French underwater drone maker Exail Technologies said on Friday it had restated its half-year financial statement to recognise 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 per cent organically, with current operating profit rising 43 per cent to €63 million.
Order intake was €228 million, with navigation system orders up more than 40 per cent and photonics orders up nearly 70 per cent, excluding a €400 million mine countermeasures contract signed in February 2025.
The company confirmed its full-year targets in the half-year report.
(Reporting by Hugo Lhomedet and Matthieu Huchet in Gdansk, editing by Milla Nissi-Prussak)