Scienza e Tecnologia
Dassault Aviation: 2025 first half-year Results Financial Release
CONSOLIDATED DATA
N.B. :
Main aggregates under IFRS (see tables of reconciliation in appendix)
- The Board of Directors, which met today, under the chairmanship of Mr. Éric Trappier, approved the 2025 half year financial statement. The Statutory Auditors have performed a limited review of these consolidated financial statements and have expressed an unqualified opinion.
At the end of the Board meeting, Éric Trappier said:
“The commercial success of the Rafale was strengthened with the signing and entry into force in the 1 half of India’s acquisition contract of 26 Rafale Marine to equip the Indian Navy. India will be the first user outside France of the Rafale Marine. Since the beginning of the program, 533 Rafale have been ordered, including 323 for export.
The backlog set a new record at June 30, 2025, at EUR 48.3 billion (including 314 aircraft: 186 Rafale Export, 53 Rafale France and 75 Falcon).
Net sales for the 1 half of 2025 was EUR 2.8 billion, up 12% compared with the 1 half of 2024. 7 Rafale (4 Rafale Export and 3 Rafale France) and 12 Falcon were delivered. Operating income increased by 6% compared with the 1 half of 2024, to EUR 180 million. Net income for the 1 half of 2025 was EUR 386 million, down by EUR 56 million, compared with the 1 half of 2024. This net income includes the tax surcharge in France of EUR 67 million.
Military and budgetary contexts create uncertainty for business activity and results.
Regarding the tariffs, Dassault Aviation is awaiting the final outcome of negotiations between the United States and Europe, the result of which could impact our Falcon activity.
This 1 half of 2025 saw:
The 55 Paris Air Show once again demonstrated its ability to bring together the aerospace sector, with a record attendance rate (more than 300,000 visitors). It was an opportunity for meetings and discussions with institutions, foreign delegations, Falcon clients and partners. The popularity of our aircraft was illustrated by the success of the Rafale and Falcon 6X flight demonstrations. The Rafale and the UCAS were the stars of the static displays, enhanced by the Battle Lab presentation on future challenges of collaborative combat. The Space Hub was also in the spotlight, with the presentation of the VORTEX space aircraft. “L’Avion des Métiers” was very active, allowing visitors to learn about various jobs and training in the aerospace and defense sectors.
The 2025 guidance is unchanged: an increase in 2025 net sales compared with 2024, in the range of EUR 6.5 billion (including the delivery of 40 Falcon and 25 Rafale).
This 2025 guidance does not take into account U.S. tariffs and potential European countermeasures.”
for the 1 half of 2025 was , vs. EUR 5,134 million in the 1 half of 2024. order intake stood at .
Order intake was as follows, :
The order intake is entirely composed of firm orders.
for the 1 half of 2025 totaled , compared with EUR 4,095 million in the 1 half of 2024.
The totaled in the 1 half of 2025, compared with EUR 3,871 million in the 1 half of 2024. Dassault Aviation has notably registered an order
The totaled in the 1 half of 2025, compared with EUR 224 million in the 1 half of 2024.
During the 1 half of 2025, were recorded, compared with 11 orders in the 1 half of 2024. The Falcon order intake was in this 1 half, compared with EUR 1,039 million in the 1 half of 2024.
for the 1 half of 2025 totaled , compared with EUR 2,538 million for the 1 half of 2024. net sales stood at in the 1 half of 2025.
Consolidated sales were as follows, in :
(4 Export and 3 France) were delivered during the 1 half of 2025 compared with 6 Rafale France in the 1 half of 2024.
for the 1 half of 2025 amounted to , vs. EUR 1,558 million for the 1 half of 2024.
The amounted to in the 1 half of 2025, compared with EUR 552 million in the 1 half of 2024.
The amounted to in the 1 half of 2025, compared with EUR 1,006 million in the 1 half of 2024.
were delivered in the 1 half of 2025, the same as in the 1 half of 2024.
for the 1 half of 2025 amounted to , vs. EUR 980 million for the 1 half of 2024.
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The “book-to-bill ratio” (order intake/net sales) is for the 1 half of 2025.
