Exosens · EURONEXT:EXENS
Exosens — FY2025 Earnings Presentation
59 slides from Exosens's earnings presentation, Feb 23, 2026
Slide 1: Full-Year 2025 Results
FULL-YEAR 2025 RESULTS 23 February 2026
Slide 2: Agenda
Agenda 01 02 2025 highlights Market and business overview 03 04 Financial results Focus on M&A © EXOSENS restricted & confidential 05 06 Outlook Q&A FULL-YEAR 2025 RESULTS 23 FEB 2026 2
Slide 3: 2025 highlights
01 2025 highlights © EXOSENS restricted & confidential
Slide 4: Strong 2025 performance, exceeding guidance
Strong 2025 performance, exceeding guidance DELIVERING SUSTAINED GROWTH, FURTHER PROFITABILITY IMPROVEMENT AND SOLID FREE CASH FLOW €468.2m +22.1% Accelerating momentum across global Total revenue Growth YoY Revenue +12.7% LFL1 Defense & Surveillance markets €151.6m 32.4% Capacity expansion underway
Slide 5: Market & business overview
02 Market & business overview
Slide 6: We focus on high-technology niche markets with long-term structural growth drivers
We focus on high-technology niche markets with long-term structural growth drivers DEFENSE LIFESCIENCE & SURVEILLANCE & ENVIRONMENT Return of high-density conflict More effective treatments Night vision as decisive tactical edge Earlier, more accurate diagnosis Digital Imaging increasingly mission-
Slide 7: Focus on Defense market
EXOSENS Focus on Defense market
Slide 8: Increased geopolitical tensions and security threats
Increased geopolitical tensions and security threats SUPPORTING A DEFENSE SUPER CYCLE OVER THE LONG TERM Proliferating zones of geopolitical tensions… …Driving growth in global defense budgets NATO spending driven by the “Russian” threat Massive increase in core military spending from 2% to 3.5% of
Slide 9: Global Defense: A profound transformation
Global Defense: A profound transformation REDEFINING THE NEEDS OF MODERN ARMIES FOR HIGH-DENSITY HYBRID WARFARE Changing nature of warfare… …Reshaping the Defense industry Return of high-density, high attrition combat High-volume, scalable industrial production Drone-enabled and sensor-rich battlefi
Slide 10: Modern battlefield: Be the first to see
Missile warning systems Modern battlefield: Be the first to see SUV Cooled cameras Thermal cameras for for naval surveillance drones and aerial systems LWIR/ Cooled SWIR MWIR/LWIR Cameras for surveillance Cameras for counter drones Neutron detectors for nuclear propulsion LWIR Cooled MWIR/LWIR Camer
Slide 11: Emerging as a leader in the new Defense paradigm
Emerging as a leader in the new Defense paradigm SUPPLYING MISSION-CRITICAL COMPONENTS AND SYSTEMS, WITH STRONG EUROPEAN FOOTPRINT NIGHT VISION DEFENSE & PLATFORM IMAGING Image Intensifier tubes SURVEILLANCE Visible/IR/UV sensors and cameras2 for night vision goggles Missile warning systems 75% OF 2
Slide 12: Amplification
EXOSENS REVEAL THE INVISIBLE Amplification
Slide 13: Strong execution across our Amplification segment
Strong execution across our Amplification segment SUSTAINED MOMENTUM, TECHNOLOGICAL EDGE, AND EXPANDED MARKET OPPORTUNITY BUSINESS WINS PRODUCT INNOVATION BUSINESS DEVELOPMENT Largest Night Vision contract ever New 5G image intensifier tube Completion of NVLS acquisition 100K binocular for German ar
Slide 14: Massive global demand ahead for night vision systems
Massive global demand ahead for night vision systems IN 2025, NATO COUNTRIES REMAINED WELL BELOW THE 1:1 EQUIPMENT-TO-SOLDIER TARGET North America Europe Middle East & Asia ~1.3M ~1.5M ~4.5M Active U.S. soldiers Active NATO soldiers Active soldiers (ex-China) 100% From 30% to 50% From 10% to 30% NVG
Slide 15: Staggered capacity expansion underway supporting mid-term demand surge
