9M 2025 Results

Exosens achieves a strong 9M 2025 performance driven by continued defense tailwinds

Fully on track to deliver on 2025 guidance

PRESS RELEASE
MÉRIGNAC, FRANCE – 27 OCTOBER 2025

HIGHLIGHTS

• Sustained revenue growth of +23.2% to €327.8m in 9M 2025, driven by the ongoing strength of defense end markets

Continued strong momentum in Amplification (+20.6%), reflecting growing global demand for image intensifier tubes for defense night vision applications; further investment resulting in production capacity now expected to grow by +40% by 2027
Double-digits growth in D&I (+26.2%), with a robust LFL performance in Q3 2025 (+4.3%) from a high comparable base; strong momentum in defense imaging and protection systems, particularly for drone and counter-drone applications

• Adjusted gross margin up +28.7% to €168.0m in 9M 2025 (margin rate of 51.2%, up +221bps), mainly driven by strong Amplification growth (+33.1%)

• Continued disciplined execution of our bolt-on acquisition strategy, reinforcing our technological portfolio and expanding addressable market in defense applications:

Closing of Noxant (March) and NVLS (July), accelerating innovation in drone-based systems and night vision technologies to support European defense sovereignty
Closing of Phasics (October), a leader in wave front sensing technologies, further enhancing our imaging solutions for defense, industrial control and life sciences

• Divestment of the Microwave Amplification business, strengthening our focus on core activities with stronger growth and profitability prospects

OUTLOOK

• Fully on track to deliver on our 2025 guidance : continued strong performance, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties

Mérignac (France), 27 October 2025 – Exosens (EXENS; FR001400Q9V2), a high-tech company focused on providing mission and performance-critical amplification, detection and imaging technology, today publishes its revenue and adjusted gross margin for the nine-month period ended 30 September 2025.

“We are pleased to report our nine-month 2025 performance which shows sustained revenue and adjusted gross margin growth driven by strong defense tailwinds. With a +23% year-over-year growth and the closing of the acquisitions of NVLS in July and Phasics in October, Exosens is pursuing its strategy to position itself as a differentiated technology platform in Photonics, focused on fast-growing niche markets in defense, life sciences, industrial control, and nuclear. Defense momentum remains strong and continues to gain traction, both in Amplification and in Detection & Imaging, and Exosens is seizing significant growth opportunities driven by the rise of emerging applications such as drone warfare and advanced night vision technologies. In response to sustained demand, we have decided to implement an additional staggered capacity expansion, following the investment we announced in March, and we now expect to deliver a combined +40% increase in our global capacity by 2027. Looking ahead, we expect these positive trends to continue throughout the remainder of 2025, and we remain fully on track to deliver on our financial guidance for the year”, commented Jérôme Cerisier, CEO of Exosens.

Following the divestment of the group's Microwave Amplification business, revenue and adjusted gross margin figures for the 9M 2024 and 9M 2025 periods have been restated in accordance with IFRS 5. Restated historical figures (unaudited) are provided in the appendices of this press release.

Revenue up +23.2% in 9M 2025 driven by continued strength in defense end markets

In € millions	9M 2024	9M 2025	Change (€m)	Change (%)	LFL (%)
Amplification	192.2	231.8	+39.6	+20.6%	+20.0%
Detection & Imaging	76.8	97.0	+20.1	+26.2%	(0.2)%
Eliminations & Other	(2.9)	(0.9)	+1.9	nm	nm
Total revenue	266.2	327.8	+61.6	+23.2%	+15.1%

Exosens delivered sustained revenue performance in 9M 2025, maintaining its strong growth trajectory. Consolidated revenue amounted to €327.8 million, recording a growth of +23.2% (+€61.6 million) compared to 9M 2024. On a like-for-like basis, revenue increased by +15.1% year-over-year, driven by the continued strength of defense end markets.

