{"id":6885,"date":"2026-08-20T15:04:31","date_gmt":"2026-08-20T13:04:31","guid":{"rendered":"https:\/\/mumak.me\/?p=6885"},"modified":"2026-09-09T19:31:56","modified_gmt":"2026-09-09T17:31:56","slug":"valuation-analysis-thales-s-a","status":"publish","type":"post","link":"https:\/\/mumak.me\/en\/research-insights\/valuation-analysis\/valuation-analysis-thales-s-a\/","title":{"rendered":"Valuation Analysis: Thales"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6885\" class=\"elementor elementor-6885 elementor-6884\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ab0bcff e-flex e-con-boxed e-con e-parent\" data-id=\"ab0bcff\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-01d20b1 elementor-widget elementor-widget-mumak_score_card\" data-id=\"01d20b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"overall\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail mumak-score-card__detail--overall\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">Thales S.A.<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-negative\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tAnalysis result: 4 out of 5 MUMAKS\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7cecee3 elementor-widget elementor-widget-text-editor\" data-id=\"7cecee3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">Since our Thales analysis at the end of July, the stock price has continued to recover, temporarily reaching levels last observed in spring. Following this movement, the stock has recently pulled back from its August highs. <\/p><p style=\"font-weight: 400;\">At the same time, the company&#8217;s latest financial figures continue to provide a solid fundamental basis, while several analysts have adjusted their assessments and price targets after the half-year results.<\/p><p style=\"font-weight: 400;\"><strong>We have therefore updated our Thales analysis to reflect the latest valuation data, analyst expectations, market sentiment, and the changed technical picture.<\/strong><\/p><h2>Rating<\/h2><p><span data-contrast=\"none\">This analysis assesses Thales under the UMBRELLA strategy using the MUMAK method.  <\/span><\/p><p><span data-contrast=\"none\">The valuation is conducted across five decision-making phases: <strong>Geopolitics<\/strong>, <strong>Industry<\/strong>, <strong>Fundamentals<\/strong>, <strong>Market Sentiment<\/strong>, and <strong>Technical Analysis.<\/strong><\/span><\/p><p><span data-contrast=\"none\">The goal is not to predict the future precisely. The goal is orientation. We contextualize facts, demonstrate causal relationships, and structure a comprehensible decision logic.  <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":216}\"> <\/span><\/p><p><b><span data-contrast=\"none\">We explain \u2013 you decide.<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":216}\"> <\/span><\/p><h3>Geopolitics<\/h3><h4 aria-level=\"2\"><strong>Classification <\/strong><\/h4><p><span data-contrast=\"none\">Thales operates in a market environment that continues to benefit from structural geopolitical changes. Rising defense spending in Europe, increased NATO commitments, and growing investments in air defense, cybersecurity, and military communication systems support long-term demand for the company&#8217;s technologies. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">Furthermore, Thales benefits from increasing government investments in critical infrastructure, secure digital systems, and space technologies. This makes the company less dependent on individual large-scale military projects. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">The results for the first half of 2026 confirm this development: Order intake in the defense business increased by <\/span><b><span data-contrast=\"none\">28%<\/span><\/b><span data-contrast=\"none\"> year-on-year, while management confirmed the full-year outlook despite the discontinuation of the German F126 frigate program.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5 aria-level=\"3\"><span data-contrast=\"none\">Opportunities<\/span><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h5><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"71\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">Rising NATO defense spending supports long-term demand for defense electronics, radar, communication, and missile systems.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"71\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">Increasing geopolitical tensions raise the need for air defense, cybersecurity, secure communication solutions, and surveillance technologies.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"71\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">Growing investments in space infrastructure and satellite technologies open up additional long-term growth opportunities.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"71\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">The trend towards digital sovereignty strengthens demand for Thales&#8217; cybersecurity and digital identity solutions.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><h5 aria-level=\"3\"><span data-contrast=\"none\">Risks<\/span><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h5><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"72\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">Defense budgets remain dependent on political priorities and government procurement decisions.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"72\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">Delays in major international orders can lead to short-term fluctuations in order intake.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"72\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">Export restrictions and geopolitical tensions can delay or restrict international defense business.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"72\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">Large defense programs carry execution risks, as shown by the discontinuation of the German F126 frigate program. However, the impact on Thales&#8217; operational profitability remains limited. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">Key Takeaway: The current geopolitical environment continues to offer attractive long-term conditions for Thales.