Good day, and thank you for standing by. Welcome to the Vusion first quarter 2026 sales webcast and conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question-and-answer session. To ask a question, you will need to press star one one on your telephone keypad. You will then hear an automatic message advising your hand is raised. To withdraw your question, please press star one and one again. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link any time during the conference. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Olivier Gernandt, Vusion's Investor Relations Officer. Please go ahead. Thank you very much, Nadia. Good afternoon. Good morning, everyone, and welcome to our first quarter 2026 sales presentation. With me today are Thierry Gadou, our Chairman and Chief Executive Officer, as well as Thierry Lemaitre, our Deputy CEO of Corporate and Finance. Thierry Gadou will make some remarks on the group's operational highlights. Thierry Lemaitre will then discuss our group's financial performance and more specifically, our 2025 consolidated accounts. Thierry Gadou will conclude our presentation with some remarks on our full-year outlook. After these remarks, we will be happy to take your questions. As a reminder, some of the information to be discussed on our call today is forward-looking and subject to important risks and uncertainties that could cause our actual results to differ materially. For these, I refer you to the safe harbor statement included in our press release and on slide three of this presentation. This evening's release was issued a short while ago and is available in French and in English on VusionGroup's website, vusion.com. The slides of this presentation and our consolidated accounts can also be found on our website in the Regulated Information section. A replay and a transcript will be made available on our website after the call. With that, it's my pleasure to hand you over to Thierry Gadou for his opening remarks. Thanks, Olivier. Good afternoon. Good morning, everyone. Thanks for joining our conference call. I'm very pleased to present, along with Thierry Lemaitre, our commercial performance for the first quarter of the year. In summary, we delivered 26% organic growth in Q1, reaching EUR 294 million in adjusted revenue. At constant foreign exchange rates and tariffs, this would be a 36% growth, and the actual IFRS revenue reached EUR 289 million. Now it's very close to adjusted figures and up 34% year-on-year. Order entry reached EUR 316 million. VAS revenues grew by 53% at EUR 51 million, representing 17% of total sales, and our annualized ARR is above EUR 110 million, up 60% year-on-year. We reiterate our 2026 guidance of continued profitable growth. A year that started on a strong positive note. The first quarter confirms our strong commercial momentum. As I just said, plus 26% growth of adjusted revenue, plus 34% growth of IFRS revenues, and plus 36% growth at constant dollar and tariff rates. Our growth is solid. Our business reflects increasing demand from retailers to digitize their stores and put them at the core of their omni-channel strategy. Both large regions are growing. In America, the accelerated rollout of EdgeSense at Walmart is very successful and is expected to reach peak deployment pace over the next two quarters, with full fleet completion expected by the end of this year. This project is accelerating Walmart's e-commerce growth and improving key operational metrics, productivity, planogram compliance, employee, customer satisfaction. It demonstrates, at a very large scale, the value of our technology platform in terms of operational performance improvement and e-commerce acceleration. In parallel, several other leading-edge innovation projects are underway with Walmart alongside the start of their international rollout expansion. For the market, this deployment is an impressive showcase, which is having a massive influence on the industry's strategic thinking about the future role of stores at the heart of omni-channel. In the U.S. particularly, significant activity is underway around a growing number of pilots, which are now mostly focused or refocused on the EdgeSense platform and on VusionOX Bluetooth-based infrastructure, which allows the shelf to interact with nearby shoppers and associates. We see great future potential here. The U.S. market remains relatively underpenetrated, 15%-20%, including Walmart, and is expected to ramp up rapidly in the coming years, catching up with Europe. Speaking about Europe, growth is back in the EMEA region. Sales grew by nearly 10% and are expected to accelerate in the coming quarters. The modernization and the further penetration of our large customer base, plus all the new contracts signed in recent months, notably in France, the United Kingdom, Germany, Spain, are supporting robust growth trajectory, particularly driven by the U.K., although the DACH region, so Germany and German-speaking countries remain the largest sub-region for Vusion. As I said, the momentum should strengthen over the next quarters, and European growth is expected to exceed 20% for the full year. Talking about order entries, global order entries totaled EUR 316 million in