Exosens (EXENS) Q4 2025 earnings summary

Executive summary

• Achieved strong 2025 results, exceeding guidance with €468.2m revenue (+22.1% YoY, +12.7% LFL) and €151.6m adjusted EBITDA (+26.6% YoY), with Defense & Surveillance accounting for 75% of revenue.

• Net profit from continued operations reached €72m, more than doubling year-over-year.

• Free cash flow was €57.3m, with a 73.6% cash conversion rate and low leverage at 1.3x EBITDA.

• Continued investment in R&D and capacity expansion to support growth, especially in defense and surveillance.

• Divested microwave amplifier business and completed acquisitions of NVLS, Noxant, and Phasics to focus on high-value activities.

Financial highlights

• Revenue grew to €468.2m (+22.1% YoY), with adjusted gross margin at 50.0% and adjusted EBITDA margin at 32.4%.

• Adjusted EBIT rose 30.3% to €127.6m, margin 27.3%.

• Net profit from continuing operations was €72m, excluding a €27.5m loss from the microwave amplifier sale.

• Free cash flow after growth capex was €57.3m; capex-to-sales ratio at 7.8%.

• Board proposed a €0.30 per share dividend (22% payout ratio), in line with policy.

Outlook and guidance

• 2026 revenue guidance: €520–540m; adjusted EBITDA: €168–178m.

• 2024–2026 EBITDA CAGR expected at 18–22%, above previous high-teens guidance.

• Midterm organic sales growth targeted in the mid-teens, with EBITDA growth above 15% per year.

• CapEx to normalize at 5% of sales post-2026, with R&D capitalization at 3%.

• Ambition to reach €1bn revenue midterm, with leverage temporarily up to 2x EBITDA if needed for M&A.