive Directors also receive, as remuneration for the
performance of their mandate, a fixed amount for each Board of Director meeting above six meetings per year and
special committee meeting attended.
• Executive Directors: to align with Belgian market standards, it has been decided that Executive Directors shall no
longer receive any remuneration as of January 1, 2023.
The policy and the remuneration of the 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):
68
Fixed amount
Variable amount linked to
attended meetings
Other
1
Board of
Directors
Special
committees
Board of
Directors
Special
committees
Non-executive
Innoconsult BV,
represented by Martin
DE PRYCKER
Independent Director
22,000 covering up
to 6 meetings per
year.
4,000 being
Chairman of the
Audit Committee
2,000 above 6 meetings for
a full year of presence
1,500 per
attendance
7 Capital Srl,
represented by
Chantal DE VRIEZE
Independent Director
22,000 covering up
to 6 meetings per
year.
2,000 above 6 meetings for
a full year of presence
1,500 per
attendance
Acompany You Srl,
represented by
Anne CAMBIER
Independent Director
22,000 covering up
to 6 meetings per
year.
4,000 being
Chairman of the
Nomination and
Remuneration
Committee
2,000 above 6 meetings for
a full year of presence
1,500 per
attendance
The House of Value –
Advisory & Solutions
BV, represented by
Johan
DESCHUYFELEER
Chairman and
Independent Director
44,000 covering up
to 6 meetings per
year.
2,000 above 6 meetings for
a full year of presence
1,500 per
attendance
Frédéric Vincent
Independent Director
22,000 covering up
to 6 meetings per
year.
2,000 above 6 meetings for
a full year of presence
1,500 per
attendance
Marco Miserez
Independent Director
22,000 covering up
to 6 meetings per
year.
2,000 above 6 meetings for
a full year of presence
1,500 per
attendance
Frinso Srl represented
by Soumya
Chandramouli
Independent Director
22,000 covering up
to 6 meetings per
year.
2,000 above 6 meetings for
a full year of presence
1,500 per
attendance
Executive
Michel COUNSON
Managing Director
Not entitled to any
remuneration
InnoVision BV
Managing Director
Not entitled to any
remuneration
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. If Directors are charged with special tasks or projects, they are entitled
to receive an appropriate remuneration for those activities, which is notably the case for the Executive Directors.
- 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 and retirement benefits.
13.2.2. Remuneration report 2024
In 2024, Directors received the following compensation for the execution of their mandate (EUR) in application of the 2023
remuneration policy as described above:
1
The Ordinary General Meeting of May 2022 unanimously approved the granting to the members of the Board of Directors of an additional global remuneration
of EUR 25,000 per year for all members of the Board of Directors for the 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 actually carried out by each of them.
69
Fixed amount
Variable amount linked
to attended meetings
Other
TOTAL 2024
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
2,000
7,500
-
35,500
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
2,000
7,500
1,500
37,000
The House of Value – Advisory &
Solutions BV, represented by Johan
DESCHUYFELEER
Independent
Director
44,000
-
2,000
7,500
-
53,500
Frédéric Vincent
Independent
Director
22,000
-
-
6,000
1,500
29,500
Marco Miserez
Independent
Director
22,000
-
2,000
7,500
31,500
Frinso Srl, represented by Soumya
Chandramouli
Independent
director
22,000
-
-
6,000
-
28.000
Executive
Michel COUNSON
Managing
Director
-
-
-
-
-
-
InnoVision BV, represented by Serge
VAN HERCK
Managing
Director
-
-
-
-
-
-
TOTAL
244,500
As of December 31, 2024, 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, 860,906 shares of a total of
14,327,024, or 6% of the capital.
13.3. The CEO and the other members of the Executive Management (i.e. the Leadership Team)
13.3.1. Remuneration policy
13.3.1.1 Our vision
EVS is committed to offer 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 unique and 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. In particular, our remuneration policy takes into account the
market position and individual contributions of each member of the 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 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. To be at a fair level of remuneration compared to the market, we consider
70
a fair remuneration in a range between 80% and 120% of the market median. The benchmarks used are chosen according
to the sector, the size of the companies and the location.
13.3.1.2 Compensation components of the CEO and other members of the Executive Management
13.3.1.2.1 Overview
Our remuneration policy for the members of the 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 consisting of warrants/stock options.
The variable compensation pillars are distributed according to the percentages listed in the below table:
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 405,555
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
strengthening 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 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.
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.
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 STI 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. 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.
71
(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 on 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 the 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 Company 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 help strengthening 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
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:
72
LTI criteria
Performance
Loyalty/retention
Financial multi-year objectives
ESG (multi-year) objectives
LTI 2023
5%
5%
90%
LTI 2024
15%
15%
70%
LTI 2025 and beyond
25%
25%
50%
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 Company 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 considers that such deviation procedure is in line with market practice for Belgian listed companies
and will make it possible to reward exceptional performance and retain key executive members in the interest of EVS'
sustained success in the long term.
13.3.1.2.2 STI
a. CEO
EBIT Target (70%)
Below Threshold
Threshold
On-Target
Cap
Achievements
<80%
80%
100%
120%
EBIT Target: 40,000 kEUR
< 32,000 kEUR
32,000 kEUR
40,000 kEUR
48,000 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 243.333 EUR)
b. CCO
EBIT Target (35%)
Below Threshold
Threshold
On-Target
Cap
Achievements
<80%
80%
100%
120%
EBIT Target: 40,000 kEUR
< 32,000 kEUR
32,000 kEUR
40,000 kEUR
48,000 kEUR
Payout
0%
50%
100%
150%
Performance Target (10%)
On-Target
Cap
Achievements
0%
50%
100%
125%
150%
Payout
0%
50%
100%
125%
150%
73
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: 71% 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: 40,000 kEUR
< 32,000 kEUR
32,000 kEUR
40,000 kEUR
48,000 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: 30% of Base Compensation
Remark on 2024 disclosure:
- EBIT and Order Intake Target: 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 2024 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 of the CEO were based on (i) the results of the 2024 EVS team members
engagement survey and (ii) the 2024 customer satisfaction survey (Devoncroft NPS)
- The non-financial Performance Targets of the other members of the Executive Management typically relate to
operational efficiency, customer, and team member satisfaction. Examples of 2024 performance targets include:
o Customer satisfaction
o Maintain high quality products and services
o Optimization of services
o Optimization of Channel partner support
o Team member satisfaction
o Performance and talent management
o High quality Training and Coaching
o Further improve Comp&Ben strategy
o Operational efficiency:
o Further Improvement of internal processes
o Increase technological knowledge and innovation
o Cost management
There is no advance payment for the variable remuneration of the members of the Executive Management.
13.3.1.2.3 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:
- 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).
74
(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.
13.3.2. Remuneration report in 2024
13.3.2.1.1 Overview
CEO
Metrics
Weight (%)
Threshold
Target
Cap
Actual
Annual EBIT
70%
32,000,000 €
40,000,000 €
48,000,000 €
45,000,000 €
(112,50% of EBIT
Target)
Payout
56,778 €
113,555 €
170,333 €
149,041 €
131% of On-Target
payment
Non-Financial
30%
Performance
targets* Payout
24,333 €
48,667 €
73,000 €
54,751 €
112,5% of On-
Target payment
TOTAL
203,792 €
125% of On-Target
payment
Others
Metrics
Weight (%)
Threshold
Target
Cap
Actual
Financial
Annual EBIT
70 (35 for CCO
only)
32,000,000 €
40,000,000 €
48,000,000 €
45,000,000 €
(112,50% of EBIT
Target)
Order Intake
Target
55 for CCO
only
Nondisclosed
Nondisclosed
Nondisclosed
Nondisclosed
Payout EBIT
Payout OI
141,786 €
23,366 €
283,573 €
77,886 €
425,359 €
112,935 €
372,190 €
131% of On-Target
payment
100,008 €
Non-Financial
30 (10 for CCO
only)
Performance
targets* Payout
57,225 €
114,451 €
171,676 €
137,306 €
120% of On-Target
payment
TOTAL
609,504 €
128% of On-Target
payment
* Examples of the 2024 Performance targets include:
o Customer satisfaction
o Maintain high quality products and services
o Optimization of services
o Optimization of Channel partner support
o Team member satisfaction
o Performance and talent management
o High quality Training and Coaching
o Further improve Comp&Ben strategy
o Operational efficiency:
o Further Improvement of internal processes
o Increase technological knowledge and innovation
o Cost management
75
13.3.2.1.2 CEO
InnoVision BV, represented by Serge Van Herck, CEO received as Base Compensation a total amount of EUR 405,555 and
a STI of EUR 203,792 for the year 2024.
The Base Compensation remains stable compared to last year (EUR 400,801).
13.3.2.1.3 Other members of the Executive Management
For fiscal year 2024, the other members of the 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 2024: the following changes occurred within the Executive Committee:
- Ikaro Srl, represented by Nicolas BOURDON, formerly CMO, has become CCO as of 1 July 2024; and
- RCG Srl, represented by Quentin GRUTMAN, formerly CCO, has become CSO as of 1 July 2024 (remuneration
conditions remained unchanged in accordance with the applicable remuneration policy for the CCO).
The other members of the Executive Management received a global Base Compensation of EUR 1,676,495 (total company
cost) and a STI of EUR 620,541 (total company cost) for the year 2024, which represents an average total company cost
regarding the Base Compensation of EUR 279,416 and regarding the STI of EUR 103,423 per other member of the
Executive Management. Additional exceptional bonuses of EUR 16,559 were granted in accordance with the procedure
offered in the remuneration policy as set forth under section 13.3.2.1.
The 4% average increase in Base Compensation compared to last year's amount (EUR 1,606,772) is attributed to the
strategic restructuring of the Leadership Team, which took effect on July 1, 2024.
13.3.2.1.4 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.
In 2024, the CEO and the other members of the Executive Management, have been offered warrants as follows in
accordance with the 2024 EVS Warrants Plan:
Serge Van Herck
37,950 warrants
+15% compared to the On-Target amount (33,000)
Alex Redfern
11,500 warrants
+15% compared to the On-Target amount (10,000)
Quentin Grutman
11,500 warrants
+15% compared to the On-Target amount (10,000)
Nicolas Bourdon
11,500 warrants
+15% compared to the On-Target amount (10,000)
Pierre Matelart
8,625 warrants
+15% compared to the On-Target amount (7,500)
Veerle De Wit
8,625 warrants
+15% compared to the On-Target amount (7,500)
Xavier Orri
8,625 warrants
+15% compared to the On-Target amount (7,500)
TOTAL
98,325 warrants
76
On the basis of the procedure set forth under 13.3.1.2.1 (d):
Performance
Loyalty/retention
Financial multi-year objectives
ESG (multi-year) objectives
Weight
15%
15%
70%
Target
10% annual growth in accordance with
EVS 5 years business plan (two-years
rolling EBIT growth)
Adoption of the ESG 2030 ambition
objectives as per the ESG
applicable legislation
Achievement
Payout
Cap reached
30% (200% cap payout)
Adopted
15% (100% On-Target payout)
70%
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 stock-options 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 2023 and 2022, the On-Target payout
stock-options number was equivalent in 2024 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.
Other active warrants plans:
The main features of the 2020 Warrant Plan were as follows:
- Grant date: 22 October 2020
- Vesting period: 3 calendar years (until 31 December 2023)
- First possible day of exercise: 1 January 2024
- Term of options: 6 years (expiration date of warrants: 21 October 2026)
- Strike price: 13.69 EUR (Average of EVS close share price 30 days before 22 October 2020)
The main features of the 2021 Warrants Plan were as follows:
- Grant date: 22 June 2021
- Vesting period: 3 calendar years (until 31 December 2024)
- First possible day of exercise: 1 January 2025
- Term of options: 6 years (expiration date of warrants: 21 June 2027)
- Strike price: 18.21 EUR (Average of EVS close share price 30 days before 22 June 2021)
The main features of the 2022 Stock option Plan were as follows:
- Grant date: 29 September 2022
- Vesting period: 3 calendar years (until 31 December 2025)
- First possible day of exercise: 1 January 2026
- Term of options: 6 years (expiration date of stock options: 28 September 2028)
- Strike price: 18.62 EUR (Last closing price preceding 29 September 2022)
The main features of the 2023 Stock option Plan were as follows:
- Grant date: 25 October 2023
- Vesting period: 3 calendar years (until 31 December 2026)
- First possible day of exercise: 1 January 2027
- Term of options: 6 years (expiration date of stock options: 24 October 2029)
- Strike price: 25.85 EUR (Last closing price preceding 25 October 2023)
The main features of the 2024 Stock option Plan were as follows:
- Grant date: 25 September 2024
- Vesting period: 3 calendar years (until 31 December 2027)
- First possible day of exercise: 1 January 2028
- Term of options: 6 years (expiration date of stock options: 24 September 2030)
- Strike price: 28.80 EUR (Last closing price preceding 25 September 2024)
77
13.3.2.1.5 Exceptional bonus
Within the framework of the procedure as referred to under 13.3.1.2.1 (e) as approved in the 2023 remuneration policy that
allows the Board of Directors to, in exceptional circumstances and within the conditions of article 7:89/1 of the Belgian
Company and Association Code, to grant a stand-alone bonus to members of the Executive Management to serve EVS'
long-term interests and sustainability 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), the
following exceptional bonus has been granted considering the 2024 order intake:
o In accordance with the Remuneration Policy, the Nomination and Remuneration Committee has presented a
special request for deviation to the Board of Directors for discussion and approval further to the conclusion of
the 2024 Big Event Rental amounting to EUR 8.28 Mio. Based on this special request, the Board of Directors
has approved on 18 February 2025 the grant of an exceptional bonus of EUR 16,559 (i.e. 0,2% of the order
intake of the above-mentioned 2024 Big Event Rental Order Intake) to the CSO, RCG Srl, represented by
Quentin Grutman. The grant of such bonus is justified by the importance of the Big Event Rental for EVS for
the continued success of the company in the future.
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
The table below shows the evolution of the compensation for the EVS Group over a period of 5 years.
In €
2020
2021
2022
2023
2024
Remuneration Evolution
Average remuneration of employees
78,056
90,281
93,268
102,145
108,966
Annual remuneration of all employees
39,652,396
47,287,513
53,456,704
60,497,215
70,024,178
EVS Performance
EBIT (€ million)
5.7
37.1
31.7
41.1
45.0
Order intake (€ million)
103.4
149.3
218.8
192.9
208.6
ROCE
8.1%
38.0%
31.3%
34.6%
39.4%
Free cash-flow (€ million)
9.5
38.2
3.5
28.2
57.4
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 2024 this ratio is 12,8x. 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
2023, the denominator (i.e. the average number of FTEs) excludes the permanent contractors from the calculation (20 FTE
in 2024 including 8 leadership team members in 2024) in order to consider only the employees on the payroll for the
calculation of the average remuneration by employee.
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.
14. CONFLICT OF INTEREST PROCEDURES
During the year under review, there was no conflict of interest according to the specific procedure provided for under Article
7:96 of the Belgian Company and Association Code.
15. RISKS AND UNCERTAINTIES
Investing in the stock of EVS Broadcast Equipment (“EVS”) involves risks. As requested by the EU Regulations and the
Belgian law (Belgian Company and Association Code and Royal Decree of 14 November 2007), you and any investor should
carefully consider the following risk elements, and all other information contained in this annual report before purchasing
our common stock. If any of the following risks occur, our business, financial condition or results of operations could be
impacted. In that case, the trading price of our common stock could decline, and you may lose some or all your investment.
Within the context of its business operations, EVS is exposed to a variety of risks that can affect its ability to achieve its
business objectives and to execute its corporate strategy successfully. We describe below the risks linked to the environment
we act in. These are generic risks, that are potentially also highlighted specifically in our Risk Management Framework.
Some of the generic risks are not reflected in our overall Risk Management Framework, when Management assesses that
the risk is likely not eminent.
78
Generic risks pointed out by EVS are as follows:
- We face competition and if we are unable to compete effectively, we may experience decreased sales or pricing
pressure, which would negatively impact our future operating results.
- We derive a substantial majority of our revenues from customers in the broadcast industry that use our products for
both production and transmission of television content. If we fail to generate continued revenues from this market or if
there is a downturn in this market, our revenues could decline.
- Even if we diversify our portfolio, we depend on sales of our XT and XS video server products, as they are generally at
the core of all our solutions. If market demand for these products does not continue, our future operating results could
be harmed.
- Our business may be harmed if our contract manufacturers are not able to provide us with adequate supplies of our
products: this is an ongoing concern with the current shortage in the market of electronic components.
- If we experience delays, shortages or quality issues from our component suppliers, our product sales could suffer.
- Our future success depends on our ability to attract and retain key personnel, and our failure to do so could harm our
ability to grow our business.
- The average selling price of our products may decrease which could negatively affect our operating results.
- Our end users require a high degree of product reliability. If we are unable to provide high quality products, our
relationships with end users could be harmed.
- If we fail to develop and introduce new products or enhancements to existing products in a timely manner, or if we fail
to manage product transitions, we could experience decreased revenues in the future.
- If we fail to respond to technological changes and evolving industry standards, our products could become obsolete or
less competitive in the future.
- If our products do not interoperate with other systems, installations could be delayed or cancelled.
- Our products are highly complex and may contain undetected software or hardware errors, which could harm our
reputation and future product sales.
- If we fail to manage our growth effectively, our business could be harmed.
- We may not be able to continue to maintain or increase our profitability and our recent growth rates may not be indicative
of our future growth.
- Our quarterly operating results have fluctuated in the past and may continue to fluctuate in the future, which could cause
stock price variances.
- We have significant international operations and derive most of our revenues from international customers, which
exposes us to significant risks, including risks relating to currency fluctuations.
- Our future financial performance depends on growth in the markets for video servers and digital tapeless solutions. If
these markets do not continue to grow at the rate that we forecast, our operating results will be materially and adversely
impacted.
- Investment processes of our clients can be lengthy and unpredictable, which may make it difficult to predict sales in
any particular quarter.
- Our use of open-source software and other third-party technology and intellectual property could impose limitations on
our ability to market our products.
- Failure to protect our intellectual property could substantially harm our business.
- If a third party asserts that we are infringing its intellectual property, whether successful or not, it could subject us to
costly and time-consuming litigation or expensive licenses, which could harm our business.
- We are subject to governmental export controls that could subject us to liability or adversely affect our ability to sell our
products in international markets.
79
- We are subject to environmental and other health and safety regulations that may increase our costs of operations or
limit our activities.
- We may expand through acquisitions of, or investments in, other companies, each of which may divert our
management's attention, result in additional dilution to stockholders or use resources that are necessary to operate
other parts of our business.
- The issuance of new accounting standards or future interpretations of existing accounting standards could adversely
affect our operating results.
- Maintaining and improving our financial controls and the requirements of being a public company may strain our
resources and divert management's attention.
- We or one of our affiliates might require additional capital to support business operations, and this capital might not be
available on acceptable terms, or at all.
In 2024, EVS performed its annual Risk Assessment update with the objective of reassessing all risks previously identified
and including potential new or emerging risks.
Our risk management process is actively supported by the Board of Directors through the dedicated Audit & Risk Committee.
The board understands the risks that the Company faces and ensures that these risks are effectively managed by requiring
that the CEO and the Leadership Team are fully engaged in risk management.
We systematically identify potential risks, considering internal assessments by Management, as well as external factors
such as industry trends, competition landscape, regulatory changes or geopolitical developments. Risks are analyzed based
on their potential impact and likelihood and then evaluated to determine their residual risk after considering existing controls.
Based on the evaluation, we develop and implement appropriate responses, ranging from risk acceptance to mitigation
plans. Periodic monitoring ensures the effectiveness of mitigation plans, with regular reviews and adjustments as needed.
Our focus remains mainly on high priority risks; however, we record all identified material risks as a way of being consistent
in our approach and to ensure the achievement of our business objectives and global strategy. It also helps us to assess
whether we allocate resources efficiently.
Below we provide a non-exhaustive overview of some of the top risks impacting EVS. Not all risks are shared transparently,
as some risks could contain confidential information or could reveal competitive data. Mitigation actions are defined and
implemented to address the identified risks.
15.1. Top risks
- Risk of cyberattack leading to business interruption including shutdown of critical systems, inability to produce,
ship, deliver or support customers.
