Solid start to 2024

  • Gross sales at €1,255 m
  • up 7% at constant currency1 and up 6% reported
  • FY-24 outlook confirmed

Sustained Growth

  • Gross sales up 6% to €1,255 m reported on top of 28% growth in Q1-23
  • Growth mostly fueled by largest region: EMEA
  • Acceleration in Cloud and Software business reaching 50% of the mix2
  • FY-24 outlook confirmed

M&A Focus

  • NextGen Group strategic acquisition in APAC
  • Strengthens Exclusive Networks’ position in the region and allows to expand and develop further our value proposition



BOULOGNE-BILLANCOURT – May 4, 2023, 07:00 A.M. CET

Exclusive Networks (Euronext Paris: EXN), a leading global cybersecurity specialist, today announces its Gross sales and IFRS Revenue for the first quarter of 2024. Management will hold a conference call at 18:00 pm (CET) today, available via webcast ( A replay will be available on our website. All figures relate to this period unless otherwise stated.

Jesper Trolle, Chief Executive Officer, said:

“Exclusive Networks has delivered a solid start to the year, with 7% growth1 in Gross sales in Q1-24, mostly driven by continued momentum in our EMEA business. This is a robust outcome in light of the macroeconomic backdrop and the exceptional impact of the supply chain in the first quarter of 2023.

Acquisitions remain an important growth lever for Exclusive Networks, having completed more than 20 deals in the last decade. This quarter we announced the strategic acquisition of NextGen that will provide us critical mass in Australia and New Zealand, and strengthen our value proposition thanks to their wide array of services.

We remain committed to exploring ways of accelerating our growth and expanding our market potential through strategic acquisitions that broaden our portfolio and geographic footprint.

The evolving threat environment, influenced by geopolitical tensions, international conflicts, the adoption of generative AI, and regulatory demands for increased disclosure of cyberattacks, continues to position cybersecurity as a top priority for business leaders worldwide.

As previously indicated, growth is expected to accelerate in the second half due to ongoing demand for cybersecurity and our scalable model supports our confidence in meeting our guidance for 2024.”

1 Variation at constant currency is computed using Q1-23 rates applied to Q1-24 Gross sales. The USD, GBP and PLN evolved as follows: 1EUR: 1.086 USD; 1EUR: 0.856 GBP, 1EUR: 4.332 PLN respectively for Q1-24 and 1EUR: 1.073 USD; 1EUR: 0.883 GBP, 1EUR: 4.709 PLN respectively for Q1-23
2 Defined as Software based sales weight in the total Gross Sales mix, calculated on a 12-month rolling.


Gross Sales At Group And Regional Levels – Highlights

Q1 2024 Gross Sales

in € million Q1 2023 Q1 2024 Variation
Reported Constant


EMEA 925 1,009 +9% +10%
AMERICAS 140 141 +1% +2%
APAC 115 105 -9% -6%
GROUP 1,180 1,255 +6% +7%

* Variation at constant currency is computed using Q1-23 rates applied to Q1-24 Gross sales. The USD, GBP and PLN evolved as follows: 1EUR: 1.086 USD; 1EUR: 0.856 GBP, 1EUR: 4.332 PLN respectively for Q1-24 and 1EUR: 1.073 USD; 1EUR: 0.883 GBP, 1EUR: 4.709 PLN respectively for Q1-23.

Q1 2024 IFRS Revenue

in € million Q1 2023 Q1 2024 Variation
Reported Constant


EMEA 291 298 +2% +3%
AMERICAS 53 57 +7% +9%
APAC 54 38 -29% -27%
GROUP 399 393 -1% -0%
* Variation at constant currency is computed using Q1-23 rates applied to Q1-24 IFRS Revenue.

Gross sales were €1,255 million, an increase of 6.4% year over year on a reported basis (up 7% at constant currency). The majority of this growth (3.8%) was driven by existing vendor relationships in geographies where we already operate. The balance of our growth came from vendor expansion, partly through the expansion of existing vendors into new geographies (0.9%) and partly from new vendor relationships (0.7%) and also through M&A (1.0%).

Gross sales mix grew towards Software licenses and Support & Maintenance, in line with the strategy in place and confirming the relevance of the value proposition. Hardware decreased to 24% of the Group’s sales (vs 27% in Q1-23), Software was 50% (vs 47% in Q1-23) and Support & Maintenance stood at 26% (26% in Q1-23).

