Order intake: €25.3 billion, matching 2024 record level (+1% on an organic basis1)
Sales: €22.1 billion, up 7.6% (+8.8% on an organic basis)
Adjusted EBIT2: €2,740 million, up 13.3% (+14.0% on an organic basis)
Adjusted net income, Group share2: €2,005 million, up 6% and including €(75) million of exceptional contribution to corporate tax in France
Net income from continuing operations, Group share: €1,675 million, up 66%
Record Free operating cash flow2: €2,577 million, up 27%
Dividend3 of €3.90 per share, representing 40% of Adjusted net income, Group share
Non-financial performance: further significant progress achieved in 2025
2026 targets4:
Book-to-bill5 above 1
Organic sales growth of between +6% and +7%, corresponding to sales between €23.3 billion and €23.6 billion
Adjusted EBIT margin between 12.6% and 12.8%
Thales’ Board of Directors (Euronext Paris: HO) met on March 2, 2026, to review the 2025 financial statements.
“2025 was a very good year for Thales, a world leader in advanced technologies in Defence, Aerospace, Cybersecurity and Digital. The Group has successfully pursued its strategy of profitable growth. Order intake exceeded the €25 billion mark for the second year in a row, a record for the Group, confirming the strong commercial momentum, the excellence of our products and solutions portfolio and the trust of our customers and partners. This performance enables Thales to benefit from an unprecedented order book, ensuring exceptional visibility for the years ahead.
Sales now exceed €22 billion, with organic growth of 8.8% in 2025. This dynamism is reflected in a substantial improvement in the Group’s profitability, with EBIT up 14% organically, demonstrating Thales’ excellence in operational execution as well as our competitiveness improvement plans. Finally, thanks to the robustness of its business model, Thales generated record net cash flow of close to €2.6 billion in 2025.
Our commitment to a safer, more sustainable and more inclusive world has been strengthened, thanks to the continued implementation of our Corporate Social Responsibility policy.
Finally, in 2025, Thales continued to implement its strategic roadmap. Among the key successes last year, I am particularly proud of the signing of a Memorandum of Understanding with Airbus and Leonardo to combine our Space activities and create a leading European player.
Thales’ excellent performance in 2025 is above all the result of the commitment and the passion for innovation of our 85,000 employees, to whom I extend my warmest congratulations and thanks,” said Patrice Caine, Chairman & Chief Executive Officer.
Key figures
| n € millionsexcept earnings per share (in €) | 2025 | 2024 | Total change | Organic change | |||||
| Order intake | 25,264 | 25,289 | (0)% | +1% | |||||
| Order book at end of period | 53,323 | 50,602 | +5% | +7% | |||||
| Sales | 22,136 | 20,577 | +8% | +9% | |||||
| Adjusted EBIT6 | 2,740 | 2,419 | +13% | +14% | |||||
| as a % of sales | 12.4% | 11.8% | +0.6 pts | +0.7 pts | |||||
| Adjusted net income, Group share6 | 2,005 | 1,900 | +6% | ||||||
| Adjusted net income, Group share, per share6 | 9.76 | 9.24 | +6% | ||||||
| Net income from continuing operations, Group share | 1,675 | 1,007 | +66% | ||||||
| Free operating cash flow6 | 2,577 | 2,027 | +27% | ||||||
| Net cash (debt) at end of period6 | (1,618) | (3,044) | +1,425 | ||||||
| Dividend per share7 | 3.90 | 3.70 | +0.20 |
Order intake for the 2025 financial year reached again the historic level of 2024 and amounted to €25,264 million, up 1% on an organic basis (at constant scope and exchange rates). The Group benefited in 2025 from strong commercial momentum across the vast majority of its businesses, particularly in the Defence and Aerospace segments. As at 31 December 2025, the consolidated order book reached a record level of over €53 billion, up by €2.7 billion compared with the end of 2024.
Sales totalled €22,136 million in 2025, up 7.6% from 2024 (+8.8% in organic growth). This sustained growth reflects in particular the solid performance of Aerospace and Defence segments throughout the year.
