Thales Sa · EURONEXT:HO
Thales Sa — Q1 2026 Earnings Presentation
17 slides from Thales Sa's earnings presentation, Apr 21, 2026
Slide 1: Q1 2026 order intake and sales
Q1 2026 order intake and sales 21st April 2026 www.thalesgroup.com
Slide 2: Q1 2026 highlights
Q1 2026 highlights > Strong start to the year with > Elevating Defence with > Thales, a trusted partner for a robust Q1 AI-powered offers Space sovereignty > Order intake up sharply driven by > SkyDefender, a multi-layer and > Thales Alenia Space will supply a continuous high level of demand multi-d
Slide 3: Q1 2026 order intake
Q1 2026 order intake Order intake by contract unit > Strong growth in order intake driven by value Reported growth: +23% large contracts €m Organic growth: +27% > 7 large orders(a) booked in Q1 2026 for €1.6bn vs 5 in Q1 2025 > 2 in Space, of which a new defence geostationary communications satellit
Slide 4: Q1 2026 sales growth
Q1 2026 sales growth Q1 sales growth drivers > Robust organic sales growth in Q1, up +9.7% €m > Aerospace: +5.9% Reported growth: +7.2% > Defence: +14.3% Organic growth: +9.7% > Cyber & Digital: +2.0% > Both mature and emerging markets +471 Currency contributing to strong sales growth & scope > Euro
Slide 5: Aerospace: Q1 2026 key figures
Aerospace: Q1 2026 key figures Q1 Q1 Change €m 2026 2025 Total Organic Order intake 1,522 1,530 (1)% +1% Sales 1,384 1,342 +3.2% +5.9% > Order intake maintained at a solid level > Two large orders booked in Space offsetting the absence of large orders in Avionics in Q1 2026 > Robust sales organic gr
Slide 6: Defence: Q1 2026 key figures
Defence: Q1 2026 key figures Q1 Q1 Change €m 2026 2025 Total Organic Order intake 2,240 1,306 +71% +75% Sales 3,047 2,691 +13.2% +14.3% > Solid start to the year > 5 large orders booked in Q1 2026 vs. 1 in Q1 2025 > Continuous commercial momentum across the portfolio > Thales' capabilities more rele
Slide 7: Cyber & Digital: Q1 2026 key figures
Cyber & Digital: Q1 2026 key figures Q1 Q1 Change €m 2026 2025 Total Organic Sales 859 897 (4.2)% +2.0% o/w Cyber 323 351 (8.0)% (1.3)% o/w Digital Identity 536 545 (1.7)% +4.1% > LSD(a) growth for Cyber & Digital in Q1 > Cyber: slow start to the year as anticipated with a gradual recovery expected
Slide 8: 2026 financial objectives
2026 financial objectives 1 2 3 Order intake Sales Adjusted EBIT margin(b) Book-to-bill +6% to +7%(a) 12.6% to 12.8%(a) above 1 organic growth, corresponding to €23.3 to €23.6 billion a. Based on April 2026 scope and year to date average foreign exchange rates for Q1 2026 and an assumption of averag
Slide 9: Appendix
Appendix Q1 2026 order intake and sales 9
Slide 10: Upcoming events
Upcoming events 2026 12th May 20th May 2026 2026 Annual Dividend General payment Meeting date 18th May 23rd July 2026 2026 (before market) Ex-dividend date H1 2026 results Q1 2026 order intake and sales 10
Slide 11: 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 Aerospace Defence Cyber & Digital Total Q1 2026 order intake and sales 11
Slide 12: Q1 2026 order intake by destination
Q1 2026 order intake by destination Order intake by destination Q1 Q1 Change 10% 4% In € million 2026 2025 Total Organic Near and Rest of the world Middle East France 747 670 +12% +11% 16% France United Kingdom 162 160 +1% +6% 6% Rest of Europe 2,192 1,316 +67% +68% Asia Europe 3,101 2,146 +45% +46%
Slide 13: Q1 2026 sales by destination
Q1 2026 sales by destination Sales by destination Q1 Q1 Change 6% 4% In € million 2026 2025 Total Organic Near and Rest of the world Middle East France 1,528 1,535 (0.5)% (0.3)% United Kingdom 380 344 +10.7% +15.4% 9% Asia Rest of Europe 1,501 1,189 +26.2% +26.4% Europe 3,410 3,068 +11.1% +11.8% 29%
Slide 14: Q1 2026 order intake by operating segment
Q1 2026 order intake by operating segment Q1 Q1 Change €m 2026 2025 Total Organic Aerospace 1,522 1,530 (1)% +1% Defence 2,240 1,306 +71% +75% Cyber & Digital 857 918 (7)% (1)% Other 34 24 Total 4,652 3,778 +23% +27% Q1 2026 order intake and sales 14
Slide 15: Q1 2026 sales by operating segment
Q1 2026 sales by operating segment Q1 Q1 Change €m 2026 2025 Total Organic Aerospace 1,384 1,342 +3.2% +5.9% Defence 3,047 2,691 +13.2% +14.3% Cyber & Digital 859 897 (4.2)% +2.0% Other 25 31 Total 5,316 4,960 +7.2% +9.7% Q1 2026 order intake and sales 15
Slide 16: 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 17: 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