Thales Group ECONOMIC

Request ID: 8f9ceb52-eff8-4228-ac05-a52f86a8c32c Research cut-off: 29 September 2026 Scope: Thales S.A. and controlled entities, with separately identified partner and minority interests. Historical facts before 2020 are marked [pre-2020].

Authoritative records and attribution boundary

Thales’s 30 June 2025 list of non-French holdings identifies six Israeli entities: C&T Medical Solutions Limited Partnership and C&T Medical Solutions Ltd (62% each); CMT Medical Technologies Ltd, Get SAT Communications Ltd, Imperva Ltd and Thales DIS Israel Ltd (100% each). The two C&T entries represent related legal forms of one medical-imaging venture; the list alone does not identify its indirect ownership chain.¹ The 2016 group list already contained CMT and both C&T entities.² The 2025 OHCHR settlement-company update covers 158 listed businesses; no Thales name was identified in the list reviewed. Inclusion criteria are limited to enumerated settlement activities, so non-listing is not evidence that no relevant commercial activity exists.³ A/HRC/59/23 was checked as a thematic UN report; no separate Thales-specific Economic transaction was substantiated from it.⁴

Supply Chain & Sourcing Relationships

• Direct agricultural suppliers, importer of record, seasonal procurement and retail distribution: no public evidence identified for Mehadrin, Hadiklaim, Galilee Export or successor produce supply, for an Israeli-produce import vehicle, for December–April sourcing, or for Israeli-origin produce reaching Thales shelves. Thales describes its businesses as defence, aerospace and cyber/digital technology rather than food retail.⁵
• Named technology channels: Thales lists Israeli C-Data Computer Ltd and Safe-T Group as partners for its cyber products; these are partner listings, not evidence of equity control, military procurement or settlement delivery.^{6, 7} Who Profits identifies the privately owned Israeli Polimil as a general Thales/former Gemalto representative, and separately reports Polimil’s 2017–20 Israeli Civil Administration Meitar smart-card and printer contracts for checkpoint permits. Its page explicitly characterises the Thales relationship as a general business partnership; it does not identify Thales as manufacturer or supplier of those Meitar items. The historical contracts are [pre-2020] except 2020; post-2024 continuation of the Thales–Polimil relationship or involvement in Meitar is unconfirmed.⁸ Polimil’s current site describes its own government identity work but does not bridge that product attribution gap.⁹
• Defence-industry trade: An April 2026 Le Monde account of a customs-based civil-society investigation identifies four Thales subsidiaries among suppliers to Elbit’s electronic-warfare, drone, C4I and radar divisions in shipments during October 2023–March 2026. Thales told the newspaper it had not exported weapons or lethal systems to Israeli armed forces, including via third parties, since 7 October 2023. The account does not establish the final use of each Thales component or its value; the disputed characterisations should remain distinct.¹⁰ A February 2026 French parliamentary record says Thales transponders were exported under a third-country re-export scheme; the underlying classified delivery list is not public in that record.¹¹

Product Origin, Labeling & Regulatory Compliance

• Settlement-origin goods and country-of-origin labelling: no public evidence identified of Thales selling agricultural or other consumer goods labelled “Produce of Israel” from the West Bank, East Jerusalem or Golan, or of a related DEFRA/customs labelling action. Its publicly described product segments are industrial/technology businesses.⁵
• Corporate occupied-territory sourcing/labelling policy: no public evidence identified of a Thales-specific policy addressing settlement-origin consumer goods. This does not establish compliance or non-compliance.
• Settlement service nexus: Who Profits tags Polimil with Beit El and checkpoint activity, but its profile identifies Polimil’s owners as Rachel Rozner De Yung and Shmuel Rozner, not Thales. General representation does not demonstrate that a Thales product was sold into Beit El or used in Meitar. No direct Thales settlement sale, site or contract was independently identified.⁸

Investment, Capital & Financial Exposure

Controlled Israeli operating interests, as at 30 June 2025:¹

Other stakes and financing: Elbit’s 2013 SEC filing says Thales UK owned 49% of UK-based UAV Tactical Systems (U-TacS), while Elbit held 51%; this was a minority stake in a UK joint venture with an Israeli defence prime, not ownership of an Israeli operating company. Elbit announced full acquisition on 22 January 2026; consideration was not given in that notice.^{28, 29} Elbit’s 2023 first Romanian Watchkeeper X order was about $180m under a maximum $410m framework. It described U-TacS manufacture in cooperation with Thales; these are Elbit programme/order values, not Thales-attributable revenues.³⁰ no public evidence identified of Thales underwriting Israeli sovereign/war bonds, insurance of state or settlement activity, direct lending to OHCHR-listed companies, or a disclosed Israeli-bond/Israeli-fund treasury holding. Thales is presented in its issuer filings as an industrial group, not a financial-sector underwriter.⁵

