Thales : Consensus Q1 2021 - 16 July 2021

THALES CONSENSUS

Order Intake, Sales and EBIT by operating segments										Growth rates
Order intake	H1 2020	FY 2020			H1 2021		FY 2021	min	max	FY 2022	FY 2023	FY 2024		H1 2021	FY 2021	FY 2022	FY 2023	FY 2024
Aerospace	1 625	3 822			2 713		4 425	4 259	5 152	4 866	4 926	5 068	67%	16%	10%	1%	3%
Transport	442	1 652			580		1 703	1 391	1 750	1 785	1 810	1 850	31%	3%	5%	1%	2%
Defence & Security	2 425	9 922			3 413		9 063	8 741	9 494	9 220	9 622	9 991	41%	-9%	2%	4%	4%
Digital identity and security (DIS)	1 587	3 023			1 399		3 091	2 977	3 182	3 203	3 394	3 623	-12%	2%	4%	6%	7%
Other	13	57			20		69	57	88	69	73	88		nm	nm	nm	nm	nm
Total order intake	6 092	18 476			8 118		18 610	17 855	19 071	19 630	20 647	21 413	33%	1%	5%	5%	4%
#participants					6		5			5	5	4
Sales	H1 2020	FY 2020			H1 2021		FY 2021	min	max	FY 2022	FY 2023	FY 2024		H1 2021	FY 2021	FY 2022	FY 2023	FY 2024
Aerospace	1 946	4 217			2 008		4 320	4 134	4 437	4 685	4 994	5 300	3%	2%	8%	7%	6%
Transport	717	1 618			735		1 723	1 634	1 821	1 783	1 836	1 878	3%	6%	3%	3%	2%
Defence & Security	3 588	8 085			4 150		8 630	8 500	8 861	9 062	9 491	9 947	16%	7%	5%	5%	5%
Digital identity and security	1 472	2 992			1 377		2 996	2 912	3 156	3 157	3 310	3 494	-6%	0%	5%	5%	6%
Other	28	77			29		77	60	82	77	77	77		nm	nm	nm	nm	nm
Total sales	7 751	16 989			8 304		17 753	17 544	17 972	18 730	19 624	20 622	7%	4%	6%	5%	5%
#participants					12		12			12	12	11
EBIT (*)	H1 2020	FY 2020			H1 2021		FY 2021	min	max	FY 2022	FY 2023	FY 2024		H1 2021	FY 2021	FY 2022	FY 2023	FY 2024
Aerospace	-109	-76			60		156	130	174	296	408	481		nm	nm	90%	38%	18%
Transport	4	86			36		123	111	133	137	146	153	704%	43%	12%	6%	5%
Defence & Security	359	1 039			501		1 130	1 099	1 192	1 178	1 255	1 321	40%	9%	4%	7%	5%
Digital identity and security	140	324			140		329	313	391	369	413	448	0%	2%	12%	12%	8%
Other	-47	-21			0		5	-12	25	14	17	20		nm	nm	nm	nm	nm
Total EBIT	348	1 352			741		1 756	1 700	1 800	2 010	2 263	2 423	113%	30%	14%	13%	7%
#participants					12		12			12	12	11
														EBIT margin evolution (points)
EBIT margin	H1 2020	FY 2020			H1 2021		FY 2021	min	max	FY 2022	FY 2023	FY 2024		H1 2021	FY 2021	FY 2022	FY 2023	FY 2024
Aerospace	-5,6%	-1,8%			3,0%		3,6%	3,1%	3,9%	6,3%	8,2%	9,1%	8,6	5,4	2,7	1,8	0,9
Transport	0,6%	5,3%			4,9%		7,1%	6,8%	7,3%	7,7%	7,9%	8,2%	4,3	1,8	0,6	0,2	0,2
Defence & Security	10,0%	12,9%			12,1%		13,1%	12,9%	13,4%	13,0%	13,2%	13,3%	2,1	0,2	-0,1	0,2	0,1
Digital identity and security	9,5%	10,8%			10,2%		11,0%	10,7%	12,4%	11,7%	12,5%	12,8%	0,6	0,2	0,7	0,8	0,3
Other	NM	NM			nm		nm	nm	nm	nm	nm	nm		nm	nm	nm	nm	nm
Total EBIT margin	4,5%	8,0%			8,9%		9,9%	9,7%	10,0%	10,7%	11,5%	11,8%	4,4	1,9	0,8	0,8	0,2
Other Group KPIs
	H1 2020	FY 2020			H1 2021		FY 2021	min	max	FY 2022	FY 2023	FY 2024		H1 2021	FY 2021	FY 2022	FY 2023	FY 2024
Adjusted Net Income, group share (*)	232	937			521		1 242	1 145	1 316	1 459	1 631	1 816	124%	33%	17%	12%	11%
Average number of shares outstanding	213	213			213		213	213	214	213	213	213		nm	nm	nm	nm	nm
Adjusted EPS	1,09	4,40			2,45		5,84	5,38	6,15	6,85	7,66	8,53		124%	33%	17%	12%	11%
Free Operating Cash Flow (*)	-471	1 057			40		1 217	1 082	1 402	1 398	1 607	1 785	108%	15%	15%	15%	11%
Net cash (debt) at end of period	-3 928	-2 549			-2 970		-1 901	-2 181	-1 603	-1 202	-427	351		nm	nm	nm	nm	nm

(*) Non-GAAP measures, see definitions on page 34 of the 2020 registration document

The consensus is composed of the forecasts of analysts who follow Thales results on a regular basis. The following broking firms contributed to the consensus at 16th July 2021 shown above: Agency Partner, Barclays, Berenberg, Bernstein, Citi, Deutsche Bank, Exane BNP Paribas, Goldman Sachs, JP Morgan, Redburn, Société Générale, and UBS. This information was collected between 12th and 15th July 2021 directly from the sell-side analysts. It is provided by Thales solely for information purposes and may not be necessarily complete. Its publication by Thales shall under no circumstances be regarded as a validation or approval by Thales of all or part of these forecasts. It does not represent the opinions, forecasts or forward-looking statements of Thales, or of its management. In consequence, Thales cannot be held responsible for any of the information, statement or data contained in or omitted from this table.