Thank you very much, Nadia. Good afternoon, everyone, and welcome to our full year 2025 results presentation.

With me today are Thierry Gadou, our Chairman and Chief Executive Officer, as well as Thierry Lemaitre, our Deputy CEO Finance and Corporate. Thierry Gadou will start with some remarks on the Group's business performance and operational highlights.

Thierry Lemaitre will then make some comments on our financial performance, and Thierry Gadou 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 in our press release and on slide 3 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 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, and I'm very pleased to present to you, along with Thierry Lemaitre, our excellent performance for the full year 2025. First in a nutshell, we delivered over 50% organic growth in '25 and reached over €1.5 billion in adjusted revenue, which was our target.

Order entries reached €1.7 billion, up 5% versus the record of 2024. VAS revenues doubled year-on-year to €211 million, representing 14% of total sales.

Our EBITDA increased by 73%, and our EBITDA margin improved by more than two points to reach over 18% of sales. Operating income and net income also rose significantly.

Our adjusted net income was close to €100 million, with a very similar number for IFRS net income. Our cash flow generation was positive, and our financial structure is stronger than ever, with €480 million in cash and only €40 million in debt, €41 million in debt.

A strong balance sheet that gives us the means to pursue an ambitious growth and innovation strategy. After this exceptional growth rate in '25, we are forecasting another year of growth, around 15% to 20% in '26, along with at least a one point or 100 basis point improvement in EBITDA margin and a positive operating cash flow.

Now, if we look at the performance in a bit more detail, thanks to another fantastic fourth quarter, we passed the €1.5 billion mark in yearly sales, adding half a billion dollar or euro in just one year in revenue, and with a 10-year CAGR of 30% per annum in top-line growth, long-term trajectory. Regarding VAS, i.e., software services and non-ESL solutions, VAS revenues doubled, as I said, driven by the strong growth in both recurring and non-recurring services.

In Q4, our VAS annualized recurring revenue reached €105 million per year. Our cloud-based installed base has grown by over 200% in the last year, thanks to new rollouts, new logos, and legacy customers' accelerated migrations.

We passed in Q3 last year the mark of 50% of our total installed base now fully managed in the cloud. Order entries, in Q4, we booked over €400 million of new orders.

Our global order entries for the full year '25 reached an excellent level of €1.7 billion, up 5% over the record of '24. The growth in order entries was concentrated in Europe, where several new logos were signed.

I'm not mentioning all of them, but if you follow the slide show on the webcast, you can see them. Many new logos in the UK, in Germany, in all throughout Europe in different verticals, and as well as obviously significant new orders from our large customer base, which is also a very strong driver of growth for us, I'll come back on that.

If we stay on the performance by region, revenues in Europe still shows a -16% decrease in the full year, but the order entries have continued to grow. As I just mentioned, we signed many wins over the past few months.

We continue. Growth will be back in '26, and with a much diversified and balanced revenue structure, with a lot of VAS, obviously new logos, and as I said, an excellent momentum and high revenues from our existing customer base as they extend their stores' coverage.

We still have less than 50% in penetration at our customer base. As they increase VAS adoption, obviously, and as they begin to renew and upgrade their installed base in the coming years to EdgeSense, so that's a big driver of growth.

Talking about EdgeSense, obviously the strong growth outside Europe is particularly driven by the intensive rollout of EdgeSense in Walmart in the US, which is now halfway through and running at full speed. The program is very successful and contributes to the impressive results of Walmart in the US, particularly to the stellar growth of in-store fulfilled e-commerce and to the improvement of the operational leverage of the company.

This US rollout should be completed in about a year in the US. We're working on several other solutions with Walmart US, which could become new rollouts for the coming years.

We are also working intensively with Walmart on the international expansion of EdgeSense. Obviously, this deployment confirms on a very large scale the excellent performance of our EdgeSense platform, which has no equivalent in the world today for optimizing productivity, speed, and accuracy in shelf management tasks, on-shelf inventory monitoring, and e-commerce fulfillment.

We are proving that our platform enables much broader use cases and delivers much higher ROI than standard ESL solutions. We've announced in '25 a few partnerships involving EdgeSense, including DM, a major Germany-based pan-European retailer, and of course with Carrefour.

I will come back in a minute on Carrefour. Several other EdgeSense pilots are underway around the world.

Innovation has continued to be at the heart of our priorities in '25, with a 20% increase in our R&D investments, advancing our powerful roadmap to make the store ever more efficient, automated, data-driven, omnichannel, and to turn the store traffic into media dollars, and to enable AI for both associates' efficiency and shopper experience. We've worked in '25 on further enhancements on EdgeSense.

We've worked also on new products around data, AI, and retail media. We've just signed in the past few months a few first deals with our newest retail media solutions, and that's a very promising avenue for Vusion, as it's a top priority for retailers today.

We've significantly worked and enhanced our Captana solutions portfolio from agnostic computer vision to ESL-synchronized solutions and mobile solutions. We're achieving very promising results and are extremely confident on our technology edge in this field, in which we have invested heavily over the past few years.

