EU defense stocks rise

Source: Dukascopy Bank SA
Donald Trump's "America First" policy has forced Europe to revisit the topic of continental security. Security company stocks have seen a significant increase in price as new spending plans in the EU are being implemented.

Thales, a global technology company that specializes in aerospace, defense, and security, has benefited from these geopolitical changes.

Thales reported strong 2024 results with €25.3 billion in order intake, up 9%, and €20.6 billion in sales, up 11.7%. Adjusted EBIT rose by 13.4% to €2.42 billion, representing 11.8% of sales, while adjusted net income increased 7% to €1.9 billion. Consolidated net income surged by 39% to €1.42 billion, mainly due to the resolution of pension scheme-related expenses. Free operating cash flow from continuing operations was €2.14 billion, up 9%, with a cash conversion ratio of 114%. Thales proposed a dividend of €3.70 per share, reflecting 40% of adjusted net income, with an interim dividend of €0.85 paid in December and the balance of €2.85 to be paid in May 2025. The order book reached a record €51 billion, supported by 35 large orders over €100 million, totaling €8.67 billion.

The company experienced strong growth in both emerging and mature markets, with orders in emerging markets up 39%. The Aerospace segment saw 14% growth, and the Defence segment set a record with €14.7 billion in orders, while the Cyber & Digital segment showed stable performance. For 2025, Thales expects organic sales growth of 5-6%, resulting in sales between €21.7 billion and €21.9 billion, with an adjusted EBIT margin between 12.2% and 12.4%.

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