- Failure to attract and retain the right Sales, Pre-Sales and Support talents with abilities to manage complex
solutions and new business models, leading to inability to fulfill our growth ambitions, particularly in NALA region.
- Risks linked to the change of tone by the US Administration regarding international trade policy and the new tariffs
imposed on foreign (including European) goods imported into the US territory. EVS closely monitors the
developments in this area and is taking actions to limit the impact on our US customers while safeguarding our
growth ambitions in the American market.
- Risk of data security vulnerabilities in our products may expose client data to security threats and potentially eroding
the trust of our customer base.
- Failure to expand the customer base and the products offering, potentially leading to overdependency on a small
number of key customers with a small number of key products.
- Risk of not anticipating changes in the market and in technologies, potentially resulting in a loss of competitive
advantage and loss of leadership position.
- Risk of being unable to sell and to manage support and operational readiness for complex solutions at customers'
site in a sustainable manner, leading to increased cost and issues on the availability of EVS support teams.
- Risk on the continuity of operations in case of destruction of company's key facilities and assets (i.e. buildings,
servers, nodals,…) due to fire or other disasters.
- Inability to use digitalization to expand business and meet customers’ demand
- Risks related to external growth strategy (M&A) - post-transaction and integration
- Risk of changes in fiscal legislation for tax deductions linked to innovation and research may directly affect our Net
Profit and our Earnings Per Share.
- Risk of fraud may lead to financial and reputational impacts.
The Board of Directors
Liège, April 14, 2025
80
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 fairly 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
81
CONSOLIDATED FINANCIAL
STATEMENTS
CONSOLIDATED INCOME STATEMENT
(EUR thousands)
Notes
2024
2023
Revenue
3
Cost of sales
6.1
-54,919
-52,548
Gross profit
6.1
Gross margin %
72.3%
69.7%
Selling and administrative expenses
6.3
-53,618
-46,567
Research and development expenses
6.2
-42,033
-31,836
Other income
6.6
Other expenses
6.6
-1,734
-488
Profit-sharing plan and warrants
18.4
-1,107
-790
Operating profit (EBIT)
Operating margin (EBIT) %
22.7%
23.8%
Interest revenue on loans and deposits
6.5
Interest charges
6.5
-1,124
-920
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
-3,143
-3,605
Net profit
Attributable to:
Share of the group
EARNINGS PER SHARE (in number of shares and in EUR)
8
2024
2023
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
(1)
(1) The diluted earnings per share does include:
a. 187,000 warrants attributed in October 2020, of which 33,451 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 149,850 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 182,625 are outstanding with an exercise price below the share price and with maturity in Sept. 2028;
d. 198,900 warrants attributed in October 2023, all outstanding with an exercise price below the share price and with maturity in October 2029; and
e. 210,650 warrants attributed in September 2024, all outstanding with an exercise price below the share price and with maturity in September 2030.
82
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
(EUR thousands)
Notes
2024
2023
Net profit
Other comprehensive income of the period
Currency translation differences
18.7
-270
Total of recyclable elements
-270
Gains / (losses) on remeasurement of defined benefit obligations, net of tax
6.4
-28
-378
Total of non-recyclable elements, net of tax
-28
-378
Total other comprehensive income of the period, net of tax
-648
Total comprehensive income for the period
Attributable to :
Share of the group
83
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION (BALANCE SHEET)
ASSETS
(EUR thousands)
Notes
Dec 31, 2024
Dec 31, 2023
Adjusted
(1)
Non-current assets:
Goodwill
10
Other intangible assets
11
Lands and buildings
12
Other tangible assets
12
Investment accounted for using equity method
5
Other amounts receivable
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
Financial assets
16
Cash and cash equivalents
17
Total current assets
Total assets
(1) Retrospective adjustment related to the change in accounting policy on the presentation of materials produced for internal purposes from inventory to other tangible assets, to
allow comparability with Dec’24. See details in Note 2.10.
EQUITY AND LIABILITIES
(EUR thousands)
Notes
Dec 31, 2024
Dec 31, 2023
Equity
Capital
18
Reserves
18.6
Treasury shares
18.5
-16,917
-17,174
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
84
CONSOLIDATED STATEMENT OF CASH FLOW
Notes
2024
2023
(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
-388
- Income tax expense
7
- Net financial expense (+) / income (-)
6.5
-671
- Share of the result of entities accounted for under the equity method
5
-352
-80
Adjustment for changes in working capital items:
- Inventories
14
-3,572
-2,306
- Trade receivables
15
-8,198
- Other amounts receivable, deferred charges and accrued income
15
-2,592
- 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)
-1,013
Cash generated from operations
Income taxes paid
-3,065
-1,798
Net cash from operating activities
Cash flows from investing activities
Purchase of intangible assets
11
-1,323
-4,525
Purchase of tangible assets (lands and building and other tangible assets)
12
-5,818
-4,923
Disposal of tangible assets
12
Interests received
Business acquisitions
5, 10.2
-1,294
Other financial assets
13
Net cash used in investing activities
-6,573
-9,169
Cash flows from financing activities
Repayment of borrowings
19
-2,450
-1,105
Payment of lease liabilities
19
-3,223
-3,055
Interests paid
6.5
-550
-556
Dividend received from investee
5
Dividend paid
9
-14,903
-21,497
Acquisition (-) / sale (+) of treasury shares
-363
Net cash used in financing activities
-21,425
-26,149
Net increase in cash and cash equivalents
Net foreign exchange difference
-398
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
(1) Includes retrospective adjustment related to the change in accounting policy on the presentation of materials produced for internal purposes from
inventory to other tangible assets, to allow comparability with 2024. See details in Note 2.10.
(2) mainly related to EUR/USD
85
CONSOLIDATED STATEMENT OF CHANGES
IN EQUITY
(EUR thousands)
Notes
Capital
Reserves
Treasury
shares
Currency
translation
differences
Equity,
share of
the group
Total
Equity
Balance as at January 1, 2023
-17,447
Profit or loss
Other comprehensive income
-378
-270
-648
-648
Total comprehensive income
-270
Increase in shareholders’ equity
Share-based payments
Operations with treasury shares
-273
Final dividend
-14,780
-14,780
-14,780
Interim dividend
-6,717
-6,717
-6,717
Other allocation
-81
-81
-81
Balance as per December 31, 2023
-17,174
(EUR thousands)
Notes
Capital
Reserves
Treasury
shares
Currency
translation
differences
Equity,
share of
the group
Total
Equity
Balance as at January 1, 2024
-17,174
Profit or loss
Other comprehensive income
-28
Total comprehensive income
Increase in shareholders’ equity
Share-based payments
18.4
Operations with treasury shares
18.5
-883
-626
-626
Final dividend
9
-8,128
-8,128
-8,128
Interim dividend
9
-6,775
-6,775
-6,775
Other allocation
Balance as per December 31, 2024
-16,917
86
NOTES TO THE IFRS CONSOLIDATED
FINANCIAL STATEMENTS
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
AUDITOR’S REPORT
Independent auditor’s report to the general meeting of EVS Broadcast Equipment SA for the
year ended 31 December 2024
In the context of the statutory audit of the Consolidated Financial Statements) of EVS Broadcast Equipment SA (the
“Company”) and its subsidiaries (together the “Group”), we report to you as statutory auditor. This report includes our opinion
on the consolidated statement of the financial position as at 31 December 2024, the consolidated statement of the realized
and un-realized results, the consolidated statement of changes in equity and the consolidated statement of cash flows for
the year ended 31 December 2024 and the disclosures including material accounting policy information (all elements
together the “Consolidated Financial Statements”) as well as our report on other legal and regulatory requirements. These
two reports are considered one report and are inseparable.
We have been appointed as statutory auditor by the shareholders’ meeting of 17 May 2022, in accordance with the
proposition by the Board of Directors following recommendation of the Audit Committee. Our mandate expires at the
shareholders’ meeting that will deliberate on the Consolidated Financial Statements for the year ending 31 December 2024.
We performed the audit of the Consolidated Financial Statements of the Group during 9 consecutive years.
Report on the audit of the Consolidated Financial Statements
Unqualified opinion
We have audited the Consolidated Financial Statements of EVS Broadcast Equipment SA, that comprise of the consolidated
statement of the financial position on 31 December 2024, the consolidated statement of the realized and un-realized results,
the consolidated statement of changes in equity and the consolidated statement of cash flows of the year and the disclosures
including, material accounting policy information, which show a consolidated balance sheet total of € 292.030 thousands
and of which the consolidated income statement shows a profit for the year of € 42.882 thousands.
In our opinion, the Consolidated Financial Statements give a true and fair view of the consolidated net equity and financial
position as at 31 December 2024, and of its consolidated results for the year then ended, prepared in accordance with the
IFRS Accounting Standards as adopted by the European Union and with applicable legal and regulatory requirements in
Belgium.
Basis for the unqualified opinion
We conducted our audit in accordance with International Standards on Auditing (“ISA’s”) applicable in Belgium. In addition,
we have applied the ISA's approved by the International Auditing and Assurance Standards Board (“IAASB”) that apply at
the current year-end date and have not yet been approved at national level. Our responsibilities under those standards are
further described in the “Our responsibilities for the audit of the Consolidated Financial Statements” section of our report.
We have complied with all ethical requirements that are relevant to our audit of the Consolidated Financial Statements in
Belgium, including those with respect to independence.
We have obtained from the Board of Directors and the officials of the Company the explanations and information necessary
for the performance of our audit and we believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Consolidated Financial Statements of the current reporting period.
These matters were addressed in the context of our audit of the Consolidated Financial Statements as a whole and in
forming our opinion thereon, and consequently we do not provide a separate opinion on these matters.
Revenue recognition – complex contracts
Description of the key audit matter
As of December 31, 2024, the Group’s turnover amounts to € 197.994 thousands, of which a portion relates to fix price
contracts that are generally spread over several months. Because the revenue recognition process is manual , there is a
risk that revenues are not be recognized according to the contract terms and that revenues are recognized in the wrong
financial period. This matter is considered as a key audit matter due to importance of amounts involved, the diversity of
contracts as well as the level of judgment required for complex contracts.
124
Summary of the procedures performed
KAM summary of audit procedures performed :
• We assessed the revenue recognition process as well as the operational effectiveness of internal controls.
• We performed analytical procedures comparing revenues, on a disaggregated basis, with those of the previous
year and with the budget. Variances were discussed with management.
• We used data analysis tools including all accounting entries to identify revenues that are not recognized through
trade receivables as well as trade receivables that are cleared via an account other than cash. We also used this
tool to test unusual or unexpected entries.
• Based on a statistical sample, we performed cutoff testing by analyzing deliveries and receptions close to the
closing date. - We analyzed significant and complex contracts. We discussed and analyzed the revenue recognition
principles adopted by the Group based on contractual terms.
• We assessed the adequacy of notes 2.21 and 3.2 of the Consolidated Financial Statements.
Goodwill and intangible assets Axon
Description of the key audit matter
During the financial year ended 31 December 2020, the Group acquired 100% the shares of Axon and subsidiaries (“Axon”)
for a total consideration transferred of € 12.211 thousands, fully paid in cash. The allocation of the purchase price to
identifiable assets and liabilities acquired was performed by EVS Group and lead to the recognition of intangible assets
amounting to € 10.741 thousands, of which € 2.832 thousands is goodwill.
As of December 31, 2024, the goodwill and intangible assets show a net book value of € 2.832 thousands and € 3.526
thousands.
In accordance with IAS 36, an impairment test was documented by the Company, based on a five-year business plan taking
into account expected sales and costs, with all future cash flows discounted.
Due to the inherent uncertainty related to the forecasts included in the 5-year plan and the assumptions used (discount rate
and growth rate), the level of management judgment and the materiality of the amounts involved, this is considered to be a
key point of our audit.
Summary of the procedures performed
• We discussed with the management about the performance of the CGU Axon and its future perspectives as set
out in the five-year plan. - We reviewed the minutes of the Board of Directors in order to confirm the information
received from management.
• We have analyzed the forecasts of future cash flows in the five-year plan prepared by the management taking into
account in particular the analysis of historical data.
• With the assistance of our internal business valuation specialists, we assessed the assumptions and methods used
by management to determine the recoverable amount of goodwill and intangible assets.
• We compared the recoverable amount of goodwill and intangible assets with their respective net book value and
concluded on the appropriateness of maintaining the net book value.
• In addition, we assessed the adequacy and completeness of the disclosures in note 10 to the consolidated financial
statements based on IFRS requirements.
Responsibilities of the Board of Directors for the preparation of the Consolidated Financial Statements
The Board of Directors is responsible for the preparation of the Consolidated Financial Statements that give a true and fair
view in accordance with the IFRS Accounting Standards and with applicable legal and regulatory requirements in Belgium
and for such internal controls relevant to the preparation of the Consolidated Financial Statements that are free from material
misstatement, whether due to fraud or error.
As part of the preparation of Consolidated Financial Statements, the Board of Directors is responsible for assessing the
Company’s ability to continue as a going concern, and provide, if applicable, information on matters impacting going concern,
The Board of Directors should prepare the financial statements using the going concern basis of accounting, unless the
Board of Directors either intends to liquidate the Company or to cease business operations, or has no realistic alternative
but to do so.
Our responsibilities for the audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance whether the Consolidated Financial Statements are free from material
misstatement, whether due to fraud or error, and to express an opinion on these Consolidated Financial Statements based
on our audit. Reasonable assurance is a high level of assurance, but not a guarantee that an audit conducted in accordance
125
with the ISA’s will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
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 Financial Statements.
In performing our audit, we comply with the legal, regulatory and normative framework that applies to the audit of the
Consolidated Financial Statements in Belgium. However, a statutory audit does not provide assurance about the future
viability of the Company and the Group, nor about the efficiency or effectiveness with which the board of directors has taken
or will undertake the Company's and the Group’s business operations. Our responsibilities with regards to the going concern
assumption used by the board of directors are described below.
As part of an audit in accordance with ISA’s, we exercise professional judgment and we maintain professional skepticism
throughout the audit. We also perform the following tasks:
• identification and assessment of the risks of material misstatement of the Consolidated Financial Statements,
whether due to fraud or error, the planning and execution of audit procedures to respond to these risks and obtain
audit evidence which is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
material misstatements resulting from fraud is higher than when such misstatements result from errors, since fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
• obtaining insight in the system of internal controls that are relevant for the audit and with the objective to design
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control;
• evaluating the selected and applied accounting policies, and evaluating the reasonability of the accounting
estimates and related disclosures made by the Board of Directors as well as the underlying information given 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 or not a material uncertainty exists related to events or conditions
that may cast significant doubt on the Company’s or 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 auditor’s report to the related disclosures
in the Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on audit evidence obtained up to the date of the auditor’s report. However, future events
or conditions may cause the Company to cease to continue as a going-concern;
• evaluating the overall presentation, structure and content of the Consolidated Financial Statements, and evaluating
whether the Consolidated Financial Statements reflect a true and fair view of the underlying transactions and
events.
We communicate with the Audit Committee within the Board of Directors 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.
Because we are ultimately responsible for the opinion, we are also responsible for directing, supervising and performing the
audits of the subsidiaries. In this respect we have determined the nature and extent of the audit procedures to be carried
out for group entities.
We provide the Audit Committee within the Board of Directors 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 within the Board of Directors, we determine those matters that
were of most significance in the audit of the Consolidated Financial Statements of the current period and are therefore the
key audit matters. We describe these matters in our report, unless the law or regulations prohibit this.
Report on 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 Board of Directors’ report on the Consolidated
Financial Statements.
Responsibilities of the auditor
In the context of our mandate and in accordance with the additional standard to the ISA’s applicable in Belgium, it is our
responsibility to verify, in all material respects, the Board of Directors’ report on the Consolidated Financial Statements, as
well as to report on these matters.
126
Aspects relating to Board of Directors’ report
The Board of Directors’ report on the Consolidated Financial Statements contains the consolidated sustainability information
that is subject to our separate limited assurance report. This section does not cover the assurance on the consolidated
sustainability information included in the annual report.
In our opinion, after carrying out specific procedures on the Board of Directors’ report, the Board of Directors’ report is
consistent with the Consolidated Financial Statements and has been prepared in accordance with article 3:32 of the Code
of companies and associations.
In the context of our audit of the Consolidated Financial Statements, we are also responsible to consider whether, based on
the information that we became aware of during the performance of our audit, the Board of Directors’ report contains any
material inconsistencies or contains information that is inaccurate or otherwise misleading. In light of the work performed,
there are no material inconsistencies to be reported.
Independence matters
Our audit firm and our network have not performed any services that are not compatible with the audit of the Consolidated
Financial Statements and have remained independent of the Company during the course of our mandate.
The fees related to additional services which are compatible with the audit of the Consolidated Financial Statements as
referred to in article 3:65 of the Code of companies and associations were duly itemized and valued in the notes to the
Consolidated Financial Statements.
European single electronic format (“ESEF”)
In accordance with the standard on the audit of the conformity of the financial statements with the European single electronic
format (hereinafter "ESEF"), we have carried out the audit of the compliance of the ESEF format with the regulatory technical
standards set by the European Delegated Regulation No 2019/815 of 17 December 2018 (hereinafter: "Delegated
Regulation").
The board of directors is responsible for the preparation, in accordance with the ESEF requirements, of the consolidated
financial statements in the form of an electronic file in ESEF format in the official French language as well as the free
translation into English (hereinafter 'the digital consolidated financial statements') included in the annual financial report
available on the portal of the FSMA (https://www.fsma.be/en/stori) in the official French language as well as the free
translation into English.
It is our responsibility to obtain sufficient and appropriate supporting evidence to conclude that the format and markup
language of the digital consolidated financial statements comply in all material respects with the ESEF requirements under
the Delegated Regulation.
Based on the work performed by us, we conclude that the format and tagging of information in the digital consolidated
financial statements of EVS Broadcast Equipment SA per 31 December 2024 included in the annual financial report available
on the portal of the FSMA (https://www.fsma.be/en/stori) in the official French language are, in all material respects, in
accordance with the ESEF requirements under the Delegated Regulation, and we conclude that the format of the free
translation of the digital consolidated financial statements included in annual report in English corresponds to the digital
consolidated financial statements included in the annual financial report in the official French language.
Other communications.
• This report is consistent with our supplementary declaration to the Audit Committee as specified in article 11 of the
regulation (EU) nr. 537/2014.
Liege, 18 April 2025
EY Bedrijfsrevisoren BV
Statutory auditor
Represented by
Carlo-Sébastien D'Addario *
Partner
*Acting on behalf of a BV/SRL
Unique sequential number of EY reports tracking database
127
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 Company 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 EY, Auditors,
represented by Carlo-Sébastien D'Addario, 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 similar to 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 178,641 thousand, representing 90.2% of the consolidated amount.
- The profit of the year amounts to EUR 37,381 thousand, compared to EUR 26,658 thousand in 2023. The balance
sheet total amounts to EUR 233,913 thousand.
In accordance with the Article 3:6 of the Belgian Company Code, within the Audit 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
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 in the balance sheet. Research expenses incurred in previous years remain subject to the previous regime.
In 2024, EVS incurred an amount of EUR 30.2 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.
For the second project, launched in 2022, a write off of the development costs was booked in 4Q24, as some recent
events have led to a change in our go-to-market strategy. This changing strategy no longer fulfills conditions to be
capitalized, as the product will no longer be launched as a stand-alone product, but rather as an option in the VIA MAP
ecosystem.
In 2024, the capitalization of internal development costs amounts to EUR 1.3 million.
The intangible capitalized costs in 2024 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
in software and hardware that will be commercialized at the end of the development. The projected spend is of EUR
5.9 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.
- No event other than those reported in the consolidated management report has affected the parent company’s financial
statements.
