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 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]