Slide 1: H1 2026 results
H1 2026 results 23rd July 2026 www.thalesgroup.com
Slide 2: H1 2026 highlights
H1 2026 highlights Results > Robust order intake momentum driven by Defence and Space, reflecting the strength of Thales products and solutions > Sales growth reflects successful ramp-up in Defence, rebound in Cyber and resilience in Aerospace > Robust improvement in profitability year-over-year © D
Slide 3: H1 2026 key figures
H1 2026 key figures Order intake and book-to-bill (€m) Sales (€m) Adjusted EBIT(b) (€m and %) +21% +6.7% +9.9% +22%(a) +7.8%(a) +11.4%(a) 1.14 12.5% 1.01 12.2% Adjusted net income, Free operating cash flow(b) (€m) Net cash (debt) position(b) (€m) Group share(b) (€m) +13% x3.7 (a) Organic: at constan
Slide 4: H1 2026 order intake
H1 2026 order intake Order intake by contract unit value > Solid H1 order intake €m Reported growth: +21% > Strong momentum across the business and Organic growth: +22% notably in Space and in Defence > All the geographies contributing to growth, notably Middle-East > 18 large orders(a) booked in H1
Slide 5: H1 2026 organic sales growth
H1 2026 organic sales growth H1 sales growth drivers > Solid sales growth, up 7.8% organically and 9.6% ex one-offs €m Reported growth: +6.7% > Double-digit growth in Defence in both Q1 and Q2, Organic growth: +7.8% (+9.6% ex one-offs) driven by continued production ramp-up and solid execution > Goo
Slide 6: H1 2025 to H1 2026 Adjusted EBIT bridge
H1 2025 to H1 2026 Adjusted EBIT bridge €m +219 Marketing R&D Equity & sales +30 1,372 Scope, G&A affiliates currency and (57) 1,248 pensions (34) Restructuring (7) (11) (17) Gross margin Scope: +1 Currency: (17) H1 2025 H1 2026 Adjusted EBIT Adjusted EBIT H1 2026 results 6
Slide 7: Aerospace: H1 2026 key figures
Aerospace: H1 2026 key figures H1 H1 Change €m 2026 2025 Total Organic Order intake 3,260 2,658 +23% +24% +8,8 Sales 2,779 2,759 +0.7% % ex one-off +2.1 % Adjusted EBIT 289 252 +14.8% +17.2% in % of sales 10.4% 9.1% +1.3 pts +1.3 pts > Robust order intake driving solid growth > Sustained momentum fo
Slide 8: Defence: H1 2026 key figures
Defence: H1 2026 key figures H1 H1 Change €m 2026 2025 Total Organic Order intake 7,351 5,762 +28% +28% Sales 6,316 5,593 +12.9% +13.1% Adjusted EBIT 875 718 +21.8% +22.0% in % of sales 13.8% 12.8% +1.0 pts +1.0 pts > Order intake reaching a solid €7.4bn in H1 2026, up 28% > 13 large contracts booke
Slide 9: Cyber & Digital: H1 2026 key figures
Cyber & Digital: H1 2026 key figures H1 H1 Change €m 2026 2025 Total Organic Sales 1,797 1,849 (2.8)% +0.4% o/w Cyber 681 696 (2.2)% +1.6% o/w Digital Identity 1,116 1,153 (3.2)% (0.3)% Adjusted EBIT 195 267 (26.9)% (23.5)% In % of sales 10.9% 14.4% (3.6) pts (3.4) pts o/w Cyber 95 98 (3.0)% +5.5% o
Slide 10: Summary adjusted P&L: from Adj. EBIT to Adj. net income
Summary adjusted P&L: from Adj. EBIT to Adj. net income €m H1 2026 H1 2025 Adjusted EBIT 1,372 1,248 Cost of net financial debt and other financial results (55) (86) Finance costs on pensions and other employee benefits (27) (26) Income tax (310) (277) 1 Effective tax rate 25.8% 26.7% Adjusted net i
Slide 11: H1 2026 Free operating cash flow
H1 2026 Free operating cash flow €m H1 2026 H1 2025 > Exceptional free operating Operating cash flow before WCR changes, 1 1,734 1,526 cash flow generation interest and tax Change in WCR and reserves 1 > Marked improvement in WCR + for contingencies 552 (530) variance + Pension cash out (78) (76) >
Slide 12: Movement in net debt over H1 2026
Movement in net debt over H1 2026 €m Acquisitions Dividends Net debt +1,865 & disposals New leases Net debt paid at 31 Dec 25 (IFRS16) at 30 Jun 26 (6) +24 (606) (178) Others (519) (1,618) Free operating cash flow H1 2026 results 12
Slide 13: Strategy and outlook
