Slide 1: Full-Year 2024 Results
FULL-YEAR 2024 RESULTS © EXOSENS restricted & confidential March 3rd, 2025
Slide 2: Forward-looking statements
Forward-looking statements Certain information included in this presentation are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and futu
Slide 3: Today's presenters
Today’s presenters Jérôme Cerisier Quynh-Boi Demey Chief Executive Officer Chief Financial Officer © EXOSENS restricted & confidential EXOSENS FY24 03/03/25 3
Slide 4: We fully delivered in 2024, overperforming our IPO guidance
We fully delivered in 2024, overperforming our IPO guidance In €m FY 2024 Change vs. Guidance Revenue €394.1m +35% Like-for-like growth (%) - +25% Adjusted EBITDA €118.5m +38% Adjusted EBITDA margin (%) 30.1% +60bps Adjusted EBIT €95.3m +44% ✓ Adjusted EBIT margin (%) 24.2% +150bps © EXOSENS restric
Slide 5: I. Introduction to Exosens
I. Introduction to Exosens © EXOSENS restricted & confidential EXOSENS FY24 03/03/25 5
Slide 6: We provide life-critical sensing solutions to make the world safer
We provide life-critical sensing solutions to make the world safer Protection Prevention People Platform Health Energy Night vision Missile Warning Contaminants Predictive System examination maintenance Infrastructure Surveillance Resources Quality © EXOSENS restricted & confidential Monitor neutron
Slide 7: We are a global leader in Amplification and technologies
We are a global leader in Amplification and Detection & Imaging technologies Defense & Surveillance, LEADER Top 1-2 player IN NICHE in most of addressed markets Industrial Control, GROWING Worldwide leader in Light Amplification Life Sciences, MARKETS1 Leading position in each of D&I addressed marke
Slide 8: We focus on markets with long-term structural growth drivers
We focus on markets with long-term structural growth drivers 72% 12% Defense Life Sciences Return of high-density conflict More effective treatments threats Diagnose pathologies earlier Protect the defense forces Fast and more reliable devices Key tactical advantages at night Environmental protectio
Slide 9: We are a technology platform covering the full spectrum of light and particles
We are a technology platform covering the full spectrum of light and particles Neutron / Radio Ion / Electron X-Rays UV VIS SWIR MWIR LWIR Microwaves Gamma waves Wavelength (nm) 100 380 750 1,000 2,500 8,000 14,000 Time of flight Boron line Micro pore Intensified 4G/4G+ Imaging Infra-red Traveling w
Slide 10: Transforming cutting edge technology to fuel our growth
Transforming cutting edge technology to fuel our growth We leverage a global ecosystem of Innovation is in our DNA cutting-edge partners Optics Raw materials ~7.7% of revenue 230+ Infra-Red Hyper- invested in gross R&D1 proven technology patents2 spectral X-ray Single Photon ~85 PhDs Nuclear Artific
Slide 11: Accelerating growth with selective acquisitions of technologies
Accelerating growth with selective acquisitions of technologies Technology Additional light & particle spectrum technologies Optical components, instruments Lasers, Quantum optics, X-Rays Amplification Detection Nuclear Imaging Adjacencies Go-To-Market Synergies © EXOSENS restricted & confidential A
Slide 12: A well embedded sustainability strategy within products and operations
A well embedded sustainability strategy within products and operations enabling societal and environmental protection UN Global Compact Signatory3 Selected targets UN Sustainable Development Goals Alignment 1 Partnerships with - 80% of strategic suppliers1 committed to a CSR approach by 2027 CSR com
Slide 13: II. Market & business update
II. Market & business update © EXOSENS restricted & confidential EXOSENS FY24 03/03/25 13
Slide 14: Amplification
Amplification © EXOSENS restricted & confidential EXOSENS FY24 03/03/25 14
Slide 15: Undisputed leader on the fast growing night vision defense market
Amplification Detection & Imaging Undisputed leader on the fast growing night vision defense market 1 Battlefield proven in major European and NATO1 countries #1 in light amplification (~71% market share excl. US) (~42% market share total)3 Primary non-ITAR2 player for light amplification products K
