Thank you very much, Sharon. Good afternoon, ladies and gentlemen, and welcome to our first half 2026 sales presentation.

With me today are Thierry Gadou, our Chairman and Chief Executive Officer, as well as Thierry Lemaitre, our Deputy CEO, Corporate and Finance. Thierry Gadou will make some comments on the group's business and financial highlights, including the recent acquisition of In-Store Media, which we announced earlier this week.

Both Thierrys will conclude our presentation with some remarks on our full-year outlook. After these remarks, we will be happy to take your questions.

As a reminder, some of the information to be discussed on our call today is forward-looking and subject to important risks and uncertainties that could cause 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 now available in French and English on VusionGroup'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 available on our website after the call. With that, it's my pleasure to hand you over to Thierry Gadou for his opening remarks.

Merci, Olivier. Good afternoon.

Good morning, everyone. Thanks for joining our conference call.

I'm pleased to present along with Thierry Lemaitre our commercial performance for the first half of the year. In summary, we delivered strong growth, 29% organic growth in H1, reaching €839 million in adjusted revenue.

Order intakes were strong at €681 million, returning to growth in Q2. VAS revenues, which are revenues from software, services, and non-ESL solutions, grew by 39% at €125 million, with recurring VAS up 73% at €61 million during H1.

We reiterate our full-year '26 guidance of continued profitable growth, and we just, as announced a strategic acquisition in retail media to broaden our connected store platform. Let's review the semester's key highlights now.

Thanks to a very strong second quarter, actually our best historic quarter, the first half was in line with our guidance, delivering strong organic growth. Both main regions were growing in H1.

In the EMEA region, revenues amounted to €209 million, up 6% compared with 20 2025. Business activity remained solid, evenly distributed across regions, particularly France, DACH, UK, Scandinavia, Spain, and Turkey, and while strong order intake growth in the first half bodes well for the remainder of the year.

The first half of the year was marked, as by the signing of a strategic partnership with Carrefour Group covering the deployment of EdgeSense, VusionCloud, Captana in hypermarkets and supermarkets in France, and with a 3-year exclusivity in Europe. Other contracts were announced during the first half in the EMEA region, including JYSK, Decathlon, and Gratis in Turkey.

The commercial momentum is good, and more wins are expected in the second half, both in the grocery sector and other verticals. The group expects revenue growth of 15% to 20% in the EMEA region for the full year.

In the rest of the world, adjusted revenues reached €630 million, up 39% year-on-year. In the Americas, Vusion continues to demonstrate strong commercial momentum driven in particular by the successful deployment of EdgeSense at Walmart in the US.

As completion of this phase of the partnership is expected by the end of the year. However, other projects involving new solutions, new geographies are underway and will continue driving the activity.

In March, Walmart expanded its strategic partnership with Vusion to deploy the EdgeSense platform in Mexico, which is Walmart's first market outside the US, across Walmex, Express stores, and Supercenters. This expansion reinforces the global strategic partnership between Walmart and Vusion, which expands now on several geographies, solutions, and innovation projects.

In addition, the group has significant pipeline of commercial opportunities with major US retailers, and it anticipates strong adoption momentum in the US over the coming years. Order entries in the second quarter of 2026 increase by 7% compared with Q2 2025, and +16% compared to the Q1 of this year.

Global order entries reached €681 million in H1. They're down 22%, but in line with the group expectation, the expected decrease being primarily due to an unfavorable comparison base following the significant orders placed by Walmart in 2025.

With a strong commercial pipeline, we're expecting a positive momentum in H2, and a growth of order intake for the full year of 2026. Coming to VAS activity: software, services, and non-ESL solutions revenues reached €125 million in the first semester, representing a strong growth of 39%.

Recurring VAS revenue reached €61 million, up sharply 60- 73% compared to the first semester of 2025, particularly driven by strong momentum in VusionCloud. A word about VusionCloud: the installed base grew strongly in the first semester, reaching over 500 million connected ESLs, so that's a very important milestone, reaching half a billion connected devices managed in the cloud.