128
BELGIAN GAAP STATUTORY INCOME
STATEMENT
(EUR thousands)
2024
2023*
Operating income
211,337
175,655
A. Turnover
178,641
145,054
B. Increase (+)/decrease (-) in stocks of finished goods, work and contracts in
progress
-6,630
1,159
C. Capitalized production
36,277
26,390
D. Other operating income
3,049
3,052
E. Non-recurring income
-
-
Operating charges
-170,965
-148,440
A. Raw materials, consumables and goods for resale
-37,041
-30,594
1. Purchases
-35,606
-38,823
2. Increase (+)/decrease (-) in stocks
-1,435
8,229
B. Services and other goods
-59,280
-48,060
C. Remuneration, social security costs and pensions
-40,915
-36,917
D. Depreciation of and other amounts written off on formation expenses, intangible
and tangible fixed assets
-40,040
-28,343
E. (+)/(-) in amounts written off on stock and trade debtors
8,552
-281
F. (+)/(-) in provisions for liabilities and charges
-335
-3,800
G. Other operating charges
-761
-444
H. Non-recurring charges
-1,145
-
Operating profit
40,372
27,215
Financial income
4,040
3,104
A. Income from financial assets
1,020
891
B. Income from current assets
-
-
C. Other financial income
3,020
2,213
Financial charges
-2,054
-1,950
A. Interest and other debt charges
-578
-385
B. Write-offs on current assets other than stocks, work in progress and trade
receivables (+, -)
-
-
C. (+)/(-) in amounts written off on current assets
-1,476
-1,565
X. Charges financières non récurrentes
-
-
Profit on ordinary activities before taxes (+,-)
42,358
28,369
Transfer and withdrawal from deferred taxation
46
75
Income taxes
-5,023
-1,786
Result for the period (+, -)
37,381
26,658
Transfers from non-taxable reserves
137
226
Transfers to non-taxable reserves
-1,000
-998
Result for the period available for appropriation (+, -)
36,517
25,886
Appropriation account*
A. Result to be appropriated
85,101
63,893
B. Transfers from reserves
C. Transfers to reserves
-
-
D. Profit / Loss to be carried forward
-69,700
-48,584
E. 1. Dividends
-14,836
-14,845
E. 2. Other equivalents
-565
-463
*The 2023 figures have been updated with the results allocation approved by the Ordinary General Meeting of 21 May 2024
129
BELGIAN GAAP STATUTORY BALANCE
SHEET
ASSETS
(EUR thousands)
December 31, 2024
December 31, 2023
Fixed assets
58,753
68,032
Intangible assets
11,961
15,292
Tangible assets
36,115
36,711
A. Land and buildings
29,466
31,921
B. Plant, machinery and equipment
3,367
53
C. Furniture and vehicles
1,960
2,106
D. Leased assets
-
-
E. Other tangible assets
23
23
F. Assets under construction and advance payments
1,299
2,608
Financial assets
10,677
16,029
A. Affiliated companies
9,532
15,862
1. Participating interests
8,032
7,362
2. Amounts receivable
1,500
8,500
B. Other companies linked to participating interests
1,138
99
1. Participating interests
1,138
99
2. Amounts receivables
-
-
C. Other financial assets
7
68
1. Participating interests
-
-
2. Receivable and cash guarantee
7
68
Current assets
175,159
142,447
Amounts receivable after more than one year
A. Trade debtors
Stocks and contracts in progress
32,159
31,274
A. Stocks
32,159
31,274
1. Raw materials and consumables
20,288
19,315
2. Goods in process
3,638
2,888
3. Finished goods
6,834
6,042
4. Goods for resale
1,399
3,029
B. Goods in process
-
-
Amounts receivable within one year
58,238
57,008
A. Trade debtors
56,319
54,347
B. Other amounts receivable
1,919
2,661
Investments
47,104
34,930
A. Treasury shares
16,917
17,174
B. Other investments and deposits
30,187
17,756
Cash at bank and in hand
33,570
12,577
Deferred charges and accrued income
4,088
6,658
TOTAL ASSETS
233,913
210,479
130
LIABILITIES
(EUR thousands)
December 31, 2024
December 31, 2023*
Capital and reserves
175,721
153,928
Capital
8,772
8,772
A. Issued capital
8,772
8,772
Share premium
14,462
14,462
Reserves
79,881
79,017
A. Legal reserve
877
877
B. Reserves not available for distribution
16,917
17,174
1. In respect of treasury shares
16,917
17,174
C. Not taxable reserves
4,007
3,144
D. Reserves available for distribution
58,079
57,822
Profit / Loss carried forward
69,700
48,584
Investment grants
2,815
3,092
Provisions and deferred taxation
9,001
8,711
A. Provision for liabilities and charges
8,465
8,130
B. Deferred taxation
536
581
Creditors
49,282
47,840
Amounts payable after one year
-
570
A. Financial debts
-
561
1. Debts from leasing agreements
-
-
2. Credit institutions
-
561
B. Other amounts payable
-
9
Amounts payable within one year
44,889
44,318
A. Current portion of amounts payable after one year
561
1,114
B. Financial debts
-
-
C. Trade debts
23,113
23,774
1. Suppliers
23,113
23,774
D. Advances received on orders
1,366
3,039
E. Taxes, remuneration and social security
10,742
7,793
1. Taxes
3,469
670
2. Remuneration and social security
7,273
7,123
F. Other amounts payable
9,108
8,598
Accrued charges and deferred income
4,393
2,952
TOTAL LIABILITIES
233,913
210,479
*The 2023 figures have been updated with the profit allocation approved by the Ordinary General Meeting of 21 May 2024
131
APPENDIX TO PARENT COMPANY
FINANCIAL STATEMENTS
Capital as of December 31, 2024 (EUR thousands)
Amounts
Number of shares
A. Share capital
1. Issued capital
8,772
14,327,024
2. Structure of capital
2.1. Different categories of shares
Shares without face value
8,772
14,327,024
2.2. Registered shares and bearer shares
Registered shares – as of December 31, 2024
1,317,459
Dematerialized shares – as of December 31, 2024
13,009,565
B. Treasury shares held by the company itself
16,917
839,544
C. Commitments to issue shares
1. Following the exercise of subscription rights
- Number of outstanding subscription rights
775,476
- Amount of capital to be issued
17,795
- Maximum number of shares to be issued
775,476
D. Amount of authorized capital, not issued
1,600
132
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.
133
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.
20
SUSTAINABILITY REPORT
135
TABLE OF CONTENTS
TABLE OF CONTENTS 135
1. GENERAL INFORMATION 137
1.1. OUR ESG REPORT 137
1.1.1. BASIS FOR PREPARATION 137
1.1.2. RISK MANAGEMENT AND INTERNAL CONTROL OVER THE SUSTAINABILITY REPORTING 137
1.1.3. DUE DILIGENCE PROCESS 138
1.2. EVS AT A GLANCE 139
1.2.1. OUR STRATEGY 139
1.2.2. OUR STAKEHOLDER ENGAGEMENT 140
1.3. ESG AT EVS 142
1.3.1. OUR ESG GOVERNANCE 142
1.3.2. DOUBLE MATERIALITY PROCESS 145
1.3.3. OUR ESG STRATEGY 154
2. ENVIRONMENTAL INFORMATION 155
2.1. CLIMATE CHANGE 155
2.1.1. TRANSITION PLAN AND TARGET 155
2.1.2. IMPACTS, RISKS, AND OPPORTUNITIES LINKED TO CLIMATE CHANGE 156
2.1.3. POLICY 157
2.1.4. ACTION PLAN 157
2.1.5. KEY METRICS 161
2.2. CIRCULAR ECONOMY 163
2.2.1. GENERAL INFORMATION 163
2.2.2. POLICY 164
2.2.3. TARGET AND ACTION PLAN 164
2.2.4. KEY METRICS 164
2.3. EU TAXONOMY 166
2.3.1. WHAT IS THE EU TAXONOMY? 166
2.3.2. OUR EU TAXONOMY ASSESSMENT PROCESS 166
2.3.3. EU TAXONOMY ELIGIBILITY: ANALYSIS 166
2.3.4. EU TAXONOMY ALIGNMENT: ANALYSIS 170
2.3.5. EU TAXONOMY: KEY PERFORMANCE INDICATORS 171
2.3.6. CHANGES TO 2023 REPORTING 172
2.3.7. LOOKING AHEAD TO 2025, AND BEYOND 172
3. SOCIAL INFORMATION 173
3.1. OWN WORKFORCE 173
3.1.1. GENERAL INFORMATION 173
3.1.2. TARGETS 175
3.1.3. TALENT MANAGEMENT & WORKING CONDITIONS: POLICY, ENGAGEMENT & ACTIONS 176
3.1.4. DIVERSITY, EQUITY & INCLUSION (DEI): POLICY, ENGAGEMENT & ACTIONS 181
3.1.5. METRICS 184
3.2. WORKERS IN THE VALUE CHAIN 188
3.2.1. GENERAL INFORMATION 188
3.2.2. TARGETS 188
3.2.3. POLICIES 189
3.2.4. ACTIONS & ENGAGEMENT PROCESS 189
3.3. CONSUMERS AND END-USERS 192
3.3.1. GENERAL INFORMATION 192
3.3.2. POLICY & PROCESS OF ENGAGEMENT 192
3.3.3. TARGETS 193
3.3.4. ACTIONS 193
136
4. GOVERNANCE INFORMATION 194
4.1. BUSINESS ETHICS 194
4.1.1. GENERAL INFORMATION 194
4.1.2. GOVERNANCE 194
4.1.3. POLICY 194
4.1.4. CORRUPTION AND BRIBERY 195
4.1.5. TARGET 195
5. ENTITY-SPECIFIC INFORMATION 196
5.1. CYBERSECURITY OF OUR COMPANY, PRODUCTS & SOLUTIONS 196
5.1.1. GENERAL INFORMATION 196
5.1.2. POLICIES 196
5.1.3. TARGETS 197
5.1.4. ACTIONS 197
5.2. LOCAL SOCIAL CONTRIBUTION 200
5.2.1. GENERAL INFORMATION 200
5.2.2. TARGETS 200
5.2.3. POLICIES 200
5.2.4. ACTIONS 200
APPENDIX 204
APPENDIX 1A - LIST OF IMPACTS, RISKS AND OPPORTUNITIES COVERED BY ESRS DISCLOSURE REQUIREMENTS AND
COMPANY SPECIFIC 204
APPENDIX 1B - LIST OF ESRS DISCLOSURE REQUIREMENTS COMPLIED WITH IN PREPARING SUSTAINABILITY STATEMENT
FOLLOWING OUTCOME OF MATERIALITY ASSESSMENT 205
APPENDIX 2 - IRO MAPPING WITH THE ESG STRATEGY PILLARS 210
APPENDIX 3 - EU TAXONOMY REPORTING TABLES 211
APPENDIX 4 – ADDITIONAL INFORMATION ON OUR CARBON FOOTPRINT 215
137
1. GENERAL INFORMATION
1.1. OUR ESG REPORT
1.1.1. BASIS FOR PREPARATION
Report published: April 2025.
This report provides a comprehensive overview of our efforts towards sustainability in the fiscal year 2024. It has been
prepared on a consolidated basis, covering all our entities worldwide
12
.
Our sustainability statement covers our own operations as well as direct and indirect business relationships in our upstream
and downstream value chains. For further information on our value chains, please refer to chapter 1.2.1. OUR STRATEGY
of this CSRD report.
The year 2024 marked a significant milestone in our sustainability strategy. We primarily focused on the implementation of
our action plan to reach our 2030 targets. We are proud of our commitment to sustainability and are eager to continue our
efforts towards a brighter future.
2024 was also a year where we focused on consistent and qualitative data gathering. For more information on our data
collection, please refer to the Metric sections of chapters: 2. ENVIRONMENTAL INFORMATION, 3. SOCIAL
INFORMATION and 4. GOVERNANCE INFORMATION, and to APPENDIX 4 – ADDITIONAL INFORMATION ON OUR
CARBON FOOTPRINT
3
.
In accordance with the Corporate Sustainability Reporting Directive (CSRD), this is our first report adhering to the European
Sustainability Reporting Standards (ESRS)
4
.
This report constitutes the declaration of our consolidated sustainability information statement in accordance with article
3:6 and 3:32 of the Belgian Companies and Associations Code.
1.1.2. RISK MANAGEMENT AND INTERNAL CONTROL OVER THE SUSTAINABILITY REPORTING
Similar to financial information, the Leadership Team strives to provide a level of control that is as adequate as possible
for the reporting of ESG related 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 auditor and 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 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 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 17, 2016, the audit of the statutory and consolidated accounts of EVS
Broadcast Equipment SA has been carried out by EY Réviseurs d’Entreprises SRL (B-00160). The financial audit mandate
was extended to the CSRD report for FY2024. For more information, please refer to the CORPORATE GOVERNANCE
STATEMENT in the Management Report of our Annual Financial Report.
1
It includes on a pro rata basis (3/12) our new Portuguese entity, acquired on 1 October, 2024.
2
Our sustainability reporting period and scope are aligned with the those for our Consolidated Annual Financial Report.
3
We only use indirect sources for value chain data in some Our Carbon Footprint categories.
4
The comparative numbers shown in the tables and the trends included in these statements have not been subject to any
limited assurance procedures under the CSRD/ESRS requirements.
138
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
SECTION - 1. GENERAL INFO > ESG AT EVS > OUR ESG
GOVERNANCE
SECTION - 1. GENERAL INFO > ESG AT EVS > DMA PROCESS
Engaging with affected stakeholders
SECTION - 1. GENERAL INFO > ESG AT EVS > OUR ESG
GOVERNANCE
SECTION - 1. GENERAL INFO > EVS AT A GLANCE > OUR
STAKEHOLDER ENGAGEMENT
SECTION - 1. GENERAL INFO > ESG AT EVS > DMA PROCESS
IN THE TOPICAL CHAPTERS:
SECTION - 3. SOCIAL INFO > 3.1. OWN WORKFORCE
SECTION - 3. SOCIAL INFO > 3.2. WORKERS IN THE VALUE
CHAIN
SECTION - 3. SOCIAL INFO > 3.3. CUSTOMER
SECTION – 5. ENTITY-SPECIFIC INFO > 5.1. CYBERSECURITY
OF OUR COMPANY, PRODUCTS & SOLUTIONS
SECTION – 5. ENTITY-SPECIFIC INFO > 5.2 LOCAL SOCIAL
CONTRIBUTION
Identifying and assessing negative impacts on
people and the environment
SECTION - 1. GENERAL INFO > ESG AT EVS > DMA PROCESS
IN THE TOPICAL CHAPTERS:
SECTION - 2. ENVIRONMENTAL INFO > CLIMATE CHANGE
SECTION - 2. ENVIRONMENTAL INFO > CIRCULAR ECONOMY
SECTION - 3. SOCIAL INFO > 3.1. OWN WORKFORCE
SECTION - 3. SOCIAL INFO > 3.2. WORKERS IN THE VALUE
CHAIN
SECTION - 3. SOCIAL INFO > 3.3. CUSTOMER
SECTION – 5. ENTITY-SPECIFIC INFO > 5.1. CYBERSECURITY
OF OUR COMPANY, PRODUCTS & SOLUTIONS
SECTION – 5. ENTITY-SPECIFIC INFO > 5.2 LOCAL SOCIAL
CONTRIBUTION
Taking action to address negative impacts on
people and the environment
IN THE TOPICAL CHAPTERS:
SECTION - 2. ENVIRONMENTAL INFO > CLIMATE CHANGE
SECTION - 2. ENVIRONMENTAL INFO > CIRCULAR ECONOMY
SECTION - 3. SOCIAL INFO > 3.1. OWN WORKFORCE
SECTION - 3. SOCIAL INFO > 3.2. WORKERS IN THE VALUE
CHAIN
SECTION - 3. SOCIAL INFO > 3.3. CUSTOMER
SECTION – 5. ENTITY-SPECIFIC INFO > 5.1. CYBERSECURITY
OF OUR COMPANY, PRODUCTS & SOLUTIONS
SECTION – 5. ENTITY-SPECIFIC INFO > 5.2 LOCAL SOCIAL
CONTRIBUTION
Tracking the effectiveness of these efforts
IN THE TOPICAL CHAPTERS:
SECTION - 2. ENVIRONMENTAL INFO > CLIMATE CHANGE
SECTION - 2. ENVIRONMENTAL INFO > CIRCULAR ECONOMY
SECTION - 3. SOCIAL INFO > 3.1. OWN WORKFORCE
SECTION - 3. SOCIAL INFO > 3.2. WORKERS IN THE VALUE
CHAIN
SECTION - 3. SOCIAL INFO > 3.3. CUSTOMER
SECTION – 5. ENTITY-SPECIFIC INFO > 5.1. CYBERSECURITY
OF OUR COMPANY, PRODUCTS & SOLUTIONS
SECTION – 5. ENTITY-SPECIFIC INFO > 5.2 LOCAL SOCIAL
CONTRIBUTION
139
1.2. EVS AT A GLANCE
1.2.1. OUR STRATEGY
Our technology is used by customers worldwide to deliver live sports images, entertainment shows and breaking news
content to billions of viewers in real time. Through our innovative solutions we enable our customers to engage and
captivate their audiences with high-quality and impactful content. We are proud to play a key role in bringing some of the
most exciting and engaging moments in sports, entertainment, and news to audiences all over the world.
Our solutions are organized into 3 main categories: LiveCeption, MediaCeption and Media Infrastructure. For further
information regarding our solutions please refer to chapter EVS ECOSYSTEM in the Annual Report.
The live production industry is facing several sustainability challenges driven by evolving technological demands and
operational complexities. A key concern is the increasing strain on systems due to the rising volume and image resolution
of video content. This escalation is placing pressure on infrastructure and thereby contributing to higher energy
consumption.
Additionally, the adoption of compute-intensive technologies, such as artificial intelligence and software-based products,
has introduced new challenges. While virtualization offers resource optimization in many sectors, the specialized nature of
broadcast workflows often requires dedicated hardware, limiting the benefits of virtualization or forcing other innovative
approaches (e.g. virtualization on dedicated hardware, as on the Neuron platform).
The industry operates across diverse environments, balancing transient setups—such as OB vans and fly kits for live
sports and concerts—with permanent infrastructures in broadcast centers and cloud-based systems. These distinct
deployment models present varying constraints, adding complexity to efforts aimed at reducing Carbon Footprints.
Addressing these challenges requires innovative approaches that enhance efficiency while minimizing environmental
impact, reinforcing the industry's commitment to sustainable growth. These are topics on which the right balance between
progress and sustainability will have to be found, not just for us but for the whole broadcast industry. At EVS we want to
be a forefront Leader and ensure that the sustainability of our solutions is guaranteed for the specific context in which these
are used. Within this context, and as highlighted further on in this report, a transversal R&D team has been set up to
implement sustainability matters in all products. Thereby, we can actively steer our development and ensure we reduce
the Carbon Footprint of our customers (one of our material ESG objectives).
For further information on the sustainability impact of our products please refer to chapters 2.1. CLIMATE CHANGE and
2.2. CIRCULAR ECONOMY of the Environmental Information section.
For the number of headcounts per geographical area please refer to the 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.
140
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.
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
5
: Customers leveraging EVS products and solutions to create content for a big event which
does not occur annually (e.g. The Olympic Games)
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 relationship with our key suppliers within the value chain is very important. We rely on vendors to supply us with
hardware and software components. We have a strategic procurement framework which allows us to carefully assess our
supply chain risks, not only in terms of criticality and dependency, but also in terms of sustainability.
Research and development (R&D) are extremely important for EVS: almost half of our Team Members work within the
R&D department to ensure the continuous adaptation of our solutions to the latest technologies and market trends. This
strong position allows us a certain flexibility in our collaboration with partners. Within the R&D context we work with strategic
partnerships to ensure that we create an end-to-end ecosystem of our solutions. In this setting we primarily work with
external contractors for the development of software solutions.
We also maintain strategic partnerships in the sales and support environment. Our Channel Partner program ensures that
we have certified sales and support channels that help us in specific geographic regions. The risks involved with this
Channel Partner program are managed through a process of certification. This process ensures that all our partners act
within a clear framework, have the right knowledge, training and certification to represent EVS when meeting our
customers.
Our customers can also be our partners in some cases. When we serve a Live Service Provider with our solutions this
customer will in turn create content for a LAB customer, who will ultimately reach the end viewers, our audience.
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
5
Not directly represented in the graph
141
2 – Suppliers
• Regular calls, emails and meetings with
the procurement team;
• Broadcast trade shows;
• Specific supplier visits;
• EVS’ Suppliers Day (°2024);
• EcoVadis Survey
• 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, but also during EVS’
truck tours. To measure customer satisfaction, we follow and analyze our Net Promoter Score (NPS)
6
and we 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 hosted an annual
Suppliers Day 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 also launched the sustainability
evaluation of our suppliers with the EcoVadis platform.
