Thales

HO: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Thales Earnings: Solid Performance Overshadowed by Softer Order Intake

Loredana Muharremi

May 2, 2025

Wide-moat Thales delivered a solid start to 2025, with first-quarter sales up 9.9% organically to EUR 5.0 billion, supported by strong execution in Defense and continued momentum in Avionics. While order intake declined 27% organically to EUR 3.8 billion due to an exceptionally high base in the prior year, management reaffirmed full-year guidance, citing order phasing and strong visibility from the EUR 44 billion backlog. We maintain our fair value estimate.

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Thales

Thales Earnings: Solid Performance Overshadowed by Softer Order Intake

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