Cloud-based business accounted for 34% of the Group’ sales in Q1-24, up 6 points compared to Q1-23, in line with the digital growth strategy in place.

 IFRS Revenue takes into account the recognition of the sales of Software licenses and Support & Maintenance on a Net margin basis as per IFRS as Exclusive Networks is not the primary obligor for these solutions. IFRS Revenue reached €393 million, down 1% on a reported basis due to the high basis of comparison of Q1-23 Hardware sales, with Hardware decreasing in our sales mix.

Vendor and Customer retention rates1 remained above 100%, reflecting the continued engagement of our channel partners. Net vendor retention rate1 on a rolling 12-month basis at Q1-24 was at 108% (vs. 126% in Q1-23) and Net customer retention rate1 on a rolling 12-month basis at Q1-24 was at 108% (vs. 123% in Q1-23).

EMEA (80% of Q1 2024 Gross sales): Gross sales were €1,009 million, up 9% reported and up 10% at constant currency. EMEA benefited from a continued healthy demand, reflecting the strong positioning of the Group in the Region.

AMERICAS (11% of Q1 2024 Gross sales): Gross sales were €141 million, up 1% reported and up 2% at constant currency after a 50% reported growth performance in Q1-23.

APAC (8% of Q1 2024 Gross sales): Gross sales were €105 million, down 9% reported and down 6% at constant currency, confirming the stabilization in the Region and a continued sequential improvement on the back of a high basis of comparison.

1 Defined as Gross Sales generated in year N from vendors/customers active in year N-1 divided by Gross Sales from the same vendors/customers in year N-1


Amid the current environment still challenged by macroeconomic volatility (inflation, interest rates, geopolitical uncertainties), the Group is aiming to achieve for the FY-24:

  • Gross sales growth in a range between 10% and 12% at constant currency.
  • Net margin in the range of €500 million to €515 million
  • Adj. EBIT in the range of €200 million to €210 million
  • Adj. Operating FCF above 80% of Adj. EBITDA


Significant Events Since 31 March 2024

Completion of the Acquisition of NEXTGEN GROUP

On April 3rd, 2024, Exclusive Networks completed the acquisition of 100% of NEXTGEN Group, a leading hyper-growth channel services company focused on cybersecurity, data resiliency and digital enterprise in Australia and New Zealand with presence across APAC.

This additional development will offer unique end-to-end value-added channel management services, supported by real-time data analytics and AI-backed insights, benefiting the entire APAC region and providing Exclusive Networks with the ability to roll-out digital channel services at a global scale.

2023 Universal Registration Document

The 2023 Universal Registration Document was filed with the French Financial Markets Authority (Autorité des Marchés Financiers – AMF) on April 5th, 2024, under the number D.24-0250.


Conference Call

Jesper Trolle, Chief Executive Officer, and Nathalie Bühnemann, Chief Financial Officer, will present the First quarter 2024 earnings call during a conference call in English today (April 29, 2024) at 06:00 pm (CET).

You can follow the conference call live via webcast at the following link: A replay will also be available for a period of one year.

All documents relating to this publication will be placed online on the Exclusive Networks Investor Relations website at

Regulated information related to this press release and presentation is available at


Provisional Calendar

  • Annual General Meeting: June 6th, 2024
  • H1 24 Financial Results: August 1st, 2024
  • Q3 24 Gross Sales and Revenue: November 5th, 2024


Exclusive Networks Contacts

Investors & Analysts
Hacene Boumendjel
Head of Investor Relations
[email protected]

FTI Consulting
Emily Oliver / Tom Blundell
+33 (0)1 47 03 68 19
[email protected]


About Exclusive Networks

Exclusive Networks (EXN) is a global cybersecurity specialist that provides partners and end-customers with a wide range of services and product portfolios via proven routes to market. With offices in over 45 countries and the ability to serve customers in over 170 countries, we combine a local perspective with the scale and delivery of a single global organisation.

Our best-in-class vendor portfolio is carefully curated with all leading industry players. Our services range from managed security to specialist technical accreditation and training and capitalize on rapidly evolving technologies and changing business models. For more information visit



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Although Exclusive Network’s management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including, without limitation, risks identified in Exclusive Networks’ Registration Document available on Exclusive Networks’ website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Exclusive Networks. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Exclusive Networks does not undertake any obligation to update or revise any forward-looking statement.

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