Core Insights - Exosens has exceeded its 2025 revenue guidance with a strong growth of 22.1%, reaching €468.2 million, primarily driven by robust demand in the Defense and Surveillance sectors, which accounted for 75% of total revenue [4][13] - The company has demonstrated significant profitability improvements, with adjusted EBITDA increasing by 26.6% to €151.6 million, achieving a sector-leading margin of 32.4% [4][35] - Exosens is targeting continued double-digit growth in 2026, with projected revenue between €520 million and €540 million and adjusted EBITDA between €168 million and €178 million [46][52] Financial Performance - Revenue for 2025 was €468.2 million, up from €383.4 million in 2024, reflecting a 22.1% increase [10][13] - Adjusted gross margin rose to €234.0 million, a 24.2% increase from €188.4 million in 2024, with the margin percentage improving to 50.0% [31][10] - Net profit from continued operations more than doubled to €70.2 million, a 106.0% increase compared to €34.1 million in 2024 [38][39] Business Segments - Amplification revenue reached €319.2 million, representing 68% of total sales, with an 18.4% growth driven by increased demand for night vision applications [14][13] - Detection & Imaging revenue grew by 28.0% to €150.5 million, supported by acquisitions and strong performance in Defense and Surveillance markets [21][13] - The company completed three acquisitions in 2025, enhancing its capabilities in Surveillance and expanding its technology portfolio [7][19] Market Dynamics - The Defense sector is experiencing heightened demand for night vision technologies, particularly due to geopolitical tensions and evolving military requirements [15][16] - Exosens has secured significant contracts, including a €500 million deal with OCCAR for supplying night vision tubes to the German armed forces [16][7] - The company is investing €37 million to expand production capacity by 40% by 2027, targeting growth in both European and U.S. markets [17][46] Innovation and R&D - Exosens launched a breakthrough 5G image intensifier tube, improving performance benchmarks in night vision technology [18][7] - R&D expenses increased by 19.8% to €35.7 million, reflecting the company's commitment to innovation in imaging technologies [41][10] - The company is focused on developing advanced imaging systems for various sectors, including Defense, Industrial Control, Life Sciences, and Nuclear [41][7] Strategic Outlook - Exosens aims for medium-term organic revenue growth in the mid-teens and adjusted EBITDA growth above 15% [48][47] - The company plans to maintain a disciplined approach to capital allocation, focusing on long-term value creation through targeted acquisitions [50][51] - A proposed cash dividend of €0.30 per share for the 2025 fiscal year reflects the company's commitment to returning value to shareholders [45][51]

Core Insights - Exosens has secured its largest contract to date for over 7,000 5G image intensifier tubes from ACTinBlack Group, a prominent European manufacturer of advanced night vision systems [2][3][4] - The contract highlights the strong market adoption of Exosens' 5G technology, which is designed for demanding low-light environments and offers significant performance improvements [4][5] - This order reinforces Exosens' position as a strategic supplier for NATO in night vision technologies, contributing to defense sovereignty and operational readiness [6][8] Company Overview - Exosens specializes in high-tech amplification, detection, and imaging technologies, with over 85 years of experience in the field [7] - The company is recognized for its innovation in optoelectronics and operates production and R&D across 12 sites in Europe and North America, employing over 2,000 staff [7] - Exosens is listed on Euronext Paris and is part of several indices, including SBF 120 and CAC Mid 60 [8] Industry Context - ACTinBlack Group is a leader in advanced night vision and optronics technologies, serving defense and law enforcement sectors with a strong reputation among international Special Forces [9] - The procurement of 5G image intensifier tubes underscores the growing demand for advanced night vision solutions in military applications [4][6]

