VusionGroup (VU) Q2 2026 TU earnings summary

Executive summary

• Achieved adjusted revenue of €839 million in H1 2026, up 29% year-over-year and 37% at constant FX and tariffs, with IFRS revenue at €820 million (+34%).

• Order entries totaled €681 million, with Q2 2026 up 7% year-over-year and 16% sequentially, returning to growth after a tough comparison base.

• VAS (software services and non-ESL solutions) revenues grew 39% to €125 million, with recurring VAS up 73% to €61 million, driven by VusionCloud momentum.

• Strategic partnerships and deployments expanded with major retailers including Carrefour, Walmart, JYSK, Decathlon, and Gratis, accelerating digital transformation.

• Announced strategic acquisition of In-Store Media to accelerate retail media strategy and broaden the connected store platform.

Financial highlights

• EMEA revenues reached €209 million, up 6% year-on-year, with solid activity across France, DACH, UK, Scandinavia, Spain, and Turkey.

• Adjusted revenues outside EMEA were €630 million, up 39% year-on-year, with strong momentum in the Americas, especially from Walmart deployments.

• VAS sales represented 15% of group sales, with Q2 2026 annualized recurring VAS revenue at €133 million, up 83% year-on-year.

• Global order entries in H1 totaled €681 million, down 22% due to a tough comparison base from large 2025 Walmart orders, but Q2 2026 saw a 7% increase over Q2 2025 and 16% sequential growth from Q1.

• VusionCloud installed base reached 522 million connected ESLs, more than doubling from 220 million a year earlier.

Outlook and guidance

• Full-year 2026 guidance confirmed: adjusted revenue growth of 15%-20% at constant exchange rates and tariffs.

• VAS revenue expected to increase by around 40% for the year, with adjusted EBITDA margin targeted to improve by more than 100 basis points.

• Positive operating free cash flow and a strong balance sheet with positive net cash position (excluding the In-Store Media acquisition impact) expected.

• Order intake for full-year 2026 expected to exceed 2025, with H2 anticipated to be significantly stronger due to pipeline conversion and large deals.

• 2027 revenue target of €2.2 billion reaffirmed, with strong business momentum and pipeline in both Europe and Americas.