![\"Thales](\"https:\/\/www.europesays.com\/france\/wp-content\/uploads\/2026\/05\/0-202602091138-6989c71ab1738.jpg\")
<\/p>\nThe defense electronics group raised 1 billion euros on the bond market to finance the Exail acquisition project, announced in early July. The operation was carried out in two tranches with distinct maturities and coupons.<\/p>\n
Published on Aug 24, 2026 at 10:55 <\/p>\n
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Two tranches at 4 and 8 years, coupons of 3.50% and 3.75%<\/p>\n
Thales issued on August 20, 2026 a bond loan in two tranches for a total amount of 1 billion euros. The first tranche amounts to 500 million euros, with a maturity of 4 years, at a fixed rate with a coupon of 3.50%.<\/p>\n
The second tranche also amounts to 500 million euros, with a maturity of 8 years, at a fixed rate with a coupon of 3.75%. This issuance is intended to finance the Exail acquisition project, announced on July 6, 2026.<\/p>\n
Issuance subscribed by a diversified investor base<\/p>\n
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According to the group, the issuance met strong demand from investors and was largely subscribed by a diversified base. Thales indicates that this placement reflects the credit quality of the group, rated A2 (stable outlook) by Moody’s and A- (stable outlook) by S&P Global Ratings.<\/p>\n
The operation was led by Cr\u00e9dit Agricole Corporate & Investment Bank as global coordinator, alongside BNP Paribas, Deutsche Bank, J.P. Morgan, Natixis, Santander, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, Barclays, CIC, Commerzbank, HSBC and UniCredit as book runners.<\/p>\n
\n Sector
\n D\u00e9fense \u00b7 A\u00e9ronautique \/ spatiale \u00b7 Industrie \u00b7 Technologie
\n \u203a
\n D\u00e9fense\n <\/p>\n
Key reported figures<\/p>\n
Revenue:
\n 22 136 millions d’euros<\/p>\n
Revenue growth:
\n 7,6 %<\/p>\n
Net income:
\n 2 005 millions d’euros (R\u00e9sultat Net Ajust\u00e9, part du Groupe)<\/p>\n
Free cash flow:
\n 2 577 millions d’euros<\/p>\n
-1 618 millions d’euros<\/p>\n
Dividend per share:
\n 3,90 \u20ac<\/p>\n
Payout ratio:
\n 40 %<\/p>\n
Guidance from the release<\/p>\n
2025 a \u00e9t\u00e9 une tr\u00e8s bonne ann\u00e9e avec des commandes records et une croissance du chiffre d\u2019affaires, d\u00e9montrant l\u2019excellence op\u00e9rationnelle du Groupe.<\/p>\n
Communiqu\u00e9 indiquant des commandes records, un chiffre d\u2019affaires en hausse et une rentabilit\u00e9 am\u00e9lior\u00e9e en 2025, avec des perspectives 2026 positives et un dividende soutenu.<\/p>\n
Outlook \/ guidance<\/p>\n
Expected revenue:
\n Entre 23,3 et 23,6 milliards d’euros en 2026<\/p>\n
Expected EBITDA:
\n Non pr\u00e9cis\u00e9 publiquement<\/p>\n
Expected net income:
\n Non pr\u00e9cis\u00e9 publiquement<\/p>\n
Management commentary:
\n Pour 2026, Thales vise un book-to-bill sup\u00e9rieur \u00e0 1 et une croissance organique du chiffre d\u2019affaires entre 6 % et 7 %, correspondant \u00e0 un chiffre d\u2019affaires entre 23,3 et 23,6 milliards d\u2019euros, et une marge d\u2019EBIT Ajust\u00e9 entre 12,6 % et 12,8 %; le taux de conversion en cash devrait se situer entre 95 % et 100 %.<\/p>\n
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.<\/p>\n
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.<\/p>\n","protected":false},"excerpt":{"rendered":"The defense electronics group raised 1 billion euros on the bond market to finance the Exail acquisition project,…\n","protected":false},"author":2,"featured_media":17740,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13059],"tags":[5719],"class_list":["post-69238","post","type-post","status-publish","format-standard","has-post-thumbnail","category-thales","tag-thales"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts\/69238","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/comments?post=69238"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts\/69238\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/media\/17740"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/media?parent=69238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/categories?post=69238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/tags?post=69238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}