Exclusive Networks reports a new record-breaking year in FY-23 

Profitability outpacing top line growth 

FY-23 outlook exceeded on all financials 

Further performance improvement expected in FY-24

Operating Performance

  • Record Gross sales growth:
  • €5.145bn, +14% reported 
  • +16% at constant currency 
  • Net margin grew strongly to €468m, +14% 
  • Adj. EBIT close to 40% Net Margin at €186m, +21% 

Cash Performance

  • Adj. Operating FCF up sharply at €254m
  • 128% cash conversion1 
  • Leverage ratio down at 0.8x Net Debt/Adj. EBITDA

1 Adj. Operating FCF / Adj. EBITDA

BOULOGNE-BILLANCOURT – February 29th, 2024, at 07:00 A.M. CET 

Exclusive Networks (Euronext Paris: EXN), a global leader in cybersecurity, today announces its financial results for the full-year ended December 31st, 2023. Management will hold a conference call at 9:00 am (CET) today, available via webcast (https://ir.exclusive-networks.com/).

 Jesper Trolle, Chief Executive Officer, commented: 

“Exclusive Networks delivered record sales and profits in FY-23 surpassing our financial guidance. 

We are thrilled with the profitability of the year, which exceeded the upper range forecasted in August 2023. Our teams demonstrated resilience and adaptability in sustaining growth momentum following a remarkable performance in FY-22, and I extend my gratitude to them for their unwavering commitment to maintaining high standards of quality. 

This outcome reflects the strength, diversification and resilience of our model. Our reputation as a trusted part-ner is valued by both vendors and customers, serving as the foundation of our ongoing growth. 

Acquisitions remain an important growth lever for us and we made two acquisitions in 2023 – Ingecom and Consigas – which are an excellent strategic fit and progressing well. 

Looking ahead to FY-24, we remain optimistic about our prospects, while the environment is expected to remain soft in the first half. The continued emphasis on cybersecurity by CIOs, combined with our unique business model and established growth strategies, positions us for further advancement in the coming year. 

We are excited about the opportunities that lie ahead and are committed to building upon our achievements to drive sustained growth and success.” 


IFRIC and ESMA published clarifications on IFRS 15 Revenue recognition principles. The publication implied a change in the accounting treatment for Exclusive Networks on IFRS 15 Revenue recognition. Before the publication, only Support and maintenance services were netted in the IFRS 15 Revenue presentation. 

As a result of ESMA precisions and concluding illustrations, the Group decided to change the accounting treatment. For its performance obligation, the Group considers now acting as an agent for the sale of software licenses. 

After change in the accounting treatment, distribution of software licences are also netted in the IFRS 15 Revenue recognition, in addition to Support and maintenance services. Group Net margin remains unchanged. 

Please find below information on the restatement for Q4-23 and FY-23 IFRS Revenue compared to Q4-22 and FY-22. 

Full quarterly restatement for FY-22 and FY-23 is presented in Appendix.

in € million Before Change
in accounting treatment
Variation After Change
in accounting treatment
Q4-22 Q4-23 Reported Constant currency Q4-22 Q4-23 Reported Constant currency
EMEA 911 920 +1% +3% 331 299 -10% -8%
AMÉRICAS 116 137 +18% +24% 56 63 +14% +20%
APAC 95 82 -14% -9% 53 43 -19% -14%
GROUP 1,122 1,139 +1% +4% 439 405 -8% -5%
in € million Before Change
in accounting treatment
Variation After Change
in accounting treatment
FY-22 FY-23 Reported Constant currency FY-22 FY-23 Reported Constant currency
EMEA 2,704 3,072 +14% +16% 1,084 1,140 +5% +7%
AMÉRICAS 348 467 +34% +38% 186 242 +30% +34%
APAC 352 324 +8% -4% 195 177 -9% -5%
GROUP 3,404 3,863 +14% +16% 1,466 1,559 +6% +9%


in € million Q4-22 Q4-23 Variation
Reported Constant Currency1
EMEA 1,154 1,241 +7% +9%
AMERICAS 176 234 +33% +38%
APAC 123 110 -10% -5%
GROUP 1,454 1,585 +9% +12%

In Q4-23, Gross sales were €1,585 million, an increase of +9% year over year on a reported basis, +12% at constant currency. Most of the organic growth was driven by business with existing vendors in their current geographies (+6.1%), and to a lesser extent to vendor expansion (+1.3%), which is a combination of vendors entering into new geographies (+0.8%) and new vendor relationships (+0.5%). The remainder of the growth is attributable to acquisitions (+1.7%).

