{"slug":"thales","name":"Thales","name_en":"Thales","ticker":"HO.PA","updated_at":"2026-07-12T04:14:15.994+00:00","canonical":"https://valuechain.wiki/thales","same_as":["https://finance.yahoo.com/quote/HO.PA"],"citable":"밸류체인 그래프 기준 Thales의 직접 연결 기업은 5곳(관계 기준 공급 0·매출 4·투자 4)이고, 사슬을 2차까지 넓히면 14곳에 닿는다. 링크의 근거 출처는 9건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Thales is directly linked to 5 companies (0 supply, 4 revenue, 4 investment relationships) and reaches 14 companies within two hops; the links are backed by 9 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"프랑스 방산·항공전자·우주 프라임","kicker_en":"France's defence, avionics and space prime","lead":"탈레스는 프랑스의 방산·항공전자·사이버 프라임으로, 2025년 매출 221.36억 유로를 기록했다. 방산이 매출의 절반을 넘고(122.34억 유로), 항공우주(59.10억 유로)와 사이버·디지털(38.52억 유로)이 뒤를 잇는다. 프랑스 정부와 다쏘항공이 각각 약 26%를 보유한 지배구조 아래, 위성 제조 자회사 탈레스알레니아스페이스(레오나르도와 67대 33 합작)를 통해 우주 사슬에도 걸쳐 있다.","lead_en":"Thales is France's defence, avionics and cyber prime, with 2025 sales of EUR 22.14 billion. Defence is over half of revenue (EUR 12.23bn), followed by Aerospace (EUR 5.91bn) and Cyber & Digital (EUR 3.85bn). Owned roughly 26% each by the French State and Dassault Aviation, it also reaches into the space chain through its satellite arm Thales Alenia Space, a 67/33 joint venture with Leonardo.","segments":{"fy":2025,"parts":[{"desc":"€12,234M, 지상·해상·항공 방어체계, 레이더·미사일 전자·SAMP/T NG 방공","name":"방산 (Defence)"},{"desc":"€5,910M, 민·군 항공전자(아비오닉스), 위성 제조(탈레스알레니아스페이스)","name":"항공우주 (Aerospace)"},{"desc":"€3,852M, 사이버보안·디지털ID·데이터","name":"사이버·디지털 (Cyber & Digital)"}],"total":"€22,136M (매출)","source":"https://www.thalesgroup.com/sites/default/files/2026-03/Thales%20_-_FY_2025_-_Slideshow_-%20_03_March_2026_1.pdf","concentration":"프랑스·유럽 정부 방산 매출 비중 큼. 방산 수주 인테이크 €15,128M(사상 최대), 방산 수주잔고 €41.6B(약 3.4년치), 전체 수주잔고 €53.3B"},"segments_en":{"fy":2025,"parts":[{"desc":"€12,234M; land, naval and air defence systems, radar, missile electronics, SAMP/T NG air defence","name":"Defence"},{"desc":"€5,910M; civil and military avionics, satellite manufacturing (Thales Alenia Space)","name":"Aerospace"},{"desc":"€3,852M; cybersecurity, digital identity, data","name":"Cyber & Digital"}],"total":"€22,136M (sales)","source":"https://www.thalesgroup.com/sites/default/files/2026-03/Thales%20_-_FY_2025_-_Slideshow_-%20_03_March_2026_1.pdf","concentration":"Heavily weighted to French and European government defence. Record defence order intake of €15,128M, defence order book €41.6B (about 3.4 years of sales), total order book €53.3B"},"returns_yearly":{"2021":12.5,"2022":52.5,"2023":14,"2024":17.8,"2025":66.6,"2026":-11.6},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"textron","name":"텍스트론","name_en":"Textron","tier":3,"returns_yearly":{"2021":59.9,"2022":-8.2,"2023":13.7,"2024":-4.8,"2025":14.1,"2026":4.3}},{"slug":"viasat","name":"바이어샛","name_en":"Viasat","tier":2,"returns_yearly":{"2021":36.4,"2022":-28.9,"2023":-11.7,"2024":-69.6,"2025":304.9,"2026":113.5}},{"slug":"garmin","name":"가민","name_en":"Garmin","tier":2,"returns_yearly":{"2021":15.9,"2022":-30.2,"2023":43.1,"2024":63.3,"2025":-0.1,"2026":20.8}},{"slug":"voyager-technologies","name":"보이저 테크놀로지스","name_en":"Voyager Technologies","tier":2,"returns_yearly":{"2026":19.2}},{"slug":"ses","name":"SES","name_en":"SES