Good day, and thank you for standing by. Welcome to the Vusion First Half 2026 Results Conference Call and Webcast. 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 during the session, you need to press star one one on your telephone keypad. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Olivier Gernandt, Investor Relations Officer. Please go ahead. Thank you, Nadia. Ladies and gentlemen, good afternoon to you all, and welcome to our first half 2026 results presentation. With me today are Thierry Gadou, our Chairman and Chief Executive Officer, as well as Thierry Lemaître, our Deputy CEO of Finance and Corporate. Thierry Gadou will start with some remarks on the group's business performance. Thierry Lemaître will then make some comments on our financial performance, and both Thierrys will end the presentation with some comments 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 actual results to differ materially. For these, I refer you to the safe harbor statement included on 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 Vusion's website, vusion.com. The slides of this presentation can also be found on our website in the Regulated Information section. A replay and a transcript will, as usual, also 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. Thank you, Olivier. Good afternoon. Good morning, everyone. Thanks for joining our conference call. I am very pleased to present with Thierry Lemaître our results for the first half of the year. In summary, you all already know our sales figures. We delivered around 30% organic revenue growth in H1, including an even higher growth in VAS revenues, which are revenues from software services and non-ESL solutions, and recurring VAS were even up by over 70% year-on-year. Our operating income grew sharply, much faster than our top line, as well as our net income, driven by our product mix and an improvement in both our VCM, variable cost margin, and OpEx ratios. By the way, this is both true for IFRS and adjusted figures. Our operational free cash flow also surged by over 50%. Vusion's balance sheet is strong, with a positive net cash position. Finally, with this strong H1, we reiterate our full year 2026 profitable growth guidance. Let's review the semester's performance. As you know, the first half was in line with our expectations, delivering strong organic growth around 30% and even 37% at constant tariffs and foreign exchange rates. This growth was mostly driven by America, but with an improving momentum in Europe. EMEA revenues and order intakes grew in the first half. The momentum is good in the region. We win more deals and expand the business with our large customer base. Higher growth and more wins are expected in the second half, both in the grocery sector and other verticals. We expect revenue growth of 15%-20% for the full year in EMEA. In the Americas, we will have soon completed the very successful deployment of EdgeSense at Walmart in the United States, which is the first stream of a broader partnership. Other projects involving new solutions are underway, as well as expansion in new geographies, which will continue driving the activity. In addition, we have a strong pipeline with major North and South American retailers. We anticipate good momentum in H2 and strong future adoption in the region over the coming years, especially as the strong value of our new EdgeSense platform and the impressive results it delivers is now beginning to be visible at scale. I will not comment further the detailed sales number. We did that during our last conference call at the end of July. Here are just a few additional comments from an overall market perspective. First, our market share and leadership in the market has strengthened. In H1, our revenues are more than twice that of any of our competitors. If you look at our leadership, it is even stronger in non-ESL revenues, as our VAS revenues is worth several times the accumulated amount achieved by our main competitors. Second, what makes us very proud of our performance since the beginning of the year and confident about the future is that, as I mentioned earlier, we begin to see at scale the value of the platform we created. I would like to illustrate a few things around this idea. As you know, over 50,000 stores are now operated in our cloud platform. That is already 2/3 of our total stores' install base and over half a billion cloud managed devices, ESL, smart trails, AI cameras. Our cloud activity is massive with, for example, over 1.5 billion API calls last month. In terms of new use cases, with our technology, stores become guided stocking and picking environments, and we see a surge in the volume of guided tasks, which are guided pick to light and guided stock to light tasks, which have now reached over half a billion events per month. This is driving productivity, e-commerce growth, and better on shelf availability for our customers. We now begin to see shoppers using in-store product finding and shop-to-light features already at over a million times a week, and this is growing fast. You can see on social media how shoppers are excited by these new features. We have here a video with a selection of those. We thought it might be interesting to have a two-minute video here for those who are curious. [Presentation] It is not only Walmart. Also, you have probably seen one of our large customers in France begin to test location-aware, real-time personalized promotions at the shelf. Here again, a little video that you may not have seen on social media. [Presentation] the shopper side. Let's look at the computer vision dimension. We have now