Thales Sa · EURONEXT:HO
Thales Sa — Merger or Acquisition (July 2026)
15 slides from Thales Sa's merger presentation, Jul 6, 2026
Slide 1: Proposed acquisition of Exail
Proposed acquisition of Exail 6 July 2026 www.thalesgroup.com
Slide 2: Disclaimer
DISCLAIMER This presentation is disseminated for information purposes only and does not constitute an offer to purchase, or a solicitation of an offer to sell, any securities of Exail. The documentation relating to the tender offer which, if filed, will state the terms and conditions of the tender o
Slide 3: Thales to acquire Exail Technologies, a key player in maritime robotics and inertial navigation
Thales to acquire Exail Technologies, a key player in maritime robotics and inertial navigation specialist Compelling opportunity to accelerate Thales' expansion in the attractive, fast-growing maritime robotics and inertial navigation markets, fully aligned with the Group's strategic priorities Str
Slide 4: Exail: a leader in next-gen naval warfare solutions
Exail : a leader in next-gen naval warfare solutions A fast-growing and innovative tech player on key markets • Leading high-precision navigation & autonomous systems provider Sales by segment • Serving both defense and civil markets Advanced 24% Cutting-edge technologies specialist Technologies • F
Slide 5: World-class portfolio of high-tech robotics, navigation & maritime systems
World-class portfolio of high-tech robotics, navigation & maritime systems Navigation & Maritime Robotics Advanced Technologies Navigation & Positioning Maritime Robotics Components & Equipment ~75% revenue ~25% revenue 20%+ 2022PF-2025 sales CAGR ~20% 2022PF-2025 sales CAGR • High-performance navig
Slide 6: Transaction delivering significant growth opportunities
Transaction delivering significant growth opportunities ACHIEVE DRIVE INNOVATION STRENGHTEN SECURE ATTRACTIVE DELIVER SCALE IN MINE IN ANTI-SUBMARINE INERTIAL GROWTH SIGNIFICANT WARFARE WARFARE NAVIGATION OFFER PERSPECTIVES SYNERGIES • Highly strategic • Fast-growing anti- • High inertial • Robust f
Slide 7: Achieve scale on the highly strategic mine warfare market
Achieve scale on the highly strategic mine warfare market to become a global key player Expanding & highly strategic market Mine warfare addressable market (€m)(1) • A global footprint, adressing major countries Low double digit growth Materially • A highly scalable platform broaden • Acceleration i
Slide 8: Complementary capabilities to drive innovation in unmanned anti-submarine warfare
Complementary capabilities to drive innovation and grasp fast-growing unmanned anti-submarine warfare segment potential Rapidly scaling market Comprehensive anti-submarine warfare offer to fully grasp upcoming growth potential Unmanned anti-submarine warfare addressable market (€m)(1) Sea scale ≤ 5
Slide 9: Complementary capabilities to drive innovation in unmanned anti-submarine warfare
Complementary capabilities to drive innovation and grasp fast-growing unmanned anti-submarine warfare segment potential Rapidly scaling market Comprehensive anti-submarine warfare offer to fully grasp upcoming growth potential Unmanned anti-submarine warfare addressable market (€m)(1) Full-range of
Slide 10: Capitalize on complementary inertial navigation portfolios
Capitalize on complementary inertial navigation portfolios to improve penetration of key subsegments Inertial navigation, a Full range of inertial A recognized expertise critical technology navigation & subsea across domains positioning solutions • Accurate navigation enabler without • Broad portfol
Slide 11: Robust financial track record with attractive secured growth outlook
Robust financial track record with attractive secured growth outlook and accretive margin profile Robust growth and profitability Highly secured growth perspectives and accretive profitability profile track-record +20% CAGR 479 €1.1bn ~2x ~20% Backlog as of 2026E in backlog 2026-28E 373 Mar-26 as of
Slide 12: Significant synergies from cross-selling and broader pipeline
Significant synergies from major cross-selling & access to broader pipeline and standardized product development Sizeable revenue synergies for Thales, ~€60m run-rate cost synergies achieved targeting €500m additional sales within 10 by 2030 on both companies years • Deepen shared expertise in new t
Slide 13: Attractive value creation pathway for Thales shareholders
Attractive value creation pathway for Thales shareholders, while maintaining disciplined capital deployment framework • €3.9bn Enterprise Value implied by €134 price per share Compelling valuation for a strategic asset • Implied EV / 2027E EBIT post cost synergies(1)(2): 24x • Implied EV / 2027E EBI
Slide 14: Key takeaways
Key takeaways Creation of a world-class player in autonomous underwater warfare Building a top-tier comprehensive portfolio addressing all domains, applications & platforms in inertial navigation Significant revenue and profitability acceleration from growth outlook and clear synergies potential 6 J
Slide 15: Q&A
Q&A 6 July 2026 - Proposed acquisition of Exail 15