VusionGroup (VU) H2 2025 earnings summary

Executive summary

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

• Order entries reached €1.7bn, up 5%, driven by strong North American sales and new client signings.

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

• Major deployments with Walmart in the U.S. and Carrefour in Europe, including EdgeSense and Captana platforms.

• Net cash position at €439m at year-end, with free cash flow of €56m and a proposed dividend of €0.90 per share.

Financial highlights

• Adjusted revenue: €1,527m (+51%); adjusted EBITDA: €277m (+73%), margin at 18.2% (+2.3 pts); adjusted net income: €99m (+85%).

• Adjusted EBIT more than doubled to €164m, 10.7% of sales.

• Operating free cash flow increased 83% year-over-year to €212m; net cash position at €439m.

• Adjusted variable cost margin improved by 1.6 pts to 30.9%.

• CapEx at €137m, with €77.5m invested in manufacturing lines.

Outlook and guidance

• 2026 guidance: revenue growth of 15–20% at constant exchange rates and tariffs, with adjusted EBITDA margin to increase by more than 100 basis points.

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

• Continued positive operating cash flow and strong balance sheet targeted.

• Share buyback of €30m to be launched soon.