Exosens: H1 26 Adj. EBIT 7% ahead of consensus; strong demand backdrop in both divisions

研报英文原文证据摘录

Exosens: H1 26 Adj. EBIT 7% ahead of consensus; strong demand backdrop in both divisions

J P M O R G A N Europe Equity Research

28 July 2026

Exosens Overweight

EXENS.PA, EXENS FP

H1 26 Adj. EBIT 7% ahead of consensus; strong Price (27 Jul 26):€62.7

demand backdrop in both divisions Price Target (Dec-27):€71.0

Our Take: Exosens (EXENS) has reported H1 26 sales in line with expectations European Aerospace & Defense

ACand adj EBIT 7% ahead of company consensus. EXENS now expects revenue and David H Perry, CFA

Adj. EBITDA to be at the upper end of their respective guided ranges in FY26. (44-20) 7742-5606

david.h.perry@jpmorgan.com

J.P. Morgan Securities plc• Noteworthy Areas: See Table 1 for H1 results vs expectations. In 2025,

EXENS announced signifcant capacity increases in its Amplification division Lucy Fitzgerald

(which makes image intensifier tubes for night vision goggles) across Europe (44 20) 3493-5251

and the US; the first benefits from this expansion are expected in H2 2026. lucy.fitzgerald@jpmorgan.com

EXENS stated that it is continuing to evaluate further capacity increases given J.P. Morgan Securities plc

the strong demand backdrop. In the Detection and Imaging division, EXENS Jash R Naik

is doubling its production capacity for its cooled infrared cameras (which can (91 22) 6157-3797

jash.naik@jpmchase.com

be used on drones) in 2026. This reflects the exciting opportunity that EXENS J.P. Morgan India Private Limited

has in the fast-growing drone and counter-drone market. Titus MacDermot

• Outlook & Guidance: Exosens now expects to be at the upper end of its (44-20)titus.macdermot@jpmorgan.com3493-7137

guidance for 2026 revenue of €520m-540m and Adj. EBITDA of €168m- J.P. Morgan Securities plc

178m.

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