Thales stock reports 7.8 percent H1 growth as orders rise

Published on 09/29/2026 at 07:11 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Thales stock recorded EUR 12.5 billion in H1 orders, up 22 percent organically year over year. Adjusted net income reached EUR 990 million.

Bauhaus-Poster mit geometrischen Formen, Radarwellen-Motiv und Schriftzug DEFENSE in Rot-Blau — Geometrisches Bauhaus-Poster mit Radar-Motiv und Sektor-Schriftzug DEFENSE steht sinnbildlich für Thales S.A. FR0000121329, Illustration mit AI erstellt.

Thales stock (ISIN FR0000121329) was last quoted at EUR 227.70 on Euronext Paris on September 28, 2026, after a daily change of -0.74 percent. The company entered the second half of 2026 with EUR 12.5 billion in first-half order intake, up 22 percent organically year over year, according to Yahoo Finance.

Defense orders lead growth

Thales reported EUR 10.9 billion in sales for H1 2026, representing 7.8 percent organic growth. Adjusted EBIT reached EUR 1.4 billion, up 10 percent year over year, while the adjusted EBIT margin improved to 12.5 percent, the July 23, 2026 earnings call said.

Defense provided the clearest operating signal. Defense sales reached EUR 6.3 billion, up 13 percent organically, and adjusted EBIT in the segment rose 22 percent organically as the margin increased from 12.8 percent to 13.8 percent in H1 2026.

Cash flow strengthens the case

Adjusted net income group share rose 13 percent to EUR 990 million in H1 2026. Free operating cash flow reached EUR 1.9 billion, compared with EUR 500 million in H1 2025, although management said the first-half cash figure benefited from working-capital timing.

Thales confirmed 2026 organic sales growth guidance of 6 percent to 7 percent, corresponding to revenue of EUR 23.3 billion to EUR 23.6 billion. The company also retained its adjusted EBIT margin target of 12.6 percent to 12.8 percent and expects adjusted net income to free operating cash flow conversion of 100 percent to 110 percent, according to Yahoo Finance.

Analyst target stays above price

The analyst consensus target was EUR 293.32, based on 19 analysts, while the reference price stood at EUR 227.70. Investing.com lists Kepler Cheuvreux at a EUR 295.00 target with a buy rating dated September 18, 2026, and records a EUR 330.00 target from RBC Capital with new coverage dated August 11, 2026.

The main counter-factor is visible in Thales's business mix. Space sales were affected by the cancellation of two geostationary satellite contracts, which reduced H1 revenue by EUR 153 million, while cyber sales grew only 0.4 percent in the first half. Thales said cyber growth resumed at 4.5 percent organically in the second quarter, leaving execution of its recovery target as an important test.

Thales stock trades below target

Thales stock was last quoted at EUR 227.70 on Euronext Paris on September 28, 2026, with a day range of EUR 227.00 to EUR 230.00 and volume of 53,282 shares. Boursorama lists October 22, 2026, as the next revenue reporting date, while Thales Alenia Space has separately announced a EUR 500 million IRIS2 payload tranche dated September 10, 2026, according to Thales.