France · Delayed Price · Currency is EUR Thales Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 delivered strong organic growth in sales and order intake, led by defence and supported by robust demand in Europe and the Middle East. Guidance for 2026 is confirmed, with high single-digit defence growth expected and ongoing vigilance on supply chain and geopolitical risks.
Fiscal Year 2025
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Record order intake, sales, and cash flow in 2025, with all financial targets exceeded and strong growth across defense and aerospace. 2026 guidance targets 6%-7% organic sales growth, higher EBIT margin, and robust cash flow, with continued investment in AI, space, and cyber recovery.
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Q3 2025 saw strong order intake and sales growth, especially in defense and aerospace, with robust contract wins and innovation in cybersecurity. Guidance for 2025 is confirmed, though cyber segment recovery is slower than expected and supply chain risks persist.
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H1 2025 saw robust organic sales and order growth, led by Defense and Avionics, with improved margins and strong cash flow. Guidance for 2025 was upgraded on defense momentum, while Cyber segment faces temporary integration headwinds but is expected to recover by year-end.
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Q1 2025 delivered strong 9.9% organic sales growth, led by defense and avionics, despite a 27% drop in order intake due to a tough comparison base. Guidance for 2025 is reaffirmed, with sales expected to grow 5%-6% and adjusted EBIT margin at 12.2%-12.4%.
Fiscal Year 2024
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Record order intake and strong sales growth in 2024 were driven by defense, with adjusted EBIT up 13% and free cash flow exceeding EUR 2.1 billion. 2025 guidance targets 5%-6% organic growth and improved margins, with continued focus on capacity, innovation, and integration of recent acquisitions.
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A five-year plan targets €25B+ revenue and 13–14% EBIT margin by 2028, driven by premiumization, tech investment, and a refined portfolio. Defense, avionics, space, and cyber/digital units each have tailored growth and margin goals, with robust backlog and recurring revenues supporting long-term visibility.
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Order intake surged 23% year-on-year to EUR 15.6 billion, driven by defense and security, while sales grew 6.2% organically over nine months. 2024 guidance is confirmed, with strong defense momentum and some Q4 headwinds in avionics due to client delivery delays.
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Order intake and sales grew strongly in H1 2024, with record backlog and improved EBIT margin. Guidance for organic sales growth and EBIT margin was raised, despite supply chain challenges and a negative outlook for Space EBIT in 2024, offset by strong Avionics and Defense performance.