Slide 16: 2024 highlights: Exosens' leadership to seize accelerating market growth
Amplification Detection & Imaging 2024 highlights Exosens’ leadership to seize accelerating market growth Major business wins Acquisition of NVLS1, a specialist in night vision equipment NVLS is a manufacturer of a range of binoculars, monoculars OCCAR Polish Army night vision equipment and thermal
Slide 17: Despite growth in Defense spending, EU NATO still far from 3% GDP target
Amplification Detection & Imaging Despite growth in Defense spending, EU NATO still far from 3% GDP target NATO Europe expected to accelerate defense spending since Exosens is well-positioned to benefit from NATO’s growing US election Defense budget 4% Defense spent in %GDP Probable future Exosens’
Slide 18: Night vision at the forefront of Armies growing needs
Amplification Detection & Imaging Night vision at the forefront of Armies growing needs NV undisputed key Short industrial cycle tactical advantage Low penetration making immediate and Low investment Doctrine change in upcoming high of NV goggles visible use of size vs massive “One soldier, One dens
Slide 19: Exosens components are the eye of the soldier
Amplification Detection & Imaging Exosens components are the “eye of the soldier” being responsible of >70% of night vision goggles performance +40 years of Image experience intensifier tube (I2) +10 technologies used Output Microchannel plate Phosphor optical fibre Manufacturing Anti Veiling Glare
Slide 20: Strategic partner of over 70 armies and expanding into the USA
Amplification Detection & Imaging Exosens is the strategic partner of over +70 armies and is expanding into the USA US market represent 44% of World market Very dynamic market with strong growth and limited local capacity Exosens strategic project : Install capacity in the US to take benefit of the
Slide 21: Capacity expansion planned both in Europe and in the US
Amplification Detection & Imaging Capacity expansion planned both in Europe and in the US Light amplification capacity plan Through Industrial footprint and operational excellence Max/Usable production cap. Plan x2.4 Base 100 in 2020 Investing ~€20m in Process and assembly expansion with Proprietary
Slide 22: Upcoming 5G field proven commercial launch in September 2025
Amplification Detection & Imaging Upcoming 5G field proven commercial launch in September 2025 ✓ +c.50% performance Significant enhancements vs. 4G tubes: ✓ +c.30% resolution Tested & approved by The only technology of this type currently available in Special Forces: the market with the only equival
Slide 23: Detection & Imaging
03/03/25 Detection & Imaging © EXOSENS restricted & confidential 23
Slide 24: D&I solutions serves high-value structurally growing markets
Amplification Detection & Imaging D&I solutions serves high-value structurally growing markets 1 Global presence with proven track- record Leading player in fast growing niche markets Above market growth reflecting premium positioning Key Recognized leader on high-end highlights niches ~7-9% CAGR 24
Slide 25: D&I benefits of strong drivers in diversified markets
Amplification Detection & Imaging D&I benefits of strong drivers in diversified markets Market % of Group growth1 TAM revenue2 Underlying Mega trend Drivers Acceleration of drug exploration, vaccines, cancer therapy Life New materials and organics Sciences 7-8% €0.5bn 12% Environmental control monit
Slide 26: 2024 highlights: Exosens' design-in achievements
Amplification Detection & Imaging 2024 highlights Exosens’ design-in achievements Detection Nuclear Imaging System Customer Mass spectrometry production ramp-up: Development phase contracts Strong momentum in Defense with Market flattish due to China slowdown with 3 main SMR4 customers more platform
Slide 27: Global AI usage acceleration is fueling demand for Exosens sensors
