VusionGroup (VU) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 adjusted sales rose 59% year-over-year to €355 million, with nine-month adjusted sales up 54% to over €1 billion, driven by strong US growth and major UK contracts with Morrisons, Asda, and Co-op.

• Value-added services (VAS) sales for nine months reached €144 million, up 115% year-over-year, with recurring VAS up 37% and non-recurring up 238%.

• Rolling 12-month order entries reached €1,764 million, up 26% year-over-year, reflecting strong commercial momentum in the US and Europe.

• Full-year 2025 adjusted sales guidance confirmed at €1.5 billion, representing a 50% increase over 2024.

• Major new contracts and rapid cloud migration are accelerating growth and digital transformation in retail.

Financial highlights

• Q3 2025 adjusted revenue: €355.3 million (+59% year-over-year); IFRS revenue: €347.8 million (+56%).

• Nine-month 2025 adjusted revenue: €1,005 million (+54% year-over-year); IFRS revenue: €962 million (+56%).

• Americas & Asia-Pacific nine-month adjusted sales: €706 million, up 122%; EMEA: €298 million, down 11%.

• Order entries for nine months: €1,292 million (+12% year-over-year); rolling 12-month: €1,764 million (+26%).

• VAS now 14.3% of total revenues, up from 10% last year.

Outlook and guidance

• Full-year 2025 adjusted revenue guidance confirmed at €1.5 billion, with adjusted EBITDA margin expected to increase by 200–300 basis points.

• Q4 expected to be the largest quarter ever, targeting €500 million in revenue.

• Expects to exceed initial VAS revenue growth target of 80% for 2025.

• Strong order book and pipeline provide robust growth prospects for 2026.

• Profitability improvement and positive free cash flow expected.