VusionGroup (VU) H1 2024 earnings summary

Executive summary

• H1 2024 adjusted revenue reached €431.1m, up 13% year-over-year, with record order intake of €714m (+38% YoY), driven by major US contracts (notably Walmart) and renewed European momentum.

• Adjusted EBITDA rose 36% to €59.1m (13.7% margin, +2.3 pts), with free cash flow at €203m and net cash position improving to €215m.

• Walmart rollout accelerated, targeting 500 stores by year-end and 2,300 by 2026; Foxconn appointed as EMS partner to support scale.

• Company rebranded as VusionGroup, launched EdgeSense and VusionOS/VusionOX, and expanded ESG initiatives, including a top 1% Ecovadis rating and low attrition.

• Cloud platform adoption surpassed 100 million labels and 20,000 connected stores.

Financial highlights

• Adjusted revenue: €431.1m (+13% YoY); IFRS revenue: €408.9m.

• Adjusted EBITDA: €59.1m (+36% YoY), margin 13.7% (+2.3 pts); adjusted EBIT: €23.8m (+5% YoY); adjusted net profit: €8.0m.

• Free cash flow: €203m; net cash: €215m at H1 2024 end.

• Capex: €77.9m (5.4% of sales), with €54.5m customer-financed; self-financed capex at €23.4m.

• Order intake: €714m (+38% YoY); 12-month rolling orders: €1,146m.

Outlook and guidance

• Full-year 2024 adjusted revenue target of €1bn confirmed, with growth weighted to H2 and Q4 expected to accelerate ESL deliveries.

• Adjusted EBITDA margin guidance raised to +100–200 bps for FY 2024.

• VAS revenue expected at €120m for 2024, with €60m recurring.

• Continued robust order growth, positive free cash flow, and preparation for stronger 2025.

• Order intake anticipated to reach a new record for the full year.