Slide 1: First-Half 2026 Results
28 July 2026 RESULTS FIRST-HALF 2026 © EXOSENS restricted & confidential
Slide 2: Agenda
Agenda 01 02 H1 2026 highlights Market and business overview 03 04 Financial results Focus on M&A 05 06 © EXOSENS restricted & confidential Outlook Q&A FIRST-HALF 2026 RESULTS 28 JULY 2026 2
Slide 3: H1 2026 Highlights
01 H1 2026 HIGHLIGHTS © EXOSENS restricted & confidential
Slide 4: Strong H1 2026 performance
Strong H1 2026 performance DELIVERING SUSTAINED GROWTH AND FURTHER MARGIN EXPANSION Amplification €253.1m +15.3% +11.6% Growth YoY +10.0% LFL1 Double-digit growth, driven by accelerating Total revenue Growth YoY Revenue D&I demand in Defense & Surveillance markets +11.4% LFL1 +24.3% Growth YoY +14.6
Slide 5: Market & Business Overview
02 MARKET & BUSINESS OVERVIEW
Slide 6: Amplification
EXOSENS REVEAL THE INVISIBLE AMPLIFICATION
Slide 7: Continued strong execution in Amplification
Continued strong execution in Amplification LEVERAGING OUR TECHNOLOGICAL LEADERSHIP AND INDUSTRIAL CAPABILITIES BUSINESS WINS PRODUCT INNOVATION BUSINESS DEVELOPMENT U.S. Army BiNOD program Augmented Reality MicroDisplay Completion of NVLS integration ▪ Key milestone with the award of a contract ▪ B
Slide 8: Further investment in production capacity
Further investment in production capacity SUPPORTING ACCELERATING CUSTOMER DEMAND OVER THE MID-TERM Image intensifier capacity expansion plan Driven by industrial footprint and operational excellence Maximum production capacity1 ▪ Staggered approach to capacity expansion in place since 2020 ▪ 37M€ i
Slide 9: U.S. facility rollout progressing as planned
U.S. facility rollout progressing as planned CAPTURING SIGNIFICANT GROWTH OPPORTUNITIES IN THE U.S. NIGHT VISION MARKET U.S. factory implementation underway Serving the world’s largest single defense market ▪ New production facility located in Sturbridge, MA, adjacent to Sturbridge (MA) existing U.S
Slide 10: Detection & Imaging
EXOSENS REVEAL THE INVISIBLE DETECTION & IMAGING
Slide 11: Significant growth acceleration in D&I
Significant growth acceleration in D&I EXPANDING CUSTOMER BASE IN DEFENSE & SURVEILLANCE AND M&A EXECUTION BUSINESS WINS PRODUCT INNOVATION BUSINESS DEVELOPMENT Defense & Surveillance Completion of Phasics integration 1 2 3 4 ▪ Expanding customer base of leading UxV1 ▪ Leader in wavefront sensing te
Slide 12: Defense & Surveillance
EXOSENS REVEAL THE INVISIBLE
Slide 13: Cutting-edge imaging technologies for Defense & Surveillance applications
Cutting-edge imaging technologies for mission- ready Defense & Surveillance applications UV VIS NIR SWIR MWIR LWIR PLATFORMS SURVEILLANCE DRONES / COUNTER-DRONES © EXOSENS restricted & confidential UV VIS NIR SWIR MWIR LWIR VIS MWIR LWIR MWIR LWIR ▪ Situational awareness ▪ Land & coastal border cont
Slide 14: Exosens supplies critical technologies at the core of the imaging value chain
Exosens supplies critical technologies at the core of the Defense & Surveillance imaging value chain 1 2 3 4 5 6 RAW MATERIALS SENSORS & DETECTORS CAMERAS & MODULES SUB-SYSTEMS SYSTEMS END USERS SUPPLIERS SUPPLIERS SUPPLIERS INTEGRATORS INTEGRATORS INPUTS SENSING LAYER IMAGING BLOCKS SUB-SYSTEMS DES
Slide 15: Digital imaging increasingly central to the fastest-growing defense segments
Digital imaging increasingly central to the fastest- growing defense segments Platforms Drones/Counter-Drones Surveillance European defense modernization is Drone and counter-drone demand is Long-range surveillance demand is driving demand for platform-based accelerating, driven by rapidly evolving
Slide 16: Scaling of our imaging production capacity
Scaling of our imaging production capacity SUPPORTING ACCELERATING DEMAND ACROSS DRONE, COUNTER-DRONE AND SURVEILLANCE MARKETS Drones/ Surveillance Counter-Drones Accelerating demand for advanced imaging solutions as Increasing demand for advanced imaging solutions across drone and counter-drone sys
