Dassault Aviation (AM) H2 2025 earnings summary

Executive summary

• Achieved €10.9 billion in new orders and €7.42 billion in net sales for 2025, with backlog at a historic €46.6 billion and 533 total Rafale ordered, including major contracts in India and UAE.

• Delivered 26 Rafale (15 export, 11 France) and 37 Falcon aircraft, with export activity and Indian Navy orders driving growth.

• Expanded industrial presence in India through majority stake in DRAL, new production lines, and Make in India agreements.

• Major investments in new production facilities, digital transformation, and AI integration, including partnerships and acquisitions.

• Significant progress in decarbonization, with a 35% reduction in CO2 emissions from 2019 baseline and ongoing energy efficiency initiatives.

Financial highlights

• Net sales rose to €7.42 billion in 2025, up from €6.23 billion in 2024, with 77% from exports.

• Net income reached €1.06 billion, with EPS at €13.60 and net income margin at 14.3%.

• Operating income increased to €635 million (8.6% margin), and free cash flow was €1.6 billion.

• Available cash rose to €9.4 billion, mainly from Rafale Export advance payments.

• Dividend proposed at €4.78 per share, maintaining a 35% payout ratio.

Outlook and guidance

• 2026 net sales projected at €8.5 billion, with plans to deliver 40 Falcon and 28 Rafale aircraft.

• Strategic priorities include timely deliveries, negotiating the 114 Rafale contract with India, and advancing Rafale F5 and Falcon 10X programs.

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