Thales (HO) investor relations material

Executive summary

• 9M 2026 order intake reached €19.122bn, up 15% organically, while sales were €16.422bn, up 8.1%; Q3 sales grew 8.7%.

• Strong commercial momentum and Q3 sales growth supported confirmation of 2026 objectives; sales growth is expected at the upper end of guidance or potentially beyond.

Financial highlights

• 9M order intake rose 14% reported and 15% organically; Q3 intake was €6.651bn, up 3% organically.

• 9M sales rose 7.6% reported and 8.1% organically; Q3 sales reached €5.473bn, up 9.7% reported and 8.7% organically.

• 29 orders above €100m were booked in 9M, totaling €7.570bn, up 42% YoY; 11 were booked in Q3.

Outlook and guidance

• FY 2026 sales growth is expected at the upper end of the 6%–7% organic range and potentially beyond, corresponding to €23.3bn–€23.6bn.

• Adjusted EBIT margin guidance remains 12.6%–12.8%; book-to-bill is expected above 1.1 and operating free cash flow conversion at 100%–110%.

• Guidance assumes no new macroeconomic or geopolitical disruptions and uses a Q4 EUR/USD assumption of 1.18.

• Defence is expected to deliver low double-digit FY sales growth and a margin above 13%; Cyber & Digital is expected to achieve low single-digit growth, with H2 stronger than H1.

• Midterm guidance is expected to be revisited with FY 2026 results in early March 2027, alongside discussion of 2027 and 2028 targets.