S.A.","tier":2,"returns_yearly":{"2021":2.8,"2022":10.6,"2023":-13,"2024":-36,"2025":141.5,"2026":15.8}},{"slug":"eutelsat","name":"유텔샛","name_en":"Eutelsat Group","tier":2,"returns_yearly":{"2021":17.8,"2022":-30.7,"2023":-51.8,"2024":-48.9,"2025":32.1,"2026":3.2}},{"slug":"iridium","name":"이리듐","name_en":"Iridium Communications","tier":1,"returns_yearly":{"2021":5,"2022":24.5,"2023":-19.1,"2024":-28.1,"2025":-38.5,"2026":190.7}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":1,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"boeing","name":"보잉","name_en":"Boeing","tier":1,"returns_yearly":{"2021":-6,"2022":-5.4,"2023":36.8,"2024":-32.1,"2025":22.7,"2026":2.4}}],"benefiting":[{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":1,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"voyager-technologies","name":"보이저 테크놀로지스","name_en":"Voyager Technologies","tier":2,"returns_yearly":{"2026":19.2}},{"slug":"ge-aerospace","name":"GE 에어로스페이스","name_en":"GE Aerospace","tier":2,"returns_yearly":{"2021":9.7,"2022":-10.9,"2023":95.7,"2024":64.8,"2025":85.7,"2026":17}},{"slug":"rtx","name":"RTX","name_en":"RTX","tier":2,"returns_yearly":{"2021":23.3,"2022":20,"2023":-14.4,"2024":40.8,"2025":61.4,"2026":7.6}},{"slug":"toray-industries","name":"도레이","name_en":"Toray Industries","tier":2,"returns_yearly":{"2021":8.3,"2022":12.5,"2023":-4.8,"2024":49.2,"2025":7.5,"2026":1.3}},{"slug":"leonardo","name":"Leonardo","name_en":"Leonardo S.p.A.","tier":2,"returns_yearly":{"2021":11.3,"2022":50.3,"2023":73.6,"2024":89.1,"2025":88.1,"2026":-6.8}},{"slug":"kai","name":"한국항공우주산업 (KAI)","name_en":"Korea Aerospace Industries","tier":2,"returns_yearly":{"2021":15.4,"2022":34.6,"2023":7,"2024":5.5,"2025":217.9,"2026":-14}},{"slug":"arianegroup","name":"아리안그룹","name_en":"ArianeGroup","tier":2,"returns_yearly":null},{"slug":"mda-space","name":"MDA 스페이스","name_en":"MDA Space","tier":3,"returns_yearly":{"2022":-32.6,"2023":80,"2024":156.3,"2025":-9.8,"2026":80.8}},{"slug":"mercury-systems","name":"Mercury Systems","name_en":"Mercury Systems","tier":3,"returns_yearly":{"2021":-37.5,"2022":-18.7,"2023":-18.3,"2024":14.8,"2025":73.8,"2026":47.9}},{"slug":"howmet-aerospace","name":"하우멧 에어로스페이스","name_en":"Howmet Aerospace","tier":3,"returns_yearly":{"2021":11.7,"2022":24.2,"2023":37.8,"2024":102.7,"2025":88,"2026":32.2}},{"slug":"lockheed-martin","name":"Lockheed Martin","name_en":"Lockheed Martin","tier":3,"returns_yearly":{"2021":3.2,"2022":40.5,"2023":-4.3,"2024":10,"2025":2.5,"2026":9.5}},{"slug":"mitsubishi","name":"미쓰비시상사","name_en":"Mitsubishi","tier":3,"returns_yearly":{"2021":52.5,"2022":15.9,"2023":84.1,"2024":-0.3,"2025":70.2,"2026":8.7}},{"slug":"l3harris","name":"L3해리스","name_en":"L3Harris","tier":3,"returns_yearly":{"2021":15,"2022":-0.5,"2023":3.7,"2024":1.9,"2025":42.3,"2026":-0.2}},{"slug":"northrop-grumman","name":"노스럽 그러먼","name_en":"Northrop Grumman","tier":3,"returns_yearly":{"2021":29.3,"2022":43,"2023":-12.8,"2024":1.9,"2025":23.6,"2026":-4.6}},{"slug":"avio","name":"아비오","name_en":"Avio","tier":3,"returns_yearly":{"2021":-9.9,"2022":-4.7,"2023":-17.1,"2024":98.4,"2025":117,"2026":-10.8}},{"slug":"hanwha-aerospace","name":"한화에어로스페이스","name_en":"Hanwha Aerospace","tier":3,"returns_yearly":{"2021":19.3,"2022":70.4,"2023":74.3,"2024":163.6,"2025":227.6,"2026":-25.6}},{"slug":"palantir","name":"Palantir","name_en":"Palantir Technologies","tier":3,"returns_yearly":{"2021":-22.7,"2022":-64.7,"2023":167.4,"2024":340.5,"2025":135,"2026":-28.7}}],"analysis":"투자 논점은 유럽 재무장 사이클의 대표 방산·우주 프라임이라는 위치다. 