Dassault Aviation ECONOMIC

Target: Dassault Aviation SA Audit phase: Economic Research date: 26 October 2026 Geographic scope: Israel, the West Bank including East Jerusalem, and the occupied Syrian Golan Heights.

Supply Chain & Sourcing Relationships

Direct Israeli supplier - Israel Aerospace Industries

On 20 July 2022, Israel Aerospace Industries Ltd (IAI) announced that Dassault Aviation had selected it to design and manufacture the all-composite movable wing surfaces for the Falcon 10X long-range business aircraft; the announcement was published on IAI’s own website, identified IAI as the supplier and Dassault Aviation as the customer, and described a planned production assembly line at IAI’s composites aerostructures facility.¹

IAI’s announcement identified Shmuel Kuzi, then Executive Vice President and General Manager of IAI’s Aviation Group, as the supplier-side executive discussing the agreement; the announcement did not disclose the contract’s financial value, the number of components ordered, or its scheduled completion date.¹

Dassault Aviation unveiled the Falcon 10X at Bordeaux-Mérignac on 10 March 2026 and announced its first flight on 19 June 2026, confirming that the aircraft programme continued more than three years after IAI announced its supplier selection.^{2, 3}

Act record SC-1 - Falcon 10X aerostructures

• Acting customer: Dassault Aviation SA; supplier and intended economic beneficiary: Israel Aerospace Industries Ltd; product: Falcon 10X composite movable wing surfaces; channel: supplier announcement published on iai.co.il; earliest observed date: 20 July 2022; latest confirmed related aircraft-programme milestone: 19 June 2026; contractual status at 26 October 2026: unknown because the later aircraft announcements establish programme progress without establishing the continuing legal status of IAI’s original supply agreement.^{1, 3}
• Manufacturing scope: IAI announced planned design and composite-aerostructures production work; exact production facility address, component delivery dates, contract consideration, payment terms and any subcontractors were not identified in the reviewed announcement.¹
• Public communication: IAI’s original announcement was addressed to the general public through its corporate press website; it remained retrievable during the October 2026 review, approximately four years and three months after publication, although its uninterrupted online availability throughout that period was not independently established.¹

Other aerospace supplier and programme boundaries

IAI announced in June 2026 that it had completed a modernization milestone involving Sri Lanka’s Kfir fighter fleet and identified the Kfir as an aircraft developed and manufactured in Israel during the 1970s; that statement does not identify Dassault Aviation as a participant in the 2026 modernization contract.⁴

No public evidence identified of a current Dassault Aviation licensing, royalty, production or maintenance payment to IAI specifically for the Kfir programme.

Agricultural suppliers

No public evidence identified of direct supply contracts between Dassault Aviation and Mehadrin, Hadiklaim, Galilee Export or Agrexco successors.

No public evidence identified of agricultural imports involving Israeli dates, avocados, citrus, herbs, potatoes or other fresh produce.

Importer-of-record arrangements

No public evidence identified of a Dassault Aviation-owned Israeli importer-of-record entity, import joint venture or dedicated regional import subsidiary.

Seasonal sourcing

No public evidence identified of recurring seasonal Israeli agricultural procurement or counter-seasonal purchasing arrangements.

Third-party and indirect sourcing

Thales SA is an equity-accounted associate of Dassault Aviation, and Thales’s own partner information identifies the Israeli company C-Data Computer Ltd as a distributor in its technology ecosystem; the evidence establishes a relationship within Thales’s distribution network, without establishing direct purchases or resale activity by Dassault Aviation through C-Data.^{5, 6}

Act record SC-2 - Thales distribution relationship

• Acting entity: Thales’s commercial partner network; identified distributor: C-Data Computer Ltd; beneficiary: Israeli customers and resellers served by that distribution channel; channel: cpl.thalesgroup.com; earliest dated observation: not established by the reviewed directory page; latest observation: page retrieved in October 2026; status: directory listing remained accessible, but current contractual activity and transaction volumes were not independently confirmed.⁶
• C-Data’s published location was Ha Sivim 43, Building A1, Petach Tikva, Israel; the source does not identify that location as a settlement or identify Dassault Aviation as C-Data’s direct customer.⁶