We see great traction, and '26 will be a year of acceleration of Captana, and we expect to deploy well over 150,000 new AI cameras this year. A perfect example of this overall momentum is the announcement of the Carrefour deal, because it is the first large-scale deployment in Europe of EdgeSense, but also the first large-scale deployment simultaneously of EdgeSense and Captana, our full platform.

This partnership is significant because, as you could all see, it's at the core of Carrefour's 2030 strategic plan, and also because alongside the digital transformation of Carrefour's hypermarkets and supermarkets, Carrefour and Vusion are creating a joint innovation lab and are going to collaborate on new solutions to invent the future of retail together. We'll see now, if we can, for those who can, a short video on this Carrefour announcement, which is fairly recent, even though it has been essentially a lot of work in '25.

You all remember that we had announced our partnership in June starting pilots, and then I will hand over to Thierry for the detailed financial figures.

C'est une première en Europe. Avec Vusion, leader mondial de la digitalisation du commerce physique, Carrefour fait entrer ses hypermarchés et supermarchés dans une nouvelle dimension.

Bienvenue dans l'ère du magasin intelligent.

Nous sommes ici dans notre hypermarché de Villabé où nous avons installé nos premiers rails connectés Vusion et c'est une étape importante dans la stratégie de digitalisation des magasins. Et chez Carrefour, nous avons une conviction : le digital n'est pas une fin en soi, il doit avant tout servir les équipes des magasins.

Donc nous avons deux enjeux : mieux servir nos clients et faciliter le travail de nos collaborateurs. Donc nous allons déployer ce réseau de rails connectés équipés d'étiquettes et de caméras avec trois objectifs très concrets : détecter les ruptures pour avoir des rayons toujours pleins, contrôler les prix sur les étiquettes pour assurer la cohérence entre la caisse et le rayon, et faciliter la préparation des commandes e-commerce grâce à la géolocalisation des produits.

Mais l'objectif est toujours le même : plus de prix, plus de plein, plus de propre. Hier, nous traitions nos ruptures tous les jours à la main.

Aujourd'hui, on reçoit des alertes directement sur notre TR, ce qui nous permet de remplir le rayon immédiatement, de traiter la rupture et de nous libérer du temps pour mieux servir le client. Après Walmart aux États-Unis, Carrefour est la première enseigne en Europe à déployer la plateforme Vusion de dernière génération à très grande échelle.

Ce partenariat marque une avancée majeure vers le magasin de demain en combinant rails intelligents, intelligence artificielle et vision par ordinateur au service du client et du collaborateur.

I will now present the results for the year 2025, and as you are now accustomed to, I will present the main financial items under IFRS and in adjusted terms for certain IFRS adjustments that impact the accounting for the contract with our largest client in the United States. The details of these adjustments are presented on the following slides.

First, let's start by celebrating the excellent performance in 2025, with revenues increasing more than 50%, both in IFRS and adjusted terms, and standing at €1,527 million in adjusted terms. The adjusted variable cost margin increased by 60%, faster than sales, and reached nearly 31% of sales, an improvement of 1.6 points compared to the previous year.

OPEX grew by 43% and represented 12.7% of adjusted sales, 0.7 points less than last year. This translates into a significant growth in adjusted EBITDA of +73% to €277 million, which is an adjusted EBITDA margin of 18.2%, up 2.3 points compared to the previous year.

Depreciation and amortization also increased significantly, mainly due to the last three manufacturing lines starting to get amortized in 2025, on top of the first line, which started to get amortized in 2024. Adjusted EBIT more than doubled at €164 million, reaching 10.7% of sales, up 2.9 points from the previous year.

Overall, adjusted net income is close to €100 million at €98.7 million, or 6.5% of sales. The following slide shows the main adjustments between the IFRS and the adjusted accounts.

The nature of the adjustment has not changed and remained exactly the same as last year. Two adjustments impact the revenue down to the net income, consisting of: first, the amortization of the fair value of warrants conditionally granted to Walmart.

This first effect is directly proportional to the sales generated by Walmart. It negatively impacted the IFRS revenues in '23, '24, and '25, and will continue to negatively impact the revenues in '26.

Second, the recognition in the IFRS accounts of a volume-averaged selling price over the entire term of the contract. This second effect had a negative effect in '23 and '24 and started to reverse in Q3 2025.

It generated over the full year 2025 a small positive effect, which will be even higher in 2026. Financial income is impacted by two restatements identical to those of the previous year: the first consisting of the revaluation of the fair value of the warrants, given the average share price of Vusion over the last six months of 2025 compared to the last six months of 2024, and despite a decrease in the number of warrants remaining to be exercised, this fair value increased by €7.3 million compared to December 31st, 2024, which translates into a financial expense of the same amount in the 2025 IFRS accounts.

IAS 21 adjustment on the intercompany between the parent company and the US entity also impacts the IFRS accounts by +€48.7 million. These impacts, plus the deferred tax effect on these restatements, total the -€14.5 million impact on the net income in 2025.

If we now go more into details, starting with revenues, 2025 showed a 51% revenue growth in adjusted revenue, driven by the Americas and APAC region. Given the volatility of the euro-dollar exchange rate over the year 2025, group revenues were negatively impacted for the portion denominated in dollars.

