Exail Technologies SA
Exail builds maritime robots and navigation systems for civil and defence missions.
Overview
European tech stocks in Q3 2026
Chipmaking equipment, maritime robots, satellites, cybersecurity and RNA editing. Five developments that offer a closer look at the businesses behind European tech stocks.
Latest results
Reported in EUR
Latest financial publication
Q3 and nine-month 2026 revenue
Investment Thesis
A maritime growth case now sits inside a proposed takeover
European Tech Equities analysis ·
Robots and navigation provide two routes to demand
Exail Technologies SA can earn from complete maritime robotic systems and from navigation equipment sold into other manufacturers’ platforms. Mine-countermeasure programmes offer multi-year delivery work, while components broaden the customer base. The July 2026 proposed Thales transaction adds a separate consideration for shareholders. The operating opportunity and the probability of an eventual offer both matter to the investment case.
Growth continues, and the delayed payment arrived
Exail’s nine-month revenue reached €396 million, up 25% organically, with a €1 billion order book at September-end. Maritime robotics and navigation continued to drive activity. The €117 million invoice collected in October also addresses an important cash concern from the first half. It is a substantial payment, although one collection does not remove the working-capital demands of building and delivering large programmes.
Mine-clearance fleets create a more specific opportunity
NATO’s higher spending commitment supports procurement capacity across allied countries, but Exail’s narrower opportunity is replacing ageing mine-clearance fleets. In its 2025 annual document, the company estimated a €3 billion market over the following 15 years. That is its multi-year estimate, not annual revenue available to Exail. Existing European programmes provide a delivery base, while additional export wins must clear their own procurement and implementation hurdles.
Adjusted growth and statutory losses tell different stories
First-half current EBITDA rose to €62.9 million, but the statutory operating loss was €23.2 million and the net loss €86.8 million. The delayed accounts include restatements concerning ICG and employee financial instruments; current EBITDA excludes important charges. Operations used €29.8 million of cash in the half-year, before the October payment. The proposed combination with Thales was still pending, with closing expected in the third quarter of 2027. Neither the adjusted profit measure nor a proposed transaction replaces a review of the underlying cash needs.
The proposed €134 offer is conditional
The agreement envisages Thales buying the Gorgé family stake at €134 per share, followed by a mandatory offer, subject to approvals and completion. It is not a guaranteed present exit price. Any comparison with the trading price needs the time to completion, deal risk and the value of Exail if the transaction fails. Operating performance remains important, particularly if cash collection falls short while shareholders wait.
What would weaken the case
- The proposed transaction is delayed, changed or fails to receive the required approvals.
- Programme deliveries increase accounting profit but customer collections arrive much later.
- New orders do not replace major contracts as the current backlog is delivered.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Additional figures
- Revenue
- EUR 396m
- Order intake
- EUR 325m
- Order book
- EUR 1,001mSep 30, 2026
Reported profit includes accounting restatements and non-cash charges.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
The latest update covers revenue and orders. Profit, cash flow and balance-sheet figures come from the half-year accounts and keep their June dates. Debt includes leases. Half-year comparisons use restated figures. Earlier annual profit figures are withheld pending reconciliation of the restatement. The annual table shows the restated December 2025 balance sheet only.
Annual
Balance sheet
| At period endEUR million | FY 2025 |
|---|---|
| Cash & cash equivalents | 328.43 |
| Total debt | 368.23 |
| Net debt / (net cash) | 39.80 |
| Total assets | 1,270.35 |
| Total liabilities | 1,102.91 |
| Total equity | 167.44 |
Sources and details
Reported profit includes accounting restatements and non-cash charges.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
The latest update covers revenue and orders. Profit, cash flow and balance-sheet figures come from the half-year accounts and keep their June dates. Debt includes leases. Half-year comparisons use restated figures. Earlier annual profit figures are withheld pending reconciliation of the restatement. The annual table shows the restated December 2025 balance sheet only.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Reported profit includes accounting restatements and non-cash charges.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
The latest update covers revenue and orders. Profit, cash flow and balance-sheet figures come from the half-year accounts and keep their June dates. Debt includes leases. Half-year comparisons use restated figures. Earlier annual profit figures are withheld pending reconciliation of the restatement. The annual table shows the restated December 2025 balance sheet only.
Quarterly
Income statement
Sources and details
Reported profit includes accounting restatements and non-cash charges.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
The latest update covers revenue and orders. Profit, cash flow and balance-sheet figures come from the half-year accounts and keep their June dates. Debt includes leases. Half-year comparisons use restated figures. Earlier annual profit figures are withheld pending reconciliation of the restatement. The annual table shows the restated December 2025 balance sheet only.
Year to date
Income statement
Sources and details
Reported profit includes accounting restatements and non-cash charges.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
The latest update covers revenue and orders. Profit, cash flow and balance-sheet figures come from the half-year accounts and keep their June dates. Debt includes leases. Half-year comparisons use restated figures. Earlier annual profit figures are withheld pending reconciliation of the restatement. The annual table shows the restated December 2025 balance sheet only.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
European tech stocks in Q3 2026
Chipmaking equipment, maritime robots, satellites, cybersecurity and RNA editing. Five developments that offer a closer look at the businesses behind European tech stocks.
Exail Technologies SA and the robots that go first
The French group builds robots that help navies find underwater mines while crews stay farther away. Its less visible business makes sure those robots know where they are.
Exail reports a major payment in its delayed results
A €117m receipt answers part of September’s cash-flow question. The published accounts also explain why stronger underlying earnings came with a statutory loss.
Q3 and nine-month 2026 revenue
First-half 2026 results: strong revenue growth, very strong growth in current EBITDA
Update of the financial calendar: publication of half-year results before October 10, 2026
Exail’s delayed results put cash conversion in focus
Exail’s preliminary figures showed higher earnings, but more cash was tied up in working capital. The timing of customer payments therefore mattered alongside profit growth.
Interviews
Interviews are coming soon
No interviews with Exail Technologies SA have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
9M 2026 · Published Oct 14, 2026 · Checked Oct 23, 2026
Q3 2026 · Published Oct 14, 2026 · Checked Oct 23, 2026
9M 2026 · Published Oct 14, 2026 · Checked Oct 23, 2026
H1 2026 · Published Oct 9, 2026 · Checked Oct 23, 2026
FY 2025 · Published Mar 18, 2026 · Checked Sep 14, 2026
Checked 2026-09-14
Checked 2026-09-14