1 Variation at constant currency is computed using FY-22 rates applied to FY-23 Gross sales. The USD, GBP and PLN evolved as follows: 1EUR: 1.082 USD; 1EUR: 0.870 GBP, 1EUR: 4.592PLN respectively for FY-23 and 1EUR: 1.059 USD; 1EUR: 0.853 GBP, 1EUR: 4.684 PLN respectively for FY-22.


Gross sales and adjusted profitability metrics are non-GAAP measures. Revenue and Net margin are reported in IFRS format. Full results as per IFRS are presented in the Appendix along with the reconciliation detailing the differences with non-GAAP measures. Please refer to the glossary at the end of the press release for further explanations.

in € million FY-22 FY-23 Change
Reported Constant Currency
Gross sales 4,528 5,145 +14% +16%
Revenue 1,466 1,559 +6% +9%
Net margin 411 468 +14%
% Gross sales 9.1% 9.1%
Adj. EBIT 154 186 +21%
% Net margin 37.5% 39.7% +225bps
Adj. net income 100 108 +8%

Gross sales were up 16% at constant currency and up 14% reported at €5,145 million. The bulk of the growth was organic, with existing vendors in current geographies (13.9%), and vendor expansion (+0.5%), composed of vendors entering into new geographies (+0.3%) and new vendors (+0.2%). The remainder of the growth is attributable to pricing effect (+1.2%), to recent acquisitions (+0.8%) and to currency effect (-2.7%). 

Vendor retention rate1 in FY-23 remained above 100%, reflecting the continued engagement of our channel partners. Net vendor retention rate1 on a rolling 12-month basis at FY-23 was 113% (vs 136% in FY-22) with net reseller retention rate1 on a rolling 12-month basis in FY-23 at 112% (vs 133% in FY-22). 

In FY-23, Gross sales mix grew towards Software and Support & Maintenance, in line with the strategy in place and confirming the relevance of the value proposition. Hardware decreased to 25% of the Group (vs 27% in FY-22), Software was 49% (in line with FY-22) and Support & Maintenance was up at 26% (vs 24% in FY-22). 

Cloud-based business accounted for 32% of the Group in FY-23, up 4 points compared to FY-22 in line with our digital growth strategy. 

IFRS Revenue as reported in the Consolidated Financial Statements takes into account the recognition of the sales of software licences and support and maintenance on a Net margin basis as per IFRS as explained above. IFRS Revenue reached €1,559 million, up 6% reported. 

Net margin was €468 million in FY-23, a sharp increase of 14% year on year, reflecting the strong execution with a consistent mix evolution of geography and deal size. 

Operating expenses increased 10% to €282 million, below Gross Sales growth, aligned with tight monitoring of the cost structure. This resulted to the strong improvement realised on the operating leverage. 

Adjusted EBIT rose to a record €186 million, up 21% year over year. Adj. EBIT margin over Net margin was up 225 bps year on year to 39.7% as the Group benefits from a decrease in the weight of Opex by 170bps at regional level. 

Adjusted net income was €108 million, representing an increase of 8% year over year, resulting mainly from the sound Adj. EBIT partially offset by higher financial expenses.

1 Defined as rolling 12 months Gross sales generated in year N from vendors/customers active in year N-1 divided by rolling 12 months Gross Sales from the same vendors/customers in year N-1


in € million FY-22 FY-23 Change
Reported Constant Currency

Gross sales









       Revenue 1,084 1,140 +5% +7%
       Adj. EBIT 160 191 +19%

Gross sales









       Revenue 186 242 +30% +34%
       Adj. EBIT 14 17 +26%

Gross sales









       Revenue 195 177 -9% -5%
       Adj. EBIT 20 19 -5%

       Gross sales









       Revenue 1,466 1,559 +6% +9%
       Adj. EBIT 154 186 +21%

EMEA (78% of the Group): Gross sales were €4,036 million, up 14% year on year, the region benefitted from a consistent positive market demand. Profitability outpaced top line growth and increased significantly, with Adjusted EBIT rising to €191 million, up 19% year on year.