close to 200,000 shelf AI cameras processing millions of product pictures a day. We train our algorithm now and AI models with massive volumes, and our strong competitive edge in this market is that we can leverage a comprehensive and unified IoT platform where digital labels, smart raids, and AI cameras are synchronized and collaborate for more precise recognition and better insights, thanks to the compounding value of signals. In this area, 2026 is a major milestone as we're about to finalize the fifth generation of our CV AI technology, which we plan to scale very fast next year. Vision AI is the next big wave in in-store technology, and Vusion is positioned to be the winner in this market. You see all these new use cases are not just exciting concepts on PowerPoints or websites. For Vusion, they are already a reality at scale, and no IoT platform in the world is even close to this functional scope and implementation scale. It's just the beginning. Finally, we're just starting to grow our retail media business. With the In-Store Media acquisition, which should be finalized this semester, together with our partnership with Médiaperformances, we become a leading European player in in-store retail media. The goal here is to gradually digitize and connect stores to turn store traffic into media dollar and help our retail customers build true omni-channel digital media networks. A lot is going on, and we clearly have completed our shift from a pure ESL company into a full platform and a retail digital transformation enabler. That is very visible in this semester's performance. All this is obviously the engine driving our VAS revenue expansion. You know our target of VAS growth for the year is around 40%. If you take into account on top of that the ISM acquisition, which should be finalized this semester, our VAS business should end this year at a pro forma revenue of around EUR 400 million, a figure multiplied by four times since 2022 in just four years, representing at year-end over 20% of total revenues. As you know, we target closer to 30% next year. Again, that's why H1 is such a milestone from a commercial and strategic standpoint. Let's see now with Thierry Lemaître why it is a major step also from a financial standpoint. Thank you, Thierry. We are really proud today to present our first half earnings. Beyond the revenue growth presented by Thierry, a significant increase in profitability was achieved, and this is visible on all the lines of the P&L. +34% adjusted variable cost margin, +120 basis points, +38% adjusted EBITDA, +240 basis points, +82% adjusted EBIT, +330 basis points, +81% adjusted net income, +260 basis points. Profitability increased faster than revenues, and the adjusted net income to EUR 77 million, which is 9% of sales, up 2.6 points compared with H1 2025. On the following slide, as always, we are reporting both under IFRS standards and also adjusted terms. We show here the main adjustments on the key financial indicators. The two adjustments impacting revenues, EBITDA and EBIT, are those relating to the warrant fair value amortization impacting negatively the revenues. This IFRS 13 should stop when Walmart has generated $3 billion payments to Vusion, which could take place much before the end of 2028, considering the current project with Walmart. The second impact relates to the average selling price, and this adjustment started reversing in Q3 last year. This explains that together, these two adjustments have a more limited impact in H1 2026 than in H1 2025. Two more adjustments are impacting the financial results. First, the application of the IAS 21 standard applying on the intercompany receivable and payable between Vusion Inc, the U.S. entity, and Vusion SA, the parent company. Second, the remeasurement of the fair value on the outstanding warrants granted to Walmart. This first half, the company share price decrease translated into a lower liability under IFRS, and therefore a profit in the financial income that amounted to EUR 96 million. Let's now have a look at the drivers of the improvement of the adjusted EBITDA margin. It moved up by 2.4 points from 16.7% in H1 2025 to 19.1% in H1 2026. Thanks to, first, the VCM improvement. Here, the main driver of the VCM rate improvement is the mix, which gets more favorable to VAS. VAS represented 15% of the total revenues in H1 2026, versus 14% in H1 2025, and VAS show a significantly higher VCM rate than ESL, as previously mentioned. Second impact is the OpEx, which are increasing, but at a lower pace on revenues, reflecting our continued operational leverage. On the following slide, the items between EBITDA and EBIT are limited and mainly coming from the IFRS 2 expense relating to the performance share plans at EUR 12.3 million and the amortization expense of the assets. For the first time in H1 2026, EBIT margin exceeded 11% of sales, and this should continue to increase in the coming years. The financial income in H1 2026 stands at EUR 83 million, of which -EUR 19 million and EUR 96 million are IFRS adjustments, which we already presented before. The adjusted financial income stands at EUR 6.3 million, close to the EUR 6.1 million of H1 2025. This is mainly the result of the net financial income coming from the net cash position for EUR 2 million and the exchange gains generated by the high volatility of the exchange rates. CapEx, they reached EUR 33.6 million in H1 this year, compared with EUR 98.5 million last year. As mentioned when we presented the full year 2025 results, the investment in the manufacturing alliance was completed in H1 this year for EUR 3.6 million, and the cash