2024 Annual Results: €1 billion adjusted revenue¹

• Revenue of €1,011m on an adjusted basis¹, up 25% (€955m in IFRS)
• Order intake at €1.6bn, up 71%

Strong growth in 2024 in line with guidance

The Group’s 2024 full year sales reached €1,010.5m in adjusted terms, for +25% growth versus 2023 (€954.7m in IFRS). In the 4th quarter, the Group achieved revenue of €356.6 million, up 47% compared to the 4th quarter of 2023.

In EMEA, adjusted revenue decreased by -23% to €492.4 million, representing nearly 49% of the Group’s total revenue. This development, planned and announced, is explained by the end of the deployment phase of a major European customer.

In Q4 2024, revenue in the EMEA region on an adjusted basis amounted to €155.9 million, down
-7%, confirming the improvement in trend expected at the end of the year. A good level of order intake in the region in the second half of 2024 supports our scenario of a return to growth in activity in 2025.

In the Americas and Asia-Pacific (or Rest of the World) region, adjusted revenue amounted to €518.2 million, representing strong growth of +218% compared to 2023.

For the first time in the Group’s history, the region becomes the most important in terms of revenue generation, accounting for around 51% of total revenue for the full year 2024. This remarkable momentum is driven by the acceleration of the pace of deployment of our solutions in the United States. As anticipated, this market became the Group’s largest market in 2024 and is expected to continue to grow at a sustained pace in the coming years.

In the 4th quarter, revenue growth in the region was +172%, enabling the Group to post adjusted revenue of above €200 million.

Adjusted¹ Sales by region

(*) Audit procedures in progress

A record level of order entries

Thanks to strong momentum in Q4, global order entries grew by +71% for the full year 2024 to reach a level of €1,628 million. This number does not include the last tranche of the Walmart contract announced at the end of 2024. This strong increase supports the Group’s growth prospects for 2025.

Thierry Gadou, Chairman and CEO of VusionGroup, said: 

“The year 2024 ended as planned with an exceptional 4th quarter with more than €350 million in revenue, up 47% year-on-year. North America saw very strong growth and Europe achieved in the fourth quarter its best quarter of the year, approaching the record sales of Q4 2023 thanks to strong growth in France, Southern Europe and the United Kingdom. VAS sales also grew strongly in the fourth quarter, both for recurring (+48%) and non-recurring (+32%) revenues. 

Thanks to this performance, VusionGroup has crossed the announced milestone of 1 billion euros in adjusted revenue in 2024, a symbolic threshold that places the company in the leading group of European technology growth stocks, and undoubtedly the world’s No. 1 in digitalization solutions for physical commerce. Annual growth in 2024 stands at 25%, in line with VusionGroup’s average annual growth for more than 10 years. 

With the signing of a historic contract with Walmart, and many other customers signed in recent years, North America has become our largest geographic market in 2024, a market where VusionGroup is the leader. This position is a major asset for the years to come given the very strong dynamics of this market. 

This success is above all due to innovation. 2024 was notably the year of the accelerated launch of EdgeSense, a new Digital Shelf System, and VusionOX, an IoT operating system based on a Bluetooth protocol that has been greatly improved in terms of performance, safety and energy consumption. For the first time, a single solution allows a store to locate products, guide and communicate with employees and customers, manage digital signage and soon analyze shelves in real time thanks to a micro-camera integrated into the smart rail. A revolutionary solution without equivalent on the market. Many other developments came out of our 9 R&D centers in 2024 (30% of our staff) and were presented at NRF in New York, including the prototype of VusionLive, the store’s AI assistant and key data solution of the Vusion platform, developed by Memory, a new solution Captana mobile, the FreshConnect solution for managing the fresh produce supply chain, etc. 

Innovation is also one of the levers for improving margins through differentiation and increased ROI for our customers. This increase is visible in our 2024 financial statements, as well as the performance in terms of operational and financial management, purchasing and manufacturing. In the end, we even exceeded our EBITDA guidance, which was raised during the year. 

The strong momentum achieved in 2024 will continue and grow. Indeed, order intake last year reached more than €1.6 billion (up 71%) with a book-to-bill ratio of 160%, reflecting excellent growth prospects and market share gains. As a reminder, this figure does not include the last tranche of the Walmart contract announced at the very end of the year. In 2025, we expect revenue growth of around 40% to reach €1.4 billion, a growth rate in VAS twice that of our Group revenue and an improvement in our EBITDA margin of 100 to 200 basis points.” 

The full press release is available on the Investor Relations website of VusionGroup.  

[1] Restated figures reflect the reported financials before adjusting for certain non-cash IFRS restatements related to the Walmart contract. These adjustments only impact the Americas & Asia-Pacific region. Please see the detailed explanatory note at the end of this press release.