VusionGroup (VU) Q1 2026 TU earnings summary

Executive summary

• Achieved Q1 2026 adjusted revenue of €294M, up 26% year-over-year (+36% at constant FX & tariff), and IFRS revenue of €289M, up 34% year-over-year.

• Order entry reached €316M, 40% below last year's record Q1 but still the second-best Q1 ever and in line with expectations, supported by major contracts with Carrefour and Walmart.

• VAS revenues grew 53% to €51M, now 17% of total sales; recurring VAS revenue rose 60–61% to €28M.

• Strategic partnerships expanded with Carrefour (Europe) and Walmart (Americas), driving digitalization projects and robust growth in both Americas and EMEA.

• Cloud platform adoption surged, with VusionCloud installed base reaching 435 million ESLs, up from 188 million a year ago.

Financial highlights

• Adjusted revenue: €294M (+26% YoY, +36% at constant FX & tariff); IFRS revenue: €289M (+34% YoY).

• Order entries: €316M; 12-month cumulative order entries at €1.5B.

• VAS sales: €51M (17% of sales, +53% YoY); recurring VAS: €28M (+60–61% YoY); non-recurring VAS: €23M (+45–46% YoY).

• Q1 annualized recurring revenue: €110–111M (+60% YoY).

• EMEA adjusted revenue grew 52% to €189.9M; Americas & Asia-Pacific adjusted revenue rose 37% to €195.2M.

Outlook and guidance

• 2026 adjusted revenue growth expected at 15–20% at constant rates, with H1 and H2 each around €800–900M.

• VAS revenue projected to grow ~40%, about twice the group’s top-line growth.

• Adjusted EBITDA margin targeted to increase by over 100 basis points; positive net cash position expected at year-end, excluding acquisitions.

• Operating free cash flow generation expected to improve.

• Confident in achieving 2027 revenue ambition of €2.2B, with order entries expected to accelerate, especially in VAS.