Staggered capacity expansion underway supporting mid-term demand surge Light amplification capacity plan Maximum year-end usable capacity1 Staggered approach to capacity increase in place since 2020 270 +40% 37 M€ investment committed to capacity 190 expansion in Europe and the U.S. (2025) Expanded
Slide 16: U.S. facility rollout progressing as planned
U.S. facility rollout progressing as planned DRIVING SIZEABLE GROWTH OPPORTUNITIES IN THE U.S. NIGHT VISION MARKET New facility located in Sturbridge, MA, adjacent to our U.S. Scientific subsidiary Factory implementation plan underway with key equipment ordered and first personnel hires completed St
Slide 17: Exosens is the key supplier of advanced night vision systems
Exosens is the key supplier of advanced night vision systems for evolving operational needs Focusing on high-value night vision segments where performance, differentiation, and barriers to entry are strongest Special forces: Combination of binocular and fused solutions (clip-on and integrated fusion
Slide 18: Detection & Imaging
EXOSENS REVEAL THE INVISIBLE Detection & Imaging
Slide 19: Solid momentum in Detection & Imaging segment
Solid momentum in Detection & Imaging segment EXPANDING CUSTOMER BASE IN DEFENSE & SURVEILLANCE, CUTTING-EDGE INNOVATION AND M&A EXECUTION BUSINESS WINS PRODUCT INNOVATION BUSINESS DEVELOPMENT 1 2 3 4 Defense and Surveillance At the forefront of innovation Completion of Noxant acquisition Expanding
Slide 20: Defense & Surveillance
EXOSENS REVEAL THE INVISIBLE — ——
Slide 21: Digital Imaging is becoming increasingly mission critical in high-density modern warfare
INDUSTRIAL LIFESCIENCE & NUCLEAR DEFENSE & SURVEILLANCE CONTROL ENVIRONMENT INSTRUMENTATION Digital Imaging is becoming increasingly mission critical in high-density modern warfare D&I DEFENSE & SURVEILLANCE 10% OF 2025 REVENUE1 Comprehensive portfolio of advanced sensors and imaging systems for sit
Slide 22: Growing demand for platform-based imaging systems
INDUSTRIAL LIFESCIENCE & NUCLEAR DEFENSE & SURVEILLANCE CONTROL ENVIRONMENT INSTRUMENTATION Growing demand for platform-based imaging systems amid Europe’s rearming efforts SITUATIONAL AWARENESS STATE-OF-THE-ART MULTISPECTRAL IMAGING SOLUTIONS Providing real-time surveillance and vision in all condi
Slide 23: Booming market for drone and counter-drone optronics
INDUSTRIAL LIFESCIENCE & NUCLEAR DEFENSE & SURVEILLANCE CONTROL ENVIRONMENT INSTRUMENTATION Booming market for drone and counter-drone optronics DRIVEN BY ESCALATING THREATS AND NEED FOR SOVEREIGN CONTROL OVER CRITICAL TECHNOLOGIES IMAGING FOR DRONES ABILITY TO OFFER PRODUCTS ACROSS THE FULL ELECTRO
Slide 24: Surveillance market fueled by growing sovereignty concerns
INDUSTRIAL LIFESCIENCE & NUCLEAR DEFENSE & SURVEILLANCE CONTROL ENVIRONMENT INSTRUMENTATION Surveillance market fueled by growing sovereignty concerns over land and airborne incursions LAND AND COASTAL BORDER CONTROL STATE-OF-THE-ART MULTISPECTRAL IMAGING SOLUTIONS Enabling 24/7 visual surveillance
Slide 25: Commercial markets
Commercial a! y) markets EXOSENS REVEAL THE INVISIBLE
Slide 26: Artificial intelligence-enabled vision: A new paradigm for industrial markets
INDUSTRIAL LIFESCIENCE & NUCLEAR DEFENSE & SURVEILLANCE CONTROL ENVIRONMENT INSTRUMENTATION Artificial intelligence-enabled vision: D&I INDUSTRIAL CONTROL A new paradigm for industrial markets 11% OF 2025 REVENUE1 Machine Vision Semiconductor Electrical & Process Monitoring Inspection Inspection AI-
Slide 27: Evolving technology needs driving future growth
INDUSTRIAL LIFESCIENCE & NUCLEAR DEFENSE & SURVEILLANCE CONTROL ENVIRONMENT INSTRUMENTATION Evolving technology needs driving future growth BUILDING ON OUR CUTTING-EDGE INNOVATION CAPABILITIES D&I LIFESCIENCE & ENVIRONMENT 10% OF 2025 REVENUE1 Mass Spectrometry Electron Microscopy Optical microscopy
