Exail Technologies: A €380M Discrepancy with ICG Complicates 2026 Refinancing
The underwater robotics and navigation systems specialist announced on Thursday significant discrepancies with its financial partner ICG regarding the repayment of its bonds and preferred shares. The valuation gap between the two assessments of Exail Holding is approximately €380 million, complicating the planned refinancing before the end of 2026.
Methodological Divergence Blocks ICG's Exit
Exail Technologies has initiated negotiations with the investment fund ICG to define the terms of repayment and repurchase of its securities in Exail Holding, the unlisted subsidiary of the group. This operation, referred to as 'ICG Exit', is crucial to also determine the amount of cash due to the minority shareholders of two unlisted subsidiaries (Exail Holding and Exail SAS), according to the applicable contractual stipulations.
Sorgem Evaluation, commissioned by the Company, values the ICG Exit at €580 million and the Minority Shareholders' Liquidity at approximately €130 million in 2026. ICG prefers a radically different approach: it intends to rely on the stock market price of Exail Technologies to value its unlisted subsidiary transparently. Based on this, using the weighted average price of the stock over a month as of June 10, 2026 (€125.4 per share), the Company estimates that the total sums due would amount to approximately €1.1 billion.
The total discrepancy with Sorgem's estimates thus amounts to about €380 million. Despite this disagreement, Exail Technologies intends to continue discussions, knowing that the contracts provide for an arbitral valuation procedure by investment banks in case of a deadlock.
Partial Bond Issues and Additional Financing to be Negotiated
Exail Technologies had issued ODIRNANE bonds in October 2025 and January 2026, intended to cover a substantial part of its initial refinancing need. The group aimed to finalize the operation before the end of 2026. The valuation gap of approximately €380M between the parties might necessitate additional financing: the Company is exploring options to mobilize the necessary resources.
The group continues its discussions with financial partners to identify options that, if necessary, could mobilize the additional financing required for the ICG Exit and the Minority Shareholders' Liquidity. Exail Technologies commits to keeping the market informed of the progress of these negotiations.