At constant 2024 euro-dollar exchange rate, 2025 adjusted revenues would have stood at €1,580 million, which is €54 million more than our reported figures. VAS revenues increased twice as fast as group revenues, at +100%, driven mainly by VusionCloud one-off revenues, but also by recurring revenues, which in Q4 reached €105 million on an annualized recurring revenue basis.

On the following slide, adjusted EBITDA margin grew by 2.3 points of sales, mainly driven by the variable cost margin, and more specifically by the revenue mix effect and, to a lower extent, by a lower OPEX-to-sales ratio. Despite a significant impact on sales, the euro-dollar forex impact was limited on the profitability.

Financial income stood at €29.5 million in '25 versus -€16 in '24. Before the IFRS impacts that represented before, the adjusted financial result was -€11.9 million in '25, of which -€11.2 as a cash impact.

This -€11.2 million are mainly driven by exchange losses due to the high volatility of the euro-dollar exchange rate. More importantly, the financial income, largely driven by cash investments, stood at €17.5 million in '25 versus €4.7 million in 2024, thanks to a higher level of cash being invested, while the interest expense decreased from €12.6 million to €8.5 million, thanks to lower interest rates and the reduction in the group financial debt.

CAPEX, total CAPEX stood at €137 million compared to €158 million last year. €77.5 million were invested in 2025 in the manufacturing lines pre-funded by Walmart, and the last manufacturing line has been running at full capacity since Q3 2025.

The three other ones started earlier in H2 2024 and H1 2025. Hence, we now have four lines running at full capacity.

Cash CAPEX, corresponding to CAPEX financed by the group, amounted to €60 million in '25 versus €40 in '24, representing around 4% of adjusted sales. Let's now have a look at the cash flow and the cash situation.

At the end of 2025, the group shows a positive net cash position amounting to €439 million compared to €393 million last year, which is a €46 million increase. As mentioned previously, the operating free cash flow, defined as EBITDA minus CAPEX funded by the group, grew in '24 as well as in '25, and should continue to grow in 2026.

In 2025, it grew by 83% compared to 2024. The total free cash flow was impacted by the increase of the operating free cash flow just discussed, but also the consumption of the down payments collected, and this negative impact will increase in 2026, the investments in the manufacturing lines that were pre-funded in '23 and '24, and by the tax expense of €52.9 million compared to €4.7 million in 2024.

In 2024, the group still had tax losses which could be used to offset part of the taxable income. There was a limited amount of NOLs left at the end of 2024 that the group was enjoying in '25.

This is no longer the case at the end of 2025. On top of these elements, the group proceeded with share buybacks, some acquisitions, and collected €73 million from the exercise by Walmart of part of their warrants.

Also to be noted, the forex impact on the cash position in dollars, which is -€45.6 million. To finish this financial presentation, the board decided to present at the shareholders meeting to pay out a 90 cents dividend in '26, which would be a third consecutive increase since 2024.

That's it for the presentation of the 2025 financial results, and I now hand over to Thierry Gadou for the outlook.

Thank you, Thierry. For 2026, as I summarized in my introduction, and based on the strong backlog we have and very strong pipeline, we anticipate further growth this year, in spite of the exceptional acceleration of '25, and with an annual adjusted growth target of 15% to 20% at constant rates, exchange rates and tariffs.

This is in line with our average growth trajectory of around 30% per annum since 2022, and by the way, on a longer period too. This growth should be both benefiting Europe and the rest of the world.

Regarding VAS revenues, they're expected to continue to grow significantly, around 40%, more than twice the top-line growth, and with strong performance in both recurring and non-recurring VAS solutions and revenues. The group also aims to continue improving its profitability, with an adjusted EBITDA margin expected to grow more than 100 basis points, and this increase in profitability will be accompanied by continued growth in operational free cash flow compared to '25.

We are determined to keep for the group a very strong balance sheet and a positive net cash position at the end of the year, including of course potential acquisitions. That is this.

Given the positive business momentum, we feel the group maintains its ambition that we had set ourselves in '22 for the Vusion '27 strategic plan. Also for your information, we should launch shortly a share buyback of €30 million, and the details of which will be communicated at the time of launch.

Finally, I'd like to say a word of the strengthening of our governance. The Board of Directors today co-opted Mrs.

Lynn Castonguay as an independent director. Lynn will be replacing Candace Johnson for the remainder of her term until the next general meeting of June 4th, which will be then called to ratify this co-option and renew her term for a period of three years.

Mrs. Johnson, as was no longer considered under the AFEP-MEDEF rule independent, having served on the Board of Directors for more than 12 years, she will be replaced by Lynn.

I'd like to thank dearly Mrs. Johnson for having brought considerable value to our company, and pleased to welcome Lynn Castonguay to our board as an independent director.

It's going to strengthen our governance and increase the proportion of independent members from 64% to 73%. Lynn is a Canadian and American national with more than 20 years of leadership experience primarily in retail and consumer goods.

She's held senior executive roles at Home Depot, Sobeys, and Starbucks. She now also serves on the board of Canadian Tire, one of the leading retailer in Canada.

Definitely her deep expertise in North American retail will further reinforce our strategic capabilities in the region, which is, as a key growth driver for Vusion. With this, I'll hand over for questions.

Yes. Good evening, gentlemen.

