Sony Pixel Power calrec Sony

ANNUAL RESULTS 2022

23/02/2023

HIGHLIGHTS:

USD 715.9 million of total revenues and other operating income, USD 33.2 million of EBITDA and USD 0.9 million of operating income

Revenue growth in 2022 for Cybersecurity, IoT and Public Access in constant currency

Lower-than-expected sales for Digital TV in Europe with global revenues of USD 300.6 million and EBITDA of USD 65.1 million

Cybersecurity revenue progression, double-digit growth in gross profit and EBITDA improvement

IoT doubled total revenues to USD 15.7 million with deployments of RecovR in the US and expansion of security labs activities

Public Access revenues, in constant currency, reverted to growth with a 7.5% increase from 2021

Positive momentum of Cybersecurity and IoT confirms the importance of the Group's investment strategy

Outlook for 2023: revenue growth and EBITDA between USD 40 and 60 million

KEY FIGURES 2022:

(in million USD)

2022 2021

Revenues & Other Operating Income

715.9 778.8

EBITDA 33.2 72.4

Operating Income 0.9 30.2

Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - February 23, 2023 - The Kudelski Group (SIX: KUD.S), the world leader in digital security, announced today its 2022 annual results.

In 2022, three of the Group's four business segments delivered increased revenues in constant currency. The Cybersecurity segment saw double-digit growth in margin after cost of material and a reduction of USD 3.8 million in EBITDA loss. Meanwhile, the IoT segment more than doubled its revenues from the previous year, with a reduction of USD 2.2 million in EBITDA loss. The Public Access segment reverted to positive revenue growth, recovering after two years of COVID-19 related revenue contraction, with a 7.5% growth in constant currency. However, increased operating expenses in local currencies were incurred to ensure the delivery of its growing backlog, resulting in a USD 1.9 million decline in EBITDA compared to the prior year. The Digital TV business delivered lower-than-expected sales, mainly in European markets. Revenues in constant currency decreased by 11.0% compared to the previous year, and EBITDA reached USD 65.1 million.

The Group's total revenues and other operating income decreased to USD 715.9 million from USD 778.8 million in 2021, while net revenues were USD 705.9 million, a marginal decrease of 0.6% in constant currency. The Group generated EBITDA of USD 33.2 million.

DIGITAL TV: DRIVING CHANGE IN A DYNAMIC MARKET

Digital TV revenues reached USD 300.6 million, a 11.0% decrease in constant currency compared to 2021. This decline can be attributed to the relatively strong performance of Digital TV revenues in 2021, particularly in Europe, which had a base effect on this years results.

A key area of focus for 2022 was the Latin American market, where Nagravision is successfully transitioning several customers and a large portion of the market to its security platform and services, setting the path for future growth opportunities in this region.

Over the past years, the Digital TV business has shifted to a resilient software and service-oriented model, from a legacy-hardware-based model that is heavily reliant on smart cards. In 2022, Nagravision supported the deployment of a cutting-edge streaming service for GTPL Hathway in India, while Claro Colombia implemented the OpenTV Video Platform solution from the Group, which harmonizes the administration of content, subscription packages, and accounts, resulting in a novel SaaS-based video aggregation service. In Peru, Hispasat empowered local video distributors to offer a superior over-the-top user experience through the utilization of the Groups video platform, and in the Netherlands, United Group capitalized on the Group's NexGuard forensic watermarking technology to eliminate piracy at its root, effectively safeguarding rightsholders' intellectual property.

The shift from hardware to a software and service-oriented model is reflected in the sales figures for the Digital TV business, with smart card sales declining from USD 61.4 million in 2019 to USD 30.0 million in 2021 and USD 12.8 million in 2022. Hardware sales also followed a similar pattern, peaking at USD 52.2 million in 2021 and declining to USD 39.0 million in 2022, similar to the level in 2019. On the other hand, service, royalties, and software sales were more resilient, reflecting the positive momentum of emerging product lines.