<\/span><\/b><span data-ccp-props=\"{}\"> <\/span><\/p><p><strong><span class=\"TextRun SCXW65624469 BCX4\" lang=\"DE-AT\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW65624469 BCX4\">MUMAK.me Rating Phase 1: Positive = 1 MUMAK<\/span><\/span><span class=\"EOP SCXW65624469 BCX4\" data-ccp-props=\"{}\"> <\/span><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6bb7f4e elementor-widget elementor-widget-mumak_score_card\" data-id=\"6bb7f4e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"geopolitik\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">Thales S.A.<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tRating Geopolitics: positiv\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7538b74 elementor-widget elementor-widget-text-editor\" data-id=\"7538b74\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Industry<\/h3><h4 aria-level=\"2\"><b><span data-contrast=\"none\">Assessment<\/span><\/b><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h4><p><span data-contrast=\"auto\">Thales operates in an attractive segment of the European aerospace and defense industry. Unlike many traditional defense companies, it is less dependent on individual aircraft, ship, or vehicle platforms. Instead, Thales supplies technologies used in a wide range of military and civilian systems.  <\/span><span data-ccp-props=\"{}\"> <\/span><\/p><p><span data-contrast=\"none\">Additionally, the company benefits from the modernization of civil aviation and long-term investments in satellite and space systems.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5><span data-contrast=\"none\">Thales: Valuation Comparison<\/span><span style=\"font-size: 16px;\" data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c843e25 elementor-widget elementor-widget-Table\" data-id=\"c843e25\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Metric <\/th><th class=\"elementor-inline-editing elementor-repeater-item-f44885d\"   >Thales 2026e<\/th><th class=\"elementor-inline-editing elementor-repeater-item-40c4b99\"   >Industry Average*<\/th><th class=\"elementor-inline-editing elementor-repeater-item-0f3a12a\"   >Rating<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<\/tr><tr><td data-label=\"Metric\"   class=\"elementor-repeater-item-d27b099 td-content-type-default\" ><b>P\/E Ratio <\/b><\/td><td data-label=\"Thales 2026e\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" >30.6x <\/td><td data-label=\"Industry Average*\"   class=\"elementor-repeater-item-f11f13c td-content-type-default\" >approx. 20\u201326x <\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-9f7bfea td-content-type-default\" >Weaker \/ Highly valued<\/td><\/tr><tr><td data-label=\"Metric\"   class=\"elementor-repeater-item-e014835 td-content-type-default\" ><b>EBIT margin <\/b><\/td><td data-label=\"Thales 2026e\"   class=\"elementor-repeater-item-96a1917 td-content-type-default\" >12,6 %  <\/td><td data-label=\"Industry Average*\"   class=\"elementor-repeater-item-360abad td-content-type-default\" >approx. 9\u201315%\n<\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-06e6ddc td-content-type-default\" >In line<\/td><\/tr><tr><td data-label=\"Metric\"   class=\"elementor-repeater-item-2c18166 td-content-type-default\" ><b>Net margin  <\/b><\/td><td data-label=\"Thales 2026e\"   class=\"elementor-repeater-item-d036ffc td-content-type-default\" >7,1 %<\/td><td data-label=\"Industry Average*\"   class=\"elementor-repeater-item-4f3a785 td-content-type-default\" >approx. 7\u201314%<\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-7ed3491 td-content-type-default\" >In line<\/td><\/tr><tr><td data-label=\"Metric\"   class=\"elementor-repeater-item-02b37c4 td-content-type-default\" ><b>Revenue Growth <\/b><\/td><td data-label=\"Thales 2026e\"   class=\"elementor-repeater-item-83a4e86 td-content-type-default\" >approx. 7.7%<\/td><td data-label=\"Industry Average*\"   class=\"elementor-repeater-item-55ff8e5 td-content-type-default\" >approx. 7\u201317%<\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-4b39794 td-content-type-default\" >In line<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45a3293 elementor-widget elementor-widget-text-editor\" data-id=\"45a3293\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"none\">*Peer group: Airbus, BAE Systems, Leonardo, Rheinmetall, Saab, and Dassault Aviation.<\/span> <i><span data-contrast=\"none\">Source: MarketScreener consensus estimates and market data, August 2026.<\/span><\/i><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">The comparison shows that while Thales does not achieve the highest growth within the industry, it offers a balanced combination of profitability, stable earnings, and high visibility.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5 aria-level=\"3\"><span data-contrast=\"none\">Opportunities<\/span><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h5><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"73\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">Rising European defense spending supports long-term demand for radar, sensor, air defense, and military communication systems.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"73\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">Increasing cyber threats raise the need for cybersecurity, encryption, and digital identity solutions.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"73\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">Military modernization programs increase the share of electronic systems in aircraft, ships, and land vehicles, thereby increasing the value of Thales&#8217; technologies.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"73\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">Investments in satellite infrastructure, secure connectivity, and space surveillance create additional long-term growth opportunities.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"73\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"none\">Thanks to its broadly diversified technology portfolio, Thales can participate in numerous defense programs without being dependent on the success of a single platform.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><h5 aria-level=\"3\"><span data-contrast=\"none\">Risks<\/span><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h5><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"74\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">Government procurement cycles can lead to longer periods between political decisions and revenue realization.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"74\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">Competition with European and US defense technology companies could put pressure on margins and pricing.