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.
In terms of 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.
6
The Net Promoter Score is calculated by Devoncroft.
142
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. P
Board of Directors
The Board of Directors
7
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 been the sustainability sponsor at the level of the Board
of Directors. As former Chief Financial Officer of IBA, a Belgium-based B-Corp-certified company, she was highly involved
in ESG through her function and experience and therefore has the right knowledge to challenge EVS’ management on
ESG topics.
In 2025 sustainability-related training will be recommended for the Board of Directors to enhance their collective knowledge
on the topic.
ESG topics are embedded in the agenda of every board meeting. The aim is that the Directors 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 policies, actions, metrics and
targets that have been adopted to address the ESG material topics.
In 2024 two specific board meetings were organized to discuss the following ESG topics:
• May: Presentation of the work done in 2023 and roadmap for 2024
• October: Update of the progress on the 2024 roadmap
The ESG strategy is embedded in EVS’ general strategy, therefore ESG topics are considered when decisions on major
transactions are taken. ESG risks are also included 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 at least 6 times a year. The ESG Core Team
Leader also reports to the CEO and CPO on ESG progress bi-weekly.
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 the target definition and the
implementation of the action plan for their 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 part has been designed to gradually increase from 5% in 2023, to 15%
in 2024, and to 25% in 2025.
7
We consider that the administrative, management and supervisory body is the Board of Directors.
143
The ESG objective for 2024 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
As of 2025, the achievement of the long-term incentive will be related to the achievement of SBTI targets.
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 Application, Customer Success, Engineering, Legal, Marketing…etc.) and is led by Dounia Czorniak,
the Deputy Chief People Officer (Deputy CPO) 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 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 regarding next steps.
In 2024 the ESG Core Team had 10 members, each one in charge of a specific track of the ESG strategy. Everyone has
committed to a minimum of 12 months service until April 2025. Our team and way of working are reviewed annually to
reconfirm everyone’s motivation to work on the process.
144
ESG Ambassadors
In 2024, ESG Ambassadors were 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 for the local context, building relationships with key
stakeholders, and reporting on ESG performance in their location.
The eight newly-appointed Ambassadors organized events throughout the year, such as information sessions on our ESG
strategy and cybersecurity, and charity days with their local team.
145
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 deriving 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 next years to come.
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 the 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
with the previous materiality 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 as well as two workshops with the Leadership Team to determine the
materiality of the sustainability impacts, risks and opportunities.
146
Stakeholder survey
The objective of this survey was to collect stakeholders’ feedback regarding which sustainability topics are the most
important for EVS to tackle.
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, 2 main groups of stakeholders need to be considered: affected stakeholders and users of the
sustainability statements.
Stakeholder category
Stakeholder group
Weighting factor
8
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 outcome. It is obvious that governance topics are of the utmost importance
to us, and we have already taken action in this area. From both the stakeholder's and our standpoint, we feel the emphasis
should be put 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 had to assess the scale and scope, and irremediability and likelihood (where
applicable) of all the ESG topics defined in the sustainability shortlist.
8
The weighting factor is aligned with EVS customer intimacy strategy.
147
A weighting factor was applied to the responses given by the different teams. This was done to take into consideration 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) above or equal to 3 were considered as material.
As requested by the ESRS, for human rights impact, we conducted a more detailed analysis to ensure that the severity of
the HR impact would take precedent over its likelihood.
The results of this assessment were validated with 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 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, no distinctions made. The
majority of the impacts below originate from the industry EVS does business in.
148
Material topic
Definition Impact
Actual/
Potential
Positive /
Negative
Time
horizon
Value chain
Energy - Product
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 -
Customer
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 with 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 Member - Working
conditions
EVS has a positive impact on its workforce by offering good working conditions.
“Working condition” refers to an organization's approach to work-life balance,
working time, secure employment etc.
Actual
Positive
n/a
Own operation
Team Member - 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 dialogues” 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 Member - 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 Member - 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 Member - 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 Member - 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
149
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
Customer - 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
Customer - 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
Customer - 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
Customer - 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
150
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 EVS Leadership Team input 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 list of identified impacts, were reviewed.
For each ESG risk and opportunity identified an evaluation of its financial effect and likelihood was made in accordance
with the EVS Risk Management System grading scales. The financial effect 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 with 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.
151
Material topic
Risk name
Risk definition
Dependencies
type
Primary Risk
Consequence
Team Member - 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
Customer – Data breach
Data security -
product
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 Member - Working
conditions
& Team Member - Social
dialogue & Freedom of
association
& Team Member - 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
Customer - Access to (quality)
information
& Customer - 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 restricted competition.
Relationship
Financial
Workers in the value chain -
Working conditions
Inadequate
partnership
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 Member - 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
152
& Team Member - 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 –
Customer
& 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 name
Opportunity
name
Opportunity definition
Dependencies
type
Primary
Opportunity
Consequence
Climate change mitigation –
Customer
& 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
153
Double materiality
The list of IROs was clustered into topics to be mapped on a double materiality matrix - a link was also made with the
ESRS classification of the sustainability matters (See Appendix 1).
The resulting double materiality matrix is presented in the graph below, with financial materiality on the Y-axis and impact
materiality on the X-axis.
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
The ESG strategy was reviewed to integrate the results of the double materiality analysis.
Subsequently, the revised double materiality matrix was validated by the Board of Directors during their meeting on 16
November 2023, along with the new ESG strategy and 2030 ambitions.
For the mapping of our ESG pillars, with the material IROs, please refer to Appendix 2 of this report.
EVS’ response to our material IROs will be outlined in the following chapters. As this is our first report aligned with the
European Sustainability Reporting Standards (ESRS), we expect to provide more comprehensive information in future
reports about the ability of our business model to address these material IROs.
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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 usage consumes even more. It is our
responsibility to measure the impact on the environment of our solutions and our premises and find solutions to reduce
this impact as much as possible.
2.1.1. TRANSITION PLAN AND TARGET
In 2022 we undertook the significant initiative of calculating our carbon footprint for the first time. Based on the results we
defined some preliminary 2030 reduction targets for our two environmental pillars.
• ‘Company carbon footprint’
9
: 55% reduction in GHG emissions per euro (€) sold (baseline: 2021) (unit: tCO2e/M€
revenue)
• ‘Customer carbon footprint’
10
: 50% reduction in GHG emissions per euro (€) sold (baseline: 2021) (unit:
tCO2e/M€ revenue)
In 2024 we embarked on the important task of recalculating our Carbon Footprint for the second time. Building on our
experience in 2022, we improved the precision, quality and efficiency of our data collection processes. With this updated
baseline, we will review our targets for reducing greenhouse gas (GHG) emissions. Our goal is to align these targets with
the Science Based Targets initiative (SBTi) to ensure that our GHG emissions are in line with the Paris Climate Agreement,
which aims to limit global temperature increases to well below 2°C above pre-industrial levels, and ideally below 1.5°C.
We aim to finalize this process in 2025.
Based on these validated targets, we will identify key decarbonization levers and define a detailed action plan to reach
these targets. We will also ensure that the transition plan is embedded in, and aligned with, our overall business strategy
and financial planning. Our objective is to have the transition plan validated by the Leadership Team and the Board of
Directors by the end of 2025.
9
The following emission drivers are included in the ‘Company carbon footprint’ pillar: - Energy (on-site consumption) -
Non-energy (on-site consumption) - Employee commute - Business travel - Waste (except packaging) - Internal freight -
Upstream and downstream transportation and distribution - Impact of indirect procurement - Capital goods - Upstream
leased assets - Franchises - Investments
10
The following emission drivers are included the ‘Customer carbon footprint’ pillar: - Impact of direct procurement -
Packaging (purchase and end of life) - Processing of sold products - Use of sold products - End of life of sold products -
Downstream leased assets
156
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.
IROs name
Definition
EVS response
11
Energy - Organization
EVS has a negative impact on the environment by
consuming energy (in relation to its activities)
• Energy workgroup
• SBTI targets
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 – Product
EVS has a negative impact on the environment by
putting on the market products that consume
considerable energy
• Continuous work to improve
efficiency of products
• Transversal R&D team
• SBTI targets
• VIA POWER
• Hackathon
Climate change
mitigation – Customer
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 company and our customers’), 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 scenario for their identification.
To define EVS’ responses to the transitional risks and opportunities, we did not conduct a resilience analysis but analyzed
the different projects ongoing at 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, Netherlands. As the primary
office and research & development (R&D) centers, these locations are vital hubs for the organization’s operations and
11
For more information on the actions listed under the column “response”, please see to chapter 2.1.4. ACTION PLAN
157
innovation activities. Given their importance
12
, it was essential to understand and mitigate potential risks associated with
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 bringing its contribution 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 on an annual basis to monitor the effectiveness of its environmental policy.
2.1.4. ACTION PLAN
As mentioned previously, we are in the process of setting SBTI targets to ensure that our GHG emissions align with the
Paris Climate Agreement, aiming to limit global temperature increases to well below 2°C above pre-industrial levels, and
ideally below 1.5°C. Once these targets are validated, we will identify key decarbonization levers and define a detailed
action plan to reach them.
However, several key actions have already been identified for the ESG pillars Customers’ Carbon Footprint and Company’s
Carbon Footprint to mitigate climate change as quickly as possible.
12
In the first half of 2024, 69% of Team Members (headcount) were located at the headquarters (402 out of 663) and in
Gilze (56 out of 663). The remaining 31% were distributed across 12 different entities.
158
To simplify the understanding of our Carbon Footprint and create a clear action plan to reduce it, we have categorized
emissions into two categories:
• Emissions linked to our products and solutions (product use, product end-of-life and Input purchasing 1 (linked
to EVS products))
• Emissions linked to our company (all other emissions).
As a technology company, it is no surprise that the environmental impact of our products is of utmost concern to us. We
have already identified 2 major levers which we have gathered under our Customers’ Carbon Footprint pillar : our product
energy use and the components used to build our products.
Our R&D department is continuously striving to enhance product efficiency, with a particular focus on CPU performance,
a key factor of our products’ energy consumption. To address this significant issue, a dedicated cross-functional team has
been set up, comprising selected members from the entire R&D department, sponsored by our Chief Technology Officer,
Alex Redfern. This team includes an Ambassador for each of our main products and is responsible for achieving our 2030
ambition on the product side.
One of the key achievements of this team in 2024 was the development of a power-saving tool, VIA Power, that enables
customers to easily shut down and restart their equipment.
We recognize that our products consume unnecessary energy when they are idle, especially at night. Indeed, we know
that our customers are not used to turning off their equipment when it is not being used due to several reasons: our
customers do not want to spend time turning their equipment on and off as it requires some manual configuration steps to
ensure that everything is working properly. There are also concerns, likely rooted in the history of broadcasting
infrastructure, about whether the equipment will restart correctly.
To address these challenges, we are developing user-friendly tools that make it easier for customers to shut down and
restart their equipment. This initiative began in 2024 through a subsidy from the Pôle Mecatech of the Walloon Region,
enabling us to build a Proof of Concept that will soon be tested in customers’ facilities. The goal is to emphasize the energy
savings enabled by this tool – estimated at 40% of the system’s total power consumption – in terms of both CO2 reduction
and cost savings. This tool is designed to enhance our SLAs while also being available as a standalone product.
Our vision extends beyond this: our goal is to integrate the VIA Power tool into our wider ecosystem of solutions. This will
be achieved through its integration into VIA Foundation, our suite of cross-product tools. Additionally, we have in mind a
few valuable synergies with specific products such as FCR, XSquare and Cerebrum, further enhancing their value. In
October 2024 we organized our annual EVS Hackathon, bringing together our R&D teams from across Europe for two
days of collaboration. The objective was for them to work in diverse teams, fostering collaboration to develop innovative
solutions that add value to our products. This year several projects focused on ESG initiatives and on the power
consumption of our products and solutions at the customer sites.
We also raised awareness of the R&D Steering Committee by organizing a Climate Fresk, followed by a brainstorming
session to identify key actions that could be taken by the committee to optimize, and thereby reduce, the power
consumption of our products. These actions are being monitored by our CTO, Alex Redfern.
From a company Carbon Footprint perspective, our team has begun addressing key areas of our Carbon Footprint: energy,
logistics and mobility, which account for 3%, 3% and 5% of our 2024 Cabon Footprint, respectively.
An energy workgroup was established in 2022 to closely monitor our energy consumption and identify solutions to reduce
it. The workgroup monitors the energy consumption of the data center in our HQ on a weekly basis, challenging the teams
on the number of machines that need to constantly remain turned on, and explaining how to switch off machines more
often without putting the business at risk. The workgroup sends out general communications to all Team Members about
best practices in term of energy consumption (e.g. shutting down their computers and turning off the lights at the end of
the day). In 2024 we also installed CPX on our servers’ nodal points, allowing teams to turn the machines on and off more
easily. In the other offices around the world smart readers are being installed, to allow the facility teams to monitor energy
consumption more accurately. In doing so, we will start to have a global view of our company-wide energy consumption,
and we can start acting globally in our efforts to reduce that consumption.
In logistics, we are optimizing stock management to reduce the number of deliveries and decrease our reliance on air
transport, favoring more sustainable options such as sea and rail. These methods of transportation require better planning
and increase the need for pro-active supply chain management, but they significantly impact our global emissions. These
efforts are ongoing, and we hope to see positive effects on our Carbon Footprint soon.
Regarding employee mobility, several past initiatives are already delivering results.
In 2022 we began transitioning our fleet to electric vehicles. Although we had no electric cars in 2021 (despite the
opportunity being available to all Team Members in Belgium) we ordered 8 electric cars (2% of our fleet) in 2022. This
number increased significantly in 2023 and 2024, with our fleet comprising 128 electric cars (40% of our fleet).
159
To support this transition, we installed 14 additional electric charging stations in 2024, for a total of 86 charging stations,
reducing barriers for Team Members to choose electric vehicles. With these measures in place, we aim to achieve a 100%
electric fleet by 2030.
We also offer Team Members the opportunity to lease a regular bike or an e-bike. At the end of 2024 we had 35 bikes for
lease.
Actions
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 adequate actions to be implemented in response
to material impacts, risks, and opportunities are determined based on our Carbon Footprint assessment, which highlights
our primary sources of emissions, and considerations of resources, costs, and feasibility.
160
Action
Status
Time horizon
Scope
Expected outcomes and
contribution to targets
Significant Investment
(CapEx/OpEx)
Contribution to policy
objective
Commit to SBTi
Done
January 2024
Company-wide
Not applicable
N/A
By demonstrating our long-
term commitment to
sustainability and allow us
to communicate effectively
on our climate strategy and
progress.
Develop SBTi targets
Ongoing
June 2025
Company-wide
Not applicable
To be defined
Improve Carbon Footprint Data
Ongoing
Not applicable
Company-
wide, all
products
Not applicable
Indirect costs of time and
labor (6 employees)
and external support 20K€
CUSTOMERS’ CARBON FOOTPRINT
Launch R&D working group
Done
July 2023
All products
Not applicable
Indirect costs of time and
labor (8 employees)
By developing new
technologies and solutions
that reduce GHG emissions
and improve energy
consumption linked to our
products and solutions
HACKATHON including ESG
topic
Done
October 2024
All products
Not applicable
Indirect costs of time and
labor (50 employees – 2
days)
Built a POC for a power-saving
tool (VIA POWER)
Done
December
2024
All products
Estimated 40% emission
reduction potential
Q3 2024
Subsidy of 30k€ from the
Walloon Region, self-
investment of 13k€
Indirect costs of time and
labor (+/- 1.5 FTE)
Q4 024 onwards
Indirect costs of time and
labor (+/- 1 FTE)
Demonstrate VIA POWER to at
least one customer
Ongoing
2025
All products
Launch VIA POWER as a
product
To be planned
2026
All products
Brainstorming, prioritization &
roadmap for ESG features &
optimization in all products
To be planned
2025
All products
Not applicable
Indirect costs of time and
labor (8 employees)
Launch more upgradable and
repairable products
To be planned
To be defined
All products
Not applicable
To be defined
COMPANY’S CARBON FOOTPRINT
Energy: Reduce energy
Consumption at HQ
Ongoing
Not applicable
Headquarters
Reduced by 15% HQ
energy consumption
Indirect costs of time and
labor (5 employees)
By developing solutions that
reduce GHG emissions and
improve energy
consumption linked to our
own operations
Freight: Foster sea and train
freight instead of air freight
Ongoing
2025
Inbound freight
To be defined
To be defined
Mobility: Raise awareness about
environmental issues to foster
low emission mobility (electric
cars, bikes, …etc.)
Ongoing
2030
Company-wide
To be defined
To be defined
Define actions for 2025 and
beyond based on insights
Carbon Footprint & SBTi
To be planned
Q1 -2025
Company-wide
To be defined
To be defined
161
For more information on our activities aligned with the EU Taxonomy Climate Delegated Acts, please see the EU
Taxonomy section of this Sustainability Statement.
2.1.5. KEY METRICS
Energy consumption and mix
2024
Fuel consumption from coal and coal products (MWh)
0
Fuel consumption from crude oil and petroleum products (MWh)
0
Fuel consumption from natural gas (MWh)
0
Fuel consumption from other fossil sources (MWh)
0
Consumption of purchased or acquired electricity, heat, steam, and cooling
from fossil sources (MWh)
2,225
Total fossil energy consumption (MWh)
2,225
Share of fossil sources in total energy consumption (%)
31%
Consumption from nuclear sources (MWh)
2,113
Share of consumption from nuclear sources in total energy consumption
(%)
29%
Fuel consumption for renewable sources, including biomass (also
comprising industrial and municipal waste of biologic origin, biogas,
renewable hydrogen, etc.) (MWh)
0
Consumption of purchased or acquired electricity, heat, steam, and cooling
from renewable sources (MWh)
2,256
Consumption of self-generated non-fuel renewable energy
13
(MWh)
652
Total renewable energy consumption (MWh)
2,908
Share of renewable sources in total energy consumption (%)
40%
Total energy consumption (MWh)
7,246
Total energy consumption from activities in high climate impact sectors
(MWh)
7,246
Energy intensity per net revenue (MWh/M€)
37
2024
Net revenue from activities in high climate impact sectors used to calculate
energy intensity (M€)
198
Net revenue (other) (M€)
0
Total net revenue (financial statements
14
) (M€)
198
The energy consumption of the HQ accounts for 68% 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).
13
We did not produce any non-renewable energy.
14
2024 Annual Report – note 3 “Segment information”.
162
GHG Emissions
(tCO2e)
2024
Scope 1
15
881
Percentage of Scope 1 GHG emissions from regulated emission trading
schemes
N/A
Scope 2 - Market based
10
1,503
Scope 2 - Location based
10
1,503
Scope 3
10
59,275
Total GHG emissions - Market based
61,659
Total GHG emissions - Location based
61,659
Scope 3.1 Purchased goods and services
16,960
Scope 3.2 Capital goods
1,849
Scope 3.3 Fuel and energy-related Activities (not included in Scope1 or Scope 2)
589
Scope 3.4 Upstream transportation and distribution
1,486
Scope 3.5 Waste generated in operations
38
Scope 3.6 Business traveling
1,648
Scope 3.7 Employee commuting
490
Scope 3.8 Upstream leased assets
3,790
Scope 3.9 Downstream transportation
128
Scope 3.10 Processing of sold products
N/A
Scope 3.11 Use of sold products
32,216
Scope 3.12 End-of-life treatment of sold products
81
Scope 3.13 Downstream leased assets
N/A
Scope 3.14 Franchises
N/A
Scope 3.15 Investments
N/A
2024
Total GHG emissions (location-based) per net revenue (tCO2eq/M€)
614
Total GHG emissions (market-based) per net revenue (tCO2eq/M€)
614
2024
Net revenue used to calculate GHG intensity (M€)
198
Net revenue (other) (M€)
0
Total net revenue (financial statements) (M€)
198
As in our first carbon footprint, the energy consumption linked to the use of our products by our customers is our
largest source of emissions, followed by emissions linked to both direct and indirect procurement, highlighting the
importance of involving our value chain in our CO2 emissions reduction efforts.
15
We do not emit any biogenic emissions.