This strong momentum is expected to continue throughout 2026. For reference, as of the end of June 2025, a year ago, the cloud installed base stood at 220 million connected ESLs.

It's growing very fast. On an annualized basis, recurring VAS revenue reached €133 million in Q2, up 83% year-on-year.

Another example of VAS momentum was the sharp increase in Captana orders intake, reaching several tens of millions of euros for the first time in H1. Finally, we announced recently, actually just a few days ago, having signed an acquisition which will accelerate one of the main pillars of our VAS strategy and our Connected Store vision, which is retail media.

We have, as a strong conviction that the next big digital media will be physical stores. That's a fantastic opportunity for retailers and brands.

We know our technology can contribute to enable and accelerate this opportunity for our customers. We have been developing over the past years our Engage and VusionAds solution set and developing partnerships in that field, which will continue.

The agreement signed with In-Store Media is a major new milestone in our strategy, which positions us as a major player in many countries. Just a quick word about In-Store Media: they're headquartered in Barcelona in Spain.

They're well-established in-store retail media company, which brings: one, deep expertise in designing in-store retail media networks; two, proven execution over many years; three, long-standing relationships with 90 retail banners and more than 1,600 brands, as well as strong international track record in 9 countries across EMEA, Americas, and APAC. In 2025, the company generated revenue of approximately €120 million with a robust profitability.

Together, Vusion and In-Store Media aim to build a new platform for digital in-store retail media, connecting retailers, brands, shoppers through personalized, measurable, and real-time in-store activation. The proposed transaction has been approved by both board of directors.

Completion remains subject to customary regulatory approvals and other customary closing conditions. The transaction is expected to be financed with debt and close towards the end of this year.

Now, if we come to our 2026 guidance, we confirm it. A growth and profitability target was announced during the publication of our annual results on February in February 2026.

We confirm an annual adjusted revenue growth expected between 15% and 20% at constant exchange rates and tariffs. I will pause here just to let Thierry Lemaitre comment a paragraph that we have added on the tariff and forex following a number of questions during the quarter.

We wanted to be a bit specific on this. You've seen already, as Thierry will explain, that there is a difference already in H1 between our growth at constant foreign exchange and tariffs.

Thierry, maybe you want to...

Yes, sure. Thank you, Thierry.

I think it is important to remind that our full-year sales guidance is at constant exchange rates and tariff conditions. This is important because there is high volatility on the euro-dollar exchange rate, and you know that tariffs have been impacted by several decisions in the United States, and notably, a few months ago, the decision from the Supreme Court to invalidate the tariffs that had previously been imposed on certain products imported into the United States.

At the beginning of the second half of the year, the group started receiving refunds of tariffs, and over the full year, the total amount of refunds could reach approximately 80, 8-0, million dollars. As previously indicated, the group passed through a significant portion of these tariffs to customers in 2025 and early 2026 where contractual arrangements allowed it.

In such cases, the refund of the tariffs by the US administration and the subsequent refund to the group customers would be accounted for as credit notes, both in cost of goods sold and in revenues. These two items will then be reduced retrospectively in the 2026 financial statements with no impact on gross margin, no impact on EBITDA, no impact on cash position.

The group's 2026 guidance was established at constant exchange rates and tariffs compared with 2025, and the group confirms its guidance. However, it should be noted that reported IFRS and adjusted revenue growth are likely to come in below the 15% to 20% range, reflecting the revenue credit notes to be recognized in respect of tariffs that were primarily recharged to customers in 2025.

Thank you, Thierry. I think that was an important aspect, and the situation on tariffs keeps moving permanently because even in the few last days, there was a change again in tariffs in Vietnam, it's a very moving target.

Anyway, that's why it's important to say that our guidance has been neutralized in terms of the constant exchange rates and tariffs. Back to the guidance.

