Exosens (EXENS) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue reached €224.5 million, up 20.1% year-over-year, with organic growth at 13.2%, driven by strong Defense & Surveillance demand.

• Adjusted EBITDA grew 23.8% to €69.5 million, margin expanding to 30.9% (+92bps YoY).

• Net profit rose to €27.9 million from €2.9 million last year, reflecting improved profitability and lower financial costs post-IPO.

• Continued high investment in R&D and capacity expansion to support innovation and future growth.

• Fully on track to deliver 2025 guidance, with high-teens revenue growth and low-twenties EBITDA growth expected.

Financial highlights

• Revenue: €224.5m in H1 2025 (+20.1% YoY, +13.2% LFL), driven by defense investments and acquisitions.

• Adjusted gross margin: €111.5m (49.6% of sales, +22.3% YoY, +89bps).

• Adjusted EBITDA: €69.5m (30.9% margin, +23.8% YoY).

• Adjusted EBIT: €58.6m (26.1% margin, +27.1% YoY, +142bps).

• Free cash flow: €23.6m, with cash conversion at 76.1%.

Outlook and guidance

• 2025 revenue growth expected in the high teens, with adjusted EBITDA growth in the low 20s.

• Adjusted EBITDA CAGR for 2024-2026 projected in the high teens.

• Cash conversion ratio guidance maintained at 70%-75% for 2024-2026.

• Selective M&A to continue, with leverage ratio targeted around 2x.

• Additional €20m investment in capacity expansion in Europe and the US over 2025-2026.