Thales: Record Free Cash Flow and Order Book at 53.3 Billion Euros

Revenue and Order Intake

Thales' revenue amounted to 22.136 billion euros in 2025, up from 20.577 billion a year earlier, showing an organic growth of 8.8%. This performance exceeded the initial target set by the group. Order intake reached 25.264 billion euros, stable compared to 25.289 billion in 2024 and up 1% on a constant scope and exchange basis. Adjusted EBIT increased by 13.3% in total variation to reach 2.74 billion euros, representing 12.4% of revenue compared to 11.8% the previous year. This improvement reflects the positive contribution of the three operational sectors, particularly Aerospace and Defense.

Net Results and Cash Flow

The adjusted net income, attributable to the group, amounted to 2.005 billion euros, up 6%, including a temporary exceptional tax contribution in France of 75 million euros. Excluding this impact, adjusted net income would have increased by 9%. The generation of operational free cash flow reached a record 2.577 billion euros, up 27% compared to 2024. The conversion rate of adjusted net income to operational free cash flow peaked at 128%, exceeding the 100% mark for the sixth consecutive year. The net debt position significantly improved, moving from 3.044 billion euros to 1.618 billion euros. The order book reached a record level of 53.3 billion euros, providing strong operational visibility.

Dividend Proposal and Outlook for 2026

The Board of Directors proposes a distribution of 3.90 euros per share, representing 40% of the adjusted net income. An advance of 0.95 euro was paid in December 2025; the balance of 2.95 euros will be paid on May 20, 2026. For 2026, Thales anticipates an organic revenue growth between 6% and 7%, corresponding to a turnover between 23.3 and 23.6 billion euros, with an adjusted EBIT margin between 12.6% and 12.8%. The book-to-bill ratio is expected to remain above 1.