Top-line growth guidance confirmed, as we just said. VAS revenue is expected to increase by around 40%, driven by strong momentum in both recurring and non-recurring VAS.

We've just talked about a number of the drivers. The group also targets improved profitability, with adjusted EBITDA margin expected to increase by more than 100 basis points during the year.

The improvement in profitability will be accompanied by positive operating free cash flow generation compared to 2025, while maintaining a strong balance sheet with a positive net cash position, excluding the impact of acquisition, in this instance, the impact of the In-Store Media acquisition. The currently anticipated, by the way, timing for the completion of the In-Store Media, as I said, acquisition is expected to have only a limited, very limited impact on the group's revenue because it's going to happen towards the end of the year.

That's it for today, and if there are questions, we will be happy to take them.

Hi. Thanks for taking my question.

First on order entries, if I understood correctly, you now expect full-year 2026 order intake to be higher than in 2025. I believe that would imply H2 order growth of at least 20% year-on-year, above €1 billion on H2 standalone.

Which is quite an acceleration versus H1. Is it the right way to think about it?

If so, could you give some color on the underlying pipeline conversion? Should we think about this as acceleration to be driven mainly by a few large contracts or by a broader based increase in customer wins?

Then second question was about this acquisition, In-Store Media. Can you elaborate on the strategic rationale behind the acquisition?

If possible, if you could provide some color on the profitability profile and the valuation multiple paid for it. Thank you.

To start so with your your multiple questions, yeah, you you read correctly what we said regarding order entries. We we have, a pipeline that has a certain timing, and it's true that we expect H2 to be and we expected already in the beginning of the year H2 to be stronger than H1.

The reason is there are multiple deals in the pipeline and projects which are coming to a conclusion in the cycle during H2, and particularly Q4, but, during H2. That's driving it.

There are both large pieces here. There are also multiple, expansions of existing customers, and small and large, sort of deals.

It's it's a mix of them. It's both in Europe, where a number of Tier 1s are in, this final stage.

There are significant players. Also in in the US.

It's just a strong growth that we anticipate in H2, and overall growth, I would say, for the full year. That's the right the right interpretation.

Regarding In-Store Media, the the the strategic rationale, I I described it a little bit in my in my comment. We've always thought that digitization is going to transform the physical stores into an omnichannel asset, a very efficient asset, an omnichannel asset, a data asset, and a media asset.

We've always said that. Why is it?

Simply because there is enormous traffic in stores. Retailers have been looking for ways to to value, to monetize, to realize the value of this traffic.

Many people are watching products in stores. Very well that it's happening the same way online, and online, the fact that there is traffic online is, of course, generating a huge industry in terms of media.

It's not happening in store because in store, everything is physical, and so it's much more difficult to leverage the the the traffic. Digitization is an opportunity to make the store interactive, to make the store a media at the shelf, to make and to create new sources of revenue.

It's an opportunity, I said, for retailers obviously, because it's going to be a new source of revenue. It's an opportunity for brands because in the store, the impact, the attribution, the measurability, the conversion is way higher than online.

There is a big opportunity. Today, the the rationale is very simple.

We digitize stores, and we create personalized and localized interactions with shoppers. That business, we were doing So we've been developing a whole solution set, the Engage, if you look at our website, we've developing some digital touchpoints, we've been sending them to a number of of players, we've been developing software solutions, CMS, etc., but and developing partnership, like Media Performance, for instance, to to to learn and develop some clients.

We've been really discovering, understanding very deeply that business over the past few years. We realized we wanted to be really fully in that space.

With In-Store Media, we are now. We'll talk a little bit more about the details of the financials later, because we'll talk about that at closing right now where, as I said, there are still a number of filings, antitrust filings in a number of countries, etc.

The the the the closing will be towards the end of the year, and a number of additional information will be given then. The rationale is very strong.

It's a very strong milestone. It's a company we've known for some time.

It was not a partner, but we've known them because they're very well-known in that space. We together, we are assembling the two expertise and and and aspects of the the the the business we want to build.

