Thales reports its 2024 full-year results

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Order intake: 25.3 billion, up 9% ( 6% on an organic basis1)

Sales: 20.6 billion, up 11.7% ( 8.3% on an organic basis)

Adjusted EBIT2: 2,419 million, up 13.4% ( 5.7% on an organic basis)

Adjusted net income, Group share2: 1,900 million, up 7%

Consolidated net income, Group share: 1,420 million, up sharply by 39%

Free operating cash flow from continuing operations 2,3: 2,142 million, up 9%

Free operating cash flow2: 2,027 million, stable against 2023

Dividend4 of 3.70 per share, representing 40% of Adjusted net income, Group share

Non-financial performance: steady progress towards medium to long-term targets

2025 objectives:

Book-to-bill5 above 1

Organic sales growth of between 5% and 6%, corresponding to sales between 21.7 billion and 21.9 billion

Adjusted EBIT margin between 12.2% and 12.4%

Thales's Board of Directors (Euronext Paris: HO) met on March 3, 2025 to review the 2024 financial statements6.

2024 was once again a year of strong profitable growth for Thales.



Thales, a world leader in advanced technologies in Defence, Aerospace, Cybersecurity and Digital, maintained excellent sales momentum throughout the year, achieving a record order intake of more than 25 billion. The record order book provides unprecedented visibility for all our activities.

Sales exceeded the 20 billion mark with organic growth of 8.3%, above expectations. Defence activities, underpinned by an ongoing increase in the Groups production capacity, the technological excellence of our products and the commitment from all our colleagues, contributed in particular to this performance.

Thales also demonstrated once again its ability to generate profitable growth, with an increase in EBIT in absolute terms and as a percentage, reflecting the strength of its operating leverage.

Thanks to its unique business model based on world-class products, systems and services, Thales generated free operating cash flow of more than 2 billion.

Non-financial performance was also remarkable in 2024. The validity of our CSR strategy was acknowledged as Thales joined the CAC 40 ESG index in 2024.

This historic performance is the result of the unfailing commitment of our 83,000 employees, and I would like to thank them sincerely for their dedication to our clients.



We are starting 2025 with confidence and determination and a positive outlook for the vast majority of our activities. Thales presented its new strategic roadmap in November 2024. By drawing on its unique leadership positions serving growing markets and its ability to innovate and anticipate technological breakthroughs, the Group affirms its ambition to deliver accelerated, profitable and sustainable growth over the coming years, starting in 2025.



Patrice Caine, Chairman & Chief Executive Officer

Key figures

Order intake for the 2024 financial year increased by 9% compared with 2023 at 25,289 million and by 6% on an organic basis (i.e. at constant scope and exchange rates). Commercial performance was once again supported by strong demand in the Defence segment and by continued sustained momentum in the Aerospace segment. As at 31 December 2024, the consolidated order book amounted to nearly 51 billion, a record level, up by nearly 5.4 billion compared with the end of 2023.

Sales totaled 20,577 million, up 11.7% from 2023 ( 8.3% in organic growth). This robust growth reflects in particular the solid performance of the Defence business throughout the year.

Adjusted EBIT7 stood at 2,419 million in 2024 (11.8% of sales), compared with 2,132 million (11.6% of sales) in 2023, an increase of 13.4% ( 5.7% organic change).

At 1,900 million, Adjusted net income, Group share7 was up 7% compared to 2023.

Consolidated net income, Group share, stood at 1,420 million, up sharply by 39% from 2023. This increase can be explained notably by the recognition in 2023 of a non-current and non-recurring expense linked to the implementation of insurance coverage for the Groups commitments under the Thales UK Pension Scheme. These commitments were transferred to Rothesay at the end of 2023.

Free operating cash flow from continuing operations7,9 amounted to 2,142 million, compared with 1,968 million in 2023. Including the contribution of discontinued operations, free operating cash flow7 amounted to 2,027 million, compared with 2,026 million in 2023.

Calculated on the basis of the scope of continuing operations, the cash conversion ratio of Adjusted net income, Group share, into operating free cash flow was 114%. This once again exceptional performance, which saw the cash conversion ratio exceed 100% for the fifth consecutive year, reflects the excellent momentum of new orders, the phasing effects on cash inflows related to contracts' execution and the continued Groups mobilization of its CA$H! plan aimed at optimizing this conversion ratio.

In this context, the Board of Directors decided to propose the payment of a dividend of 3.70 per share, corresponding to a payout ratio of 40% of the Adjusted net income, Group share. An interim dividend of 0.85 per share was paid on December 5, 2024. The balance of 2.85 will be paid on May 22, 2025.

Order intake

Order intake for the 2024 financial year totaled 25,289 million, up 9% from 2023 in total change and up 6% at constant scope and exchange rates11. For the fourth consecutive year, the order intake was more than 20% higher than sales (book-to-bill). Thebook-to-bill ratio was 1.23, flat against 2023, and 1.28 excluding the Cyber & Digital business, where the order intake is structurally very close to sales.

In 2024, Thales signed 35 large orders with a unit value of over 100 million, representing a total of 8,674 million:

Four large orders booked in Q1 2024:

The entry into force of the third phase of the order plac

LINK:	https://www.thalesgroup.com/en/group/investors/press_release/thales-re...
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