Slide 1: Full-Year Results 2025
FULL-YEAR RESULTS 2025 18 March 2026
Slide 2: Key figures 2025
Key figures 2025 Revenues Current EBITDA Order intake Backlog 479 M€ 103 M€ 844 M€ €1.1 bn +28 % +40 % +87 % +52 % vs 2024 vs 2024 vs 2024 vs 2024 2
Slide 3: Significant improvement in profitability & cash-flows in H2 2025
Significant improvement in profitability & cash-flows in H2 2025 Current EBITDA margin Cash flows from operations after change in WCR 23 % +75 M€ + 3 pts H2 2025 x3 H2 2025 100 M€ CASH-FLOW FROM 20 % +25 M€ OPERATIONS IN 2025 H1 2025 H1 2025 Benefitting from Higher EBITDA & operating leverage improv
Slide 4: Exail Technologies: a unique positioning to address new markets
Exail Technologies : a unique positioning to address new markets STRONG DRONE SYSTEMS OFFER STRONG INSTRUMENTS OFFER SURFACE DRONES INERTIAL NAVIGATION Drix H-8 Drix H9 Drix O-16 Inspector 90 Inspector 125 INS IMUs Data Distrib. DVL Units UNDERWATER DRONES SONARS, ACOUSTIC POSTITIONING, QUANTUM INST
Slide 5: Summary
Summary 1. Exail 2022-2025: a strong success 2. Activity 2025 : a change in dynamics on several fronts 3. Financial results 2025 4. Perspectives 5. Objectives 2026 6. Q&A 5
Slide 6: 1. Exail 2022-2025
1. EXAIL 2022-2025 A CHANGE IN SCALE AND STRATEGIC STATURE 6
Slide 7: 2022-2025: a success story in Defense technologies
2022-2025: a success story in Defense technologies 2022 : EMERGENCE NOW A LEADER POSITIONED FOR A OF EXAIL IN EUROPE LARGER ROLE WORLDWIDE Regrouping two complementary #1 high-tech champions in France Aiming for a In Maritime strong place robotics in the top 3 companies #1 worldwide In high-end iner
Slide 8: Strong revenues & profitability trajectory since acquisition of iXblue
Strong revenues & profitability trajectory since acquisition of iXblue +92 % revenues1 +106 % current EBITDA1 € 479 m € 103 m € 373 m € 74 m € 323 m € 65 m € 278 m € 61 m € 250 m € 50 m 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 8 1 Revenues and EBITDA in 2021 and 2022 estimated and on profor
Slide 9: A change in stature reflected in the financial markets
A change in stature reflected in the financial markets Entering the MSCI Global small June 2025 cap indexes Significant increase in the stock liquidity Sept. 2025 Entering SBF120 index (1) x76 in value Sept. 2025 Raising ~€550 m in convertible since January 2025 (2) & Jan. 2026 bonds on the market (
Slide 10: Exail becomes a strategic naval partner with key navies
Exail becomes a strategic naval partner with key navies The 2nd largest Working closer Participation in every defense company with the NATO & European drone in Belgium French Navy exercises & task forces « Exail demonstrates the benefits of close First contract for 8+8 underwater Task force X / Balt
Slide 11: 2. Activity 2025
2. ACTIVITY 2025 11
Slide 12: Order intake 2025 strong on all applications
1.Order intake 2. Maritime robotics 3. Navigation 4.Production Order intake 2025 strong on all applications Evolution of order intake over 5 years € 844 m orders in 2025 € 451 m orders in 2024 +87 % vs 2024 € 220 m orders in 2021 Boosted by € 400 m contract won 2021 2022 2023 2024 2025 in Q1 2025 12
Slide 13: Strong growth in every area internationally
1.Order intake 2. Maritime robotics 3. Navigation 4.Production Strong growth in every area internationally Breakdown of order intake 2025 and growth vs 2024 AMERICAS +42 % +58 % ASIA 90% of orders from ~6% exportations ~12% Asia & Americas € 844 m MIDDLE-EAST growing faster thanks to penetration EUR
Slide 14: Maritime robotic systems: doubling orders vs 2023
