we receive e we publish the following Press release spread by Thales.
- Orders: 10,4 billion euros
- Revenue: €10,3 billion, up 8,1% (+8,1% organically)
- EBIT: €1.248 million, up 13,9% (+12,7% on an organic basis)
- Net profit: 877 million euros
- Consolidated net profit: €664 million, up 6%
- cash flow: 499 million euros
- Goals for 2025:
- Book-to-bill ratio greater than 1
- Revenue growth between +6% and +7% (compared to the previous +5 and +6%)
- EBIT margin: from 12,2% to 12,4%
The Board of Directors of Thales (Euronext Paris: HO) met on July 22, 2025, to examine the financial statements for the first half of 2025.
“The first half of 2025 confirms Thales' strong growth since the beginning of the year, with a significant increase in our financial indicators. Revenue growth was driven by the strength of the Defense and Avionics businesses, which benefited from continued increases in production capacity. This performance allows us to raise our annual organic revenue growth target. Order intake also continues to show solid momentum, in a favorable environment for the vast majority of our businesses. It will once again exceed revenue in 2025, providing exceptional visibility for the coming years. Adjusted EBIT margin also improved significantly, demonstrating the validity of the Group's strategy based on disruptive innovation, operational excellence, and a trusted relationship with our customers. We also continue to invest in research and the expansion of our industrial capabilities to address the major challenges of a rapidly changing world. This solid first half of the year is primarily the result of the commitment and professionalism of Thales' 83.000 employees, to whom I extend my heartfelt thanks. Thanks to them, we enter the second half of the year with an upwardly revised revenue growth target. Patrice Caine, President and CEO.
Key Figures
| In millions of euros except earnings per share (in €) | 1° semester 2025 | 1° semester 2024 | Total variation | Organic variation |
| Order acquisition | 10,352 | 10,767 | -4% | -4% |
| Order backlog at the end of the period | 50,038 | 46,958 | + 7 % | + 8 % |
| Revenues | 10,265 | 9,493 | + 8.1 % | + 8.1 % |
| EBIT | 1,248 | 1,096 | + 13.9 % | + 12.7 % |
| as a % of sales | 12.2% | 11.5% | + 0,6 points | + 0,5 points |
| Adjusted net profit, Group share | 877 | 866 | + 1 % | |
| Adjusted net income, Group share, per share | 4.27 | 4.21 | + 1 % | |
| Consolidated net profit, Group share | 664 | 625 | + 6 % | |
| Operating cash flow | 499 | (85) | + 584 | |
| Net debt at the end of the period | (3,427) | (4,594) | + 1,167 |
Orders acquired in the first half of 2025 amount to 10.352 million euro, down -4% compared to the first half of 2024 (-4% even at constant perimeter and exchange rates). This slight decline is explained by a high comparison base, with the signing of three contracts with a unit value of over 500 million euros in the first half of 2024 compared to only one in the first half of 2025. The revenue trend remains very positive and the order book consolidated at 30 June 2025 is equal to 50 billion euros, with an increase of 7% compared to the first half of 2024. In this regard, the Group expects to acquire the Air Defence contract signed with the United Kingdom for a value of 1,16 billion pounds in the second half of this year, effective in July 2025.
Revenues were equal to €10.265 million, up 8,1% with overall variation and with the same perimeter and exchange rates compared to the first half of 2024. The increase in revenues benefited in particular from a solid performance in Avionics and Defense.
The Group reports for the first half of 2025 a EBIT equal to €1.248 million, compared to €1.096 million in the first half of 2024, up 13,9% (+12,7% on an organic basis). EBIT margin reached 12,2%, a significant increase compared to the first half of 2024 (11,5% of revenues).
The Group adjusted net profit is equal to 877 million, Up 1% compared to last year. This includes an additional €60 million contribution from the reduction in corporate taxes in France. Excluding this exceptional impact, adjusted net profit increased 8%.
Net profit from continuing operations attributable to the Group is equal to €664 million compared to €625 million in the first half of 2024.
Cash flow it was positive and stood at 499 million euro, compared to -85 million euros in the first half of 2024. This strong increase was driven by a significant improvement in working capital requirements compared to June 30, 2024, thanks in particular to a satisfactory payment profile from the Group's customers and the ongoing actions undertaken in the context of inventory optimization.
Net financial debt has reached the 3.427 million euro as at 30 June 2025.
