Financials Thales

Equities

Market Closed - Euronext Paris Other stock markets 16:55:00 16/07/2025 BST			Pre-market 07:27:26
246.50 ^EUR	-0.60%		247.90	+0.57%

07-16	Thales Enters Advanced Talks to Buy RTX's Stake in Air Defense JV	DJ
07-16	Thales: about to acquire 100% of TRS AMDC2 from RTX

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	16,989	16,192	17,569	18,428	20,577	21,933	23,532	25,325
Change	-	-4.69%	8.5%	4.89%	11.66%	6.59%	7.29%	7.62%
EBITDA ¹	2,530	2,348	2,405	2,582	2,898	3,661	3,982	4,339
Change	-	-7.19%	2.44%	7.36%	12.21%	26.36%	8.75%	8.97%
EBIT ¹	1,352	1,649	1,935	2,132	2,419	2,689	2,988	3,307
Change	-	21.97%	17.34%	10.18%	13.44%	11.17%	11.15%	10.68%
Interest Paid ¹	-186.3	-131.3	-75.9	-141	-178	-209.8	-188.2	-178
Earnings before Tax (EBT) ¹	582	1,282	1,346	1,255	1,255	2,285	2,681	3,021
Change	-	120.27%	4.99%	-6.76%	0.01%	82.09%	17.33%	12.65%
Net income ¹	483	1,089	1,121	1,023	1,420	1,603	1,920	2,204
Change	-	125.47%	2.94%	-8.74%	38.76%	12.94%	19.79%	14.8%
Announcement Date	04/03/21	03/03/22	08/03/23	05/03/24	03/03/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q1	2020 Q2	2020 Q3	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2023 Q1	2023 Q2	2023 Q3	2024 Q1	2024 Q2	2024 Q3	2025 Q1	2025 Q2
Net sales ¹	3,899	3,852	3,963	3,416	5,007	3,555	4,970	3,730	4,526	4,042	4,026	4,690	4,138	4,420	5,071	4,576	4,960	5,393
Change	-	-1.2%	2.87%	-13.8%	46.57%	-29%	39.8%	-24.95%	21.34%	-10.69%	-0.4%	16.49%	-11.77%	6.81%	14.73%	-9.76%	8.39%	8.73%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	24/04/20	24/07/20	04/12/20	06/05/21	23/07/21	03/12/21	03/03/22	21/04/22	21/07/22	26/10/22	16/05/23	21/07/23	31/10/23	30/04/24	23/07/24	23/10/24	24/04/25	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2025 S1
Net sales ¹	9,238	8,423	7,769	8,256	9,313	8,716	9,712	9,493	10,353
Change	-	-8.82%	-7.76%	6.27%	12.8%	-6.41%	11.43%	-2.25%	9.06%
EBITDA	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
EBIT ¹	1,004	768	881	891	1,044	993	1,139	1,096	1,223
Change	-	-23.51%	14.71%	1.14%	17.17%	-4.89%	14.7%	-3.78%	11.59%
Charge d'intérêts	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	499.2	782.8	654	-	-	-	-	-
Change	-	-	56.81%	-16.45%	-	-	-	-	-
Net income	-	433	656.4	566	-	-	-	-	-
Change	-	-	51.59%	-13.77%	-	-	-	-	-
Announcement Date	04/03/21	23/07/21	03/03/22	21/07/22	08/03/23	21/07/23	05/03/24	23/07/24	-

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	2,562	795	35.2	4,000	3,044	1,865	497	-1,012
Change	-	-68.97%	-95.57%	11,263.64%	-23.9%	-38.73%	-73.35%	-303.62%
Announcement Date	04/03/21	03/03/22	08/03/23	05/03/24	03/03/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	386.9	450.8	534.6	625.6	616.8	727.5	767.7	817.3
Change	-	16.52%	18.59%	17.02%	-1.41%	17.96%	5.52%	6.46%
Free Cash Flow (FCF) ¹	958.7	2,256	2,491	2,026	2,027	1,870	2,285	2,551
Change	-	135.31%	10.41%	-18.66%	0.05%	-7.73%	22.2%	11.64%
Announcement Date	04/03/21	03/03/22	08/03/23	05/03/24	03/03/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	14.89%	14.5%	13.69%	14.01%	14.08%	16.69%	16.92%	17.13%
EBIT Margin (%)	7.96%	10.18%	11.01%	11.57%	11.75%	12.26%	12.7%	13.06%
EBT Margin (%)	3.43%	7.92%	7.66%	6.81%	6.1%	10.42%	11.39%	11.93%
Net margin (%)	2.84%	6.73%	6.38%	5.55%	6.9%	7.31%	8.16%	8.7%
FCF margin (%)	5.64%	13.93%	14.18%	10.99%	9.85%	8.53%	9.71%	10.07%
FCF / Net Income (%)	198.49%	207.15%	222.19%	198.04%	142.8%	116.66%	119.01%	115.74%
Profitability
ROA	2.97%	3.37%	3.33%	2.79%	4.82%	4.67%	5.16%	5.27%
ROE	17.74%	18.74%	16.43%	25.25%	26.49%	23.89%	24.95%	24.87%
Financial Health
Leverage (Debt/EBITDA)	1.01x	0.34x	0.01x	1.55x	1.05x	0.51x	0.12x	-
Debt / Free cash flow	2.67x	0.35x	0.01x	1.97x	1.5x	1x	0.22x	-
Capital Intensity
CAPEX / Current Assets (%)	2.28%	2.78%	3.04%	3.39%	3%	3.32%	3.26%	3.23%
CAPEX / EBITDA (%)	15.29%	19.2%	22.23%	24.23%	21.29%	19.87%	19.28%	18.83%
CAPEX / FCF (%)	40.36%	19.98%	21.46%	30.88%	30.43%	38.9%	33.59%	32.03%
Items per share
Cash flow per share ¹	6.321	12.7	14.25	7.249	13.45	12.86	14.73	16.25
Change	-	100.97%	12.16%	-49.12%	85.56%	-4.38%	14.52%	10.33%
Dividend per Share ¹	1.76	2.56	2.94	3.4	3.7	3.786	4.361	4.874
Change	-	45.45%	14.84%	15.65%	8.82%	2.33%	15.18%	11.77%
Book Value Per Share ¹	24.03	30.43	34.14	33.05	36.6	40.67	45.34	50.78
Change	-	26.66%	12.17%	-3.2%	10.76%	11.11%	11.49%	12%
EPS ¹	2.27	5.12	5.29	4.91	6.89	7.37	8.792	10.11
Change	-	125.55%	3.32%	-7.18%	40.33%	6.96%	19.29%	14.97%
Nbr of stocks (in thousands)	212,680	212,957	211,730	208,476	205,380	205,313	205,313	205,313
Announcement Date	04/03/21	03/03/22	08/03/23	05/03/24	03/03/25	-	-	-