Dassault Aviation’s 10 March 2026 Falcon 10X unveiling confirmed that a dual FalconEye Enhanced Vision System would be standard equipment in the aircraft’s NeXus flight deck, providing enhanced situational awareness during low-visibility operations and complex manoeuvres including night circling approaches. The announcement extends the documented commercial application of FalconEye, which Dassault’s January 2023 Above & Beyond customer-service publication explicitly identified as having been developed in partnership with Israeli defence manufacturer Elbit Systems. That earlier publication dated FalconEye’s introduction to 2016 and described its integration of multispectral enhanced-vision cameras with synthetic-vision displays, including planned dual-system availability on the Falcon 10X. Elbit Systems independently confirmed its role in FalconEye development and certification in November 2016. The 2026 equipment announcement therefore establishes continued incorporation of the FalconEye technology family into Dassault’s business-aircraft programme, although it does not independently establish a continuing Elbit supply contract, component delivery, licensing arrangement or payment after November 2024.^{2, 7, 8}

Product Origin, Labeling & Regulatory Compliance

Product origin

IAI identified the Falcon 10X movable wing surfaces as an Israeli supplier’s aerostructures programme involving its composites manufacturing capabilities; the public announcement did not provide a specific country-of-origin certificate, customs classification or export declaration for delivered components.¹

Dassault Aviation identified Bordeaux-Mérignac, France, as the location of the Falcon 10X’s March 2026 rollout and June 2026 first flight; these French aircraft-programme locations do not establish the origin of every component incorporated into the aircraft.^{2, 3}

Settlement-origin products

No public evidence identified of Dassault Aviation sourcing, producing, marketing or selling settlement-origin agricultural or consumer goods.

No public evidence identified of Falcon 10X components manufactured in the West Bank, East Jerusalem or Golan Heights.

Country-of-origin labeling

No public evidence identified of a DEFRA, French customs, European Union or Israeli regulatory enforcement action against Dassault Aviation concerning the country-of-origin labeling of settlement-produced goods.

No public evidence identified of a Dassault Aviation agricultural-product labeling violation.

Corporate labeling policy

No public evidence identified of a Dassault Aviation policy specifically addressing the labeling of products originating in Israeli settlements.

Dassault Aviation describes its activities as the design and manufacture of military aircraft, business jets and space systems, providing the business context for its aviation-component supply chain.⁹

Product-related act record

• Acting entity: Israel Aerospace Industries Ltd; recipient: Dassault Aviation SA; product: composite wing movable surfaces for the Falcon 10X; reporting channel: iai.co.il; earliest dated observation: 20 July 2022; latest related aircraft-programme observation: June 2026; current contractual status: unknown; country-of-origin certification and any settlement-specific manufacturing determination: not established by the reviewed documents.^{1, 3}

Investment, Capital & Financial Exposure

Dassault Aviation ownership and capital structure

Dassault Aviation’s published shareholding position at 7 September 2026 identified Groupe Industriel Marcel Dassault with 67.31% of share capital and 80.41% of voting rights, Airbus SE with 10.72% of share capital and 6.40% of voting rights, public shareholders with 21.76% of capital, and treasury shares representing 0.21%.⁵

Dassault Aviation’s 2024 annual report provides the earlier comparable position at 31 December 2024: Groupe Industriel Marcel Dassault held 66.11% of capital, Airbus held 10.53%, and the public float represented 22.85%, establishing continued control by the French Dassault industrial group during the intervening period.¹⁰

Principal financial relationship - Thales

Dassault Aviation identifies a 27% holding in Thales SA, a French defence, aerospace and technology company; this is a strategic minority shareholding rather than ownership of a wholly controlled subsidiary.⁵

