Slide 1: H1 2026 Results
H1 2026 Results September 21, 2026
Slide 2: Agenda
Agenda 01 02 03 04 05 Introduction H1 Business H1 Financial Outlook Q&A Highlights Highlights Olivier Gernandt Thierry Gadou Thierry Lemaitre Thierry Gadou Thierry Gadou & Investor Relations Group Chairman Group Deputy CEO Group Chairman Thierry Lemaitre Officer and CEO Finance and Corporate and CEO
Slide 3: Disclaimer
Disclaimer This presentation contains unaudited financial This presentation contains forward-looking information and statements. These forward-looking information. In addition, this presentation statements include financial projections, estimates and statements regarding plans, objectives includes p
Slide 4: H1 2026 Business Highlights
H1 2026 Business Highlights Thierry Gadou – Group Chairman and CEO 4
Slide 5: H1 2026 Results
H1 2026 Record H1 2026 Continued FY 2026 Outlook Revenue VAS Increase Results Confirmed Strong Growth in Revenue, Profitability and Operating Free Cash Flow €839m Adjusted Revenue €125m VAS Sales +15% to +20% +29% YOY (+37% at (+39% growth Adj. Revenue Growth constant FX & Tariffs) representing 15%
Slide 6: Strong H1 Revenue Growth
Strong H1 Revenue Growth Adjusted Sales in €m • Strong growth at +29% in adjusted revenue, 888 (+37%) reaching €839m 839 (+29%) • IFRS Revenue of €820m (+34%) • At constant exchange rates and tariffs, adjusted revenue growth stood at +37% • H1 2026 order intake of €681m in line with 649 expectations
Slide 7: H1 Sales Growth in North America and Europe
H1 Sales Growth in €m Americas/APAC EMEA North America and 839 Europe +29% 209 +6% 649 • AMERICAS/APAC: €630m, up +39% 198 growth mainly driven by the United States. • EMEA: €209m, up +6%. Strong growth in 630 +39% order entries in H1 bodes well 452 for anticipated ramp up in revenue in H2. H1 2025
Slide 8: VusionCloud Platform Reaches 0.5 Billion Connected Devices
VusionCloud Platform Reaches 0.5 Billion Connected Devices Cloud-Connected Devices in Millions 522 0.5b IoT devices connected to Growth driven by: New rollouts natively on the Cloud x2.4 the Cloud Migration of existing customers’ installed 220 based to the Cloud H1 2025 H1 2026 Cloud Stores: 27K 52K
Slide 9: VusionCloud Platform Delivering Value at Scale
VusionCloud Platform Delivering Value at Scale Guided pick-to-light Guided stock-to-light for in-store fulfilment for fast and precise of online orders replenishment of shelves Massive Platform Activity >1.5 Bn API Calls* Per Month >0.5 Bn Guided Tasks Per Month Proprietary and confidential. Do not
Slide 10: New Use Cases Adopted by Shoppers
New Use Cases Adopted by Shoppers In-aisle personalized promotions Proprietary and confidential. Do not distribute. 10
Slide 11: Proprietary and confidential. Do not distribute.
Proprietary and confidential. Do not distribute. 11
Slide 12: New Use Cases Adopted by Shoppers
New Use Cases Adopted by Shoppers In-aisle personalized promotions Proprietary and confidential. Do not distribute. 12
Slide 13: Proprietary and confidential. Do not distribute.
