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Safran (SAF) investor relations material
Safran Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 adjusted revenue reached €7.9 billion, up 18.3% year-over-year, driven by record LEAP engine deliveries and robust aftermarket and services performance, with smooth integration of Collins Aerospace's actuation and flight control activities acquired in July.
Nine-month 2025 adjusted revenue totaled €22.6 billion, up 14.9%-15% year-over-year, reflecting strong organic growth and 1,240 LEAP engine deliveries (+21%).
Full-year 2025 guidance was raised across all metrics, factoring in tariff and currency risks, with recurring operating income and free cash flow both upgraded.
Strategic industrial expansions included a new LEAP MRO facility and assembly line in Morocco, and new defense partnerships in Europe.
The Collins Aerospace acquisition is expected to contribute ~€650 million in revenue with a mid-single-digit recurring operating margin before integration costs.
Financial highlights
Q3 2025 adjusted revenue was €7,852 million (+18.3%), with organic growth of 18.5% and a negative currency impact offset by scope effects from the Collins acquisition.
Nine-month 2025 adjusted revenue reached €22,621 million (+14.9%), with organic growth of 15%.
Propulsion revenue rose 25.6% in Q3, with civil OE and aftermarket both showing strong growth; spare parts up 16%-16.1% and services up 24%-24.2%.
Equipment & Defense revenue increased by 11.7%-18.9% in Q3, with both OE and aftermarket growing.
Aircraft Interiors revenue was up 9.8%-10% in Q3, with OE sales up 11.7%-12% and services up 6.8%-7%.
Outlook and guidance
Full-year 2025 revenue growth expected at 11%-13%, with recurring operating income of €5.1-€5.2 billion and free cash flow of €3.5-€3.7 billion.
LEAP engine deliveries expected to rise by more than 20% versus 2024; maintenance services to grow in the low to mid-twenties percent range in USD.
Collins Aerospace activities expected to contribute €650 million in revenue with a mid-single-digit recurring operating margin before integration costs.
Tariff impact for 2025 included in guidance, expected to be a negative €100-€150 million on recurring operating income.
Guidance reflects ongoing supply chain and certification risks.
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