Exosens: H1 26 preview - Steady

研报英文原文证据摘录

Exosens: H1 26 preview - Steady

Deutsche Bank

Research

Rating Company Date

Hold Exosens 9 July 2026

Results

Europe

France

Reuters Bloomberg Exchange Ticker Price at 8 Jul 2026 (EUR) 59.30

EXENS.PA EXENS FP PAR EXENS

Price Target (EUR) 60.00

Aerospace & Defence

52-week range (EUR) 72.90 - 36.65

H1 26 preview - Steady

Valuation & Risks

Sriram Krishnan, CFA

Exosens is scheduled to report its H1 26 results on 28th July 2026. End market

Research Analyst

dynamics were broadly unchanged from Q1 and so we expect Q2 performance to +44-20-7541-0983

be largely similar to Q1. Overall, the group’s H2 performance should be better

than H1 as the production ramp-up comes online. Christophe Menard

+33-1-4495-9315

Defence continues to be the key driver of revenue growth

Samrudh Agrawal

Group’s H1 revenues should grow c.12% yoy to €252m, with Amplification division

Research Associate

revenues likely to reach c.€180m and Detection & Imaging (D&I) division revenues

to reach €74m. Across both these divisions defence as an end market should be the

primary driver, especially at the D&I division where Exosens recently won some

major business related to the Drones / Counter-Drones market.

More capacity to come online in next few quarters

Group revenues growth should pick up in H2, driven by Amplification division as

first phase of production capacity ramp-up for Image intensifier tubes (IITs) is

expected to come online in H2 26 in Europe. This should be followed by more

capacity boost in H1 27 in the US and finally the second phase of European ramp-up

should be online in H2 27. Exosens is evaluating further production ramp beyond

2027, and we expect 15% capacity boost in 2028 to meet group’s incremental

demand for IITs and other optronics in its platform-based business growth.