Full year 2024 results

Exosens delivers very strong full-year 2024 results, overperforming on its IPO guidance

Sustained growth dynamic anticipated for 2025-2026

PRESS RELEASE
MÉRIGNAC, FRANCE – MARCH, 3RD 2025

FY 2024 HIGHLIGHTS

Strong revenue growth of +35.0%, above IPO guidance, to €394.1m in 2024, reflecting dynamic like-for-like growth (+24.9%) and successful integration of bolt-on acquisitions
Significant increase in profitability, with adjusted EBITDA of €118.5m in 2024 (+37.8%), representing a best-in-class margin of 30.1% (vs. 29.5% in 2023), above IPO guidance and above top range of estimated landing given in January 2025
Net profit of €30.7m in 2024, recording a strong growth of +66.7% over 2023
Robust balance sheet with a net leverage of 1.2x at year-end 2024, enabling the execution of our growth strategy
Proposed payment of a €0.10 cash dividend per share for the 2024 fiscal year, for the first time since Exosens’ IPO

OUTLOOK FOR 2025 AND THE 2024-2026 PERIOD: SUSTAINED GROWTH DYNAMIC DRIVEN BY DEFENSE TAILWINDS

Continued strong performance expected in 2025, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties
Global market demand is higher than initially expected, with NATO and Tier-1 allies continuing to ramp up their procurement of night vision systems further improving the perspectives, which implies a high-teens 2024-2026 adjusted EBITDA CAGR
In order to meet this demand Exosens decided to invest €20m to expand its production capacity not only in Europe but also in the US with, for the first time, a new production plant in the US, which will give us additional market opportunities

Mérignac (France), 3 March 2025 – Exosens (EXENS; FR001400Q9V2), a high-tech company focused on providing mission and performance-critical amplification, detection and imaging technology, today publishes its results for the fiscal year ended 31 December 2024. At its 28 February 2025 meeting, Exosens’ Board of Directors approved the consolidated financial statements for 2024.

“We are pleased to announce our first results as a publicly-listed company, with 2024 performance exceeding our IPO guidance. In a dynamic defense market, driven by rising geopolitical tensions and increasing defense budgets across NATO countries and Tier-1 allies, Exosens fully benefited from these structural trends and is well-positioned to continue doing so. 2024 was a pivotal year, we flawlessly executed our strategy, reinforcing our leadership in mission-critical technologies, surpassing expectations, and further enhancing our best-in-class margins, that set us apart from our peers.
Amplification remains a key driver of our growth with higher-than-expected market demand, necessitating capacity expansion. As a result, we have decided to scale up capacity in Europe and enter the US market, anticipating sustained mid-term demand and emerging opportunities.
We are also accelerating the growth of D&I segment, which achieved +7% like-for-like growth in 2024, driven by an improved product mix, market share gains, and successful acquisitions. These markets are benefiting from AI-driven advancements in industrial control, nuclear energy, and healthcare research.
With a focus on sustainable growth, we remain committed to customer satisfaction, innovation, operational excellence, and disciplined acquisitions. Backed by a strong balance sheet and a dynamic market environment, we are well-positioned to accelerate expansion and create value for both customers and shareholders, including our first dividend payment.”, commented Jérôme Cerisier, CEO of Exosens.

Key financial indicators

In € millions	FY 2023	FY 2024	Change (%)	LFL¹ (%)
Revenue	291.8	394.1	+35.0%	+24.9%

Adjusted gross margin	131.1	189.6	+44.7%	-
As a % of revenue	44.9%	48.1%	+320bps	-

Adjusted EBITDA	86.0	118.5	+37.8%	-
As a % of revenue	29.5%	30.1%	+60bps	-

Adjusted EBIT	66.1	95.3	+44.1%	-
As a % of revenue	22.7%	24.2%	+150bps	-

Operating income	48.3	73.0	+51.2%	-
As a % of revenue	16.5%	18.5%	+200bps	-

Net profit	18.4	30.7	+66.7%	-
Net profit ex. PPA amortization	27.8	41.5	+49.2%	-

Free cash flow	20.5	55.4	+170.0%	-
Cash conversion (%)	69.3%	74.1%	+480bps	-

Net debt	302.3	144.1	(47.7)%	-
Leverage ratio (x)	3.3x	1.2x	(2.1)x	-
¹ Like-for-like.