Adjusted EBIT6 stood at €2,740 million in 2025, compared with €2,419 million in 2024, an increase of 13.3% (+14.0% on an organic basis). The Adjusted EBIT margin reached 12.4% of sales, a significant increase compared to 2024 (11.8% of sales).
At €2,005 million, Adjusted net income, Group share6 was up 6% compared to 2024. It incorporates a temporary additional contribution to the corporate tax in France which amounted to €75 million, excluding the effect of this contribution on Naval Group, of which Thales’ share amounted to €8 million (recognized under Adjusted EBIT). Excluding this impact of €75 million, Adjusted net income, Group share was up 9%.
Net income from continuing operations, Group share amounted to €1,675 million, up 66% compared to 2024.
Free operating cash flow6 amounted to €2,577 million, compared with €2,027 million in 20248. This substantial increase reflects the solid progression of the Group’s results as well as the significant improvement in the change in working capital requirement compared to 31 December 2024, driven by strong momentum of order intake in 2025 and the continued actions taken in the context of stocks optimization. As a consequence, the cash conversion ratio of Adjusted net income, Group share, into Free operating cash flow reached 128% in 2025 (107% in 2024), an excellent performance, with the conversion ratio exceeding 100% for the sixth consecutive year.
In this context, the Board of Directors decided to propose the distribution of a dividend of €3.90 per share, corresponding to a payout ratio of 40% of Adjusted net income, Group share. An interim dividend of €0.95 per share was paid on 4 December 2025. The balance of €2.95 will be paid on 20 May 2026.
Order intake
| n € millions | 2025 | 2024 | Total change | Organic change | |||||
| Aerospace | 6,122 | 6,434 | (5)% | (5)% | |||||
| Defence | 15,128 | 14,723 | +3% | +3% | |||||
| Cyber & Digital | 3,872 | 4,032 | (4)% | (1)% | |||||
| Total – operating segments | 25,122 | 25,189 | (0)% | +1% | |||||
| Other | 142 | 100 | |||||||
| Total | 25,264 | 25,289 | (0)% | +1% | |||||
| Of which mature markets9 | 19,490 | 19,010 | +3% | +3% | |||||
| Of which emerging markets9 | 5,774 | 6,279 | (8)% | (6)% |
Order intake for the 2025 financial year amounted to €25,264 million, flat in total change compared with the record level recorded in 2024, and up 1% at constant scope and exchange rates. The book-to-bill ratio stood at 1.14 in 2025 (1.23 in 2024), and 1.17 excluding the Cyber & Digital business, where order intake is structurally very close to sales.
In 2025, Thales recorded 28 large orders with a unit value of more than €100 million, for a total amount of €7,751 million:
5 large orders recorded in Q1 2025:
Contract signed with Space Norway, a Norwegian satellite operator, for the supply of the THOR 8 telecommunications satellite;
Order by SKY Perfect JSAT to Thales Alenia Space of JSAT-32, a geostationary telecommunications satellite;
Signing of a contract between Thales and the European Space Agency (ESA) to develop Argonaut, a future autonomous and versatile lunar lander designed to deliver cargo and scientific instruments to the Moon;
Order from the Dutch Ministry of Defence for the modernization and support of vehicle tactical simulators;
Order from the French Defence Procurement Agency (DGA) for the development, production, and maintenance of vetronics equipment for various Army vehicles as part of the SCORPION programme.
5 large orders recorded in Q2 2025:
Contract related to the supply of 26 Rafale Marine to India to equip the Indian Navy;
As part of the SDMM (Strategic Domestic Munition Manufacturing) contract signed in 2020 for the supply of ammunition to the Australian armed forces, entry into force of years 6 to 8. The continuation of the SDMM contract concerns the design, the development, manufacture and maintenance of a variety of ammunition;
Contract for the delivery to Ukraine of 70 mm ammunition and the transfer of the final assembly line of certain components of this ammunition from Belgium to Ukraine;
Order for the production and supply of AWWS (Above-Water Warfare System) combat systems intended for frigates equipment in Europe;
Order by Sweden of compact multi-mission medium range Ground Master 200 radars.
