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Dassault Aviation (AM) investor relations material
Dassault Aviation H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Order intake surged to over €8.1 billion in H1 2025, driven by a major Rafale Marine contract with India and strong export demand, setting a record backlog of €48.3 billion as of June 30, 2025.
Net sales rose 12% year-over-year to €2.8 billion, with 7 Rafale and 12 Falcon aircraft delivered in H1 2025.
Adjusted net income declined to €386 million, impacted by a €67 million French tax surcharge, while adjusted operating income increased to €180 million.
Ongoing industrial modernization and expansion, including new facilities in France and the first Falcon 2000 assembly line outside France in India.
Uncertainties persist due to military, budgetary, and tariff contexts, especially regarding US-EU negotiations affecting Falcon activity.
Financial highlights
Adjusted net sales: €2.8 billion, up 12% year-over-year; adjusted operating income: €180 million (6.3% margin).
Adjusted net income: €386 million (13.6% margin), down from €442 million (17.4%) in H1 2024.
Available cash increased to €9.5 billion, mainly from export advances; free cash flow robust.
Book-to-bill ratio reached 2.84 in H1 2025.
Backlog increased 12% to €48.3 billion as of June 30, 2025.
Outlook and guidance
2025 guidance maintained: net sales expected to increase to €6.5 billion, with 40 Falcon and 25 Rafale deliveries.
Expecting higher deliveries in H2 to meet annual targets; support services represent 30–40% of sales.
Guidance excludes potential impacts from US tariffs and European countermeasures.
Maintaining 2025 targets, with plans for further ramp-up if additional contracts are secured.
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