Berenberg expects first-half results to be bolstered by the ramp-up in Rafale deliveries, with 11 aircraft anticipated in H1 2026 compared to seven a year earlier. The brokerage forecasts revenue of 3,149 million euros, up 8% year-on-year, and an adjusted EBIT margin of 7.5%.

According to the analyst, the demand environment remains supportive for Falcon business jets, particularly in light of the strong order momentum observed at General Dynamics and Bombardier since the beginning of the year.

The note also highlights that negotiations surrounding a potential contract for 114 Rafale jets for India remain a major catalyst for the stock. The report suggests that progress on this front would improve visibility regarding future combat aircraft production.