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"74\" data-list-defn-props=\"{\"335552541\":1,\"335559683\":0,\"335559684\":-2,\"335559685\":720,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">The civil aviation and space sectors remain vulnerable to program delays, supply chain issues, and changes in customer demand.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":0}\"> <\/span><\/li><\/ul><p><b><span data-contrast=\"none\">Key Takeaway: Thales is positioned in an attractive and structurally growing industry, combining above-average operational profitability with a broad presence in defense electronics, cybersecurity, aerospace, and space technologies.<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><b><span data-contrast=\"none\">MUMAK.me Assessment Phase 2: Positive = 1 MUMAK<\/span><\/b><span data-ccp-props=\"{}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-497015a elementor-widget elementor-widget-mumak_score_card\" data-id=\"497015a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"branche\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">Thales S.A.<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tRating Industry: positiv\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e9d3a8f elementor-widget elementor-widget-text-editor\" data-id=\"e9d3a8f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3><b><span data-contrast=\"none\">Fundamentals<\/span><\/b><\/h3><h4 aria-level=\"2\"><span data-contrast=\"none\">Assessment<\/span><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h4><p><span data-contrast=\"none\">Thales showed strong operational development in the first half of 2026. Particularly noteworthy is not only the revenue growth but, above all, the significantly higher momentum in order intake. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">The reported consolidated net income was impacted by a special effect related to the termination of the German F126 frigate program. However, operational development remained largely unaffected and continued its positive trend. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<a href=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Thales_Finanzdaten-scaled.png\" target=\"_self\" class=\"e-image-link-base\" data-interaction-id=\"00aceda\"\n\t><img fetchpriority=\"high\" decoding=\"async\" class=\"e-image-base \" data-e-type=\"widget\" data-id=\"00aceda\" id=\"6898\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Thales_Finanzdaten-scaled.png\" width=\"2560\" height=\"1072\" srcset=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Thales_Finanzdaten-scaled.png 2560w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Thales_Finanzdaten-300x126.png 300w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Thales_Finanzdaten-1024x429.png 1024w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Thales_Finanzdaten-768x321.png 768w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Thales_Finanzdaten-1536x643.png 1536w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Thales_Finanzdaten-2048x857.png 2048w\" alt=\"Thales_Financial_Data\"\/>\t<\/a>\t\t\t\t<div class=\"elementor-element elementor-element-7013132 elementor-widget elementor-widget-text-editor\" data-id=\"7013132\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h5 aria-level=\"3\"><b><span data-contrast=\"none\">Financial Metrics<\/span><\/b><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-265b238 elementor-widget elementor-widget-Table\" data-id=\"265b238\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Key Figure<\/th><th class=\"elementor-inline-editing elementor-repeater-item-f44885d\"   >H1 2026<\/th><th class=\"elementor-inline-editing elementor-repeater-item-135430f\"   >H1 2025<\/th><th class=\"elementor-inline-editing elementor-repeater-item-826eb85\"   >Change<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-d27b099 td-content-type-default\" ><b>Revenue<\/b><\/td><td data-label=\"H1 2026\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" ><b>EUR 10.95 billion<\/b>\n<\/td><td data-label=\"H1 2025\"   class=\"elementor-repeater-item-6c5db9a td-content-type-default\" >EUR 10.26 billion\n<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-3e6eb57 td-content-type-default\" ><b>+6,7 %  <\/b>\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-e014835 td-content-type-default\" ><b>Adjusted EBIT <\/b><\/td><td data-label=\"H1 2026\"   class=\"elementor-repeater-item-bb20811 td-content-type-default\" ><b>EUR 1.37 billion<\/b>\n<\/td><td data-label=\"H1 2025\"   class=\"elementor-repeater-item-96a1917 td-content-type-default\" >EUR 1.25 billion\n<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-48ab1e0 td-content-type-default\" ><b>+9,9 %  <\/b>\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-2c18166 td-content-type-default\" ><b>Adjusted EBIT margin <\/b><\/td><td data-label=\"H1 2026\"   class=\"elementor-repeater-item-87f69fe td-content-type-default\" ><b>12,5 %<\/b>\n<\/td><td data-label=\"H1 2025\"   class=\"elementor-repeater-item-83a4e86 td-content-type-default\" >12,2 %<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-2aa5a80 td-content-type-default\" ><b>+0.3 percentage points<\/b>\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-02b37c4 td-content-type-default\" ><b>Adjusted net income <\/b><\/td><td data-label=\"H1 2026\"   class=\"elementor-repeater-item-44700b9 td-content-type-default\" ><b>EUR 990 million <\/b>\n<\/td><td data-label=\"H1 2025\"   class=\"elementor-repeater-item-d036ffc td-content-type-default\" >EUR 877 million <\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-3d8562a td-content-type-default\" ><b>+13,0 %  <\/b>\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-be3c55f td-content-type-default\" ><b>Net income (shareholders' share) <\/b><\/td><td data-label=\"H1 2026\"   class=\"elementor-repeater-item-8f1668f td-content-type-default\" ><b>EUR 485 million<\/b>\n<\/td><td data-label=\"H1 2025\"   class=\"elementor-repeater-item-e13d752 td-content-type-default\" >EUR 664 million<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-4d24409 td-content-type-default\" ><b>\u221227.0%<\/b>\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-9816593 td-content-type-default\" ><b>Free Operating Cash Flow <\/b><\/td><td data-label=\"H1 2026\"   class=\"elementor-repeater-item-3effc0c td-content-type-default\" ><b>EUR 1.87 billion <\/b>\n<\/td><td data-label=\"H1 2025\"   class=\"elementor-repeater-item-56d4350 td-content-type-default\" >EUR 499 million<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-fa7825f td-content-type-default\" ><b>+274,0 %  <\/b>\n<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e23bcd0 elementor-widget elementor-widget-text-editor\" data-id=\"e23bcd0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em><span class=\"TextRun SCXW16941261 BCX4\" lang=\"DE-AT\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW16941261 BCX4\">Source:<\/span><span class=\"NormalTextRun SCXW16941261 BCX4\"> Thales Half-Year Results 2026.