Core Viewpoint - Exosens has signed an agreement to acquire Phasics, a leader in wave front sensing technology, to enhance its technology portfolio and provide innovative imaging solutions to customers [1][7]. Group 1: Acquisition Details - The acquisition of Phasics will allow Exosens to develop its multi-sensors approach and add new functionalities to its imaging business, maintaining its position at the cutting edge of technology [3]. - Phasics, founded in 2003, had sales of €8.5 million in 2024 and employs 40 people, recognized for its expertise in wave front sensing technology [4]. - The acquisition will enhance Exosens' product offerings in high-performance imaging solutions for defense, industrial control, and life sciences [7]. Group 2: Strategic Implications - The integration of Phasics is expected to accelerate its international growth by leveraging Exosens' established commercial network, particularly in instrumentation and semiconductor markets [7]. - Exosens continues to execute its bolt-on acquisition strategy, acquiring unique technology assets to reinforce its leadership across verticals and unlock value through global commercial reach and accelerated innovation [7]. Group 3: Company Background - Exosens is a high-tech company with over 85 years of experience in the innovation, development, manufacturing, and sale of high-end electro-optical technologies [6]. - The company operates on 11 sites in Europe and North America, employing over 1,800 people and is recognized as a major innovator in optoelectronics [6].

Group 1 - The company Exosens has launched a share buyback program to repurchase a maximum of 240,000 shares, which will take place from 31 July 2025 to 31 October 2025 [2][3] - The shares repurchased will be used to cover performance share plans for employees [2] - The buyback program is authorized by the General Meeting of Shareholders held on 23 May 2025, under the 10th resolution, and the purchase price will not exceed the maximum price authorized by shareholders [3] Group 2 - Exosens is a high-tech company with over 85 years of experience in the innovation, development, manufacturing, and sale of high-end electro-optical technologies [5] - The company offers detection components and solutions, including travelling wave tubes, advanced cameras, neutron and gamma detectors, instrument detectors, and light intensifier tubes [5] - Exosens is recognized as a major innovator in optoelectronics, with production and R&D across 11 sites in Europe and North America, employing over 1,900 employees [5]

Company Overview - Exosens is a high-tech company with over 85 years of experience in innovation, development, manufacturing, and sale of high-end electro-optical technologies [3] - The company specializes in detection components and solutions, including travelling wave tubes, advanced cameras, neutron & gamma detectors, instrument detectors, and light intensifier tubes [3] - Exosens is recognized internationally as a major innovator in optoelectronics, with production and R&D conducted across 11 sites in Europe and North America, employing over 1,900 staff [3] - The company is listed on the Euronext Paris regulated market and is part of the Euronext Tech Leaders segment, included in several indices such as SBF 120, CAC All-Tradable, CAC Mid 60, FTSE Total Cap, and MSCI France Small Cap [3] Financial Reporting - Exosens has filed its half-year financial report for the first half of 2025, which ended on June 30, 2025, with the French Financial Markets Authority [2] - The financial report is accessible on the company's website under the section for regulated information and financial reports [2]

Core Insights - Exosens reported strong performance in H1 2025, achieving a revenue growth of +20.1% year-on-year, driven by robust demand in the Defense sector [3][5][4] - The company is on track to meet its 2025 guidance, expecting continued revenue growth in the high-teens and adjusted EBITDA growth in the low twenties [2][28] - Strategic acquisitions of Noxant and NVLS are expected to enhance Exosens' product offerings and innovation capabilities in Defense applications [5][10][15] Financial Performance - Revenue for H1 2025 reached €224.5 million, up from €186.9 million in H1 2024, marking a +20.1% increase [4][5] - Adjusted EBITDA increased by +23.8% to €69.5 million, with an adjusted EBITDA margin of 30.9%, up from 30.0% in H1 2024 [21][22] - Net profit surged to €27.9 million in H1 2025, compared to €2.9 million in H1 2024, reflecting a significant improvement in profitability [23][24] Segment Performance - Amplification segment revenue grew by +17.6% to €162.9 million, driven by increased demand for night vision applications [7][5] - Detection & Imaging segment revenue rose by +23.6% to €62.3 million, with a solid recovery in Q2 2025 after a challenging Q1 [12][5] - Adjusted gross margin improved to €111.5 million, representing a +22.3% increase compared to H1 2024, with a margin rate of 49.6% [16][20] Market Dynamics - The Defense market continues to show strong momentum, particularly in areas such as drone warfare and advanced night vision technologies [3][8] - Exosens is positioned as a key supplier of high-performance image intensifier tubes to NATO armies and Tier-1 allies, with increasing procurement of night vision systems [8][9] - The company is executing a €20 million investment plan to expand production capacity in response to growing global demand [9][26] Strategic Initiatives - Exosens is assessing further capacity increases to meet accelerating demand in the Defense sector [3][9] - The company plans to maintain a leverage ratio around 2x while pursuing selective external growth strategies [29][27] - Continued investment in R&D, totaling €17.0 million in H1 2025, aims to drive innovation in next-generation technologies [25][26]

