i2S: Revenue up 11.2% over nine months, driven by Vision (+41%)
i2S Innovative Imaging Solutions released on October 15, 2026 revenue of 13,051 K€ for the first nine months of the fiscal year, up 11.2% compared to the same period in 2025. Growth is supported by two drivers: export sales (+19.5%) and Vision activity (+41%), itself driven by its Twiga subsidiary.
The third quarter, at 4,720 K€ (+9%), shows growth concentrated in a single activity. Vision grew 46%, DigiBook 4%, while Medcare and Orphie declined 4% and 6% respectively. For the full year, management set revenue targets by activity, including 5.8 M€ for Vision and 7 M€ for DigiBook.
Vision grows 41%, Medcare declines 9% over nine months
Over nine months, Vision reached 3,963 K€ compared to 2,812 K€ a year earlier. DigiBook, the group's largest activity by size, achieved 4,931 K€ (+4%). Orphie stood at 1,723 K€ (+14%), while Medcare declined to 2,434 K€ from 2,687 K€ (-9%).
Reading only the third quarter nuances these trends. Orphie, up 34% in the first half, declined 6% over the period, at 711 K€. Medcare limited its decline to 4% (900 K€), against -12% in the first half. Vision accelerated to +46%, at 1,279 K€.
Overall, quarterly growth (+8.98%) fell short of that in the first half (+12.49%), at 8,331 K€.
Exports represent 72.4% of sales, driven by Twiga
Export sales reached 9,444.7 K€ over nine months, up 19.53%. They represent 72.4% of revenue, compared to 67.3% a year earlier. The group attributes this growth in particular to Twiga, whose revenue increased 18% and order intake 25% over nine months, particularly in surveillance drones.
In a context of risk of shortage of electronic components, a customer in this sector placed a firm order of 5.3 M€ covering all its needs for next year. According to the company, this amount alone exceeds Twiga's 2025 revenue. The group notes that Vision's prospects remain contingent on supply tensions on certain components, including memory.
At DigiBook, dynamics vary by region: Spain and Germany underperformed due to investment delays linked to budget constraints, while the United States benefits from private financing for university digitization. The activity won several tenders, including equipment for Baghdad's digital library and the South African National Library.
2026 Targets: 5.8 M€ for Vision, 7 M€ for DigiBook
For 2026, management targets 5.8 M€ in revenue for Vision (+38%), relying on planned deliveries in the final quarter. DigiBook is expected to reach 7 M€ in 2026, compared to 7.5 M€ in 2025. A tender won in Algeria should see its delivery postponed to 2027 due to geopolitical context, although a level of 7.5 M€ remains feasible according to the group, subject to absence of supply delays or customs difficulties.
Medcare is expected at 3.8 M€ (+5%), which requires billings planned at year-end on three medical projects whose market launch is scheduled for 2027. Orphie should reach 1.9 M€ (+1%). A market study estimated at 20 M€ in 2026 the addressable market for its cameras, limited to turbid waters: the group plans to launch a first generation of versatile cameras at the Shanghai Oceanology trade show in late November, and hired in September a new sales manager.
Management also indicates it is seeking acquisition targets. Annual revenue will be published on January 28, 2027, after market close. The most structuring element of the publication remains the firm order of 5.3 M€ recorded for next year in surveillance drones.
