Thales: Thales at Eurosatory

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Thales: Thales at Eurosatory

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Thales

Thales at Eurosatory

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Defence Momentum and Capacity Expansion 17 June 2026

We met with Thales SEVP of Strategy, Research and Tech at the Eurosatory conference Equity

in Paris. Thales continues to see strong operational momentum, led by Defence, where

demand remains robust across key product categories. A notable development has been Benjamin Heelan >>

the step-change in radar production capacity, now c.4x higher than three years ago, ResearchMerrill LynchAnalyst(DIFC)

improving delivery timelines and enabling the group to meet accelerating customer +44 20 7996 5723

requirements. This capacity expansion comes at a critical time, as geopolitical dynamics benjamin.heelan@bofa.com

are reshaping procurement cycles and driving urgency across NATO and allied markets. David Holmes, CFA >>

Research Analyst

MLI (UK)

+44 20 7995 1077Geopolitics Driving Structural Demand for Air Defence david.a.holmes@bofa.com

Thales highlighted that the conflicts in Ukraine and the Middle East have fundamentally

Lorenzo Di Patrizi >>

altered the defence budget outlook over a 12–18 month horizon, with increased visibility Research Analyst

on spending. The rapid proliferation of drones is driving demand for countermeasures MLI (UK)

+44 20 7995 7626

including advanced radars, electronic warfare and integrated air defence solutions. Air lorenzo.dipatrizi@bofa.com

defence in particular has been structurally underinvested in for years, and Thales sees a

multi-year investment cycle ahead as nations look to rebuild and modernise capabilities.

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