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2021 Half year results





Thales's Board of Directors (Euronext Paris: HO) met on 23 July 2021 to review the financial statements for the first half of 2021. [1]

Thales's H1 2021 results recorded a sharp rebound, once again demonstrating the resilience of our business model and the relevance of the strategic choices - both technological and industrial - implemented.

Commercial momentum was especially strong in space, defense and cybersecurity.

On a pro forma basis, EBIT was already close to its 2019 level. The robust improvement in Transport and Digital Identity and Security (DIS - formerly Gemalto) almost entirely offset the steep decline in Aerospace, which remained affected by the consequences of the health crisis on the civil aeronautics market.

Free operating cash flow was well ahead of plan.

These results illustrate the commitment and professionalism of Thales teams, whom I want to thank warmly.

Given the robustness of growth over the first months of 2021, we are raising our sales target for the year. We now expect sales of between 17.5 billion and 18 billion.

The world of tomorrow requires digital solutions contributing to a safer, more sustainable, and more inclusive world, which widens the scope of growth opportunities for Thales. All Group teams are mobilized to support our customers in this transformation.

Patrice Caine, Chairman & Chief Executive Officer

Order intake: 8.2 billion, up 35% ( 37% on an organic basis [2])

Sales: 8.4 billion, up 8.7% ( 9.8% on an organic basis)

EBIT [2]: 768 million, up 121% ( 119% on an organic basis)

Adjusted net income, Group share [3]: 591 million, up 155%

Consolidated net income, Group share: 433 million, up 565%

Free operating cash flow [3]: 420 million

2021 sales target upgraded: sales now expected between 17.5 billion and 18.0 billion [4]

In millions,

except earnings and dividend per share (in )

H1 2021

H1 2020

Total change

Organic change

Order intake





Order book at end of period









EBIT [3]





as a % of sales



4.6 pts

4.6 pts

Adjusted net income, Group share [3]




Adjusted net income, Group share, per share [3]




Consolidated net income, Group share




Free operating cash flow [3]




Net cash (debt) at end of period [3]


-3,928 [5]


We are pleased to invite you to participate to this Conference Call or Webcast, in English, on:

Friday, July 23, 2021 at 8:30 AM (CET)

Dial-in the following numbers:

Telephone conference numbers and confirmation code

Dial in details:

Standard international: 44 (0) 2071 928338

France, Paris (Local): 33 (0) 170700781

France (FreeCall): 0805101465

United Kingdom (Local): 44 (0) 8444819752

United Kingdom (FreeCall): 08002796619

United States, New York (Local): 16467413167

United States (FreeCall): 18778709135

Confirmation Code: 2079972

It will be also possible to follow the conference call through a Webcast by using the following link:

If you are unable to listen to the call, please find below the REPLAY Dial in details:

23/07/2021 14:00 CET - 30/07/2021 14:00 CET

France: 33 (0)1 70 95 03 48

Standard International: 44 (0) 3333009785

Confirmation Code: 2079972


[1] The limited review of the financial statements has been completed and the statutory auditors' report has been issued following the meeting of the Board of Directors

[2] Organic means at constant scope and currency. See note on methodology and calculation in press release

[3] Non-GAAP financial indicators, see definitions in the appendices of the press release

[4] Previous target, set on 3 March 2021: 17.1 billion to 17.9 billion.

[5] Net debt at 30 June 2020.


Thales reports its H1 2021 results - Press release - 23 July 2021

Thales - Consolidated financial statements at 30 June 2021

Thales - H1 2021 - Slideshow


C dric Leurquin

33 (0)1 57 77 86 26

Bertrand Delcaire - Thales, Analysts/Investors

33 (0)1 57 77 89 02
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