Dassault Aviation (AM) H2 2025 earnings summary

Executive summary

• 2025 marked by the signing of India's contract for 26 Rafale Marine, delivery of the 300th Rafale, and a total of 533 Rafale ordered with 220 in backlog at year-end, reflecting strong export momentum and contract execution.

• Strengthened industrial presence in India through a majority stake in DRAL and expanded partnerships for local production, alongside strategic partnerships in AI and innovation.

• Continued modernization of industrial infrastructure and digital transformation, including AI integration, new maintenance centers, and decarbonization initiatives achieving a 35% CO2 reduction from 2019 baseline.

• Workforce grew to 15,024, with multiple industry awards for innovation, employer reputation, and investor value.

Financial highlights

• Net sales rose to €7.42 billion in 2025, up from €6.23 billion in 2024, with new orders reaching €10.9 billion and backlog at a historic €46.6 billion.

• Operating income increased to €635 million (8.6% margin); net income reached €1.06 billion, with earnings per share at €13.60.

• Free cash flow increased to €1.6 billion, available cash rose to €9.4 billion, mainly from Rafale Export advance payments.

• Proposed dividend of €4.78 per share, maintaining a 35% payout ratio.

Outlook and guidance

• 2026 guidance targets net sales of €8.5 billion, with planned deliveries of 40 Falcon and 28 Rafale aircraft.

• Focus on timely deliveries, accelerating "Make in India," negotiating the 114 Rafale contract, and advancing Rafale F5, Falcon 10X, and combat drone developments.

• Continued investment in digitalization, AI, and workforce skill development.