VusionGroup (VU) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 adjusted sales reached €233 million, up 31% year-over-year, exceeding guidance, with IFRS sales at €215 million (+25%).

• Record Q1 order entries of €532 million, up 94% year-over-year, driven by strong U.S. momentum and Walmart rollout.

• VAS (software, services, non-ESL) sales surged 71% to €33 million, with recurring VAS revenue up 38% and now 52% of total VAS.

• Growth led by Americas & Asia-Pacific, especially the U.S., while EMEA saw a temporary decline but is expected to rebound in H2.

• Full-year 2025 outlook confirmed: 40% adjusted sales growth, €1.4 billion adjusted revenue, improved profitability, and positive free cash flow.

Financial highlights

• Adjusted Q1 sales: €233 million (+31% year-over-year); IFRS Q1 sales: €215 million (+25%).

• Americas & Asia-Pacific adjusted sales: €143 million (+100% year-over-year), led by U.S. expansion.

• EMEA adjusted sales: €90 million (-15% year-over-year), with growth expected to resume in H2.

• Order entries rose 94% year-over-year to €532 million; rolling 12-month order entries at €1.9 billion.

• Cloud install base expanded to 26,000 stores and 188 million labels, up from 19,000 and 94 million a year ago.

Outlook and guidance

• FY 2025 adjusted revenue target of €1.4 billion (+40% vs. 2024) is confirmed, with €600 million expected in H1 and €800 million in H2.

• Annual VAS revenue growth targeted at +80% year-over-year.

• Adjusted EBITDA margin expected to improve by 100–200 basis points in 2025.

• Positive free cash flow generation anticipated.

• Confident in achieving Vusion '27 strategic plan objectives.