(determined in accordance with IFRS 15) was as of June 30, 2025, compared with EUR 43,224 million as of December 31, 2024. The backlog trend is as follows:
The backlog at June 30, 2025 breaks down as follows:
came to , compared with EUR 170 million in the 1 half of 2024.
Research and development expenses in the 1 half of 2025, mainly related to the Falcon 10X, totaled EUR 182 million compared with EUR 200 million for the 1 half of 2024.
stood at , compared with 6.7% for the 1 half of 2024.
The hedging rate for the 1 half of 2025 was , compared with USD 1.14/EUR in the 1 half of 2024.
was , compared with EUR 106 million for the same period in the previous year, down mainly due to the effect of the increase in the financing component.
was , compared with EUR 442 million in the 1 half of 2024. Net income for the 1 half of 2025 includes the tax surcharge in France of EUR 67 million.
The contribution of Thales to the net income of Dassault Aviation was EUR 234 million, compared with EUR 231 million in the 1 half of 2024.
thus stood at for the 1 half of 2025, compared with 17.4% for the 1 half of 2024.
for the 1 half of 2025 was compared with EUR 5.62 for the 1 half of 2024.
for the 1 half of 2025 came to , compared with EUR 169 million in the 1 half of 2024.
Research and development expenses in the 1 half of 2025, mainly related to the Falcon 10X, totaled EUR 182 million compared with EUR 200 million for the 1 half of 2024.
stood at compared with 6.7% for the 1 half of 2024.
for the 1 half of 2025 was compared with EUR 102 million in the 1 half of 2024, down mainly due to the increase in the financing component.
for the 1 half of 2025 was , compared with EUR 476 million in the 1 half of 2024. Net income for the 1 half of 2025 includes the tax surcharge in France of EUR 67 million.
The contribution of Thales to the net income of Dassault Aviation was EUR 177 million, compared with EUR 269 million in the 1 half of 2024.
thus stood at for the 1 half of 2025, compared with 18.8% for the 1 half of 2024.
for the 1 half of 2025 was compared with EUR 6.06 for the 1 half of 2024.
Dassault Aviation uses a specific indicator called “Available cash,” which reflects the amount of total liquidities available to Dassault Aviation, net of financial debts. It includes the following balance sheet items: cash and cash equivalents, current financial assets (at market value) and financial debt, excluding lease liabilities. The calculation of this indicator is detailed in the consolidated financial statements (Note 7 of the condensed interim consolidated financial statements).
stands at as of June 30, 2025, compared with EUR 8,434 million as of December 31, 2024. This increase is mainly due to advances received on orders for Rafale export.
Total equity stood at as of June 30, 2025, compared with EUR 6,332 million as of December 31, 2024.
Borrowings and financial debt amounted to EUR 204 million as of June 30, 2025, compared with EUR 238 million as of December 31, 2024. They are composed of locked-in employee profit-sharing funds for EUR 25 million and lease liabilities recognized for EUR 179 million.
Inventories and work-in-progress increased by EUR 903 million to reach EUR 7,627 million as of June 30, 2025.
Advance payments received on orders net of advance payments paid, stood at EUR 13,956 million, an increase of EUR million to EUR 2,325 million.
The derivative financial instruments market value stood at EUR 73 million as of June 30, 2025, vs. EUR -100 million as of December 31, 2024.
Stéphane Fort - Tel. +33 (0)1 47 11 86 90 - stephane.fort@dassault-aviation.com
Mathieu Durand - Tel. +33 (0)1 47 11 85 88 - mathieu.durand@dassault-aviation.com
Louis Proisy - Tel. +33 (0)1 47 11 59 51 - louis.proisy@dassault-aviation.com
To reflect the actual consolidated economic performance and for monitoring and comparability reasons, Dassault Aviation presented an adjusted income statement of:
Dassault Aviation also presents the “available cash” indicator, which reflects the amount of total liquid assets, net of financial debt. It covers the following balance sheet items:
The calculation of this indicator is detailed in the condensed interim consolidated financial statements (see Note 7).
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 half-yearly report.
The impact of the adjustments of income statement aggregates for the 1 half of 2025 is set out below:
The impact of the adjustments of income statement aggregates for the 1 half of 2024 is set out below:
Attachment
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