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Thales reports its 2022 full-year results


Thales’s Board of Directors (Euronext Paris: HO) met on March 7, 2023 to review the 2022 financial statements.1

“Thanks to the commitment of all its employees, Thales has achieved high quality results in 2022. Commercial momentum was strong in all business lines. With 29 contracts with a unit value of over €100 million, the order intake reached a record level of over €23 billion.
Despite a complex operating environment, sales growth was at the upper end of the range announced in July 2022, and the EBIT margin surpassed pre-Covid-19 levels.
Cash generation was once again well above €2 billion and the Group is expected to generate nearly €6.5 billion in free operating cash flow over the 2021-2023 period.
We continued to optimize our business portfolio with four acquisitions and two disposals. We are ahead of schedule on our ESG action plan to build a safer, more environmentally friendly and more inclusive world.
To support our growth we are significantly ramping up our recruitment and capex plans. After hiring 11,500 people in 2022, we will recruit more than 12,000 employees in 2023. Our 2023 capex will be 20% above 2022, and 46% above 2021.
With its technologies, its capacity for innovation and the commitment of all its teams, Thales demonstrated once again the relevance of its business model, both resilient and consistently creating value for its stakeholders.”

Patrice Caine, Chairman & Chief Executive Officer


•    Order intake: €23.6 billion, up 18% (+16% on an organic basis2)
•    Sales: €17.6 billion, up 8.5% (+5.5% on an organic basis)
•    EBIT3: €1,935 million, up 17.3% (+15.6% on an organic basis)
•    Adjusted net income, Group share: €1,556 million, up 14%
•    Consolidated net income, Group share: €1,121 million, up 3%
•    Free operating cash flow: €2,527 million, 162% of adjusted net income, Group share
•    Dividend4 of €2.94, up 15%
•    2023 objectives:
      —    Book-to-bill 5 above 1
      —    Organic sales growth of between +4% and +7%, corresponding to sales between, €18 and €18.5 billion
      —    EBIT margin between 11.5% to 11.8%
•    2019-2023 cash flow generation target again revised upwards:
      —    Conversion ratio of adjusted net income6 to free operating cash flow greater than 130%
      —    Around €6.5 billion of free operating cash flow expected for 2021-2023


Key figures


We were pleased to invite you to participate in this conference call (or webcast), in english, on:

Wednesday, March 08, 2023 at 8:30 AM (CET)


Using the following link, you will be able to register, get your personal PIN and choose the most convenient method of connection: list of dial-in numbers or a "call me" option, by entering your phone number.

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

If you were unable to listen to the call, you can use the webcast link above. The recording will be available for a year.


1 At the date of this press release, the audit procedures for the financial statements have been completed and the statutory auditors’ report was in the process of being issued.
2 In this press release, “organic” means “at constant scope and exchange rates”. See note on methodology on page 15 and calculation on page 20 of the press release. 
3 Non-GAAP financial indicators, see definitions in the appendices, page 15 of the press release.
4 Proposed to the Annual General Meeting on May 10, 2023.
5 Ratio of order intake to sales.
6 Previous target (March 2022): around 115% on a reported basis.