VusionGroup (VU) Q3 2026 TU earnings summary

Executive summary

• Q3 adjusted sales rose 25.2% YoY to €445.0m; 9M adjusted sales reached €1,284.3m, up 27.8% and 41% at constant exchange rates and tariffs.

• Q3 order entries hit a record €462m, up 10%; 9M order entries totaled €1,143m.

• FY26 revenue, VAS growth and adjusted EBITDA margin guidance was reaffirmed.

Financial highlights

• Q3 IFRS sales were €432.6m, up 24.4% YoY; adjusted sales were €445.0m, up 25.2%, or 49% at constant exchange rates and tariffs.

• 9M IFRS sales were €1,252.4m, up 30.2% YoY; adjusted sales were €1,284.3m, up 27.8%, or 41% at constant exchange rates and tariffs.

• Q3 VAS revenue was €77m, up 45% YoY; 9M VAS was €202m, up 40% and ~16% of sales versus 14% for FY25.

• 9M recurring VAS revenue reached €100m, up 77%; Q3 annualized recurring VAS revenue was €154m, up 82%.

• Americas & Asia-Pacific 9M adjusted sales were €954.1m, up 35.1%; EMEA sales were €330.2m, up 10.7%.

Outlook and guidance

• FY26 adjusted revenue growth guidance remains 15%-20% at constant exchange rates and tariffs; estimated adjusted revenue is €1.600bn-€1.680bn after FX and tariff impacts.

• FY26 VAS growth is expected at ~40%; adjusted EBITDA margin improvement is expected to exceed 100 bps, with operating free cash flow continuing to grow.

• EMEA FY26 revenue growth is expected at 15%-20%, with stronger Q4 growth; full-year order entries are expected to exceed 2025, with ~€1bn targeted for H2.

• Q4 order intake is expected to remain strong, supported by the pipeline and ongoing negotiations.

• Subject to completion of the ISM acquisition, pro forma annual VAS revenue is expected to reach ~€400m; completion was expected in the coming weeks.