Dassault Aviation: 2026 first half-year Results Financial Release
KEY FIGURES OF DASSAULT AVIATION
CONSOLIDATED DATA
Note:
Main aggregates under IFRS (see tables of reconciliation in appendix)
Saint-Cloud, July 22 nd, 2026 - The Board of Directors, which met today under the chairmanship of Mr. Éric Trappier, approved the 2026 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 stated:
“The military and geopolitical contexts remain marked by the crisis situation in the Gulf and the continuing war in Ukraine.
In France, the update to the Military Programming Law (LPM) provides for an increase in the Armed Forces budget.
The backlog as of June 30, 2026 stood at EUR 45.4 billion (including 291 aircraft: 208 Rafale and 83 Falcon), compared with EUR 46.6 billion as of December 31, 2025.
Net sales for the 1 st half amounted to EUR 4.2 billion, up 46% compared with the 1 st half of 2025, driven mainly by the delivery of 6 additional Rafale Export, as well as additional development and support revenue linked to the achievement of milestones.
Operating income rose by 83% compared with the 1 st half of 2025, to EUR 330 million. Net income for the 1 st half was EUR 496 million, up EUR 110 million compared with the 1 st half of 2025 (excluding the corporate income tax surcharge in France, net income would have amounted to EUR 570 million).
This half-year was marked by:
After the end of the semester, on July 13, 2026, France and Ukraine concluded a roadmap planning for Kyiv’s acquisition of 16 Rafale; on the same day, Dassault Aviation and Harmattan AI announced the successful execution of a collaborative in-flight engagement between a Rafale and an unmanned aerial system equipped with the “NAMIB” electronic warfare payload.
The 2026 guidance is unchanged: an increase in 2026 net sales compared with 2025, in the range of EUR 8.5 billion (including the delivery of 40 Falcon and 28 Rafale).”
Éric TRAPPIER, Chairman and Chief Executive Officer of Dassault Aviation
1. CONSOLIDATED ORDER INTAKE
Order intake for the 1 st half of 2026 was EUR 2,878 million, compared with EUR 8,075 million in the 1 st half of 2025. Export order intake stood at 93%.
Order intake was as follows, in millions of euros:
The order intake is entirely composed of firm orders.
Defense Programs
The order intake for Defense for the 1 st half of 2026 totaled EUR 1,024 million, compared with EUR 7,172 million in the 1 st half of 2025.
The Defense Export order intake totaled EUR 789 million in the 1 st half of 2026, compared with EUR 6,897 million in the 1 st half of 2025. Notably, Dassault Aviation had booked an order from India for 26 Rafale Marine in the 1 st half of 2025.
The Defense France order intake totaled EUR 235 million in the 1 st half of 2026, compared with EUR 275 million in the 1 st half of 2025.
Falcon Programs
During the 1 st half of 2026, 23 Falcon orders were recorded, compared with 8 orders in the 1 st half of 2025. The Falcon order intake was EUR 1,854 million in this 1 st half, compared with EUR 903 million in the 1 st half of 2025, a rise driven by increased orders for new aircraft.
2. ADJUSTED CONSOLIDATED NET SALES
Adjusted consolidated net sales for the 1 st half of 2026 totaled EUR 4,157 million, compared with EUR 2,847 million in the 1 st half of 2025. Export net sales stood at 79% in the 1 st half of 2026.
Consolidated sales were as follows, in millions of euros:
Defense Programs
12 Rafale (10 Export and 2 France) were delivered during the 1 st half of 2026 compared with 7 Rafale (4 Export and 3 France) in the 1 st half of 2025.
Defense net sales for the 1 st half of 2026 amounted to EUR 2,944 million compared with EUR 1,751 million in the 1 st half of 2025.
The Defense Export net sales amounted to EUR 2,102 million in the 1 st half of 2026, compared with EUR 949 million in the 1 st half of 2025. This increase is primarily driven by the delivery of 6 additional Rafale Export, as well as supplementary support revenue.
The Defense France net sales amounted to EUR 842 million in the 1 st half of 2026, compared with EUR 802 million in the 1 st half of 2025.
Falcon Programs
13 Falcon were delivered in the 1 st half of 2026, compared with 12 in the 1 st half of 2025.
Falcon net sales for the 1 st half of 2026 amounted to EUR 1,213 million, compared with EUR 1,096 million in the 1 st half of 2025.
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The "book-to-bill ratio" (order intake/net sales) is 0.69 for the 1 st half of 2026.
3. CONSOLIDATED BACKLOG
The consolidated backlog (determined in accordance with IFRS 15) was EUR 45,359 million as of June 30, 2026, compared with EUR 46,596 million as of December 31, 2025. The backlog trend is as follows:
The backlog as of June 30, 2026 breaks down as follows:
4. ADJUSTED CONSOLIDATED RESULTS
Adjusted Operating Income
Adjusted consolidated operating income for the 1 st half of 2026 came to EUR 330 million, compared with EUR 180 million in the 1 st half of 2025.
Research and development expenses in the 1 st half of 2026, mainly related to the Falcon 10X, totaled EUR 131 million compared with EUR 182 million in the 1 st half of 2025.
Adjusted consolidated operating margin stood at 7.9%, compared with 6.3% for the 1 st half of 2025.
The hedging rate for the 1 st half of 2026 was USD 1.15 /EUR compared with USD 1.13 /EUR, in the 1 st half of 2025.