4 large orders recorded in Q3 2025:
Signing of the Initial Phase Contract between Thales Alenia Space and the SpaceRISE consortium of satellite operators to engineer the system and secured payload solutions for the future European constellation IRIS²;
Order from the UK Ministry of Defence for the production and delivery of 5,000 air defence LMM missiles;
Order from the German Ministry of Defence for the delivery to a third party country of portable land surveillance radars;
Order from a European country for the production and delivery of 70mm ammunition.
14 large orders recorded in Q4 2025:
Order for the delivery of traveling wave tubes and amplifiers to equip defence systems;
Order from a US airline for the retrofit of B777 aircraft to equip them with the Thales AVANT Up inflight entertainment system;
Contract for the supply to the Indonesian Ministry of Defence of an observation system combining optical and radar satellites, as well as a multi-mission ground segment;
Contract for the delivery of vetronics systems for Scorpion vehicles as part of the CaMo (Motorized Capacity) intergovernmental agreement between France and Belgium;
Contract with the Royal Canadian Navy to provide predictive and corrective maintenance at various Canadian shipyards;
Contract for the supply of maintenance services to the Royal Australian Navy as well as for foreign ships calling at the Sydney region;
As part of the SNLE 3G programme for the development of the third generation of French nuclear-powered ballistic missile submarines, entry into force of a new tranche of the framework agreement with the DGA for the development and supply of the sonar suite;
Order from a navy in the Americas for the supply of Sonar 2087, a member of the CAPTAS family of low-frequency towed array sonars, for the equipment of destroyers;
Order from an Asian Navy for the delivery of the TACTICOS combat management system, the Link Y tactical data link and various sensors, as part of a corvette modernization programme;
Order from a European country for the supply of XTRAIM thermal weapon sights and Nellie night vision goggles;
Order from the DGA for the development, production and deployment of the AURORE Ultra-High Frequency radar for low-earth orbit space surveillance;
Order from a European country for the production and delivery of HPD anti-tank systems;
Order for the supply of seekers to equip ASTER B1NT missiles;
Order from Naval Group for the production and delivery of electronic warfare equipment, radars including the Sea Fire, sonars and secure communication systems for FDI frigates (Defence and Intervention Frigates) as part of the contract for the Greek Navy.
At €17,513 million, order intake with a unit value of less than €100 million recorded an increase and continued to benefit from favorable momentum.
Geographically10, order intake in mature markets amounted to €19,490 million, up 3% on an organic basis. Sales momentum was particularly strong in continental Europe (excluding France), with an organic growth of 26%, as well as in Australia and New Zealand (up 12% on an organic basis).
Order intake in emerging markets amounted to €5,774 million, down (6)% at constant scope and exchange rates. This change is mainly explained by a high comparison basis linked to the booking in 2024 of several contracts with a unit value exceeding €500 million. However, sales momentum was particularly strong in Asia in 2025, with organic growth of 32%.
Order intake in the Aerospace segment stood at €6,122 million, compared to €6,434 million in 2024 ((5)% at constant scope and exchange rates). In 2025, the Avionics market benefited from sustained demand in most of its activities, in both civil and military domains. The Space business, which saw solid underlying momentum with five orders with a unit value of more than €100 million recorded in 2025, showed a decline in order intake due to a high comparison base, particularly in the fourth quarter of 2024. At December 31, 2025, the segment’s order book reached €10.8 billion, up 6% at constant scope and exchange rates compared to 2024.
At €15,128 million compared to €14,723 million in 2024, order intake in the Defence segment reached a new historic record (+3% at constant scope and exchange rates). The book-to-bill ratio stood at 1.24, above 1.2 for the seventh consecutive year. This new increase in 2025 is driven by continued strong demand across all activities. 20 contracts with a unit value exceeding €100 million were booked during the year, with major successes, particularly in the field of air defence. The segment’s order book reached a new historic record at €41.6 billion (up 6%), representing 3.4 years of sales, offering strong visibility for this business in the years ahead.