Q1. It's -40% below last year's Q1. We expected the comparative basis to be challenging this quarter because last year, Q1 was our absolute historic record quarter, with over half a billion EUR in new orders in only three months. This Q1 is still our second-best first quarter ever and fully in line with our expectations. At the end of Q1, our 12 months cumulative order entries are at a solid EUR 1.5 billion. Key contracts announced in Q1 include Carrefour and Walmex. However, note that the Walmex numbers are not included in the Q1 order entries of the group. As a reminder, on February 18, Carrefour, one of the world's leading retailers, and Vusion announced the signing of a strategic partnership. As part of its 2030 strategic plan, Carrefour has selected Vusion to digitalize all its hypermarkets and supermarkets in France. This partnership covers the deployment of EdgeSense, VusionCloud and Captana. In France first, but with a three-year exclusivity in Europe, and we're already starting pilots in other countries. Then at the very end of the quarter, on March 30, Walmart expanded its strategic partnership with Vusion to deploy the EdgeSense platform in Mexico, which is Walmart's first market outside the United States, across Walmex express stores and supercenters. This expansion reinforces the deep and global partnership between Walmart and Vusion, which will continue to expand now on several geographies, several solutions, and innovation projects. Talking about the VAS activity. VAS revenue reached EUR 51 million in the first quarter, representing a strong growth of 53% and representing approximately 17% of the group's total revenue, a significant increase compared to the 14% in the full year of 2025. Non-recurring VAS increased by 45% to EUR 23 million, but the VAS growth was even more driven by recurring revenue growth, which reached EUR 28 million, up sharply by 60% compared to the first quarter of 2025, and driven by the strong momentum in VusionCloud. The VusionCloud installed base grew significantly in the first quarter, reaching over 400 million ESLs. For reference, last year, at the end of March 2025, the cloud installed base stood at 188 million connected ESLs. This momentum is expected to continue throughout 2026. Also note that in Q1, for the first time, Captana order entries reached several tens of millions of EUR, and acceleration perspectives are becoming clearer as IoT and AI-based real-time shelf monitoring is emerging as a growing need among retailers to optimize inventory, availability, e-commerce, and customer satisfaction. With this strong start of the year, the rapid growth of our VAS, and a highly promising project pipeline in both Europe and the Americas, we are confident in our 2026 targets and our medium-term growth outlook. Annual adjusted revenue growth is expected to be between 15% and 20% at constant exchange rates and tariffs. Adjusted revenue should be relatively evenly split between the first and the second halves, both around EUR 800 million-EUR 900 million. Both the EMEA region and the Americas and APAC regions are expected to grow over the full year, with momentum set to strengthen in Europe throughout the year. The rest of the world is expected to see stronger growth in the first half than in the second, due to the completion of the Walmart rollout in the United States by the year-end. Total VAS revenue is expected to increase by around 40%, representing a growth roughly twice that of the group's top line. This performance will be driven by strong momentum in both recurring and non-recurring VAS. The group also targets improved profitability, with adjusted EBITDA margin expected to increase by more than 100 basis points. Finally, we target increased operating free cash flow generation and a strong balance sheet at year-end with a positive net cash position, excluding the possible impact of potential acquisitions. Looking further ahead, given our innovation leadership, our substantial project pipeline, and the growing market demand, we stay focused on achieving the ambitions outlined in our Vusion '27 plan that we presented in November 2022 and are very confident on our medium-term growth prospects. I will now hand over to Thierry Lem aitre for additional information on our full year 2025 financial results. Thank you, Thierry. The board approved today the final 2025 consolidated financial statements, which includes an additional €58 million income compared with a set of figures presented on the 26th of February. This €58 million are an unrealized exchange gain that we had not recognized in the P&L. It turns out yet that even though it is an unrealized, therefore potential and non-cash profit, we have to book this positive impact in the consolidated P&L, which we did in the final version of the 2025 audited financial statements approved today by the board of directors. This €58 million entry is only impacting the financial income and the net income in the financial consolidated statements. Since it is unrealized, it has, of course, no impact on cash. The URD, including the audited, consolidated and statutory financial statements approved today by the Board, will be available on the company website next Monday. Thank