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Thales reports its 2022 half-year results

  • Order intake1: €11.2 billion, up 46% (+43% on an organic basis2)
  • Sales: €8.3 billion, up 7.7% (+5.4% on an organic basis)
  • EBIT3: €891 million, up 23% (+21% on an organic basis)
  • Adjusted net income, Group share2: €726 million, up 23%
  • Consolidated net income, Group share: €566 million, up 31%
  • Free operating cash flow3: €820 million, 113% of adjusted net income, Group share
  • Full year 2022 guidance upgraded4
    • Book-to-bill ratio5 significantly higher than 1
    • Organic sales growth between +3.5% and +5.5%6
    • EBIT margin target: 10.8% to 11.1% (unchanged)

Thales’s Board of Directors (Euronext Paris: HO) met on July 20, 2022 to review the financial statements for the first half of 20227.

Over H1 2022, Thales achieved very solid results in spite of a complex operating environment marked by supply chain tensions and the geopolitical context.
Strong commercial momentum and the entry into force of the Rafale contract in the United Arab Emirates have enabled order intake to reach a record level of €11.2 billion, reinforcing visibility on future activity.
Organic sales growth exceeded 5% again, driven in particular by the digital identity and security segment (DIS, formerly Gemalto), which achieved double-digit growth for the third consecutive quarter.
The EBIT margin and free operating cash flow were ahead of plan.
Given the robustness of activity in the first months of 2022, and despite a global environment marked by high uncertainties, we have decided to raise our full year order intake and sales growth targets.
Our roadmap for the coming months is clear: accelerate recruitment, strengthen the resilience of our supply chains and manage the consequences of inflation while continuing to implement all our strategic initiatives.
I would like to once again thank our 80,000 employees who relentlessly create value for our customers every day
Patrice Caine, Chairman & Chief Executive Officer

Key figures

In € millions

except earnings and dividend per share (in €)

H1 2022

H1 2021



Order intake





Order book at end of period















as a % of sales



+1.4 pts

+1.4 pts

Adjusted net income, Group share8





Adjusted net income, Group share, per share8





Consolidated net income, Group share





Free operating cash flow8:





Net cash (debt) at end of period8






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

If you were unable to listen to the call, please find below the “REPLAY” dial in details:

21/07/2022 14:00 CET - 28/07/2022 14:00 CET

  • Dial : +39 02 802 09 87
  • Enter code : 700719#
  • Enter recording code : 719#

To view the complete press release, please download the PDF at the bottom.


1 In accordance with standard IFRS 5, the financial data for the “transport” operating segment have been classified under “discontinued operations” following entry into exclusive negotiations with Hitachi Rail with a view to disposing of this business.
2 In this press release, “organic” means “at constant scope and exchange rates”. See note on methodology on page 11 and calculation on page 16.
3 Non-GAAP financial indicators, see definitions in the appendices, page 11.
4 Previous targets: book-to-bill ratio above 1, sales between €16.6 and €17.2 billion, corresponding to organic growth between +2% and +6%. 
5 Book-to-bill ratio: ratio of order intake to sales.
6 Corresponding to €17.1 billion to €17.5 billion based on July 2022 scope and exchange rates.
7 At the date of this press release, 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.
8 Non-GAAP financial indicators, see definitions in the appendices, page 12.
9 Net debt as at June 30, 2021.