Amplification Detection & Imaging Global AI usage acceleration is fueling demand for Exosens sensors Exosens’ sensors either create AI’s data inputs or supports AI’s power needs BtoB BtoC Automotive Industrial control Semiconductors Life sciences AI Data centers Detection Imaging AI Nuclear © EXOSEN
Slide 28: Integration of acquisitions successfully executed within each business unit
Amplification Detection & Imaging Integration of acquisitions successfully executed within each business unit Detection Nuclear Imaging ✓ ✓ ✓ Sales & marketing One organization ✓ ✓ ✓ R&D Common R&D projects between entities ✓ ✓ ✓ Operations Sites optimization with dedicated products ✓ ✓ ✓ Finance Re
Slide 29: III. Full-year 2024 results
III. Full-year 2024 results © EXOSENS restricted & confidential EXOSENS FY24 03/03/25 29
Slide 30: Exosens achieved strong full-year 2024 results, exceeding its IPO guidance
Exosens achieved strong full-year 2024 results, exceeding its IPO guidance Total revenue of €394m, delivering strong growth +35% vs. 2023, above-IPO topline guidance Revenue Like-for-like growth of +25%, exceeding guidance of high-teens growth Significant improvement in adjusted gross margin at 48.1
Slide 31: Strong 2024 performance: High growth coupled with margin expansion
Strong 2024 performance: High growth coupled with margin expansion Revenue (in €m) Adjusted gross margin (in €m) % sales % sales +25% LFL1 44.9% 48.1% +35% +45% 35.0 394.1 19,4 189,6 70.3 39,1 0,0 (3.1) 291.8 131,1 © EXOSENS restricted & confidential FY 2023 Amplification D&I Eliminations & FY 2024
Slide 32: Double-digit and profitable growth for both segments
Double-digit and profitable growth for both segments Amplification Detection & Imaging Revenue (% growth) Adj. gross margin (% sales) Revenue (% growth) +7% LFL1 Adj. gross margin (% sales) In €m In €m +34% 44.4% 47.3% +42% 45.7% 48.6% 280,2 117,5 +42% +52% 209,9 132,4 82,5 57,1 93,3 37,7 FY 2023 FY
Slide 33: 2024 delivering best-in-class margins
2024 delivering best-in-class margins Adjusted EBITDA (in €m) Adjusted EBIT (in €m) Margin expansion drivers % sales % sales % sales % sales 29.5% 30.1% 22.7% 24.2% +38% +44% Volume / scale 118,5 95,3 86,0 66,1 Favorable product mix © EXOSENS restricted & confidential Operational excellence FY
Slide 34: Strong growth in net profit to €31 million, up 67%
Strong growth in net profit to €31 million, up 67% versus 2023 In €m FY 2023 FY 2024 Change Comments Current operating profit 52.8 76.9 +46.5% 1 Relate to one-off IPO costs in 2024. In 2023, other expenses mainly 1 Other income / (expenses) (4.5) (3.9) - related to M&A costs that are now included in
Slide 35: Continued R&D investment to remain at the cutting edge of innovation
Continued R&D investment to remain at the cutting edge of innovation Comments R&D (in €m) % sales % sales Continued investment in R&D 7.7% Gross R&D 7.7% accelerates our technological differentiation and ability to win, 5.8% Net R&D1 6.2% creating a virtuous circle of technology and growth +35% Incr
Slide 36: Continued investment in capacity and productivity securing future growth
Continued investment in capacity and productivity securing future growth Comments Capex ex. capitalized R&D (in €m) % sales % sales Decreased capex to sales ratio after 8.1% Total 7.1% capacity investment done in 2022-23 5.9% Growth 3.9% Higher investment in maintenance to optimize existing assets a
Slide 37: Strong growth in free cash flow, up €35 million versus 2023
Strong growth in free cash flow, up €35 million versus 2023 In €m FY 2023 FY 2024 Comments Adjusted EBITDA 86.0 118.5 1 Improvement compared to 2023 mainly in Receivables (DSO Capitalized R&D (8.6) (11.0) normalizing at 64 days in 2024 vs. 79 days in 2023) and in Inventory Adjusted EBITDA after capi
Slide 38: Robust balance sheet with strong liquidity supporting our growth strategy
Robust balance sheet with strong liquidity supporting our growth strategy Gross debt and maturity profile Leverage ratio1 Strong liquidity IFRS 16 lease 10 3,3x & others Term loan maturity €115.6m Cash Term loan 250 1,2x Cash & €100m (116) cash equivalents Undrawn RCF 12/31/2023 12/31/2024 © EXOSENS