you, Thierry. I think we can now move to questions. We'll take your questions now. Thank you so much. Dear participants, as a reminder, if you wish to ask a question, please press star one one on your telephone keypad and wait for your name to be announced. To withdraw your question, please press star one and one again. Alternatively, you can submit your questions via the webcast. Again, we're going to take our first question. It comes from the line of Hugo Paternoster from Kepler Cheuvreux. Your line is open. Please ask your question. Yes. Good evening, gentlemen. Can you hear me? Yes, we can. Great. Thanks for the presentation. I have a couple of questions, and the first one is just on Walmart, on the U.S. perimeter. I did not have in mind that the rollout was expected to end this year, if I understood correctly from your press release. What would it mean if Walmart is more in a rush to roll out more of its stores for this year? Did you have that in mind when you built your 2026 guidance? That is my first question. Yes. Well, I think we said or we wrote, actually, that it would be completed this year or by the beginning of 2027. There is always an uncertainty. It doesn't depend on us exactly when. Given the holiday season imperative, we sometimes are uncertain about exactly whether it's going to end in January or February or November before Christmas. There was an uncertainty, but we have in mind, when we build our guidance, that the intent of Walmart is to go in this project as fast as possible. We were, let's say, being relatively prudent because it doesn't all depend on us, but we were anticipating this. Okay. Now you are potentially more convinced that it will be done, all the remaining parts, for 2026. If I remember correctly, at the end of last year, you were already at 50% of the total value of this contract, correct? Yes. I don't. We have delivered approximately 60% of the stores. Yeah. Okay. Another question is still on Walmart, most likely on Walmex. You have announced a win there. Just wonder, where are you in terms of discussion for Super Express, for the Bodega, for the Supercenter, excuse me, and the Bodega shops there? Can you provide some color on it and the level of discussion? Whether potentially it can include some computer vision and this kind of stuff. On Walmex, I think we try to clarify it. The agreement right now includes the rollout of the Express stores and the Supercenters in the country. We are also running a pilot on La Bodega, which is another format of smaller stores, but there are many of them. This will be decided after that pilot, because pilots have been done on Express and Supercenters. We haven't done on Bodega. We are currently in the process of doing this pilot on La Bodega. That might be a further announcement in the future, but I have no visibility on that yet. Right now it's Express and Supercenters. Right now it's the EdgeSense platform, let's say with the similar functions and functionalities as in the U.S. If we move to rolling out and finalizing CV solutions in the U.S., it will probably, generally speaking, the platform will be relatively, the intent is to have a homogeneous set of functionalities and platform throughout the group. It should be also coming to Mexico later on. Okay. The Supercenter will be also deployed in 2026, and I believe it will launch again in 2027 and potentially beyond? Oh, yes. We have not yet a detailed planning, so it will be around across 2026 and 2027 for Express and Supercenters. All right. Understood. A final question is on the rate of growth for Europe. I think you said that in the quarterly, but I have missed it. What is your expected rate of growth for EMEA for this year? Above 20%. Above 20%. Yes. All right. We said basically we're starting with 10% this quarter, but that the momentum should accelerate over the year. Okay, I understand. I believe that on your guidance, it will be mainly EMEA that will make the variance to reach between 15% to +20%. Is that correct? Europe will grow faster for once. Will grow faster than America, but I think we said that both regions will grow. Okay. All right. Fair enough. I can jump back in the queue. Thank you very much. Thank you. Thank you. Now we're going to take our next question. The question comes from the line of Xavier Le Mené from Bank of America Securities. Your line is open. Please ask your question. Yes. Good evening, Thierry and Thierry. Thank you for taking my question. 