방산 수주 인테이크 €151억(사상 최대)·수주잔고 €416억(약 3.4년치)이 유럽 정부들의 국방비 증액을 실적으로 선확정했고, SAMP/T NG 방공의 덴마크 첫 수출처럼 방공·레이더 수요가 구조적으로 커진다. 두 번째 축은 우주 — 탈레스알레니아스페이스가 이리듐·SES 위성을 만들고, 에어버스·레오나르도와의 프로젝트 브로모(2027년 목표) 합병이 유럽 우주 통합의 판을 바꾼다. 리스크는 정부 예산·프로그램 지연, 브로모의 규제 승인 불확실성, 그리고 레이더·항공전자에 들어가는 반도체·전자부품 조달 병목이다.","analysis_en":"The thesis is Thales's position as a flagship defense-and-space prime of Europe's rearmament cycle. Record defense order intake of €15.1bn and a €41.6bn backlog (~3.4 years) have pre-booked European governments' rising defense budgets, and air-defense and radar demand grows structurally (e.g. SAMP/T NG's first export to Denmark). The second axis is space — Thales Alenia Space builds Iridium and SES satellites, and the Project Bromo merger with Airbus and Leonardo (targeting 2027) would reshape European space consolidation. The risks are government-budget and program delays, regulatory uncertainty over Bromo, and semiconductor/electronic-component sourcing bottlenecks in radars and avionics.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"Iridium Communications","counterparty_slug":"iridium","confidence":"high","metric":{"type":"count","unit":"기","as_of":"2019-12-31","basis":"이리듐 NEXT 주계약","value":81,"period":"2017~2019 배치","basis_en":"Iridium NEXT prime contract"},"note":"위성 자회사 탈레스알레니아스페이스가 이리듐 NEXT 저궤도 통신위성 81기(운용 66기+예비 15기)의 시스템 주계약자로 제작·통합했다(2017~2019년 배치).","note_en":"Its satellite arm Thales Alenia Space was system prime contractor for Iridium's NEXT constellation of 81 LEO communications satellites (66 operational plus 15 spares), deployed 2017-2019.","sources":[{"stance":"confirms","publisher":"탈레스알레니아스페이스","publisher_en":"Thales Alenia Space","kind":"ir","lang":"en","published_at":"2018-07-25","url":"https://www.thalesaleniaspace.com/en/press-releases/iridium-next-constellation-66-operational-satellites-will-make-history","title":"Iridium NEXT: a constellation of 66 operational satellites that will make history","title_en":"Iridium NEXT: a constellation of 66 operational satellites that will make history","excerpt":"탈레스알레니아스페이스는 이리듐 NEXT 프로그램의 시스템 주계약자로 81기 위성 전체(운용 66기+예비 15기)의 엔지니어링·통합·궤도검증을 담당한다.","excerpt_en":"Thales Alenia Space, the system prime contractor for Iridium NEXT, is in charge of engineering, integration and in-orbit validation of all 81 Iridium NEXT satellites (66 operational plus 15 spares)."}]},{"direction":"investment","counterparty":"Leonardo","counterparty_slug":"leonardo","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-07-05","basis":"탈레스알레니아스페이스 내 탈레스 지분","value":67,"period":"현재","basis_en":"Thales stake in Thales Alenia Space"},"note":"탈레스와 레오나르도는 '스페이스 얼라이언스'로 위성 제조사 탈레스알레니아스페이스(탈레스 67%·레오나르도 33%)와 서비스사 텔레스파치오(레오나르도 67%·탈레스 33%)를 공동 소유한다. 