This sustained growth notably reflects the solid performance of the Aerospace and Defense sectors throughout the year. In the Aerospace segment, revenues reached €5,910 million, up 8.0% compared to 2024 (+8.7% at constant scope and exchange rates). The Defense sector reported revenues of €12,234 million, an increase of 11.5% compared to 2024 (+12.2% at constant scope and exchange rates). New orders for the 2025 fiscal year amounted to €25,264 million, stable in total variation compared to the record level set in 2024, and up +1% at constant scope and exchange rates. Adjusted EBIT stood at €2,740 million in 2025, versus €2,419 million in 2024, representing growth of 13.3% (14.0% in organic variation). The Adjusted EBIT margin thus reached 12.4% of revenues, an improvement compared to 2024 (11.8% of revenues). Adjusted Net Income, Group share, increased by 6% to €2,005 million compared to 2024. This figure includes a temporary additional corporate tax contribution in France amounting to €75 million. Excluding this €75 million impact, Adjusted Net Income, Group share, rose by 9%. Net Income from continuing operations, Group share, came to €1,675 million, up 66% compared to 2024. Operational free cash flow amounted to €2,577 million, compared to €2,027 million in 2024. Thales expects for 2026 a book-to-bill ratio above 1, organic revenue growth between +6% and +7% (corresponding to revenues between €23.3 and €23.6 billion), and an Adjusted EBIT margin between 12.6% and 12.8%, up by 20 to 40 basis points compared to 2025. The group is expected to maintain a high cash conversion rate in 2026, between 95% and 100%.
Thales is one of the European leaders in manufacturing and marketing of electronic equipment and systems for the aerospace, defense and security sectors. Net sales break down by product group as follows:
- defense and security systems (55.3%): C4I defense and security systems (control and monitoring systems, communication, protection, cyber-security, and other systems), defense mission systems, naval systems, electronic war systems, drones, air operation systems (air defense, air surveillance), ground defense systems and missiles;
- aerospace systems (26.7%): avionics equipment (cockpit, cabin multimedia, and simulation equipment), space systems (satellites, payloads, etc.);
- digital identification and security solutions (17.4%);
- other (0.6%).
Besides, the group owns a 35% stake in Naval Group (manufacture of naval equipment for defense and nuclear energy sectors).
Net sales are distributed geographically as follows: France (27.7%), the United Kingdom (6.5%), Europe (28.1%), North America (12.4%), Asia (9.9%), Australia and New Zealand (4.1%) and other (11.3%).
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