Exail Technologies (EXA) H1 2026 earnings summary

Executive summary

• H1 2026 revenue reached €275m, up 27% organically; current EBITDA rose 43% to €63m and margin expanded 3 pts to 23%.

• Growth was led by maritime robotics, navigation systems and photonics; profitability improved in both operating segments.

• Net income was -€87m, reflecting substantial operating charges and non-cash financial expenses, including retrospective accounting adjustments.

Financial highlights

• Revenue was €275m, up 25% reported and 27% organically; current EBITDA was €63m, up 43%, with a 22.9% margin versus 20% in H1 2025.

• Income from ordinary activities increased 61% to €46m; operating income was -€23m versus -€31m in restated H1 2025.

• Consolidated net income was -€87m versus -€164m restated; other financial income and expenses were -€62m, mainly from non-cash liability revaluations.

• Order intake was €228m versus €612m, with the comparison affected by a ~€400m mine-countermeasures contract signed in 2025; backlog was €1.024bn, down 7%.

Outlook and guidance

• FY 2026 objectives confirmed: double-digit organic revenue growth and current EBITDA growth above revenue growth.

• Backlog above €1bn and a substantial commercial-opportunity pipeline support visibility for continued growth over coming years.

• Commercial activity remains strong; several large mine-countermeasures programs are under evaluation, while navigation capacity is being expanded and photonics order intake is growing.