1.Order intake 2. Maritime robotics 3. Navigation 4.Production Maritime robotic systems : doubling orders vs 2023 ~€ 560 m ~€ 450 m ~€ 70 m ~€ 40 m +172 % vs 2024 with new navies With existing For surface drones in mine-hunting clients, including for civil & defense consumable K-STER applications dr
Slide 15: Delivering the first UMIS system for mine-hunting
1.Order intake 2. Maritime robotics 3. Navigation 4.Production A major milestone: delivering the first UMIS system for mine-hunting The first integrated autonomous drone systems for mine-hunting in the world Link to the video 15
Slide 16: Navigation & positioning: strong growth in revenues
1.Order intake 2. Maritime robotics 3. Navigation 4.Production Navigation & positioning : strong growth in revenues, both defense & civil Need for compact systems with high-precision Much more plateforms to +47% equip in SUBSEA revenue growth OPERATIONS Octans GAPS Phins in 2025 subsea M5 compact Ne
Slide 17: Production is ramping-up with success
1.Order intake 2. Maritime robotics 3. Navigation 4.Production Production is ramping-up with success Ostende site La Ciotat gearing-up for serial In Maritime production recruiting robotics to ramp-up Adjacent space DriX production ready for expansion New production unit More space for Navigation in
Slide 18: 3. Financial Results 2025
3. FINANCIAL RESULTS 2025 18
Slide 19: Navigation and maritime robotics: a strong year
Navigation and maritime robotics: a strong year €373 m €84 m OF REVENUES CURRENT EBITDA +29% 23% vs 2024 margin Contribution of BENL around €100 m Volume effect in maritime robotics More recent mine-hunting programs becoming significant Strong profitability in Navigation with volume effect & favorab
Slide 20: Advanced Technologies: strong demand driving revenues
Advanced Technologies: strong demand driving revenues €118 m €22 m OF REVENUES CURRENT EBITDA +21% 18% vs 2024 margin >20% growth in Photonics components Profitability in H1 2025 impacted by mix effect and relocation of two sites Catch-up effect in equipment for aerospace EBITDA margin in H2 2025 at
Slide 21: 2025 P&L
2025 P&L Var Variation In €million 2025 2024 M€ % Revenues growth driven mainly by strong navigation Revenues 479 373 +105 +28% sales & robotics contracts Current EBITDA1 103 74 +29 +40% Current EBITDA margin improving over the year, with 23% margin in the second half (+3 points vs H1 2025) Current
Slide 22: Cash generation is improving significantly
Cash generation is improving significantly €94 m €8 m €35 m Cash-flow from operations Change in WCR CAPEX before WCR +42% Strong inflows in H2 2025 Incl. €20.8 m in R&D vs 2024 thanks to successful Stable in absolute Growing faster technical milestones value than current EBITDA 22
Slide 23: €300 m ODIRNANE issuance in Sept. 2025 & €254 m follow-on in Jan. 2026
€300 m ODIRNANE issuance in Sept. 2025 & €254 m follow-on issuance in Jan. 2026 All details regarding this instrument are available on the company website : www.exail-technologies.com/odirnane-issuance €554 m undated convertible bonds (€500 m of nominal amount) Preparing the refinancing of ICG while
Slide 24: Reminder of the financial structure & economic exposure at end-Dec 2025
Reminder of the financial structure & economic exposure at end-Dec 2025 ODIRNANE 554 M€ 500 M€ nominal amount Controlling Bonds valued €118 m with fixed capitalized shareholder interests (12%) ICG 231 M€ investment in Preferred shares valued €231 m with 20222 fixed capitalized yield (14%) Syndicated
Slide 25: Balance sheet at end-December 2025: more cash
Balance sheet at end-December 2025: more cash +60 M€ in escrow account 1 Cash €328 m 644 M€ Available1 vs €50 m at Cash to finance end-2024 +256 M€ future needs From follow-on issuance in Jan. 26 At-end Dec.25 & including At-end Dec.25 the follow-on Available issuance to fund future operations as of