Amplification revenue amounted to €231.8 million in 9M 2025, achieving a significant growth of +20.6% (+€39.6 million) compared to 9M 2024. This reflected higher sales volumes, driven by increased production capacity and strong demand for image intensifier tubes for defense night vision applications, a favorable product mix and improved yields.

As defense priorities evolve amid geopolitical tensions, the growing emphasis on night vision operational superiority is driving strong demand for night vision goggles. In this dynamic market, Exosens leverages its position as the strategic supplier of high-performance, ITAR-free image intensifier tubes to NATO members and tier-1 allies. End users have continued to increase their procurement of night vision systems, as evidenced by several major business wins, particularly in Europe. The Group estimates that night vision goggle equipment rates will remain well below end users' targeted levels through the end of the 2027 mid-term horizon. Europe is expected to remain a strong growth market for the foreseeable future, further strengthened by large programs currently underway or planned in the US and APAC regions.

In this favorable context, Exosens announced earlier this year a €20 million investment plan to grow production capacity in both Europe and the US, aiming for a +25% increase by 2027. As global demand continues to strengthen and in light of NATO members’ planned defense budget increases toward the 3.5% of GDP target, Exosens has decided to further expand capacity by +15% with an additional €17 million investment in Europe. In total, this decision brings the 2025 announced investments to €37 million, which are expected to deliver a combined +40% increase in the group's global capacity by 2027, covering the 18mm, 16mm and 5G product families. This plan is designed to further strengthen Exosens’ global footprint, enabling it to meet the growing needs for night vision systems among defense end users and capture additional market opportunities, particularly in the US.

In addition, in a rapidly evolving threat environment where technological superiority is critical, Exosens remains at the forefront of innovation with the launch of its 5G image intensifier tubes early September – a major technological breakthrough in the field of night vision. 5G sets new performance standards in image quality, observation range and luminous gain, with +30% overall performance (FOM) and up to +35% detection range vs. current standard. Exosens will be the only player able to deliver this level of technology to NATO members, cementing its role as NATO’s strategic night vision supplier. The group has received orders for over 5,000 5G tubes prior to the product's official launch, already making 5G a commercial success.

On M&A, Exosens closed on 15 July 2025 the acquisition of NVLS, a Spanish-based specialist in man-portable night vision and thermal devices. This strategic move will allow the group to expand its total addressable market and to provide high-end night vision goggles to end users, leveraging advanced technological capabilities combining sensors and optics to meet the needs of the soldier of the future. On 29 September 2025, Exosens announced that it has secured a major contract with the Spanish army for the supply of 17,000 advanced night vision monoculars from NVLS, utilizing its 16mm 4G intensifier tubes, to be delivered between 2025 and 2028. This landmark contract highlights NVLS’ contribution to European sovereignty by strengthening its industrial capacity as a leading Spanish supplier of night vision equipment for dismounted soldiers.

In line with its strategy to focus resources on higher-value activities which are closely aligned with its long-term priorities, the group has decided to divest its Microwave Amplification business. The signing of the asset purchase agreement marks a key step in this process, with the transaction expected to close latest in early 2026. In 2024, the group's Microwave Amplification business generated €10.6 million in revenue and a €1.3 million adjusted EBITDA loss, and consumed €5 million in cash. While the divestment will not generate cash inflows, the group expects to recognize a non-cash accounting loss in 2025, reflecting the impairment of goodwill and associated assets. Overall, the transaction will have a positive impact on the Group’s profitability and cash profile once completed.

Detection & Imaging revenue amounted to €97.0 million in 9M 2025, representing a solid growth of +26.2% (+€20.1 million) compared to 9M 2024, driven by the scope effect from acquisitions completed by the group in 2024 (Centronic and LR Tech) and 2025 (Noxant). On a like-for-like basis, D&I revenue remained broadly stable year-over-year (-0.2%). After a first quarter affected by temporary headwinds (-13.0%), mainly related to US scientific research, D&I returned to robust like-for-like growth in the second (+7.1%) and third (+4.3%) quarters, with continuing traction across key high-growth markets such as defense and nuclear.