<\/span><\/span><span class=\"EOP Selected SCXW16941261 BCX4\" data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<a href=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Thales_Voraussichtliche-Gewinn-und-Verlustrechnung.png\" target=\"_self\" class=\"e-image-link-base\" data-interaction-id=\"6e9fb1b\"\n\t><img decoding=\"async\" class=\"e-image-base \" data-e-type=\"widget\" data-id=\"6e9fb1b\" id=\"6899\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Thales_Voraussichtliche-Gewinn-und-Verlustrechnung.png\" width=\"1298\" height=\"828\" srcset=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Thales_Voraussichtliche-Gewinn-und-Verlustrechnung.png 1298w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Thales_Voraussichtliche-Gewinn-und-Verlustrechnung-300x191.png 300w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Thales_Voraussichtliche-Gewinn-und-Verlustrechnung-1024x653.png 1024w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Thales_Voraussichtliche-Gewinn-und-Verlustrechnung-768x490.png 768w\" alt=\"Thales_Projected_Income_Statement\"\/>\t<\/a>\t\t\t\t<div class=\"elementor-element elementor-element-9ef60b4 elementor-widget elementor-widget-text-editor\" data-id=\"9ef60b4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"none\">According to MarketScreener, Thales is expected to continue its profitable growth trajectory at least until 2028.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5><span data-contrast=\"none\">Order Intake and Order Backlog<\/span><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b297e16 elementor-widget elementor-widget-Table\" data-id=\"b297e16\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Key Figure<\/th><th class=\"elementor-inline-editing elementor-repeater-item-f44885d\"   >H1 2026<\/th><th class=\"elementor-inline-editing elementor-repeater-item-135430f\"   >H1 2025<\/th><th class=\"elementor-inline-editing elementor-repeater-item-826eb85\"   >Change<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-d27b099 td-content-type-default\" ><b>Group Order Intake<\/b><\/td><td data-label=\"H1 2026\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" ><b>EUR 12.47 billion <\/b>\n<\/td><td data-label=\"H1 2025\"   class=\"elementor-repeater-item-6c5db9a td-content-type-default\" >EUR 10.35 billion \n<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-3e6eb57 td-content-type-default\" ><b>+21,0 %  <\/b>\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-e014835 td-content-type-default\" ><b>Book-to-Bill Ratio <\/b><\/td><td data-label=\"H1 2026\"   class=\"elementor-repeater-item-bb20811 td-content-type-default\" ><b>1.14x<\/b>\n<\/td><td data-label=\"H1 2025\"   class=\"elementor-repeater-item-96a1917 td-content-type-default\" >1.01x \n<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-48ab1e0 td-content-type-default\" ><b>Improved <\/b>\n<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-2c18166 td-content-type-default\" ><b>Order Backlog <\/b><\/td><td data-label=\"H1 2026\"   class=\"elementor-repeater-item-87f69fe td-content-type-default\" ><b>EUR 52.4 billion<\/b>\n<\/td><td data-label=\"H1 2025\"   class=\"elementor-repeater-item-83a4e86 td-content-type-default\" >approx. EUR 49.9 billion*<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-2aa5a80 td-content-type-default\" ><b>+5,0 %  <\/b>\n<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a31c95 elementor-widget elementor-widget-text-editor\" data-id=\"6a31c95\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>* Based on order backlog at year-end 2025. <\/em><\/p><p> <\/p><p><span data-contrast=\"none\">The order backlog thus increased to <\/span><b><span data-contrast=\"none\">EUR<\/span><\/b> <b><span data-contrast=\"none\">52.4 billion<\/span><\/b><span data-contrast=\"none\">, representing more than <\/span><b><span data-contrast=\"none\">two years of revenue<\/span><\/b><span data-contrast=\"none\"> based on 2025 revenue levels. This ensures exceptionally high visibility for future business development.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">The strong order intake was primarily driven by the <\/span><b><span data-contrast=\"none\">Defence<\/span><\/b><span data-contrast=\"none\"> and <\/span><b><span data-contrast=\"none\">Aerospace<\/span><\/b><span data-contrast=\"none\"> segments.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6951985 elementor-widget elementor-widget-Table\" data-id=\"6951985\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Segment<\/th><th class=\"elementor-inline-editing elementor-repeater-item-f44885d\"   >Order Intake H1 2026<\/th><th class=\"elementor-inline-editing elementor-repeater-item-826eb85\"   >Change<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<\/tr><tr><td data-label=\"Segment\"   class=\"elementor-repeater-item-d27b099 td-content-type-default\" ><b>Defence <\/b><\/td><td data-label=\"Order Intake H1 2026\"   class=\"elementor-repeater-item-6c5db9a td-content-type-default\" >EUR 7.35 billion\n<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" ><b>+28,0 %  <\/b>\n<\/td><\/tr><tr><td data-label=\"Segment\"   class=\"elementor-repeater-item-e014835 td-content-type-default\" ><b>Aerospace <\/b><\/td><td data-label=\"Order Intake H1 2026\"   class=\"elementor-repeater-item-96a1917 td-content-type-default\" >EUR 3.26 billion \n<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-bb20811 td-content-type-default\" ><b>+23,0 %  <\/b>\n<\/td><\/tr><tr><td data-label=\"Segment\"   class=\"elementor-repeater-item-2c18166 td-content-type-default\" ><b>Cyber &amp; Digital <\/b><\/td><td data-label=\"Order Intake H1 2026\"   class=\"elementor-repeater-item-83a4e86 td-content-type-default\" >EUR 1.81 billion <\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-87f69fe td-content-type-default\" ><b>\u22124.0% <\/b>\n<\/td><\/tr><tr><td data-label=\"Segment\"   class=\"elementor-repeater-item-4064cac td-content-type-default\" ><b>Total Operating Segments<\/b><\/td><td data-label=\"Order Intake H1 2026\"   class=\"elementor-repeater-item-41d5cfc td-content-type-default\" >EUR 12.42 billion<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-4043df3 td-content-type-default\" ><b>+21,0 %  <\/b>\n<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fa7359e elementor-widget elementor-widget-text-editor\" data-id=\"fa7359e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"none\">The <\/span><b><span data-contrast=\"none\">Aerospace<\/span><\/b><span data-contrast=\"none\"> segment also recorded strong growth in order intake, supported by high demand for avionics and new satellite orders. These included a telecommunications satellite for a Qatari operator and two satellites for the European Space Agency (ESA).