VusionGroup (VU) Q2 2026 earnings summary

Executive summary

• Achieved strong revenue growth in H1 2026, with adjusted revenue up 29% year-over-year to €839m and IFRS revenue up 34% to €820m.

• Profitability improved significantly, with adjusted EBITDA up 48% to €160m and adjusted net income up 81% to €77m.

• Operating free cash flow rose 51% to €127m, and net cash position at June 2026 was €197m.

• VAS (Value-Added Services) revenue grew 39% to €125m, now 15% of group sales, with recurring VAS up 73% to €61m.

• Full-year 2026 guidance reaffirmed, targeting 15–20% adjusted revenue growth and further margin expansion.

Financial highlights

• Adjusted EBIT increased 82% to €96m; IFRS EBIT up 338% to €76m.

• Adjusted EBITDA margin improved by 2.4 points to 19.1%; adjusted EBIT margin up 3.3 points to 11.4%.

• Net income rose 81% YoY to €77.4m (adjusted), representing 9.2% of sales.

• Operating free cash flow increased by €43m (+50%) to €127.1m.

• Cash CAPEX was €30m (3.6% of adjusted revenue), with R&D and IT investments at €22.6m.

Outlook and guidance

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

• VAS revenue expected to grow ~40% for the year.

• Adjusted EBITDA margin to improve by over 100 basis points; operating free cash flow to continue rising.

• Tariff reimbursements and FX could reduce reported revenue by ~€150m, but no impact on profitability or cash flow.

• No plans or need for a capital increase in the coming years; strong balance sheet to be maintained.