Exail Technologies (EXA) H2 2025 earnings summary

Executive summary

• Achieved strong revenue and EBITDA growth in 2025, driven by robust order intake and international expansion, with order intake reaching €844 million, up 87% year-over-year.

• Revenue grew 28% to €479 million, with nearly 80% from Navigation & Maritime robotics, and EBITDA rose 40% to €103 million, margin reaching 23% in H2 2025.

• Net income turned positive at €5.9 million from a loss in 2024.

• Strengthened balance sheet through €300 million ODIRNANE fundraising and significant deleveraging, with available cash exceeding €640 million after January 2026 issuance.

• Delivered first fully integrated autonomous naval drone system and scaled up production of navigation systems.

Financial highlights

• Revenues reached €479M, up 28% year-over-year; current EBITDA at €103M, up 40%.

• EBITDA margin improved by 3 points to 23% in H2 2025.

• Net income turned positive at €5.9M, compared to a loss in 2024.

• Cash flow from operations after WCR tripled to €100M.

• Order intake surged 87% to €844M, with backlog exceeding €1.1bn.

Outlook and guidance

• Targeting double-digit revenue growth in 2026, with EBITDA increasing faster than revenue.

• Aims to reach a 25% EBITDA margin as new large programs ramp up.

• Order book of €1.1 billion secures significant part of 2026 growth; focus on increasing production capacity and new commercial successes.

• Plans €10-15M additional production capex over the next two years.