Exail Technologies restates accounts to recognize €329 million creditor liability

Thales SA

09/10/2026 07:57

Oct 9 (Reuters) - French underwater drone maker Exail Technologies EXA.PA said on Friday it had restated its half-year financial statement to recognize a €329 million ($369 million) liability for financing provided by creditor ICG, after a review of contractual clauses triggered by Thales's TCFP.PA proposed acquisition of Exail.
The restatements follow a June dispute between Exail and ICG over the valuation of Exail Holding — the unlisted subsidiary through which ICG holds bonds and preferred shares — where the two sides were about €380 million apart.
Exail said the restatements have no impact on current income from ordinary activities or cash flows, and do not change the terms of the proposed acquisition
Exail reported first-half revenue of €275 million, up 27% organically, with current operating profit rising 43% to €63 million
Order intake was €228 million, with navigation system orders up more than 40% and photonics orders up nearly 70%, excluding a €400 million mine countermeasures contract signed in February 2025
The company confirmed its full-year targets in the half-year report
($1 = 0.8906 euros)

(Reporting by Hugo Lhomedet and Matthieu Huchet in Gdansk, editing by Milla Nissi-Prussak)
((hugo.lhomedet@thomsonreuters.com))