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H1 2026 Results September 21, 2026
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2 Agenda 01 Introduction Olivier Gernandt Investor Relations Officer 02 H1 Business Highlights Thierry Gadou Group Chairman and CEO 05 Q&A Thierry Gadou & Thierry Lemaitre 04 Outlook Thierry Gadou Group Chairman and CEO 03 H1 Financial Highlights Thierry Lemaitre Group Deputy CEO Finance and Corporate
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Disclaimer This presentation contains forward-looking information and statements. These forward-looking statements include financial projections, estimates and statements regarding plans, objectives and expectations regarding future operations, products or services or future performance. No assurance can be given that these forward-looking elements will materialize. Readers are cautioned that such forward-looking information and statements are subject to numerous risks or uncertainties, difficult to predict and generally beyond the control of VusionGroup that may cause expected results and developments to differ materially from those expressed, implied or projected in such forward-looking statements and information. These risks include, in particular, those developed or identified in Vusion's universal registration document filed with the Autorité des Marchés Financiers (AMF) and available on the websites of Vusion (www.vusion.com) and the Autorité des marchés financiers (www.amf-france.org). Readers are cautioned that the occurrence of some or all of these risks is likely to have a material adverse effect on Vusion. Vusion is under no obligation and does not undertake any obligation to publicly release any changes or updates to any forward-looking information and statements. This document does not constitute an offer to sell or the solicitation of an offer to acquire any securities of Vusion in any jurisdiction. 3 This presentation contains unaudited financial information. In addition, this presentation includes performance indicators restated for the IFRS accounting impact of the Walmart US contract. The Group presents these restated performance indicators to allow investors to better understand the evolution of its performance. These indicators and restatements should only be used as analytical instruments and should not be considered as a substitute for the indicators defined by IFRS accounting standards. They do not constitute substitutes for the accounts approved by the general meeting of shareholders. They are not necessarily representative of the Group's future performance.
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H1 2026 Business Highlights Thierry Gadou – Group Chairman and CEO 4
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H1 2026 Results Strong Growth in Revenue, Profitability and Operating Free Cash Flow 5 Continued VAS Increase €125m VAS Sales (+39% growth representing 15% of Group sales) €61m Recurring VAS (+73% growth) Strategic Acquisition in Retail Media FY 2026 Outlook Confirmed +15% to +20% Adj. Revenue Growth (at constant FX & Tariffs) +40% VAS Revenue Growth > +100 bps Adj. EBITDA margin improvement Record H1 2026 Revenue €839m Adjusted Revenue +29% YOY (+37% at constant FX & Tariffs) €681m Order Entries 160m Adjusted EBITDA (+48%) €96m Adjusted EBIT (+82%) €77m Adjusted Net Result (+81%)
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Strong H1 Revenue Growth Adjusted Sales in €m 6 • Strong growth at +29% in adjusted revenue, reaching €839m • IFRS Revenue of €820m (+34%) • At constant exchange rates and tariffs, adjusted revenue growth stood at +37% • H1 2026 order intake of €681m in line with expectations and up +7% YoY in Q2 2026 • VAS Sales at €125m (+39%) 649 839 2025 2026 2026 at constant tariffs and EUR/USD Adj. Revenues EUR/USD impact Change in tariffs impact H1 H1 H1 888 (+37%) (+29%)
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7 • AMERICAS/APAC: €630m, up +39% growth mainly driven by the United States. • EMEA: €209m, up +6%. Strong growth in order entries in H1 bodes well for anticipated ramp up in revenue in H2. 452 630 198 209 H1 2025 H1 2026 Americas/APAC EMEA €m 649 839 +29% +39% +6% H1 Sales Growth in North America and Europe
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VusionCloud Platform Reaches 0.5 Billion Connected Devices 8 220 H1 2025 H1 2026 522 Growth driven by: New rollouts natively on the Cloud Migration of existing customers’ installed based to the Cloud Cloud-Connected Devices in Millions x2.4 0.5b IoT devices connected to the Cloud Cloud Stores: 27K 52K Total Stores: 60K 80K
