Neuer mittelfristiger Ausblick: Beschleunigung unseres profitablen Wachstumspfads
Good figures, good outlook, so I remain invested.
@Crash-Propheteus My friend, don't worry, your đź”® is still working.
Exosen exceeds 2025 forecasts, driven by strong defense momentum in night vision and digital imaging
New medium-term outlook:
Acceleration of our profitable growth path
HIGHLIGHTS
- Continued sales growth above guidance Sales growth of +22.1% to € 468.2m in the year 2025, driven by strong momentum in defense and surveillance (75% of sales in
2025) - Reinforcement sales increased by +18.4
driven by accelerating global demand for image intensifier tubes for night vision applications; capacity expansion plan underway in Europe and the United States, already supporting a 40% increase by 2027 - D&I sales increased in 2025 by +28,0 %
and delivered a solid LFL1 performance (+5.4%), increasing throughout the year and culminating in a particularly strong fourth quarter (LFL +15.9%), driven by increasing demand for imaging technologies in platform and drone-based defense and surveillance applications - Significant improvement in profitability, with adjusted EBITDA of
151.6 million in 2025 (+26.6%), corresponding to a best-in-class sector margin of 32.4% (+115 billionPS compared to 2024) - More than three times the Group's net profit from continuing operations at € 70.2 million in 2025 (+106.0%); net profit of
42.7m. € in year 2025 (+39.2 % compared to 2024) - Robust capital structure supports our growth strategy, with a leverage ratio of 1.3x as of December 31, 2025 (compared to 1.2x as of December 31, 2024)
- Successful launch of 5G image intensifier tubes, a breakthrough innovation that strengthens our technological and market leadership in defense
- Continued disciplined execution of our targeted, value-creating M&A strategy with the completion of three acquisitions in 2025 (Noxant, NVLS, Phasics)
- Accelerated innovation in drone-based and man-portable night vision systems to meet the evolving needs of modern armed forces in high-intensity hybrid warfare hybrid warfarewhile expanding our imaging technology portfolio in the area of wavefront measurement is being expanded
- Completed the divestment of the microwave amplifier business on December 31, 2025, further enhancing the Group's profitability, cash generation profile and strategic focus
- Proposed payment of a cash dividend of € 0.30 per share for the financial year 2025, representing a payout ratio of 22% of net income from continuing operations
OUTLOOK
- Outlook 2026: Expect double-digit growth and further improvements in profitability
- Sales in the range of 520 to 540 million euros
- Adjusted EBITDA2 In the range of 168 to 178 million euros
- Capital expenditure at around 9% of sales in 2026 (ex. capitalized R&D), driven by expansion of production capacity in Europe and the United States
- New medium-term outlook: Target of organic sales growth until mid teens and organic adjusted EBITDA growth of over 15%
- Medium-term average annual organic sales growth until mid-teens
- Medium-term annual average annual adjusted EBITDA growth above 15%, indicating a slight, progressive improvement in the adjusted EBITDA margin
- Continued active evaluation of staged capacity expansions to leverage additional sales growth in response to accelerating global demand; normalized capital expenditure at around 5% of sales (e.g. capitalized R&D)
- Capital allocation: focus on long-term value creation
- Sustainable organic growth, complemented by disciplined, value-creating and technology-driven M&A in our existing markets, accelerates our path to EUR 1 billion in sales
- In light of this strategy, the Group's net financial debt to adjusted EBITDA ratio3 may temporarily increase over the period and reach around 2 times
- Continuation of the company's shareholder return policy with an annual dividend payout ratio of between 20% and 25% of net profit