2026 half-year results Strategy and outlook H1 2026 results 13
Slide 14: Strong fundamentals supporting profitable growth for Thales
Strong fundamentals supporting profitable growth for Thales > Secular opportunity in Defence: growing demand and high visibility • Strong organic growth thanks to Thales’ ongoing ramp-up efforts • Thales’ customer intimacy and product portfolio are key strategic advantages Defence • Upcoming acquisi
Slide 15: 2026 outlook: all guidance upgraded or confirmed
2026 outlook: all guidance upgraded or confirmed 2026 Financial Updated objectives(a) Update objectives Book-to-bill Book-to-bill Order Intake above 1 Upgraded above 1.1 Organic sales +6% to +7% Underlying growth corresponding to Confirmed improvement €23.3 to €23.6 billion offsetting one-offs Adjus
Slide 16: Appendix
Appendix THALES H1 2026 results =
Slide 17: Upcoming events: Q3 and 9m 2026 sales
Upcoming events 22 October 2026 (before market opening) Q3 and 9m 2026 sales H1 2026 results 17
Slide 18: H1 2026 order intake by destination
H1 2026 order intake by destination H1 H1 Change 10% 4% In € millions 2026 2025 Total Organic Near and Rest of the world Middle East France 2,547 1,899 +34% +34% United Kingdom 486 433 +12% +16% Rest of Europe 3,927 2,706 +45% +46% 20% France Europe 6,960 5,037 +38% +39% 12% United States and Canada
Slide 19: H1 2026 sales by destination
H1 2026 sales by destination H1 H1 Change 7% 5% In € millions 2026 2025 Total Organic Near and Rest of the world Middle East France 2,947 3,002 (1.8)% (1.7)% United Kingdom 708 708 (0.0)% +3.0% 10% Asia 27% Rest of Europe 3,305 2,669 +23.9% +23.6% France Europe 6,960 6,378 +9.1% +9.4% United States
Slide 20: Summary adjusted P&L: from sales to Adjusted EBIT
Summary adjusted P&L: from sales to Adjusted EBIT H1 2026 H1 2025 Change €m % of sales €m % of sales total organic Sales 10,949 10,265 +6.7% +7.8% Gross margin 3,138 28.7% 2,958 28.8% +6.1% +7.5% Indirect costs (1,833) (16.7)% (1,756) (17.1)% (4.4)% (5.9)% o/w R&D expenses (674) (6.2)% (627) (6.1)%
Slide 21: H1 2026 Adjusted EBIT by operating segment
H1 2026 Adjusted EBIT by operating segment H1 H1 Change €m / % of sales 2026 2025 Total Organic Aerospace 289 10.4% 252 9.1% +14.8% +17.2% Defence 875 13.8% 718 12.8% +21.8% +22.0% Cyber & Digital 195 10.9% 267 14.4% (26.9)% (23.5)% Adj. EBIT – operating segments 1,359 12.5% 1,237 12.1% +9.9% +11.4%
Slide 22: Organic sales growth per quarter
Organic sales growth per quarter 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Aerospace Defence Cyber & Digital Total H1 2026 results 22
Slide 23: Q2 2026 order intake by operating segment
Q2 2026 order intake by operating segment Q2 Q2 Change €m 2026 2025 Total Organic Aerospace 1,738 1,128 +54% +55% Defence 5,111 4,455 +15% +14% Cyber & Digital 949 968 (2)% (2)% Other 20 22 Total 7,818 6,574 +19% +19% H1 2026 results 23
Slide 24: Q2 2026 sales by operating segment
Q2 2026 sales by operating segment Q2 Q2 Change €m 2026 2025 Total Organic Aerospace 1,395 1,417 (1.6)% (1.4)% Defence 3,268 2,903 +12.6% +11.9% Cyber & Digital 938 953 (1.5)% (0.9)% dont Cyber 358 345 +3.8% +4.5% dont Digital 580 608 (4.6)% (4.0)% Other 32 32 Total 5,633 5,305 +6.2% +6.0% H1 2026 r
Slide 25: Definition of non-GAAP measures and other remarks
Definition of non-GAAP measures and other remarks > Rounding of amounts in euros > Adjusted net income: net income, less the following elements, net of the corresponding tax effects: (i) amortization of acquired assets (PPA), In the context of this presentation, the amounts expressed in millions of
Slide 26: Thales SA contact details
Thales SA 4, rue de la Verrerie 92190 Meudon France ir@thalesgroup.com This presentation contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from these forward-looking statements due