DASSAULT AVIATION RESULTS
CONSOLIDATED DATA
| 2025 | 2024 | |
| Order intake | 26 Export Rafale 31 Falcon | 30 Export Rafale 26 Falcon |
| Adjusted | 26 Rafale of which 15 Export and 11 France 37 Falcon | 21 Rafale of which 14 France and 7 Export 31 Falcon |
| Backlog as of | 220 Rafale of which 175 Export and 45 France 73 Falcon | 220 Rafale of which 164 Export and 56 France 79 Falcon |
| Adjusted operating income(*) Adjusted operating margin | 8.6% of net sales | 8.3% of net sales |
5.2% of net sales | 7.0% of net sales | |
| Adjusted net income(*) Adjusted net margin Earnings per share | 14.3% of net sales | 17.0% of net sales |
| Available cash as of | ||
| Dividends | ||
| Employee profit-sharing and incentives including 20% employer’s corresponding tax Headcount as of | 15,024 | 14,589 |
NB: -
- Excluding the corporate tax surcharge in
Main IFRS aggregates (see reconciliation table below)
| (*) Consolidated net sales | ||
| (*) Consolidated operating income | ||
| (*) Consolidated net income |
Saint-Cloud,
« The military, geopolitical, and budgetary contexts, coupled with tariffs, are creating uncertainty for the business activity. At the same time, the tax pressure erodes the company’s competitiveness.
Although the French defense budget, including its “steps”, is preserved, its implementation requires a revision of the Military Programming Law. Furthermore, uncertainty remains regarding the FCAS (Future Combat Air System).
In this demanding context, the Rafale confirmed its success in 2025 with the delivery of the 300th Rafale and an order for 26 Rafale by the
The post-closing decision by the
In a market marked by uncertainties related to the tariffs in
The backlog stands at
In 2025, net sales reached
In 2025, development programs continued with:
- work on the Rafale F4 standard, including the acceptance of the F4-2 standard and development of the F4-3,
- work on Phase 1B of the FCAS (Future Combat Air System),
- the Falcon 10X, the first aircraft of which is in the final stage of manufacturing,
- the first flights in 2025 of the ARCHANGE (Falcon 8X strategic intelligence) and ALBATROS (Falcon 2000 maritime surveillance and intervention) mission aircraft; the first ALBATROS delivery is scheduled for 2026,
- the VORTEX-D space demonstrator, and the launch of design and development work, supported by the
French Defense Procurement Agency .
Regarding our support activities, the commitment is growing, both for military aircraft, with an increasing number of Rafale deployed around the world, and for civil aircraft, with the opening of the new maintenance center in
Furthermore, 2025 was marked by:
- the continued modernization of industrial infrastructure, particularly to ensure the Rafale production ramp-up,
- the continued deployment of digital solutions (3DExperience™, SAP and generative AI),
- strategic partnerships established for sovereign and controlled AI: collaborations with AMIAD, Thale (cortAIx), and the acquisition of a stake in Harmattan AI.
In 2025,
Our objectives for 2026 are to:
- 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 of the Rafale with its F5 standard, the development of a combat drone, and the development of a future fighter,
- operational support and aircraft readiness: maintain the level of satisfaction of our military customers and regain a leading position in business aviation support rankings,
- continue export prospecting for the Rafale,
- achieve level of Falcon sales,
- continue the VORTEX development in the space sector,
- continue the deployment of digital technologies and the integration of AI,
- continue the skills development of new hires.
The 2026 guidance is an increase in net sales compared to 2025, reaching the
Éric TRAPPIER, Chairman and Chief Executive Officer of
1. CONSOLIDATED ORDER INTAKE
2025 consolidated order intake was
The progression is as follows, in millions of euros:
| 2025 | 2024 | 2023 | |
| Defense | 8,290 | 8,309 | 6,524 |
| Defense Export | 7,478 | 7,294 | 3,583 |
| Defense | 812 | 1,015 | 2,941 |
| Falcon | 2,651 | 2,560 | 1,729 |
| Total consolidated order intake | 10,941 | 10,869 | 8,253 |
| % Export | 89% | 90% | 64% |
The order intake is composed entirely of firm orders.
Defense programs
The Defense order intake 2025 totaled
The Defense Export share amounted EUR 7,478 million in 2025, versus EUR 7,294 million in 2024. In 2025, 26 Export Rafale were ordered by the
The Defense
Falcon programs
In 2025, 31 Falcon orders were recorded, compared with 26 in 2024. Falcon order intake totaled EUR 2,651 million versus EUR 2,560 million in 2024.
