Vusion: Revenue up 34% and Adjusted EBITDA of €160M in the First Half
Vusion released half-year results on September 21, 2026, marked by growth in revenue and operating profitability.
An examination of free cash flow reveals two distinct dynamics: operating free cash flow increased, but total available cash flow turned negative, driven by the consumption of customer advances and tax payments.
Revenue of €839M Driven by the Americas and Asia-Pacific
In the first half of 2026, the group's IFRS revenue reached €820M, up 34% year-over-year. On an adjusted basis, it stood at €839M, up 29%, or 37% at constant exchange rates and customs duties.
The EMEA region generated €209M, up 6%, while the Americas and Asia-Pacific region reached €630M, up 39%, driven notably by the rollout of EdgeSense at Walmart in the United States.
Revenue from VAS solutions amounted to €125M, up 39%, representing approximately 15% of total revenue. Recurring VAS revenues reached €61M, up 73%, driven by VusionCloud, whose installed base reached 522 million connected ESLs at the end of June 2026, compared with approximately 220 million a year earlier.
EBITDA Margin Up 2.4 Points and Operating Income Growth
Adjusted EBITDA reached €160M in the first half of 2026, growing 48% compared with €108.4M a year earlier. The adjusted EBITDA margin stood at 19.1% of revenue, compared with 16.7% in the first half of 2025, an improvement of 2.4 points.
The group attributes this trend to improved gross margin, with the adjusted rate increasing from 30.8% to 32%, and controlled operating expenses, reduced to 13.0% of adjusted revenue compared with 14.1% a year earlier.
Adjusted operating income reached €95.9M, up 82% from €52.6M in the first half of 2025. IFRS net income came in at €131.7M, including a cash-neutral financial gain of €96.1M related to the revaluation of subscription warrants granted to Walmart. Excluding IFRS adjustments, adjusted net income stood at €77.4M, compared with €42.8M a year earlier.
Annual Guidance Confirmed and Customs Impact Estimated at €100M
Vusion confirmed its annual targets, with adjusted revenue growth expected between 15% and 20% at constant exchange rates and customs duties, as well as improved adjusted EBITDA margin and operating free cash flow.
The group clarified that revenue growth on an IFRS and adjusted basis could fall below this range, due to credits to be recorded for customs duties refunded in 2025. The customs duty impact is estimated at approximately €100M and the currency impact at approximately €50M on annual revenue; credits related to customs duty refunds have no impact on margin or cash flow.
Operating free cash flow increased from €84M to €127M year-over-year, but total available cash flow came in at -€222M, compared with +€192M in the first half of 2025, driven by the consumption of €222M in customer advances and payments and €79M in tax payments. Net cash position remains positive at €197M at the end of June 2026, compared with €439M at the end of December 2025.
