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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.
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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.

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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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