Dassault Aviation: 2025 Annual Results Financial Release

Core Insights - Dassault Aviation reported a consolidated order intake of EUR 10,941 million in 2025, slightly up from EUR 10,869 million in 2024, with export orders representing 89% of the total [10][11] - The company achieved adjusted net sales of EUR 7,420 million in 2025, a significant increase from EUR 6,230 million in 2024, with exports accounting for 77% of these sales [16][27] - The consolidated backlog as of December 31, 2025, reached EUR 46,596 million, up from EUR 43,224 million in 2024, indicating strong future demand [21][22] Order Intake - The 2025 consolidated order intake included EUR 8,290 million from defense, with EUR 7,478 million from defense exports and EUR 812 million from defense in France [10][14] - The Falcon program saw an order intake of EUR 2,651 million in 2025, compared to EUR 2,560 million in 2024, with 31 orders recorded [15][19] Financial Performance - Adjusted operating income for 2025 was EUR 635 million, a 22% increase from EUR 519 million in 2024, with an adjusted operating margin of 8.6% [24][30] - Adjusted net income for 2025 was EUR 1,061 million, slightly up from EUR 1,056 million in 2024, with a net margin of 14.3% [27][28] - Earnings per share increased to EUR 13.60 in 2025 from EUR 13.46 in 2024 [28][33] Research and Development - Research and development costs for 2025 amounted to EUR 389 million, focusing on projects like the Falcon 10X and the Rafale F4 standard [24][30] - Development programs included the FCAS (Future Combat Air System) and various mission aircraft [8][12] Workforce and Operations - The company increased its workforce by hiring 1,579 employees, bringing the total headcount to 15,024 as of December 31, 2025 [9] - A new maintenance center was opened in Melbourne, Florida, enhancing support for both military and civil aircraft [9] Cash and Dividends - Available cash stood at EUR 9,415 million as of December 31, 2025, an increase from EUR 8,434 million in 2024, primarily due to advance payments for Export Rafale contracts [35] - The Board of Directors proposed a dividend of EUR 4.78 per share for 2026, representing a payout of 35% [40]