Vusion · EURONEXT:VU
Vusion — VusionGroup — FY 2025 Earnings Presentation
41 slides from Vusion's earnings presentation, Feb 26, 2026
Slide 1: FY 2025 Results
FY 2025 Results February 26, 2026
Slide 2: Agenda
Agenda 01 02 03 04 05 Introduction Business Financial Outlook Q&A Highlights Highlights Olivier Gernandt Thierry Gadou Thierry Lemaitre Thierry Gadou Thierry Gadou & Investor Relations Chairman & CEO Deputy CEO Corporate Chairman & CEO Thierry Lemaitre Officer & Finance 2
Slide 3: Disclaimer
Disclaimer This presentation contains unaudited financial information. In addition, this presentation includes performance indicators restated for the IFRS accounting impact of the Walmart US contract. The Group presents these restated performance indicators to allow investors to better understand t
Slide 4: FY 2025 Results
Record 2025 Improvement in FY 2026 FY 2025 Revenue & Order Profitability & Outlook Results Entries Free Cash Flow €1,527m Adjusted €472m Adjusted VCM +15% to +20% Adjusted Revenue (+51%) (+59%; 30,9% of sales) Group Revenue Growth €1.7 billion Order €277m Adjusted EBITDA +40% VAS Revenue Entries (+5
Slide 5: Business Highlights
Business Highlights FY 2025 Results
Slide 6: A decade of strong growth and global leadership
A decade of strong growth and global leadership Sales in €m 1,527 10-yr CAGR +30% p.a. 1010 805 620 423 290 247 188 153 111 81 19 44 2004 2010 2014 2015 2017 2018 2019 2020 2021 2022 2023 2024 2025 6
Slide 7: VAS Revenue doubled in 2025
VAS Revenue doubled in 2025 211 €m +100% +100% growth in 2025 at €211m (14% of sales) 128 +66% Recurring VAS at €83m, up +45% vs. 2024 105 Non-recurring VAS at €128m, up +66% vs. 2024 48 Q4 annualized recurring revenue at €105m per year 83 +45% 57 2024 2025 Recurring VAS Non-Recurring VAS 7
Slide 8: Strong adoption of our Cloud platform
Strong adoption of our Cloud platform In million of Cloud IoT Devices 375 375 million ESLs are now connected to the Vusion platform, vs. 152m in 2024 (+147%) Strong growth driven by: +147% • New large-scale rollouts • Migration of the installed based in existing markets 152 Select Cloud customers 20
Slide 9: Growth in order entries
Growth in order entries €m 1,703 1,628 FY 2025 at €1,703m (+5%) Growth in Europe 950 685 2022 2023 2024 2025 9
Slide 10: Some of our key wins in 2025
Some of our key wins in 2025 Pharmacy Gas Sport stations Travel Cosmetics / Consumer Retail H&B Electronics Food Home DIY improvement 10
Slide 11: Strong revenue & profitability growth
Strong +51% Revenue growth Americas acceleration revenue & profitability 2025 revenue per semester (€m) growth 877 AMERICAS & APAC €1.5bn in 2025 EMEA 217 5-yr CAGR 649 415 EMEA +51% -16% €1,010m 198 €805m +25% 492 €621m +29% 661 1112 ROW €423m +47% 643 +115% 452 487 315 518 108 134 162 H1 H2 2021 2
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Slide 13: Sales momentum continued with growth in customer transactions
“Sales momentum continued with growth in customer transactions led by digital eCommerce sales up +27%, with strength in store-fulfilled pickup & delivery, advertising and marketplace Sales through expedited store-fulfilled delivery channels grew more than 50% Operating income grew faster than sales,
Slide 14: Reinventing the Shelf Edge with EdgeSense
Reinventing the Shelf Edge with EdgeSense 14
Slide 15: EdgeSense: broader capabilities and 3X higher return
EdgeSense: broader capabilities and 3X higher return Pricing Labor Automation Efficiency 3x Detect Stock to Light Inventory Improve Sales Connect Pick to Light Traceability Lower Pick Cost Shop to Light Platform Capabilities higher ROI vs. Standard ESL Proximity Based Maintain Work Planogram Speed a
Slide 16: DM - Vusion Partnership
DM - Vusion Partnership Germany’s #1 drugstore retailer selects EdgeSense 16
Slide 17: Putting Technology at the Service of Physical Commerce
Putting Technology at the Service of Physical Commerce IoT, Computer Vision, Data & AI
Slide 18: The Connected & AI-native Store
The Connected & AI-native Store Omnichannel Local e-Commerce / In-Store Fulfilment Unified pricing across channels High Precision & Data-Driven Real-time inventory visibility Pricing/Picking/Stocking Automation Seamless customer journey Product/Associate/Shopper Locationing Proximity-based work Traf
Slide 19: First Retail Media wins in Europe
First Retail Media wins in Europe 19 19
Slide 20: An eye on every shelf
An eye on every shelf Vusion
Slide 21: CV solutions to address multiple instore contexts
CV solutions to address multiple instore contexts ESL-Cam Sync Agnostic CV Paper label Mobile CV 21
