Published by Global Banking & Finance Review®
Posted on February 23, 2026
2 min readLast updated: April 2, 2026
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Exosens reported 22% revenue growth to €468.2m in 2025, while net profit from continuing operations doubled to €70.2m on booming defense demand. Defense was 75% of sales; guidance points to mid‑teens organic growth and stronger 2026.
By Hugo Lhomedet and Jakob Van Calster
Feb 23 (Reuters) - French defence technology group Exosens issued higher mid-term forecasts on Monday, fuelled by very strong demand in the defence and surveillance markets, after its profit more than doubled in 2025.
The night-vision gear maker lifted its medium-term target for yearly organic revenue growth to 15% and its organic growth goal for earnings before interest, taxes, depreciation and amortisation (EBITDA) to more than 15%.
"We saw a marked acceleration in requirements for defence imaging applications and, in particular, in surveillance, where fast-evolving drone threat landscape represents a major structural shift," CEO Jerome Cerisier said in a press release.
Exosens' revenue jumped 22% to 468.2 million euros last year, with net profit from continued operations rising to 70.2 million.
For 2026, it sees revenue of 520-540 million euros and adjusted EBITDA of 168-178 million euros, reflecting growth rates of 13-14%. That would mark a slowdown from last year's above-20% growth.
The company's shares fell more than 3% by midday local time. One analyst, who asked not to be named, said profit-taking was a likely culprit after a strong run and as talks for peace in Ukraine continue.
DEFENCE 'SUPERCYCLE'
Military equipment orders have jumped after Russia's invasion of Ukraine in 2022 and Washington's more recent push for European allies to raise their defence spending.
Exosens' shares have surged after their 2024 listing as investors bet the company, whose defence and surveillance activities made up 75% of last year's revenue, would benefit from rising military procurement.
Cerisier told Reuters he expected defence spending to be durable and outlast a potential Ukraine ceasefire, whenever that may be, characterising the environment as a "supercycle" for defence suppliers.
“There has been underinvestment for years and years, and armed forces need to be fully equipped ... because deterrence is, in fact, the best way of preventing any future conflict,” he said.
($1 = 0.8477 euros)
(Reporting by Hugo Lhomedet and Jakob Van Calster in Gdansk; Editing by Milla Nissi-Prussak)
Exosens reported strong 2025 results, with revenue up 22% to €468.2m and net profit from continuing operations more than doubling, driven by robust defense market demand.
A booming defense market lifted sales of night‑vision and related technologies, with defense representing 75% of group revenue.
Exosens expects a strong 2026 and targets mid‑teens organic revenue growth over the medium term, alongside improving profitability and free cash flow.
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