Thales’ Board of Directors met on July 22, 2025 to review the financial statements for the first half of 2025

The highlights are:

Order intake: €10.4 billion, down -4% (-4% on an organic basis)

Sales: €10.3 billion, up 8.1% (+8.1% on an organic basis)

Adjusted EBIT: €1,248 million, up 13.9% (+12.7% on an organic basis)

Adjusted net income, Group share: €877 million, up 1% and including €60 million of exceptional contribution to corporate tax in France

Net income from continuing operations, Group share: €664 million, up 6% 

Free operating cash flow: €499 million, to be compared to -€85 million in the first half of 2024

2025 targets, including upgraded sales guidance:

Book-to-bill ratio above 1

Organic sales growth between +6% and +7% (vs +5 and +6% previously)

Adjusted EBIT margin: 12.2% to 12.4%.

“The first half of 2025 confirms Thales’ strong momentum since the beginning of the year, with a significant increase in our financial indicators.

Sales are up sharply, driven by the strength of our Defence and Avionics businesses, which are benefiting from continued increases in production capacity. This sustained performance enables us to raise our annual target for sales organic growth. Order intake continues to record solid momentum, in a favorable context for the vast majority of our businesses. They will once again exceed sales in 2025, offering exceptional visibility for the coming years. Adjusted EBIT margin has also improved significantly, demonstrating the relevance of the Group's strategy based on disruptive innovation, operational excellence and a relationship of trust with our customers.

We are also continuing to invest in research and in expanding our industrial capacities, in order to meet the major challenges of a rapidly changing world.

This solid first half is above all the result of the commitment and professionalism of Thales's 83,000 employees, to whom I extend my warmest thanks. Thanks to them, we are entering the second half of the year with an upwardly revised sales growth target", said Patrice Caine, Chairman & Chief Executive Officer. 

The integral version of the report (six pages, with tables) is attached to this AVIONEWS.