Dassault Aviation’s 2025 financial statements attributed €446.254 million of Thales net income to its share of the associate and reported a carrying amount of approximately €2.993 billion for its equity-accounted Thales investment; these are company-wide investment-accounting figures and do not represent revenue or profit specifically earned in Israel.¹¹

Act record IC-1 - Investment in Thales

• Investor: Dassault Aviation SA; investee: Thales SA; beneficiary: Dassault Aviation shareholders through the economic performance of the investment; channel: dassault-aviation.com corporate ownership and financial disclosures; earliest observation in the reviewed financial comparison: 2024; latest observation: September 2026 ownership disclosure; status: ongoing at that latest disclosure; Israeli contribution within the investment: not separately quantified.^{5, 11}

Thales Israeli contracting entity

A Thales Cloud Protection and Licensing partner agreement dated February 2020 identifies THALES DIS ISRAEL LIMITED as the designated Thales contracting entity for partners registered in Israel.¹²

The agreement establishes an Israeli contracting structure within the Thales business; it does not independently establish Dassault Aviation ownership of that Israeli company, the entity’s 2026 capitalization, or the current volume of Israeli partner transactions.¹²

Act record IC-2 - Israeli technology-partner contracting

• Acting entity: Thales DIS Israel Limited, as designated in the agreement; beneficiaries: partners registered in Israel under the relevant Thales programme; channel: cpl.thalesgroup.com; earliest dated observation: 17 February 2020; latest verified document version: the February 2020 agreement inspected in October 2026; current operational and contractual status: unknown because the reviewed document does not establish whether it remains the operative agreement.¹²
• Relationship to Dassault Aviation: indirect association through Dassault Aviation’s 27% interest in Thales SA; no evidence identified that Dassault Aviation controlled this individual Thales subsidiary’s contracts.^{5, 12}

Airbus shareholder and separate Israeli defence activity

Airbus SE held 10.72% of Dassault Aviation’s capital at 7 September 2026; Airbus’s Israeli cooperation is therefore relevant to shareholder mapping but is not a transaction attributable automatically to Dassault Aviation SA.⁵

On 15 May 2024, Airbus announced the first German flight of the Heron TP system produced through a programme involving Israel Aerospace Industries, the Israeli Ministry of Defense’s Directorate of Defense Research and Development, and Airbus; the statement identified the German Ministry of Defence as the programme’s customer.¹³

Airbus separately states that its German Heron TP programme uses aircraft produced by IAI and customized by Airbus DS Airborne Solutions for German military requirements.¹⁴

In December 2024, Airbus announced that Airbus DS Airborne Solutions and IAI would continue providing Maritime Heron surveillance services to Frontex under a further four-year framework contract, with operations scheduled to begin under the new arrangement in 2025.¹⁵

In March 2026, Airbus reported that its Heron 1 Frontex operation in Malta had reached 10,000 flight hours and identified IAI as the aircraft provider.¹⁶

Act record IC-3 - Airbus/IAI Heron cooperation

• Acting entity: Airbus DS Airborne Solutions; Israeli partner and aircraft supplier: Israel Aerospace Industries Ltd; customers or beneficiaries: the German armed forces and, under a separate contract, Frontex; channels: airbus.com corporate programme pages and announcements; earliest observation among the cited programme records: May 2024; latest observation: March 2026; status: active during the latest documented programme milestone, with contractual continuation beyond that date requiring separate verification.^{13, 15, 16}
• Attribution boundary: Airbus SE is a significant shareholder in Dassault Aviation, but the cited Heron agreements identify Airbus business entities and IAI as participants rather than Dassault Aviation SA.^{5, 13, 15}

Israeli-Nexus Floor - four-factor factual check

1. Founded in Israel: Dassault Aviation traces its aviation origins to Marcel Bloch’s French aircraft-design activities and industrial history; no public evidence identified of founding in Israel.¹⁷
2. Israeli headquarters or principal management: Dassault Aviation’s published Saint-Cloud history identifies the French site as the location of general management and functional departments; no public evidence identified of an Israeli principal-management location.¹⁸
3. Israeli tax residency or Preferred Technology Enterprise status: no public evidence identified.
4. Israeli beneficial ownership or control: The September 2026 disclosed controlling shareholder was the French Groupe Industriel Marcel Dassault; no public evidence identified of Israeli beneficial control of Dassault Aviation.⁵

Acquired Israeli subsidiaries

No public evidence identified of Dassault Aviation acquiring a controlling interest in an Israeli operating company.

