VusionGroup

Good day and thank you for standing by. Welcome to the Fusion full year 2025 results conference call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star, one, one on your telephone keypad. You will then hear an automatic message advising your hand is raised. To withdraw a question, please press star, one, and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Olivier Guernand, Fusions Investor Relations Officer. Please go ahead, sir.

Thank you very much, Nadia. Good afternoon, everyone, and welcome to our full-year 2025 results presentation. With me today are Thierry Gadoux, our Chairman and Chief Executive Officer, as well as Thierry Lemaitre, our Deputy CEO, Finance and Corporate. Thierry Gadoux will start with some remarks on the group's business performance and operational highlights. Thierry Le Maître will then make some comments on our financial performance, and Thierry Gadot 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 harvest 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 in English on Vuzion's website, Vuzion.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. And with that, it's my pleasure to hand you over to Thierry Gadot 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 Lemaître, our excellent performance for the full year 2025. So first, in a nutshell, we delivered over 50% organic growth in 2025 and reached over €1.5 billion in adjusted revenue, which was our target. Order entries reached €1.7 billion of 5% versus the record of 2024. BAS 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 2025, we are forecasting another year of growth, around 15% to 20% in 2026. along with at least a 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 euro 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 euro per year. Our cloud-based installed base has grown by over 200% in the last year thanks to new rollouts, so new logos, and legacy customers accelerated migrations. And 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 euro of new orders. Our global order entries for the full year 25 reached an excellent level of 1.7 billion, 5% over the record of 24. The growth in order entries was concentrated in Europe where several new logos were signed. As you can see if you're following the, I'm not mentioning all of them, but if you follow the slideshow on the on the webcast, you can see them. So many new logos in the UK, in Germany, 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. So I'll come back on that. If we stay on the performance by region, revenues in Europe still shows a minus 16% decrease in the full year, but the other entries have continued to grow. As I just mentioned, we signed many wins over the past few months. We continue so gross will be back in 26 and with a much diversified and balanced revenue structure with a lot of vast obviously new logos. And as I said, an excellent momentum. and high revenues from our existing customer base as they extend their store coverage. We still have less than 50% in penetration at our customer base, as they increase vast adoption, obviously, and as they begin to renew and upgrade their installed base in the coming years to Edge Sense. So that's a big driver of growth. Talking about Edge Sense, obviously the strong growth outside Europe is particularly driven by the intensive rollout of AdSense 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 U.S. rollout should be completed in about a year in the U.S. We're working on several other solutions with Walmart U.S., which could become new rollouts for the coming years. We are also working intensively with Walmart on the international expansion of Edge Sense. Obviously, this deployment confirms on a very large scale the performance and the excellent performance of our Edge Sense 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 Edge Sense, including DM, a major Germany-based pan-European retailer, and of course with Carrefour. I will come back in a minute about Carrefour. Several other EdgeSense pilots are underway around the world. Innovation has continued to be at the heart of our priorities in 2025 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 storm traffic into media dollars and to enable AI for both associates efficiency and shopper experience. We've worked in 25 on further enhancements on HNs. 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 Vuzion, and 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, so 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 Vision are creating a joint innovation lab and are going to collaborate on new solutions to invent the future of retail together. So we'll see now if we can, for those who can, a short video on this CAFU 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.