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Proprietary and confidential. Do not distribute. VusionCloud Platform Delivering Value at Scale 9 - Higher first-time pick success Guided pick-to-light for in-store fulfilment of online orders Guided stock-to-light for fast and precise replenishment of shelves >1.5 Bn API Calls* Per Month >0.5 Bn Guided T asks Per Month *Cloud interface requests from stores to the Vusion Platform Massive Platform Activity
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Proprietary and confidential. Do not distribute. New Use Cases Adopted by Shoppers 10 - Higher first-time pick success In-aisle personalized promotions
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Proprietary and confidential. Do not distribute. 11
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Proprietary and confidential. Do not distribute. New Use Cases Adopted by Shoppers 12 - Higher first-time pick success In-aisle personalized promotions
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Proprietary and confidential. Do not distribute. 13
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Proprietary and confidential. Do not distribute. ~200K Shelf AI-Sensors Deployed/Under Deployment Millions of Product Pictures Processed / Day Automated Shelf Monitoring AI-Augmented Operations AI-Driven Task Management and Optimization Stockout Detection Product Availability Planogram and Merchandising Compliance
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Proprietary and confidential. Do not distribute. 15 Full Color e-Paper In-Aisle Video Content Connected Shelf Experiences The Next Big Digital Media is the Physical Store
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16 H1 2026 Financial Results Thierry Lemaitre – Group Deputy CEO, Finance and Corporate
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Strong Increase of Profitability Driven by VCM and Opex Rates Improvement [1] Adjusted sales incorporate IFRS standards before adjusting for certain non-cash IFRS adjustments related to the Walmart US contract. These adjustments only impact the Americas & Asia-Pacific region. Please see the detailed explanatory note at the end of this presentation. 17 Strong growth at +29% in adjusted revenue €839m (€820m in IFRS) +37% growth at constant exchange rates and tariffs Adj.VCM margin up +1.2pt at 32% of sales Adj. Ebitda up +48% at €160m. Adj Ebitda margin up +2.4pts Adj. Ebit margin +3.3pts Adj. Net income at 9% of Sales In €m H1 2026 adjusted1 H1 2025 adjusted1 % H1 2026 IFRS H1 2025 IFRS % Revenue 839.3 649.3 +29% 819.8 614.1 +34% Variable Costs Margin 268.6 200.0 +34% 249.2 164.8 +51% % of revenues 32.0% 30.8% +1.2pt 30.4% 26.8% +3.6pts Opex (108.7) (91.6) +19% (108.7) (91.6) +19% % of revenues -13.0% -14.1% -1.1pt -13.3% -14.9% -1.6pt EBITDA 160.0 108.3 +48% 140.5 73.2 +92% % of revenues 19.1% 16.7% +2.4pts 17.1% 11.9% +5.2pts Depreciation (50.1) (34.8) +44% (50.1) (34.8) +44% Non-recurring / non-cash items (13.9) (21.0) -34% (13.9) (21.0) -34% EBIT 95.9 52.6 +82% 76.4 17.4 +338% % of revenues 11.4% 8.1% +3.3pts 9.3% 2.8% +6.5pts Financial Income / (Loss) 6.3 6.1 N/A 83.2 (13.8) -703% Tax (24.8) (16.0) +55% (27.9) (13.4) 109% Net Income / (Loss) 77.4 42.8 +81% 131.7 (9.7) +1454% % of revenues 9.2% 6.6% +2.6pts 16.1% -1.6% +17.6pt
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IFRS impact vs. Adj Revenue in €m H1 2026 H1 2025 Revenue (19.5) (35.1) warrants initial fair value "amortization“ + averaged price including future volume-based price decrease EBITDA (19.5) (35.1) warrants initial fair value "amortization“ + averaged price including future volume-based price decrease Financial Income / (loss) 76.8 (19.9) IAS 21 on US / France IC (19.3) 46.8 warrants fair value revaluation 96.1 (66.7) Net Income / (loss) 54.3 (52.4) warrants initial fair value "amortization“ + averaged price including future volume-based price decrease (19.5) (35.1) IAS 21 on US / France IC (19.3) 46.8 warrants FV revaluation 96.1 (66.7) Deferred tax on these restatements (3.1) 2.6 IFRS Adjustments 18 Same impacts on Revenues and Ebitda Warrants initial fair value amortization: Will stop end of 2028 at the latest Volume-based price reductions: Started reversing in Q3 2025 Warrants fair value revaluation: 96.1 M€ non cash in H1 2026 IAS21 on US / France intercompany: -19.3 M€ non cash in H1 2026: Forex difference on inter-company transactions booked in the P&L with no cash impact (NB: underlying transactions are eliminated). Reciprocal receivable and liability will settle with no impact on the cash
