Thales raises 1 billion euros in bonds to finance Exail acquisition
The defense electronics group raised 1 billion euros on the bond market to finance the Exail acquisition project, announced in early July. The operation was carried out in two tranches with distinct maturities and coupons.
Two tranches at 4 and 8 years, coupons of 3.50% and 3.75%
Thales issued on August 20, 2026 a bond loan in two tranches for a total amount of 1 billion euros. The first tranche amounts to 500 million euros, with a maturity of 4 years, at a fixed rate with a coupon of 3.50%.
The second tranche also amounts to 500 million euros, with a maturity of 8 years, at a fixed rate with a coupon of 3.75%. This issuance is intended to finance the Exail acquisition project, announced on July 6, 2026.
Issuance subscribed by a diversified investor base
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According to the group, the issuance met strong demand from investors and was largely subscribed by a diversified base. Thales indicates that this placement reflects the credit quality of the group, rated A2 (stable outlook) by Moody's and A- (stable outlook) by S&P Global Ratings.
The operation was led by Crédit Agricole Corporate & Investment Bank as global coordinator, alongside BNP Paribas, Deutsche Bank, J.P. Morgan, Natixis, Santander, Société Générale, Barclays, CIC, Commerzbank, HSBC and UniCredit as book runners.
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.
