Lumibird: Defense accelerates by 21%, Medical declines, a two

Photonics on the rise, Medical impacted by logistics and geopolitics

The Photonics division increased by +11.3% to €26.6 million in the first quarter, compared to €23.9 million a year earlier (+14.5% at constant exchange rates). This growth is driven by three distinct drivers: Defense/Spatial surges by +21.6% to €12.8 million, benefiting from the deployment of multi-year contracts and deliveries from the order book. Industrial and Scientific grew by +23.4% to €7.2 million, supported by sustained sales in flat screen repairs, quantum technologies, and semiconductor diagnostics.

On the other hand, the Medical division decreased by -9.2% to €23.2 million (compared to €25.5 million previously, which is -5.5% at constant exchange rates). This decline is attributed to several tactical factors: logistical disruptions, supply chain tensions, and an unfavorable geopolitical context, particularly in the Middle East, leading to delivery delays. The Medtech segment of Photonics declined by -10.7% to €3.5 million due to a phasing effect, while ETS (Environment, Topography, and Security) decreased by -14.9% to €3.0 million, penalized by a slower-than-expected start of the Environment segment in a context of wind market slowdown.

Contrasting Geography: Defense/Spatial excels in the Americas, Medical struggles in Asia

By geographic region, the contrasts are becoming more pronounced. In EMEA, Photonics increased by +5.0% to €14.5 million, driven by Defense/Spatial, while Medical stagnated at +1.3% to €7.7 million, despite disruptions in the Middle East. In the Americas, Photonics surged by +40.0% to €6.3 million, reflecting the acceleration of Defense/Spatial programs, while Medical declined by -3.6% to €6.4 million, impacted by logistical delays and import lead time extensions.

In the Asia-Pacific region, Photonics recorded sustained growth of +30.3% to €3.8 million, driven by Industrial and Scientific. On the other hand, Medical experienced a significant contraction of -18.0% to €6.7 million, affected by logistical disruptions and delivery delays. The rest of the world declined in both divisions, mainly due to an unfavorable base effect and order deferrals.

Management confirms 2026 objectives, anticipating gradual recovery

Despite the first-quarter slowdowns, management confirms its objectives for 2026. Marc Le Flohic, Chairman and CEO, believes that the observed delays are mainly linked to cyclical effects (logistics, geopolitics, delivery phasing) that should gradually be absorbed in the coming months. Recovery is anticipated as early as the first semester.

For Photonics, the group expects a continued growth trajectory, supported by order execution especially in Defense/Spatial, as well as the ramp-up of Medtech and Industrial/Scientific. For Medical, a return to growth is expected in the first semester, with acceleration in the second semester, driven by the normalization of logistical flows, order execution, and new product launches starting from the summer. The group remains confident in its ability to improve operational performance throughout the fiscal year.