Slide 17: Commercial Markets
EXOSENS REVEAL THE INVISIBLE
Slide 18: Technology innovation, AI and nuclear tailwinds supporting long-term growth
Technology innovation, AI and nuclear tailwinds supporting long-term structural growth Life Sciences Industrial Control Nuclear Near-term demand remains soft, while Demand is improving, with AI expansion Commercial traction is accelerating, long-term fundamentals are intact providing incremental ups
Slide 19: Focus on M&A
03 FOCUS ON M&A © EXOSENS restricted & confidential
Slide 20: 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 21: Emberion strengthens Exosens' SWIR technology
Emberion strengthens Exosens’ SWIR technology ADDING DIFFERENTIATED QUANTUM DOT CAPABILITIES ACROSS DEFENSE AND INDUSTRIAL CONTROL APPLICATIONS WHAT WE ACQUIRED ▪ Finland- and UK-based pioneer in quantum dot- based SWIR sensors ▪ End-to-end capabilities from quantum dot materials to CMOS sensor desi
Slide 22: Financial Results
04 FINANCIAL RESULTS1 Note: 1 Following the divestment of the Group's Microwave Amplification business, completed on 31 December 2025, the 2025 half-year figures have been restated in accordance with IFRS 5. Restated consolidated financial statements are provided in the appendices of this presentati
Slide 23: Continued strong growth and margin expansion
Continued strong growth and margin expansion REFLECTING SUSTAINED DEFENSE MOMENTUM AND CONSISTENT OPERATIONAL EXECUTION Revenue (in €M) Adjusted gross margin (in €M) Change % sales Change % sales +11.4% LFL1 50.8% 51.3% +15.3% +16.5% 15.1 0.1 253.1 6.9 0.1 129.9 18.4 11.4 219.5 111.5 © EXOSENS restr
Slide 24: Double-digit growth across both segments
Double-digit growth across both segments DRIVEN BY ACCELERATING DEMAND FOR DEFENSE IMAGING AND NIGHT VISION SOLUTIONS Amplification (in €M) Detection and Imaging (in €M) Revenue Adj. gross margin Revenue Adj. gross margin +10.0% LFL1 Change % sales Change % sales +14.6% LFL1 Change % sales Change %
Slide 25: Further improvement in profitability
Further improvement in profitability DELIVERING BEST-IN-CLASS MARGINS Adjusted EBITDA Adjusted EBIT Margin expansion drivers Change Change In €M +18.3% In €M +19.2% 83.6 71.7 70.6 60.2 Volume and scale H1 2025 H1 2026 H1 2025 H1 2026 % sales +84bps % sales +92bps Favorable product mix © EXOSENS rest
Slide 26: Net profit from continued operations ex. one-off impairment up 21%
Net profit from continued operations ex. one-off impairment up +21% to €35.9m Comments In €m H1 2025 H1 2026 Change 1. Net loss from the Microwave Amplifier Operating profit1 49.0 59.4 +10.4 business, divested on 31 December 2025 Net financial result (8.3) (6.0) +2.3 2. Net loss related to the non-c
Slide 27: Sustained investment in R&D
Sustained investment in R&D DRIVING LONG-TERM INNOVATION AND TECHNOLOGY LEADERSHIP R&D (in €M) Comments % sales Change % sales • Gross R&D up +€3.1m in H1 2026 (+18.0%) 7.7% Gross R&D 7.9% • R&D expense increased by €3.2m 6.1% Net R&D1 6.6% • Subsidies, customer co-investment & tax credits decreased
Slide 28: Accelerated investment in capacity
Accelerated investment in capacity SUPPORTING OUR FUTURE GROWTH Capital expenditure (in €M) Comments % sales Change % sales • Total capex up +€8.7m in H1 2026 (+59.6%) 6.7% Total 9.2% • Growth capex up +€9.3m (+98.6%), focused on plant infrastructure works and additional 4.3% Growth 7.4% equipment i
Slide 29: Robust free cash flow generation despite higher growth capex
Robust free cash flow generation despite higher growth capex In €m H1 2025 H1 2026 Change Comments Adjusted EBITDA 70.6 83.6 +12.9 Robust FCF generation of €31.4m in H1 2026, despite higher capex to support future growth Capitalized R&D (6.1) (9.2) (3.0) 1. Mainly driven by higher inventory levels t