Slide 28: Rising carbon-free energy demand fuels nuclear
INDUSTRIAL LIFESCIENCE & NUCLEAR DEFENSE & SURVEILLANCE CONTROL ENVIRONMENT INSTRUMENTATION Rising carbon-free energy demand fuels nuclear AI-DRIVEN DATA CENTER EXPANSION DRIVING UNPRECEDENTED POWER NEEDS D&I NUCLEAR INSTRUMENTATION 4% OF 2025 REVENUE1 Nuclear Reactor Plants Small Modular Reactors R
Slide 29: Financial results
03 Financial results1 Note: 1 Following the divestment of the Group's Microwave Amplification business, figures for the 2024 fiscal year have been restated in accordance with IFRS 5. Restated consolidated financial statements are provided in appendices of this presentation.
Slide 30: High revenue growth and margin expansion
High revenue growth and margin expansion REFLECTING STRONG COMMERCIAL MOMENTUM AND SOLID OPERATIONAL EXECUTION Revenue (in €M) Adjusted gross margin (in €M) Change % sales Change % sales +12.7% LFL1 49.1% 50.0% +22.1% +24.2% 33.0 2.2 468.2 15.5 (0.1) 234.0 49.6 30.1 383.4 188.4 © EXOSENS restricted
Slide 31: Double-digit growth across both segments
Double-digit growth across both segments FUELED BY STRONG MOMENTUM ACROSS DEFENSE & SURVEILLANCE MARKETS Amplification (in €M) Detection and Imaging (in €M) Revenue Adj. gross margin Revenue Adj. gross margin +14.8% LFL1 Change % sales Change % sales +5.4% LFL1 Change % sales Change % sales +18.4% 4
Slide 32: Further improvement in our profitability
Further improvement in our profitability DELIVERING BEST-IN-CLASS MARGINS Adjusted EBITDA Adjusted EBIT Margin expansion drivers Change Change In €M +26.6% In €M +30.3% 151.6 127.6 119.8 97.9 Volume / scale 2024 2025 2024 2025 % sales +115bps % sales +172bps Favorable product mix © EXOSENS restricte
Slide 33: Net profit from continued operations of €70m
Net profit from continued operations of €70m REFLECTING OUR ABILITY TO GROW PROFITABLY Comments In €m 2024 2025 Change Current operating profit 80.7 102.1 +21.4 1. One-off consulting fees related to IPO Other income / (expenses) 1 (3.9) (0.1) +3.8 2. 2024 financial result1 reflecting pre-IPO capital
Slide 34: Continued high investment in R&D
Continued high investment in R&D SUPPORTING OUR INNOVATION CAPABILITIES R&D (in €M) Comments % sales Change % sales • Continued R&D efforts as key growth engine 7.8% Gross R&D 7.6% and pillar of our technological leadership 6.2% Net R&D1 5.8% • Gross R&D up +€5.9m in 2025 (+19.8%) • Increase of R&D
Slide 35: Ongoing investment in capacity and productivity
Ongoing investment in capacity and productivity SUPPORTING OUR FUTURE GROWTH Capital expenditure (in €M) Comments % sales Change % sales • Total capex up +€7.4m in 2025 (+25.4%) 7.6% Total 7.8% • Growth capex up +€9.1m (+59.2%), focused on plant infrastructure works and additional 4.0% Growth 5.2% e
Slide 36: Robust free cash flow generation
Robust free cash flow generation CASH CONVERSION OF AROUND 74%, IN LINE WITH GUIDANCE In €m 2024 2025 Change Comments Adjusted EBITDA 119.8 151.6 +31.8 Robust FCF generation of €57.3m in 2025, despite higher investment to support future growth Capitalized R&D (11.0) (13.7) (2.8) 1. Mainly driven by
Slide 37: Sound balance sheet at end December 2025
Sound balance sheet at end December 2025 LEVERAGE RATIO OF 1.3x WITH STRONG LIQUIDITY SUPPORTING OUR GROWTH STRATEGY Debt structure (in €M) Leverage ratio1 (x) Comments 1.3x Robust liquidity with cash IFRS 16 lease 16.2 position of €68.5m and & Other €100m undrawn RCF Term loan maturity 1.2x 2029 Ne
Slide 38: Proposed dividend payment of 0.30€ per share