Operational Presence & Market Activity

• Sites and personnel: Israel Space Agency placed Get SAT in Rehovot with approximately 120 employees at the 2024 acquisition. Thales-authored recruitment text places current Imperva engineering activity in Rehovot and refers to Tel Aviv and Rehovot offices; its historical 2017 SEC filing confirms R&D sites there [pre-2020].^{25, 24, 23} CMT’s original filing describes Israeli industrial activity; current site-specific output was not verified.¹⁴
• Tax and employment: The Israeli incorporation of the six listed entities supports local corporate presence; no verified groupwide Israeli headcount, Israeli taxes paid, or Preferred Technology Enterprise tax designation was identified.¹
• Market positioning: Thales’s purchase announcement positioned Imperva as an addition to its global cyber platform; the Israeli R&D work is part of that acquired group. Get SAT is identified among acquisition scope effects in Thales’s 2025 quarterly release. Israel Police records identify a NIS 60.5m AFIS engagement with Thales DIS Israel through 2029; no broader Israel-only market rank or revenue guidance was identified.^{21, 26, 18, 19}
• Occupied territory: no public evidence identified of a Thales-owned office, warehouse, factory or customer site in a settlement. Polimil’s Beit El tag cannot be attributed to Thales without a transaction-level link.⁸

Corporate Structure & Foundational Ties

• Domicile and Israeli-nexus factors: Thales S.A. is a French issuer headquartered at Meudon; its 2025 universal registration document identifies the French state via TSA and Dassault Aviation as major shareholders, and describes French strategic governance. No public evidence identified that Thales S.A. was founded in Israel, is headquartered or tax resident there, has Israeli PTE status, or is beneficially controlled by Israeli capital. Its subsidiaries have Israeli incorporation and operating activity; their identity should not be conflated with the French parent.^{5, 31, 1}
• Major owners and governance: At 31 December 2024, TSA/the French public sector held about 27% of capital and 36% of voting rights; Dassault Aviation held 26.59% of capital and just under 30% of voting rights. The French state had one special/golden share tied to national strategic interests, a French governance right, not an Israeli state mechanism.³¹ no public evidence identified of a separate material Israeli company investment through the personal or family vehicles of CEO Patrice Caine, the named board members or Dassault controllers in the consulted disclosures. This is an evidence limit, not a claim about undisclosed assets.³¹
• State and defence links: The French state’s shareholding is documented. In Israel, the May 2026 Get SAT partnership markets satellite terminals for defence and government, while historical Thales–Elbit Watchkeeper cooperation and the Romanian export programme are documented. No Israeli state equity stake in Thales S.A. was identified.^{31, 27, 28, 30}

Profit Repatriation & Economic Contribution

• Revenue and profits: Israel Police procurement records identify a NIS 60.5m AFIS adaptation/upgrade/maintenance engagement with Thales DIS Israel, with an end date of 31 December 2029.^{18, 19} That procurement value is not evidence of the amount already recognised as revenue, profit margin, tax paid or remitted dividends. The $3.6bn Imperva enterprise value and over $500m global annualised revenue at acquisition are not Israeli revenue. No broader Israel-specific Thales sales, operating profit, local tax expense, dividends to France, transfer-pricing flow or parent-to-subsidiary funding breakdown was identified.^{21, 22, 5}
• Direction of capital: The 2023 acquisition of Imperva’s Israeli company and 2024 acquisition of Get SAT place Israeli operating assets under a French parent; the 2025 list confirms their 100% group holdings. The disclosures do not prove the direction or amount of subsequent profits or IP transfers.^{1, 22, 25}
• Ecosystem role and timing: Get SAT’s Rehovot workforce and 2026 defence/government partnership, and current Imperva engineering recruitment, document activity after both 19 July and November 2024. The Elbit joint venture remained in place through 2025 and ended as an equity stake when Elbit announced full ownership in January 2026. No verified company-specific settlement revenue or current Polimil-to-Thales Meitar flow was identified.^{25, 27, 24, 29, 8}