Dassault Aviation (AM) H1 2024 earnings summary

Executive summary

• Order intake surged to €5,134 million in H1 2024, driven by a major Rafale contract with Indonesia and strong Falcon demand, with backlog reaching a record €41,157 million as of June 30, 2024.

• Adjusted net sales rose to €2,538 million, with adjusted net income at €442 million (net margin 17.4%), and consolidated net income (IFRS) at €476 million (net margin 18.8%).

• Available cash increased to €8,786 million, mainly due to advances from Rafale export contracts.

• Supply chain disruptions and supplier financial difficulties continue to impact deliveries and customer support, with mitigation efforts underway.

• The Group is expanding its supply chain in India, investing in decarbonization, and increasing workforce integration.

Financial highlights

• Adjusted net sales increased 11% year-over-year to €2,538 million.

• Adjusted net operating income was €170 million (6.7% margin), up from €151 million (6.6%) in H1 2023.

• Adjusted net income rose to €442 million from €405 million, with EPS at €5.62 versus €4.92.

• Consolidated net income (IFRS) was €476 million, up from €362 million, with a net margin of 18.8%.

• Book-to-bill ratio was 2.02 for H1 2024, indicating strong order momentum.

Outlook and guidance

• 2024 guidance unchanged: revenue expected to increase versus 2023, targeting €6 billion with deliveries of 35 Falcon and 20 Rafale aircraft.