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Exosens S.A.

Exosens makes image intensifiers, infrared cameras and specialised detectors for night vision, industrial inspection, scientific instruments and nuclear monitoring.

EXENS · Euronext Paris

Overview

Summary

Exosens joined Euronext Paris in June 2024, bringing a group of long-established detection and imaging businesses to the stock market. The group includes technologies previously sold under names such as Photonis and Xenics. Its headquarters are in Mérignac, France.

Its Amplification business makes image intensifier tubes that turn very weak light into a visible image, mainly for night-vision equipment. Detection & Imaging sells infrared cameras and detectors that sense electrons, ions, neutrons or other radiation. Customers build these parts into defence equipment, scientific instruments, industrial inspection machines and nuclear installations. Exosens also supplies some complete night-vision devices. Its link to robotics is through sensing and imaging used in drones and other platforms.

Latest results

Reported in EUR

Revenue

EUR 386.9 million+18%

Jan–Sep 2026

Operating profit

EUR 31.2 million-36.3%

Jan–Jun 2026 · Margin 12.3%

Cash held

EUR 68.8 million

At Jun 30, 2026

Financial debt

EUR 269.5 million

At Jun 30, 2026

Latest financial publication

Oct 27, 2026 · Issuer publication

Nine-month 2026 revenue and adjusted gross margin

Investment Thesis

More night-vision capacity, with orders to support it

European Tech Equities analysis · Oct 27, 2026

Demand meets a production constraint

Exosens’ case starts with an identifiable constraint: customers want more night-vision and imaging products than existing production can supply. Adding capacity can therefore translate demand into shipments. The business also sells detectors for scientific and nuclear instruments, giving it applications beyond defence. The key condition is that new production reaches usable yields and customers take delivery at profitable prices.

Sources[1][2]

Named orders improve the evidence

The first U.S. Army BiNOD delivery order covers 1,600 complete devices. BROLIS has contracted for 17,000 image intensifier tubes for Czech forces. These named orders give more substance than general defence-spending forecasts. The U.S. framework ceiling remains separate from firm orders. On 27 October, Exosens reported €386.9 million of nine-month revenue, up 18.0%, including 14.4% like-for-like growth.

Sources[3][4][1]

Defence leads, but the product range is wider

Defence and surveillance generated 75% of 2025 sales. Modernisation of night-vision equipment and growing use of cameras in drones support demand, while nuclear instrumentation and scientific detection serve different purchasing cycles. Exosens’ 2025 registration document estimated its served amplification, detection and imaging market at €5.0 billion using commissioned studies. That broad estimate does not determine the company’s future sales or remove competition from L3Harris, Elbit or Teledyne.

Sources[2]

Adjusted growth and statutory profit tell different stories

H1 2026 adjusted EBITDA rose to €83.6 million, but statutory operating profit fell to €31.2 million after a €28.2 million non-cash trademark impairment. Net income was €15.3 million. Operating cash flow of €63.9 million exceeded €32.5 million of cash investment, including capitalised development. June cash was €68.8 million against €269.5 million of borrowings and leases. Acquisition and capacity spending still compete for those funds.

Sources[5]

Capacity must earn its cost

An earnings multiple can look very different depending on whether it uses statutory profit or adjusted figures. Both acquisition accounting and the cash needed for growth deserve attention. The planned capacity increases and stronger 2026 guidance support a growth scenario, but do not establish a fair price for the shares. The central test is whether higher volumes produce durable cash returns without relying on repeated acquisitions to maintain growth.

Sources[5][1]

What would weaken the case

Procurement delays or export-licence restrictions could postpone deliveries despite strong demand.
New capacity may take longer to qualify or achieve expected manufacturing yields.
Defence concentration, acquisitions and a changing product mix can weaken cash returns or margins.

Sources

Financials

The business in numbers

Latest

RevenueOperating profitNet profit

Income statement

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	219.48	253.07
Operating profit (EBIT)	49.02	31.25
Operating margin	22.3%	12.3%
Net income	27.91	15.34
Earnings per share (EUR)	0.55	0.30

Cash flow

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	50.76	63.93
Capital expenditure	20.75	32.50
Free cash flow	30.01	31.42

Balance sheet

At period endEUR million	FY 2025Dec 31, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	68.62	68.81
Total debt	266.39	269.47
Net debt / (net cash)	197.77	200.66
Total assets	878.88	894.99
Total liabilities	433.22	444.10
Total equity	445.65	450.88

Sources and details

Additional figures

9M 2026 · Oct 27, 2026

Revenue: EUR 386.9m

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.

H1 2025 · H1 report printed pp.16–18: full statements; p.30 EPS; Note25 p.38 gross debt includes loans and leases but excludes net derivatives. H1 2025 continuing operations restated for IFRS5. Net income and EPS include discontinued operations. H1 2026 statutory operating profit includes EUR28.160m brand impairment; do not use headline EUR59.4m ex-impairment as statutory. Cash capex includes capitalised R&D.

H1 2026 · H1 report printed pp.16–18: full statements; p.30 EPS; Note25 p.38 gross debt includes loans and leases but excludes net derivatives. H1 2025 continuing operations restated for IFRS5. Net income and EPS include discontinued operations. H1 2026 statutory operating profit includes EUR28.160m brand impairment; do not use headline EUR59.4m ex-impairment as statutory. Cash capex includes capitalised R&D.