2, if I may. The first one actually on Carrefour. Can you potentially give us a bit more color where you are? Because the partnership was announced in February, but have you started to deliver some of the stores and, what is potentially the plan for 2026 and beyond 2026 with Carrefour? That would be quite helpful. The second aspect is, on the U.K. You started, and you signed a lot of contracts last year in the U.K., so can you tell us, potentially how big the U.K. was in Q1 and what you're expecting going forward, and should we expect Morrisons, Co-op, and Asda to be all in 2026 or is it going to roll out into 2027 too? That will be my two question. Well, Carrefour, the project was just signed in February, so we are not starting the rollout. You have some manufacturing lead times and a number of things to prepare when you prepare a big rollout in this many stores. The rollout will take place over the next years. I think Alexandre Bompard, the CEO, was very clear publicly that he wants to go fast and certainly not wait until the end of 2030 because this was announced in the 2030 strategic plan. He said that, and so we think it's going to take place starting this year in H2 and then continuing in 2027 and 2028. There is a large scope, a full scope in France. Then, there is an exclusivity in Europe. We're starting pilot in other countries. It's going to be developing over the next years. It will start slowly in H2 and then accelerating next year. Sorry, the second question, sorry. Yes, about the U.K. Yes, as you said, last year we signed a significant amount of contracts. There is Co-op, there is Morrisons, there is Asda Express. All these projects are entering in deployment phase. This will continue over this year and next year. It's also going to be across those next two years. It's starting, and it's going to accelerate. It's a good momentum. As I said, the U.K. is the fastest growing region, in Europe. It's not the biggest one. DACH is the largest sub-region in Europe. U.K. is the fastest growing, which is logical because they were, in terms of adoption, lagging behind. They really started the momentum, I'd say two years ago. It's a very fast adoption, but we're expecting generally speaking, this kind of pattern that the countries that are coming later will actually catch up with the most advanced country in terms of adoption, much faster than obviously the pioneering countries. Okay. Thank you. Thank you. Now we're going to take our next question. The question comes from the line of Florent Couvreur from Bernstein. Your line is open. Please ask your question. Yeah. Good evening, gentlemen. I have three question on my side. The first one is, can we please have more detail on the phasing of Walmart's delivery this year? I think that deliveries were a little bit softer this quarter versus the previous one. I guess it's fair to assume that we're going to have an acceleration going forward. For the second question, we know that you do not comment on customer business, but can you give us more detail on the contribution of Carrefour orders within the Q1 numbers? The third question, can you also comment on your recurring VAS revenue? Is the growth mainly coming from a new cloud connection and Payto-like functionalities, or is there a meaningful contribution for Captana this quarter, or by the way, new order of VAS services? Thank you. Regarding Walmart, you're right. There was a strong deployment until the very end of the year. There is a bit less in Q1. I think I mentioned that Q2 and Q3 are going to be very strong, and it will then phase out during Q4. That's the peak. Yes, we see an acceleration in Q2 and Q3, which are going to be the peak in terms of rhythm of deployment. That's why we mentioned that H1 and H2 are going to be roughly around 800, 900 in this ballpark, both of them. Which means that obviously, by difference in H1 you can see Q2 is going to be a very strong quarter, and that's driven also by the peak. Regarding Carrefour, we don't talk about order entries number or revenue numbers by customer. Recurring revenues are driven, I think you can see the really strong momentum in the adoption of our cloud platform. Which includes several functionalities, and that is obviously managing price promo, managing Pick to Light, Stock to Light, and other functionalities. Overall, this is included in what we call a VusionCloud. There are different products and different features. I think we mentioned that at the end of Q1 last year, we were below 200 million cloud connected labels or cloud managed ESLs. At the end of Q1 this year, we are at 435 or at least way above 400 million, so the momentum is really strong. That's the main driver of our recurring revenues. Right now, Captana is more at the stage of taking off in the order entries, so not yet visible strongly in the recurring revenue because you have to always install the infrastructure first and then the recurring revenue comes later. It's essentially the contribution of the cloud platform that is delivering these impressive growths in ARR. Okay, maybe just a follow-up on the last question on Captana. Are we going to see a pickup in Captana's revenue this year or are we going to wait for next year? As I said, this year, I think I mentioned at the end of February that we would be installing about 150,000 AI cameras. That this quarter, for the first time, we have significant orders. We will see revenues in Captana take off this year, and I think in order entries it's not finished. We expect at least a strong dynamic in order entries in Captana and a very visible takeoff in 2027 in both sort of infrastructure revenues, camera revenues, but also the recurring revenue. It's a very positive momentum we see, and we're extremely positive on this market and on Vusion's position in this market. We see vision AI and real-time shelf monitoring enabled by IoT and AI as a very strong need, increasing need of retailers to optimize inventory and availability, also to accelerate