두 회사는 브로모 합병의 나머지 두 축이기도 하다.","note_en":"Thales and Leonardo jointly own the 'Space Alliance': satellite maker Thales Alenia Space (Thales 67%, Leonardo 33%) and services firm Telespazio (Leonardo 67%, Thales 33%). The two are also the other legs of the Bromo merger.","sources":[{"stance":"confirms","publisher":"탈레스알레니아스페이스","publisher_en":"Thales Alenia Space","kind":"ir","lang":"en","published_at":"2026-07-05","url":"https://www.thalesaleniaspace.com/en/space-alliance","title":"Space Alliance","title_en":"Space Alliance","excerpt":"스페이스 얼라이언스는 두 합작사 텔레스파치오(레오나르도 67%·탈레스 33%)와 탈레스알레니아스페이스(탈레스 67%·레오나르도 33%)의 역량을 결합한다.","excerpt_en":"The Space Alliance combines two joint ventures, Telespazio (Leonardo 67%, Thales 33%) and Thales Alenia Space (Thales 67%, Leonardo 33%)."}]},{"direction":"investor","counterparty":"Leonardo","counterparty_slug":"leonardo","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-07-05","basis":"Thales Alenia Space 지분","value":33,"period":"현재","basis_en":"Thales Alenia Space stake"},"note":"탈레스와 스페이스 얼라이언스를 이뤄 탈레스알레니아스페이스(레오나르도 33%)와 텔레스파치오(레오나르도 67%)를 공동 소유하며, 프로젝트 브로모로 우주 자산을 함께 통합한다.","note_en":"Leonardo forms the Space Alliance with Thales, co-owning Thales Alenia Space (Leonardo 33%) and Telespazio (Leonardo 67%), and combines space assets with Thales under Project Bromo.","sources":[{"stance":"confirms","publisher":"텔레스파치오","publisher_en":"Telespazio","kind":"ir","lang":"en","published_at":"2026-07-05","url":"https://www.telespazio.com/en/company/profile","title":"회사 프로필","title_en":"Profile","excerpt":"텔레스파치오는 레오나르도 67%, 탈레스 33%가 소유한 합작사다.","excerpt_en":"Telespazio is a joint venture owned 67% by Leonardo and 33% by Thales."}]},{"direction":"investment","counterparty":"Airbus","counterparty_slug":"airbus","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-10-23","basis":"브로모 합작 예정 지분(탈레스 몫)","value":32.5,"period":"2025-10 MoU","basis_en":"Bromo JV stake (Thales share)"},"note":"프로젝트 브로모: 탈레스는 에어버스·레오나르도와 위성 사업을 합쳐 유럽 우주 대형사를 세우기로 2025년 10월 MoU를 체결. 지분은 에어버스 35%, 탈레스 32.5%, 레오나르도 32.5%로 2027년 출범 목표.","note_en":"Project Bromo: in October 2025 Thales signed an MoU with Airbus and Leonardo to combine space activities into a leading European space player, split Airbus 35%, Thales 32.5%, Leonardo 32.5%, targeting operations in 2027.","sources":[{"stance":"confirms","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2026-06-24","url":"https://www.g-enews.com/article/Global-Biz/2026/06/2026062323283995489a1f309431_1","title":"에어버스·레오나르도, '유럽판 스페이스X' 추진","title_en":"Airbus and Leonardo pursue a 'European SpaceX'","excerpt":"에어버스·탈레스·레오나르도가 지난해 10월 합의한 내부 코드명 '브로모' 위성 합병으로, EU 승인 절차가 진행 중이다.","excerpt_en":"Airbus, Thales and Leonardo agreed the satellite merger code-named 'Bromo' last October, with EU approval now in progress."},{"stance":"confirms","publisher":"탈레스","publisher_en":"Thales","kind":"filing","lang":"en","published_at":"2026-03-03","url":"https://www.thalesgroup.com/sites/default/files/2026-03/Thales%20_-_FY_2025_-_Slideshow_-%20_03_March_2026_1.pdf","title":"2025 Full-Year results (slideshow)","title_en":"2025 Full-Year results (slideshow)","excerpt":"에어버스·레오나르도와 발사체를 제외한 우주 밸류체인 전반을 아우르는 신설 유럽 우주사 설립 MoU. 매출 €6.5B(2024 프로포마), 2만5000명 이상, 지분 에어버스 35%·탈레스 32.5%·레오나르도 32.5%, 2027년 출범 목표.","excerpt_en":"MoU with Airbus and Leonardo to create a new European space company across the space value chain excluding launchers: €6.5bn revenue (2024 pro-forma), 25k+ employees, Airbus 35%, Thales 32.5%, Leonardo 32.5%, target operational launch 2027."