Vusion: +34% Revenue Growth in Q1, Walmart Continues to Drive Growth Ahead of Expected Slowdown in H2
On Tuesday, Vusion reported a 26% growth in adjusted revenue and 34% in IFRS standards for the first quarter of 2026, maintaining a reiterated consensus for the year. However, this momentum largely relies on the accelerated deployment of its EdgeSense platform at Walmart in the United States, a project expected to peak before the end of 2026.
Strong Q1 Performance Highlighted by Significant Growth
The group recorded a revenue of 289 million euros under IFRS standards in the first quarter of 2026, a 34% increase compared to the same period in 2025. In adjusted figures excluding IFRS restatements related to the Walmart contract, the revenue reached 294 million euros, marking a 26% growth. With constant exchange rates and customs duties, the adjusted growth stands at 36%. This increase is based on a marked regional contrast: the EMEA (Europe, Middle East, Africa) region grew by nearly 10%, while the Americas and Asia-Pacific regions surged by more than 37%. The rest of the world now accounts for about 66% of the group's total revenue for the quarter. The United Kingdom leads European growth, while deployments announced in 2025 with Coop, Morrisons, Eroski, and Obi have moved into the operational phase.
Value-Added Services (VAS) Revenue Sees Substantial Increase
The revenue from value-added services (VAS) reached 51 million euros in Q1 2026, up by 53%, now accounting for 17% of the group's total revenue compared to 14% for the entire year of 2025. Recurring VAS, particularly driven by VusionCloud, increased by 61% to 28 million euros. Non-recurring VAS grew by 45% to 23 million euros. The installed base of VusionCloud has significantly jumped to about 435 million connected tags, compared to 188 million at the end of March 2025. Captana orders, the AI-based shelf analysis solution, have crossed the threshold of several tens of millions of euros for the first time. These dynamics, especially that of VusionCloud, fuel the group's consensus of a VAS growth of about 40% for the year 2026, which is twice the total group's growth.
Vusion Confirms its Financial Targets for 2026
Vusion reaffirms its targets announced in February 2026: an adjusted revenue growth of 15 to 20% at constant exchange rates and customs duties, with an adjusted EBITDA margin improvement of more than 100 basis points. The group anticipates a balanced distribution between the two halves of the year (each around 800 to 900 million euros), although with a higher growth rate in the first half than in the second. This shift reflects the scheduled completion of the Walmart deployment in the United States by the end of the year: the Americas and Asia-Pacific region is expected to see stronger growth in H1 than in H2. The group also expects an increase in operational free cash flow compared to 2025 and intends to maintain a solidly constituted balance sheet with net positive cash. Q1 order intake was established at 316 million euros, in line with expectations. The first quarter marked the signing of two major strategic contracts: a partnership with Carrefour in France for the deployment of EdgeSense, VusionCloud, and Captana in French hypermarkets and supermarkets with a three-year exclusivity in Europe; and an extension of the Walmart partnership in Mexico through Walmex, Walmart's largest market outside the United States.