163
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 duty 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’s name
Definition
EVS’ response
16
Resource outflows
EVS could have a positive impact
on the environment by designing
its products to contribute to the
circular economy (reuse, repair,
recycling)
• A transversal team
selected from the whole
R&D department has
been created in order to
tackle these important
topics, and with the
sponsorship of our Chief
Technology Officer. This
team includes one
Ambassador for each
main product we have
developed.
Resource inflows
EVS has a negative impact on the
environment by consuming raw
materials. If consumed in large
quantities it can have a negative
impact on the availability for local
communities, and other sectors
that also 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 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) may generate new
market dynamics, lead to a
competitive advantage and secure
EVS’ Leadership position.
Risk - 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.
16
For more information on the actions listed under the column “response”, please see chapter 2.2.3. TARGET AND
ACTION PLAN.
164
2.2.2. POLICY
Our environmental policy addresses the following topics linked to the circular economy: transitioning away from 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 setting SBTI targets to ensure that our GHG emissions align with the Paris Climate
Agreement. 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.
Some key actions have already been identified for 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 dedicated to responsible sourcing practices, ensuring that these materials are
obtained from suppliers who adhere to both ethical and environmental standards. These efforts are highlighted in
the chapter on Workers in the Value Chain (3.2). More specifically, the actions that we take to promote sustainability
within our supply chain, including our engagement process with our suppliers, are outlined in section 3.2.4.
We have analyzed the recycled content rates for our products by 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.
For the other hardware categories where no specific information is available, we have assumed that their recyclable
content rates are 0%.
We also analyzed the recycled content rates for our packaging. Due to limited information, we focused on the
cardboard used in our packaging. According to our supplier, 58% of the cardboard used is recycled.
In 2024 we used 3 tons of recycled metal and 15 tons of recycled cardboard. On average, 35% of our components
used to manufacture our products and packaging are made of recycled resources.
In application 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 our overall total weight of products and technical
and biological materials used in 2024 for secrecy reasons as these are considered sensitive data.
Resource outflow
As 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
the components are easily dismantled, with no glued, riveted, or proprietary screw parts.
Additionally, we offer our customer Service Level Agreement (SLA) program, which includes hardware support
services such as replacement of parts and hardware upgrades, aimed at extending the lifespan of our products.
Similar to recycled content, we 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
165
components which can be recycled are the steel and aluminum parts. They represent, on average, between 40 and
50% of the total product weight. In 2024, 44% of our products were made of recyclable content.
17
For the other hardware categories, where no specific information is available, we have assumed that their recyclable
content rates are 0%.
We also analyzed the recyclable content rates for our product packaging. Based on the limited information available,
we have considered that only the cardboard and wood used in our packaging are recyclable at 100%. In 2024, 73%
of our packaging was made of recycled content.
In 2024 we used 15 tons of recyclable metal and 25 tons of recyclable cardboard.
17
This data pertains only to the products for which complete information was available. This represents 37% of our
products.
166
2.3. EU TAXONOMY
This section reports the Key Performance Indicators required under Regulation EU 2020/852
18
(the EU Taxonomy)
and its related Delegated Acts
19
. The EU Taxonomy is designed to direct and channel capital toward sustainable
activities, with the ultimate goal of financing sustainable growth and achieving the EU’s goal of becoming climate-
neutral 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), the sustainable use and protection of water and marine
resources (WTR), the transition to a circular economy (CE), pollution and prevention control (PPC), the
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
20
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
an eligibility assessment was performed.
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 had
to be considered for further eligibility assessment, as the titles and descriptions of the remaining activities did not
align with EVS’ operations (see table 1).
In 2024, 70% of our revenue was assessed as EU Taxonomy eligible.
18
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.
19
The EU Taxonomy Climate Delegated Act 2021/2139 (further amended by the Complementary Delegated Act
2022/1214 and the Delegated 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).
20
The minimum safeguards shall be procedures implemented by a company that is carrying out an economic activity
to ensure the alignment 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 Fundamental Principles and Rights at Work
and the International Bill of Human Rights.
167
Table 1 - EU Taxonomy eligibility: Assessment – Turnover
CDA or
EDA
21
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. It is classified as an
adapted activity with the potential to substantially contribute 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
the 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.
21
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)
168
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
22
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.
22
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.
169
Expenditure
The next step of our assessment was to determine the percentage of our expenditure that is 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 that are 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 (‘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.
Our analysis led to the following conclusions:
A. CapEX
46% of our CapEx was assessed as EU Taxonomy eligible, as 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- activities and
individual measures that lead to GHG reductions, or linked to any environmental objective (Category C). In 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
23
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%
CDA /
Annex I
CCM
Manufacture of low carbon technologies for transport
0%
EDA /
Annex II
CE
Manufacture of electrical and electronic equipment
30%
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
6%
23
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).
170
B. OpEx
67% of our OpEx was assessed as EU Taxonomy eligible, as 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 linked to any environmental objective (Category C).
Table 3 - EU Taxonomy eligibility: Assessment - OpEx
CDA or
EDA
24
Env.
Objective
Activity title
% of total
OpEx
CDA /
Annex I
CCM
Installation and operation of electric heat pumps
0%
CDA /
Annex I
CCM
Construction, extension and operation of water collection, treatment and
supply systems
0%
CDA /
Annex I
CCM
Installation, maintenance and repair of energy-efficient equipment
0%
CDA /
Annex I
CCM
Installation, maintenance and repair of charging stations for electric vehicles
in buildings (and parking spaces attached to buildings)
0%
EDA /
Annex II
CE
Collection and transport of non-hazardous and hazardous waste
0%
EDA /
Annex II
CE
Manufacture of electrical and electronic equipment
64%
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
2%
For all these expenditures, CapEx and OpEx items were assessed in accordance with their 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. Therefore, 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 requested (either in the
SC 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, and our R&D center in Gilze, Netherlands (as mentioned in chapter 2.1.
Climate Change). Our analysis concluded that neither location faced significant climate risks.
The next step was to analyze the “Technical Screening Criteria” and “Do No Significant Harm” criteria in detail for each of
our eligible activities. After reviewing these criteria, we determined that no alignment could be claimed at this stage, as the
TSC have not yet been met. As explained in the section below, in 2025 we will continue our Taxonomy journey, including
the establishment of an action plan to address the gaps and collect the necessary evidence to report alignment.
We also assessed our compliance with the Minimum Social Safeguards (MSS) as defined under Article 18 of the Taxonomy
Regulation. Our Code of Conduct, which also applies to our business partners, covers most of the core MSS topics. To
ensure full compliance with the MSS criteria (OECD Guidelines, ILO standards, UN Guiding Principles, and the
International Bill of Human Rights) are properly addressed (including, among others, due diligence requirements), we have
integrated the MSS criteria into our ESG action plan, under the Governance pillar. In 2024 several procedures and policies
were implemented. In 2025 we will review the extensive gap analysis conducted in 2023 to ensure that all the MSS
requirements are satisfied and verifiable, allowing us to report compliance.
24
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).
171
Environmental Delegated Act
Regarding the Environmental Delegated Act for the financial year 2024, a similar assessment to the one conducted for the
Climate Delegated Act was performed and similar conclusions were reached. In 2025 we will continue our efforts to close
the gaps in the TSC, DNSH criteria, and MSS.
The results of our assessment are provided in the section below (See – EU Taxonomy Key Performance Indicators).
2.3.5. EU TAXONOMY: KEY PERFORMANCE INDICATORS
Eligibility
Alignment
KPIs for FY
2024
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
197,995
0
0%
0
0%
CapEx
10,319
3,302
32%
0
0%
OpEx
30,068
36
0%
0
0%
Environmental Delegated Act
Turnover
197,995
138,042
70%
0
0%
CapEx
10,269
3,769
37%
0
0%
OpEx
30,068
20,160
67%
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
25
outlined in the Disclosure Delegated Act
26
and can be found in note 3 of our
consolidated financial statements
27
.
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 FY2024 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 FY2024 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).
The other categories of the CapEx are not relevant to EVS.
Further details about these costs can be found in Notes 11, 12 and 19 of our consolidated financial statements
28
.
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 FY2024 OpEx,
as defined by Section 1.1.3.1 of Annex I of the Disclosure Delegated Act (denominator).
25
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.
26
Commission Delegated Regulation (EU) 2021/2178, published in the Official Journal of the European Union on the
10.12.2021.
27
2024 Annual Report – note 3 “Segment information”.
28
2024 Annual Report – notes 11 “Other intangible assets”, note 12 “Tangible assets” and note 19 “Loan”
172
For the OpEx denominator, the following direct non-capitalized costs were included in the total FY2024 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
2.3.6. CHANGES TO 2023 REPORTING
Our EU Taxonomy analysis is based on the corresponding regulation, its delegated acts and the frequently asked questions
(FAQs) published by the European Commission, as well as numerous reports found on the Platform on Sustainable
Finance. As the legislation is still relatively new, and rather complex, some specific areas leave room for interpretation,
and so for these elements we have applied due care in our approach; but we are aware that some interpretations might
evolve over time and lead to different results. For the purpose of transparency, we will disclose any evolutions in our future
reports.
With this mindset of being transparent: while performing the assessment for 2024, we analyzed in further details our CapEx
and reallocated some costs that had been identified as Category A (linked to EU Taxonomy-eligible activities) to Category
C (linked the purchase of output from EU Taxonomy-eligible activities and individual measures that lead to GHG reductions,
or linked to any environmental objective). We decided to also perform the adjustment on the 2023 figures.
For the OpEx, we also managed to perform a more granular analytical review and further fine-tune the number of OpEx
projects that could be considered in the EUT OpEx definition as well as which projects could be considered as eligible
under the climate change mitigation objective. We decided to adjust the reported value in 2023 to ensure consistency.
Adjusted eligibility KPIs for the financial year 2023 are as follow:
Reported in 2023
Correction
KPIs for FY 2024
Absolute value
– Denominator
(k€)
Absolute value
– Numerator
(eligibility) (k€)
Share of
eligible
activities
Absolute
value –
Denominator
(k€)
Absolute value
– Numerator
(alignment) (k€)
Share of
aligned
activities
Climate Delegated Act
Turnover
173,191
0
0%
173,191
0
0%
CapEx
10,593
3,093
29%
10,593
3,093
29%
OpEx
27,412
1,152
4%
24,845
3
0%
Environmental Delegated Act
Turnover
173,191
110,206
64%
173,191
110,206
64%
CapEx
10,593
1,911
18%
10,593
1,743
16%
OpEx
27,412
16,716
61%
24,845
15,325
62%
2.3.7. LOOKING AHEAD TO 2025, AND BEYOND
In 2025 and beyond, we will continue our Taxonomy journey with a focus on the following elements:
Minimum Social Safeguards - In 2023 we assessed our compliance with the Taxonomy Minimum Social Safeguards, as
defined under article 18 of the Taxonomy Regulation. As part of our sustainability strategy, we worked on implementing
several procedures and policies.
In 2025, we will review the gaps and document our alignment with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights to ensure that all the requirements are satisfied and verifiable,
allowing us to report compliance.
Alignment action plan - In 2025 we will define an Action Plan to address the gaps regarding the other “Technical
Screening” criteria and “Do No Significant Harm” criteria for our turnover, CapEx, and OpEx.
173
3. SOCIAL INFORMATION
3.1. OWN WORKFORCE
3.1.1. GENERAL INFORMATION
Our Team Members are our greatest asset. They are at the foundation of everything we do. Their contributions drive
innovation, and excellence, enabling us to provide unparalleled support and quality solutions to customers worldwide. At
the same time, we recognize that EVS, as an employer, has an impact on the working conditions, development
opportunities, and overall well-being of its Team Members.
The majority of our Team Members are employees, as per the definition of the ESRS
29
. We also include in our disclosure
a minority of contractors who are included in our HRIS
30
. In the context of this report, the term “Team Members” designates
employees and contractors listed in the HRIS. Students, paid trainees, and non-employees who are not in our HRIS are
not included in this disclosure. In 2024 we had 723 Team Members (headcount
31
), corresponding to 704.5 full-time
equivalents
32
.
The following impacts, risks, and opportunities (IROs) related to EVS’ own workforce have been identified through the
Double Materiality Assessment:
IRO’s name
Definition
EVS’ response
33
Team Member – working
conditions
Working conditions refer to an
organization's approach to work-
life balance, working time, secure
employment etc. EVS has an
actual positive impact on its
workforce by offering good
working conditions.
• Remuneration & benefits
• Social events
• Onboarding procedure
Risk – Talent retention
Failure to attract and retain the
right talent might lead to the
inability of EVS to fulfill its growth
ambition.
34
Risk – Talent attraction
• Presence on social media
• Partnership with educational institutions
• Talent pool identification
Team Member – 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 an actual positive impact on
its workforce by offering them
continuous professional growth
and employability.
• Training offerings & talent development
programs
• Individual Continuous Improvement
Process (consisting of annual review,
objectives setting, and career planning;
available to all Team Members)
• Internal job board
Team Member – Social
dialogue and Freedom of
association
Freedom of association and social
dialogues include the rights of
employers and Team Members to
form, join, and run their own
organizations without prior
N/A
29
According to the ESRS, an employee is “An individual who is in an employment relationship with the undertaking
according to national law or practice”.
30
HRIS: Human Resources Information System
31
Unless otherwise specified, headcount data is computed as a snapshot on the last day of the reporting period.
32
We consider the actual full-time equivalents rather than contractual full-time equivalents (i.e., accounting for long-term
leave, etc.). We refer to section 5 of the Management Report of our Annual Financial Report
33
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.
34
The “talent attraction” and “talent management” risks are related to the positive impacts EVS has on its workforce through
offering good working conditions and training and skills development, as well as respecting social dialogue and freedom
of association, as those impacts make it easier to attract and retain talent.
174
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 an actual positive impact on
its workforce by respecting social
dialogue and freedom of
association.
Team Member – Gender
equality and equal pay for
work of equal value
Discrimination on gender can
impose unequal burdens on
individuals or deny fair
opportunities based on individual
merit. By putting measures in
place, EVS prevents a potential
negative impact on its workforce.
• Gender equality analysis & POC
35
–
mentoring program for women
Team Member – Diversity
and inclusion
Discrimination (on gender, age,
ethnicity, etc.) can impose
unequal burdens on individuals or
deny fair opportunities based on
individual merit. EVS has an
actual positive impact on its
workforce by putting measures in
place to prevent discrimination,
and by fostering inclusion in the
workplace.
• Possibility to define pronouns in HRIS
• Awareness raising (resources on
Intranet, communication on internal
social media, events)
• Mandatory diversity & inclusion training
• Inclusive Leadership workshop for R&D
SteerCo
36
• Inclusive Leadership training for SteerCo
• In-person DEI training for DEI
Ambassadors
Risk – Diversity and
inclusion
Failure to have a diversified
workforce may risk losing
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.
37
• Unconscious bias training for hiring
managers
• Verification of non-gendered wording in
job descriptions
• External actions to foster gender
diversity in STEM
38
(Elles Bougent,
CoderDojo, mentoring, sponsoring)
Given the similarity of the context and activities performed across EVS’ locations and departments, we have not identified
groups within our own workforce who may be at greater risk of harm based on their activities and/or office location of their
office; neither have we identified risks or opportunities that apply solely to specific activities or geographical areas. We
have not identified any risks related to forced labor, child labor, or compulsory labor within our own workforce, and all our
employees are paid an adequate wage.
However, we acknowledge that people within our own workforce with one or more protected characteristics
39
may be at
greater risk of being marginalized and/or discriminated against. The actions we have put in place, or are planning to put in
place, to promote inclusion and address discrimination against members of vulnerable groups within our own workforce
are outlined in the Actions section in chapter 3.1.4. DIVERSITY, EQUITY AND INCLUSION.
We have also identified certain opportunities and risks related to people with one or more protected characteristics (see
table above: Risk – Diversity and inclusion). The resulting actions are explained further in the Actions section in chapter
3.1.4. DIVERSITY, EQUITY AND INCLUSION.
35
POC: Proof of Concept
36
R&D SteerCo: Research & Development Steering Committee
37
The “Diversity and inclusion” risk is related to the positive impacts EVS has on its workforce by promoting equal pay for
work of equal value and fostering diversity and inclusion within the company, as those impacts make it easier to attract a
diverse range of talents.
38
STEM: Science, Technology, Engineering & Mathematics
39
Age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief,
sex, sexual orientation
175
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 transition plans to reduce negative impacts on the environment and achieve greener
and climate-neutral operations.
3.1.2. TARGETS
We have set two ambitious targets for 2030 to manage material impacts, risks, and opportunities related to our Team
Members: be in the top 50% of Top Employers, and maintain a team member Net Promoter Score (tmNPS) of 30 or higher
(for more details on each of these targets, see below). These targets were determined by the ESG Core Team members
responsible for the Talent Management & Working Conditions and Diversity, Equity and Inclusion pillars. They were then
submitted to and approved by the Leadership Team. While our Team Members and other stakeholders were not directly
involved in the target-setting process, the process was based on the Double Materiality Assessment, in which stakeholders,
including our Team Members, were involved.
Top Employer
The Top Employer certification involves meticulous 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 2024. Our goal for 2030 is to rank in the
top 50% of Belgium’s Top Employers, meaning we aim to surpass the median score of certified employers in Belgium. This
target is absolute in that it does not rely on a specific percentage improvement compared to historical performance;
however, it is a relative target in that our success depends on how other Top Employer-certified companies perform. This
pushes us to continually innovate and optimize our people strategy to get to the forefront of employers in our category.
Currently, our Top Employer score stands at 79.58%, placing us below the median among Belgium’s 87 Top Employers.
However, this is a significant improvement compared to our 2023 score of 71.99%. We were expecting progress as we
have implemented significant improvements across several criteria, and we are happy to see that these encouraging results
seem to indicate that we are on track to meet our 2030 ambition.
This holistic assessment, which also includes criteria related to Diversity, Equity and Inclusion efforts, enables us to track
progress towards the objectives of our people policy and our DEI policy in an effective and objective way. Namely, it helps
us assess our efforts in building an engaged, future-ready workforce, and fostering an inclusive environment where all
Team Members feel welcome and respected.
We receive our Top Employer score once a year and report it in our Consolidated Annual Report. The results, including
identified areas of improvement, are analyzed by the Deputy Chief People Officer and presented to the HR team.
Additionally, the results on Diversity, Equity and Inclusion criteria are presented to the ESG Core Team member
responsible for the Diversity, Equity and Inclusion pillar. The Chief People Officer and the Deputy Chief People Officer are
responsible for tracking performance against these targets, and ensuring that the analysis takes place and that it informs
future HR practices.
While our Top Employer certification is based on the assessment of Brussels and Liège offices, we consider this ambition’s
scope to be the entire company, as our HR practices are aligned between our headquarters and Brussels office, and other
offices which 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 an acquaintance?”
The responses, which can range from 0 to 10, are categorized as Promoters (9-10), Passives (7-8), and Detractors (0-6).
The team member NPS (TmNPS) is calculated by subtracting the percentage of Detractors from the percentage of
Promoters, with a higher score indicating a more positive perception among Team Members. Our target score for 2030 is
30 (absolute target), signaling a net positive sentiment where there are more Promoters than Detractors.
To ensure frequent 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 our tmNPS was 55. In 2024, it was 51.5
40
, which is encouraging as it surpasses our benchmark of 30.
40
The annual tmNPS is computed as the non-weighted average of the quarterly tmNPS. Team Members from our recently
acquired entity in Porto received the survey in the last quarter only.
176
Responses to the TmNPS survey are anonymous. The survey link is included in the company’s monthly newspaper, which
is sent by the CEO to all our 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, is responsible for ensuring that the findings inform the HR strategy.
This target complements our Top Employer target by providing frequent snapshots into our Team Members’ engagement
level. We believe it relates to our policies’ objectives, as the ultimate goal of our efforts regarding Talent Management and
Diversity, Equity and Inclusion efforts is to cultivate an engaged workforce where everybody feels satisfied and included.
The TmNPS serves as a simple, yet effective, question that reflects the level of engagement. It also enables us to frequently
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 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’
well-being, 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 six 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 aspects of the organization,
including: the Leadership Team, their direct manager, and their team across a wide range of factors such as fairness,
sense of community, and company support. The questionnaire includes a mix of Likert scale questions
41
and open-ended
responses, enabling us to grasp both a broad picture and detailed insights into specific issues. This approach ensures that
Team Members can voice their needs and concerns.