}]},{"direction":"investor","counterparty":"French State","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-11-17","basis":"보통주 지분","value":26.06,"period":"2025-11","basis_en":"ordinary shares"},"note":"프랑스 정부가 최대주주로 지분 약 26%(26.06%)를 보유하며, 다쏘항공이 26.05%로 나란히 지배구조를 이룬다.","note_en":"The French State is the largest shareholder with about 26% (26.06%), with Dassault Aviation at 26.05% forming a joint governance.","sources":[{"stance":"confirms","publisher":"아탈라야르","publisher_en":"Atalayar","kind":"news","lang":"en","published_at":"2025-11-17","url":"https://www.atalayar.com/en/articulo/new-technologies-innovation/thales-frances-technological-giant-in-defence-aerospace-and-cybersecurity/20251117100919220485.html","title":"Thales, France's technological giant in defence, aerospace and cybersecurity","title_en":"Thales, France's technological giant in defence, aerospace and cybersecurity","excerpt":"프랑스 정부가 지분 26.06%로 탈레스 최대주주이며, 다쏘항공이 26.05%로 거의 대등하게 보유한다.","excerpt_en":"The French State is Thales' main shareholder with a 26.06% stake, almost on a par with Dassault Aviation's 26.05%."}]},{"direction":"revenue","counterparty":"SES S.A.","counterparty_slug":"ses","confidence":"high","metric":{"type":"count","unit":"기","as_of":"2019-05-06","basis":"O3b 1세대 제작","value":20,"period":"2013~2019 발사","basis_en":"O3b first generation build"},"note":"탈레스알레니아스페이스가 SES의 O3b 1세대 중궤도 위성 20기를 주계약자로 제작(2013~2019년 발사). 차세대 O3b mPOWER는 보잉이 제작.","note_en":"Thales Alenia Space built SES's first-generation O3b MEO constellation of 20 satellites as prime contractor (launched 2013-2019). The next-generation O3b mPOWER is built by Boeing.","sources":[{"stance":"confirms","publisher":"탈레스알레니아스페이스","publisher_en":"Thales Alenia Space","kind":"ir","lang":"en","published_at":"2019-05-06","url":"https://www.thalesaleniaspace.com/en/news/thales-alenia-space-satellite-2019","title":"Thales Alenia Space @ Satellite 2019","title_en":"Thales Alenia Space @ Satellite 2019","excerpt":"O3b 위성은 탈레스알레니아스페이스가 SES 주계약자로 제작했으며, O3b 컨스텔레이션은 중궤도 20기로 완성됐다.","excerpt_en":"The O3b satellites were built by Thales Alenia Space as prime contractor for SES; the O3b constellation now counts 20 satellites in MEO."}]},{"direction":"revenue","counterparty":"French government (Ministry of Armed Forces)","counterparty_slug":null,"confidence":"high","metric":null,"note":"방산 부문(2025년 €12,234M)의 최대 발주처는 프랑스 정부·국방부. 정확한 정부 매출 비중은 비공개.","note_en":"The French government and Ministry of Armed Forces are the largest customer of the Defence segment (€12,234M in 2025). The precise government share of revenue is not disclosed.","sources":[{"stance":"confirms","publisher":"탈레스","publisher_en":"Thales","kind":"filing","lang":"en","published_at":"2026-03-03","url":"https://www.thalesgroup.com/sites/default/files/2026-03/Thales%20_-_FY_2025_-_Slideshow_-%20_03_March_2026_1.pdf","title":"2025 Full-Year results (slideshow)","title_en":"2025 Full-Year results (slideshow)","excerpt":"2025년 방산 매출 €12,234M, 방산 수주 인테이크 €15,128M로 사상 최대. 프랑스·유럽 정부 수요가 방산 성장을 견인.","excerpt_en":"2025 Defence sales of €12,234M with record defence order intake of €15,128M, driven by French and European government demand."