The company’s September 2026 principal-subsidiary chart identifies operations in France, the United States, India, Switzerland, Australia, Belgium, the United Arab Emirates, Malaysia and South Africa; it does not list an Israeli operating subsidiary.⁵

Accordingly, no verified Israeli acquisition date, purchase price, ownership percentage, Israeli factory, employee count or acquired-company revenue can be reported.

Operational investment versus portfolio investment

The IAI Falcon 10X arrangement is documented as a supplier relationship, whereas Dassault Aviation’s holding in Thales is documented as an equity investment; the sources do not establish that either arrangement constitutes direct investment by Dassault Aviation in a wholly owned Israeli operating company.^{1, 5}

No public evidence identified of Dassault Aviation holding Israeli sovereign bonds, Israel Bonds, an Israeli-focused investment fund, or a directly disclosed portfolio of Israeli-domiciled listed companies.

State financing

No public evidence identified of Dassault Aviation underwriting Israeli sovereign debt, distributing Israel Bonds, arranging Israeli state borrowing, or providing direct credit facilities to Israeli settlement enterprises.

No public evidence identified of Israeli state or military insurance underwriting by Dassault Aviation.

Thales SA, in which Dassault Aviation holds approximately 27%, completed its acquisition of Israeli satellite-communications manufacturer GetSAT at the beginning of May 2024. Thales’s 2024 Universal Registration Document, Note 3.1, page 269, confirms that the acquired business was consolidated into the group’s financial statements from 1 May 2024. GetSAT manufactures satellite-communications antennas serving defence, civil aviation and emergency-services markets. Thales provisionally allocated €41.9 million to acquired intangible assets comprising customer relationships and technologies, net of tax, and recognised residual goodwill of €56.2 million. These accounting amounts do not establish the total acquisition consideration or the value attributable to Dassault Aviation’s minority investment in Thales.¹⁹

Operational Presence & Market Activity

Worldwide operating structure

Dassault Aviation’s September 2026 organization chart identifies its main consolidated businesses as Dassault Falcon Service, Dassault Falcon Jet, ExecuJet MRO Services, Dassault Aviation Business Services, Sogitec Industries and Dassault Reliance Aerospace Limited, alongside its 27% investment in Thales.⁵

Dassault Falcon’s published customer-service network identifies company-operated maintenance and support facilities in France, the United States, Brazil, Switzerland, Portugal, the United Arab Emirates and several other countries; the reviewed network description does not identify an Israeli company-operated maintenance centre.²⁰

Israeli physical footprint

No public evidence identified of a directly owned Dassault Aviation factory, research centre, warehouse, sales office or permanent maintenance facility in Israel.

Thales’s Israeli contracting entity and its Israeli distribution network constitute separately attributable activity in the ecosystem of a Dassault Aviation associate.^{6, 12}

Act record OP-1 - Israeli distribution channel

• Acting network: Thales commercial partner programme; Israeli distributor: C-Data Computer Ltd; location: Petach Tikva, Israel; beneficiary: Israeli enterprise and reseller customers; channel: cpl.thalesgroup.com; earliest dated operational observation: not established; latest observation: October 2026 directory retrieval; status: listing accessible, with active transaction status unknown; Dassault Aviation’s direct participation: not established.⁶

Employment and taxes

Dassault Aviation reported approximately 15,000 employees and revenue of approximately €7.4 billion for 2025.³

Dassault Aviation states that 89% of its 2025 taxes were paid in France, identifying France as its principal disclosed tax-contribution jurisdiction; the remaining percentage is not allocated by individual foreign country in that statement.²¹

No public evidence identified of a separately disclosed Israeli headcount, Israeli payroll, Israeli tax charge or Israeli corporate-tax registration for Dassault Aviation SA.

