Exail Technologies: Revenue up 25% in first half of 2026, net loss of €87 million
Exail Technologies published its first half of 2026 accounts on October 9, 2026. This publication came after two postponements announced on September 14 and 24, 2026, the first related to a review of the accounting treatment of financial instruments. Revenue reached €275 million, up 25% on a reported basis and 27% on a comparable basis, and operating income increased by 61%, to €46 million.
The gap with the bottom of the income statement stems from charges that the group presents as having essentially no impact on cash flow: share-based payments and changes in the value of commitments to ICG and employees. These commitments were recognized following a retrospective correction of accounts in accordance with IAS 8 standard, undertaken as part of the convergence project with Thales announced in July 2026.
Revenue of €275 million and current EBITDA margin of 22.9%
In the first half of 2026, revenue amounted to €275 million, up 25% on a reported basis and 27% on a comparable basis. The change in scope concerns the Automation business, which was divested as of May 1, 2026. Growth is primarily driven by the Maritime Navigation & Robotics segment, with revenues increasing by 33% due to the ramp-up of major robotics programs and increased production capacity for navigation systems. The Advanced Technologies segment shows organic growth of 12%, with photonics offsetting more moderate performance in other activities.
Current EBITDA reached €63 million, up 43%, a pace higher than revenue growth. Current EBITDA margin came in at 22.9%, up 3 percentage points compared to the first half of 2025. Maritime Navigation & Robotics generated €55 million of current EBITDA (+49%), with a margin of 24% versus 22% a year earlier. Advanced Technologies increased from €8 million to €15 million, and its margin improved from 14% to 25%.
After €17 million in depreciation and provisions (compared to €15 million), operating income amounted to €46 million.
Net loss of €87 million after restatements, net cash of €148 million
Between operating income and operating profit, the group recorded €69 million in charges, of which €57 million related to share-based compensation and retention plans and €9 million in amortization of assets recognized in acquisitions. Operating profit thus stood at -€23 million. The cost of net financial debt fell to €7 million, compared to €12 million a year earlier. Other financial charges reached €63 million, compared to €123 million in the first half of 2025 as restated, and consolidated net income came in at -€87 million.
These financial charges primarily reflect changes in the value of commitments to ICG and employees of Exail SAS, resulting from contracts entered into in 2022 during the acquisition of iXblue. The group indicates that the review revealed an initial underestimation of the cash settlement obligations attached to these instruments. As of June 30, 2026, the liability related to ICG financing reached €329 million (€296 million on January 1) and that of share-based compensation plans €126 million (€75 million on January 1). According to the company, these corrections have no impact on current EBITDA, operating income or cash flows, and do not modify the terms of the project with Thales.
Cash generation capacity reached €38 million, relatively stable, while working capital needs increased by €68 million, due to the invoicing and collection schedule specific to the first half of the year according to the group. An invoice of €117 million was collected in October. Capital expenditure increased from €14 million to €25 million. Following the additional issuance of ODIRNANE in January 2026 (€254 million collected net), available cash stood at €503 million at end of June against gross financial debt of €356 million, representing net cash of €148 million, rising to €239 million when including the escrow account of €91 million.
2026 targets confirmed, order backlog exceeding €1 billion
Order intake for the half-year came to €228 million. Comparison with the first half of 2025 is affected by the signing, in February 2025, of a contract worth approximately €400 million in mine countermeasures. Excluding this item, orders for navigation systems increased by more than 40% and those for photonics activities by nearly 70%.
On July 6, 2026, Thales and Exail Technologies announced a binding agreement with the Gorgé family for the acquisition of its 35.51% stake at a price of €134 per share. Completion, subject to regulatory and competition approvals, is expected by the third quarter of 2027. It will be followed by a mandatory public offer for all shares and ODIRNANE.
The group confirmed its 2026 targets: double-digit revenue growth and current EBITDA growth exceeding revenue growth. According to the consensus of analysts surveyed on October 6, 2026, expected annual revenue stands at an average of €571 million, compared to €479 million for the previous fiscal year. These targets are based on an order backlog exceeding €1 billion.
