Thales SAEURONEXT: HO

Thales consensus - Q3 2026 – 16 October 2026

Oct 16, 2026 at 12:29 PM EDT · Issued by Thales SA

Summary by 6ix AI

Thales published a consensus of analysts' forecasts as of October 16, 2026, to which 18 brokerage firms contributed; participant numbers vary by item. For the first nine months of 2026 the consensus is €18,583m of order intake (new orders) and €16,328m of sales; for full-year 2026 it is €26,890m of order intake and €23,816m of sales.

Key details

Analysts' full-year 2026 sales forecasts range from €23,661m to €24,147m, and their order intake forecasts range from €23,620m to €30,184m.
The consensus puts full-year 2026 adjusted EBIT at €3,035m, in a range of €2,974m to €3,091m, with an adjusted EBIT margin of 12.7%. Adjusted EBIT is earnings before interest and taxes, a measure Thales adjusts and that standard accounting rules do not define.
For full-year 2026 the consensus puts adjusted net income, Group share, at €2,206m, or 10.74 per share, and free operating cash flow at €2,430m.
The consensus forecasts sales of €25,918m for full-year 2027 and €28,064m for full-year 2028.
Contributors include Bank of America, Barclays, BNP Paribas, Citi, Goldman Sachs, JP Morgan and UBS. Thales says the figures are not its own forecasts or opinions and that publishing them is not a validation of them.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/thales-consensus-q3-2026-16-october-2026

Watch Thales' latest callThales (Euronext:HO) Q2 2026 Earnings Call · Replay · Jul 23 Read the transcript of Thales (Euronext:HO) Q2 2026 Earnings Call

THALES CONSENSUS at 16 October 2026

Order Intake, Sales and Adjusted EBIT by operating segments* Reported growth rates Organic growth rates

Order intake (€m)	9M 2025	FY 2025	9M 2026	FY 2026	min	max	FY 2027	FY 2028
Aerospace	3,919	6,122	4,691	6,458	6,082	7,089	6,796	7,202
Defence	9,954	15,141	11,056	16,570	13,604	19,125	17,639	18,687
Cyber & Digital	2,816	3,860	2,774	3,933	3,840	4,600	4,219	4,513
Other	73	142	80	141	0	160	145	153
Total order intake	16,762	25,264	18,583	26,890	23,620	30,184	28,363	30,755
#participants			14	14			12	11
Sales (€m)	9M 2025	FY 2025	9M 2026	FY 2026	min	max	FY 2027	FY 2028
Aerospace	4,108	5,910	4,208	6,144	5,918	6,376	6,616	7,045
Defence	8,260	12,256	9,268	13,662	13,555	13,826	15,014	16,721
Cyber & Digital	2,787	3,830	2,769	3,877	3,656	3,996	4,106	4,341
Other	101	140	95	140	100	160	140	140
Total sales	15,256	22,136	16,328	23,816	23,661	24,147	25,918	28,064
#participants			18	18			18	17
Adjusted EBIT () (€m)*		FY 2025	9M 2026	FY 2026	min	max	FY 2027	FY 2028
Aerospace		560		645	596	675	777	862
Defence		1,615		1,863	1,828	1,901	2,064	2,301
Cyber & Digital		530		492	468	523	549	601
Other		34		37	8	55	44	43
Total Adjusted EBIT		2,740		3,035	2,974	3,091	3,421	3,807
#participants				18			18	17
Adjusted EBIT margin		FY 2025	9M 2026	FY 2026	min	max	FY 2027	FY 2028
Aerospace		9.5%		10.5%	9.8%	10.9%	11.7%	12.2%
Defence		13.2%		13.6%	13.4%	13.9%	13.7%	13.8%
Cyber & Digital		13.8%		12.7%	12.1%	13.3%	13.4%	13.8%
Other		nm		nm	nm	nm	nm	nm
Total Adjusted EBIT margin		12.4%		12.7%	12.6%	12.9%	13.2%	13.6%

9M 2026 FY 2026 FY 2027 FY 2028

20%	5%	5%	6%
11%	9%	6%	6%
-1%	2%	7%	7%
nm nm nm nm
11%	6%	5%	8%

9M 2026 FY 2026 FY 2027 FY 2028 9M 2026 FY 2026

2.4%	4.0%	7.7%	6.5%	3.1%	4.3%
12.2%	11.5%	9.9%	11.4%	12.4%	12.0%
-0.6%	1.2%	5.9%	5.7%	0.7%	2.2%
nm nm nm nm nm nm
7.0%	7.6%	8.8%	8.3%	7.4%	7.9%
				7	10

9M 2026 FY 2026 FY 2027 FY 2028

15%	21%	11%
15%	11%	12%
-7%	12%	9%
nm	nm	nm
11%	13%	11%

1.0	1.3	0.5
0.4	0.1	0.0
-1.1	0.7	0.5
nm	nm	nm
0.3	0.5	0.4

Adjusted EBIT margin evolution (points) 9M 2026 FY 2026 FY 2027 FY 2028

Other Group KPIs

In €m except for Adjusted Net Income, Group share, per share

FY 2025		9M 2026	FY 2026	min	max	FY 2027	FY 2028
Adjusted Net Income, Group share (*)	2,005		2,206	2,150	2,392	2,565	2,896
Average number of shares outstanding	205		205	205	206	205	205
Adjusted Net Income, Group share, per share	9.76		10.74	10.46	11.62	12.48	14.10
Free Operating Cash Flow (*)	2,577		2,430	2,013	3,024	2,638	3,057
Net cash (debt) at end of period	-1,618		-169	-1,533	803	1,451	3,032

9M 2026 FY 2026 FY 2027 FY 2028

10%	16%	13%
nm	nm	nm
10%	16%	13%
-6%	9%	16%
nm	nm	nm

(*) Non-GAAP measures, see definitions on page 42 of the 2025 universal registration document.

The consensus is composed of the forecasts of analysts who follow Thales results on a regular basis. The following brokerage firms contributed to the consensus at 16th October 2026 shown above: Bank of America, Barclays, Berenberg, Bernstein, BNP Paribas, CIC, Citi, Deutsche Bank, Goldman Sachs, Intesa Sanpaolo, Jefferies, JP Morgan, Kepler Cheuvreux, Mediobanca, Oddo, RBC, Rothschild & Co Redburn and UBS. It is provided by Thales solely for information purposes and may not be necessarily complete. Its publication by Thales shall under no circumstances be regarded as a validation or approval by Thales of all or part of these forecasts. It does not represent the opinions, forecasts or forward-looking statements of Thales, or of its management. In consequence, Thales cannot be held responsible for any of the information, statement or data contained in or omitted from this table.

Thales consensus - Q3 2026 – 16 October 2026

Summary by 6ix AI

Key details

Earlier from Thales