It's a great news for for our retailers, and a lot of them have been calling us and saying, "Well, that was really that's an interesting thing to do."

Just on EBITDA...

Thierry, maybe you want to talk about that?

the profitability, we don't disclose the profitability of the company. We just said that it has a strong profitability, we are really very happy with that.

Even a bit more to say that it would not be dilutive for the group. Regarding the price, we would be happy to share with you the final details of the acquisition price at the closing of the transactions.

Far, what we can tell you is that the price paid is a fair one, in line with comparable valuation multiples in the ad tech companies for companies showing such a significant revenue growth rate.

Thank you for the color. That's all for me.

Hi. Thank you for taking my questions.

Three questions, if I may. Some investors have been asking me about two things recently.

First, could you please quantify the amount of free cash flow that has been generated by the group since the beginning of the Walmart rollout in the US? Second, could you please confirm that you have no intention of paying the rest of the Walmart warrants in cash?

The third one, coming back on the order entries, given the current phase of order intake and what you expect in the H2, how confident are you in reaching the 2027 targets?

I will start on on the free cash flow. Just on on the free cash flow, I think that if you just refer to publicly available information, I mean the Universal Registration Documents for the year '22, '23, '24, '25, at the end of 2022, the net debt was -€40.5 million.

At the end of 2025, it was a net cash of €439 million. If you restate this €439 million for the €400 million reversal of the Walmart down payment, you end up with a net cash position of €39 million.

Between the -40 to +39, you already have €79 million net cash generation. Within this amount, we did some M&A for €105 million, we did some share buyback for €40 million, we collected €73 million from the warrants of Walmart, and we paid €15 million of dividends.

The cash generated over this period, once you strip out this M&A, the share buyback, the warrants by Walmart, and the dividend, is €167 million. Between the end of 2022 and the end of 2025, we generated €167 million, and on top of that, of course, we're going to still generate cash in 2026 on the Walmart contracts and all the other contracts.

Yes, we generated a significant, a very significant amount of cash over 3 years. Second topic, which is about the warrants: of course, we have no intention to buy back the shares shares on the market to deliver them to Walmart when they exercise the warrant.

That would make absolutely no sense. What we are targeting is to be able to deliver existing treasury shares to Walmart instead of generating dilution.

The treasury shares that we are referring to are those that were acquired through current and past share buybacks. We do not intend to buy back further shares on the market to deliver them to Walmart at a high price.

That would make no sense. The purpose is to have the flexibility to use part of the existing treasury shares to give them to Walmart.

The last point is on the order entries.

Could you just repeat your question, because the...

Yeah. I said given the current pace because I think you had €681 million in H2, and what you expect having in H1, and what you expect having in H2, how confident are you in reaching the 2027 targets of 2.2 billion?

Okay. I think when we look at the momentum of the business today, you can ask literally every retailer or look at their earnings call at the moment, you will see digitization becoming more and more at the top of the agenda, digitization of stores.

It's more and more at the core of their omnichannel strategy, which means they intend more and more to win on e-commerce leveraging their stores and the digitization of their stores. There is a positive momentum which is simply the demand, the increasing demand, because it's really a moment for the type of things we do.

We have a pipeline, as I already mentioned, with a strong momentum, not only in H2, but also in H1 '27. We consider this ambition that we set ourselves 3.5 years ago at the end of '22 when we announced the Vusion '27 plan, this ambition, we consider it absolutely achievable, and we're still committed to achieving this ambition.

Just as a complementary, we will obviously make an update on our near- and long-term targets during our Capital Market Day, which is, as you may know, at least it's written in the press release today, on November 18th. Obviously, it will be the occasion to talk about the near term, which '27 will be at that moment, and the longer term ambition again.

We'll talk about it more, but right now, it's our ambition.

Yes. Good evening, gentlemen.

Thank you for taking my question, and thank you for the presentation. I will have a few questions, and the first one is a follow-up on Aurélien question.

