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- Revenue of €1,527m on an adjusted basis1, up +51% (€1,472m in IFRS up +54%)
- Doubling of VAS revenue to €211m, including €83m in recurring VAS (+45%)
- Order intake at €1.7bn, up +5% versus 2024
- Adjusted1 EBITDA of €277m, up +73% (€223m IFRS, up 113%); Adjusted1 EBITDA margin of 18.2% (+2.3 points vs 2024)
- Adjusted1 Net income of €99m, up +85% (€84m IFRS compared to -€29m in 2024)
- Free Cash Flow generation of €56m with a net cash position of €439m
- Proposed dividend of €0.90 per share (versus €0.60 in 2024)
- 2026 guidance:
- Group Revenue growth of 15% to 20% at constant exchange rates and tariffs
- Around +40% VAS revenue growth
- An adjusted1 EBITDA margin increase of more than 100 basis points
The Board of Directors met today to review the consolidated financial statements for fiscal year 2025. The Group is announcing its 2025 annual results today.
The following 2025 financial figures are presented under IFRS standards, and also in adjusted terms before IFRS adjustments related to the Walmart U.S. contract, and which do not have a cash impact. The difference between IFRS and adjusted data decreased significantly in 2025 due to the now positive impact of the average selling prices used in IFRS compared to the actual billed prices. These adjustments are detailed at the end of the press release.
| € million (*) | 2025 IFRS |
2025 Adjusted1 |
2024 Adjusted1 |
Change Adjusted |
| Revenue | 1,472.0 | 1,526.8 | 1,010.5 | 51% |
| EBITDA | 222.6 | 277.4 | 160.5 | 73% |
| % of Revenue | 15.1% | 18.2% | 15.9% | +2.3 pts |
| Net Result | 84.2 | 98.7 | 53.4 | 85% |
| % of Revenue | 5.7% | 6.5% | 5.3% | +1.2 pt |
| Change in Net Cash | +46.1 | +46.1 | +365.5 | – |
| (*) Audit procedures in progress | ||||
Commenting on the figures, Thierry Gadou, Chairman and CEO of Vusion, said:
“2025 ended with an exceptional fourth quarter of over €500 million in revenue, representing a 46% increase driven by sales in North America, notably the rapid rollout of EdgeSense in Walmart supercenters. VAS sales also saw strong growth in Q4, both for recurring revenue (+58%) and non-recurring revenue (+84%). With this record quarter, we slightly exceeded our annual target of €1.5 billion in adjusted revenue, with VAS revenue doubling to €211 million and a 45% growth in recurring VAS, which exceeded the €100 million mark in ARR (annualized recurring revenue) in Q4.
Annual order intake reached €1.7 billion, an increase of 5% compared to the 2024 figure. This high level of orders was generated by Vusion’s customer base as well as numerous new client signings (The Co-op, Asda Express, Morrison, OBI, …). In terms of VAS, fourth-quarter orders notably include significant expansions of our Captana installations, as well as the first deployment projects of our new Retail Media solutions. During 2025, Vusion also announced partnerships with major European retailers, DM in Germany and Carrefour in France, the latter leading to the announcement on February 18 of a major European deployment project for the Vusion platform (EdgeSense, Vusion Cloud, and Captana).
Walmart’s deployment now confirms on a large scale the performance of the EdgeSense platform, which has no equivalent in the world today for optimizing productivity, speed, and accuracy in shelf management tasks and in-store e-commerce order preparation. In particular, our bet on the BLE protocol for our new IoT operating system (VusionOX) is proving decisive and is expected to become standard in the industry, as is the choice to pool energy in a smart rail to enable multiple use cases and maximize ROI.
Innovation was once again at the heart of our priorities in 2025, with a 20% increase in our R&D investments, this increase being largely dedicated to new products around Data, AI, and Retail Media. We have significantly enhanced our Captana solution and expect to deploy more than 150,000 AI cameras this year.
2025 was also a year of significant growth in our capabilities and industrial competitiveness, which contributed to the improvement of our profitability (+2.3 points of EBITDA). We also considerably strengthened our financial structure, which allows us to finance our future growth, our R&D investments, to seize potential external growth opportunities if they arise, and to increase our dividend payments as promised.
The year 2026 starts on a high note with the announcement on February 18 of our important partnership with Carrefour, which is the first large-scale, simultaneous deployment project in Europe for EdgeSense, Vusion Cloud, and Captana. This partnership is significant because, alongside the digital transformation of Carrefour’s hypermarkets and supermarkets, Carrefour and Vusion will create a joint innovation lab and collaborate to invent tomorrow’s retail world.
For the current year, we anticipate a revenue growth of between 15% and 20%, with a growth rate for VAS twice as high (around 40%), continued improvement in profitability and operating cash flow, while maintaining a very strong balance sheet and a surplus net cash position at year-end (excluding acquisitions).
The transformation of retail is entering a new era that will place physical stores at the heart of the omnichannel strategies of retailers, as demonstrated by Walmart’s extraordinary success. Vusion is more than ever at the forefront of this revolution, which is why we are confident about our growth prospects in the years to come”.
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[1] Adjusted figures reflect the reported financials before adjusting for certain non-cash IFRS restatements related to the Walmart contract. These adjustments only impact the Americas & Asia-Pacific region. Please see the detailed explanatory note at the end of this press release