Orders
| In millions of euros | 1° semester 2025 | 1° semester 2024 | Total variation | Organic variation |
| Aerospace | 2,658 | 2,688 | -1% | -3% |
| DEFENSE | 5,751 | 6,120 | -6% | -6% |
| Cyber & Digital | 1,897 | 1,931 | -2% | + 0.2 % |
| Total – operating sectors | 10,306 | 10,739 | -4% | -4% |
| Others | 46 | 29 | ||
| Total | 10,352 | 10,767 | -4% | -4% |
| Of which mature markets | 7,031 | 7,328 | -4% | -5% |
| Of which emerging markets | 3,321 | 3,439 | -3% | -3% |
Orders acquired in the first half of 2025 amount to €10.352 million, down -4% compared to the first half of 2024 (-4% even at constant scope and exchange rates). The Group continued to benefit from excellent sales momentum across its businesses and secured a contract with a unit value of over €1 billion in the second quarter for the supply of 26 Rafale Marine vessels to India. The book-to-bill ratio was 1,01 (1,13 in the first half of 2024).
Thales has registered 10 large orders with a unit value exceeding 100 million euros in the first half of 2025, for a total amount of 2.874 million euro:
- 5 large orders booked in Q1 2025:
- Contract signed with Space Norway, the Norwegian satellite operator, for the supply of the THOR 8 telecommunications satellite;
- SKY Perfect JSAT orders Thales Alenia Space for JSAT-32, a geostationary communications satellite;
- Thales and the European Space Agency (ESA) have signed a contract for the development of Argonaut, a future autonomous and versatile lunar lander designed to carry cargo and scientific instruments to the Moon;
- Order from the Dutch Ministry of Defence for the modernization and support of tactical vehicle simulators;
- Order from the French Defense Procurement Agency (DGA) for the development, production, and maintenance of vetronics equipment for various army vehicles under the SCORPION program.
- 5 large orders booked in Q2 2025:
- Contract for the supply of 26 Rafale Marine to India to equip the
Indian Navy;
- Under the Strategic Domestic Munitions Manufacturing (SDMM) contract signed in 2020 for the supply of ammunition to the Australian Armed Forces, which entered into force for years 6 to 8. The continuation of the SDMM contract covers the design, development, production and maintenance of a variety of ammunition;
- Contract for the delivery of 70 mm ammunition to Ukraine and the transfer of the final assembly line of certain components of such ammunition from Belgium to Ukraine;
- Order for the production and supply of AWWS (Above-Water Warfare System) combat systems intended for equipping frigates in Europe;
- Sweden orders Ground Master 200 compact, medium-range multi-mission radars.
8 Mature markets: Europe, North America, Australia, New Zealand. Emerging markets: all other countries.
The orders acquired by unit amount less than 100 million of euros, equal to 7.479 million euros, show an increase of 4% compared to the first half of 2024. Orders with a unit value less than 10 million euros have increased by 5%.
Regarding the geographical areas Order intake in mature markets amounted to €7.031 million, down compared to the first half of 2024 (-4% overall and -5% organic). This decline is mainly due to the high comparison base in the first half of 2024, which included the contract for the order of two F126 frigates from the German Navy.
Order intake in emerging markets totaled €3.321 million, down 3% overall and organically. The Indian Navy's order for 26 Rafale Marines in the first half of 2025 does not fully offset the two contracts with a unit value exceeding €500 million booked in those markets in the first half of 2024.
Orders acquired in Aerospace segment they attest to €2.658 million Compared to €2.688 million in the first half of 2024 (-3% at constant exchange rates). The avionics market is enjoying sustained sales momentum across its various segments. Order intake in the Space business, which had benefited from favorable phasing in the first quarter with three orders worth over €3 million each, decreased slightly in the first half of the year.
With an amount of 5.751 million euro (compared to 6.120 million euros in the first half of 2024, equal to -6% at constant perimeter and exchange rates), orders acquired in Defense segment They continued to benefit from strong commercial momentum, while the comparison base with 2024 is high. In the first half of 2025, six orders were booked for a unit value exceeding €100 million, including an order exceeding €1 billion from India for 26 Rafale Marine aircraft. The Group confirms its target of a book-to-bill ratio above 1 in 2025 for the Defense segment, particularly with the expected booking of new major contracts in the second half of the year, including the Air Defence contract with the United Kingdom worth £1,16 billion., effective July 2025. The order book was equal to 38,9 billion euros (compared to 36,5 billion euros in the first half of 2024), equal to approximately 3,4 years of sales.