CapEx, the CapEx funded by the group, which reached EUR 30 million, which is slightly below 4% of sales. Let's now move to the cash situation to end this financial presentation. The net cash position at the end of H1 stands at EUR 197 million, which is a EUR 241 million decrease compared to the end of 2025. This was anticipated and shared with you previously. The main drivers of this evolution are, first, a continuous improvement of the operating free cash flow, which we define as EBITDA minus CapEx funded by the group. This one reached EUR 127 million, a 50% increase compared to last year. As anticipated, the down payment collected before 2026 started reversing in H1 and EUR 222 million out of the EUR 415 million of down payments on the balance sheet at the end of 2025 were reversed in H1 this year. Therefore, there is only a more limited portion to be reversed in H2, closer to EUR 190 million. The group also paid EUR 79 million taxes in H1, which includes the full payment of 2025 income tax for EUR 53 million + EUR 26 million down payment for 2026. All these elements explain the negative free cash flow of EUR 221 million in H1. In addition, the group had EUR 15 million in dividend and EUR 15.5 million in share buyback. Regarding share buyback, we are willing to launch a new share buyback program soon to reach the overall EUR 30 million envelope that we had set previously, subject to market conditions, of course. When reviewing all the items impacting the change in net cash over H1, it is clear that two of them only impacted H1, and one will also impact H2, but to a lower extent. The full year 2025 tax paid in H1 for EUR 53 million will not impact H2. The dividend paid in H1 for EUR 15 million will not impact H2, and the reversal of down payment in H1 for EUR 222 million should not exceed EUR 193 million in H2, which is a EUR 30 million improvement. Considering the -EUR 214 million change in net cash over H1 and the net cash position of EUR 197 million at the end of H1, the group should end the year 2026 with a positive net cash position before M&A. I will now hand over to Thierry for the guidance. Thank you, Thierry. Indeed, it's a great financial performance. The good news, it should continue in H2 because we reconfirm our target for the full year. First, an annual adjusted revenue growth expected between 15% and 20% at constant exchange rates and tariffs. Here, maybe I'll just pause because Thierry, you could give us maybe a bit more insight on how to anticipate the impact of tariffs and current chains on our H2 sales target figures. Yes, of course. On this graph, we want to share with you what we expect for the full year revenues. We confirm that group revenue should grow between 15%-20% at constant tariff conditions and euro/dollar foreign exchange rate versus 2025, which means a full year adjusted revenue range at constant tariff conditions on euro/dollar between EUR 1.75 billion and EUR 1.83 billion. We expect the forex impact between 2025 and 2026 to be approximately EUR 50 million, and the change in tariffs approximately EUR 100 million, of which EUR 70 million or $80 million credit notes issued to customers that we will charge for tariffs in 2025. This means that the full year adjusted revenue should stand between EUR 1.60 billion and EUR 1.68 billion. Okay. That is the way to take into account these changes in foreign exchange rates and the tariffs change, in particular, the reimbursement of tariffs that were invoiced last year. Obviously these two changes were not anticipated when we issued our first guidance right at the end of February. Yeah. Back to the outlook. Total VAS revenue is expected, as I mentioned, to increase organically by around 40%, with an even higher growth rate in recurring VAS. As already said, with the ISM acquisition, we should end the year at around a pro forma revenue in VAS of EUR 400 million, i.e., over 20% of total revenue. With our strong pipeline in Europe and America, we are expecting a positive momentum in H2 and a growth of order intakes for the full year 2026. In other words, we target over EUR 1 billion in order entries in H2 with a particularly strong Q4. The new flow will intensify over the coming months. The group also targets improved profitability with adjusted EBITDA margin expected to increase by more than 100 basis points year-on-year. This improvement in profitability will be accompanied by an increasing operating free cash flow compared to 2025. The total free cash flow should improve in H2 versus H1, as Thierry mentioned, because operating cash flow should increase and there will be in H2 around EUR 100 million less cash out than in H1 regarding the tax, the dividends, and the lower down payments reversals. We will maintain a strong balance sheet at the end of the year with a substantially positive net cash position before ISM financing, and even after the complete reversal of Walmart's down payments. That strong balance sheet obviously is enabling us to finance our organic and external growth. We saw recently a comment somewhere that a capital increase would be necessary sometime. Let us be clear here, there is no reason, no need, no plans for such a thing in the coming years. I remind those of you who were with us in 2022 that within our Vusion 2027 projections, we have mentioned that we would keep a very reasonable net debt level of maximum 2x EBITDA. Anyone can see today we are in a much better position than that. So needed to be said. One last point we are announcing today, Thierry mentioned it briefly, we intend to launch a new share buyback mandate in H2. On March 3rd, at the beginning of the year, we launched the previous one, which expired on September 14th. We have acquired close to 150,000 shares for EUR 16.7 billion. So the objective is to continue in order to reach the amount initially planned. That is it for H1. I will now hand over to you for questions. 