Vusion : Presentation (Vusion Q1 2026 Sales Slides)

About this update from Vusion

‌Q1 2026 Sales April 21, 2026 ‌Agenda 01 02 03 04 Introduction Business Highlights Outlook Q&A Olivier Gernandt Thierry Gadou Thierry Gadou Thierry Gadou & Investor Relations Officer Chairman & CEO Chairman & CEO Thierry Lemaitre 2 ‌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 the evolution of its performance. These indicators and restatements should only be used as analytical instruments and should not be considered as a substitute for the indicators defined by IFRS accounting standards. They do not constitute substitutes for the accounts approved by the general meeting of shareholders. They are not necessarily representative of the Group's future performance. This presentation contains forward-looking information and statements. These forward-looking statements include financial projections, estimates and statements regarding plans, objectives and expectations regarding future operations, products or services or future performance. No assurance can be given that these forward-looking elements will materialize. Readers are cautioned that such forward-looking information and statements are subject to numerous risks or uncertainties, difficult to predict and generally beyond the control of VusionGroup that may cause expected results and developments to differ materially from those expressed, implied or projected in such forward-looking statements and information. These risks include, in particular, those developed or identified in Vusion's universal registration document filed with the Autorité des Marchés Financiers (AMF) and available on the websites of Vusion ( https://www.vusion.com ) and the Autorité des marchés financiers ( https://www.amf-france.org ). Readers are cautioned that the occurrence of some or all of these risks is likely to have a material adverse effect on Vusion. Vusion is under no obligation and does not undertake any obligation to publicly release any changes or updates to any forward-looking information and statements. This document does not constitute an offer to sell or the solicitation of an offer to acquire any securities of Vusion in any jurisdiction. 3 Record Q1 2026 Revenue ‌Q1 2026 Revenue FY 2026 Continued VAS Increase Outlook €294m Adjusted Revenue +26% YOY (+36% at constant FX& Tariff) €316m Order Entries €51m VAS Sales (+53%; 17% of sales) €28m Recurring VAS (+73%; 9.5% of sales) +15% to +20% Adj. Revenue Growth (at constant FX & Tariff) +40% VAS Revenue Growth > +100 bps Adj. EBITDA margin improvement 4 ‌Business Highlights Q1 2026 Sales ‌Strong Q1 activity Strong growth at +26% in adjusted revenue IFRS Revenue of €289m (+34%) At constant exchange rates and tariffs, adjusted revenue growth stood at +36% Q1 2026 order intake of €316m in line with expectations VAS Sales at €51m (+53%) Sales in €m 233 +26% 294 Q1 2025 Q1 2026 6 ‌Q1 Sales growth in North America and Europe AMERICAS/APAC: 66% of adjusted sales (€195m) for +37% growth mainly driven by the United States. EMEA : 34% of adjusted sales (€99m) generated in EMEA, up +10%. The increase does not yet reflect the high level of order entries that will contribute to revenue growth for the entire year. €m 233 Americas/APAC EMEA 195 99 294 +26% 143 90 Q1 2025 Q1 2026 7 ‌The strategic partner of the digital transformation of Carrefour 1,300 Hyper & Supermarkets in France to be deployed with EdgeSense, Captana and the Vusion Cloud platform 3-year exclusivity in Europe 8 Joint Innovation Center with Carrefour Next Retail Experience Center ‌Expansion of the Walmart Strategic Partnership into Mexico All Walmart Express stores fully deployed by the end of 2026 Expansion planned to all Walmart Supercenters A pilot deployment meant to take place in the Bodega format. 9 ‌Strong growth in VAS Q1 annualized recurring revenue at €111m per year (+60%) +53% growth in 2025 at €51m (17% of sales) Recurring VAS at €28m, up +60% vs. Q1 2025, driven by strong momentum in Vusion Cloud Non-recurring VAS at €23m, up +46% vs. Q1 2025, supported by solid software and services sales. +53% 17 16 in €m 51 23 +46% 28 +60% 33 Q1 2025 Q1 2026 Non-Recurring VAS Recurring VAS 10 ‌Strong adoption of our Cloud platform 435m ESLs are now connected to the Vusion platform, vs. 188m in Q1 2025 (+131%) In millions of Cloud Devices +131% 435 Strong growth driven by: New large-scale rollouts Migration of the installed based in existing markets 188 Select Cloud customers Q1 2025 Q1 2026 11 ‌Outlook FY 2026 ‌2026 Outlook +15 to Adj. Revenue (€m) 1,527 1,010 805 621 2022 2023 2024 2025 +20% 2026e +15 to +20% Group Adjusted Revenue growth expected in FY 2026 at constant Forex and Tariffs H1 ≃ H2 (€800-900m each), with growth expected to be stronger in the first half VAS Revenue to grow 2x faster than total Group Revenue Profitability improvement with adjusted EBITDA margin 1 growing by more than 100 bps Continued positive operating free cash-flow generation 13 ‌Approval of 2025 Consolidated Financial Statements Consolidated Net income in IFRS in €m +€58m Following the completion of the analysis of unrealized foreign exchange positions and the audit work, an additional unrealized foreign exchange gain of €58 million was recognized in the consolidated financial statements. This unrealized gain increases the Group's financial result and consolidated net income as previously reported on February 26, 2026. As this is an unrealized foreign exchange gain, this additional entry has no impact on cash flow. 84 FY 2025 (as of Feb 26, 2026) 142 FY 2025 (final) 14 ‌Q&A Q1 2026 Sales ‌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 restatements related to the Walmart contract impact 2025 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 Group's shares. According to IFRS standards, the fair value of these warrants should be calculated. On June 2, 2023, the fair value of the warrants was established at €163m. A contract asset and a financial debt were thus recorded in the consolidated accounts for this amount. The contract asset, which is fixed amount, is amortized in proportion to the projected revenue generated by Walmart over the estimated period necessary for Walmart to reach a level of spending of $3 billion with the Group. This impact in terms of reduced turnover is conventional because the only potential effect of the BSAs will be a dilution that has already been simulated and communicated when these BSAs are granted at the beginning of June 2023; it does not impact the turnover invoiced to Walmart. This restatement has no effect on the Group's cash position. It has an impact on revenue and also on all the aggregates of the Group's income statement, in the same proportions. This negative impact will continue to have an impact on the Group's IFRS accounts until Walmart has spent $3 billion with the Group and in proportion to the revenue generated by this contract. Financial debt is subject to a revaluation at each closing date depending in particular on the number of exercisable warrants and the stock market price of the Vusion share. Any variation is recorded in the Group's consolidated financial statements. The Group will continue to communicate the impact of this IFRS restatement on revenue and net income at each closing. The impact of future price reductions indexed to the volumes agreed upon with Walmart from the first deliveries of electronic shelf labels (ESLs): The cost of the Group's hardware solutions is a function of the volume manufactured. A significant increase in volume might thus lead to lower cost. Therefore, it has been agreed with this customer that they will be granted price reductions in relation to the future sales volume to which they contribute. The IFRS standard (IFRS 15) requires prices to be averaged over the life of the contract. The application of this restatement in 2023 impacts reported revenue (IFRS) and the margin by -€2.0m compared to the revenue invoiced, even though price reductions will only be granted if and when volumes will have reached certain thresholds. The application of this standard has a negative impact on revenue and all income statement lines, down to net profit. The impact of the application of IAS 21 to the reciprocal debt and receivables between the parent company and its US subsidiary related to the financing of production lines for Walmart. The effect of deferred taxes relating to these adjustments.

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