Slide 1: Technologies for Positive Commerce: FY 2024 Results
Technologies for Positive Commerce FY 2024 Results February 26, 2025
Slide 2: Agenda
Agenda Introduction Olivier Gernandt – Investor Relations Officer Business Highlights Thierry Gadou – Chairman & CEO Financial Highlights Thierry Lemaitre – Deputy CEO Corporate & Finance Outlook Thierry Gadou – Chairman & CEO Q&A Thierry Gadou & Thierry Lemaitre Proprietary and confidential. Do not
Slide 3: Disclaimer
Disclaimer This presentation contains unaudited financial data. The aggregates presented are those normally used and communicated on markets by VusionGroup. These statements include financial projections, synergies, estimates and their underlying assumptions, statements regarding plans, expectations
Slide 4: FY 2024 Results summary and FY 2025 outlook
Technologies for Positive Commerce Record 2024 sales and order entries • €1 billion adjusted sales (+25%) • €1.6 billion order entries (+71%) Improvement in profitability and free cash flow • Adjusted VCM at €297m (+44%; 29.3% of sales) FY 2024 Results • Adjusted EBITDA at €161m (+51%; 15.9% of sale
Slide 5: Business Highlights
Business Highlights Thierry Gadou – Chairman & CEO FY 2024 Results Conference Call – February 26, 2025
Slide 6: Continued strong revenue growth in 2024
Continued strong revenue growth in 2024 Overall ~25% growth expected globally Americas acceleration 2024 revenue per semester AMERICAS & APAC EMEA 4-yr CAGR €m €1bn 580 €805m +25% 431 EMEA 492 326 €621m +29% +24% 192 +46% 643 €423m 487 315 ROW 518 238 254 +58% 108 134 162 H1 H2 2021 2022 2023 2024 P
Slide 7: A decade of strong growth and global leadership
A decade of strong growth and global leadership Sales in €m 1010 805 620 423 290 247 188 153 111 81 44 19 2004 2010 2014 2015 2017 2018 2019 2020 2021 2022 2023 2024 Proprietary and confidential. Do not distribute. 7
Slide 8: Record order entries level in H2 '24 and FY '24
Record order entries level in H2 ’24 and FY ’24 (excluding last €1bn order from Walmart) 1618 1000 Semester Rolling 12m 1600 900 904 1400 800 1146 1200 700 1088 714 1000 600 818 500 518 800 677 685 400 432 600 385 300 300 400 200 200 100 0 0 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 Proprietar
Slide 9: Some of our key wins in 2024
Some of our key wins in 2024 Pharmacy Gas stations Sport Travel Retail Consumer Cosmetics / H&B Electronics Food Home DIY improvement Proprietary and confidential. Do not distribute. 9
Slide 10: The fastest and largest Retail IoT roll-out ever
The fastest and largest Retail IoT roll-out ever 3rd Wave Pilot Expansion 1st Wave 2nd Wave 4,600 stores & Strategic Partnership 500 stores 2,300 stores Full Fleet 2022 2023 Apr. ‘24 Dec. ‘24 Walmart and SES-imagotag SES-imagotag announces VusionGroup Secures VusionGroup to Expand Expand Strategic R
Slide 11: Reinventing the Shelf Edge with EdgeSense
Reinventing the Shelf Edge with EdgeSense Proprietary and confidential. Do not distribute. 11
Slide 12: 2024: year of the EdgeSense and VusionOX revolution
2024: year 1 of the EdgeSense and VusionOX revolution Turning the store into a smart grid where products, associates and customers can be located and connected Intelligent Rail providing Pick-to-Light / Stock-to-Light Connectivity (BLE) and Power Battery-less / Radio-less (replaceable Displays Guidi
Slide 13: Strong Q4 and H2 in VAS revenue
Strong Q4 and H2 in VAS revenue - both recurring and non-recurring VAS revenue - Last 4 semesters in €m Recurring VAS 62 • Strong Q4 in overall VAS revenues Non-Recurring VAS 56 • Annualized recurring VAS reached 65m+ in Q4 53 • Overal in FY24, Rec. VAS grew by +38% while 44 30 total VAS decreased b
Slide 14: VusionCloud continued its exponential growth in '24
VusionCloud continued its exponential growth in ‘24 Proprietary and confidential. Do not distribute. 14
Slide 15: TFM: Simultaneous rollout of ESL, Data & AI solutions
TFM Simultaneous rollout of ESL, Data & AI solutions with The Fresh Market Proprietary and confidential. Do not distribute. 15
Slide 16: NRF 2025: showcase of major 2024 R&D developments
NRF 2025 The showcase of major 2024 R&D developments Proprietary and confidential. Do not distribute. 16
Slide 17: Financial Highlights
Financial Highlights Thierry Lemaitre – Deputy CEO Corporate & Finance FY 2024 Results Conference Call – February 26, 2025
