Exosens announces 2024 estimated results above IPO guidance; 2025 guidance highlighting low twenties adjusted EBITDA growth
MÉRIGNAC, FRANCE– 8TH JANUARY 2025
• 2024 estimated figures showing strong revenue growth and sustained profitability, above guidance provided at IPO
• Continued strong performance expected in 2025, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties
• Overall increased market demand further improves the perspectives which implies a high-teens 2024-2026 adjusted EBITDA CAGR
2024 estimated figures, above guidance provided at IPO
Based on unaudited estimated figures, the Group expects for full-year 2024:
• Total revenue of between €390–395 million, representing a growth of more than 34% compared to full-year 2023;
• Adjusted EBITDA of between €116–118 million, representing an adjusted EBITDA margin of around 30%.
Outlook for 2025 and the 2024-2026 period
The Group expects continued strong performance in 2025, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties compared to full year 2024.
Market demand is higher than initially expected as reflected with the approval of the third option of the OCCAR night vision contract by the German parliament on 18 December 2024, under which 25,000 binoculars will be equipped with Exosens’ image intensifier tubes (this contract will gradually ramp up over the 2025–2026 period, the bulk of the contract hitting 2026).
On that basis, the Group expects a high-teens 2024-2026 adjusted EBITDA CAGR and a cash conversion1 ratio in the range of 75%–80% over the period.
Furthermore, the Group intends to pursue its bolt-on acquisition strategy, at a pace consistent with historical trend, and aims to progressively balancing revenue mix between Amplification and Detection & Imaging segments. while maintaining a leverage ratio2 of around 2x.
“While the final full results for 2024 are yet to be announced, we anticipate strong performance, above IPO guidance. Our amplification markets are showing a stronger than initially expected demand which will require further capacity expansion, while our Detection and Imaging markets are taking benefits of new technological developments driven by artificial intelligence for industrial control, nuclear energy and healthcare stakes. Our main focus will remain customer satisfaction, operational excellence, and accelerated growth derived from synergies with acquisitions which will fuel performance in 2025 and beyond. We are pleased to announce the robust growth reflecting our strategy based on technology and innovation, strong positions on niche value added markets, further accelerated by selective M&A and corporate and social responsibility”, commented Jérôme Cerisier, CEO of Exosens.