Slides
Page 1
www.thalesgroup.com 9m 2026 order intake and sales 22nd October 2026
Page 2
2 9m 2026 order intake and sales > Thales Alenia Space, key partner for the the IRIS² constellation > Signing of a Letter of Agreement with Eutelsat to provide the governmental payloads dedicated to the 330 IRIS2 telecommunications satellites in Low Earth Orbit Q3 2026 highlights > Thales driving innovation in its markets with the launch of premium high-tech solutions > Hexaforce: AI-powered, sovereign C2 for NATO and allied nations > Luna 8: next-gen HSM providing future-ready quantum resistant security > Strong commercial momentum driving solid order intake > Continued robust sales growth in the third quarter
Page 3
3 9m 2026 order intake and sales > Solid order intake, reflecting continuing strong commercial momentum > Strong contribution from large orders(a), up +42% over 9m 2026 > 29 large orders booked over 9m 2026, of which 11 in Q3 2026: ◦ 9 large orders in Defence ◦ 2 large orders in Space > Resilience of orders below €100m, accounting for c.60% of order intake > Robust growth in both mature and emerging markets > Strong momentum in Europe (+16%), notably in France (+47%) > Emerging markets supported by outstanding performance in Near and Middle-East (+210%) 9m 2026 order intake (a) With a unit value over €100m Order intake by contract unit value Organic growth: +15% Unit value < €10m Unit value > €100m €10m < Unit value < €100m €m Reported growth: +14%
Page 4
4 9m 2026 order intake and sales > Continued momentum in Q3 drives sales organic growth at +8.1% over 9m > Another quarter of double-digit growth in Defence, supported by continued production ramp-up > Good momentum in Aerospace, with solid underlying growth in Space > Cyber & Digital slightly up over 9m, confirmation of growth trajectory in Cyber in Q3 > Solid performance in both mature and emerging markets > Europe: +8.0% > Emerging markets: +15.9% of which Near and Middle- East +48.9% > Scope and currency impact > Minor scope impact over 9m > FX still negative over 9m despite a positive impact in Q3 9m 2026 sales growth 9m sales growth drivers Reported growth: +7.6% €m Organic growth Currency & scope (59) +1,225 Scope: +16 Currency: (75) Organic growth: +8.1%
Page 5
5 9m 2026 order intake and sales 9m 9m Change €m 2026 2025 Total Organic Order intake 5,011 3,919 +28% +29% Sales 4,237 4,108 +3.2% +4.0% Aerospace: 9m 2026 key figures > Robust progression of order intake > Strong institutional demand fueling Space commercial momentum > 7 large orders booked in Space over 9m 2026, including a c.€500m order for IRIS² booked in Q3 > Sales up +4.0%, with an acceleration in Q3 > Space sales increased sharply, further growth in Q3 > Avionics up over 9m on high comps, showing resilient growth and limited impact on aftermarket from lower air traffic
Page 6
6 9m 2026 order intake and sales 9m 9m Change €m 2026 2025 Total Organic Order intake 11,315 9,954 +14% +14% Sales 9,358 8,260 +13.3% +13.0% Defence: 9m 2026 key figures > Order intake up double-digit with an acceleration in Q3 > Sustained commercial momentum supported by increasing budgets for military equipment > 22 large orders booked over nine months, including 9 in Q3 > Strong demand in naval, effectors, air surveillance and air defence: Thales uniquely positioned through its premium multi-domain, multi-layer offering and best-in-class products > Double-digit sales organic growth > Another quarter of double-digit growth in Q3, despite demanding comparison basis > Continued ramp-up in production capacity to address customers' increasing demand
Page 7
7 9m 2026 order intake and sales > Cyber sales up year-on-year over 9m > Confirmation of growth trajectory in Q3, sales up +4.3% organically > Mid-term outlook supported by the launched of new products in a market that remain dynamic > Digital Identity slightly down over 9m on high comparison basis > Good digital solutions momentum mostly compensating continued low volumes in the rest of the activities 9m 9m Change €m 2026 2025 Total Organic Sales 2,742 2,787 (1.6)% +0.2% o/w Cyber 1,046 1,043 +0.3% +2.5% o/w Digital Identity 1,696 1,744 (2.8)% (1.2)% Cyber & Digital: 9m 2026 key figures
Page 8
8 9m 2026 order intake and sales Sales in the upper hand of the +6% to +7%(a) guided range for organic growth, corresponding to €23.3 to €23.6 billion Assuming no new disruptions of the macroeconomic and geopolitical context (a) Based on end of September 2026 scope, average foreign exchange rates for 9m 2026 and an assumption of average EUR/USD at 1.18 for Q4 2026 (b) Non-GAAP measure: see definition in appendix 1 2 3 Order intake Book-to-bill above 1.1 Adjusted EBIT margin(b) 12.6% to 12.8%(a) Thales confirms its full year 2026 objectives Sales in the upper-end and potentially beyond the +6% to +7%(a) guided range for organic growth, corresponding to €23.3 to €23.6 billion
Page 9
9 9m 2026 order intake and sales Appendix
Page 10
10 9m 2026 order intake and sales 2nd December 2026 Ex-interim dividend date 2nd March 2027 (before market) Full Year 2026 results 12th May 2027 Annual General Meeting Upcoming events 2026 2027 4th December 2026 Interim dividend payment date
Page 11
11 9m 2026 order intake and sales Organic sales growth per quarter Total Aerospace Defence Cyber & Digital 20252023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 2026 Q2 Q3
Page 12
