Thales SA
HO
ISIN FR0000121329 / Valor 524726
Thales SA
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About company
Thales SA is a French multinational that designs, manufactures and integrates systems and services for the aerospace, defence, space, transport and security markets. Its product and service mix spans avionics and flight control systems, air traffic management and training, radar and sensor suites, command-and-control and communications equipment, and mission systems for military and intelligence customers, alongside satellite payloads and spacecraft capabilities delivered principally through its space activities. The group also provides secure digital identity and cybersecurity solutions—including biometrics, secure elements and cryptographic services following its acquisition of Gemalto—and systems for critical infrastructure such as rail signalling and border and airport security. Thales combines hardware, software and systems integration to supply governments, prime contractors and commercial operators with end-to-end solutions for mission-critical and safety-critical applications.
Summarized from source with an LLMView SourceSector: IndustrialsLatest Results (31.08.2026):
Thales SA — H1 2026 (covering Q1–Q2 2026): The group reported strong first‑half 2026 financial results with order intake of €12.47bn, sales of €10.95bn, and Adjusted EBIT of €1.37bn; adjusted net income, Group share rose to €990m and free operating cash flow was an exceptional €1.865bn. Thales confirms its 2026 targets and revised up certain objectives on July 3, 2026.
Headline results
Order intake €12,471m (+21% year‑on‑year, +22% organic); Sales €10,949m (+6.7% total, +7.8% organic); Adjusted EBIT €1,372m (+9.9% total, +11.4% organic) representing a 12.5% adjusted EBIT margin; Adjusted net income, Group share €990m (+13%).
Cash flow and balance sheet
Free operating cash flow of €1,865m (vs €499m H1 2025) driven by improved working capital; net debt at end‑June 2026 was €519m (improved from €3,427m at 30 June 2025); dividends paid in the period €606m.
Book-to-bill and order quality
Book‑to‑bill at 1.14. Thales booked 18 large orders >€100m totalling €4,850m (examples: Es’hailSat geostationary satellite, ESA Sentinel‑1 Next Gen, ExoMars tranche, Australian Bushmaster order), with Defence and Space leading intake.
Segment performance — Defence & Aerospace
Defence: order intake €7,351m, sales €6,316m, Adjusted EBIT €875m (13.8% margin) — strong double‑digit growth. Aerospace: order intake €3,260m, sales €2,779m, Adjusted EBIT €289m (10.4% margin) — Space underlying progress but affected by cancellation of two GEO satellites (~€150m sales impact).
Segment performance — Cyber & Digital
Cyber & Digital: order intake €1,806m, sales €1,797m; Adjusted EBIT €195m with margin deterioration to 10.9% (from 14.4% a year earlier), driven by weaker Digital margins and high prior‑year non‑recurring items.
Exceptional item — F126 frigates
Thales recognised an exceptional mostly non‑cash charge of €450m relating to the termination of the F126 programme; this does not affect Adjusted EBIT/Adjusted net income but reduced reported Net income, Group share to €485m (impact ≈€331m on net income).
Outlook and confirmed guidance
Thales confirms 2026 objectives (assuming no major macro/geopolitical changes): book‑to‑bill >1.1, organic sales growth +6% to +7% (implying €23.3–€23.6bn full‑year sales), Adjusted EBIT margin 12.6%–12.8%, and free operating cash flow conversion 100%–110% (both latter targets revised up on 3 July 2026).
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
55794 M
Market cap (USD)
198,725
Daily traded volume (Shares)
138.45 / 137.45
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
Dividend (USD)
Dividend yield (p.a.)
Est dividend (USD)
Est dividend yield
P/E ratio
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EPS (USD)
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Ratings & reviews
Johanas Christhothiram
Marie-Laetitia LEYNEN
Daniel Brailsford
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