Slide 1: 2025 Full-Year results
2025 Full-Year results 3rd March 2026 www.thalesgroup.com Full-Year results 2025 1
Slide 2: Full-Year 2025 highlights
Full-Year 2025 highlights Results • Another year of strong order intake, supported by continued sustained momentum in all Thales' businesses • Sales growth accelerated, outpacing guided range • Robust improvement in profitability vs. last year • Outstanding free operating cash-flow generation • All
Slide 3: Contributing to airspace sovereignty with SAMP/T NG
Contributing to airspace sovereignty with SAMP/T NG World-class air defence system 360°/90° coverage that offers state-of-the-art long range air defence with unique detection and tracking capability Extensive Air sovereignty & protection interoperability and NATO standards against all current and fu
Slide 4: R&D at the heart of Thales' technological leadership - Pioneering AI for Critical Environments
R&D at the heart of Thales' technological leadership − Pioneering AI for Critical Environments 800+ ~100 AI Experts PhD students U n i te d K i n g d o m Germany France 5 countries 9 sites Ca n a d a Singapore 200 Patents Covering full spectrum of AI technologies Partnership 100+ products M a r i ti
Slide 5: Signature of a MoU with Airbus and Leonardo to create a leading European player in Space
Signature of a MoU with Airbus and Leonardo to create a leading European player in Space New Company New European space player which aims to unite and enhance capabilities by combining the three respective activities to create a player present on the entire space value chain, excluding launchers: €6
Slide 6: 2025 key figures
2025 key figures Order intake and book-to-bill (€m) Sales (€m) Adjusted EBIT (b) (€m and %) (0)% +7.6% +13.3% + 1% (a) +8.8% a) 11.8% + 1 4 . 0 % (a) 12.4% 1.23 1.14 2024 2025 2024 2025 2024 2025 Adjusted net income, Group share (b) (€m) Free operating cash-flow (b) (€m) Dividend (€) (d) +5.5% +27%
Slide 7: Continuous progress in CSR performance
Continuous progress in CSR performance 2025 priorities Thales Climate Passport training* % of managers having completed the 4-hour training 2025 Target Enhance employees’ 85% 94.6% Ahead SOCIETY awareness on climate 67.4% of plan change 2024 (Launch year) 2025 Absolute Scopes 1 & 2 CO2 emissions Abs
Slide 8: FY 2025 financial review
FY 2025 financial review Full-Year results 2025 8
Slide 9: 2025 order intake
2025 order intake Order intake by contract unit value €m 2025 order intake maintained at record level • 14 large(a) orders booked in Q4 2025 • 28 large(a) orders booked in 2025 Reported growth: (0)% Organic growth: +1% 2025 book-to-bill of 1.14, and 1.17 excluding Cyber & Digital, whose book-to-bill
Slide 10: 2025 sales growth
2025 sales growth Drivers of sales change €m Remarkable organic sales growth at +8.8% • Defence sales up double digit organically Reported growth: +7.6% • Aerospace up high-single digit, both Avionics and Space Organic growth: +8.8% contributing • Cyber & Digital slightly negative, in line with late
Slide 11: 2024 to 2025 Adjusted EBIT bridge
2024 to 2025 Adjusted EBIT bridge €m +61 +383 R&D Marketing Equity & sales G&A affiliates 2,740 Restructuring Scope, currency and (47) (15) pensions (32) (15) 2,419 (15) Gross margin Scope: +24 Currency: (37) Pensions: (2) 2024 2025 Adjusted EBIT Adjusted EBIT Note: The definition of all non-GAAP me