2. CONSOLIDATED ADJUSTED
The 2025 adjusted net sales were
The progression is as follows, in millions of euros:
| 2025 | 2024 | 2023 | |
| Defense | 4,645 | 3,965 | 2,980 |
| Defense Export | 2,973 | 2,016 | 1,512 |
| Defense | 1,672 | 1,949 | 1,468 |
| Falcon | 2,775 | 2,265 | 1,821 |
| Total consolidated adjusted net sales | 7,420 | 6,230 | 4,801 |
| % Export | 77% | 68% | 68% |
Defense programs
26 Rafale (15 Export and 11 France) were delivered in 2025, compared with the guidance of 25 deliveries. 21 Rafale (14
Defense net sales in 2025 was EUR 4,645 million versus EUR 3,965 million in 2024.
The Defense Export share was EUR 2,973 million versus EUR 2,016 million in 2024. This increase is mainly due to the delivery of 15 Export Rafale, whereas 7 Export Rafale were delivered in 2024.
The Defense
Falcon programs
37 Falcon were delivered in 2025, compared with the guidance of 40, versus 31 deliveries in 2024.
Falcon net sales for 2025 was EUR 2,775 million versus EUR 2,265 million in 2024. The increase is primarily due to the number of Falcon delivered (37 vs. 31 in 2024).
****
The book-to-bill ratio of
3. CONSOLIDATED BACKLOG
The consolidated backlog as of
| As of | 2025 | 2024 | 2023 |
| Defense | 41,851 | 38,207 | 33,862 |
| Defense Export | 33,769 | 29,265 | 23,986 |
| Defense | 8,082 | 8,942 | 9,876 |
| Falcon | 4,745 | 5,017 | 4,646 |
| Total consolidated backlog | 46,596 | 43,224 | 38,508 |
| % Export | 79% | 76% | 71% |
The backlog as of
- Defense Export:
EUR 33,769 million versusEUR 29,265 million as ofDecember 31, 2024 . This figure notably includes 175 Rafale compared with 164 Rafale as ofDecember 31, 2024 . - Defense
France :EUR 8,082 million versusEUR 8,942 million as ofDecember 31, 2024 . This figure mainly comprises 45 Rafale (vs 56 at the end ofDecember 2024 ), the support contracts for the Rafale (Ravel), Mirage 2000 (Balzac), ATL2 (Ocean) and the Alpha Jet (Alphacare ), the Rafale F4 standard and the order for phase 1B of the FCAS demonstrator. - Falcon (including the ALBATROS and ARCHANGE mission aircraft):
EUR 4,745 million versus EUR 5,017 million as ofDecember 31, 2024 . It includes notably 73 Falcon, compared with 79 as ofDecember 31, 2024 .
Additional information on the backlog can be found in Note 24 to the consolidated financial statements.
4. ADJUSTED CONSOLIDATED RESULTS
Adjusted consolidated operating income
Adjusted consolidated operating income for 2025 was
Research and development costs, particularly for the Falcon 10X, amounted to
The adjusted consolidated operating margin stood at 8.6%, up from 8.3% in 2024, an increase of 0.3 percentage point.
The foreign exchange hedging rate was
Adjusted consolidated financial result
Adjusted consolidated financial income for 2025 was
Adjusted consolidated net income
Adjusted consolidated net income for 2025 was
As a result, the adjusted consolidated net margin was 14.3% in 2025, versus 17.0% in 2024. This decrease is mainly due to the corporate tax surcharge in
Adjusted consolidated net income per share for 2025 was
5. CONSOLIDATED RESULTS UNDER IFRS
Consolidated operating income (IFRS)
Consolidated operating income for 2025 was
Research and development costs, particularly for the Falcon 10X, amounted to
The consolidated operating margin was 8.6% compared to 8.4% in 2024.
Consolidated financial result (IFRS)
Consolidated financial result for 2025 stood at
Consolidated net income (IFRS)
Consolidated net income for 2025 was
As a result, consolidated net margin was 13.2% in 2025, against 14.8% in 2024.