Slide 30: Sound balance sheet at end June 2026
Sound balance sheet at end June 2026 LEVERAGE RATIO OF 1.2x WITH STRONG LIQUIDITY SUPPORTING OUR GROWTH STRATEGY Debt structure (in €M) Leverage ratio1 (x) Comments Strong liquidity 1.3x IFRS 16 lease Cash position of €68.8m 18.6 & Other RCF extended by €100m to €200m 1.2x New EIB financing facility
Slide 31: Outlook
q EXOSENS REVEAL THE INVISIBLE OUTLOOK
Slide 32: 2026 outlook: Now expecting to be towards the upper end of guidance
2026 outlook: Now expecting to be towards the upper end of our guidance 2026 GUIDANCE MID-TERM OUTLOOK Revenue • €520-540m • Average annual organic growth up to mid-teens1 • Above 15% average annual organic growth2, Adjusted • €168-178m implying a mild progressive improvement in adj. EBITDA EBITDA m
Slide 33: Questions / Answers
06 QUESTIONS / ANSWERS © EXOSENS restricted & confidential
Slide 34: Appendices
APPENDICES
Slide 35: Revenue and adj. gross margin by segment
Revenue and adj. gross margin by segment 2025 2026 Q1 Q2 H1 Q1 Q2 H1 Revenue (€m) 102.4 117.1 219.5 122.6 130.5 253.1 • Amplification 79.1 78.8 157.9 88.1 88.2 176.3 • Detection & Imaging 24.0 38.3 62.3 34.6 42.8 77.4 • Eliminations & Others (0.7) 0.0 (0.7) (0.2) (0.5) (0.6) Change (%) +19.7% +11.4%
Slide 36: Reconciliation of adj. EBITDA and adj. EBIT
Reconciliation of adj. EBITDA and adj. EBIT In €m H1 2025 H1 2026 Comments Operating profit 49.0 31.2 1 1. Including a non-cash trademark impairment Depreciation, amortisation and impairment - net 17.1 47.9 charge of €(28.2) million related to the Group’s Other income and expenses 0.0 0.0 rebranding
Slide 37: Income statement
Income statement In €m H1 2025 H1 2026 Revenue 219.5 253.1 Cost of sales (48.9) (57.7) Other purchases and external expenses (35.0) (39.5) Taxes and duties other than income tax (1.1) (1.7) Employee benefits expenses (67.6) (77.0) Other operating income / (expenses) 0.7 0.4 Depreciation, amortizatio
Slide 38: Cash flow statement
Cash flow statement In €m H1 2025 H1 2026 Net profit / (loss) 29.6 15.3 Net financial results 8.4 6.0 Income tax 11.1 9.9 Charges net of reversals to depreciation and amortization 19.1 46.1 Other income / (expenses) 2.0 3.9 Income tax received / (paid) (3.5) (6.2) Change in net working capital (16.0
Slide 39: Balance sheet – Assets
Balance sheet – Assets In €m 31-Dec-2025 30-Jun-2026 Goodwill 233.3 233.4 Intangible assets 225.8 197.3 Tangible assets 113.1 128.6 Right-of-use of leases 15.0 15.7 Investment in associates 3.8 8.5 Financial assets and other long-term investments 0.6 0.7 Deferred tax assets 6.9 5.0 Non-current asset
Slide 40: Balance sheet – Equity & liabilities
Balance sheet – Equity & liabilities In €m 31-Dec-2025 30-Jun-2026 Share capital 21.6 21.6 Additional paid-in capital 346.8 346.8 Reserves 77.2 82.5 Total equity 445.7 450.9 Long-term financial debt 249.3 251.4 Long-term lease liabilities 13.6 12.8 Pension liabilities 7.9 7.8 Provisions and other lo
Slide 41: Financial glossary
Financial glossary LIKE-FOR-LIKE GROWTH Like-for-like growth is defined as the revenue growth achieved by the Group, excluding currency effects and changes in the scope of consolidation. It corresponds to the revenue generated in period “n” by all companies included in the Group’s scope of consolida
Slide 42: Financial calendar
Financial calendar 27 OCTOBER 2026 9M 2026 REVENUE & ADJUSTED GROSS MARGIN (BEFORE MARKET OPENING) IR CONTACT LAURENT SFAXI l.sfaxi@exosens.com www.exosens.com/investors © EXOSENS restricted & confidential FIRST-HALF 2026 RESULTS 28 JULY 2026 42
Slide 43: Forward-looking statements
Forward-looking statements Certain information included in this presentation is not historical fact but constitutes forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present an
Slide 44: © EXOSENS restricted & confidential
© EXOSENS restricted & confidential