Over the period, Vusion reported IFRS revenue of €820m, up 34% year over year, or €839m on an adjusted basis (+29%). Growth was particularly strong in the Americas and Rest of World region (+39%), driven by the continued rollout of the EdgeSense solution at Walmart in the United States and Mexico. In EMEA, the increase was more modest at +6%, notably supported by the strategic partnership with Carrefour.

After a start to the year marked by a tough comparison effect linked to major contracts signed with Walmart in 2025, order intake showed signs of a rebound in the second quarter, rising 7% year over year and 16% versus the first quarter.

The group also reaffirmed its full-year targets, with expected adjusted revenue growth of between 15% and 20% at constant exchange rates and tariffs, as well as a 100-basis-point improvement in adjusted Ebitda margin.

Stifel stays at buy

Analysts remain focused, however, on the group's dependence on its main customer. AlphaValue notes that Walmart accounts for 77% of the half's IFRS sales, arguing that growth remains concentrated around this flagship contract. The research firm also points to the relative weakness of the EMEA business and a 22% decline in order intake over the half, while acknowledging that the group has reaffirmed its targets.

By contrast, Stifel maintains its buy recommendation, arguing that the market is underestimating Vusion's medium-term growth potential. The broker highlights the rebound in orders, a robust pipeline of large projects, and the acceleration of EdgeSense and Computer Vision solutions. It believes the €2.2bn revenue target for 2027 remains credible.

Finally, Stifel views the acquisition of In-Store Media (ISM) as particularly strategic, strengthening Vusion's presence in Retail Media and adding a third growth driver alongside electronic shelf labels (ESL) and computer vision solutions. The deal is expected to help gradually diversify the group's business model and reduce its dependence on Walmart.