Core Insights - Exosens has been awarded the EcoVadis Gold Medal, recognizing its commitment to corporate social responsibility (CSR) and placing it among the top 5% of assessed organizations [1][8] - The company achieved a score of 82/100, indicating its leadership within the Aerospace & Defense sector in terms of CSR practices [8] Group CSR Framework - The EcoVadis assessment highlights the robust structuring of Exosens' CSR approach across key pillars, including environmental performance, social and human rights, ethics, and responsible purchasing [2][8] - Environmental initiatives include annual carbon footprint calculations and tailored action plans aimed at reducing environmental impacts [2] Social and Human Rights - Exosens has established a consistent HR framework that ensures safe and equitable working conditions, supported by skills development programs and structured social dialogue [3] Ethics and Compliance - The evaluation recognizes Exosens' comprehensive program for ethics and compliance, which includes anti-corruption measures, conflict-of-interest management, and whistleblowing systems [4] Responsible Procurement - Progress in responsible procurement is acknowledged, driven by a formalized policy and the integration of ESG criteria within purchasing processes [5] Company Commitment - The CFO of Exosens emphasized that the Gold Medal reflects the continuous efforts to reinforce CSR commitments and the engagement of teams in embedding sustainability into practices [6] Company Overview - Exosens is a high-tech company with over 85 years of experience in electro-optical technologies, employing more than 2000 people across 12 sites in Europe and North America [7] - The company is listed on Euronext Paris and is recognized as a major innovator in optoelectronics [7]

EXOSENS AND THEON INTERNATIONAL ANNOUNCE THE SIGNING OF A CONTRACT WITH OCCAR FOR 100,000 NIGHT-VISION MIKRON BINOCULARS, EMBEDDING 200,000 EXOSENS TUBES FOR A TOTAL VALUE OF APPROXIMATELY €500 MILLION, THE LARGEST FIRM NIGHT-VISION AGREEMENT TO DATE AND MAJOR STEP FOR EUROPEAN DEFENCE CAPABILITIES PRESS RELEASEMÉRIGNAC, FRANCE – 10 DECEMBER 2025 Exosens and Theon International announce the signing of a contract between the THEON/HENSOLDT consortium and OCCAR for 100,000 binocular MIKRON devices, the larges ...

Core Insights - Theon International Plc has extended its commercial agreement with Exosens for the supply of Image Intensifier Tubes (IITs) by an additional three years, now covering deliveries through to the end of 2030 [2][3] - This extension is expected to secure a higher annual supply of IITs to meet the increasing demand for Night Vision systems across Europe, MENA, and APAC regions [3][4] - The global availability of IITs is projected to remain tight, with supply falling short of demand despite capacity increases from Exosens and Harder Digital, in which Theon holds a 60% stake [4] Supply Agreement Details - Theon anticipates procuring over 400,000 IITs in the next five years through this supply agreement, reinforcing its position in the global Night Vision market [6] - The agreement allows Theon to exercise options for 2027 and 2028 into firm orders, enhancing its competitive advantage [3][5] Strategic Developments - Theon recently acquired a 9.8% stake in Exosens, becoming its largest strategic investor, which strengthens coordination in production and delivery schedules [5] - The CEO of Theon emphasized that this partnership extension is a strategic milestone that will help meet the accelerating global demand for Night Vision systems [7] Company Background - Theon Group develops and manufactures advanced night vision and thermal imaging systems for defense and security applications, with a global presence [8] - The company has over 240,000 systems in service with armed and special forces in 71 countries, including 26 NATO countries [8]

Core Points - Exosens and Theon International have extended their long-term commercial agreement for the supply of Image Intensifier Tubes through 2030, originally set to expire in 2027, to address the growing demand in the market [1][7] - The extension solidifies Exosens' role as a preferred supplier to European Armed Forces and global markets, ensuring an increased annual supply of image intensifier tubes to meet rising demand in Europe, MENA, and APAC regions [3][4] - Theon will convert its options for 2027 and 2028 into firm orders, providing early volume visibility and absorbing a significant portion of Exosens' production capacity increase expected in 2027 [3][7] Company Positioning - Exosens and Theon are positioned as key players in addressing supply constraints in the image intensifier tube market, which remains structurally below demand despite recent capacity expansions [4][7] - The agreement allows Theon to procure over 400,000 tubes over the next five years, reinforcing Exosens' global leadership in the market and enabling capacity expansion [5][6] - Exosens is committed to delivering cutting-edge night vision solutions and contributing to Europe's technological sovereignty and security for armed forces and strategic industries [6][8]

