VusionGroup

Thank you for standing by. Welcome to the Fusion First Quarter 2026 Sales Webcast and Conference Call. 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, you will need to press star 1 1 on your telephone keypad. You will then hear an automatic message advising your hand is raised. To withdraw a question, please press star 1 and 1 again. If you wish to ask a question via the webcast, Please use the Q&A box available on the webcast link anytime during the conference. Please be advised that this conference is being recorded. I would like to hand the conference over to Olivier Reilnacht, Fusion's Investor Relations Officer. Please go ahead.

Thank you very much, Nadia. Good afternoon, good morning, everyone, and welcome to our first quarter 2026 sales presentation. We meet today Thierry Gadou, our Chairman and Chief Executive Officer, as well as Thierry Lemaître, our Deputy CEO, Corporate and Finance. Thierry Gadou will make some remarks on the Group's operational highlights. Thierry Lemaître will then discuss our Group's financial performance, and more specifically, our 2025 consolidated accounts. And Thierry Gadou 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 the 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 in English on Vision Group's website, vision.com. The slides of this presentation and our consolidated accounts can also be found on our website in the regulated information section. A replay and a transcript will 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.

Thanks, Olivier. Good afternoon. Good morning, everyone. Thanks for joining our conference call. I'm very pleased to present, along with Thierry Le Maître, our commercial performance for the first quarter of the year. So in summary, we delivered 26% organic growth in Q1, reaching €294 million in adjusted revenue. At constant foreign exchange rates and tariffs, this would be 36% growth, and the actual IFRS revenue reached €289 million. Now it's very close to adjusted figures and up 34% year-on-year. Order entry reached €316 million. Vast revenues grew by 53% at 51 million, representing 17% of total sales, and our annualized ARR is above 110 million euros, up 60% year-on-year. And we reiterate our 2026 guidance of continued profitable growth. So a year that started on a strong positive note. The first quarter confirms our strong commercial momentum, as I just said, plus 26% growth of adjusted revenue, plus 34% growth of IFRS revenues, and plus 36% growth at constant dollar and tariff rates. Our growth is solid. Our business reflects increasing demand from retailers to digitize their stores and put them at the core of their only channel strategy. Both large regions are growing. In America, the accelerated rollout of EdgeSense at Walmart is very successful and is expected to reach peak deployment pace over the next two quarters with full fleet completion expected by the end of this year. This project is accelerating Walmart e-commerce growth and improving key operational metrics, productivity, hologram compliance, employee customer satisfaction. It demonstrates at a very large scale the value of our technology platform in terms of operational performance improvement and e-commerce acceleration. In parallel, several other leading-edge innovation projects are underway with Walmart alongside the start of their international rollout expansion. For the market, this deployment is an impressive showcase which is having a massive influence on the industry's strategic thinking about the future role of stores at the heart of omnichannel. And in the U.S. particularly, significant activity is underway around a growing number of pilots, which are now mostly focused or refocused on the HMS platform and on FusionOX Bluetooth-based infrastructure, which allows, as you know, the shelf to interact with nearby shoppers and associates. We see great future potential here. The U.S. market remains relatively underpenetrated, 15% to 20%, including Walmart, and is expected to ramp up rapidly in the coming years, catching up with Europe. Speaking about Europe, growth is back in the EMEA region. Sales grew by nearly 10% and are expected to accelerate in the coming quarters. The modernization and the further penetration of our large customer base plus all the new contracts signed in recent months, notably in France, the United Kingdom, Germany, Spain, are supporting robust growth trajectory, particularly driven by the UK, although the dark regions, so Germany and German-speaking countries, remain the largest sub-region for fusion. As I said, the momentum should strengthen over the next quarters, and European growth is expected to exceed 20% for the full year. Talking about order entries, global order entries totaled €316 million in Q1. It's a minus 40% below last year's Q1. We expected the comparative basis to be challenging this quarter because last year Q1 was our absolute record, historic record quarter with over half a billion in new orders in only three months. But this Q1 is still our second best first quarter ever and fully in line with our expectations. Also at the end of Q1, our 12 months cumulative order entries are at a solid 1.5 billion euros. Key contracts announced in Q1 include Carrefour and Walmex. However, note that the Walmex numbers are not included in the Q1 order entries of the group. So as a reminder, On February 18, Carrefour, one of the world's leading retailers, and Fusion announced the signing of a strategic partnership. As part of its 2030 strategic plan, Carrefour has selected Fusion to digitalize all its hypermarkets and supermarkets in France. This partnership covers the deployment of HN, Fusion Cloud, and Kaptana in France first, but with a three-year exclusivity in Europe. And we're already starting pilots in other countries. And then at the very end of the quarter, on March 30, Walmart expanded its strategic partnership with Fusion to deploy the AdChance platform in Mexico, which is Walmart's first market outside the United States, across Walmart's express stores and super centers. This expansion reinforces the deep and global partnership between Walmart and Fusion, which will continue to expand now on several geographies, several solutions and innovation projects. Talking about the VAS activity, VAS revenue reached 51 million in the first quarter, representing a strong growth of 53%, and representing approximately 17% of the group's total revenue, a significant increase compared to the 14% in the full year of 25. Non-recurring VAS increased by 45% to 23 million, but the VAS growth was even more driven by recurring revenue growth, which reached 28 million euros, up sharply by 60% compared to the first quarter of 25, and driven by the strong momentum in Fusion Cloud. The Fusion Cloud installed base grew significantly in the first quarter, reaching over 400 million ESLs. For reference, last year, at the end of March 25, the Cloud installed base to that 188 million connected ESLs. This momentum is expected to continue throughout 26. Also note that in Q1, for the first time, Captana order entries reached several tens of millions of euros, and acceleration perspectives are becoming clearer as IoT and AI-based real-time shelf monitoring is emerging as a growing need among retailers to optimize inventory, availability, e-commerce, and customer satisfaction. With this slow start of the year, the rapid growth of our VAS and a highly promising project pipeline in both Europe and the Americas, we are confident in our 26 targets and our medium-term growth outlook. Annual adjusted revenue growth is expected to be between 15 and 20% at constant exchange rates and tariffs. Adjusted revenue should be relatively evenly split between the first and the second half, both around 800 to 900 million euros. And both the AMEA region and the Americas and APAC regions are expected to grow over the full year with momentum set to strengthen in Europe throughout the year. The rest of the world is expected to see stronger growth in the first half and in the second due to the completion of the Walmart rollout in the United States by the year end. Total VAS revenue is expected to increase by around 40%. representing a growth roughly twice that of the group of the top line. This performance would be driven by strong momentum in both recurring and non-recurring lives. The group also targets improved profitability with adjusted EBITDA margins expected to increase by more than 100 basis points. Finally, we target increased operating free cash flow generation and a strong balance sheet at your end with a positive net cash flow, including the of potential acquisitions. Looking further ahead, given our innovation leadership, our substantial project pipeline, and the growing market demand, we stay focused on achieving the ambitions outlined in our Vision 27 plan that we presented in November 22, and are very confident in our medium-term growth prospects. I will now hand over to Thierry Lemaitre for additional information on our full year 25 financial results.