Vusion: 2Q26 sales - Weak order intake makes a 2027 target reset increasingly difficult to avoid

研报英文原文证据摘录

Vusion: 2Q26 sales - Weak order intake makes a 2027 target reset increasingly difficult to avoid

NSTEIN FLASHMAIL

30 July 2026

Flavien Baudemont

+33 1 42 14 81 51

European Technology/Software flavien.baudemont@bernsteinsg.com

Vusion

Rating

Outperform

Price Target

VU.FP 180.00 EUR

Vusion: 2Q26 sales - Weak order intake makes a 2027 target reset

increasingly difficult to avoidMIDCAPS

2Q26 adjusted sales in line with consensus. Vusion reported 2Q26 sales figures this evening of €545m, up 30.9% yoy, with sales

still largely driven by the Walmart US contract. Sales came in line with consensus expectations (BBG cons. +0.3%), but materially below

our expectation, which we translate as timing differences in Walmart US deliveries that will occur in H2. ESL revenues reached €457m,

up 33.6% yoy, 15.4% below our estimates. VAS revenues stood at €74.0m, up 30.5% yoy, and 9.8% below our estimates. Recurring

VAS reached €33m, up 85.4% yoy, benefiting mainly from the expansion of cloud-connected ESLs (+150m since 4Q25), 4.9% above

our estimates, and still largely driven by the continued strong adoption of VusionCloud. Recurring VAS revenue per cloud ESL declined

by 10.6% yoy. Non-recurring VAS reached €23m, up 43% yoy. Recurring VAS revenue per cloud ESL is flat qoq and non-recurring VAS

reached €41m, up 5.4% yoy and 18.9% below our estimates.

Order intake continues to disappoint. Order intake reached €365m in 2Q26, up 7.0% yoy against a favourable comparison base

in 2Q25. However, 1H26 order intake declined 22.0% yoy, while LTM cumulative order intake fell 15.0% YoY to €1.5bn. That said,

order intake improved modestly on a sequential basis, with 2Q26 bookings €49m higher than in 1Q26. At the current level of order