Market characterization

Dassault Aviation states that it operates internationally, with aircraft in service across more than 90 countries; the reviewed general company profile does not provide a separate strategic classification or revenue ranking for Israel.⁹

No public evidence identified of a specific annual-report description of Israel as a core, growth, minor or strategic export market for Dassault Aviation.

Military and government relationships

Dassault Aviation’s corporate description identifies military aircraft manufacturing as part of its principal business and describes French government regulatory controls on military equipment manufacturing and export.²¹

No public evidence identified of a current direct Dassault Aviation sales contract with the Israel Defense Forces or Israeli Ministry of Defense.

The documented German Heron TP programme identifies Airbus, IAI and the Israeli Ministry of Defense’s research and development directorate as participating entities; it does not establish Dassault Aviation as a participant.¹³

Reservist employment policies

Dassault Aviation reports that it signed an agreement in June 2025 providing employees serving as reservists in the French National Guard with up to 20 days of paid reserve duty annually; the announcement identifies the French National Guard and the company’s human-resources leadership as the participating parties.²²

No public evidence identified of a Dassault Aviation employment policy subsidizing Israeli military-reservist leave.

Settlement operations

No public evidence identified of a Dassault Aviation retail, aircraft-maintenance, distribution or manufacturing location in an Israeli settlement.

No public evidence identified of a Dassault Aviation branch, licensee or franchisee operating in the West Bank, East Jerusalem or Golan Heights.

Corporate Structure & Foundational Ties

Founding and corporate identity

Dassault Aviation’s historical account traces Marcel Bloch’s French aircraft-design activities to 1929, when he established a design office in France; the company therefore describes French industrial origins rather than an Israeli founding identity.¹⁷

The company’s history of its Saint-Cloud facility traces its development to land purchased by Marcel Bloch in 1938 and identifies Saint-Cloud as the location of company general management.¹⁸

Headquarters and domicile

Dassault Aviation identifies itself as a French aerospace company, and its corporate materials locate central management at Saint-Cloud, France.^{9, 18}

No public evidence identified of Israeli incorporation, a dual Israeli headquarters, or a legacy Israeli corporate domicile.

Controlling owner

Groupe Industriel Marcel Dassault held 67.31% of Dassault Aviation equity and 80.41% of voting rights as of 7 September 2026; Airbus SE held 10.72% of equity and 6.40% of voting rights.⁵

Dassault Aviation describes itself as remaining under the ownership of its founding family through its controlling shareholder.²¹

Named-entity register - shareholders, directors and principal officers

Each entry records the named entity’s relationship to Dassault Aviation and the scope of the Israel-related search. Where no attributable economic transaction was established, the result is stated separately.

