Thales’ Board of Directors met on March 2, 2026 to review the 2025 financial statements. 

The highlights: 

Order intake: €25.3 billion, matching 2024 record level (+1% on an organic basis); 

Sales: €22.1 billion, up 7.6% (+8.8% on an organic basis); 

Adjusted EBIT2: €2,740 million, up 13.3% (+14.0% on an organic basis); 

Adjusted net income, Group share2: €2,005 million, up 6% and including €(75) million of exceptional contribution to corporate tax in France; 

Net income from continuing operations, Group share: €1,675 million, up 66%;   

Record Free operating cash flow2: €2,577 million, up 27%; 

Dividend of €3.90 per share, representing 40% of Adjusted net income, Group share; 

Non-financial performance: further significant progress achieved in 2025;

2026 targets:  

Book-to-bill5 above 1 

Organic sales growth of between +6% and +7%, corresponding to sales between €23.3 billion and €23.6 billion; 

Adjusted EBIT margin between 12.6% and 12.8%. 

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