<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><span data-contrast=\"none\">Only the <\/span><b><span data-contrast=\"none\">Cyber &#038; Digital<\/span><\/b><span data-contrast=\"none\"> segment saw a slight decline in order intake.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><h5><b><span data-contrast=\"none\">Dividend<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"134245418\":true,\"134245529\":true,\"335551550\":0,\"335551620\":0,\"335559738\":299,\"335559739\":299}\"> <\/span><\/h5><p><span data-contrast=\"none\">Thales pursues a dividend policy with a payout ratio of approximately <\/span><b><span data-contrast=\"none\">40% of adjusted net income attributable to shareholders<\/span><\/b><span data-contrast=\"none\">.<\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bfbc5f8 elementor-widget elementor-widget-Table\" data-id=\"bfbc5f8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Dividend Metric <\/th><th class=\"elementor-inline-editing elementor-repeater-item-f44885d\"   >FY 2025  <\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<\/tr><tr><td data-label=\"Dividend Metric\"   class=\"elementor-repeater-item-d27b099 td-content-type-default\" ><b>Dividend per Share<\/b><\/td><td data-label=\"FY 2025\"   class=\"elementor-repeater-item-6c5db9a td-content-type-default\" >EUR 3.90\n<\/td><\/tr><tr><td data-label=\"Dividend Metric\"   class=\"elementor-repeater-item-e014835 td-content-type-default\" ><b>Previous Year's Dividend<\/b><\/td><td data-label=\"FY 2025\"   class=\"elementor-repeater-item-96a1917 td-content-type-default\" >EUR 3.70 \n<\/td><\/tr><tr><td data-label=\"Dividend Metric\"   class=\"elementor-repeater-item-2c18166 td-content-type-default\" ><b>Growth <\/b><\/td><td data-label=\"FY 2025\"   class=\"elementor-repeater-item-83a4e86 td-content-type-default\" ><b>+5,4 %  <\/b><\/td><\/tr><tr><td data-label=\"Dividend Metric\"   class=\"elementor-repeater-item-4064cac td-content-type-default\" ><b>Target Payout Ratio <\/b><\/td><td data-label=\"FY 2025\"   class=\"elementor-repeater-item-41d5cfc td-content-type-default\" >approx. 40%<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-754131e elementor-widget elementor-widget-text-editor\" data-id=\"754131e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"none\">The dividend yield is comparatively moderate due to the strong increase in the share price. However, the payout is solidly supported by rising adjusted earnings and significantly improved cash flow. <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><b><span data-contrast=\"none\">Key Takeaway: Thales combines solid revenue growth, rising margins, exceptionally strong cash flow development, and a record order backlog, ensuring high planning certainty for the coming years.<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335551550\":0,\"335551620\":0,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><b><span data-contrast=\"none\">MUMAK.me Assessment Phase 3: Positive = 1 MUMAK<\/span><\/b><span data-ccp-props=\"{\"335559685\":0}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d698bd7 elementor-widget elementor-widget-mumak_score_card\" data-id=\"d698bd7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"fundamentals\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">Thales S.A.<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tRating Fundamentals: positiv\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c15ab35 elementor-widget elementor-widget-text-editor\" data-id=\"c15ab35\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>News, Analysts, and Market Sentiment<\/h3><h4>Assessment<\/h4><p style=\"font-weight: 400;\">Analyst sentiment towards Thales remains positive following the company&#8217;s recent half-year results.<\/p><p style=\"font-weight: 400;\">The current analyst consensus is ACCUMULATE, based on 19 analysts covering the company. The range of analyst price targets remains relatively wide. <\/p><h5 aria-level=\"3\"><span data-contrast=\"none\">Analyst Consensus<\/span><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3193062 elementor-widget elementor-widget-Table\" data-id=\"3193062\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   ><\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"\"   class=\"elementor-repeater-item-12cb466 td-content-type-default\" ><b>Average Recommendation<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-e2f92fe td-content-type-default\" ><b>ACCUMULATE<\/b>\n<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>Number of Analysts <\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-f98ac57 td-content-type-default\" >19<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-bba0bf7 td-content-type-default\" ><b>Average Price Target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-35f1c12 td-content-type-default\" >approx. EUR 295 \n<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-e9b18d8 td-content-type-default\" ><b>Upside to the average target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-19a0849 td-content-type-default\" >approx. +14%<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-91165f8 td-content-type-default\" ><b>Highest price target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-8833fb8 td-content-type-default\" >EUR 335 \n<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-85848b8 td-content-type-default\" ><b>Lowest Price Target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-da32a54 td-content-type-default\" >EUR 250 \n<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d8310e elementor-widget elementor-widget-text-editor\" data-id=\"6d8310e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><i><span data-contrast=\"none\">Source: MarketScreener, retrieved in August 2026.