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Thales (HO) investor relations material
Thales Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Sales grew 8.1% year-over-year in H1 2025 to €10.3bn, led by Defence and Avionics, with major contracts including 26 Rafale jets for India and a £1.16bn UK missile order.
Adjusted EBIT margin increased to 12.2% from 11.5%, with strong free cash flow of €499m.
Adjusted net income, Group share, was €877m, up 1% year-over-year, including a €60m French tax charge.
Defence market context remains highly supportive, with increased European and French military spending.
Free operating cash flow improved sharply from -€85m in H1 2024.
Financial highlights
H1 2025 sales reached €10.3bn, up 8.1% year-over-year; adjusted EBIT rose 13.9% to €1.25bn, margin at 12.2%.
Order intake was €10.4bn, with a book-to-bill ratio of 1.01; order book at period end was €50bn, up 7% year-over-year.
Adjusted net income per share was €4.27, up from €4.21.
Net debt at June 2025 was €3.4bn, up from December 2024 due to dividends and lease payments.
Free operating cash flow improvement driven by better working capital and customer payments.
Outlook and guidance
Upgraded 2025 organic sales growth guidance to 6–7% (from 5–6%), targeting €21.8–22.0bn in sales and a 12.2–12.4% adjusted EBIT margin.
Book-to-bill ratio expected to remain above 1; free cash flow conversion ratio confirmed at 95–100%.
Guidance assumes no major macroeconomic or geopolitical disruptions and specific tariff scenarios.
Defence expected to deliver high single-digit organic growth; Cyber & Digital to be flat to low single digits.
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