Proprietary and confidential. Do not distribute. 13
Slide 14: ~200K Shelf AI-Sensors Deployed/Under Deployment
~200K Shelf AI-Sensors Deployed/Under Deployment Millions of Product Automated Shelf AI-Augmented Pictures Processed / Day Monitoring Operations Stockout Detection Planogram and AI-Driven Task Management Product Availability Merchandising Compliance and Optimization Proprietary and confidential. Do
Slide 15: The Next Big Digital Media is the Physical Store
The Next Big Digital Media is the Physical Store Full Color e-Paper Connected Shelf Experiences In-Aisle Video Content Proprietary and confidential. Do not distribute. 15
Slide 16: H1 2026 Financial Results
H1 2026 Financial Results Thierry Lemaitre – Group Deputy CEO, Finance and Corporate 16
Slide 17: Strong Increase of Profitability Driven by VCM and Opex Rates Improvement
Strong Increase of Profitability Driven by VCM and Opex Rates Improvement H1 2026 H1 2025 H1 2026 H1 2025 In €m % % adjusted1 adjusted1 IFRS IFRS Revenue 839.3 649.3 +29% 819.8 614.1 +34% Strong growth at +29% in Variable Costs Margin 268.6 200.0 +34% 249.2 164.8 +51% adjusted revenue €839m (€820m i
Slide 18: IFRS Adjustments
IFRS Adjustments IFRS impact vs. Adj Revenue in €m H1 2026 H1 2025 Same impacts on Revenues and Ebitda Revenue (19.5) (35.1) warrants initial fair value "amortization“ Warrants initial fair value amortization: + averaged price including future volume-based price Will stop end of 2028 at the latest d
Slide 19: VCM and Opex rates improvement drives the Ebitda margin increase
VCM and Opex rates improvement drives the Ebitda margin increase Strong EBITDA growth in € +1.2 value and % sales, driven by: In % of sales +0.2 +1.0 • Better ESL gross margins thanks to product innovation, cost down efforts and scale efficiency • Higher mix of VAS showing significantly higher VCM r
Slide 20: Adj. EBIT Margin Increase by 3.3 pts at 11.4% of Sales (€96 M)
Adj. EBIT Margin Increase by 3.3 pts at 11.4% of Sales (€96 M) in €m H1 2026 H1 2025 IFRS Adjusted IFRS Adjusted EBITDA 140.5 160.0 73.2 108.4 -M&A related earn-out (1.6) (1.6) - - -Performance Shares Plan (IFRS2) (12.3) (12.3) (21.0) (21.0) Sub-total Non recurring / non-cash items (13.9) (13.9) (21
Slide 21: Financial Income and Expenses
Financial Income and Expenses H1 H1 The net cash position in €m* generates financial income 2026 2025 from cash investments in Bank interest expenses (2.4) (4.6) excess of the bank interest Financial Income from cash investments 4.6 8.4 expenses Exchange gains / (losses) 4.3 2.5 Leasing related inte
Slide 22: CAPEX Breakdown
CAPEX Breakdown R&D & IT investments increased in €m* H1 2026 H1 2025 by 13% yoy, mainly driven by new R&D & IT 22.6 20.0 innovation projects and AI transformation Industrial 6.7 76.9 o/w Customer-financed Manuf. Lines 3.6 76.3 Industrial Capex : completion in Others 4.4 1.6 H1-26 of the set-up of c
Slide 23: Positive Free Cash-Flow Generation
Positive Free Cash-Flow Generation in €m* H1 2026 H1 2025 Continuous increase of the Operating Free Adjusted EBITDA 160.0 108.4 Cash-Flow by +43 M€ (+50%) IFRS 16 (2.8) (2.2) Capex financed by the Group (30.0) (22.2) Operating Free Cash Flow 127.1 84.0 Free cash-flow impacted as expected by: Capex f
Slide 24: H1 2026 Cash Flow
H1 2026 Cash Flow +€127m Operating free cash-flow (34) €197m Net Cash Position as of (44) June 30, 2026 (-241 M€ vs 160 EoY25 due to down-payments 439 reversal) (222) H2 will have around €100m H1 one-offs: -68M€ (34) less cash-out than H1: (53) • FY2025 tax payment: €53m (15) 197 • Dividend: €15m •
Slide 25: Outlook
Outlook Thierry Gadou – Group Chairman and CEO
Slide 26: 2026 Outlook Confirmed
2026 Outlook Confirmed +15 to (€m) Adjusted revenue +20% 1,527 1,010 +15 to +20% Group Adjusted Revenue growth expected in FY 2026 805 at constant Forex and Tariffs 621 2022 2023 2024 2025 2026e 26
Slide 27: FY 2026 Revenue Growth Guidance Confirmed
FY 2026 Revenue Growth Guidance Confirmed (€m) Adjusted revenue 1,750 – 1,830 +15% to +20% ~50 growth at constant ~100 1,600 - 1,680 tariffs and FX 1 527 2025 2026 at constant USD/EUR 2026 / 2025 Tariffs 2026 Adj Revenue tariffs & USD/EUR Forex impact change impact estimate 27
Slide 28: 2026 Outlook Confirmed
2026 Outlook Confirmed +15 to (€m) Adjusted revenue +20% +15 to +20% Group Adjusted Revenue 1,527 growth expected in FY 2026 at constant Forex and Tariffs VAS Revenue to grow 2x faster than total Group Revenue 1,010 805 Full-Year order entry growth vs. 2025 621 Profitability improvement with adjuste
Slide 29: Q&A
Q&A Thierry Gadou & Thierry Lemaitre – H1 2026 Results
Slide 30: H1 2026 Results
H1 2026 Results September 21, 2026
Slide 31: 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