Can you hear me well?

Yes, we can.

Great. Thank you for the presentation.

I will have three questions if I may. The first one revolves around your guidance.

You mentioned that the growth will benefit from both North America and Europe. Just wondered or wanted to have a better view on what do you expect in terms of organic growth for Europe for next year?

The second one is on the working capital. How much of your, I would say, 2026 revenue is already prepaid, and what working capital swing should we expect for next year if you could provide us some light on it?

The last one is on Walmart. You mentioned that you are in discussion for potential additional rollouts and potentially incremental cross-sell.

Could you come back on it, whether it's for computer vision, if it's for international expansion, what does it mean in terms of timing if you can share anything, and in terms of CAPEX also? That will be my three questions.

Thank you.

Thank you. For the first question on organic growth, yes, we see 15% to 20% growth this year, and we consider that this growth will be balanced between Europe and the rest of the world.

We see double-digit growth in all regions. I think your question was particularly focused on Europe.

We have won many deals in Europe over the past few months, last year, and we continue. You see how we started the year.

There is good momentum in Europe, definitely all regions will benefit from this growth. Thierry, maybe you on the working capital topic?

On the working cap, the net between the down payments collected this year in '25 and the down payments that were reversed in '25 is roughly a positive impact of approximately €20 million, €30 million. Next year, that's approximately a bit more than €400 million that should be reversed.

Very clear.

Yes, on the Walmart topic, yes, Walmart is a very very large company, obviously. You've seen their results last week, it's a €700 billion company, adding about $40 billion every year, it's adding a big retailer every year, right, Walmart.

It is a huge company. Yes, we are rolling out, as the infrastructure of EdgeSense right now in the US.

We're working on different directions, and you mentioned them. We're working on new solutions on top of the EdgeSense infrastructure in the US, and that includes topics like computer vision and those things I already mentioned, but that's one dimension.

There are other projects around e-commerce acceleration and around retail media. Second dimension is of course we're working on the international dimension, and so that covers a number of countries.

Some of them have been mentioned somewhere in the press, we're working well doing this. Obviously the fact that John Furner has been appointed Global CEO, and want to expand the winning operating model is favorable, we'll update you on this as we confirm rollouts in the international part.

Then as I said earlier, Walmart is adding a pretty large retailer every year in terms of numbers, we're adding $80 billion, $90 billion of revenue. There is also Sam's Club, also part of the Walmart group, which we haven't mentioned, but so there is many developments in this group, it should remain a big customer for many years.

The partnership is extremely appreciated on both sides.

Fair enough. Thank you for that.

Other questions?

That will be it for my side for now. Thank you.

Thank you.

Hi. Good evening.

Thanks for taking my question. I have four.

The first one is regarding the 40% VAS growth guidance for '26. Could you clarify the expected VAS mix between recurring and non-recurring?

Regarding the 150,000 cameras I think you mentioned during the call, should this be treated as non-recurring or recurring VAS revenue? Then my second question will be on the Carrefour contract.

I believe Carrefour mentioned an investment of at least €150 million, do you confirm this amount? Maybe could you walk us through the operational assumption?

Country scope or the SKUs coverage, for instance, also Captana if you may. Then my third question, you confirm the '27 target so far.

On the revenue side, what makes you confident to more than offset the Walmart US ramp-down, I would say, from H2 '27? Does it imply that you are already seeing a clear reacceleration in order intake in the coming months?

The last one would be on the SBB, could you say over what timeframe should we expect it to be done? Thank you.

SBB is share buyback. Sorry.

I didn't understand. Regarding VAS, we are expecting 40% growth this year, and we said it's going to benefit both strongly to recurring and non-recurring.

I think it should even be maybe slightly the opposite as this year. Maybe recurring will actually grow faster.

However, you mentioned, and this includes obviously the growth in Captana, of course the growth in cloud services and many other things. It will not include, let's say, the hardware part of Captana.

You mentioned the number of cameras that we mentioned, but those are not counted into recurring because they are not recurring, simply. We count in recurring subscriptions, and that is not counted.

It would be excluding these cameras. We just mentioned this number because it shows that we consider computer vision as the next big technology wave in retail.

We've been believers. We're very very happy with the work we've done on many many pilots, which are now reaching significant scale.

Of course the Carrefour rollout, as I said, is the first simultaneous full platform rollout of both EdgeSense and Captana. You asked the question on Carrefour precisely, I'm coming to that.

The number that was mentioned, let's say, it was not mentioned by us. It's a number that doesn't include the VAS, just includes France.

The scope of the project is European, will be starting first implementation also soon in Spain. I don't want to comment on this number because it's part of the communication of our company.

It's France and only hardware, not VAS. This is a significant VAS contract and project, I think, representing very well the type of work we do.

We sell transformation projects, very strategic transformation. We sell to the C-suite a transformation that covers many dimensions, a full digital transformation.

You see in the press release the number of dimensions that are mentioned, and I think it is by definition a project that covers a very large part of our portfolio of solutions. It's not included in those numbers, those numbers were relatively partial.

Your third question, Aurélien, I'm sorry, I missed it. It was about '27 targets.

No, no, that was the fourth, the share buyback. '27 targets.

