Dassault Aviation: 2025 first half-year Results Financial Release
KEY FIGURES OF DASSAULT AVIATION
CONSOLIDATED DATA
H1 2025
H1 2024
Order intake
EUR 8,075 million 26 Rafale Export8 Falcon
EUR 5,134 million 18 Rafale Export 11 Falcon
Adjusted net sales
EUR 2,847 million 7 Rafaleincl. 4 Export and 3 France 12 Falcon
EUR 2,538 million 6 Rafale France 12 Falcon
as of June 30, 2025
as of December 31, 2024
Backlog
EUR 48,290 million 239 Rafaleincl. 186 Export and 53 France75 Falcon
EUR 43,224 million 220 Rafale incl.164 Export and 56 France79 Falcon
H1 2025
H1 2024
Adjusted operating incomeAdjusted operating margin
EUR 180 million6.3% of net sales
EUR 170 million6.7% of net sales
Self-fundedResearch and Development
EUR 182 million
EUR 200 million
Adjusted net incomeAdjusted net margin
EUR 386 million13.6% of net sales
EUR 442 million17.4% of net sales
as of June 30, 2025
as of December 31, 2024
Available cash
EUR 9,547 million
EUR 8,434 million
Recorded headcount
14,682
14,589
N.B. :
Dassault Aviation recognizes Rafale Export contracts in their entirety (incl. the Thales and Safran parts),
Net income for the 1st half of 2025 includes the tax surcharge in France of EUR 67 million.
Main aggregates under IFRS (see tables of reconciliation in appendix)
Consolidated net sales
EUR 2,854 million
EUR 2,538 million
Consolidated operating income
EUR 186 million
EUR 169 million
Consolidated net income
EUR 334 million
EUR 476 million
Saint-Cloud, July 22nd, 2025 - 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 1st 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 1st half of 2025 was EUR 2.8 billion, up 12% compared with the 1st 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 1st half of 2024, to EUR 180 million. Net income for the 1st half of 2025 was EUR 386 million, down by EUR 56 million, compared with the 1st 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 1st half of 2025 saw:
the delivery of 7 Rafale (4 Rafale Export and 3 Rafale France) and 12 Falcon,
the signing on April 28, 2025 and the entry into force on May 7, 2025 of India's acquisition contract of 26 Rafale Marine to equip the Indian Navy,
the order for 8 Falcon,
the continuation of development work of the Rafale and the F5 standard risk clearance notification,
in the context of the "Make in India", Dassault Aviation, through the joint venture DRAL, set up the 1st final assembly line for the Falcon 2000 outside of France.
The 55th 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."
Éric TRAPPIER, Chairman and Chief Executive Officer of Dassault Aviation
1. CONSOLIDATED ORDER INTAKE
Order intake for the 1st half of 2025 was EUR 8,075 million, vs. EUR 5,134 million in the 1st half of 2024. Export order intake stood at 96%.
Order intake was as follows, in millions of euros:
H1 2025
%
H1 2024
%
Defense
7,172
89%
4,095
80%
Defense Export
6,897
3,871
Defense France
275
224
Falcon
903
11%
1,039
20%
Total consolidated order intake
8,075
5,134
