First-half 2026 results: strong revenue growth, very strong growth in current EBITDA

Key figures for the first half of 2026

The main indicators presented below have already been published in the press releases dated July 23 and September 14, 2026.

- Order intake of €228 million, slightly up excluding the impact of the €400 million contract signed in 2025.

- Organic revenue growth of 27%

- Current EBITDA up 43%, significantly faster than revenue. The current EBITDA margin reached 23% in the first half of 2026, up 3 pts.

- A €68 million increase in working capital requirement in the first half, a period which is traditionally less favorable, with the trend reversing markedly in the second half, notably thanks to the collection of a €117 million invoice in October.

- €254 million raised through an ODIRNANE issuance, in addition to the €300 million issued in 2025.

This press release now presents the financial statements, including the accounting restatements detailed below.

Exail Technologies delivered a very strong first half of 2026, driven by the ramp-up of maritime robotics programs, strong demand for navigation systems and accelerating photonics activities. This business momentum was accompanied by a marked improvement in profitability across both of the Group's segments, supported by higher volumes and the industrial initiatives undertaken in recent years. These trends are continuing against a backdrop of growing needs for sovereignty, secure maritime operations and resilient navigation.

The key development since the end of the half-year is the announcement of the proposed combination with Thales, involving the acquisition of the Gorgé family's stake, which is still expected to be completed by the third quarter of 2027, followed by the launch of a mandatory tender offer.

Following the announcement in July 2026 of the proposed combination between Exail Technologies and Thales, an in-depth review was conducted of the contractual provisions entered into in 2022 in connection with the acquisition of iXblue, in order to assess the implications of a change of control, which had not been contemplated at the time. This review concerns the instruments held by ICG as well as certain instruments held by employees, executives and corporate officers. It resulted in retrospective restatements of the financial statements in accordance with IAS 8, and in the recognition of financial expenses and share-based payment expenses.