The end of '27 is in two years, right? When you look at our company, there are two things: we win a lot of new logos every year, and we just I think started the year with a good example, and there are going to be many more, right?

First, we win new logos, and pretty much more than combined competition every year, that's one driver. Second thing, we have a very strong, very large customer base in which we have a lot of growth drivers.

First, of course, covering the full fleet, and very often we are below 50% penetration. Second, VAS adoption in those customers.

Third, the beginning of the swap and upgrade to EdgeSense in some of these very large customers, which will start, so that's a very significant growth driver for us, our installed base. That's our model, by the way.

Of course there is also all these new logos that we will continue to win. I just would like to say today the unequipped market is very significant.

If you take just the US market, and excluding Walmart, you got a market of two billion paper labels that will be digitized in a number of years, but rather fast than slower, I think. It's a very significant market.

All this, our pipeline, the time we have makes us really confident that we can achieve this target that we set as an ambition, a long-term ambition in '22. The trajectory we've had until now, I think we'll do another significant step in that direction in '26, and we have two years to accelerate order entries and win a lot of new deals.

For the share buyback, Thierry, maybe?

We'll see based on the market conditions, but very likely in the next coming 10 to 15 days maximum.

Okay. Another question, maybe?

Thank you.

Yeah. Good evening, everybody.

This is Ben from Berenberg. Thank you for taking my questions.

I have four if I may. Maybe first, I try to be quick.

First question is on Captana. You mentioned on one of the slides you expect more than 150,000 cameras to be deployed in '26.

I was just wondering, are these already signed or is this a mix of already signed deals plus what you expect in terms of pipeline conversion as to growth in 2026? That's the first one.

You do it one by one? No, it's mostly signed.

Those are things that we've been scaling our go-to-market in, and so it's mainly signed. This is why we said above.

That includes of course the beginning of the Carrefour rollout, of course, because it will start this year. It's been signed recently, it includes, but it's mostly signed.

Second question, Ben?

Maybe a follow-up on that is could you give us somewhat of a guidance how much of those 150,000 plus could be driven by Carrefour?

No, we don't give customer by customer. Carrefour, anyway, is I think you saw the video and you saw the press release, it's a very significant rollout where the whole stores, hypermarkets to start with, then supermarkets are going to be covered both by EdgeSense and Captana, you can figure out a number, but I don't want to go too much in detail on nominative basis by customer.

Okay. I had to try, Thierry.

Maybe next question is you mentioned that you guys have an edge on computer vision compared to your competitors, and I was just wondering where do you exactly see this edge? Is it in terms of lower or shorter lead times because you have better production capacity?

Is there a big difference in underlying technology? Any color on how you see yourself compared to competitors would be very helpful.

Yes. I think it's a little bit the same as EdgeSense.

We're in the world of IoT, and we're in the world of connected IoT, so that means that the real performance comes from multiple different things. It comes from hardware and miniaturization and design and embedded software in the hardware.

That's a very very strong expertise of our company. The whole end-to-end cloud-to-edge software, and then all the AI engines that are running, and to have a really well-performing solution in retail, which is a very specific use case of computer vision, we're not in video security cameras, we are in observing shelves, which is a very special use case.

Again, that's where our tech edge lies. The combination of the IoT expertise, the embedded software, the end-to-end cloud management and the AIs is really where the magic sauce appears.

We see that we are comparing ourselves, and we think we're really advanced. We started, it's not something that we decided to launch a month ago or a year ago, this is something we're working with dedicated teams since, I'd say, eight years.

I know you might say it's slow, but when it takes off, this is a big big thing, and we think today a lot of retailers are seeing this as the next big unlock of productivity and supply chain management in their operations, we're quite excited about that.

Interesting. Thank you.

Then maybe one more question on the pick-to-light function. I've seen it in the video.

I was just wondering whether there is a potential use case that Carrefour maybe or that maybe spark shoppers in France or in other European countries in the Carrefour stores could get access to the software that they could also use the pick-to-light of the ESL, or is that not planned in the foreseeable future?

No, no, of course. It's a fundamental feature of our hardware and software platform to enable very fast, accurate picking and stocking, because both are equally important.

Stocking means replenishing the shelves and going very fast identifying where to stock each product. This is a very labor-intensive work and error-intensive work.

Then pick-to-light on preparation of e-commerce. It's very central.

Why? Because simply, and I think the lesson given by Walmart to the world is actually that the store is a fantastic e-commerce weapon.

Today, and you've seen the numbers last week, and Ben, I know you were with Walmart early in January. You've heard them.

Store-fulfilled e-commerce, look at the numbers they published: 50% growth in store-fulfilled e-commerce. Now they have, among the millions of orders that they prepare every day in stores, they are delivering already a third of that, more than a third, 35% of that below three hours, just because it's all local e-commerce fulfilled out of stores.

This is the next big growth driver of e-commerce, and we see a number of retailers basically realizing that they've made mistakes in building very automated warehouses for e-commerce. A number of them, I'm sure are shutting them down, actually, and there was an announcement even for a retailer today.

In the US, it's the same. It's going to be the time of store-fulfilled e-commerce growth.

