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2023 ANNUAL RESULTS

22/02/2024

Cheseaux-sur-Lausanne, Switzerland and Phoenix (AZ), USA - February 22nd, 2024 - The Kudelski Group (SIX: KUD.S), the world leader in digital security, announced today its 2023 annual results.

In 2023, three of the Group's four business segments grew at solid rates and improved their profitability from the previous year. Cybersecurity sustained its strong momentum, achieving a growth rate of 9.2% while continuing to improve its revenue mix, notably driven by the growth of managed security services. In parallel, the IoT segment witnessed a remarkable threefold increase in revenues, propelled by the widespread adoption of RecovR, its asset tracking product. Public Access showcased a strong performance with a 16.5% growth in net revenues. Conversely, the Digital Television business experienced a 14.3% decline in revenues compared to the prior year.

The Groups total revenues and other operating income increased from USD 715.9 million to USD 761.5 million. Net revenues increased by 6.4% to USD 750.8 million on an as-reported basis. The Group generated an EBITDA of USD 28.7 million in 2023.

DIGITAL TELEVISION: ACCELERATED CHANGE IN AN AGE OF MARKET DISRUPTION

Digital Television revenues decreased by 14.3% to USD 257.8 million. Over the past years, the Digital Television business has shifted from a hardware-based model, heavily reliant on sales of smart cards and other hardware, to a more resilient software and service-oriented model.

The transition to a software and service-oriented model is reflected in the sales performance of the Digital Television business in 2023. Smart card and hardware sales saw a continued decline, decreasing from USD 51.7 million in 2022 to USD 32.5 million. Revenue generated from professional services also decreased by USD 8.8 million in 2023 due to the completion of some major projects. Additionally, in 2022, the Group recorded a one-off patent licensing transaction amounting to USD 5.5 million. Conversely, software, maintenance, and royalties demonstrated greater resilience, experiencing only a limited single-digit percentage decline compared to the previous year.

In 2023, Digital Television generated initial revenues from its sports streaming platform with further ramp up expected in 2024. The introduction of Eurovision Sport, a novel global sports streaming service launched in collaboration with the European Broadcasting Union (EBU), and other sports-related services are poised to enhance revenues from this platform. The Digital Television unit also launched promising new solutions, such as NAGRA Insight Negotiation Agent, which leverages the power of AI to improve chatbots by better responding to consumer requests, and expanded the market reach of NAGRA Scout, an intelligent connected lifestyle security solution that safeguards consumers and their smart homes from cyber threats.

Among the highlights of the year, NAGRAVISION deployed its Active Streaming Protection solution for ZEE5, India's largest home-grown video streaming platform with more than 100 million monthly users, while Claro Colombia, the largest mobile telecommunications provider in Colombia, selected TVkey Cloud as a direct-to-TV offering for its Claro tv service. In Hungary, leading broadband and TV service provider 4iG selected NAGRAVISION as its system integrator and solution partner to lead their migration to a multi-network, super-aggregated and multi-device TV service. German operator Tele Columbus selected NAGRAVISION as its solution provider and prime integrator to launch its new hybrid cable and multiscreen solution, Pyur TV. With its embedded AI capabilities, this solution will enable Tele Columbus to increase subscriber engagement and loyalty. Canal Telecom selected NAGRA Scout to provide first-of-its-kind smart home automation with security aimed at increasing subscriber brand loyalty in French overseas regions. Content distributor Eluvio integrated NAGRA NexGuard forensic watermarking to secure playback of TV, films and other premium video via the Eluvio Content Fabric and Eluvio Media Wallet.

CYBERSECURITY: A YEAR MARKED BY SIGNIFICANT MILESTONES

The Group's cybersecurity business delivered another strong performance in 2023. Kudelski Security is on the right path to drive scalability and reach profitable growth, with an updated strategy focused on total client experience and integrated solutions including Advisory and Managed Detection and Response (MDR) services. Kudelski Security posted USD 185.9 million of gross revenues. Net revenues were at USD 119.3 million, representing a 9.2% growth. Overall, managed security service revenues surged by 28%, reaching USD 52.9 million in 2023. This robust growth trajectory is anticipated to continue into 2024 and beyond, buoyed by the upward trend in bookings, which reached USD 58.3 million in 2023.

Kudelski Security sustained its growth trajectory in 2023 within pivotal sectors such as critical infrastructure, manufacturing and pharmaceutical, its key differentiator being the combination of MDR and advisory services, together with a smart reselling strategy. In December 2023, Kudelski Security launched MDR ONE Resolute, its next generation MDR solution. Powered by a new XDR platform, MDR ONE Resolute integrates cutting-edge security technologies with AI and proprietary tools to detect new threats and respond to the most sophisticated attacks. This innovative solution delivers increased value for organizations that seek to reduce risk, fortify resilience, and control costs, all at a time when cyberthreats have massively increased across all verticals, especially critical infrastructure. Since the December launch, Kudelski Security has more than 20 customers and prospects for its new offering, with 5 of them already launched.

Recognition gained in the MDR as well as the Digital Forensics & Incident Response marke
LINK: https://dtv.nagra.com/2023-annual-results...
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