Dassault Aviation (AM) H2 2024 earnings summary

Executive summary

• Net sales rose to €6.2 billion in 2024, up 30% year-over-year, with a record backlog of €43.2 billion and strong order intake of €10.9 billion.

• 21 Rafale and 31 Falcon aircraft delivered, including the first Falcon 6X; 30 Export Rafale ordered in 2024, with new customers in Indonesia and Serbia.

• Persistent supply chain issues impacted production, prompting catch-up plans and supplier support initiatives.

• Significant progress in decarbonization, with a 24% reduction in CO₂ emissions (scope 1 and 2, excluding kerosene) and over 1,800 tons of CO₂ saved via SAF use.

• The company maintained its leadership in sustainable aviation, continued significant hiring, and completed industrial modernization projects.

Financial highlights

• Net income reached €1,056 million, up from €886 million in 2023; operating income was €519 million (8.3% margin).

• Earnings per share increased to €13.5 from €11.0 year-over-year.

• Free cash flow was +€1.6 billion; available cash increased to €8.4 billion from €7.3 billion.

• Dividend proposed at €4.72 per share, totaling €370 million, with a payout ratio of 35%.

• Self-funded R&D spending rose to €483 million from €437 million.

Outlook and guidance

• 2025 net sales guidance set at €6.5 billion, targeting delivery of 40 Falcon and 25 Rafale aircraft.

• Guidance excludes potential impacts from new US tariffs or European countermeasures.

• Continued focus on Rafale F5 development, Make in India acceleration, and ramp-up of Falcon 10X.