VusionGroup (VU) H2 2025 earnings summary

Executive summary

• Achieved adjusted revenue of €1,527 million in 2025, up 51% year-over-year, with EBITDA up 73% to €277 million and margin at 18.2% of sales, surpassing revised guidance.

• Order entries reached €1.7 billion, up 5% from 2024, with strong North American momentum and new client signings.

• VAS revenues doubled year-over-year to €211 million, now 14% of total sales, with recurring VAS up 45% and annualized recurring revenue surpassing €100 million in Q4.

• Major deployments of EdgeSense in Walmart US and Carrefour, including the first large-scale simultaneous rollout of EdgeSense and Captana in Europe.

• Strengthened governance with the appointment of a new independent director, increasing board independence to 73%.

Financial highlights

• Adjusted revenue reached €1,527 million (+51%); adjusted net income was €99 million (6.5% of sales); IFRS net income at €84 million, reversing a prior year loss.

• Adjusted EBITDA grew 73% to €277 million, with margin up 2.3 points to 18.2%.

• OPEX rose 43% but decreased as a percentage of sales to 12.7%.

• Free cash flow was €56 million; net cash position at year-end was €439 million, up €46 million from 2024.

• CapEx totaled €137 million, with €77.5 million invested in manufacturing lines, all pre-funded by Walmart.

Outlook and guidance

• Forecasting 15%-20% revenue growth in 2026 at constant exchange rates and tariffs, with at least a 100 basis point improvement in EBITDA margin and continued positive operating cash flow.

• VAS revenues expected to grow around 40%, outpacing overall top-line growth.

• Share buyback of €30 million to be launched; dividend of €0.90 proposed for 2026, marking a third consecutive increase.

• Confident in achieving Vision 2027 strategic plan targets, supported by a strong pipeline and new customer wins.