Dassault Aviation Sa · EURONEXT:AM
Dassault Aviation Sa — Dassault Aviation New — FY2025 Earnings Presentation
29 slides from Dassault Aviation Sa's earnings presentation, Mar 4, 2026
Slide 1: Press Conference March 4, 2026
PRESS CONFERENCE MARCH 4, 2026 1
Slide 2: Context
CONTEXT Military, geopolitical, budgetary, and tariffs contexts create uncertainty for business activity Tax pressure on companies is affecting competitiveness The French defense budget, with its “steps”, remains unchanged: its implementation must be formalized through a revision of the Military Pro
Slide 3: 2025 Highlights
2025 HIGHLIGHTS Signing and entry into force of India’s purchase contract for 26 Rafale Marine for the Indian Navy Delivery of the 300th Rafale • a testament to its operational, industrial, and commercial success • 400 French companies brought together in the program • 533 Rafale ordered including 3
Slide 4: India
INDIA Commitment to “Make in India” for the 114 Rafale under negotiation Dassault Aviation, with the acquisition of a majority stake in 2025 in the DRAL joint venture, strengthens its industrial footprint in India and its autonomy Dassault Aviation contributes to the development of the Indian supply
Slide 5: Activity and Programs
[ ACTIVITY AND PROGRAMS /
Slide 6: Rafale
RAFALE Rafale France • delivery of 11 Rafale, 45 remaining to be delivered • further development work • F5 standard risk clearance notification • launch of studies for the future F5 standard of the Rafale linked to the Airborne Nuclear Component. Target: entry into service between 2033 and 2035 • co
Slide 7: Support of Military Fleets in Service
SUPPORT OF MILITARY FLEETS IN SERVICE France • execution of Operational Maintenance contracts (Rafale, Mirage 2000, ATL2, Alpha Jet): availability targets met and participation in high-intensity engagement exercises with the Forces Export • continuous support for operational fleets, as close as poss
Slide 8: From the Ouragan to the Rafale… a French success
FROM THE OURAGAN TO THE RAFALE… A FRENCH SUCCESS 8 PRESS CONFERENCE MARCH 4, 2026 Ce document est la propriété intellectuelle de Dassault Aviation. Il ne peut être utilisé, reproduit, modifié ou communiqué sans son autorisation. Dassault Aviation Proprietary Data
Slide 9: Future Combat Air System (FCAS)
FUTURE COMBAT AIR SYSTEM (FCAS) ? 9 PRESS CONFERENCE MARCH 4, 2026 Ce document est la propriété intellectuelle de Dassault Aviation. Il ne peut être utilisé, reproduit, modifié ou communiqué sans son autorisation. Dassault Aviation Proprietary Data
Slide 10: Space: VORTEX Demonstrator
SPACE: VORTEX DEMONSTRATOR Development study of the VORTEX-D spaceplane demonstrator, subject to a support agreement concluded with the French Procurement Agency (DGA) and signed at the Paris Air Show Signing of a letter of intent between the European Space Agency (ESA) and Dassault Aviation, with a
Slide 11: Mission Aircraft
MISSION AIRCRAFT ALBATROS (Falcon 2000 for maritime surveillance and response) • 1st flight completed on January 24, 2025 • notification of the order by the DGA for 5 Falcon 2000 ALBATROS aircraft, bringing the total number of aircraft ordered to 12 • First delivery in 2026 ARCHANGE (Falcon 8X strat
Slide 12: Falcon
FALCON 2025 31 orders compared to 26 in 2024 37 deliveries compared to 31 in 2024 Market • uncertainties in the US during the 1st semester • competitiveness Falcon in service • Falcon 6X: excellent customer feedback, over 7,000 flight hours, and operational capability enhancements Falcon 10X • first
Slide 13: Falcon Support
FALCON SUPPORT Dassault Aviation is strengthening its support for the Falcon fleet in service, notably with: • the opening in July 2025 of the new Dassault Falcon Jet maintenance center at Melbourne Airport in Florida Execution of the operational maintenance contract for French government Falcon 13
Slide 14: Business Aviation Decarbonization vs Regulation
BUSINESS AVIATION DECARBONIZATION VS REGULATION Business aviation context • committed to achieving carbon neutrality by 2050 • accounts for 2% of global aviation CO2 emissions, which represent 0.04% of global CO2 emissions • decarbonization: all our aircraft currently in production are 50% SAF compa
Slide 15: Carbon Footprint
CARBON FOOTPRINT Dassault Aviation’s CO2 emissions (Scope 1 excluding kerosene and Scope 2) in 2025 down -35% from the 2019 baseline year In a context of activity increase, Dassault Aviation’s CO2 emissions (Scope 1 excluding kerosene and Scope 2) decreased by -2% in 2025: • Supply of renewable ener