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In % of sales VCM and Opex rates improvement drives the Ebitda margin increase 19 Strong EBITDA growth in € value and % sales, driven by: • Better ESL gross margins thanks to product innovation, cost down efforts and scale efficiency • Higher mix of VAS showing significantly higher VCM rate than ESL Limited positive impact of EUR/USD exch. rate Improvement of Opex ratio: increase in Opex value to support growth but at a lower pace than revenue growth. 16.7 19.1 +1.0 +0.2 +1.2 Ebitda Margin H1 2025 VCM rate improvement EUR/USD Forex impact Opex Ebitda Margin H1 2026
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Adj. EBIT Margin Increase by 3.3 pts at 11.4% of Sales (€96 M) 20 in €m H1 2026 H1 2025 IFRS Adjusted IFRS Adjusted EBITDA 140.5 160.0 73.2 108.4 -M&A related earn-out (1.6) (1.6) - - -Performance Shares Plan (IFRS2) (12.3) (12.3) (21.0) (21.0) Sub-total Non recurring / non-cash items (13.9) (13.9) (21.0) (21.0) -Fixed & Intangible Asset Depreciation Expense (50.1) (50.1) (34.8) (34.8) EBIT / Operating Income 76.4 95.9 17.4 52.6 % of sales 9.3% 11.4% 2.8% 8.1%
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Financial Income and Expenses 21 in €m* H1 2026 H1 2025 Bank interest expenses (2.4) (4.6) Financial Income from cash investments 4.6 8.4 Exchange gains / (losses) 4.3 2.5 Leasing related interest expenses (IFRS16) (0.2) (0.2) Others 0.1 Sub-total « adjusted » 6.3 6.1 IAS 21 (non-cash) (19.3) 46.8 Revaluation of the warrants granted and not exercised (non-cash) 96.1 (66.7) TOTAL 83.2 (13.8) The net cash position generates financial income from cash investments in excess of the bank interest expenses Higher volatility in the EUR/USD generated higher exchange gains Fair value of the outstanding warrants remeasured downward due to the decrease in the Company's share price translating into a non-cash €96.1m financial income
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CAPEX Breakdown 22 in €m* H1 2026 H1 2025 R&D & IT 22.6 20.0 Industrial 6.7 76.9 o/w Customer-financed Manuf. Lines 3.6 76.3 Others 4.4 1.6 TOTAL CAPEX 33.6 98.5 o/w customer-financed CAPEX 3.6 76.3 o/w CAPEX financed by the Group 30.0 22.2 % adj. sales 3.6% 3.5% R&D & IT investments increased by 13% yoy, mainly driven by new innovation projects and AI transformation Industrial Capex : completion in H1-26 of the set-up of customer- financed production lines. Total self-financed Capex at 3,6% of total sales in H1-26 roughly stable vs.H1-25 (3.5%)
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Positive Free Cash-Flow Generation 23 Continuous increase of the Operating Free Cash-Flow by +43 M€ (+50%) Free cash-flow impacted as expected by: • Reversal of €222m downpayments from the €415m remaining at Dec. 31, 2025 • First payment of €79m Corporate Tax • Payment in H1 2026 of the FY25 tax income (€53m) → No further payment in H2 • First down-payment in H1 of 2026 income tax (= 50% of 2025 tax income ie. €26m) Additional payments in H1: • €15.0m dividend payment (→ no further payment in H2) • €15.5m share buy back > Net Cash position of €197m in €m* H1 2026 H1 2025 Adjusted EBITDA 160.0 108.4 IFRS 16 (2.8) (2.2) Capex financed by the Group (30.0) (22.2) Operating Free Cash Flow 127.1 84.0 Capex financed by customers (manuf lines) (3.6) (76.3) Change in Working Capital (266.2) 184.8 Corporate Tax paid (79.0) (0.3) Free Cash-Flow (221.6) 192.2 Net financial income / (expense) 6.5 6.3 Financial Investments (inc. M&A) (1.1) (7.0) Impact of the changes in consolidation scope (2.2) Share buy-back (15.5) (16.8) Dividend (15.0) (9.6) Others (1.2) 12.3 Impact of changes in foreign currency exchange rates 6.5 (55.0) Change in Net Cash (241.5) 120.2 Net Cash / (Debt) before IFRS16 197.4 513.1 Cash 149.0 644.1 Current Financial Assets (Cash invested> 3 months) 89.8 Debt (before impact of IFRS16) (41.3) (131.0)
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H1 2026 Cash Flow 24 439 197 160 (34) (44) (222) (34) (53) (15) Net cash as of Dec 31, 2025 Adj. Ebitda CAPEX Change in WC excl. DP Reversal of DP Others 2025 Tax payment Dividends Net cash as of June 30, 2026 H1 one-offs: -68M€ +€127m Operating free cash-flow €197m Net Cash Position as of June 30, 2026 (-241 M€ vs EoY25 due to down-payments reversal) H2 will have around €100m less cash-out than H1: • FY2025 tax payment: €53m • Dividend: €15m • €30m lower down-payment reversals (€193m vs. €222m in H1) Positive net cash position before M&A expected at the end of 2026
