VusionGroup (VU) H1 2025 TU earnings summary

Executive summary

• Achieved record H1 2025 sales of €613 million IFRS and €648 million adjusted, up 50% year-over-year, surpassing guidance and marking the best semester and quarter in company history.

• Order entries reached €873 million, up 22% year-over-year, with a record 12-month order entry of €1.8 billion, driven by strong US momentum and a major Walmart contract extension.

• Value-added services (VAS) revenues doubled to €90 million, up 105% year-over-year, with both recurring and non-recurring components showing strong growth.

• Full-year 2025 outlook confirmed for €1.4 billion adjusted sales (+40% year-over-year) and improved profitability.

Financial highlights

• Adjusted H1 2025 sales: €648 million (+50% year-over-year); IFRS H1 2025 sales: €613 million.

• Americas and Asia-Pacific adjusted sales rose 134% to €452 million, driven by rapid US expansion and Walmart deployment.

• EMEA accounted for €196 million in adjusted sales, down 18% year-over-year, but sequential growth and rebound expected in H2.

• VAS revenue reached €90 million, up 105% year-over-year, with recurring VAS at €35 million (+34%).

• Cloud installed base doubled to 220 million ESLs from 110 million a year ago.

Outlook and guidance

• FY 2025 adjusted revenue target of €1.4 billion (+40% year-over-year) reaffirmed.

• Adjusted EBITDA margin expected to improve by 100–200 bps in 2025, with positive free cash flow generation.

• VAS revenue projected to increase by 80% in 2025, outpacing top-line growth.

• EMEA expected to return to growth in H2 2025, with full-year sales roughly stable versus 2024.

• Solid growth anticipated for 2026, with confidence in achieving 2027 targets.