Slide 22: CV-based performance management tools
CV-based performance management tools 22 22
Slide 23: 150,000 AI-cameras to be deployed in 2026
150,000 AI-cameras to be deployed in 2026 23
Slide 24: Carrefour and Vusion join forces to deploy the smart store at scale
Carrefour and Vusion join forces to deploy the smart store at scale 24
Slide 25: Carrefour to deploy the latest generation Vusion platform across their stores in France
Carrefour to deploy the latest generation Vusion platform across their stores in France “By partnering with Vusion, a French technological champion with global reach, we are propelling our stores into a new era. The digitalization of our shelves is the essential foundation for deploying our vision o
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Slide 27: Financial Highlights
Financial Highlights FY 2025 Results
Slide 28: Significant increase of the profitability
Significant increase of the profitability In €m FY 2025 FY 2024 FY 2025 Adj / FY 2025 FY 2024 FY 2025 / €1.527m adj. revenue: €27m Adjusted(1) Adjusted(1) FY 2024 Adj FY 2024 above revised guidance and Revenue 1,526.8 1,010.5 51% 1,472.0 954.7 54% +51% adj. revenue growth Variable Cost Margin 471.7
Slide 29: IFRS Adjustments
IFRS Adjustments Warrants initial fair value “amortization”: effect in €m* 2025 2024 • Will stop end of 2028 Revenue (54.9) (55.8) Volume-based price reductions : warrants initial fair value "amortization“ + averaged price (54.9) (55.8) • Started reversing in Q3 2025 including future volume-based pr
Slide 30: 2025 Revenue growth driven by North America and VAS
2025 Revenue growth driven Adjusted(1) Group VAS revenue (€m) by North revenue (€m) America and VAS 1,580 211 1,527 +51% 415 EMEA 415 +100% -16% 1,011 128 105 494 Americas APAC 1164 48 1112 +115% 83 518 57 FY2024 FY2025 FY2025 FY2024 FY2025 const fx rate Americas / APAC EMEA Recurring Non recurring
Slide 31: VCM improvement drives increase in EBITDA margin
VCM improvement drives increase in EBITDA margin In of sales Strong EBITDA growth in € value and % sales, driven by • IoT innovation, • industrial scale and efficiency, 2.1 (0.6) 0.7 18.2 • VAS growth (from 10% to 14% of 15.9 total Revenue) Detrimental evolution of the EUR/USD exch. rate but limited
Slide 32: Financial Income and Expenses
Financial Income and Expenses in €m* 2025 2024 cash non-cash total - Bank interest expenses (8.5) (8.5) (12.6) - Financial Income 17.5 17.5 4.7 - Financial instruments gains / (losses) (0.4) (0.4) - Exchange gains / (losses) (19.8) (19.8) (7.1) - Leasing related interest expenses (IFRS16) (0.7) (0.7
Slide 33: Cash CAPEX below 5%
Cash CAPEX below 5% in €m* FY 2025 FY 2024 - R&D & IT 40.0 33.3 - Industrial 93.1 118.5 o/w Customer-financed Manuf. Lines 77.5 117.3 - Others 3.9 6.2 TOTAL CAPEX 137.0 158.0 o/w customer-financed CAPEX 77.5 117.3 o/w CAPEX financed by the Group 59.6 40.7 % adj. sales 3.9% 4.0% (*) Audit procedures
Slide 34: Positive free cash-flow generation
Positive free cash-flow generation In €m* FY 2025 FY 2024 Adjusted EBITDA 277.4 160.5 Positive Free Cash-Flow IFRS 16 (5.4) (3.6) Capex financed by the Group (excl. Manuf Lines) (59.6) (40.7) Operating Free Cash-Flow 212.4 116.2 • Operating Free Cash-Flow increase by 83% Customer-financed Capex (Man
Slide 35: Dividend
Dividend The Board of Directors has decided to propose to the AGM on June 4, 2026, a dividend of €0.90, a third consecutive increase. In € 0,90 0,60 0,30 2024 2025 2026 35
Slide 36: Outlook
\/usion Outlook FY 2025 Results
Slide 37: Outlook
2026 +15 to Outlook +15 to +20% Group Adjusted +20% Revenue growth expected in FY 2026 at constant Forex and Adj. Revenue (€m) Tariffs 1,527 VAS Revenue to grow 2x faster than total Group Revenue 1,010 Profitability improvement with 805 adjusted EBITDA margin1 621 growing by more than 100 bps Contin
Slide 38: Strengthened Governance
Strengthened Governance Co-optation of Lyne Castongay as an independent director Lyne Castongay Canadian-American national 20+ years of global experience in leadership roles in retail, consumer goods, industrial and services across North America 38
Slide 39: Q&A FY 2025 Results
Q&A FY 2025 Results
Slide 40: FY 2025 Results
FY 2025 Results February 26, 2026
Slide 41: Appendix: Note on the IFRS Restatements related to the Walmart contract
Appendix: Note on the IFRS Restatements related to the Walmart contract Adjusted figures reflect the reported financials before adjusting for certain non-cash IFRS restatements related to the Walmart contract. These adjustments only impact the Americas & Asia-Pacific region. Several IFRS restatement