Slide 26: Deleveraging on a comparable basis excluding ICG bonds
Deleveraging on a comparable basis excluding ICG bonds The ODIRNANE issuance and its IFRS accounting disrupt the direct assessment of the deleveraging. The company therefore presents a trajectory on a comparable basis, excluding the ODIRNANE impact. Details on this calculation are available in the F
Slide 27: 4. Perspectives
4. PERSPECTIVES 27
Slide 28: Asymmetric threats are reshaping naval warfare
Asymetric threats are reshaping naval warfare Underwater infrastructure are Strategic maritime areas can be Low-cost robotic systems threatened by stealth menace closed by asymmetric threats make ship defense harder Underwater drone carrying explosive can The threat of low-cost naval mines Aerial dr
Slide 29: Navies are adapting operational concepts with new objectives
Navies are adapating operational concepts with new objectives Spreading sensors “By 2027, we will integrate proven robotic Dispersing the fleet across a wider and autonomous systems for routine use” array of vessels USA Chief of Naval operation - NAVPLAN Modular, distributed “From platform centric [
Slide 30: Growing need for mine countermeasures & seabed security
Growing need for mine countermeasures & seabed security More Moreto to dodo with existing with clients existing clients ~€500 M to €1 Bn of potential additional orders with these clients Starting to materialize in the backlog Already 1,000 K-STER consumable drones in the backlog for only 2 navies Mo
Slide 31: Surface drones: an inflexion point in 2025 in defense
Surface drones: an inflexion point in 2025 in defense Operational needs have First sales for new Revenues & sales become urgent applications in 2025 beginning to pick-up First fleet of 5 DriX drones for surveillance mission +75% First drones for military survey c. European fleets are stretched thin
Slide 32: Surface drones: a widening offer at Exail
Surface drones: a widening offer at Exail DriX range Endurance & medium payloads for civil & defense Hydrography Military survey DriX 8 meter DriX 9 meter DriX 16 meter 10 days autonomy 20 days autonomy 30 days autonomy Surveillance Already 25 systems sold Nexw application for anti-aerial Long missi
Slide 33: Navigation: more needs in the sea and on land
Navigation: more needs in the sea and on land GNSS jamming – live map GNNS jamming & spoofing are easier than ever Both civil & defense platforms are concerned FIBER OPTICS GYROSCOPE TECHNOLOGY set to gain market shares in a growing market Flight radar – map on 15/03/2026 33
Slide 34: Exail aims for a larger role in high-end navigation beyond naval
Exail aims for a larger role in high-end navigation beyond naval Bringing the fiber optics technology to Land defense First significant revenues Just starting in 2025 to address First orders for multi-year LAND DEFENSE volume contracts & AERIAL DRONES Advans series UMIX €1.5 bn market potential Need
Slide 35: 5. Objectives 2026
5. OBJECTIVES 2026 35
Slide 36: Objectives 2026 (1/2)
Objectives 2026 (1/2) ORDER INTAKE: CAPEX: CASH TAKE MORE SOME GENERATION ORDERS INVESTMENTS Supported by €10-15 m additional Targeting growing markets production capex spread a good year & differentiating tech overt the next 2 years 2026 36
Slide 37: Objectives 2026 (2/2)
Objectives 2026 (2/2) CURRENT EBITDA: REVENUE: DOUBLE DIGIT INCREASING GROWTH FASTER THAN REVENUE Supported by strong backlog Continuing to increase profitability & increasing capacity Objective to reach 25% margin when new large program ramps-up 37
Slide 38: Contact
CONTACT Hugo Soussan Chief of staff to the chairman & CEO h.soussan@exail-technologies.com +33 1 44 77 94 86 / +33 7 55 66 40 54 www.exail-technologies.com