<\/span><\/i><span data-ccp-props=\"{}\"> <\/span><\/p><p aria-level=\"3\"><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/p><h5 aria-level=\"3\"><b><span data-contrast=\"none\">Interesting Fact<\/span><\/b><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h5><p><span data-contrast=\"none\">Thales is one of the world&#8217;s leading providers of defense electronics. The company&#8217;s technologies are used in numerous military and civilian platforms \u2013 from fighter jets and frigates to satellites, secure communication, and cybersecurity solutions. This broad positioning reduces dependence on individual major programs and ensures high stability of the business model.  <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p style=\"font-weight: 400;\">Analyst expectations have evolved following Thales&#8217;s recent half-year results.<\/p><p style=\"font-weight: 400;\">Several analysts have adjusted their recommendations and price targets. This reflects both the company&#8217;s operational development and the strong structural outlook for European defense spending. <\/p><h5><strong>Opportunities<\/strong><\/h5><ul><li><strong>Positive Analyst Consensus: <\/strong>The average recommendation remains <strong>ADD<\/strong>.<\/li><li><strong>Structural Defense Demand: <\/strong>The sustained growth in European defense spending forms an important basis for analyst expectations.<\/li><li><strong>Earnings Growth: <\/strong>Continued revenue growth, margin improvements, and the execution of the order backlog could support further upward revisions to earnings estimates.<\/li><\/ul><h5><strong>Risks<\/strong><\/h5><ul><li><strong>Reduced Upside Potential After Price Recovery: <\/strong>The recent recovery has narrowed the gap between the current stock price and the average analyst price target.<\/li><li><strong>Wide range of price targets.<\/strong><\/li><li><strong>Higher Expectations: <\/strong>The current valuation increasingly depends on further earnings growth and successful operational execution.<\/li><\/ul><p><b><span data-contrast=\"none\">Key Takeaway: <\/span><\/b>The current news flow, positive half-year figures, and analyst consensus continue to support a positive outlook for Thales.<span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":240,\"335559739\":240}\"> <\/span><\/p><p><b><span data-contrast=\"none\">MUMAK.me Evaluation Phase 4: Positive = 1 MUMAK<\/span><\/b><span data-ccp-props=\"{}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5cbcfd2 elementor-widget elementor-widget-mumak_score_card\" data-id=\"5cbcfd2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"sentiment\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">Thales S.A.<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tRating Sentiment: positiv\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1c81523 elementor-widget elementor-widget-text-editor\" data-id=\"1c81523\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Technical Analysis<\/h3><h4>Assessment<\/h4><p style=\"font-weight: 400;\">Thales&#8217;s technical picture has become more balanced after the strong recovery since mid-July.<\/p><p style=\"font-weight: 400;\">After a strong recovery in July and the first half of August, the stock price temporarily rose above <strong>EUR 270<\/strong>, approaching the important resistance area around <strong>EUR 271.90<\/strong>.<\/p><p style=\"font-weight: 400;\">However, the stock failed to establish a sustainable breakout above this level and has subsequently pulled back.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3f7bf3d elementor-widget elementor-widget-Table\" data-id=\"3f7bf3d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-a4af3fd\"   >Indicator  <\/th><th class=\"elementor-inline-editing elementor-repeater-item-3b3ef9b\"   >Rating<\/th><th class=\"elementor-inline-editing elementor-repeater-item-03c62f4\"   >Interpretation<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Indicator\"   class=\"elementor-repeater-item-ca181a9 td-content-type-default\" ><b>RSI (14)<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-24148b1 td-content-type-default\" ><b>Neutral<\/b><\/td><td data-label=\"Interpretation\"   class=\"elementor-repeater-item-5505f4d td-content-type-default\" >At around 55.4; momentum remains slightly positive but has weakened after the recent pullback.<\/td><\/tr><tr><td data-label=\"Indicator\"   class=\"elementor-repeater-item-750ef14 td-content-type-default\" ><b>MACD<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-6364685 td-content-type-default\" ><b>Negative<\/b><\/td><td data-label=\"Interpretation\"   class=\"elementor-repeater-item-a6f194f td-content-type-default\" >The MACD line has slightly fallen below the signal line, indicating weakening short-term momentum.<\/td><\/tr><tr><td data-label=\"Indicator\"   class=\"elementor-repeater-item-da9ce5b td-content-type-default\" ><b>Bollinger Bands  <\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-c0da22c td-content-type-default\" ><b>Neutral<\/b><\/td><td data-label=\"Interpretation\"   class=\"elementor-repeater-item-e322fbd td-content-type-default\" >The stock price has moved away from the upper Bollinger Band and returned to the middle range of the Bollinger Band span.<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e719596 elementor-widget elementor-widget-text-editor\" data-id=\"e719596\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h5><span class=\"TextRun SCXW195081715 BCX4\" lang=\"DE-AT\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW195081715 BCX4\" data-ccp-parastyle=\"heading 2\">Development in Recent Weeks\/Months<\/span><\/span><span class=\"EOP Selected SCXW195081715 BCX4\" data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":319,\"335559739\":319}\"> (As of 2026-08-20)<\/span><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<a href=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/HO-1-Tag.png\" target=\"_self\" class=\"e-image-link-base\" data-interaction-id=\"1d329ce\"\n\t><img decoding=\"async\" class=\"e-image-base \" data-e-type=\"widget\" data-id=\"1d329ce\" id=\"8445\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/HO-1-Tag.png\" width=\"1869\" height=\"1077\" srcset=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/HO-1-Tag.png 1869w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/HO-1-Tag-300x173.png 300w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/HO-1-Tag-1024x590.png 1024w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/HO-1-Tag-768x443.png 768w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/HO-1-Tag-1536x885.png 1536w\" alt=\"HO_1_Day\"\/>\t<\/a>\t\t\t\t<div class=\"elementor-element elementor-element-8039a02 elementor-widget elementor-widget-text-editor\" data-id=\"8039a02\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h5><strong>RSI (14)<\/strong><\/h5><p style=\"font-weight: 400;\"><strong>Neutral<\/strong><\/p><ul><li><strong>RSI at around 55.4: <\/strong>Momentum remains slightly positive but has weakened compared to the levels reached during the August rally.