Thales Sa · EURONEXT:HO
Thales Sa — Q3 2025 Earnings Presentation
18 slides from Thales Sa's earnings presentation, Oct 23, 2025
Slide 1: 9m 2025 order intake and sales
9m 2025 order intake and sales 23rd October 2025 www.thalesgroup.com
Slide 2: Q3 2025 highlights
Q3 2025 highlights > European collaboration in > Space: IRIS² constellation > Thales leading innovation on Defence fueling Thales' progressively taking shape post-quantum cryptography backlog > Signing of a c.€200m initial phase > Launch of the first quantum-resistant > Several large contracts booke
Slide 3: 9m & Q3 2025 key figures
9m & Q3 2025 key figures 9m 9m Change Q3 Q3 Change €m 2025 2024 total organic 2025 2024 total organic Order intake 16,762 15,551 +8% +9% 6,409 4,783 +34% +37% Sales 15,256 14,069 +8.4% +9.1% 4,991 4,576 +9.1% +11.2% > Strong momentum in the quarter for both order intake and sales, on track with 2025
Slide 4: 9m 2025 order intake
9m 2025 order intake > Continuing strong commercial momentum Order intake by contract unit > Solid Q3 as expected (+37%), leading to +9% value Reported growth: +8% organic growth over 9m €m Organic growth: +9% > Large orders(a) fueling Thales' backlog > 4 large orders booked in Q3 2025, leading to a
Slide 5: 9m 2025 sales growth
9m 2025 sales growth 9m sales growth drivers > Scope and currency impact €m > Scope impact mainly resulting from Cobham Reported growth: +8.4% Aerospace Communications acquisition in April 2024 Organic growth: +9.1% > Further negative currency impact in Q3, leading to a c.1 pt headwind on sales grow
Slide 6: Aerospace: 9m 2025 key figures
Aerospace: 9m 2025 key figures 9m 9m Change €m 2025 2024 Total Organic Order intake 3,919 3,639 +8% +7% Sales 4,108 3,839 +7.0% +6.9% > Solid order intake > Solid underlying demand in Avionics > Space orders up, fueled by 4 large orders booked in 2025 including a first large contract related to IRIS
Slide 7: Defence: 9m 2025 key figures
Defence: 9m 2025 key figures 9m 9m Change €m 2025 2024 Total Organic Order intake 9,943 8,951 +11% +12% Sales 8,243 7,239 +13.9% +14.0% > Order intake up double-digit with an acceleration in Q3 > Continued strong momentum in a supportive context, nine large orders booked in 9m 2025 > Three large ord
Slide 8: Cyber & Digital: 9m 2025 key figures
Cyber & Digital: 9m 2025 key figures 9m 9m Change €m 2025 2024 Total Organic Sales 2,803 2,914 -3.8% -1.3% o/w Cyber 1,059 1,140 -7.1% -4.8% o/w Digital Identity 1,744 1,774 -1.7% +1.0% > Cyber sales down year-on-year over 9m > Cyber Products not yet back to normal. H1'25 disturbances still weighing
Slide 9: Thales confirms its full year 2025 objectives
Thales confirms its full year 2025 objectives 1 2 3 Order intake Sales Adjusted EBIT margin(b) Book-to-bill +6% to +7%(a) 12.2% to 12.4%(a) above 1 organic growth corresponding to €21.8 to €22.0 billion Assuming no new disruptions of the macroeconomic and geopolitical context. a. Based on end of Sep
Slide 10: Appendix
Appendix 9m 2025 order intake and sales 10
Slide 11: Upcoming events
Upcoming events 2025 2026 2nd December 3rd March 2025 2026 (before market) Ex-interim dividend Full Year date 2025 results 4th December 12th May 2025 2026 Interim Annual dividend General payment date Meeting 9m 2025 order intake and sales 11
Slide 12: 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 Aerospace Defence Cyber & Digital Total 9m 2025 order intake and sales 12
Slide 13: 9m 2025 order intake by destination
9m 2025 order intake by destination Order intake by destination 9m 9m Change 4% 5% In € million 2025 2024 Total Organic Middle East Rest of the world France 2,764 3,507 -21% -22% 16% United Kingdom 627 989 -37% -37% France Rest of Europe 6,269 4,006 +57% +57% 18% Asia Europe 9,660 8,502 +14% +13% 4%
Slide 14: 9m 2025 sales by destination
9m 2025 sales by destination Sales by destination 9m 9m Change 6% 5% In € million 2025 2024 Total Organic Middle East Rest of the world France 4,378 4,267 +2.6% +2.1% United Kingdom 1,057 941 +12.3% +12.3% 10% Rest of Europe 3,966 3,399 +16.7% +16.6% Asia 29% Europe 9,401 8,607 +9.2% +8.9% France No
Slide 15: Q3 2025 order intake by operating segment
Q3 2025 order intake by operating segment Q3 Q3 Change €m 2025 2024 Total Organic Aerospace 1,261 951 +33% +35% Defence 4,192 2,831 +48% +51% Cyber & Digital 930 974 -4% -1% Other 27 28 Total 6,409 4,783 +34% +37% 9m 2025 order intake and sales 15
Slide 16: Q3 2025 sales by operating segment
Q3 2025 sales by operating segment Q3 Q3 Change €m 2025 2024 Total Organic Aerospace 1,348 1,257 +7.3% +9.4% Defence 2,662 2,302 +15.7% +17.0% Cyber & Digital 942 980 -3.9% -0.0% o/w Cyber 351 394 -11.0% -7.3% o/w Digital 591 586 +0.9% +4.9% Other 38 37 Total 4,991 4,576 +9.1% +11.2% 9m 2025 order i
Slide 17: 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 context
Slide 18: Thales SA, 4 rue de la Verrerie, 92190 Meudon
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