VusionGroup (VU) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 adjusted sales rose 59% year-over-year to €355 million, with nine-month adjusted sales up 54% to over €1 billion, driven by strong US momentum and major UK contracts with Morrisons, Asda, and Co-op.

• Value-added services (VAS) sales for nine months reached €144 million, up 115% year-over-year, fueled by cloud and software solutions.

• Rolling 12-month order entries reached €1,764 million, up 26% year-over-year, reflecting robust demand and pipeline.

• Full-year 2025 adjusted sales guidance confirmed at €1.5 billion, representing a 50% increase over 2024.

• Major new contracts in the UK and rapid cloud migration are expanding presence in top-tier European retailers.

Financial highlights

• Q3 2025 IFRS revenues were €347.8 million; adjusted revenues €355.3 million, up 59% year-over-year.

• Nine-month 2025 adjusted revenues exceeded €1 billion, up 54% year-over-year.

• VAS accounted for 14.3% of total revenues in the first nine months, up from 10% last year.

• Americas & Asia-Pacific nine-month adjusted sales: €706 million, up 122%; EMEA: €298 million, down 11%.

• Order entries for nine months: €1,292 million (+12%); rolling 12-month: €1,764 million (+26%).

Outlook and guidance

• Full-year 2025 adjusted revenue guidance confirmed at €1.5 billion, with Q4 expected to be the largest quarter ever.

• Adjusted EBITDA margin expected to increase by 200–300 basis points in 2025.

• Expects to exceed initial VAS revenue growth target of 80% for the full year.

• Visibility for next year is excellent, with robust growth prospects and strong order book.

• 2026 guidance to be detailed in February with full-year 2025 results.