By Hugo Lhomedet and Jakob Van Calster
March 18 (Reuters) – French underwater drone maker Exail Technologies said on Wednesday its full-year core profit grew 40% to 103 million euros ($119 million) driven by big contract wins in its mine countermeasure (MCM) drone system.
Its order intake for the year surged 87% to 844 million euros, whilst its backlog at the end of the period stood at over 1 billion euros.
“The return of high-intensity conflicts and the rise of asymmetric threats are accelerating a structural transformation of naval forces,” the company said in a statement. “In Europe, this evolution of doctrine is part of a sustainable rearmament effort.”
Oil markets, already reeling from recent events, face the prospect of Iran mining the Hormuz Strait, further locking down the narrow route through which a fifth of global oil exports ship.
Exail said tensions around critical passages confirm the trend of accelerating demand for demining systems as it targets an increased order book this year.
“Recent geopolitical developments could eventually lead some navies to increase the size of their needs and possibly accelerate certain programs,” it said.
Shares in Exail have risen over 60% so far this year as drone warfare revolutionises the military landscape. The company is one of only a handful worldwide to produce mine-hunting underwater drones.
For 2026, Exail also forecast revenue growth in a double-digit percentage and earnings before interest, tax, depreciation and amortisation growth above that of its revenues. It continues to target an EBITDA margin of 25% when its new major mine-hunting program enters the production phase.
($1 = 0.8664 euros)
(Reporting by Hugo Lhomedet, Jakob Van Calster, and Elena Smirnova in Gdansk, editing by Milla Nissi-Prussak and Matt Scuffham)
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