VusionGroup

Good day and thank you for standing by. Welcome to the Fusion Group Q3 2025 Sales Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 1, 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1, 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Olivier Grenant, Investor Relations Director. Please go ahead.

Thank you very much. Good afternoon, ladies and gentlemen, and welcome to our third quarter 2025 sales presentation. With me today are Thierry Gadoux, our chairman and chief executive officer, as well as Thierry Lemaitre, our deputy CEO, corporate and finance. Thierry Gadoux will make some remarks on the group's operational highlights. Thierry Lemaitre will then discuss our group's financial performance, and Thierry Gadoux will conclude our presentation with some remarks on our full year outlook. After this presentation, 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 three of this presentation. This evening's release was issued a short while ago and is available in French and English on Vision Group's website, vision.com. The slides of this presentation can also be found on our website in the regulated information section. A replay and a transcript will be also available on our website after the call. And with that, it's my pleasure to hand you over to Thierry Gadoux for his opening remarks.

Thank you, Olivier. Good afternoon, everyone. Thanks for joining our conference call. Very pleased to present to you, along with Thierry Lemaître, our sales figures for the third quarter. So let's start with the main highlights. Vision Group achieved an excellent third quarter with 59% growth in adjusted sales year-on-year at €355 million. The nine-month adjusted sales are just above €1 billion, up 54%. The nine-month VAS sales reached €144 million, up 115% versus last year at the same period. And we had a continued good level of order entries, which are now just below 1.8 billion euro over 12 months, an increase of 26%. And the momentum is good. We just announced an important deal this morning. So if we look at the performance by region now, the strong growth outside Europe is particularly driven by the intensive rollout of H-sense in Walmart in the US, which is now reaching cruising speed. and fast speed. Over nine months, Europe is still showing a small decline, but the situation is stabilized in Q3, and the other entries are good, too. As I said, this morning we announced the full fleet rollout of one of the largest British retailers, Morrison's. It's about 500 supermarkets to be deployed as soon as next year. And as you know, after as that this is the second wind in the UK since the beginning of the month. We announced as the early October and it's the third win in the UK since the beginning of the year, which if we include the full rollout contract for Co-op. Which makes over over 3000 stores to roll out in the UK with new orders this year. So the momentum is quite good in Europe in general, both in new logos, and we have also a large part of our customer base who will begin to renew their infrastructure in the next year. So we see the momentum very good also in Europe. Regarding VaaS now, revenue more than doubled, particularly driven by vCloud and Fusion Cloud and Fusion OX. Our cloud ESL install base, by the way, has grown by over 200% in the last year, thanks to both new rollouts on cloud and also legacy customers migration to cloud. And we passed a very symbolic threshold in Q3 of 50% of more than 50% now of our total install base in the cloud now. And in Q3, there was also a significant increase in the vast pipeline, in particular with computer vision projects and data solutions, which are both being more and more seen as a must-have technology in the future. We are very well positioned there and very optimistic to have a big part in this future big wave. We're also excited about the impact of AI in retail. And you've seen a number of announcements in that area over the past few weeks. But on Monday, we made also an announcement, an important announcement about the opening of our EdgeSense connected store platform to AI applications and generative models. This is really important. I mean, today, AI lives essentially online in the cloud. Tomorrow, it will come to the physical world and in particular to the physical stores. As you know, EdgeSense, the infrastructure turns the store into a smart grid, into a digital twin. where every product, every associate shopper are located, connected, synchronized. So just as GPS enabled the smartphones to navigate and understand digital maps, Edge Sense provides a store context and data layer that generative AI models, autonomous agents, and soon AI wearables such as smart glasses will need to understand and interact intelligently in the physical store. So, AdChance AI now is making this data infrastructure available through APIs and developer partnerships. This is the core of the announcement of Monday. AdChance gives AI the self-learning real-world context it's been missing until now. It's, we believe, a major step toward bridging the digital and the physical dimensions of commerce and bringing AI to physical retail. Having said that, I hand over to Thierry for detailed comments on our figures, and I'll be back for our outlook.