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Investor Relations14 Oct 2025
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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.Q2 2025 earnings summary23 Jul, 2025
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.
Explain the drivers behind Aerospace's EBIT margin increase.
Assess Cyber & Digital's sales decline; is it temporary?
How does the UK Air Defence contract impact 2025 results?
Why did Cyber Products business decline in H1?
Explain drivers behind Aerospace EBIT increase.
What is the assumption for EUR/USD in H2 2025?
Quantify Space's H1 margin improvement.
Cyber: Detail banking solution revenue.
Assess French defense spending impact.
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Next Thales earnings date
Q3 202523 Oct, 2025
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Frequently asked questions
Thales S.A. provides various solutions for civilian and military customers in the aeronautics, space, defense, security, and ground transportation markets worldwide. It offers radio-communication systems, night vision goggles, and data recorders to air forces and aviation authorities; defense and civil electronics; measurement and information systems; satellite solutions; air traffic management; space and business applications; surface transportation; security systems and services; civil radars; tactical communication systems; secure and sovereign communications networks, as well as platforms encryption solutions for armed forces; cybersecurity solutions, including data protection platforms; cryptography solutions for authentication purposes in connected objects, e-government portals, on-board equipment for payment cards, as well as other delicate applications; submarine telecommunications cables and optical fibers for energy production companies that operate in terrestrial or offshore environments to increase their performance and safety measures.
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