Slide 1: H1 2025 Results
Technologies for Positive Commerce H1 2025 Results September 15, 2025 Proprietary and confidential. Do not distribute. 1
Slide 2: Agenda
Agenda Introduction Olivier Gernandt – Investor Relations Officer H1 Summary Thierry Gadou – Chairman & CEO H1 Results Thierry Lemaitre – Deputy CEO Finance & Corporate Outlook Thierry Gadou – Chairman & CEO Q&A Thierry Gadou & Thierry Lemaitre Proprietary and confidential. Do not distribute. 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: VusionGroup H1 2025 performance
VusionGroup H1 2025 performance €649m (+51%) €873m (+22%) €91m (+106%) H1 adjusted sales H1 order entries H1 VAS +300bps +€120m EBITDA margin Change in Net Cash VusionGroup is confident in its growth visibility for the rest of the year and has therefore raised its revenue and profitability targets f
Slide 5: H1 Financial Results
VusionGroup H1 Financial Results
Slide 6: H1 sales growth driven by North America and VAS
H1 sales growth driven by North America and VAS Group adjusted revenue VAS revenue € millions € millions 649 91 +51% 198 -17% +105% 431 55 +205% 44 238 18 452 +134% 35 +35% 193 26 H1 2024 H1 2025 H1 2024 H1 2025 Americas/APAC EMEA Recurring Non-Recurring Proprietary and confidential. Do not distribu
Slide 7: Strong improvement in variable cost margin (VCM)
Strong improvement in variable cost margin (VCM) Adjusted VCM Adjusted VCM rate € millions as % of adj. revenue Adj. VCM growth in value and as a % of sales driven by: +2.9pts • Positive VAS / ESL mix effect (+250 bps) +66% +51% • Continuous overall margin improvement (+70 bps) thanks to IoT innovat
Slide 8: Leading to a high increase in EBITDA and EBITDA margin
Leading to a high increase in EBITDA and EBITDA margin Adjusted EBITDA Adjusted EBITDA margin € millions as % of revenue +3.0pts Adj. EBITDA margin 300 bps improvement driven by: +84% • VCM improvement 108 16,7% 13,7% • Slightly decreasing Opex ratio (+20 bps) 59 H1 2024 H1 2025 H1 2024 H1 2025 Prop
Slide 9: Financial Income and Expenses
Financial Income and Expenses < --- H1 2025 --- > in €m* H1 2024 Cash non-cash total - Bank interest expenses (4.6) (4.6) (6.4) - Financial Income from cash investments 8.4 8.4 0.7 - Financial instruments gains / (losses) (1.0) - Exchange gains / (losses) 2.5 2.5 (3.3) - Leasing related interest exp
Slide 10: Cash CAPEX below 5%
Cash CAPEX below 5% in €m* H1 2025 H1 2024 - R&D & IT 20.0 15.6 - Industrial 76.9 59.4 o/w Customer-financed Manuf. Lines 76.3 54.5 - Others 1.6 2.9 TOTAL CAPEX 98.5 77.9 o/w customer-financed CAPEX 76.3 54.5 o/w CAPEX financed by the Group 22.2 23.4 % adj. sales 3.4% 5.4% (*) The procedures for the
Slide 11: Strong cash-flow generation
Strong cash-flow generation In €m* H1 2025 H1 2024 Adjusted EBITDA 108.4 59.1 IFRS 16 (2.2) (1.8) • €84m Op. Free Cash-Flow Capex financed by the Group (excl. Manuf Lines) (22.2) (23.4) (+147%) and strong €192m Free Operating Free Cash-Flow 84.0 33.9 Cash Flow generation Customer-financed Capex (Man
Slide 12: Strong increase in Operating free cash-flow
Strong increase in Operating free cash-flow €m 203 192 • Operating FCF increased by +147% in H1 and is expected to increase for the full year 2025 (vs FY 2024) and beyond. • Total FCF is slightly down due to increase in investment 108 for production lines and lower down-payments received. This consu
Slide 13: H1 Summary
VusionGroup H1 Summary H1 2025 H1 2024 Change In € millions H1 2025 adjusted adjusted1 adjusted1 > Revenue of €614m under IFRS, and €649m on an adjusted basis1, Revenue 614.1 649.3 431.1 +51% up +50% vs H1 ’24; > EBITDA of €73m and €108m on an EBITDA 73.3 108.4 59.0 +84% adjusted basis1, up 84%; > A
Slide 14: Outlook
VusionGroup Outlook
Slide 15: 2025 Outlook
2025 Outlook Adj. HY Revenue (€m) ~850 Adj. FY Revenue ~1,500 +47% (€m) 649 +51% 1010 H1 '25 H2 '25e Raising 2025 full-year guidance: • €1.5 bn in adjusted revenue (vs €1.4 bn previously) • Adjusted1 EBITDA margin increase of +200 to 300 bps (vs +100 to 200 bps previously) 2024 2025e Adjusted sales