2.2 billion euros. That’s what a buyer is willing to pay for a company whose 2,200 employees all tell the same story. On June 26, 2026, Safran announced its intention to acquire Exail. The deal hasn’t been finalized, both groups insist. Yet the market had already made up its mind within a few hours. What this valuation reveals isn’t a matter of technology— it’s a matter of governance. And it concerns you directly, as the leader of an SME. Because the real question isn’t how much Exail is worth. It’s this: if people were to look at you tomorrow, what would your team say about who you are?
On June 26, 2026, late in the morning, a market rumor forced two companies’ hands. On June 26, 2026, Safran confirmed that it had entered into exclusive negotiations to take control of Exail Technologies, the French manufacturer of marine drones and high-precision navigation systems, at 128.50 euros per share, representing a valuation of nearly 2.2 billion euros.
A few minutes later, the French Financial Markets Authority suspended trading. When trading resumed, the verdict was announced. Exail’s stock soared 25.28% to close at 116.70 euros, after hitting an intraday high of 122.50 euros. Safran’s stock, meanwhile, fell 3.2%.
Here’s what you need to understand. Both parties have been careful to temper expectations. “There is no certainty that these discussions will lead to an agreement or the completion of the proposed transaction,” Exail stated in its press release. Nothing has been signed. The transaction remains contingent on regulatory approvals. And yet, the market priced in something intangible within a matter of hours.
That "something" isn't technology. It'sclarity. A strategy shared by the entire organization isn't a management tool. It's an asset that increases in value, even before any sale.
What Exail has built in four years—something that technology alone cannot explain
Let’s go back to the beginning. In October 2022, after coming under the control of Groupe Gorgé, ECA Group merged with iXblue, one of France’s leading specialists in inertial navigation technologies, to form Exail Technologies.
This decision is worth examining. Two well-established, historic brands: ECA, founded in 1936, and iXblue, a leader in inertial navigation. Management could have kept one of them or retained both in their portfolio. Instead, they did the opposite: they merged everything under a single banner,Exail, with a clear market positioning: autonomous maritime systems, high-precision navigation, and marine drones.
It’s a risky move. We’re giving up our established reputation to build something that’s understandable to everyone—customers, partners, investors, and, above all, employees united around a shared promise.
Four years later, the numbers speak for themselves. Exail Technologies reported revenue of 479 million euros in 2025, up 105 million euros from the 373 million euros recorded in 2024. Order intake reached 844 million euros in 2025, an increase of 87%. The order backlog stood at 1.1 billion euros, up 52% year-over-year. The group currently employs approximately 2,200 people.
But the most telling figure isn’t a financial one. It can be summed up in a single phrase. “We aim to be the SpaceX of marine drones,” Thomas Buret, co-CEO of Exail Technologies, told AFP, referring to Elon Musk’s model, which has made launches more affordable through total control from design to market launch.
Three words—“the SpaceX of marine drones”—that capture the market, the ambition, and the business model. Anyone in the organization can repeat them.That’s what a shared strategy is all about.Value doesn’t come solely from technology; it comes from the ability to be understood. And that ability is built deliberately.
What a potential buyer truly values in a mid-sized company in the BITD sector
Why does a large corporation pay such a high bonus? Because it’s buying time that it can’t create on its own.
The financial analysis is clear. At AlphaValue, Saïma Hussain considers the rationale “convincing”: the acquisition “would strengthen Safran’s position in high-end navigation and autonomous systems, expand its naval defense portfolio, and secure technologies that would take several years to develop in-house.”
Read the end of this sentence carefully:“whose in-house development would take several years.” A top-tier systems integrator can build anything. But it cannot quickly rebuild a clear market position, a recognized brand, and an order book grounded in a consistent promise.
This is a major obstacle. Exail is now the go-to supplier for Belgian-Dutch and French mine warfare programs within NATO. Replacing such a key player would require client navies to start the qualification procedures from scratch for programs already underway—a delay and cost that few military leaderships would accept.
This is what an acquirer truly values: an asset that it cannot replicate on its own. Mid-sized companies with specialized expertise thus become natural targets for large integrators seeking to bring critical components in-house rather than outsourcing them.
Note, however, that not all analysts agree with the price. The price offered by Safran might be considered a bit low by its shareholders: TP ICAP Midcap has a price target of 135 euros that does not include any speculative premium. The debate over the exact value remains open. But the debate centers on the“how much,” rather than the“what.” Everyone agrees on what makes Exail attractive.