While the survey is not anonymous, responses from our Team Members are treated confidentially by the Human Resources
team members in charge of analyzing the results. This includes the Deputy Chief People Officer and Compensation &
Benefits Manager, also respectively the Leader of the ESG Core Team and the ESG Core Team member responsible for
the Talent Management pillar. There are some rules in place to ensure that when the results are presented to managers
and Leadership Team members, no specific result can be traced back to a particular Team Member or a small group of
Team Members.
The survey link is sent by the Chief Executive Officer to all people with an EVS email address
42
. Weekly reminders to fill it
out are then sent for four weeks, and top managers whose team’s participation is relatively low are reminded to send the
41
A Likert scale is a response scale used to obtain participants’ degree of agreement with a (set of) statement(s).
42
Because the engagement survey was launched before the acquisition of our latest entity was completed, Team Members
from EVS Porto 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).
177
survey to their Team Members. The link to the survey is also included in the company’s monthly newspaper. Once the
survey is concluded, presentations are organized to present general results and explain potential outcomes to all Team
Members, and present more specific results to Team Leaders.
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 safely stored from year to year. The effectiveness of this channel as an engagement process, including the
extent to which our Team Members trust this process, is monitored through the participation rate, which was 87% in 2024.
The effectiveness of the measures taken as a result of this engagement process is monitored through the year-to-year
analysis of the survey’s results:
2024
2023
2022
2021
2020
2019
Participation rate
87%
91%
80%
88%
84%
85%
Level of engagement
92%
91%
91%
89%
87%
67%
Besides the global level of engagement, we also measure the following variables:
• Credibility (i.e., measuring the extent to which Team Members see management as credible), which was 85% in
2024.
• Respect (i.e., support, collaboration and caring) which was 80%.
• Fairness (i.e., equity, impartiality and justice) which was 76%.
• Pride (i.e., referring to the pride a Team Member can experience at EVS and in the organization, more specifically
about their jobs, the products and services EVS develops, and EVS’ ESG strategy) was 81%.
• Camaraderie (i.e., sense of intimacy, hospitality and community) 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 process of engagement with Team Members. If they encounter issues that are not
included in the topics of the engagement survey, or if they have an issue that requires immediate actions, our 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, our Team Members can go through the whistleblowing procedure
43
.
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 adequate actions to be implemented in response to
material impacts, risks, and opportunities are determined based on the results of our engagement survey and Top
Employer’s assessment of our HR practices.
43
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, no human rights incident related to EVS workforce occurred.
178
Action
Status
Time
horizon
Scope
Expected outcomes & contribution to targets
Significant
investments
(CapEx / OpEx)
Contribution to policy
objectives
Training offerings: wide
range of learning and
development
opportunities, including
live training, online
training, reading material,
language classes
Ongoing
N/A
(continuous)
Training available to
all Team Members
(approved based on
needs and function)
Cultivate a future-ready workforce; foster a
rewarding employee experience; improve Top
Employer score as their assessment includes a
section on talent development; increase tmNPS
by offering them opportunities for self-
development
N/A
Contribution to:
Empowering our Team
Members to contribute to
the success of EVS
Individual Continuous
Improvement Process
(ICIP), consisting of an
annual review (to assess
the past), regular one-to-
one meetings (to improve
the present) and
objectives-setting (to set
directions for the future)
Ongoing
N/A
(recurring;
once a year)
ICIP available to all
Team Members
Cultivate a future-ready workforce; foster a
rewarding employee experience; improve Top
Employer score as their assessment includes a
section on talent development; increase tmNPS
by offering them opportunities for self-
development
N/A
Contribution to:
Empowering our Team
Members to contribute to
the success of EVS
Presence of EVS as an
employer on social media
Ongoing
N/A
(continuous)
All positions posted
on social media
(LinkedIn,
Facebook,
Instagram, Twitter)
Cultivate employer branding to attract the talents
the company needs to thrive and develop;
improve Top Employer score as their
assessment includes a section on talent
attraction
N/A
Contribution to: Informing
our prospective Team
Members of our Employer
Caring & talent
management strategy
Partnership with
educational institutions
Ongoing
N/A
(continuous)
Focused on
Belgium, with plans
to foster
partnerships in
other locations
Cultivate employer branding to attract the talents
the company needs to thrive and develop;
improve Top Employer score as their
assessment includes a section on talent
attraction
N/A
Contribution to: Informing
our prospective Team
Members of our Employer
Caring & talent
management strategy
Tailored remuneration &
benefits (compensation
strategy designed to align
with the skills and
experience of each Team
Member, opportunities for
profit sharing, and
financial & non-financial
benefits including for
some offices sports
activities and availability of
healthy food)
Ongoing
N/A
(continuous)
All geographies and
departments, with
the exact kinds of
benefits offered
depending on
specific needs of
each office
Foster a rewarding employee experience by
fostering optimal working conditions for our
Team Members; contribute to our Team
Members’ wellbeing by fostering their financial,
emotional, and physical health; improve Top
Employer score as their assessment includes a
section on compensation & benefits; increase
tmNPS by offering Team Members optimal
working conditions
N/A
Contribution to: Fostering
a rewarding and engaging
experience for all our
Team Members
179
Social events & team
building
Ongoing
N/A
(continuous)
All geographies and
departments
Foster a rewarding employee experience by
fostering optimal working conditions for our
Team Members; develop team spirit through the
organization of social events both within and
between teams and departments; contribute to
Team Members’ social health; increase tmNPS
by offering Team Members optimal working
conditions
N/A
Contribution to: Fostering
a rewarding and engaging
experience for all our
Team Members
Onboarding procedure
(process documentation,
onboarding path
development in HRIS,
creation of a training path
for each newcomer)
Done
December
2024
All geographies and
departments
Foster a rewarding onboarding experience;
make the onboarding more seamless and
efficient; improve Top Employer score as their
assessment includes a section on onboarding
N/A
Contribution to: Fostering
a rewarding and engaging
experience for all our
Team Members
Talent pool identification
(identification of
HiPos
44
/HiPers
45
once a
year, promotion of internal
mobility, proactive
suggestions of strategic
move to some Team
Members)
Ongoing
N/A
(recurrent;
once a year;
with plan to
make it
mandatory
from 2025
on)
All geographies and
departments
Foster Team Members’ development while
ensuring we have the right people in the right
place; improve Top Employer score as their
assessment includes a section on career
development
N/A
Contribution to: Enabling
an environment in which
all our Team Members feel
empowered to contribute
to the success of EVS.
Availability of an internal
job board in the HRIS
Done
N/A
(continuous)
All geographies and
departments
Inform our Team Members about open positions
within the company (internal mobility options);
foster Team Members’ development while
ensuring we have the right people in the right
place; improve Top Employer score as their
assessment includes a section on career
development
N/A
Contribution to: Enabling
an environment in which
all our Team Members feel
empowered to contribute
to the success of EVS.
Creation of an Intranet
page for spontaneous
applications
Done
June 2024
All geographies and
departments
Give Team Members the option to
spontaneously apply for a position/department
that is not open; foster Team Members’
development while ensuring we have the right
people in the right place; improve Top Employer
score as their assessment includes a section on
career development
N/A
Contribution to: Enabling
an environment in which
all our Team Members feel
empowered to contribute
to the success of EVS.
44
HiPos = High Potential employees
45
HiPers = High Performance employees
180
At EVS we are committed to providing our Team Members with opportunities for development and for that reason we offer
a wide range of learning and development opportunities. These opportunities include live training, online training, reading
material, language classes, and internal and external development programs, and are available to all our Team Members.
We strongly believe that by investing in the continuous development of our Team Members we are investing in the success
of our company.
We foster a culture of continuous improvement and personal development by encouraging open and consistent feedback
between team Leaders and their teams. Our Individual Continuous Improvement Process (ICIP) achieved a participation
rate of 97% in 2024, reflecting a growth of 12% compared to the previous year.
This process is built on regular one-to-one meetings and thorough reviews of established objectives. It enables us to
identify strengths and areas for improvement while taking concrete actions to ensure growth and progress from the past to
the future.
Also, we believe in nurturing talent from within by offering robust internal mobility opportunities that empower employees
to advance their careers across different roles and departments. Our commitment to internal mobility allows employees to
explore new challenges, broaden their skill sets, and gain diverse experience within the company. Through transparent
communication, we ensure that employees are well-informed about available opportunities and equipped with the
necessary resources for success. This approach not only fosters a deeper sense of engagement but also strengthens our
organizational culture by promoting collaboration and flexibility across teams. In 2024, we achieved an internal mobility
rate of 16%, reflecting the success of our efforts to support employee growth and career development.
Clifton Strengths
“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.” – Donald O. Clifton
In 2024 we focused on fostering the use of the Clifton Strengths assessment within the company. Developed by
educational psychologist Donald Clifton and based on decades of research, this assessment identifies an
individual’s unique combination of 34 Clifton Strengths themes, categorized into four domains (strategic thinking,
relationship building, influencing, and executing). Understanding these strengths enables our Team Members
to maximize their potential and contribute more effectively to their teams. If all our Team Members are aware of
their own and each other’s Clifton Strengths, this is likely to result in improvements not only in individual
performance, but also in teamwork. Moving forward, we will continue to offer our Team Members the opportunity
to assess their Clifton Strengths in the future.
Looking more closely at the training offerings, in 2024, we organized “Management 3.0” training sessions to improve our
management skills for the fourth year in a row. Management 3.0 training sessions have been a tremendous catalyst for
the company’s transformation because:
- They create alignment on management practices and emphasize what we want to see thrive at EVS.
- They foster connections between individuals and teams – reinforcing the value of teamwork at EVS.
- They provide a common language and up-to-date tools.
- They help generate new ideas, providing food for thought.
- They provide a pragmatic and concrete approach that is directly applicable by managers and Team
Members.
In 2024, 44 Team Members followed the Management 3.0 Foundation training, and 27 received the certification. With 257
people trained (37% of our Team Members), we observe that these practices, such as the use of Moving Motivators during
1-2-1 sessions to influence Team Members’ intrinsic motivation or the implementation of competency matrices to determine
individual and collective training needs, thrive within the company.
Because we believe that it is important to inform all our Team Members about ESG, in 2022 we launched a new training
course to improve their knowledge on the topic of sustainability and how it relates to EVS, investors and regulators. In
2024, 110 Team Members followed this training, and 106 of them successfully passed it. This brings the proportion of
Team Members who have followed this training (since its creation) to 92%, while the proportion of them who have
successfully passed our ESG training stands at 91%.
The effectiveness of actions aimed at managing IROs related to the topics of Talent Management and Working Conditions
is assessed through the annual results of our engagement survey, the quarterly results of our tmNPS, and the annual
assessment we receive from Top Employer.
181
3.1.4. DIVERSITY, EQUITY & INCLUSION (DEI): POLICY, ENGAGEMENT & ACTIONS
Policy
At EVS we understand that embracing diversity and fostering inclusion is both a moral imperative and a strategic business
decision that directly contributes to long-term success. Hence, to manage the impacts, risks, and opportunities related to
Diversity, Equity & Inclusion within our workforce, we have a specific DEI policy, complementing our people policy by laying
out more specifically our commitment to enabling a safe work environment where individual differences are respected, to
provide equal opportunities, and to apply a zero-tolerance approach to discrimination and harassment. The nine protected
characteristics that can be grounds for discrimination
46
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 endures discrimination or harassment is documented in our
DEI policy, as well as on our Human Resources SharePoint, and our Diversity, Equity & Inclusion SharePoint. It goes as
follows: as a first recourse, we encourage our Team Members to speak directly with their manager or a Human Resources
representative if they endure or witness an incident of harassment or discrimination. However, if this is not possible or 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 (ESG) SharePoint. Once a report is submitted on 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 have the guarantee that their identity will not be revealed unless they
give their explicit agreement, and they are protected against any kind of retaliation, provided the report was made in good
faith.
Engagement around Diversity, Equity & Inclusion
In addition to our engagement survey, we conduct an anonymous 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 it allows
them to suggest ways to improve inclusivity. In 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.
The results of the inclusion survey are analyzed by members of the Diversity, Equity & Inclusion 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.
Actions
The following table outlines the ongoing and planned initiatives aimed at managing the impacts, risks, and opportunities
related to the topic of 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 (more informal) feedback reported
directly to the DEI team, and other internal analyses such as gender equality analyses.
46
Age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief,
sex, sexual orientation.
182
Action
Status
Time horizon
Scope
Expected outcomes & contribution
to targets
Significant
investments
(CapEx / OpEx)
Contribution to policy
Mandatory DEI online
training
Ongoing
N/A (continuous)
All Team
Members
Foster a general level of
understanding of DEI topics, of DOs
and DON'Ts, etc.; increase Top
Employer score, as efforts to foster an
inclusive workplace are part of Top
Employer’s assessment
N/A
Contribution to: Enabling a safe work
environment where individual
differences are respected and valued
Awareness raising on
DEI topics: resources
on the Intranet, frequent
communications on
internal social media
Ongoing
N/A (continuous)
All Team
Members
Raise awareness of Team Members
about Diversity, Equity & Inclusion;
increase Top Employer score, as
efforts to foster an inclusive
workplace are part of Top Employer’s
assessment
N/A
Contribution to: Enabling a safe work
environment where individual
differences are respected and valued
Awareness raising on
DEI topics: interactive
event for European
disability week -
interview and
wheelchair racing
workshop with Maxime
Carabin
Done
November 2024
Team Members
in HQ (where
the event took
place)
Raise awareness of Team Members
about the topic of physical disability;
increase Top Employer score, as
efforts to foster an inclusive
workplace are part of Top Employer’s
assessment
N/A
Contribution to: Enabling a safe work
environment where individual
differences are respected and valued
Inclusive Leadership
workshop for SteerCo
47
Done
March 2024
Steering
Committee
(Research &
Development
department)
Raise awareness of key Leaders
about inclusive Leadership; increase
Top Employer score, as efforts to
foster an inclusive workplace are part
of Top Employer’s assessment
4,500€ (OpEx)
Contribution to: Enabling a safe work
environment where individual
differences are respected and
valued; foster equal opportunities
within the organization
Unconscious bias
training for hiring
managers
Ongoing (12
people trained as
a “test”)
2025
Hiring managers
in HQ
Foster equal opportunities at
recruitment stage; increase Top
Employer score, as efforts to foster a
diverse workforce are part of Top
Employer’s assessment
N/A
Contribution to: Fostering equal
opportunities within the organization
(at recruitment stage)
In-person DEI training
for DEI Ambassadors
48
Ongoing
2027
Company-wide
Increase trust & perceived inclusion in
the workplace; increase Top
Employer score, as efforts to foster an
inclusive workplace are part of Top
Employer’s assessment
N/A
Contribution to: Enabling a safe work
environment where individual
differences are respected and valued
47
The Steering Committee (SteerCo) consists of top managers who report directly to the Chief Technology Officer.
48
The objective is to designate a few “DEI Ambassadors” who will have followed deeper DEI training and to whom Team Members can come with concerns and issues related to DEI.
183
Mentoring program
between Leadership
Team members &
women from EVS
(following in-depth
gender equality
analysis)
Ongoing
March 2025
49
Company-wide
(program open
to all female
Team Members
at EVS)
Foster exchange between Leadership
Team members and women from the
organization; increase Top Employer
score, as efforts to foster an inclusive
workplace are part of Top Employer’s
assessment
N/A
Contribution to: Enabling a safe work
environment where individual
differences are respected and
valued; foster equal opportunities
through fostering communication
between top management and an
underrepresented group of Team
Members
Possibility to add
preferred pronouns in
the HRIS
Done
April 2024
All Team
Members
Make non-cisgender Team Members
more comfortable by allowing them to
express which pronouns they prefer
when one is referring to them;
increase Top Employer score, as
efforts to foster an inclusive
workplace are part of Top Employer’s
assessment
N/A
Contribution to: Enabling a safe work
environment where individual
differences are respected and valued
& where people can bring their whole
selves to work
Verification of non-
gendered wording in job
descriptions
Ongoing
N/A (continuous)
All job
descriptions
Attract diverse talents by enabling
female applicants to recognize
themselves in job descriptions;
increase Top Employer score, as
efforts to foster a diverse workforce
are part of Top Employer’s criteria
N/A
Contribution to: Fostering equal
opportunities within the organization
(at recruitment stage)
Support of gender
diversity in broadcast
and STEM industries:
support to Elles
Bougent, CoderDojo,
RISE
Ongoing
N/A (continuous)
Broadcast and
STEM sectors
worldwide, with
a focus on
Belgium
Bring our modest contribution toward
reversing the current gender
tendencies in the broadcast & STEM
sectors
N/A
Contribution to: Fostering equal
opportunities outside the organization
Support of gender
diversity in broadcast
and STEM industries:
sponsoring of computer
science female students
Ongoing
June 2025
Open to
computer
science female
students from
the Université
de Liège
Bring our modest contribution toward
reversing the current gender
tendencies in the computer science
industry
N/A
Contribution to: Fostering equal
opportunities outside the organization
49
This program is intended as a 6-month program but may be repeated or extended depending on feedback from participants.
184
The effectiveness of actions aimed at managing IROs related to the Diversity, Equity & Inclusion pillar is assessed through
the annual results of our engagement survey, the annual results of our inclusion survey, the quarterly results of our tmNPS,
and the annual assessment we receive from Top Employer.
3.1.5. METRICS
Table 1: Number of employees (headcount)
50
and distribution by gender
Gender
Number of employees (headcount)
Male
589
Female
111
Other
1
51
Not reported
0
Total employees
701
52
Table 2: Number of employees (headcount) and distribution by country
Country
Number of employees (headcount)
Australia
4
Belgium
418
China
8
France
42
Germany
17
Hong Kong
12
Italy
3
Mexico
1
Portugal
42
Singapore
4
Spain
5
The Netherlands
57
United Arab Emirates
7
United Kingdom
33
United States of America
48
Table 3: Number of employees (headcount) and distribution by region
Region
Number of employees (headcount)
Asia & Pacific (APAC)
28
Europe, Middle East & Africa (EMEA)
624
North America & Latin America (NALA)
49
50
Unless indicated otherwise, the number of employees is computed in headcount, as a snapshot on the last day of the
reporting period (12/31/2024)
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 2023 and 2024 is due to both organic growth and the acquisition of a
new entity.
185
Table 4: Number of employees (headcount) and distribution by age group
Age group
53
Number of employees (headcount)
Under 30 years old
126
30-50 years old
409
Over 50 years old
166
Table 5: Number of employees (headcount) and distribution by contract type and gender
Female
Male
Number of employees
111
589
Number of permanent employees
109
589
Number of temporary employees
2
0
Number of non-guaranteed hours employees
0
0
Table 6: Departures and hires of employees – distribution by gender
Female
Male
Total
Number of hires
28
102
/
Number of departures
6
47
/
Turnover rate
54
5%
8%
8%
Table 7: Departures and hires of employees – distribution by age group
Under 30 years old
30-50 years old
Over 50 years old
Number of hires
47
61
23
Number of departures
12
28
13
Turnover rate
10%
7%
8%
Table 8: Departures and hires of employees – distribution by region
NALA
55
EMEA
56
APAC
57
Number of hires
19
111
1
Number of departures
13
39
1
Turnover rate
27%
6%
4%
53
In 2024, the mean age of our employees was 41.2 years, with a length of service of 8.4 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).
55
NALA stands for North America & Latin America.
56
EMEA stands for Europe & the Middle East.
57
APAC stands for Asia & Pacific.
186
Table 9: Distribution of Team Members
58
by management level and gender
Female
Male
Staff (#)
59
98
491
Management (#)
60
8
58
Top management
61
(#)
7
60
Staff (%)
17%
83%
Management (%)
12%
88%
Top management (%)
10%
90%
Table 10: Distribution of Team Members by management level and age group
Under 30 years old
30-50 years old
Over 50 years old
Staff (#)
122
346
122
Management (#)
4
40
22
Top management (#)
0
39
28
Staff (%)
21%
58%
21%
Management (%)
6%
61%
33%
Top management (%)
0%
58%
42%
Table 11: Number of training hours per employee and distribution per gender
Gender
Average number of training hours
Female
22
Male
17
Table 12: Number of training hours per Team Member and distribution per management level
Level of management
Average number of training hours
Staff
17
Management
28
Top management
21
Table 13: Percentage of employees that participated in regular performance and career development reviews
Gender
Percentage of employees that participated in regular
performance and career development reviews
Female
95%
Male
97%
Total
97%
58
Team Members are employees and contractors who are registered in the HRIS
59
Staff consists of Team Members with no direct reports (i.e., not managers) who are neither skippers nor members of the
Leadership Team.
