Thales Sa · EURONEXT:HO
Thales Sa — Q1 2025 Earnings Presentation
19 slides from Thales Sa's earnings presentation, Apr 24, 2025
Slide 1: Q1 2025 order intake and sales
Q1 2025 order intake and sales 24th April 2025 www.thalesgroup.com
Slide 2: Q1 2025 highlights
Q1 2025 highlights > Robust underlying > Positive momentum for > Cyber business to ramp-up commercial momentum European Defence throughout the year > Book-to-bill ratio to be above 1 > Thales uniquely positioned thanks > On-going merger of Thales and in 2025 to its wide portfolio of premium Imperva
Slide 3: Q1 2025 key figures
Q1 2025 key figures Change €m Q1 2025 Q1 2024 total organic Order intake 3,778 5,037 -25% -27% Sales 4,960 4,421 +12.2% +9.9% > Order intake down year-on-year on the back of a very high comparison basis > Strong organic sales growth in Q1, driven by Defence and Aerospace Q1 2025 order intake and sal
Slide 4: Q1 2025 order intake
Q1 2025 order intake > Solid commercial momentum, notably in Order intake by contract unit Aerospace value > Very high comparison basis due to jumbo contracts Reported growth: -25% €m booked in Q1 2024 in Defence Organic growth: -27% > 5 large orders(a) booked in Q1 2025 for €0.7bn (vs. 4 in Q1 2024
Slide 5: Q1 2025 sales growth
Q1 2025 sales growth Q1 sales growth drivers > Scope and currency impact €m > Scope impact mainly resulting from Cobham Reported growth: +12.2% Aerospace Communications and Get SAT acquisitions Organic growth: +9.9% > Currency impact slightly positive > Strong start to the year with +9.9% organic sa
Slide 6: Aerospace: Q1 2025 key figures
Aerospace: Q1 2025 key figures Q1 Q1 Change €m 2025 2024 Total Organic Order intake 1,530 1,003 +53% +45% Sales 1,342 1,182 +13.5% +8.4% > Strong order intake, driven by 3 large orders in Space > Continued solid demand in Avionics, with 1 large order booked in Training & Simulation > Space: favorabl
Slide 7: Defence: Q1 2025 key figures
Defence: Q1 2025 key figures Q1 Q1 Change €m 2025 2024 Total Organic Order intake 1,302 3,122 -58% -59% Sales 2,685 2,305 +16.5% +15.0% > Order intake facing very high comparison basis > Two contracts with unit value over €500m each booked in Q1 2024 > Underlying momentum remains supportive > Confir
Slide 8: Cyber & Digital: Q1 2025 key figures
Cyber & Digital: Q1 2025 key figures Q1 Q1 Change €m 2025 2024 Total Organic Sales 903 916 -1.5% -2.1% o/w Cyber 357 351 +1.8% +0.2% o/w Digital Identity 545 565 -3.5% -3.6% > Cyber flat in the first quarter, to accelerate throughout the year > Cyber Products recording growth, leveraging Imperva's c
Slide 9: Considerations on US tariffs
Considerations on US tariffs > Global considerations for Thales Thales 2024 sales to the US1 > Multi-local business protective by nature > Defense activities still exempt from tariffs > Favorable incoterms in some export contracts > 3 main areas that could be impacted > Avionics aftermarket business
Slide 10: 2025 financial objectives
2025 financial objectives 1 2 3 Order intake Sales Adjusted EBIT margin(b) Book-to-bill +5% to +6%(a) 12.2% to 12.4%(a) above 1 organic growth, corresponding to €21.7 to €21.9 billion a. Based on April 2025 scope and year to date average foreign exchange rates as of April 2025. Assuming no new disru
Slide 11: Appendix
Appendix Q1 2025 order intake and sales 11
Slide 12: Upcoming events
Upcoming events 2025 16th May 22nd May 2025 2025 Annual Dividend General payment Meeting date 20th May 23rd July 2025 2025 (before market) Ex-dividend date H1 2025 results Q1 2025 order intake and sales 12
Slide 13: Organic sales growth per quarter
Organic sales growth per quarter 2022 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Aerospace Defence Cyber & Digital Total Q1 2025 order intake and sales 13
Slide 14: Q1 2025 order intake by destination
Q1 2025 order intake by destination Order intake by destination Q1 Q1 Change 5% 5% In € million 2025 2024 Total Organic Middle East Rest of the world France 670 1,010 -34% -36% United Kingdom 160 314 -49% -51% Rest of Europe 1,316 928 +42% +41% 13% 18% Asia France Europe 2,146 2,252 -5% -7% North Am
Slide 15: Q1 2025 sales by destination
Q1 2025 sales by destination Sales by destination Q1 Q1 Change 6% 5% In € million 2025 2024 Total Organic Middle East Rest of the world France 1,535 1,439 +6.7% +4.5% United Kingdom 344 290 +18.5% +14.9% 10% Asia Rest of Europe 1,189 1,013 +17.4% +16.3% Europe 3,068 2,742 +11.9% +9.9% 31% North Amer
Slide 16: Q1 2025 order intake by operating segment
Q1 2025 order intake by operating segment Q1 Q1 Change €m 2025 2024 Total Organic Aerospace 1,530 1,003 +53% +45% Defence 1,302 3,122 -58% -59% Cyber & Digital 922 903 +2% +1% Other 24 10 Total 3,778 5,037 -25% -27% Q1 2025 order intake and sales 16
Slide 17: Q1 2025 sales by operating segment
Q1 2025 sales by operating segment Q1 Q1 Change €m 2025 2024 Total Organic Aerospace 1,342 1,182 +13.5% +8.4% Defence 2,685 2,305 +16.5% +15.0% Cyber & Digital 903 916 -1.5% -2.1% Other 31 18 Total 4,960 4,421 +12.2% +9.9% Q1 2025 order intake and sales 17
Slide 18: Definition of non-GAAP measures and other remarks
Definition of non-GAAP measures and other remarks > Adjusted net income: net income, less the following elements, net of > Rounding of amounts in euros the corresponding tax effects: (i) amortization of acquired assets (PPA), (ii) expenses recorded in the "income from operations" or in In the contex
Slide 19: 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