For that, you need to enable your store, you need to digitize your store, you need to locate products very accurately, you need to make sure you got the right availability when you're doing your picking, and you need to go super fast at picking. The statistics of the usage of our solution by the internal staff of Walmart and the gig shoppers are just massive.

We're talking about tens of millions of triggers of pick-to-light every day today, and we've only done, as I said, half of the fleet. This again, it's a little bit like what I said on computer vision, it's something that combines IoT design, infrastructure, protocol, it's all sort of in many dimensions of the solution that you can actually trigger this, not even mentioning the power efficiency that you need in order to be using these devices intensively all throughout the day and 24/7.

You need a very very power-efficient system, which again is one of the things that's the competitive edge of EdgeSense. I could go on forever, I'll stop here.

For sure it's central in the choice of Carrefour. E-commerce is central today in the choice and will be more and more central in the choice of I think it's new, to be frank.

It's true that now people who are thinking, 'Oh, I'm going to take ESLs,' they need to think what is my strategy in e-commerce, because they need to very carefully evaluate the different options. We see a turning point today in the market.

Interesting. Thank you, Thierry.

Maybe a quick one for Thierry. There was a €54.9 million warrants-related fair value amortization, which also embedded an average price component that was driving it, and it was written on the slides that you expect this to phase out by the end of 2028.

I was just wondering whether you could, a, maybe split those 55 million into how much of that was actually the amortization component, and then, b, what run-rate can we expect until the end of 2028, or maybe how much is the total fair value amortization that you expect between '25 and '28?

Actually I will give you the figure for '26. It's approximately 40.

If you

[unclear] 55 is 40. The both combined.

Of course the negative impact arising from the warrants fair value amortization is going on, but then you've got a positive impact which is partly offsetting it due to the weighted average price. The net impact for 2026 should be approximately €40 million negative versus the -55.

Okay. Then maybe a very quick last one.

You mentioned it on the slide with the free cash flow reconciliation, there was a finance CAPEX of 77.5 million in full year 2025. I was wondering what was the total amount of prepayments that you got in 2025?

We didn't disclose that figure, you go really really into the detail. In 2025, actually no, everything was already funded by Walmart in '23 and '24 on the lines.

There were also prepayments for hardware, right?

There were also prepayments for the hardware, but the prepayments for the lines was entirely paid at the end of 2024 for approximately $320 million.

Okay.

For the prepayments

Perfect. Thank you.

Thanks, Ben.

Hello, and good evening, gentlemen. I have two questions on my side.

The first one is on the Carrefour rollout. How long will the rollout take?

They mention that it will last until 2030. Do you confirm that?

For Captana, are you planning to lend them or sell them the cameras? On the second question, can we have a more broader outlook on, let's say, the end of 2026 and 2027?

Do you see any big movement in the US or are you planning to, at least, announce a massive contract by the end of the year to support 2027 growth? Thank you.

Regarding Carrefour, the project has been presented as part of a 2030 plan, it's been assumed that that was the timing of the project. If you look at the interviews of the CEO of Carrefour, he answered a few questions, he said, 'No, no, we're going to go at 2,000 per hour and we're going to go faster.'

We think it's going to be faster. It's very often faster.

If you look at a big contract in America was supposed to be a number of years and then it's going fast just because it's delivering high returns and people want to accelerate, and even if there are sort of tariffs and everything, nevertheless they don't stop, they accelerate. I think it's going to be faster and will include a number of countries and it will include all these different solutions.

By the way, there's going to be plenty of developments because we're joining forces in some solutions development together, and those solutions will be rolled out because they'll be co-developed with Carrefour, they'll be rolled out in Carrefour. There's plenty of developments.

Again, I don't want to comment on the number that was mentioned without very much sort of scoping or precision, it's partial geography-wise and solution-wise. As I already said, in Captana, we don't want to go specific.

Doesn't make a big difference, actually, whether we rent them, because the proportion of hardware versus software in Captana is much much much higher on software, it doesn't make a big difference and we don't disclose specific sort of business models on a customer-by-customer basis. Again, it's not a big big difference.

Like in ESL and cloud, you have a much bigger sort of proportion of hardware to software, not so much in computer vision. And '27, I'll make the same answer as I've already made: the market is big, we have growth coming from new logos that we will continue to win on a regular basis.

We have a tremendous customer base for which we have plenty of penetration, coverage extension, VAS new projects, and of course, for some of them, migration to EdgeSense, which is big swaps projects. That we have two years before the end of '27, I'm sure we have a lot of time to win a lot of deals, and we will.

Okay. Maybe a follow-up on Carrefour.

By the way Thank you. Maybe a follow-up on Carrefour.

I didn't see in the press release that you're going to sell them your Engage solution. Are you selling any retail media services to Carrefour?

Yes. Retail media is mentioned in the press release if you look at a number of the items that are part of the scope of cooperation.

It is not specifically mentioned like that because Carrefour is not per se buying themselves retail media solutions, because they have their joint venture with Publicis, Unlimitail. It's a different setup.

A number of the Carrefour stores are already fitted with some of our technologies in retail media. It's a different setup because it'll go through our partners.

Thank you. All clear.

Thank you.

Good evening, everybody. Do you hear me well?

We do.

Perfect. Thank you so much for taking my questions.