60
Management consists of Team Members with at least one direct report, who are neither skippers nor members of the
Leadership Team.
61
Top management consists of Leadership Team members (members of the executive committee) and skippers (Team
Members who report directly to the executive committee).
187
Table 14: Percentage of employees who took family-related leave
62
and distribution by gender
63
Gender
Percentage of employees who took family-related leave
64
Female
13%
Male
18%
Total
17%
Table 15: Pay gaps
2024
Gender pay gap
65
-16%
66
Annual total remuneration gap
67
7.8
Table 16: Incidents of discrimination, complaints filed to the National Contact Points for OECD Multinational Enterprises,
and fines/penalties/compensation for damages
2024
Incidents of discrimination, including harassment
0
Number of reports filled by members of our own workforce through the
whistleblowing procedure
0
Fines, penalties, and compensation for damages as a result of the
incidents and complaints mentioned in the rows above
0
62
All our employees are entitled to family-related leave through social and/or collective bargaining agreement.
63
Data from our latest entity in Portugal 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.
64
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 under Belgian law. Please note that while the numbers are similar between men
and women, it is likely that women tend to take longer family-related leave.
65
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.
66
This gap is computed for the same working hours, without considering factors such as the function, seniority, or level of
responsibility. Our in-depth internal gender equality analysis, which was limited to Belgium, shows that men, on average,
hold roles with a higher level of responsibility, and have more seniority, than women. Therefore, promoting women’s access
to higher responsibility positions is a key focus of our strategy to advance equality, especially as the analysis suggests
that, once responsibility levels are accounted for, there is no systematic pay gap between men and women. Furthermore,
the results show that the gender pay gap in Belgium is lower than the overall gender pay gap, which suggests that
differences in gender distribution and wage levels across countries may also drive up the overall gender pay gap.
67
Annual total remuneration ratio of the highest paid individual to the median annual total remuneration for all employees
(excluding the highest-paid individual).
188
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 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
68
, we have identified the following
impacts, risks, and opportunities:
IRO’s name
Definition
EVS’ response
69
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.
• Official launch of EcoVadis platform
(supplier module)
• 1
st
Suppliers Day
• 2
nd
Suppliers Day
• Detailed report on EcoVadis-
assessed suppliers
• Definition of an action plan to support
small suppliers in filling in EcoVadis
• Second batch of EcoVadis requests
Risk – Supply
chain
management
Risk of having 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/contracting parties and failure to monitor
compliance with agreements may lead to
inappropriate or ineffective partnerships
• 1
st
Suppliers Day
• 2
nd
Suppliers Day
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, or how workers with certain characteristics, working in specific contexts, or engaged in particular
activities may be at greater risk of harm.
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
To gain visibility on sustainability matters in our (upstream) value chain, including on the working conditions of value chain
workers, we have adopted a central tool: the EcoVadis platform. As the world’s leading organization for ESG ratings,
EcoVadis provides assessments aligned with international standards, focusing on key areas such as supply chain
management, conflict minerals, labor practices, and human rights. Based on their scoring system, companies can receive
gold, silver or bronze medals.
By 2030, we aim to have 100% of our direct (Tier 1) high-risk and medium-risk suppliers rated on EcoVadis. Moreover, our
goal is for at least 50% of these suppliers to achieve at least a bronze medal
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. The first target is absolute, while the second
depends on the score of other EcoVadis respondents, ensuring that we do not sit on our laurels, but instead strive to
choose suppliers who are at the forefront of their industry’s sustainability efforts. As EcoVadis includes criteria related to
the respondent’s supply chain’s sustainability, we hope 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 at ensuring 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.
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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.
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For more information on the actions listed under the column “EVS’ response”, please see chapter 3.2.4. ACTIONS &
ENGAGEMENT PROCESS
70
Only direct suppliers with annual supply worth at least 50,000 EUR are considered under the scope of this target.
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Direct suppliers are those who provide goods and/or services directly related to our production process. We define a high-
risk supplier as one that holds a monopoly position, posing a significant risk to the supply chain, while medium-risk suppliers
can be replaced, though doing so would require considerable efforts and resources.
As of the end of 2024
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, 20 direct high- and medium- risk suppliers had been rated by EcoVadis. This corresponds to a
total of 26% of our direct high- and medium-risk suppliers being rated by EcoVadis, with 19% achieving a bronze medal.
These are encouraging results showing that we are starting from a strong base. Our performance against these 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 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 need 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 & safety, non-discrimination, and human rights 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
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is included in the terms & conditions of purchase for all suppliers. The Business
partner Code of Conduct is publicly available on our website.
We are also working on a document that will formalize our “EVS supplier certification policy”, which will be published in
2025. This policy will include the process that all direct and indirect suppliers must follow to achieve EVS certification with
regards to sustainability matters. In 2030, we plan to update this policy to formalize the application of sanctions to non-
compliant direct high- and medium-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.
The purchasing policy incorporating a sustainability criterion and the upcoming EVS supplier certification policy were written
by members of the EVS procurement team, including a representative who also serves as the ESG Core Team member
for the Sustainable Supply Chain pillar. The Business partner Code of Conduct was written by members of the legal team,
including one who is also the ESG Core Team member responsible for the Business Ethics pillar.
3.2.4. ACTIONS & ENGAGEMENT PROCESS
While we are committed to engaging with our suppliers, we currently do not have a direct process in place for engaging
with value chain workers or their legitimate representatives.
Value chain workers can raise concerns, for instance, regarding human rights issues, through our whistleblowing
procedure, available on our website. This procedure explicitly states that they are protected against retaliation of 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 should thus be determined on a case-by-case basis. In all cases, the whistleblower’s identity
is kept confidential, and anonymous reporting is also available. In 2024 there were 0 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 currently do not 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 is working
from a technical point of view.
The following table provides a summary of the planned, completed, and ongoing actions aimed at managing impacts, risks,
and opportunities related to value chain workers.
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The suppliers of our new entity in Portugal (acquired on the 1
st
October) are not included in this KPI as they are not yet
integrated in our ERP system.
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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.
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Action
Status
Time horizon
Scope
Expected outcomes & contribution to
targets
Significant
investments
(CapEx / OpEx)
Contribution to policy objectives
Official launch of
EcoVadis platform
(supplier module)
Done
January 2024
Direct high- and
medium-risk
suppliers
Increase transparency and sustainability
within our supply chain; move towards our
target by requesting our direct high- and
medium-risk suppliers to fill in EcoVadis
27,000€
By increasing transparency and
sustainability within our supply chain,
ensuring that our suppliers align with
EVS’ standards & ethical practices.
Organization of the first
Suppliers’ Day
Done
March 2024
Direct high- and
medium-risk
suppliers
Increase awareness of suppliers regarding
ESG and the importance of sustainability in
the supply chain, potentially resulting in
willingness to get rated by EcoVadis
N/A
By raising the awareness of suppliers
regarding ESG and the importance of
sustainability in the supply chain,
ensuring that our suppliers align with
EVS’ standards & ethical practices.
Definition of an action
plan to support smaller
suppliers in filling in
EcoVadis
Done
December 2024
Direct high- and
medium-risk
suppliers
Increase transparency and sustainability
within our supply chain; move towards our
target by supporting smaller suppliers,
which may not have the means to
subscribe to EcoVadis
N/A
By increasing transparency and
sustainability within our supply chain,
ensuring that our suppliers align with
EVS’ standards & ethical practices.
Launch of second batch
of requests to fill in
EcoVadis
Planned
April 2025
Direct high- and
medium-risk
suppliers
Increase transparency and sustainability
within our supply chain; move towards our
target by requesting our direct high- and
medium-risk suppliers to fill in EcoVadis
27,000€
By increasing transparency and
sustainability within our supply chain,
ensuring that our suppliers align with
EVS’ standards & ethical practices.
Organization of second
Suppliers’ Day
Planned
2027
Direct high- and
medium-risk
suppliers
Increase awareness of suppliers regarding
ESG and the importance of sustainability in
the supply chain, potentially resulting in
willingness to get rated by EcoVadis
N/A
By raising the awareness of suppliers
regarding ESG and the importance of
sustainability in the supply chain,
ensuring that our suppliers align with
EVS’ standards & ethical practices.
Launch of request for
new EcoVadis
certificate
Planned
2029
Direct high- and
medium-risk
suppliers
Increase transparency and sustainability
within our supply chain
Move towards our target by requesting our
direct high- and medium-risk suppliers to fill
in EcoVadis
27,000€
By increasing transparency and
sustainability within our supply chain,
ensuring that our suppliers align with
EVS’ standards & ethical practices.
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The effectiveness of our actions aimed at managing impacts, risks, and opportunities related to workers in the value chain
is measured by our performance against set targets, i.e., the proportion of our direct high- and medium-risk suppliers
assessed on EcoVadis and the proportion of those suppliers who have achieved a bronze medal or higher on the platform.
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3.3. CONSUMERS 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 customer experience plays in shaping the perception of the EVS brand.
Considering all consumers 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’s 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.
In general, we prioritize fostering a
positive customer experience, through
focusing on the quality of our products
and services and seeking regular
feedback to seek continuous
improvement. There is no one
response to impacts, risks, and
opportunities related to consumers
and end-users, as our entire culture
and strategy relies on customer
success.
Responsible marketing practices
EVS has an actual positive impact on
its customers by giving them access to
the right information regarding their
products and services to help them
make an informed purchasing choice.
Risk – Customer experience
Customer dissatisfaction may lead to
reputational impact in the market and
loss of future business opportunities
Our main types of consumers / end users are Live Audience Businesses (LABs), Live Service Providers (LSPs), and Big
Event Rentals
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. We have not identified any negative (potential or actual) impacts on any of these categories
74
.
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, which enables our customers to create high-quality, impactful
content for audiences across the world.
Risks related to customer experience apply to all customers, rather than a specific group of consumers or end-users.
3.3.2. POLICY & PROCESS OF ENGAGEMENT
Our customer experience policy lays out our general approach to managing impacts, risks, and opportunities related to
consumers and end-users. This includes our commitment to transparent marketing, as well as product quality and
sustainability.
Our engagement process with consumers 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’ perspective on ESG. Quantitative approaches include the Devoncroft Net
Promoter Score
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and the customer support score. The customer support score measures our customers’ satisfaction with
the assistance we provide if they face an issue with one of our products or solutions. This score is measured through our
ticketing system: customers fill in a ticket whenever they encounter an issue and, once the issue is solved, they can rate
the quality of the support received. In 2024 our customer support score stood at 4.6, indicating a positive perception of the
support provided by EVS.
Engagement with consumers 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 consumers is assessed through the response rate of customer surveys, while the
effectiveness of the actions implemented, as a result of that engagement, is assessed through the trends of our customer
support score and NPS (i.e., if feedback from customers is implemented correctly, the trend is likely to be positive).
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For a description of these categories of consumers and end-users, see chapter (1.2) General Information – EVS at a
Glance
74
To be precise, 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 consumers.
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For more information on the Devoncroft Net Promoter Score (NPS), please see chapter 3.3.3. TARGETS.
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As we have not identified any negative impacts on consumers and end-users as a result of our activities, we do not have
a specific channel in place for consumers and end-users to raise concerns. That being said, consumers and end-users
can always use our whistleblowing tool
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, available on our website for all stakeholders who may need to report any law
infringement related to EVS’ activities; or our company vulnerability disclosure policy (also available on our website) if they
need to report cybersecurity risks related to one of our products
77
. For other concerns and requests, they can provide
feedback on the engagement channels listed in the two paragraphs above.
3.3.3. TARGETS
By 2030, we aim to maintain a Net Promoter Score of 30 or above, consistently 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 an
acquaintance. As for the Team member NPS, responses are categorized as detractors (answers 0-6), passive (7-8), and
promoters (9-10). The NPS is calculated by subtracting the percentage of detractors from the percentage of promoters.
Independently measured each year by Devoncroft partners, our 2024 NPS stands at an impressive 45.2, reflecting the
strength of our customer relationships.
Consumers 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
Since customer success is such an integral part of our culture and central to all our operations, we do not have a specific
(sustainability) action plan to address impacts, risks, and opportunities related to consumers and end-users. This is
because such an action plan would be redundant, as our overall strategy is already designed to prioritize consumers’ and
end-users’ experiences. In particular, we are committed to continuously enhancing the customers’ experience by
addressing areas for improvement highlighted through surveys such as the Devoncroft NPS. Key elements of our corporate
strategy are customer intimacy, customers’ access to information on our products and solutions, customer support, and
the reliability and quality of our offerings. We also emphasize innovation, which creates significant value for our customers
and creates emotional engagement for live audiences (our end-users). These priorities guide each department within EVS
as we work towards our growth ambitions.
The success of this strategy is assessed through the engagement processes described in chapter 3.3.2 POLICY AND
PROCESS OF ENGAGEMENT.
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For more information on how issues raised through the whistleblowing tool are tracked, monitored, and addressed,
please see chapter 4.1.3 POLICY.
77
For more information on this topic, refer to chapter 5.1 CYBERSECURITY OF OUR COMPANY, PRODUCTS &
SOLUTIONS, which covers the entity-specific topics related to privacy and cybersecurity for both Team Members and
consumers.
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4. GOVERNANCE INFORMATION
4.1. BUSINESS ETHICS
4.1.1. GENERAL INFORMATION
The success of EVS is dependent on the impeccable conduct of all our Team Members. Therefore, we expect that they all
consistently act with business ethics in mind. For us at EVS, this means doing the right thing in the right way. We firmly
believe that maintaining our integrity intact is crucial for ensuring that EVS can remain a successful company and stay on
the right track for the future.
Through our double materiality assessment, we have identified the following impacts, risks, and opportunities (IROs)
related to Business Ethics:
IRO’s name
Definition
EVS’ response
Risk - Business conduct
Failure to implement and
maintain an effective corporate
compliance program (policies &
procedures, communications &
training, monitoring, reporting &
detection) may result in
undetected fraud in the
organization, leading to financial
and reputational impacts.
We closely monitor the
compliance with the Code of
conduct (see below)
Risk - Intellectual Property
Protection & Competitive
Behavior
Risk of being limited in the
innovation process by 3rd party
IP which could lead to unfair
restricted competition
4.1.2. GOVERNANCE
As outlined in the General information chapter (1), 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
between the board members. Additionally, Soumya Chandramouli (representing Frinso srl), as the sustainability sponsor,
is responsible for challenging the ESG projects and, therefore the Business Ethics pillar.
4.1.3. POLICY
Our EVS Code of Conduct (which includes both our Team Member Code of Conduct and our Business Partner Code of
Conduct) reflects our company’s core value of integrity. It provides guidance to help our stakeholders make the right
decisions in every situation, even when the correct course of action is not entirely clear.
Team Member Code of Conduct
The Code 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 all potential suppliers,
contractors, customers or other partners.
Business Partner Code of Conduct
The Business Partner Code of Conduct applies to all our potential Business Partners. It reflects our company’s integrity
values and offers 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 different
channels. For Team Members, the first recommended 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 the matter cannot be reported to their local
195
manager, 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.
Internal and external whistleblowers also submit reports, anonymously or not, by filling in the Whistleblowing Form. This
reporting channel is open to anyone, 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, this protection may include support measures such as information, protection assistance,
or legal support.
EVS will initiate a prompt investigation following any credible indication that a potential breach of law or the Codes may
have occurred. Violations may lead to disciplinary action, including termination of employment or contractual relationships.
The Legal Department is responsible for monitoring and conducting investigations: no separate committee is involved.
EVS reviews the scope and implementation of the Code of Conduct and related policies and procedures 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.
Our Code of Conduct and related policies and procedures are available on the EVS intranet and website.
Through the implementation of our Code, we aim to align with the principles of the UN Convention against Corruption.
4.1.4. CORRUPTION AND BRIBERY
Within EVS, we have identified the following functions as being most at risk of corruption and bribery: 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. 88%
of the Team Members in these high-risk jobs have completed the e-training on the Code of Conduct, which includes
modules on corruption and bribery. In 2025 we plan to develop a specific training program focused on anti-corruption and
anti-bribery measures.
In 2024 there were no convictions or fines for violation of anti-corruption and anti-bribery laws. 0 incidents of corruption or
bribery were reported.
4.1.5. TARGET
As part of the Business Ethics pillar of our ESG strategy, we have set the following targets for 2030:
• 100% of Team Members trained on the Code of Conduct
• 100% of our direct suppliers (classified as High Risk or Medium Risk) to sign our Code of Conduct (or
equivalent)
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These targets help us monitor awareness and adherence to our Code of Conduct among 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 through
the Double Materiality Assessment, which adopted a more participatory approach.
For both targets, 2024 will serve as the baseline year.
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.
In 2024, 94% of Team Members completed training on the Code of Conduct. As mentioned earlier, the Code of Conduct
training is assigned to all Team Members when joining EVS and is repeated for all Team Members, including the
Leadership Team, every three years. However, we will conduct additional checks in the coming years to ensure that the
training is correctly followed by everyone.
In 2024 we implemented an action plan in collaboration with the Sustainable Supply Chain pillar, where the most critical
suppliers were contacted to sign our Code of Conduct (or an equivalent document). The remaining suppliers will be
contacted in the coming years based on their level of criticality. Although our general purchase terms include a reference
to our Code of Conduct, we want to ensure that all our suppliers are aware of, and adhere to, our principles. However, due
to the significant workload this initiative entails, we are unable to report the number of suppliers that confirmed their
adherence this year.
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The same definitions as the ones used in chapter (3.2) – Workers in the value chain for High and Medium Risk suppliers.
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5. ENTITY-SPECIFIC INFORMATION
5.1. CYBERSECURITY OF OUR COMPANY,
PRODUCTS & SOLUTIONS
5.1.1. GENERAL INFORMATION
The increasing frequency of cyber-attacks worldwide and the sophisticated tactics used by hackers and cyber-criminal
groups poses a challenge for manufacturers. 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 our
Leadership Team’s focus, which has led to the establishment of new processes and an increased emphasis on the security
of EVS products.
The great majority of EVS customers play an important role in reliable delivery of news and sport events worldwide.
Therefore, protection against specific cyber-attacks 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’s name
Definition
EVS’ response
Team Member – Privacy
Privacy involves appropriate
security measures to protect
employees' data. By putting
measures in place, EVS prevents
potential negative impact on its
workforce
• Phishing tests
• Mandatory training on cybersecurity
Customer – Data breach
EVS can have a negative impact
on its customers if there is any
cybersecurity breach with their
product or in their system.
• Creation of Company Vulnerability
disclosure policy
• Informative sessions on cybersecurity in
non-HQ offices
5.1.2. POLICIES
To limit risks related to cyber-attacks and data breaches, we have implemented multiple policies aimed at protecting
company data and/or EVS products and solutions:
- Product security policies (IROs: customer – data breach): these policies cover various topics related to
the cybersecurity of EVS’ products, such as credentials management or 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 (IROs: customer – data breach): this policy is meant for
customers and explains how they can disclose vulnerabilities to EVS if they find some in EVS’ products,
under which conditions they can do so, and what they can expect to happen 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 person who issues a report, customer confidentiality is guaranteed.
Reports are regularly monitored by members of the Cybersecurity Workgroup. The Chief Financial
Officer and the Chief Executive Officer are responsible for overseeing the implementation of this policy.
- Data protection policy (IROs: Team Member – data breach): this policy, accessible via the Intranet,
includes information for Team Members on what data should be treated as confidential and protected. It
outlines how sensitive data within EVS should be accessed, stored, shared, used, and labelled 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. In 2024 the number of reported incidents was 0.
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- Personal data protection policy (IROs: Team Member – data breach): this policy, also available on our
Intranet, includes information on how EVS collects, processes, uses, stores, and transfers personal data,
while detailing the rights of individuals whose data is processed. It makes a reference to the GDPR
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.
The Head of the Legal Department is responsible for the implementation of this policy, which is monitored
based on the number of alleged data leaks incidents disclosed in our annual report.