}]},{"direction":"revenue","counterparty":"European governments","counterparty_slug":null,"confidence":"high","metric":null,"note":"유럽 각국 정부가 방공·레이더·항공전자 발주처. 2025년 SAMP/T NG 방공체계가 덴마크 국방부에 첫 수출 채택(탈레스가 시스템의 50% 이상 공급).","note_en":"European governments are buyers of air defence, radar and avionics. In 2025 the SAMP/T NG air defence system won its first export with the Danish MoD, with Thales supplying over 50% of the system.","sources":[{"stance":"confirms","publisher":"탈레스","publisher_en":"Thales","kind":"filing","lang":"en","published_at":"2026-03-03","url":"https://www.thalesgroup.com/sites/default/files/2026-03/Thales%20_-_FY_2025_-_Slideshow_-%20_03_March_2026_1.pdf","title":"2025 Full-Year results (slideshow)","title_en":"2025 Full-Year results (slideshow)","excerpt":"SAMP/T NG 방공체계가 2025년 덴마크 국방부에 선정(첫 수출). 탈레스는 시스템의 50% 이상(GroundFire 300 레이더·C2)과 미사일 시커의 약 10%를 공급.","excerpt_en":"The SAMP/T NG air defence system was selected by the Danish MoD in 2025 (first export). Thales supplies over 50% of the system (GroundFire 300 radar, C2) and about 10% of the missile (Aster 30 B1NT seekers)."}]},{"direction":"investor","counterparty":"에어버스","counterparty_slug":"airbus","confidence":"mid","metric":{"type":"ownership_stake","unit":"%","as_of":"2026-06-24","basis":"합병 신설 위성 JV에서 에어버스 예정 지분(미완결)","value":35,"period":"MOU 2025-10-23","basis_en":"Airbus's intended stake in the merged satellite JV (not yet closed)"},"note":"에어버스는 2025년 10월 23일 탈레스·레오나르도와 위성사업을 합병하는 MOU(코드명 Project Bromo)에 서명했다. MBDA 모델을 본떠 툴루즈 본사, 인력 약 2.5만명·연매출 약 65억 유로 규모이며 지분은 에어버스 35%·레오나르도 32.5%·탈레스 32.5%다. 2026년 6월 24일 두 CEO가 EU 집행위 승인을 촉구했으나 아직 정식 신고 전이며 결정은 2027년 하반기 이후로 예상된다(현재성: 미완결).","note_en":"On October 23, 2025 Airbus signed an MOU (code-named Project Bromo) to merge its satellite business with Thales and Leonardo. Modelled on MBDA and headquartered in Toulouse, the combined group would hold ~25,000 staff and ~€6.5B annual revenue, owned 35% Airbus / 32.5% Leonardo / 32.5% Thales. On June 24, 2026 the CEOs pressed the European Commission to approve it, but the parties have not yet formally filed and a decision is not expected before H2 2027 (status: not yet closed).","sources":[{"stance":"confirms","publisher":"SpaceNews","publisher_en":"SpaceNews","kind":"news","lang":"en","published_at":"2025-10-23","url":"https://spacenews.com/airbus-leonardo-and-thales-agree-to-combine-space-businesses/","title":"Airbus, Leonardo and Thales agree to combine space businesses","title_en":"Airbus, Leonardo and Thales agree to combine space businesses","excerpt":"Airbus, Leonardo and Thales jointly announced October 23 that they had signed a memorandum of understanding (MOU) to create a joint venture that will merge many of their space activities into a single company.","excerpt_en":"Airbus, Leonardo and Thales jointly announced October 23 that they had signed a memorandum of understanding (MOU) to create a joint venture that will merge many of their space activities into a single company."