store fulfilled e-commerce. Very strategic growth. We believe that Vusion AI is the next big unlock in the store digitalization, and that Vusion is very well positioned to be successful in this market. Okay. Thank you, Thierry. It's all clear. Thank you. Now we're going to take our next question. The next question comes from the line of Valentin Hoguet from Stifel. Your line is open. Please ask your question. Good evening, everybody. Do you hear me well? Yep. Yes. Thank you. My first question will be on Captana. Is it possible to get more granularity on the order intakes currently? Is it more concentrated on a few big customers or is it split among multiple smaller clients? The second question will be about the fact that you reiterated your ambitions for the 2027. I just wanted to have your feeling about the likely phasing of order intakes to come in the next year, in the next three quarters, to reach the EUR 2.2 billion revenue that you imply in 2027, and the revenue that you The order intakes on the 12-month rolling basis that you currently have with these first two ones. It implies, if my calculations are correct, around on average, EUR 600 million of order intakes on average for the next 3 quarters. Just to get a view on if it's more coming on the Q2, Q3, or Q4 for you? Very good question. Thank you. The first question is, Captana order entries are coming from a few large orders, and obviously we know that on February 18 we signed a significant partnership with Carrefour, which includes the rollout of Captana. You probably have not noticed at this point, it's part of it, but there are others and it's spread across, I would say 10 serious customers, but there are a few larger orders in this ballpark number that we gave a few tens of millions EUR of order entry. It's spread across a few retailers. 10, two or three are larger. Obviously, it's always the same case. There are many more, which are still at pilot stage, represent small order entries, fragmented because at this stage, but there are many more starting in the pilot. That's how it's structured. There is also the Walmart pilot expansion, et cetera. Regarding 27, yeah, I think, you are absolutely right. We expect to continue to have a strong momentum in order entries this year. We have a strong pipeline for the rest of the year and onwards. We expect to grow our order entries and to certainly. You mentioned the number, and over the next three quarters we expect to be over that number and to be essentially growing our full year 2026 order entries compared with last year. We are yes, still targeting to reach our 2027 ambition. We see also a driver of this momentum should be the acceleration of VAS order entries. That's a very important component of our business model, of our strategy. It should be much more visible this year and preparing for an acceleration in 2027. That's an important part of the way we build it. It's true that the acceleration of the Walmart rollout has pulled in some revenue from 2027 to 2025 and 2026. This is true, and it's making the target a bit more difficult to reach. Based on our pipeline, based also on what I just mentioned as this additional driver of the acceleration of VAS, we still consider, and this is our target, to reach our ambition, in 2027, which is an ambition we set ourselves four years ago. It's some time ago, but we still see this really possible based on our pipeline and on the market demand. Thank you. Very clear. Thank you. Now we're going to take our next question. The next question comes from the line of Laurent Galabert from BNP Paribas. Your line is open. Please ask your question. Yes. Good evening, Theresa. Yeah, just three questions. The first one relates to the guidance. As you are basically going to deliver the landmark contract this year versus ending in Q1 2027. Why haven't you been upgrading the guidance for the current schedule? That's the first one. The second one is- Sorry, Laurent, I'm sorry I stop you because we can't hear you well. I mean, at least here in the room, we can't hear you. Okay. Sorry, I'm in an airport, so it's not easy. Can you hear me better now? I understand. Yeah. My first question is. I think we got the question. Okay. The EUR 26 billion in the process, yeah? Yeah. Yeah. The second question is, can you help us to understand why, in terms of the funding for the CapEx line, you received EUR 311 million, but you have been spending only EUR 221 million, whereas the CapEx line are all up and running. Where is the EUR 90 million difference between the two? The third question, can you help us on the accounting mechanics of the revenue recognition, coming from the non-refundable CapEx line funding from Walmart? Or is it fair to say that basically what you recognize as turnover is carrying 100% gross margin? I'll take the first one. I'm not sure we understood the third one, but we will come back to you. There is no upgrade on the guidance. I think we confirm our guidance as basically 15%-20% at constant rate and exchange rate and tariffs. It means that roughly this year we are considering, we said at this level, we are considering about two halves, which should be roughly equivalent, EUR 800 million, EUR 900 million both. It's