Dassault Aviation: 2025 Annual Results Financial Release

Core Insights - Dassault Aviation reported a consolidated order intake of EUR 10,941 million in 2025, a slight increase from EUR 10,869 million in 2024, with export orders representing 89% of the total [11][12] - The adjusted net sales for 2025 reached EUR 7,420 million, up from EUR 6,230 million in 2024, with exports accounting for 77% of the sales [17][18] - The consolidated backlog as of December 31, 2025, was EUR 46,596 million, an increase from EUR 43,224 million in 2024, with 220 Rafale and 73 Falcon included in the backlog [22][23] Order Intake - The defense order intake for 2025 totaled EUR 8,290 million, slightly down from EUR 8,309 million in 2024, while Falcon order intake increased to EUR 2,651 million from EUR 2,560 million [11][13][16] - The export share of the defense order intake was EUR 7,478 million, compared to EUR 7,294 million in 2024, with 26 Export Rafale ordered by the Indian Navy [15][11] 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% [25][29] - Adjusted net income reached EUR 1,061 million, compared to EUR 1,056 million in 2024, with a net margin of 14.3% [28][29] - Available cash as of December 31, 2025, was EUR 9,415 million, up from EUR 8,434 million in 2024, primarily due to advance payments for Export Rafale contracts [37] Development and Future Outlook - The company continued its development programs, including the Rafale F4 standard and the Falcon 10X, with a commitment to decarbonization and digital solutions [9][10][14] - For 2026, the company anticipates an increase in net sales to the EUR 8.5 billion range, including the delivery of 40 Falcon and 28 Rafale [10]