Strong revenue performance in FY 2024 in a dynamic market environment, outperforming our IPO guidance

In € millions	FY 2023	FY 2024	Change (%)	Like-for-like (%)
Amplification	209.9	280.2	+33.5%	+33.5%
Detection & Imaging	82.5	117.5	+42.5%	+6.8%
Eliminations & Other	(0.6)	(3.7)	n/a	n/a
Total revenue	291.8	394.1	+35.0%	+24.9%

Exosens posted a strong performance in FY 2024, outperforming its IPO guidance and continuing its strong growth trajectory, with consolidated revenue totaling €394.1 million, which represented a significant growth of +35.0% (or +€102.3 million) compared to FY 2023, of which+24.9% year-on-year on a like-for-like basis, mainly driven by a strong demand in Defense end-markets.

Amplification revenue reached €280.2 million in FY 2024, reflecting a significant growth of +33.5% compared to FY 2023, driven by stronger sales volumes and increased share of higher-performance image intensifier tubes for Defense’s night vision applications.

The global night vision market is benefiting from growing demand, driven by increasing defense budgets and the need for armies worldwide to enhance their night fighting capabilities, including the ongoing shift from monocular to binocular goggles. The return of high-density combat has underscored the critical importance of night operation abilities as a key tactical advantage. NATO and Tier-1 allies continued to ramp up their procurement of night vision systems in 2024, though they are still far from reaching the targeted equipment rate.

Reflecting this increasing market demand, Exosens, worldwide leader, has benefited from its position as the strategic supplier of NATO and Tier-1 allies for night vision image intensifier tubes with a number of major business wins in markets such as Germany, the UK, Poland, Belgium, Finland, France or Australia, among others.

On the M&A front, the Group announced agreement to acquire NVLS, a specialist in man-portable night vision and thermal devices, in October 2024, which will accelerate Exosens’ mid-term capability to develop next gen googles with innovative solutions combining night vision and thermal devices. Closing is expected to occur in the coming months, pending customary clearances and approvals.

Detection & Imaging revenue totaled €117.5 million in FY 2024, representing an increase of +42.5% compared to FY 2023, mainly driven by a positive product mix and accelerated growth from 2023 bolt-on acquisitions (Telops, El-Mul, and Photonis Germany¹).

Like-for-like growth reached +6.8% in FY 2024, accelerating from the +6.0% recorded in 9M 2024. This strong performance was driven by market share gains following new product launches, as well as growing demand in our key high-growth end markets (Life Sciences, Nuclear and Defense). These factors more than offset the softness in Industrial Control markets (China, machine vision).

Throughout the year, Exosens continued to execute on its disciplined bolt-on strategy with two synergistic acquisitions: Centronic (radiation detection solutions), in July, reinforcing our position as the key European leader in nuclear instrumentation, and LR Tech (FTIR spectrometry) in September, complementing Telops' products to strengthen our position in high-end spectroscopy instruments. Additionally, in November, Exosens announced the acquisition of Noxant, a specialist in high-performance cooled infrared cameras, set to close in Q1 2025.

Significant improvement in adjusted gross margin in FY 2024

	FY 2023		FY 2024		Change
	In €m	% of sales	In €m	% of sales	In %
Amplification	93.3	44.4%	132.4	47.3%	+42.0%
Detection & Imaging	37.7	45.7%	57.1	48.6%	+51.6%
Eliminations & Other	0.1	n/a	0.1	n/a	n/a
Adjusted gross margin	131.1	44.9%	189.6	48.1%	+44.7%

Exosens posted a strong increase in adjusted gross margin at Group level and across both segments in FY 2024, mainly due to higher sales volumes, improved yields and a favorable product mix. The Group’s adjusted gross margin stood at €189.6 million in FY 2024, reflecting a growth of +44.7% compared to FY 2023. Adjusted gross margin rate reached 48.1% in FY 2024, marking a significant improvement of 320 basis points year-on-year.

Adjusted gross margin of the Amplification segment totaled €132.4 million in FY 2024 (+42.0% vs. FY 2023), representing a margin of 47.3% (vs. 44.4% in FY 2023). This strong increase in margin rate mainly reflected higher sales volumes, improved yields and a favorable product mix.

Adjusted gross margin of the Detection & Imaging segment amounted to €57.1 million in FY 2024 (+51.6% vs. FY 2023), representing a margin of 48.6% (vs. 45.7% in FY 2023). This improved margin rate was mainly driven by a positive product mix, improved yields and supply-chain cost synergies.

Continued strong operational execution driving further profitability increase in FY 2024

Exosens reported a further increase of its profitability at Group level in FY 2024, reinforcing best-in-class margin, driven by strong business momentum and continued operational excellence.

Adjusted EBITDA amounted to €118.5 million in FY 2024, representing a sharp growth of +37.8% (or +€32.5 million) compared to €86.0 million in FY 2023. As a result, adjusted EBITDA margin improved by 60 basis points to reach 30.1% in FY 2024 (vs. 29.5% in FY 2023).