Nagravision continued to gain traction for its emerging solutions, such as NAGRA Scout, which provides connected lifestyle security for consumers, and NAGRA Insight Smart Pricing, which simulates subscriber behaviors based on pricing and content changes using AI-based digital twins. Digital TV is also working to leverage promising development opportunities in attractive new markets, using artificial intelligence to improve subscriber profitability and providing comprehensive all-in-one streaming solutions for sports and e-sports.

CYBERSECURITY: STRENGTHENED SERVICES AND EXPANDED ACTIVITIES

In 2022, the Groups cybersecurity business reached net revenues of USD 109.3 million. The European region exhibited robust growth, with net revenues rising to USD 43.3 million, representing an impressive year-on-year increase of 44.2% in constant currency.

The growth of European revenue has resulted in a notable year-on-year increase of USD 6.8 million in margin after cost of material for the region. Kudelski Security's expansion strategy in 2022 saw the business extending its presence outside the Swiss market, with a particular focus on Germany, France, and the UK. This strategic move lays the foundation for sustained growth in the coming years. On the other hand, revenues from the US experienced a year-on-year decline, primarily due to lower technology resell activities, while high added-value solutions and services continue to grow, r
LINK: https://dtv.nagra.com/annual-results-2022...
See more stories from nagra

More from Nagra Media Uk Ltd

03/04/2025

Scaling Smarter: Partnerships that Drive Real Change

In our latest blog, Laura Rognoni highlights key points from the webinar on hyper-personalization held on March 20th 2025, hosted by XroadMedia and featuring in...

02/04/2025

NAB 2024 Highlights: Content Security & POY - NAGRAVISION

With a focus on safeguarding premium content value and authenticity, NAGRA highlighted key areas of interest in the media and entertainment industry. Of note wa...

02/04/2025

Strengthen Content Protection: Beyond DRM - NAGRAVISION

In our latest blog, gain insights into the media industry's challenges and how NAGRA Active Streaming Protection provides a framework for holistic content p...

02/04/2025

Generative AI: Friend or Foe for M&E Industry? - NAGRAVISION

In our latest blog Tim Pearson considers Generative AI and the opportunities it presents as well as some of the challenges it can cause for media, entertainment...

02/04/2025

Combat Piracy with Confidence: NAGRA Multi-DRM - NAGRAVISION

Learn valuable insights into strengthening your content protection strategy and discover how multi-DRM helped transform content security for leading post-produc...

02/04/2025

Consumer Cybersecurity at IBC 2024: Insights - NAGRAVISION

This year's IBC 2024 was an incredible opportunity to connect with industry leaders and innovators, and the conversations around consumer cybersecurity were...

02/04/2025

Streaming Global Sports: Eurovision Sport - NAGRAVISION

As a lifelong sports enthusiast from the U.S., I've always been captivated by how sports can unite people. From the roar of the crowd during major events to...

02/04/2025

Generative AI in Consumer Engagement - NAGRAVISION

In our latest blog, Tim Pearson caught up with Julian Williams at Anthropic to explore the science of conversations and how the increasing adoption of generativ...

02/04/2025

How Robust Streaming Security Prevents Piracy - NAGRAVISION

In our latest blog, Tim Pearson considers recent industry successes in dismantling large-scale pirate operations and what defensive steps video service provider...

02/04/2025

New Era of Entertainment with OpenTV ENTera - NAGRAVISION

In our latest blog, Laura Rognoni explores OpenTV ENTera, the latest innovation from NAGRAVISION that's designed as a blueprint for today's streaming se...

20/03/2025

Streaming Ahead with Synergy: Insights from Connected TV World Summit

In our latest blog, Laura Rognoni reflects on this year's Connected TV World Summit recently held in London, and explores how innovative bundling, premium c...

04/03/2025

Leading A New Era of Entertainment with OpenTV ENTera

In our latest blog, Laura Rognoni explores OpenTV ENTera, the latest innovation from NAGRAVISION that's designed as a blueprint for today's streaming se...