Slide 12: Aerospace: 2025 key figures
Aerospace: 2025 key figures Change €m 2025 2024 Total Organic Order intake 6,122 6,434 (5)% (5)% Sales 5,910 5,471 +8.0% +8.7% Adjusted EBIT 560 391 +43.1% +39.0% in % of sales 9.5% 7.2% +2.3 pts +2.0 pts Solid underlying momentum in both Avionics and Space • 2025 order intake facially down on the b
Slide 13: Defence: 2025 key figures
Defence: 2025 key figures Change €m 2025 2024 Total Organic Order intake 15,128 14,723 +3% +3% Sales 12,234 10,969 +11.5% +12.2% Adjusted EBIT 1,619 1,432 +13.1% +14.1% in % of sales 13.2% 13.1% +0.2 pts +0.2 pts Order intake reaching new highs in 2025 • Book-to-bill standing at 1.24 in 2025, above
Slide 14: Cyber & Digital: 2025 key figures
Cyber & Digital: 2025 key figures Change €m 2025 2024 Total Organic Sales 3,852 4,024 (4.3)% (0.9)% o/w Cyber 1,455 1,566 (7.1)% (3.8)% o/w Digital Identity 2,397 2,457 (2.5)% +1.0% Adjusted EBIT 526 585 (10.1)% (7.2)% in % of sales 13.7% 14.5% (0.9) pts (0.9) pts o/w Cyber 225 238 (5.3)% +0.9% o/w
Slide 15: Summary adjusted P&L: from Adjusted EBIT to Adjusted net income
Summary adjusted P&L: from Adjusted EBIT to Adjusted net income €m 2025 2024 Adjusted EBIT 2,740 2,419 Cost of net financial debt and other financial results (144) (131) Finance costs on pensions and other employee benefits (56) (49) Income tax (561) (427) Effective tax rate 24.1% 20.4% Adjusted net
Slide 16: Cash conversion: from Adjusted EBIT to Free Operating Cash Flow
Cash conversion: from Adjusted EBIT to Free Operating Cash Flow 2025, €m Financial 128% interest Income Other tax items +724 Equity (120) affiliates Capex (9) (413) (85) (260) Change in WCR Depreciation & Amortization: +486 Net operating investment: (746) Adjusted EBIT Free Adjusted operating net in
Slide 17: Remarkable cash conversion in 2025
Remarkable cash conversion in 2025 Adjusted net income conversion into Free operating cash-flow 128% 185% 162% Cash conversion at 128% in 2025, ahead of 115% 107%(a) expectations 98% 2,515 2,527 2,577 • Strong momentum of order intake throughout the year 2,027 • Positive outcome of stocks optimizati
Slide 18: Movement in net debt over 2025
Movement in net debt over 2025 €m Net debt Acquisitions Dividends New leases Net debt at 31 Dec 24 & disposals paid (IFRS16) Others at 31 Dec 25 +2,577 (69) (781) (205) (97) (1,618) (3,044) Free operating cash-flow Full-Year results 2025 18
Slide 19: Adjusted EPS and dividend
Adjusted EPS and dividend Adjusted EPS and dividend per share €m 40% 40% Steady and continued increase of Adjusted 40% EPS since 2021 40% 40% Proposed 2025 dividend up +5.5% at €3.90 (a) per share(a) • Pay-out ratio at 40%, in line with capital allocation policy xx% Pay-out ratio a. Subject to appro
Slide 20: Strategy and outlook
2025 full-year results Strategy and outlook Full-Year results 2025 20
Slide 21: Thales is a unique player, present in markets with strong growth and long term visibility
Thales is a unique player, present in markets with strong growth and long term visibility Defence Aerospace Cyber & Digital • Global geopolitical instability • Air traffic growth and • Mounting cyber threats and and multiplication of conflict commercial fleet renewal digitalization of the economy GRO
Slide 22: 2026 Key priorities