With €1.897 millionOrder intake in the Cyber & Digital sector is aligned with sales, as most businesses in this segment operate on short cycles. The order backlog is therefore not significant.
Revenues
| In millions of euros | 1° semester 2025 | 1° semester 2024 | Total variation | Organic variation |
| Aerospace | 2,759 | 2,582 | + 6.8 % | + 5.8 % |
| DEFENSE | 5,581 | 4,938 | + 13.0 % | + 12.7 % |
| Cyber & Digital | 1,862 | 1,934 | -3,7% | -1,9% |
| Of which Cyber | 708 | 746 | -5.0% | -3.5% |
| Of which Digital | 1,153 | 1,188 | -2,9% | -0,8% |
| Total – operating sectors | 10,202 | 9,454 | + 7.9 % | + 7.8 % |
| Others | 63 | 39 | ||
| Total | 10,265 | 9,493 | + 8.1 % | + 8.1 % |
| Of which mature markets | 8,135 | 7,545 | + 7.8 % | + 7.4 % |
| Of which emerging markets | 2,130 | 1,947 | + 9.4 % | + 10.7 % |
Revenues for the first half of 2025 stood at €10.265 million, compared to €9.493 million in the first half of 2024, up 8,1% in terms of both total and organic changes.
As for the areas geographical, sales recorded solid growth in emerging markets, with organic growth of +10,7%. Sales in mature markets grew organically by +7,4%, driven particularly by Europe (+8,9%).
In the segment Aerospace Logistics, Revenues amounted to €2.759 million, up 6,8% compared to the first half of 2024 (+5,8% at constant scope and exchange rates). This solid growth reflects the continued strong momentum in the avionics market, driven by aftermarket activities and the military sector.. Space sales remained impacted by the low demand for communications satellites over the past two years; OEN (Observation, Exploration, Navigation) performed well.
Revenues of the Defense segment they were even to 5.581 million euros, up 13,0% compared to the first half of 2024 (+12,7% at constant scope and exchange rates). After a very positive first quarter (+15,0% at constant scope and exchange rates), the segment continued to record double-digit growth across most of its businesses in the second quarter.
Sales of the Cyber & Digital segment, equal to €1.862 million, decreased by -3,7% compared to the first half of 2024 (-1,9% at constant scope and exchange rates). This evolution reflects the following trends:
- Cyber businesses recorded a decline in the first half of 2025 (-3,5% at constant scope and exchange rates):
- The Cyber Products business, which declined slightly in the second quarter after a first quarter of growth, remained impacted as expected by the disruptions related to the merger of the Thales and Imperva sales forces. This merger, now completed, is the final step in the integration of Imperva and paves the way for the development of its product offering to its full potential. A gradual acceleration of the sales trajectory is expected in the second half of the year;
- The IT services business was impacted by weak market demand during the first half of the year. With this offering, which represents approximately 20% of the Cyber business (based on 2024 sales), the Group continues to refocus its strategy on segments offering profitable growth. This process, which involves streamlining and standardizing operations, aims to improve operating margins and may occasionally weigh on volumes.
- Digital activities remained stable in the first half of 2025 (-0,8% at constant scope and exchange rates):
- Identity and biometrics solutions declined during the first half of the year. The business, which had seen a decline in sales in 2020 due to COVID, is impacted in 2025 by an unfavorable comparative effect related to the significant recovery that occurred post-pandemic and through 2024. The segment is thus expected to return to a more normal execution rate in 2025;
- Secure connectivity solutions saw robust and profitable growth, driven by digital solutions (including eSIMs and on-demand connectivity platforms));
- Within the Payment Services business, digital banking solutions stood out in particular this half-year and recorded a solid performance.
About Thales
Thales (Euronext Paris: HO) is a global leader in advanced technologies for the defense, aerospace, cyber, and digital sectors. Its portfolio of innovative products and services addresses several key challenges: sovereignty, security, sustainability, and inclusion.
The Group invests over €4 billion annually in Research and Development in key areas, particularly critical environments, such as Artificial Intelligence, cybersecurity, quantum and cloud technologies.
Thales has more than 83.000 employees in 68 countries. In 2024, the Group generated revenue of €20,6 billion.
