Exosens

Latest Results (20.04.2026):

Exosens — Full‑year 2025 results: Exosens reported total revenue of €468.2m for FY2025, up 22.1% year‑on‑year. Adjusted EBITDA was €57.3m (up 26.6% YoY) with margin improvement of +115 basis points. Cash conversion remained strong at 73.6%. Net financial debt stood at €197.7m with a leverage ratio of 1.3x. The company says it exceeded guidance and is advancing toward a mid‑term €1bn revenue ambition.

Revenue growth

FY2025 revenue of €468.2m (+22.1% YoY) driven by accelerating demand in core markets, notably Defense & Surveillance which represented the majority of sales, supporting broad-based top‑line momentum.

Profitability

Adjusted EBITDA rose to €57.3m, a 26.6% increase year‑on‑year, and margins expanded by about 115 basis points — showing improving operating leverage as volumes and higher‑value products ramp.

Cash generation and balance‑sheet

Cash conversion remained high at 73.6% (vs 73.4% in 2024). Net financial debt was €197.7m and reported leverage was 1.3x as at 31‑Dec‑2025 (slightly above 1.2x a year earlier).

Defense market exposure

Defense & Surveillance accounted for a large share of 2025 revenue, supported by major night‑vision contracts and a favorable market backdrop (expanded defense budgets and sustained procurement programs).

Capacity expansion

Exosens committed investments to expand amplification/night‑vision capacity (c. €37m announced for Europe and the U.S. in 2025) and is rolling out a U.S. facility (Sturbridge, MA) with initial available capacity targeted at ~10–15% of total by 2027 to serve DoD and large U.S. demand.

M&A and product development

Management highlighted strategic M&A and R&D to broaden imaging and detection capabilities (completions and integrations during the period), supporting higher‑value product mix and future growth opportunities.

Outlook

Exosens says it exceeded guidance in 2025, is accelerating its profitable growth path, and reiterated a mid‑term ambition to approach €1bn in revenue, backed by capacity builds, product wins, and defense market tailwinds.