Vusion: adjusted revenue up 25% in third quarter, record order intake
Vusion published its third-quarter revenue on October 20, 2026. The figures reveal a gap between reported growth and growth at constant exchange rates and customs duties: +25% in adjusted data, compared to +49% excluding these effects. Over the same period, order intake reached €462 million, up 10%, which the company describes as its best third-quarter result in history.
This publication comes after a 2% decline on October 18, 2026. The stock was down nearly 50% over a one-year period. The group confirmed its targets for the full 2026 fiscal year and scheduled a meeting with investors on November 18 to present its medium-term strategy.
€445 million in adjusted revenue in third quarter, +49% at constant exchange rates
In the third quarter, revenue for the electronic shelf label manufacturer reached €433 million under IFRS standards, up 24% year-on-year. On an adjusted basis, it reached €445 million, a 25% increase. Adjustments correspond to IFRS restatements with no cash impact, related to the Walmart contract in the United States: amortization of the fair value of warrants granted to the distributor in 2023 and the spreading of future price reductions indexed to volumes.
Over the first nine months, revenue reached €1,252 million under IFRS and €1,284 million on an adjusted basis, representing increases of 30% and 28% respectively. At constant exchange rates and customs duties, adjusted growth amounts to 41% over the period.
The Americas and Asia-Pacific region generated €954 million in adjusted revenue over nine months, up 35%, mainly thanks to the United States. The rollout of the EdgeSense solution at Walmart remains the main driver, with completion expected by year-end. The EMEA region totaled €330 million, up 11% over nine months, with acceleration to +20% in the third quarter alone.
Recurring revenue up 77% over nine months
Non-label activities (software, services and solutions, known as VAS) generated €202 million in revenue over nine months, up 40%. They represent approximately 16% of total revenue, compared to 14% for the full 2025 fiscal year. In the third quarter, this revenue reached €77 million, up 45%, or just over 17% of the total.
The recurring component (VusionCloud subscriptions, computer vision and data analytics applications, service contracts) stands at €100 million over nine months, up 77%. Annualized recurring revenue (ARR) reached €154 million in the third quarter, up 82% year-on-year.
This trend is supported by the expansion of the VusionCloud installed base, which grew from 314 million connected labels at the end of September 2025 to approximately 612 million at the end of September 2026. For a group historically centered on label sales, this growing share of subscription revenue is progressively changing the composition of its revenue.
Target of approximately €1 billion in orders for second half
Third-quarter order intake was driven by the EMEA region, notably by wins with several retailers in Germany, as well as orders from France, the United Kingdom, Austria, Scandinavia and Turkey. In North America, the group signed the deployment of its next-generation platform at Walmart Canada, a project scheduled for 2027, following Mexico in the first half. It also began outfitting a specialized non-food retailer in approximately 200 stores in the United States and Canada.
Over nine months, order intake reached €1,143 million. Vusion targets approximately €1 billion in orders for the second half and an increase in orders over the full year compared to 2025. In EMEA, the group expects 15% to 20% revenue growth in 2026.
The group confirmed its growth and profitability targets announced on February 26. Subject to the completion of the In-Store Media acquisition in the coming weeks, an operation whose impact on 2026 results should remain limited according to the company, the pro forma annual revenue for VAS activities should be approximately €400 million.