Hence the mirror question for you, as the leader of an SME in the BITD:if someone were to look at you from the outside today, would they clearly see who you are, who you serve, and why? And even if the Safran-Exail deal were to fall through, Exail would remain a mid-sized company whose market position is valued at 2.2 billion in the eyes of a top-tier acquirer. That’s no small feat.
The 3-Employee Test: Protocol and Interpretation of Results
You may never end up valuing your business. But starting tomorrow morning, you can determine whether your strategy exists anywhere other than in your head.
Here is the procedure. Before any meeting, choose three people at random: a manager, a technician, and a sales representative. Ask each of them one question, separately:
"What is the company's number one priority for the next 12 months?"
First and foremost, a guideline for interpretation:This test does not judge your employees.It reveals the true state of how effectively your vision is being communicated. If the responses differ, the problem is not their competence—it is your governance.
Three possible outcomes, three interpretations:
Result What that means What to Do Total Convergence Your strategy is a living, breathing entity. It guides day-to-day decisions without you. Close this article. You are part of a minority. Partial convergence The direction is unclear in one or two areas. Decisions regarding resource allocation are currently being made inconsistently, without your knowledge. Identify the vague point. Rephrase it in one sentence. Complete divergence Everyone is steering their own course without a shared compass. This results in daily operational costs. Don't just treat a symptom. Get back on track—starting from the root.
Why is this cost particularly burdensome in the defense sector today? Because the financial climate leaves no room for waste. Since 2022, the sector has shown a gradual improvement in its economic and financial health. However, payment terms and working capital requirements remain high, indicating a significant need for cash flow.
Since 2021, mid-sized companies and SMEs in the BITD have seen a steady increase in their profit margins and investment rates.
Consider these two facts together. Your margins are growing, but your cash flow remains under pressure. In this specific context, a vague strategy isn’t just an intellectual discomfort.It’s cash wasted on unresolved trade-offs, parallel projects that should be prioritized, and scattered resources that you can’t afford to spread thin.
So don't just stop at the findings. The test isn't a grade. It's the starting point for a strategic conversation with your team.
Develop a strategy that your team can truly champion
Getting the strategy out of the executive’s head doesn’t require a 40-page document or a two-day seminar. It requires a statement that any employee can repeat without making a mistake. Three conditions are all it takes.
1. Radical simplicity.One priority, not five. If you have five priorities, you have none. “The SpaceX of marine drones” works because it’s uncompromisingly clear. Find your own version.
2. Accepting the need to set priorities.Making decisions is your job—not that of your executive committee. Saying “this comes before that” has a political cost: you disappoint those whose projects take a back seat. That cost is one only you can bear.
3. The frequency of reinforcement.A strategy isn’t something you state just once. It thrives on repetition—in meetings, decision-making, and hiring. If you haven’t mentioned it three times this week, your teams have already forgotten it.
Why now? Because the window of opportunity is open—but not to everyone. The government is updating the Military Planning Law by adding 36 billion euros for the 2026–2030 period, including 10 billion by 2027. This windfall, combined with increased defense spending among our allies, opens up significant opportunities, particularly in the export market.
But this window of opportunity benefits SMEs that know where they’re headed—not the others. A company with an unclear direction struggles to capitalize on opportunities in a rapidly growing market: it chases after every bid instead of winning the ones that align with its strategic path.
And ultimately, that is the lesson to be learned from Exail. If the Safran deal goes through, it will mark the culmination of four years of deliberate strategic work. If it does not go through, Exail will remain a mid-sized company whose market value has been estimated at 2.2 billion. In either case, the conclusion is the same.
What Your Business Is Really Worth
Let’s return to the original thesis, now that it has been proven. Exail did not potentially reach a valuation of 2.2 billion simply because its technology was unique. Other companies have sonar systems, inertial navigation systems, and drones. It reached that valuation becauseeveryone—both within the organization and outside it—could explain what it was building and why.
It's an asset. It doesn't appear on any balance sheet, and yet the market paid for it in a single day.
So try this experiment this week. Three people. One question. Write down the answers. Draw an honest conclusion from them, even if it’s uncomfortable.
If the test reveals a discrepancy that you don’t know how to correct, that’s exactly what we address together in theGovernance Foundation. Two hours to get your strategic direction out of your head and into your team’s decisions. This isthe Defense Trajectory Audit, priced at €1,200 (excluding tax).
