Feb 23 (Reuters) - French defence technology group Exosens reported a 22% rise in its annual revenue on Monday, while net profit from continued operations more than doubled. The maker of night vision
Exosens Raises Growth Forecasts Amid Defence Spending Surge
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.
Exosens' Growth Projections
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.
Financial Outlook for 2026
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'
Impact of Global Defence Trends
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)