not more precise at this stage, obviously. That's giving us the EUR 1.7 billion-EUR 1.8 billion. Again, there is no change in the guidance because we are considering Q1 is on plan for us. I think there is no reason in the Q1 for us to change. We see the year exactly as we unfold. We give an additional information here, with the breakdown between H1 and H2. I will hand over maybe to Thierry for the second now, which is a bit more. Yes financial. Second was about the funding. The $320 million that you're referring to are in dollars. The EUR 210 million are in euros, so there is already a change in the currency. And on top of that, the funding by Walmart was already including the cost for the maintenance that we're going to incur over the full period of the lifetime of the project. The 210, that's just the picture as of the end of 2025, but it doesn't mean that we have already anticipated all the costs deriving from the operation of the lines. On top of that, it has always been very clear with Walmart that we had set a price per line. If the cost had exceeded the price per line, it would have been on us. If we succeeded in better managing the overall cost, that would be some kind of an upside for us. That's the situation on the line. Second topic, do not mistake the funding, and the recognition of the revenues. Walmart is funding the lines, but then we charge Walmart for a full costing approach, including, of course, the amortization or the usage of the manufacturing line. We don't set the portion of the [inaudible] which is recharged with a certain level of margin, and then the invoicing of the manufacturing line with 100%. That's the totality of the cost, and then the totality of the revenues, including, of course, a recharge of the manufacturing line. No, we don't have 100% margin on the manufacturing lines. That's not the proper way to analyze the situation on Walmart. Okay. Thank you. Now we're going to take our next question. The next question comes from the line of Aurélien Sivignon from ODDO BHF. Your line is open. Please ask your question. Hi, good afternoon. Thanks for taking my question. I have a couple of follow-up. First on revenue phasing. You are guiding between EUR 500 million and EUR 600 million of revenue in Q2 standalone. Just to make sure I understand correctly, can you confirm that the step up, in Q2 versus Q1, is it only related to the phasing of the Walmart rollout, or are there, let's say, other major rollout expected to ramp up in Q2? On Walmex, should we expect the order intake for Supercenter to be recorded in Q2 or rather later in the year? Last one, still with Walmex, could you say maybe a few words on the potential with the Bodega format? I mean in terms of size and also a timing decision maybe. Thank you. Thank you, Aurélien. Aurélien, could you repeat the first question? I'm not sure I completely got it. The sound was not really good. Yeah, sure. If I understood correctly, your guidance for Q2 standalone is for revenue between EUR 500 million and EUR 600 million, which is- Yeah I would say, much bigger than the Q1. Yeah Just to make sure I understand correctly, is it only related to the phasing of the rollout with Walmart, or are there any other rollouts that? Oh, okay. ... are expected to ramp up in Q2? No, it's both things. It's also the momentum in Europe. It's an acceleration of the sort of deployment in Walmart, but it's also the momentum in Europe. We said that the momentum in Europe would be, let's say, intensifying over the quarters this year. It's really both, and the second quarter is going to be strong, but with growth in both regions. The second regarding Walmex, the answer is yes. It should be in Q2. I can't answer your question about the Bodega. I think it's better to wait until we finalize the pilot, because then we will know, well, first, whether the ROI makes sense and Walmart goes on with the rollout on Bodega, and then we'll see also what kind of solution set would be chosen for this store. So we're not ready to make an answer on this. We're more at pilot stage. Yes, the order entries will be in Q2 for this Mexican project, yes. Okay. Thank you. Thank you. Your last question. Now we're going to take our next question, and it comes from the line of Xavier Le Mené from Bank of America Securities. Your line is open. Please ask your question. Yes, me again. Sorry for that. I've got the remaining question. Just looking at your sales, your revenues back to 2020, 2021, and 2022, which means 5, 6 years ago, how much of that can we potentially see coming back? What I mean is old customers renewing and going for the new technology 5, 6 years after signing the contract, and you had about EUR 1.3 billion of sales if I aggregate these three years. Is there something you can comment there or what should we potentially expect going forward in terms of old clients coming back 5, 6 years later? Yes. Well, first, it's a very good question and a very important aspect of our business. In fact, there is a lot of repeat business with our customers. We are having regular swaps and upgrades because since we innovate a lot, a swap is never a replacement. It's very often an upgrade, and that happens depending on the retailers every