Exosens (EXENS) Q3 2025 earnings summary

Executive summary

• Achieved 23.2% year-over-year revenue growth to €327.8m in 9M 2025, driven by strong defense market demand and successful acquisitions.

• Expanded production capacity plans, targeting a 40% increase by 2027 to meet rising global demand for night vision and defense imaging technologies.

• Closed acquisitions of Noxant, NVLS, and Phasics, enhancing technological capabilities in night vision, drone-based systems, and wavefront sensing.

• Divested Microwave Amplification business to focus on higher-growth, core activities.

Financial highlights

• Revenue reached €327.8m in 9M 2025, up 23.2% from 9M 2024; like-for-like growth was 15.1%.

• Adjusted gross margin rose 28.7% to €168.0m (margin rate 51.2%, up 221bps year-over-year).

• Amplification segment revenue grew 20.6% to €231.8m; Detection & Imaging up 26.2% to €97.0m.

• Adjusted EBITDA for 9M 2025 was €70.6m, representing 32.2% of revenue.

Outlook and guidance

• On track to deliver 2025 guidance: revenue growth in the high teens and adjusted EBITDA growth in the low twenties.

• 2024-2026 adjusted EBITDA CAGR expected in the high teens, with cash conversion ratio of 70%-75%.

• Leverage ratio to be maintained around 2x, with continued selective M&A.