Press release
Montpellier, July 23, 2025




H1 2025 revenue: €5.3m
Increase in contribution of TaaS revenue to more than 26%
of total activity
Growth and a further improvement in results expected for
the full year


VOGO (ISIN: FR0011532225 - ALVGO) is today publishing its revenue for the first half
of 2025.

Over the period, the company made revenue of €5.3m compared with €5.7m in the
same period in 2024. This decrease, which incorporates a difficult comparison base
(26% increase in revenue in the first half of 2024), does not call into question the
sales momentum observed over the last few months, which led to revenue growth of
9% versus the second half of 2024.

VOGO continued to develop its TaaS business model during the first half of the year.
Revenue from this new recurring business model, which contributes more to
profitability and guarantees customer loyalty, increased by 10.9% over the period.



In €m
H1 2025 H1 2024 Change %
Unaudited figures

Sport revenue 4.5 4.9 -7.6%

Industry revenue 0.9 0.8 +5.7%

Total revenue 5.3 5.7 -5.7%

o/w TaaS
revenue 1.4 1.3 +10.9%
Press release
Montpellier, July 23, 2025




Revenue that incorporates a difficult comparison base
Continued ramp-up of the TaaS model

In the first half of 2025, VOGO made revenue of €5.3m, a decrease of 5.7%.

This decrease incorporates a particularly difficult comparison base, the first half of 2024 having
seen growth of more than 26%. Sequentially, revenue in H1 rose by 9% compared with the
second half of 2024, confirming good business trends.

Revenue from the TaaS model rose by 10.9% to €1.4m, representing 26.4% of total revenue
compared with 22.5% in the first half of 2024. Revenue from the Sports business came to 32%
of the total figure for H1 compared with 26% in the same period in 2024.

Together with this growth in the contribution of the TaaS model to total activity, revenue from
direct sales rose by 6.6%, accounting for 75% of revenue for the period. This increase in direct
sales will also contribute positively to the trend in profitability.



Trajectory in Sports still positive, growth in Industry
The Sports business made revenue of €4.5m, down 7.6% on the first half of 2024, which saw
an increase of 30%. During the first half of the year, FIFA certifications and VOGO’s unique
ability to offer turnkey solutions combining video and audio continued to underpin sales
momentum, with several major new wins secured, particularly for VAR with the Spanish and
Italian futsal federations.

In Industry, where sales are still based on a traditional sales model, revenue rose by 5.7% to
€0.9m, despite an ongoing wait-and-see stance by customers. This growth reflects the
company’s capacity for innovation, as illustrated recently by its receipt of the Préventica 2025
innovation award for the VOKKERO GUARDIAN solution.
Press release
Montpellier, July 23, 2025




Nearly 70% of revenue from International activity


In €m H1 2025 H1 2024 Change %

EMEA revenue 4.1 4.6 -10.3%

US revenue 0.8 0.8 N/A

Other revenue 0.5 0.3 +67.1%



International revenue came to €3.6m, representing 68% of total business for the first half.

The EMEA region (77% of total revenue for the period) saw revenue of €4.1m compared with
€4.6m in the first half of 2024. Key customers in various sports disciplines showed confidence
in VOGO’s solutions, for example, in cricket, in ice hockey in Finland and the EFA (Egyptian
Football Association).

In the United States, revenue was stable at €0.8m, incorporating a negative impact from the
depreciation of the dollar over the period. Several new commercial wins were recorded in this
structurally buoyant region, most notably the signature in May of a contract with US Soccer1 for
the deployment of the VOKKERO STAFF and VOKKERO ELITE solutions. Sales in the Americas
accounted for 14.8% of total activity in the first half.

It is also worth noting that the company strengthened its positions in South America, thanks in
particular to Conmebol (South American Football Confederation), and in Asia-Pacific thanks to
very favorable sales prospects. Revenue in these high-potential areas rose by 67.1% to €0.5m.



Outlook: 30% increase in TaaS outstandings to more than €5.3m
Confident that profitability will improve
VOGO is looking forward to the coming months with confidence. TaaS outstandings at end-June
2025 stood at €5.3m, up 30% compared with the end of December 2024. This increase has been
driven by the signature of major contracts in referee assistance and the detection of concussion,
and will contribute to the expected growth over the full year thanks to sales in football and
significant development prospects in new sports disciplines (skiing, wrestling, swimming,
athletics, horse racing, etc.).

In the field of sports performance, VOGO recently signed an agreement with Centre d’Alt
Rendiment Esportiu (CAR) in Barcelona.




1
See press release dated June 6, 2025
Press release
Montpellier, July 23, 2025




In terms of profitability, the outlook is also favorable given the growing contribution of TaaS
revenue and continued rigorous cost control and inventory management. Gross cash stood at
€3.3m at June 30, 2025.

In light of these factors, VOGO expects revenue growth and an improvement in its
results over the full year.




About VOGO
VOGO is a leading international player in the world of sports with its audio and video solutions. The Group
serves 25 sports in more than 40 countries. It has three brands: VOGOSPORT for video analysis and
decision-making tools (refereeing assistance, medical diagnosis, coaching), which received FIFA
certification in 2023, VOKKERO (world leader in audio communications in sports), and VOGOSCOPE for the
deployment and distribution of additional video streams. VOGO is also present in the industrial sector,
where its audio solutions ensure smooth communication, a vector of performance and safety. All of the
Group’s technologies are patent-protected.
VOGO is located in France (Montpellier, Grenoble and Paris) and has two subsidiaries in North America and
the United Kingdom. VOGO also has an indirect presence in other countries through its network of around
thirty distributors.
VOGO has been listed on the Euronext Growth Paris stock market since November 2018 (ISIN code:
FR0011532225 – ALVGO).
More information on www.vogo-group.com




www.vogo-group.com



VOGO contacts
VOGO ACTIFIN – Press Relations ACTIFIN - Financial Communications
Barbara Desmarest Jennifer Jullia Foucauld Charavay
Tel: +33 (4) 67 50 03 98 Tel: +33 (1) 56 88 11 19 Tel: +33 (6) 70 83 79 15


Email: b.desmarest@vogo-group.com Email: jennifer.jullia@seitosei- Email: Foucauld.charavay@seitosei-
actifin.com actifin.com