VusionGroup (VU) Q1 2025 TU earnings summary

Executive summary

• Q1 adjusted sales reached €233 million, up 31% YoY and ahead of guidance; IFRS sales were €215.2 million, up 25.2%.

• Record order entries rose 94% to €532 million; rolling 12-month order entries reached €1,886 million.

• Growth was led by the Americas and Asia-Pacific, especially the U.S. and Walmart rollout, while Europe declined temporarily.

• FY2025 adjusted revenue, growth and profitability objectives were reaffirmed.

Financial highlights

• Q1 adjusted sales were €233 million, up 31% from €177.7 million; IFRS sales were €215.2 million, up 25.2% from €171.9 million.

• Order entries increased 94% to €532 million; rolling 12-month order entries reached €1,886 million, up 88%.

• VAS sales reached €33.3 million, up 71%; recurring VAS was €17.2 million, up 38%, and 52% of VAS revenue.

• Cloud installed base expanded to 26,000 stores and 188 million labels, from 19,000 stores and 94 million labels a year earlier.

Outlook and guidance

• FY2025 adjusted revenue target remains €1.4 billion, representing 40% growth; expected split is €600 million in H1 and €800 million in H2.

• VAS revenue growth target is 80%; adjusted EBITDA margin improvement target is 100–200 bps, with positive free cash flow.

• Europe is expected to resume full-year growth; deliveries are forecast to rise sequentially from Q2, with a stronger H2 contribution as contracts take effect and manufacturing lead times progress.

• Order-entry momentum is expected to continue through 2025, supported by prospective U.S. and European contract wins.