Consolidated net income per share for 2025 was
6. AVAILABLE CASH
Dassault Aviation’s available cash stands at
7. CONSOLIDATED BALANCE SHEET
Total equity stood at
Borrowings and financial debt stood at
Inventories and work-in-progress rose
Derivative financial instruments had a market value of
8. DIVIDENDS
The Board of Directors decided to propose to the Annual General Meeting a dividend distribution, in 2026, of EUR 4.78 per share,
Dividends per share over the last five years are provided in paragraph 5.2.6 of the Management Report.
It should be noted that, as part of value sharing, profit sharing and incentive schemes (including employer’s corresponding tax) in Dassault Aviation’s French entities account for an average of 35% of these companies’ 2025 income.
This Financial Release may contain forward-looking statements which represent objectives and cannot be construed as forecasts regarding the Company's results or any other performance indicator. The actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Directors’ report.
The English language version of this report is a free translation from the original, which was prepared in French language. All possible care has been taken to ensure that the translation is an accurate presentation of the original. However, in all matters of interpretation, views or opinion expressed in the original language version of the document in French take precedence over the translation.
CONTACTS:
Corporate Communication
Investor Relations
Louis Proisy +33 (0)1 47 11 59 51 - louis.proisy@dassault-aviation.com
APPENDIX
1. DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS
To reflect consolidated actual economic performance, and for monitoring and comparability reasons,
- gains and losses resulting from the exercise of hedging instruments, which do not qualify for hedge accounting under IFRS standards. This income, presented as financial income in the consolidated financial statements, is reclassified as net sales and thus as operating income in the adjusted income statement,
- the valuation of foreign exchange derivatives which do not qualify for hedge accounting, by neutralizing the change in fair value of these instruments (considering that gains or losses on hedging should only impact income as commercial flows occur), with the exception of derivatives allocated to hedge balance sheet positions whose change in fair value is presented as operating income,
- amortization of assets valued as part of the purchase price allocation (business combinations), known as “PPA”,
- adjustments made by Thales in its financial reporting.
- cash and cash equivalents,
- other current financial assets,
- financial debt, excluding lease liabilities.
The calculation of this indicator is detailed in the consolidated financial statements (see Note 9).
Only consolidated financial statements are audited by statutory auditors.
Adjusted financial data are subject to the verification procedures applicable to all information provided in the annual report.
2. IMPACT OF THE ADJUSTMENTS
The impact in 2025 of adjustments to income statement aggregates is presented below:
| (in EUR thousands) | 2025 consolidated income statement | Foreign exchange derivatives | PPA | Adjustments applied by Thales | 2025 adjusted income statement | |
| Foreign exchange gain/loss | Change in fair value | |||||
| Net sales | 7,425,969 | -6,383 | 0 | 7,419,586 | ||
| Operating income | 639,231 | -6,383 | 0 | 1,943 | 634,791 | |
| Net financial income | 143,225 | 6,383 | -7,892 | 141,716 | ||
| Share in net income of equity associates | 456,443 | 88,132 | 544,575 | |||
| Income tax | -261,652 | 2,038 | -321 | -259,935 | ||
| Net income | 977,247 | 0 | -5,854 | 1,622 | 88,132 | 1,061,147 |
| Net income attributable to the owners of the Parent Company | 977,393 | 0 | -5,854 | 1,622 | 88,132 | 1,061,293 |
| Net earnings per share (in EUR) | 12.52 | 13.60 | ||||
The impact in 2024 of adjustments to income statement aggregates is presented below:
| (in EUR thousands) | 2024 consolidated income statement | Foreign exchange derivatives | PPA | Adjustments applied by Thales | 2024 adjusted income statement | |
| Foreign exchange gain/loss | Change in fair value | |||||
| Net sales | 6,239,708 | -9,941 | 0 | 6,229,767 | ||
| Operating income | 527,155 | -9,941 | 0 | 2,122 | 519,336 | |
| Net financial income | 199,881 | 9,941 | -1,872 | 207,950 | ||
| Share in net income of equity associates | 382,917 | 3,956 | 128,149 | 515,022 | ||
| Income tax | -186,129 | 483 | -411 | -186,057 | ||
| Net income | 923,824 | 0 | -1,389 | 5,667 | 128,149 | 1,056,251 |
| Net income attributable to the owners of the Parent Company | 923,824 | 0 | -1,389 | 5,667 | 128,149 | 1,056,251 |
| Net earnings per share (in EUR) | 11.78 | 13.46 | ||||
Attachment
- Financial Release - 2025 Results
2026 GlobeNewswire, Inc., source
