Exail Technologies: +40% Revenue Growth in Q1, Strong Commercial Momentum Continues
Exail Technologies recorded a 40% increase in revenue in the first quarter of 2026, reaching 131 million euros, driven particularly by the Maritime Navigation & Robotics segment, which saw a 51% increase in revenue. However, order intake for the quarter was 112 million euros, down 77% from the first quarter of 2025, mainly reflecting the absence of an equivalent to the mega-contract of 400 million euros signed in February 2025.
Robust Q1 Performance with Significant Growth in Key Segments
The defense group posted a dynamic first quarter with revenues of 131 million euros, up 40% from 94 million euros in Q1 2025. The Maritime Navigation & Robotics segment, the main growth driver, saw its revenues increase by 51% to 107 million euros, while the Advanced Technologies segment recorded 28 million euros, growing by 10%. This performance continues the trend of massive order intakes from 2025, which totaled 844 million euros, up 87%, and reflects the group's gradual increase in production capacities in both maritime robotics and navigation systems. In the latter area, Exail achieved a new monthly production record for navigation centers in March.
Order Intake Declines by 77%, Yet Underlying Commercial Strength Remains
Despite the apparent 77% decline in order intake to 112 million euros (compared to 487 million euros in Q1 2025), the commercial momentum remains strong. This decline solely reflects the absence of an equivalent to the major contract of approximately 400 million euros signed in February 2025. Excluding this factor, organic growth stands at about 30%, particularly driven by the navigation sector, which registered about 60 million euros in orders, up more than 40%. This quarter has been the best in Exail's history for navigation system orders. Maritime robotics, with about 25 million euros in orders, and advanced technologies, with about 27 million euros, complete the picture. The end-of-quarter order book reached 1,055 million euros, slightly down by 4% compared to the end of Q1 2025.
Exail Technologies Confirms Double-Digit Revenue Growth Target for 2026
Exail Technologies confirms its target for double-digit revenue growth in 2026, as well as EBITDA growth exceeding that of revenue. However, the group cautions that the first quarter's performance should not be extrapolated. The second quarter is expected to show less growth, especially compared to a Q2 2025 that saw a 52% expansion. Nevertheless, the geopolitical context marked by conflicts in Ukraine and the Middle East, which underscores the growing importance of sovereignty issues and anti-naval mine warfare, remains supportive. Exail estimates that, except for a few orders related to operational emergencies, the transformation of these opportunities into revenues is a medium to long-term trend, with no significant impact expected on 2026 revenues. The group also issued an additional 256 million euros in hybrid bonds in January 2026, adding to the 294 million euros raised in September 2025, for a total of approximately 550 million euros aimed at refinancing.