Core Insights - Exosens has been awarded an "A" rating by MSCI in its annual ESG Ratings assessment, recognizing the company's commitment to Environmental, Social, and Governance standards, positioning it among leading players in the Aerospace & Defense sector [1][9]. Group 1: ESG Commitment - The "A" rating underscores the reliability and safety of Exosens' products, which adhere to the highest market standards essential for critical applications like imaging, detection, and amplification [2]. - Exosens' technology has a positive environmental impact, contributing to energy waste reduction, leak detection in the oil and gas sector, and enhanced safety in nuclear applications, thus supporting a transition to a more sustainable industry [3]. - The governance strength of Exosens is highlighted by principles of transparency and rigor, including the "one share = one vote" principle and the establishment of an independent audit committee [4]. Group 2: Company Strategy and Vision - The CEO of Exosens expressed pride in receiving the MSCI "A" rating, emphasizing the company's commitment to combining industrial performance with social responsibility and reducing its carbon footprint [5]. - Exosens is intensifying efforts to strengthen governance and business ethics, focusing on social and environmental dimensions and enhancing stakeholder relationships across its value chain [6]. - The company aims to meet the highest international standards to deliver sustainable value to customers, shareholders, and communities [7]. Group 3: Company Overview - Exosens is a high-tech company with over 85 years of experience in developing and manufacturing high-end electro-optical technologies, offering solutions such as travelling wave tubes and advanced cameras [8]. - The company is listed on Euronext Paris and is a member of the Euronext Tech Leaders segment, recognized for its efforts in reliability, security, and positive environmental impact [9].

Core Insights - Exosens reported a strong performance for the nine-month period ending September 30, 2025, with revenue growth of +23.2% year-over-year, driven by robust demand in defense markets [3][6][7] - The company is on track to meet its 2025 financial guidance, expecting high-teens revenue growth and low twenties adjusted EBITDA growth [2][24] Financial Performance - Total revenue for 9M 2025 reached €327.8 million, an increase of €61.6 million compared to 9M 2024, with a like-for-like growth of +15.1% [6][7] - Amplification segment revenue grew by +20.6% to €231.8 million, while Detection & Imaging segment revenue increased by +26.2% to €97.0 million [5][14] - Adjusted gross margin rose by +28.7% to €168.0 million, with a margin rate of 51.2%, reflecting strong performance in the Amplification segment [20][21] Strategic Initiatives - Exosens is expanding its production capacity by +40% by 2027, with a total investment of €37 million aimed at meeting increasing demand for night vision systems [10][11] - The company has made several strategic acquisitions, including NVLS and Phasics, to enhance its technological capabilities and expand its market presence [12][18] - The divestment of the Microwave Amplification business is expected to improve profitability and focus on higher-value activities [13][38] Market Trends - The defense sector continues to show strong momentum, particularly in night vision technologies, driven by geopolitical tensions and increased procurement by NATO members [9][15] - Emerging applications such as drone warfare and advanced imaging systems are creating significant growth opportunities for Exosens [3][15] - The company anticipates continued demand in the life sciences and industrial control markets, with signs of recovery in industrial investments [16][17]

Core Viewpoint - HLD Europe has entered into an agreement to sell 9.8% of Exosens' share capital to Theon International at a price of €54 per share, highlighting Exosens' strategic positioning and growth potential in the night vision market [2][3]. Group 1: Transaction Details - The sale price of €54 per share reflects the recognition of Exosens' unique strategic positioning and strong growth potential identified by its largest night vision customer [2]. - The transaction is expected to complete in early Q1 2026, pending regulatory notifications [3]. - After the transaction, HLD Europe will remain the largest shareholder of Exosens, holding 22.42% of the company's capital [3]. Group 2: Company Overview - Exosens is a high-tech company with over 85 years of experience in developing and manufacturing high-end electro-optical technologies [5]. - The company offers a range of detection components and solutions, including travelling wave tubes, advanced cameras, and neutron & gamma detectors, catering to complex issues in demanding environments [5]. - Exosens is recognized as a major innovator in optoelectronics, with production and R&D across 12 sites in Europe and North America, employing over 1,800 people [5].

Theon International plans to buy a 9.8% stake in Exosens, in a deal that would make it the second-biggest shareholder in the French maker of night-vision goggles https://t.co/L8w03dmazx ...