You mentioned during this call that you have a nice pipeline in the US to be materialized in the coming years. The first question is should we expect something significant in the US at short term, or will it be mainly a call for 20 2027?

It was the follow-up. Another question I have is regarding the recurring VAS momentum, which has been pretty nice in Q2.

If you could give us a little bit of color on what has driven this improvement in growth for the recurring VAS. Another question, which is on the EMEA sales, we are still waiting, or at least I'm still waiting the takeoff there.

The last quarter, you were flagged that you should expect an acceleration. It seems it's not still there.

What do you expect there for the H2 in term of EMEA, what's currently in the pipe, if you could give us more color on that? That would be helpful.

Yes, absolutely. I mentioned that we have this objective to be growing in terms of order entries for the full year.

I think I did answer Aurélien's question and confirmed that it meant that this pipeline is going to convert, or at least this is really what we are planning in H2, and that will be a substantial growth. I also added, I think, that in H2 in H1 '27 it will continue.

What matters really for '27 is H1 because given the cycle of conversion. Now, that pipeline, which is very significant, is roughly split, very relatively balanced between Europe and Americas.

It means that in both regions, we have significant targets in sight. Okay?

Yes, there will be deals, significant deals in both areas. I'll come back to EMEA because that was your complementary question.

Yes, in the US, there is at least half, if not more, of our pipeline right now. Yes.

Clearly, recurring VAS driver is Well, you see, I mentioned one of the main driver is VusionCloud. In VusionCloud, you have a number of SaaS products, but basically they all come under the umbrella of the product umbrella of VusionCloud.

The driver is simple. It is the main driver of that, and you can see the underlying driver, because it is simply the incredible growth of the number of our connected devices, our devices that are managed in the cloud.

If you look at the ambition we set ourselves again 3.5 years ago, we really deliver on this ambition. We are not only acquiring all our new customers on the cloud, but also migrating a lot of the legacy customers, the existing customer base, who were initially obviously on premise, in the cloud.

That translates into a growth where you see that there has been more than two times, today, I think past 500 or 520 million devices in the cloud versus last year at end of June in '25. It's a tremendous growth, and that is the biggest leverage.

Now, I mentioned a few other levers in other parts, but if you're looking at the recurring VAS, this is the main driver. Finally, your question, we're back on top-line topics in EMEA.

I understand your point. I would say I share it, because the reality is we have significant growth in order entries in Europe, and it's the momentum is really good.

We just had a few delays in the ramp-up of project that are signed, but, which in terms of implementation, supply chains, there have been a bit of delays. The second thing is there are a number of projects which were converted from VusionTag, classical, I would say, ESL, to EdgeSense, and that, of course, delays a little bit the projects because they start on a new technology, they're changing infrastructure from HF to Bluetooth and so.

A lot of people are attracted now to EdgeSense, and they say, "Well, should I start now the rollout as was planned, or should I go on this technology that seems to deliver great results, that seems to have convinced Carrefour, which is a very, very experienced user of ESLs, because I think they've been the first, the pioneers in Europe?" Those conversions make it.

However, looking ahead and in H2, we see that acceleration and that momentum coming, this is why we mentioned our target is still 20% growth in EMEA this year. We said the range is maybe 15% to 20%, but our target is still 20%, and it's no change.

The momentum is good. People need to digitize their stores, and they increasingly realize it, so...

Thank you. Perhaps a last one on the tariff, would you have already in mind what could be the impact on your top line of the tariff, the refund that you have to give to your client?

Yes, that's what we previously mentioned. We received approximately 80 We expect to receive approximately $80 million on the full year to be refunded to the customers, so that would come in deduction of the revenues.

All right. Thanks a lot.

Yes. Good evening, Thierrys.

Just one question regarding In-Store Media. Could you share with us or give us more granularity on the revenue split of In-Store Media?

When I mention revenue granularity is, for instance, top 10 clients is 10% of sales or some stuff like that to see how the turnover is being split between the customer base.

