Exosens delivers strong H1 2025 performance in a highly-dynamic Defense market; Fully on track to 2025 guidance
Exosens delivers strong H1 2025 performance in a highly-dynamic Defense market
Fully on track to 2025 guidance
HIGHLIGHTS
Sustained revenue growth of +20.1% to €224.5m in H1 2025, driven by Defense & Surveillance tailwinds
Continued strong momentum in Amplification (+17.6%), reflecting increasing demand for image intensifier tubes for Defense night vision applications; capacity expansion on-track with additional staggered capacity increases currently under evaluation
Double-digits growth in D&I (+23.6%), with solid LFL1 performance in Q2 2025 (+7.1%), supported by growing market traction for Defense imaging/protection systems
Further profitability improvement, with adjusted EBITDA of €69.5m in H1 2025 (+23.8%), representing a best-in-class margin of 30.9% (+92Bps)
Significant increase in net profit to €27.9m in H1 2025 (vs. €2.9 million in H1 2024)
Capital structure supporting our growth strategy, with leverage ratio of 1.3x at end June 2025 (vs. 1.2x at end December 2024)
Closing of Noxant (March) and NVLS (July) acquisitions, strengthening our product offering and accelerating our innovation capabilities in drone-based Defense & Surveillance applications and in night vision, while significantly expanding our total addressable market
OUTLOOK
Fully on track to deliver on 2025 guidance: continued strong performance expected, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties
Mérignac (France), 30 July 2025, Exosens (EXENS; FR001400Q9V2), a high-tech company focused on providing mission and performance-critical amplification, detection and imaging technology, today publishes its results for the half-year ended 30 June 20252.
"I am pleased to present our first-half 2025 results which show sustained revenue and profit growth driven by strong Defense tailwinds. With a +20% year-on-year growth and the closing of Noxant and NVLS, 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 and Imaging, and Exosens is particularly well positioned to seize significant growth opportunities driven by the rise of emerging applications such as drone warfare and advanced night vision technologies. In response to accelerating demand, we are evaluating additional staggered capacity increases. 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.
Key financial indicators
In € millions
H1 2024
H1 2025
Change (%)
Revenue
186.9
224.5
+20.1%
Adjusted gross margin
91.1
111.5
+22.3%
As a % of revenue
48.8%
49.6%
+89Bps
Adjusted EBITDA
56.1
69.5
+23.8%
As a % of revenue
30.0%
30.9%
+92Bps
Adjusted EBIT
46.1
58.6
+27.1%
As a % of revenue
24.7%
26.1%
+142Bps
Operating income
30.7
46.7
+52.3%
As a % of revenue
16.4%
20.8%
+439Bps
Net profit
2.9
27.9
+874.3%
Net profit ex. PPA amortization
8.7
35.2
+303.5%
Free cash flow
23.6
23.6
+0.3%
Cash conversion3 (%)
74.6%
76.1%
+154Bps
Net debt
144.14
178.6
+24.0%
Leverage ratio (x)
1.2x4
1.3x
+0.1x
Strong revenue growth in H1 2025 driven by ongoing strength in the defense market
In € millions
H1 2024
H1 2025
Change (€m)
Change (%)
LFL (%)
Amplification
138.5
162.9
+24.4
+17.6%
+17.7%
Detection & Imaging
50.4
62.3
+11.9
+23.6%
(2.5)%
Eliminations & Other
(2.0)
(0.7)
+1.3
nm
nm
Total revenue
186.9
224.5
+37.6
+20.1%
+13.2%
Exosens delivered strong revenue performance in H1 2025, pursuing its sustained growth trajectory. Consolidated revenue amounted to €224.5 million, recording a growth of +20.1% (+€37.6 million) compared to H1 2024. On a like-for-like basis, revenue was up by +13.2% year-on-year, driven by continued strong momentum in Defense end-markets.
Amplification revenue amounted to €162.9 million in H1 2025, achieving a significant growth of +17.6% (+€24.4 million) compared to H1 2024, driven by higher sales volumes due to increased production capacity and flawless execution, while demand for image intensifier tubes for Defense night vision applications remains strong.
With the global security landscape evolving and an increasing emphasis on night vision operational superiority, demand for night vision goggles continues to grow sharply. In this highly dynamic market environment, Exosens leverages its position as the strategic supplier of high-performance ITAR-free image intensifier tubes to NATO armies and Tier-1 allies. These end users have continued to ramp up their procurement of night vision systems, as reflected by a number of major business wins, especially in Europe. The Group estimates that night vision goggle equipment rates will remain far from their targeted levels at the end of the 2027 mid-term horizon. Europe will remain a strong growth area for a long time, further fueled by the US and APAC where large programs are being implemented or are planned.
To support this momentum and capture growing global demand, Exosens is executing its €20 million investment plan, announced earlier this year, to expand production capacity both in Europe and the United States in order to reach the targeted +25% increase by 2027. This plan is progressing on schedule and is designed to further strengthen the Group's global footprint to respond to the growing needs of Defense end users and seize additional market opportunities in the U.S. Exosens is assessing the impact on future needs of recent announcements regarding Defense budget increases towards the 3.5% GDP NATO target. It is considering further capacity expansion, as it has regularly done since 2020.
Post first-half closing, Exosens completed on 15 July 2025 the acquisition of NVLS, a Spanish-based specialist in man-portable night vision and thermal devices. This strategic move will enable the Group to expand its total addressable market and to provide high-end night vision goggles to end users and modules to customers, leveraging advanced technological capability combining sensors and optics that meets the evolving needs of the soldier of the future. In addition, this acquisition will enable NVLS to further expand its business in Spain, Latin America and Asia thanks to Exosens' global commercial reach.
Detection & Imaging revenue amounted to €62.3 million in H1 2025, reflecting a growth of +23.6% (+€11.9 million) compared to H1 2024. On a like-for-like basis, D&I revenue reflected a (2.5)% (€(1.3) million) year-on-year evolution. After a first quarter affected by temporary headwinds (LFL (13.0)%), mostly related to US Scientific Research market, D&I returned to solid like-for-like growth in the second quarter (+7.1%).
Exosens continued to experience robust trends across its key high-growth markets, particularly in Nuclear and Defense & Surveillance. In Nuclear, the rise of SMR-specific technologies drives the development of new products for longer-term business. In Life Sciences, growth is softer as a result of ongoing uncertainties in scientific research, leading end users to question the timing of purchases from our OEM customers. In Defense & Surveillance, ...