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 a name to be announced. To withdraw a question, please press star one one again. Please stand by, we will compile your Q&A queue. This will take a few moments. Now we are going to take our first question. The question comes to 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 three. The first one, you mentioned, I think during the call, that there are only 200,000 Captana cameras are now deployed, compared with the full-year target of 150,000, if I am not mistaken. Does it give you confidence that fast growth could come in above the around 30% currently expected for the full year? Then regarding the R&D investment related to the new solution you mentioned on EdgeSense for computer vision, should we expect a step up in CapEx during H2? Or would you say that H1 was broadly more or less the run rate for the full year? Last one, has the development of this new solution correlated with the announcement of new contract, as was the case with EdgeSense and Walmart a couple of years ago? Thank you. We will start with the questions, but I will ask you to repeat your last question because I did not really get it. Anyway, let us start with the two first ones. No, the difference between the 150,000 and the 200,000 is mostly because, well, among the 150,000, which were supposed to be newly deployed cameras this year, some are still under deployment. But the 200,000 is the total fleet installed today. So it's just a difference between flows and stock, if you want. Right? Nevertheless, this is a very exciting stream of activity for us. We're investing a lot in this field. We know it's the next big unlock in retail. All retailers need it. There is still a lot to do. But this year, we're very excited about the next generation we are building and finalizing. Already in large scale pilot. So our platform is really very promising. As I already said, computer vision will show as a big driver of growth next year for sure. Growth in our VAS, but also growth in our top line. Second, I think it is for you. I don't believe there is going to be a big change in our CapEx. No, absolutely. R&D? R&D CapEx should increase in the course of H2 versus H1, but to a limited extent. So you should not expect a significant increase in R&D CapEx between H1 and H2. Back to you now for the third question which we didn't get. All right. Thanks for the call. The last one was related to the new solution that are currently under development, either EdgeSense, Captana, or computer vision or others. Are they linked to upcoming contract announcement? I mean, similar to the relationship between EdgeSense and Walmart. Well, I do not know exactly how to interpret your question. Of course, everything we develop today is to engineer growth, and that means to sign contracts and preferably big contracts. That would qualify for a lot of the things we do. Innovation in Vusion is really focused on big problems of retailers. When we crack it, basically there are big contracts behind that. The answer is yes. But it is not specific to any of the different solutions we are developing, whether it is in retail media, whether it is in computer vision, obviously. Obviously the development of all our cloud features, because what you saw today, frankly, this is for me the most important thing. When you see the usage of the platform on a number of features of the cloud platform, this is driving revenue, this is driving the value also for our customers. That is very important. I guess the short answer is yes. That is clear. Thank you. Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star one one on your telephone keypad and wait for a name to be announced. Now we are going to take our next question. The question comes to line of Gilles Crespel from Alizés. Your line is open. Please ask your question. Good evening. Many thanks for taking my question, and congrats for the current results. I had only one. You mentioned that, and you confirmed that the Walmart rollout will be completed by end 2026. When we look at bookings currently and sales trends, we can expect in 2027 a somewhat substantial sales cliff in a way. I wanted to know if you could shed some color on how you prepare for that phase? How you consider [inaudible] will evolve over beginning of next year? I do understand it is pretty early to discuss the matter, but still it is going to be substantial. So keen to have your insights or color on this. Many thanks. Yes. I think the general sort of point we made already at the end of July is that our pipeline is very substantial. We again expect a quite substantial amount of order entries, new order entries for this year, which obviously will fuel growth next year, and an acceleration in H2 around EUR 1 billion of orders. That is coming from both existing customers and new logos, and also new products, because as I mentioned, we are significantly scaling today our non-ESL solutions revenue. This is going to continue to accelerate. I think I mentioned the numbers. They are very impressive in terms of growth since we started that strategy. There are several drivers of growth to compensate for the end of that part of the roadmap program, which is the rollout of EdgeSense in the U.S. So there are new projects around new solutions. There are new geographies, and you know that, not a very big international. There are