Dassault Aviation: 2025 first half-year Results Financial Release

Core Insights - Dassault Aviation reported significant growth in order intake and backlog, with a total order intake of EUR 8,075 million in H1 2025, compared to EUR 5,134 million in H1 2024, marking a substantial increase of 57% [8][10][11] - The company achieved a record backlog of EUR 48.3 billion as of June 30, 2025, up from EUR 43.2 billion at the end of 2024, driven by strong demand for Rafale and Falcon aircraft [5][18] - Adjusted net income for H1 2025 was EUR 386 million, a decrease from EUR 442 million in H1 2024, influenced by a tax surcharge of EUR 67 million in France [23][27] Financial Performance - Adjusted consolidated net sales for H1 2025 reached EUR 2,847 million, reflecting a 12% increase from EUR 2,538 million in H1 2024 [13][6] - Adjusted operating income for H1 2025 was EUR 180 million, up from EUR 170 million in H1 2024, with an adjusted operating margin of 6.3% [19][25] - Available cash increased to EUR 9,547 million as of June 30, 2025, compared to EUR 8,434 million at the end of 2024, primarily due to advances received on Rafale export orders [30][29] Order Intake and Delivery - The order intake for defense programs in H1 2025 totaled EUR 7,172 million, significantly higher than EUR 4,095 million in H1 2024, with a notable order from India for 26 Rafale Marine aircraft [11][14] - A total of 7 Rafale (4 Export and 3 France) and 12 Falcon aircraft were delivered in H1 2025, maintaining delivery levels from the previous year [6][14][16] - The book-to-bill ratio for H1 2025 was 2.84, indicating strong order intake relative to net sales [17] Market Context and Future Outlook - The company anticipates an increase in net sales for 2025, projected to be in the range of EUR 6.5 billion, which includes the delivery of 40 Falcon and 25 Rafale aircraft [8] - The Paris Air Show highlighted the popularity of Dassault Aviation's aircraft, with successful flight demonstrations of the Rafale and Falcon 6X [7] - Ongoing negotiations regarding tariffs between the United States and Europe may impact the Falcon business, creating uncertainty in the market [7]