Adjusted EBIT totaled €95.3 million in FY 2024, posting a strong growth of +44.1% (or +€29.2 million) compared to €66.1 million in FY 2023. As a result, adjusted EBIT margin increased by 150 basis points to reach 24.2% in FY 2024 (vs. 22.7% in FY 2023).

The Group’s recorded an operating income of €73.0 million in FY 2024, representing a significant increase of +51.2% (or €24.7 million) compared to €48.3 million in FY 2023. As a percentage of sales, operating margin improved by 200 basis points to reach 18.5% (vs. 16.5% in FY 2023).

Significant growth in net income, up +67% in FY 2024

Exosens recorded a significant increase in net profit, reaching €30.7 million in FY 2024, up by +66.7% (or €12.3 million) compared to FY 2023. Adjusted for PPA amortization, net profit was €41.5 million in FY 2024, representing a growth of +49.2% (or €13.6 million) compared to FY 2023.

Strong increase in free cash flow, up +€35 million in FY 2024

Exosens recorded a significant increase in free cash flow to €55.4 million in FY 2024 (vs. €20.5 million in FY 2023). This strong increase was achieved despite one-off expenses related to IPO consulting fees. In addition, the Group achieved a higher cash conversion rate of 74.1% in FY 2024 compared to 69.3% in FY 2023, with increased investment towards the end of the year to support future growth.

Sustained R&D efforts in FY 2024 to support long-term growth and market leadership

R&D expenses grew by +35.0% to €30.4 million (7.7% of sales) in FY 2024 compared to €22.5 million (7.7% of sales) in FY 2023. Continued efforts in R&D like the development of 5G image intensifier tubes for Defense’s night vision applications, or next gen detectors for Life Sciences and Nuclear will sustain the group’s future growth and maintain its leading positions.

Completion of the first phase of capacity expansion

Capital expenditure reached €27.9 million in FY 2024 compared to €23.7 million in FY 2023, marking a reduction in capex to sales ratio to 7.1% (vs. 8.1% in FY 2023) following the completion of capacity expansion resulting from investments started in 2022-2023.

Strengthened capital structure, fully supporting our growth strategy

Following Exosens’ successful IPO in June 2024, which included a capital increase of €180 million and a full debt refinancing (securing two new credit facilities of a total amount of €350 million), the Group has significantly deleveraged, with its net debt more than halving to €144.1 million as at 31 December 2024 compared to €302.3 million as at 31 December 2023. Accordingly, the leverage ratio decreased significantly to 1.2x as at 31 December 2024, as compared to a ratio of 3.3x as at 31 December 2023, providing the Group with ample capacity to pursue its investments in growth.

Dividend

The Company’s Board of Directors decided, during its meeting on 28 February 2025, to propose the payment of a €0.10 cash dividend per share for the 2024 fiscal year. This amount will be subject to the approval of the Annual General Shareholders' Meeting, which will take place on 23 May 2025.

Outlook for 2025 and the 2024-2026 period: Sustained growth dynamic driven by defense tailwinds

Exosens expects a continued strong performance in 2025, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties compared to 2024.

The Group expects a high-teens 2024-2026 adjusted EBITDA CAGR and a cash conversion² ratio in the range of 70%-75% over the period, taking into account capacity investment in Europe and in the US.

Furthermore, the Group intends to pursue its growth strategy, at a pace consistent with historical trend, while maintaining a leverage ratio³ of around 2x.

¹Formerly ProxiVision.
² Cash conversion is defined as (adjusted EBITDA – capitalized R&D – capex) / (adjusted EBITDA – capitalized R&D).
³ Leverage ratio is defined as net financial debt / adjusted EBITDA.

Download the full press release - en

Webcast

Jérôme Cerisier, CEO and Quynh-Boi Demey, CFO will hold a conference call and webcast to discuss Exosens’ full-year 2024 results on Monday, 3 March 2025 at 9:00am CET. This presentation will be followed by a Q&A session and can be accessed via the following link:
https://channel.royalcast.com/landingpage/exosens-en/20250303_1/

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Audit procedures in respect of the consolidated financial statements are complete and the corresponding audit report of the auditors is in the process of being delivered.

Financial Calendar

28/04/2025: Q1 2025 revenue & adj. gross margin (publication before market opening);
29/04/2025: Publication of 2024 Universal Registration Document;
23/05/2025: Annual general meeting;
31/07/2025: H1 2025 results (publication before market opening);
27/10/2025: Q3 2025 revenue & adj. gross margin (publication before market opening).

Investor Relations

Laurent Sfaxi, l.sfaxi@exosens.com

Media Relations

Brunswick Group, exosens@brunswickgroup.com

Laetitia Quignon, + 33 6 83 17 89 13

Nicolas Buffenoir, + 33 6 31 89 36 78