Exosens: Revenue Up 23.5% in Third Quarter, Gross Margin Declines
Exosens reported on October 27, 2026, third-quarter revenue of €133.8 million, up 23.5%. At constant scope and exchange rates, growth reached 20.5%, compared with 11.4% in the first half. According to the group, this acceleration is driven by demand for night vision and defense imaging, as well as European production capacity ramping up faster than expected. This was accompanied by a decline in adjusted gross margin rate to 48.6% for the quarter versus 52.1% a year earlier. The group attributes this decline primarily to product mix effects. The 2026 targets, raised on September 17, have been confirmed.
Nine Months at €386.9 Million, Both Segments Accelerating
For the first nine months of 2026, consolidated revenue stood at €386.9 million, compared with €327.8 million a year earlier, representing an increase of 18.0%. Growth at constant scope and exchange rates came in at 14.4%. The difference is explained by the contribution of acquisitions made in 2025 and 2026 (Noxant, NVLS, Phasics, and Emberion). The Amplification segment, which represents approximately 69% of sales, achieved €267.8 million (+15.5%, of which +14.5% at constant scope and exchange rates). Its growth accelerated from 11.6% in the first half to 23.9% in the third quarter. The press release notes that global demand continued to exceed available capacity, notably within the framework of the OCCAR framework agreement for German and Belgian armed forces. The Detection & Imaging segment (approximately 31% of sales) reached €120.0 million, up 23.7%, of which 14.1% at constant scope and exchange rates. Applications related to drones, counter-drone systems, and nuclear instrumentation, particularly for small modular reactors, drove this growth. Life sciences, meanwhile, experienced mixed conditions, according to the group. Third-quarter revenue of €133.8 million came in slightly below the €137 million estimate held by the sole analyst followed before publication.
Adjusted Gross Margin Down 80 Basis Points Over Nine Months
Adjusted gross margin increased by 16.1% over nine months, to €194.9 million, compared with €168.0 million a year earlier. Expressed as a percentage of revenue, it stood at 50.4%, compared with 51.2% over the same period in 2025. The decline affected both segments: 51.9% versus 52.5% in Amplification, 46.6% versus 47.6% in Detection & Imaging. The group cites several factors. In Amplification, the ramp-up in the third quarter of deliveries of complete night vision systems from NVLS (acquired in July 2025) produced a less favorable mix, compounded by personnel costs at the American plant. In Detection & Imaging, the growing weight of defense imaging reduced the share of higher-margin detectors, notably those destined for life sciences. Exosens also notes that the comparison base was elevated: in the third quarter of 2025, the margin rate of the Amplification segment had reached 54.9%, compared with 50.5% over the full 2025 fiscal year. According to the press release, these effects are already incorporated into annual targets.
2026 Targets Confirmed, Capacity Expansion Plan and First BiNOD Order
Exosens confirmed its targets raised on September 17, 2026: revenue between €558 and €570 million and adjusted EBITDA between €186 and €192 million. At the midpoint, this corresponds to approximately 20% growth in sales and 25% growth in adjusted EBITDA compared with 2025, a fiscal year closed with revenue of €468.19 million according to accounts published on March 10, 2026. The consensus of nine analysts for the current fiscal year, at €565 million, falls within this range. Capital expenditures are expected to represent approximately 9% of revenue, excluding capitalized R&D (approximately 3%). They finance a plan aimed at increasing light intensifier tube production capacity by 40% in Europe and the United States by 2027, of which the first European phase has been completed. The group also plans to triple its thermal camera production capacity and double that of cooled infrared cameras in 2026. In the United States, its subsidiary Photonis Defense received in August 2026 a first order for 1,600 complete systems under the U.S. Army's BiNOD program, under a framework contract worth $352.6 million announced in March 2026. First deliveries are expected by end-2026, with the majority anticipated during 2027. 2027 targets will be communicated on February 22, 2027, together with annual results.