}]},{"direction":"revenue","counterparty":"Boeing","counterparty_slug":"boeing","confidence":"mid","metric":null,"note":"탈레스는 보잉 기체에도 항공전자·기내 시스템(IFE 등)을 공급한다.","note_en":"Thales also supplies avionics and in-flight systems (such as IFE) to Boeing aircraft.","sources":[{"stance":"mentions","publisher":"에어로타임","publisher_en":"AeroTime","kind":"news","lang":"en","published_at":"2026-03-03","url":"https://www.aerotime.aero/articles/thales-2025-results-defense-avionics-sales-22b","title":"Thales 2025 results: defense and avionics lift sales to €22.1B","title_en":"Thales 2025 results: defense and avionics lift sales to €22.1B","excerpt":"아비오닉스 사업은 민·군 전 영역에서 성장했으며, 탈레스는 에어버스·보잉 등 주요 기체사에 항공전자를 공급한다.","excerpt_en":"The avionics business grew across civil and military domains, with Thales supplying avionics to major airframers including Airbus and Boeing."}]},{"direction":"cost","counterparty":"반도체·전자부품 공급 바스켓 (비공개)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"레이더·항공전자·미사일 전자·사이버 제품에 반도체와 전자부품을 조달한다. 개별 공급사·금액은 비공개.","note_en":"Thales sources semiconductors and electronic components for radar, avionics, missile electronics and cyber products. Individual suppliers and amounts are not disclosed.","sources":[{"stance":"mentions","publisher":"탈레스","publisher_en":"Thales","kind":"filing","lang":"en","published_at":"2026-03-03","url":"https://www.thalesgroup.com/sites/default/files/2026-03/Thales%20_-_FY_2025_-_Slideshow_-%20_03_March_2026_1.pdf","title":"2025 Full-Year results (slideshow)","title_en":"2025 Full-Year results (slideshow)","excerpt":"레이더·항공전자·미사일 시커 등 전자집약 제품군을 생산해 반도체·전자부품 조달에 의존한다.","excerpt_en":"Thales builds electronics-intensive products such as radar, avionics and missile seekers, relying on procurement of semiconductors and electronic components."}]},{"direction":"revenue","counterparty":"Airbus","counterparty_slug":"airbus","confidence":"mid","metric":null,"note":"탈레스는 에어버스 민항기·군용기에 항공전자(아비오닉스)를 공급한다.","note_en":"Thales supplies avionics to Airbus commercial and military aircraft.","sources":[{"stance":"mentions","publisher":"에어로타임","publisher_en":"AeroTime","kind":"news","lang":"en","published_at":"2026-03-03","url":"https://www.aerotime.aero/articles/thales-2025-results-defense-avionics-sales-22b","title":"Thales 2025 results: defense and avionics lift sales to €22.1B","title_en":"Thales 2025 results: defense and avionics lift sales to €22.1B","excerpt":"2025년 항공우주 매출 €5,910M로 아비오닉스가 두 자릿수 성장. 아비오닉스는 에어버스 등 기체 제조사에 공급된다.","excerpt_en":"2025 Aerospace sales of €5,910M with double-digit avionics growth; avionics is supplied to airframers including Airbus."}]},{"direction":"cost","counterparty":"방산 하도급·소재 공급 바스켓 (비공개)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"방산·우주 프로그램의 하도급사와 소재 공급망에 비용을 지출한다. 개별 내역은 비공개.","note_en":"Thales spends on defence and space program subcontractors and materials supply. Individual details are not disclosed.","sources":[{"stance":"mentions","publisher":"탈레스","publisher_en":"Thales","kind":"filing","lang":"en","published_at":"2026-03-03","url":"https://www.thalesgroup.com/sites/default/files/2026-03/Thales%20_-_FY_2025_-_Slideshow_-%20_03_March_2026_1.pdf","title":"2025 Full-Year results (slideshow)","title_en":"2025 Full-Year results (slideshow)","excerpt":"방산 생산 캐파 확대를 위해 협력사·공급망 램프업을 진행 중이라고 밝혔다.","excerpt_en":"Thales states it is ramping up production capacity and supporting its suppliers' ramp-up in Defence."}]}]}