22/01/2025

CES 2025: Kicking Off the Year by Diving Into The Latest Innovations

In our latest blog, Tim Pearson reflects on CES 2025, the latest trends, and the key conversations held with visitors to the NAGRAVISION booth. Connect the wor...

03/12/2024

How Robust Streaming Security Can Prevent Piracy

In our latest blog, Tim Pearson considers recent industry successes in dismantling large-scale pirate operations and what defensive steps video service provider...

04/11/2024

The Science of Conversations: How Generative AI is Revolutionizing Consumer Engagement

In our latest blog, Tim Pearson caught up with Julian Williams at Anthropic to e...

30/10/2024

Streaming Global Sports to the World: A New Era With Eurovision Sport

As a lifelong sports enthusiast from the U.S., I've always been captivated by how sports can unite people. From the roar of the crowd during major events to...

09/10/2024

IBC 2024 - A Show with Pace and Purpose

Streaming security, consumer engagement, and consumer cybersecurity were top of mind in NAGRAVISION's IBC 2024 showcase, as highlighted by Tim Pearson in ou...

01/10/2024

The Future of Consumer Cybersecurity at IBC 2024: Key Insights and Exciting Takeaways

This year's IBC 2024 was an incredible opportunity to connect with industry ...

11/09/2024

All On' In Las Vegas: Kicking Off 2024 at CES

In our latest blog, Tim Pearson reflects on CES 2024 where AI was omnipresent, innovation abounded, and conversations focused on creative solutions to address e...

11/09/2024

Navigating the Future: Humanizing AI and Connecting Everything Insights from MWC 2024

In our latest blog, Tim Pearson reflects on a busy Mobile World Congress that wa...

27/08/2024

NAGRA set to Secure Your Future. Secure Your Vision' at IBC 2024

Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - August 27, 2024 - NAGRA, a Kudelski Group (SIX:KUD.S) company and one of the worlds leading independ...

22/08/2024

2024 HALF YEAR RESULTS

Cheseaux-sur-Lausanne, Switzerland and Phoenix (AZ), USA - August 22nd, 2024 - The Kudelski Group (SIX: KUD.S), the world leader in digital security, announced ...

22/07/2024

The Kudelski Group signs agreement to sell SKIDATA to ASSA ABLOY

Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - July 22nd 2024 - The Kudelski Group (SIX:KUD.S), the world leader in digital security, announced tod...

16/07/2024

David Chtrit appointed as CEO of Kudelski Security

Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - July 16th 2024 - The Kudelski Group (SIX:KUD.S), the world leader in digital security, today announc...

03/07/2024

Kudelski secures a CHF 150 million credit facility from Farallon Capital Europe LLP

Ad hoc announcement pursuant to Art. 53 LR Cheseaux-sur-Lausanne, Switzerland a...

18/06/2024

COMBAT CONTENT PIRACY WITH CONFIDENCE: KICKSTART YOUR SECURITY STRATEGY WITH NAGRA MULTI-DRM

Learn valuable insights into strengthening your content protection strategy and ...

14/06/2024

Generative AI: Friend or Foe of the Media & Entertainment Industry?

In our latest blog Tim Pearson considers Generative AI and the opportunities it presents as well as some of the challenges it can cause for media, entertainment...

08/05/2024

NAGRA and Adobe's Frame.io Win NAB Product of the Year for Solution That Protects Pre-release Content Against Piracy

Cheseaux-sur-Lausanne, Switzerland and Phoenix, (AZ), USA -7 May, 2024 - NAGRA, ...

30/04/2024

Highlights from NAB 2024: Safeguarding content value and authenticity - and an NAB Product of the Year Award!

With a focus on safeguarding premium content value and authenticity, NAGRA highl...

19/04/2024

2024 ANNUAL GENERAL MEETING OF KUDELSKI SA

Ad hoc announcement pursuant to Art. 53 LR Cheseaux-sur-Lausanne, Switzerland - April 19, 2024 - The Annual General Meeting of Kudelski SA (SIX:KUD.S) was held...

