Thales has reported robust financial results for the first half of 2025, with sales reaching €10.3 billion – a year-over-year organic increase of 8.1 percent. The company raised its full-year guidance following strong performance in core business segments, particularly defense and aerospace.
Strong Order Intake and Margin Expansion
Thales recorded €10.4 billion in order intake, maintaining a book-to-bill ratio above 1. Adjusted EBIT rose to €1.248 billion, up 12.7 percent organically, with an EBIT margin of 12.2 percent. Net income from continuing operations increased to €664 million, reflecting a 6 percent year-over-year gain.
Adjusted earnings per share rose to €4.27 in H1 2025, compared to €4.21 in the same period last year, according to the company’s official results. The firm also reported a record €499 million in free operating cash flow. Net debt was reduced by over €1.17 billion, bringing the total to €3.4 billion as of June 30, 2025.
The company’s Defense & Security segment remained the primary driver of revenue growth, with sales climbing 13 percent. The Aerospace division also delivered strong performance, particularly in its avionics business. By contrast, the Cyber & Digital segment experienced a 3.7 percent decline in sales, dropping to €1.862 billion, primarily due to short-term integration effects following the acquisition of cybersecurity firm Imperva.
Guidance Raised Despite Market Volatility
Thales stated that the completed merger of sales operations with Imperva marked a key step in the integration process and is expected to unlock the full potential of its cybersecurity product portfolio in future quarters.
Thales has raised its full-year 2025 guidance, now projecting organic sales growth between six and seven percent and an adjusted EBIT margin between 12.2 and 12.4 percent. The company cited sustained demand and effective operational execution across key divisions as the basis for the improved outlook.
–
By Cass Kennedy