six years, five years, seven years. It depends a lot on them. It depends on the appetite to upgrade precisely and to take on new technologies, new features. Yes, we consider that in a market where there is a lot of already strong installed base, like particularly in Europe, we will have a growing part of our business, which will be renewals and upgrades on our installed base. On top of that, we have, of course, the development of our customer base, which is increasing penetration on our customers because they are not yet fully equipped. Far from that, in average, it would be somewhere around 50% penetration. There is a lot of renewals. In the most mature market, where we are past 50% adoption, 60% adoption, there are some even markets in which the penetration is higher. We have a strong component of renewals in our ESL sales, so it will be an important. It's true that we have acquired many new logos in 2018, 2019, 2020, 2021, and those are going to fuel also the momentum and are already, if you think about the case of Carrefour, typically Carrefour is also a player that had already previous generations of ESL now moving to a new generation and renewing its stores. It's a perfect example. There will be many large retailers in Europe in this situation in the coming years. There is no way you can quantify how much renewal you get from these old contracts, kind of percentage of, I don't know, 50% of the customers renew it after five, six years or something like that? Well, if you take an average of 6-7 years, you can basically derive an average of saying you have an installed base of 10,000 stores or 50,000 stores, and you can derive the number or percentage of the installed base that is renewed every year. It's quite an easy calculation to make. Obviously, that part of renewal will grow, and in the next 5 years it's probably going to be a very significant, if not in some markets, it's going to be more than half of our market will be renewals. There is not so much churn in this market. We have roughly relatively loyal customers who stay with us because we innovate a lot. You would have to go into a much more detailed account by account sort of list to be more specific. I think I gave you a relatively precise rules or indications to calculate it. Yes. That's helpful. Thank you very much. Thank you. Now we're going to take our last question for today, and it comes to the line of Gilles Crespel from CIC Market Solutions. Your line is open. Please ask your question. Yes. Good evening, Thierry. Thank you very much for taking my question, and congratulations, especially on the VAS side, which is both a good news and good thing for the future. My question was a very short one on confirmation. Thierry mentioned that about 60% of Walmart stores were rolled out. I just wanted to clarify that this was including all phases, both phases one, two, three, so approximately the total overall should have been something like 4,600 POS. Is that correct? Well, the 4,600 stores is correct. The fact that it's going to be covered at the end of the year is correct, too. Yeah. Now, the rest. Thierry mentioned that 60% of the stores had been delivered. Is this correct? We haven't communicated this. Earlier in the conversation, as an answer to the first question, I think Thierry mentioned that 60% of the Walmart stores had been delivered. That's why I was keen to confirm. I said approximately 65/0, not 60. Sorry, I didn't get the answer. I said approximately. Okay 65/0 at the end of 2025. At the end of 2025. Thank you very much. My second question was on the order intake. I think that was our beloved CEO, so the other Thierry, who mentioned the order intake was a bit disappointing in the first quarter, but was the second best in terms of last 12 months. Did I understand it correctly? Because it didn't match my computation. Yeah. No, absolutely, I didn't say that. I said precisely that Q1. I didn't say disappointing. I don't think I said that. No, I did. Okay. No. Well, sorry to disappoint you then. Sorry, no. Okay. The reality is, what I said is that it is below, and actually 40% below last year's Q1. I just mentioned that last year's Q1 was an exceptional high quarter, EUR half a billion in just one quarter. It was a difficult comparison basis to, let's say, to match this quarter. That's what I said. I said, yet it is in line with our expectation, and it is the second-best Q1 in our history. Okay. Thank you very much. Second-best Q1 in our history, because there is a bit of seasonality. The second-best Q1. Obviously the best Q1 by far, it was last year Q1, because it was half a billion in just three months. That's the second-best Q1. That's what we said. It's true. Okay. Very clear. Thank you very much. We said that the 12 months cumulated was EUR 1.5 billion. Yeah. Which is more or less what I had. Thank you very much. Yes. Thank you, Gilles. Well, thank you, everyone. We wish you a good end of day, a good evening, and we will now actually see each other for the Q2, basically. In the meantime, for some of you, surely, for the general shareholders meeting on June 4. With this, I wish you a good evening. Thank you, and bye-bye. This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.