• Groupe Industriel Marcel Dassault: controlling shareholder; searched for Israeli holdings, subsidiaries, investment vehicles and defence transactions; no public evidence identified of a separately attributable Israeli investment by GIMD in the reviewed sources; its continuing Dassault Aviation controlling interest is documented at September 2026.⁵
• Airbus SE: shareholder holding more than 10%; searched for Israeli investments, military programmes and suppliers; confirmed separate cooperation with IAI through Airbus DS Airborne Solutions on the Heron programmes, documented during 2024–2026.^{5, 13, 16}
• Éric Trappier: Chairman and Chief Executive Officer; searched for Israeli corporate investments, military-industry connections and related governance positions; searched, none found establishing a personal Israeli investment; his corporate position is confirmed by Dassault Aviation’s executive register.²³
• Charles Edelstenne: honorary Chairman and director; searched for Israeli portfolio investments, defence-company affiliations and family-office connections; searched, none found establishing a personal Israeli investment; his position is confirmed by the 2025 governance report.¹¹
• Thierry Dassault: director and member of the founding family; searched for Israeli companies, venture investments and defence holdings; searched, none found establishing a personal Israeli investment; directorship confirmed in the 2025 governance report.¹¹
• Marie-Hélène Habert: director; searched for Israeli investments, family vehicles and governance connections; searched, none found establishing a personal Israeli investment; directorship confirmed in the 2025 governance report.¹¹
• Henri Proglio: director; searched for Israeli investments, energy infrastructure and defence-industry relationships; searched, none found establishing an attributable Israeli economic act; directorship confirmed in the 2025 governance report.¹¹
• Besma Boumaza: director; searched for Israeli investments and defence affiliations; searched, none found establishing an attributable Israeli economic act; directorship confirmed in the 2025 governance report.¹¹
• Lucia Sinapi-Thomas: director; searched for Israeli investment portfolios, venture-capital links and defence-sector governance; searched, none found establishing a personal Israeli investment; directorship confirmed in the 2025 governance report.¹¹
• Stéphane Marty: employee-representative director; searched for Israeli commercial connections and defence investments; searched, none found; board position confirmed in the 2025 governance report.¹¹
• Loïk Segalen: Chief Operating Officer; searched for Israeli business interests and defence-sector transactions; searched, none found establishing a personal Israeli investment; executive position confirmed by Dassault Aviation.²³

Integrated and associated group entities

• Dassault Falcon Service: French wholly owned subsidiary; searched for Israeli maintenance facilities, sales operations and government customers; searched, none found establishing a direct Israeli operation; ownership confirmed by the 2026 corporate chart.⁵
• Dassault Falcon Jet: United States wholly owned subsidiary; searched for Israeli distribution, aircraft maintenance and sales relationships; searched, none found establishing an Israeli subsidiary or facility; ownership confirmed by the 2026 chart.⁵
• Sogitec Industries: French wholly owned subsidiary; searched for Israeli simulator, defence and technology relationships; searched, none found establishing a direct Israeli operation; ownership confirmed by the 2026 chart.⁵
• ExecuJet MRO Services: wholly owned international maintenance group; searched for Israeli repair facilities and partners; searched, none found establishing an Israeli owned facility; geographic operating subsidiaries confirmed in the 2026 chart.⁵
• Dassault Aviation Business Services: wholly owned Swiss-based subsidiary group; searched for Israeli business-aviation support activities; searched, none found establishing an Israeli subsidiary; ownership confirmed by the 2026 chart.⁵
• Dassault Reliance Aerospace Limited: India-based company 51% owned by Dassault Aviation; searched for Israeli suppliers, defence contracts and investors; searched, none found establishing an attributable Israeli operation; ownership and Nagpur activities confirmed by corporate disclosures.^{5, 22}
• Thales SA: French associate in which Dassault Aviation holds approximately 27%; searched for Israeli operating companies, distributors and defence relationships; identified Thales DIS Israel Limited and the Israeli distribution partner C-Data Computer Ltd.^{5, 6, 12}
• Thales DIS Israel Limited: Israeli contracting entity identified in Thales’s 2020 partner agreement; searched for ownership, operating status and local contracting relationships; the documented contracting designation is confirmed, while current revenue and ownership-chain particulars remain unresolved.¹²
• C-Data Computer Ltd: Israeli company listed in Thales’s partner directory; searched for local distribution and settlement presence; Petach Tikva distribution location confirmed, with no attributable Dassault Aviation direct contract identified.⁶
• Israel Aerospace Industries Ltd: external Israeli supplier rather than a documented Dassault Aviation subsidiary; searched for Falcon 10X manufacturing and defence programmes; 2022 Dassault Aviation supplier selection confirmed.¹
• Airbus DS Airborne Solutions: business within the Airbus group, which is a Dassault Aviation shareholder; searched for Israeli aerospace and defence contracts; Heron cooperation with IAI confirmed for 2024–2026, with no direct Dassault Aviation participation established.^{13, 16}