Core Points - The Combined General Meeting of Exosens shareholders was held on May 23, 2025, chaired by Mr. Jean-Hubert Vial [2] - The meeting had a quorum of 77.83% for ordinary resolutions and 77.53% for extraordinary resolutions, with all resolutions approved [3] - The shareholders approved the financial statements for the year ended December 31, 2024 [4] - A cash dividend of €0.10 per share was approved, with payment starting on May 30, 2025 [5] - Bpifrance Investissement was appointed as a director, represented by Ms. Dorianne Bonfils [6] Company Overview - Exosens is a high-tech company with over 85 years of experience in electro-optical technologies, focusing on amplification, detection, and imaging [7] - The company offers detection components and solutions, including travelling wave tubes, advanced cameras, and neutron & gamma detectors [7] - Exosens is recognized as a major innovator in optoelectronics, with production and R&D across 11 sites in Europe and North America, employing over 1,800 people [7] - The company is listed on Euronext Paris and is part of several indices, including SBF 120 and MSCI France Small Cap [7]

Company Overview - Exosens is a high-tech company with over 85 years of experience in innovation, development, manufacturing, and sale of high-end electro-optical technologies [6] - The company specializes in detection components and solutions, including travelling wave tubes, advanced cameras, neutron & gamma detectors, instrument detectors, and light intensifier tubes [6] - Exosens is recognized as a major innovator in optoelectronics, with production and R&D conducted at 11 sites across Europe and North America, employing over 1,800 staff [6] - The company is listed on compartment A of the regulated market of Euronext Paris under the ticker EXENS and is part of the Euronext Tech Leaders segment and several indices, including SBF 120 and CAC Mid 60 [6] General Meeting Information - A Combined General Meeting for shareholders is scheduled for 23 May 2025 at 10 a.m. in Paris, France [1] - The meeting notice, including the agenda and proposed resolutions, was published in the Bulletin des Annonces Légales Obligatoires (BALO) No. 47 on 18 April 2025, with a subsequent notice to be published in BALO No. 54 on 5 May 2025 [2] - Shareholders can access and download relevant documents related to the meeting on the Exosens website [3] - Documents for the General Meeting will also be available at Exosens' registered office in Mérignac, France, in compliance with legal provisions [4] - Shareholders may inspect these documents at the registered office or request them via email during the 15 days preceding the General Meeting [5]

Group 1 - Exosens has filed its 2024 Universal Registration Document with the French Financial Markets Authority (AMF) on April 29, 2025, under number R.25-001 [1] - The 2024 Universal Registration Document includes the Group's annual financial report, management report, Board of Directors' report on corporate governance, and sustainability report [1] - The document is available for viewing on Exosens' website and the AMF website, with printed versions obtainable upon request from the company's registered office in Mérignac, France [2] Group 2 - Exosens is a high-tech company with over 85 years of experience in the innovation, development, manufacturing, and sale of high-end electro-optical technologies [3] - The company offers detection components and solutions, including travelling wave tubes, advanced cameras, neutron and gamma detectors, instrument detectors, and light intensifier tubes [3] - Exosens is recognized as a major innovator in optoelectronics, with production and R&D across 11 sites in Europe and North America, employing over 1,800 staff [3] - The company is listed on compartment A of the regulated market of Euronext Paris and is a member of the Euronext Tech Leaders segment, included in several indices such as SBF 120 and MSCI France Small Cap [3]

Core Insights - Exosens reported strong revenue growth in Q1 2025, achieving €104.9 million, a 21.1% increase compared to Q1 2024, driven by robust demand in Defense markets [7][8][10] - The company is on track to meet its 2025 guidance, expecting high-teens revenue growth and low twenties adjusted EBITDA growth [3][23] Financial Performance - Total revenue for Q1 2025 was €104.9 million, up €18.3 million from Q1 2024, with a like-for-like growth of 18.0% [6][7] - Amplification revenue reached €81.7 million, reflecting a significant growth of 29.1% year-over-year, primarily due to increased demand for night vision applications [9][10] - Detection & Imaging revenue slightly declined to €24.0 million, down 1.0% compared to Q1 2024, impacted by temporary challenges in the Telops segment [11][12] Margin Analysis - Adjusted gross margin increased by 28.1% to €52.6 million in Q1 2025, with a margin rate of 50.1%, up 270 basis points from the previous year [8][17] - The Amplification segment's adjusted gross margin grew by 39.5% to €40.8 million, with a margin rate of 49.9% [18] - Detection & Imaging segment's adjusted gross margin remained stable at €11.8 million, with a margin rate improvement to 49.3% [19] Market Dynamics - The demand for Exosens' products is bolstered by increasing geopolitical tensions and sustained investments from NATO and Tier-1 allies [4][10] - The company anticipates continued growth in its Defense-related activities, with expectations for the Detection & Imaging segment to recover and accelerate throughout 2025 [12][23] Strategic Developments - Exosens completed the acquisition of Noxant, enhancing its capabilities in high-performance cooled infrared imaging, particularly for Defense and Surveillance applications [13][14] - The integration of Noxant is underway, expected to be finalized by the end of June 2025 [14] Governance and Shareholder Updates - Bpifrance Investissement is proposed for appointment to the Board of Directors, following an increase in its stake to 7.2% of Exosens' share capital [20][21] - The company maintains a leverage ratio target of around 2x while pursuing its growth strategy [24]