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Thales (HO) investor relations material

Thales Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary23 Oct, 2025

Executive summary

  • Strong commercial momentum in Q3 and 9M 2025, especially in defense and aerospace, with significant contract wins, including major air defense exports to Denmark and progress on the IRIS² space constellation.

  • Launch of Europe's first quantum-resistant smart card, demonstrating innovation in cybersecurity.

  • Order intake reached €16.8 billion for the first nine months of 2025, up 8% reported and 9% organically year-over-year.

  • Sales totaled €15.3 billion, up 8.4% reported and 9.1% organically compared to the same period in 2024.

  • Fourteen large orders over €100 million each were recorded, totaling €5.3 billion, including major contracts in space, defense, and munitions.

Financial highlights

  • Order intake reached €16.8 billion at end-September 2025, up 9% organically year-on-year; Q3 order intake grew 37% organically.

  • Sales for nine months totaled €15.3 billion, up 9.1% organically; Q3 sales grew 11.2% organically.

  • Book-to-bill ratio remained above 1, indicating robust demand.

  • Negative currency impact of -€164 million over nine months, including -€91 million in Q3.

  • High-single-digit organic sales growth, with mature (+8.9%) and emerging markets (+14.5%) contributing.

Outlook and guidance

  • 2025 targets confirmed: organic sales growth of 6–7% (€21.8–22 billion), adjusted EBIT margin of 12.2–12.4%, and book-to-bill above 1.

  • All 2025 financial targets confirmed, assuming no new macroeconomic or geopolitical disruptions.

  • Defense expected to deliver high single-digit organic growth for full year, with Q4 growth moderating due to a high comparison base.

  • Cyber expected to improve sequentially in Q4, with stronger growth anticipated in 2026.

  • Guidance based on stable tariffs and continued EU-US aeronautics tariff exemption.

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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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