Adjusted Financial Result
Adjusted consolidated financial result for the 1 st half of 2026 was EUR 55 million, compared with EUR 77 million for the same period in the previous year, down mainly due to the effect of the increase in the financing component.
Adjusted Net Income
Adjusted consolidated net income for the 1 st half of 2026 was EUR 496 million, compared with EUR 386 million in the 1 st half of 2025. Excluding the corporate income tax surcharge in France, adjusted net results for the 1 st half of 2026 and the 1 st half of 2025 would have been EUR 570 million and EUR 453 million, respectively.
The contribution of Thales to the net income of Dassault Aviation was EUR 264 million, compared with EUR 234 million in the 1 st half of 2025.
Adjusted consolidated net margin stood at 11.9% for the 1 st half of 2026, compared with 13.6% for the 1 st half of 2025.
Adjusted consolidated net income per share for the 1 st half of 2026 was EUR 6.42 compared with EUR 4.94 for the 1 st half of 2025.
5. CONSOLIDATED RESULTS (IFRS)
Consolidated Operating Income (IFRS)
Consolidated operating income for the 1 st half of 2026 came to EUR 328 million compared with EUR 186 million in the 1 st half of 2025.
Research and development expenses in the 1 st half of 2026, mainly related to the Falcon 10X, totaled EUR 131 million compared with EUR 182 million in the 1 st half of 2025.
Consolidated operating margin stood at 7.9%, compared with 6.5% for the 1 st half of 2025.
Consolidated Financial Result (IFRS)
Consolidated financial result for the 1 st half of 2026 was EUR 55 million, compared with EUR 78 million in the 1 st half of 2025, down mainly due to the increase in the financing component.
Consolidated Net Income (IFRS)
Consolidated net income for the 1 st half of 2026 was EUR 360 million compared with EUR 334 million in the 1 st half of 2025. Excluding the corporate income tax surcharge in France, adjusted net results for the 1 st half of 2026 and the 1 st half of 2025 would have been EUR 434 million and EUR 401 million, respectively.
The contribution of Thales to the net income of Dassault Aviation was EUR 129 million, compared with EUR 177 million in the 1 st half of 2025.
Consolidated net margin stood at 8.7% for the 1 st half of 2026, compared with 11.7% for the 1 st half of 2025.
Consolidated net income per share for the 1 st half of 2026 was EUR 4.67, compared with EUR 4.28 for the 1 st half of 2025.
6. AVAILABLE CASH
Dassault Aviation uses a specific indicator called "Available cash," which reflects the amount of total liquidities available to Dassault Aviation, net of financial debts. It includes the following balance sheet items: cash and cash equivalents, current financial assets (at market value) and financial debt, excluding lease liabilities. The calculation of this indicator is detailed in the consolidated financial statements (Note 7 of the condensed interim consolidated financial statements).
Available cash of Dassault Aviation stands at EUR 10,099 million as of June 30, 2026, compared with EUR 9,415 million as of December 31, 2025. This increase is mainly due to advances received on orders for Rafale Export.
7. CONSOLIDATED BALANCE SHEET (IFRS)
Total equity stood at EUR 6,561 million as of June 30, 2026, compared with EUR 6,664 million as of December 31, 2025.
Borrowings and financial debt amounted to EUR 201 million as of June 30, 2026, compared with EUR 203 million as of December 31, 2025. They are composed of locked-in employee profit-sharing funds for EUR 16 million and lease liabilities recognized for EUR 185 million.
Inventories and work-in-progress increased by EUR 756 million to reach EUR 8,207 million as of June 30, 2026.
Advance payments received on orders net of advance payments paid stood at EUR 14,866 million, an increase of EUR 913 million.
The market value of derivative financial instruments value stood at EUR 11 million as of June 30, 2026, compared with EUR 52 million as of December 31, 2025.
This financial press release may contain forward-looking statements which represent objectives and cannot be construed as forecasts regarding Dassault Aviation’s results or any other performance indicator. The actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in Dassault Aviation’s half-year financial report.
The English language version of this report is a free translation from the original, which was prepared in French language. All possible care has been taken to ensure that the translation is an accurate presentation of the original. However, in all matters of interpretation, views or opinion expressed in the original language version of the document in French take precedence over the translation.
CONTACTS :
Corporate Communication
Stéphane Fort - Tel. +33 (0)1 47 11 86 90 - stephane.fort@dassault-aviation.com
Mathieu Durand - Tel. +33 (0)1 47 11 85 88 - mathieu.durand@dassault-aviation.com
Investor Relations
Louis Proisy - Tel. +33 (0)1 47 11 59 51 - louis.proisy@dassault-aviation.com
APPENDIX
1. DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS
To reflect the actual consolidated economic performance and for monitoring and comparability reasons, Dassault Aviation presented an adjusted income statement of:
Dassault Aviation also presents the “available cash” indicator, which reflects the amount of total liquid assets, net of financial debt. It covers the following balance sheet items:
The calculation of this indicator is detailed in the condensed interim consolidated financial statements (see Note 7).
Only consolidated financial statements are audited by statutory auditors. Adjusted financial data are subject to the verification procedures applicable to all information provided in the half-year financial report.
2. IMPACT OF ADJUSTMENTS
The impact of the adjustments of income statement aggregates for the 1 st half of 2026 is set out below:
The impact of the adjustments of income statement aggregates for the 1 st half of 2025 is set out below:
Attachment