Momentum in the defense sector has remained particularly strong, with the group seeing growing demand for imaging and protection systems, driven by the increasing adoption of optronic technologies for platform-based applications and the emergence of drone and counter-drone devices as a central pillar of modern warfare. These areas represent a highly promising growth avenue, reinforcing Exosens' position in next-generation defense capabilities, particularly in support of European sovereignty.

In nuclear, SMR-specific technologies have continued to gain strong market traction, driving the development of new products for longer-term business growth. In life sciences, ongoing uncertainties in US scientific research have weighed on overall demand for imaging systems, while the industrial control market has shown early signs of recovery, supported by a restart of capex investment and the rising adoption of artificial intelligence.

D&I like-for-like growth is expected to accelerate further throughout the remainder of the 2025 fiscal year, driven by solid underlying end-market trends.

On M&A, Exosens closed on 13 March 2025 the acquisition of Noxant, a specialist in high-performance cooled infrared cameras, notably for drone-based defense and surveillance applications. In addition, the group closed on 20 October 2025 the acquisition of Phasics, a leader in wavefront sensing technology, further expanding its offering in high performance imaging solutions for defense, industrial control and life sciences.

Strong improvement in adjusted gross margin, up +28.7% in 9M 2025

	9M 2024		9M 2025		Change
	In €m	% of sales	In €m	% of sales	In €m	In %
Amplification	91.5	47.6%	121.8	52.5%	+30.3	+33.1%
Detection & Imaging	38.9	50.7%	46.1	47.6%	+7.2	+18.5%
Eliminations & Other	0.1	nm	0.1	nm	-0.0	nm
Adjusted gross margin	130.5	49.0%	168.0	51.2%	+37.5	+28.7%

Exosens recorded a strong increase in adjusted gross margin at group level, supported by higher sales volumes, improved yields and a favorable product mix. The group's adjusted gross margin stood at €168.0 million in 9M 2025, reflecting a significant growth of +28.7% (+€37.5 million) compared to 9M 2024. As a percentage of consolidated revenue, adjusted gross margin was 51.2% in 9M 2025, marking an improvement of +221bps year-over-year.

Adjusted gross margin for the Amplification segment reached €121.8 million in 9M 2025, representing a sustained growth of +33.1% (+€30.3 million) compared to 9M 2024. Margin rate increased by +494bps to 52.5% in 9M 2025, driven by higher sales volumes, favorable product mix and improved yields.

Adjusted gross margin for the Detection & Imaging segment amounted to €46.1 million in 9M 2025, posting an increase of +18.5% (+€7.2 million) compared to 9M 2024. Margin rate stood at 47.6% in 9M 2025, representing a decrease of -308bps from the high comparable base of the previous year (50.7% in 9M 2024). This year-over-year margin contraction mainly reflected the integration of acquisitions completed in H2 2024 and in H1 2025, due to their smaller scale and the lack of economies of scale at this stage, and a change in product mix, as a result of lower sales of detectors for life sciences applications compared to 9M 2024.

Outlook for 2025 and the 2024-2026 period confirmed

Exosens expects a continued strong performance in 2025, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties compared to 2024.

The Group expects high-teens 2024-2026 adjusted EBITDA CAGR and a cash conversion ratio in the range of 70%-75% over the period, taking into account capacity investment in Europe and in the US.

Furthermore, the Group intends to pursue its selective external growth strategy, at a pace consistent with historical trend, while maintaining a leverage ratio of around 2x.

Download the full press release - EN

Financial Calendar
•    23/02/2026: FY 2025 results.
•    27/04/2026: Q1 2026 revenue & adj. gross margin.
•    28/07/2026: H1 2026 results.

Investor Relations
Laurent Sfaxi, l.sfaxi@exosens.com.

Media Relations
Brunswick Group, exosens@brunswickgroup.com.