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Outlook Thierry Gadou – Group Chairman and CEO
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2026 Outlook Confirmed 26 (€m) Adjusted revenue +15 to +20% Group Adjusted Revenue growth expected in FY 2026 at constant Forex and Tariffs 2022 2023 2024 2025 2026e +15 to +20% 1,527 1,010 805 621
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27 1 527 1,750 – 1,830 1,600 - 1,680 ~50 ~100 2025 2026 at constant tariffs & USD/EUR USD/EUR Forex impact 2026 / 2025 Tariffs change impact 2026 Adj Revenue estimate FY 2026 Revenue Growth Guidance Confirmed (€m) Adjusted revenue +15% to +20% growth at constant tariffs and FX
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2026 Outlook Confirmed 28 (€m) Adjusted revenue +15 to +20% Group Adjusted Revenue growth expected in FY 2026 at constant Forex and T ariffs VAS Revenue to grow 2x faster than total Group Revenue Full-Year order entry growth vs. 2025 Profitability improvement with adjusted EBITDA margin1 growing by more than 100 bps Continued positive operating free cash- flow (EBITDA – Capex) generation 2022 2023 2024 2025 2026e +15 to +20% 1,527 1,010 805 621
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Q&A Thierry Gadou & Thierry Lemaitre – H1 2026 Results
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H1 2026 Results September 21, 2026
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Appendix: Note on the IFRS Restatements related to the Walmart contract 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. Several IFRS restatements related to the Walmart contract impact 2025 financial disclosures: On June 2, 2023, at their Annual General Meeting, the Group’s shareholders approved a grant to Walmart of 1,761,200 of stock warrants on the Group’s shares. According to IFRS standards, the fair value of these warrants should be calculated. On June 2, 2023, the fair value of the warrants was established at €163m. A contract asset and a financial debt were thus recorded in the consolidated accounts for this amount. The contract asset, which is fixed amount, is amortized in proportion to the projected revenue generated by Walmart over the estimated period necessary for Walmart to reach a level of spending of $3 billion with the Group. This impact in terms of reduced turnover is conventional because the only potential effect of the BSAs will be a dilution that has already been simulated and communicated when these BSAs are granted at the beginning of June 2023; it does not impact the turnover invoiced to Walmart. This restatement has no effect on the Group's cash position. It has an impact on revenue and also on all the aggregates of the Group's income statement, in the same proportions. This negative impact will continue to have an impact on the Group's IFRS accounts until Walmart has spent $3 billion with the Group and in proportion to the revenue generated by this contract. Financial debt is subject to a revaluation at each closing date depending in particular on the number of exercisable warrants and the stock market price of the Vusion share. Any variation is recorded in the Group's consolidated financial statements. The Group will continue to communicate the impact of this IFRS restatement on revenue and net income at each closing. The impact of future price reductions indexed to the volumes agreed upon with Walmart from the first deliveries of electronic shelf labels (ESLs): The cost of the Group’s hardware solutions is a function of the volume manufactured. A significant increase in volume might thus lead to lower cost. Therefore, it has been agreed with this customer that they will be granted price reductions in relation to the future sales volume to which they contribute. The IFRS standard (IFRS 15) requires prices to be averaged over the life of the contract. The application of this restatement in 2023 impacts reported revenue (IFRS) and the margin by -€2.0m compared to the revenue invoiced, even though price reductions will only be granted if and when volumes will have reached certain thresholds. The application of this standard has a negative impact on revenue and all income statement lines, down to net profit. The impact of the application of IAS 21 to the reciprocal debt and receivables between the parent company and its US subsidiary related to the financing of production lines for Walmart. The effect of deferred taxes relating to these adjustments. 31