Proposed dividend payment of 0.30€ per share REPRESENTING A PAYOUT RATIO OF 22% FY 2025 Dividend Dividend achievement: policy: distribution: Strong profitability increase, Payout ratio of 20-25% Proposed cash dividend of driving a €70.2m net profit of net income €0.30 per share, equivalent from cont
Slide 39: Sustainability fully integrated into our corporate strategy and operations
Sustainability fully integrated into our corporate strategy and operations Sustainability targets Partnership with • 80% of strategic suppliers committed to a CSR approach by 2027 01 sustainable commitments • 90% of purchasing teams trained to sustainable purchasing by 2027 • 25% of women in senior
Slide 40: Focus on M&A
EXOSENS REVEAL THE INVISIBLE - Focus on M&A ‘ ee x on Se. = STPPs =
Slide 41: Disciplined M&A strategy to drive value creation
Disciplined M&A strategy to drive value creation ACCELERATING OUR DEVELOPMENT THROUGH TARGETED, VALUE-ADDED ACQUISITIONS WHAT WE TARGET WHAT WE BRING WHAT WE ACHIEVE High-value Global Accelerated technological asset commercial reach topline growth © EXOSENS restricted & confidential Incremental TAM
Slide 42: Driving synergies and value creation through our integration programs
Driving synergies and value creation through our integration programs Innovation Sales Manufacturing Support and R&D & Marketing & Procurement functions Group-wide expert communities, Unified group-wide market Group purchasing power through Standardized IT, cybersecurity fostering cross-fertilizatio
Slide 43: Case study – ProxiVision
Case study – ProxiVision Double market expansion +€0.1bn +12% +830bps Missile Warning System Incremental TAM Sales CAGR1 Adj. EBITDA margin1 at acquisition since acquisition since acquisition Reinforced technology and competences Critical enabling technology for MWS, leveraging UV solar-blind sensor
Slide 44: Case study – Noxant
Case study – Noxant Double market expansion +€0.5bn +52% +930bps Surveillance Incremental TAM Sales growth1 Adj. EBITDA margin1 at acquisition since acquisition since acquisition Reinforced technology and competences NoxCore: Delivering high precision for long-range, high-performance surveillance ap
Slide 45: Outlook
oN EXOSENS REVEAL THE INVISIBLE
Slide 46: Well-positioned to capture structural growth across diversified, high-value end markets
Well-positioned to capture structural growth across diversified, high-value end markets Total addressable market Total addressable market Total addressable market Market share 20251 Mid-term1 Mid-term CAGR1 20251, 2 Amplification Light Amplification €0.6bn €0.9bn +12% ~80% 1 Portable Optronics3 €1.1
Slide 47: 2026 guidance and new mid-term outlook
2026 guidance and new mid-term outlook ACCELERATING OUR PROFITABLE GROWTH PATH 2026E MID-TERM Revenue • €520-540m • Average annual organic growth up to mid-teens1 • Above 15% average annual organic growth2, implying a EBITDA • €168-178m mild progressive improvement in adj. EBITDA margin Current scop
Slide 48: Disciplined capital allocation focused on long-term value creation
Disciplined capital allocation focused on long-term value creation ORGANIC INORGANIC CAPITAL SHAREHOLDER GROWTH GROWTH STRUCTURE RETURN Invest in industrial Pursue targeted, In light of this ~20-25% dividend capacity expansion and value-creating M&A strategy, leverage payout ratio R&D innovation acr
Slide 49: Questions / Answers
06 Questions / Answers © EXOSENS restricted & confidential
Slide 50: Appendices
Appendices 1 Note: 1 Following the divestment of the Group's Microwave Amplification business, figures for the 2024 fiscal year have been restated in accordance with IFRS 5. Restated consolidated financial statements are provided in appendices of this presentation.