Slide 16: Human Resources
HUMAN RESOURCES Workforce • in 2025, 1,579 hires • 15,024 people are registered in the Dassault Aviation workforce as of December 31, 2025, compared to 14,589 as of December 31,2024 Gender diversity • Dassault Aviation’s female hire level for 2025: 25.7%, of which 27.8% in France • Percentage of fem
Slide 17: Modernization of the Industrial Tool
MODERNIZATION OF THE INDUSTRIAL TOOL Continued modernization of industrial infrastructure • Cergy: inauguration of the factory on September 23, 2025, with all the site’s employees in attendance • Istres: extension of the Falcon 7X building to accommodate the Falcon 10X. • Martignas: availability in
Slide 18: Digital and Artificial Intelligence
DIGITAL AND ARTIFICIAL INTELLIGENCE Digital and AI • harmonization of data and engineering tools with 3DExperience™ • sovereign in-house AI: secure deployment in our data centers to support teams with an open-source Mistral model • modernization of tools: SAP for planning, APRISO™ for Cergy, BLEU fo
Slide 19: Acquisition of a Stake in Harmattan AI
ACQUISITION OF A STAKE IN HARMATTAN AI On January 12, 2026, Dassault Aviation and Harmattan AI announced a strategic partnership to accelerate the integration of controlled autonomy and AI into air combat systems As part of this collaboration, Dassault Aviation has participated in Harmattan AI’s $20
Slide 20: 2025 Results
2025 RESULTS 20
Slide 21: Order Intake, Net Sales, Backlog
ORDER INTAKE, NET SALES, BACKLOG IN EUR BILLIONS 46.6 10.9 +1% 10.9 +8% 43.2 7.4 +19% 6.2 2025 2024 2025 2024 12.31.2025 31.12.2025 12.31.2024 31.12.2024 Order intake Net Sales Backlog 36% 10 24% 24% 37% % 11% 17 33% % 68% 8% 9% 40% 21% 68% 67% 23 73% 31% % Falcon €2.6 Bn (31 a/c) €2.6 Bn (26 a/c) €
Slide 22: Consolidated Self-Funded R&D
CONSOLIDATED SELF-FUNDED R&D IN EUR MILLIONS 437 389 350 2026 Prévision 2025 2024 22 PRESS CONFERENCE MARCH 4, 2026 Ce document est la propriété intellectuelle de Dassault Aviation. Il ne peut être utilisé, reproduit, modifié ou communiqué sans son autorisation. Dassault Aviation Proprietary Data
Slide 23: Thales
THALES Dassault Aviation has been shareholder of Thales since 2009 and, as lead industrial shareholder, has entered into a shareholders’ agreement with the State As of December 31, 2025, Dassault Aviation holds 26.59% of Thales’ capital, the State holds 26.60% Key figures Thales (adjusted): 2025 202
Slide 24: Adjusted Consolidated Income Statement
ADJUSTED CONSOLIDATED INCOME STATEMENT in millions euros 2025 2024 NET SALES 7,420 6,230 OPERATING INCOME 635 519 Operating margin 8.6% 8.3% FINANCIAL INCOME 142 208 THALES and other equity affiliates excluding the corporate tax surcharge France 566 515 TAXES excluding the corporate tax surchage -18
Slide 25: Consolidated Available Cash
CONSOLIDATED AVAILABLE CASH IN EUR BILLIONS The increase in cash available mainly results from advance payments received under the Rafale Export contract Free Cash Flow : EUR +1.6 billion 12.31.2025 12.31.2024 25 PRESS CONFERENCE MARCH 4, 2026 Ce document est la propriété intellectuelle de Dassault
Slide 26: Shareholding and Voting Rights as of December 31, 2025
SAREHOLDING AND VOTING RIGHTS AS OF DECEMBER 31, 2025 – PRE AND POST-CANCELLATION SITUATIONS Pre-cancellation as of December 31, 2025 Post-cancellation, based on shareholding as of December 31, 2025 GIMD (66.28%) GIMD (66.86%) Flottant (22.06%) Flottant (22.26%) 78,397,034 77,712,746 shares Airbus (
Slide 27: Proposed Dividend of EUR 4.78 per Share
DIVIDENDS PROPOSED DIVIDEND OF EUR 4.78 € PER SHARE SUBMITTED FOR APPROVAL BY THE ANNUAL GENERAL MEETING OF MAY 13, 2026 ( *) Paid in (in respect of N-1 earnings) 2026 2025 Dividends EUR 371 million EUR 370 million Dividend per share EUR 4.78 EUR 4.72 Payout (% of adjusted net income) 35% 35% (*) No
Slide 28: Outlook and Strategy
OUTLOOK AND STRATEGY Meet our Rafale and Falcon delivery commitments by reducing manufacturing cycles and hours Negotiate the 114 Indian Rafale and accelerate the “Make in India” initiative Meet development deadlines and costs of the launched developments while reducing cycles Prepare for the future
Slide 29: Disclaimer
DISCLAIMER This press conference may contain forward-looking statements which represent targets and cannot be construed as forecasts regarding Dassault Aviation’s results or any other performance indicator. The actual results may differ significantly from the forward-looking statements due to variou