13/04/2024

STRENGTHEN YOUR CONTENT PROTECTION STRATEGY BEYOND DRM: A HOLISTIC APPROACH

In our latest blog, gain insights into the media industry's challenges and how NAGRA Active Streaming Protection provides a framework for holistic content p...

10/04/2024

NAGRA at NAB 2024: Safeguarding premium content value from production to consumption, uncovering deep fakes, and more.

Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - April 9, 2024 - NAGR...

27/03/2024

2023 Annual Report Publication

Ad hoc announcement pursuant to Art. 53 LR Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA, March 27 2024 - The Kudelski Group has published its 2023...

15/03/2024

Navigating the Future: Humanizing AI and Connecting Everything - Insights from MWC 2024

This year's annual telecoms jamboree in Barcelona attracted a record breakin...

22/02/2024

2023 ANNUAL RESULTS

Ad hoc announcement pursuant to Art. 53 LR Cheseaux-sur-Lausanne, Switzerland and Phoenix (AZ), USA - February 22nd, 2024 - The Kudelski Group (SIX: KUD.S), th...

06/02/2024

NAGRA SPORT AND THE EUROPEAN BROADCASTING UNION (EBU) PARTNER TO LAUNCH EUROVISION SPORT

Cheseaux-sur-Lausanne, Switzerland, and Grand-Saconnex, Switzerland - February 6...

19/01/2024

'ALL ON' IN LAS VEGAS: KICKING OFF 2024 AT CES

As new year celebrations faded, it was time to head for Las Vegas. Providing an interesting juxtaposition of tourists enjoying the delights of the strip, inter...

19/01/2024

FUTURE OF THE SMART HOME: WHY PRIVACY AND DATA SECURITY ARE KEY

Get exclusive insights from industry leaders at CES 2024 and the pulse of consumer concerns about privacy and security in the connected home space, with key sta...

07/01/2024

The Kudelski Group at CES 2024: Secure Your Lifestyle, Connect Your World

Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - January 7, 2024 - At CES 2024, the Kudelski Group (SIX:KUD.S), the world leader in digital security,...

09/10/2023

APOS 2023: A Blueprint for APAC's Media & Entertainment Industry

In our latest blog, Olivier Biot reflects on the recent APOS event in Bali and how the APAC M&E industry is planning to navigate the disruption. This year'...

28/09/2023

Despite the Storm Clouds, IBC 2023 Had Energy, Direction and Pace

In our latest blog, Tim Pearson reflects on IBC 2023 and how NAGRA helped visitors to its booth plot a course and navigate the disruption. There seemed to be m...

20/09/2023

NAGRA Receives Industry Recognition for Content Protection Innovation at IBC 2023

Cheseaux-sur-Lausanne, Switzerland, and Phoenix USA - Sept. 20, 2023 - NAGRA, a ...

15/09/2023

NAGRA Launches Multi-DRM Service on AWS Marketplace

Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - September 15, 2023 - NAGRA, a Kudelski Group (SIX:KUD.S) company and one of the worlds leading indep...

14/09/2023

Sony's Ci Media Cloud Enhances Service Offering with NAGRA, Securing Content Throughout Review and Collaboration Workflows

Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - September 14, 2023 -...

14/09/2023

Dubbing Brothers Secure New Post-Production Distribution Service with NAGRA

Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - September 14, 2023 - NAGRA, a Kudelski Group (SIX:KUD.S) company and the worlds leading independent ...

13/09/2023

4iG secures NAGRA to launch new multi-network, super-aggregated entertainment service to rapidly transform Hungarian market

Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - Sept. 13, 2023 - NAG...

12/09/2023

NAGRA Enhances Content Protection for Adobe's Frame.io

Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - September 12, 2023 - NAGRA, a Kudelski Group (SIX:KUD.S) company and the worlds leading independent ...