Dassault Aviation
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Dassault Aviation (AM) investor relations material

Dassault Aviation H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary4 Mar, 2026

Executive summary

  • Achieved €10.9 billion in new orders and €7.42 billion in net sales for 2025, with backlog at a historic €46.6 billion and 533 total Rafale ordered, including major contracts in India and UAE.

  • Delivered 26 Rafale (15 export, 11 France) and 37 Falcon aircraft, with export activity and Indian Navy orders driving growth.

  • Expanded industrial presence in India through majority stake in DRAL, new production lines, and Make in India agreements.

  • Major investments in new production facilities, digital transformation, and AI integration, including partnerships and acquisitions.

  • Significant progress in decarbonization, with a 35% reduction in CO2 emissions from 2019 baseline and ongoing energy efficiency initiatives.

Financial highlights

  • Net sales rose to €7.42 billion in 2025, up from €6.23 billion in 2024, with 77% from exports.

  • Net income reached €1.06 billion, with EPS at €13.60 and net income margin at 14.3%.

  • Operating income increased to €635 million (8.6% margin), and free cash flow was €1.6 billion.

  • Available cash rose to €9.4 billion, mainly from Rafale Export advance payments.

  • Dividend proposed at €4.78 per share, maintaining a 35% payout ratio.

Outlook and guidance

  • 2026 net sales projected at €8.5 billion, with plans to deliver 40 Falcon and 28 Rafale aircraft.

  • Strategic priorities include timely deliveries, negotiating the 114 Rafale contract with India, and advancing Rafale F5 and Falcon 10X programs.

  • Continued investment in digitalization, AI, decarbonization, and workforce development.

Detail 'Make in India' strategy for Rafale
Falcon market challenges and support strategy
FCAS program status and future fighter plans
Update on 114 Rafale "Make in India" strategy
FCAS program: Address current uncertainties
Harmattan AI: Impact on future combat systems
FCAS project viability given Airbus stance?
Make in India: Dassault's liability and control?
Falcon delivery challenges and outlook?
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H1 202622 Jul, 2026
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