2026 Key priorities • Scale-up production Ramp-up and • Operational excellence competitiveness 1 • AI driving productivity Group Focus CAPTURING • Answer sovereign needs PROFITABLE GROWTH through localization Customer intimacy • At scale, AI-enhanced, combat-proven solutions 2 3 4 Segment RETURNING
Slide 23: Outlook
Outlook 2026 Mid-term Financial objectives(a) Targets set at 2024 CMD Update Order Intake Book-to-bill above 1 +6% to +7% +5% to +7% Confidence to achieve Organic sales growth corresponding to high-end of range 2024-28 CAGR €23.3 to €23.6 billion Adjusted EBIT margin 12.6% to 12.8% 13% to 14% Well o
Slide 24: Appendix
Appendix Full-Year results 2025 24
Slide 25: 2026 upcoming events
2026 upcoming events 21st April 12th May 20th May (Before market) Annual Dividend Q1 2026 sales General Meeting payment(a) 23rd July 22nd October (Before market) (Before market) Q3 and 9m H1 2026 results 2026 sales a. Subject to approval by the 12th May 2026 Annual General Meeting. Ex-dividend date:
Slide 26: 2025 order intake by destination
2025 order intake by destination FY FY Change 3% 4% In € millions 2025 2024 Total Organic Near and Rest of the world Middle East France 5,133 6,229 (18)% (18)% 15% United Kingdom 989 1,682 (41)% (41)% Asia Rest of Europe 9,224 7,292 +26% +26% 20% France Europe 15,345 15,203 +1% +1% North America 3,0
Slide 27: 2025 sales by destination
2025 sales by destination FY FY Change 6% 5% In € millions 2025 2024 Total Organic Near and Rest of the world Middle East France 6,125 5,932 +3.3% +3.0% United Kingdom 1,434 1,355 +5.8% +7.1% 10% Asia Rest of Europe 6,208 5,155 +20.4% +20.4% 28% Europe 13,767 12,442 +10.6% +10.7% France North Americ
Slide 28: Summary adjusted P&L: from sales to Adjusted EBIT
Summary adjusted P&L: from sales to Adjusted EBIT 2025 2024 Change €m % of sales €m % of sales Total Organic Sales 22,136 20,577 +7.6% +8.8% Gross margin 6,293 28.4% 5,947 28.9% +5.8% +6.5% Indirect costs (3,634) (16.4)% (3,557) (17.3)% (2.2)% (2.7)% o/w R&D expenses (1,328) (6.0)% (1,274) (6.2)% (4
Slide 29: Adjusted EBIT by operating segment
Adjusted EBIT by operating segment Change €m / % of sales 2025 2024 Total Organic Aerospace 560 9.5% 391 7.2% +43.1% +39.0% Defence 1,619 13.2% 1,432 13.1% +13.1% +14.1% Cyber & Digital 526 13.7% 585 14.5% (10.1)% (7.2)% Adjusted EBIT - operating segments 2,705 12.3% 2,408 11.8% +12.3% +13.1% Other
Slide 30: 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 Q2 Q3 Q4 Aerospace Defence Cyber & Digital Total Full-Year results 2025 30
Slide 31: Q4 2025 order intake by operating segment
Q4 2025 order intake by operating segment Q4 Q4 Change €m 2025 2024 Total Organic Aerospace 2,203 2,796 (21)% (20)% Defence 5,185 5,773 (10)% (10)% Cyber & Digital 1,045 1,127 (7)% (2)% Other 69 44 Total 8,502 9,739 (13)% (11)% Full-Year results 2025 31
Slide 32: Q4 2025 sales by operating segment
Q4 2025 sales by operating segment Q4 Q4 Change €m 2025 2024 Total Organic Aerospace 1,803 1,632 +10.5% +12.9% Defence 3,991 3,730 +7.0% +8.6% Cyber & Digital 1,049 1,110 (5.5)% +0.1% dont Cyber 396 427 (7.2)% (1.1)% dont Digital 652 683 (4.5)% +0.9% Other 39 37 Total 6,881 6,508 +5.7% +8.3% Full-Ye
Slide 33: 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 In the context of this presentation, the amounts expressed in millions of euros the corresponding tax effects: (i) amortization of acquired assets (PP