Governance and French state relationships

Dassault Aviation’s 2025 governance report identifies its board members, executive leadership and a French government commissioner, Jean-Luc Sourdois, described as a French Armed Forces General Inspector; this is a documented French institutional connection.¹¹

Dassault Aviation states that manufacture and export of its military systems are subject to French government regulatory controls.²¹

No public evidence identified of an Israeli state-appointed director, Israeli government golden share or Israeli government veto right over Dassault Aviation.

Structural governance mechanisms

Dassault Aviation’s current disclosed voting structure gives its controlling French shareholder a materially greater voting-right percentage than its equity percentage; the September 2026 figures were 80.41% of votes against 67.31% of shares.⁵

No public evidence identified of corporate charter provisions requiring Dassault Aviation to advance Israeli state policy objectives.

Constructive-notice chronology

The 2022 IAI supplier announcement predates 19 July 2024 and November 2024; Dassault Aviation’s March and June 2026 Falcon 10X programme announcements establish later programme activity but do not independently establish the precise dates on which IAI components were delivered or contractual obligations performed after those milestones.^{1, 2, 3}

Airbus’s May 2024 Heron TP announcement predates the July 2024 reference date, while its December 2024 Frontex announcement and March 2026 operational update document later activity involving IAI.^{13, 15, 16}

The Thales technology-partner agreement is dated February 2020; its original terms were retrievable in October 2026, but whether those terms governed live Israeli transactions after November 2024 was not established.¹²

Historic Israeli aviation connections

IAI’s June 2026 Kfir announcement identifies the aircraft as an Israeli-developed and Israeli-manufactured programme originating in the 1970s, with continued modernization activity in 2026; the document does not identify a current contractual role for Dassault Aviation.⁴

No public evidence identified of a current Dassault Aviation revenue stream arising specifically from historical Israeli Mirage or Kfir production.

Thales’s official register of non-French corporate holdings dated 30 June 2025 identifies six Israeli-incorporated entities: C&T Medical Solutions Limited Partnership (62%), C&T Medical Solutions Ltd (62%), CMT Medical Technologies Ltd (100%), Get SAT Communications Ltd (100%), Imperva Ltd (100%) and Thales DIS Israel Ltd (100%). The two C&T Medical Solutions entries are separately listed legal entities and should not automatically be counted as two independent acquisitions. The register establishes Thales-group ownership interests as of the reporting date, including wholly held Israeli satellite-communications, cybersecurity and digital-identity businesses. It does not establish that Dassault Aviation directly owns or controls these entities, identify every intermediate holding company, or disclose their individual revenues, profits, employment or tax contributions.²⁴

Dassault Aviation’s 2024 Annual Financial Report, filed with the French Financial Markets Authority (AMF), identifies its controlling shareholder in the Corporate Governance Report (page 144, section 1.1) as “Groupement Industriel Marcel Dassault” (GIMD), describing it as a Dassault-family-owned company holding a majority of Dassault Aviation shares. The company’s 2 April 2026 share-conservation announcement independently uses “Groupement Industriel Marcel Dassault”. These primary disclosures confirm the name used in Political’s share-conservation section and establish that the existing Economic references to “Groupe Industriel Marcel Dassault” differ from the wording in the annual financial report. However, the shareholder’s own corporate legal notice explicitly identifies its registered company name as “GROUPE INDUSTRIEL MARCEL DASSAULT”, with registration number 400 628 079 RCS Paris. Consequently, “Groupement” is the name used in Dassault Aviation’s governance filing, while “Groupe” is supported by the shareholder’s own legal identification; the evidence does not justify treating the latter as an erroneous registered legal name.^{25, 26, 27}

Profit Repatriation & Economic Contribution

Dassault Aviation revenue and overall scale

Dassault Aviation reported 2025 revenue of approximately €7.4 billion and approximately 15,000 employees in its June 2026 Falcon 10X announcement.³

The company reports that 89% of its taxes for 2025 were paid in France, without assigning a separate amount to Israel in the cited disclosure.²¹

Israeli market revenue

No public evidence identified of a separately disclosed Dassault Aviation Israel revenue figure for 2024, 2025 or 2026.

