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Order intake: 10.8 billion, up 26% ( 23% on an organic basis1)
Order book: 47 billion, a new record high
Sales: 9.5 billion, up 8.9% ( 6.0% on an organic basis)
EBIT2: 1,096 million, up 10.4% ( 4.7% on an organic basis)
Adjusted net income, Group share2: 866 million, up 6%
Consolidated net income, Group share: 1,017 million, up 57%
Free operating cash flow2,3: 23 million
2024 targets confirmed. Ranges narrowed:
Book-to-bill ratio4 above 15
Organic sales growth between 5% and 6%6
EBIT margin: 11.7% to 11.8%7
Thales' Board of Directors (Euronext Paris: HO) met on July 22, 2024 to review the financial statements for the first half of 20248.
We once again achieved strong sales growth in the first half of the year, with record orders including three contracts with a unit value in excess of 500 million. This reflects strong demand from our customers and the quality of the Group's solutions.
Organic sales growth came to 6%, thanks to the good performance of the Aeronautics and Defence & Security businesses.
The Group s EBIT margin continued to rise, reaching a new all-time high for a first half, at 11.5%. In this context, we are continuing to invest to increase our production capacity and support the sustainable growth of our business. We are also accelerating our investments in innovation to strengthen our technological leadership.
Other priorities for the year include the continued integration of recent acquisitions Imperva and Cobham Aerospace Communications. This integration is proceeding as planned. We are also committed to restoring sustainably profitability in the space business with the implementation of the Thales Alenia Space adaptation plan.
We confirm our annual outlook and have refined it based on the improved visibility we have regarding the rest of the year.
I would like to thank our 81,000 employees for their unwavering commitment to serving our customers.
Patrice Caine, Chairman & Chief Executive Officer
Key figures
Order intake in the first half of 2024 amounted to 10,767 million, up 26% from H1 2023 ( 23% on an organic basis, i.e. at constant scope and exchange rates). The Group continued to record excellent sales momentum in most of its businesses. At June 30, 2024, the consolidated order book totaled 47 billion, up 16% compared to the first half of 2023, reaching a new all-time high.
Sales totaled 9,493 million, up 8.9% from H1 2023, and up 6.0% at constant scope and exchange rates. Sales growth was driven in particular by the robust performance of Avionics and Defence & Security.
In the first half of 2024, the Group posted EBIT of 1,096 million (11.5% of sales), compared to 993 million (11.4% of sales) in the first half of 2023, an increase of 10.4% ( 4.7% on an organic basis).
At 866 million, adjusted net income, Group share rose by 6%, taking into account the increase in debt servicing following the acquisitions made over the past year.
Consolidated net income, Group share amounted to 1,017 million, up 57% compared to H1 2023, driven by the increase in adjusted net income and the capital gain on the disposal of the Transport activity.
Free operating cash flow from continuing operations11 (excluding the Transport business following its disposal), was positive at 23 million compared with 253 million in the first half of 2023. As announced, in the first half of 2024, the Group recorded a significant increase in its working capital requirement compared to the first half of 2023.
Net debt reached - 4,594 million at June 30, 2024 compared with - 4,190 million at December 31, 2023.
Order intake
Order intake in H1 2024 amounted to 10,767 million, up 26% compared to H1 2023 ( 23% at constant scope and exchange rates13). The book-to-bill ratio was 1.13, a substantial increase compared to the first half of 2023, when it was 0.98.
This strong order intake was driven by large orders (orders with a unit value of more than 100 million), the cumulative amount of which came to 3,602 million, up 116% compared with the first half of 2023 ( 1,671 million). Three orders in excess of 500 million were recorded during the period.
Thales recorded a total of 12 large orders with a unit value of more than 100 million in the first half of 2024, compared to nine in the first half of 2023, as follows:
Four large orders booked in Q1 2024:
The entry into force of the third phase of the order placed by Indonesia in 2022 for the purchase of 42 Rafale aircraft (18 aircraft and support services);
Order of an air surveillance system for a military customer in the Middle East;
Second tranche of the contract signed in 2023 between France and Italy for the production of 400 ASTER B1NT ground-to-air missiles;
Phased contract with the French Defence Procurement Agency (DGA) to develop the next generation of sonars to equip French nuclear-powered ballistic-missile submarines (SSBN).
Eight large orders booked in Q2 2024:
Order of two new F126 frigates by the German Navy. This additional contract brings the number of F126 frigates acquired by the German Navy to six in the past four years;
Exomars 2028, a contract signed between industrial prime contractor Thales Alenia Space and the European Space Agency (ESA) to relaunch the European space mission dedicated to the exploration of the Red Planet;
Order by SKY Perfect JSAT to Thales Alenia Space of JSAT-31, a new generation of satellite reconfigurable in orbit using Space INSPIRE technology;
Order by France's Joint Munitions Command (SiMu) of tens of thousands of 120mm rifled ammunition;
Order for a next generation cloud native FLYTEDGE InFlight Entertainment System for a major worldwide airline;
Order by an Asian customer of latest-generation Ground Master 400 Alpha long-range air surveillance radars;
Order by the Dutch Ministr
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