Thales

HO: XPAR (FRA)

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Thales Earnings: Margin and Cash Improvements as Europe’s Defense Shift Supports Long-Term Upside

Loredana Muharremi

Jul 24, 2025

Thales reported 8.1% organic sales and 12.7% EBIT growth in first-half 2025, driven by defense and avionics. EBIT margin rose to 12.2% and free cash flow reached EUR 499 million from a negative figure in the previous year. It raised sales guidance to 6%-7%, but reaffirmed margin and cash targets.

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Thales

Thales Earnings: Margin and Cash Improvements as Europe’s Defense Shift Supports Long-Term Upside

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