Dassault Aviation (AM) H1 2024 earnings summary

Executive summary

• Order intake surged to €5,134 million in H1 2024, driven by a major Rafale contract with Indonesia and strong Falcon demand.

• Backlog reached a record €41,157 million as of June 30, 2024, reflecting robust defense and civil aviation demand.

• Adjusted net sales rose to €2,538 million, with adjusted net income at €442 million and a net margin of 17.4%.

• Supply chain disruptions continue to impact deliveries and customer support, with mitigation efforts underway.

• Strategic focus remains on Rafale production, Falcon 6X deliveries, and Falcon 10X development, with expansion of supply chain in India and decarbonization initiatives.

Financial highlights

• Adjusted net sales increased 11% year-over-year to €2,538 million.

• Adjusted net operating income was €170 million (6.7% margin), up from €151 million (6.6%) in H1 2023.

• Adjusted net income rose to €442 million from €405 million, with EPS at €5.62 versus €4.92.

• Available cash increased to €8,786 million as of June 30, 2024, mainly due to advances from Rafale export contracts.

• Book-to-bill ratio reached 2.02 for H1 2024.

Outlook and guidance

• 2024 guidance unchanged: revenue expected to increase versus 2023, targeting around €6 billion with deliveries of 35 Falcon and 20 Rafale aircraft.