a lot of existing customers who expand the business with us and new logos. We have announced some in 2025, we have announced some in H1, we will announce some new in H2. All this is, there is not something that is going to just the overall growth of the portfolio of customers, of products, of projects with old customers. At the end of the day, we consider that our pipeline is sufficient today to continue to target our initial plan, which again, initial ambition, which we set ourselves, in 2022, at the end of 2022, which is to be north of EUR 2 billion, I think it was EUR 2.2 billion. We are obviously going to achieve that with a significant increase in the VAS business, but you see that business is increasing, and there will be new projects. It is a lot of things contributing to the continuation. The market, again, is not finished with the Walmart rollout in the U.S. There is around 20% penetration in the market today. There is a lot to do, and there is a much lower penetration in our VAS solution, which are computer vision, digital retail media, obviously all the cloud services and the EdgeSense services that we deliver. So I think it is multiple streams of business that will contribute to compensating the cliffs as you mentioned. It is going to be gradually visible over time. It is sure that fact of accelerating the program has been pulling in some revenue, and so it is more difficult to achieve, but nevertheless, the market is excellent, our performance is excellent. So, we see a very promising pipeline. Okay. Thank you very much, Thierry. What I hear is that you would focus on the top line, and would not consider any lower costs reductions to these expectation not materialize over the next quarters. At this stage, we don't see bookings going up so much that this would be completely smooth, and hence my question. But I can understand your point. No, I understand your point. I see your point. You mean adjusting OpEx for the case where Okay. Well, I think as you said, we're confident on the top line. We have shown in the past, I remember the COVID period, that we know how to adjust. We've had those moments in our times where there was also ups and downs, and we've seen our ability to adjust. But frankly, in a market that has a potential that we will talk about in November about our Vision 2030 plan, it would be a very strange thing to start about restructuring. The market has very strong potential in the future. There are strong needs. I don't know if you all realize how much the stores and the modernization of stores is becoming more and more central in the strategy of retailers all over the world, and we are embodying this strategy. I think it's, yes. We're not in the mindset of saying we're going through preventive restructuring because we think there might be a moment. I think that's not what the market deserves. There is strong needs in the market. It's not the right, I think. But we also show I think every quarter, every semester, that we do care about profitability and that we make very careful choices in managing cash, in managing cost, in managing our revenue per employee. Just to give you a sense, has been nearly multiplied by three over 15 years, right? We're talking about we're very careful about managing financials, but yet we're in a growth business and there is growth potential in our portfolio of solutions. So we need to be also betting on that and not looking only at short-term sort of volatility, but also the structural growth. Sorry for this long answer. Thank you. Thank you very much for the answer, too. Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star one one on your telephone keypad. Now we're going to take our next question. Just give us a moment. The question comes to line of Loco Douza from Berenberg. Your line is open, please ask your question. Good evening. Just one question on my side, on the guidance on the margin. H1 adjusted EBITDA margin was up 2.4 points year-on-year, but your full year guidance is more than 100 basis points of improvement. Should we expect the margin improvement to slow down in H2? I understand the In-Store Media integration plays a part, but is there anything else? Well, I think that what drives the EBITDA margin up is on one side, the VCM rate, and on the second side, the OpEx to sales ratio. We do not expect the VCM rate to significantly increase in H1 versus H2. On the OpEx side, the OpEx to sales ratio used to improve, the past years in H2 versus H1, but it was on the back of the strong growth of revenues between H1 and H2. We do not anticipate a significant revenue growth this year between H1 and H2. Therefore, the OpEx to sales ratio should show a limited improvement, and we do not feel the need to change the guidance that we've got on the EBITDA margin. Okay. Very clear. Thank you. Thank you. Now we're going to take our next question. The question comes to line of Valentin-Paul Jahan from Stifel. Your line is open, please ask your question. Good evening, everybody. Hear me well? Yep. We can. Okay. Just wanted to say congratulations for the strong margin expansion in H1. Because actually you answered my questions, I would be very quick. Thank you. Okay. Looks like there are no more questions. Maybe, Dear participants, as a reminder, if you wish to ask a question, please press star one one. Dear speakers, we will just give a moment to our participants to do the combination. Just give us a moment. Now we are going to take our next question. The question comes to line of Xavier Le Mené from Bank of America Securities. Your line is open, please ask your question. Yeah, thank you very much for taking