Air Defense: Thales and MBDA to Develop Multilayer SAMP/T NG for France
France has commissioned Eurosam (a Thales-MBDA joint venture) to develop a multilayer version of the SAMP/T NG ground-to-air system, in cooperation with Italy. This program aims to equip the armed forces with an air defense capability capable of simultaneously handling multiple types of threats, from drones to cruise missiles, across various altitudes and ranges.
A Dual-Layer Architecture Combining Two Missile Families
The new system is based on the convergence of two complementary families: the Aster for medium and long-range interceptions, and the Mica VL for short range. This combination is intended to extend the spectrum of defendable targets: the Aster 30 Block 1NT has a range of 150 km and an interception altitude of 20 km, while the Mica VL covers a range of 20 km and an altitude of 10 km. This architecture allows the interceptor to be tailored to the nature of the targeted threat, from low-altitude objects to more complex high-altitude targets.
A Delivery Schedule Starting from 2030
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The 2024-2030 military programming law schedules the delivery of eight SAMP/T NG sections starting from 2030, according to the Directorate General of Armaments (DGA). This timeline places the program on a long-term trajectory for modernizing French ground-to-air defense capabilities.
A Lever for European Industrial Sovereignty
The SAMP/T NG stands as a sovereignty program in a sector dominated by the American Patriot and the Russian S-400. By relying on a Franco-Italian supply chain and European industrialists, the system strengthens the technological and operational autonomy of the continent. This program also marks a milestone in cooperation between Paris and Rome in the critical field of air defense, at a time when Europe is focusing on its strategic independence in the face of rapidly evolving threats (saturation attacks, drones, hypersonic systems).
Net income: 2 005 millions d'euros (Résultat Net Ajusté, part du Groupe)
Free cash flow: 2 577 millions d'euros
-1 618 millions d'euros
Dividend per share: 3,90 €
Payout ratio: 40 %
Guidance from the release
2025 a été une très bonne année avec des commandes records et une croissance du chiffre d’affaires, démontrant l’excellence opérationnelle du Groupe.
Communiqué indiquant des commandes records, un chiffre d’affaires en hausse et une rentabilité améliorée en 2025, avec des perspectives 2026 positives et un dividende soutenu.
Outlook / guidance
Expected revenue: Entre 23,3 et 23,6 milliards d'euros en 2026
Expected EBITDA: Non précisé publiquement
Expected net income: Non précisé publiquement
Management commentary: Pour 2026, Thales vise un book-to-bill supérieur à 1 et une croissance organique du chiffre d’affaires entre 6 % et 7 %, correspondant à un chiffre d’affaires entre 23,3 et 23,6 milliards d’euros, et une marge d’EBIT Ajusté entre 12,6 % et 12,8 %; le taux de conversion en cash devrait se situer entre 95 % et 100 %.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
