Dassault Aviation
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Dassault Aviation (AM) investor relations material

Dassault Aviation H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary22 Jul, 2026

Executive summary

  • Net sales for H1 2026 rose 46% year-over-year to €4.2B, driven by increased Rafale Export deliveries, milestone achievements, and strong Falcon orders, including 23 Falcon and 12 Rafale delivered (10 Export, 2 France).

  • Major international contracts included direct negotiations with India for 114 Rafale and a signed roadmap for Ukraine to acquire 16 Rafale.

  • Falcon 10X completed its maiden flight in June 2026, with entry into service planned for 2029.

  • FCAS/NGF program halted by France and Germany; focus shifts to a French-led demonstrator and alternative partnerships.

  • Expansion of industrial footprint and digital transformation initiatives, especially in India and AI integration.

Financial highlights

  • H1 2026 net sales reached €4.2B, up from €2.85B in H1 2025; operating income at €330M (7.9% margin), and adjusted net income at €496M, impacted by a €74M tax surcharge.

  • Order intake was €2.9B, with a backlog of €45.4B as of June 30, 2026.

  • Available cash increased to €10.1B, mainly from advances on Rafale export contracts.

  • Free cash flow was positive at €1.2B.

  • Research and development expenses focused on Falcon 10X and digital modernization.

Outlook and guidance

  • 2026 guidance unchanged: net sales expected at €8.5B, with deliveries of 40 Falcon and 28 Rafale.

  • Falcon 10X entry into service rescheduled for 2029 due to certification timelines.

  • Ongoing negotiations for major Rafale contracts with India and Ukraine; UAE deliveries planned for end-2026.

Update on the 114 Rafale negotiations with India
Falcon 10X rescheduling and 2029 service entry
Future combat aircraft plans after FCAS halt
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