No public evidence identified of a separately disclosed Israeli gross margin, operating profit or net profit.

Falcon 10X supplier payments

IAI’s July 2022 announcement documents a commercial selection involving an Israeli aerospace supplier and Dassault Aviation; it does not disclose the contract price or payments, and therefore does not permit quantification of economic transfers to IAI.¹

Act record PF-1 - Supplier relationship and potential payment flows

• Commercial customer: Dassault Aviation SA; supplier: Israel Aerospace Industries Ltd; intended beneficiary of procurement expenditure: IAI; channel: iai.co.il; earliest observed date: 20 July 2022; latest documented related aircraft-programme milestone: June 2026; financial consideration: undisclosed; actual payment dates, amounts and direction of completed transfers: not established; contractual status at October 2026: unknown.^{1, 3}

Thales investment income

Dassault Aviation’s 2025 financial statements attributed approximately €446.254 million of Thales net income to its equity-accounted investment; the figure covers the associate as a whole and cannot be attributed to Israeli operations from the reviewed accounts.¹¹

The same statements identify an approximately €2.993 billion carrying amount for the Thales investment, reflecting the broader investment rather than an independently valued Israeli subsidiary.¹¹

Act record PF-2 - Equity-accounted income

• Investor and reporting entity: Dassault Aviation SA; associate: Thales SA; economic beneficiary: Dassault Aviation and its shareholders; channel: dassault-aviation.com published financial statements; dated period: financial year ended 31 December 2025; documented economic measure: approximately €446.254 million share of associate net income; status: Thales remained an associate in the September 2026 ownership disclosure; Israeli component: not separately disclosed.^{5, 11}

Repatriation direction

Dassault Aviation’s French domicile and its French controlling shareholder identify the group’s principal ownership jurisdiction, while its reported Thales investment establishes a separate financial interest in a French associate with documented Israeli commercial entities.^{5, 9, 12}

No public evidence identified of quantified profits remitted from Dassault Aviation’s Israeli activities to France.

No public evidence identified of quantified profits remitted from Dassault Aviation’s worldwide operations to an Israeli beneficial owner.

No public evidence identified of dividends, royalties, intellectual-property fees or management charges paid by Dassault Aviation to an Israeli subsidiary.

Israeli economic ecosystem

IAI’s Falcon 10X supplier announcement identifies the Israeli company as a contributor of composite-aerostructures engineering and planned manufacturing for a French business-aircraft programme; the source does not quantify the contribution to Israeli employment, exports, GDP or tax receipts.¹

Thales’s Israeli contracting arrangement and partner listing establish separate technology-sector commercial channels associated with an investee of Dassault Aviation, without disclosing the revenue, workforce or taxes attributable to those channels.^{6, 12}

Airbus’s documented Heron agreements establish separate aerospace-service and aircraft-supply relationships involving IAI, including operational activity in 2026; they do not establish a corresponding revenue stream for Dassault Aviation.^{13, 16}

Settlement-related economic contribution

No public evidence identified of quantified Dassault Aviation purchases, sales, profits, taxes or investments attributable to Israeli settlements.

No public evidence identified of Dassault Aviation-owned real estate, infrastructure or operating assets in the West Bank, East Jerusalem or Golan Heights.

State debt and financing

No public evidence identified of Israeli sovereign-debt underwriting, Israel Bonds distribution or Israeli government lending by Dassault Aviation.

No public evidence identified of a quantified direct Dassault Aviation financial contribution to Israeli state military procurement through bond issuance or underwriting.