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Exosens
Exosens (EXENS) investor relations material
Exosens Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary23 Feb, 2026
Executive summary
Achieved strong 2025 results, exceeding guidance with €468.2m revenue (+22.1% YoY, +12.7% LFL) and €151.6m adjusted EBITDA (+26.6% YoY), with Defense & Surveillance accounting for 75% of revenue.
Net profit from continued operations reached €72m, more than doubling year-over-year.
Free cash flow was €57.3m, with a 73.6% cash conversion rate and low leverage at 1.3x EBITDA.
Continued investment in R&D and capacity expansion to support growth, especially in defense and surveillance.
Divested microwave amplifier business and completed acquisitions of NVLS, Noxant, and Phasics to focus on high-value activities.
Financial highlights
Revenue grew to €468.2m (+22.1% YoY), with adjusted gross margin at 50.0% and adjusted EBITDA margin at 32.4%.
Adjusted EBIT rose 30.3% to €127.6m, margin 27.3%.
Net profit from continuing operations was €72m, excluding a €27.5m loss from the microwave amplifier sale.
Free cash flow after growth capex was €57.3m; capex-to-sales ratio at 7.8%.
Board proposed a €0.30 per share dividend (22% payout ratio), in line with policy.
Outlook and guidance
2026 revenue guidance: €520–540m; adjusted EBITDA: €168–178m.
2024–2026 EBITDA CAGR expected at 18–22%, above previous high-teens guidance.
Midterm organic sales growth targeted in the mid-teens, with EBITDA growth above 15% per year.
CapEx to normalize at 5% of sales post-2026, with R&D capitalization at 3%.
Ambition to reach €1bn revenue midterm, with leverage temporarily up to 2x EBITDA if needed for M&A.
Quantify revenue impact from 2027 capacity increase
M&A strategy: target leverage beyond 2x?
D&I segment: key drivers for future LFL growth
M&A target size and leverage strategy
Capacity constraints impact on segment growth
D&I defense revenue mix evolution
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Next Exosens earnings date
Q1 202627 Apr, 2026
Exosens
Next Exosens earnings date
Q1 202627 Apr, 2026
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Frequently asked questions
Exosens specializes in the development, manufacture, and sale of electro-optical technologies, including amplification, detection, and imaging systems. The company offers a wide range of products such as image intensifier tubes, infrared cameras, x-ray components, gamma and neutron detectors, and methane airborne detection solutions. These technologies are utilized across various sectors, including scientific applications, defense, and industrial monitoring. The company is headquartered in Villeurbanne, Auvergne-Rhône-Alpes, France, and its shares are listed on the Euronext Paris.
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