At €3,872 million, order intake in the Cyber & Digital segment was structurally very close to sales, as most of the activities in this segment operate on short sales cycles. The order book is therefore not significant.
Sales
| In € millions | 2025 | 2024 | Total change | Organic change | |||||
| Aerospace | 5,910 | 5,471 | +8.0% | +8.7% | |||||
| Defence | 12,234 | 10,969 | +11.5% | +12.2% | |||||
| Cyber & Digital Of which Cyber Of which Digital | 3,8521,4552,397 | 4,0241,5662,457 | (4.3)%(7.1)%(2.5)% | (0.9)%(3.8)%+1.0% | |||||
| Total – operating segments | 21,996 | 20,463 | +7.5% | +8.7% | |||||
| Other | 140 | 113 | +24.0% | +25.9% | |||||
| Total | 22,136 | 20,577 | +7.6% | +8.8% | |||||
| Of which mature markets11 | 17,429 | 16,303 | +6.9% | +7.8% | |||||
| Of which emerging markets11 | 4,707 | 4,273 | +10.2% | +12.9% |
Sales for the 2025 financial year totalled €22,136 million, compared to €20,577 million in 2024, up 7.6% in total change and 8.8% in organic terms (at constant scope and exchange rates12), driven in particular by the solid performance of the Aerospace and Defence segments. Thales thus exceeded its organic sales growth target for 2025.
Geographically13 sales recorded robust growth in both mature markets (+7.8% in organic terms), with a notable performance in continental Europe excluding France (+20.4% in organic terms), and in emerging markets (+12.9% in organic terms), where all geographies recorded double-digit organic growth.
In the Aerospace segment, sales amounted to €5,910 million, up 8.0% from 2024 (+8.7% at constant scope and exchange rates). This solid progress reflects in particular the double-digit organic growth of the Avionics business in 2025, with solid momentum across all activities in both the civil and military domains. Original equipment activities notably benefited from higher commercial aircraft production, while the healthy momentum in air traffic benefited aftermarket services. In addition, the Space business also recorded growth in organic sales, driven in particular by the OEN (Observation, Exploration and Navigation) segment.
Sales in the Defence segment reached €12,234 million, up 11.5% from 2024 (+12.2% at constant scope and exchange rates). In 2025, Thales continued its efforts to increase production capacity in order to meet strong demand across all product lines. Land and air systems, such as surface radars and effectors, contributed particularly to the solid performance in 2025.
At €3,852 million, sales in the Cyber & Digital segment were down (0.9)% at constant scope and exchange rates ((4.3)% in total change, including negative exchange rate effects), with a fourth quarter showing slight organic growth. This evolution in sales over the year reflects different trends depending on the activities:
Cyber businesses recorded a decrease in sales in 2025 (down (3.8)% at constant scope and exchange rates):
The Cyber Products business, slightly down over the full year 2025, was affected in the second and third quarters by disturbances related to the merger of the Imperva and Thales sales forces. This key integration step, now completed, will gradually unleash the full potential of the business, which recorded a return to organic growth in the fourth quarter;
The Cyber Premium Services business was down year-on-year with double-digit organic decline. The business was notably impacted by soft demand in Australia, while the execution of the strategy to refocus the offer on segments offering profitable growth showed encouraging signs in the relevant geographies.
Digital activities recorded organic growth of 1.0% in 2025:
Sales from Payment Services enjoyed strong momentum in digital banking solutions, but were affected by continued low volumes in payment cards during the year;
Secure Connectivity Solutions recorded strong growth in 2025, driven notably by digital solutions (including eSIM and on-demand connectivity platforms) which represent the majority of the business. The activity also benefited in 2025 from a one-off related to a large and non-recurring order from a customer in Asia.