my question. So hi, Thierry and Thierry. Quick one from me, actually, but you came with a target back to 2022, and you said, okay, EUR 2 billion or actually EUR 2.2 billion of sales by 2027 seems achievable. Now we are all, I mean, all the market is questioning the fact that after Walmart being done the biggest retailer in the world, so it would be more challenging. So can you help us potentially just to understand what you had in mind back to 2022? Were you expecting, of course, to sign Walmart? Or did you have another plan and potentially, what is going next year is part of the plan that did not happen because of Walmart, if that makes sense. It is a sophisticated question. No, but I think we had planned, of course, to sign Walmart because even at the time we presented our plan, our Vusion 2027 plan. In fact, we had already announced that we had this strategic partnership, developing a new technology, and that we were in a very, let us say, large-scale pilot because it had been announced around the beginning of the year 2022, and we had the CMD, the Capital Market Day in November. So of course, we had planned that. We had planned a longer deployment period. In 2023, we had announced that it would be around five to seven years because that is the sort of guidance we had, and therefore we had, I would say, a smoother kind of revenue stream from that rollout. Of course, we had not planned this acceleration, and we certainly had not planned to do 50% growth last year because of that acceleration. We never planned anything. We had a plan of 20%-30% growth, relatively long-term. We had no plans for 50% growth, half a billion revenue addition last year. But we're very happy about it because it shows the success of the program and the incredible value that it delivers. I think the numbers that we showed and all the examples that we illustrated today show it is a great technology. It is a very advanced technology. There is nothing like it right now, delivering this kind of benefits at this scale in the world. So that is great, but it did create a revenue pull-in from 2028 and 2029 to 2025 and 2026. So that was unexpected. On the other hand, we have plenty of other customers. You are right to say Walmart is big, but Walmart is roughly in a global market, let's say roughly 7% of the total market. So there is still a lot of room for growth in the market. We estimate around 20% of penetration today in our total addressable market, and we think that penetration will move probably from 20% to 50% because you can see acceleration of adoption. There is even more space of growth for all the, what we call the VAS solution, which are, in fact, the non-ESL solutions, which are all the software and the services that drive new use cases, but also computer vision, retail media, data analytics, AI solutions. So all this is even much more under-penetrated today, and we are investing a lot on this. Today, we have really shifted in four years from an ESL company, in fact, the ESL leader, which we are still, obviously, but to a much more diversified digital transformation enabler and with a very rich platform of solutions. I mentioned already EUR 400 million in pro forma terms at the end of this year. You should not forget we were at EUR 15 million just in 2017, so nine years ago. This is a big growth. This is going to continue because right now we are scratching the surface on computer vision. It is going to be a very important technology. It is complex. There is a lot of research. I think we will try to open a window on everything we do on November 18th so that you realize the deep technology that we are developing in our nine research labs. I think it is very important to understand that because we are cracking very complex problems which have a lot of scale. Again, nothing goes as you plan five years ahead. If I look at the plan that we set ourselves, first, I believe that you do not manage growth and long-term growth without setting ambitious target. Otherwise, you never engineer strong growth over a long period of time without ambitious targets, which are challenging targets. A company like Vusion, we are about 26%, 27% annual growth rate in average for 15 years, and that is the first growth champion in France in the SBF 120. Simply the first. Why? Because we set ourselves ambitious growth target. But when I look at the reason why people may challenge that is because, yes, there was some revenue pull-in, so it creates a challenge to compensate that pull-in. What were the big objectives of Vusion 2027 when we were at the end of 2022? It was EUR 2.2 billion, out of which EUR 650 million in VAS. Frankly, when I look at our pipeline and our pipeline right now, I think those EUR 650 million in VAS are really achievable, I can tell you. They are even beatable, as a matter of fact, because there is so much needs in those new solutions that we have been working on for the past five, seven, 10 years sometimes. We had a target of 70,000 stores in install base, and we are already above that, probably around 80,000 stores. We had a margin of EBITDA target of 22%. Four years down the road, we're at 19%. We had a target also to stay at a net debt, a reasonable net debt to EBITDA ratio of less than 2x net debt. We are much better than that today. None of that would have happened if we had not set ourselves growth targets. It means it is risky. You may miss a step. Yes, but overall, you get much higher. If you shoot for the moon, you will land among the stars. It is really a DNA that we have. We are a high-growth company because we set ourselves difficult targets, and if it were not difficult, just