Exosens: Revenue Up 19.7%, Adjusted Gross Margin Improves Despite Margin Rate Decline in Detection & Imaging

Amplification Holds Strong, Detection & Imaging Faces Integration Effects

Amplification generated revenues of EUR 88.1 million in Q1 2026, up 11.4% year-over-year, supported by higher volumes and a favorable product mix. This segment accounts for 72% of the group's consolidated sales. The adjusted gross margin stood at EUR 47.2 million, up 15.0%, with a margin rate of 53.6% (up from 51.9% a year earlier), an improvement of 171 basis points. The Detection & Imaging segment (28% of sales) recorded a more significant revenue growth: EUR 34.6 million, up 44.5% year-over-year (+ EUR 10.7 million), driven by the contributions from the 2025 acquisitions of Noxant and Phasics and an organic growth of 16.6%. However, its adjusted gross margin of EUR 16.2 million, although up 36.8%, shows a margin rate of 46.7% (down from 49.3%), reflecting a contraction of 261 basis points. This contraction is explicitly attributed to a less favorable product mix (decline in sales of high-end detectors for life sciences and hyperspectral cameras for research) and the integration of acquisitions, which have not yet benefited from economies of scale.

Defense Momentum Sustained by Drone Orders and NATO Tenders

The business dynamics of the quarter are set against a backdrop of increasing geopolitical tensions. In Amplification, demand accelerates for high-performance image intensifier tubes, with particularly strong dynamics in Europe (equipment programs for the German and Belgian armed forces under the OCCAR program), as well as in Eastern and Northern Europe. Markets such as the Middle East and Southeast Asia also show robust activity. In Detection & Imaging, the group secured a record order of digital imaging solutions for interceptor drones from a major European developer of air defense systems. Over the past two quarters, Exosens has accumulated over 10,000 cameras ordered for unmanned aerial, land, and naval platforms. The group also received a firm contract from the U.S. Army in February 2026 for the BiNOD (Binocular Night Observation Device) program, marking a key milestone in its American expansion strategy.

Capacity Expansion Underway, Acquisition of Emberion Finalized

Exosens continues its investment plan aimed at increasing production capacity by 40% by 2027, in Europe and the United States, with initial benefits expected from the second half of 2026. In the United States, the deployment of the new manufacturing plant is underway, supporting scalable local production capacity to serve the largest single market. On April 24, 2026, the group finalized the acquisition of Emberion, based in Finland and the United Kingdom, specializing in quantum technology infrared sensors. This acquisition strengthens the group's advanced imaging portfolio across the entire light spectrum and opens opportunities in portable and drone-mounted short-wave infrared (SWIR) imaging, as well as in semiconductor inspection. Emberion generated approximately EUR 0.7 million in revenue in 2025. For 2026, the group confirms its guidance: revenue between EUR 520 and 540 million, adjusted EBITDA between EUR 168 and 178 million. Investment expenditures are expected to represent about 9% of the 2026 revenue (excluding capitalized R&D), aimed at capacity expansion. The major challenge remains the normalization of the product mix in Detection & Imaging and the gradual contribution of new acquisitions to economies of scale, necessary to stabilize margins over the full year.