Yes, I would give you just at least not the numbers, but at least the key I think what matters in terms of the color, it's a quite balanced portfolio. They, as we said, they have several tens of customers who are very often long-lasting customers, repeat, multiyear contracts, and there is a momentum in gaining new customers every year.

The customer base is very balanced. There are multiple large customers.

No customer is very strong, there is no customer representing 30% of the revenue. It's not like that.

It's very balanced, very first, geography-wise, because they have 9 countries and they are very good position in each of the countries, and it's a balanced portfolio. I say that, I think it's a very, very good question, because we looked at other opportunities where precisely the portfolio was a bit too focused on two, three clients, and so we considered it as a risk.

It's a balance geographically, balanced also in terms of top customers, and we'll give, again, we'll give more granularity as we close the transaction.

Maybe another one, Thierry. How are you going to articulate this acquisition with your deal with Media Performance?

Media Performance is an important partner, is a strategic partner. It will continue, definitely.

There are lots of complementarities between the two, geography-wise and also product-wise. We still are going to push these two assets because there are complementarities, and so we will continue with Media Performance.

Thank you.

Good evening everybody. Do you hear me well?

Yep, yes.

Perfect. Thank you.

Just a follow-up on In-Store Media. You mentioned significant growth rate.

Could you please give us more color on the revenue growth pace of ISM and also more color on commercial synergy on both side on the Vusion retail media offering and on the In-Store Media [cough] offering. Do you think that you can significantly allocate more of marketing budget managed by ISM toward marketing campaign leveraging your hardware and your platform?

How fast you think it can go from your perspective? How your portfolio of retailer customers can be leveraged to accelerate ISM growth?

Yeah. First, we've already experienced those synergies because, as Laurent Gelebart was mentioning earlier, we have already established a number of partnerships.

We have won a number of projects at our clients with them internationally, and there is a logic, absolutely logic of cross-sell between the two. The reality is today the retail media, let's say, exists in store through a number of type of inventories, media inventories in the store, but they are very analog and a lot paper-based, a little bit of digital screens, and as a matter of fact, In-Store Media is quite advanced in the digitalization.

The reality is the more you digitize, the more you create revenues for the stores, because brands are very eager to create in-store activation, real-time, personalized, and localized. It's exactly the same as on the mobile.

It's a point of purchase. If you touch the right person at the right moment in front of the right shelf, you increase conversion, and it is a very efficient way of selling.

The thing is it's more difficult in a physical store as it is on mobile. But 85% of retail sales are in retail stores.

It is very important, 85% or 80%, depends on the type of categories of products, of course, but let's say in at least in grocery, it is more around 85%. There is a strong connection between digitizing your shelf edge and opening this opportunity to create real-time activations for shoppers.

There is a know-how that we didn't have, this is why we were building partnership, but there is also technology that we have. There is both synergy on the technology and there is also a synergy, of course, on the know-how to be able to deliver not only, let's say, a capability, but simply to deliver revenue to our retailers.

We see multiple levels of synergies enabling ISM and our other partners to expand by being able to offer more digital inventories in stores, more touchpoints and more very targeted and personalized opportunities of contact with shoppers, and at the same time, we are stepping into a fast-growing segment of the market, because I can tell you retail media, and particularly in-store retail media, will be the fastest growing segment in that whole media space in a few years. There are many studies who say that, and when you look at the importance that is given to that subject by our clients and by retailers, you understand why it's very important to be there.

It's not a new topic, we've been discussing it, but we needed to make a significant step in. We had already experimented it with our strategic partner Media Performance, but we are going further, we're not going to stop there.

About the growth pace?

The growth of...

The revenue growth.

of...

In-Store Media, of ISM.

In-Store Media.

It's double-digit growth. It's a company that has a long stand, sort of long-lasting growth.

It's double-digit growth. We'll give again more, but it's a growing company which has won a number of new logos this year in very, very important geographies for us, including in Mexico, for instance.

