(News Bulletin 247) – The specialist in optronics for military applications confirms its annual objectives, the group still benefiting from sustained demand for its image intensifiers. Exosens has decided to increase its production capacities to meet this very strong demand for its night vision applications in defense.

Like other companies largely exposed to the defense sector, Exosens benefited from multiple announcements of increased military spending in Europe. As a world leader, the French group takes full advantage of its position as a strategic supplier to the countries of the North Atlantic Treaty Organization (NATO) and their main allies in image intensifier tubes for night vision systems.

Exosens recently won “a major contract” with the Spanish army for a supply contract for 17,000 new generation night vision monoculars.

A dynamism of the amplification activity

And the latest figures published by Exosens for the first nine months of 2025 show that the current context is favorable to military spending. At the end of September, Exosens revealed a turnover of 327.8 million euros, an increase of 23.2% in published data and 15.1% over one year in comparable data. The group cites “favorable dynamics in defense end markets”.

Exosens’ activity was notably supported by its “amplification” segment, whose turnover increased over one year, by 20% on a comparable basis to reach 231.8 million euros at the end of September.

This increase resulted from increased sales volumes linked to the increase in production capacities and the demand described as “sustained” by the company for its high-performance image intensifier tubes intended for night vision applications for defense, due to the need for armies to improve their night combat capabilities.

To meet this strong demand, Exosens has decided to further increase its production capacity by 15% through an additional investment of 17 million euros in Europe. The company announced earlier in the year an investment plan of 20 million euros to increase production capacity in Europe and the United States by 25% by 2027.

This decision by the former Photonis to strengthen its production capacities brings the amount of investments announced in 2025 to 37 million euros. This envelope should allow a cumulative increase of 40% in the group’s overall production capacities by 2027, covering the 18mm, 16mm and 5G product ranges.

An increase in gross margin

The turnover of the “detection and imaging” segment reached 97 million euros, an increase of 26.2% in published data, thanks to the acquisitions made by Exosens in 2024 (Centronic and LR Tech) and 2025 (Noxant). On a comparable basis, activity fell slightly by 0.2%.

In detail, this activity had temporarily suffered in the first quarter, before returning to growth in the second quarter, an expansion which continued in the third quarter thanks to growing demand in Defense (imaging and protection for drones and anti-drone fight) and nuclear. Stifel expects growth in this division to accelerate in the fourth quarter of 2025.

A little further down in the accounts, Exosens revealed an adjusted gross margin of 168 million euros at the end of September. The corresponding margin increased over one year, standing at 51.2%, compared to 49% at the end of September, due “mainly to an increase in sales volumes, an improvement in yields and a favorable product mix”, explains Exosens.

The company reiterates its annual objectives for 2025. It expects growth in its turnover at the high end of a range between 15% and 20% and growth in its adjusted gross operating surplus at the low end of the range ranging from 20% to 25% compared to 2024. Exosens also maintains its objective of average annual growth in Ebitda (adjusted gross operating income) at the high end. with a fork between 15% to 20% over the period 2024-2026.

On the Paris Stock Exchange, Exosens increased by 4% around 12:25 p.m. after hesitating in the first part of the session. An increase which brings its annual gains to more than 147%.