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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 €8.1 billion in H1 2025, driven by a major Rafale Marine contract with India and strong export demand, setting a new backlog record of €48.3 billion as of June 30, 2025.
Net sales rose 12% year-over-year to €2.847 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 (6.3% margin).
The company continues to invest in industrial infrastructure and expand its Make in India initiatives, including the first Falcon 2000 assembly line outside France.
Uncertainties remain due to military, budgetary, and tariff contexts, particularly regarding US-EU negotiations affecting Falcon activity.
Financial highlights
Adjusted net sales: €2.847 billion, up from €2.538 billion year-over-year.
Adjusted operating income: €180 million (6.3% margin), up from €170 million (6.7% margin) in H1 2024.
Adjusted net income: €386 million (13.6% margin), down from €442 million (17.4% margin) in H1 2024.
Available cash increased to €9.547 billion from €8.434 billion at year-end 2024.
Book-to-bill ratio reached 2.84 in H1 2025.
Outlook and guidance
2025 guidance maintained: net sales expected to increase to around €6.5 billion, with deliveries of 40 Falcon and 25 Rafale aircraft.
Guidance does not factor in potential impacts from US tariffs or European countermeasures.
Continued focus on Make in India initiatives and further industrial expansion in India.
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