<\/li><li><strong>Above 50:<\/strong> Buying pressure still has a slight advantage over selling pressure.<\/li><li><strong>Not Overbought: <\/strong>The RSI remains well below the usual overbought threshold<strong> of 70.<\/strong><\/li><\/ul><p style=\"font-weight: 400;\"><strong>Interpretation<\/strong><\/p><p style=\"font-weight: 400;\">The RSI indicates a more balanced technical situation. Momentum remains slightly positive, but the decline from recent higher levels shows that the strength of the previous upward movement has diminished. <\/p><h5><strong>MACD (12\/26\/9)<\/strong><\/h5><p style=\"font-weight: 400;\"><strong>Negative<\/strong><\/p><ul><li><strong>MACD remains above zero: <\/strong>The broader positive momentum generated by the previous recovery has not yet fully dissipated.<\/li><li><strong>Bearish Crossover: <\/strong>The MACD line has recently fallen slightly below the signal line, indicating weakening short-term momentum.<\/li><li><strong>Loss of Momentum: <\/strong>The recent MACD development suggests that the strength of the previous upward movement is fading.<\/li><\/ul><p style=\"font-weight: 400;\"><strong>Interpretation<\/strong><\/p><p style=\"font-weight: 400;\">The MACD currently provides a cautious technical signal.<\/p><h5><strong>Bollinger Bands (20)<\/strong><\/h5><p style=\"font-weight: 400;\"><strong>Neutral<\/strong><\/p><ul><li><strong>Upper Band: <\/strong>The upper Bollinger Band is approximately<strong> EUR 279.40.<\/strong><\/li><li><strong>Lower Band: <\/strong>The lower Bollinger Band is approximately<strong> EUR 237.40.<\/strong><\/li><li><strong>Recent Development: <\/strong>During the August rally, the stock price approached the upper Bollinger Band but subsequently moved downwards again.<\/li><li><strong>Resistance at EUR 271.90: <\/strong>The stock price failed to establish a sustainable breakout above this important resistance area.<\/li><\/ul><p style=\"font-weight: 400;\"><strong>Interpretation<\/strong><\/p><p style=\"font-weight: 400;\">The Bollinger Bands reflect both the strong recent recovery and the subsequent loss of momentum.<\/p><h5><strong>Opportunities<\/strong><\/h5><ul><li><strong>Medium-Term Recovery: <\/strong>Despite the recent pullback, the stock price remains significantly above its July lows.<\/li><li><strong>RSI above 50: <\/strong>Momentum has weakened but has not yet turned clearly negative.<\/li><li><strong>Potential Stabilization: <\/strong>The area around EUR 254.90 could provide short-term support and create a basis for a renewed upward movement.<\/li><li><strong>Breakout Potential: <\/strong>A sustained move above<strong> EUR 271.90 <\/strong>would strengthen the technical picture and could open the way towards the upper Bollinger Band.<\/li><\/ul><h5><strong>Risks<\/strong><\/h5><ul><li><strong>Failed Breakout: <\/strong>The stock price could not sustain the move above the<strong> EUR 270 <\/strong>area and has pulled back from its August highs.<\/li><li><strong>Weakening RSI: <\/strong>The decline to approximately <strong>55.4 <\/strong>shows that upward momentum is losing strength.<\/li><li><strong>Negative MACD Signal: <\/strong>The MACD line has slightly fallen below the signal line, indicating weaker short-term momentum.<\/li><\/ul><p><strong>Key Takeaway: <\/strong>The technical picture for Thales has shifted from positive to neutral after the strong August rally and subsequent pullback.<\/p><h5 aria-level=\"3\"><b style=\"font-size: 16px;\"><span data-contrast=\"none\">MUMAK.me Rating Phase 5: Neutral = 0 MUMAK<\/span><\/b><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a202fb2 elementor-widget elementor-widget-mumak_score_card\" data-id=\"a202fb2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"charttechnik\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">Thales S.A.<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-negative\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tRating Technical Analysis: negativ\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-afade06 elementor-widget elementor-widget-text-editor\" data-id=\"afade06\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h5 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"122lq50\" data-start=\"688\" data-end=\"715\">What speaks for Thales?<\/h5><ul data-start=\"717\" data-end=\"1253\"><li data-section-id=\"ornmhp\" data-start=\"717\" data-end=\"784\">Strong position in <strong data-start=\"742\" data-end=\"783\">European defense technology<\/strong>.<\/li><li data-section-id=\"6uh02z\" data-start=\"785\" data-end=\"886\">Supported by increasing <strong data-start=\"817\" data-end=\"885\">European defense spending and NATO procurement programs<\/strong>.<\/li><li data-section-id=\"1opwz5k\" data-start=\"887\" data-end=\"1003\">Solid performance in <strong data-start=\"911\" data-end=\"922\">H1 2026<\/strong> with higher order intake, improved profitability, and stronger cash flow.<\/li><li data-section-id=\"1n9m0hh\" data-start=\"1004\" data-end=\"1076\"><strong data-start=\"1006\" data-end=\"1046\">Order Backlog: EUR 52.4 billion<\/strong>, with high revenue visibility.<\/li><li data-section-id=\"1fwvldf\" data-start=\"1077\" data-end=\"1167\">Diversified business model across <strong data-start=\"1117\" data-end=\"1166\">Defense, Aerospace, Cyber &#038; Digital, and Space<\/strong>.<\/li><li data-section-id=\"1kzk6kf\" data-start=\"1168\" data-end=\"1253\">Improved medium-term technical picture after the recovery from July lows.<\/li><\/ul><h5 data-section-id=\"1klpqdu\" data-start=\"1255\" data-end=\"1284\">What speaks against Thales?<\/h5><ul data-start=\"1286\" data-end=\"1806\"><li data-section-id=\"ijpo6f\" data-start=\"1286\" data-end=\"1358\">Dependence on <strong data-start=\"1305\" data-end=\"1357\">government procurement and public budgets<\/strong>.<\/li><li data-section-id=\"1k1nk3t\" data-start=\"1359\" data-end=\"1445\">Implementation risks in major programs, including the <strong data-start=\"1418\" data-end=\"1444\">F126 frigate program<\/strong>.<\/li><li data-section-id=\"1hegly8\" data-start=\"1446\" data-end=\"1510\">Risk of delays in large international contracts.<\/li><li data-section-id=\"16hg28t\" data-start=\"1511\" data-end=\"1589\">Project, supply chain, and demand risks in the aerospace business.