Slide 39: Proposed payment of a €0.10 cash dividend per share
Given the strong 2024 financial performance, proposed payment of a €0.10 cash dividend per share FY 2024 achievement: Guidance outlined at IPO: Dividend distribution: Strong profitability increase, Payout ratio of 20-25%, Proposed payment of a cash driving a net profit of with a half-year dividend d
Slide 40: IV. Conclusion & outlook
IV. Conclusion & outlook © EXOSENS restricted & confidential EXOSENS FY24 03/03/25 40
Slide 41: Outlook for 2025 and the 2024-2026 period
Outlook for 2025 and the 2024-2026 period Revenue1 2025 revenue growth in the high teens versus 2024 2025 adjusted EBITDA growth in the low twenties versus 2024 Profitability 2024-2026 adjusted EBITDA CAGR expected to be in the high-teens Capacity expansion to respond to market demand and address US
Slide 42: Q&A
Q&A EXOSENS FY24 03/03/25 © EXOSENS restricted & confidential 42
Slide 43: Appendices
Appendices EXOSENS FY24 03/03/25 © EXOSENS restricted & confidential 43
Slide 44: Financial calendar
Financial calendar First-quarter 2025 revenue & adj. gross margin 28 April 2025 (publication before market opening) 29 April 2025 2024 universal registration document 23 May 2025 Annual general meeting First-half 2025 results 31 July 2025 (publication before market opening + conference call & webcas
Slide 45: Excellent 2024 performance on the back of high growth and margins expansion
Excellent 2024 performance on the back of high growth and margins expansion FY 2023 FY 2024 In €m % sales In €m % sales Change Revenue 291.8 394.1 +35.0% Adjusted gross margin 131.1 44.9% 189.6 48.1% +44.7% Indirect costs (45.1) (15.4)% (71.2) (18.1)% +57.8% Adjusted EBITDA 86.0 29.5% 118.5 30.1% +3
Slide 46: FY 2024 figures by segment
FY 2024 figures by segment FY 2023 FY 2024 Change (%) In €m % of sales In €m % of sales Reported Like-for-like Revenue 291.8 394.1 +35.0% +24.9% o/w Amplification 209.9 280.2 +33.5% +33.5% o/w Detection & Imaging 82.5 117.5 +42.5% +6.8% o/w Eliminations & Others (0.6) (3.7) n/a n/a Adjusted gross ma
Slide 47: Reconciliation of adjusted EBITDA and adjusted EBIT
Reconciliation of adjusted EBITDA and adjusted EBIT In €m FY 2023 FY 2024 Comments Operating profit 48.3 73.0 1 Costs mainly related to consultancy Depreciation, amortisation and impairment - net 29.2 34.1 and advisory expenses for M&A 1 2 Other income and expenses 4.6 3.9 2 Costs incurred in the co
Slide 48: Income statement
Income statement In €m FY 2023 FY 2024 Revenue 291.8 394.1 Cost of sales (76.0) (103.0) Other purchases and external expenses (54.1) (65.5) Taxes and duties other than income tax (1.6) (1.6) Employee benefits expenses (81.3) (110.8) Other operating income / (expenses) 4.4 2.0 Depreciation, amortizat
Slide 49: Cash flow statement
Cash flow statement In €m FY 2023 FY 2024 Net profit / (loss) 18.4 30.7 Net financial results 28.0 31.2 Income tax 1.8 11.1 Charges net of reversals to depreciation and amortization 30.9 36.9 Other income / (expenses) (0.2) 2.5 Income tax received / (paid) (6.9) (6.7) Change in net working capital (
Slide 50: Balance sheet – Assets
Balance sheet – Assets In €m 31-Dec-2023 31-Dec-2024 Goodwill 174.3 189.5 Intangible assets 202.4 204.9 Tangible assets 72.1 93.6 Right-of-use of leases 10.8 10.6 Investment in associates 3.4 3.4 Financial assets and other long-term investments 0.7 0.9 Deferred tax assets 0.0 (0.0) Non-current asset
Slide 51: Balance sheet – Equity and liabilities
Balance sheet – Equity and liabilities In €m 31-Dec-2023 31-Dec-2024 Share capital 1.9 21.6 Additional paid-in capital 188.1 342.5 Reserves 14.1 48.5 Total equity 204.1 412.6 Long-term financial debt 300.8 247.8 Long-term lease liabilities 7.7 8.2 Pension liabilities 7.6 7.5 Provisions and other lon
Slide 52: Financial glossary
Financial glossary Like-for-like growth is the revenue growth achieved by the Group excluding currency impact and scope effect, which corresponds to revenue recorded during period “n” by all the companies included in the Group’s scope of consolidation at the end of period “n-1” (excluding any contri