FY 2025 · URD2025 printed pp.216–218: consolidated balance, income and cash flow, Note26 p.249 gross debt table. FY2024 continuing operations restated for IFRS5 disposal; net income/EPS include discontinued operations. Cash capex includes capitalised R&D. Gross profit and EBITDA are adjusted APMs and not put into statutory statement fields. EUR thousands to millions.

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.

IFRS consolidated figures. Revenue, operating profit and operating cash flow cover continuing operations; net income and EPS include discontinued operations. The 2024 and H1 2025 comparisons are restated. Adjusted gross margin and adjusted EBITDA are separate company measures. H1 2026 statutory operating profit includes a €28.160m brand impairment. Capex includes capitalised R&D; debt includes leases.

Annual

RevenueOperating profitNet profit

Revenue

FY 2024383.4

FY 2025468.2

Operating profit

FY 202476.8

FY 2025102

Net profit

FY 202430.7

FY 202542.7

Income statement

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	383.44	468.19
Operating profit (EBIT)	76.78	102.01
Operating margin	20.0%	21.8%
Net income	30.68	42.72
Earnings per share (EUR)	0.61	0.84

Cash flow

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Operating cash flow	98.72	107.35
Capital expenditure	39.95	50.07
Free cash flow	58.77	57.28

Balance sheet

At period endEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash & cash equivalents	117.16	68.62
Total debt	261.14	266.39
Net debt / (net cash)	143.98	197.77
Total assets	817.01	878.88
Total liabilities	404.41	433.22
Total equity	412.60	445.65

Sources and details

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.

FY 2024 · URD2025 printed pp.216–218: consolidated balance, income and cash flow, Note26 p.249 gross debt table. FY2024 continuing operations restated for IFRS5 disposal; net income/EPS include discontinued operations. Cash capex includes capitalised R&D. Gross profit and EBITDA are adjusted APMs and not put into statutory statement fields. EUR thousands to millions.

Half-year

RevenueOperating profitNet profit

Revenue

H1 2025219.5

H1 2026253.1

Operating profit

H1 202549

H1 202631.2

Net profit

H1 202527.9

H1 202615.3

Income statement

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	219.48	253.07
Operating profit (EBIT)	49.02	31.25
Operating margin	22.3%	12.3%
Net income	27.91	15.34
Earnings per share (EUR)	0.55	0.30

Cash flow

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	50.76	63.93
Capital expenditure	20.75	32.50
Free cash flow	30.01	31.42

Balance sheet

At period endEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	—	68.81
Total debt	—	269.47
Net debt / (net cash)	—	200.66
Total assets	—	894.99
Total liabilities	—	444.10
Total equity	—	450.88

Sources and details

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.

Quarterly

Revenue

Q1 2025102.4

Q2 2025117.1

Q3 2025108.3

Q1 2026122.6

Q2 2026130.5

Q3 2026133.8

Income statement

For the periodEUR million	Q1 2025Mar 31, 2025	Q2 2025Jun 30, 2025	Q3 2025Sep 30, 2025	Q1 2026Mar 31, 2026	Q2 2026Jun 30, 2026	Q3 2026Sep 30, 2026
Revenue	102.40	117.10	108.30	122.60	130.50	133.80

Sources and details

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.

Q1 2025 · 9M release appendix p.9: quarterly revenue, rounded to EUR0.1m; adjusted gross margin excluded from statutory gross profit.

Q2 2025 · 9M release appendix p.9: quarterly revenue, rounded to EUR0.1m; adjusted gross margin excluded from statutory gross profit.

Q3 2025 · 9M release appendix p.9: quarterly revenue, rounded to EUR0.1m; adjusted gross margin excluded from statutory gross profit.

Q1 2026 · 9M release appendix p.9: quarterly revenue, rounded to EUR0.1m; adjusted gross margin excluded from statutory gross profit.

Q2 2026 · 9M release appendix p.9: quarterly revenue, rounded to EUR0.1m; adjusted gross margin excluded from statutory gross profit.

Q3 2026 · 9M release appendix p.9: quarterly revenue, rounded to EUR0.1m; adjusted gross margin excluded from statutory gross profit.

Year to date

Revenue

9M 2025327.8

9M 2026386.9

Income statement

For the periodEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Revenue	327.80	386.90

Sources and details

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.

9M 2025 · 9M release p.3: cumulative revenue. Adjusted gross margin is not statutory gross profit. No nine-month full financial statements.

9M 2026 · 9M release p.3: cumulative revenue. Adjusted gross margin is not statutory gross profit. No nine-month full financial statements.

Updated Oct 27, 2026

Overview

Summary

Customer value

What sets it apart

Growth plans

Latest results

Latest financial publication

Nine-month 2026 revenue and adjusted gross margin

Investment Thesis

Demand meets a production constraint

Named orders improve the evidence

Defence leads, but the product range is wider

Adjusted growth and statutory profit tell different stories

Capacity must earn its cost

What would weaken the case

Sources

Financials

The business in numbers

Latest

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Additional figures

Annual

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Half-year

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Quarterly

Revenue

Income statement

Year to date

Revenue

Income statement

Performance

Research & updates

9M 2026 Results

Nine-month 2026 revenue and adjusted gross margin

Quantum Dot SWIR Imaging

Exosens Supports U.S. SMRs

Exosens supports the accelerating deployment of next-generation nuclear technologies in the U.S.

Company publications

Exosens 9M 2026 revenue and adjusted gross margin, 27 October 2026

Exosens Half-Year Financial Report 2026

Exosens Universal Registration Document 2025

Interviews

Interviews are coming soon

Sources

Sources & data dates

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