Exosens revenue rose 23.5% year over year to €133.8 million in the third quarter of 2026, as stronger demand and a faster-than-expected increase in European production capacity supported sales. In its October 27 update, the night-vision and imaging technology company confirmed its previously upgraded full-year outlook, despite a lower nine-month adjusted gross margin rate.

Key Takeaways

  • Nine-month revenue reached €386.9 million, up 18.0% from a year earlier.
  • Adjusted gross profit increased, but its share of revenue declined as product mix and U.S. staffing costs weighed.
  • Full-year revenue and adjusted EBITDA guidance remained unchanged from September’s upgrade.

Exosens revenue growth accelerates across core businesses

Revenue for the nine months ended September 30, 2026 increased from €327.8 million a year earlier. Like-for-like growth, which excludes currency effects and changes in the consolidation perimeter, was 14.4%. In the third quarter, that measure accelerated to 20.5%, compared with 11.4% in the first half.

Amplification revenue reached €267.8 million over the nine months, up 15.5%. Third-quarter growth accelerated to 23.9%, which Exosens attributed to rising demand for image intensifier tubes and the faster ramp-up of additional European capacity. The company said demand continued to exceed available production capacity.

Detection & Imaging revenue increased 23.7% to €120.0 million, including 14.1% like-for-like growth. Exosens cited demand for drone, counter-drone and surveillance imaging, alongside nuclear instrumentation. Acquisitions also contributed to reported growth.

ItemDetails
2026 revenue guidance€558 million–€570 million
2026 adjusted EBITDA guidance€186 million–€192 million
2026 capital expenditureAround 9% of revenue, excluding capitalized R&D expenses of around 3% of revenue

Higher gross profit comes with a lower margin rate

Exosens reported adjusted gross profit of €194.9 million for the nine-month period, up 16.1% from €168.0 million a year earlier. The corresponding margin rate declined to 50.4% from 51.2%, meaning gross profit grew more slowly than sales.

The company attributed the decline to a less favorable product mix, including more complete night-vision systems and defense imaging products, as well as staffing costs at its U.S. facility. Higher image intensifier tube volumes and improved manufacturing yields partly offset those pressures.

These are gross-profit results, not reported adjusted EBITDA or net earnings. Exosens said the operating effects were already incorporated into its full-year guidance.

Full-year outlook remains at September’s upgraded levels

Exosens confirmed the targets established in its September 2026 guidance upgrade. That earlier increase reflected faster European capacity expansion and stronger commercial momentum; the October update reaffirmed those targets rather than raising them again.

Management said the revenue and adjusted EBITDA ranges imply approximately 20% and 25% growth, respectively, at their midpoints versus 2025. These remain full-year expectations, distinct from the nine-month results.

Production expansion and U.S. Army deliveries remain ahead

Exosens said its plan to increase image intensifier tube production capacity by 40% across Europe and the United States by 2027 remained on track. It also plans to triple thermal-camera capacity and double cooled infrared-camera capacity in 2026.

Its U.S. subsidiary, Photonis Defense, received an initial order for 1,600 complete BiNOD night-vision systems in August. The order falls under the previously announced US$352.6 million indefinite-delivery/indefinite-quantity contract; that broader contract amount is not the value of the initial order.

First product deliveries are expected by the end of 2026, with most scheduled for 2027.

Next milestone

Exosens is scheduled to publish its full-year 2026 results before market opening on February 22, 2027, when it also plans to announce its 2027 guidance.

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