They're obviously strong in some European countries too, but so it's a growing company.

Lastly, if I may, on the manufacturing part...

We can add... Yes?

Yes, sorry.

No, please.

No, no, I just said and we are going to accelerate that growth because the reality is the growth in this business is your ability to deliver more solutions for the brands to communicate in stores. Bear in mind, brands want to communicate at the point of purchase.

That's the holy grail of media is communicate at the point of purchase, at the moment of truth. Today, the biggest point of purchase from a media standpoint is the online, is the mobile, but tomorrow it will be more and more in stores and in aisles because there are more eyes on shelves than online.

It's simply the traffic that is driving this. If you're a company like In-Store Media and you have the ability to deliver more solutions for digital in-store retail media, you can accelerate growth because simply you can accelerate the spend of the brands, who are very happy to shift dollars from very expensive, I would say, online media large players, I will not name them, and with very high CPM to at-the-shelf advertising.

Sorry, you had another question about manufacturing?

Yes. If you could provide us with some I would say indications regarding your production capacities of your EMS partner dedicated to camera.

I assume that the current capacity is I would say kind of low, and that the ramp-up is more or less planned already with your partners in an event of a surge in demand if it happened as you are in pilot with a large retailer. I'm very curious on how fast you can scale the delivery of camera over the next month, and if upfront payments agreements would be implemented such as with your ESL business in the past?

Yes, we are implementing a capacity and a ramp-up of capacity in cameras and in, let's say, generally speaking, solutions that are for computer vision, and because we embed, I would say, cameras also in devices like EdgeSense rails, etc. We are clearly working on the ramp-up of this capacity, expecting, as was already mentioned earlier, a surge in the demand and in the actual deliveries next year in terms of cameras or computer vision devices, let's say this way, because part of our strategy is to embed vision AI inside existing devices that we have.

Yes, we are working very hard at the moment on this topic. It will be with the same EMS that we have, because we have the largest EMS, we have established relationship, very strategic relationship with the three of them.

It will be with the same EMS, and we are already producing, we're already in the ramp-up to a certain extent, because some of the pilots or some of the very expanded pilots or the rollouts, because don't forget we have not only pilots, we've sold the rollout to Carrefour of Captana, we need to deliver it in the coming quarters, and so, yes, it's an industrial ramp-up that we're working on. Fortunately, we are being able to leverage a number of the existing infrastructure, and so it's working well.

Lastly, assuming no capacity constraint, could you please remind us the average lead time between customer order placement and product delivery for cameras?

For this kind of solutions, yes, there is delay. Capacity doesn't mean instant capacity.

Those are very complex products, and we are also in an intense innovation phase where what we are going to sort of roll out are very, I would say, very, very innovative, leading edge, cutting edge technology that doesn't exist. There is a lead time, and for sure there is a lead time of probably 6 to 10 months before I'm talking about significant capacity, I think I mentioned a number which was last quarter that this year we would install probably north of 100 or 150,000 devices.

It is not that kind of capacity I'm talking about, right? If you really want to make a very fast and significant rollout, there is always, by the way, like for EdgeSense or like for anything, you need a 6 to 10 months capacity.

The good news is that right now there is no such thing as setting up a whole factory or this kind of thing. It's really about adapting equipment and ramping up.

I give you a sense of the lead times, yes. Basically, if we sign a big contract or a big rollout in this scale, you at the end of the year, it means it will impact more the second half of '27, for instance.

I guess that's the type of questions you had in mind.

Understood. Just a very small last one maybe.

You mentioned in your press release continued positive operating free cash flow, EBITDA less capex, and previously you mentioned increased operating free cash flow, EBITDA less capex, compared to 2025. Is it a...

There is no change. We confirm that EBITDA minus capex will increase, yes.

Perfect. Thank you.

Thank you very much for the conversation, the questions. Our full financial H1 results will be disclosed, presented, and discussed on September 21st.

In the meantime, I wish you all a great summer. Thank you very much.