watch us. Thank you. Next question, please. Yes, of course. Now we are going to the next question. Just give us a moment. The next question comes line of Laurent Gélébart from BNP Paribas. Your line is open. Please ask your question. Yes, good evening, Thierry. I have three questions. The first one regards order index, because it is an obsession of the market. Are you still super confident on the EUR 1 billion order index to be achieved in H2, or do you believe there is a risk of potential slippage into 2027? That is one. The second regard also such order index. As you are clearly mentioning the rise of new solutions, maybe on this EUR 1 billion order index you are expecting, can you share with us what could be the part of ESL and the part of other product lines? The third one relate to the new use cases you are referring to for the shoppers. Are you being paid for that? When a shopper looks for a product in a store with Vusion, for which you are going to be paid by the retailer or not? Okay. Thank you, Laurent. On the third question, you were talking about the shopper solution, right? Yes. Yeah. Okay. Regarding the order entry, I do not have a complete crystal ball about the timing of every contract, but what I can judge is the progress of our pipeline. We have a significant pipeline, and this is clearly. We have a higher target for this year internally. Of course, we are confident. What I want to say is that even a slip. You mentioned a possible slippage. Yeah, maybe you can have a two weeks or a one month delay in signing something. It will not affect the ability, if it is a slippage in Q4 versus January or whatever, it will not affect the possibility of delivering what we have as a target for 2027. But for sure, we are confident on this order entry number because the pipeline is big, both in Europe and in America, North, by the way, and South, or Central and South. Moving to your second question, yes, it does incorporate a lot of the new solutions. Clearly, that is something that you are seeing really more and more clearly. We are becoming a much more diversified solution company, a platform that has a number of product lines, and those product lines reach critical scale, and therefore, we have more and more in the pipeline, very big numbers in the new solutions. In this EUR 1 billion, can you quantify, Thierry? I mean, 40%, 30%, 25%? Yeah, I would say it's above 30%. Which is important because we're talking about a set of solutions which are. Basically, VAS represents 15% of our revenue in H1. It should be around 20% for the full year in pro forma terms with ISM, but it's 15%-20%. Saying that it's over 30% of our short-term pipe is already saying a lot about the future, too. That's the point. Your third question is about one of these solutions, by the way. Everything about the activity of the platform is creating, let's say, differentiation, cloud revenues, because when we say cloud, we mean different products on the cloud platform. Yes, obviously everything that is driving the usage means driving our revenue, but also driving the differentiation of the company, and therefore, the attractiveness of the platform. When people choose, they will more and more be willing to choose platforms that can deliver this kind of use cases because they are exciting, because they see shoppers excited, and therefore they want to have the capability of doing that, which is not that easy, I can tell you. Therefore, it's a big differentiation. That's why it's a big milestone to see this excitement all of a sudden in 2026. I wouldn't say we would have guaranteed that. We're very, very happy about it because it's showing and, of course, it's driving differentiation revenue, criminization of the company, and diversification of our revenues flows, which means also being less dependent on big one-off hardware revenues on ESLs. This is also the strategy to be a much more balanced portfolio. I hope I'm addressing your points, Laurent. Yes, you are. Maybe I have the last one regarding e-paper screen. As you know, E Ink is super bullish on this kind of product line, and I know you have been working with some of your key clients on such products. When do you see, let's say, traction coming in for these kind of products? Yes, you are totally right. There is a big excitement around this. E Ink, who is, as you know, one of our large shareholders, is also a big partner in this. The whole thing is the maturity of full color. We are getting there. It is getting better and better. At retail grade, so the robustness of retail that is required by retail, et cetera. It is not the fact that it is scientifically ready, but I would say scalable and robust in retail environment. But we are close to that now. It is really something that is going to be central. I can tell you something. The digitization of retail media, which is what we want to enable, color e-paper is going to be central. It is not the only thing, because you need to be also having a platform that can orchestrate multi-touch points, multi-devices, including LCDs, including plenty of different things in an overall orchestration of media in-store. But e-paper is going to be central because it is bringing a lot of value. It is reducing a lot the energy cost. And also it allows you to have much more touch points throughout the store because you cannot have electricity everywhere and power drops everywhere in the store. So it is going to be very important. So we are going to see in 2027 this kind of solution scale. We have already signed a few contracts that are just waiting for rollout. And that is in Europe now, but it is going to be