Slides
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Q3 & 9 Months 2026 Sales October 20, 2026
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Agenda 04 Q&A 03 Outlook 02 Q3 & 9M Highlights 01 Introduction 2 Olivier Gernandt Investor Relations Officer Thierry Gadou Chairman & CEO Thierry Gadou & Thierry Lemaitre Thierry Gadou Chairman & CEO
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Disclaimer 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. 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
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Q3 & 9M 2026 Sales 4 Continued VAS Increase €202m VAS Revenue over 9M 2026 (+40% growth, representing 16% of Group sales) €100m Recurring VAS over 9M (+77% 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 Strong Q3 2026 Revenue €445m Q3 Adjusted Revenue +25% YOY €462m Order Entries in Q3 (+10%) €1.284 Bn 9M Adjusted Revenue +28% YOY (+41% at constant FX & Tariffs)
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9M 2025 9M 2026 1,005 1,284 +28% Strong Q3 & 9M Revenue Growth Adjusted Sales in €m 5 • Q3 sales reached 445m, up +25% YOY. Strong 9M growth at +28% in adjusted revenue, reaching €1,284m • 9M IFRS Revenue of €1,252m • At constant exchange rates and tariffs, 9M adjusted revenue growth stood at +41% • Q3 2026 order intake of €462m in line with expectations and up +10% YoY
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6 9M Sales growth in North America and Europe • AMERICAS/APAC: €954m, up +35%. • EMEA: €330m, up +11% with Q3 growth reaching 20%. Large deals in Germany Strong growth in order entries in first 9 months bodes well for future revenue growth in EMEA 706 954 298 330 9M 2025 9M 2026 Americas/APAC EMEA €m +28% 1,005 1,284 +35% +11%
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Strong Order Entries Q3 order entries reaching €462m (best Q3 ever) up +10% vs. Q3- 2025 record €1,143m order entries over 9M 2026 Q3 momentum driven by strong order intake in EMEA and new geography expansion of Walmart (Canada) €m 420 462 Q3 2025 Q3 2026 +10% 462 365 316 411420 342 532 472 442440 274 240 192 297 221 138 162 215 170 Q3 2026Q3 2025Q3 2024Q3 2023Q3 2022
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in €mStrong Growth in VAS +40% growth over 9M 2026 at €202m (representing 16% of Group sales) Recurring VAS at €100m, up +77% vs. 9M 2025, driven by strong momentum in VusionCloud 8 56 100 88 102 9M 2025 9M 2026 Non-Recurring VAS Recurring VAS 202 144 +17% +77% +40% Q3 2026 annualized VAS recurring revenue (ARR) at €154m (up +82% YoY) Q3 VAS revenue at €77m (up +45% YoY), representing >17% of Group sales 11 16 17 19 19 26 27 21 25 29 27 29 20 25 23 39 33 58 53 67 51 74 77 Q1 2021 Q3 2021 Q1 2022 Q3 2022 Q1 2023 Q3 2023 Q1 2024 Q3 2024 Q1 2025 Q3 2025 Q1 2026 Q3 2026
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314 Q3 2025 Q3 2026 VusionCloud Platform Reaches +600 Million Connected Devices 9 Growth driven by: New rollouts natively on the Cloud Migration of existing customers’ installed based to the Cloud Cloud-Connected Devices in Millions +95% Cloud Stores: 53K Total Stores: 80K 612
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Outlook
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11 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 Guidance Confirmed 12 (€m) Adjusted revenue +15 to +20% Group Adjusted Revenue growth expected in FY 2026 at constant Forex and Tariffs VAS Revenue to grow by around 40% or 2x faster than total Group Profitability improvement with adjusted EBITDA margin1 growing by more than 100 bps Continued positive operating free cash-flow (Adjusted 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 – Q3 & 9M 2026 Sales
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Q3 & 9 Months 2026 Sales October 20, 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 2026 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. 15