12 9m 2026 order intake and sales 11% United States and Canada 34% Rest of Europe 4% Rest of the world 21% France 3% United Kingdom 10% Near and Middle-East 6% Australia and New Zealand 11% Asia In € million 9m 9m Change 2026 2025 Total Organic France 4,065 2,764 +47% +47% United Kingdom 639 627 +2% +3% Rest of Europe 6,501 6,269 +4% +4% Europe 11,206 9,660 +16% +16% United States and Canada 2,085 1,925 +8% +11% Australia / NZ 1,135 757 +50% +42% Mature markets 14,425 12,342 +17% +17% Asia 2,078 3,003 (31)% (30)% Near and Middle-East 1,909 627 +205% +210% Rest of the world 710 789 (10)% (11)% Emerging markets 4,697 4,419 +6% +7% Total 19,122 16,762 +14% +15% Order intake by destination 9m 2026 order intake by destination
Page 13
13 9m 2026 order intake and sales 9m 2026 sales by destination 11% United States and Canada 29% Rest of Europe 5% Rest of the world 26% France 6% United Kingdom 8% Near and Middle-East 5% Australia / NZ 10% Asia In € million 9m 9m Change 2025 2024 Total Organic France 4,247 4,378 (3.0)% (3.0)% United Kingdom 1,057 1,057 0.0% +1.5% Rest of Europe 4,842 3,966 +22.1% +21.8% Europe 10,146 9,401 +7.9% +8.0% United States and Canada 1,845 1,974 (6.5)% (3.8)% Australia / NZ 763 678 +12.5% +6.5% Mature markets 12,754 12,053 +5.8% +6.0% Asia 1,613 1,498 +7.6% +9.6% Near and Middle-East 1,288 879 +46.5% +48.9% Rest of the world 767 826 (7.1)% (7.3)% Emerging markets 3,668 3,203 +14.5% +15.9% Total 16,422 15,255 +7.6% +8.1% Sales by destination
Page 14
14 9m 2026 order intake and sales Q3 2026 order intake by operating segment Q3 Q3 Change €m 2026 2025 Total Organic Aerospace 1,751 1,261 +39% +38% Defence 3,964 4,192 (5)% (6)% Cyber & Digital 918 929 (1)% (2)% Other 18 27 Total 6,651 6,409 +4% +3%
Page 15
15 9m 2026 order intake and sales Q3 2026 sales by operating segment Q3 Q3 Change €m 2026 2025 Total Organic Aerospace 1,458 1,348 +8.1% +7.8% Defence 3,043 2,666 +14.1% +12.8% Cyber & Digital 945 938 +0.7% (0.3)% o/w Cyber 365 347 +5.3% +4.3% o/w Digital 580 591 (1.9)% (3.0)% Other 28 38 Total 5,473 4,991 +9.7% +8.7%
Page 16
16 9m 2026 order intake and sales Definition of non-GAAP measures and other remarks > Rounding of amounts in euros In the context of this presentation, the amounts expressed in millions of euros are rounded to the nearest million. As a result, the sums of the rounded amounts may differ very slightly from the reported totals. All ratios and variances are calculated based on underlying amounts, which feature in the consolidated financial statements. > Definitions > Organic: at constant scope and exchange rates; > Book-to-bill ratio: ratio of orders received to sales; > Mature markets: all countries in Europe excluding Russia and Turkey, North America, Australia and New Zealand; > Emerging markets: all other countries, i.e. Middle East, Asia, Latin America and Africa. > Non-GAAP measures This presentation contains non-Generally Accepted Accounting Principles (GAAP) financial measures. Thales regards such non-GAAP financial measures as relevant operating and financial performance indicators for the Group, as they allow non-operating and non-recurring items to be excluded. Thales definitions for such measures may differ from similarly titled measures used by other companies or analysts. > Adjusted EBIT: income from operations; plus the share in net income of equity affiliates, excluding (i) expenses related to business combinations (amortization of assets valued as part of the purchase price allocation, other expenses directly linked business combinations) (ii) the impact of changes in the Thales share price on the expense recognized in the income statement in respect of LTI plans. See also notes 13-a and 2 of the consolidated financial statements at 31 December 2025. > Adjusted net income: net income, less the following elements, net of the corresponding tax effects: (i) amortization of acquired assets (PPA), (ii) expenses recorded in the income from operations or in “financial results” which are directly related to business combinations, which by their nature are unusual, (iii) disposal of assets, change in scope of consolidation and other, (iv) impairment of assets, (v) changes in the fair value of derivative instruments (recognized under "other financial income and expenses" in the consolidated financial statements), (vi) actuarial gains or losses on long-term benefits (recognized under "finance costs on pensions and employee benefits" in the consolidated financial statements), (vii) impact of changes in the Thales share price on the expense recognized in the income statement in respect of LTI plans. See note 13-a of the consolidated financial statements at 31 December 2025. This definition implies the definition of several other adjusted financial measures, such as adjusted gross margin, adjusted tax, adjusted EPS. See pages 14 and 15 of the H1 2026 results press release for detailed calculation of these other indicators. > Free operating cash flow: net cash flow from operating activities, less: capital expenditures, less: deficit payments on pensions in the United Kingdom. See notes 13-a and 6.3 of the consolidated financial statements at 31 December 2025. > Net cash (debt): difference between the sum of “cash and cash equivalents” and “current financial assets” items and short and long- term borrowings, after deduction of interest rate derivatives. See note 6.2 of the consolidated financial statements at 31 December 2025.
Page 17
Thales SA 4, rue de la Verrerie 92190 Meudon France ir@thalesgroup.com This presentation contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from these forward-looking statements due to various risks and uncertainties, as described in the Company's Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF). This document may not be reproduced, modified, adapted, published, translated, in any way, in whole or in part without the prior written consent of Thales - © Thales 2026 All rights reserved. www.thalesgroup.com