Exail Technologies restates accounts to recognize €329 million creditor liability

Oct 9 (Reuters) - French underwater drone maker Exail Technologies 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 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)