Exosens (EXENS) Q2 2026 earnings summary

Executive summary

• Achieved H1 2026 revenue of €253.1 million, up 15.3% year-over-year and 11.4% like-for-like, driven by strong demand in defense, surveillance, and night vision markets, as well as recent acquisitions.

• Adjusted EBITDA increased 18.3% to €83.6 million, with margin expanding to a record 33.0% (+84bps), reflecting operational excellence and favorable product mix.

• Net profit from continuing operations, excluding a one-off trademark impairment, was €35.9 million (+21%); reported net profit was €15.3 million due to a €28.2 million brand impairment.

• Free cash flow reached €31.4 million despite increased CapEx for capacity expansion.

• Major contracts secured with US Army and Czech Armed Forces; capacity expansion underway in Europe and the U.S.

Financial highlights

• Revenue increased by €33 million year-over-year, with €18 million from Amplification and €15 million from Detection & Imaging.

• Adjusted gross margin grew 16.5% to €129.9 million (51.3% of sales, +53bps).

• Adjusted EBIT rose 19.2% to €71.8 million (28.4% margin, +92bps).

• Free cash flow remained strong at €31.4 million, despite nearly doubling growth CapEx.

• CapEx-to-sales ratio increased to 9.2% (from 6.7%), reflecting accelerated investment.

Outlook and guidance

• 2026 revenue expected at €520–540 million; adjusted EBITDA at €168–178 million, both now guided toward the upper end.

• CapEx to sales ratio reaffirmed at around 9%, with R&D capitalization at about 3%.

• Production capacity to expand by 40% by 2027; continued investment in R&D and capacity to support long-term growth.

• Beyond 2026, targets mid-teens average annual organic revenue growth and >15% annual adjusted EBITDA growth.