I have three sets of questions, and I will try to be short. I suggest to go one by one.

The first set of questions relate to Captana, that you said is the next big growth driver potentially. The large scale Carrefour contract in computer vision appears to demonstrate the economic payback for retailer, and that the solution is now retailer ready.

I am wondering, what is the Captana development potential, especially for 2027, in the event of major successes in the coming months with additional clients? What obstacles would limit its development, despite strong client appetite?

Could you please provide more detail on camera, the industrial setup you have for producing camera, production capacities, where it is produced, is it in Chihuahua with Jabil? Please help us assess the growth potential of this solution going forward in case of major success to come.

If any, assuming you successfully convert Walmart, for example, just an hypothetic example, as you mentioned in previous answers, would the very large scale Captana camera rollout with a retailer already fully equipped with EdgeSense be as gradual as the EdgeSense rollout had been, or could it be much faster, for example in one year? What level of volumes your current industrial setup with Jabil in camera is currently ready to absorb on a yearly basis?

Could you clarify if you are industrially ready to sell several millions of camera in 2027 if the demand is there, obviously? If you are not ready currently, do you think you need to be ready right now?

Is it costly, too early to prepare for this type of sizing? This is my question around Captana.

Can you please give a little bit more color on all of that?

I thought I had given a lot of color already. First on the industrial setup, I think you should feel comfortable because the way we've ramped up such a sophisticated and new technology as EdgeSense and the way we've ramped it up, I think should indicate that we have a certain know-how in how to scale IoT innovations industrially.

We have excellent partners. You mentioned one.

We have others, EMS. Those are the ones with whom we'll scale this solution.

We've already working with our EMS on the industrial setup for Captana. We're phasing it, and for sure we will be ready for millions of cameras in '27 and more in the following years.

The scale of a computer vision solution is significant, because you have a number of SKUs and you need one way or another one camera for 50, 200 SKUs, and so you can make the maths easily. It's a very significant business.

Now we're still at small scale, because it's a complex technology. You could have thought autonomous drive will be everywhere five years ago, it takes a bit of time to really make something completely robust and mature for a world like autonomous driving street or simply the physical stores, which are very I would say, complex environment for technology.

It takes time, but it's naturally big big projects. We are quite secured in terms of the industrial setup.

We are already working on it, because obviously a number of projects will be big in '27 and will continue to grow. The business case associated with that, which is basically managing with very high accuracy shelf execution, planogram compliance, out-of-stocks, it's very important items in the P&L and the balance sheet of retailers, it is, as I said, the big and next unlock, it's going to be big.

Now, having said that, you never know what's going to be exactly the shape of the exponential curve, but what we see is extreme interest. I think the interviews of CEO of Carrefour is mentioning out-of-stock management as every time was the number one priority mentioned because it's related to revenues immediately, right?

That's what I can say. You have a second set of questions, because you don't have questions, you have sets of questions.

Yes. It will be more about EdgeSense production lines, which are dedicated to Walmart and located at Jabil's factories, if I'm correct.

Could you clarify the new profitability model you have? Historically all electronic shelf labels, production costs were included in variable cost margins.

Now with this four lines which are within your balance sheet, there is depreciation cost, obviously, and likely it introduced fixed cost to cover the general and administrative expenses that Jabil incur for hosting these lines in their own factories, but they are your lines. As the Walmart US rollout on EdgeSense solutions normalize and decrease in 2027, and utilization rates of these four lines should decrease, obviously, from the 2026 peak, how sensitive is your EBIT margin and your free cash flows to lower EdgeSense production volumes?

What would be the break-even utilization rates in volumes for EdgeSense going forward?

Just on that, Valentin, we have a fixed cost, and this fixed cost was already fully prepaid by Walmart. Now the utilization rate of the lines is not really an issue for us.

Of course, we are going to keep using them for other customers than Walmart after the completion of the Walmart rollout, but since they have been fully paid by Walmart, we don't have any topics around the utilization rate. Utilization rate and eventually left spare capacity would be an issue if we had fully funded the lines and we were not able to use them, which is not the case in this situation.

It's not a deal, it's rather an opportunity for us, because we've got lines which have been fully funded that we're going to be able to use for other customers and to accelerate the availability of the products. That's rather an opportunity than a threat or weight for us, that has no other impact.

It's fully funded in terms of CAPEX, but in the future you probably have OPEX also with these lines, no?

No, the usage of the line is by definition

Variable cost.

in variable cost, yes. It's in the

It's in the variable cost that is in our VCM.

We have already delivered a certain level of volume of sales to Walmart, and we have already incurred the full cost for the sales that we have delivered.

Yes, I think in fact, the business model of EdgeSense reflects perfectly in our accounts already, you get it. It's going to be the same moving forward, and it is a very differentiated product, and I think it shows that it's a more profitable product.

Maybe a last set of questions?

Yeah. Just since these lines are amortized over five years, it's the depreciation that accounting policy are considering, do we have to expect the same amount of CAPEX around 2030?

It was, if my memory is correct, it was around or between €250 and €300 million for all of those lines, or something like that. Is it something that you will have to pay again to upgrade it, to make it available and up to date on a long-term basis?

