Dassault Aviation SA H1 26 Preview

Research evidence excerpt

Dassault Aviation SA H1 26 Preview

Global Research

9 July 2026ab

Dassault Aviation SA Equities

FranceH1 26 Preview

Aerospace

12-month rating Neutral

H1 results preview

Dassault Aviation reports H1 26 results on 22-July. Key considerations into results: 12m price target €335.00

Falcon: We model 14 Falcon deliveries in H1, slightly ahead of consensus and Prior : €345.00

Cirium. Business jet demand remains strong, particularly for the 6X, where we Price (07 Jul 2026) €303.80

expect 15 deliveries versus 6 in H1 2025. However, both we and consensus remain RIC: AM.PA BBG: AM FP

broadly aligned with Dassault’s guidance of 40 Falcon deliveries for 2026. While

consensus forecasts 40 deliveries, we are slightly more prudent and model 38. Trading data and key metrics

52-wk range €353.40-262.00

Defence: We estimate 9 Rafale deliveries in H1, including 7 export and 2

Market cap. €23.8b/US$27.2b

domestic. Consensus models 9 export and 1 domestic so our Defence sales

Shares o/s 78.4m (ORD)

estimates are lower than consensus.

Free float 27%

Margins: Consensus models 9.2% EBIT margins for the full year 2026, up 60bps Avg. daily volume ('000) 64.7

YoY. In the face of a significant mix shift towards export against domestic deliveries Avg. daily value (m) €19.4

we believe this level of margin expansion will be challenging to deliver, although Common s/h equity (12/26E) €7.42b

the 6X ramp up is likely supportive in our view. As a result we are behind consensus P/BV (12/26E) 3.2x

for H1 margins.

Net debt to EBITDA (12/26E) NM

Valuation: PT to €335 EPS (UBS, diluted) (EUR)

We make minor changes to our model and reduce our PT to €335 from €345 previously, From To % ch Cons.

mostly reflecting de-rating of peers. 12/26E 15.55 15.28 -2 15.58

12/27E 18.89 18.67 -1 18.49