For more information: Investor Relations Laurent Sfaxi, l.sfaxi@exosens.com Media Relations Brunswick Group, exosens@brunswickgroup.comLaetitia Quignon, + 33 6 83 17 89 13Nicolas Buffenoir, + 33 6 31 89 36 78 APPENDICES Reconciliation of adjusted EBITDA and adjusted EBIT In € millionsFY 2023FY 2024Operating profit48.373.0Depreciation, amortization and impairment - net29.234.1Other income and expenses4.63.9EBITDA82.0111.0Share-based payments1.62.9One-off costs2.44.5Adjusted EBITDA86.0118.5Depreciation, amortization and impairment ex.PPA amortization(19.9)(23.3)Adjusted EBIT66.195.3 Reconciliation of free cash flow and cash conversion In € millionsFY 2023FY 2024Adjusted EBITDA86.0118.5Capitalized research and development costs(8.6)(11.0)Adjusted EBITDA after capitalized R&D costs77.4107.5Change in working capital4(21.4)(10.7)Tax paid(6.9)(6.7)Maintenance capital expenditure4(6.4)(12.5)Others(4.9)(7.0)Free cash flow before growth37.870.7Growth capital expenditure4(17.3)(15.3)Free cash flow after growth20.555.4 Adjusted EBITDA after capitalized R&D costs and capital expenditure (A)53.779.6Adjusted EBITDA after capitalized R&D costs (B)77.4107.5Cash conversion (%) (A) / (B)69.3%74.1% Consolidated statement of income In € millionsFY 2023FY 2024Revenue291.8394.1Cost of sales(76.0)(103.0)Other purchases and external expenses(54.1)(65.5)Taxes and duties other than income tax(1.6)(1.6)Employee benefits expenses(81.3)(110.8)Other operating income / (expenses)4.42.0Depreciation, amortization and additions to provisions(30.4)(38.2)o/w PPA amortization(9.5)(10.8)Current operating profit / (loss)52.876.9Current operating profit / (loss) ex.PPA amortization62.387.8Other income / (expenses)(4.5)(3.9)Operating profit / (loss)48.373.0Operating profit / (loss) ex.PPA amortization57.783.8Net financial result(28.0)(31.2)Profit / (loss) before tax20.241.8Profit / (loss) before tax ex.PPA amortization29.752.6Income tax(1.8)(11.1)Net profit / (loss)18.430.7Net profit / (loss) ex.PPA amortization27.841.5 Consolidated statement of cash flows In € millionsFY 2023FY 2024Net profit / (loss)18.430.7Net financial results28.031.2Income tax1.811.1Charges net of reversals to depreciation and amortization30.936.9Other income / (expenses)(0.2)2.5Income tax received / (paid)(6.9)(6.7)Change in net working capital(21.7)(9.5)Net cash flow from / (used in) operating activities50.596.2Net investments in assets(31.4)(41.3)Net acquisition of equity investments(69.3)(31.4)Investment grant received and other flows1.1(0.0)Net cash flow from / (used in) investment activities(99.6)(72.7)Capital increases / (decreases)0.0180.0Acquisitions and disposals of treasury shares0.0(0.3)Change in financial liabilities and IFRS 16 leases57.6(65.1)Interest payments (including IFRS 16 leases)(24.4)(24.2)Other2.3(14.1)Net cash flow from / (used in) financing activities35.576.3Effect of changes in exchange rates0.20.4Increase / (decrease) in cash and cash equivalents(13.5)100.2Cash and cash equivalents at the beginning of the period29.015.5Cash and cash equivalents at the end of the period15.5115.6 Consolidated balance sheet – Assets In € millions31-Dec-202331-Dec-2024Goodwill174.3189.5Intangible assets202.4204.9Tangible assets72.193.6Right-of-use of leases10.810.6Investment in associates3.43.4Financial assets and other long-term investments0.70.9Deferred tax assets0.0(0.0)Non-current assets463.7502.8Inventory78.593.0Accounts receivable69.271.0Derivative financial instruments0.20.0Financial assets and other short-term investments29.433.0Cash and cash equivalents515.5117.2Current assets192.7314.2 Total assets656.4817.0 Consolidated