Exosens: Solid momentum; estimates edge higher ahead of 1H26 due on 28/07

研报英文原文证据摘录

Exosens: Solid momentum; estimates edge higher ahead of 1H26 due on 28/07

22 July 2026

Aleksander Peterc

+33 1 57 29 45 25

Global Aerospace & Defense aleksander.peterc@bernsteinsg.com

Exosens SAS

Rating

Outperform

Price Target

EXENS.FP 71.50 EUR (72.50 OLD)

Exosens: Solid momentum; estimates edge higher ahead of 1H26

due on 28/07

Exosens will report 1H26 results on 28 July before market open (webcast on investor Close Date 21 Jul 2026

relations website). While the group does not provide interim guidance, we expect another solid

EXENS.FP Close Price (EUR) 60.40

set of results, reflecting continued healthy demand across defence and industrial imaging

Price Target (EUR) 71.50

markets. We forecast 1H26 revenue of €253.2m, up 15.3% YoY on a reported basis and 13.1%

Upside/(Downside) 18%

organically, with gross profit of €127.7m (no consensus available). This implies a gross margin

52-Week Range 74.00/36.20

of 50.4%, down 40bp YoY, reflecting a mix effect and ongoing capacity investments.

EDME 1,596.25

Following a strong start to the year and against a supportive defence spending FYE Dec

background, we modestly raise our estimates. Our 2026 revenue, adjusted EBITDA and Div Yield 0.5%

EPS forecasts increase by c.1.2%, with upgrades to outer years (2027-30e) in low single digits Market Cap (EUR) (M) 3,077

across key metrics. Upgrades are driven primarily by a stronger outlook for the Amplification EV (EUR) (M) 3,274

division, partly offset by limited changes in Detection & Imaging. We now forecast FY26 Performance YTD 1M 6M 12M

revenue of €534m, towards the upper end of management’s €520-540m guidance range, Absolute (%) 24.7 0.5 7.3 49.1

alongside adjusted EBITDA of €175.4m, also close to the top of the €168-178m target EDME (%) 8.6 0.5 5.7 18.6

range.