AMERICAS (13% of the Group): Gross sales were €689 million, up 30% year on year. The Region pursued its fast organic development, with the progressive ramp up of both new and existing vendors and supported by the continued high local market demand. Operational gearing increased +26% for Adj. EBIT, resulting from the business model in the US and reflecting the constant focus to drive profitable growth.

APAC (8% of the Group): Gross sales reached €420 million, a decline of 8% year on year. The initiatives implemented locally have managed to bolster the business activity trend that improved towards the second half of the year. The high focus on cost control resulted in protecting the profitability with an Adj. EBIT of €19m for FY–23.


Changes in working capital was up €18 million at €76 million vs. FY-22, mainly linked to the stock decrease resulting from the strict inventory monitoring in place and normalization of lead time.

Adj. Operating Free Cash Flow reached a strong level, amounting to an inflow of €254 million in FY-23, compared to €201 million in FY-22 mainly driven by business growth and working capital improvement.

Leverage: Financial gross debt at December 31, 2023 was €516 million (vs. €523 million at end Dec. 2022), withCash & cash equivalents at €369 million and Net debt improvement at €158 million. This resulted in a significant deleveraging of the company with a leverage ratio of Net Debt / Adjusted EBITDA of 0.8x compared to 1.3x as of June 30, 2023.


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 between €500 m and €515 m
  • EBIT in the range of €200 and €210 m
  • Operating FCF above 80% of Adj. EBITDA

Shareholders’ return

On February 28, 2024, amid the current environment still challenged by macroeconomic volatility, as well as the highly competitive environment, the Board of Directors decided to propose to shareholders not to distribute a dividend and to give priority to the development of the Group to support the external growth and the expansion of the organic business.

Consolidated Financial Statements

The Board of Directors approved the consolidated financial statements on 28th February 2024. The consolidated financial statements have been audited.


Changes in IFRS 15 Revenue Accounting treatment

Up to Q3-23 Gross Sales publication, Exclusive Networks IFRS 15 Revenue was recorded based on the principle that the Group was qualified as agent on the sales of vendors’ support and maintenance.

Following IFRIC and ESMA publications, the Group revised its accounting treatment and considered being agent on the sales of software licenses that should be recognized on a net basis (Net margin) vs on a gross basis (Gross Sales and COGS).

Exclusive-Networks has applied this restatement for FY-23 publication with a pro-forma on FY-22 as follows:

IFRS 15 Former Accounting Treatment
€ million Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-23
EMEA 567 595 630 911 2,704 698 695 760 920 3,072
AMERICAS 70 74 89 116 348 106 115 109 137 467
APAC 76 93 89 95 352 90 73 79 82 321
Total 712 762 809 1,122 3,404 893 883 948 1,139 3,863
IFRS 15 New Accounting Treatment
€ million Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-23
EMEA 233 252 268 331 1,085 291 275 275 299 1,140
AMERICAS 35 42 53 56 186 53 62 64 63 242
APAC 41 50 52 53 195 54 42 39 43 177
Total 309 344 373 439 1,466 399 378 378 405 1,559

Consolidated Financial Statements Consolidated Financial Statements


€ million 31 Dec 2022 31 Dec 2023
Revenue 1,466 1,559
Costs of purchases goods and services (1,048) (1,084)
Freight on sales (6) (7)
Net margin 411 468
Personnel costs (183) (200)
Other operating costs (71) (81)
Amortization of intangible assets (60) (60)
Depreciation and amortization of tangible assets (13) (13)
Recurring operating profit 85 114
Non-recurring operating income and expenses (5) (3)
Operating profit 79 111
 Finance debt costs (18) (28)
 Interest on lease liabilities (1) (1)
 Other financial income and expenses (9) (26)
 Financial result (27) (55)
Income before taxes 52 56
Income taxes (13) (11)
Net income 39 45
Net income attributable:
– To the owners of the parent company 36 43
– To non-controlling interest 3 2
Earnings per share attributable to parent company (in €):
– Basic earnings per share 0.40 0.47
– Diluted earnings per share 0.40 0.47


