JPM | Industrial Strength Morning Messages: Results ramp into a Rotation ‘nado

Research evidence excerpt

JPM | Industrial Strength Morning Messages: Results ramp into a Rotation ‘nado

us. The backlog of new investment projects – a proxy for the mid-term growth outlook – reached

a record high of €6.0bn, up from €4.9bn/€5.5bn at end of 2025 and 1Q26, respectively (see Figure 1). However, the sustained

increase in onsite backlog in recent years has not translated into meaningful LFL sales or earnings upgrades over the past two

years, and we doubt today’s print will drive material consensus upgrades. With the shares +22% YTD (vs +13% for the sector)

and valuation at FY26E/27E P/E 28.7x/25.8x (vs 5yr/10yr medians 24.3x/23.0x), this setup could prompt some profit-taking.

• EXOSENS - ANALYST FIRST TAKE (HERE): Our Take: Exosens (EXENS) has reported H1 26 sales in line with

expectations and adj EBIT 7% ahead of company consensus. EXENS now expects revenue and Adj. EBITDA to be at the

upper end of their respective guided ranges in FY26.

• Noteworthy Areas: See Table 1 for H1 results vs expectations. In 2025, EXENS announced signifcant capacity increases

in its Amplification division (which makes image intensifier tubes for night vision goggles) across Europe and the US; the

first benefits from this expansion are expected in H2 2026. EXENS stated that it is continuing to evaluate further capacity

increases given the strong demand backdrop. In the Detection and Imaging division, EXENS is doubling its production

capacity for its cooled infrared cameras (which can be used on drones) in 2026. This reflects the exciting opportunity that

EXENS has in the fast-growing drone and counter-drone market.

• Outlook & Guidance: Exosens now expects to be at the upper end of its guidance for 2026 revenue of €520m-540m and

Adj. EBITDA of €168m-178m.