balance sheet – Equity and liabilities In € millions31-Dec-202331-Dec-2024Share capital1.921.6Additional paid-in capital188.1342.5Reserves14.148.5Total equity204.1412.6Long-term financial debt300.8247.8Long-term lease liabilities7.78.2Pension liabilities7.67.5Provisions and other long-term liabilities8.613.4Deferred tax liabilities17.620.6Non-current liabilities342.3297.4Short-term financial debt7.02.5Short-term lease liabilities2.42.7Derivative financial instruments-0.1Accounts payable32.326.0Provisions and other short-term liabilities68.475.6Current liabilities110.1107.0 Total equity and liabilities656.4817.0 Definitions Like-for-like growth is the revenue growth achieved by the Group excluding currency impact and scope effect, which corresponds to revenue recorded during period "n” by all the companies included in the Group’s scope of consolidation at the end of period "n-1” (excluding any contribution from the companies acquired after the end of period "n-1”), compared with revenue achieved during period "n-1” by the same companies.
EXOSENS DELIVERS VERY STRONG FULL-YEAR 2024 RESULTS, OVERPERFORMING ON ITS IPO GUIDANCE SUSTAINED GROWTH DYNAMIC ANTICIPATED FOR 2025-2026 FY 2024 HIGHLIGHTS Strong revenue growth of +35.0%, above IPO guidance, to €394.1m in 2024, reflecting dynamic like-for-like growth (+24.9%) and successful integration of bolt-on acquisitionsSignificant increase in profitability, with adjusted EBITDA of €118.5m in 2024 (+37.8%), representing a best-in-class margin of 30.1% (vs.29.5% in 2023), above IPO guidance and above top range of estimated landing given in January 2025Net profit of €30.7m in 2024, recording a strong growth of +66.7% over 2023Robust balance sheet with a net leverage of 1.2x at year-end 2024, enabling the execution of our growth strategyProposed payment of a €0.10 cash dividend per share for the 2024 fiscal year, for the first time since Exosens’ IPO OUTLOOK FOR 2025 AND THE 2024-2026 PERIOD: SUSTAINED GROWTH DYNAMIC DRIVEN BY DEFENSE TAILWINDS Continued strong performance expected in 2025, with revenue growth in the high-teens and adjusted EBITDA growth in the low twentiesGlobal market demand is higher than initially expected, with NATO and Tier-1 allies continuing to ramp up their procurement of night vision systems further improving the perspectives, which implies a high-teens 2024-2026 adjusted EBITDA CAGRIn order to meet this demand Exosens decided to invest €20m to expand its production capacity not only in Europe but also in the US with, for the first time, a new production plant in the US, which will give us additional market opportunities Mérignac (France), 3 March 2025 – Exosens (EXENS; FR001400Q9V2), a high-tech company focused on providing mission and performance-critical amplification, detection and imaging technology, today publishes its results for the fiscal year ended 31 December 2024.
Strong revenue performance in FY 2024 in a dynamic market environment, outperforming our IPO guidance In € millionsFY 2023FY 2024Change (%)Like-for-like (%)Amplification209.9280.2+33.5%+33.5%Detection & Imaging82.5117.5+42.5%+6.8%Eliminations & Other(0.6)(3.7)n/an/aTotal revenue291.8394.1+35.0%+24.9% Exosens posted a strong performance in FY 2024, outperforming its IPO guidance and continuing its strong growth trajectory, with consolidated revenue totaling €394.1 million, which represented a significant growth of +35.0% (or +€102.3 million) compared to FY 2023, of which+24.9% year-on-year on a like-for-like basis, mainly driven by a strong demand in Defense end-markets.
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