Videndum Plc · LSE:VID
Videndum — H1 2025 Earnings Presentation
34 slides from Videndum's earnings presentation, Aug 6, 2025
Slide 1: 2025 Half Year Results
2025 Half Year Results 6 August 2025 Enabling the capture and sharing of exceptional content. Capture. Share.
Slide 2: Agenda
Agenda ▪ Overview ▪ Financial Review ▪ Market Update ▪ Operational Actions Update ▪ Summary & Outlook 2 | Videndum plc
Slide 3: Key Achievements
Key Achievements ▪ FY 2025 savings c.£15m, (c.£6m in H1 2025). Annualised 2025 exit rate cost savings now c.£19m ▪ Order book continues to build, but US shipments restrained due to uncertainty in North America ▪ First half impact of US tariffs largely passed on ▪ Gross equity of £8m raised in April
Slide 4: Financial Review
Financial Review 4 | Videndum plc
Slide 5: Covenant Reset – April 2025
Covenant Reset – April 2025 ▪ £150m RCF covenants reset in April 2025 through to the end of the facility in August 2026 ▪ New covenants and obligations: ▪ Drawing above £139m now requires lender consent ▪ Minimum liquidity covenant and LTM EBITDA covenants introduced with leverage and interest cover
Slide 6: Refinancing & Discussions with Lenders
Refinancing & Discussions with Lenders ▪ Minimum liquidity and June LTM EBITDA covenants met ▪ Achievement of September LTM EBITDA, December leverage and interest cover covenants dependent on improvement in revenue run rates ▪ Likelihood of achieving a successful refinance prior to the October 2025
Slide 7: Financial Summary
Financial Summary Continuing operations* £m H1 24 H2 24 H1 25 ▪ Revenue 25% lower than H1 2024 that included pull forward of sales and 9% lower than H2 2024 Revenue 153 127 115 Gross profit 62 44 41 ▪ One-off charges in H2 2024 included non-cash Gross margin 41% 35% 35% inventory and intangible asse
Slide 8: Revenue
Revenue Bridge of Revenue from Continuing Operations (£m) ▪ Lower VMS revenue reflects seasonality, with gifting period in Q4 2024 (4) (1) 1 ▪ Tariff uncertainty impacting demand, (8) particularly in the US ▪ H2 2024 benefitted from the Paris Olympics contract 127 115 H2 24 VMS VCS VPS Olympics H1 2
Slide 9: Gross Profit
Gross Profit Bridge of Gross Profit (£m) Gross Margin (%) Gross 35% Margin % (2) 35% 1 (4) 2 - 41% 44 35% 35% 41 H2 24 Lower Olympics Savings Other H1 25 H1 24 H2 24 H1 25 volumes Flat gross margin; savings offsetting impact of lower revenue *Gross profit and margin before adjusting items and exclud
Slide 10: Operating Expenses
Operating Expenses Bridge of Operating Expenses (£m) Split of Operating Expenses (£m) % of 55 revenue 43% 52 6 5 48 (3) 6 D&A (4) 41% 20 18 16 Other 55 48 29 29 26 People costs H2 24 Savings 2024 Cost H1 25 H1 24 H2 24 H1 25 Phasing Lower operating expense % of sales; spend reduced faster than reven
Slide 11: Divisional Performance
Divisional Performance Profit & Loss Revenue Operating Profit/(Loss)* £m H1 24 H2 24 H1 25 H1 24 H2 24 H1 25 ▪ H1 2025 vs H2 2024 VMS 73 60 56 6 (3) 2 improvement in VPS 47 36 37 6 (3) (1) divisional operating VCS 34 24 23 5 (2) (1) results despite decline Olympics - 8 - - 4 - in revenue Corporate C
Slide 12: Consolidated Statement of Profit or Loss
Consolidated Statement of Profit or Loss £m H1 24 H1 25 Revenue 153 115 ▪ Adjusting items of £9m mainly in respect of Cost of sales (91) (76) Gross profit 62 39 restructuring charges Other income 1 - Operating expenses (70) (55) ▪ Profit from discontinued operations relates to Operating loss (7) (16
Slide 13: Free Cash Flow
Free Cash Flow £m H1 24 H2 24 H1 25 ▪ Operating profit movements flow to EBITDA OP* (Before One-off Charges) 11 (11) (7) movements Depreciation & amortisation + 10 9 9 EBITDA 21 (2) 2 ▪ Positive trade working capital flows from Trade working capital + 4 4 5 focus on reducing inventory levels offset
Slide 14: Net Debt
Net Debt £m H1 24 H2 24 H1 25 ▪ Discontinued operations cash consumptive until Opening net debt (129) (117) (133) disposal of Amimon Free cash flow 15 (11) (13) Discontinued operations (2) (2) (4) ▪ Equity raise on 30 April 2025 Equity raise - - 8 ▪ Net disposal proceeds of £2m from sale of Disposal
Slide 15: Market Update
Market Update 15 | Videndum plc
Slide 16: Market Trends – Independent Content Creators
Market Trends – Independent Content Creators Quarterly Orders (£m) ▪ End user sentiment is improving in the ICC market ▪ Trade show size and attendance is as much as three times that in 2024 ▪ Interchangeable Lens Cameras shipments show strong growth, particularly Compact System Cameras with YTD shi
Slide 17: Market Trends – Cine and Scripted TV
Market Trends – Cine and Scripted TV Quarterly Orders (£m) ▪ Increasing signs of pent-up demand ▪ New production starts (North America and UK) increased from Q1 to Q2 by c.5% ▪ Q2 25 Scripted TV + feature films on location shooting in the Los Angeles area up 43% vs Q1 ▪ Q3 25 new production starts (
