Exosens Surpasses Its 2025 Targets with a 22% Growth Driven by Defense and Night Vision

Financial Performance and Key Contracts

Exosens achieved a consolidated revenue of 468.2 million euros in 2025, marking an increase of 22.1% compared to 383.4 million euros in 2024. This growth reflects both the effect of the scope related to acquisitions completed at the end of 2024 and 2025, and an organic growth at constant scope and exchange rates of 12.7%. The Amplification segment, which represents 68% of the group's revenue, posted 319.2 million euros, growing by 18.4% over the period. This increase comes from higher sales volumes, particularly driven by night vision for defense applications, as well as improved production yields. The Detection and Imaging segment, accounting for 32% of revenues, reached 150.5 million euros, growing by 28.0%, with a marked acceleration at the end of the year. Defense and surveillance markets accounted for 75% of the group's total revenue in 2025. Exosens secured an unprecedented contract of 500 million euros with the Joint Organisation for Armaments Cooperation to equip the German armed forces, integrating 200,000 16 mm tubes with deliveries scheduled between 2027 and 2029. The group also launched its latest generation 5G image intensifier tubes, offering an overall performance improvement of 30% and a detection range increase of up to 35%. In January 2026, a major contract was signed for the supply of more than 7,000 5G tubes to European special forces, with deliveries planned between 2027 and 2028.

Profit Margins and Financial Health

The group's adjusted gross margin improved to 234.0 million euros in 2025, up by 24.2% from 188.4 million euros in 2024, marking an improvement of 84 basis points to 50.0% of revenue. For the Amplification segment, the adjusted gross margin reached 161.4 million euros, growing by 23.0%, with a margin rate improving by 187 basis points to 50.5%. The Detection and Imaging segment recorded an adjusted gross margin of 72.7 million euros, up by 27.2%, with a margin rate of 48.3%. Adjusted EBITDA reached 151.6 million euros, up by 26.6%, bringing the adjusted EBITDA margin to 32.4%, an improvement of 115 basis points and a record level for the company. Adjusted EBIT amounted to 127.6 million euros, growing by 30.3%, with an adjusted EBIT margin improving by 172 basis points to 27.3%. Operating income reached 102.0 million euros, up by 32.9%, bringing the operating margin to 21.8%. Net income from continuing operations more than doubled, rising to 70.2 million euros from 34.1 million euros in 2024, an increase of 106.0%. The group generated a free cash flow of 57.3 million euros in 2025, with a cash conversion ratio of 73.6%, in line with its target range of 70% to 75%. Net financial debt stood at 197.7 million euros as of December 31, 2025, bringing the leverage ratio to 1.3x.

Future Outlook and Strategic Directions

Exosens anticipates a strong performance in 2026, supported by the continuation of its commercial momentum in defense and surveillance. The group will continue to implement its investment plan aiming for a 40% increase in its production capacities by 2027, both in Europe and the United States, with investment expenditures expected to be around 9% of revenue in 2026. In the medium term, Exosens targets an average annual organic revenue growth of up to 15%, with an average annual organic EBITDA growth exceeding 15%, implying a gradual slight improvement in the adjusted EBITDA margin. The group finalized three acquisitions in 2025: Noxant, a specialist in cooled infrared cameras for drone-based defense and surveillance applications; Phasics, a leader in wavefront measurement technologies; and NVLS, a Spanish specialist in portable night vision and thermal systems. A divestiture was also completed: the group finalized on December 31, 2025, the sale of its Microwave Amplification business, expected to have a positive impact on profitability. Exosens proposed a dividend of 0.30 euros per share for 2025, representing a payout ratio of 22%, subject to approval at the general meeting on May 22, 2026. The group intends to continue its strategy of targeted and value-creating acquisitions, with the ambition of reaching 1 billion euros in revenue, while maintaining a net debt/adjusted EBITDA ratio that can temporarily reach about 2x.