Is it something that will be recurring every five years in your CAPEX, or

No, not at all, Valentin. The only reason why we invested is because Walmart had to make this capacity available in order to be able to complete their rollout

very fast.

Exactly. Once it's completed, it's done, we are not going to reinitiate another cycle of CAPEX on this.

The CAPEX moving forward is going to be the cash CAPEX, the CAPEX funded by the group, essentially driven by R&D and IT investment, and also some manufacturing equipment that we can invest in, which are essentially the molds, the testing equipments, this kind of stuff, but we are not going to reinvest in manufacturing lines.

In other words, we have a fabless model, which we basically went out of temporarily because some lines were pre-funded by Walmart in order to be having very high capacity in a certain amount of time. That was the only reason.

Our model remains fabless, and we will resume that model after the amortization of these lines. The amortization is in our accounts, and that's in our EBIT.

You can follow our EBIT, which is after the depreciation of these lines. There is nothing that's going to change in our business model.

It's already very reflected in the

The only thing, Valentin-Paul, is just we didn't have a full year of amortization of the four lines in 2025, that will be the case starting in 2026. The amortization expense is going to slightly increase in 2026 compared to 2025, but nothing which is going to skyrocket.

Very clear. Thank you.

Okay?

Yeah.

Good evening. I will try to be very short.

First, congratulations for the margins, which have been impressive for the year, and for keeping your bearing while Vusion was a bit shaken on the market. I hope you can hear me correctly.

We can.

Yes.

Great. If you allow me three very quick questions: the first one would be on the US market, besides Walmart, which has a great potential and many good things, we have seen, unless I'm missing something, no significant new logo.

Could you comment on that? I'm talking about new orders in '25.

Second would be about the EBIT margin and the guidance for '26. Do you see it as continuing being on the gross margin or something more split in between gross margin and operating leverage?

The third would be on the VAS. There are still limited progress if I may, although the second semester looked promising in '25.

What do you expect when you guide for +40% in '26? Do you expect this to be something balanced in between recurring and installs or stronger on one side?

If you allow me, what makes you more confident on this rather strong growth than you have been earlier, because it has been a bit of a challenge to increase, also obviously this to be progressive. Thanks for taking those, hopefully short points.

Yeah. US, well, US, I think, we we we see the market has been a bit slowed down last year by the by the tariffs, and and I think we we see a a cautious adoption.

Of course, they they knew Walmart was going Well, they knew, but I think they realize now that Walmart is going so fast, because it surged really during the course of '25, and we we didn't Walmart was not so vocal about it at the beginning. It is I I think it's it's an adoption which has been slow.

A number of, we need a certain time to implement a a pilot with EdgeSense, with, connecting the different entities in a retailer, which are, e-commerce, store operations, merchandising, in order to really materialize the the superior returns that our solution brings. If we just focus on the people who usually buy, ESLs for price automation, we don't really capture that, it's a bit longer developments.

It's and and none of the, sort of, none of the retailers who have chosen, standard ESL solution, or started, let's say, some some some deployments of standard ESL solution, have yet tested EdgeSense. I think it's just the timing of development, you know.

It it happens in the in the US sometime. I think Walmart is a bit shaking now the the the market because they are delivering so impressive results, for retailers.

You may not be experts in that, but for the retailers, what they see in the numbers that they saw again last week is just something they don't even understand how it's possible. It's so impressive.

I I think, it's going to change. The market is really big, again, really big.

I I mentioned a a number of the whole potential outside Walmart, and I'm only, talking about the top 100 retailers, it's really big. We're very very excited about this market, and and we think, nevertheless, it's going to be extremely we shouldn't see a a year without new logos.

EBITDA margin

It's probably balanced between the contribution of the VCM and the OPEX, Thierry Gadou (Chairman and CEO): Thank you, Thierry.

Okay. Balanced.

The VAS is actually balanced too. Again, we started this journey on VAS, again, it was seven, eight years ago.

Our VAS were €15 million. Last year it was 211, €210 million.

It's fast growth. It's bound to accelerate because it's a lot of adoption on existing customers.

Not only do we see customers who are starting to roll out immediately multiple products, you can see that from the outset our customer development involves more VAS now, but also all our installed base, as they migrate to cloud, become a development field for our VAS. Some of the products are just at the beginning, I know you're impatient, but we see great traction.

Some of the products like retail media or even Captana, we talked a lot about Captana, are quite at the beginning. EdgeSense was also a bit like that for a number of years.

It was development, it was a lot of testing, it was not much revenue. Now it's more revenue, and it'll be the same for Captana.

We're confident that this is a strong growth driver, but also a strong profitability driver, a strong stickiness driver for our customers, and also bringing stickiness on the ESL and the digital shelf system part, it means that when we renew those customers and upgrade them, we have a much higher loyalty. That's what I can say, and we'll probably see in the coming years this expansion of the mix of VAS.

Also because of the nature of recurring, and I said something, by the way, I repeat it because I said it and you asked it, I said this year recurring should grow faster than non-recurring.

Okay. Thank you very much.

It has been a long session.

Thank you very much for your participation tonight. We will speak again shortly on the 21st of April for the Q1 sales, and in the meantime, I wish you goodbye, a great evening.

Thank you.

Bye-bye.