Slide 18: Market Trends – Broadcast
Market Trends – Broadcast Quarterly Orders (£m) ▪ Broadcast market broadly flat ▪ Studio broadcast market remains weak ▪ Sports and outside broadcast showing growth ▪ New venture into public safety market with Teradek technology gaining excellent traction ▪ US public safety budgets expected to impro
Slide 19: Market Trends – Geographic
Market Trends – Geographic Orders by Geography (£m) ▪ US tariffs leading to uncertainty ▪ End user demand in the US is running ahead of sales to Videndum's distribution channels ▪ As a result, limited amount of inventory in the US being held by importers ▪ Order book continues to build Europe North
Slide 20: Operational Actions Update
Operational Actions Update 20 | Videndum plc
Slide 21: Progress
Progress Rejuvenated New Product Introduction process Gross margin expansion ▪ Successful launch of Manfrotto ONE and other new ▪ Improved sourcing of product components products ▪ Improved sourcing of outsourced services Reinstated pricing discipline Improving operating efficiencies ▪ Tighter contr
Slide 22: Headcount Reduction Progress
Headcount Reduction Progress FTE Headcount 1,918 100 1,641 65 1,507 671 40 1,334 517 c.1,270 451 397 364 1,147 1,059 1,016 937 904 Dec 22 Dec 23 Dec 24 Jun 25 Dec 25 Non-direct Direct Discontinued 22 | Videndum plc
Slide 23: Manfrotto ONE: tripod, endless possibilities
tripod, endless possibilities. ALL-IN-ONE SOLUTION ‘New to world’ hybrid tripod for photographers and videographers. Our goal is to offer to creators the ultimate platform with an exceptional combination of photo and video functionality and innovative features. EFFICIENT OPERATION Time is crucial –
Slide 24: Summary & Outlook
Summary & Outlook 24 | Videndum plc
Slide 25: Recap of Key Achievements
Recap of Key Achievements ▪ FY 2025 savings c.£15m, (c.£6m in H1 2025). Annualised 2025 exit rate cost savings now c.£19m ▪ Order book continues to build, but US shipments restrained due to uncertainty in North America ▪ First half impact of US tariffs largely passed on ▪ Gross equity of £8m raised
Slide 26: Summary and Outlook
Summary and Outlook Group revenues were weaker in Q2 2025 than the Board's expectations at the time of the FY24 results in April 2025. However, much of the adjusted operating profit impact caused by the revenue shortfall has been offset by the restructuring and cost management programmes previously
Slide 27: Appendix
om | = Videndum jt a | Appendix 27 | Videndum ple
Slide 28: Where we operate
Where we operate Manufacturing sites R&D sites ▪ Sites in 9 countries; sell into 100+ countries Procurement centre Distribution sites ▪ Well-invested manufacturing facilities in Italy, Costa Rica, US ▪ R&D centres in UK, Italy, US Germany US Italy Japan ▪ Far East Procurement Centre in Shenzhen, Chi
Slide 29: Videndum's portfolio addresses three key segments in the content creation market
Videndum’s portfolio addresses three key segments in the content creation market Independent Content Creator Cine and scripted TV Broadcast Products used by professional and high-end amateur Products used in the production and filming of Products used in production of non-scripted TV photographers /
Slide 30: Videndum #1 positioning across product segments
Videndum #1 positioning across product segments Independent Content Creator Cine and scripted TV Broadcast Market Market Market Category Brand Awards Category Brand Awards Category Brand Awards position position position #1 #1 #1 Camera Wireless Camera supports supports Monitors #1 (small) #1 #1 Car
Slide 31: tripod, endless possibilities.
tripod, endless possibilities. Video camera with solid fill https://www.youtube.com/watch?v=iiG2bv4t_RI Video camera with solid fill https://www.youtube.com/watch?v=VCn-mGWE0f4 Video camera with solid fill https://www.youtube.com/watch?v=uawYaojcO2o&t=364s 31 | Videndum plc
Slide 32: Covenant EBITDA calculation
Covenant EBITDA calculation Jun-25 EBITDA calculation £m Reported 12-month EBITDA* (excluding One-Off Charges**) 0.7 Add back share-based payments 2.4 Add back other items 2.6 Covenant EBITDA 5.7 Jun-24: covenant last 12-month EBITDA > £5m Sep-24: covenant last 12-month EBITDA > £6m Dec-24 and there
Slide 33: Product portfolio
Product portfolio Audio capture Distribution, rental Mobile power Supports & Stabilisers Rycote & services Anton/Bauer Avenger Camera Corps Gitzo Backgrounds The Camera Store Monitors Manfrotto Colorama SmallHD OConnor Savage IP Video Sachtler Superior Teradek Prompters Vinten Autocue JOBY Camera ac
Slide 34: Important notice
Important notice Forward-looking statements This presentation contains forward-looking statements with respect to the financial condition, performance, position, strategy, results and plans of Videndum plc (the “Group”, “Videndum”, or the “Company”) based on Management’s current expectations or beli