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 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]