<\/li><li data-section-id=\"1afws4m\" data-start=\"1590\" data-end=\"1630\"><strong data-start=\"1592\" data-end=\"1629\">Export and geopolitical risks<\/strong>.<\/li><li data-section-id=\"2wyy37\" data-start=\"1631\" data-end=\"1715\">Comparatively <strong data-start=\"1649\" data-end=\"1669\">higher valuation<\/strong> compared to some European competitors.<\/li><li data-section-id=\"1xy15ts\" data-start=\"1716\" data-end=\"1806\">Weaker short-term technical momentum after the pullback from above <strong data-start=\"1794\" data-end=\"1805\">EUR 270<\/strong>.<\/li><\/ul><h5 data-section-id=\"9nz81c\" data-start=\"1808\" data-end=\"1830\">What we are monitoring<\/h5><ul data-start=\"1832\" data-end=\"2242\" data-is-last-node=\"\" data-is-only-node=\"\"><li data-section-id=\"e5ho2p\" data-start=\"1832\" data-end=\"1908\">Development of <strong data-start=\"1850\" data-end=\"1907\">European defense spending and NATO programs<\/strong>.<\/li><li data-section-id=\"y3yq3u\" data-start=\"1909\" data-end=\"1986\"><strong data-start=\"1911\" data-end=\"1936\">New contract awards<\/strong> in Defense, Cyber &#038; Digital, Aerospace, and Space.<\/li><li data-section-id=\"1bqwomf\" data-start=\"1987\" data-end=\"2082\">Progress towards <strong data-start=\"2010\" data-end=\"2025\">2026 targets<\/strong>, especially revenue growth and adjusted EBIT margin.<\/li><li data-section-id=\"6convb\" data-start=\"2083\" data-end=\"2121\">Impact of the <strong data-start=\"2102\" data-end=\"2120\">F126 program<\/strong>.<\/li><li data-section-id=\"vqubjs\" data-start=\"2122\" data-end=\"2187\">Further changes in <strong data-start=\"2147\" data-end=\"2186\">analyst estimates and price targets<\/strong>.<\/li><li data-section-id=\"jbo9ga\" data-start=\"2188\" data-end=\"2242\" data-is-last-node=\"\">Next business update for <strong data-start=\"2219\" data-end=\"2241\">Q3 2026 in October<\/strong>.<\/li><\/ul><p><span data-ccp-props=\"{}\"> <\/span><\/p><h2>Summary<\/h2><p class=\"PDq2pG_selectionAnchorContainer\" data-start=\"35\" data-end=\"301\">Since our previous analysis, the Thales stock has overcome the resistances of <strong data-start=\"108\" data-end=\"131\">EUR 241 and EUR 251<\/strong> and temporarily traded above <strong data-start=\"162\" data-end=\"173\">EUR 270<\/strong>. The subsequent pullback led the price back towards <strong data-start=\"249\" data-end=\"260\">EUR 258<\/strong> and weakened short-term momentum. <\/p><p data-start=\"303\" data-end=\"523\">Fundamentally, the picture remains largely unchanged. <strong data-start=\"355\" data-end=\"428\">Order intake, order backlog, profitability, and cash generation<\/strong> continue to form the basis of the assessment. The <strong data-start=\"482\" data-end=\"522\">outlook for 2026 remains unchanged<\/strong>. <\/p><p data-start=\"525\" data-end=\"686\">After the half-year figures, several <strong data-start=\"566\" data-end=\"610\">price targets and analyst ratings were adjusted<\/strong>. Technically, the most important resistance area is now at <strong data-start=\"670\" data-end=\"685\">EUR 270\u2013272<\/strong>. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a3f9ae elementor-widget elementor-widget-text-editor\" data-id=\"2a3f9ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Rating According to the MUMAK Method<\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0cb027 elementor-widget elementor-widget-Table\" data-id=\"e0cb027\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-a4af3fd\"   >Category<\/th><th class=\"elementor-inline-editing elementor-repeater-item-3b3ef9b\"   >Rating<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Category\"   class=\"elementor-repeater-item-ca181a9 td-content-type-default\" ><b>Geopolitics<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-24148b1 td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-750ef14 td-content-type-default\" ><b>Industry<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-b92892f td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-da9ce5b td-content-type-default\" ><b>Fundamentals<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-9492819 td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-6f870ed td-content-type-default\" ><b>News &amp; Sentiment<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-1c7f62f td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-ca1b684 td-content-type-default\" ><b>Technical Analysis<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-5f69e06 td-content-type-default\" >Neutral<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11acf94 elementor-widget elementor-widget-text-editor\" data-id=\"11acf94\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Overall Rating<\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-309f257 elementor-widget elementor-widget-mumak_score_card\" data-id=\"309f257\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"overall\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail mumak-score-card__detail--overall\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">Thales S.A.<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-negative\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tAnalysis result: 4 out of 5 MUMAKS\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Thales reports solid H1 2026 results. A high order backlog, improved profitability, and recent share price performance characterize the current profile of the French technology group. <\/p>\n","protected":false},"author":5,"featured_media":2318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[183,227],"tags":[558,513,312],"aktie":[301],"class_list":["post-6885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-valuation-analysis","category-watchlist","tag-defense-industry-2","tag-cybersecurity-2","tag-thales","aktie-thales"],"acf":[],"_links":{"self":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/6885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/comments?post=6885"}],"version-history":[{"count":13,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/6885\/revisions"}],"predecessor-version":[{"id":9283,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/6885\/revisions\/9283"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/media\/2318"}],"wp:attachment":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/media?parent=6885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/categories?post=6885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/tags?post=6885"},{"taxonomy":"aktie","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/aktie?post=6885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}