Slide 51: Revenue and adj. gross margin by segment
Revenue and adj. gross margin by segment 2024 2025 Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY Revenue (€m) 83.6 97.7 181.3 84.9 266.2 117.3 383.4 102.4 117.1 219.5 108.3 327.8 140.4 468.2 • Amplification 60.3 72.6 132.9 59.3 192.2 77.4 269.6 79.1 78.8 157.9 73.9 231.8 87.4 319.2 • Detection & Imaging
Slide 52: Reconciliation of adj. EBITDA and adj. EBIT
Reconciliation of adj. EBITDA and adj. EBIT In €m 2024 2025 Comments Operating profit 76.8 102.0 1. One-off consulting fees related to the IPO Depreciation, amortisation and impairment - net 31.7 38.1 1 Other income and expenses 3.9 0.1 2. Including €2.9m IFRS2 charge related to the EBITDA 112.4 140
Slide 53: Income statement
Income statement In €m 2024 2025 Revenue 383.4 468.2 Cost of sales (97.4) (118.5) Other purchases and external expenses (63.7) (72.2) Taxes and duties other than income tax (1.6) (2.1) Employee benefits expenses (107.4) (135.4) Other operating income / (expenses) 2.0 2.1 Depreciation, amortization a
Slide 54: Cash flow statement
Cash flow statement In €m 2024 2025 Net profit / (loss) 34.1 70.2 Net financial results 31.1 13.8 Income tax 11.6 18.0 Charges net of reversals to depreciation and amortization 34.6 39.5 Other income / (expenses) 2.5 4.8 Income tax received / (paid) (6.7) (18.6) Change in net working capital (8.5) (
Slide 55: Balance sheet – Assets
Balance sheet – Assets In €m 31-Dec-2024 31-Dec-2025 Goodwill 189.5 233.3 Intangible assets 204.9 225.8 Tangible assets 93.6 113.1 Right-of-use of leases 10.6 15.0 Investment in associates 3.4 3.8 Financial assets and other long-term investments 0.9 0.6 Deferred tax assets 0.0 6.9 Non-current assets
Slide 56: Balance sheet – Equity & liabilities
Balance sheet – Equity & liabilities In €m 31-Dec-2024 31-Dec-2025 Share capital 21.6 21.6 Additional paid-in capital 342.5 346.8 Reserves 48.5 77.2 Total equity 412.6 445.7 Long-term financial debt 247.8 249.3 Long-term lease liabilities 8.2 13.6 Pension liabilities 7.5 7.9 Provisions and other lon
Slide 57: Financial glossary
Financial glossary Like-for-like growth Like-for-like growth is the revenue growth achieved by the Group excluding currency impact and scope effect, which corresponds to the revenue recorded during the period “n” by all the companies included in the Group’s scope of consolidation at the end of the p
Slide 58: Financial calendar
Financial calendar 27 APRIL 2026 FIRST QUARTER 2026 REVENUE & ADJ. GROSS MARGIN 22 MAY 2026 ANNUAL GENERAL MEETING 28 JULY 2026 FIRST-HALF 2026 RESULTS 27 OCTOBER 2026 THIRD QUARTER 2026 REVENUE & ADJ. GROSS MARGIN © EXOSENS restricted & confidential IR CONTACT LAURENT SFAXI l.sfaxi@exosens.com www.
Slide 59: © EXOSENS restricted & confidential
© EXOSENS restricted & confidential