- ICT security policy
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: this policy, available on our Intranet, offers guidelines that Team Members must
respect to ensure a correct level of ICT security. Hence, it aims to help employees use 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
For 2030 and 2027, we have established two (absolute) targets related to the cybersecurity of our company, products, and
solutions. The scope of these two targets is the entire organization.
The first one is to reach maturity level 2 of the CyberFundamentals Framework by 2030. The CCB
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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 with the relevant insights included in the NIST/CSF
82
framework and IEC/ISO 27001:2022. Achieving
Maturity Level 2 of the CyberFundamentals Framework also implies compliance with the NIS2 Directive
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, 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.
Our second target is to be compliant with the Cyber Resilience Act (CRA) by 2027. 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 incidents reports and automatic security updates
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. The objective of this ambition
is thus to foster greater cybersecurity of our products and solutions through compliance with the CRA. Since this is a
mandatory legal requirement for our company group, stakeholders (i.e., our customers in this case) were not directly
involved in the definition of this target.
5.1.4. ACTIONS
To manage the impacts, risks, and opportunities associated with the Cybersecurity pillar of our Company, Products, and
Solutions, the following actions were planned / implemented in 2024:
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GDPR = General Data Protection Regulation
80
ICT = Information & Communication technologies
81
CCB = Centre for Cybersecurity Belgium
82
NIST = National Institute of Standards and Technology; CSF = Cybersecurity Framework
83
NIS2 Directive = Network and Information Security Directive
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Cyber Resilience Act | Shaping Europe’s digital future
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Action
Status
Time horizon
Scope
Expected outcomes &
contribution to targets
Significant
investments
(CapEx / OpEx)
Contribution to policy
objective
Create and publish Company
Vulnerability Disclosure policy
Done
June 2024
All EVS products
and solutions
currently
supported with
an active license
installed
Enable timely reporting of, and
investigation in, vulnerabilities linked
to EVS’ products, contributing to the
level of security of our products and
solutions
N/A
Protect EVS’ products and
solutions
Launch of phishing tests
Ongoing
N/A
(continuous;
every month)
All people with
an EVS email
address
Raise awareness on a common type
of cyber-attack (i.e., phishing) & train
our Team Members (as well as
consultants, trainees…) to detect
and report phishing, contributing to
the level of security of our critical IT
systems
N/A
Protect EVS’ critical IT systems
Mandatory training on cybersecurity
for all Team Members
Ongoing
N/A
(continuous)
All EVS Team
Members
Raise awareness on the importance
of cybersecurity and provide our
Team Members with training on the
basic principles of cybersecurity,
contributing to the level of security of
our critical IT systems
N/A
Protect EVS’ critical IT systems
Cybersecurity training for specific
audience
Ongoing
N/A
(continuous)
R&D developers
and infosec
teams
Raise awareness on the importance
of cybersecurity by providing specific
training for technical people using
gamified awareness training or
specialized training.
N/A
Protect EVS’ critical systems as
well as products and solutions
Informative sessions on
cybersecurity in main non-HQ offices
Ongoing
2025 (three
offices received
a session in
2024)
Team Members
in larger non-HQ
offices (note: the
sessions were
not mandatory)
Raise awareness on the importance
of cybersecurity, eventually
contributing to the level of security of
our products & solutions and of our
critical IT systems
N/A
Protect EVS’ products &
solutions and critical IT systems
199
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 incidents of data leaks, the number of vulnerabilities detected either by
our company or by our customers through the disclosure process, or both, depending on whether the actions are aimed at
tackling the risk customer – data breach, the potential impact Team Member – privacy, or both.
200
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 want 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 special workgroup gathers
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
85
and support individual initiatives by sponsoring
recognized organizations of their choice. Each Team Members is given the opportunity to support causes or associations
that mean a lot to them, with a dedicated budget for charitable contributions. In 2024, the total amount donated through
corporate and individual sponsoring were 158026 EUR and 39405 EUR respectively, with 407 donation requests made by
individual Team Members. In addition, for the first time in 2024, Belgian Team Members were given the option to donate
part of their annual bonus to one of three pre-selected charities, raising 7208 EUR through this new initiative.
Contributing positively to society through sponsorship, 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.
By 2030, our target is that 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 the definition of the target.
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 2024, 23% of employees took their charity day
86
. This is an encouraging improvement compared to 2023
(10%).
5.2.3. POLICIES
To formalize our commitment to positively contributing to communities worldwide through volunteering and sponsoring,
and to raise awareness among our Team Members about the opportunities they have to support causes that matter to
them, we have developed a policy explaining our principles regarding this specific sustainability matter. This policy applies
to all our Team Members across departments and geographies. The local social contribution policy is available on our
website for all stakeholders.
5.2.4. ACTIONS
In 2024, the following actions were planned / implemented to support our objectives regarding the Local Social Contribution
pillar:
85
For more information, please see Chapter 5.2.2. TARGETS
86
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).
201
Action
Status
Time horizon
Scope
Expected outcomes & contribution to
targets
Significant
investments
(CapEx / OpEx)
Contribution to policy
Promotion of charity
days in non-HQ offices
(collaboration with ESG
Ambassadors)
Ongoing
N/A (continuous)
Non-HQ offices
where there are
ESG
Ambassadors
(larger offices)
87
Find local partners and opportunities for
charity days in non-HQ offices, which in
turn is expected to increase the number of
charity days taken in non-HQ offices and
contribute to target to reach 80% of charity
days used in 2030
N/A
Remind our Team Members that they
can donate resources (money and
time) to a cause of their choice, and
encourage them to do so; ensure
EVS’ approach to Team Members’
sponsoring activities and charity days
is applied throughout the
organization, including in non-
headquarter offices
Promotion of team
charity days through
collaboration with team
Leaders
Done
N/A (recurring)
Company-wide
Encourage Team Members’ participation in
charity days through example of team
Leaders’ involvement, which in turn is
expected to increase the number of charity
days taken across the company
N/A
Remind our Team Members that they
have the opportunity to donate
resources (money and time) to a
cause of their choice, and encourage
them to do so; ensure EVS’ approach
to Team Members’ sponsoring
activities and charity days is applied
throughout the organization, including
in non-headquarter offices
Implementation of the
possibility to donate
bonus “leftovers” to a
pre-selected association
Done
March 2024
Belgium
Encourage Team Members to contribute
through donations to one of three local
associations, which in turn is expected to
contribute positively to Liège’s local
community
N/A
Contribute positively to local
communities
Implementation of the
MBMC tool to process
the 100€ individual
sponsoring request
Planned
January 2025
Belgium
Make it possible to handle the requests as
soon as they are raised, which is expected
to reduce waiting time and potential errors
– grouped donations may decrease slightly
as a result.
N/A
Contribute positively to local
communities
Charity organizations
hunting and creation of
a dashboard gathering
possible organizations
to collaborate with
Ongoing
Original
dashboard
made available
in December
2024; updated
continuously
HQ (Liège)
Provide ideas for charity days to make it
easier for Team Members to take their
charity day, which in turn is expected to
increase the number of charity days taken
in HQ and contribute to target to reach
80% of charity days used in 2030
N/A
Remind our Team Members that they
have the opportunity to donate
resources (money and time) to a
cause of their choice, and encourage
them to do so
Refurbishment of the
Intranet pages linked to
Planned
January 2025
Company-wide
Improve the communication around the
process of individual donations & charity
N/A
Remind our Team Members that they
have the opportunity to donate
87
Hong Kong, Fairfield (U.S.), Toulouse (France), Paris (France), Porto (Portugal), Munich (Germany), Wokingham (U.K.), Gilze (The Netherlands)
202
Individual Donation and
Charity Days
days for Team Members, which in turn is
expected to foster the use of those
processes
resources (money and time) to a
cause of their choice, and encourage
them to do so
Communication on
internal social media
regarding the possibility
to take Charity Days
individually, in teams or
in groups
Ongoing
N/A (recurring; 3
times per year)
Company-wide
Remind all Team Members of the different
alternatives to take their charity day
(individually, in groups, in teams…) which
is expected to increase the number of
charity days taken across the company
N/A
Remind our Team Members that they
have the opportunity to donate
resources (money and time) to a
cause of their choice, and encourage
them to do so
Promotion on internal
social media regarding
specific organizations,
events, etc., to which
charity days can be
dedicated
Ongoing
N/A (recurring;
2-3 times per
month)
HQ (Liège)
Help raise awareness of Team Members
about charity days and provide ideas of
organizations to Team Members, which in
turn is expected to increase the number of
charity days taken in HQ and contribute to
target to reach 80% of charity days used in
2030
N/A
Remind our Team Members that they
have the opportunity to donate
resources (money and time) to a
cause of their choice, and encourage
them to do so
203
The effectiveness of actions aimed at advancing the Local Social Contribution pillar is assessed through 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).
Feedback from Team Members, particularly those on the ESG Core Team during ESG Core Team meetings, provides
additional insight and useful information on what additional actions should be taken. As they are also expected to take their
charity day, these members can give firsthand accounts of any obstacles they face in doing so and suggest ways they
could be better supported.
204
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 - Customer
Climate change mitigation -
Customer
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 - Product
Energy - Product
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 Member - Working
conditions
Team Member - Working
conditions
Risk - Talent attraction and
retention
Team Member - Social
dialogue & Freedom of
association
Team Member - Social
dialogue & Freedom of
association
Team Member - Gender
equality and equal pay for
work of equal value
Team Member - Gender
equality and equal pay for
work of equal value
Risk - Diversity and inclusion
Team Member - Diversity
& Inclusion
Team Member - Diversity &
Inclusion
Team Member - Training
and skills development
Team Member - 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 –
Consumers
and end-users
Customer - Access to
(quality) information
Customer - Access to (quality)
information
Risk - Customer experience
Customer - Responsible
marketing practices
Customer - Responsible
marketing practices
Risk - Customer experience
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
Customer - Data breach
Customer - Data breach
Risk - Data security - product
Team Member - Privacy
Team Member - Privacy
Risk - Data security - EVS
Local Social Contribution
Local Social Contribution
N/A
205
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
ANDINTERNAL CONTROL OVER THE SUSTAINABILTY 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 > CONSUMERS & 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
206
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
207
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
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
208
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 consumers and end-users
SECTION 3. SOCIAL INFORMATION > CONSUMERS & END-USERS > POLICY &
PROCESS OF ENGAGEMENT
S4-2
Processes for engaging with consumers and end-users about
impacts
SECTION 3. SOCIAL INFORMATION > CONSUMERS & 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 > CONSUMERS & END-USERS > POLICY &
PROCESS OF ENGAGEMENT
SECTION 4. GOVERNANCE INVORMATION > BUSINESS ETHICS > POLICY
S4-4
Taking action on material impacts on consumers and end-users,
and approaches to managing material risks and pursuing
material opportunities related to consumers and end-users, and
effectiveness of those actions
SECTION 3. SOCIAL INFORMATION > CONSUMERS & 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 > CONSUMERS & END-USERS > TARGETS
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
209
G1-5
Political influence and lobbying activities
Not material
G1-6
Payment practices
Not material
210
APPENDIX 2 - IRO MAPPING WITH THE ESG STRATEGY PILLARS
211
APPENDIX 3 - EU TAXONOMY REPORTING TABLES
PROPORTION OF TURNOVER FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES - DISCLOSURE COVERING
YEAR 2024
2024
Economic activites (1) Code (2) Turnover (3)
Proportion of
Turnover,
year 2024 (4)
Climate change mitigation
(5)
Climate change adaption
(6)
Water and marine
resources (7)
Pollution (8)
Circular economy (9)
Biodiversity and
ecosystems (10)
Climate change mitigation
(11)
Climate change adaption
(12)
Water and marine
resources (13)
Pollution (14)
Circular economy (15)
Biodiversity and
ecosystems (16)
Minimum safeguards (17)
Proportion of
Taxonomy
aligned (A.1.) or
eligible (A.2.)
turnover, year
2023 (18)
Category
(enabling
activity or) (19)
Category
(transitional
activity) (20)
Text Euro %
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N Y/N YN/ Y/N Y/N Y/N Y/N % E T
-€ 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0%
-€ 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0% E
-€ 0% 0% - - - - - N N N N N N N 0% T
Repair, refurbishment and
remanufacturing
CE 5.1. 1.377.903€ 1% N/EL N/EL N/EL N/EL EL N/EL 1%
Sale of spare parts CE 5.2. 718.349€ 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Product-as-a-service and other
circular use- and result-oriented
service models
CE 5.5 3.769.153€ 2% N/EL N/EL N/EL N/EL EL N/EL 1%
Manufacture of electrical and
electronic equipment
CE 1.2 132.176.680€ 67% N/EL N/EL N/EL N/EL EL N/EL 62%
138.042.085€ 70% 0% 0% 0% 0% 100% 0% 64%
138.042.085€ 70% 0% 0% 0% 0% 100% 0% 64%
59.952.670€
30%
197.994.755€ 100%
Total (A + B)
Turnover of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
Substantial contribution criteria
A. Turnover of Taxonomy eligible activities
(A.1+A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible
activities (B)
DNSH criteria ( Does Not Significantly Harm)
Year
A.2 Taxonomy-Eligible but not environmental sustainable activities (not Taxonomy-aligned activities)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmental sustainable activities (Taxonomy-aligned)
Turnover of environmental sustainable
activities (Taxonomy-aligned (A.1)
Of which transitional
Of which enabling
212
Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2024
2024
Economic activites (1) Code (2) CapEx (3)
Proportion of
CapEx, 2024
(4)
Climate change mitigation
(5)
Climate change adaption
(6)
Water and marine
resources (7)
Pollution (8)
Circular economy (9)
Biodiversity and
ecosystems (10)
Climate change mitigation
(11)
Climate change adaption
(12)
Water and marine
resources (13)
Pollution (14)
Circular economy (15)
Biodiversity and
ecosystems (16)
Minimum safeguards (17)
Proportion of
Taxonomy
aligned (A.1.) or
eligible (A.2.)
CapEx, year 2023
(18)
Category
(enabling
activity or) (19)
Category
(transitional
activity) (20)
Text Euro %
Y; N;
N/EL;
Y; N;
N/EL;
Y; N;
N/EL;
Y; N;
N/EL;
Y; N;
N/EL;
Y; N;
N/EL;
Y/N Y/N YN/ Y/N Y/N Y/N Y/N % E T
-€ 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0%
-€ 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0% E
-€ 0% 0% - - - - - N N N N N N N 0% T
Repair, refurbishment and
remanufacturing
CE 5.1. 31.609€ 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Sale of spare parts CE 5.2. 16.479€ 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Product-as-a-service and other
circular use- and result-
CE 5.5 583.046€ 6% N/EL N/EL N/EL N/EL EL N/EL 1%
Manufacture of electrical and
electronic equipment
CE 1.2 3.138.249€ 30% N/EL N/EL N/EL N/EL EL N/EL 17%
Transport by motorbikes,
passenger cars and light
CCM/CCA 6.5 1.542.790€ 15% EL EL N/EL N/EL N/EL N/EL 12%
Installation, maintenance and
repair of charging stations for
CCM/CCA 7.4 71.045€ 1% EL EL N/EL N/EL N/EL N/EL 1%
Acquisition and ownership of
buildings
CCM/CCA 7.7 1.658.458€ 16% EL EL N/EL N/EL N/EL N/EL 17%
Manufacture of low carbon
technologies for transport
CCM/CCA 3.3 29.852€ 0% EL EL N/EL N/EL N/EL N/EL 0%
7.071.527€ 68% 32% 32% 0% 0% 36% 0% 47%
7.071.527€ 68% 32% 32% 0% 0% 36% 0% 47%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
3.292.473€ 32%
10.364.000€ 100%
Year
Substantial contribution criteria
DNSH criteria ( Does Not Significantly Harm)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmental sustainable activities (Taxonomy-aligned)
CapEx of Taxonomy-non-eligible activities (B)
Total (A + B)
Of which enabling
Of which transitional
A.2 Taxonomy-Eligible but not environmental sustainable activities (not Taxonomy-aligned activities)
CapEx of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
A. CapEx of Taxonomy eligible activities
(A.1+A.2)
CapEx of environmental sustainable activities
(Taxonomy-aligned (A.1)
213
Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2024
2024
Economic activites (1) Code (2) OpEx (3)
Proportion of
OpEx, year
2024 (4)
Climate change mitigation
(5)
Climate change adaption
(6)
Water and marine
resources (7)
Pollution (8)
Circular economy (9)
Biodiversity and
ecosystems (10)
Climate change mitigation
(11)
Climate change adaption
(12)
Water and marine
resources (13)
Pollution (14)
Circular economy (15)
Biodiversity and
ecosystems (16)
Minimum safeguards (17)
Proportion
of
Taxonomy
aligned
(A.1.) or
eligible
(A.2.) OpEx,
year 2023
(18)
Category
(enabling
activity
or) (19)
Category
(transitional
activity) (20)
Text Euro %
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N Y/N YN/ Y/N Y/N Y/N Y/N % E T
-€ 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0%
-€ 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0% E
-€ 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0% T
Repair, refurbishment and remanufacturing CE 5.1. € 200.961 0,7% N/EL N/EL N/EL N/EL EL N/EL 1%
Sale of spare parts CE 5.2. € 104.768 0,3% N/EL N/EL N/EL N/EL EL N/EL 0%
Product-as-a-service and other circular use- and
result-oriented service models
CE 5.5 € 549.713 1,8% N/EL N/EL N/EL N/EL EL N/EL 1%
Manufacture of electrical and electronic
equipment
CE 1.2 € 19.277.334 64,1% N/EL N/EL N/EL N/EL EL N/EL 59%
Collection and transport of non-hazardous and
hazardous waste
CE 2.3 27.115€ 0,1% N/EL N/EL N/EL N/EL EL N/EL 0%
Installation and operation of electric heat pumps
CCM/CCA
4.16
16.684€
0,1% EL EL N/EL N/EL N/EL N/EL 0%
Construction, extension and operation of water
collection, treatment and supply systems
CCM/CCA 5.1 8.990€ 0,0% EL EL N/EL N/EL N/EL N/EL 0%
Installation, maintenance and repair of energy
efficiency equipment
CCM/CCA 7.3 8.976€ 0,0% EL EL N/EL N/EL N/EL N/EL 0%
Acquisition and ownership of a building CCM/CCA 7.7 -€ 0,0% EL EL N/EL N/EL N/EL N/EL 4%
Installation, maintenance and repair of charging
stations for electric vehicles in buildings (and
CCM/CCA 7.4 1.370€ 0,0% EL EL N/EL N/EL N/EL N/EL 0%
20.195.911€
67,2% 0% 0% 0% 0% 67% 0% 65%
20.195.910,67€ 67% 0% 0% 0% 0% 67% 0% 65%
9.871.915€
33%
30.067.826€ 100%
A. OpEx of Taxonomy eligible activities (A.1+A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities (B)
Total (A + B)
OpEx of Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities) (A.2)
Year
Substantial contribution criteria
DNSH criteria ( Does Not Significantly Harm)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmental sustainable activities (Taxonomy-aligned)
OpEx of environmental sustainable activities (Taxonomy-
aligned (A.1)
Of which enabling
Of which transitional
A.2 Taxonomy-Eligible but not environmental sustainable activities (not Taxonomy-aligned activities)
214
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
215
APPENDIX 4 – ADDITIONAL INFORMATION ON OUR CARBON FOOTPRINT
Operational data
For some consumption data points, such as energy and water, the information was not directly available for all entities.
Therefore, we extrapolated this data based on the office surface area or the number of employees.
For the category “Transports”, the following assumptions were made. We considered that inbound amounts include
purchasing done at EVS Belgium level (which represents most of the direct purchasing at the EVS Group level) and the
return of consignment orders for EVS Belgium and offices. Outbound amounts include commercial data related to sales and
consignment orders delivered to clients/offices. 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 the category "Use of sold products", 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 our Portuguese entity (acquired on 1 October, 2024), we did not have sufficient time to collect operational data.
Consequently, we extrapolated the data based on the number of employees.
Furthermore, to ensure a smooth CSRD audit process, we decided to close the data collection on 31 October and
extrapolated for the last two months of the year based on revenue.
Emission factors
For the emission factors, we used various databases such as ADEME, Ecoinvent, and others. For some specific categories,
monetary ratio had to be used, but we tried to minimize their use as much as possible.
Globally, our Carbon Footprint uncertainty rate was estimated at 9.8%.
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.