also coming to the U.S. So it is also one of the streams of our business development. Thank you, Thierry. Thank you. Now we are going to take our last question for today. The question comes in of Hubert Masset from Masset & Co. Your line is open, please ask your question. Good evening, Thierry. Can you hear me all right? Yes. Good evening, Hubert. Yes, absolutely. I am still amazed you are struggling with those questions from the Vusion 2027 brief. Maybe the point I will make is not relevant, but you will tell us very quickly. How much time did it take SES and Vusion to, let's say, close the deal with Walmart? I mean, the May 2023 deal. How much time has elapsed between the first pilot you realized at Walmart and the closing of the big contract, in terms of years? I think it depends. Well, I would say probably four years. Four years. Okay. Now, in the field. It depends when you decide to start. Because as you know, we had already collaboration in international countries outside U.S. with Walmart, so we knew the company. But I think the discussions about the U.S. and the need in terms of the technology roadmap and the requirements, et cetera, started around this 2019 year. Then, of course, there were prototypes, there were pilots, there were large-scale pilots. You do not sign such an incredible first contract because it is the first contract. It is not the contract. It is the first one of, I hope many others. But, yes, it takes time. But those are very long-lasting relationships afterwards. This is what you have to realize. We have customers who are driving significant revenues for more than 20 years. So it takes time. I do not want to frighten anybody. It takes time, but then it also lasts very long, these relationships. Sorry, Hubert. No, that is a good point. My other point is the following. Since 2023, when you signed with Walmart, as you experience in the field an acceleration in terms of decision-making process by your current prospect in the U.S. I am talking only in the U.S. Well, I think what is very clear, I do not want to talk necessarily about history, but what I see is that we have a pipeline and a number of very advanced pilots and the type of conversation that has changed, and we can see things are, yes, accelerating. Because first people are just watching what is happening in Walmart, and it's, by all means, very impressive. The other thing is that there is a pressure on a number of KPIs, operational KPIs in retail, and they know that digitizing the store is a need. So yes, there is an acceleration. But I think what is also very interesting is there is a change in the level at which the conversations take place. Now we are at CXO level, CEO level in most of the cases. Those are becoming strategic programs. So I guess it's a change in nature also. I think people now believe that this is really a strategic transformation, not only an imperative from an economic standpoint, but also a strategic transformation that goes much beyond saving a little bit of time in price automation. That is why our platform is becoming really relevant. Today I showed you, and I wanted to illustrate that so that people begin to really understand what we are about. We are changing operations in the store in many, many different processes. That is because of the holistic nature of the HMS platform. I think it takes a bit of time, but it is accelerating. Come to your third point, Hubert. Yeah. Third point, and the last one. Thank you. I am trying to make the people understand that your industry has always been back and loaded, and sometimes we have got to be a little bit more patient depending on the period. My last point is, unless I missed something in the course of the conference, what can you say about the pilot for Captana with Walmart? Can you disclose anything or it is too soon? Well, it is too soon. Yes, it is too soon because, as always, things depend entirely on our customers. We would be very, probably very inappropriate to be telling thing about a decision that entirely resides on the customer side. But what I can say is that we have a fairly sizable implementation of the pilot now, which is really at a significant scale, and it is moving. It is performing very well. It is a very, very sophisticated and complex product. As I said, it is the fifth generation, but it is also a leapfrog sophistication in terms of the solution, and we will try to. It is going well, but we know there are other pilots and there is a lot of demand also on this product, which is now a bit more visible in stores. There is a lot of pilots who are about to start on that same product in fairly large retailers. Anyway, computer vision, generally speaking, is going to be a fantastic stream of growth for us. We bet on this very long time ago. We knew retailers would need an eye on the shelf everywhere, and artificial intelligence is now enabling this, and that is why it is so important. Thank you, Thierry, and see you in November. Yes. Thank you. Yes, of course. Hope so. You should come, all of you. It is going to be very interesting. We will have retailers, we will have experts, we will talk about real deep technology and business of course, and we will show how we see the future with the team in the next years. But before the 18th of November, I think we will see each other again in a month, on the 20th of October for our quarter three sales. We have plenty of meetings planned this second half. We will see you, Olivier, Thierry, and I, we will see you again in a month, in October. Wish you a good afternoon or a good night. Thank you. This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.