Slide 18: Significant Profitability Improvement and Free Cash-Flow Generation
VusionGroup – FY 2024 Results Significant Profitability Improvement and Free Cash-Flow Generation KEY FINANCIAL HIGHLIGHTS > FY revenue of €1bn on an adjusted basis1 (+25%). FY 2024 FY 2023 FY24 / FY 2024 FY 2023 > VCM of €296m on an In €m* FY24 / FY23 Adjusted Adjusted FY23 IFRS IFRS adjusted basis
Slide 19: Strong Increase in Profitability
VusionGroup – FY 2024 Results Strong Increase in Profitability FY 2024 FY 2023 FY 2024 FY 2023 FY24 / FY23 In €m* FY24 / FY23 adjusted1 adjusted1 IFRS IFRS IFRS Revenue 1,010.5 805.6 25% 954.7 802.0 19% Variable Costs Margin 296.5 205.5 44% 240.7 201.9 19% • IFRS FY24 revenue at €955m % of revenues
Slide 20: 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 (2.1) 15.9 and efficiency, and recurring 5.9 (1.1) VAS growth 13.2 • EUR/USD exch. rate flat in H1 2024 vs. H1 2023 at 1.081 • Opex ratio increase
Slide 21: From EBITDA to EBIT
From EBITDA to EBIT in million euros FY 2024 FY 2023 EBITDA 104.7 102.3 Adj. EBITDA 160.5 106.0 - Equity / debt / M&A related fees (1.9) - Earn-out Memory (5.0) - Performance Share Plans (IFRS2) (18.9) (12.5) Sub-total Non recurring / non-cash items (23.9) (14.3) - Fixed & Intangible Asset Depreciat
Slide 22: Financial Income and Expenses
Financial Income and Expenses in €m* 2024 2023 cash non-cash total - Bank interest expenses (11.5) (11.5) (12.4) - Financial Income from cash investments 4.7 4.7 - Financial instruments gains / (losses) 3.6 - Exchange gains / (losses) (7.1) (7.1) 3.8 - Leasing related interest expenses (IFRS16) (0.5
Slide 23: Cash CAPEX below 5%
Cash CAPEX below 5% In €m* FY 2024 FY 2023 R&D & IT 33.3 64.2 o/w EdgeSense Project (HW) 37.2 Industrial 118.5 19.1 o/w Customer-financed Manuf. Lines 117.3 16.5 Others 6.2 4.1 TOTAL CAPEX 158.0 87.5 o/w customer-financed CAPEX 117.3 16.5 o/w CAPEX financed by the Group 40.7 71.0 % adj. sales 4.0% 8
Slide 24: Strong operating cash-flow and conversion rate
Strong operating cash-flow and conversion rate before down-payments and Capex financing Normative FCF excluding in €m* FY 2024 down-payments and CAPEX financing Adjusted EBITDA 160.5 160.5 IFRS 16 (3.6) (3.6) Capex (158.0) Excluding 117.3 M€ Manuf lines in FY24 (40.7) Change in Working Capital 396.0
Slide 25: Strong cash-flow generation
Strong cash-flow generation In €m* FY 2024 FY 2023 • Strong €391m Free Cash Flow generation EBITDA 160.5 106.0 IFRS 16 (3.6) (3.8) Capex (158.0) (87.5) • Based on this cash flow Change in Working Capital 397.1 155.9 generation, the Group decided Corporate Tax (4.7) (13.2 to settle a share-based ince
Slide 26: Strong net cash position
Strong net cash position The Net Cash position has evolved as follows over 2024: in €m* Net Cash as of Net Cash as of increase decrease Maturity Dec. 31, 2023 Dec. 31, 20234 Cash 199.9 335.7 535.6 EuroPP 10M€ (10.0) (10.0) July 2025 Term-loan 90M€ (amortizable from June 2025) (90.0) (90.0) Dec-2028
Slide 27: IFRS Restatements
IFRS Restatements effect in €m* 2024 2023 o Warrants initial fair value "amortization“ + averaged price including future volume-based price Revenues (55.8) (3.7) decrease warrants initial fair value "amortization“ + averaged (55.8) (3.7) -55.8M€ in 2024. price including future volume-based price dec
Slide 28: Outlook
VusionGroup Outlook
Slide 29: 2025 Outlook
2025 Outlook Adj. Revenue (€m) 1,400+ 1010 • +40% adj. revenue growth expected in FY 2025 • ~€600m in H1, with 25% to 30% growth in Q1 • ~€800m in H2 • VAS to grow 2x faster than total group revenue • Profitability improvement with adjusted EBITDA margin1 growing by +100 to +200 bps • Continued posi
Slide 30: FY 2024 Results: Closing summary
Technologies for Positive Commerce Record sales and order entries • €1 billion adjusted sales (+25%) • €1.6 billion order entries (+71%) Improvement in profitability and free cash flow • Adjusted VCM at €297m (+44%; 29.3% of sales) FY 2024 Results • Adjusted EBITDA at €161m (+51%; 15.9% of sales) €3
Slide 31: Note on the IFRS Adjustments related to the Walmart contract
Note on the IFRS Adjustments related to the Walmart contract: • Four IFRS adjustments related to the Walmart contract impact 2024 financial disclosures: — On June 2, 2023, at their Annual General Meeting, the Group’s shareholders approved a grant to Walmart of 1,761,200 of stock warrants on the Grou