Exosens (EXENS) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue reached €224.5 million, up 20.1% year-over-year, driven by strong Defense & Surveillance demand and recent acquisitions.

• Adjusted EBITDA grew 23.8% to €69.5 million, with margin expanding to 30.9% (+92bps year-over-year).

• Net profit surged to €27.9 million from €2.9 million in H1 2024, reflecting improved profitability and lower financial costs post-IPO.

• Major acquisitions (Noxant in March, NVLS in July) expanded product offering and innovation in Defense applications.

• Capacity expansion plans are on track, with further increases under evaluation to meet rising demand.

Financial highlights

• Amplification segment revenue up 17.6% to €162.9 million; Detection & Imaging up 23.6% to €62.3 million.

• Adjusted gross margin increased 22.3% to €111.5 million (49.6% of sales, +89bps year-over-year).

• Adjusted EBIT rose 27.1% to €58.6 million (26.1% margin, +142bps year-over-year).

• Free cash flow was €23.6 million, with cash conversion ratio at 76.1%.

• Net debt increased to €178.6 million, leverage ratio at 1.3x EBITDA.

Outlook and guidance

• 2025 revenue growth expected in the high teens, with adjusted EBITDA growth in the low twenties.

• Adjusted EBITDA CAGR for 2024-2026 projected in the high teens; cash conversion ratio guidance at 70%-75%.

• Selective M&A to continue, with leverage ratio targeted around 2x.

• Continued R&D investment at 7–8% of revenue and further targeted acquisitions.

• Positive trends expected to continue through 2025, with full-year guidance reaffirmed.