€ million 31 Dec. 2022 31 Dec. 2023
Goodwill 295 297
Other intangible assets 1,112 1,055
Property, plant and equipment 7 8
Right-of-use assets 26 26
Other non-current financial assets 40 51
Deferred tax assets 8 7
Inventories 271 220
Trade receivables and related accounts 1,132 1,381
Income tax receivables 12 10
Other current financial assets 19 9
Cash and cash equivalents 268 369
CURRENT ASSETS 1,703 1,989
ASSETS 3,191 3,433
Share capital and share premium 976 976
Retained earnings and other reserves (27) (4)
Foreign currency translation reserve 4 (13)
Equity attributable to the owners of the parent company 952 959
Non-controlling interests 3 2
EQUITY 956 961
Other non-current financial liabilities 488 500
Non-current lease liabilities 20 19
Non-current provisions 4 3
Other non-current liabilities 0 0
Deferred tax liabilities 274 253
Trade payables and related accounts 1,304 1,583
Other current financial liabilities 128 91
Current lease liabilities 8 8
Current provisions 0 0
Current tax liabilities 11 14


€ million 31 Dec 2022 31 Dec 2023
Net income 39 45
 Adjustments for:
  – Depreciation, amortisation, impairment and change in provisions 74 73
  – Financial debt costs & interest on lease liabilities 19 29
  – Income tax expenses 13 11
Other adjustments and non-cash items 8 13
Income tax paid (25) (26)
Cash flows from operating activities before change in working capital 129 144
Change in working capital 58 76
Additions to property, plant and equipment and intangible assets (6) (7)
Disposal of fixed assets 0 0
Changes in other financial assets (2) (10)
Interests received 0 2
Acquisition/(disposal) of subsidiary, net of cash acquired/(disposed of) (2) (5)
Dividends paid (19) (1)
Disposal (acquisition) of treasury shares (1) (25)
Purchase of non-controlling interest (3) (25)
Proceeds from issuance of bank borrowings & from other financial liabilities 44 45
Factoring liabilities 12 (31)
Short-term financing (14) 8
Interest Paid (17) (28)
Repayment of bank borrowing & other financial liabilities (24) (36)
Other cash-out flow from financing activities (12) (10)
Effects of exchange rate fluctuations on cash and cash equivalents (6) (2)
Net cash and cash equivalents at the beginning of the period 125 263
Net cash and cash equivalents at the end of the period 263 358


Gross sales:

  • Gross sales represent revenue recognized by the Group on a gross basis for each revenue stream.
  • Net of returns, discount and rebates.


  • IFRS 15 revenue.
  • Vendor Support & Maintenance and Software licenses margin accounted for revenue.
  • Net of returns, discount and rebates.

Net margin:

  • Revenue less costs of purchased goods and services and freight on sales.

Adj. EBIT:

  • Recurring operating profit before amortization of intangible assets, adjusted for non-GAAP items.


  • EBIT restated from Depreciation of tangible assets.

Adj. net income:

  • Net income restated for non-recurring operating IFRS 15 and non-GAAP items, net of taxes.

Adj. Operating FCF:

  • Operating Free Cash Flow before tax and adjusted for non-recurring items.

Cash Conversion:

  • Operating Free Cash Flow / Adj. EBITDA.

Non-recurring items:

  • Items defined as unusual, abnormal and infrequent, of limited number and presented separately in order not to distort the understanding of the Group’s underlying performance.


Jesper Trolle, Chief Executive Officer, and Nathalie Bühnemann, Chief Financial Officer, will present the Full-Year 2023 financial results during a conference call in English on February 29th, 2024 at 9:00 am (CET).

You can follow the conference call live via webcast at the following link: https://ir.exclusive-networks.com/.

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 https://ir.exclusive-networks.com/

Regulated information related to this press release and presentation is available at https://ir.exclusive-networks.com/


  • Q1-24 Financial update (Gross Sales and Revenue): April 29th, 2024
  • Annual General Meeting: June 6th, 2024
  • H1-24 Financial Results: August 1st, 2024
  • Capital Market Day: Autumn 2024


Investors & Analysts

Hacene Boumendjel
Head of Investor Relations
[email protected]


FTI Consulting
Julien Durovray / Charlotte Hewitt
+33 (0)6 25 04 57 73
[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 www.exclusive-networks.com.