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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.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.
Cyber & Digital: When will merger impact subside?
Order intake: France, UK, NME declines?
Defence segment: Future growth drivers?
Cyber sales weakness: Q3 specific factors?
Space JV: Key drivers for mid-triple-digit synergies?
Defense M&A: What are Thales's key criteria?
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Next Thales earnings date
Q4 20253 Mar, 2026
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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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